1 3 . Segment Reporting The Company operates in six reportable segments: Multifamily properties, Hotel properties, Industrial properties, Office properties, Medical office properties and Real estate-related securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): June 30, 2020 December 31, 2019 Multifamily $ 1,583,547 $ 1,038,777 Hotel 249,164 253,273 Industrial 320,837 330,110 Office 1,209,280 303,396 Medical office 200,727 39,143 Real estate-related securities 263,989 277,651 Other (Corporate) 98,883 147,972 Total assets $ 3,926,427 $ 2,390,322 The following table sets forth the financial results by segment for the three months ended June 30, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 29,661 $  $ 6,700 $ 27,959 $ 4,007 $  $ 68,327 Hotel revenue  2,499     2,499 Other revenue 583 4  43 9  639 Total revenues 30,244 2,503 6,700 28,002 4,016  71,465 Expenses: Rental property operating 11,331  1,646 9,089 1,348  23,414 Hotel operating  2,741     2,741 Total segment expenses 11,331 2,741 1,646 9,089 1,348  26,155 Income from real estate-related securities, net      9,078 9,078 Loss from unconsolidated real estate ventures  (581 )     (581 ) Segment net operating income (loss) $ 18,913 $ (819 ) $ 5,054 $ 18,913 $ 2,668 $ 9,078 $ 53,807 Depreciation and amortization $ (17,334 ) $ (2,064 ) $ (4,164 ) $ (13,324 ) $ (2,021 ) $  $ (38,907 ) General and administrative (1,782 ) Management fees (4,596 ) Performance participation allocation  Interest income 42 Interest expense (23,268 ) Other expense (50 ) Net loss $ (14,754 ) Net loss attributable to non- controlling interests in consolidated joint ventures 409 Net loss attributable to non- controlling interests in Operating Partnership 83 Net loss attributable to stockholders $ (14,262 ) The following table sets forth the financial results by segment for the three months ended June 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 4,503 $  $ 3,183 $  $ 7,686 Hotel revenue  10,266   10,266 Other revenue 726 58 9  793 Total revenues 5,229 10,324 3,192  18,745 Expenses: Rental property operating 1,817  916  2,733 Hotel operating  6,036   6,036 Total segment expenses 1,817 6,036 916  8,769 Income from real estate-related securities, net    2,916 2,916 Earnings from unconsolidated real estate ventures  144   144 Segment net operating income $ 3,412 $ 4,432 $ 2,276 $ 2,916 $ 13,036 Depreciation and amortization $ (2,891 ) $ (2,055 ) $ (2,104 ) $  $ (7,050 ) General and administrative (889 ) Management fees (1,080 ) Performance participation allocation (2,358 ) Interest income 164 Interest expense (5,347 ) Other expense (72 ) Net loss $ (3,596 ) Net loss attributable to non-controlling interests in consolidated joint ventures 18 Net loss attributable to stockholders $ (3,578 ) The following table sets forth the financial results by segment for the six months ended June 30, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 54,775 $  $ 13,388 $ 40,772 $ 5,857 $  $ 114,792 Hotel revenue  12,714     12,714 Other revenue 845 78  54 19  996 Total revenues 55,620 12,792 13,388 40,826 5,876  128,502 Expenses: Rental property operating 20,271  3,362 13,415 1,910  38,958 Hotel operating  8,705     8,705 Total segment expenses 20,271 8,705 3,362 13,415 1,910  47,663 Loss from real estate-related securities, net      (11,095 ) (11,095 ) Loss from unconsolidated real estate ventures  (221 )     (221 ) Segment net operating income (loss) $ 35,349 $ 3,866 $ 10,026 $ 27,411 $ 3,966 $ (11,095 ) $ 69,523 Depreciation and amortization $ (34,124 ) $ (4,142 ) $ (8,328 ) $ (20,105 ) $ (2,751 ) $  $ (69,450 ) General and administrative (4,140 ) Management fees (8,542 ) Performance participation allocation (46 ) Interest income 345 Interest expense (42,909 ) Other expense (182 ) Net loss $ (55,401 ) Net loss attributable to non- controlling interests in consolidated joint ventures 1,047 Net loss attributable to non- controlling interests in Operating Partnership 415 Net loss attributable to stockholders $ (53,939 ) The following table sets forth the financial results by segment for the six months ended June 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 8,788 $  $ 3,182 $  $ 11,970 Hotel revenue  21,142   21,142 Other revenue 950 87 9  1,046 Total revenues 9,738 21,229 3,191  34,158 Expenses: Rental property operating 3,579  916  4,495 Hotel operating  11,539   11,539 Total segment expenses 3,579 11,539 916  16,034 Income from real estate-related securities, net    3,545 3,545 Earnings from unconsolidated real estate ventures  187   187 Segment net operating income $ 6,159 $ 9,877 $ 2,275 $ 3,545 $ 21,856 Depreciation and amortization $ (6,196 ) $ (4,108 ) $ (2,104 ) $  $ (12,408 ) General and administrative (1,801 ) Management fees (1,080 ) Performance participation allocation (3,215 ) Interest income 222 Interest expense (9,472 ) Other expense (168 ) Net loss $ (6,066 ) Net loss attributable to non- controlling interests in consolidated joint ventures 18 Net loss attributable to stockholders $ (6,048 )