13. Segment Reporting The Company operates in six reportable segments: Multifamily properties, Industrial properties, Hotel properties, Retail properties, Other properties and real estate-related securities and loans. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is a key performance metric that captures the operating performance of each segment. The following table sets forth the total assets by segment ($ in thousands): September 30, 2019 December 31, 2018 Industrial $ 10,556,846 $ 3,966,796 Multifamily 8,660,029 5,396,457 Hotel 2,262,602 1,268,992 Retail 233,819 136,273 Other Properties 150,308  Real estate-related securities and loans 3,835,460 2,281,033 Corporate 598,292 187,607 Total assets $ 26,297,356 $ 13,237,158 The following table sets forth the financial results by segment for the three months ended September 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Real Estate- Related Securities and Loans Total Revenues: Rental revenue $ 183,429 $ 100,759 $  $ 3,723 $ 2,542 $  $ 290,453 Hotel revenue   132,036    132,036 Other revenue 11,639 1,355 2,142 91 317  15,544 Total revenues 195,068 102,114 134,178 3,814 2,859  438,033 Expenses: Rental property operating 90,149 28,813  1,387 1,242  121,591 Hotel operating   89,951    89,951 Total expenses 90,149 28,813 89,951 1,387 1,242  211,542 Income from real estate-related securities and loans      52,568 52,568 Segment net operating income $ 104,919 $ 73,301 $ 44,227 $ 2,427 $ 1,617 $ 52,568 $ 279,059 Depreciation and amortization $ (128,043 ) $ (52,720 ) $ (19,003 ) $ (1,938 ) $ (2,949 ) $  $ (204,653 ) General and administrative (4,548 ) Management fee (29,858 ) Performance participation allocation (56,322 ) Gain on disposition of real estate 6,481 Interest income 1,763 Interest expense (116,037 ) Other income (expense) (2,379 ) Net loss $ (126,494 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,305 Net loss attributable to non-controlling interests in BREIT OP 2,018 Net loss attributable to BREIT stockholders $ (123,171 ) The following table sets forth the financial results by segment for the three months ended September 30, 2018 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Real Estate- Related Securities and Loans Total Revenues: Rental revenue $ 93,848 $ 56,465 $  $ 2,525 $  $  $ 152,838 Hotel revenue   40,000    40,000 Other revenue 6,337 165 781 41   7,324 Total revenues 100,185 56,630 40,781 2,566   200,162 Expenses: Rental property operating 46,196 16,818  769   63,783 Hotel operating   26,822    26,822 Total expenses 46,196 16,818 26,822 769   90,605 Income from real estate-related securities and loans      28,647 28,647 Segment net operating income $ 53,989 $ 39,812 $ 13,959 $ 1,797 $  $ 28,647 $ 138,204 Depreciation and amortization $ (62,929 ) $ (31,966 ) $ (7,633 ) $ (1,230 ) $  $  $ (103,758 ) General and administrative (3,027 ) Management fee (11,823 ) Performance participation allocation (12,447 ) Interest income 82 Interest expense (65,711 ) Other income (expense) (283 ) Net loss $ (58,763 ) Net loss attributable to non-controlling interests in third party joint ventures $ 433 Net loss attributable to non-controlling interests in BREIT OP 663 Net loss attributable to BREIT stockholders $ (57,667 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Real Estate- Related Securities and Loans Total Revenues: Rental revenue $ 470,570 $ 267,428 $  $ 9,782 $ 2,542 $  $ 750,322 Hotel revenue   301,653    301,653 Other revenue 28,288 1,667 6,944 241 317  37,457 Total revenues 498,858 269,095 308,597 10,023 2,859  1,089,432 Expenses: Rental property operating 225,745 79,870  3,756 1,242  310,613 Hotel operating   204,468    204,468 Total expenses 225,745 79,870 204,468 3,756 1,242  515,081 Income from real estate - related securities and loans      166,035 166,035 Segment net operating income $ 273,113 $ 189,225 $ 104,129 $ 6,267 $ 1,617 $ 166,035 $ 740,386 Depreciation and amortization $ (303,208 ) $ (145,145 ) $ (49,686 ) $ (4,998 ) $ (2,949 ) $  $ (505,986 ) General and administrative (12,607 ) Management fee (69,522 ) Performance participation allocation (106,383 ) Gain on disposition of real estate 36,167 Interest income 2,260 Interest expense (310,903 ) Other income (expense) (2,786 ) Net loss $ (229,374 ) Net loss attributable to non-controlling interests in third party joint ventures $ 4,311 Net loss attributable to non-controlling interests in BREIT OP 4,342 Net loss attributable to BREIT stockholders $ (220,721 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2018 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Real Estate- Related Securities and Loans Total Revenues: Rental revenue $ 224,975 $ 134,301 $  $ 6,937 $  $  $ 366,213 Hotel revenue   79,017    79,017 Other revenue 15,637 343 781 81   16,842 Total revenues 240,612 134,644 79,798 7,018   462,072 Expenses: Rental property operating 112,775 38,681  2,397   153,853 Hotel operating   51,958    51,958 Total expenses 112,775 38,681 51,958 2,397   205,811 Income from real estate-related securities and loans      59,279 59,279 Segment net operating income $ 127,837 $ 95,963 $ 27,840 $ 4,621 $  $ 59,279 $ 315,540 Depreciation and amortization $ (166,983 ) $ (77,786 ) $ (14,643 ) $ (3,296 ) $  $  $ (262,708 ) General and administrative (7,973 ) Management fee (28,073 ) Performance participation allocation (29,796 ) Interest income 280 Interest expense (146,943 ) Other income (expense) (672 ) Net loss $ (160,345 ) Net loss attributable to non-controlling interests in third party joint ventures $ 3,054 Net loss attributable to non-controlling interests in BREIT OP 1,594 Net loss attributable to BREIT stockholders $ (155,697 )