Results of Operations The following table sets forth information regarding our consolidated results of operations ($ in thousands): For the Year Ended December 31,
2024 vs. 2023
2024
2023
$
Revenues Rental revenue Other revenue Total revenues Expenses Property operating
$ 1,649,291 $ 1,695,917 $
(46,626) (19,907) (66,533)
38,494
58,401
1,687,785
1,754,318
714,991 47,048 105,356
748,522 45,144 153,411
(33,531)
General and administrative
1,904
Management fees
(48,055)
Performance participation allocation Impairment of investments in real estate Depreciation and amortization
—
—
—
150,392 742,220 1,760,007
188,804 811,788 1,947,669
(38,412) (69,568) (187,662) (1,811) (27,383) (202,710) (57,944) 119,936 (169,819) (48,690) 93
Total expenses
Other (expense) income Loss from unconsolidated real estate ventures Income from investments in real estate debt, net Net gain on dispositions of real estate
(13,435) 95,755 87,108 (641,420) (179,994) (651,986) (724,208) —
(11,624) 123,138 289,818 (583,476) (299,930) (482,167) (675,518) (93)
Interest expense
Loss on extinguishment of debt
Other expense, net
Total other expense
Net loss
Net loss (income) attributable to non-controlling interests in consolidated joint ventures
3,228
(3,350)
6,578
Net loss attributable to non-controlling interests in Operating Partnership Net loss attributable to stockholders
36,097
29,165
6,932
$
(684,883) $
(649,703) $
(35,180)
Revenues
Rental revenue primarily consists of base rent arising from tenant leases at our multifamily, single-family rental, industrial, office, self-storage, and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. During the years ended December 31, 2024 and 2023, rental revenue was $1.6 billion and $1.7 billion, respectively. The decrease in rental revenue was driven by a lower average investment in real estate balance as a result of asset dispositions, slightly offset by an increase in average rental rates for multifamily and industrial assets for the year ended December 31, 2024 compared to the year ended December 31, 2023. Other revenue primarily consists of revenue generated by our hospitality properties. Hospitality revenue consists primarily of room revenue. During the years ended December 31, 2024 and 2023, other revenue was $38.5 million and $58.4 million, respectively, resulting in a year over year decrease of $19.9 million as a result of dispositions of hospitality properties. Expenses Property operating expenses consist of the costs of ownership and operation of our real estate investments. Examples of property operating expenses include real estate taxes, insurance, utilities and repair and maintenance expenses. Property operating expenses also include general and administrative expenses unrelated to the operations of the properties. During the years ended December 31, 2024 and 2023, property operating expenses were $715.0 million and $748.5 million, respectively. The decrease was driven primarily by a lower average investment in real estate balance as a result of asset dispositions, offset by an increase in insurance and real estate tax expenses. General and administrative expenses are corporate-level expenses that relate mainly to our compliance and administration costs and consist primarily of legal fees, accounting fees, transfer agent fees and other professional fees. During the year ended December 31, 2024, general and administrative expenses increased approximately $1.9 million compared to the year ended December 31, 2023 and was primarily driven by an increase in professional fees.
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