BREIT 2017 Annual Report

F-23 14. Segment Reporting The Company operates in five reportable segments: Multifamily properties, Industrial properties, Hotel properties, Retail 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 as of December 31, 2017 ($ in thousands): December 31, 2017 Multifamily $ 2,567,735 Industrial 636,900 Hotel 281,242 Retail 103,138 Real Estate-Related Securities 918,975 Other (Corporate) 117,318 Total assets $ 4,625,308 The following table sets forth the financial results by segment for the year ended December 31, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 82,846 $ 24,034 $ — $ 3,549 $ — $ 110,429 Tenant reimbursement income 3,476 6,812 — 664 — 10,952 Hotel revenue — — 29,916 — — 29,916 Other revenue 6,589 12 — 34 — 6,635 Total revenues 92,911 30,858 29,916 4,247 — 157,932 Expenses: Rental property operating 40,831 9,265 — 1,019 — 51,115 Hotel operating — — 20,417 — — 20,417 Total segment expenses 40,831 9,265 20,417 1,019 — 71,532 Income from real estate-related securities — — — — 17,749 17,749 Segment net operating income $ 52,080 $ 21,593 $ 9,499 $ 3,228 $ 17,749 $ 104,149 Depreciation and amortization $ 96,732 $ 17,063 $ 6,071 $ 1,927 $ — $ 121,793 Other income (expense): General and administrative (7,692) Management fee (8,867) Performance participation allocation (16,974) Interest income 454 Interest expense (36,884) Other income 57 Net loss $ (87,550) Net loss attributable to non-controlling interests 1,292 Net loss attributable to BREIT stockholders $ (86,258)