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Segments
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segments Segments
 
The Company defines business segments by their distinct customer base and service provided.  The Company has identified four reportable segments: Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services.  Management evaluates each segment’s performance based on income before depreciation, amortization and noncontrolling interests.

During the year ended December 31, 2019, the Company updated the presentation of certain items in the reconciliations section in the segment disclosures below by including additional detail in the reconciliation of segment income before depreciation and amortization to consolidated net income.





 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Owned Properties
 
 
 
 
 
 
Rental revenues and other income
 
$
880,709

 
$
829,119

 
$
741,909

Interest income
 
473

 
1,436

 
1,545

Total revenues from external customers
 
881,182

 
830,555

 
743,454

Operating expenses before depreciation, amortization, and ground/facility lease expense
 
(390,664
)
 
(373,521
)
 
(332,429
)
Ground/facility lease expense
 
(11,084
)
 
(8,927
)
 
(7,372
)
Interest expense, net (1)
 
(16,859
)
 
(14,742
)
 
(3,659
)
Income before depreciation and amortization
 
$
462,575

 
$
433,365

 
$
399,994

Depreciation and amortization
 
$
261,938

 
$
250,715

 
$
223,940

Capital expenditures
 
$
514,043

 
$
546,147

 
$
617,552

Total segment assets at December 31,
 
$
7,346,625

 
$
6,841,222

 
$
6,691,758

 
 
 
 
 
 
 
On-Campus Participating Properties
 
 
 
 
 
 
Rental revenues and other income
 
$
36,346

 
$
34,596

 
$
33,945

Interest income
 
167

 
133

 
65

Total revenues from external customers
 
36,513

 
34,729

 
34,010

Operating expenses before depreciation, amortization, and ground/facility lease expense
 
(15,028
)
 
(14,602
)
 
(14,384
)
Ground/facility lease expense
 
(3,067
)
 
(2,928
)
 
(2,841
)
Interest expense, net (1)
 
(4,934
)
 
(5,098
)
 
(5,264
)
Income before depreciation and amortization
 
$
13,484

 
$
12,101

 
$
11,521

Depreciation and amortization
 
$
8,380

 
$
7,819

 
$
7,536

Capital expenditures
 
$
2,898

 
$
3,654

 
$
3,533

Total segment assets at December 31,
 
$
97,561

 
$
93,917

 
$
100,031

 
 
 
 
 
 
 
Development Services
 
 
 
 
 
 
Development and construction management fees
 
$
13,051

 
$
7,281

 
$
10,761

Operating expenses
 
(8,658
)
 
(8,031
)
 
(7,618
)
Income (loss) before depreciation and amortization
 
$
4,393

 
$
(750
)
 
$
3,143

Total segment assets at December 31,
 
$
13,539

 
$
10,087

 
$
6,726

 
 
 
 
 
 
 
Property Management Services
 
 
 
 
 
 
Property management fees from external customers
 
$
12,936

 
$
9,814

 
$
9,832

Operating expenses
 
(11,257
)
 
(7,428
)
 
(7,607
)
Income before depreciation and amortization
 
$
1,679

 
$
2,386

 
$
2,225

Total segment assets at December 31,
 
$
8,888

 
$
6,426

 
$
7,576

 
 
 
 
 
 
 
Reconciliations
 
 
 
 
 
 
Total segment revenues and other income
 
$
943,682

 
$
882,379

 
$
798,057

Unallocated interest income earned on investments and corporate cash
 
3,046

 
3,265

 
3,335

Total consolidated revenues, including interest income
 
$
946,728

 
$
885,644

 
$
801,392

 
 
 
 
 
 
 
Segment income before depreciation and amortization
 
$
482,131

 
$
447,102

 
$
416,883

Segment depreciation and amortization
 
(270,318
)
 
(258,534
)
 
(231,476
)
Corporate depreciation
 
(4,728
)
 
(4,669
)
 
(3,479
)
Net unallocated expenses relating to corporate interest and overhead
 
(117,529
)
 
(110,660
)
 
(90,250
)
Loss (gain) from disposition of real estate
 
(53
)
 
42,314

 
(632
)
Other operating and nonoperating income
 
—

 
3,949

 
—

Amortization of deferred financing costs
 
(5,012
)
 
(5,816
)
 
(4,619
)
Provision for impairment
 
(17,214
)
 
—

 
(15,317
)
Gain from extinguishment of debt
 
20,992

 
7,867

 
—

Income tax provision
 
(1,507
)
 
(2,429
)
 
(989
)
Net income
 
$
86,762

 
$
119,124

 
$
70,121

Total segment assets
 
$
7,466,613

 
$
6,951,652

 
$
6,806,091

Unallocated corporate assets
 
93,141

 
87,194

 
91,279

Total assets at December 31,
 
$
7,559,754

 
$
7,038,846

 
$
6,897,370

(1) 
Net of capitalized interest and amortization of debt premiums.