Segments

3 Months Ended

Mar. 31, 2020

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 operating income before depreciation, amortization and minority interests.

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

	Three Months Ended March 31,
	2020			2019
Owned Properties
Rental revenues and other income	$	232,811		$	225,201
Interest income	117			119
Total revenues from external customers	232,928			225,320
Operating expenses before depreciation, amortization, and ground/facility lease expense	(92,474		)	(92,169		)
Ground/facility lease expense	(3,209		)	(2,667		)
Interest expense, net (1)	(3,046		)	(4,763		)
Operating income before depreciation and amortization	$	134,199		$	125,721
Depreciation and amortization	$	63,243		$	65,504
Capital expenditures	$	96,211		$	115,519
On-Campus Participating Properties
Rental revenues and other income	$	10,709		$	11,448
Interest income	19			41
Total revenues from external customers	10,728			11,489
Operating expenses before depreciation, amortization, and ground/facility lease expense	(3,366		)	(3,957		)
Ground/facility lease expense	(860		)	(882		)
Interest expense, net (1)	(1,142		)	(1,303		)
Operating income before depreciation and amortization	$	5,360		$	5,347
Depreciation and amortization	$	2,037		$	2,029
Capital expenditures	$	565		$	230
Development Services
Development and construction management fees	$	2,055		$	3,171
Operating expenses	(2,525		)	(2,300		)
Operating (loss) income before depreciation and amortization	$	(470	)	$	871
Property Management Services
Property management fees from external customers	$	3,829		$	2,311
Operating expenses	(3,682		)	(1,886		)
Operating income before depreciation and amortization	$	147		$	425
Reconciliations
Total segment revenues and other income	$	249,540		$	242,291
Unallocated interest income earned on investments and corporate cash	715			766
Total consolidated revenues, including interest income	$	250,255		$	243,057
Segment income before depreciation and amortization	$	139,236		$	132,364
Segment depreciation and amortization	(65,280		)	(67,533		)
Corporate depreciation	(889		)	(1,222		)
Net unallocated expenses relating to corporate interest and overhead	(33,038		)	(27,544		)
Gain from disposition of real estate	48,525			—
Amortization of deferred financing costs	(1,287		)	(1,132		)
Provision for impairment	—			(3,201		)
Loss from early extinguishment of debt	(4,827		)	—
Income tax provision	(379		)	(364		)
Net income	$	82,061		$	31,368

⁽¹⁾ 

Net of capitalized interest and amortization of debt premiums.