Segment information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting Information [Line Items]

The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels.


(In thousands)	September 30, 2020		December 31, 2019

Assets:
Residential properties	$	2,146,061	$	2,047,905
Financing	354,130		409,226
New Market Properties	1,074,584		1,125,230
Preferred Office Properties	1,130,962		1,123,212
Other	25,325		64,987
Consolidated assets	$	4,731,062	$	4,770,560

Capital Expenditures By Segment

Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month and nine-month periods ended September 30, 2020 and 2019 were as follows:


(In thousands)	Three-month periods ended September 30,				Nine-month periods ended September 30,
	2020		2019		2020		2019

Capitalized expenditures:
Residential properties	$	4,348	$	4,709	$	10,938	$	11,377
New Market Properties	2,017		2,699		4,557		5,703
Preferred Office Properties	5,779		3,265		22,458		12,040
Total	$	12,144	$	10,673	$	37,953	$	29,120

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Total revenues by reportable segment of the Company were:


(In thousands)	Three-month periods ended September 30,				Nine-month periods ended September 30,
	2020		2019		2020		2019
Revenues

Rental and other property revenues:
Residential properties	$	60,643	$	56,008	$	180,325	$	162,669
New Market Properties	26,707		25,270		80,815		70,211
Preferred Office Properties (1)	27,810		24,215		81,009		68,006
Total rental and other property revenues	115,160		105,493		342,149		300,886

Financing revenues	11,271		14,710		38,115		44,675
Miscellaneous revenues	266		—		812		—
Consolidated revenues	$	126,697	$	120,203	$	381,076	$	345,561

(1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of September 30, 2020, the Company has recorded deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $36.9 million which is included in the deferred revenues line on the consolidated balance sheets at September 30, 2020. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $2.8 million and $2.8 million for the nine-month periods ended September 30, 2020 and 2019, respectively.

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Segment NOI for each reportable segment for the three-month and nine-month periods ended September 30, 2020 and 2019 were as follows:


	Three-month periods ended September 30,				Nine-month periods ended September 30,
(In thousands)	2020		2019		2020		2019
Segment net operating income (Segment NOI)

Residential Properties	$	33,267	$	30,191	$	103,414	$	90,825
Financing	11,245		14,710		38,089		44,675
New Market Properties	19,235		18,211		57,381		50,441
Preferred Office Properties	20,291		17,236		59,363		48,745
Miscellaneous revenues	266		—		812		—

Consolidated segment net operating income	84,304		80,348		259,059		234,686

Interest expense:
Residential Properties	15,739		16,108		46,537		46,729
New Market Properties	6,539		6,422		19,876		18,123
Preferred Office Properties	6,699		5,909		20,256		16,617
Financing	902		360		3,939		1,697
Depreciation and amortization:
Residential Properties	26,516		23,869		77,745		74,304
New Market Properties	12,688		11,677		39,410		32,644
Preferred Office Properties	12,590		10,693		35,941		30,243
Equity compensation to directors and executives	582		305		1,058		922
Management fees, net of waived fees	—		5,530		1,963		16,144
Management Internalization	577		818		179,828		1,143
Provision for expected credit losses	(152)		—		5,463		—
Change in net assets of consolidated VIE	—		(591)		—		(1,316)
(Gain) / loss on sale of real estate	(3,261)		—		(3,261)		—
(Gain) / loss on trading investment, net	—		—		—		(4)
(Gain) / loss on sale of real estate loan investment	—		—		—		(747)
(Gain) / loss from land condemnation, net	(49)		—		(528)		—
(Gain) / loss on extinguishment of debt	518		15		6,674		84
Loss from unconsolidated joint venture	120		—		120		—
Corporate G&A and Other	7,898		1,370		23,113		4,197

Net income (loss)	$	(3,602)	$	(2,137)	$	(199,075)	$	(6,094)