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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Information [Abstract]  
Segment Information Segment Information
The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across four distinct segments: multifamily communities, real estate related financing, New Market Properties and Preferred Office Properties.

Multifamily Communities - consists of the Company's portfolio of residential multifamily communities. Prior to the sale of the Company's student housing communities on November 3, 2020, this reportable segment's results also included those assets and was referred to as Residential Properties.

Financing - consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets. Excluded from the financing segment are consolidated assets of VIEs and financial results of the Company's Dawson Marketplace grocery-anchored shopping center real estate loan, which are included in the New Market Properties segment.

New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers, which are owned by New Market Properties, LLC, a wholly-owned subsidiary of the Company, as well as the financial results from the Company's grocery-anchored shopping center real estate loans.

Preferred Office Properties - consists of the Company's portfolio of office buildings, which are owned by Preferred Office Properties, LLC, a wholly-owned subsidiary of the Company.

The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is a non-GAAP measure that is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level.

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)December 31, 2021December 31, 2020
Assets:
Multifamily Communities$1,958,592 $1,745,020 
Financing226,734 321,026 
New Market Properties1,032,658 1,072,090 
Preferred Office Properties327,548 1,121,992 
Other17,836 20,951 
Consolidated assets$3,563,368 $4,281,079 
Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2021, 2020 and 2019 were as follows:
Years ended December 31,
(In thousands)202120202019
Capitalized expenditures:
Residential properties$14,296 $14,311 $14,511 
New Market Properties8,286 9,494 8,913 
Preferred Office Properties5,072 25,621 19,761 
Total$27,654 $49,426 $43,185 
Second-generation capital expenditures exclude those expenditures made in our office building portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property redevelopments and repositionings (iv) to newly leased space which had been vacant for more than one year and (v) for building improvements that are recoverable from future operating cost savings.

Total revenues by reportable segment of the Company were:
Years ended December 31,
(In thousands)202120202019
Revenues
Rental and other property revenues:
Residential properties$217,013 $234,038 $220,872 
New Market Properties108,102 107,525 96,389 
Preferred Office Properties (1)
80,447 108,826 93,416 
Total rental and other property revenues405,562 450,389 410,677 
Financing revenues45,496 50,723 59,750 
Miscellaneous revenues84 73 — 
Consolidated revenues$451,142 $501,185 470,427 
(1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from tenants in our Three Ravinia and Westridge office buildings. The remaining unamortized balance of approximately $32.2 million is included in the deferred revenues line on the consolidated balance sheets at December 31, 2021. 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 $3.8 million, $3.8 million and $3.8 million for the years ended December 31, 2021, 2020, and 2019 respectively.

The chief operating decision maker utilizes segment net operating income, or Segment NOI, in evaluating the performance of its operating segments. Segment NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period. Segment NOI for the Company's financing segment consists of interest revenues from the Company's real estate loan investments and notes and lines of credit receivable, as well as revenues from terminated property purchase options. Management believes that Segment NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.
Segment NOI for each reportable segment for the years ended December 31, 2021, 2020 and 2019 were as follows:

Years ended December 31,
(In thousands)202120202019
Segment net operating income (Segment NOI)
Residential Properties$127,273 $132,858 $122,753 
New Market Properties75,326 77,091 68,815 
Preferred Office Properties57,822 79,296 66,510 
Financing45,479 50,689 59,750 
Miscellaneous revenues84 73 — 
Consolidated segment net operating income305,984 340,007 317,828 
Interest expense:
Residential Properties55,346 60,676 62,455 
New Market Properties25,654 26,379 24,566 
Preferred Office Properties18,987 26,939 22,869 
Financing2,427 4,564 2,074 
Depreciation and amortization:
Residential Properties89,355 101,823 99,384 
New Market Properties45,753 51,813 44,786 
Preferred Office Properties33,864 47,829 40,888 
Corporate entities221 212 7 
Management fees, net of forfeitures— 1,963 21,752 
Management Internalization970 180,116 2,987 
Allowance for expected credit losses874 6,103 2,038 
Equity compensation to directors and executives3,289 1,644 1,223 
Gain (loss) on sale of real estate loan investment and land 12 (517)(954)
Gains on sales of real estate and mortgage-backed securities, net(21,109)(23,456)(1,567)
Gain on non-cash net assets of consolidated VIEs— — (1,831)
Loss from unconsolidated joint venture665 314 — 
Loss on extinguishment of debt— 6,674 84 
General and administrative29,144 28,534 4,525 
Net income (loss)$20,532 $(181,603)$(7,458)