Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020

Assets:
Multifamily Communities	$	1,958,592	$	1,745,020
Financing	226,734		321,026
New Market Properties	1,032,658		1,072,090
Preferred Office Properties	327,548		1,121,992
Other	17,836		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)	2021		2020		2019

Capitalized expenditures:
Residential properties	$	14,296	$	14,311	$	14,511
New Market Properties	8,286		9,494		8,913
Preferred Office Properties	5,072		25,621		19,761
Total	$	27,654	$	49,426	$	43,185

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

Total revenues by reportable segment of the Company were:


	Years ended December 31,
(In thousands)	2021		2020		2019
Revenues

Rental and other property revenues:
Residential properties	$	217,013	$	234,038	$	220,872
New Market Properties	108,102		107,525		96,389
Preferred Office Properties (1)	80,447		108,826		93,416
Total rental and other property revenues	405,562		450,389		410,677

Financing revenues	45,496		50,723		59,750
Miscellaneous revenues	84		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.

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

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)	2021		2020		2019
Segment net operating income (Segment NOI)

Residential Properties	$	127,273	$	132,858	$	122,753
New Market Properties	75,326		77,091		68,815
Preferred Office Properties	57,822		79,296		66,510
Financing	45,479		50,689		59,750
Miscellaneous revenues	84		73		—

Consolidated segment net operating income	305,984		340,007		317,828

Interest expense:
Residential Properties	55,346		60,676		62,455
New Market Properties	25,654		26,379		24,566
Preferred Office Properties	18,987		26,939		22,869
Financing	2,427		4,564		2,074
Depreciation and amortization:
Residential Properties	89,355		101,823		99,384
New Market Properties	45,753		51,813		44,786
Preferred Office Properties	33,864		47,829		40,888
Corporate entities	221		212		7
Management fees, net of forfeitures	—		1,963		21,752
Management Internalization	970		180,116		2,987
Allowance for expected credit losses	874		6,103		2,038
Equity compensation to directors and executives	3,289		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 venture	665		314		—
Loss on extinguishment of debt	—		6,674		84
General and administrative	29,144		28,534		4,525

Net income (loss)	$	20,532	$	(181,603)	$	(7,458)