Segment information (Tables)

3 Months Ended

Mar. 31, 2022

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 right of use assets, 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)	March 31, 2022		December 31, 2021
Assets:
Multifamily Communities	$	2,038,140	$	1,958,592
Financing	242,297		226,734
New Market Properties	1,018,834		1,032,658
Preferred Office Properties	325,079		327,548
Other	115,922		17,836
Consolidated assets	$	3,740,272	$	3,563,368

Capital Expenditures By Segment

Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) were as follows:


	Three-month periods ended March 31,
(In thousands)	2022		2021
Capitalized expenditures:
Multifamily Communities	$	2,414	$	2,506
New Market Properties	1,653		1,623
Preferred Office Properties	322		3,007
Total	$	4,389	$	7,136

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

Total revenues by reportable segment of the Company were:


	Three-month periods ended March 31,
(In thousands)	2022		2021
Revenues
Rental and other property revenues:
Multifamily Communities	$	61,781	$	50,521
New Market Properties	27,559		26,967
Preferred Office Properties (1)	8,743		27,275
Total rental and other property revenues	98,083		104,763

Financing revenues	6,780		10,917
Miscellaneous revenues	17		20
Consolidated revenues	$	104,880	$	115,700
(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 March 31, 2022, 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 $31.3 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2022. 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 $0.9 million for both three-month periods ended March 31, 2022 and 2021.

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

Segment NOI for each reportable segment was as follows:


	Three-month periods ended March 31,
(In thousands)	2022		2021
Segment net operating income (Segment NOI)
Multifamily Communities	$	36,894	$	29,223
New Market Properties	18,939		18,596
Preferred Office Properties	6,134		19,635
Financing	6,780		10,911
Miscellaneous revenues	17		20
Consolidated segment net operating income	68,764		78,385
Interest expense:
Multifamily Communities	14,608		13,224
New Market Properties	6,165		6,444
Preferred Office Properties	1,828		6,668
Corporate	559		655
Depreciation and amortization:
Multifamily Communities	22,960		22,094
New Market Properties	10,769		11,761
Preferred Office Properties	4,377		11,915
Corporate	55		57
Equity compensation to directors and executives	1,223		574
Management Internalization expense	244		245
Allowance for expected credit losses	572		522
Gain on sale of real estate	—		(798)
Loss on sale of land	22		—
Loss on extinguishment of debt	363		—
Loss from unconsolidated joint venture	108		194
General and Administrative	7,842		7,539
Merger-related costs	4,913		—
Net loss	$	(7,844)	$	(2,709)