Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Disaggregation of Revenue [Table Text Block]


	Three Months Ended March 31,
	2020		2019
	(In thousands)
Property management fees	$	6,024	$	5,428
Asset management fees		2,724		3,488
Leasing fees		1,747		2,213
Development fees		2,812		1,596
Construction management fees		1,013		629
Other service revenue		1,635		883
Third-party real estate services revenue, excluding reimbursements		15,955		14,237
Reimbursements revenue ⁽¹⁾		13,761		13,454
Third-party real estate services revenue, including reimbursements		29,716		27,691
Third-party real estate services expenses		28,814		28,066
Third-party real estate services revenue less expenses	$	902	$	(375)

(1)	Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects.

Segment information

The following is the reconciliation of net income attributable to common shareholders to consolidated NOI:


	Three Months Ended March 31,
	2020		2019
	(In thousands)
Net income attributable to common shareholders	$	42,925	$	24,861
Add:
Depreciation and amortization expense		48,489		48,719
General and administrative expense:
Corporate and other		13,176		12,314
Third-party real estate services		28,814		28,066
Share-based compensation related to Formation Transaction and special equity awards		9,441		11,131
Transaction and other costs		5,309		4,895
Interest expense		12,005		17,174
Loss on extinguishment of debt		33		—
Income tax benefit		(2,345)		(1,172)
Net income attributable to redeemable noncontrolling interests		5,250		3,387
Less:
Third-party real estate services, including reimbursements		29,716		27,691
Other revenue ⁽¹⁾		1,630		1,640
Income (loss) from unconsolidated real estate ventures, net		(2,692)		3,601
Interest and other income, net		907		951
Gain on sale of real estate		59,477		39,033
Consolidated NOI	$	74,059	$	76,459

(1)	Excludes parking revenue of $6.4 million and $6.5 million for the three months ended March 31, 2020 and 2019.

The following is a summary of NOI by segment. Items classified in the Other column include future development assets, corporate entities and the elimination of intersegment activity.


	Three Months Ended March 31, 2020
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rentals revenue	$	91,198	$	32,803	$	(3,621)	$	120,380
Other property revenue		6,244		137		—		6,381
Total property revenue		97,442		32,940		(3,621)		126,761
Property expense:
Property operating		27,943		10,307		(3,747)		34,503
Real estate taxes		12,372		4,738		1,089		18,199
Total property expense		40,315		15,045		(2,658)		52,702
Consolidated NOI	$	57,127	$	17,895	$	(963)	$	74,059


	Three Months Ended March 31, 2019
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rentals revenue	$	96,247	$	28,249	$	(5,083)	$	119,413
Other property revenue		6,375		80		—		6,455
Total property revenue		102,622		28,329		(5,083)		125,868
Property expense:
Property operating		30,481		7,967		(6,274)		32,174
Real estate taxes		12,513		3,548		1,174		17,235
Total property expense		42,994		11,515		(5,100)		49,409
Consolidated NOI	$	59,628	$	16,814	$	17	$	76,459

The following is a summary of certain balance sheet data by segment:


	Commercial		Multifamily		Other		Total
	(In thousands)
March 31, 2020
Real estate, at cost	$	3,450,039	$	2,016,514	$	384,980	$	5,851,533
Investments in unconsolidated real estate ventures		398,849		107,162		36,972		542,983
Total assets ⁽¹⁾		3,570,707		1,697,302		871,804		6,139,813
December 31, 2019
Real estate, at cost	$	3,415,294	$	1,998,297	$	361,928	$	5,775,519
Investments in unconsolidated real estate ventures		396,199		107,882		38,945		543,026
Total assets⁽¹⁾		3,361,122		1,682,872		942,257		5,986,251

(1)	Includes assets held for sale. See Note 3 for additional information.