Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of components of revenue from third-party real estate services business


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

	(In thousands)
Property management fees	$	4,694	$	5,758	$	15,453	$	16,873
Asset management fees		2,301		3,577		7,400		10,612
Development fees		2,614		6,783		8,474		10,912
Leasing fees		1,086		2,033		3,627		5,331
Construction management fees		584		370		2,057		1,469
Other service revenue		2,000		1,005		5,452		3,626
Third-party real estate services revenue, excluding reimbursements		13,279		19,526		42,463		48,823
Reimbursements revenue ⁽¹⁾		13,708		15,061		41,407		42,942
Third-party real estate services revenue, including reimbursements		26,987		34,587		83,870		91,765
Third-party real estate services expenses		28,207		29,809		86,260		86,585
Third-party real estate services revenue less expenses	$	(1,220)	$	4,778	$	(2,390)	$	5,180

(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 (loss) attributable to common shareholders to consolidated NOI:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

	(In thousands)
Net income (loss) attributable to common shareholders	$	(22,793)	$	9,360	$	(16,648)	$	31,181
Add:
Depreciation and amortization expense		56,481		46,862		157,586		141,576
General and administrative expense:
Corporate and other		11,086		11,015		37,478		34,888
Third-party real estate services		28,207		29,809		86,260		86,585
Share-based compensation related to Formation Transaction and special equity awards		7,133		9,549		25,432		30,203
Transaction and other costs		845		2,059		7,526		9,928
Interest expense		16,885		10,583		44,660		40,864
Loss on extinguishment of debt		—		—		33		1,889
Income tax expense (benefit)		(488)		432		(3,721)		(689)
Net income (loss) attributable to redeemable noncontrolling interests		(2,212)		1,172		(445)		4,271
Less:
Third-party real estate services, including reimbursements revenue		26,987		34,587		83,870		91,765
Other revenue ⁽¹⁾		2,292		2,196		5,438		5,951
Income (loss) from unconsolidated real estate ventures, net		(965)		(1,144)		(17,142)		647
Interest and other income (loss), net		—		(640)		1,021		2,363
Gain on sale of real estate		—		8,088		59,477		47,121
Consolidated NOI	$	66,830	$	77,754	$	205,497	$	232,849

(1)	Excludes parking revenue of $3.1 million and $10.3 million for the three and nine months ended September 30, 2020, and $6.3 million and $19.5 million for the three and nine months ended September 30, 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 September 30, 2020
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	90,050	$	30,452	$	(1,822)	$	118,680
Other property revenue		3,002		74		—		3,076
Total property revenue		93,052		30,526		(1,822)		121,756
Property expense:
Property operating		26,701		13,226		(2,355)		37,572
Real estate taxes		12,136		4,656		562		17,354
Total property expense		38,837		17,882		(1,793)		54,926
Consolidated NOI	$	54,215	$	12,644	$	(29)	$	66,830

	Three Months Ended September 30, 2019
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	94,678	$	28,946	$	339	$	123,963
Other property revenue		6,237		94		—		6,331
Total property revenue		100,915		29,040		339		130,294
Property expense:
Property operating		27,200		9,490		(890)		35,800
Real estate taxes		12,004		3,552		1,184		16,740
Total property expense		39,204		13,042		294		52,540
Consolidated NOI	$	61,711	$	15,998	$	45	$	77,754


	Nine Months Ended September 30, 2020
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	266,823	$	94,873	$	(7,177)	$	354,519
Other property revenue		10,018		249		—		10,267
Total property revenue		276,841		95,122		(7,177)		364,786
Property expense:
Property operating		78,645		34,238		(7,016)		105,867
Real estate taxes		36,532		14,088		2,802		53,422
Total property expense		115,177		48,326		(4,214)		159,289
Consolidated NOI	$	161,664	$	46,796	$	(2,963)	$	205,497

	Nine Months Ended September 30, 2019
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	285,551	$	86,069	$	(5,918)	$	365,702
Other property revenue		19,212		263		—		19,475
Total property revenue		304,763		86,332		(5,918)		385,177
Property expense:
Property operating		84,089		25,662		(9,664)		100,087
Real estate taxes		37,257		11,243		3,741		52,241
Total property expense		121,346		36,905		(5,923)		152,328
Consolidated NOI	$	183,417	$	49,427	$	5	$	232,849

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


	Commercial		Multifamily		Other		Total

	(In thousands)
September 30, 2020
Real estate, at cost	$	3,506,113	$	2,034,045	$	400,497	$	5,940,655
Investments in unconsolidated real estate ventures		330,111		108,110		24,805		463,026
Total assets ⁽¹⁾		3,473,426		1,798,714		1,005,184		6,277,324
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.