Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Information

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

	Three Months Ended March 31,
	2021		2020
	(In thousands)
Property management fees	$	4,942	$	6,024
Asset management fees		2,228		2,724
Development fees (1)		14,250		2,812
Leasing fees		860		1,747
Construction management fees		172		1,013
Other service revenue		1,698		1,635
Third-party real estate services revenue, excluding reimbursements		24,150		15,955
Reimbursement revenue (2)		13,957		13,761
Third-party real estate services revenue, including reimbursements		38,107		29,716
Third-party real estate services expenses		28,936		28,814
Third-party real estate services revenue less expenses	$	9,171	$	902

(1) Estimated development fee revenue totaling $55.9 million as of March 31, 2021 is expected to be recognized over the next six years as unsatisfied performance obligations are completed.

(2) 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 March 31,
	2021		2020
	(In thousands)
Net income (loss) attributable to common shareholders	$	(20,731)	$	42,925
Add:
Depreciation and amortization expense		64,726		48,489
General and administrative expense:
Corporate and other		12,475		13,176
Third-party real estate services		28,936		28,814
Share-based compensation related to Formation Transaction and special equity awards		4,945		9,441
Transaction and other costs		3,690		5,309
Interest expense		16,296		12,005
Loss on extinguishment of debt		—		33
Income tax expense (benefit)		4,315		(2,345)
Net income (loss) attributable to redeemable noncontrolling interests		(2,230)		5,250
Net loss attributable to noncontrolling interests		(1,108)		—
Less:
Third-party real estate services, including reimbursements revenue		38,107		29,716
Other revenue		2,186		1,630
Loss from unconsolidated real estate ventures, net		(943)		(2,692)
Interest and other income, net		9		907
Gain on sale of real estate		—		59,477
Consolidated NOI	$	71,955	$	74,059

	Three Months Ended March 31, 2021
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	90,603	$	32,586	$	(948)	$	122,241
Parking revenue		2,690		65		—		2,755
Total property revenue		93,293		32,651		(948)		124,996
Property expense:
Property operating		23,975		12,195		(1,439)		34,731
Real estate taxes		11,772		5,245		1,293		18,310
Total property expense		35,747		17,440		(146)		53,041
Consolidated NOI	$	57,546	$	15,211	$	(802)	$	71,955
	Three Months Ended March 31, 2020
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	91,198	$	32,803	$	(3,621)	$	120,380
Parking 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

	Commercial		Multifamily		Other		Total
	(In thousands)
March 31, 2021
Real estate, at cost	$	3,457,426	$	2,114,399	$	407,144	$	5,978,969
Investments in unconsolidated real estate ventures		321,741		108,877		24,858		455,476
Total assets (1)		3,416,231		1,827,316		775,770		6,019,317
December 31, 2020
Real estate, at cost	$	3,459,171	$	2,036,131	$	505,329	$	6,000,631
Investments in unconsolidated real estate ventures		327,798		108,593		24,978		461,369
Total assets (1)		3,430,509		1,787,718		861,320		6,079,547

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