Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Information

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020		X	2021		2020
	(In thousands)
Property management fees	$	4,831	$	4,694		$	14,549	$	15,453
Asset management fees		2,145		2,301			6,602		7,400
Development fees (1)		4,032		2,614			22,705		8,474
Leasing fees		1,822		1,086			4,106		3,627
Construction management fees		—		584			375		2,057
Other service revenue		1,295		2,000			4,783		5,452
Third-party real estate services revenue, excluding reimbursements		14,125		13,279			53,120		42,463
Reimbursement revenue (2)		11,717		13,708			37,574		41,407
Third-party real estate services revenue, including reimbursements		25,842		26,987			90,694		83,870
Third-party real estate services expenses		25,542		28,207			80,035		86,260
Third-party real estate services revenue less expenses	$	300	$	(1,220)		$	10,659	$	(2,390)

(1) Estimated development fee revenue totaling $51.2 million as of September 30, 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 September 30,					Nine Months Ended September 30,
	2021		2020		X	2021		2020
		(In thousands)
Net income (loss) attributable to common shareholders	$	893	$	(22,793)		$	(22,811)	$	(16,648)
Add:
Depreciation and amortization expense		56,726		56,481			178,130		157,586
General and administrative expense:
Corporate and other		12,105		11,086			38,475		37,478
Third-party real estate services		25,542		28,207			80,035		86,260
Share-based compensation related to Formation Transaction and special equity awards		3,480		7,133			12,866		25,432
Transaction and other costs		2,951		845			8,911		7,526
Interest expense		17,243		16,885			50,312		44,660
Loss on extinguishment of debt		—		—			—		33
Income tax expense (benefit)		217		(488)			4,527		(3,721)
Net income (loss) attributable to redeemable noncontrolling interests		103		(2,212)			(2,472)		(445)
Net loss attributable to noncontrolling interests		—		—			(1,108)		—
Less:
Third-party real estate services, including reimbursements revenue		25,842		26,987			90,694		83,870
Other revenue		1,568		2,292			5,658		5,438
Income (loss) from unconsolidated real estate ventures, net		20,503		(965)			23,513		(17,142)
Interest and other income, net		192		—			163		1,021
Gain on sale of real estate		—		—			11,290		59,477
Consolidated NOI	$	71,155	$	66,830		$	215,547	$	205,497

	Three Months Ended September 30, 2021
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	92,522	$	35,020	$	(1,642)	$	125,900
Parking revenue		3,520		111		81		3,712
Total property revenue		96,042		35,131		(1,561)		129,612
Property expense:
Property operating		27,068		14,212		(1,082)		40,198
Real estate taxes		12,098		4,930		1,231		18,259
Total property expense		39,166		19,142		149		58,457
Consolidated NOI	$	56,876	$	15,989	$	(1,710)	$	71,155

	Three Months Ended September 30, 2020
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	90,050	$	30,452	$	(1,822)	$	118,680
Parking 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

	Nine Months Ended September 30, 2021
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	275,736	$	100,324	$	(5,100)	$	370,960
Parking revenue		9,169		286		188		9,643
Total property revenue		284,905		100,610		(4,912)		380,603
Property expense:
Property operating		76,155		38,449		(4,675)		109,929
Real estate taxes		36,018		15,240		3,869		55,127
Total property expense		112,173		53,689		(806)		165,056
Consolidated NOI	$	172,732	$	46,921	$	(4,106)	$	215,547
	Nine Months Ended September 30, 2020
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	266,823	$	94,873	$	(7,177)	$	354,519
Parking 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

	Commercial		Multifamily		Other		Total
	(In thousands)
September 30, 2021
Real estate, at cost	$	3,494,929	$	2,135,448	$	395,758	$	6,026,135
Investments in unconsolidated real estate ventures		300,304		110,369		75,379		486,052
Total assets (1)		3,541,397		1,779,416		688,165		6,008,978
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.