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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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


	Three Months Ended March 31,
	2022		2021

	(In thousands)
Property management fees	$	4,808	$	4,942
Asset management fees		1,771		2,228
Development fees ⁽¹⁾		3,539		14,250
Leasing fees		1,839		860
Construction management fees		150		172
Other service revenue		816		1,698
Third-party real estate services revenue, excluding reimbursements		12,923		24,150
Reimbursement revenue ⁽²⁾		11,047		13,957
Third-party real estate services revenue, including reimbursements		23,970		38,107
Third-party real estate services expenses		27,049		28,936
Third-party real estate services revenue less expenses	$	(3,079)	$	9,171

(1)

As of March 31, 2022, we had estimated unrecognized development fee revenue totaling $45.2 million, of which $10.4 million, $12.0 million and $6.3 million is expected to be recognized during the remainder of 2022, 2023 and 2024, and $16.5 million is expected to be recognized thereafter through 2027 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 loss attributable to common shareholders to consolidated NOI:


	Three Months Ended March 31,
	2022		2021

	(In thousands)
Net loss attributable to common shareholders	$	(32)	$	(20,731)
Add:
Depreciation and amortization expense		58,062		64,726
General and administrative expense:
Corporate and other		15,815		12,475
Third-party real estate services		27,049		28,936
Share-based compensation related to Formation Transaction and special equity awards		2,244		4,945
Transaction and other costs		899		3,690
Interest expense		16,278		16,296
Loss on the extinguishment of debt		591		—
Income tax expense (benefit)		(471)		4,315
Net income (loss) attributable to redeemable noncontrolling interests		10		(2,230)
Net loss attributable to noncontrolling interests		(55)		(1,108)
Less:
Third-party real estate services, including reimbursements revenue		23,970		38,107
Other revenue		2,196		2,186
Income (loss) from unconsolidated real estate ventures, net		3,145		(943)
Interest and other income, net		14,246		9
Loss on the sale of real estate		(136)		—
Consolidated NOI	$	76,969	$	71,955


	Three Months Ended March 31, 2022
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	87,621	$	42,108	$	1,869	$	131,598
Parking revenue		4,012		134		55		4,201
Total property revenue		91,633		42,242		1,924		135,799
Property expense:
Property operating		26,202		13,755		687		40,644
Real estate taxes		11,777		5,221		1,188		18,186
Total property expense		37,979		18,976		1,875		58,830
Consolidated NOI	$	53,654	$	23,266	$	49	$	76,969

	Three Months Ended March 31, 2021
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	87,181	$	32,586	$	2,474	$	122,241
Parking revenue		2,690		65		—		2,755
Total property revenue		89,871		32,651		2,474		124,996
Property expense:
Property operating		23,964		12,195		(1,428)		34,731
Real estate taxes		11,772		5,245		1,293		18,310
Total property expense		35,736		17,440		(135)		53,041
Consolidated NOI	$	54,135	$	15,211	$	2,609	$	71,955


	Commercial		Multifamily		Other		Total

	(In thousands)
March 31, 2022
Real estate, at cost	$	2,674,939	$	2,434,441	$	420,245	$	5,529,625
Investments in unconsolidated real estate ventures		280,913		111,920		68,611		461,444
Total assets		3,594,436		1,836,526		884,918		6,315,880
December 31, 2021
Real estate, at cost	$	3,422,278	$	2,367,712	$	446,486	$	6,236,476
Investments in unconsolidated real estate ventures		281,515		103,389		77,981		462,885
Total assets		3,591,839		1,797,807		996,560		6,386,206