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Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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


	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021		X	2022		2021

	(In thousands)
Property management fees	$	4,976	$	4,776		$	9,784	$	9,718
Asset management fees		1,513		2,229			3,284		4,457
Development fees ⁽¹⁾		2,148		4,392			5,687		18,642
Leasing fees		1,038		1,424			2,877		2,284
Construction management fees		37		234			187		406
Other service revenue		1,499		1,790			2,315		3,488
Third-party real estate services revenue, excluding reimbursements		11,211		14,845			24,134		38,995
Reimbursement revenue ⁽²⁾		10,946		11,900			21,993		25,857
Third-party real estate services revenue, including reimbursements		22,157		26,745			46,127		64,852
Third-party real estate services expenses		24,143		25,557			51,192		54,493
Third-party real estate services revenue less expenses	$	(1,986)	$	1,188		$	(5,065)	$	10,359

(1)

As of June 30, 2022, we had estimated unrecognized development fee revenue totaling $43.2 million, of which $7.1 million, $12.3 million and $6.6 million is expected to be recognized during the remainder of 2022, 2023 and 2024, and $17.2 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 income (loss) attributable to common shareholders to consolidated NOI:


	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021		X	2022		2021

	(In thousands)
Net income (loss) attributable to common shareholders	$	123,275	$	(2,973)		$	123,243	$	(23,704)
Add:
Depreciation and amortization expense		49,479		56,678			107,541		121,404
General and administrative expense:
Corporate and other		14,782		13,895			30,597		26,370
Third-party real estate services		24,143		25,557			51,192		54,493
Share-based compensation related to Formation Transaction and special equity awards		1,577		4,441			3,821		9,386
Transaction and other costs		1,987		2,270			2,886		5,960
Interest expense		16,041		16,773			32,319		33,069
Loss on the extinguishment of debt		1,038		—			1,629		—
Income tax expense (benefit)		2,905		(5)			2,434		4,310
Net income (loss) attributable to redeemable noncontrolling interests		18,248		(345)			18,258		(2,575)
Net loss attributable to noncontrolling interests		(29)		—			(84)		(1,108)
Less:
Third-party real estate services, including reimbursements revenue		22,157		26,745			46,127		64,852
Other revenue		1,798		1,904			3,994		4,090
Income (loss) from unconsolidated real estate ventures, net		(2,107)		3,953			1,038		3,010
Interest and other income (loss), net		1,672		(38)			15,918		(29)
Gain on the sale of real estate, net		158,767		11,290			158,631		11,290
Consolidated NOI	$	71,159	$	72,437		$	148,128	$	144,392


	Three Months Ended June 30, 2022
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	71,903	$	42,939	$	2,194	$	117,036
Parking revenue		4,187		250		77		4,514
Total property revenue		76,090		43,189		2,271		121,550
Property expense:
Property operating		19,624		14,870		951		35,445
Real estate taxes		9,018		5,054		874		14,946
Total property expense		28,642		19,924		1,825		50,391
Consolidated NOI	$	47,448	$	23,265	$	446	$	71,159

	Three Months Ended June 30, 2021
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	89,189	$	32,718	$	912	$	122,819
Parking revenue		2,959		110		107		3,176
Total property revenue		92,148		32,828		1,019		125,995
Property expense:
Property operating		25,097		12,042		(2,139)		35,000
Real estate taxes		12,148		5,065		1,345		18,558
Total property expense		37,245		17,107		(794)		53,558
Consolidated NOI	$	54,903	$	15,721	$	1,813	$	72,437


	Six Months Ended June 30, 2022
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	159,524	$	85,047	$	4,063	$	248,634
Parking revenue		8,199		384		132		8,715
Total property revenue		167,723		85,431		4,195		257,349
Property expense:
Property operating		45,826		28,625		1,638		76,089
Real estate taxes		20,795		10,275		2,062		33,132
Total property expense		66,621		38,900		3,700		109,221
Consolidated NOI	$	101,102	$	46,531	$	495	$	148,128

	Six Months Ended June 30, 2021
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	176,370	$	65,304	$	3,386	$	245,060
Parking revenue		5,649		175		107		5,931
Total property revenue		182,019		65,479		3,493		250,991
Property expense:
Property operating		49,061		24,237		(3,567)		69,731
Real estate taxes		23,920		10,310		2,638		36,868
Total property expense		72,981		34,547		(929)		106,599
Consolidated NOI	$	109,038	$	30,932	$	4,422	$	144,392


	Commercial		Multifamily		Other		Total

	(In thousands)
June 30, 2022
Real estate, at cost	$	2,722,907	$	2,481,213	$	402,467	$	5,606,587
Investments in unconsolidated real estate ventures		233,519		96,030		84,800		414,349
Total assets		3,016,911		1,856,493		706,498		5,579,902
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