XML 51 R41.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2022		2021		X	2022		2021

	(In thousands)
Property management fees	$	4,791	$	4,831		$	14,575	$	14,549
Asset management fees		1,479		2,145			4,763		6,602
Development fees ⁽¹⁾		1,426		4,032			7,113		22,705
Leasing fees		1,713		1,822			4,590		4,106
Construction management fees		169		—			356		375
Other service revenue		1,909		1,295			4,224		4,783
Third-party real estate services revenue, excluding reimbursements		11,487		14,125			35,621		53,120
Reimbursement revenue ⁽²⁾		10,358		11,717			32,351		37,574
Third-party real estate services revenue, including reimbursements		21,845		25,842			67,972		90,694
Third-party real estate services expenses		21,230		25,542			72,422		80,035
Third-party real estate services revenue less expenses	$	615	$	300		$	(4,450)	$	10,659

(1)

As of September 30, 2022, we had estimated unrecognized development fee revenue totaling $41.1 million, of which $3.6 million, $12.4 million and $6.8 million is expected to be recognized during the remainder of 2022, 2023 and 2024, and $18.3 million is expected to be recognized thereafter through 2027 as unsatisfied performance obligations are completed. Changes in the timing and costs of planned development projects may impact these amounts.

(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,
	2022		2021		X	2022		2021

	(In thousands)
Net income (loss) attributable to common shareholders	$	(19,293)	$	893		$	103,950	$	(22,811)
Add:
Depreciation and amortization expense		50,056		56,726			157,597		178,130
General and administrative expense:
Corporate and other		12,072		12,105			42,669		38,475
Third-party real estate services		21,230		25,542			72,422		80,035
Share-based compensation related to Formation Transaction and special equity awards		548		3,480			4,369		12,866
Transaction and other costs		1,746		2,951			4,632		8,911
Interest expense		17,932		17,243			50,251		50,312
Loss on the extinguishment of debt		1,444		—			3,073		—
Income tax expense		166		217			2,600		4,527
Net income (loss) attributable to redeemable noncontrolling interests		(2,546)		103			15,712		(2,472)
Net income (loss) attributable to noncontrolling interests		258		—			174		(1,108)
Less:
Third-party real estate services, including reimbursements revenue		21,845		25,842			67,972		90,694
Other revenue		1,764		1,568			5,758		5,658
Income (loss) from unconsolidated real estate ventures, net		(13,867)		20,503			(12,829)		23,513
Interest and other income, net		984		192			16,902		163
Gain on the sale of real estate, net		—		—			158,631		11,290
Consolidated NOI	$	72,887	$	71,155		$	221,015	$	215,547


	Three Months Ended September 30, 2022
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	71,257	$	45,639	$	2,915	$	119,811
Parking revenue		3,859		248		87		4,194
Total property revenue		75,116		45,887		3,002		124,005
Property expense:
Property operating		20,151		16,108		121		36,380
Real estate taxes		8,603		5,311		824		14,738
Total property expense		28,754		21,419		945		51,118
Consolidated NOI	$	46,362	$	24,468	$	2,057	$	72,887

	Three Months Ended September 30, 2021
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	89,099	$	35,020	$	1,781	$	125,900
Parking revenue		3,520		111		81		3,712
Total property revenue		92,619		35,131		1,862		129,612
Property expense:
Property operating		27,064		14,212		(1,078)		40,198
Real estate taxes		12,098		4,930		1,231		18,259
Total property expense		39,162		19,142		153		58,457
Consolidated NOI	$	53,457	$	15,989	$	1,709	$	71,155


	Nine Months Ended September 30, 2022
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	230,781	$	130,686	$	6,978	$	368,445
Parking revenue		12,058		632		219		12,909
Total property revenue		242,839		131,318		7,197		381,354
Property expense:
Property operating		65,977		44,733		1,759		112,469
Real estate taxes		29,398		15,586		2,886		47,870
Total property expense		95,375		60,319		4,645		160,339
Consolidated NOI	$	147,464	$	70,999	$	2,552	$	221,015

	Nine Months Ended September 30, 2021
	Commercial		Multifamily		Other		Total

	(In thousands)
Property rental revenue	$	265,469	$	100,324	$	5,167	$	370,960
Parking revenue		9,169		286		188		9,643
Total property revenue		274,638		100,610		5,355		380,603
Property expense:
Property operating		76,125		38,449		(4,645)		109,929
Real estate taxes		36,018		15,240		3,869		55,127
Total property expense		112,143		53,689		(776)		165,056
Consolidated NOI	$	162,495	$	46,921	$	6,131	$	215,547


	Commercial		Multifamily		Other		Total

	(In thousands)
September 30, 2022
Real estate, at cost	$	2,747,473	$	2,707,292	$	408,872	$	5,863,637
Investments in unconsolidated real estate ventures		225,283		56,984		78,579		360,846
Total assets		3,025,885		2,042,272		827,823		5,895,980
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