Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Information

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022		X	2023		2022
	(In thousands)
Property management fees	$	4,910	$	4,791		$	14,879	$	14,575
Asset management fees		1,155		1,479			3,513		4,763
Development fees		4,296		1,426			9,038		7,113
Leasing fees		1,036		1,713			3,648		4,590
Construction management fees		266		169			909		356
Other service revenue		1,399		1,909			4,045		4,224
Third-party real estate services revenue, excluding reimbursements		13,062		11,487			36,032		35,621
Reimbursement revenue (1)		10,880		10,358			33,556		32,351
Third-party real estate services revenue, including reimbursements		23,942		21,845			69,588		67,972
Third-party real estate services expenses		21,405		21,230			67,333		72,422
Third-party real estate services revenue less expenses	$	2,537	$	615		$	2,255	$	(4,450)

(1) 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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022		X	2023		2022
	(in thousands)
Net income (loss) attributable to common shareholders	$	(58,007)	$	(19,293)		$	(47,381)	$	103,950
Add:
Depreciation and amortization expense		50,265		50,056			152,914		157,597
General and administrative expense:
Corporate and other		11,246		12,072			42,462		42,669
Third-party real estate services		21,405		21,230			67,333		72,422
Share-based compensation related to Formation Transaction and special equity awards		46		548			397		4,369
Transaction and other costs		1,830		1,746			7,794		4,632
Interest expense		27,903		17,932			80,580		50,251
Loss on the extinguishment of debt		—		1,444			450		3,073
Impairment loss		59,307		—			59,307		—
Income tax expense		77		166			672		2,600
Net income (loss) attributable to redeemable noncontrolling interests		(7,926)		(2,546)			(5,961)		15,712
Net income (loss) attributable to noncontrolling interests		(168)		258			(703)		174
Less:
Third-party real estate services, including reimbursements revenue		23,942		21,845			69,588		67,972
Other revenue		2,704		1,764			8,276		5,758
Loss from unconsolidated real estate ventures, net		(2,263)		(13,867)			(1,320)		(12,829)
Interest and other income, net		7,774		984			14,132		16,902
Gain on the sale of real estate, net		906		—			41,606		158,631
Consolidated NOI	$	72,915	$	72,887		$	225,582	$	221,015

The following is a summary of NOI by segment. Items classified in the Other column include development assets, corporate entities, land assets for which we are the ground lessor and the elimination of inter-segment activity.

	Three Months Ended September 30, 2023
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	63,940	$	52,461	$	3,893	$	120,294
Parking revenue		4,310		248		64		4,622
Total property revenue		68,250		52,709		3,957		124,916
Property expense:
Property operating		18,866		19,379		(657)		37,588
Real estate taxes		8,210		5,581		622		14,413
Total property expense		27,076		24,960		(35)		52,001
Consolidated NOI	$	41,174	$	27,749	$	3,992	$	72,915
	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

	Nine Months Ended September 30, 2023
	Commercial		Multifamily		Other		Total
	(In thousands)
Property rental revenue	$	200,178	$	154,814	$	9,927	$	364,919
Parking revenue		12,874		767		195		13,836
Total property revenue		213,052		155,581		10,122		378,755
Property expense:
Property operating		56,489		55,228		(2,605)		109,112
Real estate taxes		25,406		16,837		1,818		44,061
Total property expense		81,895		72,065		(787)		153,173
Consolidated NOI	$	131,157	$	83,516	$	10,909	$	225,582
	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

The following is a summary of certain balance sheet data by segment:

	Commercial		Multifamily		Other		Total
	(In thousands)
September 30, 2023
Real estate, at cost	$	2,492,590	$	3,087,068	$	375,373	$	5,955,031
Investments in unconsolidated real estate ventures		210,619		—		85,778		296,397
Total assets		2,729,353		2,524,199		412,616		5,666,168
December 31, 2022
Real estate, at cost	$	2,754,832	$	2,986,907	$	416,343	$	6,158,082
Investments in unconsolidated real estate ventures		218,723		304		80,854		299,881
Total assets		2,829,576		2,483,902		589,960		5,903,438