Segment Information

12 Months Ended

Dec. 31, 2019

We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We defined our reportable segments to be aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable segments (commercial, multifamily, and third-party asset management and real estate services) based on the economic characteristics and nature of our assets and services.

The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party asset management and real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenue and other property revenue, and deducts property operating expenses and real estate taxes.

With respect to the third-party asset management and real estate services business, the CODM reviews revenues streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are both disclosed separately in our statements of operations. The following represents the components of revenue from our third-party real estate services business:



	Year Ended December 31,
	2019		2018		2017
	(In thousands)
Property management fees	$	22,437	$	24,831	$	16,022
Asset management fees	14,045		14,910		10,083
Leasing fees	7,377		6,658		3,639
Development fees	15,655		7,592		3,653
Construction management fees	1,669		2,892		2,220
Other service revenue	4,269		2,801		712
Third-party real estate services revenue, excluding reimbursements	65,452		59,684		36,329
Reimbursements revenue ⁽¹⁾	55,434		39,015		26,907
Third-party real estate services revenue, including reimbursements	$	120,886	$	98,699	$	63,236

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⁽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.

Management company assets primarily consist of management and leasing contracts with a net book value of $31.5 million and $38.6 million and are classified in "Other assets, net" in our balance sheets as of December 31, 2019 and 2018. Consistent with internal reporting presented to our CODM and our definition of NOI, the third-party asset management and real estate services operating results are excluded from the NOI data below.

The following is the reconciliation of net income attributable to common shareholders to consolidated NOI:



	Year Ended December 31,
	2019			2018			2017
	(In thousands)
Net income (loss) attributable to common shareholders	$	65,571		$	39,924		$	(71,753	)
Add:
Depreciation and amortization expense	191,580			211,436			161,659
General and administrative expense:
Corporate and other	46,822			33,728			39,350
Third-party real estate services	113,495			89,826			51,919
Share-based compensation related to Formation Transaction and special equity awards	42,162			36,030			29,251
Transaction and other costs	23,235			27,706			127,739
Interest expense	52,695			74,447			58,141
Loss on extinguishment of debt	5,805			5,153			701
Reduction of gain (gain) on bargain purchase	—			7,606			(24,376		)
Income tax benefit	(1,302		)	(738		)	(9,912		)
Net income (loss) attributable to redeemable noncontrolling interests	8,573			6,710			(7,328		)
Less:
Third-party real estate services, including reimbursements	120,886			98,699			63,236
Other revenue ⁽¹⁾	7,638			6,358			5,167
Income (loss) from unconsolidated real estate ventures, net	(1,395		)	39,409			(4,143		)
Interest and other income, net	5,385			15,168			1,788
Gain on sale of real estate	104,991			52,183			—
Net loss attributable to noncontrolling interests	—			21			3
Consolidated NOI	$	311,131		$	319,990		$	289,340

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⁽¹⁾	Excludes parking revenue of $26.0 million, $25.7 million and $23.1 million for each of the three years in the period ended December 31, 2019.

The following is a summary of NOI by segment. Items classified in the Other column include future development assets, corporate entities and the elimination of intersegment activity.



	Year Ended December 31, 2019
	Commercial		Multifamily		Other				Total
	(In thousands)
Property rentals revenue	$	383,311	$	116,330	$	(6,368	)		$	493,273
Other property revenue	25,593		380		—				25,973
Total property revenue	408,904		116,710		(6,368		)		519,246
Property expense:								—
Property operating	113,177		35,236		(10,791		)		137,622
Real estate taxes	50,115		15,021		5,357				70,493
Total property expense	163,292		50,257		(5,434		)		208,115
Consolidated NOI	$	245,612	$	66,453	$	(934	)		$	311,131



	Year Ended December 31, 2018
	Commercial		Multifamily		Other			Total
	(In thousands)
Property rentals revenue	$	404,826	$	108,989	$	(368	)	$	513,447
Other property revenue	25,216		368		94			25,678
Total property revenue	430,042		109,357		(274		)	539,125
Property expense:
Property operating	118,288		31,502		(1,709		)	148,081
Real estate taxes	53,324		14,280		3,450			71,054
Total property expense	171,612		45,782		1,741			219,135
Consolidated NOI	$	258,430	$	63,575	$	(2,015	)	$	319,990



	Year Ended December 31, 2017
	Commercial		Multifamily		Other				Total
	(In thousands)
Property rentals revenue	$	361,121	$	91,294	$	(874	)		$	451,541
Other property revenue	22,776		275		18				23,069
Total property revenue	383,897		91,569		(856		)		474,610
Property expense:								—
Property operating	97,701		24,623		(3,488		)		118,836
Real estate taxes	50,546		11,030		4,858				66,434
Total property expense	148,247		35,653		1,370				185,270
Consolidated NOI	$	235,650	$	55,916	$	(2,226	)		$	289,340

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



	Commercial		Multifamily		Other		Total
December 31, 2019	(In thousands)
Real estate, at cost	$	3,415,294	$	1,998,297	$	361,928	$	5,775,519
Investments in unconsolidated real estate ventures	396,199		107,882		38,945		543,026
Total assets ⁽¹⁾	3,361,122		1,682,872		942,257		5,986,251
December 31, 2018
Real estate, at cost	$	3,634,472	$	1,656,974	$	501,288	$	5,792,734
Investments in unconsolidated real estate ventures	177,173		109,232		36,473		322,878
Total assets⁽¹⁾	3,707,255		1,528,177		761,853		5,997,285

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⁽¹⁾

Includes assets held for sale. See Note 4 for additional information.