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Segment Information | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Segment Information | Segment Information 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 |
_________________
(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 |
__________________________
(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 |
__________________________ (1) Includes assets held for sale. See Note 4 for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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