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Segment Information | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Segment Information | 16.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 revenue 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2020 |  | 2019
​ |  | (In thousands)
Property management fees | ​ | $ | 6,024 | ​ | $ | 5,428
Asset management fees | ​ |  | 2,724 | ​ |  | 3,488
Leasing fees | ​ |  | 1,747 | ​ |  | 2,213
Development fees | ​ |  | 2,812 | ​ |  | 1,596
Construction management fees | ​ |  | 1,013 | ​ |  | 629
Other service revenue | ​ |  | 1,635 | ​ |  | 883
Third-party real estate services revenue, excluding reimbursements | ​ |  | 15,955 | ​ |  | 14,237
Reimbursements revenue (1) | ​ |  | 13,761 | ​ |  | 13,454
Third-party real estate services revenue, including reimbursements | ​ | ​ | 29,716 | ​ | ​ | 27,691
Third-party real estate services expenses | ​ | ​ | 28,814 | ​ | ​ | 28,066
Third-party real estate services revenue less expenses | ​ | $ | 902 | ​ | $ | (375)
(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 $29.9 million and $31.5 million and are classified in "Other assets, net" in our balance sheets as of March 31, 2020 and December 31, 2019. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2020 |  | 2019
​ |  | (In thousands)
Net income attributable to common shareholders | ​ | $ | 42,925 | ​ | $ | 24,861
Add: | ​ |  |  | ​ |  |
Depreciation and amortization expense | ​ |  | 48,489 | ​ |  | 48,719
General and administrative expense: | ​ |  |  | ​ |  |
Corporate and other | ​ |  | 13,176 | ​ |  | 12,314
Third-party real estate services | ​ |  | 28,814 | ​ |  | 28,066
Share-based compensation related to Formation Transaction and special equity awards | ​ |  | 9,441 | ​ |  | 11,131
Transaction and other costs | ​ |  | 5,309 | ​ |  | 4,895
Interest expense | ​ |  | 12,005 | ​ |  | 17,174
Loss on extinguishment of debt | ​ |  | 33 | ​ |  | —
Income tax benefit | ​ |  | (2,345) | ​ |  | (1,172)
Net income attributable to redeemable noncontrolling interests | ​ |  | 5,250 | ​ |  | 3,387
Less: | ​ |  |  | ​ |  |
Third-party real estate services, including reimbursements | ​ |  | 29,716 | ​ |  | 27,691
Other revenue (1) | ​ |  | 1,630 | ​ |  | 1,640
Income (loss) from unconsolidated real estate ventures, net | ​ |  | (2,692) | ​ |  | 3,601
Interest and other income, net | ​ |  | 907 | ​ |  | 951
Gain on sale of real estate | ​ |  | 59,477 | ​ |  | 39,033
Consolidated NOI | ​ | $ | 74,059 | ​ | $ | 76,459
(1) | Excludes parking revenue of $6.4 million and $6.5 million for the three months ended March 31, 2020 and 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ |  | Commercial |  | Multifamily |  | Other |  | Total
​ |  | (In thousands)
Property rentals revenue | ​ | $ | 91,198 | ​ | $ | 32,803 | ​ | $ | (3,621) | ​ | $ | 120,380
Other property revenue | ​ |  | 6,244 | ​ |  | 137 | ​ |  | — | ​ |  | 6,381
Total property revenue | ​ |  | 97,442 | ​ |  | 32,940 | ​ |  | (3,621) | ​ |  | 126,761
Property expense: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 27,943 | ​ |  | 10,307 | ​ |  | (3,747) | ​ |  | 34,503
Real estate taxes | ​ |  | 12,372 | ​ |  | 4,738 | ​ |  | 1,089 | ​ |  | 18,199
Total property expense | ​ |  | 40,315 | ​ |  | 15,045 | ​ |  | (2,658) | ​ |  | 52,702
Consolidated NOI | ​ | $ | 57,127 | ​ | $ | 17,895 | ​ | $ | (963) | ​ | $ | 74,059
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2019
​ |  | Commercial |  | Multifamily |  | Other |  | Total
​ | ​ | (In thousands)
Property rentals revenue | ​ | $ | 96,247 | ​ | $ | 28,249 | ​ | $ | (5,083) | ​ | $ | 119,413
Other property revenue | ​ |  | 6,375 | ​ |  | 80 | ​ |  | — | ​ |  | 6,455
Total property revenue | ​ |  | 102,622 | ​ |  | 28,329 | ​ |  | (5,083) | ​ |  | 125,868
Property expense: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 30,481 | ​ |  | 7,967 | ​ |  | (6,274) | ​ |  | 32,174
Real estate taxes | ​ |  | 12,513 | ​ |  | 3,548 | ​ |  | 1,174 | ​ |  | 17,235
Total property expense | ​ |  | 42,994 | ​ |  | 11,515 | ​ |  | (5,100) | ​ |  | 49,409
Consolidated NOI | ​ | $ | 59,628 | ​ | $ | 16,814 | ​ | $ | 17 | ​ | $ | 76,459
​ The following is a summary of certain balance sheet data by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | Multifamily |  | Other |  | Total
​ | ​ | (In thousands)
March 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate, at cost | ​ | $ | 3,450,039 | ​ | $ | 2,016,514 | ​ | $ | 384,980 | ​ | $ | 5,851,533
Investments in unconsolidated real estate ventures | ​ |  | 398,849 | ​ |  | 107,162 | ​ |  | 36,972 | ​ |  | 542,983
Total assets (1) | ​ |  | 3,570,707 | ​ |  | 1,697,302 | ​ |  | 871,804 | ​ |  | 6,139,813
December 31, 2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
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
(1) | Includes assets held for sale. See Note 3 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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