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v3.21.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2021
Segment Information |
Schedule of components of revenue from third-party real estate services business | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2021 |  | 2020
​ |  | (In thousands)
Property management fees | ​ | $ | 4,942 | ​ | $ | 6,024
Asset management fees | ​ |  | 2,228 | ​ |  | 2,724
Development fees (1) | ​ |  | 14,250 | ​ |  | 2,812
Leasing fees | ​ |  | 860 | ​ |  | 1,747
Construction management fees | ​ |  | 172 | ​ |  | 1,013
Other service revenue | ​ |  | 1,698 | ​ |  | 1,635
Third-party real estate services revenue, excluding reimbursements | ​ |  | 24,150 | ​ |  | 15,955
Reimbursement revenue (2) | ​ |  | 13,957 | ​ |  | 13,761
Third-party real estate services revenue, including reimbursements | ​ | ​ | 38,107 | ​ | ​ | 29,716
Third-party real estate services expenses | ​ | ​ | 28,936 | ​ | ​ | 28,814
Third-party real estate services revenue less expenses | ​ | $ | 9,171 | ​ | $ | 902
(1) | Estimated development fee revenue totaling $55.9 million as of March 31, 2021 is expected to be recognized over the next six years as unsatisfied performance obligations are completed.
(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 March 31,
​ |  | 2021 |  | 2020
​ |  | (In thousands)
Net income (loss) attributable to common shareholders | ​ | $ | (20,731) | ​ | $ | 42,925
Add: | ​ |  |  | ​ |  |
Depreciation and amortization expense | ​ |  | 64,726 | ​ |  | 48,489
General and administrative expense: | ​ |  |  | ​ |  |
Corporate and other | ​ |  | 12,475 | ​ |  | 13,176
Third-party real estate services | ​ |  | 28,936 | ​ |  | 28,814
Share-based compensation related to Formation Transaction and special equity awards | ​ |  | 4,945 | ​ |  | 9,441
Transaction and other costs | ​ |  | 3,690 | ​ |  | 5,309
Interest expense | ​ |  | 16,296 | ​ |  | 12,005
Loss on extinguishment of debt | ​ |  | — | ​ |  | 33
Income tax expense (benefit) | ​ |  | 4,315 | ​ |  | (2,345)
Net income (loss) attributable to redeemable noncontrolling interests | ​ |  | (2,230) | ​ |  | 5,250
Net loss attributable to noncontrolling interests | ​ | ​ | (1,108) | ​ | ​ | —
Less: | ​ |  |  | ​ |  |
Third-party real estate services, including reimbursements revenue | ​ |  | 38,107 | ​ |  | 29,716
Other revenue | ​ |  | 2,186 | ​ |  | 1,630
Loss from unconsolidated real estate ventures, net | ​ |  | (943) | ​ |  | (2,692)
Interest and other income, net | ​ |  | 9 | ​ |  | 907
Gain on sale of real estate | ​ |  | — | ​ |  | 59,477
Consolidated NOI | ​ | $ | 71,955 | ​ | $ | 74,059
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2021
​ |  | Commercial |  | Multifamily |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue | ​ | $ | 90,603 | ​ | $ | 32,586 | ​ | $ | (948) | ​ | $ | 122,241
Parking revenue | ​ |  | 2,690 | ​ |  | 65 | ​ |  | — | ​ |  | 2,755
Total property revenue | ​ |  | 93,293 | ​ |  | 32,651 | ​ |  | (948) | ​ |  | 124,996
Property expense: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 23,975 | ​ |  | 12,195 | ​ |  | (1,439) | ​ |  | 34,731
Real estate taxes | ​ |  | 11,772 | ​ |  | 5,245 | ​ |  | 1,293 | ​ |  | 18,310
Total property expense | ​ |  | 35,747 | ​ |  | 17,440 | ​ |  | (146) | ​ |  | 53,041
Consolidated NOI | ​ | $ | 57,546 | ​ | $ | 15,211 | ​ | $ | (802) | ​ | $ | 71,955
​ | ​ | Three Months Ended March 31, 2020
​ |  | Commercial |  | Multifamily |  | Other |  | Total
​ | ​ | (In thousands)
Property rental revenue | ​ | $ | 91,198 | ​ | $ | 32,803 | ​ | $ | (3,621) | ​ | $ | 120,380
Parking 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Commercial |  | Multifamily |  | Other |  | Total
​ | ​ | (In thousands)
March 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate, at cost | ​ | $ | 3,457,426 | ​ | $ | 2,114,399 | ​ | $ | 407,144 | ​ | $ | 5,978,969
Investments in unconsolidated real estate ventures | ​ |  | 321,741 | ​ |  | 108,877 | ​ |  | 24,858 | ​ |  | 455,476
Total assets (1) | ​ |  | 3,416,231 | ​ |  | 1,827,316 | ​ |  | 775,770 | ​ |  | 6,019,317
December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Real estate, at cost | ​ | $ | 3,459,171 | ​ | $ | 2,036,131 | ​ | $ | 505,329 | ​ | $ | 6,000,631
Investments in unconsolidated real estate ventures | ​ |  | 327,798 | ​ |  | 108,593 | ​ |  | 24,978 | ​ |  | 461,369
Total assets (1) | ​ |  | 3,430,509 | ​ |  | 1,787,718 | ​ |  | 861,320 | ​ |  | 6,079,547
(1) | Includes assets held for sale. See Note 3 for additional information.

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