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Segment Information | 3 Months Ended
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Mar. 31, 2021
Segment Information |
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 define 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 parking 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,
​ |  | 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.
Management company assets primarily consist of management and leasing contracts with a net book value of $24.0 million and $25.5 million as of March 31, 2021 and December 31, 2020, which are classified in "Other assets, net" in our balance sheets. 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 (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
​ 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, 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
​ The following is a summary of certain balance sheet data by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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