Three Months Ended March 31, 2018 2017 Owned Properties Rental revenues and other income $ 206,389 $ 179,710 Interest income 381 391 Total revenues from external customers 206,770 180,101 Operating expenses before depreciation, amortization, and ground/facility lease expense (88,060 ) (74,957 ) Ground/facility lease expense (2,047 ) (1,600 ) Interest expense, net (1) (1,629 ) (318 ) Operating income before depreciation and amortization $ 115,034 $ 103,226 Depreciation and amortization $ 61,808 $ 49,657 Capital expenditures $ 134,250 $ 128,654 Total segment assets at March 31, $ 6,797,472 $ 5,777,544 Three Months Ended March 31, 2018 2017 On-Campus Participating Properties Rental revenues and other income $ 10,443 $ 10,158 Interest income 21 8 Total revenues from external customers 10,464 10,166 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,425 ) (3,265 ) Ground/facility lease expense (795 ) (757 ) Interest expense (1,253 ) (1,333 ) Operating income before depreciation and amortization $ 4,991 $ 4,811 Depreciation and amortization $ 1,942 $ 1,860 Capital expenditures $ 1,146 $ 209 Total segment assets at March 31, $ 101,493 $ 104,334 Development Services Development and construction management fees $ 846 $ 456 Operating expenses (2,205 ) (1,928 ) Operating loss before depreciation and amortization $ (1,359 ) $ (1,472 ) Total segment assets at March 31, $ 5,144 $ 2,134 Property Management Services Property management fees from external customers $ 2,731 $ 2,614 Operating expenses (1,993 ) (2,155 ) Operating income before depreciation and amortization $ 738 $ 459 Total segment assets at March 31, $ 7,345 $ 8,903 Reconciliations Total segment revenues and other income $ 220,811 $ 193,337 Unallocated interest income earned on investments and corporate cash 821 833 Total consolidated revenues, including interest income $ 221,632 $ 194,170 Segment operating income before depreciation and amortization $ 119,404 $ 107,024 Depreciation and amortization (66,193 ) (53,351 ) Net un