Segments The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segments performance based on operating income before depreciation, amortization and minority interests. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Owned Properties Rental revenues and other income $ 203,903 $ 190,223 $ 429,104 $ 396,612 Interest income 119 383 238 764 Total revenues from external customers 204,022 190,606 429,342 397,376 Operating expenses before depreciation, amortization, and ground/facility lease expense (90,763 ) (86,136 ) (182,932 ) (174,196 ) Ground/facility lease expense (2,408 ) (1,940 ) (5,075 ) (3,987 ) Interest expense, net (1) (4,014 ) (1,760 ) (8,777 ) (3,389 ) Operating income before depreciation and amortization $ 106,837 $ 100,770 $ 232,558 $ 215,804 Depreciation and amortization $ 65,764 $ 60,454 $ 131,396 $ 122,262 Capital expenditures $ 129,833 $ 148,905 $ 245,352 $ 283,155 On-Campus Participating Properties Rental revenues and other income $ 6,396 $ 6,182 $ 17,844 $ 16,625 Interest income 70 41 111 62 Total revenues from external customers 6,466 6,223 17,955 16,687 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,806 ) (3,730 ) (7,763 ) (7,155 ) Ground/facility lease expense (828 ) (793 ) (1,710 ) (1,588 ) Interest expense, net (1) (1,311 ) (1,269 ) (2,614 ) (2,522 ) Operating income before depreciation and amortization $ 521 $ 431 $ 5,868 $ 5,422 Depreciation and amortization $ 2,043 $ 1,952 $ 4,099 $ 3,894 Capital expenditures $ 537 $ 378 $ 767 $ 1,524 Development Services Development and construction management fees $ 3,607 $ 2,202 $ 6,778 $ 3,048 Operating expenses (2,528 ) (1,715 ) (4,414 ) (3,920 ) Operating income (loss) before depreciation and amortization $ 1,079 $ 487 $ 2,364 $ (872 ) Property Management Services Property management fees from external customers $ 3,465 $ 2,452 $ 5,776 $ 5,183 Operating expenses (1,985 ) (1,829 ) (4,285 ) (3,822 ) Operating income before depreciation and amortization $ 1,480 $ 623 $ 1,491 $ 1,361 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Reconciliations Total segment revenues and other income $ 217,560 $ 201,483 $ 459,851 $ 422,294 Unallocated interest income earned on investments and corporate cash 780 819 1,546 1,640 Total consolidated revenues, including interest income $ 218,340 $ 202,302 $ 461,397 $ 423,934 Segment operating income before depreciation and amortization $ 109,917 $ 102,311 $ 242,281 $ 221,715 Depreciation and amortization (70,033 ) (65,751 ) (139,920 ) (131,944 ) Net unallocated expenses relating to corporate interest and overhead (29,078 ) (32,663 ) (56,622 ) (59,343 ) (Loss) gain from disposition of real estate (282 ) 42,314 (282 ) 42,314 Other operating income  2,648  2,648 Loss from early extinguishment of debt  (784 )  (784 ) Provision for real estate impairment   (3,201 )  Income tax provision (314 ) (2,085 ) (678 ) (2,366 ) Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 (1) Net of capitalized interest and amortization of debt premiums.