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 March 31, 2019 2018 Owned Properties Rental revenues and other income $ 225,201 $ 206,389 Interest income 119 381 Total revenues from external customers 225,320 206,770 Operating expenses before depreciation, amortization, and ground/facility lease expense (92,169 ) (88,060 ) Ground/facility lease expense (2,667 ) (2,047 ) Interest expense, net (1) (4,763 ) (1,629 ) Operating income before depreciation and amortization $ 125,721 $ 115,034 Depreciation and amortization $ 65,632 $ 61,808 Capital expenditures $ 115,519 $ 134,250 On-Campus Participating Properties Rental revenues and other income $ 11,448 $ 10,443 Interest income 41 21 Total revenues from external customers 11,489 10,464 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,957 ) (3,425 ) Ground/facility lease expense (882 ) (795 ) Interest expense, net (1) (1,303 ) (1,253 ) Operating income before depreciation and amortization $ 5,347 $ 4,991 Depreciation and amortization $ 2,056 $ 1,942 Capital expenditures $ 230 $ 1,146 Development Services Development and construction management fees $ 3,171 $ 846 Operating expenses (1,886 ) (2,205 ) Operating income (loss) before depreciation and amortization $ 1,285 $ (1,359 ) Property Management Services Property management fees from external customers $ 2,311 $ 2,731 Operating expenses (2,300 ) (1,993 ) Operating income before depreciation and amortization $ 11 $ 738 Reconciliations Total segment revenues and other income $ 242,291 $ 220,811 Unallocated interest income earned on investments and corporate cash 766 821 Total consolidated revenues, including interest income $ 243,057 $ 221,632 Segment operating income before depreciation and amortization $ 132,364 $ 119,404 Depreciation and amortization (69,887 ) (66,193 ) Net unallocated expenses relating to corporate interest and overhead (27,544 ) (26,680 ) Provision for real estate impairment (3,201 )  Income tax provision (364 ) (281 ) Net income $ 31,368 $ 26,250 (1) Net of capitalized interest and amortization of debt premiums.