Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across five distinct segments: multifamily communities, student housing properties, real estate related financing, New Market Properties and Preferred Office Properties. Multifamily Communities - consists of the Company's portfolio of owned residential multifamily communities Student Housing Properties - consists of the Company's portfolio of owned student housing properties. Financing - consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets, as well as the Company's investments in the Series 2018-ML04 and Series 2019-ML05 mortgage-backed pools. Excluded from the financing segment are consolidated assets of VIEs and financial results of the Company's Dawson Marketplace grocery-anchored shopping center real estate loan, which are included in the New Market Properties segment. New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers, which are owned by New Market Properties, LLC, a wholly-owned subsidiary of the Company, as well as the financial results from the Company's grocery-anchored shopping center real estate loans. Preferred Office Properties - consists of the Company's portfolio of office buildings. The CODM monitors net operating income (NOI) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (in thousands) March 31, 2019 December 31, 2018 Assets: Multifamily communities $ 1,488,544 $ 1,503,648 Student housing properties 499,793 411,102 Financing 468,103 448,617 New Market Properties 903,086 883,594 Preferred Office Properties 879,389 884,648 Other (including $544,869 and $264,886 of consolidated assets of VIEs) 562,999 279,349 Consolidated assets $ 4,801,914 $ 4,410,958 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month periods ended March 31, 2019 and 2018 were as follows: Three-month periods ended March 31, (in thousands) 2019 2018 Capitalized expenditures: Multifamily communities $ 1,212 $ 4,839 Student housing properties 913 281 New Market Properties 1,577 785 Total $ 3,702 $ 5,905 Second-generation capital expenditures exclude those expenditures made in our office building portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property re-developments and repositionings and (iv) for building improvements that are recoverable from future operating cost savings. Total revenues by reportable segment of the Company were: Three-month periods ended March 31, (in thousands) 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,314 $ 38,860 Student housing properties 10,024 5,670 New Market Properties 21,529 17,339 Preferred Office Properties (1) 20,371 12,392 Total rental revenues 92,238 74,261 Other revenues: Multifamily communities 1,294 1,293 Student housing properties 194 83 New Market Properties 530 576 Preferred Office Properties 571 88 Total other revenues 2,589 2,040 Financing revenues 16,679 14,069 Consolidated revenues $ 111,506 $ 90,370 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of March 31, 2019, the Company has deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $42.5 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2019. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $0.9 million and $0.5 million for the three-month periods ended March 31, 2019 and 2018, respectively. Three-month periods ended March 31, (in thousands) 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,244 $ 23,523 Student housing properties 5,091 3,036 Financing 16,679 14,069 New Market Properties 15,805 12,672 Preferred Office Properties 14,805 9,062 Consolidated segment net operating income 76,624 62,362 Interest expense: Multifamily communities 11,455 10,935 Student housing properties 3,345 1,691 New Market Properties 5,586 4,356 Preferred Office Properties 5,351 2,541 Financing 1,019 1,445 Depreciation and amortization: Multifamily communities 20,411 21,702 Student housing properties 5,454 5,105 New Market Properties 10,335 8,880 Preferred Office Properties 9,089 4,929 Professional fees 887 474 Management fees, net of forfeitures 5,200 5,020 Loan loss allowance   Equity compensation to directors and executives 311 1,135 Gain on sale of real estate  (20,354 ) Gain on noncash net assets of consolidated VIEs (141 )  Loss on extinguishment of debt 17  Gain on trading investment, net (4 )  Other 589 240 Net income (loss) $ (2,280 ) $ 14,263