Year Ended December 31, 2018 2017 2016 Owned Properties Rental revenues and other income $ 829,119 $ 741,909 $ 738,598 Interest income 1,436 1,545 1,170 Total revenues from external customers 830,555 743,454 739,768 Operating expenses before depreciation, amortization, and ground/facility lease expense (373,521 ) (332,429 ) (337,296 ) Ground/facility lease expense (8,927 ) (7,372 ) (6,158 ) Interest expense, net (1) (14,742 ) (3,659 ) (18,552 ) Operating income before depreciation and amortization $ 433,365 $ 399,994 $ 377,762 Depreciation and amortization $ 253,843 $ 223,939 $ 200,934 Capital expenditures $ 546,147 $ 617,552 $ 485,726 Total segment assets at December 31, $ 6,841,222 $ 6,691,758 $ 5,672,360 On-Campus Participating Properties Rental revenues and other income $ 34,596 $ 33,945 $ 33,433 Interest income 133 65 10 Total revenues from external customers 34,729 34,010 33,443 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,602 ) (14,384 ) (13,447 ) Ground/facility lease expense (2,928 ) (2,841 ) (3,009 ) Interest expense, net (1) (5,098 ) (5,264 ) (5,539 ) Operating income before depreciation and amortization $ 12,101 $ 11,521 $ 11,448 Depreciation and amortization $ 7,820 $ 7,536 $ 7,343 Capital expenditures $ 3,654 $ 3,533 $ 2,944 Total segment assets at December 31, $ 93,917 $ 100,031 $ 103,256 Development Services Development and construction management fees $ 7,281 $ 10,761 $ 4,606 Operating expenses (8,031 ) (7,618 ) (7,530 ) Operating (loss) income before depreciation and amortization $ (750 ) $ 3,143 $ (2,924 ) Total segment assets at December 31, $ 10,087 $ 6,726 $ 2,601 Property Management Services Property management fees from external customers $ 9,814 $ 9,832 $ 9,724 Operating expenses (7,428 ) (7,607 ) (7,003 ) Operating income before depreciation and amortization $ 2,386 $ 2,225 $ 2,721 Total segment assets at December 31, $ 6,426 $ 7,576 $ 7,997 Reconciliations Total segment revenues and other income $ 882,379 $ 798,057 $ 787,541 Unallocated interest income earned on investments and corporate cash 3,265 3,335 4,301 Total consolidated revenues, including interest income $ 885,644 $ 801,392 $ 791,842 Segment operating income before depreciation and amortization $ 447,102 $ 416,883 $ 389,007 Depreciation and amortization (269,019 ) (239,574 ) (217,907 ) Net unallocated expenses relating to corporate interest and overhead (110,660 ) (90,250 ) (72,788 ) Gain (loss) from disposition of real estate 42,314 (632 ) 21,197 Provision for real estate impairment  (15,317 ) (4,895 ) Other operating and nonoperating income 3,949   Gain (loss) from extinguishment of debt, net 7,867  (12,841 ) Income tax provision (2,429 ) (989 ) (1,150 ) Net income $ 119,124 $ 70,121 $ 100,623 Total segment assets $ 6,951,652 $ 6,806,091 $ 5,786,214 Unallocated corporate assets 87,194 91,279 79,699 Total assets at December 31, $ 7,038,846 $ 6,897,370 $ 5,865,913 (1) Net of capitalized interest and amortization of debt premiums.