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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Summary of Information for Reportable Segments | The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended June 30, 2023 and 2022 (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 3,640 |  |  | $ | 37,011 |  |  | $ | 3,432 |  |  | $ | 1,591 |  |  | $ | — |  |  | $ | 45,674 |
Property operating expenses |  | 2,684 |  |  |  | 11,496 |  |  |  | 1,520 |  |  |  | 1,627 |  |  |  | 1,456 |  |  |  | 18,783 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,921 |  |  |  | 24,921 |
Total operating expenses |  | 2,684 |  |  |  | 11,496 |  |  |  | 1,520 |  |  |  | 1,627 |  |  |  | 26,377 |  |  |  | 43,704 |
Proportionate property net operating income (loss) |  | 956 |  |  |  | 25,515 |  |  |  | 1,912 |  |  |  | (36 | ) |  |  | (26,377 | ) |  |  | 1,970 |
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,243 | ) |  |  | (2,243 | )
Income (loss) before income tax | $ | 956 |  |  | $ | 25,515 |  |  | $ | 1,912 |  |  | $ | (36 | ) |  | $ | (28,620 | ) |  | $ | (273 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 33 |  |  | $ | 33,809 |  |  | $ | 3,645 |  |  | $ | 1,461 |  |  | $ | 11,749 |  |  | $ | 50,697 |
Property operating expenses |  | 363 |  |  |  | 10,563 |  |  |  | 1,138 |  |  |  | 1,439 |  |  |  | 6,205 |  |  |  | 19,708 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,824 |  |  |  | 43,824 |
Total operating expenses |  | 363 |  |  |  | 10,563 |  |  |  | 1,138 |  |  |  | 1,439 |  |  |  | 50,029 |  |  |  | 63,532 |
Proportionate property net operating income (loss) |  | (330 | ) |  |  | 23,246 |  |  |  | 2,507 |  |  |  | 22 |  |  |  | (38,280 | ) |  |  | (12,835 | )
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 312,003 |  |  |  | 312,003 |
Income (loss) before income tax | $ | (330 | ) |  | $ | 23,246 |  |  | $ | 2,507 |  |  | $ | 22 |  |  | $ | 273,723 |  |  | $ | 299,168 |
The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2023 and 2022 (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 5,842 |  |  | $ | 73,683 |  |  | $ | 7,129 |  |  | $ | 3,288 |  |  | $ | — |  |  | $ | 89,942 |
Property operating expenses |  | 4,708 |  |  |  | 22,683 |  |  |  | 2,712 |  |  |  | 3,304 |  |  |  | 2,880 |  |  |  | 36,287 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49,595 |  |  |  | 49,595 |
Total operating expenses |  | 4,708 |  |  |  | 22,683 |  |  |  | 2,712 |  |  |  | 3,304 |  |  |  | 52,475 |  |  |  | 85,882 |
Proportionate property net operating income (loss) |  | 1,134 |  |  |  | 51,000 |  |  |  | 4,417 |  |  |  | (16 | ) |  |  | (52,475 | ) |  |  | 4,060 |
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,282 | ) |  |  | (14,282 | )
Income (loss) before income tax | $ | 1,134 |  |  | $ | 51,000 |  |  | $ | 4,417 |  |  | $ | (16 | ) |  | $ | (66,757 | ) |  | $ | (10,222 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 81 |  |  | $ | 66,739 |  |  | $ | 8,000 |  |  | $ | 3,122 |  |  | $ | 22,749 |  |  | $ | 100,691 |
Property operating expenses |  | 572 |  |  |  | 20,960 |  |  |  | 2,577 |  |  |  | 3,076 |  |  |  | 11,744 |  |  |  | 38,929 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 76,414 |  |  |  | 76,414 |
Total operating expenses |  | 572 |  |  |  | 20,960 |  |  |  | 2,577 |  |  |  | 3,076 |  |  |  | 88,158 |  |  |  | 115,343 |
Proportionate property net operating income (loss) |  | (491 | ) |  |  | 45,779 |  |  |  | 5,423 |  |  |  | 46 |  |  |  | (65,409 | ) |  |  | (14,652 | )
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 319,876 |  |  |  | 319,876 |
Income (loss) before income tax | $ | (491 | ) |  | $ | 45,779 |  |  | $ | 5,423 |  |  | $ | 46 |  |  | $ | 254,467 |  |  | $ | 305,224 |
(1) Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expense. (4) Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.
Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment | Net real estate and non-recourse property debt, net, of our segments as of June 30, 2023 and December 31, 2022, were as follows (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Total |
As of June 30, 2023: |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 599,807 |  |  | $ | 702,884 |  |  | $ | 165,041 |  |  | $ | 1,467,732 |
Land |  | 226,161 |  |  |  | 262,409 |  |  |  | 150,090 |  |  |  | 638,660 |
Total real estate |  | 825,968 |  |  |  | 965,293 |  |  |  | 315,131 |  |  |  | 2,106,392 |
Accumulated depreciation |  | (7,385 | ) |  |  | (472,573 | ) |  |  | (68,358 | ) |  |  | (548,316 | )
Net real estate | $ | 818,583 |  |  | $ | 492,720 |  |  | $ | 246,773 |  |  | $ | 1,558,076 |
Non-recourse property debt and construction loans, net | $ | 218,468 |  |  | $ | 766,453 |  |  | $ | 80,741 |  |  | $ | 1,065,662 |
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Total |
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 449,316 |  |  | $ | 708,665 |  |  | $ | 164,400 |  |  | $ | 1,322,381 |
Land |  | 228,568 |  |  |  | 262,409 |  |  |  | 150,125 |  |  | $ | 641,102 |
Total real estate |  | 677,884 |  |  |  | 971,074 |  |  |  | 314,525 |  |  |  | 1,963,483 |
Accumulated depreciation |  | (2,378 | ) |  |  | (468,428 | ) |  |  | (59,916 | ) |  | $ | (530,722 | )
Net real estate | $ | 675,506 |  |  | $ | 502,646 |  |  | $ | 254,609 |  |  | $ | 1,432,761 |
Non-recourse property debt and construction loans, net | $ | 200,135 |  |  | $ | 767,513 |  |  | $ | 80,551 |  |  | $ | 1,048,199 |

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