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Business Segments (Tables)

9 Months Ended

Sep. 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 September 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 September 30, 2023
Rental and other property revenues	$	4,691			$	37,722			$	3,542			$	1,746			$	—			$	47,701
Property operating expenses		2,609				10,745				1,526				1,762				1,686				18,328
Other operating expenses not allocated    to segments (3)		—				—				—				—				26,002				26,002
Total operating expenses		2,609				10,745				1,526				1,762				27,688				44,330
Proportionate property net operating    income (loss)		2,082				26,977				2,016				(16	)			(27,688	)			3,371
Other items included in income before    income tax (4)		—				—				—				—				(7,907	)			(7,907	)
Income (loss) before income tax	$	2,082			$	26,977			$	2,016			$	(16	)		$	(35,595	)		$	(4,536	)

	Development and Redevelopment				Operating				Other				Proportionate and Other Adjustments(1)				Corporate and Amounts Not Allocated to Segments (2)				Consolidated
Three Months Ended September 30, 2022
Rental and other property revenues	$	123			$	35,466			$	3,466			$	1,344			$	7,284			$	47,683
Property operating expenses		325				10,386				1,099				1,376				4,269				17,455
Other operating expenses not allocated    to segments (3)		—				—				—				—				96,247				96,247
Total operating expenses		325				10,386				1,099				1,376				100,516				113,702
Proportionate property net operating    income (loss)		(202	)			25,080				2,367				(32	)			(93,232	)			(66,019	)
Other items included in income before    income tax (4)		—				—				—				—				82,629				82,629
Income (loss) before income tax	$	(202	)		$	25,080			$	2,367			$	(32	)		$	(10,603	)		$	16,610

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the nine months ended September 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
Nine Months Ended September 30, 2023
Rental and other property revenues	$	10,539			$	111,404			$	10,664			$	5,036			$	—			$	137,643
Property operating expenses		7,326				33,426				4,237				5,068				4,591				54,648
Other operating expenses not allocated    to segments (3)		—				—				—				—				75,593				75,593
Total operating expenses		7,326				33,426				4,237				5,068				80,184				130,241
Proportionate property net operating    income (loss)		3,213				77,978				6,427				(32	)			(80,184	)			7,402
Other items included in income before    income tax (4)		—				—				—				—				(22,177	)			(22,177	)
Income (loss) before income tax	$	3,213			$	77,978			$	6,427			$	(32	)		$	(102,361	)		$	(14,775	)

	Development and Redevelopment				Operating				Other				Proportionate and Other Adjustments(1)				Corporate and Amounts Not Allocated to Segments (2)				Consolidated
Nine Months Ended September 30, 2022
Rental and other property revenues	$	204			$	102,206			$	11,466			$	4,466			$	30,033			$	148,375
Property operating expenses		901				31,345				3,656				4,448				16,034				56,384
Other operating expenses not allocated    to segments (3)		—				—				—				—				172,663				172,663
Total operating expenses		901				31,345				3,656				4,448				188,697				229,047
Proportionate property net operating    income (loss)		(697	)			70,861				7,810				18				(158,664	)			(80,672	)
Other items included in income before    income tax (4)		—				—				—				—				402,506				402,506
Income (loss) before income tax	$	(697	)		$	70,861			$	7,810			$	18			$	243,842			$	321,834

(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 September 30, 2023 and December 31, 2022, were as follows (in thousands):

	Development and Redevelopment				Operating				Other				Total
As of September 30, 2023
Buildings and improvements	$	675,020			$	706,569			$	164,914			$	1,546,503
Land		225,508				262,409				150,090				638,007
Total real estate		900,528				968,978				315,004				2,184,510
Accumulated depreciation		(11,098	)			(480,983	)			(72,605	)			(564,686	)
Net real estate	$	889,430			$	487,995			$	242,399			$	1,619,824
Non-recourse property debt and construction loans, net	$	273,454			$	765,919			$	80,843			$	1,120,216

	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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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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