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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 15,744 |  |  | $ | 149,768 |  |  | $ | 14,482 |  |  | $ | 6,969 |  |  | $ | 32 |  |  | $ | 186,995 |
Property operating expenses |  | 10,271 |  |  |  | 44,054 |  |  |  | 5,726 |  |  |  | 7,030 |  |  |  | 6,631 |  |  |  | 73,712 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 101,699 |  |  |  | 101,699 |
Total operating expenses |  | 10,271 |  |  |  | 44,054 |  |  |  | 5,726 |  |  |  | 7,030 |  |  |  | 108,330 |  |  |  | 175,411 |
Proportionate property net operating income (loss) |  | 5,473 |  |  |  | 105,714 |  |  |  | 8,756 |  |  |  | (61 | ) |  |  | (108,298 | ) |  |  | 11,584 |
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (181,655 | ) |  |  | (181,655 | )
Income (loss) before income tax | $ | 5,473 |  |  | $ | 105,714 |  |  | $ | 8,756 |  |  | $ | (61 | ) |  | $ | (289,953 | ) |  | $ | (170,071 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 919 |  |  | $ | 138,137 |  |  | $ | 15,116 |  |  | $ | 6,097 |  |  | $ | 30,075 |  |  | $ | 190,344 |
Property operating expenses |  | 2,194 |  |  |  | 41,410 |  |  |  | 4,993 |  |  |  | 6,074 |  |  |  | 17,121 |  |  |  | 71,792 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 198,640 |  |  |  | 198,640 |
Total operating expenses |  | 2,194 |  |  |  | 41,410 |  |  |  | 4,993 |  |  |  | 6,074 |  |  |  | 215,761 |  |  |  | 270,432 |
Proportionate property net operating income (loss) |  | (1,275 | ) |  |  | 96,727 |  |  |  | 10,123 |  |  |  | 23 |  |  |  | (185,686 | ) |  |  | (80,088 | )
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189,510 |  |  |  | 189,510 |
Income (loss) before income tax | $ | (1,275 | ) |  | $ | 96,727 |  |  | $ | 10,123 |  |  | $ | 23 |  |  | $ | 3,824 |  |  | $ | 109,422 |
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Proportionate and Other Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 2,036 |  |  | $ | 123,257 |  |  | $ | 13,605 |  |  | $ | 5,256 |  |  | $ | 25,682 |  |  | $ | 169,836 |
Property operating expenses |  | 1,446 |  |  |  | 39,694 |  |  |  | 4,336 |  |  |  | 5,199 |  |  |  | 16,938 |  |  |  | 67,613 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 117,863 |  |  |  | 117,863 |
Total operating expenses |  | 1,446 |  |  |  | 39,694 |  |  |  | 4,336 |  |  |  | 5,199 |  |  |  | 134,801 |  |  |  | 185,476 |
Proportionate property net operating income (loss) |  | 590 |  |  |  | 83,563 |  |  |  | 9,269 |  |  |  | 57 |  |  |  | (109,119 | ) |  |  | (15,640 | )
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,910 | ) |  |  | (2,910 | )
Income (loss) before income tax | $ | 590 |  |  | $ | 83,563 |  |  | $ | 9,269 |  |  | $ | 57 |  |  | $ | (112,029 | ) |  | $ | (18,550 | )
(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 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 consists of depreciation and amortization general and administrative expense. (4) Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition 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. Capital additions within our segments for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands):
| Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Development and Redevelopment | $ | 272,127 |  |  | $ | 244,733 |  |  | $ | 136,139 |
Operating |  | 13,333 |  |  |  | 24,689 |  |  |  | 10,005 |
Other |  | 851 |  |  |  | 1,743 |  |  |  | 693 |
Corporate amounts not allocated to segments (1) |  | 6,610 |  |  |  | 2,215 |  |  |  | 75,215 |
Total capital additions | $ | 292,921 |  |  | $ | 273,380 |  |  | $ | 222,052 |
(1) During the years ended December 31, 2023, 2022 and 2021, certain capital additions pertained to properties that were sold or reclassified as held for sale, and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate segment to the table above for presentation purposes to display these capital additions as of December 31, 2023, 2022 and 2021, respectively.
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 December 31, 2023 and 2022, were as follows (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate (1) |  |  | Total |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 719,880 |  |  | $ | 709,051 |  |  | $ | 164,871 |  |  | $ | — |  |  | $ | 1,593,802 |
Land |  | 208,323 |  |  |  | 262,409 |  |  |  | 150,089 |  |  |  | — |  |  |  | 620,821 |
Total real estate |  | 928,203 |  |  |  | 971,460 |  |  |  | 314,960 |  |  |  | — |  |  |  | 2,214,623 |
Accumulated depreciation |  | (15,793 | ) |  |  | (489,206 | ) |  |  | (75,803 | ) |  |  | — |  |  |  | (580,802 | )
Net real estate | $ | 912,410 |  |  | $ | 482,254 |  |  | $ | 239,157 |  |  | $ | — |  |  | $ | 1,633,821 |
Non-recourse property debt and construction loans, net | $ | 301,443 |  |  | $ | 765,372 |  |  | $ | 80,926 |  |  | $ | — |  |  | $ | 1,147,741 |
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate (1) |  |  | Total |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 447,101 |  |  | $ | 708,665 |  |  | $ | 164,400 |  |  | $ | 2,215 |  |  | $ | 1,322,381 |
Land |  | 211,817 |  |  |  | 262,409 |  |  |  | 150,125 |  |  |  | 16,751 |  |  |  | 641,102 |
Total real estate |  | 658,918 |  |  |  | 971,074 |  |  |  | 314,525 |  |  |  | 18,966 |  |  |  | 1,963,483 |
Accumulated depreciation |  | (2,378 | ) |  |  | (468,428 | ) |  |  | (59,916 | ) |  |  | — |  |  |  | (530,722 | )
Net real estate | $ | 656,540 |  |  | $ | 502,646 |  |  | $ | 254,609 |  |  | $ | 18,966 |  |  | $ | 1,432,761 |
Non-recourse property debt and construction loans, net | $ | 190,133 |  |  | $ | 767,513 |  |  | $ | 80,550 |  |  | $ | 10,003 |  |  | $ | 1,048,199 |
(1) During the year ended December 31, 2022, certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end. There were no such sales or reclassifications of properties during the year ended December 31, 2023. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023 and 2022, respectively.

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