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Business Segments | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments | Note 14 — Busi ness Segments We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of December 31, 2023, our Development and Redevelopment segment consists of 11 properties, three of which were under construction. Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved a stabilized level of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. During the first quarter of 2023, we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. During the fourth quarter of 2023, we sold one land parcel from the Development and Redevelopment segment, which resulted in its removal from the segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment classification as of December 31, 2023. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and St. George Villas. Our CODM uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but • excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; a nd • excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. 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. 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. 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. In addition to the amounts disclosed in the tables above, as of December 31, 2023, the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $109.0 million and $118.7 million, respectively, and as of December 31, 2022, aggregated to $110.3 million and $114.6 m illion, respectively. As of December 31, 2023, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore and Oak Shore.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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