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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023 (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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 5,497 |  |  | $ | 38,701 |  |  | $ | 5,019 |  |  | $ | 1,931 |  |  | $ | — |  |  | $ | 51,148 |
Property operating expenses |  | 3,152 |  |  |  | 12,152 |  |  |  | 3,275 |  |  |  | 1,986 |  |  |  | 1,992 |  |  |  | 22,557 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,687 |  |  |  | 29,687 |
Total operating expenses |  | 3,152 |  |  |  | 12,152 |  |  |  | 3,275 |  |  |  | 1,986 |  |  |  | 31,679 |  |  |  | 52,244 |
Proportionate property net operating income (loss) |  | 2,345 |  |  |  | 26,549 |  |  |  | 1,744 |  |  |  | (55 | ) |  |  | (31,679 | ) |  |  | (1,096 | )
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (62,195 | ) |  |  | (62,195 | )
Income (loss) before income tax | $ | 2,345 |  |  | $ | 26,549 |  |  | $ | 1,744 |  |  | $ | (55 | ) |  | $ | (93,874 | ) |  | $ | (63,291 | )
| 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 | $ | 3,241 |  |  | $ | 37,011 |  |  | $ | 3,815 |  |  | $ | 1,588 |  |  | $ | 19 |  |  | $ | 45,674 |
Property operating expenses |  | 1,077 |  |  |  | 11,496 |  |  |  | 3,103 |  |  |  | 1,629 |  |  |  | 1,478 |  |  |  | 18,783 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,921 |  |  |  | 24,921 |
Total operating expenses |  | 1,077 |  |  |  | 11,496 |  |  |  | 3,103 |  |  |  | 1,629 |  |  |  | 26,399 |  |  |  | 43,704 |
Proportionate property net operating income (loss) |  | 2,164 |  |  |  | 25,515 |  |  |  | 712 |  |  |  | (41 | ) |  |  | (26,380 | ) |  |  | 1,970 |
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,243 | ) |  |  | (2,243 | )
Income (loss) before income tax | $ | 2,164 |  |  | $ | 25,515 |  |  | $ | 712 |  |  | $ | (41 | ) |  | $ | (28,623 | ) |  | $ | (273 | )
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, 2024 and 2023 (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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 10,168 |  |  | $ | 77,341 |  |  | $ | 9,783 |  |  | $ | 4,047 |  |  | $ | 11 |  |  | $ | 101,350 |
Property operating expenses |  | 5,749 |  |  |  | 23,655 |  |  |  | 6,258 |  |  |  | 4,140 |  |  |  | 3,954 |  |  |  | 43,756 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,704 |  |  |  | 57,704 |
Total operating expenses |  | 5,749 |  |  |  | 23,655 |  |  |  | 6,258 |  |  |  | 4,140 |  |  |  | 61,658 |  |  |  | 101,460 |
Proportionate property net operating income (loss) |  | 4,419 |  |  |  | 53,686 |  |  |  | 3,525 |  |  |  | (93 | ) |  |  | (61,647 | ) |  |  | (110 | )
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (73,106 | ) |  |  | (73,106 | )
Income (loss) before income tax | $ | 4,419 |  |  | $ | 53,686 |  |  | $ | 3,525 |  |  | $ | (93 | ) |  | $ | (134,753 | ) |  | $ | (73,216 | )
| 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 | $ | 5,442 |  |  | $ | 73,683 |  |  | $ | 7,486 |  |  | $ | 3,237 |  |  | $ | 94 |  |  | $ | 89,942 |
Property operating expenses |  | 2,753 |  |  |  | 22,683 |  |  |  | 4,631 |  |  |  | 3,306 |  |  |  | 2,914 |  |  |  | 36,287 |
Other operating expenses not allocated to segments (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49,595 |  |  |  | 49,595 |
Total operating expenses |  | 2,753 |  |  |  | 22,683 |  |  |  | 4,631 |  |  |  | 3,306 |  |  |  | 52,509 |  |  |  | 85,882 |
Proportionate property net operating income (loss) |  | 2,689 |  |  |  | 51,000 |  |  |  | 2,855 |  |  |  | (69 | ) |  |  | (52,415 | ) |  |  | 4,060 |
Other items included in income before income tax (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,282 | ) |  |  | (14,282 | )
Income (loss) before income tax | $ | 2,689 |  |  | $ | 51,000 |  |  | $ | 2,855 |  |  | $ | (69 | ) |  | $ | (66,697 | ) |  | $ | (10,222 | )
(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 expenses. (4) Other items included in Income before income tax benefit (expense) consist primarily of interest income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, and gain on dispositions of real estate.
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, 2024 and December 31, 2023, were as follows (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate and Amounts Not Allocated to Segments (1) |  |  | Total |
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 717,458 |  |  | $ | 699,964 |  |  | $ | 239,836 |  |  | $ | — |  |  | $ | 1,657,258 |
Land |  | 206,316 |  |  |  | 262,409 |  |  |  | 151,521 |  |  |  | — |  |  |  | 620,246 |
Total real estate |  | 923,774 |  |  |  | 962,373 |  |  |  | 391,357 |  |  |  | — |  |  |  | 2,277,504 |
Accumulated depreciation |  | (22,795 | ) |  |  | (489,624 | ) |  |  | (89,956 | ) |  |  | — |  |  |  | (602,375 | )
Net real estate | $ | 900,979 |  |  | $ | 472,749 |  |  | $ | 301,401 |  |  | $ | — |  |  | $ | 1,675,129 |
Non-recourse property debt and construction loans, net | $ | 366,078 |  |  | $ | 764,289 |  |  | $ | 80,948 |  |  | $ | — |  |  | $ | 1,211,315 |
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate and Amounts Not Allocated to Segments (1) |  |  | Total |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 644,154 |  |  | $ | 709,051 |  |  | $ | 239,089 |  |  | $ | 1,508 |  |  | $ | 1,593,802 |
Land |  | 206,820 |  |  |  | 262,409 |  |  |  | 151,521 |  |  |  | 71 |  |  |  | 620,821 |
Total real estate |  | 850,974 |  |  |  | 971,460 |  |  |  | 390,610 |  |  |  | 1,579 |  |  |  | 2,214,623 |
Accumulated depreciation |  | (11,589 | ) |  |  | (489,206 | ) |  |  | (78,612 | ) |  |  | (1,395 | ) |  |  | (580,802 | )
Net real estate | $ | 839,385 |  |  | $ | 482,254 |  |  | $ | 311,998 |  |  | $ | 184 |  |  | $ | 1,633,821 |
Non-recourse property debt and construction loans, net | $ | 301,426 |  |  | $ | 765,372 |  |  | $ | 80,739 |  |  | $ | 204 |  |  | $ | 1,147,741 |
(1) During the first quarter of 2024, we disposed of St. George Villas, and therefore it is not included in our segment balance sheets at June 30, 2024. We added a column to the tables above for presentation purposes to display these assets and the associated debt as of June 30, 2024 and December 31, 2023, respectively.

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