XML 32 R23.htm IDEA: XBRL DOCUMENT

Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

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.