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Business Segments (Tables)

9 Months Ended

Sep. 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 September 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 September 30, 2024
Rental and other property revenues	$	6,631	$	39,281	$	4,979	$	2,267		$	—		$	53,158
Property operating expenses		3,940		11,883		3,829		2,276			1,409			23,337
Other operating expenses not allocated to segments (3)		—		—		—		—			31,295			31,295
Total operating expenses		3,940		11,883		3,829		2,276			32,704			54,632
Proportionate property net operating income (loss)		2,691		27,398		1,150		(9	)		(32,704	)		(1,474	)
Other items included in income before income tax (4)		—		—		—		—			(22,405	)		(22,405	)
Income (loss) before income tax	$	2,691	$	27,398	$	1,150	$	(9	)	$	(55,109	)	$	(23,879	)


	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	$	3,650	$	37,722	$	4,567	$	1,746		$	16		$	47,701
Property operating expenses		1,206		10,745		2,923		1,762			1,692			18,328
Other operating expenses not allocated to segments (3)		—		—		—		—			26,002			26,002
Total operating expenses		1,206		10,745		2,923		1,762			27,694			44,330
Proportionate property net operating income (loss)		2,444		26,977		1,644		(16	)		(27,678	)		3,371
Other items included in income before income tax (4)		—		—		—		—			(7,907	)		(7,907	)
Income (loss) before income tax	$	2,444	$	26,977	$	1,644	$	(16	)	$	(35,585	)	$	(4,536	)

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, 2024 and 2023 (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, 2024
Rental and other property revenues	$	16,799	$	116,622	$	14,762	$	6,314		$	11		$	154,508
Property operating expenses		9,689		35,538		10,087		6,416			5,363			67,093
Other operating expenses not allocated to segments (3)		—		—		—		—			88,999			88,999
Total operating expenses		9,689		35,538		10,087		6,416			94,362			156,092
Proportionate property net operating income (loss)		7,110		81,084		4,675		(102	)		(94,351	)		(1,584	)
Other items included in income before income tax (4)		—		—		—		—			(95,511	)		(95,511	)
Income (loss) before income tax	$	7,110	$	81,084	$	4,675	$	(102	)	$	(189,862	)	$	(97,095	)


	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	$	9,092	$	111,404	$	12,053	$	4,958		$	136		$	137,643
Property operating expenses		3,971		33,428		7,554		5,068			4,627			54,648
Other operating expenses not allocated to segments (3)		—		—		—		—			75,593			75,593
Total operating expenses		3,971		33,428		7,554		5,068			80,220			130,241
Proportionate property net operating income (loss)		5,121		77,976		4,499		(110	)		(80,084	)		7,402
Other items included in income before income tax (4)		—		—		—		—			(22,177	)		(22,177	)
Income (loss) before income tax	$	5,121	$	77,976	$	4,499	$	(110	)	$	(102,261	)	$	(14,775	)

(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 September 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 September 30, 2024
Buildings and improvements	$	747,797		$	703,802		$	240,009		$	—	$	1,691,608
Land		206,099			262,409			151,521			—		620,029
Total real estate		953,896			966,211			391,530			—		2,311,637
Accumulated depreciation		(31,412	)		(496,893	)		(95,608	)		—		(623,913	)
Net real estate	$	922,484		$	469,318		$	295,922		$	—	$	1,687,724

Non-recourse property debt and construction loans, net	$	405,840		$	763,728		$	81,051		$	—	$	1,250,619


	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 September 30, 2024. We added a column to the tables above for presentation purposes to display these assets and the associated debt as of September 30, 2024 and December 31, 2023, respectively.