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Business Segments | 12 Months Ended
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Dec. 31, 2024
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, 2024, our Development and Redevelopment segment consists of 9 properties, including one under construction and three substantially completed and in lease-up. Our Operating segment includes 20 residential apartment communities with 5,243 apartment homes that have achieved a stabilized level of operations as of January 1, 2023 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes The Benson Hotel, our only hotel. During the first quarter of 2024, we revised the information regularly reviewed by our President and Chief Executive Officer, the chief operating decision maker ("CODM"), to assess our operating performance. As a result, we reclassified The Benson Hotel from the Development and Redevelopment segment to the Other segment. In addition, during the year ended December 31, 2024, we disposed of a majority of our partnership interest in St. George Villas, which was previously reported within the Other segment, and The Hamilton, which was previously reported within the Development and Redevelopment segment. We also reclassified as held for sale 1001 Brickell Bay Drive, which was previously reported within the Other segment, and Yacht Club Apartments, which was previously reported in our Operating segment. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business. Our CODM evaluates performance and allocates resources for all of our segments using property net operating income ("PNOI"), which is our measure of segment profit or loss. PNOI is defined as 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, the Mezzanine Investment, and investments in real estate technology funds; a nd • property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. Our CODM uses historical and projected PNOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget process. PNOI is used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources. The corporate goals, which impact short term incentive compensation for employees, also include consideration of PNOI. The accounting policies of segments are the same as those described in the summary of significant accounting policies described in Note 2. The following tables present the results of operations of consolidated properties with our segments for the years ended December 31, 2024, 2023, and 2022 (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 9,852 |  |  | $ | 140,099 |  |  | $ | 6,690 |  |  | $ | 7,977 |  |  | $ | 44,061 |  |  | $ | 208,679 |
Controllable operating expenses(3) |  | 4,527 |  |  |  | 18,567 |  |  |  | 6,746 |  |  |  | — |  |  |  | 6,239 |  |  |  | 36,079 |
Real estate taxes, net of capitalized amounts |  | 1,963 |  |  |  | 16,653 |  |  |  | 593 |  |  |  | — |  |  |  | 7,312 |  |  |  | 26,521 |
Utilities expense, net of utility reimbursements |  | 1,959 |  |  |  | 3,096 |  |  |  | 255 |  |  |  | 7,977 |  |  |  | 1,410 |  |  |  | 14,697 |
Property insurance expense, net of capitalized amounts |  | 1,019 |  |  |  | 2,773 |  |  |  | 118 |  |  |  | — |  |  |  | 2,059 |  |  |  | 5,969 |
Other property operating expenses (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,718 |  |  |  | 7,718 |
Property operating expenses |  | 9,468 |  |  |  | 41,089 |  |  |  | 7,712 |  |  |  | 7,977 |  |  |  | 24,738 |  |  |  | 90,984 |
Property net operating income (loss) |  | 384 |  |  |  | 99,010 |  |  |  | (1,022 | ) |  |  | — |  |  |  | 19,323 |  |  |  | 117,695 |
Other operating expenses not allocated to segments (5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (119,196 | ) |  |  | (119,196 | )
Other items included in income before income tax (6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (105,570 | ) |  |  | (105,570 | )
Income (loss) before income tax | $ | 384 |  |  | $ | 99,010 |  |  | $ | (1,022 | ) |  | $ | — |  |  | $ | (205,443 | ) |  | $ | (107,071 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 109 |  |  | $ | 134,078 |  |  | $ | 2,691 |  |  | $ | 6,800 |  |  | $ | 43,317 |  |  | $ | 186,995 |
Controllable operating expenses(3) |  | 670 |  |  |  | 18,094 |  |  |  | 4,029 |  |  |  | — |  |  |  | 6,096 |  |  |  | 28,889 |
Real estate taxes, net of capitalized amounts |  | 84 |  |  |  | 15,513 |  |  |  | 475 |  |  |  | — |  |  |  | 5,634 |  |  |  | 21,706 |
Utilities expense, net of utility reimbursements |  | 114 |  |  |  | 3,144 |  |  |  | 179 |  |  |  | 6,800 |  |  |  | 1,432 |  |  |  | 11,669 |
Property insurance expense, net of capitalized amounts |  | 59 |  |  |  | 2,605 |  |  |  | 27 |  |  |  | — |  |  |  | 2,111 |  |  |  | 4,802 |
Other property operating expenses (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,646 |  |  |  | 6,646 |
Property operating expenses |  | 927 |  |  |  | 39,356 |  |  |  | 4,710 |  |  |  | 6,800 |  |  |  | 21,919 |  |  |  | 73,712 |
Property net operating income (loss) |  | (818 | ) |  |  | 94,722 |  |  |  | (2,019 | ) |  |  | — |  |  |  | 21,398 |  |  |  | 113,283 |
Other operating expenses not allocated to segments (5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (101,699 | ) |  |  | (101,699 | )
Other items included in income before income tax (6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (181,655 | ) |  |  | (181,655 | )
Income (loss) before income tax | $ | (818 | ) |  | $ | 94,722 |  |  | $ | (2,019 | ) |  | $ | — |  |  | $ | (261,956 | ) |  | $ | (170,071 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments (2) |  |  | Consolidated |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 24 |  |  | $ | 124,443 |  |  | $ | — |  |  | $ | 7,306 |  |  | $ | 58,571 |  |  | $ | 190,344 |
Controllable operating expenses(3) |  | 126 |  |  |  | 17,226 |  |  |  | 383 |  |  |  | — |  |  |  | 9,389 |  |  |  | 27,124 |
Real estate taxes, net of capitalized amounts |  | 64 |  |  |  | 15,674 |  |  |  | 74 |  |  |  | — |  |  |  | 6,955 |  |  |  | 22,767 |
Utilities expense, net of utility reimbursements |  | 1 |  |  |  | 3,082 |  |  |  | — |  |  |  | 7,306 |  |  |  | 1,397 |  |  |  | 11,786 |
Property insurance expense, net of capitalized amounts |  | — |  |  |  | 1,821 |  |  |  | — |  |  |  | — |  |  |  | 1,328 |  |  |  | 3,149 |
Other property operating expenses (4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,966 |  |  |  | 6,966 |
Property operating expenses |  | 191 |  |  |  | 37,803 |  |  |  | 457 |  |  |  | 7,306 |  |  |  | 26,035 |  |  |  | 71,792 |
Property net operating income (loss) |  | (167 | ) |  |  | 86,640 |  |  |  | (457 | ) |  |  | — |  |  |  | 32,536 |  |  |  | 118,552 |
Other operating expenses not allocated to segments (5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (198,640 | ) |  |  | (198,640 | )
Other items included in income before income tax (6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189,510 |  |  |  | 189,510 |
Income (loss) before income tax | $ | (167 | ) |  | $ | 86,640 |  |  | $ | (457 | ) |  | $ | — |  |  | $ | 23,406 |  |  | $ | 109,422 |
(1) Represents 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) Controllable operating expenses primarily consists of property personnel costs, marketing, repairs and maintenance, turnover, and contract services expense. (4) Other property operating expenses include property management costs and casualty gains or losses. (5) Other operating expenses not allocated to segments consists of depreciation and amortization and general and administrative expense. (6) Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition of real estate, interest income, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate contracts, 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, 2024 and 2023, were as follows (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate (1) |  |  | Total |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 620,000 |  |  | $ | 653,184 |  |  | $ | 75,741 |  |  | $ | — |  |  | $ | 1,348,925 |
Land |  | 165,633 |  |  |  | 231,046 |  |  |  | 1,503 |  |  |  | — |  |  |  | 398,182 |
Total real estate |  | 785,633 |  |  |  | 884,230 |  |  |  | 77,244 |  |  |  | — |  |  |  | 1,747,107 |
Accumulated depreciation |  | (20,872 | ) |  |  | (468,040 | ) |  |  | (10,362 | ) |  |  | — |  |  |  | (499,274 | )
Net real estate | $ | 764,761 |  |  | $ | 416,190 |  |  | $ | 66,882 |  |  | $ | — |  |  | $ | 1,247,833 |
Non-recourse property debt and construction loans, net | $ | 385,240 |  |  | $ | 685,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,070,660 |
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Corporate (1) |  |  | Total |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 492,993 |  |  | $ | 655,059 |  |  | $ | 75,725 |  |  | $ | 370,025 |  |  | $ | 1,593,802 |
Land |  | 163,513 |  |  |  | 231,047 |  |  |  | 1,503 |  |  |  | 224,758 |  |  |  | 620,821 |
Total real estate |  | 656,506 |  |  |  | 886,106 |  |  |  | 77,228 |  |  |  | 594,783 |  |  |  | 2,214,623 |
Accumulated depreciation |  | (952 | ) |  |  | (456,360 | ) |  |  | (4,204 | ) |  |  | (119,286 | ) |  |  | (580,802 | )
Net real estate | $ | 655,554 |  |  | $ | 429,746 |  |  | $ | 73,024 |  |  | $ | 475,497 |  |  | $ | 1,633,821 |
Non-recourse property debt and construction loans, net | $ | 201,103 |  |  | $ | 686,147 |  |  | $ | — |  |  | $ | 260,491 |  |  | $ | 1,147,741 |
(1) During the years ended December 31, 2024 and 2023 certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end. We added a Corporate column to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023. Capital additions within our segments for the years ended December 31, 2024, 2023 and 2022, were as follows (in thousands):
| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Development and Redevelopment | $ | 126,125 |  |  | $ | 258,888 |  |  | $ | 159,419 |
Operating |  | 12,772 |  |  |  | 11,788 |  |  |  | 23,997 |
Other |  | 26 |  |  |  | 8,782 |  |  |  | 33,201 |
Corporate amounts not allocated to segments (1) |  | 2,749 |  |  |  | 13,463 |  |  |  | 56,763 |
Total capital additions | $ | 141,672 |  |  | $ | 292,921 |  |  | $ | 273,380 |
(1) During the years ended December 31, 2024, 2023 and 2022, 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 row to the table above for presentation purposes to display these capital additions as of December 31, 2024, 2023 and 2022, respectively. In addition to the amounts disclosed in the tables above, as of December 31, 2024, the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $107.7 million and $121.8 million, respectively, and as of December 31, 2023, aggregated to $109.0 million and $118.7 million, respectively. As of December 31, 2024, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore Square and Oak Shore.

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