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Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Information for Reportable Segments

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.

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.

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 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.