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Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Information for Reportable Segments

The following tables present the results of operations of consolidated properties within our segments for the three months ended March 31, 2025 and 2024 (in thousands):


	Development and Redevelopment		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended March 31, 2025
Rental and other property revenues	$	5,209	$	35,573	$	1,446		$	2,067	$	8,057		$	52,352
Controllable operating expenses(3)		1,428		4,411		1,716			—		730			8,285
Real estate taxes, net of capitalized amounts		1,099		4,445		269			—		2,066			7,879
Utilities expense, net of utility reimbursements		600		996		72			2,067		256			3,991
Property insurance expense, net of capitalized amounts		359		658		33			—		380			1,430
Other property operating expenses(4)		—		—		—			—		1,480			1,480
Property operating expenses		3,486		10,510		2,090			2,067		4,912			23,065
Property net operating income (loss)		1,723		25,063		(644	)		—		3,145			29,287
Other operating expenses not allocated to segments(5)		—		—		—			—		(24,601	)		(24,601	)
Other items included in income before income tax(6)		—		—		—			—		(16,483	)		(16,483	)
Income (loss) before income tax	$	1,723	$	25,063	$	(644	)	$	—	$	(37,939	)	$	(11,797	)


	Development and Redevelopment			Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended March 31, 2024
Rental and other property revenues	$	781		$	34,635	$	1,187		$	2,021	$	11,579		$	50,203
Controllable operating expenses(3)		525			4,291		1,530			—		1,325			7,671
Real estate taxes, net of capitalized amounts		268			4,257		146			—		1,721			6,392
Utilities expense, net of utility reimbursements		355			985		64			2,021		330			3,755
Property insurance expense, net of capitalized amounts		251			704		23			—		478			1,456
Other property operating expenses(4)		—			—		—			—		1,925			1,925
Property operating expenses		1,399			10,237		1,763			2,021		5,779			21,199
Property net operating income (loss)		(618	)		24,398		(576	)		—		5,800			29,004
Other operating expenses not allocated to segments(5)		—			—		—			—		(28,017	)		(28,017	)
Other items included in income before income tax(6)		—			—		—			—		(10,913	)		(10,913	)
Income (loss) before income tax	$	(618	)	$	24,398	$	(576	)	$	—	$	(33,130	)	$	(9,926	)

(1)

Represents 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 period 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 consist of property personnel costs, marketing, repairs and maintenance, turnover, and contract services.

(4)

Other property operating expenses include property management costs and casualty gains or losses.

(5)

Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expenses.

(6)

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, if any.

Capital additions within our segments for the three months ended March 31, 2025 and 2024, were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Development and Redevelopment	$	20,259	$	42,471
Operating		2,696		2,244
Other		160		—
Corporate amounts not allocated to segments (1)		—		919
Total capital additions	$	23,115	$	45,634

(1)

During the three months ended March 31, 2024, 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 period ends. We added a corporate row to the table above for presentation purposes to display these capital additions for the three months ended March 31, 2024.

Schedule of Net Real Estate and Non-Recourse Property Debt, Net and Construction Loans, Net, by Segment

Net real estate and non-recourse property debt and construction loans, net, of our segments as of March 31, 2025 and December 31, 2024, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Total
As of March 31, 2025
Buildings and improvements	$	640,470		$	655,881		$	75,904		$	1,372,255
Land		165,418			231,047			1,503			397,968
Total real estate		805,888			886,928			77,407			1,770,223
Accumulated depreciation		(27,816	)		(474,148	)		(11,904	)		(513,868	)
Net real estate	$	778,072		$	412,780		$	65,503		$	1,256,355

Non-recourse property debt and construction loans, net	$	397,769		$	685,226		$	—		$	1,082,995


	Development and Redevelopment			Operating			Other			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