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Business Segments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and 2024 (in thousands):


	Development and Redevelopment		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended June 30, 2025
Rental and other property revenues	$	6,124	$	35,394	$	2,084		$	2,230	$	6,926		$	52,758
Controllable operating expenses(3)		1,490		5,112		1,768			—		818			9,188
Real estate taxes, net of capitalized amounts		1,124		4,789		560			—		936			7,409
Utilities expense, net of utility reimbursements		331		593		63			2,230		338			3,555
Property insurance expense, net of capitalized amounts		145		672		33			—		398			1,248
Other property operating expenses(4)		—		—		—			—		1,792			1,792
Property operating expenses		3,090		11,166		2,424			2,230		4,282			23,192
Property net operating income (loss)		3,034		24,228		(340	)		—		2,644			29,566
Other operating expenses not allocated to segments(5)		—		—		—			—		(24,161	)		(24,161	)
Other items included in income before income tax(6)		—		—		—			—		(16,810	)		(16,810	)
Income (loss) before income tax	$	3,034	$	24,228	$	(340	)	$	—	$	(38,327	)	$	(11,405	)


	Development and Redevelopment			Operating		Other		Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended June 30, 2024
Rental and other property revenues	$	1,650		$	34,719	$	1,813	$	1,775	$	11,191		$	51,148
Controllable operating expenses(3)		863			5,071		1,417		—		1,618			8,969
Real estate taxes, net of capitalized amounts		183			4,377		94		—		2,179			6,833
Utilities expense, net of utility reimbursements		599			635		64		1,775		320			3,393
Property insurance expense, net of capitalized amounts		154			664		31		—		520			1,369
Other property operating expenses(4)		—			—		—		—		1,993			1,993
Property operating expenses		1,799			10,747		1,606		1,775		6,630			22,557
Property net operating income (loss)		(149	)		23,972		207		—		4,561			28,591
Other operating expenses not allocated to segments(5)		—			—		—		—		(29,687	)		(29,687	)
Other items included in income before income tax(6)		—			—		—		—		(62,195	)		(62,195	)
Income (loss) before income tax	$	(149	)	$	23,972	$	207	$	—	$	(87,321	)	$	(63,291	)

The following tables present the results of operations of consolidated properties within our segments for the six months ended June 30, 2025 and 2024 (in thousands):


	Development and Redevelopment		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Six Months Ended June 30, 2025
Rental and other property revenues	$	11,333	$	70,967	$	3,530		$	4,297	$	14,983		$	105,110
Controllable operating expenses(3)		2,918		9,523		3,484			—		1,548			17,473
Real estate taxes, net of capitalized amounts		2,224		9,234		829			—		3,001			15,288
Utilities expense, net of utility reimbursements		930		1,589		135			4,297		595			7,546
Property insurance expense, net of capitalized amounts		504		1,330		66			—		778			2,678
Other property operating expenses(4)		—		—		—			—		3,272			3,272
Property operating expenses		6,576		21,676		4,514			4,297		9,194			46,257
Property net operating income (loss)		4,757		49,291		(984	)		—		5,789			58,853
Other operating expenses not allocated to segments(5)		—		—		—			—		(48,762	)		(48,762	)
Other items included in income before income tax(6)		—		—		—			—		(33,293	)		(33,293	)
Income (loss) before income tax	$	4,757	$	49,291	$	(984	)	$	—	$	(76,266	)	$	(23,202	)


	Development and Redevelopment			Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Six Months Ended June 30, 2024
Rental and other property revenues	$	2,432		$	69,355	$	2,999		$	3,797	$	22,767		$	101,350
Controllable operating expenses(3)		1,395			9,363		2,942			—		2,939			16,639
Real estate taxes, net of capitalized amounts		451			8,634		240			—		3,901			13,226
Utilities expense, net of utility reimbursements		953			1,619		128			3,797		651			7,148
Property insurance expense, net of capitalized amounts		405			1,368		54			—		998			2,825
Other property operating expenses(4)		—			—		—			—		3,918			3,918
Property operating expenses		3,204			20,984		3,364			3,797		12,407			43,756
Property net operating income (loss)		(772	)		48,371		(365	)		—		10,360			57,594
Other operating expenses not allocated to segments(5)		—			—		—			—		(57,704	)		(57,704	)
Other items included in income before income tax(6)		—			—		—			—		(73,106	)		(73,106	)
Income (loss) before income tax	$	(772	)	$	48,371	$	(365	)	$	—	$	(120,450	)	$	(73,216	)

(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, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(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, other income (expense), and gain on dispositions of real estate, if any.

Capital additions within our segments for the three and six months ended June 30, 2025 and 2024, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Development and Redevelopment	$	22,134	$	29,995	$	42,393	$	72,466
Operating		5,455		3,855		8,151		6,099
Other		—		—		160		—
Corporate and Amounts Not Allocated to Segments (1)		105		567		211		1,486
Total capital additions	$	27,694	$	34,417	$	50,915	$	80,051

(1)

During the three and six months ended June 30, 2025 and 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 row to the table above for presentation purposes to display these capital additions for the three and six months ended June 30, 2025 and 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 June 30, 2025 and December 31, 2024, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Total
As of June 30, 2025
Buildings and improvements	$	662,807		$	641,156		$	75,902		$	1,379,865
Land		165,217			231,047			1,503			397,767
Total real estate		828,024			872,203			77,405			1,777,632
Accumulated depreciation		(34,772	)		(459,857	)		(13,445	)		(508,074	)
Net real estate	$	793,252		$	412,346		$	63,960		$	1,269,558

Non-recourse property debt and construction loans, net	$	370,601		$	685,031		$	—		$	1,055,632


	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