XML 38 R28.htm IDEA: XBRL DOCUMENT

Business Segments (Tables)

9 Months Ended

Sep. 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 September 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 September 30, 2025
Rental and other property revenues	$	7,606	$	18,176	$	1,989		$	1,598	$	5,763		$	35,132
Controllable operating expenses(3)		1,628		3,183		1,839			—		788			7,438
Real estate taxes, net of capitalized amounts		1,125		2,731		(149	)		—		1,190			4,897
Utilities expense, net of utility reimbursements		456		214		70			1,598		342			2,680
Property insurance expense, net of capitalized amounts		139		423		34			—		396			992
Other property operating expenses(4)		—		—		—			—		886			886
Property operating expenses		3,348		6,551		1,794			1,598		3,602			16,893
Property net operating income (loss)		4,258		11,625		195			—		2,161			18,239
Other operating expenses not allocated to segments(5)		—		—		—			—		(81,118	)		(81,118	)
Other items included in income (loss) from continuing operations before income tax(6)		—		—		—			—		(16,551	)		(16,551	)
Income (loss) from continuing operations before income tax	$	4,258	$	11,625	$	195		$	—	$	(95,508	)	$	(79,430	)


	Development and Redevelopment		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended September 30, 2024
Rental and other property revenues	$	3,085	$	17,964	$	1,889		$	1,390	$	11,000		$	35,328
Controllable operating expenses(3)		1,342		2,841		2,063			—		1,629			7,875
Real estate taxes, net of capitalized amounts		331		2,439		206			—		1,907			4,883
Utilities expense, net of utility reimbursements		641		234		64			1,390		343			2,672
Property insurance expense, net of capitalized amounts		325		415		44			—		543			1,327
Other property operating expenses(4)		—		—		—			—		901			901
Property operating expenses		2,639		5,929		2,377			1,390		5,323			17,658
Property net operating income (loss)		446		12,035		(488	)		—		5,677			17,670
Other operating expenses not allocated to segments(5)		—		—		—			—		(29,126	)		(29,126	)
Other items included in income (loss) from continuing operations before income tax(6)		—		—		—			—		(19,705	)		(19,705	)
Income (loss) from continuing operations before income tax	$	446	$	12,035	$	(488	)	$	—	$	(43,154	)	$	(31,161	)

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


	Development and Redevelopment		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Nine Months Ended September 30, 2025
Rental and other property revenues	$	18,939	$	54,163	$	5,519		$	4,480	$	20,746		$	103,847
Controllable operating expenses(3)		4,546		8,556		5,323			—		2,336			20,761
Real estate taxes, net of capitalized amounts		3,349		8,552		680			—		4,191			16,772
Utilities expense, net of utility reimbursements		1,386		445		205			4,480		937			7,453
Property insurance expense, net of capitalized amounts		643		1,305		100			—		1,175			3,223
Other property operating expenses(4)		—		—		—			—		2,983			2,983
Property operating expenses		9,924		18,858		6,308			4,480		11,622			51,192
Property net operating income (loss)		9,015		35,305		(789	)		—		9,124			52,655
Other operating expenses not allocated to segments(5)		—		—		—			—		(125,797	)		(125,797	)
Other items included in income (loss) from continuing operations before income tax(6)		—		—		—			—		(44,598	)		(44,598	)
Income (loss) from continuing operations before income tax	$	9,015	$	35,305	$	(789	)	$	—	$	(161,271	)	$	(117,740	)


	Development and Redevelopment			Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Nine Months Ended September 30, 2024
Rental and other property revenues	$	5,517		$	53,581	$	4,888		$	3,883	$	33,768		$	101,637
Controllable operating expenses(3)		2,737			7,922		5,005			—		4,571			20,235
Real estate taxes, net of capitalized amounts		782			7,649		446			—		5,808			14,685
Utilities expense, net of utility reimbursements		1,594			805		192			3,883		993			7,467
Property insurance expense, net of capitalized amounts		730			1,228		98			—		1,541			3,597
Other property operating expenses(4)		—			—		—			—		3,627			3,627
Property operating expenses		5,843			17,604		5,741			3,883		16,540			49,611
Property net operating income (loss)		(326	)		35,977		(853	)		—		17,228			52,026
Other operating expenses not allocated to segments(5)		—			—		—			—		(81,790	)		(81,790	)
Other items included in income (loss) from continuing operations before income tax(6)		—			—		—			—		(87,506	)		(87,506	)
Income (loss) from continuing operations before income tax	$	(326	)	$	35,977	$	(853	)	$	—	$	(152,068	)	$	(117,270	)

(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, general and administrative expenses, and impairment on real estate.

(6)

Other items included in Income (loss) before income tax 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 nine months ended September 30, 2025 and 2024, were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Development and Redevelopment	$	25,776	$	29,818	$	68,169	$	102,284
Operating		3,010		2,183		7,106		6,009
Other		—		26		160		26
Corporate and Amounts Not Allocated to Segments (1)		356		713		567		2,199
Total capital additions	$	29,142	$	32,740	$	76,002	$	110,518

(1)

During the three and nine months ended September 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 nine months ended September 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 September 30, 2025 and December 31, 2024, were as follows (in thousands):


	Development and Redevelopment			Operating			Other			Total
As of September 30, 2025
Buildings and improvements	$	677,782		$	441,243		$	24,682		$	1,143,707
Land		162,817			79,746			364			242,927
Total real estate		840,599			520,989			25,046			1,386,634
Accumulated depreciation		(41,741	)		(288,361	)		(6,646	)		(336,748	)
Net real estate	$	798,858		$	232,628		$	18,400		$	1,049,886

Non-recourse property debt and construction loans, net	$	383,685		$	444,847		$	—		$	828,532


	Development and Redevelopment			Operating			Other			Total
As of December 31, 2024
Buildings and improvements	$	620,000		$	449,591		$	75,741		$	1,145,332
Land		165,633			79,745			1,503			246,881
Total real estate		785,633			529,336			77,244			1,392,213
Accumulated depreciation		(20,872	)		(291,474	)		(10,362	)		(322,708	)
Net real estate	$	764,761		$	237,862		$	66,882		$	1,069,505

Non-recourse property debt and construction loans, net	$	385,240		$	444,426		$	—		$	829,666