Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Information for Reportable Segments

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended June 30, 2022 and 2021 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments			Consolidated
Three Months Ended June 30, 2022:
Rental and other property revenues	$	8,899	$	33,122	$	4,333	$	1,867	$	2,476		$	50,697
Property operating expenses		3,212		10,435		1,267		1,846		2,948			19,708
Other operating expenses not allocated    to segments (2)		—		—		—		—		43,824			43,824
Total operating expenses		3,212		10,435		1,267		1,846		46,772			63,532
Proportionate property net operating    income (loss)		5,687		22,687		3,066		21		(44,296	)		(12,835	)
Other items included in income before    income tax (3)		—		—		—		—		312,003			312,003
Income (loss) before income tax	$	5,687	$	22,687	$	3,066	$	21	$	267,707		$	299,168

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments			Consolidated
Three Months Ended June 30, 2021:
Rental and other property revenues	$	2,489	$	29,782	$	3,138	$	1,255	$	3,754		$	40,418
Property operating expenses		2,101		9,954		1,090		1,239		2,019			16,403
Other operating expenses not allocated    to segments (2)		—		—		—		—		28,022			28,022
Total operating expenses		2,101		9,954		1,090		1,239		30,041			44,425
Proportionate property net operating    income (loss)		388		19,828		2,048		16		(26,287	)		(4,007	)
Other items included in income before    income tax (3)		—		—		—		—		(19,139	)		(19,139	)
Income (loss) before income tax	$	388	$	19,828	$	2,048	$	16	$	(45,426	)	$	(23,146	)

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2022 and 2021 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments			Consolidated
Six Months Ended June 30, 2022:
Rental and other property revenues	$	15,831	$	65,361	$	9,378	$	3,797	$	6,324		$	100,691
Property operating expenses		5,728		20,697		2,822		3,750		5,932			38,929
Other operating expenses not allocated    to segments (2)		—		—		—		—		76,414			76,414
Total operating expenses		5,728		20,697		2,822		3,750		82,346			115,343
Proportionate property net operating    income (loss)		10,103		44,664		6,556		47		(76,022	)		(14,652	)
Other items included in income before    income tax (3)		—		—		—		—		319,876			319,876
Income (loss) before income tax	$	10,103	$	44,664	$	6,556	$	47	$	243,854		$	305,224

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments			Consolidated
Six Months Ended June 30, 2021:
Rental and other property revenues	$	4,746	$	59,051	$	6,324	$	2,712	$	7,389		$	80,222
Property operating expenses		3,968		20,160		2,127		2,680		4,410			33,345
Other operating expenses not allocated    to segments (2)		—		—		—		—		55,050			55,050
Total operating expenses		3,968		20,160		2,127		2,680		59,460			88,395
Proportionate property net operating    income (loss)		778		38,891		4,197		32		(52,071	)		(8,173	)
Other items included in income before    income tax (3)		—		—		—		—		1,361			1,361
Income (loss) before income tax	$	778	$	38,891	$	4,197	$	32	$	(50,710	)	$	(6,812	)

(1)Represents adjustments for redeemable noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations prepared in accordance with GAAP.

(2)Other operating expenses not allocated to segments consist of depreciation and amortization, general and administrative expense, and miscellaneous other expenses.

(3)Other items included in Income before income tax benefit consist primarily of interest expense, gain on our interest rate options, gain on sale of Real Estate, lease modification income and mezzanine investment income, net.

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 June 30, 2022 and December 31, 2021, were as follows (in thousands):

	Development and Redevelopment			Operating			Other			Corporate(1)		Total
As of June 30, 2022:
Buildings and improvements	$	403,803		$	668,510		$	197,311		$	—	$	1,269,624
Land		189,222			259,033			153,502			—		601,757
Total real estate		593,025			927,543			350,813			—		1,871,381
Accumulated depreciation		(18,081	)		(450,643	)		(51,144	)		—		(519,868	)
Net real estate		574,944			476,900			299,669			—		1,351,513
Non-recourse property debt and construction loans, net	$	231,090		$	743,596		$	26,463		$	—	$	1,001,149

	Development and Redevelopment			Operating			Other			Corporate(1)			Total
As of December 31, 2021:
Buildings and improvements	$	277,041		$	675,269		$	196,853		$	108,051		$	1,257,214
Land		82,325			259,033			153,501			39,426		$	534,285
Total real estate		359,366			934,302			350,354			147,477			1,791,499
Accumulated depreciation		(2,252	)		(444,324	)		(41,841	)		(72,698	)		(561,115	)
Net real estate	$	357,114		$	489,978		$	308,513		$	74,779		$	1,230,384
Non-recourse property debt, net	$	163,570		$	428,308		$	—		$	54,829		$	646,707

(1)During the six months ended June 30, 2022, certain properties were sold or reclassified as Held for Sale, and therefore are not included in our segment balance sheets, as of June 30, 2022. We added a new Corporate segment to this table for presentation purposes to display these assets and the associated debt as of December 31, 2021.