Business Segments (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and 2021 (in thousands):

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended September 30, 2022:
Rental and other property revenues	$	123		$	34,691	$	4,241	$	1,344		$	7,284		$	47,683
Property operating expenses		336			10,220		1,264		1,377			4,258			17,455
Other operating expenses not allocated    to segments (3)		—			—		—		—			96,247			96,247
Total operating expenses		336			10,220		1,264		1,377			100,505			113,702
Proportionate property net operating    income (loss)		(213	)		24,471		2,977		(33	)		(93,221	)		(66,019	)
Other items included in income before    income tax (4)		—			—		—		—			82,629			82,629
Income (loss) before income tax	$	(213	)	$	24,471	$	2,977	$	(33	)	$	(10,592	)	$	16,610

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended September 30, 2021:
Rental and other property revenues	$	256		$	31,126	$	3,459	$	1,300	$	6,752		$	42,893
Property operating expenses		472			10,301		1,124		1,293		4,965			18,155
Other operating expenses not allocated    to segments (3)		—			—		—		—		30,577			30,577
Total operating expenses		472			10,301		1,124		1,293		35,542			48,732
Proportionate property net operating    income (loss)		(216	)		20,825		2,335		7		(28,790	)		(5,839	)
Other items included in income before    income tax (4)		—			—		—		—		(1,028	)		(1,028	)
Income (loss) before income tax	$	(216	)	$	20,825	$	2,335	$	7	$	(29,818	)	$	(6,867	)

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

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine Months Ended September 30, 2022:
Rental and other property revenues	$	204		$	100,052	$	13,619	$	4,466	$	30,034		$	148,375
Property operating expenses		908			30,916		4,085		4,455		16,020			56,384
Other operating expenses not allocated    to segments (3)		—			—		—		—		172,663			172,663
Total operating expenses		908			30,916		4,085		4,455		188,683			229,047
Proportionate property net operating    income (loss)		(704	)		69,136		9,534		11		(158,649	)		(80,672	)
Other items included in income before    income tax (4)		—			—		—		—		402,506			402,506
Income (loss) before income tax	$	(704	)	$	69,136	$	9,534	$	11	$	243,857		$	321,834

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine Months Ended September 30, 2021:
Rental and other property revenues	$	2,006	$	90,176	$	9,783	$	3,863	$	17,287		$	123,115
Property operating expenses		1,737		30,461		3,251		3,825		12,226			51,500
Other operating expenses not allocated    to segments (3)		—		—		—		—		85,627			85,627
Total operating expenses		1,737		30,461		3,251		3,825		97,853			137,127
Proportionate property net operating    income (loss)		269		59,715		6,532		38		(80,566	)		(14,012	)
Other items included in income before    income tax (4)		—		—		—		—		333			333
Income (loss) before income tax	$	269	$	59,715	$	6,532	$	38	$	(80,233	)	$	(13,679	)

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

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

	Development and Redevelopment			Operating			Other			Corporate(1)		Total
As of September 30, 2022:
Buildings and improvements	$	378,117		$	671,670		$	198,218		$	—	$	1,248,005
Land		226,738			259,033			153,501			—		639,272
Total real estate		604,855			930,703			351,719			—		1,887,277
Accumulated depreciation		(1,426	)		(459,722	)		(55,709	)		—		(516,857	)
Net real estate	$	603,429		$	470,981		$	296,010		$	—	$	1,370,420
Non-recourse property debt and construction loans, net	$	170,939		$	743,001		$	26,469		$	—	$	940,409

	Development and Redevelopment			Operating			Other			Corporate(1)			Total
As of December 31, 2021:
Buildings and improvements	$	202,367		$	675,269		$	196,853		$	182,725		$	1,257,214
Land		82,325			259,033			153,501			39,426			534,285
Total real estate		284,692			934,302			350,354			222,151			1,791,499
Accumulated depreciation		(1,426	)		(444,324	)		(41,841	)		(73,524	)		(561,115	)
Net real estate	$	283,266		$	489,978		$	308,513		$	148,627		$	1,230,384
Non-recourse property debt, net	$	36,218		$	428,308		$	—		$	182,181		$	646,707

(1)During the nine months ended September 30, 2022, certain properties were sold or reclassified as Held for Sale, and therefore are not included in our segment balance sheets, as of September 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.