Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2023
Rental and other property revenues	$	3,640	$	37,011	$	3,432	$	1,591		$	—		$	45,674
Property operating expenses		2,684		11,496		1,520		1,627			1,456			18,783
Other operating expenses not allocated    to segments (3)		—		—		—		—			24,921			24,921
Total operating expenses		2,684		11,496		1,520		1,627			26,377			43,704
Proportionate property net operating    income (loss)		956		25,515		1,912		(36	)		(26,377	)		1,970
Other items included in income before    income tax (4)		—		—		—		—			(2,243	)		(2,243	)
Income (loss) before income tax	$	956	$	25,515	$	1,912	$	(36	)	$	(28,620	)	$	(273	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2022
Rental and other property revenues	$	33		$	33,809	$	3,645	$	1,461	$	11,749		$	50,697
Property operating expenses		363			10,563		1,138		1,439		6,205			19,708
Other operating expenses not allocated    to segments (3)		—			—		—		—		43,824			43,824
Total operating expenses		363			10,563		1,138		1,439		50,029			63,532
Proportionate property net operating    income (loss)		(330	)		23,246		2,507		22		(38,280	)		(12,835	)
Other items included in income before    income tax (4)		—			—		—		—		312,003			312,003
Income (loss) before income tax	$	(330	)	$	23,246	$	2,507	$	22	$	273,723		$	299,168

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, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2023
Rental and other property revenues	$	5,842	$	73,683	$	7,129	$	3,288		$	—		$	89,942
Property operating expenses		4,708		22,683		2,712		3,304			2,880			36,287
Other operating expenses not allocated    to segments (3)		—		—		—		—			49,595			49,595
Total operating expenses		4,708		22,683		2,712		3,304			52,475			85,882
Proportionate property net operating    income (loss)		1,134		51,000		4,417		(16	)		(52,475	)		4,060
Other items included in income before    income tax (4)		—		—		—		—			(14,282	)		(14,282	)
Income (loss) before income tax	$	1,134	$	51,000	$	4,417	$	(16	)	$	(66,757	)	$	(10,222	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2022
Rental and other property revenues	$	81		$	66,739	$	8,000	$	3,122	$	22,749		$	100,691
Property operating expenses		572			20,960		2,577		3,076		11,744			38,929
Other operating expenses not allocated    to segments (3)		—			—		—		—		76,414			76,414
Total operating expenses		572			20,960		2,577		3,076		88,158			115,343
Proportionate property net operating    income (loss)		(491	)		45,779		5,423		46		(65,409	)		(14,652	)
Other items included in income before    income tax (4)		—			—		—		—		319,876			319,876
Income (loss) before income tax	$	(491	)	$	45,779	$	5,423	$	46	$	254,467		$	305,224

(1)Represents adjustments for 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, 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 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 and general and administrative expense.

(4)Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.

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, 2023 and December 31, 2022, were as follows (in thousands):

	Development and Redevelopment			Operating			Other			Total
As of June 30, 2023:
Buildings and improvements	$	599,807		$	702,884		$	165,041		$	1,467,732
Land		226,161			262,409			150,090			638,660
Total real estate		825,968			965,293			315,131			2,106,392
Accumulated depreciation		(7,385	)		(472,573	)		(68,358	)		(548,316	)
Net real estate	$	818,583		$	492,720		$	246,773		$	1,558,076
Non-recourse property debt and construction loans, net	$	218,468		$	766,453		$	80,741		$	1,065,662

	Development and Redevelopment			Operating			Other			Total
As of December 31, 2022:
Buildings and improvements	$	449,316		$	708,665		$	164,400		$	1,322,381
Land		228,568			262,409			150,125		$	641,102
Total real estate		677,884			971,074			314,525			1,963,483
Accumulated depreciation		(2,378	)		(468,428	)		(59,916	)	$	(530,722	)
Net real estate	$	675,506		$	502,646		$	254,609		$	1,432,761
Non-recourse property debt and construction loans, net	$	200,135		$	767,513		$	80,551		$	1,048,199