Business Segments (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year Ended December 31, 2023
Rental and other property revenues	$	15,744	$	149,768	$	14,482	$	6,969		$	32		$	186,995
Property operating expenses		10,271		44,054		5,726		7,030			6,631			73,712
Other operating expenses not allocated    to segments (3)		—		—		—		—			101,699			101,699
Total operating expenses		10,271		44,054		5,726		7,030			108,330			175,411
Proportionate property net operating    income (loss)		5,473		105,714		8,756		(61	)		(108,298	)		11,584
Other items included in income before    income tax (4)		—		—		—		—			(181,655	)		(181,655	)
Income (loss) before income tax	$	5,473	$	105,714	$	8,756	$	(61	)	$	(289,953	)	$	(170,071	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year Ended December 31, 2022
Rental and other property revenues	$	919		$	138,137	$	15,116	$	6,097	$	30,075		$	190,344
Property operating expenses		2,194			41,410		4,993		6,074		17,121			71,792
Other operating expenses not allocated    to segments (3)		—			—		—		—		198,640			198,640
Total operating expenses		2,194			41,410		4,993		6,074		215,761			270,432
Proportionate property net operating    income (loss)		(1,275	)		96,727		10,123		23		(185,686	)		(80,088	)
Other items included in income before    income tax (4)		—			—		—		—		189,510			189,510
Income (loss) before income tax	$	(1,275	)	$	96,727	$	10,123	$	23	$	3,824		$	109,422

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year Ended December 31, 2021
Rental and other property revenues	$	2,036	$	123,257	$	13,605	$	5,256	$	25,682		$	169,836
Property operating expenses		1,446		39,694		4,336		5,199		16,938			67,613
Other operating expenses not allocated    to segments (3)		—		—		—		—		117,863			117,863
Total operating expenses		1,446		39,694		4,336		5,199		134,801			185,476
Proportionate property net operating    income (loss)		590		83,563		9,269		57		(109,119	)		(15,640	)
Other items included in income before    income tax (4)		—		—		—		—		(2,910	)		(2,910	)
Income (loss) before income tax	$	590	$	83,563	$	9,269	$	57	$	(112,029	)	$	(18,550	)

(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 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 consists of depreciation and amortization general and administrative expense.

(4)Other items included in Income before income tax benefit (expense) consists primarily of lease modification income, gain on disposition 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.

Capital additions within our segments for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Development and Redevelopment	$	272,127	$	244,733	$	136,139
Operating		13,333		24,689		10,005
Other		851		1,743		693
Corporate amounts not allocated to segments (1)		6,610		2,215		75,215
Total capital additions	$	292,921	$	273,380	$	222,052

(1)During the years ended December 31, 2023, 2022 and 2021, 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 year ends. We added a Corporate segment to the table above for presentation purposes to display these capital additions as of December 31, 2023, 2022 and 2021, respectively.

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

	Development and Redevelopment			Operating			Other			Corporate (1)		Total
As of December 31, 2023
Buildings and improvements	$	719,880		$	709,051		$	164,871		$	—	$	1,593,802
Land		208,323			262,409			150,089			—		620,821
Total real estate		928,203			971,460			314,960			—		2,214,623
Accumulated depreciation		(15,793	)		(489,206	)		(75,803	)		—		(580,802	)
Net real estate	$	912,410		$	482,254		$	239,157		$	—	$	1,633,821
Non-recourse property debt and construction loans, net	$	301,443		$	765,372		$	80,926		$	—	$	1,147,741

	Development and Redevelopment			Operating			Other			Corporate (1)		Total
As of December 31, 2022
Buildings and improvements	$	447,101		$	708,665		$	164,400		$	2,215	$	1,322,381
Land		211,817			262,409			150,125			16,751		641,102
Total real estate		658,918			971,074			314,525			18,966		1,963,483
Accumulated depreciation		(2,378	)		(468,428	)		(59,916	)		—		(530,722	)
Net real estate	$	656,540		$	502,646		$	254,609		$	18,966	$	1,432,761
Non-recourse property debt and construction loans, net	$	190,133		$	767,513		$	80,550		$	10,003	$	1,048,199

(1)During the year ended December 31, 2022, certain properties were sold or reclassified as held for sale, and therefore are not included in our segment balance sheets at year end. There were no such sales or reclassifications of properties during the year ended December 31, 2023. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2023 and 2022, respectively.