Business Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Summary information for the reportable segments

The following tables present the revenues, proportionate property net operating income and income before income tax benefit (expense) of our segments on a proportionate basis and excluding our proportionate share of four communities with 142 apartment homes, which we do not consolidate, and amounts related to apartment communities sold as of September 30, 2019 for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Same Store		Redevelopment and Development		Acquisition		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended September 30, 2019:
Total revenues	$	179,056	$	17,891	$	10,656	$	13,389	$	8,832	$	3		$	229,827
Property operating expenses attributable    to real estate		48,220		7,469		3,317		5,149		8,234		5,041			77,430
Other operating expenses not allocated    to segments (3)		—		—		—		—		—		113,770			113,770
Total operating expenses		48,220		7,469		3,317		5,149		8,234		118,811			191,200
Proportionate property net operating    income		130,836		10,422		7,339		8,240		598		(118,808	)		38,627
Other items included in income before    income tax benefit (4)		—		—		—		—		—		(37,753	)		(37,753	)
Income before income tax benefit	$	130,836	$	10,422	$	7,339	$	8,240	$	598	$	(156,561	)	$	874

	Same Store		Redevelopment and Development		Acquisition		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended September 30, 2018:
Total revenues	$	172,426	$	19,876	$	10,630	$	9,475	$	8,335	$	21,739		$	242,481
Property operating expenses attributable    to real estate		46,751		7,242		2,826		3,652		7,826		9,957			78,254
Other operating expenses not allocated    to segments (3)		—		—		—		—		—		117,273			117,273
Total operating expenses		46,751		7,242		2,826		3,652		7,826		127,230			195,527
Proportionate property net operating    income		125,675		12,634		7,804		5,823		509		(105,491	)		46,954
Other items included in income before    income tax benefit (4)		—		—		—		—		—		583,169			583,169
Income before income tax expense	$	125,675	$	12,634	$	7,804	$	5,823	$	509	$	477,678		$	630,123

	Same Store		Redevelopment and Development		Acquisition		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine months ended September 30, 2019:
Total revenues	$	529,550	$	57,408	$	30,886	$	32,130	$	25,715	$	8,573		$	684,262
Property operating expenses    attributable to real estate		142,124		21,786		9,144		12,940		24,025		22,434			232,453
Other operating expenses not allocated    to segments (3)		—		—		—		—		—		331,664			331,664
Total operating expenses		142,124		21,786		9,144		12,940		24,025		354,098			564,117
Proportionate property net operating    income		387,426		35,622		21,742		19,190		1,690		(345,525	)		120,145
Other items included in income before    income tax expense (4)		—		—		—		—		—		243,174			243,174
Income before income tax benefit	$	387,426	$	35,622	$	21,742	$	19,190	$	1,690	$	(102,351	)	$	363,319

	Same Store		Redevelopment and Development		Acquisition		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine months ended September 30, 2018:
Total revenues	$	509,357	$	56,436	$	18,567	$	28,164	$	24,103	$	103,761		$	740,388
Property operating expenses    attributable to real estate		139,417		20,678		5,224		11,179		22,551		33,523			232,572
Other operating expenses not allocated    to segments (3)		—		—		—		—		—		358,124			358,124
Total operating expenses		139,417		20,678		5,224		11,179		22,551		391,647			590,696
Proportionate property net operating    income		369,940		35,758		13,343		16,985		1,552		(287,886	)		149,692
Other items included in income before    income tax expense (4)		—		—		—		—		—		544,454			544,454
Income before income tax benefit	$	369,940	$	35,758	$	13,343	$	16,985	$	1,552	$	256,568		$	694,146

(1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment 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, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Segments 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 property operating expenses of partnerships served by our Asset Management business prior to its sale in July 2018, depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance.

(4) Other items included in income before income tax benefit (expense) primarily consists of gain on dispositions of real estate and the Asset Management business and interest expense.

Reconciliation of Assets from Segment to Consolidated

The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands):

	September 30, 2019		December 31, 2018
Same Store	$	4,083,389	$	4,131,494
Redevelopment and Development		899,628		792,126
Acquisition		633,462		507,190
Other Real Estate		643,645		327,099
Corporate and other assets (1)		279,054		432,095
Total consolidated assets	$	6,539,178	$	6,190,004

(1) Includes the assets not allocated to our segments, primarily corporate assets and assets of apartment communities sold as of September 30, 2019.

Capital additions related to segments

For the nine months ended September 30, 2019 and 2018, capital additions related to our segments were as follows (in thousands):

	2019		2018
Same Store	$	121,069	$	126,140
Redevelopment and Development		147,582		98,191
Acquisition		22,398		9,731
Other Real Estate		12,692		4,194
Total capital additions	$	303,741	$	238,256