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, 2022, 2021, and 2020 (in thousands): Prior period carve out amounts have been adjusted retrospectively to reconcile the difference between non-recurring carve out accounting and current results as it relates to insurance expense, for the years ended December 31, 2021 and 2020, respectively. This adjustment ensures comparability of post-Separation results to pre-Separation segment results. Absent the adjustment, 2021 NOI would have increased 6.9%.
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Development and Redevelopment |
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Operating |
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Other |
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Proportionate and Other Adjustments(1) |
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Corporate and Amounts Not Allocated to Segments (2) |
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Consolidated |
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Year Ended December 31, 2022: |
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|
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Rental and other property revenues |
$ |
919 |
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|
$ |
135,224 |
|
|
$ |
18,030 |
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|
$ |
6,097 |
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|
$ |
30,074 |
|
|
$ |
190,344 |
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Property operating expenses |
|
2,198 |
|
|
|
40,841 |
|
|
|
5,560 |
|
|
|
6,077 |
|
|
|
17,116 |
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|
|
71,792 |
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Other operating expenses not allocated to segments (3) |
|
— |
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|
|
— |
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|
|
— |
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|
|
— |
|
|
|
198,640 |
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|
|
198,640 |
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Total operating expenses |
|
2,198 |
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|
|
40,841 |
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|
|
5,560 |
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|
|
6,077 |
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|
215,756 |
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|
|
270,432 |
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Proportionate property net operating income (loss) |
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(1,279 |
) |
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|
94,383 |
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|
|
12,470 |
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|
20 |
|
|
|
(185,682 |
) |
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|
(80,088 |
) |
Other items included in income before income tax (4) |
|
— |
|
|
|
— |
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|
|
— |
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|
|
— |
|
|
|
189,510 |
|
|
|
189,510 |
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Income (loss) before income tax |
$ |
(1,279 |
) |
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$ |
94,383 |
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|
$ |
12,470 |
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$ |
20 |
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|
$ |
3,828 |
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|
$ |
109,422 |
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Development and Redevelopment |
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Operating |
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Other |
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Proportionate and Other Adjustments(1) |
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Corporate and Amounts Not Allocated to Segments (2) |
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Consolidated |
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Year Ended December 31, 2021: |
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Rental and other property revenues |
$ |
2,036 |
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|
$ |
122,303 |
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|
$ |
14,559 |
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|
$ |
5,256 |
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|
$ |
25,682 |
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|
$ |
169,836 |
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Property operating expenses |
|
1,446 |
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|
|
39,625 |
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|
|
4,405 |
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|
|
5,199 |
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|
|
16,938 |
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|
|
67,613 |
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Other operating expenses not allocated to segments (3) |
|
— |
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— |
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— |
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— |
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|
117,863 |
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|
|
117,863 |
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Total operating expenses |
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1,446 |
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|
|
39,625 |
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|
|
4,405 |
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|
5,199 |
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|
|
134,801 |
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|
|
185,476 |
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Proportionate property net operating income (loss) |
|
590 |
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|
|
82,678 |
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|
10,154 |
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|
|
57 |
|
|
|
(109,119 |
) |
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|
(15,640 |
) |
Other items included in income before income tax (4) |
|
— |
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— |
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— |
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— |
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(2,910 |
) |
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|
(2,910 |
) |
Income (loss) before income tax |
$ |
590 |
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$ |
82,678 |
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$ |
10,154 |
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$ |
57 |
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|
$ |
(112,029 |
) |
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$ |
(18,550 |
) |
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Development and Redevelopment |
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Operating |
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Other |
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Proportionate and Other Adjustments(1) |
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Corporate and Amounts Not Allocated to Segments (2) |
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Consolidated |
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Year Ended December 31, 2020: |
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Rental and other property revenues |
$ |
1,515 |
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|
$ |
116,888 |
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$ |
13,079 |
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$ |
5,577 |
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$ |
14,392 |
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$ |
151,451 |
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Property operating expenses |
|
981 |
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|
37,917 |
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|
4,117 |
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|
|
4,885 |
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|
13,614 |
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|
61,514 |
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Other operating expenses not allocated to segments (3) |
|
— |
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— |
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— |
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|
— |
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|
104,294 |
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|
104,294 |
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Total operating expenses |
|
981 |
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|
37,917 |
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|
4,117 |
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|
4,885 |
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|
117,908 |
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|
165,808 |
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Proportionate property net operating income (loss) |
|
534 |
|
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|
78,971 |
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|
8,962 |
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|
692 |
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|
(103,516 |
) |
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|
(14,357 |
) |
Other items included in income before income tax (4) |
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— |
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— |
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— |
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— |
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(1,563 |
) |
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|
(1,563 |
) |
Income (loss) before income tax |
$ |
534 |
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$ |
78,971 |
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$ |
8,962 |
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$ |
692 |
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|
$ |
(105,079 |
) |
|
$ |
(15,920 |
) |
(1)Represents adjustments for the redeemable noncontrolling interests in consolidated real estate partnership’s 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 Consolidated Statements of Operations prepared in accordance with GAAP. (2)Includes the operating results of apartment communities sold during the periods shown or classified as Held for Sale at the end of the period. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of segment performance. (3)Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (4)Other items included in income before income tax benefit (expense) consists primarily of interest expense, gain on our interest rate options, gain on sale of Real Estate, lease modification income and mezzanine investment income (loss), net.
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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, 2022 and 2021 were as follows (in thousands):
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Development and Redevelopment |
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Operating |
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Other |
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Corporate(1) |
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Total |
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As of December 31, 2022: |
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Buildings and improvements |
$ |
449,316 |
|
|
$ |
674,419 |
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|
$ |
198,646 |
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|
$ |
— |
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|
$ |
1,322,381 |
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Land |
|
228,568 |
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|
|
259,033 |
|
|
|
153,501 |
|
|
|
— |
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|
|
641,102 |
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Total real estate |
|
677,884 |
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|
|
933,452 |
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|
|
352,147 |
|
|
|
— |
|
|
|
1,963,483 |
|
Accumulated depreciation |
|
(2,378 |
) |
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|
(468,054 |
) |
|
|
(60,290 |
) |
|
|
— |
|
|
|
(530,722 |
) |
Net real estate |
$ |
675,506 |
|
|
$ |
465,398 |
|
|
$ |
291,857 |
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|
$ |
— |
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$ |
1,432,761 |
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Non-recourse property debt and construction loans, net |
$ |
200,135 |
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$ |
823,692 |
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|
$ |
24,372 |
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|
$ |
— |
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|
$ |
1,048,199 |
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Development and Redevelopment |
|
|
Operating |
|
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Other |
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|
Corporate(1) |
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Total |
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As of December 31, 2021: |
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Non-recourse property debt and construction loans, net |
$ |
36,218 |
|
|
$ |
428,308 |
|
|
$ |
— |
|
|
$ |
182,181 |
|
|
$ |
646,707 |
|
(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 as of December 31, 2022. We added a Corporate segment to the tables above for presentation purposes to display these assets and the associated debt as of December 31, 2021.
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