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Business Segments (Tables)
12 Months Ended
Dec. 31, 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 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%.

 

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

 

 

$

135,224

 

 

$

18,030

 

 

$

6,097

 

 

$

30,074

 

 

$

190,344

 

Property operating expenses

 

2,198

 

 

 

40,841

 

 

 

5,560

 

 

 

6,077

 

 

 

17,116

 

 

 

71,792

 

Other operating expenses not allocated
   to segments
(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

198,640

 

 

 

198,640

 

Total operating expenses

 

2,198

 

 

 

40,841

 

 

 

5,560

 

 

 

6,077

 

 

 

215,756

 

 

 

270,432

 

Proportionate property net operating
   income (loss)

 

(1,279

)

 

 

94,383

 

 

 

12,470

 

 

 

20

 

 

 

(185,682

)

 

 

(80,088

)

Other items included in income before
   income tax
(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

189,510

 

 

 

189,510

 

Income (loss) before income tax

$

(1,279

)

 

$

94,383

 

 

$

12,470

 

 

$

20

 

 

$

3,828

 

 

$

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

 

 

$

122,303

 

 

$

14,559

 

 

$

5,256

 

 

$

25,682

 

 

$

169,836

 

Property operating expenses

 

1,446

 

 

 

39,625

 

 

 

4,405

 

 

 

5,199

 

 

 

16,938

 

 

 

67,613

 

Other operating expenses not allocated
   to segments
(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

117,863

 

 

 

117,863

 

Total operating expenses

 

1,446

 

 

 

39,625

 

 

 

4,405

 

 

 

5,199

 

 

 

134,801

 

 

 

185,476

 

Proportionate property net operating
   income (loss)

 

590

 

 

 

82,678

 

 

 

10,154

 

 

 

57

 

 

 

(109,119

)

 

 

(15,640

)

Other items included in income before
   income tax
(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,910

)

 

 

(2,910

)

Income (loss) before income tax

$

590

 

 

$

82,678

 

 

$

10,154

 

 

$

57

 

 

$

(112,029

)

 

$

(18,550

)

 

 

Development and Redevelopment

 

 

Operating

 

 

Other

 

 

Proportionate
and Other Adjustments
(1)

 

 

Corporate and Amounts Not Allocated to Segments (2)

 

 

Consolidated

 

Year Ended December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

$

1,515

 

 

$

116,888

 

 

$

13,079

 

 

$

5,577

 

 

$

14,392

 

 

$

151,451

 

Property operating expenses

 

981

 

 

 

37,917

 

 

 

4,117

 

 

 

4,885

 

 

 

13,614

 

 

 

61,514

 

Other operating expenses not allocated
   to segments
(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

104,294

 

 

 

104,294

 

Total operating expenses

 

981

 

 

 

37,917

 

 

 

4,117

 

 

 

4,885

 

 

 

117,908

 

 

 

165,808

 

Proportionate property net operating
   income (loss)

 

534

 

 

 

78,971

 

 

 

8,962

 

 

 

692

 

 

 

(103,516

)

 

 

(14,357

)

Other items included in income before
   income tax
(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,563

)

 

 

(1,563

)

Income (loss) before income tax

$

534

 

 

$

78,971

 

 

$

8,962

 

 

$

692

 

 

$

(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.
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):

 

Development and Redevelopment

 

 

Operating

 

 

Other

 

 

Corporate(1)

 

 

Total

 

As of December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

$

449,316

 

 

$

674,419

 

 

$

198,646

 

 

$

 

 

$

1,322,381

 

Land

 

228,568

 

 

 

259,033

 

 

 

153,501

 

 

 

 

 

 

641,102

 

Total real estate

 

677,884

 

 

 

933,452

 

 

 

352,147

 

 

 

 

 

 

1,963,483

 

Accumulated depreciation

 

(2,378

)

 

 

(468,054

)

 

 

(60,290

)

 

 

 

 

 

(530,722

)

Net real estate

$

675,506

 

 

$

465,398

 

 

$

291,857

 

 

$

 

 

$

1,432,761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse property debt and construction loans, net

$

200,135

 

 

$

823,692

 

 

$

24,372

 

 

$

 

 

$

1,048,199

 

 

 

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 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.