Business Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Information for 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 for the years ended December 31, 2021, 2020, and 2019 (in thousands). Prior 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 year 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			Consolidated
Year ended December 31, 2021:
Rental and other property revenues	$	12,418	$	136,250	$	14,317	$	6,851	$	—		$	169,836
Property operating expenses		7,931		43,463		4,207		6,727		5,285			67,613
Other operating expenses not allocated    to segments (2)		—		—		—		—		117,863			117,863
Total operating expenses		7,931		43,463		4,207		6,727		123,148			185,476
Proportionate property net operating       income (loss)		4,487		92,787		10,110		124		(123,148	)		(15,640	)
Other items included in loss before    income tax benefit (3)		—		—		—		—		(2,910	)		(2,910	)
Income (loss) before income tax benefit	$	4,487	$	92,787	$	10,110	$	124	$	(126,058	)	$	(18,550	)

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments			Consolidated
Year ended December 31, 2020:
Rental and other property revenues	$	1,515	$	130,797	$	12,986	$	6,088	$	65		$	151,451
Property operating expenses		981		41,683		4,148		5,702		9,000			61,514
Other operating expenses not allocated    to segments (2)		—		—		—		—		104,294			104,294
Total operating expenses		981		41,683		4,148		5,702		113,294			165,808
Proportionate property net operating       income (loss)		534		89,114		8,838		386		(113,229	)		(14,357	)
Other items included in loss before    income tax benefit (3)		—		—		—		—		(1,563	)		(1,563	)
Income (loss) before income tax benefit	$	534	$	89,114	$	8,838	$	386	$	(114,792	)	$	(15,920	)

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments			Consolidated
Year ended December 31, 2019
Rental and other property revenues	$	—	$	131,175	$	6,888	$	5,629	$	—		$	143,692
Property operating expenses		—		41,090		1,931		5,202		9,318			57,541
Other operating expenses not allocated    to segments (2)		—		—		—		—		71,092			71,092
Total operating expenses		—		41,090		1,931		5,202		80,410			128,633
Proportionate property net operating       income (loss)		—		90,085		4,957		427		(80,410	)		15,059
Other items included in loss before    income tax benefit (3)		—		—		—		—		(18,247	)		(18,247	)
Income (loss) before income tax benefit	$	—	$	90,085	$	4,957	$	427	$	(98,657	)	$	(3,188	)

(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) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses.

(3) Other items included in income before income tax benefit (expense) consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, 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, 2021 and 2020 were as follows (in thousands):

	Development and Redevelopment			Operating			Other			Total
As of December 31, 2021:
Buildings and improvements	$	277,041		$	783,320		$	196,853		$	1,257,214
Land		82,325			298,459			153,501			534,285
Total real estate		359,366			1,081,779			350,354			1,791,499
Accumulated depreciation		(2,252	)		(517,022	)		(41,841	)		(561,115	)
Net real estate	$	357,114		$	564,757		$	308,513		$	1,230,384
Non-recourse property debt and construction loans, net	$	163,570		$	483,137		$	—		$	646,707
	Development and Redevelopment			Operating			Other			Total
As of December 31, 2020:
Buildings and improvements	$	61,813		$	772,786		$	160,517		$	995,116
Land		56,676			298,459			150,018			505,153
Total real estate		118,489			1,071,245			310,535			1,500,269
Accumulated depreciation		(447	)		(469,873	)		(24,690	)		(495,010	)
Net real estate	$	118,042		$	601,372		$	285,845		$	1,005,259
Non-recourse property debt, net	$	—		$	447,967		$	—		$	447,967