Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Summary of Information for Reportable Segments

The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) from continuing operations before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations (in thousands):

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended June 30, 2021:
Total revenues	$	154,154	$	2,395	$	20,172	$	1,612		$	178,333
Property operating expenses		45,133		1,355		10,822		7,448			64,758
Other operating expenses not allocated to segments (3)		—		—		—		83,527			83,527
Total operating expenses		45,133		1,355		10,822		90,975			148,285
Proportionate property net operating income (loss)		109,021		1,040		9,350		(89,363	)		30,048
Other items included in income before income tax benefit (expense) (4)		—		—		—		(51,770	)		(51,770	)
Income (loss) from continuing operations before income tax benefit (expense)	$	109,021	$	1,040	$	9,350	$	(141,133	)	$	(21,722	)

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six months ended June 30, 2021:
Total revenues	$	307,151	$	4,106	$	40,190	$	3,299		$	354,746
Property operating expenses		89,082		2,570		21,381		16,342			129,375
Other operating expenses not allocated to segments (3)		—		—		—		166,097			166,097
Total operating expenses		89,082		2,570		21,381		182,439			295,472
Proportionate property net operating income (loss)		218,069		1,536		18,809		(179,140	)		59,274
Other items included in income before income tax benefit (expense) (4)		—		—		—		11,199			11,199
Income (loss) from continuing operations before income tax benefit (expense)	$	218,069	$	1,536	$	18,809	$	(167,941	)	$	70,473

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended June 30, 2020:
Total revenues	$	170,392	$	1,515	$	6,985	$	2,751		$	181,643
Property operating expenses		46,398		1,144		6,510		9,907			63,959
Other operating expenses not allocated to segments (3)		—		—		—		90,671			90,671
Total operating expenses		46,398		1,144		6,510		100,578			154,630
Proportionate property net operating income (loss)		123,994		371		475		(97,827	)		27,013
Other items included in income before income tax benefit (expense) (4)		—		—		—		12,282			12,282
Income (loss) from continuing operations before income tax benefit (expense)	$	123,994	$	371	$	475	$	(85,545	)	$	39,295

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six months ended June 30, 2020:
Total revenues	$	347,148	$	3,230	$	13,960	$	3,348		$	367,686
Property operating expenses		92,383		2,301		12,984		22,253			129,921
Other operating expenses not allocated to segments (3)		—		—		—		181,097			181,097
Total operating expenses		92,383		2,301		12,984		203,350			311,018
Proportionate property net operating income (loss)		254,765		929		976		(200,002	)		56,668
Other items included in income before income tax benefit (expense) (4)		—		—		—		(13,775	)		(13,775	)
Income (loss) from continuing operations before income tax benefit (expense)	$	254,765	$	929	$	976	$	(213,777	)	$	42,893

(1)Represents adjustments for the 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 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. Also includes property management revenues, which are not part of our segment performance measure and 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. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the three months and six months ended June 30, 2020.

(3)Includes depreciation and amortization, general and administrative expenses, and other operating expenses, which may include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance.

(4)Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the properties leased to Aimco, 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):

	June 30, 2021		December 31, 2020
Same Store	$	4,591,399	$	4,664,291
Other Real Estate		329,192		123,371
Corporate and other assets (1)		1,509,241		1,441,616
Total consolidated assets	$	6,429,832	$	6,229,278

(1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our notes receivable from Aimco; (iii) our mezzanine loan investment; and (iv) assets of apartment communities which were leased to Aimco, sold, or classified as held for sale as of June 30, 2021.

Capital Additions Related to Segments

Capital additions related to our segments were as follows (in thousands):

	Six Months Ended June 30,
	2021		2020
Same Store	$	61,067	$	61,079
Other Real Estate		580		106,593
Total capital additions	$	61,647	$	167,672

(1)For the six months ended June 30, 2021, Other Real Estate does not include capital additions related to properties leased to Aimco for redevelopment and development.