Business Segments (Tables)

9 Months Ended

Sep. 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 September 30, 2021:
Total revenues	$	162,535	$	5,456	$	21,647	$	2,139		$	191,777
Property operating expenses		44,901		2,920		11,643		14,461			73,925
Other operating expenses not allocated to segments (3)		—		—		—		90,812			90,812
Total operating expenses		44,901		2,920		11,643		105,273			164,737
Proportionate property net operating income (loss)		117,634		2,536		10,004		(103,134	)		27,040
Other items included in income before income tax benefit (expense) (4)		—		—		—		(16,644	)		(16,644	)
Income (loss) from continuing operations before income tax benefit (expense)	$	117,634	$	2,536	$	10,004	$	(119,778	)	$	10,396

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine months ended September 30, 2021:
Total revenues	$	469,686	$	8,255	$	61,787	$	6,795		$	546,523
Property operating expenses		133,983		5,191		32,974		31,152			203,300
Other operating expenses not allocated to segments (3)		—		—		—		256,909			256,909
Total operating expenses		133,983		5,191		32,974		288,061			460,209
Proportionate property net operating income (loss)		335,703		3,064		28,813		(281,266	)		86,314
Other items included in income before income tax benefit (expense) (4)		—		—		—		(5,445	)		(5,445	)
Income (loss) from continuing operations before income tax benefit (expense)	$	335,703	$	3,064	$	28,813	$	(286,711	)	$	80,869

	Same Store		Other Real Estate			Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended September 30, 2020:
Total revenues	$	163,003	$	1,106		$	11,026	$	2,988		$	178,123
Property operating expenses		47,732		1,242			8,311		8,134			65,419
Other operating expenses not allocated to segments (3)		—		—			—		104,432			104,432
Total operating expenses		47,732		1,242			8,311		112,566			169,851
Proportionate property net operating income (loss)		115,271		(136	)		2,715		(109,578	)		8,272
Other items included in income before income tax benefit (expense) (4)		—		—			—		(35,246	)		(35,246	)
Income (loss) from continuing operations before income tax benefit (expense)	$	115,271	$	(136	)	$	2,715	$	(144,824	)	$	(26,974	)

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine months ended September 30, 2020:
Total revenues	$	510,151	$	4,274	$	24,986	$	6,398		$	545,809
Property operating expenses		140,115		3,400		21,302		30,523			195,340
Other operating expenses not allocated to segments (3)		—		—		—		285,529			285,529
Total operating expenses		140,115		3,400		21,302		316,052			480,869
Proportionate property net operating income (loss)		370,036		874		3,684		(309,654	)		64,940
Other items included in income before income tax benefit (expense) (4)		—		—		—		(49,021	)		(49,021	)
Income (loss) from continuing operations before income tax benefit (expense)	$	370,036	$	874	$	3,684	$	(358,675	)	$	15,919

(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 and nine months ended September 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):

	September 30, 2021		December 31, 2020
Same Store	$	4,630,357	$	4,664,291
Other Real Estate		285,298		82,010
Corporate and other assets (1)		1,518,854		1,482,977
Total consolidated assets	$	6,434,509	$	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 September 30, 2021.

Capital Additions Related to Segments

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

	Nine Months Ended September 30,
	2021		2020
Same Store	$	116,745	$	90,838
Other Real Estate (1)		9,583		135,389
Total capital additions	$	126,328	$	226,227

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