Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Summary of Information for Reportable Segments

The following tables present the rental and other property revenues, property operating expenses, proportionate property net operating income, and income before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to sold communities and our proportionate share of four apartment communities with 142 apartment homes that we neither manage nor consolidate, for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Same Store		Redevelopment and Development		Acquisition and Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended June 30, 2020:
Rental and other property revenues	$	180,779	$	11,589	$	17,415	$	8,519	$	506		$	218,808
Property operating expenses		48,720		4,912		6,485		7,931		6,075			74,123
Other operating expenses not allocated    to segments (3)		—		—		—		—		112,745			112,745
Total operating expenses		48,720		4,912		6,485		7,931		118,820			186,868
Proportionate property net operating    income (loss)		132,059		6,677		10,930		588		(118,314	)		31,940
Other items included in income before    income tax benefit (4)		—		—		—		—		8,385			8,385
Income before income tax benefit	$	132,059	$	6,677	$	10,930	$	588	$	(109,929	)	$	40,325

	Same Store		Redevelopment and Development		Acquisition and Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three months ended June 30, 2019:
Rental and other property revenues	$	182,816	$	12,695	$	14,097	$	7,905	$	6,687		$	224,200
Property operating expenses		48,893		4,990		5,431		7,378		8,955			75,647
Other operating expenses not allocated    to segments (3)		—		—		—		—		108,449			108,449
Total operating expenses		48,893		4,990		5,431		7,378		117,404			184,096
Proportionate property net operating    income (loss)		133,923		7,705		8,666		527		(110,717	)		40,104
Other items included in income before    income tax benefit (4)		—		—		—		—		28,065			28,065
Income before income tax benefit	$	133,923	$	7,705	$	8,666	$	527	$	(82,652	)	$	68,169

	Same Store		Redevelopment and Development		Acquisition and Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six months ended June 30, 2020:
Rental and other property revenues	$	367,564	$	23,502	$	36,174	$	17,215	$	(1,095	)	$	443,360
Property operating expenses		97,154		9,599		13,061		15,989		13,800			149,603
Other operating expenses not allocated    to segments (3)		—		—		—		—		226,155			226,155
Total operating expenses		97,154		9,599		13,061		15,989		239,955			375,758
Proportionate property net operating    income (loss)		270,410		13,903		23,113		1,226		(241,050	)		67,602
Other items included in income before    income tax benefit (4)		—		—		—		—		(21,533	)		(21,533	)
Income before income tax benefit	$	270,410	$	13,903	$	23,113	$	1,226	$	(262,583	)	$	46,069

	Same Store		Redevelopment and Development		Acquisition and Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six months ended June 30, 2019:
Rental and other property revenues	$	363,187	$	26,708	$	28,210	$	16,068	$	20,262		$	454,435
Property operating expenses		97,519		10,245		10,547		14,983		21,312			154,606
Other operating expenses not allocated    to segments (3)		—		—		—		—		218,311			218,311
Total operating expenses		97,519		10,245		10,547		14,983		239,623			372,917
Proportionate property net operating    income (loss)		265,668		16,463		17,663		1,085		(219,361	)		81,518
Other items included in income before    income tax expense (4)		—		—		—		—		280,927			280,927
Income before income tax expense	$	265,668	$	16,463	$	17,663	$	1,085	$	61,566		$	362,445

(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 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 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 dispositions of real estate, mezzanine investment income, interest income, 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, 2020		December 31, 2019
Same Store	$	4,592,960	$	4,669,022
Redevelopment and Development		826,200		716,750
Acquisition and Other Real Estate		795,039		803,777
Corporate and other assets (1)		906,948		639,190
Total consolidated assets	$	7,121,147	$	6,828,739

(1) Includes the assets not allocated to our segments, primarily corporate assets, our mezzanine investment, and assets of sold apartment communities.

Capital Additions Related to Segments

For the six months ended June 30, 2020 and 2019, capital additions related to our segments were as follows (in thousands):

	2020		2019
Same Store	$	51,608	$	85,280
Redevelopment and Development		115,140		78,089
Acquisition and Other Real Estate		12,376		14,433
Total capital additions	$	179,124	$	177,802