Business Segments (Tables)

9 Months Ended

Sep. 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 communities sold or held for sale and our proportionate share of four apartment communities with 142 apartment homes that we neither manage nor consolidate, for the three and nine months ended September 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 September 30, 2020:
Rental and other property revenues	$	171,033	$	12,498	$	17,311	$	12,531	$	2,082		$	215,455
Property operating expenses		49,146		4,919		7,103		9,706		4,055			74,929
Other operating expenses not allocated    to segments (3)		—		—		—		—		126,757			126,757
Total operating expenses		49,146		4,919		7,103		9,706		130,812			201,686
Proportionate property net operating    income (loss)		121,887		7,579		10,208		2,825		(128,730	)		13,769
Other items included in income before    income tax benefit (4)		—		—		—		—		(40,331	)		(40,331	)
Income (loss) before income tax benefit	$	121,887	$	7,579	$	10,208	$	2,825	$	(169,061	)	$	(26,562	)

	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 September 30, 2019:
Rental and other property revenues	$	183,552	$	11,131	$	18,670	$	8,390	$	8,084		$	229,827
Property operating expenses		50,424		4,484		6,862		7,790		7,924			77,484
Other operating expenses not allocated    to segments (3)		—		—		—		—		113,716			113,716
Total operating expenses		50,424		4,484		6,862		7,790		121,640			191,200
Proportionate property net operating    income (loss)		133,128		6,647		11,808		600		(113,556	)		38,627
Other items included in income before    income tax benefit (4)		—		—		—		—		(37,753	)		(37,753	)
Income (loss) before income tax benefit	$	133,128	$	6,647	$	11,808	$	600	$	(151,309	)	$	874

	Same Store		Redevelopment and Development		Acquisition and Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine months ended September 30, 2020:
Rental and other property revenues	$	534,395	$	36,001	$	53,485	$	29,668	$	5,266		$	658,815
Property operating expenses		145,259		14,636		20,045		25,617		18,975			224,532
Other operating expenses not allocated    to segments (3)		—		—		—		—		352,912			352,912
Total operating expenses		145,259		14,636		20,045		25,617		371,887			577,444
Proportionate property net operating    income (loss)		389,136		21,365		33,440		4,051		(366,621	)		81,371
Other items included in income before    income tax benefit (4)		—		—		—		—		(61,864	)		(61,864	)
Income (loss) before income tax benefit	$	389,136	$	21,365	$	33,440	$	4,051	$	(428,485	)	$	19,507

	Same Store		Redevelopment and Development		Acquisition and Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine months ended September 30, 2019:
Rental and other property revenues	$	542,624	$	37,839	$	46,881	$	24,389	$	32,529		$	684,262
Property operating expenses		146,895		14,736		17,403		22,704		30,352			232,090
Other operating expenses not allocated    to segments (3)		—		—		—		—		332,027			332,027
Total operating expenses		146,895		14,736		17,403		22,704		362,379			564,117
Proportionate property net operating    income (loss)		395,729		23,103		29,478		1,685		(329,850	)		120,145
Other items included in income before    income tax benefit (4)		—		—		—		—		243,174			243,174
Income (loss) before income tax benefit	$	395,729	$	23,103	$	29,478	$	1,685	$	(86,676	)	$	363,319

(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 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 dispositions of real estate, mezzanine investment income, income from unconsolidated communities, 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):

	September 30, 2020		December 31, 2019
Same Store	$	4,491,989	$	4,618,108
Redevelopment and Development		859,214		716,750
Acquisition and Other Real Estate		881,824		803,777
Corporate and other assets (1)		809,102		690,104
Total consolidated assets	$	7,042,129	$	6,828,739

(1) Includes the assets not allocated to our segments, primarily corporate assets, our mezzanine investment, and assets of communities sold or held for sale as of September 30, 2020.

Capital Additions Related to Segments

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

	2020		2019
Same Store	$	73,681	$	130,967
Redevelopment and Development		168,247		144,210
Acquisition and Other Real Estate		18,796		25,160
Total capital additions	$	260,724	$	300,337