Business Segments (Tables)

12 Months Ended

Dec. 31, 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 (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 for the years ended December 31, 2020, 2019, and 2018 (in thousands):

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year ended December 31, 2020:
Rental and other property revenues	$	655,853	$	13,194	$	44,370	$	6,139		$	719,556
Property operating expenses		182,967		9,319		31,555		25,195			249,036
Other operating expenses not allocated    to segments (3)		—		—		—		488,461			488,461
Total operating expenses		182,967		9,319		31,555		513,656			737,497
Proportionate property net operating    income (loss)		472,886		3,875		12,815		(507,517	)		(17,941	)
Other items included in income (loss) before    income tax expense (4)		—		—		—		(1,194	)		(1,194	)
Income (loss) from continuing       operations before income tax expense	$	472,886	$	3,875	$	12,815	$	(508,711	)	$	(19,135	)

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year ended December 31, 2019:
Rental and other property revenues	$	689,255	$	13,731	$	27,235	$	40,381		$	770,602
Property operating expenses		184,150		8,614		25,190		43,287			261,241
Other operating expenses not allocated    to segments (3)		—		—		—		383,635			383,635
Total operating expenses		184,150		8,614		25,190		426,922			644,876
Proportionate property net operating    income (loss)		505,105		5,117		2,045		(386,541	)		125,726
Other items included in income (loss) before    income tax expense (4)		—		—		—		363,111			363,111
Income (loss) from continuing       operations before income tax expense	$	505,105	$	5,117	$	2,045	$	(23,430	)	$	488,837

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year ended December 31, 2018:
Rental and other property revenues	$	645,917	$	22,368	$	25,936	$	146,026		$	840,247
Property operating expenses		174,708		9,863		23,842		56,311			264,724
Other operating expenses not allocated    to segments (3)		—		—		—		399,377			399,377
Total operating expenses		174,708		9,863		23,842		455,688			664,101
Proportionate property net operating    income (loss)		471,209		12,505		2,094		(309,662	)		176,146
Other items included in income before    income tax benefit (4)		—		—		—		506,120			506,120
Income from continuing operations       before income tax benefit	$	471,209	$	12,505	$	2,094	$	196,458		$	682,266

(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 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, and the operating results of communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. 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 year ended December 31, 2020.

(3) Includes property operating expenses of partnerships served by our Asset Management business prior to its sale in July 2018, 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 separation costs, gain on dispositions of real estate and the Asset Management business, 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):

	December 31, 2020		December 31, 2019
Same Store	$	4,545,476	$	4,692,491
Other Real Estate		636,296		478,839
Corporate and other assets (1)		1,047,506		715,230
Assets of discontinued operations		—		1,022,696
Total consolidated assets	$	6,229,278	$	6,909,256

(1) Includes the assets not allocated to our segments, primarily corporate assets, assets of apartment communities which were sold or classified as held for sale as of December 31, 2020, and our notes receivable from Aimco.

Capital Additions Related to Segments

For the years ended December 31, 2020, 2019, and 2018, capital additions related to our segments were as follows (in thousands):

	2020		2019		2018
Same Store	$	109,461	$	200,979	$	218,986
Other Real Estate		219,280		162,024		71,079
Total capital additions (1)	$	328,741	$	363,003	$	290,065

(1) Includes amounts related to commercial properties.