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Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments Business Segments
We have two segments: Same Store and Other Real Estate. Our Same Store segment includes communities that are owned and managed by AIR and have reached a stabilized level of operations. Our Other Real Estate segment includes four properties acquired in 2022, four properties previously leased to Aimco, and four properties acquired in 2023.
Our CODM uses proportionate property NOI to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP.
As of December 31, 2023, our Same Store segment included 63 apartment communities with 22,794 apartment homes and our Other Real Estate segment included 12 apartment communities with 3,832 apartment homes.
The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income before income tax expense of our segments on a proportionate basis, excluding amounts related
to communities sold. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of December 31, 2023 (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, 2023:
Total revenues$600,142 $119,587 $85,825 $14,482 $820,036 
Property management and operating expenses
152,898 37,899 44,295 40,740 275,832 
Other operating expenses not allocated to segments (3)— — — 393,976 393,976 
Total operating expenses152,898 37,899 44,295 434,716 669,808 
Proportionate property net operating income (loss)447,244 81,688 41,530 (420,234)150,228 
Other items included in income before income tax expense (4)— — — 541,486 541,486 
Income before income tax expense$447,244 $81,688 $41,530 $121,252 $691,714 
Same
Store		Other
Real Estate		Proportionate
and Other
Adjustments (1)		Corporate and
Amounts Not
Allocated to
Segments (2) 		Consolidated
Year ended December 31, 2022:
Total revenues$556,318 $37,783 $125,800 $53,822 $773,723 
Property management and operating expenses
147,084 12,399 51,350 50,431 261,264 
Other operating expenses not allocated to segments (3)— — — 384,957 384,957 
Total operating expenses147,084 12,399 51,350 435,388 646,221 
Proportionate property net operating income (loss)409,234 25,384 74,450 (381,566)127,502 
Other items included in income before income tax expense (4)— — — 846,471 846,471 
Income before income tax expense
$409,234 $25,384 $74,450 $464,905 $973,973 
Same
Store		Other
Real Estate		Proportionate
and Other
Adjustments (1)		Corporate and
Amounts Not
Allocated to
Segments (2)		Consolidated
Year ended December 31, 2021:
Total revenues$499,896 $— $113,634 $127,323 $740,853 
Property management and operating expenses
140,829 — 48,101 79,171 268,101 
Other operating expenses not allocated to segments (3)— — — 365,547 365,547 
Total operating expenses140,829 — 48,101 444,718 633,648 
Proportionate property net operating income (loss)359,067 — 65,533 (317,395)107,205 
Other items included in income before income tax expense (4)— — — 366,773 366,773 
Income before income tax expense
$359,067 $— $65,533 $49,378 $473,978 
(1)Represents adjustments to: (i) exclude AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) include the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities, which is included in the related consolidated amounts. 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: (i) the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (ii) property management revenues, which are not part of our segment performance measure, property management expenses and casualty gains and
losses, which are included in consolidated property management and operating expenses and are not part of our segment performance measure, and (iii) the depreciation of capitalized costs of non-real estate assets.
(3)Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include write-offs of deferred leasing commissions, which are not included in our measure of segment performance.
(4)Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, impairments of real estate, and derecognition of leased properties, loss from unconsolidated real estate partnerships, and gain on derivative instruments, net.
The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands):
December 31, 2023December 31, 2022
Same Store$4,131,039 $4,610,356 
Other Real Estate1,519,326 1,211,136 
Corporate and other assets (1)484,387 730,391 
Total consolidated assets$6,134,752 $6,551,883 
(1)Includes the assets not allocated to our segments including: (i) corporate assets; (ii) the mezzanine loan investment where the rights and obligations of ownership have been assigned to Aimco; and (iii) properties sold or classified as held for sale.
Capital additions related to our segments were as follows (in thousands):
202320222021
Same Store$134,850 $145,881 $130,207 
Other Real Estate20,724 3,825 — 
Total capital additions$155,574 $149,706 $130,207