Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Information for Reportable Segments

To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of March 31, 2024 (in thousands):

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)		Consolidated
Three Months Ended March 31, 2024:
Total revenues	$	169,216	$	17,673	$	5,649	$	3,084	$	195,622
Property management and operating expenses	43,775		6,493		7,088		10,383		67,739
Other operating expenses not allocated to segments (3)	—		—		—		101,336		101,336
Total operating expenses	43,775		6,493		7,088		111,719		169,075
Proportionate property net operating income (loss)	125,441		11,180		(1,439)		(108,635)		26,547
Other items included in income before income tax expense (4)	—		—		—		(30,506)		(30,506)
Income (loss) before income tax expense	$	125,441	$	11,180	$	(1,439)	$	(139,141)	$	(3,959)

	Same Store		Other Real Estate		Proportionate and Other Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)		Consolidated
Three Months Ended March 31, 2023:
Total revenues	$	162,244	$	12,178	$	33,775	$	3,796	$	211,993
Property management and operating expenses	44,239		4,544		13,936		12,734		75,453
Other operating expenses not allocated to segments (3)	—		—		—		106,506		106,506
Total operating expenses	44,239		4,544		13,936		119,240		181,959
Proportionate property net operating income (loss)	118,005		7,634		19,839		(115,444)		30,034
Other items included in income before income tax expense (4)	—		—		—		(39,843)		(39,843)
Income (loss) before income tax expense	$	118,005	$	7,634	$	19,839	$	(155,287)	$	(9,809)

(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 condensed 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, provision for impairment loss, loss from unconsolidated real estate partnerships, and gain on derivative instruments, net.

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):

	March 31, 2024		December 31, 2023
Same Store	$	4,857,984	$	4,841,335
Other Real Estate	860,316		779,456
Corporate and other assets (1)	480,006		513,961
Total consolidated assets	$	6,198,306	$	6,134,752

(1)Includes the assets not allocated to our segments including: (i) corporate asset and (ii) properties sold or classified as held for sale.

Capital Additions Related to Segments

For the three months ended March 31, 2024 and 2023, capital additions related to our segments were as follows (in thousands):

	2024		2023
Same Store	$	23,952	$	30,480
Other Real Estate	3,470		2,931
Total capital additions	$	27,422	$	33,411