| Schedule 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 June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | Real Estate Operations | | Corporate and Other (1) | | Consolidated | Three Months Ended June 30, 2025: | | | | | | | Total revenues | $ | 195,360 | | | $ | 5,117 | | | $ | 200,477 | | Property management and operating expenses | 67,688 | | | 2,426 | | | 70,114 | | | Other operating expenses not allocated to segments (2) | — | | | 94,918 | | | 94,918 | | | Total operating expenses | 67,688 | | | 97,344 | | | 165,032 | | | Proportionate property net operating income (loss) | 127,672 | | | (92,227) | | | 35,445 | | | Other items included in income (loss) before income tax expense (3) | — | | | 44,859 | | | 44,859 | | Income (loss) before income tax expense | $ | 127,672 | | | $ | (47,368) | | | $ | 80,304 | |
| | | | | | | | | | | | | | | | | | | Real Estate Operations | | Corporate and Other (1) | | Consolidated | Six Months Ended June 30, 2025: | | | | | | | Total revenues | $ | 391,263 | | | $ | 12,686 | | | $ | 403,949 | | Property management and operating expenses | 130,929 | | | 9,739 | | | 140,668 | | | Other operating expenses not allocated to segments (2) | — | | | 188,557 | | | 188,557 | | | Total operating expenses | 130,929 | | | 198,296 | | | 329,225 | | | Proportionate property net operating income (loss) | 260,334 | | | (185,610) | | | 74,724 | | | Other items included in income (loss) before income tax expense (3) | — | | | 45,762 | | | 45,762 | | Income (loss) before income tax expense | $ | 260,334 | | | $ | (139,848) | | | $ | 120,486 | |
| | | | | | | | | | | | | | | | | | | Real Estate Operations | | Corporate and Other (1) | | Consolidated | Three Months Ended June 30, 2024: | | | | | | | Total revenues | $ | 189,441 | | | $ | 10,932 | | | $ | 200,373 | | Property management and operating expenses | 64,618 | | | 2,982 | | | 67,600 | | | Other operating expenses not allocated to segments (2) | — | | | 98,484 | | | 98,484 | | | Total operating expenses | 64,618 | | | 101,466 | | | 166,084 | | | Proportionate property net operating income (loss) | 124,823 | | | (90,534) | | | 34,289 | | | Other items included in income (loss) before income tax expense (3) | — | | | (215,955) | | | (215,955) | | Income (loss) before income tax expense | $ | 124,823 | | | $ | (306,489) | | | $ | (181,666) | |
| | | | | | | | | | | | | | | | | | | Real Estate Operations | | Corporate and Other (1) | | Consolidated | Six Months Ended June 30, 2024: | | | | | | | Total revenues | $ | 376,148 | | | $ | 19,847 | | | $ | 395,995 | | Property management and operating expenses | 128,199 | | | 7,085 | | | 135,284 | | | Other operating expenses not allocated to segments (2) | — | | | 196,675 | | | 196,675 | | | Total operating expenses | 128,199 | | | 203,760 | | | 331,959 | | | Proportionate property net operating income (loss) | 247,949 | | | (183,913) | | | 64,036 | | | Other items included in income (loss) before income tax expense (3) | — | | | (249,661) | | | (249,661) | | Income (loss) before income tax expense | $ | 247,949 | | | $ | (433,574) | | | $ | (185,625) | |
(1)Represents adjustments to: (i) exclude our proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, (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, (iii) include non-cash adjustments and reclassify certain amounts between line items, (iv) include the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (v) include 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 (vi) include the depreciation of capitalized costs of non-real estate assets. (2)Includes depreciation and amortization, general and administrative expenses, and other expenses, net. (3)Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, net, loss from unconsolidated real estate partnerships, (loss) gain on derivative instruments, net, and merger-related costs.
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| Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
The following table presents total property management and operating expenses, by type, that has been allocated to our segment on a proportionate basis. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025: | | Six months ended June 30, 2025: | | Three months ended June 30, 2024: | | Six months ended June 30, 2024: | | Real Estate Operations | | Real Estate Operations | | Real Estate Operations | | Real Estate Operations | | Operating expenses (1) | $ | 34,045 | | | $ | 64,612 | | | $ | 32,838 | | | $ | 63,047 | | Property management expense | 5,552 | | | 10,861 | | | 5,679 | | | 12,776 | | Real estate taxes | 21,342 | | | 42,021 | | | 20,046 | | | 40,369 | | Insurance | 5,068 | | | 10,073 | | | 4,401 | | | 8,719 | | Ground lease expense | 1,681 | | | 3,362 | | | 1,654 | | | 3,288 | | Property management and operating expenses | $ | 67,688 | | | $ | 130,929 | | | $ | 64,618 | | | $ | 128,199 | |
(1)Includes onsite payroll, repairs and maintenance, software and technology expenses, marketing, expensed turnover costs, utility expenses, and other property related operating expenses.
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