| Schedule of Selected Results of Operations and Asset Information |
The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (multifamily real estate and services, and commercial and other real estate). All properties classified as discontinued operations have been excluded.
Selected results of operations for the years ended December 31, 2023, 2022 and 2021, and selected asset information as of December 31, 2023 and 2022 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands):
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Commercial
& Other Real Estate |
Multifamily
Real Estate & Services (d) |
Corporate
& Other (e) |
Total
Company |
| Total revenues: |
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|
|
| 2023 |
$ |
19,171 |
|
$ |
259,523 |
|
$ |
1,165 |
|
$ |
279,859 |
|
| 2022 |
2,956 |
|
224,733 |
|
5,759 |
|
233,448 |
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| 2021 |
14,936 |
|
171,030 |
|
8,679 |
|
194,645 |
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| Total operating and interest expenses (a): |
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| 2023 |
$ |
14,267 |
|
$ |
103,776 |
|
$ |
187,652 |
|
$ |
305,695 |
|
| 2022 |
(1,089) |
|
114,448 |
|
123,154 |
|
236,513 |
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| 2021 |
2,828 |
|
108,197 |
|
100,584 |
|
211,609 |
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| Equity in earnings (loss) of unconsolidated joint ventures: |
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| 2023 |
$ |
— |
|
$ |
3,102 |
|
$ |
— |
|
$ |
3,102 |
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| 2022 |
— |
|
1,200 |
|
— |
|
1,200 |
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| 2021 |
(111) |
|
(4,139) |
|
— |
|
(4,250) |
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| Net operating income (loss) (b): |
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| 2023 |
$ |
4,904 |
|
$ |
158,849 |
|
$ |
(186,487) |
|
$ |
(22,734) |
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| 2022 |
4,045 |
|
111,485 |
|
(117,395) |
|
(1,865) |
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| 2021 |
11,997 |
|
58,694 |
|
(91,905) |
|
(21,214) |
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| Total assets: |
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| 2023 |
$ |
97,253 |
|
$ |
3,119,602 |
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$ |
24,191 |
|
$ |
3,241,046 |
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| 2022 |
597,459 |
|
3,302,188 |
|
21,121 |
|
3,920,768 |
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| Total long-lived assets (c): |
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| 2023 |
$ |
83,785 |
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$ |
2,929,884 |
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$ |
(1,854) |
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$ |
3,011,815 |
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| 2022 |
547,923 |
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3,101,286 |
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(1,330) |
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3,647,879 |
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| Total investments in unconsolidated joint ventures: |
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| 2023 |
$ |
— |
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$ |
117,954 |
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$ |
— |
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$ |
117,954 |
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| 2022 |
— |
|
126,158 |
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— |
|
126,158 |
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(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income, net. All interest expense, net of interest and other investment income (including for property-level mortgages interests, and interest cost of mandatorily redeemable noncontrolling interests) is included under Corporate & Other for all periods.
(b)Net operating income (loss) represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the periods.
(c)Long-lived assets are comprised of net investment in rental property and unbilled rents receivable.
(d)Segment assets and operations were owned through a consolidated and variable interest entity.
(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, interest cost of mandatorily redeemable noncontrolling interests, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals.
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| Schedule of Reconciliation of Net Operating Income to Net Income Available to Common Shareholders |
The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands):
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Year Ended December 31, |
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2023 |
2022 |
2021 |
| Net operating income |
$ |
(22,734) |
$ |
(1,865) |
$ |
(21,214) |
| Add (deduct): |
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|
|
| Depreciation and amortization (a) |
(93,589) |
|
(85,434) |
|
(68,506) |
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| Land and other impairments, net |
(9,324) |
|
(9,368) |
|
(23,719) |
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| Property impairments |
(32,516) |
|
— |
|
— |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net |
— |
— |
3,023 |
| Gain on disposition of developable land |
7,068 |
57,262 |
2,115 |
| Loss on sale from unconsolidated joint venture interests |
— |
|
— |
(1,886) |
| Loss from extinguishment of debt, net |
(5,606) |
|
(129) |
|
(47,078) |
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| Loss from continuing operations before income tax expense |
(156,701) |
|
(39,534) |
|
(157,265) |
| Provision for income taxes |
(492) |
|
— |
|
— |
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Loss from continuing operations after income tax expense |
(157,193) |
|
(39,534) |
|
(157,265) |
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| Discontinued operations |
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| Income (loss) from discontinued operations |
3,150 |
(64,704) |
22,174 |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
41,682 |
69,353 |
25,552 |
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| Total discontinued operations, net |
44,832 |
4,649 |
47,726 |
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| Net loss |
(112,361) |
|
(34,885) |
|
(109,539) |
| Noncontrolling interests in consolidated joint ventures |
2,319 |
3,079 |
4,595 |
| Noncontrolling interests in Operating Partnership of income from continuing operations |
14,267 |
5,652 |
16,212 |
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| Noncontrolling interests in Operating Partnership of income from discontinued operations |
(3,872) |
|
(378) |
|
(4,333) |
| Redeemable noncontrolling interests |
(7,618) |
|
(25,534) |
|
(25,977) |
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| Net loss available to common shareholders |
$ |
(107,265) |
|
$ |
(52,066) |
|
$ |
(119,042) |
(a) Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million for Corporate & Other, respectively.
The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands):
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Year Ended December 31, |
|
2023 |
2022 |
2021 |
| Net operating income |
$ |
(22,734) |
$ |
(1,865) |
$ |
(21,214) |
| Add (deduct): |
|
|
|
| Depreciation and amortization (a) |
(93,589) |
|
(85,434) |
|
(68,506) |
|
| Land and other impairments, net |
(9,324) |
|
(9,368) |
|
(23,719) |
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| Property impairments |
(32,516) |
|
— |
|
— |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net |
— |
— |
3,023 |
| Gain on disposition of developable land |
7,068 |
57,262 |
2,115 |
| Loss on sale from unconsolidated joint venture interests |
— |
|
— |
(1,886) |
| Loss from extinguishment of debt, net |
(5,606) |
|
(129) |
|
(47,078) |
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| Loss from continuing operations before income tax expense |
(156,701) |
|
(39,534) |
|
(157,265) |
| Provision for income taxes |
(492) |
|
— |
|
— |
|
| Income (loss) from continuing operations after income tax expense |
(157,193) |
|
(39,534) |
|
(157,265) |
|
| Discontinued operations |
|
|
|
| Income (loss) from discontinued operations |
3,150 |
(64,704) |
22,174 |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
41,682 |
69,353 |
25,552 |
|
| Total discontinued operations, net |
44,832 |
4,649 |
47,726 |
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| Net loss |
(112,361) |
|
(34,885) |
|
(109,539) |
| Noncontrolling interests in consolidated joint ventures |
2,319 |
3,079 |
4,595 |
| Redeemable noncontrolling interests |
(7,618) |
|
(25,534) |
|
(25,977) |
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| Net loss available to common unitholders |
$ |
(117,660) |
|
$ |
(57,340) |
|
$ |
(130,921) |
(a) Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million for Corporate & Other, respectively.
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