Business Segments - (Tables)

12 Months Ended

Dec. 31, 2016

Summary information for the reportable segments

The following tables present the revenues, net operating income and income before gain on dispositions of our conventional and affordable real estate operations segments on a proportionate basis (excluding amounts related to apartment communities sold or classified as held for sale as of December 31, 2016) for the years ended December 31, 2016, 2015 and 2014 (in thousands):



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year Ended December 31, 2016:
Rental and other property revenues	$	804,335	$	100,745	$	29,250	$	40,201		$	974,531
Tax credit and asset management revenues	—		—		—		21,323			21,323
Total revenues	804,335		100,745		29,250		61,524			995,854
Property operating expenses	257,939		38,644		8,517		47,327			352,427
Investment management expenses	—		—		—		4,333			4,333
Depreciation and amortization	—		—		—		333,066			333,066
General and administrative expenses	—		—		—		44,937			44,937
Other expenses, net	—		—		—		14,295			14,295
Total operating expenses	257,939		38,644		8,517		443,958			749,058
Net operating income	546,396		62,101		20,733		(382,434		)	246,796
Other items included in income before gain on dispositions (3)	—		—		—		(157,313		)	(157,313		)
Income before gain on dispositions	$	546,396	$	62,101	$	20,733	$	(539,747	)	$	89,483



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year Ended December 31, 2015:
Rental and other property revenues	$	752,141	$	93,433	$	29,602	$	81,778		$	956,954
Tax credit and asset management revenues	—		—		—		24,356			24,356
Total revenues	752,141		93,433		29,602		106,134			981,310
Property operating expenses	246,557		37,445		9,076		66,315			359,393
Investment management expenses	—		—		—		5,855			5,855
Depreciation and amortization	—		—		—		306,301			306,301
General and administrative expenses	—		—		—		43,178			43,178
Other expenses, net	—		—		—		10,368			10,368
Total operating expenses	246,557		37,445		9,076		432,017			725,095
Net operating income	505,584		55,988		20,526		(325,883		)	256,215
Other items included in income before gain on dispositions (3)	—		—		—		(164,825		)	(164,825		)
Income before gain on dispositions	$	505,584	$	55,988	$	20,526	$	(490,708	)	$	91,390



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Year Ended December 31, 2014:
Rental and other property revenues	$	683,791	$	91,549	$	28,228	$	149,263		$	952,831
Tax credit and asset management revenues	—		—		—		31,532			31,532
Total revenues	683,791		91,549		28,228		180,795			984,363
Property operating expenses	228,385		37,123		8,329		99,817			373,654
Investment management expenses	—		—		—		7,310			7,310
Depreciation and amortization	—		—		—		282,608			282,608
General and administrative expenses	—		—		—		44,092			44,092
Other expenses, net	—		—		—		14,349			14,349
Total operating expenses	228,385		37,123		8,329		448,176			722,013
Net operating income	455,406		54,426		19,899		(267,381		)	262,350
Other items included in income before gain on dispositions (3)	—		—		—		(194,875		)	(194,875		)
Income before gain on dispositions	$	455,406	$	54,426	$	19,899	$	(462,256	)	$	67,475


(1)	Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities which are excluded from proportionate property net operating income for our segment evaluation, but included in the related consolidated amounts.

(2)

Includes operating results for consolidated communities that we do not manage and operating results for apartment communities sold or classified as held for sale during 2016, 2015 or 2014. Corporate and Amounts Not Allocated to Segments also includes property management revenues (which are included in consolidated rental and other property revenues), property management expenses and casualty gains and losses (which are included in consolidated property operating expenses) and depreciation and amortization, which are not part of our segment performance.


(3)	Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit.

Assets of reportable segments

The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands):



	December 31,
	2016		2015
Conventional	$	5,374,999	$	4,981,915
Affordable	399,188		418,924
Proportionate adjustments (1)	172,831		174,645
Corporate and other assets (2)	285,800		543,197
Total consolidated assets	$	6,232,818	$	6,118,681


(1)	Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition.


(2)	Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. Accordingly, assets related to apartment communities sold or classified as held for sale during the periods are included within Corporate and other assets for comparative periods presented.