Business Segments (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Summary information for the reportable segments

The following tables present the revenues, net operating income and income before gain on dispositions of our Real Estate segment on a proportionate basis (excluding amounts related to apartment communities sold) for the three and nine months ended September 30, 2017 and 2016 (in thousands):

	Real Estate		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Reportable Segment (2)			Consolidated
Three Months Ended September 30, 2017
Rental and other property revenues attributable to Real Estate	$	230,008	$	1,170	$	2,530		$	233,708
Rental and other property revenues of partnerships served by Asset Management business	—		—		18,232			18,232
Tax credit and transaction revenues	—		—		2,695			2,695
Total revenues	230,008		1,170		23,457			254,635
Property operating expenses attributable to Real Estate	71,346		410		9,423			81,179
Property operating expenses of partnerships served by Asset Management business	—		—		8,865			8,865
Other operating expenses not allocated to reportable segment (3)	—		—		105,386			105,386
Total operating expenses	71,346		410		123,674			195,430
Net operating income	158,662		760		(100,217		)	59,205
Other items included in income before gain on dispositions (4)	—		—		(36,828		)	(36,828		)
Income before gain on dispositions	$	158,662	$	760	$	(137,045	)	$	22,377

	Real Estate		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Reportable Segment (2)			Consolidated
Three Months Ended September 30, 2016
Rental and other property revenues attributable to Real Estate	$	210,775	$	7,457	$	7,670		$	225,902
Rental and other property revenues of partnerships served by Asset Management business	—		—		18,213			18,213
Tax credit and transaction revenues	—		—		4,789			4,789
Total revenues	210,775		7,457		30,672			248,904
Property operating expenses attributable to Real Estate	68,933		2,307		11,516			82,756
Property operating expenses of partnerships served by Asset Management business	—		—		9,410			9,410
Other operating expenses not allocated to reportable segment (3)	—		—		98,006			98,006
Total operating expenses	68,933		2,307		118,932			190,172
Net operating income	141,842		5,150		(88,260		)	58,732
Other items included in income before gain on dispositions (4)	—		—		(43,194		)	(43,194		)
Income before gain on dispositions	$	141,842	$	5,150	$	(131,454	)	$	15,538

	Real Estate		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Reportable Segment (2)			Consolidated
Nine Months Ended September 30, 2017
Rental and other property revenues attributable to Real Estate	$	666,120	$	15,666	$	4,853		$	686,639
Rental and other property revenues of partnerships served by Asset Management business	—		—		55,327			55,327
Tax credit and transaction revenues	—		—		8,242			8,242
Total revenues	666,120		15,666		68,422			750,208
Property operating expenses attributable to Real Estate	209,197		4,978		25,644			239,819
Property operating expenses of partnerships served by Asset Management business	—		—		26,445			26,445
Other operating expenses not allocated to reportable segment (3)	—		—		307,244			307,244
Total operating expenses	209,197		4,978		359,333			573,508
Net operating income	456,923		10,688		(290,911		)	176,700
Other items included in income before gain on dispositions (4)	—		—		(116,691		)	(116,691		)
Income before gain on dispositions	$	456,923	$	10,688	$	(407,602	)	$	60,009

	Real Estate		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Reportable Segment (2)			Consolidated
Nine Months Ended September 30, 2016
Rental and other property revenues attributable to Real Estate	$	618,122	$	22,479	$	31,633		$	672,234
Rental and other property revenues of partnerships served by Asset Management business	—		—		56,233			56,233
Tax credit and transaction revenues	—		—		17,894			17,894
Total revenues	618,122		22,479		105,760			746,361
Property operating expenses attributable to Real Estate	200,874		6,531		34,531			241,936
Property operating expenses of partnerships served by Asset Management business	—		—		28,199			28,199
Other operating expenses not allocated to reportable segment (3)	—		—		289,524			289,524
Total operating expenses	200,874		6,531		352,254			559,659
Net operating income	417,248		15,948		(246,494		)	186,702
Other items included in income before gain on dispositions (4)	—		—		(118,054		)	(118,054		)
Income before gain on dispositions	$	417,248	$	15,948	$	(364,548	)	$	68,648

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

(2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business. Corporate and Amounts Not Allocated to Reportable Segment 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 measure.

(3) Other operating expenses not allocated to reportable segment consists of depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance.

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

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

The assets of our reportable segment and the consolidated assets not allocated to our segment are as follows (in thousands):

	September 30, 2017		December 31, 2016
Real Estate	$	5,593,795	$	5,545,693
Corporate and other assets (1)	575,543		687,125
Total consolidated assets	$	6,169,338	$	6,232,818

(1) Includes the assets of consolidated partnerships served by the Asset Management business and apartment communities sold as of September 30, 2017.