

	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2014:
Rental and other property revenues (3)	$	201,598	$	24,318	$	8,832	$	4,744		$	239,492
Tax credit and asset management revenues	—		—		—		6,926			6,926
Total revenues	201,598		24,318		8,832		11,670			246,418
Property operating expenses (3)	69,800		9,870		2,610		12,158			94,438
Investment management expenses	—		—		—		1,021			1,021
Depreciation and amortization (3)	—		—		—		71,399			71,399
General and administrative expenses	—		—		—		10,125			10,125
Other expense, net	—		—		—		3,638			3,638
Total operating expenses	69,800		9,870		2,610		98,341			180,621
Net operating income (loss)	131,798		14,448		6,222		(86,671		)	65,797
Other items included in continuing operations	—		—		—		(47,854		)	(47,854		)
Income (loss) from continuing operations	$	131,798	$	14,448	$	6,222	$	(134,525	)	$	17,943



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2013:
Rental and other property revenues (3)	$	190,301	$	23,972	$	8,419	$	11,244		$	233,936
Tax credit and asset management revenues	—		—		—		7,809			7,809
Total revenues	190,301		23,972		8,419		19,053			241,745
Property operating expenses (3)	67,884		9,560		3,002		13,852			94,298
Investment management expenses	—		—		—		1,697			1,697
Depreciation and amortization (3)	—		—		—		73,833			73,833
General and administrative expenses	—		—		—		11,153			11,153
Other expense, net	—		—		—		2,052			2,052
Total operating expenses	67,884		9,560		3,002		102,587			183,033
Net operating income (loss)	122,417		14,412		5,417		(83,534		)	58,712
Other items included in continuing operations	—		—		—		(56,235		)	(56,235		)
Income (loss) from continuing operations	$	122,417	$	14,412	$	5,417	$	(139,769	)	$	2,477



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2014:
Rental and other property revenues (3)	$	399,260	$	48,419	$	17,552	$	14,397		$	479,628
Tax credit and asset management revenues	—		—		—		15,714			15,714
Total revenues	399,260		48,419		17,552		30,111			495,342
Property operating expenses (3)	140,374		20,414		5,773		27,082			193,643
Investment management expenses	—		—		—		2,273			2,273
Depreciation and amortization (3)	—		—		—		141,706			141,706
General and administrative expenses	—		—		—		20,657			20,657
Other expense, net	—		—		—		5,988			5,988
Total operating expenses	140,374		20,414		5,773		197,706			364,267
Net operating income (loss)	258,886		28,005		11,779		(167,595		)	131,075
Other items included in continuing operations	—		—		—		(101,092		)	(101,092		)
Income (loss) from continuing operations	$	258,886	$	28,005	$	11,779	$	(268,687	)	$	29,983



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2013:
Rental and other property revenues (3)	$	377,174	$	47,822	$	16,757	$	22,435		$	464,188
Tax credit and asset management revenues	—		—		—		15,061			15,061
Total revenues	377,174		47,822		16,757		37,496			479,249
Property operating expenses (3)	134,950		19,465		5,944		27,807			188,166
Investment management expenses	—		—		—		3,130			3,130
Depreciation and amortization (3)	—		—		—		149,548			149,548
General and administrative expenses	—		—		—		22,932			22,932
Other expense, net	—		—		—		4,121			4,121
Total operating expenses	134,950		19,465		5,944		207,538			367,897
Net operating income (loss)	242,224		28,357		10,813		(170,042		)	111,352
Other items included in continuing operations	—		—		—		(110,537		)	(110,537		)
Income (loss) from continuing operations	$	242,224	$	28,357	$	10,813	$	(280,579	)	$	815

(1)

Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties and the results of consolidated properties that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts.

(2)

Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. As discussed in Note 3, effective January 1, 2014, we adopted ASU 2014-08, which revised the definition of a discontinued operation. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. The operating results for the three and six months ended June 30, 2013, for apartment communities sold through December 31, 2013, are presented within discontinued operations and are accordingly excluded from the segment presentation above.


(3)	Proportionate property net operating income, our key measurement of segment profit or loss excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments.