

	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended September 30, 2014:
Rental and other property revenues (3)	$	195,965	$	23,728	$	8,148	$	12,032		$	239,873
Tax credit and asset management revenues	—		—		—		6,970			6,970
Total revenues	195,965		23,728		8,148		19,002			246,843
Property operating expenses (3)	67,646		9,278		2,822		15,428			95,174
Investment management expenses	—		—		—		1,279			1,279
Depreciation and amortization (3)	—		—		—		69,437			69,437
Provision for real estate impairment losses (3)	—		—		—		1,413			1,413
General and administrative expenses	—		—		—		10,665			10,665
Other expenses, net	—		—		—		1,408			1,408
Total operating expenses	67,646		9,278		2,822		99,630			179,376
Net operating income (loss)	128,319		14,450		5,326		(80,628		)	67,467
Other items included in continuing operations	—		—		—		(49,281		)	(49,281		)
Income (loss) from continuing operations	$	128,319	$	14,450	$	5,326	$	(129,909	)	$	18,186



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended September 30, 2013:
Rental and other property revenues (3)	$	181,691	$	23,238	$	7,794	$	23,823		$	236,546
Tax credit and asset management revenues	—		—		—		7,397			7,397
Total revenues	181,691		23,238		7,794		31,220			243,943
Property operating expenses (3)	63,071		9,379		2,760		18,688			93,898
Investment management expenses	—		—		—		373			373
Depreciation and amortization (3)	—		—		—		72,040			72,040
General and administrative expenses	—		—		—		10,962			10,962
Other expenses, net	—		—		—		2,158			2,158
Total operating expenses	63,071		9,379		2,760		104,221			179,431
Net operating income (loss)	118,620		13,859		5,034		(73,001		)	64,512
Other items included in continuing operations	—		—		—		(57,537		)	(57,537		)
Income (loss) from continuing operations	$	118,620	$	13,859	$	5,034	$	(130,538	)	$	6,975



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine Months Ended September 30, 2014:
Rental and other property revenues (3)	$	573,171	$	70,731	$	24,110	$	51,489		$	719,501
Tax credit and asset management revenues	—		—		—		22,684			22,684
Total revenues	573,171		70,731		24,110		74,173			742,185
Property operating expenses (3)	198,977		29,143		7,915		52,781			288,816
Investment management expenses	—		—		—		3,552			3,552
Depreciation and amortization (3)	—		—		—		211,143			211,143
Provision for real estate impairment losses (3)	—		—		—		1,413			1,413
General and administrative expenses	—		—		—		31,322			31,322
Other expenses, net	—		—		—		7,397			7,397
Total operating expenses	198,977		29,143		7,915		307,608			543,643
Net operating income (loss)	374,194		41,588		16,195		(233,435		)	198,542
Other items included in continuing operations	—		—		—		(150,373		)	(150,373		)
Income (loss) from continuing operations	$	374,194	$	41,588	$	16,195	$	(383,808	)	$	48,169



	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Nine Months Ended September 30, 2013:
Rental and other property revenues (3)	$	537,639	$	69,660	$	23,005	$	70,430		$	700,734
Tax credit and asset management revenues	—		—		—		22,458			22,458
Total revenues	537,639		69,660		23,005		92,888			723,192
Property operating expenses (3)	188,812		28,302		8,073		56,877			282,064
Investment management expenses	—		—		—		3,503			3,503
Depreciation and amortization (3)	—		—		—		221,588			221,588
General and administrative expenses	—		—		—		33,894			33,894
Other expenses, net	—		—		—		6,281			6,281
Total operating expenses	188,812		28,302		8,073		322,143			547,330
Net operating income (loss)	348,827		41,358		14,932		(229,255		)	175,862
Other items included in continuing operations	—		—		—		(168,071		)	(168,071		)
Income (loss) from continuing operations	$	348,827	$	41,358	$	14,932	$	(397,326	)	$	7,791

(1)

Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities and the results of consolidated apartment communities 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 nine months ended September 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), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments.