The following tables present the revenues, net operating income (loss) and income (loss) from continuing operations 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) for the three and six months ended June 30, 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
Three Months Ended June 30, 2015:
Rental and other property revenues	$	201,437	$	24,158	$	9,320	$	3,722		$	238,637
Tax credit and asset management revenues	—		—		—		6,146			6,146
Total revenues	201,437		24,158		9,320		9,868			244,783
Property operating expenses	65,700		9,103		3,237		9,890			87,930
Investment management expenses	—		—		—		1,086			1,086
Depreciation and amortization	—		—		—		75,150			75,150
General and administrative expenses	—		—		—		12,062			12,062
Other expenses, net	—		—		—		2,912			2,912
Total operating expenses	65,700		9,103		3,237		101,100			179,140
Net operating income (loss)	135,737		15,055		6,083		(91,232		)	65,643
Other items included in continuing operations	—		—		—		(41,736		)	(41,736		)
Income (loss) from continuing operations	$	135,737	$	15,055	$	6,083	$	(132,968	)	$	23,907



	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	$	182,934	$	23,613	$	7,225	$	25,720		$	239,492
Tax credit and asset management revenues	—		—		—		6,926			6,926
Total revenues	182,934		23,613		7,225		32,646			246,418
Property operating expenses	62,153		9,589		1,942		20,816			94,500
Investment management expenses	—		—		—		1,021			1,021
Depreciation and amortization	—		—		—		71,399			71,399
General and administrative expenses	—		—		—		10,119			10,119
Other expenses, net	—		—		—		3,582			3,582
Total operating expenses	62,153		9,589		1,942		106,937			180,621
Net operating income (loss)	120,781		14,024		5,283		(74,291		)	65,797
Other items included in continuing operations	—		—		—		(47,854		)	(47,854		)
Income (loss) from continuing operations	$	120,781	$	14,024	$	5,283	$	(122,145	)	$	17,943



	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, 2015:
Rental and other property revenues	$	398,678	$	48,391	$	18,049	$	11,808		$	476,926
Asset management and tax credit revenues	—		—		—		12,122			12,122
Total revenues	398,678		48,391		18,049		23,930			489,048
Property operating expenses	133,209		19,333		6,843		24,037			183,422
Investment management expenses	—		—		—		2,689			2,689
Depreciation and amortization	—		—		—		149,582			149,582
General and administrative expenses	—		—		—		22,714			22,714
Other expenses, net	—		—		—		3,931			3,931
Total operating expenses	133,209		19,333		6,843		202,953			362,338
Net operating income (loss)	265,469		29,058		11,206		(179,023		)	126,710
Other items included in continuing operations	—		—		—		(84,346		)	(84,346		)
Income (loss) from continuing operations	$	265,469	$	29,058	$	11,206	$	(263,369	)	$	42,364



	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	$	362,199	$	46,993	$	14,362	$	56,074		$	479,628
Asset management and tax credit revenues	—		—		—		15,714			15,714
Total revenues	362,199		46,993		14,362		71,788			495,342
Property operating expenses	125,018		19,856		4,395		44,499			193,768
Investment management expenses	—		—		—		2,273			2,273
Depreciation and amortization	—		—		—		141,706			141,706
General and administrative expenses	—		—		—		20,646			20,646
Other expenses, net	—		—		—		5,874			5,874
Total operating expenses	125,018		19,856		4,395		214,998			364,267
Net operating income (loss)	237,181		27,137		9,967		(143,210		)	131,075
Other items included in continuing operations	—		—		—		(101,092		)	(101,092		)
Income (loss) from continuing operations	$	237,181	$	27,137	$	9,967	$	(244,302	)	$	29,983

(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. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2015 or 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. Proportionate property net operating income, our key measurement of segment profit or loss, also excludes 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 and they are presented within the Corporate and Amounts Not Allocated to Segments column.