Business Segments (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Summary information for the reportable segments

	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2016:
Rental and other property revenues (3)	$	207,729	$	24,910	$	8,822	$	20		$	241,481
Tax credit and asset management revenues	—		—		—		4,758			4,758
Total revenues	207,729		24,910		8,822		4,778			246,239
Property operating expenses (3)	67,446		10,070		2,907		7,974			88,397
Investment management expenses	—		—		—		975			975
Depreciation and amortization (3)	—		—		—		79,828			79,828
General and administrative expenses	—		—		—		11,935			11,935
Other expenses, net	—		—		—		1,570			1,570
Total operating expenses	67,446		10,070		2,907		102,282			182,705
Net operating income	140,283		14,840		5,915		(97,504		)	63,534
Other items included in income before gain on dispositions (4)	—		—		—		(39,836		)	(39,836		)
Income before gain on dispositions	$	140,283	$	14,840	$	5,915	$	(137,340	)	$	23,698

	Conventional Real Estate Operations		Affordable Real Estate Operations		Proportionate Adjustments (1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended March 31, 2015:
Rental and other property revenues (3)	$	194,204	$	24,232	$	8,397	$	11,456		$	238,289
Tax credit and asset management revenues	—		—		—		5,976			5,976
Total revenues	194,204		24,232		8,397		17,432			244,265
Property operating expenses (3)	66,283		10,230		3,604		15,375			95,492
Investment management expenses	—		—		—		1,603			1,603
Depreciation and amortization (3)	—		—		—		74,432			74,432
General and administrative expenses	—		—		—		10,652			10,652
Other expenses, net	—		—		—		1,019			1,019
Total operating expenses	66,283		10,230		3,604		103,081			183,198
Net operating income	127,921		14,002		4,793		(85,649		)	61,067
Other items included in income before gain on dispositions (4)	—		—		—		(42,610		)	(42,610		)
Income before gain on dispositions	$	127,921	$	14,002	$	4,793	$	(128,259	)	$	18,457

(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 2016 or 2015 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.

(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.

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