The financial results attributable to apartment communities retained by Aimco for the year ended December 31, 2020 have been classified as discontinued operations within the consolidated financial statements. There were no discontinued operations for the years ended December 31, 2022 and 2021.

Summarized results of discontinued operations for the year ended December 31, 2020 are shown below (in thousands):


	2020
REVENUES
Rental and other property revenues	$	144,757

OPERATING EXPENSES
Property operating expenses		51,710
Depreciation and amortization		72,729
Other expenses, net		1,897
Total operating expenses		126,336

Interest income		2,076
Interest expense		(17,972	)
Income from unconsolidated real estate partnerships		764
Income before income tax benefit		3,289
Income tax benefit		7,939
Income from discontinued operations, net of tax		11,228
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		404
Net income from discontinued operations attributable to Aimco	$	11,632

We entered into various separation and transition services agreements with Aimco that provide for a framework of our relationship with Aimco after the Separation, including: (i) a separation agreement setting forth the mechanics of the Separation, the key provisions relating to the Separation of our assets and liabilities from those of Aimco, and certain organizational matters and conditions; (ii) an Employee Matters Agreement to allocate liabilities and responsibilities relating to employment matters, teammate compensation, and benefits plans and programs, and other related matters; (iii) Property Management Agreements, as amended and restated on December 30, 2022, pursuant to which we provide property management and related services at a majority of the properties owned or leased by Aimco in exchange for a fee generally based on an agreed percentage of revenue collected; (iv) Master Services Agreement pursuant to which we provide Aimco with customary administrative and support services on an ongoing basis in exchange for payment for the fully-burdened costs (including internal allocated costs); and (v) a Master Leasing Agreement pursuant to which Aimco may enter into leases with us pursuant to which Aimco, as lessee, at its option, may redevelop, develop, or lease-up apartment communities. These agreements may be terminated in accordance with the respective agreements.

During the years ended December 31, 2022 and 2021, we recognized revenue of $4.4 million and $7.4 million, respectively, from the Property Management Agreement and Master Services Agreement, all of which is reflected in other revenues in our consolidated statements of operations. In addition, during the year ended December 31, 2021, we recognized a reduction to general and administrative expense of $5.8 million from services provided under the Employee Matters Agreement.

In connection with the Separation, we acquired a $534 million note receivable (the “Note”) pledged by a subsidiary of Aimco and was secured by a pool of properties owned by Aimco. The Note had an original maturity date of January 31, 2024, and bore interest at a rate of 5.2% per annum. The Note was reported at the outstanding principal balance, and interest receivable related to the unpaid principal was recorded separately in other assets, net in our consolidated balance sheets. During the years ended December 31, 2022 and 2021, we recognized interest income of $13.8 million and $27.8 million, respectively, related to the Note. Interest income for the year ended December 31, 2022, also includes a $17.4 million prepayment penalty associated with the full repayment of the Note during 2022.