UPDATE: After installing v1.4.2 , I'm no longer experiencing the issue with polygons containing holes; however, multi-part polygons still are not handled properly (only one part is extracted during conversion to a Shapely polygon).
I 'm having some issues with the ArcGIS Python API v1.4 and polygons with holes (interior rings). Attached is a jupyter notebook with an example where I retrieve a US Census block containing a hole. I am unable to intersect the polygon with another polygon (a TopologyException is raised). Additionally, the area property of the polygon appears incorrect, returning the sum of the exterior and interior rings rather than the difference. It appears that the as_shapely method for polygon geometries with holes isn't working properly.