Organization, Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):



	For the three months ended
	3/31/2018			3/31/2017
Basic and diluted shares outstanding
Weighted average common shares - basic	137,764,468			137,068,874
Weighted average DownREIT units outstanding	7,500			7,500
Effect of dilutive securities	381,202			454,868
Weighted average common shares - diluted	138,153,170			137,531,242

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	141,643		$	235,875
Net income allocated to unvested restricted shares	(430		)	(652		)
Net income attributable to common stockholders, adjusted	$	141,213		$	235,223

Weighted average common shares - basic	137,764,468			137,068,874

Earnings per common share - basic	$	1.03		$	1.72

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	141,643		$	235,875
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	11			11
Adjusted net income attributable to common stockholders	$	141,654		$	235,886

Weighted average common shares - diluted	138,153,170			137,531,242

Earnings per common share - diluted	$	1.03		$	1.72

Disaggregation of revenue

The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 7, “Segment Reporting,” for the three months ended March 31, 2018 and 2017. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2017 through March 31, 2018, or otherwise qualify as held for sale as of March 31, 2018, as described in Note 6, "Real Estate Disposition Activities," (dollars in thousands):



	For the three months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended March 31, 2018
Management, development and other fees	$	—	$	—	$	—	$	886	$	886
Rental and non-rental related income (2)	2,399		1,817		405		—		4,621
Total non-lease revenue (3)	2,399		1,817		405		886		5,507

Lease income (4)	415,145		69,386		67,529		—		552,060

Total revenue	$	417,544	$	71,203	$	67,934	$	886	$	557,567

For the period ended March 31, 2017
Management, development and other fees	$	—	$	—	$	—	$	1,200	$	1,200
Rental and non-rental related income (2)	2,224		1,687		405		—		4,316
Total non-lease revenue (3)	2,224		1,687		405		1,200		5,516

Lease income (4)	380,533		68,429		55,142		—		504,104

Total revenue	$	382,757	$	70,116	$	55,547	$	1,200	509,620

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(1)	Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.


(2)	Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue.


(3)	Represents all revenue accounted for under ASC 2014-09.


(4)	Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are scoped out from ASC 2014-09 and accounted for under the lease accounting framework.

Schedule of new accounting pronouncements and changes in accounting principles

The following tables present the impact of the change in accounting principle to the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2017 (dollars in thousands):



	3/31/2017 (as previously reported)			Impact of ASU 2016-18			3/31/2017 (as adjusted and currently reported)
	3/31/2017 (as previously reported)			Impact of ASU 2016-18			3/31/2017 (as adjusted and currently reported)
Net cash provided by operating activities	$	293,462		$	6,433		$	299,895
Net cash used in investing activities	(235,347		)	126,467			(108,880		)
Net cash used in financing activities	(151,404		)	(868		)	(152,272		)

Net (decrease) increase in cash, cash equivalents	(93,289		)	93,289			—
Net increase in cash, cash equivalents and restricted cash	—			38,743			38,743

Cash, cash equivalents, beginning of period	214,994			(214,994		)	—
Cash, cash equivalents and restricted cash, beginning of period	—			329,977			329,977
Cash, cash equivalents, end of period	$	121,705		—			—
Cash, cash equivalents and restricted cash, end of period				$	247,015		$	368,720