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

3 Months Ended

Mar. 31, 2020

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



	For the three months ended
	3/31/2020			3/31/2019
Basic and diluted shares outstanding
Weighted average common shares - basic	140,376,996			138,331,248
Weighted average DownREIT units outstanding	7,500			7,500
Effect of dilutive securities	393,377			493,453
Weighted average common shares - diluted	140,777,873			138,832,201

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	167,971		$	170,366
Net income allocated to unvested restricted shares	(427		)	(501		)
Net income attributable to common stockholders, adjusted	$	167,544		$	169,865

Weighted average common shares - basic	140,376,996			138,331,248

Earnings per common share - basic	$	1.19		$	1.23

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	167,971		$	170,366
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	12			11
Adjusted net income attributable to common stockholders	$	167,983		$	170,377

Weighted average common shares - diluted	140,777,873			138,832,201

Earnings per common share - diluted	$	1.19		$	1.23

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 8, “Segment Reporting,” for the three months ended March 31, 2020 and 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through March 31, 2020, or otherwise qualify as held for sale as of March 31, 2020, 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 (1)		Non- allocated (2)		Total
For the period ended March 31, 2020
Management, development and other fees	$	—	$	—	$	—	$	1,007	$	1,007
Rental and non-rental related income (3)	1,609		476		232		—		2,317
Total non-lease revenue (4)	1,609		476		232		1,007		3,324

Lease income (5)	546,347		35,015		15,541		—		596,903
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	547,956	$	35,491	$	15,773	$	1,007	$	600,227

For the period ended March 31, 2019
Management, development and other fees	$	—	$	—	$	—	$	1,139	$	1,139
Rental and non-rental related income (3)	1,833		481		16		—		2,330
Total non-lease revenue (4)	1,833		481		16		1,139		3,469

Lease income (5)	529,824		21,546		533		—		551,903
Business interruption insurance proceeds	172		—		—		—		172

Total revenue	$	531,829	$	22,027	$	549	$	1,139	$	555,544

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(1)	The Company had no Redevelopment Communities for the three months ended March 31, 2020 and 2019.


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


(3)	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.


(4)	Represents all revenue accounted for under ASU 2014-09.

(5)

Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are accounted for under ASC 842.