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

12 Months Ended

Dec. 31, 2021

Summary of tax components of the entity's common dividends declared

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2021, 2020 and 2019 (unaudited):


	2021		2020		2019
Ordinary income	55	%	66	%	96	%
20% capital gain	26	%	24	%	3	%
Unrecaptured §1250 gain	19	%	10	%	1	%

Schedule of earnings per common share

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


	For the year ended
	12/31/21		12/31/20		12/31/19
Basic and diluted shares outstanding
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Weighted average DownREIT units outstanding	7,500		7,500		7,500
Effect of dilutive securities	320,466		332,973		509,859
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550

Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Net income allocated to unvested restricted shares	(2,100)		(1,955)		(2,063)
Net income attributable to common stockholders, adjusted	$	1,002,199	$	825,675	$	783,911

Weighted average common shares—basic	139,389,433		140,094,722		139,054,191

Earnings per common share—basic	$	7.19	$	5.89	$	5.64

Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48		48		46
Adjusted net income attributable to common stockholders	$	1,004,347	$	827,678	$	786,020

Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550

Earnings per common share—diluted	$	7.19	$	5.89	$	5.63

Schedule of new accounting pronouncements and changes in accounting principles

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 years ended December 31, 2021, 2020 and 2019. The segments are classified based on the individual community's status at January 1, 2021 for the years ended December 31, 2021 and 2020, and at January 1, 2020 for the year ended December 31, 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):


	Same Store		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the year ended December 31, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,084	$	3,084
Rental and non-rental related income (2)	7,356		1,650		675		—		9,681
Total non-lease revenue (3)	7,356		1,650		675		3,084		12,765

Lease income (4)	2,038,817		102,707		97,704		—		2,239,228
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	2,046,173	$	104,357	$	98,379	$	3,084	$	2,251,993

For the year ended December 31, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,978	$	1,978
Rental and non-rental related income (2)	7,200		2,056		362		—		9,618
Total non-lease revenue (3)	7,200		2,056		362		1,978		11,596

Lease income (4)	2,074,604		77,375		27,936		—		2,179,915
Business interruption insurance proceeds	379		—		—		—		379

Total revenue	$	2,082,183	$	79,431	$	28,298	$	1,978	$	2,191,890

For the year ended December 31, 2019
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	4,960	$	4,960
Rental and non-rental related income (2)	7,028		1,224		400		—		8,652
Total non-lease revenue (3)	7,028		1,224		400		4,960		13,612

Lease income (4)	2,032,561		108,757		28,377		—		2,169,695
Business interruption insurance proceeds	986		453		—		—		1,439

Total revenue	$	2,040,575	$	110,434	$	28,777	$	4,960	$	2,184,746

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(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items 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 606, Revenue from Contracts with Customers.

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