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

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

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 three months ended				For the nine months ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021
Basic and diluted shares outstanding
Weighted average common shares - basic	139,640,421		139,386,413		139,610,205		139,338,800
Weighted average DownREIT units outstanding	7,500		7,500		7,500		7,500
Effect of dilutive securities	334,038		343,812		346,467		298,769
Weighted average common shares - diluted	139,981,959		139,737,725		139,964,172		139,645,069
Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	494,747	$	78,914	$	895,482	$	669,090
Net income allocated to unvested restricted shares	(888)		(160)		(1,662)		(1,443)
Net income attributable to common stockholders, adjusted	$	493,859	$	78,754	$	893,820	$	667,647
Weighted average common shares - basic	139,640,421		139,386,413		139,610,205		139,338,800
Earnings per common share - basic	$	3.54	$	0.57	$	6.40	$	4.79
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	494,747	$	78,914	$	895,482	$	669,090
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	12		12		36		36
Adjusted net income attributable to common stockholders	$	494,759	$	78,926	$	895,518	$	669,126
Weighted average common shares - diluted	139,981,959		139,737,725		139,964,172		139,645,069
Earnings per common share - diluted	$	3.53	$	0.56	$	6.40	$	4.79

Disaggregation of revenue

The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the three and nine months ended September 30, 2022 and 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through September 30, 2022, or otherwise qualify as held for sale as of September 30, 2022, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):

	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the three months ended September 30, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,399	$	1,399
Rental and non-rental related income (2)	2,201		1,048		92		—		3,341
Total non-lease revenue (3)	2,201		1,048		92		1,399		4,740
Lease income (4)	572,581		55,840		24,812		—		653,233
Total revenue	$	574,782	$	56,888	$	24,904	$	1,399	$	657,973
For the three months ended September 30, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	695	$	695
Rental and non-rental related income (2)	1,883		425		69		—		2,377
Total non-lease revenue (3)	1,883		425		69		695		3,072
Lease income (4)	511,898		32,176		11,992		—		556,066
Total revenue	$	513,781	$	32,601	$	12,061	$	695	$	559,138

	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the nine months ended September 30, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,054	$	3,054
Rental and non-rental related income (2)	6,763		2,396		237		—		9,396
Total non-lease revenue (3)	6,763		2,396		237		3,054		12,450
Lease income (4)	1,665,157		148,802		63,256		—		1,877,215
Total revenue	$	1,671,920	$	151,198	$	63,493	$	3,054	$	1,889,665
For the nine months ended September 30, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	2,380	$	2,380
Rental and non-rental related income (2)	5,483		1,300		181		—		6,964
Total non-lease revenue (3)	5,483		1,300		181		2,380		9,344
Lease income (4)	1,497,270		79,147		27,903		—		1,604,320
Total revenue	$	1,502,753	$	80,447	$	28,084	$	2,380	$	1,613,664

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(1)Revenue represents third-party property management, 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 revenue accounted for under ASC 606.

(4)Represents residential and commercial rental and other lease income, accounted for under ASC 842.