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

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020 (unaudited):


	2022		2021		2020
Ordinary income	82	%	55	%	66	%
20% capital gain	15	%	26	%	24	%
Unrecaptured §1250 gain	3	%	19	%	10	%
Total	100	%	100	%	100	%

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 December 31,
	2022		2021		2020
Basic and diluted shares outstanding
Weighted average common shares—basic	139,634,294		139,389,433		140,094,722
Weighted average DownREIT units outstanding	7,500		7,500		7,500
Effect of dilutive securities	333,293		320,466		332,973
Weighted average common shares—diluted	139,975,087		139,717,399		140,435,195

Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,136,775	$	1,004,299	$	827,630
Net income allocated to unvested restricted shares	(2,091)		(2,100)		(1,955)
Net income attributable to common stockholders—basic	$	1,134,684	$	1,002,199	$	825,675

Weighted average common shares—basic	139,634,294		139,389,433		140,094,722

Earnings per common share—basic	$	8.13	$	7.19	$	5.89

Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,136,775	$	1,004,299	$	827,630
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48		48		48
Net income attributable to common stockholders—diluted	$	1,136,823	$	1,004,347	$	827,678

Weighted average common shares—diluted	139,975,087		139,717,399		140,435,195

Earnings per common share—diluted	$	8.12	$	7.19	$	5.89

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 years ended December 31, 2022, 2021 and 2020. The segments are classified based on the individual community's status at December 31, 2022 for the years ended December 31, 2022 and 2021, and at December 31, 2021 for the year ended December 31, 2020. Segment information for total revenue excludes real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, 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, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	6,333	$	6,333
Non-lease related revenue (2)	10,130		3,750		452		—		14,332
Total non-lease revenue (3)	10,130		3,750		452		6,333		20,665

Lease income (4)	2,240,238		206,591		90,578		—		2,537,407

Total revenue	$	2,250,368	$	210,341	$	91,030	$	6,333	$	2,558,072

For the year ended December 31, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,084	$	3,084
Non-lease related revenue (2)	7,425		1,879		256		—		9,560
Total non-lease revenue (3)	7,425		1,879		256		3,084		12,644

Lease income (4)	2,020,113		119,780		42,629		—		2,182,522

Total revenue	$	2,027,538	$	121,659	$	42,885	$	3,084	$	2,195,166

For the year ended December 31, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,978	$	1,978
Non-lease related revenue (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)	2,018,883		77,375		27,936		—		2,124,194
Business interruption insurance proceeds	379		—		—		—		379

Total revenue	$	2,026,462	$	79,431	$	28,298	$	1,978	$	2,136,169

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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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing.

(3)Represents revenue accounted for under ASC 606.

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