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

6 Months Ended

Jun. 30, 2023

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


	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Basic and diluted shares outstanding
Weighted average common shares - basic	141,779,951		139,630,291		140,773,339		139,595,098
Weighted average DownREIT units outstanding	6,511		7,500		7,005		7,500
Effect of dilutive securities	337,655		296,687		293,620		352,682
Weighted average common shares - diluted	142,124,117		139,934,478		141,073,964		139,955,280

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	367,923	$	138,691	$	514,825	$	400,735
Net income allocated to unvested restricted shares	(645)		(247)		(919)		(756)
Net income attributable to common stockholders - basic	$	367,278	$	138,444	$	513,906	$	399,979

Weighted average common shares - basic	141,779,951		139,630,291		140,773,339		139,595,098

Earnings per common share - basic	$	2.59	$	0.99	$	3.65	$	2.87

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	367,923	$	138,691	$	514,825	$	400,735
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	13		12		25		24
Net income attributable to common stockholders - diluted	$	367,936	$	138,703	$	514,850	$	400,759

Weighted average common shares - diluted	142,124,117		139,934,478		141,073,964		139,955,280

Earnings per common share - diluted	$	2.59	$	0.99	$	3.65	$	2.86

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 six months ended June 30, 2023 and 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through June 30, 2023, or otherwise qualify as held for sale as of June 30, 2023, 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 June 30, 2023
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	2,712	$	2,712
Non-lease related revenue (2)	2,639		1,258		79		—		3,976
Total non-lease revenue (3)	2,639		1,258		79		2,712		6,688

Lease income (4)	634,251		30,982		12,950		—		678,183

Total revenue	$	636,890	$	32,240	$	13,029	$	2,712	$	684,871

For the three months ended June 30, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	904	$	904
Non-lease related revenue (2)	2,767		556		32		—		3,355
Total non-lease revenue (3)	2,767		556		32		904		4,259

Lease income (4)	597,061		18,522		6,514		—		622,097

Total revenue	$	599,828	$	19,078	$	6,546	$	904	$	626,356


	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the six months ended June 30, 2023
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,778	$	3,778
Non-lease related revenue (2)	5,211		2,400		115		—		7,726
Total non-lease revenue (3)	5,211		2,400		115		3,778		11,504

Lease income (4)	1,256,430		61,572		23,414		—		1,341,416

Total revenue	$	1,261,641	$	63,972	$	23,529	$	3,778	$	1,352,920

For the six months ended June 30, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,656	$	1,656
Non-lease related revenue (2)	5,020		966		45		—		6,031
Total non-lease revenue (3)	5,020		966		45		1,656		7,687

Lease income (4)	1,165,899		33,325		12,552		—		1,211,776

Total revenue	$	1,170,919	$	34,291	$	12,597	$	1,656	$	1,219,463

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(1)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.