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Organization, Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2018
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
| 9/30/2018 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Basic and diluted shares outstanding |  |  |  |  |  |  |  |  |
Weighted average common shares - basic | 137,848,788 |  |  | 137,715,192 |  |  | 137,818,076 |  |  | 137,457,293 |
Weighted average DownREIT units outstanding | 7,500 |  |  | 7,500 |  |  | 7,500 |  |  | 7,500 |
Effect of dilutive securities | 466,776 |  |  | 584,354 |  |  | 405,148 |  |  | 541,399 |
Weighted average common shares - diluted | 138,323,064 |  |  | 138,307,046 |  |  | 138,230,724 |  |  | 138,006,192 |
Calculation of Earnings per Share - basic |  |  |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 192,486 |  |  | $ | 238,248 |  |  | $ | 588,791 |  |  | $ | 639,348 |
Net income allocated to unvested restricted shares | (555 | ) |  | (672 | ) |  | (1,722 | ) |  | (1,794 | )
Net income attributable to common stockholders, adjusted | $ | 191,931 |  |  | $ | 237,576 |  |  | $ | 587,069 |  |  | $ | 637,554 |
Weighted average common shares - basic | 137,848,788 |  |  | 137,715,192 |  |  | 137,818,076 |  |  | 137,457,293 |
Earnings per common share - basic | $ | 1.39 |  |  | $ | 1.73 |  |  | $ | 4.26 |  |  | $ | 4.64 |
Calculation of Earnings per Share - diluted |  |  |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 192,486 |  |  | $ | 238,248 |  |  | $ | 588,791 |  |  | $ | 639,348 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships | 11 |  |  | 11 |  |  | 33 |  |  | 32 |
Adjusted net income attributable to common stockholders | $ | 192,497 |  |  | $ | 238,259 |  |  | $ | 588,824 |  |  | $ | 639,380 |
Weighted average common shares - diluted | 138,323,064 |  |  | 138,307,046 |  |  | 138,230,724 |  |  | 138,006,192 |
Earnings per common share - diluted | $ | 1.39 |  |  | $ | 1.72 |  |  | $ | 4.26 |  |  | $ | 4.63 |
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 7, “Segment Reporting,” for the three and nine months ended September 30, 2018 and 2017. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2017 through September 30, 2018, or otherwise qualify as held for sale as of September 30, 2018, 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 |  | Non- allocated (1) |  | Total
For the period ended September 30, 2018 |  |  |  |  |  |  |  |  |  |
Management, development and other fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 912 |  |  | $ | 912 |
Rental and non-rental related income (2) |  | 2,695 |  |  | 1,751 |  |  | 512 |  |  | — |  |  | 4,958 |
Total non-lease revenue (3) |  | 2,695 |  |  | 1,751 |  |  | 512 |  |  | 912 |  |  | 5,870 |
Lease income (4) |  | 424,328 |  |  | 64,791 |  |  | 76,987 |  |  | — |  |  | 566,106 |
Total revenue |  | $ | 427,023 |  |  | $ | 66,542 |  |  | $ | 77,499 |  |  | $ | 912 |  |  | $ | 571,976 |
For the period ended September 30, 2017 |  |  |  |  |  |  |  |  |  |
Management, development and other fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 993 |  |  | $ | 993 |
Rental and non-rental related income (2) |  | 2,667 |  |  | 1,734 |  |  | 450 |  |  | — |  |  | 4,851 |
Total non-lease revenue (3) |  | 2,667 |  |  | 1,734 |  |  | 450 |  |  | 993 |  |  | 5,844 |
Lease income (4) |  | 414,663 |  |  | 51,151 |  |  | 59,067 |  |  | — |  |  | 524,881 |
Business interruption insurance proceeds (5) |  | — |  |  | — |  |  | 3,495 |  |  | — |  |  | 3,495 |
Total revenue |  | $ | 417,330 |  |  | $ | 52,885 |  |  | $ | 63,012 |  |  | $ | 993 |  |  | $ | 534,220 |
|  | For the nine months ended
|  | Established Communities |  | Other Stabilized Communities |  | Development/ Redevelopment Communities |  | Non- allocated (1) |  | Total
For the period ended September 30, 2018 |  |  |  |  |  |  |  |  |  |
Management, development and other fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,752 |  |  | $ | 2,752 |
Rental and non-rental related income (2) |  | 7,823 |  |  | 4,940 |  |  | 1,439 |  |  | — |  |  | 14,202 |
Total non-lease revenue (3) |  | 7,823 |  |  | 4,940 |  |  | 1,439 |  |  | 2,752 |  |  | 16,954 |
Lease income (4) |  | 1,258,243 |  |  | 190,094 |  |  | 215,977 |  |  | — |  |  | 1,664,314 |
Total revenue |  | $ | 1,266,066 |  |  | $ | 195,034 |  |  | $ | 217,416 |  |  | $ | 2,752 |  |  | $ | 1,681,268 |
For the period ended September 30, 2017 |  |  |  |  |  |  |  |  |  |
Management, development and other fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,290 |  |  | $ | 3,290 |
Rental and non-rental related income (2) |  | 7,798 |  |  | 4,778 |  |  | 1,095 |  |  | — |  |  | 13,671 |
Total non-lease revenue (3) |  | 7,798 |  |  | 4,778 |  |  | 1,095 |  |  | 3,290 |  |  | 16,961 |
Lease income (4) |  | 1,228,410 |  |  | 132,961 |  |  | 166,707 |  |  | — |  |  | 1,528,078 |
Business interruption insurance proceeds (5) |  | — |  |  | — |  |  | 3,495 |  |  | — |  |  | 3,495 |
Total revenue |  | $ | 1,236,208 |  |  | $ | 137,739 |  |  | $ | 171,297 |  |  | $ | 3,290 |  |  | $ | 1,548,534 |
__________________________________
(1) | Revenue represents third-party management, asset management and developer fees and miscellaneous income 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 2014-09.
(4) | Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are scoped out from ASC 2014-09 and accounted for under the lease accounting framework.
(5) | Amounts for the three and nine months ended September 30, 2017 are composed of business interruption insurance proceeds resulting from the final insurance settlement of the Maplewood casualty loss.
Schedule of new accounting pronouncements and changes in accounting principles | The following tables present the impact of the change in accounting principle to the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2017 (dollars in thousands):
| 9/30/2017 (as previously reported) |  | Impact of ASU 2016-18 |  | 9/30/2017 (as adjusted and currently reported)
Net cash provided by operating activities | $ | 917,573 |  |  | $ | 16,205 |  |  | $ | 933,778 |
Net cash used in investing activities | (676,231 | ) |  | 51,479 |  |  | (624,752 | )
Net cash used in financing activities | (420,294 | ) |  | (1,598 | ) |  | (421,892 | )
Net (decrease) increase in cash, cash equivalents | (178,952 | ) |  | 178,952 |  |  | — |
Net increase in cash, cash equivalents and restricted cash | — |  |  | (112,866 | ) |  | (112,866 | )
Cash, cash equivalents, beginning of period | 214,994 |  |  | (214,994 | ) |  | — |
Cash, cash equivalents and restricted cash, beginning of period | — |  |  | 329,977 |  |  | 329,977 |
Cash, cash equivalents, end of period | $ | 36,042 |  |  | — |  |  | — |
Cash, cash equivalents and restricted cash, end of period |  |  | $ | 181,069 |  |  | $ | 217,111 |

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