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

3 Months Ended

Mar. 31, 2019

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
	3/31/2019				3/31/2018
Basic and diluted shares outstanding
Weighted average common shares - basic	138,331,248				137,764,468
Weighted average DownREIT units outstanding	7,500				7,500
Effect of dilutive securities	493,453				381,202
Weighted average common shares - diluted	138,832,201				138,153,170
Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	170,366			$	141,643
Net income allocated to unvested restricted shares	(501		)		(430		)
Net income attributable to common stockholders, adjusted	$	169,865			$	141,213
Weighted average common shares - basic	138,331,248				137,764,468
Earnings per common share - basic	$	1.23			$	1.03
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	170,366			$	141,643
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	11				11
Adjusted net income attributable to common stockholders	$	170,377			$	141,654
Weighted average common shares - diluted	138,832,201				138,153,170
Earnings per common share - diluted	$	1.23			$	1.03

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 8, “Segment Reporting,” for the three months ended March 31, 2019 and 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through March 31, 2019, or otherwise qualify as held for sale as of March 31, 2019, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue for the three months ended March 31, 2019 and future periods, including it as an adjustment to revenue and not as a component of operating expenses, as it is presented for prior periods on the accompanying Condensed Consolidated Statement of Comprehensive Income. In order to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for all periods presented. See Note 8, "Segment Reporting," for further discussion (dollars in thousands):

		For the three months ended
		Established Communities				Other Stabilized Communities				Development/ Redevelopment Communities				Non- allocated (1)				Total
For the period ended March 31, 2019
Management, development and other fees		$	—			$	—			$	—			$	1,139			$	1,139
Rental and non-rental related income (2)		1,913				666				158				—				2,737
Total non-lease revenue (3)		1,913				666				158				1,139				3,876
Lease income (4)		458,206				66,114				35,422				—				559,742
Business interruption insurance proceeds		154				18				—				—				172
Total revenue		$	460,273			$	66,798			$	35,580			$	1,139			$	563,790
For the period ended March 31, 2018
Management, development and other fees		$	—			$	—			$	—			$	886			$	886
Rental and non-rental related income (2)		2,527				745				153				—				3,425
Total non-lease revenue (3)		2,527				745				153				886				4,311
Lease income (4)		442,154				49,352				31,293				—				522,799
Total revenue		$	444,681			$	50,097			$	31,446			$	886			$	527,110

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(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 accounted for under ASU 2016-02.

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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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