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

6 Months Ended

Jun. 30, 2019

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 six months ended
	6/30/2019			6/30/2018			6/30/2019			6/30/2018
Basic and diluted shares outstanding
Weighted average common shares - basic	139,113,390			137,840,045			138,724,479			137,802,461
Weighted average DownREIT units outstanding	7,500			7,500			7,500			7,500
Effect of dilutive securities	497,341			367,465			495,397			374,334
Weighted average common shares - diluted	139,618,231			138,215,010			139,227,376			138,184,295

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	168,281		$	254,662		$	338,647		$	396,305
Net income allocated to unvested restricted shares	(435		)	(727		)	(935		)	(1,167		)
Net income attributable to common stockholders, adjusted	$	167,846		$	253,935		$	337,712		$	395,138

Weighted average common shares - basic	139,113,390			137,840,045			138,724,479			137,802,461

Earnings per common share - basic	$	1.21		$	1.84		$	2.43		$	2.87

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	168,281		$	254,662		$	338,647		$	396,305
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	12			11			23			22
Adjusted net income attributable to common stockholders	$	168,293		$	254,673		$	338,670		$	396,327

Weighted average common shares - diluted	139,618,231			138,215,010			139,227,376			138,184,295

Earnings per common share - diluted	$	1.21		$	1.84		$	2.43		$	2.87

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 and six months ended June 30, 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 June 30, 2019, or otherwise qualify as held for sale as of June 30, 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 and six months ended June 30, 2019, 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 June 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	1,114	$	1,114
Rental and non-rental related income (2)	1,817		385		192		—		2,394
Total non-lease revenue (3)	1,817		385		192		1,114		3,508

Lease income (4)	455,732		75,126		39,871		—		570,729
Business interruption insurance proceeds	250		185		—		—		435

Total revenue	$	457,799	$	75,696	$	40,063	$	1,114	$	574,672

For the period ended June 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	954	$	954
Rental and non-rental related income (2)	1,292		316		85		—		1,693
Total non-lease revenue (3)	1,292		316		85		954		2,647

Lease income (4)	442,294		58,818		31,880		—		532,992

Total revenue	$	443,586	$	59,134	$	31,965	$	954	$	535,639



	For the six months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended June 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	2,252	$	2,252
Rental and non-rental related income (2)	3,373		1,047		332		—		4,752
Total non-lease revenue (3)	3,373		1,047		332		2,252		7,004

Lease income (4)	906,210		147,121		75,311		—		1,128,642
Business interruption insurance proceeds	404		203		—		—		607

Total revenue	$	909,987	$	148,371	$	75,643	$	2,252	$	1,136,253

For the period ended June 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	1,841	$	1,841
Rental and non-rental related income (2)	2,218		907		148		—		3,273
Total non-lease revenue (3)	2,218		907		148		1,841		5,114

Lease income (4)	878,200		113,987		63,263		—		1,055,450

Total revenue	$	880,418	$	114,894	$	63,411	$	1,841	$	1,060,564

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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 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.