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

9 Months Ended

Sep. 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 nine months ended
	9/30/2019			9/30/2018			9/30/2019			9/30/2018
Basic and diluted shares outstanding
Weighted average common shares - basic	139,340,142			137,848,788			138,931,955			137,818,076
Weighted average DownREIT units outstanding	7,500			7,500			7,500			7,500
Effect of dilutive securities	505,032			466,776			498,609			405,148
Weighted average common shares - diluted	139,852,674			138,323,064			139,438,064			138,230,724

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	279,677		$	192,486		$	618,324		$	588,791
Net income allocated to unvested restricted shares	(704		)	(555		)	(1,655		)	(1,722		)
Net income attributable to common stockholders, adjusted	$	278,973		$	191,931		$	616,669		$	587,069

Weighted average common shares - basic	139,340,142			137,848,788			138,931,955			137,818,076

Earnings per common share - basic	$	2.00		$	1.39		$	4.44		$	4.26

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	279,677		$	192,486		$	618,324		$	588,791
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	11			11			34			33
Adjusted net income attributable to common stockholders	$	279,688		$	192,497		$	618,358		$	588,824

Weighted average common shares - diluted	139,852,674			138,323,064			139,438,064			138,230,724

Earnings per common share - diluted	$	2.00		$	1.39		$	4.43		$	4.26

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 nine months ended September 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 September 30, 2019, or otherwise qualify as held for sale as of September 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 nine months ended September 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 September 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	1,231	$	1,231
Rental and non-rental related income (2)	1,520		638		234		—		2,392
Total non-lease revenue (3)	1,520		638		234		1,231		3,623

Lease income (4)	459,713		75,782		46,216		—		581,711
Business interruption insurance proceeds	—		307		—		—		307

Total revenue	$	461,233	$	76,727	$	46,450	$	1,231	$	585,641

For the period ended September 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	912	$	912
Rental and non-rental related income (2)	1,160		610		78		—		1,848
Total non-lease revenue (3)	1,160		610		78		912		2,760

Lease income (4)	447,892		60,838		33,145		—		541,875

Total revenue	$	449,052	$	61,448	$	33,223	$	912	$	544,635



	For the nine months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended September 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	3,484	$	3,484
Rental and non-rental related income (2)	4,890		1,656		566		—		7,112
Total non-lease revenue (3)	4,890		1,656		566		3,484		10,596

Lease income (4)	1,364,232		217,954		121,527		—		1,703,713
Business interruption insurance proceeds	404		510		—		—		914

Total revenue	$	1,369,526	$	220,120	$	122,093	$	3,484	$	1,715,223

For the period ended September 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	2,752	$	2,752
Rental and non-rental related income (2)	3,379		1,506		226		—		5,111
Total non-lease revenue (3)	3,379		1,506		226		2,752		7,863

Lease income (4)	1,324,445		169,960		96,407		—		1,590,812

Total revenue	$	1,327,824	$	171,466	$	96,633	$	2,752	$	1,598,675

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(1)	Revenue represents third-party property management, asset management, 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.