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Organization, Basis of Presentation, and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of new accounting pronouncements and changes in accounting principles | 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 years ended December 31, 2020, 2019 and 2018. The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019, and at January 1, 2019 for the year ended December 31, 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses. 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 the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. See Note 8, "Segment Reporting," for further discussion (dollars in thousands):
|  | Established Communities |  | Other Stabilized Communities |  | Development/ Redevelopment Communities |  | Non- allocated (1) |  | Total
For the year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |
Management, development and other fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,819 |  |  | $ | 3,819 |
Rental and non-rental related income (2) |  | 6,970 |  |  | 1,790 |  |  | 1,064 |  |  | — |  |  | 9,824 |
Total non-lease revenue (3) |  | 6,970 |  |  | 1,790 |  |  | 1,064 |  |  | 3,819 |  |  | 13,643 |
Lease income (4) |  | 2,021,232 |  |  | 138,113 |  |  | 82,937 |  |  | — |  |  | 2,242,282 |
Business interruption insurance proceeds |  | 115 |  |  | 270 |  |  | — |  |  | — |  |  | 385 |
Total revenue |  | $ | 2,028,317 |  |  | $ | 140,173 |  |  | $ | 84,001 |  |  | $ | 3,819 |  |  | $ | 2,256,310 |
For the year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |
Management, development and other fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,960 |  |  | $ | 4,960 |
Rental and non-rental related income (2) |  | 7,028 |  |  | 1,224 |  |  | 400 |  |  | — |  |  | 8,652 |
Total non-lease revenue (3) |  | 7,028 |  |  | 1,224 |  |  | 400 |  |  | 4,960 |  |  | 13,612 |
Lease income (4) |  | 2,099,273 |  |  | 108,756 |  |  | 28,376 |  |  | — |  |  | 2,236,405 |
Business interruption insurance proceeds |  | 987 |  |  | 454 |  |  | — |  |  | — |  |  | 1,441 |
Total revenue |  | $ | 2,107,288 |  |  | $ | 110,434 |  |  | $ | 28,776 |  |  | $ | 4,960 |  |  | $ | 2,251,458 |
For the year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |
Management Fees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,572 |  |  | $ | 3,572 |
Rental and non-rental related income (2) |  | 4,245 |  |  | 1,732 |  |  | 269 |  |  | — |  |  | 6,246 |
Total non-lease revenue (3) |  | 4,245 |  |  | 1,732 |  |  | 269 |  |  | 3,572 |  |  | 9,818 |
Lease income (4) |  | 1,727,299 |  |  | 236,852 |  |  | 120,553 |  |  | — |  |  | 2,084,704 |
Business interruption insurance proceeds |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
Total revenue |  | $ | 1,731,570 |  |  | $ | 238,584 |  |  | $ | 120,822 |  |  | $ | 3,572 |  |  | $ | 2,094,548 |
__________________________________ (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 ASU 2014-09. (4)Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842.
Schedule of tax components of the entity's common dividends declared | The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited):
| 2020 |  | 2019 |  | 2018
Ordinary income | 66 | % |  | 96 | % |  | 76 | %
20% capital gain | 24 | % |  | 3 | % |  | 11 | %
Unrecaptured §1250 gain | 10 | % |  | 1 | % |  | 13 | %
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 year ended
| 12/31/20 |  | 12/31/19 |  | 12/31/18
Basic and diluted shares outstanding |  |  |  |  |
Weighted average common shares—basic | 140,094,722 |  |  | 139,054,191 |  |  | 137,844,755 |
Weighted average DownREIT units outstanding | 7,500 |  |  | 7,500 |  |  | 7,500 |
Effect of dilutive securities | 332,973 |  |  | 509,859 |  |  | 436,986 |
Weighted average common shares—diluted | 140,435,195 |  |  | 139,571,550 |  |  | 138,289,241 |
Calculation of Earnings per Share—basic |  |  |  |  |
Net income attributable to common stockholders | $ | 827,630 |  |  | $ | 785,974 |  |  | $ | 974,525 |
Net income allocated to unvested restricted shares | (1,955) |  |  | (2,063) |  |  | (2,839) |
Net income attributable to common stockholders, adjusted | $ | 825,675 |  |  | $ | 783,911 |  |  | $ | 971,686 |
Weighted average common shares—basic | 140,094,722 |  |  | 139,054,191 |  |  | 137,844,755 |
Earnings per common share—basic | $ | 5.89 |  |  | $ | 5.64 |  |  | $ | 7.05 |
Calculation of Earnings per Share—diluted |  |  |  |  |
Net income attributable to common stockholders | $ | 827,630 |  |  | $ | 785,974 |  |  | $ | 974,525 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 48 |  |  | 46 |  |  | 44 |
Adjusted net income attributable to common stockholders | $ | 827,678 |  |  | $ | 786,020 |  |  | $ | 974,569 |
Weighted average common shares—diluted | 140,435,195 |  |  | 139,571,550 |  |  | 138,289,241 |
Earnings per common share—diluted | $ | 5.89 |  |  | $ | 5.63 |  |  | $ | 7.05 |

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