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

3 Months Ended

Mar. 31, 2021

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):


	For the three months ended
	3/31/2021		3/31/2020
Basic and diluted shares outstanding
Weighted average common shares - basic	139,291,187		140,376,996
Weighted average DownREIT units outstanding	7,500		7,500
Effect of dilutive securities	253,726		393,377
Weighted average common shares - diluted	139,552,413		140,777,873

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	142,223	$	167,971
Net income allocated to unvested restricted shares	(324)		(427)
Net income attributable to common stockholders, adjusted	$	141,899	$	167,544

Weighted average common shares - basic	139,291,187		140,376,996

Earnings per common share - basic	$	1.02	$	1.19

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	142,223	$	167,971
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	12		12
Adjusted net income attributable to common stockholders	$	142,235	$	167,983

Weighted average common shares - diluted	139,552,413		140,777,873

Earnings per common share - diluted	$	1.02	$	1.19

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, 2021 and 2020. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through March 31, 2021, or otherwise qualify as held for sale as of March 31, 2021, 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 three months ended March 31, 2021
Management, development and other fees	$	—	$	—	$	—	$	877	$	877
Rental and non-rental related income (2)	1,668		427		135		—		2,230
Total non-lease revenue (3)	1,668		427		135		877		3,107

Lease income (4)	500,590		29,566		15,569		—		545,725
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	502,258	$	29,993	$	15,704	$	877	$	548,832

For the three months ended March 31, 2020
Management, development and other fees	$	—	$	—	$	—	$	1,007	$	1,007
Rental and non-rental related income (2)	1,633		594		51		—		2,278
Total non-lease revenue (3)	1,633		594		51		1,007		3,285

Lease income (4)	551,000		27,991		4,738		—		583,729
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	552,633	$	28,585	$	4,789	$	1,007	$	587,014

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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 606.

(4)Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842.