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

6 Months Ended

Jun. 30, 2021

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
	6/30/2021		6/30/2020		6/30/2021		6/30/2020
Basic and diluted shares outstanding
Weighted average common shares - basic	139,373,963		140,450,744		139,332,575		140,413,857
Weighted average DownREIT units outstanding	7,500		7,500		7,500		7,500
Effect of dilutive securities	269,176		279,916		261,451		330,974
Weighted average common shares - diluted	139,650,639		140,738,160		139,601,526		140,752,331

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	447,953	$	170,828	$	590,176	$	338,799
Net income allocated to unvested restricted shares	(902)		(390)		(1,267)		(817)
Net income attributable to common stockholders, adjusted	$	447,051	$	170,438	$	588,909	$	337,982

Weighted average common shares - basic	139,373,963		140,450,744		139,332,575		140,413,857

Earnings per common share - basic	$	3.21	$	1.21	$	4.23	$	2.41

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	447,953	$	170,828	$	590,176	$	338,799
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	12		12		24		24
Adjusted net income attributable to common stockholders	$	447,965	$	170,840	$	590,200	$	338,823

Weighted average common shares - diluted	139,650,639		140,738,160		139,601,526		140,752,331

Earnings per common share - diluted	$	3.21	$	1.21	$	4.23	$	2.41

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, 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 June 30, 2021, or otherwise qualify as held for sale as of June 30, 2021, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):


	For the three months ended
	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the period ended June 30, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	808	$	808
Rental and non-rental related income (2)	1,922		395		186		—		2,503
Total non-lease revenue (3)	1,922		395		186		808		3,311

Lease income (4)	498,719		29,104		22,890		—		550,713
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	500,641	$	29,499	$	23,076	$	808	$	554,024

For the period ended June 30, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	299	$	299
Rental and non-rental related income (2)	1,848		482		78		—		2,408
Total non-lease revenue (3)	1,848		482		78		299		2,707

Lease income (4)	520,753		24,160		7,290		—		552,203
Business interruption insurance proceeds	96		—		—		—		96

Total revenue	$	522,697	$	24,642	$	7,368	$	299	$	555,006


	For the six months ended
	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the period ended June 30, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,685	$	1,685
Rental and non-rental related income (2)	3,571		821		327		—		4,719
Total non-lease revenue (3)	3,571		821		327		1,685		6,404

Lease income (4)	993,569		55,443		40,156		—		1,089,168
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	997,140	$	56,264	$	40,483	$	1,685	$	1,095,572

For the period ended June 30, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	690	$	690
Rental and non-rental related income (2)	3,462		1,073		137		—		4,672
Total non-lease revenue (3)	3,462		1,073		137		690		5,362

Lease income (4)	1,065,425		48,600		14,044		—		1,128,069
Business interruption insurance proceeds	96		—		—		—		96

Total revenue	$	1,068,983	$	49,673	$	14,181	$	690	$	1,133,527

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(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items 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.