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

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

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 three months ended												For the six months ended
			6/30/2022						6/30/2021						6/30/2022						6/30/2021
Basic and diluted shares outstanding
Weighted average common shares - basic			139,630,291						139,373,963						139,595,098						139,332,575
Weighted average DownREIT units outstanding			7,500						7,500						7,500						7,500
Effect of dilutive securities			296,687						269,176						352,682						261,451
Weighted average common shares - diluted			139,934,478						139,650,639						139,955,280						139,601,526
Calculation of Earnings per Share - basic
Net income attributable to common stockholders			$	138,691					$	447,953					$	400,735					$	590,176
Net income allocated to unvested restricted shares			(247)						(902)						(756)						(1,267)
Net income attributable to common stockholders, adjusted			$	138,444					$	447,051					$	399,979					$	588,909
Weighted average common shares - basic			139,630,291						139,373,963						139,595,098						139,332,575
Earnings per common share - basic			$	0.99					$	3.21					$	2.87					$	4.23
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders			$	138,691					$	447,953					$	400,735					$	590,176
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations			12						12						24						24
Adjusted net income attributable to common stockholders			$	138,703					$	447,965					$	400,759					$	590,200
Weighted average common shares - diluted			139,934,478						139,650,639						139,955,280						139,601,526
Earnings per common share - diluted			$	0.99					$	3.21					$	2.86					$	4.23

Disaggregation of revenue

The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the three and six months ended June 30, 2022 and 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through June 30, 2022, or otherwise qualify as held for sale as of June 30, 2022, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):

						Same Store						Other Stabilized						Development/ Redevelopment						Non- allocated (1)						Total
For the three months ended June 30, 2022
Management, development and other fees and other ancillary items						$	—					$	—					$	—					$	904					$	904
Rental and non-rental related income (2)						2,534						762						88						—						3,384
Total non-lease revenue (3)						2,534						762						88						904						4,288
Lease income (4)						565,642						47,946						20,984						—						634,572
Total revenue						$	568,176					$	48,708					$	21,072					$	904					$	638,860
For the three months ended June 30, 2021
Management, development and other fees and other ancillary items						$	—					$	—					$	—					$	808					$	808
Rental and non-rental related income (2)						1,954						427						66						—						2,447
Total non-lease revenue (3)						1,954						427						66						808						3,255
Lease income (4)						500,257						26,459						8,885						—						535,601
Total revenue						$	502,211					$	26,886					$	8,951					$	808					$	538,856

						Same Store						Other Stabilized						Development/ Redevelopment						Non- allocated (1)						Total
For the six months ended June 30, 2022
Management, development and other fees and other ancillary items						$	—					$	—					$	—					$	1,656					$	1,656
Rental and non-rental related income (2)						4,588						1,348						145						—						6,081
Total non-lease revenue (3)						4,588						1,348						145						1,656						7,737
Lease income (4)						1,104,835						92,960						38,444						—						1,236,239
Total revenue						$	1,109,423					$	94,308					$	38,589					$	1,656					$	1,243,976
For the six months ended June 30, 2021
Management, development and other fees and other ancillary items						$	—					$	—					$	—					$	1,685					$	1,685
Rental and non-rental related income (2)						3,630						874						112						—						4,616
Total non-lease revenue (3)						3,630						874						112						1,685						6,301
Lease income (4)						996,531						46,970						15,912						—						1,059,413
Total revenue						$	1,000,161					$	47,844					$	16,024					$	1,685					$	1,065,714

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(1)Revenue represents third-party property management, 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 revenue accounted for under ASC 606.

(4)Represents residential and commercial rental and other lease income, accounted for under ASC 842.

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- References

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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