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Organization, Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, |  | For the six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Basic and diluted shares outstanding |  |  |  |  |  |  |
Weighted average common shares - basic | 141,779,951 |  |  | 139,630,291 |  |  | 140,773,339 |  |  | 139,595,098 |
Weighted average DownREIT units outstanding | 6,511 |  |  | 7,500 |  |  | 7,005 |  |  | 7,500 |
Effect of dilutive securities | 337,655 |  |  | 296,687 |  |  | 293,620 |  |  | 352,682 |
Weighted average common shares - diluted | 142,124,117 |  |  | 139,934,478 |  |  | 141,073,964 |  |  | 139,955,280 |
Calculation of Earnings per Share - basic |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 367,923 |  |  | $ | 138,691 |  |  | $ | 514,825 |  |  | $ | 400,735 |
Net income allocated to unvested restricted shares | (645) |  |  | (247) |  |  | (919) |  |  | (756) |
Net income attributable to common stockholders - basic | $ | 367,278 |  |  | $ | 138,444 |  |  | $ | 513,906 |  |  | $ | 399,979 |
Weighted average common shares - basic | 141,779,951 |  |  | 139,630,291 |  |  | 140,773,339 |  |  | 139,595,098 |
Earnings per common share - basic | $ | 2.59 |  |  | $ | 0.99 |  |  | $ | 3.65 |  |  | $ | 2.87 |
Calculation of Earnings per Share - diluted |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 367,923 |  |  | $ | 138,691 |  |  | $ | 514,825 |  |  | $ | 400,735 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 13 |  |  | 12 |  |  | 25 |  |  | 24 |
Net income attributable to common stockholders - diluted | $ | 367,936 |  |  | $ | 138,703 |  |  | $ | 514,850 |  |  | $ | 400,759 |
Weighted average common shares - diluted | 142,124,117 |  |  | 139,934,478 |  |  | 141,073,964 |  |  | 139,955,280 |
Earnings per common share - diluted | $ | 2.59 |  |  | $ | 0.99 |  |  | $ | 3.65 |  |  | $ | 2.86 |
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, 2023 and 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through June 30, 2023, or otherwise qualify as held for sale as of June 30, 2023, 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, 2023 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,712 |  |  | $ | 2,712 |
Non-lease related revenue (2) |  | 2,639 |  |  | 1,258 |  |  | 79 |  |  | — |  |  | 3,976 |
Total non-lease revenue (3) |  | 2,639 |  |  | 1,258 |  |  | 79 |  |  | 2,712 |  |  | 6,688 |
Lease income (4) |  | 634,251 |  |  | 30,982 |  |  | 12,950 |  |  | — |  |  | 678,183 |
Total revenue |  | $ | 636,890 |  |  | $ | 32,240 |  |  | $ | 13,029 |  |  | $ | 2,712 |  |  | $ | 684,871 |
For the three months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 904 |  |  | $ | 904 |
Non-lease related revenue (2) |  | 2,767 |  |  | 556 |  |  | 32 |  |  | — |  |  | 3,355 |
Total non-lease revenue (3) |  | 2,767 |  |  | 556 |  |  | 32 |  |  | 904 |  |  | 4,259 |
Lease income (4) |  | 597,061 |  |  | 18,522 |  |  | 6,514 |  |  | — |  |  | 622,097 |
Total revenue |  | $ | 599,828 |  |  | $ | 19,078 |  |  | $ | 6,546 |  |  | $ | 904 |  |  | $ | 626,356 |
|  | Same Store |  | Other Stabilized |  | Development/ Redevelopment |  | Non- allocated (1) |  | Total
For the six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,778 |  |  | $ | 3,778 |
Non-lease related revenue (2) |  | 5,211 |  |  | 2,400 |  |  | 115 |  |  | — |  |  | 7,726 |
Total non-lease revenue (3) |  | 5,211 |  |  | 2,400 |  |  | 115 |  |  | 3,778 |  |  | 11,504 |
Lease income (4) |  | 1,256,430 |  |  | 61,572 |  |  | 23,414 |  |  | — |  |  | 1,341,416 |
Total revenue |  | $ | 1,261,641 |  |  | $ | 63,972 |  |  | $ | 23,529 |  |  | $ | 3,778 |  |  | $ | 1,352,920 |
For the six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,656 |  |  | $ | 1,656 |
Non-lease related revenue (2) |  | 5,020 |  |  | 966 |  |  | 45 |  |  | — |  |  | 6,031 |
Total non-lease revenue (3) |  | 5,020 |  |  | 966 |  |  | 45 |  |  | 1,656 |  |  | 7,687 |
Lease income (4) |  | 1,165,899 |  |  | 33,325 |  |  | 12,552 |  |  | — |  |  | 1,211,776 |
Total revenue |  | $ | 1,170,919 |  |  | $ | 34,291 |  |  | $ | 12,597 |  |  | $ | 1,656 |  |  | $ | 1,219,463 |
__________________________________ (1)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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (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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