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

6 Months Ended

Jun. 30, 2024

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,
			2024						2023						2024						2023
Basic and diluted shares outstanding
Weighted average common shares - basic			142,004,857						141,779,951						141,953,462						140,773,339
Weighted average DownREIT units outstanding			—						6,511						—						7,005
Effect of dilutive securities			385,009						337,655						352,848						293,620
Weighted average common shares - diluted			142,389,866						142,124,117						142,306,310						141,073,964
Calculation of Earnings per Common Share - basic
Net income attributable to common stockholders			$	253,934					$	367,923					$	427,383					$	514,825
Net income allocated to unvested restricted shares			(488)						(645)						(827)						(919)
Net income attributable to common stockholders - basic			$	253,446					$	367,278					$	426,556					$	513,906
Weighted average common shares - basic			142,004,857						141,779,951						141,953,462						140,773,339
Earnings per common share - basic			$	1.78					$	2.59					$	3.00					$	3.65
Calculation of Earnings per Common Share - diluted
Net income attributable to common stockholders			$	253,934					$	367,923					$	427,383					$	514,825
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations			—						13						—						25
Net income attributable to common stockholders - diluted			$	253,934					$	367,936					$	427,383					$	514,850
Weighted average common shares - diluted			142,389,866						142,124,117						142,306,310						141,073,964
Earnings per common share - diluted			$	1.78					$	2.59					$	3.00					$	3.65

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, 2024 and 2023. Segment information for total revenue excludes real estate assets that were sold from January 1, 2023 through June 30, 2024, or otherwise qualify as held for sale as of June 30, 2024, 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, 2024
Management, development and other fees and other ancillary items						$	—					$	—					$	—					$	1,830					$	1,830
Non-lease related revenue (2)						2,637						1,317						147						—						4,101
Total non-lease revenue (3)						2,637						1,317						147						1,830						5,931
Lease income (4)						670,305						26,245						13,601						—						710,151
Total revenue						$	672,942					$	27,562					$	13,748					$	1,830					$	716,082
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)						2,763						1,136						29						—						3,928
Total non-lease revenue (3)						2,763						1,136						29						2,712						6,640
Lease income (4)						649,251						15,929						222						—						665,402
Total revenue						$	652,014					$	17,065					$	251					$	2,712					$	672,042

						Same Store						Other Stabilized						Development/ Redevelopment						Non- allocated (1)						Total
For the six months ended June 30, 2024
Management, development and other fees and other ancillary items						$	—					$	—					$	—					$	3,625					$	3,625
Non-lease related revenue (2)						5,048						2,617						247						—						7,912
Total non-lease revenue (3)						5,048						2,617						247						3,625						11,537
Lease income (4)						1,335,082						50,014						21,562						—						1,406,658
Total revenue						$	1,340,130					$	52,631					$	21,809					$	3,625					$	1,418,195
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)						5,436						2,168						29						—						7,633
Total non-lease revenue (3)						5,436						2,168						29						3,778						11,411
Lease income (4)						1,286,083						29,587						226						—						1,315,896
Total revenue						$	1,291,519					$	31,755					$	255					$	3,778					$	1,327,307

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(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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- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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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
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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