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Organization, Basis of Presentation, and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Summary of tax components of the entity's common dividends declared | The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2024, 2023 and 2022 (unaudited):
| 2024 |  | 2023 |  | 2022
Ordinary income | 90 | % |  | 83 | % |  | 82 | %
20% capital gain | 4 | % |  | 11 | % |  | 15 | %
Unrecaptured §1250 gain | 6 | % |  | 6 | % |  | 3 | %
Total | 100 | % |  | 100 | % |  | 100 | %
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 year ended December 31,
| 2024 |  | 2023 |  | 2022
Basic and diluted shares outstanding |  |  |  |  |
Weighted average common shares—basic | 142,000,934 |  |  | 141,307,186 |  |  | 139,634,294 |
Weighted average DownREIT units outstanding | — |  |  | 3,503 |  |  | 7,500 |
Effect of dilutive securities | 457,670 |  |  | 333,099 |  |  | 333,293 |
Weighted average common shares—diluted | 142,458,604 |  |  | 141,643,788 |  |  | 139,975,087 |
Calculation of Earnings per Common Share—basic |  |  |  |  |
Net income attributable to common stockholders | $ | 1,081,994 |  |  | $ | 928,825 |  |  | $ | 1,136,775 |
Net income allocated to unvested restricted shares | (2,069) |  |  | (1,663) |  |  | (2,091) |
Net income attributable to common stockholders—basic | $ | 1,079,925 |  |  | $ | 927,162 |  |  | $ | 1,134,684 |
Weighted average common shares—basic | 142,000,934 |  |  | 141,307,186 |  |  | 139,634,294 |
Earnings per common share—basic | $ | 7.61 |  |  | $ | 6.56 |  |  | $ | 8.13 |
Calculation of Earnings per Common Share—diluted |  |  |  |  |
Net income attributable to common stockholders | $ | 1,081,994 |  |  | $ | 928,825 |  |  | $ | 1,136,775 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | — |  |  | 25 |  |  | 48 |
Net income attributable to common stockholders—diluted | $ | 1,081,994 |  |  | $ | 928,850 |  |  | $ | 1,136,823 |
Weighted average common shares—diluted | 142,458,604 |  |  | 141,643,788 |  |  | 139,975,087 |
Earnings per common share—diluted | $ | 7.60 |  |  | $ | 6.56 |  |  | $ | 8.12 |
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 years ended December 31, 2024, 2023 and 2022. The segments are classified based on the individual community's status at December 31, 2024 for the years ended December 31, 2024 and 2023, and at December 31, 2023 for the year ended December 31, 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through December 31, 2024, or otherwise qualify as held for sale as of December 31, 2024, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):
|  | Same Store |  | Other Stabilized Communities |  | Development/ Redevelopment Communities |  | Non- allocated (1) |  | Total
For the year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,081 |  |  | $ | 7,081 |
Non-lease related revenue (2) |  | 10,769 |  |  | 5,571 |  |  | 485 |  |  | — |  |  | 16,825 |
Total non-lease revenue |  | 10,769 |  |  | 5,571 |  |  | 485 |  |  | 7,081 |  |  | 23,906 |
Lease income (3) |  | 2,669,423 |  |  | 112,987 |  |  | 65,399 |  |  | — |  |  | 2,847,809 |
Total revenue |  | $ | 2,680,192 |  |  | $ | 118,558 |  |  | $ | 65,884 |  |  | $ | 7,081 |  |  | $ | 2,871,715 |
For the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,722 |  |  | $ | 7,722 |
Non-lease related revenue (2) |  | 12,752 |  |  | 4,697 |  |  | 128 |  |  | — |  |  | 17,577 |
Total non-lease revenue |  | 12,752 |  |  | 4,697 |  |  | 128 |  |  | 7,722 |  |  | 25,299 |
Lease income (3) |  | 2,578,264 |  |  | 73,628 |  |  | 6,042 |  |  | — |  |  | 2,657,934 |
Total revenue |  | $ | 2,591,016 |  |  | $ | 78,325 |  |  | $ | 6,170 |  |  | $ | 7,722 |  |  | $ | 2,683,233 |
For the year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,333 |  |  | $ | 6,333 |
Non-lease related revenue (2) |  | 11,048 |  |  | 2,990 |  |  | 165 |  |  | — |  |  | 14,203 |
Total non-lease revenue |  | 11,048 |  |  | 2,990 |  |  | 165 |  |  | 6,333 |  |  | 20,536 |
Lease income (3) |  | 2,322,395 |  |  | 90,315 |  |  | 29,569 |  |  | — |  |  | 2,442,279 |
Total revenue |  | $ | 2,333,443 |  |  | $ | 93,305 |  |  | $ | 29,734 |  |  | $ | 6,333 |  |  | $ | 2,462,815 |
__________________________________ (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 residential and commercial rental and other lease income, as discussed above, under "Leases".

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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