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Organization, Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic and diluted shares outstanding |  |  |  |  |  |  |
Weighted average common shares - basic | 142,089,075 |  |  | 142,038,838 |  |  | 142,132,739 |  |  | 141,981,920 |
Effect of dilutive securities | 1,446,326 |  |  | 477,846 |  |  | 972,016 |  |  | 394,514 |
Weighted average common shares - diluted | 143,535,401 |  |  | 142,516,684 |  |  | 143,104,755 |  |  | 142,376,434 |
Calculation of Earnings per Common Share - basic |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 381,306 |  |  | $ | 372,519 |  |  | $ | 886,568 |  |  | $ | 799,902 |
Net income allocated to unvested restricted shares | (719) |  |  | (706) |  |  | (1,660) |  |  | (1,537) |
Net income attributable to common stockholders - basic | $ | 380,587 |  |  | $ | 371,813 |  |  | $ | 884,908 |  |  | $ | 798,365 |
Weighted average common shares - basic | 142,089,075 |  |  | 142,038,838 |  |  | 142,132,739 |  |  | 141,981,920 |
Earnings per common share - basic | $ | 2.68 |  |  | $ | 2.62 |  |  | $ | 6.23 |  |  | $ | 5.62 |
Calculation of Earnings per Common Share - diluted |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 381,306 |  |  | $ | 372,519 |  |  | $ | 886,568 |  |  | $ | 799,902 |
Net income attributable to DownREIT unitholders in consolidated partnerships | 2,856 |  |  | — |  |  | 4,046 |  |  | — |
Net income - diluted | $ | 384,162 |  |  | $ | 372,519 |  |  | $ | 890,614 |  |  | $ | 799,902 |
Weighted average common shares - diluted | 143,535,401 |  |  | 142,516,684 |  |  | 143,104,755 |  |  | 142,376,434 |
Earnings per common share - diluted | $ | 2.68 |  |  | $ | 2.61 |  |  | $ | 6.22 |  |  | $ | 5.62 |
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 nine months ended September 30, 2025 and 2024. Segment information for total revenue excludes real estate assets that were sold from January 1, 2024 through September 30, 2025, or otherwise qualify as held for sale as of September 30, 2025, 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 September 30, 2025 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,870 |  |  | $ | 1,870 |
Non-lease related revenue (2) |  | 2,222 |  |  | 1,761 |  |  | 108 |  |  | — |  |  | 4,091 |
Total non-lease revenue |  | 2,222 |  |  | 1,761 |  |  | 108 |  |  | 1,870 |  |  | 5,961 |
Lease income (3) |  | 689,703 |  |  | 45,709 |  |  | 13,554 |  |  | — |  |  | 748,966 |
Total revenue |  | $ | 691,925 |  |  | $ | 47,470 |  |  | $ | 13,662 |  |  | $ | 1,870 |  |  | $ | 754,927 |
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,716 |  |  | $ | 1,716 |
Non-lease related revenue (2) |  | 1,966 |  |  | 1,427 |  |  | 51 |  |  | — |  |  | 3,444 |
Total non-lease revenue |  | 1,966 |  |  | 1,427 |  |  | 51 |  |  | 1,716 |  |  | 5,160 |
Lease income (3) |  | 674,384 |  |  | 24,283 |  |  | 2,860 |  |  | — |  |  | 701,527 |
Total revenue |  | $ | 676,350 |  |  | $ | 25,710 |  |  | $ | 2,911 |  |  | $ | 1,716 |  |  | $ | 706,687 |
|  | Same Store |  | Other Stabilized |  | Development/ Redevelopment |  | Non- allocated (1) |  | Total
For the nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,204 |  |  | $ | 5,204 |
Non-lease related revenue (2) |  | 6,267 |  |  | 4,822 |  |  | 252 |  |  | — |  |  | 11,341 |
Total non-lease revenue |  | 6,267 |  |  | 4,822 |  |  | 252 |  |  | 5,204 |  |  | 16,545 |
Lease income (3) |  | 2,058,298 |  |  | 117,508 |  |  | 29,470 |  |  | — |  |  | 2,205,276 |
Total revenue |  | $ | 2,064,565 |  |  | $ | 122,330 |  |  | $ | 29,722 |  |  | $ | 5,204 |  |  | $ | 2,221,821 |
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,342 |  |  | $ | 5,342 |
Non-lease related revenue (2) |  | 6,881 |  |  | 4,115 |  |  | 104 |  |  | — |  |  | 11,100 |
Total non-lease revenue |  | 6,881 |  |  | 4,115 |  |  | 104 |  |  | 5,342 |  |  | 16,442 |
Lease income (3) |  | 2,002,968 |  |  | 49,431 |  |  | 4,669 |  |  | — |  |  | 2,057,068 |
Total revenue |  | $ | 2,009,849 |  |  | $ | 53,546 |  |  | $ | 4,773 |  |  | $ | 5,342 |  |  | $ | 2,073,510 |
______________________________ (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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