Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall.


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	—	$	—	$	—
Other liabilities - Cash flow hedge swap agreements	$	98,325	$	—	$	98,325	$	—

Schedule of Fair Value of Financial Instruments

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:


	December 31, 2020				December 31, 2019
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	102,333	$	102,311	$	116,184	$	118,524
Fixed rate notes receivable	$	114,145	$	104,000	$	—	$	—
Fixed rate notes payable	$	3,816,530	$	3,637,220	$	3,511,151	$	3,417,928
Exchangeable senior notes	$	—	$	—	$	673,831	$	575,000

Schedule of Unpaid Claims Liability

The following table presents information on the portion of the Company’s unpaid claims liability, which is included in other liabilities on the Company's consolidated balance sheets, that relates to tenant insurance for the periods indicated:


	For the Year Ended December 31,
Tenant Reinsurance Claims:	2020		2019		2018
Unpaid claims liability at beginning of year	$	8,109	$	7,326	$	5,167
Claims and claim adjustment expense for claims incurred in the current year	14,534		16,280		15,800
Claims and claim adjustment expense (benefit) for claims incurred in the prior years	(1,351)		98		107
Payments for current year claims	(9,697)		(11,352)		(11,010)
Payments for prior year claims	(3,301)		(4,243)		(2,738)
Unpaid claims liability at the end of the year	$	8,294	$	8,109	$	7,326

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share

The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:


	For the Year Ended December 31,
	2020	2019	2018
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	5,853,814	—	—
Series A Units (Variable Only)	875,480	—	—
Series B Units	400,771	393,189	464,033
Series C Units (1)	—	—	312,075
Series D Units	1,143,547	1,081,369	1,019,524
	8,273,612	1,474,558	1,795,632

(1) The remainder of the Series C Units were converted to OP Units on April 25, 2019.

Schedule of Computation of Earnings Per Common Share

The computation of earnings per share is as follows for the periods presented:


	For the Year Ended December 31,
	2020		2019		2018
Net income attributable to common stockholders	$	481,779	$	419,967	$	415,289
Earnings and dividends allocated to participating securities	(706)		(680)		(723)
Earnings for basic computations	481,073		419,287		414,566
Earnings and dividends allocated to participating securities	—		680		723
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		23,727		22,831
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(2,288)		(2,288)
Net income for diluted computations	$	481,073	$	441,406	$	435,832

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	129,541,531		128,203,568		126,087,487
OP Units	—		6,006,114		5,675,547
Series A Units	—		875,480		875,480


Unvested restricted stock awards included for treasury stock method	—		212,402		244,215
Shares related to exchangeable senior notes and dilutive stock options	43,298		1,136,205		276,304
Average number of common shares outstanding - diluted	129,584,829		136,433,769		133,159,033
Earnings per common share
Basic	$	3.71	$	3.27	$	3.29
Diluted	$	3.71	$	3.24	$	3.27