Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of earnings per share

In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were 682 anti-dilutive stock options for the three and six months ended June 30, 2018, and no anti-dilutive stock options for the three and six months ended June 30, 2017. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	61,561		$	59,137		$	121,176		$	117,029
Less: Preferred share dividends	(2,011		)	(135		)	(4,021		)	(271		)
Less: Income from continuing operations attributable to noncontrolling interests	(1,938		)	(1,660		)	(3,622		)	(3,432		)
Less: Earnings allocated to unvested shares	(255		)	(251		)	(508		)	(468		)
Income from continuing operations available for common shareholders	57,357			57,091			113,025			112,858
Gain on sale of real estate, net	3,972			18,814			7,288			18,884
Net income available for common shareholders, basic and diluted	$	61,329		$	75,905		$	120,313		$	131,742
DENOMINATOR
Weighted average common shares outstanding—basic	72,990			72,001			72,948			71,928
Stock options	35			123			49			133
Weighted average common shares outstanding—diluted	73,025			72,124			72,997			72,061
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$	0.84		$	1.05		$	1.65		$	1.83
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$	0.84		$	1.05		$	1.65		$	1.83
Income from continuing operations attributable to the Trust	$	59,623		$	57,477		$	117,554		$	113,597