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

6 Months Ended

Jun. 30, 2018

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):



	For the three months ended						For the six months ended
	6/30/2018			6/30/2017			6/30/2018			6/30/2017
Basic and diluted shares outstanding
Weighted average common shares - basic	137,840,045			137,580,677			137,802,461			137,326,204
Weighted average DownREIT units outstanding	7,500			7,500			7,500			7,500
Effect of dilutive securities	367,465			584,974			374,334			519,921
Weighted average common shares - diluted	138,215,010			138,173,151			138,184,295			137,853,625

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	254,662		$	165,225		$	396,305		$	401,100
Net income allocated to unvested restricted shares	(727		)	(468		)	(1,167		)	(1,122		)
Net income attributable to common stockholders, adjusted	$	253,935		$	164,757		$	395,138		$	399,978

Weighted average common shares - basic	137,840,045			137,580,677			137,802,461			137,326,204

Earnings per common share - basic	$	1.84		$	1.20		$	2.87		$	2.91

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	254,662		$	165,225		$	396,305		$	401,100
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	11			10			22			21
Adjusted net income attributable to common stockholders	$	254,673		$	165,235		$	396,327		$	401,121

Weighted average common shares - diluted	138,215,010			138,173,151			138,184,295			137,853,625

Earnings per common share - diluted	$	1.84		$	1.20		$	2.87		$	2.91

Disaggregation of revenue

The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 7, “Segment Reporting,” for the three and six months ended June 30, 2018 and 2017. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2017 through June 30, 2018, or otherwise qualify as held for sale as of June 30, 2018, as described in Note 6, "Real Estate Disposition Activities," (dollars in thousands):



	For the three months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended June 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	954	$	954
Rental and non-rental related income (2)	2,730		1,437		521		—		4,688
Total non-lease revenue (3)	2,730		1,437		521		954		5,642

Lease income (4)	417,827		67,531		71,461		—		556,819

Total revenue	$	420,557	$	68,968	$	71,982	$	954	$	562,461

For the period ended June 30, 2017
Management, development and other fees	$	—	$	—	$	—	$	1,098	$	1,098
Rental and non-rental related income (2)	2,804		1,440		330		—		4,574
Total non-lease revenue (3)	2,804		1,440		330		1,098		5,672

Lease income (4)	407,284		47,858		54,560		—		509,702

Total revenue	$	410,088	$	49,298	$	54,890	$	1,098	$	515,374



	For the six months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended June 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	1,841	$	1,841
Rental and non-rental related income (2)	5,120		3,233		926		—		9,279
Total non-lease revenue (3)	5,120		3,233		926		1,841		11,120

Lease income (4)	831,210		133,470		138,991		—		1,103,671

Total revenue	$	836,330	$	136,703	$	139,917	$	1,841	$	1,114,791

For the period ended June 30, 2017
Management, development and other fees	$	—	$	—	$	—	$	2,298	$	2,298
Rental and non-rental related income (2)	5,124		3,088		646		—		8,858
Total non-lease revenue (3)	5,124		3,088		646		2,298		11,156

Lease income (4)	810,973		89,871		107,639		—		1,008,483

Total revenue	$	816,097	$	92,959	$	108,285	$	2,298	$	1,019,639

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(1)	Revenue represents third-party management, asset management and developer fees and miscellaneous income 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, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue.


(3)	Represents all revenue accounted for under ASC 2014-09.


(4)	Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are scoped out from ASC 2014-09 and accounted for under the lease accounting framework.

Schedule of new accounting pronouncements and changes in accounting principles

The following tables present the impact of the change in accounting principle to the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2017 (dollars in thousands):



	6/30/2017 (as previously reported)			Impact of ASU 2016-18			6/30/2017 (as adjusted and currently reported)
	6/30/2017 (as previously reported)			Impact of ASU 2016-18			6/30/2017 (as adjusted and currently reported)
Net cash provided by operating activities	$	562,360		$	13,296		$	575,656
Net cash used in investing activities	(366,614		)	112,890			(253,724		)
Net cash used in financing activities	(357,263		)	(1,493		)	(358,756		)

Net (decrease) increase in cash, cash equivalents	(161,517		)	161,517			—
Net increase in cash, cash equivalents and restricted cash	—			(36,824		)	(36,824		)

Cash, cash equivalents, beginning of period	214,994			(214,994		)	—
Cash, cash equivalents and restricted cash, beginning of period	—			329,977			329,977
Cash, cash equivalents, end of period	$	53,477		—			—
Cash, cash equivalents and restricted cash, end of period				$	239,676		$	293,153