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

9 Months Ended

Sep. 30, 2018

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						For the nine months ended
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Basic and diluted shares outstanding
Weighted average common shares - basic	137,848,788			137,715,192			137,818,076			137,457,293
Weighted average DownREIT units outstanding	7,500			7,500			7,500			7,500
Effect of dilutive securities	466,776			584,354			405,148			541,399
Weighted average common shares - diluted	138,323,064			138,307,046			138,230,724			138,006,192
Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	192,486		$	238,248		$	588,791		$	639,348
Net income allocated to unvested restricted shares	(555		)	(672		)	(1,722		)	(1,794		)
Net income attributable to common stockholders, adjusted	$	191,931		$	237,576		$	587,069		$	637,554
Weighted average common shares - basic	137,848,788			137,715,192			137,818,076			137,457,293
Earnings per common share - basic	$	1.39		$	1.73		$	4.26		$	4.64
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	192,486		$	238,248		$	588,791		$	639,348
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	11			11			33			32
Adjusted net income attributable to common stockholders	$	192,497		$	238,259		$	588,824		$	639,380
Weighted average common shares - diluted	138,323,064			138,307,046			138,230,724			138,006,192
Earnings per common share - diluted	$	1.39		$	1.72		$	4.26		$	4.63

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 nine months ended September 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 September 30, 2018, or otherwise qualify as held for sale as of September 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 September 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	912	$	912
Rental and non-rental related income (2)	2,695		1,751		512		—		4,958
Total non-lease revenue (3)	2,695		1,751		512		912		5,870
Lease income (4)	424,328		64,791		76,987		—		566,106
Total revenue	$	427,023	$	66,542	$	77,499	$	912	$	571,976
For the period ended September 30, 2017
Management, development and other fees	$	—	$	—	$	—	$	993	$	993
Rental and non-rental related income (2)	2,667		1,734		450		—		4,851
Total non-lease revenue (3)	2,667		1,734		450		993		5,844
Lease income (4)	414,663		51,151		59,067		—		524,881
Business interruption insurance proceeds (5)	—		—		3,495		—		3,495
Total revenue	$	417,330	$	52,885	$	63,012	$	993	$	534,220

	For the nine months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended September 30, 2018
Management, development and other fees	$	—	$	—	$	—	$	2,752	$	2,752
Rental and non-rental related income (2)	7,823		4,940		1,439		—		14,202
Total non-lease revenue (3)	7,823		4,940		1,439		2,752		16,954
Lease income (4)	1,258,243		190,094		215,977		—		1,664,314
Total revenue	$	1,266,066	$	195,034	$	217,416	$	2,752	$	1,681,268
For the period ended September 30, 2017
Management, development and other fees	$	—	$	—	$	—	$	3,290	$	3,290
Rental and non-rental related income (2)	7,798		4,778		1,095		—		13,671
Total non-lease revenue (3)	7,798		4,778		1,095		3,290		16,961
Lease income (4)	1,228,410		132,961		166,707		—		1,528,078
Business interruption insurance proceeds (5)	—		—		3,495		—		3,495
Total revenue	$	1,236,208	$	137,739	$	171,297	$	3,290	$	1,548,534

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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.

(5) Amounts for the three and nine months ended September 30, 2017 are composed of business interruption insurance proceeds resulting from the final insurance settlement of the Maplewood casualty loss.

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 nine months ended September 30, 2017 (dollars in thousands):

	9/30/2017 (as previously reported)			Impact of ASU 2016-18			9/30/2017 (as adjusted and currently reported)
Net cash provided by operating activities	$	917,573		$	16,205		$	933,778
Net cash used in investing activities	(676,231		)	51,479			(624,752		)
Net cash used in financing activities	(420,294		)	(1,598		)	(421,892		)
Net (decrease) increase in cash, cash equivalents	(178,952		)	178,952			—
Net increase in cash, cash equivalents and restricted cash	—			(112,866		)	(112,866		)
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	$	36,042		—			—
Cash, cash equivalents and restricted cash, end of period				$	181,069		$	217,111