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

6 Months Ended

Jun. 30, 2020

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
	6/30/2020			6/30/2019			6/30/2020			6/30/2019
Basic and diluted shares outstanding
Weighted average common shares - basic	140,450,744			139,113,390			140,413,857			138,724,479
Weighted average DownREIT units outstanding	7,500			7,500			7,500			7,500
Effect of dilutive securities	279,916			497,341			330,974			495,397
Weighted average common shares - diluted	140,738,160			139,618,231			140,752,331			139,227,376

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	170,828		$	168,281		$	338,799		$	338,647
Net income allocated to unvested restricted shares	(390		)	(435		)	(817		)	(935		)
Net income attributable to common stockholders, adjusted	$	170,438		$	167,846		$	337,982		$	337,712

Weighted average common shares - basic	140,450,744			139,113,390			140,413,857			138,724,479

Earnings per common share - basic	$	1.21		$	1.21		$	2.41		$	2.43

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	170,828		$	168,281		$	338,799		$	338,647
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	12			12			24			23
Adjusted net income attributable to common stockholders	$	170,840		$	168,293		$	338,823		$	338,670

Weighted average common shares - diluted	140,738,160			139,618,231			140,752,331			139,227,376

Earnings per common share - diluted	$	1.21		$	1.21		$	2.41		$	2.43

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 8, “Segment Reporting,” for the three and six months ended June 30, 2020 and 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through June 30, 2020, or otherwise qualify as held for sale as of June 30, 2020, 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 (1)		Non- allocated (2)		Total
For the period ended June 30, 2020
Management, development and other fees	$	—	$	—	$	—	$	926	$	926
Rental and non-rental related income (3)	1,870		317		295		—		2,482
Total non-lease revenue (4)	1,870		317		295		926		3,408

Lease income (5)	521,558		34,360		16,397		—		572,315
Business interruption insurance proceeds	103		—		—		—		103

Total revenue	$	523,531	$	34,677	$	16,692	$	926	$	575,826

For the period ended June 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	1,114	$	1,114
Rental and non-rental related income (3)	2,154		153		51		—		2,358
Total non-lease revenue (4)	2,154		153		51		1,114		3,472

Lease income (5)	536,916		25,369		2,359		—		564,644
Business interruption insurance proceeds	435		—		—		—		435

Total revenue	$	539,505	$	25,522	$	2,410	$	1,114	$	568,551



	For the six months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities (1)		Non- allocated (2)		Total
For the period ended June 30, 2020
Management, development and other fees	$	—	$	—	$	—	$	1,933	$	1,933
Rental and non-rental related income (3)	3,478		793		527		—		4,798
Total non-lease revenue (4)	3,478		793		527		1,933		6,731

Lease income (5)	1,067,906		69,374		31,938		—		1,169,218
Business interruption insurance proceeds	103		—		—		—		103

Total revenue	$	1,071,487	$	70,167	$	32,465	$	1,933	$	1,176,052

For the period ended June 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	2,252	$	2,252
Rental and non-rental related income (3)	3,986		634		67		—		4,687
Total non-lease revenue (4)	3,986		634		67		2,252		6,939

Lease income (5)	1,066,742		46,914		2,892		—		1,116,548
Business interruption insurance proceeds	607		—		—		—		607

Total revenue	$	1,071,335	$	47,548	$	2,959	$	2,252	$	1,124,094

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(1)	The Company had no Redevelopment Communities for the three and six months ended June 30, 2020 and 2019.


(2)	Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.


(3)	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.


(4)	Represents all revenue accounted for under ASU 2014-09.

(5)

Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are accounted for under ASC 842.