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

9 Months Ended

Sep. 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 nine months ended
	9/30/2020		9/30/2019		9/30/2020		9/30/2019
Basic and diluted shares outstanding
Weighted average common shares - basic	140,271,574		139,340,142		140,366,438		138,931,955
Weighted average DownREIT units outstanding	7,500		7,500		7,500		7,500
Effect of dilutive securities	324,648		505,032		328,865		498,609
Weighted average common shares - diluted	140,603,722		139,852,674		140,702,803		139,438,064

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	147,703	$	279,677	$	486,502	$	618,324
Net income allocated to unvested restricted shares	(342)		(704)		(1,158)		(1,655)
Net income attributable to common stockholders, adjusted	$	147,361	$	278,973	$	485,344	$	616,669

Weighted average common shares - basic	140,271,574		139,340,142		140,366,438		138,931,955

Earnings per common share - basic	$	1.05	$	2.00	$	3.46	$	4.44

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	147,703	$	279,677	$	486,502	$	618,324
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	12		11		36		34
Adjusted net income attributable to common stockholders	$	147,715	$	279,688	$	486,538	$	618,358

Weighted average common shares - diluted	140,603,722		139,852,674		140,702,803		139,438,064

Earnings per common share - diluted	$	1.05	$	2.00	$	3.46	$	4.43

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 nine months ended September 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 September 30, 2020, or otherwise qualify as held for sale as of September 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		Non- allocated (1)		Total
For the period ended September 30, 2020
Management, development and other fees	$	—	$	—	$	—	$	1,017	$	1,017
Rental and non-rental related income (2)	1,959		477		337		—		2,773
Total non-lease revenue (3)	1,959		477		337		1,017		3,790

Lease income (4)	506,587		34,333		20,963		—		561,883
Business interruption insurance proceeds	12		270		—		—		282

Total revenue	$	508,558	$	35,080	$	21,300	$	1,017	$	565,955

For the period ended September 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	1,231	$	1,231
Rental and non-rental related income (2)	1,796		445		133		—		2,374
Total non-lease revenue (3)	1,796		445		133		1,231		3,605

Lease income (4)	539,634		29,754		8,219		—		577,607
Business interruption insurance proceeds	307		—		—		—		307

Total revenue	$	541,737	$	30,199	$	8,352	$	1,231	$	581,519


	For the nine months ended
	Established Communities		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the period ended September 30, 2020
Management, development and other fees	$	—	$	—	$	—	$	2,950	$	2,950
Rental and non-rental related income (2)	5,416		1,271		884		—		7,571
Total non-lease revenue (3)	5,416		1,271		884		2,950		10,521

Lease income (4)	1,567,170		103,705		57,519		—		1,728,394
Business interruption insurance proceeds	115		270		—		—		385

Total revenue	$	1,572,701	$	105,246	$	58,403	$	2,950	$	1,739,300

For the period ended September 30, 2019
Management, development and other fees	$	—	$	—	$	—	$	3,484	$	3,484
Rental and non-rental related income (2)	5,753		1,078		224		—		7,055
Total non-lease revenue (3)	5,753		1,078		224		3,484		10,539

Lease income (4)	1,599,224		76,671		15,596		—		1,691,491
Business interruption insurance proceeds	914		—		—		—		914

Total revenue	$	1,605,891	$	77,749	$	15,820	$	3,484	$	1,702,944

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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 ASU 2014-09.

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