XML 36 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Organization, Basis of Presentation, and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of new accounting pronouncements and changes in accounting principles
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 years ended December 31, 2020, 2019 and 2018. The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019, and at January 1, 2019 for the year ended December 31, 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses. In order to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. See Note 8, "Segment Reporting," for further discussion (dollars in thousands):

Established
Communities		Other
Stabilized
Communities		Development/
Redevelopment
Communities		Non-
allocated (1)		Total
For the year ended December 31, 2020
Management, development and other fees$— $— $— $3,819 $3,819 
Rental and non-rental related income (2)6,970 1,790 1,064 — 9,824 
Total non-lease revenue (3)6,970 1,790 1,064 3,819 13,643 
Lease income (4)2,021,232 138,113 82,937 — 2,242,282 
Business interruption insurance proceeds 115 270 — — 385 
Total revenue$2,028,317 $140,173 $84,001 $3,819 $2,256,310 
For the year ended December 31, 2019
Management, development and other fees$— $— $— $4,960 $4,960 
Rental and non-rental related income (2)7,028 1,224 400 — 8,652 
Total non-lease revenue (3)7,028 1,224 400 4,960 13,612 
Lease income (4)2,099,273 108,756 28,376 — 2,236,405 
Business interruption insurance proceeds 987 454 — — 1,441 
Total revenue$2,107,288 $110,434 $28,776 $4,960 $2,251,458 
For the year ended December 31, 2018
Management Fees$— $— $— $3,572 $3,572 
Rental and non-rental related income (2)4,245 1,732 269 — 6,246 
Total non-lease revenue (3)4,245 1,732 269 3,572 9,818 
Lease income (4)1,727,299 236,852 120,553 — 2,084,704 
Business interruption insurance proceeds 26 — — — 26 
Total revenue$1,731,570 $238,584 $120,822 $3,572 $2,094,548 
__________________________________

(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.
Schedule of tax components of the entity's common dividends declared
The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited):
202020192018
Ordinary income66 %96 %76 %
20% capital gain
24 %3 %11 %
Unrecaptured §1250 gain10 %1 %13 %
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 year ended
 12/31/2012/31/1912/31/18
Basic and diluted shares outstanding   
Weighted average common shares—basic140,094,722 139,054,191 137,844,755 
Weighted average DownREIT units outstanding7,500 7,500 7,500 
Effect of dilutive securities332,973 509,859 436,986 
Weighted average common shares—diluted140,435,195 139,571,550 138,289,241 
Calculation of Earnings per Share—basic   
Net income attributable to common stockholders$827,630 $785,974 $974,525 
Net income allocated to unvested restricted shares(1,955)(2,063)(2,839)
Net income attributable to common stockholders, adjusted$825,675 $783,911 $971,686 
Weighted average common shares—basic140,094,722 139,054,191 137,844,755 
Earnings per common share—basic$5.89 $5.64 $7.05 
Calculation of Earnings per Share—diluted   
Net income attributable to common stockholders$827,630 $785,974 $974,525 
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations48 46 44 
Adjusted net income attributable to common stockholders$827,678 $786,020 $974,569 
Weighted average common shares—diluted140,435,195 139,571,550 138,289,241 
Earnings per common share—diluted$5.89 $5.63 $7.05