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

9 Months Ended

Sep. 30, 2021

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
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Basic and diluted shares outstanding
Weighted average common shares - basic	139,386,413		140,271,574		139,338,800		140,366,438
Weighted average DownREIT units outstanding	7,500		7,500		7,500		7,500
Effect of dilutive securities	343,812		324,648		298,769		328,865
Weighted average common shares - diluted	139,737,725		140,603,722		139,645,069		140,702,803

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	78,914	$	147,703	$	669,090	$	486,502
Net income allocated to unvested restricted shares	(160)		(342)		(1,443)		(1,158)
Net income attributable to common stockholders, adjusted	$	78,754	$	147,361	$	667,647	$	485,344

Weighted average common shares - basic	139,386,413		140,271,574		139,338,800		140,366,438

Earnings per common share - basic	$	0.57	$	1.05	$	4.79	$	3.46

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	78,914	$	147,703	$	669,090	$	486,502
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	12		12		36		36
Adjusted net income attributable to common stockholders	$	78,926	$	147,715	$	669,126	$	486,538

Weighted average common shares - diluted	139,737,725		140,603,722		139,645,069		140,702,803

Earnings per common share - diluted	$	0.56	$	1.05	$	4.79	$	3.46

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, 2021 and 2020. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through September 30, 2021, or otherwise qualify as held for sale as of September 30, 2021, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):


	For the three months ended
	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the period ended September 30, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	695	$	695
Rental and non-rental related income (2)	1,883		369		171		—		2,423
Total non-lease revenue (3)	1,883		369		171		695		3,118

Lease income (4)	517,914		27,539		28,372		—		573,825
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	519,797	$	27,908	$	28,543	$	695	$	576,943

For the period ended September 30, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	419	$	419
Rental and non-rental related income (2)	1,965		598		112		—		2,675
Total non-lease revenue (3)	1,965		598		112		419		3,094

Lease income (4)	511,171		21,718		6,831		—		539,720
Business interruption insurance proceeds	282		—		—		—		282

Total revenue	$	513,418	$	22,316	$	6,943	$	419	$	543,096


	For the nine months ended
	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the period ended September 30, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	2,380	$	2,380
Rental and non-rental related income (2)	5,469		1,148		483		—		7,100
Total non-lease revenue (3)	5,469		1,148		483		2,380		9,480

Lease income (4)	1,514,951		75,886		65,060		—		1,655,897
Business interruption insurance proceeds	—		—		—		—		—

Total revenue	$	1,520,420	$	77,034	$	65,543	$	2,380	$	1,665,377

For the period ended September 30, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,109	$	1,109
Rental and non-rental related income (2)	5,447		1,637		230		—		7,314
Total non-lease revenue (3)	5,447		1,637		230		1,109		8,423

Lease income (4)	1,580,580		63,325		16,889		—		1,660,794
Business interruption insurance proceeds	378		—		—		—		378

Total revenue	$	1,586,405	$	64,962	$	17,119	$	1,109	$	1,669,595

__________________________________

(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items 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 606, Revenue from Contracts with Customers.

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