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

3 Months Ended

Mar. 31, 2023

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):


	For the three months ended March 31,
	2023		2022
Basic and diluted shares outstanding
Weighted average common shares - basic	139,766,727		139,559,904
Weighted average DownREIT units outstanding	7,500		7,500
Effect of dilutive securities	249,583		408,678
Weighted average common shares - diluted	140,023,810		139,976,082

Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	146,902	$	262,044
Net income allocated to unvested restricted shares	(267)		(523)
Net income attributable to common stockholders - basic	$	146,635	$	261,521

Weighted average common shares - basic	139,766,727		139,559,904

Earnings per common share - basic	$	1.05	$	1.87

Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	146,902	$	262,044
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	12		12
Net income attributable to common stockholders - diluted	$	146,914	$	262,056

Weighted average common shares - diluted	140,023,810		139,976,082

Earnings per common share - diluted	$	1.05	$	1.87

Disaggregation of revenue

The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the three months ended March 31, 2023 and 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through March 31, 2023, or otherwise qualify as held for sale as of March 31, 2023, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):


	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the three months ended March 31, 2023
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,066	$	1,066
Non-lease related revenue (2)	2,604		1,141		36		—		3,781
Total non-lease revenue (3)	2,604		1,141		36		1,066		4,847

Lease income (4)	627,325		30,589		10,464		—		668,378

Total revenue	$	629,929	$	31,730	$	10,500	$	1,066	$	673,225

For the three months ended March 31, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	752	$	752
Non-lease related revenue (2)	2,258		410		13		—		2,681
Total non-lease revenue (3)	2,258		410		13		752		3,433

Lease income (4)	573,386		14,805		6,039		—		594,230

Total revenue	$	575,644	$	15,215	$	6,052	$	752	$	597,663

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(1)Represents third-party property management, 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing.

(3)Represents revenue accounted for under ASC 606.

(4)Represents residential and commercial rental and other lease income, accounted for under ASC 842.