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

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

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 three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Basic and diluted shares outstanding
Weighted average common shares - basic	141,838,841		139,640,421		141,128,506		139,610,205
Weighted average DownREIT units outstanding	—		7,500		4,670		7,500
Effect of dilutive securities	359,258		334,038		315,499		346,467
Weighted average common shares - diluted	142,198,099		139,981,959		141,448,675		139,964,172
Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$	172,031	$	494,747	$	686,856	$	895,482
Net income allocated to unvested restricted shares	(309)		(888)		(1,229)		(1,662)
Net income attributable to common stockholders - basic	$	171,722	$	493,859	$	685,627	$	893,820
Weighted average common shares - basic	141,838,841		139,640,421		141,128,506		139,610,205
Earnings per common share - basic	$	1.21	$	3.54	$	4.86	$	6.40
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$	172,031	$	494,747	$	686,856	$	895,482
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	—		12		25		36
Net income attributable to common stockholders - diluted	$	172,031	$	494,759	$	686,881	$	895,518
Weighted average common shares - diluted	142,198,099		139,981,959		141,448,675		139,964,172
Earnings per common share - diluted	$	1.21	$	3.53	$	4.86	$	6.40

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 and nine months ended September 30, 2023 and 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through September 30, 2023, or otherwise qualify as held for sale as of September 30, 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 September 30, 2023
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,934	$	1,934
Non-lease related revenue (2)	2,917		1,430		80		—		4,427
Total non-lease revenue (3)	2,917		1,430		80		1,934		6,361
Lease income (4)	639,176		31,811		17,229		—		688,216
Total revenue	$	642,093	$	33,241	$	17,309	$	1,934	$	694,577
For the three months ended September 30, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,399	$	1,399
Non-lease related revenue (2)	2,477		811		32		—		3,320
Total non-lease revenue (3)	2,477		811		32		1,399		4,719
Lease income (4)	609,311		27,335		7,681		—		644,327
Total revenue	$	611,788	$	28,146	$	7,713	$	1,399	$	649,046

	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the nine months ended September 30, 2023
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	5,712	$	5,712
Non-lease related revenue (2)	8,121		3,830		195		—		12,146
Total non-lease revenue (3)	8,121		3,830		195		5,712		17,858
Lease income (4)	1,890,920		93,380		40,644		—		2,024,944
Total revenue	$	1,899,041	$	97,210	$	40,839	$	5,712	$	2,042,802
For the nine months ended September 30, 2022
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,054	$	3,054
Non-lease related revenue (2)	7,493		1,777		78		—		9,348
Total non-lease revenue (3)	7,493		1,777		78		3,054		12,402
Lease income (4)	1,770,815		60,702		20,193		—		1,851,710
Total revenue	$	1,778,308	$	62,479	$	20,271	$	3,054	$	1,864,112

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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.