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

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Basic and diluted shares outstanding
Weighted average common shares - basic	141,902,066		139,766,727
Weighted average DownREIT units outstanding	—		7,500
Effect of dilutive securities	320,689		249,583
Weighted average common shares - diluted	142,222,755		140,023,810

Calculation of Earnings per Common Share - basic
Net income attributable to common stockholders	$	173,449	$	146,902
Net income allocated to unvested restricted shares	(338)		(267)
Net income attributable to common stockholders - basic	$	173,111	$	146,635

Weighted average common shares - basic	141,902,066		139,766,727

Earnings per common share - basic	$	1.22	$	1.05

Calculation of Earnings per Common Share - diluted
Net income attributable to common stockholders	$	173,449	$	146,902
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	—		12
Net income attributable to common stockholders - diluted	$	173,449	$	146,914

Weighted average common shares - diluted	142,222,755		140,023,810

Earnings per common share - diluted	$	1.22	$	1.05

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, 2024 and 2023. Segment information for total revenue excludes real estate assets that were sold from January 1, 2023 through March 31, 2024, or otherwise qualify as held for sale as of March 31, 2024, 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, 2024
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,795	$	1,795
Non-lease related revenue (2)	2,439		1,300		101		—		3,840
Total non-lease revenue (3)	2,439		1,300		101		1,795		5,635

Lease income (4)	674,806		23,768		7,960		—		706,534

Total revenue	$	677,245	$	25,068	$	8,061	$	1,795	$	712,169

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)	2,693		1,032		1		—		3,726
Total non-lease revenue (3)	2,693		1,032		1		1,066		4,792

Lease income (4)	646,547		13,657		3		—		660,207

Total revenue	$	649,240	$	14,689	$	4	$	1,066	$	664,999

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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.