XML 43 R27.htm IDEA: XBRL DOCUMENT v3.25.0.1
Organization, Basis of Presentation, and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary 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, 2024, 2023 and 2022 (unaudited):
202420232022
Ordinary income90 %83 %82 %
20% capital gain
4 %11 %15 %
Unrecaptured §1250 gain6 %6 %3 %
Total100 %100 %100 %
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 December 31,
 202420232022
Basic and diluted shares outstanding   
Weighted average common shares—basic142,000,934 141,307,186 139,634,294 
Weighted average DownREIT units outstanding— 3,503 7,500 
Effect of dilutive securities457,670 333,099 333,293 
Weighted average common shares—diluted142,458,604 141,643,788 139,975,087 
Calculation of Earnings per Common Share—basic   
Net income attributable to common stockholders$1,081,994 $928,825 $1,136,775 
Net income allocated to unvested restricted shares(2,069)(1,663)(2,091)
Net income attributable to common stockholders—basic$1,079,925 $927,162 $1,134,684 
Weighted average common shares—basic142,000,934 141,307,186 139,634,294 
Earnings per common share—basic$7.61 $6.56 $8.13 
Calculation of Earnings per Common Share—diluted   
Net income attributable to common stockholders$1,081,994 $928,825 $1,136,775 
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations— 25 48 
Net income attributable to common stockholders—diluted$1,081,994 $928,850 $1,136,823 
Weighted average common shares—diluted142,458,604 141,643,788 139,975,087 
Earnings per common share—diluted$7.60 $6.56 $8.12 
Disaggregation of Revenue
The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, "Segment Reporting," for the years ended December 31, 2024, 2023 and 2022. The segments are classified based on the individual community's status at December 31, 2024 for the years ended December 31, 2024 and 2023, and at December 31, 2023 for the year ended December 31, 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through December 31, 2024, or otherwise qualify as held for sale as of December 31, 2024, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):
Same StoreOther
Stabilized
Communities		Development/
Redevelopment
Communities		Non-
allocated (1)		Total
For the year ended December 31, 2024
Management, development and other fees and other ancillary items$— $— $— $7,081 $7,081 
Non-lease related revenue (2)10,769 5,571 485 — 16,825 
Total non-lease revenue10,769 5,571 485 7,081 23,906 
Lease income (3)2,669,423 112,987 65,399 — 2,847,809 
Total revenue$2,680,192 $118,558 $65,884 $7,081 $2,871,715 
For the year ended December 31, 2023
Management, development and other fees and other ancillary items$— $— $— $7,722 $7,722 
Non-lease related revenue (2)12,752 4,697 128 — 17,577 
Total non-lease revenue12,752 4,697 128 7,722 25,299 
Lease income (3)2,578,264 73,628 6,042 — 2,657,934 
Total revenue$2,591,016 $78,325 $6,170 $7,722 $2,683,233 
For the year ended December 31, 2022
Management, development and other fees and other ancillary items$— $— $— $6,333 $6,333 
Non-lease related revenue (2)11,048 2,990 165 — 14,203 
Total non-lease revenue11,048 2,990 165 6,333 20,536 
Lease income (3)2,322,395 90,315 29,569 — 2,442,279 
Total revenue$2,333,443 $93,305 $29,734 $6,333 $2,462,815 
__________________________________
(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 residential and commercial rental and other lease income, as discussed above, under "Leases".