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


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Basic and diluted shares outstanding
Weighted average common shares - basic	142,195,859		142,004,857		142,154,571		141,953,462
Effect of dilutive securities	1,096,447		385,009		734,861		352,848
Weighted average common shares - diluted	143,292,306		142,389,866		142,889,432		142,306,310

Calculation of Earnings per Common Share - basic
Net income attributable to common stockholders	$	268,665	$	253,934	$	505,262	$	427,383
Net income allocated to unvested restricted shares	(497)		(488)		(942)		(827)
Net income attributable to common stockholders - basic	$	268,168	$	253,446	$	504,320	$	426,556

Weighted average common shares - basic	142,195,859		142,004,857		142,154,571		141,953,462

Earnings per common share - basic	$	1.89	$	1.78	$	3.55	$	3.00

Calculation of Earnings per Common Share - diluted
Net income attributable to common stockholders	$	268,665	$	253,934	$	505,262	$	427,383
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships	1,190		—		1,190		—
Net income - diluted	$	269,855	$	253,934	$	506,452	$	427,383

Weighted average common shares - diluted	143,292,306		142,389,866		142,889,432		142,306,310

Earnings per common share - diluted	$	1.88	$	1.78	$	3.54	$	3.00

The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the three and six months ended June 30, 2025 and 2024. Segment information for total revenue excludes real estate assets that were sold from January 1, 2024 through June 30, 2025, or otherwise qualify as held for sale as of June 30, 2025, 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 June 30, 2025
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,594	$	1,594
Non-lease related revenue (2)	2,635		1,611		98		—		4,344
Total non-lease revenue	2,635		1,611		98		1,594		5,938

Lease income (3)	692,553		40,926		9,156		—		742,635

Total revenue	$	695,188	$	42,537	$	9,254	$	1,594	$	748,573

For the three months ended June 30, 2024
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,830	$	1,830
Non-lease related revenue (2)	2,567		1,362		35		—		3,964
Total non-lease revenue	2,567		1,362		35		1,830		5,794

Lease income (3)	673,345		16,053		1,273		—		690,671

Total revenue	$	675,912	$	17,415	$	1,308	$	1,830	$	696,465


	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the six months ended June 30, 2025
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,336	$	3,336
Non-lease related revenue (2)	4,781		3,061		144		—		7,986
Total non-lease revenue	4,781		3,061		144		3,336		11,322

Lease income (3)	1,380,565		71,798		15,917		—		1,468,280

Total revenue	$	1,385,346	$	74,859	$	16,061	$	3,336	$	1,479,602

For the six months ended June 30, 2024
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,625	$	3,625
Non-lease related revenue (2)	4,974		2,688		53		—		7,715
Total non-lease revenue	4,974		2,688		53		3,625		11,340

Lease income (3)	1,340,720		25,151		1,809		—		1,367,680

Total revenue	$	1,345,694	$	27,839	$	1,862	$	3,625	$	1,379,020

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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 residential and commercial rental and other lease income, as discussed above, under "Leases".