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


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Basic and diluted shares outstanding
Weighted average common shares - basic	140,555,264		142,195,859		140,052,487		142,154,571
Effect of dilutive securities	1,279,505		1,096,447		1,271,292		734,861
Weighted average common shares - diluted	141,834,769		143,292,306		141,323,779		142,889,432

Calculation of Earnings per Common Share - basic
Net income attributable to common stockholders	$	155,720	$	268,665	$	481,450	$	505,262
Net income allocated to unvested restricted shares	(327)		(497)		(984)		(942)
Net income attributable to common stockholders - basic	$	155,393	$	268,168	$	480,466	$	504,320

Weighted average common shares - basic	140,555,264		142,195,859		140,052,487		142,154,571

Earnings per common share - basic	$	1.11	$	1.89	$	3.43	$	3.55

Calculation of Earnings per Common Share - diluted
Net income attributable to common stockholders	$	155,720	$	268,665	$	481,450	$	505,262
Net income attributable to DownREIT unitholders in consolidated partnerships	1,173		1,190		3,733		1,190
Net income - diluted	$	156,893	$	269,855	$	485,183	$	506,452

Weighted average common shares - diluted	141,834,769		143,292,306		141,323,779		142,889,432

Earnings per common share - diluted	$	1.11	$	1.88	$	3.43	$	3.54

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, 2026 and 2025. Segment information for total revenue excludes real estate assets that were sold from January 1, 2025 through June 30, 2026, or otherwise qualify as held for sale as of June 30, 2026, 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, 2026
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,782	$	1,782
Non-lease related revenue (2)	2,938		1,661		194		—		4,793
Total non-lease revenue	2,938		1,661		194		1,782		6,575

Lease income (3)	713,370		32,236		24,017		—		769,623

Total revenue	$	716,308	$	33,897	$	24,211	$	1,782	$	776,198

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)	2,716		1,520		73		—		4,309
Total non-lease revenue	2,716		1,520		73		1,594		5,903

Lease income (3)	701,671		20,129		8,827		—		730,627

Total revenue	$	704,387	$	21,649	$	8,900	$	1,594	$	736,530


	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the six months ended June 30, 2026
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,615	$	3,615
Non-lease related revenue (2)	5,230		3,217		372		—		8,819
Total non-lease revenue	5,230		3,217		372		3,615		12,434

Lease income (3)	1,420,939		64,547		42,602		—		1,528,088

Total revenue	$	1,426,169	$	67,764	$	42,974	$	3,615	$	1,540,522

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)	4,915		2,885		119		—		7,919
Total non-lease revenue	4,915		2,885		119		3,336		11,255

Lease income (3)	1,398,938		28,774		16,701		—		1,444,413

Total revenue	$	1,403,853	$	31,659	$	16,820	$	3,336	$	1,455,668

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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."