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Segment Information
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION
The Company operates in three distinct segments: (1) rental operations; (2) tenant reinsurance; and (3) property management, acquisition and development. Management fees collected for wholly-owned stores are eliminated in consolidation. Financial information for the Company’s business segments is set forth below:
 
December 31, 2016
 
December 31, 2015
Balance Sheet
 
 
 
Investment in unconsolidated real estate ventures
 
 
 
Rental operations
$
79,570

 
$
103,007

Total assets
 
 
 
Rental operations
$
6,731,292

 
$
5,674,030

Tenant reinsurance
44,524

 
37,696

Property management, acquisition and development
315,630

 
359,681

 
$
7,091,446

 
$
6,071,407








 
For the Year Ended December 31,
 
2016
 
2015
 
2014
Statement of Operations
 
 
 
 
 
Total revenues
 
 
 
 
 
Rental operations
$
864,742

 
$
676,138

 
$
559,868

Tenant reinsurance
87,291

 
71,971

 
59,072

Property management, acquisition and development
39,842

 
34,161

 
28,215

 
991,875

 
782,270

 
647,155

Operating expenses, including depreciation and amortization
 
 
 
 
 
Rental operations
423,575

 
328,380

 
279,497

Tenant reinsurance
15,555

 
13,033

 
10,427

Property management, acquisition and development
102,907

 
146,201

 
78,763

 
542,037

 
487,614

 
368,687

Income (loss) from operations
 
 
 
 
 
Rental operations
441,167

 
347,758

 
280,371

Tenant reinsurance
71,736

 
58,938

 
48,645

Property management, acquisition and development
(63,065
)
 
(112,040
)
 
(50,548
)
 
449,838

 
294,656

 
278,468

Gain (loss) on real estate transactions, earnout from prior acquisition and sale of other assets
 
 
 
 
 
Property management, acquisition and development
8,465

 
1,501

 
(10,285
)
 
 
 
 
 
 
Property casualty loss, net
 
 
 
 
 
Rental operations
—

 
—

 
(1,724
)
 
 
 
 
 
 
Interest expense
 
 
 
 
 
Rental operations
(129,907
)
 
(93,711
)
 
(80,160
)
Property management, acquisition and development
(3,572
)
 
(1,971
)
 
(1,170
)
 
(133,479
)
 
(95,682
)
 
(81,330
)
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes
 
 
 
 
 
Property management, acquisition and development
(4,980
)
 
(3,310
)
 
(2,683
)
 
 
 
 
 
 
Interest income
 
 
 
 
 
Property management, acquisition and development
6,148

 
3,461

 
1,607

 
 
 
 
 
 
Interest income on note receivable from Preferred Operating Partnership unit holder
 
 
 
 
 
Property management, acquisition and development
4,850

 
4,850

 
4,850

 
 
 
 
 
 
Equity in earnings of unconsolidated real estate ventures
 
 
 
 
 
Rental operations
12,895

 
12,351

 
10,541

 
 
 
 
 
 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of partners' interests
 
 
 
 
 
Property management, acquisition and development
69,199

 
2,857

 
4,022

 
 
 
 
 
 
Income tax (expense) benefit
 
 
 
 
 
Rental operations
(2,320
)
 
(1,729
)
 
(1,157
)
Tenant reinsurance
(12,610
)
 
(9,780
)
 
(8,662
)
Property management, acquisition and development
(917
)
 
361

 
2,249

 
(15,847
)
 
(11,148
)
 
(7,570
)
Net income (loss)
 
 
 
 
 
Rental operations
321,835

 
264,669

 
207,871

Tenant reinsurance
59,138

 
49,173

 
40,000

Property management, acquisition and development
16,116

 
(104,306
)
 
(51,975
)
 
$
397,089

 
$
209,536

 
$
195,896

Depreciation and amortization expense
 
 
 
 
 
Rental operations
$
173,570

 
$
124,415

 
$
107,081

Property management, acquisition and development
8,990

 
9,042

 
7,995

 
$
182,560

 
$
133,457

 
$
115,076

Statement of Cash Flows
 
 
 
 
 
Acquisition of real estate assets
 
 
 
 
 
Property management, acquisition and development
$
(1,086,523
)
 
$
(1,550,750
)
 
$
(503,538
)
Development and redevelopment of real estate assets
 
 
 
 
 
Property management, acquisition and development
$
(23,279
)
 
$
(26,931
)
 
$
(23,528
)