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Segment Information
 6 Months Ended
Jun. 30, 2017
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 consolidated joint venture stores are eliminated in consolidation. Financial information for the Company’s business segments is presented below:
 
June 30, 2017
 
December 31, 2016
Balance Sheet
 
 
 
Investment in unconsolidated real estate ventures
 
 
 
Rental operations
$
79,294

 
$
79,570

Total assets
 
 
 
Rental operations
$
6,734,180

 
$
6,731,292

Tenant reinsurance
33,331

 
44,524

Property management, acquisition and development
269,952

 
315,630

 
$
7,037,463

 
$
7,091,446


 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Statement of Operations
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
Rental operations
$
240,796

 
$
211,791

 
$
472,289

 
$
411,279

Tenant reinsurance
24,313

 
21,654

 
47,168

 
42,209

Property management, acquisition and development
10,894

 
10,828

 
19,554

 
20,188

 
276,003

 
244,273

 
539,011

 
473,676

Operating expenses, including depreciation and amortization
 
 
 
 
 
 
 
Rental operations
110,672

 
104,161

 
226,029

 
205,859

Tenant reinsurance
3,804

 
3,941

 
7,724

 
8,252

Property management, acquisition and development
25,120

 
25,869

 
44,648

 
55,635

 
139,596

 
133,971

 
278,401

 
269,746

Income (loss) from operations
 
 
 
 
 
 
 
Rental operations
130,124

 
107,630

 
246,260

 
205,420

Tenant reinsurance
20,509

 
17,713

 
39,444

 
33,957

Property management, acquisition and development
(14,226
)
 
(15,041
)
 
(25,094
)
 
(35,447
)
 
136,407

 
110,302

 
260,610

 
203,930

Gain (loss) on real estate transactions, earnout from prior acquisition and impairment of real estate
 
 
 
 
 
 
 
Property management, acquisition and development
(6,019
)
 
11,358

 
(6,019
)
 
9,814

Interest expense
 
 
 
 
 
 
 
Rental operations
(36,214
)
 
(31,941
)
 
(71,035
)
 
(62,506
)
Property management, acquisition and development
(1,242
)
 
(861
)
 
(2,391
)
 
(1,655
)
 
(37,456
)
 
(32,802
)
 
(73,426
)
 
(64,161
)
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes
 
 
 
 
 
 
 
Property management, acquisition and development
(1,290
)
 
(1,240
)
 
(2,559
)
 
(2,473
)
Interest income
 
 
 
 
 
 
 
Property management, acquisition and development
826

 
1,625

 
1,928

 
3,339

 


 


 


 


Interest income on note receivable from Preferred Operating Partnership unit holder
 
 
 
 
 
 
 
Property management, acquisition and development
659

 
1,212

 
1,872

 
2,425

Equity in earnings of unconsolidated real estate ventures
 
 
 
 
 
 
 
Rental operations
3,838

 
3,358

 
7,417

 
6,188

Equity in earnings of unconsolidated real estate ventures - gain on purchase of a joint venture partner's interest
 
 
 
 
 
 
 
Property management, acquisition and development
—

 
—

 
—

 
26,923

Income tax (expense) benefit
 
 
 
 
 
 
 
    Rental operations
(462
)
 
(445
)
 
(925
)
 
(1,290
)
Tenant reinsurance
(3,866
)
 
(3,185
)
 
(7,129
)
 
(5,848
)
Property management, acquisition and development
1,461

 
(143
)
 
2,063

 
600

 
(2,867
)
 
(3,773
)
 
(5,991
)
 
(6,538
)
Net income (loss)
 
 
 
 
 
 
 
Rental operations
97,286

 
78,602

 
181,717

 
147,812

Tenant reinsurance
16,643

 
14,528

 
32,315

 
28,109

Property management, acquisition and development
(19,831
)
 
(3,090
)
 
(30,200
)
 
3,526

 
$
94,098

 
$
90,040

 
$
183,832

 
$
179,447


 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Depreciation and amortization expense
 
 
 
 
 
 
 
Rental operations
$
43,377

 
$
41,731

 
$
92,089

 
$
82,317

Property management, acquisition and development
3,255

 
2,219

 
3,975

 
4,530

 
$
46,632

 
$
43,950

 
$
96,064

 
$
86,847

Statement of Cash Flows
 
 
 
 
 
 
 
Acquisition of real estate assets
 
 
 
 
 
 
 
Property management, acquisition and development


 


 
$
(72,651
)
 
$
(435,298
)
Development and redevelopment of real estate assets
 
 
 
 
 
 
 
Property management, acquisition and development


 


 
$
(12,274
)
 
$
(14,400
)