Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall.



			Fair Value Measurements at Reporting Date Using
Description	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	6,214	$	—	$	6,214	$	—
Other liabilities - Cash flow hedge swap agreements	$	31,400	$	—	$	31,400	$	—

Schedule of Fair Value of Financial Instruments

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:



	December 31, 2019				December 31, 2018
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	116,184	$	118,524	$	115,467	$	119,735
Fixed rate notes payable and notes payable to trusts	$	3,511,151	$	3,417,928	$	2,985,731	$	3,022,414
Exchangeable senior notes	$	673,831	$	575,000	$	620,149	$	575,000

Schedule of Unpaid Claims Liability

The following table presents information on the portion of the Company’s unpaid claims liability, which is included in other liabilities on the Company's consolidated balance sheets, that relates to tenant insurance for the periods indicated:



	For the Year Ended December 31,
Tenant Reinsurance Claims:	2019			2018			2017
Unpaid claims liability at beginning of year	$	7,326		$	5,167		$	3,896
Claims and claim adjustment expense for claims incurred in the current year	16,280			15,800			11,700
Claims and claim adjustment expense (benefit) for claims incurred in the prior years	98			107			(203		)
Payments for current year claims	(11,352		)	(11,010		)	(8,895		)
Payments for prior year claims	(4,243		)	(2,738		)	(1,331		)
Unpaid claims liability at the end of the year	$	8,109		$	7,326		$	5,167

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share

The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:



	For the Year Ended December 31,
	2019	2018	2017
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Series B Units	393,189	464,033	533,174
Series C Units (1)	—	312,075	377,135
Series D Units	1,081,369	1,019,524	—
	1,474,558	1,795,632	910,309

⁽¹⁾ The remainder of the Series C Units were converted to OP Units on April 25, 2019.

Schedule of Computation of Earnings Per Common Share

The computation of earnings per share is as follows for the periods presented:



	For the Year Ended December 31,
	2019			2018			2017
Net income attributable to common stockholders	$	419,967		$	415,289		$	479,013
Earnings and dividends allocated to participating securities	(680		)	(723		)	(975		)
Earnings for basic computations	419,287			414,566			478,038
Earnings and dividends allocated to participating securities	680			723			—
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	23,727			22,831			30,088
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(2,288		)	(2,288		)	(3,119		)
Net income for diluted computations	$	441,406		$	435,832		$	505,007

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	128,203,568			126,087,487			125,967,831
OP Units	6,006,114			5,675,547			5,590,831
Series A Units	875,480			875,480			875,480
Series D Units	—			—			1,081,561
Unvested restricted stock awards included for treasury stock method	212,402			244,215			—
Shares related to exchangeable senior notes and dilutive stock options	1,136,205			276,304			640,068
Average number of common shares outstanding - diluted	136,433,769			133,159,033			134,155,771
Earnings per common share
Basic	$	3.27		$	3.29		$	3.79
Diluted	$	3.24		$	3.27		$	3.76