XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Property rental $ 321,500 $ 279,312 $ 625,093 $ 566,015
Tenant reinsurance 42,334 35,078 81,953 68,691
Management fees and other income 14,796 12,856 30,441 24,992
Total revenues 378,630 327,246 737,487 659,698
Expenses:        
Property operations 89,155 89,040 181,522 179,337
Tenant reinsurance 6,735 6,858 13,896 13,536
General and administrative 26,341 25,337 49,881 48,348
Depreciation and amortization 59,570 56,018 118,169 111,293
Total expenses 181,801 177,253 363,468 352,514
Gain on real estate transactions 0 0 63,883 0
Income from operations 196,829 149,993 437,902 307,184
Interest expense (40,240) (41,039) (80,935) (85,397)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 0 (1,233) 0 (2,442)
Interest income 12,838 1,669 25,142 3,343
Income before equity in earnings and dividend income from unconsolidated real estate ventures and income tax expense 169,427 109,390 382,109 222,688
Equity in earnings and dividend income from unconsolidated real estate entities 8,322 5,044 15,278 10,087
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest 6,251 0 6,251 0
Income tax expense (5,421) (3,177) (9,558) (5,356)
Net income 178,579 111,257 394,080 227,419
Net income allocated to Preferred Operating Partnership noncontrolling interests (3,438) (3,139) (7,118) (6,250)
Net income allocated to Operating Partnership and other noncontrolling interests (7,193) (5,207) (16,016) (10,079)
Net income attributable to common stockholders $ 167,948 $ 102,911 $ 370,946 $ 211,090
Earnings per common share        
Basic (in dollars per share) $ 1.25 $ 0.80 $ 2.79 $ 1.63
Diluted (in dollars per share) $ 1.25 $ 0.80 $ 2.79 $ 1.63
Weighted average number of shares        
Basic (in shares) 133,756,610 128,932,152 132,886,933 129,110,131
Diluted (in shares) 140,407,195 129,082,468 140,428,558 129,285,675
Cash dividends paid per common share (in dollars per share) $ 1.00 $ 0.90 $ 2.00 $ 1.80