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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
REVENUES        
Rental income $ 116,416 $ 102,385 $ 332,951 $ 290,744
Other property related income 13,007 11,827 37,413 33,755
Property management fee income 2,673 1,758 7,129 5,030
Total revenues 132,096 115,970 377,493 329,529
OPERATING EXPENSES        
Property operating expenses 41,805 39,297 123,631 114,938
Depreciation and amortization 41,827 38,744 122,631 114,725
General and administrative 8,065 7,002 24,184 21,289
Acquisition related costs 888 1,222 5,793 2,485
Total operating expenses 92,585 86,265 276,239 253,437
OPERATING INCOME 39,511 29,705 101,254 76,092
Interest:        
Interest expense on loans (12,787) (10,399) (37,071) (32,324)
Loan procurement amortization expense (655) (537) (1,871) (1,742)
Equity in (losses) earnings of real estate ventures (581) 139 (1,817) (199)
Other (397) (288) 834 (812)
Total other expense (14,420) (11,085) (39,925) (35,077)
NET INCOME 25,091 18,620 61,329 41,015
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Noncontrolling interests in the Operating Partnership (283) (223) (682) (475)
Noncontrolling interest in subsidiaries 76 41 411 56
NET INCOME ATTRIBUTABLE TO THE COMPANY 24,884 18,438 61,058 40,596
Distribution to preferred shareholders (1,502) (1,502) (4,506) (4,506)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS $ 23,382 $ 16,936 $ 56,552 $ 36,090
Basic earnings per share attributable to common shareholders (in dollars per share) $ 0.13 $ 0.10 $ 0.32 $ 0.22
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.13 $ 0.10 $ 0.32 $ 0.21
Weighted-average basic shares outstanding (in shares) 179,223 169,304 177,639 167,177
Weighted-average diluted shares outstanding (in shares) 180,478 170,901 178,937 168,705