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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Rental revenues $ 59,092 $ 34,855
Expense recoveries 16,354 7,903
Interest income on real estate loans and other 1,220 1,376
Total revenues 76,666 44,134
Expenses:    
Interest expense 9,815 4,197
General and administrative 4,736 4,121
Operating expenses 22,089 11,037
Depreciation and amortization 27,933 16,010
Acquisition expenses 5,405 3,377
Total expenses 69,978 38,742
Income before equity in income of unconsolidated entities: 6,688 5,392
Equity in income of unconsolidated entities 28 32
Net income 6,716 5,424
Net income attributable to noncontrolling interests:    
Operating Partnership (147) (173)
Partially owned properties [1] (167) (317)
Net income attributable to controlling interest 6,402 4,934
Preferred distributions (211) (548)
Numerator for earnings per share - basic $ 6,191 $ 4,386
Net income per share:    
Basic (in dollars per share) $ 0.04 $ 0.04
Diluted (in dollars per share) 0.04 $ 0.04
Weighted average common shares:    
Weighted average number of shares outstanding - basic (in shares)   102,704,008
Weighted average number of shares outstanding - diluted (in shares)   107,148,380
Dividends and distributions declared per common share and OP Unit (in dollars per share) $ 0.225 $ 0.225
Net income (loss) attributable to redeemable noncontrolling interest $ 100 $ 0
Operating Partnership    
Revenues:    
Rental revenues 59,092 34,855
Expense recoveries 16,354 7,903
Interest income on real estate loans and other 1,220 1,376
Total revenues 76,666 44,134
Expenses:    
Interest expense 9,815 4,197
General and administrative 4,736 4,121
Operating expenses 22,089 11,037
Depreciation and amortization 27,933 16,010
Acquisition expenses 5,405 3,377
Total expenses 69,978 38,742
Income before equity in income of unconsolidated entities: 6,688 5,392
Equity in income of unconsolidated entities 28 32
Net income 6,716 5,424
Net income attributable to noncontrolling interests:    
Partially owned properties [2] (167) (317)
Net income attributable to controlling interest 6,549 5,107
Preferred distributions (211) (548)
Numerator for earnings per share - basic $ 6,338 $ 4,559
Net income per share:    
Earnings per unit - basic (dollars per share) $ 0.04 $ 0.04
Earnings per unit - diluted (dollars per share) $ 0.04 $ 0.04
Weighted average limited partnership units outstanding, basic (in shares) 142,172,746 142,172,746
Weighted average common shares:    
Weighted average limited partnership units outstanding, basic (in shares) 142,172,746 106,550,467
Denominator for earnings per unit - diluted (in shares) 142,605,930 142,605,930
Denominator for earnings per unit - diluted (in shares) 142,605,930 107,148,380
Distributions declared per common unit $ 0.225 $ 0.225
[1] (1)Includes $0.1 million of net income attributable to redeemable noncontrolling interests for the quarter ended March 31, 2017No such adjustments are required for the quarter ended March 31, 2016.
[2] Includes $0.1 million of net income attributable to redeemable noncontrolling interests for the quarter ended March 31, 2017. No such adjustments are required for the quarter ended March 31, 2016.