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Consolidated Statements of Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Rental revenues $ 58,015,000 $ 42,196,000 $ 117,107,000 $ 77,051,000
Expense recoveries 16,108,000 9,552,000 32,462,000 17,455,000
Interest income on real estate loans and other 2,476,000 1,468,000 3,696,000 2,844,000
Total revenues 76,599,000 53,216,000 153,265,000 97,350,000
Expenses:        
Interest expense 11,472,000 4,279,000 21,287,000 8,476,000
General and administrative 6,249,000 4,926,000 10,985,000 9,047,000
Operating expenses 20,519,000 13,798,000 42,608,000 24,835,000
Depreciation and amortization 28,123,000 19,799,000 56,056,000 35,809,000
Acquisition expenses 5,242,000 3,256,000 10,647,000 6,633,000
Impairment of Real Estate 0 0 0 0
Total expenses 71,605,000 46,058,000 141,583,000 84,800,000
Income before equity in income of unconsolidated entities and gain on sale of investment properties: 4,994,000 7,158,000 11,682,000 12,550,000
Equity in income of unconsolidated entities 29,000 26,000 57,000 58,000
Gain on sale of investment properties 5,308,000 0 5,308,000 0
Net income 10,331,000 7,184,000 17,047,000 12,608,000
Net income attributable to noncontrolling interests:        
Operating Partnership (314,000) (201,000) (461,000) (374,000)
Partially owned properties [1] (159,000) (60,000) (326,000) (377,000)
Net income attributable to controlling interest 9,858,000 6,923,000 16,260,000 11,857,000
Preferred distributions (188,000) (437,000) (399,000) (985,000)
Numerator for earnings per share - basic $ 9,670,000 $ 6,486,000 $ 15,861,000 $ 10,872,000
Net income per share:        
Basic (in dollars per share) $ 0.06 $ 0.05 $ 0.11 $ 0.09
Diluted (in dollars per share) $ 0.06 $ 0.05 $ 0.11 $ 0.09
Weighted average common shares:        
Weighted average number of shares outstanding - basic (in shares) 155,366,080 131,481,329 147,221,602 117,092,668
Weighted average number of shares outstanding - diluted (in shares) 161,012,360 135,944,722 151,912,432 121,575,247
Dividends and distributions declared per common share and OP Unit (in dollars per share) $ 0.230 $ 0.225 $ 0.455 $ 0.450
Net income (loss) attributable to redeemable noncontrolling interest   $ 0   $ 0
Operating Partnership        
Revenues:        
Rental revenues $ 58,015,000 42,196,000 $ 117,107,000 77,051,000
Expense recoveries 16,108,000 9,552,000 32,462,000 17,455,000
Interest income on real estate loans and other 2,476,000 1,468,000 3,696,000 2,844,000
Total revenues 76,599,000 53,216,000 153,265,000 97,350,000
Expenses:        
Interest expense 11,472,000 4,279,000 21,287,000 8,476,000
General and administrative 6,249,000 4,926,000 10,985,000 9,047,000
Operating expenses 20,519,000 13,798,000 42,608,000 24,835,000
Depreciation and amortization 28,123,000 19,799,000 56,056,000 35,809,000
Acquisition expenses 5,242,000 3,256,000 10,647,000 6,633,000
Total expenses 71,605,000 46,058,000 141,583,000 84,800,000
Income before equity in income of unconsolidated entities and gain on sale of investment properties: 4,994,000 7,158,000 11,682,000 12,550,000
Equity in income of unconsolidated entities 29,000 26,000 57,000 58,000
Gain on sale of investment properties 5,308,000 0 5,308,000 0
Net income 10,331,000 7,184,000 17,047,000 12,608,000
Net income attributable to noncontrolling interests:        
Partially owned properties [2] (159,000) (60,000) (326,000) (377,000)
Net income attributable to controlling interest 10,172,000 7,124,000 16,721,000 12,231,000
Preferred distributions (188,000) (437,000) (399,000) (985,000)
Numerator for earnings per share - basic $ 9,984,000 $ 6,687,000 $ 16,322,000 $ 11,246,000
Net income per share:        
Earnings per unit - basic (dollars per share) $ 0.06 $ 0.05 $ 0.11 $ 0.09
Earnings per unit - diluted (dollars per share) $ 0.06 $ 0.05 $ 0.11 $ 0.09
Weighted average limited partnership units outstanding, basic (in shares) 160,765,345 160,765,345 151,520,407 151,520,407
Weighted average common shares:        
Weighted average limited partnership units outstanding, basic (in shares) 160,765,345 135,351,672 151,520,407 120,951,069
Denominator for earnings per unit - diluted (in shares) 161,012,360 161,012,360 151,912,432 151,912,432
Denominator for earnings per unit - diluted (in shares) 161,012,360 135,944,722 151,912,432 121,575,247
Distributions declared per common unit $ 0.230 $ 0.225 $ 0.455 $ 0.450
Net income (loss) attributable to redeemable noncontrolling interest       $ 0
[1] (1)Includes amounts attributable to redeemable noncontrolling interests. No such adjustments are required for the three and six months ended June 30, 2016.
[2]