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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Rental revenues $ 78,887 $ 59,092
Expense recoveries 24,308 16,354
Interest income on real estate loans and other 2,028 1,220
Total revenues 105,223 76,666
Expenses:    
Interest expense 16,494 9,815
General and administrative 8,459 4,736
Operating expenses 30,459 22,089
Depreciation and amortization 38,576 27,933
Acquisition expenses 0 5,405
Total expenses 93,988 69,978
Income before equity in income of unconsolidated entities and gain on sale of investment properties: 11,235 6,688
Equity in income of unconsolidated entities 28 28
Gain on sale of investment properties 69 0
Net income 11,332 6,716
Net income attributable to noncontrolling interests:    
Operating Partnership (313) (147)
Partially owned properties [1] (111) (167)
Net income attributable to controlling interests 10,908 6,402
Preferred distributions (487) (211)
Numerator for earnings per share - basic $ 10,421 $ 6,191
Net income per share:    
Basic (in dollars per share) $ 0.06 $ 0.04
Diluted (in dollars per share) $ 0.06 $ 0.04
Weighted average common shares:    
Weighted average common shares - basic (in shares) 181,809,570 138,986,629
Dividends and distributions declared per common share and OP Unit $ 0.230 $ 0.225
Net income (loss) attributable to redeemable noncontrolling interest   $ 100
Operating Partnership    
Revenues:    
Rental revenues $ 78,887 59,092
Expense recoveries 24,308 16,354
Interest income on real estate loans and other 2,028 1,220
Total revenues 105,223 76,666
Expenses:    
Interest expense 16,494 9,815
General and administrative 8,459 4,736
Operating expenses 30,459 22,089
Depreciation and amortization 38,576 27,933
Acquisition expenses 0 5,405
Total expenses 93,988 69,978
Income before equity in income of unconsolidated entities and gain on sale of investment properties: 11,235 6,688
Equity in income of unconsolidated entities 28 28
Gain on sale of investment properties 69 0
Net income 11,332 6,716
Net income attributable to noncontrolling interests:    
Partially owned properties [2] (111) (167)
Net income attributable to controlling interests 11,221 6,549
Preferred distributions (487) (211)
Numerator for earnings per share - basic $ 10,734 $ 6,338
Net income per share:    
Earnings per unit - basic (dollars per share) $ 0.06 $ 0.04
Earnings per unit - diluted (dollars per share) $ 0.06 $ 0.04
Weighted average common shares:    
Weighted average limited partnership units outstanding, basic (in shares) 187,264,064 142,172,746
Weighted average common shares - diluted (in shares) 187,317,243 142,605,930
Distributions declared per common unit $ 0.230 $ 0.225
Net income (loss) attributable to redeemable noncontrolling interest $ 100 $ 100
[1] (1)An adjustment of $0.1 million was required for net income attributable to redeemable noncontrolling interests for the three months ended March 31, 2018 and March 31, 2017.
[2] (1)
An adjustment of $0.1 million was required for net income attributable to redeemable noncontrolling interests for the three months ended March 31, 2018 and March 31, 2017.