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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Rental income $ 422,628 $ 396,626 $ 838,290 $ 776,213
Resident fees and services 615,220 535,553 1,217,369 1,028,063
Interest income 24,007 20,576 49,195 37,570
Other income 14,802 4,414 18,851 9,500
Total revenues 1,076,657 957,169 2,123,705 1,851,346
Expenses:        
Interest expense 132,326 118,861 265,285 239,942
Property operating expenses 458,832 398,354 908,468 774,815
Depreciation and amortization 226,569 208,802 455,265 397,631
General and administrative 39,914 38,474 85,606 73,612
Transaction costs 5,157 12,491 13,365 61,045
Loss (gain) on derivatives, net 0 0 0 [1] (58,427)
Loss (gain) on extinguishment of debt, net 33 18,887 9 34,288
Impairment of Asset 0 0 14,314 2,220
Other expenses 3,161 10,583 3,161 10,583
Total expenses 865,992 806,452 1,745,473 1,535,709
Income (loss) from continuing operations before income taxes and income from unconsolidated entities, total 210,665 150,717 378,232 315,637
Income tax (expense) benefit 513 (7,417) 2,239 (7,113)
(Loss) income from unconsolidated entities (1,959) (2,952) (5,778) (15,600)
Income from continuing operations 209,219 140,348 374,693 292,924
Gain (loss) on real estate dispositions, net 1,530 190,111 1,530 246,956
Net income 210,749 330,459 376,223 539,880
Less: Preferred stock dividends 16,352 16,352 32,703 32,703
Less: Net income (loss) attributable to noncontrolling interests [2] (1,077) 1,534 (924) 3,804
Net income (loss) attributable to common stockholders $ 195,474 $ 312,573 $ 344,444 $ 503,373
Average number of common shares outstanding:        
Basic 356,646 350,399 355,879 343,624
Diluted 358,891 351,366 357,489 344,623
Basic:        
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions $ 0.55 $ 0.89 $ 0.97 $ 1.46
Discontinued operations, net 0 0 0 0
Net income (loss) attributable to common stockholders, total 0.55 0.89 0.97 1.46
Diluted:        
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions 0.54 0.89 0.96 1.46
Discontinued operations, net 0 0 0 0
Net income (loss) attributable to common stockholders, total 0.54 0.89 0.96 1.46
Dividends declared and paid per common share $ 0.86 $ 0.825 $ 1.72 $ 1.65
[1] (1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.
[2] (1) Includes amounts attributable to redeemable noncontrolling interests.