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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Revenues from rental properties, net $ 279,181 $ 278,699 $ 850,525 $ 867,799
Management and other fee income 3,690 4,381 12,229 12,762
Revenues 282,871 283,080 862,754 880,561
Operating expenses        
Rent (2,836) (2,702) (8,452) (8,262)
Real estate taxes (37,519) (37,862) (113,871) (115,570)
Operating and maintenance (39,758) (39,265) (123,871) (123,921)
General and administrative (23,832) (21,348) (72,296) (67,775)
Provision for doubtful accounts 0 (1,389) 0 (4,571)
Impairment charges 19,609 3,336 41,235 33,855
Depreciation and amortization (68,874) (74,972) (209,440) (236,114)
Total operating expenses (192,428) (180,874) (569,165) (590,068)
Gain on sale of properties/change in control of interests 9,025 28,250 47,382 180,461
Operating income 99,468 130,456 340,971 470,954
Other income/(expense)        
Other income, net 4,327 5,219 8,887 14,675
Interest expense (43,146) (44,081) (131,638) (140,458)
Early extinguishment of debt charges 0 (12,762) 0 (12,762)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net 60,649 78,832 218,220 332,409
Benefit for income taxes, net 3,866 315 3,580 983
Net income 85,453 100,725 303,518 410,516
Net income attributable to noncontrolling interests (1,463) (567) (2,332) (882)
Net income attributable to the Company 83,990 100,158 301,186 409,634
Preferred stock redemption charges (11,369) 0 (11,369) 0
Preferred dividends (13,573) (14,534) (42,641) (43,657)
Net income available to the Company's common shareholders $ 59,048 $ 85,624 $ 247,176 $ 365,977
Per common share:        
-Basic (in dollars per share) $ 0.14 $ 0.19 $ 0.58 $ 0.86
-Diluted (in dollars per share) $ 0.14 $ 0.19 $ 0.58 $ 0.85
Weighted average shares:        
-Basic (in shares) 419,823 419,230 419,663 421,106
-Diluted (in shares) [1] 421,002 419,764 420,986 422,443
Joint Ventures [Member]        
Other income/(expense)        
Equity in income $ 17,673 $ 16,533 $ 58,960 $ 52,486
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income $ 3,265 $ 5,045 $ 22,758 $ 24,638
[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company's common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.5 million and 2.3 million stock options that were not dilutive as of September 30, 2019 and 2018, respectively.