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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues      
Revenues from rental properties $ 1,142,334 $ 1,149,603 $ 1,183,785
Revenue 16,550 15,159 17,049
Total revenues 1,158,884 1,164,762 1,200,834
Operating expenses      
Rent (11,311) (10,929) (11,145)
Real estate taxes (153,659) (153,336) (157,196)
Operating and maintenance (171,981) (164,294) (169,552)
General and administrative (96,942) (87,797) (91,690)
Provision for doubtful accounts 0 (6,253) (5,630)
Impairment charges 48,743 79,207 67,331
Depreciation and amortization (277,879) (310,380) (360,811)
Total operating expenses (760,515) (812,196) (863,355)
Gain on sale of properties/change in control of interests 79,218 229,840 93,538
Operating income 477,587 582,406 431,017
Other income/(expense)      
Other income, net 11,814 13,041 2,559
Interest expense (177,395) (183,339) (191,956)
Early extinguishment of debt charges 0 (12,762) (1,753)
Income before income taxes, net, equity in income of joint ventures, net, gain on change in control of joint venture interests and equity in income from other real estate investments, net 312,006 399,346 239,867
Benefit/(provision) for income taxes, net 3,317 (1,600) 880
Gain on change in control of joint venture interests 0 0 71,160
Net income 413,561 498,463 439,671
Net income attributable to noncontrolling interests (2,956) (668) (13,596)
Net income attributable to the Company 410,605 497,795 426,075
Preferred stock redemption charges (18,528) 0 (7,014)
Preferred dividends (52,089) (58,191) (46,600)
Net income available to the Company's common shareholders $ 339,988 $ 439,604 $ 372,461
Per common share:      
-Basic (in dollars per share) $ 0.80 $ 1.02 $ 0.87
-Diluted (in dollars per share) $ 0.80 $ 1.02 $ 0.87
Weighted average shares:      
-Basic (in shares) 420,370 420,641 423,614
-Diluted (in shares) [1] 421,799 421,379 424,019
Joint Ventures [Member]      
Other income/(expense)      
Equity in income $ 72,162 $ 71,617 $ 60,763
Other Real Estate Investments [Member]      
Other income/(expense)      
Equity in income $ 26,076 $ 29,100 $ 67,001
[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations 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, 1.3 million and 3.1 million stock options that were not dilutive as of December 31, 2019, 2018 and 2017, respectively.