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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues from rental properties, net $ 235,961 $ 280,710 $ 521,965 [1] $ 571,344 [1]
Management and other fee income 2,955 4,163 6,695 8,539
Total revenues 238,916 284,873 528,660 579,883
Operating expenses        
Rent (2,827) (2,924) (5,662) (5,616)
Real estate taxes (38,678) (37,005) (78,330) (76,352)
Operating and maintenance (38,940) (43,217) (81,348) (84,113)
General and administrative (22,504) (22,633) (43,521) (48,464)
Impairment charges 138 17,451 3,112 21,626
Depreciation and amortization (73,559) (69,005) (142,956) (140,566)
Total operating expenses (176,646) (192,235) (354,929) (376,737)
Gain on sale of properties 1,850 14,762 5,697 38,357
Operating income 64,120 107,400 179,428 241,503
Other income/(expense)        
Other income, net 49 1,867 1,293 2,986
Gain on marketable securities, net 526,243 71 521,577 1,574
Gain on sale of cost method investment 190,832 0 190,832 0
Interest expense (48,015) (44,097) (94,075) (88,492)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net 733,229 65,241 799,055 157,571
(Provision)/benefit for income taxes, net (51) 344 (94) (286)
Net income 748,118 101,387 838,507 218,065
Net income attributable to noncontrolling interests (225) (360) (514) (869)
Net income attributable to the Company 747,893 101,027 837,993 217,196
Preferred dividends (6,354) (14,534) (12,708) (29,068)
Net income available to the Company's common shareholders $ 741,539 $ 86,493 $ 825,285 $ 188,128
Per common share:        
-Basic (in dollars per share) $ 1.71 $ 0.20 $ 1.91 $ 0.45
-Diluted (in dollars per share) $ 1.71 $ 0.20 $ 1.90 $ 0.44
Weighted average shares:        
-Basic (in shares) 429,967 419,697 429,851 419,581
-Diluted (in shares) [2] 431,170 420,646 431,527 420,798
Joint Ventures [Member]        
Other income/(expense)        
Equity in income $ 10,158 $ 22,533 $ 23,806 $ 41,287
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income $ 4,782 $ 13,269 $ 15,740 $ 19,493
[1] During the six months ended June 30, 2020, the Company recorded a $50.5 million adjustment associated with potentially uncollectible revenues and disputed amounts, which includes $11.5 million for straight-line rent receivables, primarily attributable to the COVID-19 pandemic.
[2] 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 1.2 million and 1.3 million stock options that were not dilutive as of June 30, 2020 and 2019, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended June 30, 2020.