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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Revenues from rental properties, net $ 364,694 $ 256,607 $ 929,297 $ 778,572
Management and other fee income 3,913 3,185 10,634 9,880
Total revenues 368,607 259,792 939,931 788,452
Operating expenses        
Rent (3,678) (2,767) (9,706) (8,429)
Real estate taxes (50,594) (40,403) (129,124) (118,733)
Operating and maintenance (52,063) (42,844) (145,480) (124,192)
General and administrative (25,904) (28,795) (75,136) (72,316)
Impairment charges 850 397 954 3,509
Merger charges (46,998) 0 (50,191) 0
Depreciation and amortization (114,238) (71,704) (261,687) (214,660)
Total operating expenses (294,325) (186,910) (672,278) (541,839)
Gain on sale of properties 1,975 0 30,841 5,697
Operating income 76,257 72,882 298,494 252,310
Other income/(expense)        
Other income/(expense), net 6,696 (900) 11,834 393
Gain/(loss) on marketable securities, net 457,127 (76,931) 542,510 444,646
Gain on sale of cost method investment 0 0 0 190,832
Interest expense (52,126) (46,942) (146,654) (141,017)
Early extinguishment of debt charges 0 (7,538) 0 (7,538)
Income/(loss) before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net 487,954 (59,429) 706,184 739,626
Provision for income taxes, net (314) (388) (2,897) (482)
Net income/(loss) 509,204 (37,429) 767,747 801,078
Net income attributable to noncontrolling interests (1,465) (965) (5,369) (1,479)
Net income/(loss) attributable to the Company 507,739 (38,394) 762,378 799,599
Preferred dividends (6,354) (6,354) (19,062) (19,062)
Net income/(loss) available to the Company's common shareholders $ 501,385 $ (44,748) $ 743,316 $ 780,537
Per common share:        
-Basic (in dollars per share) $ 0.91 $ (0.10) $ 1.57 $ 1.80
-Diluted (in dollars per share) $ 0.91 $ (0.10) $ 1.56 $ 1.80
Weighted average shares:        
-Basic (in shares) 546,842 429,994 469,885 429,899
-Diluted (in shares) [1] 548,766 429,994 474,452 431,602
Joint Ventures [Member]        
Other income/(expense)        
Equity in income, net $ 20,025 $ 11,233 $ 54,095 $ 35,039
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income, net $ 1,539 $ 11,155 $ 10,365 $ 26,895
[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income/(loss) 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 1.2 million stock options that were not dilutive as of September 30, 2021 and 2020, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended September 30, 2020.