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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Revenues from rental properties, net $ 1,710,848 $ 1,349,702 $ 1,044,888
Management and other fee income 16,836 14,883 13,005
Total revenues 1,727,684 1,364,585 1,057,893
Operating expenses      
Rent (15,811) (13,773) (11,270)
Real estate taxes (224,729) (181,256) (157,661)
Operating and maintenance (290,367) (222,882) (174,038)
General and administrative (119,534) (104,121) (93,217)
Impairment charges (21,958) (3,597) (6,624)
Merger charges 0 (50,191) 0
Depreciation and amortization (505,000) (395,320) (288,955)
Total operating expenses (1,177,399) (971,140) (731,765)
Gain on sale of properties 15,179 30,841 6,484
Operating income 565,464 424,286 332,612
Other income/(expense)      
Other income, net 28,829 19,810 4,119
(Loss)/gain on marketable securities, net (315,508) 505,163 594,753
Gain on sale of cost method investment 0 0 190,832
Interest expense (226,823) (204,133) (186,904)
Early extinguishment of debt charges (7,658) 0 (7,538)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net 44,304 745,126 927,874
Provision for income taxes, net (56,654) (3,380) (978)
Net income 114,534 849,696 1,002,877
Net loss/(income) attributable to noncontrolling interests 11,442 (5,637) (2,044)
Net income attributable to the Company 125,976 844,059 1,000,833
Preferred dividends (25,218) (25,416) (25,416)
Net income available to the Company's common shareholders $ 100,758 $ 818,643 $ 975,417
Per common share:      
-Basic (in dollars per share) $ 0.16 $ 1.61 $ 2.26
-Diluted (in dollars per share) $ 0.16 $ 1.60 $ 2.25
Weighted average shares:      
-Basic (in shares) 615,528 506,248 429,950
-Diluted (in shares) [1] 617,858 511,385 431,633
Joint Ventures [Member]      
Other income/(expense)      
Equity in income, net $ 109,481 $ 84,778 $ 47,353
Other Real Estate Investments [Member]      
Other income/(expense)      
Equity in income, net $ 17,403 $ 23,172 $ 28,628
[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 0.3 million, 0 million and 1.2 million stock options that were not dilutive as of December 31, 2022, 2021 and 2020, respectively.