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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Rental income $ 212,007 $ 199,155 $ 435,573 $ 406,148
Other income 10,265 12,536 20,635 25,572
Interest income 1,803 1,862 3,554 3,812
Income from other investments, net 879 3,413 1,865 4,353
Total revenues 248,366 240,502 507,456 486,527
Expenses:        
Property operating and maintenance 84,868 81,720 162,816 158,052
Real estate taxes 15,107 13,440 30,430 27,575
Sales and marketing, gross 4,214 3,305 7,623 6,117
Right-to-use contract commissions, deferred, net (389) (262) (580) (286)
Depreciation and amortization 37,776 34,345 75,753 66,719
Home selling expenses 1,102 973 2,185 2,048
General and administrative 9,225 9,669 19,134 17,707
Other expenses 540 367 967 710
Early debt retirement 1,491 0 1,491 0
Interest and related amortization 26,024 26,285 52,417 51,988
Total expenses 202,507 192,946 395,102 375,989
Gain on sale of real estate, net 0 0 52,507 0
Income before equity in income of unconsolidated joint ventures 45,859 47,556 164,861 110,538
Equity in income of unconsolidated joint ventures 3,226 1,613 4,759 2,808
Consolidated net income 49,085 49,169 169,620 113,346
Income allocated to non-controlling interests – Common OP Units (2,676) (3,024) (9,902) (6,979)
Net income available for Common Stockholders 46,401 46,137 159,710 106,359
Other comprehensive income (loss):        
Adjustment for fair market value of swap (1,610) 764 (2,541) 2,637
Consolidated comprehensive income 47,475 49,933 167,079 115,983
Comprehensive income allocated to non-controlling interests – Common OP Units (2,589) (3,071) (9,759) (7,141)
Comprehensive income attributable to Common Stockholders $ 44,878 $ 46,854 $ 157,312 $ 108,834
Earnings per Common Share – Basic (usd per share) $ 0.51 $ 0.52 $ 1.78 $ 1.20
Earnings per Common Share – Fully Diluted (usd per share) $ 0.51 $ 0.52 $ 1.77 $ 1.20
Weighted average Common Shares outstanding – basic (shares) 90,156 88,549 89,969 88,537
Weighted Average Number of Shares Outstanding, Diluted (shares) 95,930 94,623 95,773 94,600
Right-to-use annual payments (membership subscriptions)        
Revenues:        
Contract revenue $ 12,586 $ 11,891 $ 24,902 $ 23,410
Right-to-use contracts current period, gross (membership upgrade sales)        
Revenues:        
Contract revenue 5,041 3,944 8,879 7,106
Right-to-use contract upfront payments, deferred, net        
Revenues:        
Contract revenue (2,912) (2,021) (4,683) (3,306)
Gross revenues from home sales        
Revenues:        
Contract revenue 7,825 9,105 14,300 17,414
Expenses:        
Cost of services 8,164 9,632 14,796 18,206
Brokered resale and ancillary services revenues, net        
Revenues:        
Contract revenue 872 617 2,431 2,018
Property management        
Expenses:        
Cost of services 14,385 13,472 28,070 27,153
Redeemable Perpetual Preferred Stock        
Expenses:        
Redeemable perpetual preferred stock dividends $ (8) $ (8) $ (8) $ (8)