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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Rental income $ 225,116 $ 211,102 $ 660,689 $ 617,250
Other income 11,263 13,419 31,898 38,991
Interest income 1,831 1,846 5,385 5,658
Income from other investments, net 7,029 5,421 8,894 9,774
Total revenues 271,160 256,675 778,616 743,202
Expenses:        
Property operating and maintenance 90,765 86,349 253,581 244,401
Real estate taxes 15,166 13,240 45,596 40,815
Sales and marketing, gross 4,063 3,568 11,686 9,685
Right-to-use contract commissions, deferred, net (313) (458) (893) (744)
Depreciation and amortization 37,032 34,980 112,785 101,699
Home selling expenses 1,033 1,101 3,218 3,149
General and administrative 8,710 8,816 27,844 26,523
Other expenses 1,460 386 2,427 1,096
Early debt retirement 0 0 1,491 0
Interest and related amortization 25,547 26,490 77,964 78,478
Total expenses 206,502 197,803 601,604 573,792
Gain on sale of real estate, net 0 0 52,507 0
Income before equity in income of unconsolidated joint ventures 64,658 58,872 229,519 169,410
Equity in income of unconsolidated joint ventures 3,518 788 8,277 3,596
Consolidated net income 68,176 59,660 237,796 173,006
Income allocated to non-controlling interests – Common OP Units (3,715) (3,590) (13,617) (10,569)
Net income available for Common Stockholders 64,461 56,070 224,171 162,429
Other comprehensive income (loss):        
Adjustment for fair market value of swap (257) 380 (2,798) 3,017
Consolidated comprehensive income 67,919 60,040 234,998 176,023
Comprehensive income allocated to non-controlling interests – Common OP Units (3,701) (3,613) (13,460) (10,754)
Comprehensive income attributable to Common Stockholders $ 64,218 $ 56,427 $ 221,530 $ 165,261
Earnings per Common Share – Basic (usd per share) $ 0.35 $ 0.31 $ 1.24 $ 0.91
Earnings per Common Share – Fully Diluted (usd per share) $ 0.35 $ 0.31 $ 1.24 $ 0.91
Weighted average Common Shares outstanding – basic (shares) 181,649 178,400 180,515 177,520
Weighted Average Number of Shares Outstanding, Diluted (shares) 192,400 190,526 191,840 189,654
Right-to-use annual payments (membership subscriptions)        
Revenues:        
Contract revenue $ 13,150 $ 12,206 $ 38,052 $ 35,616
Right-to-use contracts current period, gross (membership upgrade sales)        
Revenues:        
Contract revenue 5,730 4,863 14,609 11,969
Right-to-use contract upfront payments, deferred, net        
Revenues:        
Contract revenue (3,530) (2,883) (8,213) (6,189)
Gross revenues from home sales        
Revenues:        
Contract revenue 8,438 9,339 22,738 26,753
Expenses:        
Cost of services 8,434 9,742 23,230 27,948
Brokered resale and ancillary services revenues, net        
Revenues:        
Contract revenue 2,133 1,362 4,564 3,380
Property management        
Expenses:        
Cost of services 14,605 13,589 42,675 40,742
Redeemable Perpetual Preferred Stock        
Expenses:        
Redeemable perpetual preferred stock dividends $ 0 $ 0 $ (8) $ (8)