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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Rental income $ 239,346 $ 223,566
Other income 11,059 10,370
Interest income 1,807 1,751
Income from other investments, net 643 986
Total revenues 280,476 259,090
Expenses:    
Property operating and maintenance 83,634 77,948
Real estate taxes 16,841 15,323
Sales and marketing, gross 3,978 3,409
Membership sales commissions, deferred, net (216) (191)
Depreciation and amortization 39,024 37,977
Home selling expenses 1,213 1,083
General and administrative 10,855 9,909
Other expenses 588 427
Early debt retirement 1,054 0
Interest and related amortization 26,073 26,393
Total expenses 209,959 192,595
Gain on sale of real estate, net 0 52,507
Income before equity in income of unconsolidated joint ventures 70,517 119,002
Equity in income of unconsolidated joint ventures 207 1,533
Consolidated net income 70,724 120,535
Income allocated to non-controlling interests – Common OP Units (3,849) (7,226)
Net income available for Common Stockholders 66,875 113,309
Other comprehensive income (loss):    
Adjustment for fair market value of swap (1,333) (931)
Consolidated comprehensive income 69,391 119,604
Comprehensive income allocated to non-controlling interests – Common OP Units (3,776) (7,170)
Comprehensive income attributable to Common Stockholders $ 65,615 $ 112,434
Earnings per common share – basic (usd per share) $ 0.37 $ 0.63
Earnings per common share – fully diluted (usd per share) $ 0.37 $ 0.63
Weighted average common shares outstanding – basic (in shares) 181,729 179,560
Weighted average number of shares outstanding, diluted (in shares) 192,564 191,248
Annual membership subscriptions    
Revenues:    
Contract revenue $ 13,073 $ 12,316
Membership upgrade sales current period, gross    
Revenues:    
Contract revenue 4,843 3,838
Membership upgrade sales upfront payments, deferred, net    
Revenues:    
Contract revenue (2,542) (1,771)
Gross revenues from home sales    
Revenues:    
Contract revenue 11,309 6,475
Expenses:    
Cost of services 11,911 6,632
Brokered resale and ancillary services revenues, net    
Revenues:    
Contract revenue 938 1,559
Property management    
Expenses:    
Cost of services $ 15,004 $ 13,685