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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, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Rental income $ 217,963 $ 212,007 $ 457,309 $ 435,573
Other income 9,680 10,265 20,739 20,635
Interest income 1,791 1,803 3,598 3,554
Income from other investments, net 1,022 879 1,665 1,865
Total revenues 254,090 248,366 534,566 507,456
Expenses:        
Property operating and maintenance 85,265 84,868 168,899 162,816
Real estate taxes 16,668 15,107 33,509 30,430
Sales and marketing, gross 4,276 4,214 8,254 7,623
Membership sales commissions, deferred, net (481) (389) (697) (580)
Depreciation and amortization 38,332 37,776 77,356 75,753
Home selling expenses 1,081 1,102 2,294 2,185
General and administrative 10,609 9,225 21,464 19,134
Other expenses 639 540 1,227 967
Early debt retirement 0 1,491 1,054 1,491
Interest and related amortization 26,249 26,024 52,322 52,417
Total expenses 206,301 202,507 416,260 395,102
Gain on sale of real estate, net 0 0 0 52,507
Income before equity in income of unconsolidated joint ventures 47,789 45,859 118,306 164,861
Equity in income of unconsolidated joint ventures 1,064 3,226 1,271 4,759
Consolidated net income 48,853 49,085 119,577 169,620
Income allocated to non-controlling interests – Common OP Units (2,658) (2,676) (6,507) (9,902)
Redeemable perpetual preferred stock dividends (8) (8) (8) (8)
Net income available for Common Stockholders 46,187 46,401 113,062 159,710
Other comprehensive income (loss):        
Adjustment for fair market value of swap 552 (1,610) (781) (2,541)
Consolidated comprehensive income 49,405 47,475 118,796 167,079
Comprehensive income allocated to non-controlling interests – Common OP Units (2,689) (2,589) (6,465) (9,759)
Comprehensive income attributable to Common Stockholders $ 46,708 $ 44,878 $ 112,323 $ 157,312
Earnings per common share – basic (usd per share) $ 0.25 $ 0.26 $ 0.62 $ 0.89
Earnings per common share – fully diluted (usd per share) $ 0.25 $ 0.26 $ 0.62 $ 0.89
Weighted average common shares outstanding – basic (in shares) 181,833 180,312 181,781 179,938
Weighted average number of shares outstanding, diluted (in shares) 192,542 191,860 192,538 191,546
Annual membership subscriptions        
Revenues:        
Contract revenue $ 12,961 $ 12,586 $ 26,034 $ 24,902
Membership upgrade sales current period, gross        
Revenues:        
Contract revenue 5,048 5,041 9,891 8,879
Membership upgrade sales upfront payments, deferred, net        
Revenues:        
Contract revenue (2,666) (2,912) (5,208) (4,683)
Gross revenues from home sales        
Revenues:        
Contract revenue 8,866 7,825 20,175 14,300
Expenses:        
Cost of services 8,850 8,164 20,761 14,796
Brokered resale and ancillary services revenues, net        
Revenues:        
Contract revenue (575) 872 363 2,431
Property management        
Expenses:        
Cost of services $ 14,813 $ 14,385 $ 29,817 $ 28,070