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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, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Rental income $ 238,869 $ 225,116 $ 696,178 $ 660,689
Other income 12,268 11,263 33,007 31,898
Interest income 1,801 1,831 5,399 5,385
Income from other investments, net 1,428 7,029 3,093 8,894
Total revenues 284,986 271,160 819,552 778,616
Expenses:        
Property operating and maintenance 99,566 90,765 268,465 253,581
Real estate taxes 15,981 15,166 49,490 45,596
Sales and marketing, gross 5,054 4,063 13,308 11,686
Membership sales commissions, deferred, net (630) (313) (1,327) (893)
Depreciation and amortization 38,581 37,032 115,937 112,785
Home selling expenses 1,241 1,033 3,535 3,218
General and administrative 9,692 8,710 31,156 27,844
Other expenses 658 1,460 1,885 2,427
Early debt retirement 9,732 0 10,786 1,491
Interest and related amortization 25,218 25,547 77,540 77,964
Total expenses 232,486 206,502 648,746 601,604
Gain on sale of real estate, net 0 0 0 52,507
Income before equity in income of unconsolidated joint ventures 52,500 64,658 170,806 229,519
Equity in income of unconsolidated joint ventures 968 3,518 2,239 8,277
Consolidated net income 53,468 68,176 173,045 237,796
Income allocated to non-controlling interests – Common OP Units (2,908) (3,715) (9,415) (13,617)
Redeemable perpetual preferred stock dividends 0 0 (8) (8)
Net income available for Common Stockholders 50,560 64,461 163,622 224,171
Other comprehensive income (loss):        
Adjustment for fair market value of swap 1,161 (257) 380 (2,798)
Consolidated comprehensive income 54,629 67,919 173,425 234,998
Comprehensive income allocated to non-controlling interests – Common OP Units (2,971) (3,701) (9,436) (13,460)
Comprehensive income attributable to Common Stockholders $ 51,658 $ 64,218 $ 163,981 $ 221,530
Earnings per common share – basic (usd per share) $ 0.28 $ 0.35 $ 0.90 $ 1.24
Earnings per common share – fully diluted (usd per share) $ 0.28 $ 0.35 $ 0.90 $ 1.24
Weighted average common shares outstanding – basic (in shares) 181,869 181,649 181,811 180,515
Weighted average number of shares outstanding, diluted (in shares) 192,537 192,400 192,548 191,840
Annual membership subscriptions        
Revenues:        
Contract revenue $ 13,442 $ 13,150 $ 39,476 $ 38,052
Membership upgrade sales current period, gross        
Revenues:        
Contract revenue 6,631 5,730 16,522 14,609
Membership upgrade sales upfront payments, deferred, net        
Revenues:        
Contract revenue (4,171) (3,530) (9,379) (8,213)
Gross revenues from home sales        
Revenues:        
Contract revenue 13,070 8,438 33,245 22,738
Expenses:        
Cost of services 12,866 8,434 33,627 23,230
Brokered resale and ancillary services revenues, net        
Revenues:        
Contract revenue 1,648 2,133 2,011 4,564
Property management        
Expenses:        
Cost of services $ 14,527 $ 14,605 $ 44,344 $ 42,675