XML 19 R5.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues:      
Rental income $ 1,032,575 $ 923,743 $ 879,635
Other income 50,298 46,008 43,063
Interest income 7,016 7,154 7,207
Income from other investments, net 4,555 4,026 9,528
Total revenues 1,271,694 1,091,448 1,037,256
Expenses:      
Property operating and maintenance 398,983 354,340 333,520
Real estate taxes 72,671 66,120 62,338
Sales and marketing, gross 23,743 17,332 15,583
Membership sales commissions, deferred, net (5,075) (1,660) (1,219)
Depreciation and amortization 188,444 155,131 152,110
Home selling expenses 5,138 4,572 4,401
General and administrative 40,717 39,276 35,679
Other expenses 3,100 2,567 2,865
Early debt retirement 2,784 10,786 1,491
Interest and related amortization 108,718 102,771 104,223
Total expenses 999,516 855,431 802,596
Gain (Loss) on sale of real estate, net (59) 0 52,507
Income before equity in income of unconsolidated joint ventures 272,119 236,017 287,167
Equity in income of unconsolidated joint ventures 3,881 5,399 8,755
Consolidated net income 276,000 241,416 295,922
Income allocated to non-controlling interests – Common OP Units (13,522) (13,132) (16,783)
Net income available for Common Stockholders 262,462 228,268 279,123
Other comprehensive income (loss):      
Adjustment for fair market value of swap 3,524 380 (2,679)
Consolidated comprehensive income 279,524 241,796 293,243
Comprehensive income allocated to non-controlling interests – Common OP Units (13,692) (13,154) (16,633)
Comprehensive income attributable to Common Stockholders $ 265,816 $ 228,626 $ 276,594
Earnings per Common Share – Basic (usd per share) $ 1.43 $ 1.26 $ 1.54
Earnings per Common Share – Fully Diluted (usd per share) $ 1.43 $ 1.25 $ 1.54
Weighted average Common Shares outstanding – Basic (shares) 182,917 181,828 180,805
Weighted average Common Shares outstanding – Fully Diluted (shares) 192,883 192,555 191,995
Redeemable Perpetual Preferred  Stock      
Expenses:      
Redeemable perpetual preferred stock dividends $ (16) $ (16) $ (16)
Other comprehensive income (loss):      
Redeemable perpetual preferred stock dividends (16) (16) (16)
Annual membership subscriptions      
Revenues:      
Revenue from contract with customer 58,251 53,085 51,015
Membership upgrade sales current period, gross      
Revenues:      
Revenue from contract with customer 36,270 21,739 19,111
Membership upgrade sales upfront payments, deferred, net      
Revenues:      
Revenue from contract with customer (25,079) (12,062) (10,451)
Gross revenues from home sales      
Revenues:      
Revenue from contract with customer 98,457 45,695 34,655
Expenses:      
Cost of goods and services sold 94,314 46,229 35,096
Brokered resale and ancillary services revenues, net      
Revenues:      
Revenue from contract with customer 9,351 2,060 3,493
Property management      
Expenses:      
Cost of goods and services sold $ 65,979 $ 57,967 $ 56,509