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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues:    
Rental income $ 285,065 $ 249,022
Other income 13,542 10,521
Interest income 1,759 1,767
Income from other investments, net 1,904 936
Total revenues 360,189 303,647
Expenses:    
Property operating and maintenance 103,992 88,873
Real estate taxes 19,457 17,850
Sales and marketing, gross 4,914 6,176
Membership sales commissions, deferred, net (583) (1,499)
Depreciation and amortization 49,394 45,398
Home selling expenses and ancillary operating expenses 6,481 4,941
General and administrative 12,297 10,512
Other expenses 823 698
Early debt retirement 516 2,029
Interest and related amortization 27,464 26,275
Total expenses 273,310 235,469
Loss on sale of real estate, net 0 (59)
Income before equity in income of unconsolidated joint ventures 86,879 68,119
Equity in income of unconsolidated joint ventures 171 868
Consolidated net income 87,050 68,987
Income allocated to non-controlling interests – Common OP Units (4,144) (3,747)
Net income available for Common Stockholders 82,906 65,240
Other comprehensive income (loss):    
Adjustment for fair market value of swap 9,924 129
Consolidated comprehensive income 96,974 69,116
Comprehensive income allocated to non-controlling interests – Common OP Units (4,616) (3,754)
Comprehensive income attributable to Common Stockholders $ 92,358 $ 65,362
Earnings per Common Share – Basic (in usd per share) $ 0.45 $ 0.36
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.45 $ 0.36
Weighted average common shares outstanding – basic (in shares) 185,690 181,945
Weighted average common shares outstanding – fully diluted (in shares) 195,246 192,685
Annual membership subscriptions    
Revenues:    
Contract revenue $ 15,157 $ 13,654
Membership upgrade sales current period, gross    
Revenues:    
Contract revenue 7,151 10,014
Membership upgrade sales upfront payments, deferred, net    
Revenues:    
Contract revenue (4,084) (7,427)
Home sales, brokered resales and ancillary services    
Revenues:    
Contract revenue 39,695 25,160
Expenses:    
Cost of services 30,684 18,836
Property management    
Expenses:    
Cost of services $ 17,871 $ 15,380