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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, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Rental income $ 275,330 $ 255,698 $ 560,395 $ 504,720
Other income 14,195 14,185 27,736 24,706
Interest income 1,722 1,742 3,481 3,509
Income from other investments, net 2,617 1,222 4,521 2,158
Total revenues 365,305 330,104 725,507 633,832
Expenses:        
Property operating and maintenance 114,307 102,663 218,299 191,536
Real estate taxes 19,182 17,896 38,639 35,746
Sales and marketing, gross 6,409 6,298 11,323 12,474
Membership sales commissions, deferred, net (957) (1,438) (1,540) (2,937)
Depreciation and amortization 50,796 48,316 100,190 93,714
Home selling expenses and ancillary operating expenses 7,584 6,090 14,066 11,031
General and administrative 11,695 10,228 23,992 20,740
Other expenses 4,189 800 5,009 1,498
Early debt retirement 640 755 1,156 2,784
Interest and related amortization 28,053 27,131 55,517 53,406
Total expenses 301,968 267,092 575,291 502,642
Loss on sale of real estate, net 0 0 0 (59)
Income before equity in income of unconsolidated joint ventures 63,337 63,012 150,216 131,131
Equity in income of unconsolidated joint ventures 1,253 1,068 1,424 1,936
Consolidated net income 64,590 64,080 151,640 133,067
Income allocated to non-controlling interests – Common OP Units (3,073) (3,021) (7,217) (6,768)
Redeemable perpetual preferred stock dividends (8) (8) (8) (8)
Net income available for Common Stockholders 61,509 61,051 144,415 126,291
Other comprehensive income (loss):        
Adjustment for fair market value of swap 2,793 110 12,717 239
Consolidated comprehensive income 67,383 64,190 164,357 133,306
Comprehensive income allocated to non-controlling interests – Common OP Units (3,207) (3,027) (7,823) (6,781)
Comprehensive income attributable to Common Stockholders $ 64,168 $ 61,155 $ 156,526 $ 126,517
Earnings per Common Share – Basic (in usd per share) $ 0.33 $ 0.33 $ 0.78 $ 0.69
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.33 $ 0.33 $ 0.78 $ 0.69
Weighted average common shares outstanding – basic (in shares) 185,767 182,337 185,729 182,142
Weighted average common shares outstanding – fully diluted (in shares) 195,227 192,701 195,253 192,668
Annual membership subscriptions        
Revenues:        
Contract revenue $ 15,592 $ 14,267 $ 30,749 $ 27,921
Membership upgrade sales current period, gross        
Revenues:        
Contract revenue 9,535 9,207 16,686 19,221
Membership upgrade sales upfront payments, deferred, net        
Revenues:        
Contract revenue (6,367) (6,454) (10,451) (13,881)
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 52,681 40,237 92,390 65,478
Expenses:        
Cost of services 40,971 31,793 71,670 50,710
Property management        
Expenses:        
Cost of services $ 19,099 $ 16,560 $ 36,970 $ 31,940