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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, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental income $ 289,016 $ 269,573 $ 849,411 $ 774,293
Other income 15,580 12,053 43,316 36,759
Interest income 1,865 1,805 5,346 5,314
Income from other investments, net 2,399 1,238 6,920 3,396
Total revenues 380,969 347,235 1,106,476 981,067
Expenses:        
Property operating and maintenance 123,181 109,164 341,480 300,700
Real estate taxes 17,734 18,408 56,373 54,154
Sales and marketing, gross 7,143 6,513 18,466 18,987
Membership sales commissions, deferred, net (1,206) (1,468) (2,746) (4,405)
Depreciation and amortization 52,547 44,414 152,737 138,127
Home selling expenses and ancillary operating expenses 7,080 6,558 21,146 17,588
General and administrative 11,086 10,401 35,078 31,141
Other expenses 1,627 797 6,636 2,295
Early debt retirement 0 0 1,156 2,784
Interest and related amortization 29,759 27,361 85,276 80,767
Total expenses 308,178 273,993 883,469 776,634
Loss on sale of real estate and impairment, net (3,747) 0 (3,747) (59)
Income before equity in income of unconsolidated joint ventures 69,044 73,242 219,260 204,374
Equity in income of unconsolidated joint ventures 1,465 851 2,889 2,786
Consolidated net income 70,509 74,093 222,149 207,160
Income allocated to non-controlling interests – Common OP Units (3,346) (3,468) (10,563) (10,236)
Redeemable perpetual preferred stock dividends 0 0 (8) (8)
Net income available for Common Stockholders 67,163 70,625 211,578 196,916
Other comprehensive income (loss):        
Adjustment for fair market value of swap 4,235 86 16,952 325
Consolidated comprehensive income 74,744 74,179 239,101 207,485
Comprehensive income allocated to non-controlling interests – Common OP Units (3,547) (3,472) (11,370) (10,253)
Comprehensive income attributable to Common Stockholders $ 71,197 $ 70,707 $ 227,723 $ 197,224
Earnings per Common Share – Basic (in usd per share) $ 0.36 $ 0.38 $ 1.14 $ 1.08
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.36 $ 0.38 $ 1.14 $ 1.08
Weighted average common shares outstanding – basic (in shares) 185,814 183,469 185,758 182,590
Weighted average common shares outstanding – fully diluted (in shares) 195,269 192,736 195,248 192,689
Annual membership subscriptions        
Revenues:        
Contract revenue $ 16,254 $ 15,127 $ 47,003 $ 43,048
Membership upgrade sales current period, gross        
Revenues:        
Contract revenue 11,085 10,122 27,771 29,343
Membership upgrade sales upfront payments, deferred, net        
Revenues:        
Contract revenue (7,777) (7,253) (18,228) (21,134)
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 52,547 44,570 144,937 110,048
Expenses:        
Cost of services 40,224 34,830 111,894 85,541
Property management        
Expenses:        
Cost of services $ 19,003 $ 17,015 $ 55,973 $ 48,955