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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, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Rental income $ 288,655 $ 275,330 $ 585,106 $ 560,395
Other income 17,911 14,195 35,625 27,736
Interest income 2,259 1,722 4,347 3,481
Income from other investments, net 2,473 2,617 4,564 4,521
Total revenues 370,014 365,305 739,966 725,507
Expenses:        
Property operating and maintenance 122,214 114,307 234,697 218,299
Real estate taxes 18,832 19,182 37,148 38,639
Membership sales and marketing 5,521 5,452 10,359 9,783
Depreciation and amortization 51,464 50,796 101,966 100,190
Home selling expenses and ancillary operating expenses 7,170 7,584 14,094 14,066
General and administrative 16,607 11,679 28,268 23,750
Casualty-related charges/(recoveries), net 0 0 0 0
Other expenses 1,381 4,205 2,849 5,251
Early debt retirement 0 640 0 1,156
Interest and related amortization 33,122 28,053 65,710 55,517
Total expenses 304,938 301,968 586,323 575,291
Loss on sale of real estate and impairment, net 0 0 (2,632) 0
Income before equity in income of unconsolidated joint ventures 65,076 63,337 151,011 150,216
Equity in income of unconsolidated joint ventures 973 1,253 1,497 1,424
Consolidated net income 66,049 64,590 152,508 151,640
Income allocated to non-controlling interests – Common OP Units (3,121) (3,073) (7,209) (7,217)
Redeemable perpetual preferred stock dividends (8) (8) (8) (8)
Net income available for Common Stockholders 62,920 61,509 145,291 144,415
Other comprehensive income (loss):        
Adjustment for fair market value of swap 2,186 2,793 (1,792) 12,717
Consolidated comprehensive income 68,235 67,383 150,716 164,357
Comprehensive income allocated to non-controlling interests – Common OP Units (3,225) (3,207) (7,124) (7,823)
Comprehensive income attributable to Common Stockholders $ 65,002 $ 64,168 $ 143,584 $ 156,526
Earnings per Common Share – Basic (in usd per share) $ 0.34 $ 0.33 $ 0.78 $ 0.78
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.34 $ 0.33 $ 0.78 $ 0.78
Weighted average common shares outstanding – basic (in shares) 186,023 185,767 185,962 185,729
Weighted average common shares outstanding – fully diluted (in shares) 195,430 195,227 195,388 195,253
Annual membership subscriptions        
Revenues:        
Contract revenue $ 16,189 $ 15,592 $ 32,159 $ 30,749
Membership upgrade sales        
Revenues:        
Contract revenue 3,614 3,168 7,119 6,235
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 38,913 52,681 71,046 92,390
Expenses:        
Cost of services 29,268 40,971 52,409 71,670
Property management        
Expenses:        
Cost of services $ 19,359 $ 19,099 $ 38,823 $ 36,970