XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Rental income $ 303,334 $ 289,016 $ 888,440 $ 849,411
Other income 15,658 15,580 51,283 43,316
Interest income 2,276 1,865 6,623 5,346
Income from other investments, net 2,333 2,399 6,897 6,920
Total revenues 388,813 380,969 1,128,779 1,106,476
Expenses:        
Property operating and maintenance 126,846 123,181 361,543 341,480
Real estate taxes 19,017 17,734 56,165 56,373
Membership sales and marketing 5,696 5,937 16,055 15,720
Depreciation and amortization 50,968 52,547 152,934 152,737
Home selling expenses and ancillary operating expenses 7,164 7,080 21,258 21,146
General and administrative 9,895 11,086 38,163 34,834
Casualty-related charges/(recoveries), net 0 0 0 0
Other expenses 1,338 1,627 4,187 6,880
Early debt retirement 68 0 68 1,156
Interest and related amortization 33,434 29,759 99,144 85,276
Total expenses 307,784 308,178 894,107 883,469
Loss on sale of real estate and impairment, net (949) (3,747) (3,581) (3,747)
Income before equity in income of unconsolidated joint ventures 80,080 69,044 231,091 219,260
Equity in income of unconsolidated joint ventures 661 1,465 2,158 2,889
Consolidated net income 80,741 70,509 233,249 222,149
Income allocated to non-controlling interests – Common OP Units (3,772) (3,346) (10,981) (10,563)
Redeemable perpetual preferred stock dividends 0 0 (8) (8)
Net income available for Common Stockholders 76,969 67,163 222,260 211,578
Other comprehensive income (loss):        
Adjustment for fair market value of swap (1,763) 4,235 (3,555) 16,952
Consolidated comprehensive income 78,978 74,744 229,694 239,101
Comprehensive income allocated to non-controlling interests – Common OP Units (3,690) (3,547) (10,814) (11,370)
Comprehensive income attributable to Common Stockholders $ 75,288 $ 71,197 $ 218,872 $ 227,723
Earnings per Common Share – Basic (in usd per share) $ 0.41 $ 0.36 $ 1.19 $ 1.14
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.41 $ 0.36 $ 1.19 $ 1.14
Weighted average common shares outstanding – basic (in shares) 186,100 185,814 186,008 185,758
Weighted average common shares outstanding – fully diluted (in shares) 195,440 195,269 195,414 195,248
Annual membership subscriptions        
Revenues:        
Contract revenue $ 16,673 $ 16,254 $ 48,832 $ 47,003
Membership upgrade sales        
Revenues:        
Contract revenue 3,744 3,308 10,863 9,543
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 44,795 52,547 115,841 144,937
Expenses:        
Cost of services 33,471 40,224 85,880 111,894
Property management        
Expenses:        
Cost of services $ 19,887 $ 19,003 $ 58,710 $ 55,973