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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues:    
Rental income $ 296,451 $ 285,065
Other income 17,714 13,542
Interest income 2,088 1,759
Income from other investments, net 2,091 1,904
Total revenues 369,952 360,189
Expenses:    
Property operating and maintenance 112,483 103,992
Real estate taxes 18,316 19,457
Membership sales and marketing 4,838 4,331
Depreciation and amortization 50,502 49,394
Home selling expenses and ancillary operating expenses 6,924 6,481
General and administrative 11,661 12,072
Casualty-related charges/(recoveries), net 0 0
Other expenses 1,468 1,048
Early debt retirement 0 516
Interest and related amortization 32,588 27,464
Total expenses 281,385 273,310
Loss on sale of real estate and impairment, net (2,632) 0
Income before equity in income of unconsolidated joint ventures 85,935 86,879
Equity in income of unconsolidated joint ventures 524 171
Consolidated net income 86,459 87,050
Income allocated to non-controlling interests – Common OP Units (4,088) (4,144)
Net income available for Common Stockholders 82,371 82,906
Other comprehensive income (loss):    
Adjustment for fair market value of swap (3,978) 9,924
Consolidated comprehensive income 82,481 96,974
Comprehensive income allocated to non-controlling interests – Common OP Units (3,899) (4,616)
Comprehensive income attributable to Common Stockholders $ 78,582 $ 92,358
Earnings per Common Share – Basic (in usd per share) $ 0.44 $ 0.45
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.44 $ 0.45
Weighted average common shares outstanding – basic (in shares) 185,900 185,690
Weighted average common shares outstanding – fully diluted (in shares) 195,369 195,246
Annual membership subscriptions    
Revenues:    
Contract revenue $ 15,970 $ 15,157
Membership upgrade sales    
Revenues:    
Contract revenue 3,505 3,067
Home sales, brokered resales and ancillary services    
Revenues:    
Contract revenue 32,133 39,695
Expenses:    
Cost of services 23,141 30,684
Property management    
Expenses:    
Cost of services $ 19,464 $ 17,871