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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues:    
Rental income $ 316,599 $ 296,451
Other income 15,548 17,714
Interest income 2,168 2,088
Income from other investments, net 2,038 2,091
Total revenues 386,568 369,952
Expenses:    
Property operating and maintenance 114,783 112,483
Real estate taxes 20,787 18,316
Membership sales and marketing 5,297 4,838
Depreciation and amortization 51,108 50,502
Home selling expenses and ancillary operating expenses 6,147 6,924
General and administrative 11,989 11,661
Casualty-related charges/(recoveries), net (14,843) 0
Other expenses 1,331 1,468
Interest and related amortization 33,543 32,588
Total expenses 271,819 281,385
Income before income taxes and other items 114,749 88,567
Loss on sale of real estate and impairment, net 0 (2,632)
Income tax benefit 239 0
Equity in income of unconsolidated joint ventures 283 524
Consolidated net income 115,271 86,459
Income allocated to non-controlling interests – Common OP Units (5,366) (4,088)
Net income available for Common Stockholders 109,905 82,371
Other comprehensive income (loss):    
Adjustment for fair market value of swap (781) (3,978)
Consolidated comprehensive income 114,490 82,481
Comprehensive income allocated to non-controlling interests – Common OP Units (5,329) (3,899)
Comprehensive income attributable to Common Stockholders $ 109,161 $ 78,582
Earnings per Common Share – Basic (in usd per share) $ 0.59 $ 0.44
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.59 $ 0.44
Weighted average common shares outstanding – basic (in shares) 186,287 185,900
Weighted average common shares outstanding – fully diluted (in shares) 195,545 195,369
Annual membership subscriptions    
Revenues:    
Contract revenue $ 16,215 $ 15,970
Membership upgrade sales    
Revenues:    
Contract revenue 3,947 3,505
Home sales, brokered resales and ancillary services    
Revenues:    
Contract revenue 30,053 32,133
Expenses:    
Cost of services 21,967 23,141
Property management    
Expenses:    
Cost of services $ 19,710 $ 19,464