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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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Rental income $ 300,788 $ 288,655 $ 617,386 $ 585,106
Other income 16,197 17,911 31,746 35,625
Interest income 2,420 2,259 4,588 4,347
Income from other investments, net 2,630 2,473 4,668 4,564
Total revenues 380,019 370,014 766,587 739,966
Expenses:        
Property operating and maintenance 126,105 122,214 240,888 234,697
Real estate taxes 20,099 18,832 40,886 37,148
Membership sales and marketing 6,126 5,521 11,423 10,359
Depreciation and amortization 51,344 51,464 102,452 101,966
Home selling expenses and ancillary operating expenses 7,472 7,170 13,619 14,094
General and administrative 8,985 16,607 20,974 28,268
Casualty-related charges/(recoveries), net (6,170) 0 (21,013) 0
Other expenses 1,387 1,381 2,718 2,849
Interest and related amortization 36,037 33,122 69,580 65,710
Total expenses 298,471 304,938 570,290 586,323
Income before income taxes and other items 81,548 65,076 196,297 153,643
Loss on sale of real estate and impairment, net 0 0 0 (2,632)
Income tax benefit 0 0 239 0
Equity in income of unconsolidated joint ventures 579 973 862 1,497
Consolidated net income 82,127 66,049 197,398 152,508
Income allocated to non-controlling interests – Common OP Units (3,822) (3,121) (9,188) (7,209)
Redeemable perpetual preferred stock dividends (8) (8) (8) (8)
Net income available for Common Stockholders 78,297 62,920 188,202 145,291
Other comprehensive income (loss):        
Adjustment for fair market value of swap 12 2,186 (769) (1,792)
Consolidated comprehensive income 82,139 68,235 196,629 150,716
Comprehensive income allocated to non-controlling interests – Common OP Units (3,823) (3,225) (9,152) (7,124)
Redeemable perpetual preferred stock dividends 8 8 8 8
Comprehensive income attributable to Common Stockholders $ 78,308 $ 65,002 $ 187,469 $ 143,584
Earnings per Common Share – Basic (in usd per share) $ 0.42 $ 0.34 $ 1.01 $ 0.78
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.42 $ 0.34 $ 1.01 $ 0.78
Weighted average Common Shares outstanding – Basic (in shares) 186,318 186,023 186,303 185,962
Weighted average Common Shares outstanding – Fully Diluted (in shares) 195,465 195,430 195,505 195,388
Annual membership subscriptions        
Revenues:        
Contract revenue $ 16,369 $ 16,189 $ 32,584 $ 32,159
Membership upgrade sales        
Revenues:        
Contract revenue 4,050 3,614 7,997 7,119
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 37,565 38,913 67,618 71,046
Expenses:        
Cost of services 27,650 29,268 49,617 52,409
Property management        
Expenses:        
Cost of services $ 19,436 $ 19,359 $ 39,146 $ 38,823