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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental income $ 314,468 $ 303,334 $ 931,854 $ 888,440
Other income 16,440 15,658 48,186 51,283
Interest income 2,430 2,276 7,018 6,623
Income from other investments, net 2,192 2,333 6,860 6,897
Total revenues 387,256 388,813 1,153,843 1,128,779
Expenses:        
Property operating and maintenance 129,010 126,846 369,898 361,543
Real estate taxes 20,731 19,017 61,617 56,165
Membership sales and marketing 6,448 5,696 17,871 16,055
Depreciation and amortization 50,934 50,968 153,386 152,934
Home selling expenses and ancillary operating expenses 7,336 7,164 20,955 21,258
General and administrative 9,274 9,895 30,248 38,163
Casualty-related charges/(recoveries), net 591 0 (20,422) 0
Other expenses 1,402 1,338 4,120 4,187
Early debt retirement 30 68 30 68
Interest and related amortization 36,497 33,434 106,077 99,144
Total expenses 304,469 307,784 874,759 894,107
Income before income taxes and other items 82,787 81,029 279,084 234,672
Loss on sale of real estate and impairment, net (1,798) (949) (1,798) (3,581)
Income tax benefit 0 0 239 0
Equity in income of unconsolidated joint ventures 5,874 661 6,736 2,158
Consolidated net income 86,863 80,741 284,261 233,249
Income allocated to non-controlling interests – Common OP Units (4,042) (3,772) (13,230) (10,981)
Redeemable perpetual preferred stock dividends 0 0 (8) (8)
Net income available for Common Stockholders 82,821 76,969 271,023 222,260
Other comprehensive income (loss):        
Adjustment for fair market value of swap (10,056) (1,763) (10,825) (3,555)
Consolidated comprehensive income 76,807 78,978 273,436 229,694
Comprehensive income allocated to non-controlling interests – Common OP Units (3,575) (3,690) (12,727) (10,814)
Comprehensive income attributable to Common Stockholders $ 73,232 $ 75,288 $ 260,701 $ 218,872
Earnings per Common Share – Basic (in usd per share) $ 0.44 $ 0.41 $ 1.45 $ 1.19
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.44 $ 0.41 $ 1.45 $ 1.19
Weighted average Common Shares outstanding – Basic (in shares) 186,327 186,100 186,311 186,008
Weighted average Common Shares outstanding – Fully Diluted (in shares) 195,510 195,440 195,507 195,414
Annual membership subscriptions        
Revenues:        
Contract revenue $ 16,714 $ 16,673 $ 49,298 $ 48,832
Membership upgrade sales        
Revenues:        
Contract revenue 4,173 3,744 12,170 10,863
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 30,839 44,795 98,457 115,841
Expenses:        
Cost of services 22,051 33,471 71,668 85,880
Property management        
Expenses:        
Cost of services $ 20,165 $ 19,887 $ 59,311 $ 58,710