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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, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental income $ 313,287 $ 300,788 $ 640,493 $ 617,386
Other income 16,473 16,197 32,028 31,746
Interest income 2,202 2,420 4,440 4,588
Income from other investments, net 2,084 2,630 4,102 4,668
Total revenues 376,866 380,019 764,200 766,587
Expenses:        
Property operating and maintenance 127,845 126,105 246,411 240,888
Real estate taxes 21,845 20,099 43,488 40,886
Membership sales and marketing 4,062 6,126 7,993 11,423
Depreciation and amortization 52,649 51,344 103,591 102,452
Home selling expenses and ancillary operating expenses 6,988 7,472 13,156 13,619
General and administrative 10,455 8,985 19,694 20,974
Casualty-related charges/(recoveries), net (541) (6,170) (324) (21,013)
Other expenses (59) 1,387 1,819 2,479
Interest and related amortization 32,200 36,037 63,336 69,580
Total expenses 292,643 298,471 570,485 570,051
Income before other items 84,223 81,548 193,715 196,536
Loss on sale of real estate and impairment, net (683) 0 (683) 0
Equity in income/(loss) of unconsolidated joint ventures (47) 579 4,854 862
Consolidated net income 83,493 82,127 197,886 197,398
Income allocated to non-controlling interests – Common OP Units (3,777) (3,822) (8,978) (9,188)
Redeemable perpetual preferred stock dividends (8) (8) (8) (8)
Net income available for Common Stockholders 79,708 78,297 188,900 188,202
Consolidated net income 83,493 82,127 197,886 197,398
Other comprehensive income/(loss):        
Adjustment for fair market value of swap (2,684) 12 (4,313) (769)
Consolidated comprehensive income 80,809 82,139 193,573 196,629
Comprehensive income allocated to non-controlling interests – Common OP Units (3,656) (3,823) (8,783) (9,152)
Redeemable perpetual preferred stock dividends 8 8 8 8
Comprehensive income attributable to Common Stockholders $ 77,145 $ 78,308 $ 184,782 $ 187,469
Earnings per Common Share – Basic (in usd per share) $ 0.42 $ 0.42 $ 0.99 $ 1.01
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.42 $ 0.42 $ 0.99 $ 1.01
Weighted average Common Shares outstanding – Basic (in shares) 190,992 186,318 190,958 186,303
Weighted average Common Shares outstanding – Fully Diluted (in shares) 200,095 195,465 200,084 195,505
Annual membership subscriptions        
Revenues:        
Contract revenue $ 16,902 $ 16,369 $ 33,244 $ 32,584
Membership upgrade revenue        
Revenues:        
Contract revenue 3,120 4,050 6,172 7,997
Home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 22,798 37,565 43,721 67,618
Expenses:        
Cost of services 16,476 27,650 30,168 49,617
Property management        
Expenses:        
Cost of services $ 20,723 $ 19,436 $ 41,153 $ 39,146