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Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Property revenues        
Property revenues $ 361,716 $ 276,523 $ 673,075 $ 544,091
Property expenses        
Property operating and maintenance 79,418 65,544 149,855 129,023
Real estate taxes 48,393 37,427 88,266 74,880
Total property expenses 127,811 102,971 238,121 203,903
Non-property income        
Fee and asset management 1,190 2,263 3,640 4,469
Interest and other income 662 257 2,793 589
Income/(loss) on deferred compensation plans (14,678) 6,400 (22,175) 10,026
Total non-property income/(loss) (12,826) 8,920 (15,742) 15,084
Other expenses        
Property management 7,282 6,436 14,496 12,560
Fee and asset management 359 1,019 1,534 2,151
General and administrative 15,734 15,246 30,524 29,468
Interest 29,022 24,084 53,564 47,728
Depreciation and amortization 157,734 99,586 270,872 192,727
Expense/(benefit) on deferred compensation plans (14,678) 6,400 (22,175) 10,026
Total other expenses 195,453 152,771 348,815 294,660
Gain on sale of operating property     36,372 0
Gain on acquisition of unconsolidated joint venture interests 474,146   474,146  
Equity in income of joint ventures 0 2,198 3,048 4,112
Income from continuing operations before income taxes 499,772 31,899 583,963 64,724
Income tax expense (886) (460) (1,476) (812)
Net income 498,886 31,439 582,487 63,912
Less income allocated to non-controlling interests (1,571) (1,260) (4,427) (2,386)
Net income attributable to common shareholders $ 497,315 $ 30,179 $ 578,060 $ 61,526
Earnings per share – basic $ 4.59 $ 0.30 $ 5.41 $ 0.61
Earnings per share – diluted $ 4.54 $ 0.30 $ 5.37 $ 0.61
Weighted average number of common shares outstanding – basic 108,106 100,701 106,729 100,127
Weighted average number of common shares outstanding – diluted 109,745 100,767 108,393 100,197
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 498,886 $ 31,439 $ 582,487 $ 63,912
Other comprehensive income        
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 369 372 738 745
Comprehensive income 499,255 31,811 583,225 64,657
Less income allocated to non-controlling interests (1,571) (1,260) (4,427) (2,386)
Comprehensive income attributable to common shareholders $ 497,684 $ 30,551 $ 578,798 $ 62,271