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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue:        
Rental and other income $ 529,414 $ 500,840 $ 1,050,539 $ 1,007,814
Management, development and other fees 1,098 1,467 2,298 2,990
Total revenue 530,512 502,307 1,052,837 1,010,804
Expenses:        
Operating expenses, excluding property taxes 126,687 118,903 249,730 235,530
Property taxes 53,566 51,107 106,497 101,174
Interest expense, net 50,102 46,581 99,397 89,991
Loss on extinguishment of debt, net 24,162 2,461 24,162 2,461
Depreciation expense 141,439 132,469 282,060 259,685
General and administrative expense 13,947 12,011 27,153 23,414
Expensed acquisition, development and other pursuit costs, net of recoveries 570 1,436 1,298 4,897
Casualty and impairment (gain) loss, net 0 1,732 (11,688) 3,935
Total expenses 410,473 363,236 801,985 713,217
Income before equity in income of unconsolidated real estate entities, gain on sale of communities and other real estate, and income taxes 120,039 139,071 250,852 297,587
Equity in income of unconsolidated real estate entities 1,146 27,151 17,819 55,120
Gain on sale of communities 44,067 30,990 132,016 82,420
Gain on sale of other real estate 0 143 366 143
Income before income taxes 165,252 197,355 401,053 435,270
Income tax expense 58 36 78 73
Net income 165,194 197,319 400,975 435,197
Net loss attributable to noncontrolling interests 31 125 125 180
Net income attributable to common stockholders 165,225 197,444 401,100 435,377
Other comprehensive loss:        
Loss on cash flow hedges (16,158) (26,788) (16,013) (74,545)
Cash flow hedge losses reclassified to earnings 1,781 1,561 3,534 2,935
Comprehensive income $ 150,848 $ 172,217 $ 388,621 $ 363,767
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.20 $ 1.44 $ 2.91 $ 3.17
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) 1.20 1.44 2.91 3.17
Dividends per common share (in dollars per share) $ 1.42 $ 1.35 $ 2.84 $ 2.70