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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue:      
Rental and other income $ 2,154,481 $ 2,039,656 $ 1,846,081
Management, development and other fees 4,147 5,599 9,947
Total revenue 2,158,628 2,045,255 1,856,028
Expenses:      
Operating expenses, excluding property taxes 503,946 478,437 448,747
Property taxes 221,375 204,837 193,499
Interest expense, net 199,661 187,510 175,615
Loss (gain) on extinguishment of debt, net 25,472 7,075 (26,736)
Depreciation expense 584,150 531,434 477,923
General and administrative expense 50,673 45,771 42,774
Expensed acquisition, development and other pursuit costs, net of recoveries 2,736 9,922 6,822
Casualty and impairment loss (gain), net 6,250 (3,935) (10,542)
Total expenses 1,594,263 1,461,051 1,308,102
Income before equity in income of unconsolidated real estate entities, gain on sale of communities, (loss) gain on other real estate transactions, and income taxes 564,365 584,204 547,926
Equity in income of unconsolidated real estate entities 70,744 64,962 70,018
Gain on sale of communities 252,599 374,623 115,625
(Loss) gain on other real estate transactions (10,907) 10,224 9,647
Income before income taxes 876,801 1,034,013 743,216
Income tax expense 141 305 1,483
Net income 876,660 1,033,708 741,733
Net loss attributable to noncontrolling interests 261 294 305
Net income attributable to common stockholders 876,921 1,034,002 742,038
Other comprehensive income (loss):      
(Loss) income on cash flow hedges (13,979) (5,556) 5,354
Cash flow hedge losses reclassified to earnings 7,070 6,433 5,774
Comprehensive income $ 870,012 $ 1,034,879 $ 753,166
Earnings per common share—basic:      
Net income per common share - basic (in dollars per share) $ 6.36 $ 7.53 $ 5.54
Earnings per common share—diluted:      
Net income per common share - diluted (in dollars per share) $ 6.35 $ 7.52 $ 5.51