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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenue:      
Rental and other income $ 2,280,963 $ 2,154,481 $ 2,039,656
Management, development and other fees 3,572 4,147 5,599
Total revenue 2,284,535 2,158,628 2,045,255
Expenses:      
Operating expenses, excluding property taxes 528,997 503,946 478,437
Property taxes 241,563 221,375 204,837
Interest expense, net 220,974 199,661 187,510
Loss on extinguishment of debt, net 17,492 25,472 7,075
Depreciation expense 631,196 584,150 531,434
General and administrative expense 56,365 50,673 45,771
Expensed transaction, development and other pursuit costs, net of recoveries 4,309 2,736 9,922
Casualty and impairment loss (gain), net 215 6,250 (3,935)
Total expenses 1,701,111 1,594,263 1,461,051
Equity in income of unconsolidated real estate entities 15,270 70,744 64,962
Gain on sale of communities 374,976 252,599 374,623
Gain (loss) on other real estate transactions, net 345 (10,907) 10,224
Income before income taxes 974,015 876,801 1,034,013
Income tax (benefit) expense (160) 141 305
Net income 974,175 876,660 1,033,708
Net loss attributable to noncontrolling interests 350 261 294
Net income attributable to common stockholders 974,525 876,921 1,034,002
Other comprehensive income (loss):      
Gain (loss) on cash flow hedges 5,132 (13,979) (5,556)
Cash flow hedge losses reclassified to earnings (6,143) (7,070) (6,433)
Comprehensive income $ 985,800 $ 870,012 $ 1,034,879
Earnings per common share - basic:      
Net income per common share - basic (in dollars per share) $ 7.05 $ 6.36 $ 7.53
Earnings per common share - diluted:      
Net income per common share - diluted (in dollars per share) $ 7.05 $ 6.35 $ 7.52