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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue:        
Operating Lease, Lease Income $ 575,479 $ 576,149 $ 1,176,123 $ 1,141,194
Management, development and other fees 926 1,114 1,933 2,252
Total revenue 576,405 577,263 1,178,056 1,143,446
Expenses:        
Operating expenses, excluding property taxes 131,090 132,924 263,083 256,378
Property taxes 67,013 62,187 134,039 123,516
Interest expense, net 53,399 50,010 109,313 97,902
Loss on extinguishment of debt, net 268 229 9,438 509
Depreciation expense 176,249 162,693 354,160 324,749
General and administrative expense 15,573 18,965 32,893 32,671
Expensed transaction, development and other pursuit costs, net of recoveries 388 1,766 3,722 2,388
Total expenses 443,980 428,774 906,648 838,113
Equity in income (loss) of unconsolidated real estate entities 512 197 1,687 (863)
Gain on sale of communities 35,295 20,530 59,731 35,365
Gain on other real estate transactions, net 156 34 199 300
Gain (Loss) on Sale of Other Investments 1,348 (945) 4,808 (1,418)
Income before income taxes 169,736 168,305 337,833 338,717
Income Tax Expense (Benefit) 1,133 0 1,042 6
Net income 170,869 168,305 338,875 338,723
Net income attributable to noncontrolling interests (41) (24) (76) (76)
Net income attributable to common stockholders 170,828 168,281 338,799 338,647
Other comprehensive income (loss):        
Loss on cash flow hedges (1,461) (2,888) (19,064) (10,119)
Cash flow hedge losses reclassified to earnings 2,301 1,611 4,250 3,079
Comprehensive income $ 171,668 $ 167,004 $ 323,985 $ 331,607
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.21 $ 1.21 $ 2.41 $ 2.43
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 1.21 $ 1.21 $ 2.41 $ 2.43