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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue:        
Rental and other income $ 566,387 $ 586,382 $ 1,742,509 $ 1,727,576
Management, development and other fees 1,017 1,231 2,950 3,484
Total revenue 567,404 587,613 1,745,459 1,731,060
Expenses:        
Operating expenses, excluding property taxes 143,909 133,445 406,991 389,825
Property taxes 68,934 64,374 202,973 187,890
Interest expense, net 53,249 51,493 162,562 149,395
(Gain) loss on extinguishment of debt, net (105) 93 9,333 602
Depreciation expense 175,348 165,463 529,508 490,213
General and administrative expense 13,985 12,769 46,878 45,440
Expensed transaction, development and other pursuit costs, net of recoveries 567 175 4,289 2,562
Total expenses 455,887 427,812 1,362,534 1,265,927
Equity in income of unconsolidated real estate entities 5,083 1,643 6,770 780
Gain on sale of communities 31,607 130,484 91,338 165,849
Gain on other real estate transactions, net 129 73 328 374
Gain on for-sale condominiums, net of marketing and administrative costs (646) (1,108) 4,162 (2,526)
Income before income taxes 147,690 290,893 485,523 629,610
Income tax benefit (expense) 27 (11,184) 1,069 (11,178)
Net income 147,717 279,709 486,592 618,432
Net income attributable to noncontrolling interests (14) (32) (90) (108)
Net income attributable to common stockholders 147,703 279,677 486,502 618,324
Other comprehensive income (loss):        
Gain (loss) on cash flow hedges 1,333 (13,644) (17,731) (23,763)
Cash flow hedge losses reclassified to earnings 2,367 1,746 6,617 4,825
Comprehensive income $ 151,403 $ 267,779 $ 475,388 $ 599,386
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.05 $ 2.00 $ 3.46 $ 4.44
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 1.05 $ 2.00 $ 3.46 $ 4.43