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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue:      
Rental and other income $ 2,291,766 $ 2,297,442 $ 2,319,666
Management, development and other fees 3,084 3,819 4,960
Total revenue 2,294,850 2,301,261 2,324,626
Expenses:      
Operating expenses, excluding property taxes 570,853 549,913 515,145
Property taxes 283,089 273,189 252,961
Expensed transaction, development and other pursuit costs, net of recoveries 3,231 12,399 4,991
Interest expense, net 220,415 214,151 203,585
Loss on extinguishment of debt, net 17,787 9,333 602
Depreciation expense 758,596 707,331 661,578
General and administrative expense 69,611 60,343 58,042
Casualty and impairment loss 3,119 0 0
Total expenses 1,926,701 1,826,659 1,696,904
Income from investments in unconsolidated entities 38,585 6,422 8,652
Gain on sale of communities 602,235 340,444 166,105
Gain on other real estate transactions, net 2,097 440 439
Net for-sale condominium activity (977) 2,551 (3,812)
Income before income taxes 1,010,089 824,459 799,106
Income tax (expense) benefit (5,733) 3,247 (13,003)
Net income 1,004,356 827,706 786,103
Net income attributable to noncontrolling interests (57) (76) (129)
Net income attributable to common stockholders 1,004,299 827,630 785,974
Other comprehensive income (loss):      
Gain (loss) on cash flow hedges 993 (17,731) (11,930)
Cash flow hedge losses reclassified to earnings (13,151) (8,984) (6,571)
Comprehensive income $ 1,018,443 $ 818,883 $ 780,615
Earnings per common share - basic:      
Net income per common share - basic (in dollars per share) $ 7.19 $ 5.89 $ 5.64
Earnings per common share - diluted:      
Net income per common share - diluted (in dollars per share) $ 7.19 $ 5.89 $ 5.63