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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Rental and other income $ 695,701 $ 663,889 $ 2,057,492 $ 1,920,721
Management, development and other fees 1,934 1,399 5,712 3,054
Total revenue 697,635 665,288 2,063,204 1,923,775
Expenses:        
Operating expenses, excluding property taxes 175,191 165,580 509,871 473,281
Property taxes 78,399 75,091 227,882 216,695
Expensed transaction, development and other pursuit costs, net of recoveries 18,959 6,514 23,212 9,865
Interest expense, net 48,115 57,290 156,521 172,613
Gain (Loss) on Extinguishment of Debt 150 1,646 150 1,646
Depreciation expense 200,982 206,658 606,271 607,746
General and administrative expense 20,466 14,611 58,542 53,323
Casualty loss 3,499 0 8,550 0
Total expenses 545,761 527,390 1,590,999 1,535,169
Income from unconsolidated investments 1,930 43,777 11,745 46,574
Gain on sale of communities 22,121 318,289 209,430 467,493
Other real estate activity 237 319 707 564
Income before income taxes 176,162 500,283 694,087 903,237
Income tax expense (4,372) (5,651) (7,715) (7,963)
Net income 171,790 494,632 686,372 895,274
Net loss attributable to noncontrolling interests 241 115 484 208
Net income attributable to common stockholders 172,031 494,747 686,856 895,482
Other comprehensive income:        
Gain on cash flow hedges 15,502 8,188 23,988 26,102
Cash flow hedge losses reclassified to earnings 354 1,013 1,062 3,039
Comprehensive income $ 187,887 $ 503,948 $ 711,906 $ 924,623
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.21 $ 3.54 $ 4.86 $ 6.40
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 1.21 $ 3.53 $ 4.86 $ 6.40