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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Rental income $ 166,647,000 $ 163,997,000 $ 333,090,000 $ 325,419,000
Residents fees and services 98,366,000 97,370,000 196,484,000 194,323,000
Total revenues 265,013,000 261,367,000 529,574,000 519,742,000
Expenses:        
Property operating expenses 102,795,000 97,474,000 203,851,000 195,422,000
Depreciation and amortization 69,669,000 71,372,000 142,844,000 142,594,000
General and administrative 22,922,000 11,965,000 38,005,000 22,828,000
Acquisition and certain other transaction related costs 0 180,000 292,000 619,000
Impairment of assets 5,082,000 4,961,000 5,082,000 12,351,000
Total expenses 200,468,000 185,952,000 390,074,000 373,814,000
Operating income 64,545,000 75,415,000 139,500,000 145,928,000
Dividend income 659,000 789,000 1,319,000 789,000
Interest and other income 76,000 177,000 195,000 242,000
Interest expense (40,800,000) (41,118,000) (84,289,000) (80,399,000)
Loss on early extinguishment of debt (7,353,000) 0 (7,353,000) (6,000)
Income from continuing operations before income tax expense and equity in earnings of an investee 17,127,000 35,263,000 49,372,000 66,554,000
Income tax expense (99,000) (108,000) (191,000) (202,000)
Equity in earnings of an investee 374,000 17,000 502,000 94,000
Income before gain on sale of properties 17,402,000 35,172,000 49,683,000 66,446,000
Gain on sale of properties 0 4,061,000 0 4,061,000
Net income 17,402,000 39,233,000 49,683,000 70,507,000
Net income attributable to noncontrolling interest (1,360,000) 0 (1,486,000) 0
Net income attributable to common shareholders 16,042,000 39,233,000 48,197,000 70,507,000
Other comprehensive income:        
Unrealized gain (loss) on investments in available for sale securities (4,995,000) 15,931,000 19,050,000 40,118,000
Amounts reclassified from cumulative other comprehensive income to net income 5,082,000 0 5,082,000 0
Equity in unrealized gain of an investee 58,000 43,000 180,000 95,000
Other comprehensive income 145,000 15,974,000 24,312,000 40,213,000
Comprehensive income 17,547,000 55,207,000 73,995,000 110,720,000
Comprehensive income attributable to noncontrolling interest (1,360,000) 0 (1,486,000) 0
Comprehensive income attributable to common shareholders $ 16,187,000 $ 55,207,000 $ 72,509,000 $ 110,720,000
Weighted average common shares outstanding (basic) (in shares) 237,399 237,325 237,395 237,320
Weighted average common shares outstanding (diluted) (in shares) 237,445 237,363 237,433 237,349
Per common share amounts (basic and diluted):        
Net income attributable to common shareholders (in dollars per share) $ 0.07 $ 0.17 $ 0.20 $ 0.30