XML 16 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Property rental $ 676,138 $ 559,868 $ 446,682
Tenant reinsurance 71,971 59,072 47,317
Management fees and other income 34,161 28,215 26,614
Total revenues 782,270 647,155 520,613
Expenses:      
Property operations 203,965 172,416 140,012
Tenant reinsurance 13,033 10,427 9,022
Acquisition related costs 69,401 9,826 8,618
General and administrative 67,758 60,942 54,246
Depreciation and amortization 133,457 115,076 95,232
Total expenses 487,614 368,687 307,130
Income from operations 294,656 278,468 213,483
Gain (loss) on real estate transactions and earnout from prior acquisitions 1,501 (10,285) 960
Property casualty loss, net   (1,724)  
Loss on extinguishment of debt related to portfolio acquisition     (9,153)
Interest expense (95,682) (81,330) (71,630)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes (3,310) (2,683) (1,404)
Interest income 3,461 1,607 749
Interest income on note receivable from Preferred Operating Partnership unit holder 4,850 4,850 4,850
Income before equity in earnings of unconsolidated real estate ventures and income tax expense 205,476 188,903 137,855
Equity in earnings of unconsolidated real estate ventures 12,351 10,541 11,653
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests 2,857 4,022 46,032
Income tax expense (11,148) (7,570) (9,984)
Net income 209,536 195,896 185,556
Net income allocated to Preferred Operating Partnership noncontrolling interests (11,718) (10,991) (8,006)
Net income allocated to Operating Partnership and other noncontrolling interests (8,344) (6,550) (5,474)
Net income attributable to common stockholders $ 189,474 $ 178,355 $ 172,076
Earnings per common share      
Basic $ 1.58 $ 1.54 $ 1.54
Diluted $ 1.56 $ 1.53 $ 1.53
Weighted average number of shares      
Basic 119,816,743 115,713,807 111,349,361
Diluted 126,918,869 121,435,267 113,105,094