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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues $ 293,403 $ 297,176 $ 597,481 $ 590,764
Operating expenses        
Rent 2,742 2,765 5,560 5,548
Real estate taxes 37,274 38,747 77,708 77,016
Operating and maintenance 41,325 42,703 84,656 85,277
General and administrative 24,029 19,965 46,427 42,195
Provision for doubtful accounts 1,051 2,096 3,182 3,500
Impairment charges 22,873 29,719 30,519 31,336
Depreciation and amortization 79,760 95,270 161,142 187,344
Total operating expenses 209,054 231,265 409,194 432,216
Operating income 84,349 65,911 188,287 158,548
Other income, net 3,277 1,439 9,456 2,712
Interest expense (46,434) (46,090) (96,377) (92,572)
Income from continuing operations before income taxes, net, equity in income of joint ventures, net, gain on change in control of interests and equity in income from other real estate investments, net 41,192 21,260 101,366 68,688
Benefit for income taxes, net 720 1,034 668 1,527
Equity in income of joint ventures, net 19,000 13,200 35,953 27,902
Gain on change in control of interests 60,972 71,160
Income from continuing operations 70,569 134,791 157,580 211,320
Gain on sale of operating properties/change in control of interests 95,240 19,883 152,211 21,569
Net income 165,809 154,674 309,791 232,889
Net income attributable to noncontrolling interests (423) (11,258) (315) (12,740)
Net income attributable to the Company 165,386 143,416 309,476 220,149
Preferred dividends (14,534) (11,555) (29,123) (23,110)
Net income available to the Company's common shareholders $ 150,852 $ 131,861 $ 280,353 $ 197,039
Net income available to the Company:        
-Basic (in dollars per share) $ 0.36 $ 0.31 $ 0.66 $ 0.46
-Diluted (in dollars per share) $ 0.36 $ 0.31 $ 0.66 $ 0.46
Weighted average shares:        
-Basic (in shares) 420,731 423,650 422,060 423,516
-Diluted (in shares) [1] 421,928 424,944 423,236 424,084
Joint Ventures [Member]        
Operating expenses        
Equity in income of joint ventures, net $ 19,040 $ 13,169 $ 35,953 $ 27,902
Other Real Estate Investments [Member]        
Operating expenses        
Equity in income of joint ventures, net 9,617 38,356 19,593 42,043
Revenues from Rental Properties [Member]        
Revenues 222,651 225,774 453,066 453,485
Reimbursement Income [Member]        
Revenues 61,206 60,971 124,922 119,100
Other Rental Property Income [Member]        
Revenues 5,526 6,098 11,112 9,649
Management and Other Fee Incomes [Member]        
Revenues $ 4,020 $ 4,333 $ 8,381 $ 8,530
[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3.2 million and 4.0 million stock options that were not dilutive as of June 30, 2018 and 2017, respectively, and 2.3 million shares of restricted stock that were not dilutive for the three months ended June 30, 2018.