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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues $ 1,164,762 $ 1,200,834 $ 1,170,792
Operating expenses      
Rent (10,929) (11,145) (10,993)
Real estate taxes (153,336) (157,196) (146,615)
Operating and maintenance (164,294) (169,552) (171,416)
General and administrative (87,797) (91,690) (86,796)
Provision for doubtful accounts (6,253) (5,630) (5,563)
Impairment charges [1],[2] 79,207 67,331 93,266
Depreciation and amortization (310,380) (360,811) (355,320)
Total operating expenses (812,196) (863,355) (869,969)
Gain on sale of operating properties/change in control of interests 229,840 93,538 92,823
Operating income 582,406 431,017 393,646
Other income/(expense)      
Other income, net 13,041 2,559 5,425
Interest expense (183,339) (191,956) (192,549)
Early extinguishment of debt charges (12,762) (1,753) (45,674)
Income before income taxes, net, equity in income of joint ventures, net, gain on change in control of joint venture interests and equity in income from other real estate investments, net 399,346 239,867 160,848
(Provision)/benefit for income taxes, net (1,600) 880 (78,583)
Equity in income 71,617 60,763 218,714
Gain on change in control of joint venture interests 71,160 57,386
Net income 498,463 439,671 386,138
Net income attributable to noncontrolling interests (668) (13,596) (7,288)
Net income attributable to the Company 497,795 426,075 378,850
Preferred stock redemption charges (7,014)
Preferred dividends (58,191) (46,600) (46,220)
Net income available to the Company's common shareholders $ 439,604 $ 372,461 $ 332,630
Per common share:      
Basic (in dollars per share) $ 1.02 $ 0.87 $ 0.79
Diluted (in dollars per share) $ 1.02 $ 0.87 $ 0.79
Weighted average shares:      
-Basic (in shares) 420,641 423,614 418,402
-Diluted (in shares) [3] 421,379 424,019 419,709
Joint Ventures [Member]      
Other income/(expense)      
Equity in income $ 71,617 $ 60,763 $ 218,714
Other Real Estate Investments [Member]      
Other income/(expense)      
Equity in income 29,100 67,001 27,773
Revenues from Rental Properties [Member]      
Revenues 882,345 912,670 893,365
Reimbursement Income [Member]      
Revenues 246,381 247,563 239,015
Other Rental Property Income [Member]      
Revenues 20,877 23,552 20,021
Management and Other Fee Incomes [Member]      
Revenues $ 15,159 $ 17,049 $ 18,391
[1] During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties and certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.
[2] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value
[3] 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 1.3 million, 3.1 million and 3.5 million stock options that were not dilutive as of December 31, 2018, 2017 and 2016, respectively.