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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues from rental properties, net $ 256,607 $ 279,181 $ 778,572 [1] $ 850,525 [1]
Management and other fee income 3,185 3,690 9,880 12,229
Total revenues 259,792 282,871 788,452 862,754
Operating expenses        
Rent (2,767) (2,836) (8,429) (8,452)
Real estate taxes (40,403) (37,519) (118,733) (113,871)
Operating and maintenance (42,844) (39,758) (124,192) (123,871)
General and administrative (28,795) (23,832) (72,316) (72,296)
Impairment charges 397 19,609 3,509 41,235
Depreciation and amortization (71,704) (68,874) (214,660) (209,440)
Total operating expenses (186,910) (192,428) (541,839) (569,165)
Gain on sale of properties 0 9,025 5,697 47,382
Operating income 72,882 99,468 252,310 340,971
Other income/(expense)        
Other (expense)/income, net (900) 4,526 393 7,512
(Loss)/gain on marketable securities, net (76,931) (199) 444,646 1,375
Gain on sale of cost method investment 0 0 190,832 0
Interest expense (46,942) (43,146) (141,017) (131,638)
Early extinguishment of debt charges (7,538) 0 (7,538) 0
(Loss)/income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net (59,429) 60,649 739,626 218,220
(Provision)/benefit for income taxes, net (388) 3,866 (482) 3,580
Net (loss)/income (37,429) 85,453 801,078 303,518
Net income attributable to noncontrolling interests (965) (1,463) (1,479) (2,332)
Net (loss)/income attributable to the Company (38,394) 83,990 799,599 301,186
Preferred stock redemption charges 0 (11,369) 0 (11,369)
Preferred dividends (6,354) (13,573) (19,062) (42,641)
Net (loss)/income available to the Company's common shareholders $ (44,748) $ 59,048 $ 780,537 $ 247,176
Per common share:        
-Basic (in dollars per share) $ (0.10) $ 0.14 $ 1.80 $ 0.58
-Diluted (in dollars per share) $ (0.10) $ 0.14 $ 1.80 $ 0.58
Weighted average shares:        
-Basic (in shares) 429,994 419,823 429,899 419,663
-Diluted (in shares) [2] 429,994 421,002 431,602 420,986
Joint Ventures [Member]        
Other income/(expense)        
Equity in income $ 11,233 $ 17,673 $ 35,039 $ 58,960
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income $ 11,155 $ 3,265 $ 26,895 $ 22,758
[1] During the nine months ended September 30, 2020, the Company's revenue was reduced by $72.2 million associated with potentially uncollectible revenues, including revenues from tenants that are being accounted for on a cash basis, and disputed amounts, which includes $15.1 million for straight-line rent receivables, primarily attributable to the COVID-19 pandemic.
[2] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 1.2 million and 0.5 million stock options that were not dilutive as of September 30, 2020 and 2019, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended September 30, 2020.