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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Revenues from rental properties, net $ 1,044,888 $ 1,142,334 $ 1,149,603
Management and other fee income 13,005 16,550 15,159
Total revenues 1,057,893 1,158,884 1,164,762
Operating expenses      
Rent (11,270) (11,311) (10,929)
Real estate taxes (157,661) (153,659) (153,336)
Operating and maintenance (174,038) (171,981) (164,294)
General and administrative (93,217) (96,942) (87,797)
Provision for doubtful accounts 0 0 (6,253)
Impairment charges 6,624 48,743 79,207
Depreciation and amortization (288,955) (277,879) (310,380)
Total operating expenses (731,765) (760,515) (812,196)
Gain on sale of properties/change in control of interests 6,484 79,218 229,840
Operating income 332,612 477,587 582,406
Other income/(expense)      
Other income, net 4,119 10,985 16,528
Gain/(loss) on marketable securities, net 594,753 829 (3,487)
Gain on sale of cost method investment 190,832 0 0
Interest expense (186,904) (177,395) (183,339)
Early extinguishment of debt charges (7,538) 0 (12,762)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net 927,874 312,006 399,346
(Provision)/benefit for income taxes, net (978) 3,317 (1,600)
Net income 1,002,877 413,561 498,463
Net income attributable to noncontrolling interests (2,044) (2,956) (668)
Net income attributable to the Company 1,000,833 410,605 497,795
Preferred stock redemption charges 0 (18,528) 0
Preferred dividends (25,416) (52,089) (58,191)
Net income available to the Company's common shareholders $ 975,417 $ 339,988 $ 439,604
Per common share:      
-Basic (in dollars per share) $ 2.26 $ 0.80 $ 1.02
-Diluted (in dollars per share) $ 2.25 $ 0.80 $ 1.02
Weighted average shares:      
-Basic (in shares) 429,950 420,370 420,641
-Diluted (in shares) [1] 431,633 421,799 421,379
Joint Ventures [Member]      
Other income/(expense)      
Equity in income $ 47,353 $ 72,162 $ 71,617
Other Real Estate Investments [Member]      
Other income/(expense)      
Equity in income $ 28,628 $ 26,076 $ 29,100
[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 1.2 million, 0.5 million and 1.3 million stock options that were not dilutive as of December 31, 2020, 2019 and 2018, respectively.