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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Revenues from rental properties, net $ 429,042 $ 364,694 $ 1,274,969 $ 929,297
Management and other fee income 4,361 3,913 12,881 10,634
Total revenues 433,403 368,607 1,287,850 939,931
Operating expenses        
Rent (3,703) (3,678) (11,854) (9,706)
Real estate taxes (55,578) (50,594) (165,967) (129,124)
Operating and maintenance (71,457) (52,063) (210,466) (145,480)
General and administrative (29,677) (25,904) (87,606) (75,136)
Impairment charges (7,067) (850) (21,758) (954)
Merger charges 0 (46,998) 0 (50,191)
Depreciation and amortization (125,419) (114,238) (380,324) (261,687)
Total operating expenses (292,901) (294,325) (877,975) (672,278)
Gain on sale of properties 3,821 1,975 10,958 30,841
Operating income 144,323 76,257 420,833 298,494
Other income/(expense)        
Other income, net 6,226 6,696 18,851 11,834
(Loss)/gain on marketable securities, net (75,491) 457,127 (215,194) 542,510
Interest expense (52,391) (52,126) (165,876) (146,654)
Early extinguishment of debt charges (428) 0 (7,658) 0
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net 22,239 487,954 50,956 706,184
Benefit/(provision) for income taxes, net 1,039 (314) 1,096 (2,897)
Net income 56,371 509,204 161,603 767,747
Net loss/(income) attributable to noncontrolling interests 1,583 (1,465) 14,152 (5,369)
Net income attributable to the Company 57,954 507,739 175,755 762,378
Preferred dividends, net (6,307) (6,354) (18,911) (19,062)
Net income available to the Company's common shareholders $ 51,647 $ 501,385 $ 156,844 $ 743,316
Per common share:        
-Basic (in dollars per share) $ 0.08 $ 0.91 $ 0.25 $ 1.57
-Diluted (in dollars per share) $ 0.08 $ 0.91 $ 0.25 $ 1.56
Weighted average shares:        
-Basic (in shares) 615,832 546,842 615,417 469,885
-Diluted (in shares) [1] 618,018 548,766 617,856 474,452
Joint Ventures [Member]        
Other income/(expense)        
Equity in income, net $ 26,360 $ 20,025 $ 94,060 $ 54,095
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income, net $ 6,733 $ 1,539 $ 15,491 $ 10,365
[1] 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 0.3 million and 0.5 million stock options that were not dilutive as of September 30, 2022 and 2021, respectively.