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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Rental income $ 923,743 $ 879,635 $ 821,114
Revenue from contract with customer 21,739 19,111  
Other income 46,008 43,063 51,935
Interest income 7,154 7,207 7,525
Income from other investments, net 4,026 9,528 10,842
Total revenues 1,091,448 1,037,256 986,653
Expenses:      
Property operating and maintenance 354,340 333,520 319,839
Real estate taxes 66,120 62,338 55,892
Sales and marketing, gross 17,332 15,583 12,542
Membership sales commissions, deferred, net (1,660) (1,219) (813)
Depreciation and amortization 155,131 152,110 137,209
Home selling expenses 4,572 4,401 4,095
General and administrative 39,276 35,679 37,684
Other expenses 2,567 2,865 1,483
Early debt retirement 10,786 1,491 1,071
Interest and related amortization 102,771 104,223 104,993
Total expenses 855,431 802,596 765,206
Gain on sale of real estate, net 0 52,507 0
Income before equity in income of unconsolidated joint ventures 236,017 287,167 221,447
Equity in income of unconsolidated joint ventures 5,399 8,755 4,939
Consolidated net income 241,416 295,922 226,386
Income allocated to non-controlling interests – Common OP Units (13,132) (16,783) (13,774)
Net income available for Common Stockholders 228,268 279,123 212,596
Other comprehensive income (loss):      
Adjustment for fair market value of swap 380 (2,679) 1,357
Consolidated comprehensive income 241,796 293,243 227,743
Comprehensive income allocated to non-controlling interests – Common OP Units (13,154) (16,633) (13,861)
Comprehensive income attributable to Common Stockholders $ 228,626 $ 276,594 $ 213,866
Earnings per Common Share – Basic (usd per share) $ 1.26 $ 1.54 $ 1.19
Earnings per Common Share – Fully Diluted (usd per share) $ 1.25 $ 1.54 $ 1.19
Weighted average Common Shares outstanding – Basic (shares) 181,828 180,805 177,928
Weighted average Common Shares outstanding – Fully Diluted (shares) 192,555 191,995 190,110
Redeemable Perpetual Preferred  Stock      
Expenses:      
Redeemable perpetual preferred stock dividends $ (16) $ (16) $ (16)
Other comprehensive income (loss):      
Redeemable perpetual preferred stock dividends (16) (16) (16)
Deferred revenue – annual membership subscriptions      
Revenues:      
Revenue from contract with customer 53,085 51,015 47,778
Membership upgrade sales current period, gross      
Revenues:      
Revenue from contract with customer 21,739 19,111 15,191
Membership upgrade sales upfront payments, deferred, net      
Revenues:      
Revenue from contract with customer (12,062) (10,451) (7,380)
Gross revenues from home sales      
Revenues:      
Revenue from contract with customer 45,695 34,655 36,064
Expenses:      
Cost of goods and services sold 46,229 35,096 37,475
Brokered resale and ancillary services revenues, net      
Revenues:      
Revenue from contract with customer 2,060 3,493 3,584
Property management      
Expenses:      
Cost of goods and services sold $ 57,967 $ 56,509 $ 53,736