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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUES        
Rental income $ 694,245 $ 662,001 $ 2,035,359 $ 1,942,492
Fee and asset management 2,044 2,077 6,413 7,596
Total revenues 696,289 664,078 2,041,772 1,950,088
EXPENSES        
Property and maintenance 122,383 120,139 364,948 361,087
Real estate taxes and insurance 84,962 80,568 254,513 245,717
Property management 18,925 18,407 60,887 61,080
Fee and asset management 1,169 1,253 3,764 4,293
Depreciation 196,059 190,469 584,862 565,772
General and administrative 15,290 9,968 50,942 41,296
Total expenses 438,788 420,804 1,319,916 1,279,245
Operating income 257,501 243,274 721,856 670,843
Interest and other income 256 576 6,906 3,213
Other expenses (1,139) (4,976) (2,839) (7,179)
Interest:        
Expense incurred, net (114,205) (118,251) (333,622) (347,224)
Amortization of deferred financing costs (2,607) (2,628) (7,734) (8,554)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations 139,806 117,995 384,567 311,099
Income and other tax (expense) benefit (329) (260) (698) (1,146)
Income (loss) from investments in unconsolidated entities (1,041) (1,176) 14,388 (10,201)
Net gain on sales of real estate properties 66,939 113,641 295,692 128,544
Net (loss) gain on sales of land parcels 0 1,052 (1) 1,846
Income from continuing operations 205,375 231,252 693,948 430,142
Discontinued operations, net 81 (62) 350 1,500
Net income 205,456 231,190 694,298 431,642
Net (income) attributable to Noncontrolling Interests:        
Net income attributable to Noncontrolling Interests (7,778) (8,738) (26,191) (16,273)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (986) (708) (2,473) (1,800)
Net income attributable to controlling interests 196,692 221,744 665,634 413,569
Preferred distributions (833) (1,037) (2,557) (3,109)
Premium on redemption of Preferred Shares 0 0 (2,789) 0
Net income available to Common Shares $ 195,859 $ 220,707 $ 660,288 $ 410,460
Earnings per share – basic:        
Income from continuing operations available to Common Shares $ 0.54 $ 0.61 $ 1.82 $ 1.13
Net income available to Common Shares $ 0.54 $ 0.61 $ 1.82 $ 1.14
Weighted average Common Shares outstanding 363,579 361,409 363,386 360,900
Earnings per share – diluted:        
Income from continuing operations available to Common Shares $ 0.53 $ 0.61 $ 1.80 $ 1.13
Net income available to Common Shares $ 0.53 $ 0.61 $ 1.80 $ 1.13
Weighted Average Number of Shares/Units Outstanding, Diluted 380,663 377,954 380,423 377,228
Distributions declared per Common Share outstanding $ 0.5525 $ 0.50 $ 1.6575 $ 1.50