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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
REVENUES        
Rental income $ 605,856 $ 694,245 $ 1,816,960 $ 2,035,359
Fee and asset management 218 2,044 3,351 6,413
Total revenues 606,074 696,289 1,820,311 2,041,772
EXPENSES        
Property and maintenance 104,216 122,383 309,688 364,948
Real estate taxes and insurance 81,343 84,962 238,954 254,513
Property management 19,517 20,094 64,003 64,651
General and administrative 12,395 15,197 47,408 50,618
Depreciation 179,230 196,059 528,242 584,862
Total expenses 396,701 438,695 1,188,295 1,319,592
Operating income 209,373 257,594 632,016 722,180
Interest and other income 5,509 256 65,092 6,906
Other expenses (10,420) (1,139) (14,480) (2,839)
Interest:        
Expense incurred, net (86,352) (114,298) (386,316) (333,946)
Amortization of deferred financing costs (2,261) (2,607) (10,000) (7,734)
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 115,849 139,806 286,312 384,567
Income and other tax (expense) benefit (426) (329) (1,189) (698)
Income (loss) from investments in unconsolidated entities 7,750 (1,041) 5,846 14,388
Net gain on sales of real estate properties 90,036 66,939 3,870,871 295,692
Net gain (loss) on sales of land parcels 4,037 0 15,759 (1)
Income from continuing operations 217,246 205,375 4,177,599 693,948
Discontinued operations, net 246 81 124 350
Net income 217,492 205,456 4,177,723 694,298
Net (income) attributable to Noncontrolling Interests:        
Net (income) attributable to Noncontrolling Interests (8,353) (7,778) (160,442) (26,191)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties (823) (986) (2,368) (2,473)
Net income attributable to controlling interests 208,316 196,692 4,014,913 665,634
Preferred distributions (773) (833) (2,318) (2,557)
Premium on redemption of Preferred Shares 0 0 0 (2,789)
Net income available to Common Shares $ 207,543 $ 195,859 $ 4,012,595 $ 660,288
Earnings per share – basic:        
Income from continuing operations available to Common Shares $ 0.57 $ 0.54 $ 11.00 $ 1.82
Net income available to Common Shares $ 0.57 $ 0.54 $ 11.00 $ 1.82
Weighted average Common Shares outstanding 365,109 363,579 364,917 363,386
Earnings per share – diluted:        
Income from continuing operations available to Common Shares $ 0.56 $ 0.53 $ 10.92 $ 1.80
Net income available to Common Shares $ 0.56 $ 0.53 $ 10.92 $ 1.80
Weighted Average Number of Shares/Units Outstanding, Diluted 382,373 380,663 382,284 380,423
Distributions declared per Common Share outstanding $ 3.50375 $ 0.5525 $ 12.51125 $ 1.6575