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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Rental income $ 724,067 $ 695,099 $ 2,146,464 $ 2,035,477
EXPENSES        
Property and maintenance 129,087 124,048 391,437 365,277
Real estate taxes and insurance 102,858 100,361 312,607 302,899
Property management 28,169 25,729 90,314 83,035
General and administrative 14,094 13,372 49,135 47,033
Depreciation 224,736 214,129 661,921 667,896
Total expenses 498,944 477,639 1,505,414 1,466,140
Net gain (loss) on sales of real estate properties 26,912 196,551 127,034 304,346
Operating income 252,035 414,011 768,084 873,683
Interest and other income 7,627 720 11,296 4,844
Other expenses (4,958) (3,755) (20,517) (9,191)
Interest:        
Expense incurred, net (68,891) (72,412) (200,882) (217,093)
Amortization of deferred financing costs (3,027) (2,220) (7,023) (6,421)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 182,786 336,344 550,958 645,822
Income and other tax (expense) benefit (258) (152) (892) (725)
Income (loss) from investments in unconsolidated entities (1,242) (1,027) (3,847) (3,456)
Net income 181,286 335,165 546,219 641,641
Net (income) loss attributable to Noncontrolling Interests:        
Operating Partnership (5,561) (10,997) (17,174) (21,024)
Partially Owned Properties (3,217) (1,143) (5,299) (2,726)
Net income attributable to controlling interests 172,508 323,025 523,746 617,891
Preferred distributions (773) (773) (2,318) (2,318)
Net income available to Common Shares $ 171,735 $ 322,252 $ 521,428 $ 615,573
Earnings per share – basic:        
Net income available to Common Shares $ 0.45 $ 0.86 $ 1.38 $ 1.64
Weighted average Common Shares outstanding 378,853 375,850 378,614 375,710
Earnings per share – diluted:        
Net income available to Common Shares $ 0.45 $ 0.86 $ 1.38 $ 1.63
Weighted average Common Shares outstanding 391,351 389,300 391,135 389,394