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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
REVENUES      
Rental income $ 2,463,997 $ 2,571,705 $ 2,700,691
EXPENSES      
Property and maintenance 453,532 440,998 446,845
Real estate taxes and insurance 397,105 381,562 366,139
Property management 98,155 93,825 95,344
General and administrative 56,506 48,305 52,757
Depreciation 838,272 820,832 831,083
Total expenses 1,843,570 1,785,522 1,792,168
Net gain (loss) on sales of real estate properties 1,072,183 531,807 447,637
Impairment (16,769)    
Operating income 1,675,841 1,317,990 1,356,160
Interest and other income 25,666 5,935 3,201
Other expenses (19,275) (17,510) (18,177)
Interest:      
Expense incurred, net (272,473) (365,073) (390,076)
Amortization of deferred financing costs (8,737) (8,939) (11,670)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 1,401,022 932,403 939,438
Income and other tax (expense) benefit (915) (852) 2,281
Income (loss) from investments in unconsolidated entities (3,398) (3,284) 65,945
Net gain (loss) on sales of land parcels 5 34,234 2,044
Net income 1,396,714 962,501 1,009,708
Net (income) loss attributable to Noncontrolling Interests:      
Operating Partnership (45,900) (34,010) (36,034)
Partially Owned Properties (17,964) (14,855) (3,297)
Net income attributable to controlling interests 1,332,850 913,636 970,377
Preferred distributions (3,090) (3,090) (3,090)
Net income available to Common Shares $ 1,329,760 $ 910,546 $ 967,287
Earnings per share – basic:      
Net income available to Common Shares $ 3.56 $ 2.45 $ 2.61
Weighted average Common Shares outstanding 373,833 371,791 370,461
Earnings per share – diluted:      
Net income available to Common Shares $ 3.54 $ 2.45 $ 2.60
Weighted average Common Shares outstanding 388,089 385,874 386,333