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Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Property revenues        
Rental revenues $ 194,515 $ 184,247 $ 571,461 $ 543,649
Other property revenues 32,670 28,851 91,809 83,870
Total property revenues 227,185 213,098 663,270 627,519
Property expenses        
Property operating and maintenance 58,062 55,228 164,532 158,239
Real estate taxes 26,044 23,447 76,774 70,640
Total property expenses 84,106 78,675 241,306 228,879
Non-property income        
Fee and asset management 1,902 2,131 5,083 7,301
Interest and other income 107 430 308 762
Income (loss) on deferred compensation plans (3,438) (765) (1,871) 1,934
Total non-property income (1,429) 1,796 3,520 9,997
Other expenses        
Property management 5,884 5,416 17,928 17,108
Fee and asset management 1,227 1,240 3,424 3,746
General and administrative 11,790 10,331 33,120 30,410
Interest 23,265 22,967 72,288 68,846
Depreciation and amortization 65,079 59,179 190,337 174,528
Amortization of deferred financing costs 725 836 2,143 2,493
Expense (benefit) on deferred compensation plans (3,438) (765) (1,871) 1,934
Total other expenses 104,532 99,204 317,369 299,065
Gain on sale of operating properties, including land 0 1,808 85,192 3,609
Impairment associated with land holdings 0 0 0 (1,152)
Equity in income of joint ventures [1] 1,574 863 4,487 5,889
Income from continuing operations before income taxes 38,692 39,686 197,794 117,918
Income tax expense (498) (353) (1,334) (1,228)
Net income 38,194 39,333 196,460 116,690
Less income allocated to non-controlling interests from continuing operations (1,150) (1,050) (7,738) (3,099)
Net income attributable to common shareholders $ 37,044 $ 38,283 $ 188,722 $ 113,591
Earnings per common share – basic $ 0.41 $ 0.43 $ 2.10 $ 1.28
Earnings per common share – diluted 0.41 0.43 2.09 1.28
Distributions declared per common share $ 0.70 $ 0.66 $ 2.10 $ 1.98
Weighted average number of common shares outstanding – basic 89,164 88,146 89,102 87,882
Weighted average number of common shares outstanding – diluted 90,341 89,353 89,450 89,052
Condensed Consolidated Statements of Comprehensive Income:        
Net income $ 38,194 $ 39,333 $ 196,460 $ 116,690
Other comprehensive income        
Unrealized loss on cash flow hedging activities 0 (417) 0 (417)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 38 20 112 49
Comprehensive income 38,232 38,936 196,572 116,322
Less income allocated to non-controlling interests from continuing operations (1,150) (1,050) (7,738) (3,099)
Comprehensive income attributable to common shareholders $ 37,082 $ 37,886 $ 188,834 $ 113,223
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the funds.