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Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Property revenues        
Rental revenues $ 189,246 $ 178,313 $ 376,365 $ 353,533
Other property revenues 32,232 28,119 62,708 54,507
Total property revenues 221,478 206,432 439,073 408,040
Property expenses        
Property operating and maintenance 52,856 49,169 103,125 98,020
Real estate taxes 27,300 24,581 54,180 49,258
Total property expenses 80,156 73,750 157,305 147,278
Non-property income        
Fee and asset management 1,791 1,618 3,556 3,181
Interest and other income 215 141 439 201
Income (loss) on deferred compensation plans 1,224 (297) 1,287 1,567
Total non-property income 3,230 1,462 5,282 4,949
Other expenses        
Property management 6,417 5,931 13,557 11,723
Fee and asset management 998 1,121 1,950 2,197
General and administrative 11,803 11,582 24,026 21,330
Interest 23,070 24,846 46,860 49,898
Depreciation and amortization 62,456 59,940 124,547 117,924
Expense (benefit) on deferred compensation plans 1,224 (297) 1,287 1,567
Total other expenses 105,968 103,123 212,227 204,639
Gain on sale of operating properties, including land 32,235 0 32,678 85,192
Equity in income of joint ventures [1] 1,689 1,531 3,186 2,913
Income from continuing operations before income taxes 72,508 32,552 110,687 149,177
Income tax expense (489) (407) (804) (836)
Income from continuing operations 72,019 32,145 109,883 148,341
Income from discontinued operations 2,529 5,056 7,605 9,925
Gain on sale of discontinued operations, net of tax 375,237 0 375,237 0
Net income 449,785 37,201 492,725 158,266
Less income allocated to non-controlling interests from continuing operations (3,483) (1,122) (4,693) (6,588)
Net income attributable to common shareholders $ 446,302 $ 36,079 $ 488,032 $ 151,678
Earnings per common share from continuing operations $ 0.72 $ 0.34 $ 1.12 $ 1.58
Earnings per common share from discontinued operations 4.22 0.06 4.28 0.11
Earnings per common share – basic 4.94 0.40 5.40 1.69
Earnings per common share from continuing operations 0.72 0.34 1.12 1.57
Earnings per common share from discontinued operations 4.20 0.06 4.26 0.11
Earnings per share – diluted 4.92 0.40 5.38 1.68
Distributions declared per common share $ 0.75 $ 0.70 $ 1.50 $ 1.40
Weighted average number of common shares outstanding – basic 89,559 89,153 89,451 89,071
Weighted average number of common shares outstanding – diluted 89,862 90,252 89,780 90,496
Condensed Consolidated Statements of Comprehensive Income:        
Net income $ 449,785 $ 37,201 $ 492,725 $ 158,266
Other comprehensive income        
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post-retirement obligation 33 37 65 74
Comprehensive income 449,818 37,238 492,790 158,340
Less income allocated to non-controlling interests from continuing operations (3,483) (1,122) (4,693) (6,588)
Comprehensive income attributable to common shareholders $ 446,335 $ 36,116 $ 488,097 $ 151,752
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.