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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, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Property revenues        
Rental revenues $ 187,771 $ 182,650 $ 564,136 $ 536,183
Other property revenues 32,464 29,943 95,172 84,450
Total property revenues 220,235 212,593 659,308 620,633
Property expenses        
Property operating and maintenance 53,679 53,380 156,804 151,400
Real estate taxes 26,695 25,284 80,875 74,542
Total property expenses 80,374 78,664 237,679 225,942
Non-property income        
Fee and asset management 1,667 1,902 5,223 5,083
Interest and other income 927 107 1,366 308
Income (loss) on deferred compensation plans 3,494 (3,438) 4,781 (1,871)
Total non-property income 6,088 (1,429) 11,370 3,520
Other expenses        
Property management 5,590 5,700 19,147 17,423
Fee and asset management 911 1,227 2,861 3,424
General and administrative 10,810 11,790 34,836 33,120
Interest 23,076 23,674 69,936 73,572
Depreciation and amortization 62,832 61,336 187,379 179,260
Expense (benefit) on deferred compensation plans 3,494 (3,438) 4,781 (1,871)
Total other expenses 106,713 100,289 318,940 304,928
Gain on sale of operating properties, including land 262,719 0 295,397 85,192
Equity in income of joint ventures [1] 1,866 1,574 5,052 4,487
Income from continuing operations before income taxes 303,821 33,785 414,508 182,962
Income tax expense (400) (498) (1,204) (1,334)
Income from continuing operations 303,421 33,287 413,304 181,628
Income from discontinued operations 0 4,907 7,605 14,832
Gain on sale of discontinued operations, net of tax 0 0 375,237 0
Net income 303,421 38,194 796,146 196,460
Less income allocated to non-controlling interests from continuing operations (12,523) (1,150) (17,216) (7,738)
Net income attributable to common shareholders $ 290,898 $ 37,044 $ 778,930 $ 188,722
Earnings per common share from continuing operations $ 3.23 $ 0.36 $ 4.35 $ 1.93
Earnings per common share from discontinued operations 0.00 0.05 4.28 0.17
Earnings per common share – basic 3.23 0.41 8.63 2.10
Earnings per common share from continuing operations 3.21 0.36 4.34 1.93
Earnings per common share from discontinued operations 0.00 0.05 4.26 0.16
Earnings per share – diluted 3.21 0.41 8.60 2.09
Distributions declared per common share $ 5.00 $ 0.70 $ 6.50 $ 2.10
Weighted average number of common shares outstanding – basic 89,669 89,164 89,524 89,102
Weighted average number of common shares outstanding – diluted 90,012 89,530 89,858 89,450
Condensed Consolidated Statements of Comprehensive Income:        
Net income $ 303,421 $ 38,194 $ 796,146 $ 196,460
Other comprehensive income        
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post-retirement obligation 32 38 97 112
Comprehensive income 303,453 38,232 796,243 196,572
Less income allocated to non-controlling interests from continuing operations (12,523) (1,150) (17,216) (7,738)
Comprehensive income attributable to common shareholders $ 290,930 $ 37,082 $ 779,027 $ 188,834
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.