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Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property revenues      
Rental revenues $ 750,597 $ 721,816 $ 686,642
Other property revenues 125,850 113,802 103,621
Total property revenues 876,447 835,618 790,263
Property expenses      
Property operating and maintenance 206,780 202,105 194,574
Real estate taxes 104,575 98,895 91,126
Total property expenses 311,355 301,000 285,700
Non-property income      
Fee and asset management 6,864 6,999 9,832
Interest and other income 2,202 597 842
Income (loss) on deferred compensation plans 5,511 (264) 3,937
Total non-property income 14,577 7,332 14,611
Other expenses      
Property management 25,125 23,055 22,070
Fee and asset management 3,848 4,742 5,341
General and administrative 47,415 46,233 51,005
Interest 93,145 97,312 94,906
Depreciation and amortization 250,146 240,944 222,055
Expense (benefit) on deferred compensation plans 5,511 (264) 3,937
Total other expenses 425,190 412,022 399,314
Gain on sale of operating properties, including land 295,397 104,288 159,289
Impairment associated with land holdings 0 0 (1,152)
Equity in income of joint ventures [1] 7,125 6,168 7,023
Income from continuing operations before income taxes 457,001 240,384 285,020
Income tax expense (1,617) (1,872) (1,903)
Income from continuing operations 455,384 238,512 283,117
Income from discontinued operations 7,605 19,750 18,197
Gain on sale of discontinued operations, net of tax 375,237 0 0
Net income 838,226 258,262 301,314
Less income allocated to non-controlling interests from continuing operations (18,403) (8,947) (9,225)
Net income attributable to common shareholders $ 819,823 $ 249,315 $ 292,089
Earnings per common share from continuing operations $ 4.81 $ 2.55 $ 3.08
Earnings per common share from discontinued operations 4.27 0.22 0.21
Earnings per common share - basic 9.08 [2] 2.77 [2] 3.29
Earnings per common share from continuing operations 4.79 2.54 3.06
Earnings per common share from discontinued operations 4.26 0.22 0.21
Earnings per common share - diluted $ 9.05 [2] $ 2.76 [2] $ 3.27
Weighted average number of common shares outstanding - basic 89,580 89,120 88,084
Weighted average number of common shares outstanding - diluted 89,903 89,490 88,468
Net income attributable to common shareholders      
Income from continuing operations $ 455,384 $ 238,512 $ 283,117
Less income allocated to non-controlling interests from continuing operations (18,403) (8,947) (9,225)
Income from continuing operations attributable to common shareholders 436,981 229,565 273,892
Income from discontinued operations, including gain on sale, attributable to common shareholders 382,842 19,750 18,197
Net income attributable to common shareholders 819,823 249,315 292,089
Consolidated Statements of Comprehensive Income:      
Net income 838,226 258,262 301,314
Other comprehensive income      
Unrealized loss on cash flow hedging activities 0 0 (417)
Unrealized gain (loss) and unamortized prior service cost on postretirement obligation (80) 357 (970)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 130 149 74
Comprehensive income 838,276 258,768 300,001
Less income allocated to non-controlling interests from continuing operations (18,403) (8,947) (9,225)
Comprehensive income attributable to common shareholders $ 819,873 $ 249,821 $ 290,776
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
[2] Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.