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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, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Property revenues        
Rental revenues $ 194,690 $ 187,771 $ 573,262 $ 564,136
Other property revenues 33,488 32,464 97,807 95,172
Total property revenues 228,178 220,235 671,069 659,308
Property expenses        
Property operating and maintenance 60,090 53,679 164,188 156,804
Real estate taxes 28,193 26,695 83,916 80,875
Total property expenses 88,283 80,374 248,104 237,679
Non-property income        
Fee and asset management 2,116 1,667 5,806 5,223
Interest and other income 385 927 1,579 1,366
Income on deferred compensation plans 3,648 3,494 11,706 4,781
Total non-property income 6,149 6,088 19,091 11,370
Other expenses        
Property management 6,201 5,590 19,782 19,147
Fee and asset management 973 911 2,818 2,861
General and administrative 12,266 10,810 37,585 34,836
Interest 21,210 23,076 66,132 69,936
Depreciation and amortization 67,014 62,832 195,781 187,379
Expense on deferred compensation plans 3,648 3,494 11,706 4,781
Total other expenses 111,312 106,713 333,804 318,940
Loss on early retirement of debt 0 0 (323) 0
Gain on sale of operating properties, including land 0 262,719 0 295,397
Equity in income of joint ventures [1] 1,255 [2] 1,866 4,857 [2] 5,052
Income from continuing operations before income taxes 35,987 303,821 112,786 414,508
Income tax expense (512) (400) (1,008) (1,204)
Income from continuing operations 35,475 303,421 111,778 413,304
Income from discontinued operations 0 0 0 7,605
Gain on sale of discontinued operations, net of tax 0 0 0 375,237
Net income 35,475 303,421 111,778 796,146
Less income allocated to non-controlling interests from continuing operations (1,091) (12,523) (3,345) (17,216)
Net income attributable to common shareholders $ 34,384 $ 290,898 $ 108,433 $ 778,930
Earnings per common share from continuing operations $ 0.38 $ 3.23 $ 1.20 $ 4.35
Earnings per common share from discontinued operations 0.00 0.00 0.00 4.28
Earnings per common share – basic 0.38 3.23 1.20 8.63
Earnings per common share from continuing operations 0.38 3.21 1.20 4.34
Earnings per common share from discontinued operations 0.00 0.00 0.00 4.26
Earnings per share – diluted 0.38 3.21 1.20 8.60
Distributions declared per common share $ 0.75 $ 5.00 $ 2.25 $ 6.50
Weighted average number of common shares outstanding – basic 91,011 89,669 90,351 89,524
Weighted average number of common shares outstanding – diluted 92,033 90,012 91,345 89,858
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 35,475 $ 303,421 $ 111,778 $ 796,146
Other comprehensive income        
Unrealized gain on cash flow hedging activities 1,754 0 1,754 0
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post-retirement obligation 34 32 102 97
Comprehensive income 37,263 303,453 113,634 796,243
Less income allocated to non-controlling interests from continuing operations (1,091) (12,523) (3,345) (17,216)
Comprehensive income attributable to common shareholders $ 36,172 $ 290,930 $ 110,289 $ 779,027
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
[2] Equity in income for the three and nine months ended September 30, 2017 includes our ownership interest of the hurricane related expenses of approximately $0.4 million.