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Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Property revenues      
Rental revenues $ 842,047 $ 770,540 $ 750,597
Other property revenues 954,505 900,896 876,447
Property expenses      
Property operating and maintenance 220,732 217,817 206,780
Real estate taxes 122,847 110,925 104,575
Non-property income      
Interest and other income 2,101 3,011 2,202
Income (loss) on deferred compensation plans (6,535) 16,608 5,511
Total non-property income 2,797 27,795 14,577
Other expenses      
General and administrative 50,735 50,587 47,415
Interest 84,263 86,750 93,145
Depreciation and amortization 300,946 263,974 250,146
Expense (benefit) on deferred compensation plans (6,535) 16,608 5,511
Total other expenses 459,441 447,595 425,190
Loss on early retirement of debt 0 (323) 0
Gain on sale of operating properties, including land 0 43,231 295,397
Equity in income of joint ventures 7,836 6,822 7,125 [1],[2]
Income from continuing operations before income taxes 162,118 202,084 457,001
Income tax expense (1,424) (1,224) (1,617)
Income from continuing operations 160,694 200,860 455,384
Income from discontinued operations 0 0 7,605
Gain on sale of discontinued operations, net of tax 0 0 375,237
Net income 160,694 200,860 838,226
Less income allocated to non-controlling interests from continuing operations (4,566) (4,438) (18,403)
Net income attributable to common shareholders $ 156,128 $ 196,422 $ 819,823
Earnings per common share from continuing operations $ 1.63 $ 2.14 $ 4.81
Earnings per common share from discontinued operations 0.00 0.00 4.27
Total earnings per common share – basic 1.63 [3] 2.14 [3] 9.08
Earnings per common share from continuing operations 1.63 2.13 4.79
Earnings per common share from discontinued operations 0.00 0.00 4.26
Total earnings per common share – diluted $ 1.63 [3] $ 2.13 [3] $ 9.05
Weighted average number of common shares outstanding – basic 95,208 91,499 89,580
Weighted average number of common shares outstanding – diluted 95,366 92,515 89,903
Net income attributable to common shareholders      
Income from continuing operations $ 160,694 $ 200,860 $ 455,384
Less income allocated to non-controlling interests from continuing operations (4,566) (4,438) (18,403)
Income from continuing operations attributable to common shareholders 156,128 196,422 436,981
Income from discontinued operations, including gain on sale 0 0 382,842
Net income attributable to common shareholders 156,128 196,422 819,823
Consolidated Statements of Comprehensive Income:      
Net income 160,694 200,860 838,226
Other comprehensive income      
Unrealized gain on cash flow hedging activities 6,782 1,690 0
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation 450 (20) (80)
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation (246) 136 130
Comprehensive income 167,680 202,666 838,276
Less income allocated to non-controlling interests from continuing operations (4,566) (4,438) (18,403)
Comprehensive income attributable to common shareholders 163,114 198,228 819,873
Other property revenues      
Property revenues      
Other property revenues 112,458 130,356 125,850
Total property expenses      
Other expenses      
Property management 343,579 328,742 311,355
Fee and asset management revenues      
Property revenues      
Other property revenues 7,231 8,176 6,864
Property management      
Other expenses      
Property management 25,581 25,773 25,125
Fee and asset management expense      
Other expenses      
Property management $ 4,451 $ 3,903 $ 3,848
[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 years ended December 31, 2017 includes our ownership interest of the hurricane related recoveries and expenses of approximately $0.4 million, respectively.
[3] 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.