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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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Property revenues        
Property revenues $ 260,672 $ 241,770 $ 765,000 $ 709,586
Property expenses        
Property operating and maintenance 62,277 56,973 177,372 165,624
Real estate taxes 31,596 30,860 98,566 91,235
Total property expenses 93,873 87,833 275,938 256,859
Non-property income        
Fee and asset management 2,139 1,827 5,849 5,651
Interest and other income 1,485 385 2,114 1,669
Income on deferred compensation plans 780 3,539 14,992 3,769
Total non-property income 4,404 5,751 22,955 11,089
Other expenses        
Property management 6,154 6,303 18,904 19,415
Fee and asset management 1,316 1,140 4,022 3,193
General and administrative 13,458 12,618 40,027 37,113
Interest 20,719 21,235 60,538 62,216
Depreciation and amortization 85,814 76,476 250,734 222,269
Expense on deferred compensation plans 780 3,539 14,992 3,769
Total other expenses 128,241 121,311 389,217 347,975
Equity in income of joint ventures [1] 2,133 1,943 5,954 5,644
Income from continuing operations before income taxes 45,095 40,320 128,754 121,485
Income tax expense (313) (330) (709) (1,098)
Net income 44,782 39,990 128,045 120,387
Less income allocated to non-controlling interests from continuing operations (1,185) (1,124) (3,436) (3,455)
Net income attributable to common shareholders $ 43,597 $ 38,866 $ 124,609 $ 116,932
Earnings per share – basic $ 0.44 $ 0.41 $ 1.27 $ 1.22
Earnings per share – diluted $ 0.44 $ 0.40 $ 1.26 $ 1.22
Weighted average number of common shares outstanding – basic 98,959 95,257 98,259 95,190
Weighted average number of common shares outstanding – diluted 99,066 95,417 98,375 95,333
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 44,782 $ 39,990 $ 128,045 $ 120,387
Other comprehensive income        
Unrealized (loss) gain on cash flow hedging activities 0 5,202 (12,998) 13,984
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post-retirement obligation 357 35 (369) 104
Comprehensive income 45,139 45,227 114,678 134,475
Less income allocated to non-controlling interests from continuing operations (1,185) (1,124) (3,436) (3,455)
Comprehensive income attributable to common shareholders $ 43,954 $ 44,103 $ 111,242 $ 131,020
[1]
Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.