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Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Property revenues      
Property revenues $ 1,028,461 $ 954,505 $ 900,896
Property expenses      
Property operating and maintenance 235,589 220,732 217,817
Real estate taxes 130,758 122,847 110,925
Total property expenses 366,347 343,579 328,742
Non-property income      
Fee and asset management 8,696 7,231 8,176
Interest and other income 3,090 2,101 3,011
Income (loss) on deferred compensation plans 21,694 (6,535) 16,608
Total non-property income 33,480 2,797 27,795
Other expenses      
Property management 25,290 25,581 25,773
Fee and asset management 5,759 4,451 3,903
General and administrative 53,201 50,735 50,587
Interest 80,706 84,263 86,750
Depreciation and amortization 336,274 300,946 263,974
Expense (benefit) on deferred compensation plans 21,694 (6,535) 16,608
Total other expenses 522,924 459,441 447,595
Loss on early retirement of debt (11,995) 0 (323)
Gain on sale of operating properties 49,901 0 43,231
Equity in income of joint ventures [1] 14,783 [2] 7,836 6,822 [2]
Income from continuing operations before income taxes 225,359 162,118 202,084
Income tax expense (1,089) (1,424) (1,224)
Net income 224,270 160,694 200,860
Less income allocated to non-controlling interests (4,647) (4,566) (4,438)
Net income attributable to common shareholders $ 219,623 $ 156,128 $ 196,422
Total earnings per share – basic $ 2.23 [3] $ 1.63 [3] $ 2.14
Total earnings per share – diluted $ 2.22 [3] $ 1.63 [3] $ 2.13
Weighted average number of common shares outstanding – basic 98,460 95,208 91,499
Weighted average number of common shares outstanding – diluted 99,384 95,366 92,515
Consolidated Statements of Comprehensive Income:      
Net income $ 224,270 $ 160,694 $ 200,860
Other comprehensive income      
Unrealized gain (loss) on cash flow hedging activities (12,998) 6,782 1,690
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation (449) 450 (20)
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation (11) (246) 136
Comprehensive income 210,812 167,680 202,666
Less income allocated to non-controlling interests (4,647) (4,566) (4,438)
Comprehensive income attributable to common shareholders $ 206,165 $ 163,114 $ 198,228
[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 year ended December 31, 2019 includes our ownership interest of the gain on sale of the operating property of approximately $6.2 million. Equity in income for the year ended December 31, 2017 includes our ownership interest of the hurricane related insurance recoveries and expenses of approximately $0.4 million.
[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.