XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Property revenues        
Property revenues $ 250,683 $ 255,761 $ 516,562 $ 504,328
Property expenses        
Property operating and maintenance 64,641 58,147 124,597 115,095
Real estate taxes 35,040 33,080 69,220 66,970
Total property expenses 99,681 91,227 193,817 182,065
Non-property income        
Fee and asset management 2,380 1,867 4,907 3,710
Interest and other income 325 331 654 629
Income/(loss) on deferred compensation plans 11,435 3,856 (3,425) 14,212
Total non-property income 14,140 6,054 2,136 18,551
Other expenses        
Property management 5,939 6,093 12,466 12,750
Fee and asset management 820 1,522 1,663 2,706
General and administrative 14,391 13,261 27,624 26,569
Interest 23,482 19,349 43,189 39,819
Depreciation and amortization 92,803 84,646 184,662 164,920
Expense/(benefit) on deferred compensation plans 11,435 3,856 (3,425) 14,212
Total other expenses 148,870 128,727 266,179 260,976
Gain on sale of land     382 0
Equity in income of joint ventures [1] 1,633 1,909 3,755 3,821
Income from continuing operations before income taxes 17,905 43,770 62,839 83,659
Income tax expense (394) (228) (861) (396)
Net income 17,511 43,542 61,978 83,263
Less income allocated to non-controlling interests (1,034) (1,143) (2,217) (2,251)
Net income attributable to common shareholders $ 16,477 $ 42,399 $ 59,761 $ 81,012
Earnings per share – basic $ 0.17 $ 0.43 $ 0.60 $ 0.83
Earnings per share – diluted $ 0.17 $ 0.43 $ 0.60 $ 0.82
Weighted average number of common shares outstanding – basic 99,399 98,903 99,348 97,903
Weighted average number of common shares outstanding – diluted 99,408 98,997 99,394 98,024
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 17,511 $ 43,542 $ 61,978 $ 83,263
Other comprehensive income        
Unrealized (loss) on cash flow hedging activities 0 (7,060) 0 (12,998)
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation 366 (351) 732 (726)
Comprehensive income 17,877 36,131 62,710 69,539
Less income allocated to non-controlling interests (1,034) (1,143) (2,217) (2,251)
Comprehensive income attributable to common shareholders $ 16,843 $ 34,988 $ 60,493 $ 67,288
[1]
Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.