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Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property revenues      
Property revenues $ 1,422,756 $ 1,143,585 $ 1,043,837
Property expenses      
Property operating and maintenance 315,737 267,703 252,190
Real estate taxes 182,344 149,322 142,636
Total property expenses 498,081 417,025 394,826
Non-property income      
Fee and asset management 5,188 10,532 10,800
Interest and other income 3,019 1,223 2,949
Income/(loss) on deferred compensation plans (19,637) 14,369 12,045
Total non-property income/(loss) (11,430) 26,124 25,794
Other expenses      
Property management 28,601 26,339 24,201
Fee and asset management 2,516 4,511 3,954
General and administrative 60,413 59,368 53,624
Interest 113,424 97,297 91,526
Depreciation and amortization 577,020 420,692 367,162
Expense/(benefit) on deferred compensation plans (19,637) 14,369 12,045
Total other expenses 762,337 622,576 552,512
Loss on early retirement of debt 0 0 (176)
Gain on sale of operating properties, including land 36,372 174,384 382
Gain on acquisition of unconsolidated joint venture interests 474,146 0 0
Equity in income of joint ventures [1] 3,048 9,777 8,052
Income from continuing operations before income taxes 664,474 314,269 130,551
Income tax expense (2,966) (1,893) (1,972)
Net income 661,508 312,376 128,579
Less income allocated to non-controlling interests (7,895) (8,469) (4,668)
Net income attributable to common shareholders $ 653,613 $ 303,907 $ 123,911
Total earnings per share – basic $ 6.07 $ 2.97 $ 1.24
Total earnings per share – diluted $ 6.04 $ 2.96 $ 1.24
Weighted average number of common shares outstanding – basic 107,605 101,999 99,385
Weighted average number of common shares outstanding – diluted 108,388 102,829 99,438
Consolidated Statements of Comprehensive Income:      
Net income $ 661,508 $ 312,376 $ 128,579
Other comprehensive income      
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation 489 154 (318)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 1,476 1,490 1,464
Comprehensive income 663,473 314,020 129,725
Less income allocated to non-controlling interests (7,895) (8,469) (4,668)
Comprehensive income attributable to common shareholders $ 655,578 $ 305,551 $ 125,057
[1] Equity in income excluded our ownership interest of fee income from various services provided by us to the Funds.