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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenue:      
Rental and other income $ 2,039,656 $ 1,846,081 $ 1,674,011
Management, development and other fees 5,599 9,947 11,050
Total revenue 2,045,255 1,856,028 1,685,061
Expenses:      
Operating expenses, excluding property taxes 478,437 448,747 410,672
Property taxes 204,837 193,499 178,634
Interest expense, net 187,510 175,615 180,618
Loss (gain) on extinguishment of debt, net 7,075 (26,736) 412
Depreciation expense 531,434 477,923 442,682
General and administrative expense 45,771 42,774 41,425
Expensed acquisition, development and other pursuit costs, net of recoveries 9,922 6,822 (3,717)
Casualty and impairment (gain) loss, net (3,935) (10,542) 0
Total expenses 1,461,051 1,308,102 1,250,726
Income from continuing operations before equity in income of unconsolidated real estate entities, gain on sale of communities and other real estate, and taxes 584,204 547,926 434,335
Equity in income of unconsolidated real estate entities 64,962 70,018 148,766
Gain on sale of communities 374,623 115,625 84,925
Gain on sale of other real estate 10,224 9,647 490
Income from continuing operations before taxes 1,034,013 743,216 668,516
Income tax expense 305 1,483 9,368
Income from continuing operations 1,033,708 741,733 659,148
Discontinued operations:      
Income from discontinued operations 0 0 310
Gain on sale of discontinued operations 0 0 37,869
Total discontinued operations 0 0 38,179
Net income 1,033,708 741,733 697,327
Net loss (income) attributable to noncontrolling interests 294 305 (13,760)
Net income attributable to common stockholders 1,034,002 742,038 683,567
Other comprehensive income:      
(Loss) income on cash flow hedges (5,556) 5,354 (121)
Cash flow hedge losses reclassified to earnings 6,433 5,774 6,237
Comprehensive income $ 1,034,879 $ 753,166 $ 689,683
Earnings per common share—basic:      
Income from continuing operations attributable to common stockholders $ 7.53 $ 5.54 $ 4.93
Discontinued operations attributable to common stockholders 0.00 0.00 0.29
Net income attributable to common stockholders 7.53 5.54 5.22
Earnings per common share—diluted:      
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) 7.52 5.51 4.92
Discontinued operations attributable to common stockholders (in dollars per share) 0.00 0.00 0.29
Net income attributable to common stockholders (in dollars per share) $ 7.52 $ 5.51 $ 5.21