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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue:        
Rental and other income $ 575,070 $ 549,507 $ 1,703,263 $ 1,600,047
Total revenue 575,982 550,500 1,706,015 1,603,337
Expenses:        
Operating expenses, excluding property taxes 132,918 129,590 396,703 379,319
Property taxes 61,230 57,698 181,120 164,195
Interest expense, net 54,097 47,741 165,795 147,138
Loss on extinguishment of debt, net 1,678 0 2,717 24,162
Depreciation expense 156,538 144,990 472,282 427,050
General and administrative expense 13,905 11,655 42,013 38,808
Expensed transaction, development and other pursuit costs, net of recoveries 1,020 789 2,709 2,087
Casualty and impairment (gain) loss, net 554 0 612 (11,688)
Total expenses 420,832 392,463 1,262,727 1,194,447
Income before equity in income of unconsolidated real estate entities, gain (loss) on sale of communities and other real estate, and income taxes 155,150 158,037 443,288 408,890
Equity in income of unconsolidated real estate entities 10,031 52,568 12,560 70,386
Gain on sale of communities 27,243 27,738 132,444 159,754
Gain (loss) on other real estate transactions, net 12 (120) 335 246
Income before income taxes 192,436 238,223 588,627 639,276
Income tax expense 29 24 87 102
Net income 192,407 238,199 588,540 639,174
Net loss attributable to noncontrolling interests 79 49 251 174
Net income attributable to common stockholders 192,486 238,248 588,791 639,348
Other comprehensive income (loss):        
Gain (loss) on cash flow hedges 0 359 11,499 (15,654)
Cash flow hedge losses reclassified to earnings 1,466 1,767 4,679 5,301
Comprehensive income $ 193,952 $ 240,374 $ 604,969 $ 628,995
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.39 $ 1.73 $ 4.26 $ 4.64
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) 1.39 1.72 4.26 4.63
Dividends per common share (in dollars per share) $ 1.47 $ 1.42 $ 4.41 $ 4.26
Management, development and other fees        
Revenue:        
Management, development and other fees $ 912 $ 993 $ 2,752 $ 3,290