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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue:        
Rental and other income $ 580,079 $ 566,387 $ 1,691,273 $ 1,742,509
Management, development and other fees 695 1,017 2,380 2,950
Total revenue 580,774 567,404 1,693,653 1,745,459
Expenses:        
Operating expenses, excluding property taxes 148,704 143,909 430,377 406,991
Property taxes 72,332 68,934 212,518 202,973
Other Nonoperating Income (Expense) 417 567 1,900 4,289
Interest Expense 55,987 53,249 164,704 162,562
Loss (gain) on extinguishment of debt, net 17,890 (105) 17,768 9,333
Depreciation expense 193,791 175,348 561,560 529,508
General and administrative expense 17,313 13,985 53,130 46,878
Casualty and impairment loss 1,940 0 3,117 0
Total expenses 508,374 455,887 1,445,074 1,362,534
Income from investments in unconsolidated entities 6,867 5,083 32,959 6,770
Gains (Losses) on Sales of Investment Real Estate 58 31,607 388,354 91,338
Gain on other real estate transactions, net 1,543 129 2,002 328
Net for-sale condominium activity 158 (646) (1,402) 4,162
Income before income taxes 81,026 147,690 670,492 485,523
Income tax (expense) benefit (2,179) 27 (1,434) 1,069
Net income 78,847 147,717 669,058 486,592
Net loss (income) attributable to noncontrolling interests 67 (14) 32 (90)
Net income attributable to common stockholders 78,914 147,703 669,090 486,502
Other comprehensive income (loss):        
Gain (loss) on cash flow hedges 2,010 1,333 1,188 (17,731)
Cash flow hedge losses reclassified to earnings 7,405 2,367 12,138 6,617
Comprehensive income $ 88,329 $ 151,403 $ 682,416 $ 475,388
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 0.57 $ 1.05 $ 4.79 $ 3.46
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 0.56 $ 1.05 $ 4.79 $ 3.46