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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue:        
Rental and other income $ 643,655 $ 560,935 $ 1,256,830 $ 1,111,194
Management, development and other fees 904 808 1,656 1,685
Total revenue 644,559 561,743 1,258,486 1,112,879
Expenses:        
Operating expenses, excluding property taxes 156,389 141,622 307,701 281,673
Property taxes 70,865 70,776 141,603 140,186
Expensed transaction, development and other pursuit costs, net of recoveries 2,364 1,653 3,351 1,483
Interest expense, net 58,797 56,104 115,323 108,717
Gain on extinguishment of debt, net 0 0 0 (122)
Depreciation expense 199,302 184,472 401,088 367,769
General and administrative expense 21,291 18,465 38,712 35,817
Casualty and impairment loss 0 1,177 0 1,177
Total expenses 509,008 474,269 1,007,778 936,700
Income from investments in unconsolidated entities 2,480 26,559 2,797 26,092
Gain on sale of communities 404 334,569 149,204 388,296
Gain on other real estate transactions, net 43 32 80 459
Net for-sale condominium activity (71) (647) 165 (1,560)
Income before income taxes 138,407 447,987 402,954 589,466
Income tax benefit (expense) 159 (10) (2,312) 745
Net income 138,566 447,977 400,642 590,211
Net loss (income) attributable to noncontrolling interests 125 (24) 93 (35)
Net income attributable to common stockholders 138,691 447,953 400,735 590,176
Other comprehensive income (loss):        
Gain (loss) on cash flow hedges 7,759 (822) 17,914 (822)
Cash flow hedge losses reclassified to earnings 1,013 2,366 2,026 4,733
Comprehensive income $ 147,463 $ 449,497 $ 420,675 $ 594,087
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 0.99 $ 3.21 $ 2.87 $ 4.23
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 0.99 $ 3.21 $ 2.86 $ 4.23