XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Rental and other income $ 663,889 $ 580,079 $ 1,920,721 $ 1,691,273
Management, development and other fees 1,399 695 3,054 2,380
Total revenue 665,288 580,774 1,923,775 1,693,653
Expenses:        
Operating expenses, excluding property taxes 165,580 148,704 473,281 430,377
Property taxes 75,091 72,332 216,695 212,518
Expensed transaction, development and other pursuit costs, net of recoveries 6,514 417 9,865 1,900
Interest expense, net 57,290 55,987 172,613 164,704
Loss on extinguishment of debt, net 1,646 17,890 1,646 17,768
Depreciation expense 206,658 193,791 607,746 561,560
General and administrative expense 14,611 17,313 53,323 53,130
Casualty and impairment loss 0 1,940 0 3,117
Total expenses 527,390 508,374 1,535,169 1,445,074
Income from investments in unconsolidated entities 43,777 6,867 46,574 32,959
Gain on sale of communities 318,289 58 467,493 388,354
Gain on other real estate transactions, net 15 1,543 95 2,002
Net for-sale condominium activity 304 158 469 (1,402)
Income before income taxes 500,283 81,026 903,237 670,492
Income tax expense (5,651) (2,179) (7,963) (1,434)
Net income 494,632 78,847 895,274 669,058
Net loss attributable to noncontrolling interests 115 67 208 32
Net income attributable to common stockholders 494,747 78,914 895,482 669,090
Other comprehensive income:        
Gain on cash flow hedges 8,188 2,010 26,102 1,188
Cash flow hedge losses reclassified to earnings 1,013 7,405 3,039 12,138
Comprehensive income $ 503,948 $ 88,329 $ 924,623 $ 682,416
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 3.54 $ 0.57 $ 6.40 $ 4.79
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 3.53 $ 0.56 $ 6.40 $ 4.79