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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue:      
Rental and other income $ 2,587,113 $ 2,291,766 $ 2,297,442
Management, development and other fees 6,333 3,084 3,819
Total revenue 2,593,446 2,294,850 2,301,261
Expenses:      
Operating expenses, excluding property taxes 630,154 570,853 549,913
Property taxes 288,960 283,089 273,189
Expensed transaction, development and other pursuit costs, net of recoveries 16,565 3,231 12,399
Interest expense, net 230,074 220,415 214,151
Loss on extinguishment of debt, net 1,646 17,787 9,333
Depreciation expense 814,978 758,596 707,331
General and administrative expense 74,064 69,611 60,343
Casualty loss 0 3,119 0
Total expenses 2,056,441 1,926,701 1,826,659
Income from investments in unconsolidated entities 53,394 38,585 6,422
Gain on sale of communities 555,558 602,235 340,444
Gain on other real estate transactions, net 5,039 2,097 440
Net for-sale condominium activity 88 (977) 2,551
Income before income taxes 1,151,084 1,010,089 824,459
Income tax (expense) benefit (14,646) (5,733) 3,247
Net income 1,136,438 1,004,356 827,706
Net loss (income) attributable to noncontrolling interests 337 (57) (76)
Net income attributable to common stockholders 1,136,775 1,004,299 827,630
Other comprehensive income:      
Gain (loss) on cash flow hedges 23,647 993 (17,731)
Cash flow hedge losses reclassified to earnings 3,883 13,151 8,984
Comprehensive income $ 1,164,305 $ 1,018,443 $ 818,883
Earnings per common share - basic:      
Net income per common share - basic (in dollars per share) $ 8.13 $ 7.19 $ 5.89
Earnings per common share - diluted:      
Net income per common share - diluted (in dollars per share) $ 8.12 $ 7.19 $ 5.89