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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue:    
Rental and other income $ 673,642 $ 613,175
Management, development and other fees 1,066 752
Total revenue 674,708 613,927
Expenses:    
Operating expenses, excluding property taxes 164,832 151,312
Property taxes 74,495 70,738
Expensed transaction, development and other pursuit costs, net of recoveries 2,992 987
Interest expense, net 56,821 56,526
Depreciation expense 204,743 201,786
General and administrative expense 20,400 17,421
Casualty loss 5,051 0
Total expenses 529,334 498,770
Income from unconsolidated investments 4,845 317
(Loss) gain on sale of communities (13) 148,800
Other real estate activity 129 273
Income before income taxes 150,335 264,547
Income tax expense (3,560) (2,471)
Net income 146,775 262,076
Net loss (income) attributable to noncontrolling interests 127 (32)
Net income attributable to common stockholders 146,902 262,044
Other comprehensive income:    
(Loss) gain on cash flow hedges (340) 10,155
Cash flow hedge losses reclassified to earnings 354 1,013
Comprehensive income $ 146,916 $ 273,212
Earnings per common share - basic:    
Net income attributable to common stockholders (in dollars per share) $ 1.05 $ 1.87
Earnings per common share - diluted:    
Net income attributable to common stockholders (in dollars per share) $ 1.05 $ 1.87