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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Rental and other income $ 688,148 $ 643,655 $ 1,361,791 $ 1,256,830
Management, development and other fees 2,712 904 3,778 1,656
Total revenue 690,860 644,559 1,365,569 1,258,486
Expenses:        
Operating expenses, excluding property taxes 169,848 156,389 334,680 307,701
Property taxes 74,987 70,865 149,483 141,603
Expensed transaction, development and other pursuit costs, net of recoveries 1,261 2,364 4,253 3,351
Interest expense, net 51,585 58,797 108,406 115,323
Depreciation expense 200,546 199,302 405,289 401,088
General and administrative expense 17,676 21,291 38,076 38,712
Casualty loss 0 0 5,051 0
Total expenses 515,903 509,008 1,045,238 1,007,778
Income from unconsolidated investments 4,970 2,480 9,815 2,797
Gain on sale of communities 187,322 404 187,309 149,204
Other real estate activity 341 (28) 470 245
Income before income taxes 367,590 138,407 517,925 402,954
Income tax benefit (expense) 217 159 (3,343) (2,312)
Net income 367,807 138,566 514,582 400,642
Net loss attributable to noncontrolling interests 116 125 243 93
Net income attributable to common stockholders 367,923 138,691 514,825 400,735
Other comprehensive income:        
Gain on cash flow hedges 8,826 7,759 8,486 17,914
Cash flow hedge losses reclassified to earnings 354 1,013 708 2,026
Comprehensive income $ 377,103 $ 147,463 $ 524,019 $ 420,675
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 2.59 $ 0.99 $ 3.65 $ 2.87
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 2.59 $ 0.99 $ 3.65 $ 2.86