XML 36 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUES        
Rental income $ 685,120 $ 652,677 $ 2,016,796 $ 1,925,128
Fee and asset management $ 25 $ 190 $ 360 $ 563
Type of Revenue [Extensible List] us-gaap:ManagementServiceMember us-gaap:ManagementServiceMember us-gaap:ManagementServiceMember us-gaap:ManagementServiceMember
Total revenues $ 685,145 $ 652,867 $ 2,017,156 $ 1,925,691
EXPENSES        
Property and maintenance 114,966 110,541 338,497 322,487
Real estate taxes and insurance 87,546 87,388 270,434 268,784
Property management 21,940 22,247 72,705 69,175
General and administrative 11,417 12,640 41,127 41,420
Depreciation 211,478 194,618 616,201 583,869
Total expenses 447,347 427,434 1,338,964 1,285,735
Net gain (loss) on sales of real estate properties 130,565 114,672 269,400 256,834
Impairment   (702)   (702)
Operating income 368,363 339,403 947,592 896,088
Interest and other income 631 7,864 2,221 14,860
Other expenses (2,813) (7,661) (11,205) (14,871)
Interest:        
Expense incurred, net (85,936) (111,219) (289,776) (321,454)
Amortization of deferred financing costs (2,881) (3,276) (8,664) (9,054)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 277,364 225,111 640,168 565,569
Income and other tax (expense) benefit (265) (280) (749) (767)
Income (loss) from investments in unconsolidated entities (1,152) (985) 66,906 (2,993)
Net gain (loss) on sales of land parcels 1,899   2,077 995
Net income 277,846 223,846 708,402 562,804
Net (income) loss attributable to Noncontrolling Interests:        
Operating Partnership (9,910) (8,159) (25,339) (20,517)
Partially Owned Properties (830) (750) (2,450) (1,939)
Net income attributable to controlling interests 267,106 214,937 680,613 540,348
Preferred distributions (773) (773) (2,318) (2,318)
Net income available to Common Shares $ 266,333 $ 214,164 $ 678,295 $ 538,030
Earnings per share – basic:        
Net income available to Common Shares $ 0.72 $ 0.58 $ 1.83 $ 1.46
Weighted average Common Shares outstanding 370,768 368,028 370,227 367,920
Earnings per share – diluted:        
Net income available to Common Shares $ 0.71 $ 0.58 $ 1.82 $ 1.46
Weighted average Common Shares outstanding 386,896 383,884 386,177 383,433