XML 14 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Revenues from rental properties, net $ 285,732 $ 235,961 $ 564,603 $ 521,965
Management and other fee income 3,284 2,955 6,721 6,695
Total revenues 289,016 238,916 571,324 528,660
Operating expenses        
Rent (2,993) (2,827) (6,028) (5,662)
Real estate taxes (39,594) (38,678) (78,530) (78,330)
Operating and maintenance (46,897) (38,940) (93,417) (81,348)
General and administrative (24,754) (22,504) (49,232) (43,521)
Impairment charges 104 138 104 3,112
Merger charges (3,193) 0 (3,193) 0
Depreciation and amortization (72,573) (73,559) (147,449) (142,956)
Total operating expenses (190,108) (176,646) (377,953) (354,929)
Gain on sale of properties 18,861 1,850 28,866 5,697
Operating income 117,769 64,120 222,237 179,428
Other income/(expense)        
Other income, net 1,782 49 5,139 1,293
Gain on marketable securities, net 24,297 526,243 85,382 521,577
Gain on sale of cost method investment 0 190,832 0 190,832
Interest expense (46,812) (48,015) (94,528) (94,075)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net 97,036 733,229 218,230 799,055
Provision for income taxes, net (1,275) (51) (2,583) (94)
Net income 117,118 748,118 258,543 838,507
Net income attributable to noncontrolling interests (421) (225) (3,904) (514)
Net income attributable to the Company 116,697 747,893 254,639 837,993
Preferred dividends (6,354) (6,354) (12,708) (12,708)
Net income available to the Company's common shareholders $ 110,343 $ 741,539 $ 241,931 $ 825,285
Per common share:        
-Basic (in dollars per share) $ 0.25 $ 1.71 $ 0.56 $ 1.91
-Diluted (in dollars per share) $ 0.25 $ 1.71 $ 0.56 $ 1.90
Weighted average shares:        
-Basic (in shares) 431,011 429,967 430,769 429,851
-Diluted (in shares) [1] 432,489 431,170 432,430 431,527
Joint Ventures [Member]        
Other income/(expense)        
Equity in income, net $ 16,318 $ 10,158 $ 34,070 $ 23,806
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income, net $ 5,039 $ 4,782 $ 8,826 $ 15,740
[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.5 million and 1.2 million stock options that were not dilutive as of June 30, 2021 and 2020, respectively.