v3.26.1
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Rental income $ 330,430 $ 313,287 $ 669,476 $ 640,493
Other income 15,252 16,473 29,348 32,028
Interest income 1,580 2,202 3,771 4,440
Income from other investments, net 5,809 2,084 7,583 4,102
Total revenues 397,815 376,866 795,437 764,200
Expenses:        
Property operating and maintenance 132,267 127,845 253,307 246,411
Real estate taxes 21,826 21,845 43,926 43,488
Membership sales and marketing 4,551 4,062 8,388 7,993
Depreciation and amortization 53,637 52,649 106,773 103,591
Home selling expenses and ancillary operating expenses 7,618 6,988 14,441 13,156
General and administrative 11,872 10,455 22,973 19,694
Casualty-related charges/(recoveries), net (7,094) (541) (7,026) (324)
Other expenses 1,209 (59) 2,442 1,819
Interest and related amortization 33,824 32,200 67,469 63,336
Total expenses 298,458 292,643 583,712 570,485
Income before other items 99,357 84,223 211,725 193,715
Gain /(Loss) on sale of real estate and impairment, net (507) (683) (507) (683)
Equity in income/(loss) of unconsolidated joint ventures 668 (47) (209) 4,854
Consolidated net income 99,518 83,493 211,009 197,886
Income allocated to non-controlling interests – Common OP Units (3,194) (3,777) (6,781) (8,978)
Redeemable perpetual preferred stock dividends (8) (8) (8) (8)
Net income available for Common Stockholders 96,316 79,708 204,220 188,900
Consolidated net income 99,518 83,493 211,009 197,886
Other comprehensive income/(loss):        
Adjustment for fair market value of swaps 2,956 (2,684) 5,108 (4,313)
Consolidated comprehensive income 102,474 80,809 216,117 193,573
Comprehensive income allocated to non-controlling interests – Common OP Units (3,290) (3,656) (6,946) (8,783)
Comprehensive income attributable to Common Stockholders $ 99,176 $ 77,145 $ 209,163 $ 184,782
Earnings per Common Share – Basic (in usd per share) $ 0.50 $ 0.42 $ 1.05 $ 0.99
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.50 $ 0.42 $ 1.05 $ 0.99
Weighted average Common Shares outstanding – Basic (in shares) 193,727 190,992 193,702 190,958
Weighted average Common Shares outstanding – Fully Diluted (in shares) 200,209 200,095 200,193 200,084
Annual membership subscriptions        
Revenues:        
Contract revenue $ 18,819 $ 16,902 $ 37,118 $ 33,244
Membership upgrade revenue        
Revenues:        
Contract revenue 3,120 3,120 6,240 6,172
Gross revenues from home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 22,805 22,798 41,901 43,721
Expenses:        
Cost of services 16,903 16,476 30,503 30,168
Property management        
Expenses:        
Cost of services $ 21,845 $ 20,723 $ 40,516 $ 41,153