v3.26.3
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Rental income $ 344,305 $ 327,437 $ 1,013,781 $ 967,930
Other income 15,337 15,220 44,685 47,248
Interest income 1,335 2,770 5,106 7,210
Income from other investments, net 1,904 1,972 9,487 6,074
Total revenues 409,903 393,314 1,205,340 1,157,514
Expenses:        
Property operating and maintenance 134,897 133,243 388,204 379,654
Real estate taxes 22,075 20,585 66,001 64,073
Membership sales and marketing 4,817 4,199 13,205 12,192
Depreciation and amortization 54,898 52,313 161,671 155,904
Home selling expenses and ancillary operating expenses 7,578 7,186 22,019 20,342
General and administrative 9,573 8,791 32,546 28,485
Casualty-related charges/(recoveries), net 245 (3,748) (6,781) (4,072)
Other expenses 1,181 1,229 3,623 3,674
Interest and related amortization 34,607 33,659 102,076 96,995
Total expenses 309,242 295,208 892,954 866,319
Income before other items 100,661 98,106 312,386 291,195
Gain/(Loss) on sale of real estate and impairment, net 0 31 (507) (652)
Income tax (expense)/benefit (12,065) 518 (12,065) 1,144
Equity in income/(loss) of unconsolidated joint ventures 654 1,708 445 6,562
Consolidated net income 89,250 100,363 300,259 298,249
Income allocated to non-controlling interests – Common OP Units (2,825) (3,233) (9,606) (12,211)
Redeemable perpetual preferred stock dividends 0 0 (8) (8)
Net income available for Common Stockholders 86,425 97,130 290,645 286,030
Consolidated net income 89,250 100,363 300,259 298,249
Other comprehensive income/(loss):        
Adjustment for fair market value of swaps 6,451 (584) 11,559 (4,897)
Consolidated comprehensive income 95,701 99,779 311,818 293,352
Comprehensive income allocated to non-controlling interests – Common OP Units (3,029) (3,215) (9,975) (11,998)
Comprehensive income attributable to Common Stockholders $ 92,672 $ 96,564 $ 301,835 $ 281,346
Earnings per Common Share – Basic (in usd per share) $ 0.45 $ 0.50 $ 1.50 $ 1.49
Earnings per Common Share – Fully Diluted (in usd per share) $ 0.45 $ 0.50 $ 1.50 $ 1.49
Weighted average Common Shares outstanding – Basic (in shares) 193,825 193,004 193,743 191,640
Weighted average Common Shares outstanding – Fully Diluted (in shares) 200,250 200,126 200,212 200,098
Annual membership subscriptions        
Revenues:        
Contract revenue $ 19,509 $ 17,868 $ 56,627 $ 51,112
Membership upgrade revenue        
Revenues:        
Contract revenue 3,120 3,120 9,360 9,292
Gross revenues from home sales, brokered resales and ancillary services        
Revenues:        
Contract revenue 24,393 24,927 66,294 68,648
Expenses:        
Cost of services 18,016 17,474 48,519 47,642
Property management        
Expenses:        
Cost of services $ 21,355 $ 20,277 $ 61,871 $ 61,430