Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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The following table presents selected financial data and should be read in conjunction with the financial statements and notes thereto included in Item 8, “Financial Statements and Supplementary Data” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K (amounts in thousands, except share and per share data).


	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Revenues:
Property rental	$	559,868		$	446,682		$	346,874		$	268,725		$	232,447
Tenant reinsurance and management fees		87,287			73,931			62,522			61,105			49,050

Total revenues		647,155			520,613			409,396			329,830			281,497

Expenses:
Property operations		172,416			140,012			114,028			95,481			86,165
Tenant reinsurance		10,427			9,022			7,869			6,143			6,505
Acquisition related costs, loss on sublease and severance		9,826			8,618			5,351			5,033			3,235
General and administrative		60,942			54,246			50,454			49,683			44,428
Depreciation and amortization		115,076			95,232			74,453			58,014			50,349

Total expenses		368,687			307,130			252,155			214,354			190,682

Income from operations		278,468			213,483			157,241			115,476			90,815

Interest expense		(84,013	)		(73,034	)		(72,294	)		(69,062	)		(65,780	)
Interest income		6,457			5,599			6,666			5,877			5,748
Loss on extinguishment of debt related to portfolio acquisition, gain (loss) on sale of real estate, earnout from prior acquisitions and property casualty loss, net		(12,009	)		(8,193	)		—			—			—

Income before equity in earnings of real estate ventures and income tax expense		188,903			137,855			91,613			52,291			30,783

Equity in earnings of real estate ventures		10,541			11,653			10,859			7,287			6,753
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners’ interests		4,022			46,032			30,630			—			—
Income tax expense		(7,570	)		(9,984	)		(5,413	)		(1,155	)		(4,162	)

Net income		195,896			185,556			127,689			58,423			33,374

Noncontrolling interests in Operating Partnership and other noncontrolling interests		(17,541	)		(13,480	)		(10,380	)		(7,974	)		(7,043	)

Net income attributable to common stockholders	$	178,355		$	172,076		$	117,309		$	50,449		$	26,331

Earnings per common share
Basic	$	1.54		$	1.54		$	1.15		$	0.55		$	0.30
Diluted	$	1.53		$	1.53		$	1.14		$	0.54		$	0.30

Weighted average number of shares
Basic		115,713,807			111,349,361			101,766,385			92,097,008			87,324,104
Diluted		121,435,267			113,105,094			103,767,365			96,683,508			92,050,453

Cash dividends paid per common share	$	1.81		$	1.45		$	0.85		$	0.56		$	0.40


	As of December 31,
	2014			2013			2012			2011			2010
Balance Sheet Data
Total assets	$	4,402,107		$	3,977,140		$	3,223,477		$	2,517,524		$	2,249,820
Total notes payable, notes payable to trusts, exchangeable senior notes and lines of credit	$	2,369,884		$	1,946,647		$	1,577,599		$	1,363,656		$	1,246,918
Noncontrolling interests	$	174,558		$	173,425		$	53,524		$	54,814		$	57,670
Total stockholders’ equity	$	1,737,425		$	1,758,470		$	1,491,807		$	1,018,947		$	881,401

Other Data
Net cash provided by operating activities	$	337,581		$	271,259		$	215,879		$	144,164		$	104,815
Net cash used in investing activities	$	(564,948	)	$	(366,976	)	$	(606,938	)	$	(251,919	)	$	(83,706	)
Net cash provided by (used in) financing activities	$	148,307		$	191,655		$	395,360		$	87,489		$	(106,309	)

Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 6. Selected Financial Data

Item 6. Selected Financial Data

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