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,
	2015			2014			2013			2012			2011
Revenues:
Property rental	$	676,138		$	559,868		$	446,682		$	346,874		$	268,725
Tenant reinsurance, management fees and other income		106,132			87,287			73,931			62,522			61,105

Total revenues		782,270			647,155			520,613			409,396			329,830

Expenses:
Property operations		203,965			172,416			140,012			114,028			95,481
Tenant reinsurance		13,033			10,427			9,022			7,869			6,143
Acquisition related costs and severance		69,401			9,826			8,618			5,351			5,033
General and administrative		67,758			60,942			54,246			50,454			49,683
Depreciation and amortization		133,457			115,076			95,232			74,453			58,014

Total expenses		487,614			368,687			307,130			252,155			214,354

Income from operations		294,656			278,468			213,483			157,241			115,476

Interest expense		(98,992	)		(84,013	)		(73,034	)		(72,294	)		(69,062	)
Interest income		8,311			6,457			5,599			6,666			5,877
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		1,501			(12,009	)		(8,193	)		—			—

Income before equity in earnings of real estate ventures and income tax expense		205,476			188,903			137,855			91,613			52,291

Equity in earnings of unconsolidated real estate ventures		12,351			10,541			11,653			10,859			7,287
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners’ interests		2,857			4,022			46,032			30,630			—
Income tax expense		(11,148	)		(7,570	)		(9,984	)		(5,413	)		(1,155	)

Net income		209,536			195,896			185,556			127,689			58,423

Noncontrolling interests in Operating Partnership and other noncontrolling interests		(20,062	)		(17,541	)		(13,480	)		(10,380	)		(7,974	)

Net income attributable to common stockholders	$	189,474		$	178,355		$	172,076		$	117,309		$	50,449


	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Earnings per common share
Basic	$	1.58		$	1.54		$	1.54		$	1.15		$	0.55
Diluted	$	1.56		$	1.53		$	1.53		$	1.14		$	0.54

Weighted average number of shares
Basic		119,816,743			115,713,807			111,349,361			101,766,385			92,097,008
Diluted		126,918,869			121,435,267			113,105,094			103,767,365			96,683,508

Cash dividends paid per common share	$	2.24		$	1.81		$	1.45		$	0.85		$	0.56

	As of December 31,
	2015			2014			2013			2012			2011
Balance Sheet Data
Total assets	$	6,071,407		$	4,381,987		$	3,977,140		$	3,223,477		$	2,517,524
Total notes payable, notes payable to trusts, exchangeable senior notes and lines of credit, net	$	3,535,621		$	2,349,764		$	1,946,647		$	1,577,599		$	1,363,656
Noncontrolling interests	$	283,527		$	174,558		$	173,425		$	53,524		$	54,814
Total stockholders’ equity	$	2,089,077		$	1,737,425		$	1,758,470		$	1,491,807		$	1,018,947

Other Data
Net cash provided by operating activities	$	367,329		$	337,581		$	271,259		$	215,879		$	144,164
Net cash used in investing activities	$	(1,625,664	)	$	(564,948	)	$	(366,976	)	$	(606,938	)	$	(251,919	)
Net cash provided by financing activities	$	1,286,471		$	148,307		$	191,655		$	395,360		$	87,489

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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