Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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,
	2016			2015			2014			2013			2012
Revenues:
Property rental	$	864,742		$	676,138		$	559,868		$	446,682		$	346,874
Tenant reinsurance, management fees and other income	127,133			106,132			87,287			73,931			62,522
Total revenues	991,875			782,270			647,155			520,613			409,396
Expenses:
Property operations	250,005			203,965			172,416			140,012			114,028
Tenant reinsurance	15,555			13,033			10,427			9,022			7,869
Acquisition related costs and other	12,111			69,401			9,826			8,618			5,351
General and administrative	81,806			67,758			60,942			54,246			50,454
Depreciation and amortization	182,560			133,457			115,076			95,232			74,453
Total expenses	542,037			487,614			368,687			307,130			252,155
Income from operations	449,838			294,656			278,468			213,483			157,241
Interest expense	(138,459		)	(98,992		)	(84,013		)	(73,034		)	(72,294		)
Interest income	10,998			8,311			6,457			5,599			6,666
Loss on extinguishment of debt related to portfolio acquisition, gain (loss) on real estate transactions, earnout from prior acquisitions, sale of other assets and property casualty loss, net	8,465			1,501			(12,009		)	(8,193		)	—
Income before equity in earnings of real estate ventures and income tax expense	330,842			205,476			188,903			137,855			91,613
Equity in earnings of unconsolidated real estate ventures	12,895			12,351			10,541			11,653			10,859
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests	69,199			2,857			4,022			46,032			30,630
Income tax expense	(15,847		)	(11,148		)	(7,570		)	(9,984		)	(5,413		)
Net income	397,089			209,536			195,896			185,556			127,689
Noncontrolling interests in Operating Partnership and other noncontrolling interests	(30,962		)	(20,062		)	(17,541		)	(13,480		)	(10,380		)
Net income attributable to common stockholders	$	366,127		$	189,474		$	178,355		$	172,076		$	117,309

Earnings per common share
Basic	$	2.92		$	1.58		$	1.54		$	1.54		$	1.15
Diluted	$	2.91		$	1.56		$	1.53		$	1.53		$	1.14
Weighted average number of shares
Basic	125,087,554			119,816,743			115,713,807			111,349,361			101,766,385
Diluted	125,948,076			126,918,869			121,435,267			113,105,094			103,767,365
Cash dividends paid per common share	$	2.93		$	2.24		$	1.81		$	1.45		$	0.85



	As of December 31,
	2016			2015			2014			2013			2012
Balance Sheet Data
Total assets	$	7,091,446		$	6,071,407		$	4,381,987		$	3,977,140		$	3,223,477
Total notes payable, notes payable to trusts, exchangeable senior notes and revolving lines of credit, net	$	4,306,223		$	3,535,621		$	2,349,764		$	1,946,647		$	1,577,599
Noncontrolling interests	$	351,274		$	283,527		$	174,558		$	173,425		$	53,524
Total stockholders' equity	$	2,244,892		$	2,089,077		$	1,737,425		$	1,758,470		$	1,491,807
Other Data
Net cash provided by operating activities	$	539,263		$	367,329		$	337,581		$	271,259		$	215,879
Net cash used in investing activities	$	(1,032,035	)	$	(1,625,664	)	$	(564,948	)	$	(366,976	)	$	(606,938	)
Net cash provided by financing activities	$	460,831		$	1,286,471		$	148,307		$	191,655		$	395,360

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