Financial Information

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Building new communities
Financial Highlights
2016 FQ4
12/31/2016
2016 FQ3
9/30/2016
2016 FQ2
6/30/2016
2016 FQ1
3/31/2016
2015 FQ4
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 18,789,225 18,403,766 17,922,243 17,657,025 17,151,277
Net Property Investment 15,045,593 14,812,162 14,381,762 14,226,433 13,847,526
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 20,846 100,351 65,894 20,341 17,489
Construction in Progress 1,882,262 1,439,271 1,538,641 1,587,132 1,592,917
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 2,567,578 2,575,723 2,514,826 2,655,726 2,611,274
Obligations under Capital Leases 68,237 NA NA NA 69,785
Senior Unsecured Debt 4,463,302 4,240,247 4,319,165 3,846,854 3,845,674
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,099,117 6,815,970 6,833,991 6,502,580 6,526,733
Total Liabilities 7,688,089 7,542,083 7,528,579 7,186,731 7,080,782
Equity Attributable to Parent Company 10,171,416 10,036,624 9,856,519 9,846,532 9,840,526
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,171,416 10,036,624 9,856,519 9,846,532 9,840,526
Market Capitalization($M) 24,328.20 24,421.80 24,769.80 26,088.20 25,226.20
Implied Market Cap($M) 24,329.50 24,423.20 24,771.20 26,089.70 25,227.60
Total Capitalization($M) 31,428.60 31,239.10 31,605.20 32,592.20 31,754.30
Total Enterprise Value($M) 31,213.60 31,173.20 31,422.80 32,494.70 31,353.80
Total Enterprise Value Plus JV Debt($M) 31,397 31,366.40 31,616.50 32,707.30 31,615.50
Income Statement ($000)
Rental Revenue 516,809 514,813 500,830 486,640 477,609
Rental Net Operating Income 364,329 355,177 348,984 339,186 336,027
NOI 364,329 355,177 348,984 339,186 336,027
Gain on Sale of Real Estate 94,241 212,941 54,680 81,055 12,107
Interest Expense 49,648 47,871 46,581 43,410 42,217
Revenue 523,944 515,869 514,405 515,544 479,300
Expense 375,792 372,459 371,730 358,685 335,920
Extraordinary Items 0 0 0 0 0
Net Income 242,183 356,329 197,319 237,877 155,352
Net Income Attributable to Noncontrolling Int (52) (63) (125) (54) (76)
Net Income Attributable to Parent 242,235 356,392 197,444 237,931 155,428
Net Income Avail to Common 241,661 355,520 196,928 237,299 155,098
FFO 288,080 289,514 273,580 284,587 270,154
Operating Funds from Operations, as Reported 291,144 284,709 278,454 271,034 273,122
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 5.46 8.15 4.58 5.60 3.69
ROAE(%) 9.59 14.33 8.01 9.67 6.32
Implied Capitalization Rate(%) 4.88 4.80 4.80 4.82 4.82
Dividend Payout Ratio(%) 76.70 52.12 93.75 78.03 110.62
Dividend Yield(%) 3.05 3.04 2.99 2.84 2.72
FFO Payout(%) 64.59 63.98 67.84 60.39 63.45
FFO/ Total Revenue(%) 54.98 56.12 53.18 55.20 56.36
Price/ LTM FFO(x) 21.40 21.80 22.40 23.10 22.90
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 23.60 25.80 30.90 33.50 33.40
Recurring EBITDA/ Interest Expense(x) 6.88 6.81 6.93 7.07 7.29
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.88 6.81 6.93 7.07 7.29
Debt and Preferred/ TEV(%) 23.19 22.35 22.23 20.53 21.47
Total Debt/ Gross Properties(%) 37.78 37.04 38.13 36.83 38.05
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 11.33 0 0 0
Changes and Trends (%)
Same-store NOI: Change 2.60 4.30 5 7.90 8
Same-store Revenue: Change from Prior 3.32 3.70 4.90 5.50 5.29
FFO Growth 6.64 6.49 (5.82) 13.57 15.71
FFO/Share Growth 6.10 4.50 (8.70) 10.10 11.90
EPS Growth, before Extraordinary 55.80 69.30 11.60 10.90 4.60
Real Estate Investment Growth 3.75 5.34 8.01 8.27 2.49
Per Share Information ($)
Common Shares Outstanding 137,330,904 137,324,780 137,312,534 137,162,107 137,002,031
Closing Price 177.15 177.84 180.39 190.20 184.13
Basic EPS before Extra 1.76 2.60 1.44 1.73 1.13
Diluted EPS before Extra 1.76 2.59 1.44 1.73 1.13
FFO/ Share 2.09 2.11 1.99 2.07 1.97
Operating FFO per Share, as Reported 2.12 2.07 2.03 1.97 1.99
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.35 1.35 1.35 1.35 1.25
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 709,491 0 250,000 250,000 266,255
Debt Maturing: Next FY 78,701 959,591 959,691 959,791 959,891
Debt Maturing: FY2 681,334 78,886 79,311 80,012 80,424
Debt Maturing: FY3 772,312 684,401 616,600 619,142 621,740
Debt Maturing: FY4 580,001 942,700 772,985 773,268 705,650
Debt Maturing: Thereafter 4,323,156 4,185,801 4,186,398 3,846,621 3,917,116
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 746,904 4,536 258,191 262,156 284,517
Debt Due during Next Fiscal Year 95,782 978,262 976,857 976,957 995,923
Debt Due during Second Fiscal Year 661,157 94,462 92,906 93,186 94,251
Debt Due during Third Fiscal Year 773,430 660,082 593,125 593,125 594,192
Debt Due during Fourth Fiscal Year 582,475 942,353 772,353 772,353 705,518
Debt Due Thereafter 4,285,247 4,171,684 4,171,553 3,831,057 3,876,675
Adjustments to Debt Principal Schedule (45,878) (35,409) (30,994) (26,254) (24,343)
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
To view a reconciliation of FFO to net income please click here.