Financial Information

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Building new communities
Financial Highlights
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
2019 FQ1
3/31/2019
2018 FQ4
12/31/2018
2018 FQ3
9/30/2018
Balance Sheet ($000)
Gross Depreciable Property 21,358,475 21,005,846 20,711,419 20,424,325 20,667,871
Net Property Investment 16,355,082 16,132,950 15,962,841 15,822,878 16,082,262
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 453,686 40,461 76,362 55,208 79,963
Construction in Progress 1,411,823 1,939,808 1,856,294 1,768,132 1,651,406
Mortgage Loans NA 12,272 11,925 12,819 14,001
Senior Secured Debt 1,004,389 997,085 1,132,740 1,134,270 1,323,283
Obligations Under Leases 136,705 138,163 140,436 20,243 NA
Senior Unsecured Debt 6,356,890 6,355,132 5,907,327 5,905,993 6,209,945
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,497,984 7,490,380 7,180,503 7,060,506 7,533,228
Total Liabilities 8,242,039 8,178,707 7,902,588 7,744,350 8,258,644
Equity Attributable to Parent Company 10,814,425 10,750,000 10,733,999 10,632,606 10,397,398
Noncontrolling Interests 648 530 0 0 0
Total Equity 10,815,073 10,750,530 10,733,999 10,632,606 10,397,398
Market Capitalization($M) 30,073.10 28,375.40 27,982.40 24,107.40 25,038.90
Implied Market Cap($M) 30,074.70 28,376.90 27,983.90 24,108.70 25,040.30
Total Capitalization($M) 37,573.30 35,867.90 35,164.40 31,169.20 32,573.50
Total Enterprise Value($M) 37,326.90 35,624.30 35,101.40 31,077.50 32,517.60
Total Enterprise Value Plus JV Debt($M) 37,518.10 35,815.90 35,293.50 31,270.10 32,641.40
Income Statement ($000)
Rental Revenue 586,075 575,714 564,873 577,676 575,070
Rental Net Operating Income 409,698 404,750 400,958 409,251 402,267
NOI 409,698 404,750 400,958 409,251 402,267
Gain on Sale of Real Estate 130,557 20,564 15,102 244,560 35,891
Interest Expense 51,493 50,010 47,892 55,180 54,097
Revenue 592,349 577,422 566,140 579,067 577,931
Expense 432,013 429,681 410,830 438,238 421,386
Extraordinary Items 0 0 0 0 0
Net Income 279,709 168,305 170,418 385,636 192,407
Net Income Attributable to Noncontrolling Int 32 24 52 (98) (79)
Net Income Attributable to Parent 279,677 168,281 170,366 385,734 192,486
Net Income Avail to Common 278,973 167,846 169,865 384,617 191,931
FFO 314,877 312,593 320,288 300,032 312,822
Operating Funds from Operations, as Reported 326,903 316,522 319,876 319,521 315,194
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 5.89 3.58 3.68 8.33 4.12
ROAE(%) 10.38 6.27 6.38 14.67 7.40
Implied Capitalization Rate(%) 5.13 5.30 5.48 5.51 5.44
Dividend Payout Ratio(%) 76 125.62 123.58 52.69 105.76
Dividend Yield(%) 2.82 2.99 3.03 3.38 3.25
FFO Payout(%) 67.56 67.86 63.64 67.74 65.04
FFO/ Total Revenue(%) 53.16 54.14 56.57 51.81 54.13
Price/ LTM FFO(x) 24 22.60 22.40 19.80 20.50
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 29.80 30.70 27.70 24.70 30.30
Recurring EBITDA/ Interest Expense(x) 7.26 7.23 7.61 6.73 6.80
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 7.26 7.23 7.61 6.73 6.80
Debt and Preferred/ TEV(%) 20.49 21.45 20.89 23.19 23.46
Total Debt/ Gross Properties(%) 35.11 35.66 34.67 34.57 36.45
Loans/ Assets(%) NA 0.06 0.06 0.07 0.08
Credit Lines Drawn/ Available(%) 0 0 0 0 3.73
Changes and Trends (%)
Same-store NOI: Change 2.10 2.80 4.90 2.70 3.10
Same-store Revenue: Change from Prior 2.70 3.20 3.50 2.70 2.30
FFO Growth 0.66 2.23 6.71 (0.39) (3.31)
FFO/Share Growth (0.40) 1.40 6.50 (0.50) (3.40)
EPS Growth, before Extraordinary 43.90 (34.20) 19.40 62.20 (19.20)
Real Estate Investment Growth 2.08 2.80 5.88 (3.46) 1.59
Per Share Information ($)
Common Shares Outstanding 139,660,299 139,656,557 139,403,222 138,508,424 138,222,168
Closing Price 215.33 203.18 200.73 174.05 181.15
Basic EPS before Extra 2 1.21 1.23 2.79 1.39
Diluted EPS before Extra 2 1.21 1.23 2.79 1.39
FFO/ Share 2.25 2.24 2.31 2.17 2.26
Operating FFO per Share, as Reported 2.34 2.27 2.30 2.31 2.28
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.52 1.52 1.52 1.47 1.47
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 65,886 66,285 114,003 114,722 0
Debt Maturing: Next FY 519,050 541,064 541,376 541,694 115,429
Debt Maturing: FY2 578,580 578,719 578,855 578,999 848,005
Debt Maturing: FY3 550,000 550,000 550,000 550,000 579,136
Debt Maturing: FY4 600,000 600,000 600,000 600,000 550,000
Debt Maturing: Thereafter 5,108,716 5,078,821 4,716,451 4,737,183 5,511,222
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 66,861 68,216 116,877 118,546 1,638
Debt Due during Next Fiscal Year 527,511 549,211 543,112 543,112 118,546
Debt Due during Second Fiscal Year 587,148 587,148 580,047 580,048 849,112
Debt Due during Third Fiscal Year 559,918 559,918 552,318 552,318 580,393
Debt Due during Fourth Fiscal Year 610,739 610,739 602,439 602,439 552,723
Debt Due Thereafter 5,070,055 5,039,657 4,705,892 4,705,892 5,501,380
Adjustments to Debt Principal Schedule (60,953) (62,672) (60,618) (62,092) (70,564)
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.