Financial Information

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Building new communities
Financial Highlights
2018 FQ4
12/31/2018
2018 FQ3
9/30/2018
2018 FQ2
6/30/2018
2018 FQ1
3/31/2018
2017 FQ4
12/31/2017
Balance Sheet ($000)
Gross Depreciable Property 20,424,325 20,667,871 20,523,506 20,596,619 20,561,272
Net Property Investment 15,822,878 16,082,262 16,064,165 16,251,023 16,342,893
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 55,208 79,963 140,507 121,387 0
Construction in Progress 1,768,132 1,651,406 1,525,123 1,375,366 1,306,300
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,134,270 1,323,283 1,419,035 1,448,822 1,476,706
Obligations Under Leases 20,243 NA NA NA 23,402
Senior Unsecured Debt 5,905,993 6,209,945 6,152,243 6,150,633 5,852,764
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,060,506 7,533,228 7,571,278 7,599,455 7,352,872
Total Liabilities 7,744,350 8,258,644 8,266,813 8,305,371 8,020,719
Equity Attributable to Parent Company 10,632,606 10,397,398 10,398,188 10,335,124 10,388,046
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,632,606 10,397,398 10,398,188 10,335,124 10,388,046
Market Capitalization($M) 24,107.40 25,038.90 23,758.30 22,729.70 24,637.40
Implied Market Cap($M) 24,108.70 25,040.30 23,759.60 22,731 24,638.70
Total Capitalization($M) 31,169.20 32,573.50 31,330.90 30,330.40 31,991.60
Total Enterprise Value($M) 31,077.50 32,517.60 31,229.30 30,193.20 31,924.50
Total Enterprise Value Plus JV Debt($M) 31,270.10 32,641.40 31,361.40 30,325.60 32,057.20
Income Statement ($000)
Rental Revenue 577,676 575,070 568,285 559,906 554,435
Rental Net Operating Income 409,251 402,425 397,940 388,602 392,066
NOI 409,251 402,425 397,940 388,602 392,066
Gain on Sale of Real Estate 244,560 35,891 105,571 (47) 92,788
Interest Expense 55,180 54,097 56,585 55,113 52,523
Revenue 579,067 577,931 569,961 562,232 560,556
Expense 438,238 421,386 420,931 420,598 415,819
Extraordinary Items 0 0 0 0 0
Net Income 385,636 192,407 254,543 141,590 237,486
Net Income Attributable to Noncontrolling Int (98) (79) (119) (53) (87)
Net Income Attributable to Parent 385,734 192,486 254,662 141,643 237,573
Net Income Avail to Common 384,617 191,931 253,935 141,213 236,904
FFO 300,032 312,822 305,761 300,137 301,208
Operating Funds from Operations, as Reported 319,521 315,352 307,617 301,796 310,881
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 8.33 4.12 5.46 3.06 5.19
ROAE(%) 14.67 7.40 9.82 5.47 9.17
Implied Capitalization Rate(%) 5.51 5.44 5.32 5.13 5.05
Dividend Payout Ratio(%) 52.69 105.76 79.89 142.72 82.56
Dividend Yield(%) 3.38 3.25 3.42 3.58 3.18
FFO Payout(%) 67.74 65.04 66.52 65.44 65.14
FFO/ Total Revenue(%) 51.81 54.13 53.65 53.38 53.73
Price/ LTM FFO(x) 19.80 20.50 19.30 19.10 21.10
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 24.70 30.30 27.20 29 28.10
Recurring EBITDA/ Interest Expense(x) 6.73 6.81 6.42 6.47 6.90
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.73 6.81 6.42 6.47 6.90
Debt and Preferred/ TEV(%) 23.19 23.46 24.56 25.50 23.35
Total Debt/ Gross Properties(%) 34.57 36.45 36.89 36.90 35.76
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 3.73 0 0 0
Changes and Trends (%)
Same-store NOI: Change 2.70 3.10 2.90 1.20 2
Same-store Revenue: Change from Prior 2.70 2.30 2.60 2.40 2.20
FFO Growth (0.39) (3.31) 16.57 7.12 4.56
FFO/Share Growth (0.50) (3.40) 16.30 6.40 4.30
EPS Growth, before Extraordinary 62.20 (19.20) 53.30 (40.10) (2.30)
Real Estate Investment Growth (3.43) 1.73 (0.51) 3.76 6.35
Per Share Information ($)
Common Shares Outstanding 138,508,424 138,222,168 138,218,259 138,208,280 138,094,154
Closing Price 174.05 181.15 171.89 164.46 178.41
Basic EPS before Extra 2.79 1.39 1.84 1.03 1.72
Diluted EPS before Extra 2.79 1.39 1.84 1.03 1.72
FFO/ Share 2.17 2.26 2.21 2.17 2.18
Operating FFO per Share, as Reported 2.31 2.28 2.23 2.18 2.25
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.47 1.47 1.47 1.47 1.42
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 114,722 0 51,773 65,183 76,663
Debt Maturing: Next FY 541,694 115,429 116,123 116,811 117,507
Debt Maturing: FY2 578,999 848,005 792,309 792,611 792,919
Debt Maturing: FY3 550,000 579,136 579,267 579,397 579,533
Debt Maturing: FY4 600,000 550,000 550,000 550,000 550,000
Debt Maturing: Thereafter 4,737,183 5,511,222 5,555,965 5,571,877 5,311,093
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 118,546 1,638 55,017 70,456 83,921
Debt Due during Next Fiscal Year 543,112 118,546 118,546 119,164 119,417
Debt Due during Second Fiscal Year 580,048 849,112 793,112 793,774 794,053
Debt Due during Third Fiscal Year 552,318 580,393 580,392 581,103 581,395
Debt Due during Fourth Fiscal Year 602,439 552,723 552,723 553,483 553,795
Debt Due Thereafter 4,705,892 5,501,380 5,545,647 5,557,899 5,271,732
Adjustments to Debt Principal Schedule (62,092) (70,564) (74,159) (76,424) (74,843)
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.