Financial Information

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Building new communities
Financial Highlights
2018 FQ3
9/30/2018
2018 FQ2
6/30/2018
2018 FQ1
3/31/2018
2017 FQ4
12/31/2017
2017 FQ3
9/30/2017
Balance Sheet ($000)
Gross Depreciable Property 20,667,871 20,523,506 20,596,619 20,561,272 19,847,706
Net Property Investment 16,082,262 16,064,165 16,251,023 16,342,893 15,767,760
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 79,963 140,507 121,387 0 33,173
Construction in Progress 1,651,406 1,525,123 1,375,366 1,306,300 1,559,357
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,323,283 1,419,035 1,448,822 1,476,706 1,478,939
Obligations Under Leases NA NA NA 23,402 NA
Senior Unsecured Debt 6,209,945 6,152,243 6,150,633 5,852,764 5,649,091
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,533,228 7,571,278 7,599,455 7,352,872 7,128,030
Total Liabilities 8,258,644 8,266,813 8,305,371 8,020,719 7,835,285
Equity Attributable to Parent Company 10,397,398 10,398,188 10,335,124 10,388,046 10,333,813
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,397,398 10,398,188 10,335,124 10,388,046 10,333,813
Market Capitalization($M) 25,038.90 23,758.30 22,729.70 24,637.40 24,637.50
Implied Market Cap($M) 25,040.30 23,759.60 22,731 24,638.70 24,638.80
Total Capitalization($M) 32,573.50 31,330.90 30,330.40 31,991.60 31,766.80
Total Enterprise Value($M) 32,517.60 31,229.30 30,193.20 31,924.50 31,730.80
Total Enterprise Value Plus JV Debt($M) 32,641.40 31,361.40 30,325.60 32,057.20 31,863.90
Income Statement ($000)
Rental Revenue 575,070 568,285 559,906 554,435 546,012
Rental Net Operating Income 402,425 397,940 388,602 392,066 376,984
NOI 402,425 397,940 388,602 392,066 376,984
Gain on Sale of Real Estate 35,891 105,571 (47) 92,788 59,031
Interest Expense 54,097 56,585 55,113 52,523 47,741
Revenue 577,931 569,961 562,232 560,556 571,648
Expense 421,386 420,931 420,598 415,819 392,456
Extraordinary Items 0 0 0 0 0
Net Income 192,407 254,543 141,590 237,486 238,199
Net Income Attributable to Noncontrolling Int (79) (119) (53) (87) (49)
Net Income Attributable to Parent 192,486 254,662 141,643 237,573 238,248
Net Income Avail to Common 191,931 253,935 141,213 236,904 237,576
FFO 312,822 305,761 300,137 301,208 323,517
Operating Funds from Operations, as Reported 315,352 307,617 301,796 310,881 303,334
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 4.12 5.46 3.06 5.19 5.28
ROAE(%) 7.40 9.82 5.47 9.17 9.24
Implied Capitalization Rate(%) 5.44 5.32 5.13 5.05 5
Dividend Payout Ratio(%) 105.76 79.89 142.72 82.56 82.56
Dividend Yield(%) 3.25 3.42 3.58 3.18 3.18
FFO Payout(%) 65.04 66.52 65.44 65.14 60.68
FFO/ Total Revenue(%) 54.13 53.65 53.38 53.73 56.59
Price/ LTM FFO(x) 20.50 19.30 19.10 21.10 21.30
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 30.30 27.20 29 28.10 27.90
Recurring EBITDA/ Interest Expense(x) 6.81 6.42 6.47 6.90 7.72
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.81 6.42 6.47 6.90 7.72
Debt and Preferred/ TEV(%) 23.46 24.56 25.50 23.35 22.79
Total Debt/ Gross Properties(%) 36.45 36.89 36.90 35.76 35.91
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 3.73 0 0 0 16.13
Changes and Trends (%)
Same-store NOI: Change 3.10 2.90 1.20 2 2.10
Same-store Revenue: Change from Prior 2.30 2.60 2.40 2.20 2.20
FFO Growth (3.31) 16.57 7.12 4.56 11.74
FFO/Share Growth (3.40) 16.30 6.40 4.30 10.90
EPS Growth, before Extraordinary (19.20) 53.30 (40.10) (2.30) (33.60)
Real Estate Investment Growth 1.73 (0.51) 3.76 6.35 6.86
Per Share Information ($)
Common Shares Outstanding 138,222,168 138,218,259 138,208,280 138,094,154 138,086,893
Closing Price 181.15 171.89 164.46 178.41 178.42
Basic EPS before Extra 1.39 1.84 1.03 1.72 1.73
Diluted EPS before Extra 1.39 1.84 1.03 1.72 1.72
FFO/ Share 2.26 2.21 2.17 2.18 2.34
Operating FFO per Share, as Reported 2.28 2.23 2.18 2.25 2.19
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 1.42 1.42
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 51,773 65,183 76,663 21,601
Debt Maturing: Next FY 115,429 116,123 116,811 117,507 77,120
Debt Maturing: FY2 848,005 792,309 792,611 792,919 118,192
Debt Maturing: FY3 579,136 579,267 579,397 579,533 1,013,521
Debt Maturing: FY4 550,000 550,000 550,000 550,000 579,663
Debt Maturing: Thereafter 5,511,222 5,555,965 5,571,877 5,311,093 5,388,346
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 1,638 55,017 70,456 83,921 23,824
Debt Due during Next Fiscal Year 118,546 118,546 119,164 119,417 83,925
Debt Due during Second Fiscal Year 849,112 793,112 793,774 794,053 119,419
Debt Due during Third Fiscal Year 580,393 580,392 581,103 581,395 1,014,353
Debt Due during Fourth Fiscal Year 552,723 552,723 553,483 553,795 581,395
Debt Due Thereafter 5,501,380 5,545,647 5,557,899 5,271,732 5,375,527
Adjustments to Debt Principal Schedule (70,564) (74,159) (76,424) (74,843) (70,413)
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.