Financial Information

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Building new communities
Financial Highlights
2019 FQ1
3/31/2019
2018 FQ4
12/31/2018
2018 FQ3
9/30/2018
2018 FQ2
6/30/2018
2018 FQ1
3/31/2018
Balance Sheet ($000)
Gross Depreciable Property 20,711,419 20,424,325 20,667,871 20,523,506 20,596,619
Net Property Investment 15,962,841 15,822,878 16,082,262 16,064,165 16,251,023
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 76,362 55,208 79,963 140,507 121,387
Construction in Progress 1,856,294 1,768,132 1,651,406 1,525,123 1,375,366
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,132,740 1,134,270 1,323,283 1,419,035 1,448,822
Obligations Under Leases 140,436 20,243 NA NA NA
Senior Unsecured Debt 5,907,327 5,905,993 6,209,945 6,152,243 6,150,633
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,180,503 7,060,506 7,533,228 7,571,278 7,599,455
Total Liabilities 7,902,588 7,744,350 8,258,644 8,266,813 8,305,371
Equity Attributable to Parent Company 10,733,999 10,632,606 10,397,398 10,398,188 10,335,124
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,733,999 10,632,606 10,397,398 10,398,188 10,335,124
Market Capitalization($M) 27,982.40 24,107.40 25,038.90 23,758.30 22,729.70
Implied Market Cap($M) 27,983.90 24,108.70 25,040.30 23,759.60 22,731
Total Capitalization($M) 35,164.40 31,169.20 32,573.50 31,330.90 30,330.40
Total Enterprise Value($M) 35,101.40 31,077.50 32,517.60 31,229.30 30,193.20
Total Enterprise Value Plus JV Debt($M) 35,293.50 31,270.10 32,641.40 31,361.40 30,325.60
Income Statement ($000)
Rental Revenue 564,873 577,676 575,070 568,285 559,906
Rental Net Operating Income 400,958 409,251 402,425 397,940 390,248
NOI 400,958 409,251 402,425 397,940 390,248
Gain on Sale of Real Estate 15,102 244,560 35,891 105,571 (47)
Interest Expense 47,892 55,180 54,097 56,585 55,113
Revenue 566,140 579,067 577,931 569,961 562,232
Expense 410,812 438,238 421,386 420,931 420,595
Extraordinary Items 0 0 0 0 0
Net Income 170,418 385,636 192,407 254,543 141,590
Net Income Attributable to Noncontrolling Int 52 (98) (79) (119) (53)
Net Income Attributable to Parent 170,366 385,734 192,486 254,662 141,643
Net Income Avail to Common 169,865 384,617 191,931 253,935 141,213
FFO 320,288 300,032 312,822 305,761 300,137
Operating Funds from Operations, as Reported 319,876 319,521 315,352 307,617 301,796
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 3.68 8.33 4.12 5.46 3.06
ROAE(%) 6.38 14.67 7.40 9.82 5.47
Implied Capitalization Rate(%) 5.48 5.51 5.45 5.32 5.14
Dividend Payout Ratio(%) 123.58 52.69 105.76 79.89 142.72
Dividend Yield(%) 3.03 3.38 3.25 3.42 3.58
FFO Payout(%) 63.64 67.74 65.04 66.52 65.44
FFO/ Total Revenue(%) 56.57 51.81 54.13 53.65 53.38
Price/ LTM FFO(x) 22.40 19.80 20.50 19.30 19.10
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 27.70 24.70 30.30 27.20 29
Recurring EBITDA/ Interest Expense(x) 7.61 6.73 6.81 6.42 6.47
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 7.61 6.73 6.81 6.42 6.47
Debt and Preferred/ TEV(%) 20.89 23.19 23.46 24.56 25.50
Total Debt/ Gross Properties(%) 34.67 34.57 36.45 36.89 36.90
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 0 3.73 0 0
Changes and Trends (%)
Same-store NOI: Change 4.90 2.70 3.10 2.90 1.20
Same-store Revenue: Change from Prior 3.50 2.70 2.30 2.60 2.40
FFO Growth 6.71 (0.39) (3.31) 16.57 7.12
FFO/Share Growth 6.50 (0.50) (3.40) 16.30 6.40
EPS Growth, before Extraordinary 19.40 62.20 (19.20) 53.30 (40.10)
Real Estate Investment Growth 5.90 (3.43) 1.73 (0.51) 3.76
Per Share Information ($)
Common Shares Outstanding 139,403,222 138,508,424 138,222,168 138,218,259 138,208,280
Closing Price 200.73 174.05 181.15 171.89 164.46
Basic EPS before Extra 1.23 2.79 1.39 1.84 1.03
Diluted EPS before Extra 1.23 2.79 1.39 1.84 1.03
FFO/ Share 2.31 2.17 2.26 2.21 2.17
Operating FFO per Share, as Reported 2.30 2.31 2.28 2.23 2.18
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.52 1.47 1.47 1.47 1.47
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 114,003 114,722 0 51,773 65,183
Debt Maturing: Next FY 541,376 541,694 115,429 116,123 116,811
Debt Maturing: FY2 578,855 578,999 848,005 792,309 792,611
Debt Maturing: FY3 550,000 550,000 579,136 579,267 579,397
Debt Maturing: FY4 600,000 600,000 550,000 550,000 550,000
Debt Maturing: Thereafter 4,716,451 4,737,183 5,511,222 5,555,965 5,571,877
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 127,966 118,546 1,638 55,017 70,456
Debt Due during Next Fiscal Year 555,622 543,112 118,546 118,546 119,164
Debt Due during Second Fiscal Year 594,142 580,048 849,112 793,112 793,774
Debt Due during Third Fiscal Year 566,336 552,318 580,393 580,392 581,103
Debt Due during Fourth Fiscal Year 615,908 602,439 552,723 552,723 553,483
Debt Due Thereafter 5,117,066 4,705,892 5,501,380 5,545,647 5,557,899
Adjustments to Debt Principal Schedule (396,537) (62,092) (70,564) (74,159) (76,424)
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.