Financial Information

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Building new communities
Financial Highlights
2016 FQ3
9/30/2016
2016 FQ2
6/30/2016
2016 FQ1
3/31/2016
2015 FQ4
12/31/2015
2015 FQ3
9/30/2015
Balance Sheet ($000)
Gross Depreciable Property 18,403,766 17,922,243 17,657,025 17,151,277 16,906,948
Net Property Investment 14,812,162 14,381,762 14,226,433 13,847,526 13,694,690
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 100,351 65,894 20,341 17,489 0
Construction in Progress 1,439,271 1,538,641 1,587,132 1,592,917 1,542,201
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 2,575,723 2,514,826 2,655,726 2,611,274 2,738,629
Obligations under Capital Leases NA NA NA 69,785 NA
Senior Unsecured Debt 4,240,247 4,319,165 3,846,854 3,845,674 3,568,098
Total Subordinated Debt 0 0 0 0 0
Total Debt 6,815,970 6,833,991 6,502,580 6,526,733 6,306,727
Total Liabilities 7,542,083 7,528,579 7,186,731 7,080,782 6,942,014
Equity Attributable to Parent Company 10,036,624 9,856,519 9,846,532 9,840,526 9,829,453
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,036,624 9,856,519 9,846,532 9,840,526 9,829,453
Market Capitalization($M) 24,421.80 24,769.80 26,088.20 25,226.20 23,928.80
Implied Market Cap($M) 24,423.20 24,771.20 26,089.70 25,227.60 23,930.10
Total Capitalization($M) 31,239.10 31,605.20 32,592.20 31,754.30 30,236.80
Total Enterprise Value($M) 31,173.20 31,422.80 32,494.70 31,353.80 29,918.30
Total Enterprise Value Plus JV Debt($M) 31,366.40 31,616.50 32,707.30 31,615.50 30,170.70
Income Statement ($000)
Rental Revenue 514,813 500,830 486,640 477,609 472,842
Rental Net Operating Income 355,177 348,984 339,186 336,027 323,633
NOI 355,177 348,984 339,186 336,027 323,633
Gain on Sale of Real Estate 212,941 54,680 81,055 12,107 55,290
Interest Expense 47,871 46,581 43,410 42,217 43,234
Revenue 515,869 511,643 515,544 479,300 475,840
Expense 372,459 368,968 358,685 335,840 325,015
Extraordinary Items 0 0 0 0 0
Net Income 356,329 197,319 237,877 155,352 206,076
Net Income Attributable to Noncontrolling Int (63) (125) (54) (76) (66)
Net Income Attributable to Parent 356,392 197,444 237,931 155,428 206,142
Net Income Avail to Common 355,520 196,928 237,299 155,098 205,675
FFO 289,514 273,580 284,587 270,154 271,879
Operating Funds from Operations, as Reported 284,709 278,454 271,034 273,122 259,785
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 8.15 4.58 5.60 3.69 4.98
ROAE(%) 14.33 8.01 9.67 6.32 8.66
Implied Capitalization Rate(%) 4.80 4.80 4.82 4.82 4.88
Dividend Payout Ratio(%) 52.12 93.75 78.03 110.62 81.70
Dividend Yield(%) 3.04 2.99 2.84 2.72 2.86
FFO Payout(%) 63.98 67.84 60.39 63.45 61.88
FFO/ Total Revenue(%) 56.12 53.47 55.20 56.36 57.14
Price/ LTM FFO(x) 21.80 22.40 23.10 22.90 22.30
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 25.80 30.90 33.50 33.40 32
Recurring EBITDA/ Interest Expense(x) 6.81 6.93 7.07 7.29 6.85
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.81 6.93 7.07 7.29 6.85
Debt and Preferred/ TEV(%) 22.35 22.23 20.53 21.47 21.74
Total Debt/ Gross Properties(%) 37.04 38.13 36.83 38.05 37.30
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 11.33 0 0 0 0
Changes and Trends (%)
Same-store NOI: Change 4.30 5 7.90 8 5.10
Same-store Revenue: Change from Prior 3.70 4.90 5.50 5.29 5.50
FFO Growth 6.49 (5.82) 13.57 15.71 (3.66)
FFO/Share Growth 4.50 (8.70) 10.10 11.90 (5.60)
EPS Growth, before Extraordinary 69.30 11.60 10.90 4.60 (16.40)
Real Estate Investment Growth 5.34 8.01 8.27 2.49 5.39
Per Share Information ($)
Common Shares Outstanding 137,324,780 137,312,534 137,162,107 137,002,031 136,876,753
Closing Price 177.84 180.39 190.20 184.13 174.82
Basic EPS before Extra 2.60 1.44 1.73 1.13 1.54
Diluted EPS before Extra 2.59 1.44 1.73 1.13 1.53
FFO/ Share 2.11 1.99 2.07 1.97 2.02
Operating FFO per Share, as Reported 2.07 2.03 1.97 1.99 1.93
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 1.25 1.25
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 250,000 250,000 266,255 103,743
Debt Maturing: Next FY 959,591 959,691 959,791 959,891 266,325
Debt Maturing: FY2 78,886 79,311 80,012 80,424 959,991
Debt Maturing: FY3 684,401 616,600 619,142 621,740 80,557
Debt Maturing: FY4 942,700 772,985 773,268 705,650 624,301
Debt Maturing: Thereafter 4,185,801 4,186,398 3,846,621 3,917,116 4,254,065
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 4,536 258,191 262,156 284,517 108,038
Debt Due during Next Fiscal Year 978,262 976,857 976,957 995,923 282,420
Debt Due during Second Fiscal Year 94,462 92,906 93,186 94,251 977,157
Debt Due during Third Fiscal Year 660,082 593,125 593,125 594,192 93,037
Debt Due during Fourth Fiscal Year 942,353 772,353 772,353 705,518 593,527
Debt Due Thereafter 4,171,684 4,171,553 3,831,057 3,876,675 4,234,803
Adjustments to Debt Principal Schedule (35,409) (30,994) (26,254) (24,343) 17,745
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.