Financial Information

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Building new communities
Financial Highlights
2017 FQ4
12/31/2017
2017 FQ3
9/30/2017
2017 FQ2
6/30/2017
2017 FQ1
3/31/2017
2016 FQ4
12/31/2016
Balance Sheet ($000)
Gross Depreciable Property 20,561,272 19,847,706 19,266,413 19,024,396 18,789,225
Net Property Investment 16,342,893 15,767,760 15,297,364 15,171,803 15,045,593
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 33,173 15,271 0 20,846
Construction in Progress 1,306,300 1,559,357 1,736,367 1,791,134 1,882,262
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,476,706 1,478,939 1,480,862 2,541,183 2,567,578
Obligations Under Leases NA NA NA NA 68,237
Senior Unsecured Debt 5,852,764 5,649,091 5,510,897 4,464,546 4,463,302
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,329,470 7,128,030 6,991,759 7,005,729 7,099,117
Total Liabilities 8,020,719 7,835,285 7,652,491 7,703,021 7,688,089
Equity Attributable to Parent Company 10,388,046 10,333,813 10,282,412 10,266,622 10,171,416
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,388,046 10,333,813 10,282,412 10,266,622 10,171,416
Market Capitalization($M) 24,637.40 24,637.50 26,535.50 25,297.60 24,328.20
Implied Market Cap($M) 24,638.70 24,638.80 26,536.90 25,299 24,329.50
Total Capitalization($M) 31,968.20 31,766.80 33,528.70 32,304.70 31,428.60
Total Enterprise Value($M) 31,901.10 31,730.80 33,475.20 32,183 31,213.60
Total Enterprise Value Plus JV Debt($M) 32,033.80 31,863.90 33,638 32,346.30 31,397
Income Statement ($000)
Rental Revenue 554,435 546,012 529,414 521,126 516,809
Rental Net Operating Income 392,066 376,984 368,146 363,963 364,329
NOI 392,066 376,984 368,146 363,963 364,329
Gain on Sale of Real Estate 92,788 59,031 44,067 97,012 94,241
Interest Expense 52,523 47,741 50,102 49,295 49,648
Revenue 560,556 571,648 531,574 547,444 523,944
Expense 415,819 392,456 410,389 408,655 375,792
Extraordinary Items 0 0 0 0 0
Net Income 237,486 238,199 165,194 235,781 242,183
Net Income Attributable to Noncontrolling Int (87) (49) (31) (94) (52)
Net Income Attributable to Parent 237,573 238,248 165,225 235,875 242,235
Net Income Avail to Common 237,573 237,576 164,757 235,223 241,661
FFO 301,208 323,517 262,296 280,197 288,080
Operating Funds from Operations, as Reported 310,881 303,334 288,389 287,372 291,144
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 5.19 5.28 3.68 5.26 5.46
ROAE(%) 9.17 9.24 6.43 9.23 9.59
Implied Capitalization Rate(%) 5.05 5 4.99 4.97 4.88
Dividend Payout Ratio(%) 82.56 82.56 118.33 82.56 76.70
Dividend Yield(%) 3.18 3.18 2.96 3.09 3.05
FFO Payout(%) 65.14 60.68 74.74 66.18 64.59
FFO/ Total Revenue(%) 53.73 56.59 49.34 51.18 54.98
Price/ LTM FFO(x) 21.10 21.30 23.60 22.30 21.40
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 28.10 27.90 26.40 24.40 23.60
Recurring EBITDA/ Interest Expense(x) 6.90 7.72 6.73 6.91 6.88
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.90 7.72 6.73 6.91 6.88
Debt and Preferred/ TEV(%) 23.29 22.79 21.27 22.16 23.19
Total Debt/ Gross Properties(%) 35.65 35.91 36.29 36.82 37.78
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 16.13 7 0 0
Changes and Trends (%)
Same-store NOI: Change 2 2.10 2.10 3.90 2.60
Same-store Revenue: Change from Prior 2.20 2.20 2.50 3.20 3.32
FFO Growth 4.56 11.74 (4.12) (1.54) 6.64
FFO/Share Growth 4.30 10.90 (4.50) (1.40) 6.10
EPS Growth, before Extraordinary (2.30) (33.60) (16.70) (0.60) 55.80
Real Estate Investment Growth 6.35 6.86 1.27 0.98 3.75
Per Share Information ($)
Common Shares Outstanding 138,094,154 138,086,893 138,083,281 137,786,600 137,330,904
Closing Price 178.41 178.42 192.17 183.60 177.15
Basic EPS before Extra 1.72 1.73 1.20 1.72 1.76
Diluted EPS before Extra 1.72 1.72 1.20 1.72 1.76
FFO/ Share 2.18 2.34 1.90 2.04 2.09
Operating FFO per Share, as Reported 2.25 2.19 2.09 2.09 2.12
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.42 1.42 1.42 1.42 1.35
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY NA 21,601 21,601 692,191 709,491
Debt Maturing: Next FY NA 77,120 77,569 78,012 78,701
Debt Maturing: FY2 NA 118,192 118,864 678,236 681,334
Debt Maturing: FY3 NA 1,013,521 876,816 772,108 772,312
Debt Maturing: FY4 NA 579,663 579,787 579,910 580,001
Debt Maturing: Thereafter NA 5,388,346 5,388,855 4,254,395 4,323,156
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 83,921 23,824 26,010 706,145 746,904
Debt Due during Next Fiscal Year 119,417 83,925 83,925 94,456 95,782
Debt Due during Second Fiscal Year 794,053 119,419 119,419 660,210 661,157
Debt Due during Third Fiscal Year 580,195 1,014,353 877,353 772,353 773,430
Debt Due during Fourth Fiscal Year 553,795 581,395 581,395 581,395 582,475
Debt Due Thereafter 5,267,003 5,375,527 5,375,390 4,240,293 4,285,247
Adjustments to Debt Principal Schedule (68,914) (70,413) (71,733) (49,123) (45,878)
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.