Financial Information

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Building new communities
Financial Highlights
2017 FQ2
6/30/2017
2017 FQ1
3/31/2017
2016 FQ4
12/31/2016
2016 FQ3
9/30/2016
2016 FQ2
6/30/2016
Balance Sheet ($000)
Gross Depreciable Property 19,266,413 19,024,396 18,789,225 18,403,766 17,922,243
Net Property Investment 15,297,364 15,171,803 15,045,593 14,812,162 14,381,762
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 15,271 0 20,846 100,351 65,894
Construction in Progress 1,736,367 1,791,134 1,882,262 1,439,271 1,538,641
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,480,862 2,541,183 2,567,578 2,575,723 2,514,826
Obligations under Capital Leases NA NA 68,237 NA NA
Senior Unsecured Debt 5,510,897 4,464,546 4,463,302 4,240,247 4,319,165
Total Subordinated Debt 0 0 0 0 0
Total Debt 6,991,759 7,005,729 7,099,117 6,815,970 6,833,991
Total Liabilities 7,652,491 7,703,021 7,688,089 7,542,083 7,528,579
Equity Attributable to Parent Company 10,282,412 10,266,622 10,171,416 10,036,624 9,856,519
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,282,412 10,266,622 10,171,416 10,036,624 9,856,519
Market Capitalization($M) 26,535.50 25,297.60 24,328.20 24,421.80 24,769.80
Implied Market Cap($M) 26,536.90 25,299 24,329.50 24,423.20 24,771.20
Total Capitalization($M) 33,528.70 32,304.70 31,428.60 31,239.10 31,605.20
Total Enterprise Value($M) 33,475.20 32,183 31,213.60 31,173.20 31,422.80
Total Enterprise Value Plus JV Debt($M) 33,638 32,346.30 31,397 31,366.40 31,616.50
Income Statement ($000)
Rental Revenue 529,414 521,126 516,809 514,813 500,830
Rental Net Operating Income 368,146 363,963 364,329 355,177 348,984
NOI 368,146 363,963 364,329 355,177 348,984
Gain on Sale of Real Estate 44,067 97,012 94,241 212,941 54,680
Interest Expense 50,102 49,295 49,648 47,871 46,581
Revenue 533,221 534,846 523,944 515,869 514,405
Expense 412,036 396,057 375,792 372,459 371,730
Extraordinary Items 0 0 0 0 0
Net Income 165,194 235,781 242,183 356,329 197,319
Net Income Attributable to Noncontrolling Int (31) (94) (52) (63) (125)
Net Income Attributable to Parent 165,225 235,875 242,235 356,392 197,444
Net Income Avail to Common 164,757 235,223 241,661 355,520 196,928
FFO 262,296 280,197 288,080 289,514 273,580
Operating Funds from Operations, as Reported 288,389 287,372 291,144 284,709 278,454
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 3.68 5.26 5.46 8.15 4.58
ROAE(%) 6.43 9.23 9.59 14.33 8.01
Implied Capitalization Rate(%) 4.99 4.97 4.88 4.80 4.80
Dividend Payout Ratio(%) 118.33 82.56 76.70 52.12 93.75
Dividend Yield(%) 2.96 3.09 3.05 3.04 2.99
FFO Payout(%) 74.74 66.18 64.59 63.98 67.84
FFO/ Total Revenue(%) 49.19 52.39 54.98 56.12 53.18
Price/ LTM FFO(x) 23.60 22.30 21.40 21.80 22.40
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 26.40 24.40 23.60 25.80 30.90
Recurring EBITDA/ Interest Expense(x) 6.73 6.91 6.88 6.81 6.93
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.73 6.91 6.88 6.81 6.93
Debt and Preferred/ TEV(%) 21.27 22.16 23.19 22.35 22.23
Total Debt/ Gross Properties(%) 36.29 36.82 37.78 37.04 38.13
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 7 0 0 11.33 0
Changes and Trends (%)
Same-store NOI: Change 2.10 3.90 2.60 4.30 5
Same-store Revenue: Change from Prior 2.50 3.20 3.32 3.70 4.90
FFO Growth (4.12) (1.54) 6.64 6.49 (5.82)
FFO/Share Growth (4.50) (1.40) 6.10 4.50 (8.70)
EPS Growth, before Extraordinary (16.70) (0.60) 55.80 69.30 11.60
Real Estate Investment Growth 1.27 0.98 3.75 5.34 8.01
Per Share Information ($)
Common Shares Outstanding 138,083,281 137,786,600 137,330,904 137,324,780 137,312,534
Closing Price 192.17 183.60 177.15 177.84 180.39
Basic EPS before Extra 1.20 1.72 1.76 2.60 1.44
Diluted EPS before Extra 1.20 1.72 1.76 2.59 1.44
FFO/ Share 1.90 2.04 2.09 2.11 1.99
Operating FFO per Share, as Reported 2.09 2.09 2.12 2.07 2.03
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 1.35 1.35 1.35
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 21,601 692,191 709,491 0 250,000
Debt Maturing: Next FY 77,569 78,012 78,701 959,591 959,691
Debt Maturing: FY2 118,864 678,236 681,334 78,886 79,311
Debt Maturing: FY3 876,816 772,108 772,312 684,401 616,600
Debt Maturing: FY4 579,787 579,910 580,001 942,700 772,985
Debt Maturing: Thereafter 5,388,855 4,254,395 4,323,156 4,185,801 4,186,398
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 26,010 706,145 746,904 4,536 258,191
Debt Due during Next Fiscal Year 83,925 94,456 95,782 978,262 976,857
Debt Due during Second Fiscal Year 119,419 660,210 661,157 94,462 92,906
Debt Due during Third Fiscal Year 877,353 772,353 773,430 660,082 593,125
Debt Due during Fourth Fiscal Year 581,395 581,395 582,475 942,353 772,353
Debt Due Thereafter 5,375,390 4,240,293 4,285,247 4,171,684 4,171,553
Adjustments to Debt Principal Schedule (71,733) (49,123) (45,878) (35,409) (30,994)
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.