Financial Information

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Building new communities
Financial Highlights
2018 FQ1
3/31/2018
2017 FQ4
12/31/2017
2017 FQ3
9/30/2017
2017 FQ2
6/30/2017
2017 FQ1
3/31/2017
Balance Sheet ($000)
Gross Depreciable Property 20,596,619 20,561,272 19,847,706 19,266,413 19,024,396
Net Property Investment 16,251,023 16,342,893 15,767,760 15,297,364 15,171,803
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 121,387 0 33,173 15,271 0
Construction in Progress 1,375,366 1,306,300 1,559,357 1,736,367 1,791,134
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,448,822 1,476,706 1,478,939 1,480,862 2,541,183
Obligations Under Leases NA 23,402 NA NA NA
Senior Unsecured Debt 6,150,633 5,852,764 5,649,091 5,510,897 4,464,546
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,599,455 7,352,872 7,128,030 6,991,759 7,005,729
Total Liabilities 8,305,371 8,020,719 7,835,285 7,652,491 7,703,021
Equity Attributable to Parent Company 10,335,124 10,388,046 10,333,813 10,282,412 10,266,622
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,335,124 10,388,046 10,333,813 10,282,412 10,266,622
Market Capitalization($M) 22,729.70 24,637.40 24,637.50 26,535.50 25,297.60
Implied Market Cap($M) 22,731 24,638.70 24,638.80 26,536.90 25,299
Total Capitalization($M) 30,330.40 31,991.60 31,766.80 33,528.70 32,304.70
Total Enterprise Value($M) 30,193.20 31,924.50 31,730.80 33,475.20 32,183
Total Enterprise Value Plus JV Debt($M) 30,325.60 32,057.20 31,863.90 33,638 32,346.30
Income Statement ($000)
Rental Revenue 559,906 554,435 546,012 529,414 521,126
Rental Net Operating Income 388,605 392,066 376,984 368,146 363,963
NOI 388,605 392,066 376,984 368,146 363,963
Gain on Sale of Real Estate (47) 92,788 59,031 44,067 97,012
Interest Expense 55,113 52,523 47,741 50,102 49,295
Revenue 562,232 560,556 571,648 531,574 547,444
Expense 420,595 415,819 392,456 410,389 408,655
Extraordinary Items 0 0 0 0 0
Net Income 141,590 237,486 238,199 165,194 235,781
Net Income Attributable to Noncontrolling Int (53) (87) (49) (31) (94)
Net Income Attributable to Parent 141,643 237,573 238,248 165,225 235,875
Net Income Avail to Common 141,213 236,904 237,576 164,757 235,223
FFO 300,137 301,208 323,517 262,296 280,197
Operating Funds from Operations, as Reported 301,796 310,881 303,334 288,389 287,372
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 3.06 5.19 5.28 3.68 5.26
ROAE(%) 5.47 9.17 9.24 6.43 9.23
Implied Capitalization Rate(%) 5.13 5.05 5 4.99 4.97
Dividend Payout Ratio(%) 142.72 82.56 82.56 118.33 82.56
Dividend Yield(%) 3.58 3.18 3.18 2.96 3.09
FFO Payout(%) 65.44 65.14 60.68 74.74 66.18
FFO/ Total Revenue(%) 53.38 53.73 56.59 49.34 51.18
Price/ LTM FFO(x) 19.10 21.10 21.30 23.60 22.30
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 29 28.10 27.90 26.40 24.40
Recurring EBITDA/ Interest Expense(x) 6.47 6.90 7.72 6.73 6.91
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.47 6.90 7.72 6.73 6.91
Debt and Preferred/ TEV(%) 25.50 23.35 22.79 21.27 22.16
Total Debt/ Gross Properties(%) 36.90 35.76 35.91 36.29 36.82
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 0 16.13 7 0
Changes and Trends (%)
Same-store NOI: Change 1.20 2 2.10 2.10 3.90
Same-store Revenue: Change from Prior 2.40 2.20 2.20 2.50 3.20
FFO Growth 7.12 4.56 11.74 (4.12) (1.54)
FFO/Share Growth 6.40 4.30 10.90 (4.50) (1.40)
EPS Growth, before Extraordinary (40.10) (2.30) (33.60) (16.70) (0.60)
Real Estate Investment Growth 3.76 6.35 6.86 1.27 0.98
Per Share Information ($)
Common Shares Outstanding 138,208,280 138,094,154 138,086,893 138,083,281 137,786,600
Closing Price 164.46 178.41 178.42 192.17 183.60
Basic EPS before Extra 1.03 1.72 1.73 1.20 1.72
Diluted EPS before Extra 1.03 1.72 1.72 1.20 1.72
FFO/ Share 2.17 2.18 2.34 1.90 2.04
Operating FFO per Share, as Reported 2.18 2.25 2.19 2.09 2.09
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.47 1.42 1.42 1.42 1.42
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 65,183 76,663 21,601 21,601 692,191
Debt Maturing: Next FY 116,811 117,507 77,120 77,569 78,012
Debt Maturing: FY2 792,611 792,919 118,192 118,864 678,236
Debt Maturing: FY3 579,397 579,533 1,013,521 876,816 772,108
Debt Maturing: FY4 550,000 550,000 579,663 579,787 579,910
Debt Maturing: Thereafter 5,571,877 5,311,093 5,388,346 5,388,855 4,254,395
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 70,456 83,921 23,824 26,010 706,145
Debt Due during Next Fiscal Year 119,164 119,417 83,925 83,925 94,456
Debt Due during Second Fiscal Year 793,774 794,053 119,419 119,419 660,210
Debt Due during Third Fiscal Year 581,103 581,395 1,014,353 877,353 772,353
Debt Due during Fourth Fiscal Year 553,483 553,795 581,395 581,395 581,395
Debt Due Thereafter 5,557,899 5,271,732 5,375,527 5,375,390 4,240,293
Adjustments to Debt Principal Schedule (76,424) (74,843) (70,413) (71,733) (49,123)
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.