Financial Information

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Building new communities
Financial Highlights
2017 FQ1
3/31/2017
2016 FQ4
12/31/2016
2016 FQ3
9/30/2016
2016 FQ2
6/30/2016
2016 FQ1
3/31/2016
Balance Sheet ($000)
Gross Depreciable Property 19,024,396 18,789,225 18,403,766 17,922,243 17,657,025
Net Property Investment 15,171,803 15,045,593 14,812,162 14,381,762 14,226,433
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 20,846 100,351 65,894 20,341
Construction in Progress 1,791,134 1,882,262 1,439,271 1,538,641 1,587,132
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 2,541,183 2,567,578 2,575,723 2,514,826 2,655,726
Obligations under Capital Leases NA 68,237 NA NA NA
Senior Unsecured Debt 4,464,546 4,463,302 4,240,247 4,319,165 3,846,854
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,005,729 7,099,117 6,815,970 6,833,991 6,502,580
Total Liabilities 7,703,021 7,688,089 7,542,083 7,528,579 7,186,731
Equity Attributable to Parent Company 10,266,622 10,171,416 10,036,624 9,856,519 9,846,532
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,266,622 10,171,416 10,036,624 9,856,519 9,846,532
Market Capitalization($M) 25,297.60 24,328.20 24,421.80 24,769.80 26,088.20
Implied Market Cap($M) 25,299 24,329.50 24,423.20 24,771.20 26,089.70
Total Capitalization($M) 32,304.70 31,428.60 31,239.10 31,605.20 32,592.20
Total Enterprise Value($M) 32,183 31,213.60 31,173.20 31,422.80 32,494.70
Total Enterprise Value Plus JV Debt($M) 32,346.30 31,397 31,366.40 31,616.50 32,707.30
Income Statement ($000)
Rental Revenue 521,126 516,809 514,813 500,830 486,640
Rental Net Operating Income 363,963 364,329 355,177 348,984 339,186
NOI 363,963 364,329 355,177 348,984 339,186
Gain on Sale of Real Estate 97,012 94,241 212,941 54,680 81,055
Interest Expense 49,295 49,648 47,871 46,581 43,410
Revenue 534,846 523,944 515,869 514,405 515,544
Expense 396,057 375,792 372,459 371,730 358,685
Extraordinary Items 0 0 0 0 0
Net Income 235,781 242,183 356,329 197,319 237,877
Net Income Attributable to Noncontrolling Int (94) (52) (63) (125) (54)
Net Income Attributable to Parent 235,875 242,235 356,392 197,444 237,931
Net Income Avail to Common 235,223 241,661 355,520 196,928 237,299
FFO 280,197 288,080 289,514 273,580 284,587
Operating Funds from Operations, as Reported 287,372 291,144 284,709 278,454 271,034
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 5.26 5.46 8.15 4.58 5.60
ROAE(%) 9.23 9.59 14.33 8.01 9.67
Implied Capitalization Rate(%) 4.97 4.88 4.80 4.80 4.82
Dividend Payout Ratio(%) 82.56 76.70 52.12 93.75 78.03
Dividend Yield(%) 3.09 3.05 3.04 2.99 2.84
FFO Payout(%) 66.18 64.59 63.98 67.84 60.39
FFO/ Total Revenue(%) 52.39 54.98 56.12 53.18 55.20
Price/ LTM FFO(x) 22.30 21.40 21.80 22.40 23.10
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 24.40 23.60 25.80 30.90 33.50
Recurring EBITDA/ Interest Expense(x) 6.91 6.88 6.81 6.93 7.07
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.91 6.88 6.81 6.93 7.07
Debt and Preferred/ TEV(%) 22.16 23.19 22.35 22.23 20.53
Total Debt/ Gross Properties(%) 36.82 37.78 37.04 38.13 36.83
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 0 11.33 0 0
Changes and Trends (%)
Same-store NOI: Change 3.90 2.60 4.30 5 7.90
Same-store Revenue: Change from Prior 3.20 3.32 3.70 4.90 5.50
FFO Growth (1.54) 6.64 6.49 (5.82) 13.57
FFO/Share Growth (1.40) 6.10 4.50 (8.70) 10.10
EPS Growth, before Extraordinary (0.60) 55.80 69.30 11.60 10.90
Real Estate Investment Growth 0.98 3.75 5.34 8.01 8.27
Per Share Information ($)
Common Shares Outstanding 137,786,600 137,330,904 137,324,780 137,312,534 137,162,107
Closing Price 183.60 177.15 177.84 180.39 190.20
Basic EPS before Extra 1.72 1.76 2.60 1.44 1.73
Diluted EPS before Extra 1.72 1.76 2.59 1.44 1.73
FFO/ Share 2.04 2.09 2.11 1.99 2.07
Operating FFO per Share, as Reported 2.09 2.12 2.07 2.03 1.97
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.42 1.35 1.35 1.35 1.35
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 692,191 709,491 0 250,000 250,000
Debt Maturing: Next FY 78,012 78,701 959,591 959,691 959,791
Debt Maturing: FY2 678,236 681,334 78,886 79,311 80,012
Debt Maturing: FY3 772,108 772,312 684,401 616,600 619,142
Debt Maturing: FY4 579,910 580,001 942,700 772,985 773,268
Debt Maturing: Thereafter 4,254,395 4,323,156 4,185,801 4,186,398 3,846,621
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 706,145 746,904 4,536 258,191 262,156
Debt Due during Next Fiscal Year 94,456 95,782 978,262 976,857 976,957
Debt Due during Second Fiscal Year 660,210 661,157 94,462 92,906 93,186
Debt Due during Third Fiscal Year 772,353 773,430 660,082 593,125 593,125
Debt Due during Fourth Fiscal Year 581,395 582,475 942,353 772,353 772,353
Debt Due Thereafter 4,240,293 4,285,247 4,171,684 4,171,553 3,831,057
Adjustments to Debt Principal Schedule (49,123) (45,878) (35,409) (30,994) (26,254)
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.