Financial Highlights

Financial Highlights
2020 FY
12/31/2020
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
Balance Sheet ($000)
Gross Depreciable Property 14,043,825 13,801,535 13,539,044 13,117,921 12,669,482
Net Property Investment 10,628,720 10,846,282 10,989,757 11,042,850 10,994,681
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 5,321 0
Construction in Progress 283,477 116,424 59,506 116,833 231,224
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 485,339 626,397 475,026 976,292 1,319,088
Obligations Under Leases 31,740 33,119 0 0 0
Senior Unsecured Debt 4,077,373 3,828,201 4,053,302 3,525,765 3,180,624
Total Subordinated Debt 0 0 0 0 0
Total Debt 4,594,452 4,487,717 4,528,328 4,502,057 4,499,712
Total Liabilities 5,090,986 4,926,860 4,942,178 4,907,617 4,952,317
Equity Attributable to Parent Company 5,871,633 6,068,565 6,149,840 6,339,912 6,403,819
Noncontrolling Interests 216,775 220,894 222,349 233,982 238,282
Total Equity 6,088,408 6,289,459 6,372,189 6,573,894 6,642,101
Market Capitalization($M) 14,490 15,064.50 10,894.90 11,428 11,115.70
Implied Market Cap($M) 15,004.10 15,600.80 11,288.30 11,849.50 11,529
Total Capitalization($M) 19,667.20 20,152.30 15,871.80 16,407.60 16,084.40
Total Enterprise Value($M) 19,642 20,131.80 15,837.50 16,396.90 16,050.90
Total Enterprise Value Plus JV Debt($M) 19,660.10 20,149.90 15,855.60 16,414.70 16,050.90
Income Statement ($000)
Rental Revenue 1,677,984 1,641,017 1,571,346 1,528,987 1,125,348
Rental Net Operating Income 1,037,513 1,028,172 977,958 954,556 701,992
NOI 1,037,513 1,028,172 977,958 954,556 701,992
Gain on Sale of Real Estate 1,033 93,035 4,493 127,407 82,470
Interest Expense 167,562 179,847 173,594 154,751 129,947
Revenue 1,688,184 1,668,199 1,580,502 1,541,514 1,126,859
Expense 1,421,875 1,390,920 1,351,362 1,325,766 983,228
Extraordinary Items 0 0 0 0 0
Net Income 264,015 366,618 231,022 340,536 224,402
Net Income Attributable to Noncontrolling Int 9,053 12,807 8,123 12,157 12,180
Net Income Attributable to Parent 254,962 353,811 222,899 328,379 212,222
Net Income Avail to Common 250,936 349,604 218,920 324,156 211,343
FFO 765,294 773,192 712,690 699,561 463,385
Operating Funds from Operations, as Reported 761,352 739,188 NA NA 490,309
Adjusted FFO 535,846 548,982 515,105 525,791 338,338
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.37 3.25 2.02 2.95 3.01
ROAE(%) 4.28 5.83 3.57 5.18 6.28
Implied Capitalization Rate(%) 5.82 5.66 6.23 5.89 6
Dividend Payout Ratio(%) 183.79 126.38 193.13 123.51 123.79
Dividend Yield(%) 3.24 3.03 4.01 3.67 3.55
FFO Payout(%) 61.92 58.63 61.09 58.59 58.68
FFO/ Total Revenue(%) 45.33 46.35 45.09 45.38 41.12
Price/ LTM FFO(x) 19.61 20.13 15.84 16.93 17.52
Price/ LTM AFFO(x) 22.03 23.38 17.62 18.87 19.74
Price/ Last-twelve-months EPS(x) 57.85 42.95 49.59 35.16 36.40
Recurring EBITDA/ Interest Expense(x) 5.66 5.30 5.18 5.71 4.90
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 5.54 5.19 5.08 5.57 4.89
Debt and Preferred/ TEV(%) 23.68 22.58 28.95 27.80 28.30
Total Debt/ Gross Properties(%) 32.72 32.52 33.45 34.32 35.52
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 0 54 41 49
Changes and Trends (%)
Same-store NOI: Change 1.20 3.80 1.90 3.25 5.10
Same-store Revenue: Change from Prior 2.50 3.40 1.90 2.90 4.20
FFO Growth (1.02) 8.49 1.88 50.97 2.43
FFO/Share Growth (1.40) 8.40 1.70 6.30 (1.80)
EPS Growth, before Extraordinary (28.70) 59.10 (32.50) 6.30 (39)
Real Estate Investment Growth (0.22) (0.99) (1.03) (0.66) 68.82
Per Share Information ($)
Common Shares Outstanding 114,373,727 114,246,393 113,844,267 113,643,166 113,518,212
Closing Price 126.69 131.86 95.70 100.56 97.92
Basic EPS before Extra 2.20 3.07 1.93 2.86 2.69
Diluted EPS before Extra 2.19 3.07 1.93 2.86 2.69
FFO/ Share 6.46 6.55 6.04 5.94 5.59
Operating FFO per Share, as Reported 6.43 6.26 NA NA 5.91
AFFO per Share 5.75 5.64 5.43 5.33 4.96
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 4.03 3.88 3.73 3.53 3.33
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 363,505 207,805 333,032 418,919 280,623
Debt Maturing: Next FY 366,144 193,535 848,980 579,345 469,637
Debt Maturing: FY2 360,392 665,251 345,131 722,827 754,785
Debt Maturing: FY3 417,172 359,715 664,597 346,802 806,572
Debt Maturing: FY4 403,018 416,388 359,043 663,942 348,374
Debt Maturing: Thereafter 2,652,481 2,611,904 1,977,545 1,770,222 1,839,721
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 363,505 207,785 335,698 437,157 303,635
Debt Due during Next Fiscal Year 366,144 189,510 843,747 567,437 486,954
Debt Due during Second Fiscal Year 360,392 665,303 338,480 714,423 725,920
Debt Due during Third Fiscal Year 417,172 361,244 664,287 339,156 795,224
Debt Due during Fourth Fiscal Year 403,018 420,057 360,227 664,963 339,941
Debt Due Thereafter 2,652,481 2,610,699 1,985,889 1,778,921 1,848,038
Adjustments to Debt Principal Schedule 0 0 0 0 0
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