Financial Information

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Building new communities
Financial Highlights
2018 FQ2
6/30/2018
2018 FQ1
3/31/2018
2017 FQ4
12/31/2017
2017 FQ3
9/30/2017
2017 FQ2
6/30/2017
Balance Sheet ($000)
Gross Depreciable Property 20,523,506 20,596,619 20,561,272 19,847,706 19,266,413
Net Property Investment 16,064,165 16,251,023 16,342,893 15,767,760 15,297,364
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 140,507 121,387 0 33,173 15,271
Construction in Progress 1,525,123 1,375,366 1,306,300 1,559,357 1,736,367
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 1,419,035 1,448,822 1,476,706 1,478,939 1,480,862
Obligations Under Leases NA NA 23,402 NA NA
Senior Unsecured Debt 6,152,243 6,150,633 5,852,764 5,649,091 5,510,897
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,571,278 7,599,455 7,352,872 7,128,030 6,991,759
Total Liabilities 8,266,813 8,305,371 8,020,719 7,835,285 7,652,491
Equity Attributable to Parent Company 10,398,188 10,335,124 10,388,046 10,333,813 10,282,412
Noncontrolling Interests 0 0 0 0 0
Total Equity 10,398,188 10,335,124 10,388,046 10,333,813 10,282,412
Market Capitalization($M) 23,758.30 22,729.70 24,637.40 24,637.50 26,535.50
Implied Market Cap($M) 23,759.60 22,731 24,638.70 24,638.80 26,536.90
Total Capitalization($M) 31,330.90 30,330.40 31,991.60 31,766.80 33,528.70
Total Enterprise Value($M) 31,229.30 30,193.20 31,924.50 31,730.80 33,475.20
Total Enterprise Value Plus JV Debt($M) 31,361.40 30,325.60 32,057.20 31,863.90 33,638
Income Statement ($000)
Rental Revenue 568,285 559,906 554,435 546,012 529,414
Rental Net Operating Income 397,940 388,602 392,066 376,984 368,146
NOI 397,940 388,602 392,066 376,984 368,146
Gain on Sale of Real Estate 105,571 (47) 92,788 59,031 44,067
Interest Expense 56,585 55,113 52,523 47,741 50,102
Revenue 569,961 562,232 560,556 571,648 531,574
Expense 420,931 420,598 415,819 392,456 410,389
Extraordinary Items 0 0 0 0 0
Net Income 254,543 141,590 237,486 238,199 165,194
Net Income Attributable to Noncontrolling Int (119) (53) (87) (49) (31)
Net Income Attributable to Parent 254,662 141,643 237,573 238,248 165,225
Net Income Avail to Common 253,935 141,213 236,904 237,576 164,757
FFO 305,761 300,137 301,208 323,517 262,296
Operating Funds from Operations, as Reported 307,617 301,796 310,881 303,334 288,389
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 5.46 3.06 5.19 5.28 3.68
ROAE(%) 9.82 5.47 9.17 9.24 6.43
Implied Capitalization Rate(%) 5.32 5.13 5.05 5 4.99
Dividend Payout Ratio(%) 79.89 142.72 82.56 82.56 118.33
Dividend Yield(%) 3.42 3.58 3.18 3.18 2.96
FFO Payout(%) 66.52 65.44 65.14 60.68 74.74
FFO/ Total Revenue(%) 53.65 53.38 53.73 56.59 49.34
Price/ LTM FFO(x) 19.30 19.10 21.10 21.30 23.60
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 27.20 29 28.10 27.90 26.40
Recurring EBITDA/ Interest Expense(x) 6.42 6.47 6.90 7.72 6.73
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.42 6.47 6.90 7.72 6.73
Debt and Preferred/ TEV(%) 24.56 25.50 23.35 22.79 21.27
Total Debt/ Gross Properties(%) 36.89 36.90 35.76 35.91 36.29
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 0 0 16.13 7
Changes and Trends (%)
Same-store NOI: Change 2.90 1.20 2 2.10 2.10
Same-store Revenue: Change from Prior 2.60 2.40 2.20 2.20 2.50
FFO Growth 16.57 7.12 4.56 11.74 (4.12)
FFO/Share Growth 16.30 6.40 4.30 10.90 (4.50)
EPS Growth, before Extraordinary 53.30 (40.10) (2.30) (33.60) (16.70)
Real Estate Investment Growth (0.51) 3.76 6.35 6.86 1.27
Per Share Information ($)
Common Shares Outstanding 138,218,259 138,208,280 138,094,154 138,086,893 138,083,281
Closing Price 171.89 164.46 178.41 178.42 192.17
Basic EPS before Extra 1.84 1.03 1.72 1.73 1.20
Diluted EPS before Extra 1.84 1.03 1.72 1.72 1.20
FFO/ Share 2.21 2.17 2.18 2.34 1.90
Operating FFO per Share, as Reported 2.23 2.18 2.25 2.19 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 1.47 1.42 1.42 1.42
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 51,773 65,183 76,663 21,601 21,601
Debt Maturing: Next FY 116,123 116,811 117,507 77,120 77,569
Debt Maturing: FY2 792,309 792,611 792,919 118,192 118,864
Debt Maturing: FY3 579,267 579,397 579,533 1,013,521 876,816
Debt Maturing: FY4 550,000 550,000 550,000 579,663 579,787
Debt Maturing: Thereafter 5,555,965 5,571,877 5,311,093 5,388,346 5,388,855
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 55,017 70,456 83,921 23,824 26,010
Debt Due during Next Fiscal Year 118,546 119,164 119,417 83,925 83,925
Debt Due during Second Fiscal Year 793,112 793,774 794,053 119,419 119,419
Debt Due during Third Fiscal Year 580,392 581,103 581,395 1,014,353 877,353
Debt Due during Fourth Fiscal Year 552,723 553,483 553,795 581,395 581,395
Debt Due Thereafter 5,545,647 5,557,899 5,271,732 5,375,527 5,375,390
Adjustments to Debt Principal Schedule (74,159) (76,424) (74,843) (70,413) (71,733)
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.