Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following table provides selected financial data relating to our historical financial condition and results of operations as of and for each of the years ended December 31, 2006 through 2010. This data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes. Prior year amounts have been reclassified for discontinued operations.

COMPARATIVE SUMMARY OF SELECTED FINANCIAL AND PROPERTY DATA

Year Ended December 31,
(in thousands, except per share amounts and property data)20102009200820072006
Operating Data (a)
Total property revenues$610,404$612,010$612,408$577,429$553,237
Total property expenses247,500242,071234,594213,369207,855
Total non-property income (loss)28,33725,443(19,540)25,00235,530
Total other expenses370,010373,137327,952336,219342,468
Income (loss) from continuing operations attributable to common shareholders10,121(72,788)(17,666)38,141118,367
Net income (loss) attributable to common shareholders23,216(50,800)70,973148,457232,846
Income (loss) from continuing operations attributable to common shareholders per share:
Basic$0.14$(1.15)$(0.32)$0.64$2.06
Diluted0.14(1.15)(0.32)0.632.00
Net income (loss) attributable to common shareholders per share
Basic$0.33$(0.80)$1.28$2.54$4.08
Diluted0.33(0.80)1.282.503.93
Distributions declared per common share$1.80$2.05$2.80$2.76$2.64
Balance Sheet Data (at end of year)
Total real estate assets, at cost$5,675,309$5,505,168$5,491,593$5,527,403$5,141,467
Total assets4,699,7374,607,9994,730,3424,890,7604,586,050
Notes payable2,563,7542,625,1992,832,3962,828,0952,330,976
Perpetual preferred units97,92597,92597,92597,92597,925
Equity1,757,3731,609,0131,501,3561,653,3401,859,942
Other Data
Cash flows provided by (used in):
Operating activities$224,036$217,688$216,958$223,106$231,569
Investing activities35,150(69,516)(37,374)(346,798)(52,067)
Financing activities(152,767)(91,423)(173,074)123,555(180,044)
Funds from operations — diluted (b)194,309109,947169,585227,153237,790
Property Data
Number of operating properties (at the end of year) (c)186183181182186
Number of operating apartment homes (at end of year) (c)63,31663,28662,90363,08563,843
Number of operating apartment homes (weighted average) (c)(d)50,79450,60851,27753,13255,850
Weighted average monthly total property revenue per apartment home$1,021$1,036$1,058$1,023$969
Properties under development (at end of period)2251111
(a)Excludes discontinued operations.
(b)Management considers Funds from Operations (“FFO”) to be an appropriate measure of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain noncontrolling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate between periods or as compared to different companies.
(c)Includes discontinued operations.
(d)Excludes apartment homes owned in joint ventures.
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