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, 2007 through 2011. 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
September 30,
September 30,
September 30,
September 30,
September 30,
Year Ended December 31,
(in thousands, except per share amounts and property data)
2011
2010
2009
2008
2007
Operating Data (a)
Total property revenues
$
655,868
$
601,450
$
602,648
$
602,932
$
568,060
Total property expenses
256,679
242,912
237,599
230,275
209,042
Total non-property income (loss)
21,395
28,337
25,443
(19,540
)
25,002
Total other expenses
367,008
367,523
370,660
325,469
333,838
Income (loss) from continuing operations attributable to common shareholders
22,546
8,242
(75,201
)
(20,340
)
35,480
Net income (loss) attributable to common shareholders
49,379
23,216
(50,800
)
70,973
148,457
Income (loss) from continuing operations attributable to common shareholders per share:
Basic
$
0.30
$
0.11
$
(1.19
)
$
(0.37
)
$
0.60
Diluted
0.30
0.11
(1.19
)
(0.37
)
0.59
Net income (loss) attributable to common shareholders per share:
Basic
$
0.67
$
0.33
$
(0.80
)
$
1.28
$
2.54
Diluted
0.66
0.33
(0.80
)
1.28
2.50
Distributions declared per common share
$
1.96
$
1.80
$
2.05
$
2.80
$
2.76
Balance Sheet Data (at end of year)
Total real estate assets, at cost (e)
$
5,875,515
$
5,675,309
$
5,505,168
$
5,491,593
$
5,527,403
Total assets
4,622,075
4,699,737
4,607,999
4,730,342
4,890,760
Notes payable
2,432,112
2,563,754
2,625,199
2,832,396
2,828,095
Perpetual preferred units
97,925
97,925
97,925
97,925
97,925
Equity
1,827,768
1,757,373
1,609,013
1,501,356
1,653,340
Other Data
Cash flows provided by (used in):
Operating activities
$
244,834
$
224,036
$
217,688
$
216,958
$
223,106
Investing activities
(187,364
)
35,150
(69,516
)
(37,374
)
(346,798
)
Financing activities
(172,886
)
(152,767
)
(91,423
)
(173,074
)
123,555
Funds from operations – diluted (b)
207,535
194,309
109,947
169,585
227,153
Property Data
Number of operating properties (at the end of year)(c)
196
186
183
181
182
Number of operating apartment homes (at end of year) (c)
66,997
63,316
63,286
62,903
63,085
Number of operating apartment homes (weighted average) (c)(d)
50,905
50,794
50,608
51,277
53,132
Weighted average monthly total property revenue per apartment home
$
1,098
$
1,030
$
1,045
$
1,067
$
1,032
Properties under development (at end of period)
10
2
2
5
11
(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.
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