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, 2008 through 2012. 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)
2012
2011
2010
2009
2008
Operating Data (a)
Total property revenues
$
727,908
$
621,074
$
568,072
$
567,957
$
567,335
Total property expenses
269,669
240,128
226,778
221,451
214,228
Total non-property income (loss)
16,407
21,395
28,337
25,443
(19,540
)
Total other expenses
381,694
358,268
358,921
361,974
316,945
Income (loss) from continuing operations attributable to common shareholders
161,665
13,172
(295
)
(84,925
)
(31,146
)
Net income (loss) attributable to common shareholders
283,390
49,379
23,216
(50,800
)
70,973
Income (loss) from continuing operations attributable to common shareholders per share:
Basic
$
1.90
$
0.17
$
(0.01
)
$
(1.35
)
$
(0.57
)
Diluted
1.88
0.17
(0.01
)
(1.35
)
(0.57
)
Net income (loss) attributable to common shareholders per share:
Basic
$
3.35
$
0.67
$
0.33
$
(0.80
)
$
1.28
Diluted
3.30
0.66
0.33
(0.80
)
1.28
Distributions declared per common share
$
2.24
$
1.96
$
1.80
$
2.05
$
2.80
Balance Sheet Data (at end of year)
Total real estate assets, at cost (b)
$
6,749,523
$
5,875,515
$
5,675,309
$
5,505,168
$
5,491,593
Total assets
5,385,172
4,622,075
4,699,737
4,607,999
4,730,342
Notes payable
2,510,468
2,432,112
2,563,754
2,625,199
2,832,396
Perpetual preferred units
—
97,925
97,925
97,925
97,925
Equity
2,626,708
1,827,768
1,757,373
1,609,013
1,501,356
Other Data
Cash flows provided by (used in):
Operating activities
$
324,267
$
244,834
$
224,036
$
217,688
$
216,958
Investing activities
(527,685
)
(187,364
)
35,150
(69,516
)
(37,374
)
Financing activities
174,928
(172,886
)
(152,767
)
(91,423
)
(173,074
)
Funds from operations – diluted (c)
313,337
207,535
194,309
109,947
169,585
Property Data
Number of operating properties (at the end of year) (d)
193
196
186
183
181
Number of operating apartment homes (at end of year) (d)
65,775
66,997
63,316
63,286
62,903
Number of operating apartment homes (weighted average) (d)(e)
54,194
50,905
50,794
50,608
51,277
Weighted average monthly total property revenue per apartment home
$
1,182
$
1,121
$
1,051
$
1,065
$
1,087
Properties under development (at end of period)
9
10
2
2
5
(a)
Excludes discontinued operations.
(b)
Includes properties held for sale at book value.
(c)
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, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling 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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