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, 2009 through 2013. 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)
2013
2012
2011
2010
2009
Operating Data (a)
Total property revenues
$
788,851
$
698,318
$
599,401
$
547,756
$
547,047
Total property expenses
285,691
256,430
230,212
217,309
212,005
Total non-property income
21,197
16,407
21,395
28,337
25,443
Total other expenses
392,478
373,254
352,627
353,427
356,533
Income (loss) from continuing operations attributable to common shareholders
151,594
154,116
7,383
(5,357
)
(90,621
)
Net income (loss) attributable to common shareholders
336,364
283,390
49,379
23,216
(50,800
)
Income (loss) from continuing operations attributable to common shareholders per share:
Basic
$
1.70
$
1.81
$
0.09
$
(0.08
)
$
(1.44
)
Diluted
1.69
1.79
0.09
(0.08
)
(1.44
)
Net income (loss) attributable to common shareholders per share:
Basic
$
3.82
$
3.35
$
0.67
$
0.33
$
(0.80
)
Diluted
3.78
3.30
0.66
0.33
(0.80
)
Distributions declared per common share
$
2.52
$
2.24
$
1.96
$
1.80
$
2.05
Balance Sheet Data (at end of year)
Total real estate assets, at cost (b)
$
7,114,336
$
6,749,523
$
5,875,515
$
5,675,309
$
5,505,168
Total assets
5,632,141
5,385,172
4,622,075
4,699,737
4,607,999
Notes payable
2,530,766
2,510,468
2,432,112
2,563,754
2,625,199
Non-Qualified deferred compensation share awards
47,180
—
—
—
—
Perpetual preferred units
—
—
97,925
97,925
97,925
Equity
2,760,181
2,626,708
1,827,768
1,757,373
1,609,013
Other Data
Cash flows provided by (used in):
Operating activities
$
404,291
$
324,267
$
244,834
$
224,036
$
217,688
Investing activities
(258,985
)
(527,685
)
(187,364
)
35,150
(69,516
)
Financing activities
(154,181
)
174,928
(172,886
)
(152,767
)
(91,423
)
Funds from operations – diluted (c)
368,321
313,337
207,535
194,309
109,947
Property Data
Number of operating properties (at the end of year) (d)
170
193
196
186
183
Number of operating apartment homes (at end of year) (d)
59,899
65,775
66,997
63,316
63,286
Number of operating apartment homes (weighted average) (e)
54,181
54,194
50,905
50,794
50,608
Weighted average monthly total property revenue per apartment home
$
1,270
$
1,207
$
1,142
$
1,072
$
1,086
Properties under development (at end of period)
14
9
10
2
2
(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.
(d)
Includes properties held for sale at December 31, 2012 and 2011.
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