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, 2010 through 2014. 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.
COMPARATIVE SUMMARY OF SELECTED FINANCIAL AND PROPERTY DATA
Year Ended December 31,
(in thousands, except per share amounts and property data)
2014
2013
2012
2011
2010
Operating Data (a)
Total property revenues
$
843,978
$
788,851
$
698,318
$
599,401
$
547,756
Total property expenses
305,308
285,691
256,430
230,212
217,309
Total non-property income
14,611
21,197
16,407
21,395
28,337
Total other expenses
415,224
392,478
373,254
352,627
353,427
Income (loss) from continuing operations attributable to common shareholders
292,089
151,594
154,116
7,383
(5,357
)
Net income attributable to common shareholders
292,089
336,364
283,390
49,379
23,216
Earnings (loss) per common share from continuing operations:
Basic
$
3.29
$
1.70
$
1.81
$
0.09
$
(0.08
)
Diluted
3.27
1.69
1.79
0.09
(0.08
)
Total earnings per common share:
Basic
$
3.29
$
3.82
$
3.35
$
0.67
$
0.33
Diluted
3.27
3.78
3.30
0.66
0.33
Distributions declared per common share
$
2.64
$
2.52
$
2.24
$
1.96
$
1.80
Balance Sheet Data (at end of year)
Total real estate assets, at cost (b)
$
7,485,088
$
7,114,336
$
6,749,523
$
5,875,515
$
5,675,309
Total assets
6,056,907
5,632,141
5,385,172
4,622,075
4,699,737
Notes payable
2,743,539
2,530,766
2,510,468
2,432,112
2,563,754
Non-Qualified deferred compensation share awards
68,134
47,180
—
—
—
Perpetual preferred units
—
—
—
97,925
97,925
Equity
2,888,409
2,760,181
2,626,708
1,827,768
1,757,373
Other Data
Cash flows provided by (used in):
Operating activities
$
418,528
$
404,291
$
324,267
$
244,834
$
224,036
Investing activities
(325,886
)
(258,985
)
(527,685
)
(187,364
)
35,150
Financing activities
43,482
(154,181
)
174,928
(172,886
)
(152,767
)
Funds from operations – diluted (c)
378,043
368,321
313,337
207,535
194,309
Property Data
Number of operating properties (at the end of year) (d)
168
170
193
196
186
Number of operating apartment homes (at end of year) (d)
58,948
59,899
65,775
66,997
63,316
Number of operating apartment homes (weighted average) (e)
52,833
54,181
54,194
50,905
50,794
Weighted average monthly total property revenue per apartment home
$
1,331
$
1,270
$
1,207
$
1,142
$
1,072
Properties under development (at end of period)
13
14
9
10
2
(a)
Excludes discontinued operations.
(b)
Includes properties held for sale at net book value at December 31, 2014, 2012 and 2011.
(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. See "Funds from Operations" in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a reconciliation of net income attributable to common shareholders to FFO.
(d)
Includes properties held for sale at December 31, 2014, 2012 and 2011.
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