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, 2011 through 2015. 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)
2015
2014
2013
2012
2011
Operating Data (a)
Total property revenues
$
892,928
$
843,978
$
788,851
$
698,318
$
599,401
Total property expenses
321,716
305,308
285,691
256,430
230,212
Total non-property income
7,332
14,611
21,197
16,407
21,395
Total other expenses
428,866
415,224
392,478
373,254
352,627
Income from continuing operations attributable to common shareholders
249,315
292,089
151,594
154,116
7,383
Net income attributable to common shareholders
249,315
292,089
336,364
283,390
49,379
Earnings per common share from continuing operations:
Basic
$
2.77
$
3.29
$
1.70
$
1.81
$
0.09
Diluted
2.76
3.27
1.69
1.79
0.09
Total earnings per common share:
Basic
$
2.77
$
3.29
$
3.82
$
3.35
$
0.67
Diluted
2.76
3.27
3.78
3.30
0.66
Distributions declared per common share
$
2.80
$
2.64
$
2.52
$
2.24
$
1.96
Balance Sheet Data (at end of year)
Total real estate assets, at cost (b)
$
7,858,354
$
7,485,088
$
7,114,336
$
6,749,523
$
5,875,515
Total assets (c)
6,037,612
6,043,981
5,619,354
5,372,666
4,610,532
Notes payable (c)
2,724,687
2,730,613
2,517,979
2,497,962
2,420,569
Non-qualified deferred compensation share awards
79,364
68,134
47,180
—
—
Perpetual preferred units
—
—
—
—
97,925
Equity
2,892,896
2,888,409
2,760,181
2,626,708
1,827,768
Other Data
Cash flows provided by (used in):
Operating activities
$
423,238
$
418,528
$
404,291
$
324,267
$
244,834
Investing activities
(293,308
)
(325,886
)
(258,985
)
(527,685
)
(187,364
)
Financing activities
(273,231
)
43,482
(154,181
)
174,928
(172,886
)
Funds from operations – diluted (d)
414,497
378,043
368,321
313,337
207,535
Adjusted funds from operations – diluted (d)
350,328
318,189
301,291
250,292
153,830
Property Data
Number of operating properties (at the end of year) (e)
172
168
170
193
196
Number of operating apartment homes (at end of year) (e)
59,792
58,948
59,899
65,775
66,997
Number of operating apartment homes (weighted average) (f)
52,006
52,833
54,181
54,194
50,905
Weighted average monthly total property revenue per apartment home
$
1,431
$
1,331
$
1,270
$
1,207
$
1,142
Properties under development (at end of period)
8
13
14
9
10
(a)
Excludes discontinued operations. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," and Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," in the notes to Consolidated Financial Statements for further discussion of discontinued operations.
(b)
Includes properties held for sale at net book value at December 31, 2014, 2012 and 2011.
(c)
All periods presented have been changed to reflect our adoption of Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs” (as supplemented by Accounting Standards Update 2015-15 [“ASU 2015-15”], “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”) at December 31, 2015, which required retrospective application.
(d)
Management considers Funds from Operations (“FFO”) and adjusted FFO ("AFFO") to be appropriate measures 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 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 depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. AFFO is calculated utilizing FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. We also consider AFFO to be a useful supplemental measure because it is frequently used by analysts and investors to evaluate a REIT's operating performance between periods or different companies. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. To facilitate a clear understanding of our consolidated historical operating results, we believe FFO and AFFO should be examined in conjunction with net income attributable to common shareholders as presented in the consolidated statements of income and comprehensive income and data included elsewhere in this report. FFO and AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO and AFFO as disclosed by other REITs may not be comparable to our calculation. See "Funds from Operations and Adjusted FFO" in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" for reconciliations of net income attributable to common shareholders to FFO and AFFO.
(e)
Includes properties held for sale at December 31, 2014, 2012 and 2011.
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