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, 2012 through 2016. 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)
2016
2015
2014
2013
2012
Operating Data (a)
Total property revenues
$
876,447
$
835,618
$
790,263
$
737,033
$
648,041
Total property expenses
311,355
301,000
285,700
266,572
237,715
Total non-property income
14,577
7,332
14,611
21,197
16,407
Total other expenses
425,190
412,022
399,314
377,026
355,672
Income from continuing operations attributable to common shareholders
436,981
229,565
273,892
134,347
140,136
Net income attributable to common shareholders
819,823
249,315
292,089
336,364
283,390
Earnings per common share from continuing operations:
Basic
$
4.81
$
2.55
$
3.08
$
1.50
$
1.64
Diluted
4.79
2.54
3.06
1.50
1.63
Total earnings per common share:
Basic
$
9.08
$
2.77
$
3.29
$
3.82
$
3.35
Diluted
9.05
2.76
3.27
3.78
3.32
Distributions declared per common share
$
3.00
$
2.80
$
2.64
$
2.52
$
2.24
Special dividend per common share (b)
$
4.25
$
—
$
—
$
—
$
—
Balance Sheet Data (at end of year)
Total real estate assets, at cost (c)
$
7,376,690
$
7,387,597
$
7,025,376
$
6,655,139
$
6,262,645
Total assets
6,028,152
6,037,612
6,043,981
5,619,354
5,372,666
Notes payable
2,480,588
2,724,687
2,730,613
2,517,979
2,497,962
Non-qualified deferred compensation share awards
77,037
79,364
68,134
47,180
—
Equity
3,095,553
2,892,896
2,888,409
2,760,181
2,626,708
Other Data
Cash flows provided by (used in):
Operating activities
$
443,063
$
423,238
$
418,528
$
404,291
$
324,267
Investing activities (d)
690,412
(293,235
)
(326,587
)
(258,377
)
(526,770
)
Financing activities
(904,237
)
(273,231
)
43,482
(154,181
)
174,928
Funds from operations – diluted (e)
425,464
414,497
378,043
368,321
313,337
Adjusted funds from operations – diluted (e)
366,380
350,328
318,189
301,291
250,292
Property Data
Number of operating properties (at the end of year) (f)
152
172
168
170
193
Number of operating apartment homes (at end of year) (f)
52,793
59,792
58,948
59,899
65,775
Number of operating apartment homes (weighted average) (f) (g)
46,934
47,088
47,915
46,841
43,337
Weighted average monthly total property revenue per apartment home (a)
$
1,556
$
1,479
$
1,374
$
1,311
$
1,246
Properties under development (at end of period)
7
8
13
14
9
(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)
A special dividend was paid on September 30, 2016. Refer to Note 4 "Common Shares" in the Notes to the Consolidated Financial Statements for further discussion of the special dividend.
(c)
Includes operating properties held for sale at net book value and excludes discontinued operating properties and joint ventures for all periods presented.
(d)
All periods presented have been changed to reflect our adoption of Accounting Standards Update 2016-18 ("ASU 2016-18"),"Statement of Cash Flows: Restricted Cash (A Consensus of the Emerging Issues Task Force)", which required retrospective application. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for further discussion.
(e)
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.
(f)
Includes operating properties held for sale and discontinued operating properties held for sale for all periods presented.
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