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, 2015 through 2019. 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)
2019
2018
2017
2016
2015
Operating Data (a)
Property revenues
$
1,028,461
$
954,505
$
900,896
$
876,447
$
835,618
Total property expenses
366,347
343,579
328,742
311,355
301,000
Total non-property income
33,480
2,797
27,795
14,577
7,332
Total other expenses
522,924
459,441
447,595
425,190
412,022
Income from continuing operations attributable to common shareholders
219,623
156,128
196,422
436,981
229,565
Net income attributable to common shareholders
219,623
156,128
196,422
819,823
249,315
Earnings per common share from continuing operations:
Basic
$
2.23
$
1.63
$
2.14
$
4.81
$
2.55
Diluted
2.22
1.63
2.13
4.79
2.54
Total earnings per common share:
Basic
$
2.23
$
1.63
$
2.14
$
9.08
$
2.77
Diluted
2.22
1.63
2.13
9.05
2.76
Distributions declared per common share
$
3.20
$
3.08
$
3.00
$
3.00
$
2.80
Special dividend per common share (b)
$
—
$
—
$
—
$
4.25
$
—
Balance Sheet Data (at end of year)
Total real estate assets, at cost (c)
$
9,115,793
$
8,328,475
$
7,667,743
$
7,376,690
$
7,387,597
Total assets
6,748,504
6,219,586
6,173,748
6,028,152
6,037,612
Notes payable
2,524,099
2,321,603
2,204,598
2,480,588
2,724,687
Non-qualified deferred compensation share awards
—
52,674
77,230
77,037
79,364
Equity
3,701,724
3,385,104
3,484,714
3,095,553
2,892,896
Other Data
Cash flows provided by (used in):
Operating activities
$
555,597
$
503,747
$
434,656
$
443,063
$
423,238
Investing activities
(792,445
)
(640,921
)
(189,754
)
690,412
(293,235
)
Financing activities
220,744
(197,028
)
(112,923
)
(904,237
)
(273,231
)
Funds from operations – diluted (d)
505,388
463,982
424,072
425,464
414,497
Adjusted funds from operations – diluted (d)
433,216
391,686
359,314
366,380
350,328
Property Data
Number of operating properties (at the end of year) (e)
164
161
155
152
172
Number of operating apartment homes (at end of year) (e)
56,107
55,160
53,033
52,793
59,792
Number of operating apartment homes (weighted average) (e) (f)
48,549
46,925
46,210
46,934
47,088
Weighted average monthly total property revenue per apartment home (a) (f)
$
1,765
$
1,695
$
1,625
$
1,556
$
1,479
Properties under development (at end of period)
8
6
7
7
8
(a)
Excludes discontinued operations. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," in the Notes to Consolidated Financial Statements for further discussion of discontinued operations.
In addition to our 2016 quarterly dividends, our Board of Trust Managers declared a special dividend to our common shareholders of record as of September 23, 2016, consisting of gains on disposition of assets completed in 2016 which was paid on September 30, 2016.
(c)
Includes operating properties held for sale at net book value and excludes properties from discontinued operations and joint ventures for all periods presented.
(d)
Management considers Funds from Operations (“FFO”) and adjusted FFO ("AFFO") to be appropriate supplementary 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 the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. 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 operating properties held for sale and discontinued operating properties held for sale for all periods presented.
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