Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Set forth below is our selected financial data as of and for each of the years in the five-year period ended December 31 (dollars in thousands, except per share data):



	Year Ended December 31,
	2018		2017		2016		2015			2014
Statement of operations data:
Total revenues	$	1,846,689	$	1,848,378	$	2,129,294	$	1,940,489		$	1,636,833
Income (loss) from continuing operations	1,073,474		422,634		374,171		152,668			271,315
Net income (loss) applicable to common shares	1,058,424		413,013		626,549		(560,552		)	919,796
Basic earnings per common share:
Continuing operations	2.25		0.88		0.77		0.30			0.56
Discontinued operations	—		—		0.57		(1.51		)	1.45
Net income (loss) applicable to common shares	2.25		0.88		1.34		(1.21		)	2.01
Diluted earnings per common share:
Continuing operations	2.24		0.88		0.77		0.30			0.56
Discontinued operations	—		—		0.57		(1.51		)	1.44
Net income (loss) applicable to common shares	2.24		0.88		1.34		(1.21		)	2.00
Balance sheet data:
Total assets	12,718,553		14,088,461		15,759,265		21,449,849			21,331,436
Debt obligations(1)	5,567,908		7,880,466		9,189,495		11,069,003			9,721,269
Total equity	6,512,591		5,594,938		5,941,308		9,746,317			10,997,099
Other data:
Dividends paid	696,913		694,955		979,542		1,046,638			1,001,559
Dividends paid per common share(2)	1.480		1.480		2.095		2.260			2.180
Funds from operations (“NAREIT FFO”)(3)	780,189		661,113		1,119,153		(10,841		)	1,381,634
Diluted NAREIT FFO per common share(3)	1.66		1.41		2.39		(0.02		)	3.00
FFO as adjusted(3)	857,233		918,402		1,282,390		1,470,167			1,398,691
Diluted FFO as adjusted per common share(3)	1.82		1.95		2.74		3.16			3.04
Funds available for distribution (“FAD”)(3)	746,397		803,720		1,215,696		1,261,849			1,178,822


(1)	Includes bank line of credit, term loans, senior unsecured notes, mortgage debt and other debt.


(2)	Represents cash dividends. Additionally, in October 2016 we issued $6.17 per common share of stock dividends related to the Spin-Off.


(3)	For a more detailed discussion and reconciliation of NAREIT FFO, FFO as adjusted and FAD, see "Results of Operations" and “Non-GAAP Financial Measure Reconciliations” in Item 7 of this report.

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