filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following table sets forth selected, historical, consolidated financial data for the Company and should be read in conjunction with the Consolidated Financial Statements of the Company and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-K.
The Company believes that the book value of its real estate assets, which reflects the historical costs of such real estate assets less accumulated depreciation, is not indicative of the current market value of its properties. Historical operating results are not necessarily indicative of future operating performance.
| Year ended December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 201****6 | 201****5 | 201****4 | 201****3 | 2012(2) | ||||||||||||||||
| (in thousands, except per share information) | ||||||||||||||||||||
| Operating Data: | ||||||||||||||||||||
| Revenues from rental properties (1) | $ | 1,152,401 | $ | 1,144,474 | $ | 958,888 | $ | 825,210 | $ | 755,851 | ||||||||||
| Interest expense (2) | $ | 192,549 | $ | 218,891 | $ | 203,759 | $ | 212,240 | $ | 223,736 | ||||||||||
| Early extinguishment of debt charges | $ | 45,674 | $ | - | $ | - | $ | - | $ | - | ||||||||||
| Depreciation and amortization (2) | $ | 355,320 | $ | 344,527 | $ | 258,074 | $ | 224,713 | $ | 214,827 | ||||||||||
| Gain on sale of operating properties, net (2) | $ | 92,823 | $ | 132,908 | $ | 618 | $ | 2,798 | $ | 8,475 | ||||||||||
| Provision for income taxes, net (3) | $ | 78,583 | $ | 67,325 | $ | 22,438 | $ | 32,654 | $ | 15,603 | ||||||||||
| Impairment charges (4) | $ | 93,266 | $ | 45,383 | $ | 39,808 | $ | 32,247 | $ | 10,289 | ||||||||||
| Income from continuing operations (5) | $ | 378,850 | $ | 894,190 | $ | 375,133 | $ | 276,884 | $ | 172,760 | ||||||||||
| Income per common share, from continuing operations: | ||||||||||||||||||||
| Basic | $ | 0.79 | $ | 2.01 | $ | 0.77 | $ | 0.53 | $ | 0.19 | ||||||||||
| Diluted | $ | 0.79 | $ | 2.00 | $ | 0.77 | $ | 0.53 | $ | 0.19 | ||||||||||
| Weighted average number of shares of common stock: | ||||||||||||||||||||
| Basic | 418,402 | 411,319 | 409,088 | 407,631 | 405,997 | |||||||||||||||
| Diluted | 419,709 | 412,851 | 411,038 | 408,614 | 406,689 | |||||||||||||||
| Cash dividends declared per common share | $ | 1.035 | $ | 0.975 | $ | 0.915 | $ | 0.855 | $ | 0.78 |
| December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 201****6 | 201****5 | 201****4 | 201****3 | 201****2 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||
| Real estate, before accumulated depreciation | $ | 12,008,075 | $ | 11,568,809 | $ | 10,018,226 | $ | 9,123,344 | $ | 8,947,287 | ||||||||||
| Total assets | $ | 11,230,600 | $ | 11,344,171 | $ | 10,261,400 | $ | 9,644,247 | $ | 9,731,928 | ||||||||||
| Total debt | $ | 5,066,368 | $ | 5,376,310 | $ | 4,595,970 | $ | 4,202,018 | $ | 4,176,011 | ||||||||||
| Total stockholders' equity | $ | 5,256,139 | $ | 5,046,300 | $ | 4,774,785 | $ | 4,632,417 | $ | 4,765,160 | ||||||||||
| Cash flow provided by operations | $ | 592,096 | $ | 493,701 | $ | 629,343 | $ | 570,035 | $ | 479,054 | ||||||||||
| Cash flow provided by/(used for) investing activities | $ | 165,383 | $ | 21,365 | $ | 126,705 | $ | 72,235 | $ | (51,000 | ) | |||||||||
| Cash flow used for financing activities | $ | (804,527 | ) | $ | (512,854 | ) | $ | (717,494 | ) | $ | (635,377 | ) | $ | (399,061 | ) |
(1) Does not include revenues (i) from rental properties relating to unconsolidated joint ventures and (ii) from properties included in discontinued operations.
(2) Does not include amounts reflected in discontinued operations.
(3) Does not include amounts reflected in discontinued operations. Amounts include income taxes related to gain on sale of operating properties.
(4) Amounts exclude noncontrolling interests and amounts reflected in discontinued operations.
(5) Amounts include gain on sale of operating properties, net of tax and net of income attributable to noncontrolling interests.
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