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,
2017
2016****
2015****
2014****
2013****
(in thousands, except per share information)
Operating Data:
Revenues from rental properties (1)
$
1,183,785
$
1,152,401
$
1,144,474
$
958,888
$
825,210
Interest expense (2)
$
191,956
$
192,549
$
218,891
$
203,759
$
212,240
Early extinguishment of debt charges
$
1,753
$
45,674
$
-
$
-
$
-
Depreciation and amortization (2)
$
360,811
$
355,320
$
344,527
$
258,074
$
224,713
Gain on sale of operating properties, net (2)
$
93,538
$
92,823
$
132,908
$
618
$
2,798
Benefit/(provision) for income taxes, net (3)
$
880
$
(78,583
)
$
(67,325
)
$
(22,438
)
$
(32,654
)
Impairment charges (4)
$
67,331
$
93,266
$
45,383
$
39,808
$
32,247
Income from continuing operations (5)
$
426,075
$
378,850
$
894,190
$
375,133
$
276,884
Income per common share, from continuing operations:
Basic
$
0.87
$
0.79
$
2.01
$
0.77
$
0.53
Diluted
$
0.87
$
0.79
$
2.00
$
0.77
$
0.53
Weighted average number of shares of common stock:
Basic
423,614
418,402
411,319
409,088
407,631
Diluted
424,019
419,709
412,851
411,038
408,614
Cash dividends declared per common share
$
1.090
$
1.035
$
0.975
$
0.915
$
0.855
December 31,
2017
2016****
2015****
2014****
2013****
(in thousands)
Balance Sheet Data:
Real estate, before accumulated depreciation
$
12,653,446
$
12,008,075
$
11,568,809
$
10,018,226
$
9,123,344
Total assets
$
11,763,726
$
11,230,600
$
11,344,171
$
10,261,400
$
9,644,247
Total debt
$
5,478,927
$
5,066,368
$
5,376,310
$
4,595,970
$
4,202,018
Total stockholders' equity
$
5,394,244
$
5,256,139
$
5,046,300
$
4,774,785
$
4,632,417
Cash flow provided by operations
$
614,181
$
592,096
$
493,701
$
629,343
$
570,035
Cash flow (used for)/provided by investing activities
$
(294,280
)
$
165,383
$
21,365
$
126,705
$
72,235
Cash flow used for financing activities
$
(223,874
)
$
(804,527
)
$
(512,854
)
$
(717,494
)
$
(635,377
)
(1)
Does not include revenues from rental properties relating to (i) unconsolidated joint ventures and (ii) 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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