filings.toolsItem 6. Selected Financial Data
6K characters. Original on sec.gov ·
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, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2016**** | 2015**** | 2014**** | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Operating Data: | ||||||||||||||||||||
| Revenues from rental properties (1) | $ | 882,345 | $ | 912,670 | $ | 893,365 | $ | 885,278 | $ | 739,917 | ||||||||||
| Reimbursement income (1) | $ | 246,381 | $ | 247,563 | $ | 239,015 | $ | 238,151 | $ | 201,036 | ||||||||||
| Other rental property income (1) | $ | 20,877 | $ | 23,552 | $ | 20,021 | $ | 21,045 | $ | 17,935 | ||||||||||
| Interest expense (1) | $ | (183,339 | ) | $ | (191,956 | ) | $ | (192,549 | ) | $ | (218,891 | ) | $ | (203,759 | ) | |||||
| Early extinguishment of debt charges | $ | (12,762 | ) | $ | (1,753 | ) | $ | (45,674 | ) | $ | - | $ | - | |||||||
| Depreciation and amortization (1) | $ | (310,380 | ) | $ | (360,811 | ) | $ | (355,320 | ) | $ | (344,527 | ) | $ | (258,074 | ) | |||||
| Gain on sale of operating properties/change in control of interests (1) | $ | 229,840 | $ | 93,538 | $ | 92,823 | $ | 132,908 | $ | 618 | ||||||||||
| (Provision)/benefit for income taxes, net (1) | $ | (1,600 | ) | $ | 880 | $ | (78,583 | ) | $ | (67,325 | ) | $ | (22,438 | ) | ||||||
| Impairment charges (2) | $ | (79,207 | ) | $ | (67,331 | ) | $ | (93,266 | ) | $ | (45,383 | ) | $ | (39,808 | ) | |||||
| Income from continuing operations | $ | 498,463 | $ | 439,671 | $ | 386,138 | $ | 900,218 | $ | 384,895 | ||||||||||
| Net income | $ | 498,463 | $ | 439,671 | $ | 386,138 | $ | 900,143 | $ | 435,880 | ||||||||||
| Net income attributable to the Company | $ | 497,795 | $ | 426,075 | $ | 378,850 | $ | 894,115 | $ | 424,001 | ||||||||||
| Net income available to the Company’s common shareholders | $ | 439,604 | $ | 372,461 | $ | 332,630 | $ | 831,215 | $ | 365,707 | ||||||||||
| Earnings per common share: | ||||||||||||||||||||
| Income from continuing operations: | ||||||||||||||||||||
| Basic | $ | 1.02 | $ | 0.87 | $ | 0.79 | $ | 2.01 | $ | 0.77 | ||||||||||
| Diluted | $ | 1.02 | $ | 0.87 | $ | 0.79 | $ | 2.00 | $ | 0.77 | ||||||||||
| Net income available to the Company’s common shareholders: | ||||||||||||||||||||
| Basic | $ | 1.02 | $ | 0.87 | $ | 0.79 | $ | 2.01 | $ | 0.89 | ||||||||||
| Diluted | $ | 1.02 | $ | 0.87 | $ | 0.79 | $ | 2.00 | $ | 0.89 | ||||||||||
| Weighted average number of shares of common stock: | ||||||||||||||||||||
| Basic | 420,641 | 423,614 | 418,402 | 411,319 | 409,088 | |||||||||||||||
| Diluted | 421,379 | 424,019 | 419,709 | 412,851 | 411,038 | |||||||||||||||
| Cash dividends declared per common share | $ | 1.120 | $ | 1.090 | $ | 1.035 | $ | 0.975 | $ | 0.915 |
| December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2016**** | 2015**** | 2014**** | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||
| Real estate, before accumulated depreciation | $ | 11,877,190 | $ | 12,653,446 | $ | 12,008,075 | $ | 11,568,809 | $ | 10,018,226 | ||||||||||
| Total assets | $ | 10,999,100 | $ | 11,763,726 | $ | 11,230,600 | $ | 11,344,171 | $ | 10,261,400 | ||||||||||
| Total debt | $ | 4,873,872 | $ | 5,478,927 | $ | 5,066,368 | $ | 5,376,310 | $ | 4,595,970 | ||||||||||
| Total stockholders' equity | $ | 5,333,804 | $ | 5,394,244 | $ | 5,256,139 | $ | 5,046,300 | $ | 4,774,785 | ||||||||||
| Cash flow provided by operations | $ | 637,936 | $ | 614,181 | $ | 592,096 | $ | 493,701 | $ | 629,343 | ||||||||||
| Cash flow provided/(used for) by investing activities | $ | 253,645 | $ | (294,280 | ) | $ | 165,383 | $ | 21,365 | $ | 126,705 | |||||||||
| Cash flow used for financing activities | $ | (986,513 | ) | $ | (223,874 | ) | $ | (804,527 | ) | $ | (512,854 | ) | $ | (717,494 | ) |
(1) Does not include amounts reflected in discontinued operations.
(2) Amounts exclude noncontrolling interests and amounts reflected in discontinued operations.
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