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, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2018 | 2017 | 2016**** | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Operating Data: | ||||||||||||||||||||
| Revenues from rental properties, net | $ | 1,044,888 | $ | 1,142,334 | $ | 1,149,603 | $ | 1,183,785 | $ | 1,152,401 | ||||||||||
| Impairment charges (1) | $ | (6,624 | ) | $ | (48,743 | ) | $ | (79,207 | ) | $ | (67,331 | ) | $ | (93,266 | ) | |||||
| Depreciation and amortization | $ | (288,955 | ) | $ | (277,879 | ) | $ | (310,380 | ) | $ | (360,811 | ) | $ | (355,320 | ) | |||||
| Gain on sale of properties/change in control of interests (1) | $ | 6,484 | $ | 79,218 | $ | 229,840 | $ | 93,538 | $ | 92,823 | ||||||||||
| Gain/(loss) on marketable securities, net (1) (2) | $ | 594,753 | $ | 829 | $ | (3,487 | ) | $ | - | $ | - | |||||||||
| Interest expense | $ | (186,904 | ) | $ | (177,395 | ) | $ | (183,339 | ) | $ | (191,956 | ) | $ | (192,549 | ) | |||||
| Early extinguishment of debt charges | $ | (7,538 | ) | $ | - | $ | (12,762 | ) | $ | (1,753 | ) | $ | (45,674 | ) | ||||||
| (Provision)/benefit for income taxes, net | $ | (978 | ) | $ | 3,317 | $ | (1,600 | ) | $ | 880 | $ | (78,583 | ) | |||||||
| Net income | $ | 1,002,877 | $ | 413,561 | $ | 498,463 | $ | 439,671 | $ | 386,138 | ||||||||||
| Net income attributable to the Company | $ | 1,000,833 | $ | 410,605 | $ | 497,795 | $ | 426,075 | $ | 378,850 | ||||||||||
| Net income available to the Company’s common shareholders | $ | 975,417 | $ | 339,988 | $ | 439,604 | $ | 372,461 | $ | 332,630 | ||||||||||
| Earnings per common share: | ||||||||||||||||||||
| Net income available to the Company’s common shareholders: | ||||||||||||||||||||
| Basic | $ | 2.26 | $ | 0.80 | $ | 1.02 | $ | 0.87 | $ | 0.79 | ||||||||||
| Diluted | $ | 2.25 | $ | 0.80 | $ | 1.02 | $ | 0.87 | $ | 0.79 | ||||||||||
| Weighted average shares of common stock: | ||||||||||||||||||||
| Basic | 429,950 | 420,370 | 420,641 | 423,614 | 418,402 | |||||||||||||||
| Diluted | 431,633 | 421,799 | 421,379 | 424,019 | 419,709 | |||||||||||||||
| Cash dividends declared per common share | $ | 0.540 | $ | 1.120 | $ | 1.120 | $ | 1.090 | $ | 1.035 | ||||||||||
| Cash flow provided by operations | $ | 589,913 | $ | 583,628 | $ | 637,936 | $ | 614,181 | $ | 592,096 | ||||||||||
| Cash flow (used for)/provided by investing activities | $ | (33,273 | ) | $ | (120,421 | ) | $ | 253,645 | $ | (294,280 | ) | $ | 165,383 | |||||||
| Cash flow used for financing activities | $ | (387,399 | ) | $ | (482,841 | ) | $ | (986,513 | ) | $ | (223,874 | ) | $ | (804,527 | ) |
| December 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2018 | 2017 | 2016**** | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||
| Real estate, before accumulated depreciation | $ | 12,068,827 | $ | 11,929,276 | $ | 11,877,190 | $ | 12,653,446 | $ | 12,008,075 | ||||||||||
| Total assets | $ | 11,614,498 | $ | 10,997,867 | $ | 10,999,100 | $ | 11,763,726 | $ | 11,230,600 | ||||||||||
| Total debt | $ | 5,355,480 | $ | 5,315,767 | $ | 4,873,872 | $ | 5,478,927 | $ | 5,066,368 | ||||||||||
| Total stockholders' equity | $ | 5,608,044 | $ | 4,864,892 | $ | 5,333,804 | $ | 5,394,244 | $ | 5,256,139 |
| (1) | Amounts exclude noncontrolling interests. |
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| (2) | On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). In accordance with the adoption of ASU 2016-01, the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in accumulated other comprehensive income. |
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