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Trend Analysis--Quarterly (click here for Annual Analysis)

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Funds From Operations
 2013 Q42012 Q4Y-Y
Ch (%)
2013 Q3Q-Q
Ch (%)
Funds from Operations ($000)93,92180,24217.0598,015(16.71)
FFO per Share ($)0.360.3020.000.37(10.81)
AFFO per Share0.300.31(3.23)0.31(12.90)
Income Statement ($000)
 2013 Q42012 Q4Y-Y
Ch (%)
2013 Q3Q-Q
Ch (%)
Rental Revenue190,321182,4454.32190,379(0.12)
Partnership Income(2,665)(2,757)(3.34)(3,794)(119.03)
Total Revenue192,079183,6624.58190,6213.06
Rental Operating Expense67,29564,0455.0768,759(8.52)
Expenses203,769197,8732.98190,04428.89
Net Income38,002(12,955)NM3,2354,298.86
Rental NOI123,026118,4003.91121,6204.62
Diluted EPS before Extraordinary Items ($)(0.02)(0.05)(60.00)0.01NM
Diluted EPS after Extraordinary Items ($)0.14(0.05)NM0.015,200.00
Dividends Declared per Common Share ($)0.23500.22006.820.23500.00
Avg Diluted Shares Out (actual)249,987,307249,808,6190.07251,454,000(2.33)
Balance Sheet ($000)
 2013 Q42012 Q4Y-Y
Ch (%)
2013 Q3Q-Q
Ch (%)
Properties at Cost: Operational7,723,8447,564,7802.107,626,5865.10
Accumulated Depreciation2,200,8151,923,42914.422,153,1418.86
Net Properties: Operational5,523,0295,641,351(2.10)5,473,4453.62
Land Held for Development110,769151,154(26.72)112,091(4.72)
Total Real Estate Investments6,589,8716,672,783(1.24)6,558,8121.89
Total Assets6,807,7226,859,103(0.75)6,756,0663.06
Total Debt3,523,7033,409,3333.353,463,1726.99
Total Liabilities3,777,6213,641,8533.733,706,1977.71
Common Equity2,765,0772,946,345(6.15)2,781,448(2.35)
Common Shares Outstanding (actual)250,749,665250,139,4080.24250,743,0210.01
Convertible Operating Partnership Units (actual)7,567,2527,643,547(1.00)7,571,702(0.24)
Same Store Operations
 2013 Q42012 Q4Y-Y
Ch (bp)
2013 Q3Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%)5.407.30(190)6.00(60)
EBITDA
 2013 Q42012 Q4Y-Y
Ch (bp)
2013 Q3Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x)3.393.55(16)3.57(18)
Recurring EBITDA/ Interest & Preferred Dividends (x)3.303.45(15)3.47(16)
Income Statement Ratios
 2013 Q42012 Q4Y-Y
Ch (bp)
2013 Q3Q-Q
Ch (bp)
Dividend Payout to FFO (%)65.2873.33(11)63.5111
G&A/ Revenue (%)6.005.5195.963
Profitability Ratios
 2013 Q42012 Q4Y-Y
Ch (bp)
2013 Q3Q-Q
Ch (bp)
Return on Average Assets (%)2.24(0.75)2990.19205
Return on Average Equity (%)5.39(1.71)7100.45493
   Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.



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