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

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Funds From Operations
 2016 Q12015 Q1Y-Y
Ch (%)
2015 Q4Q-Q
Ch (%)
Funds from Operations ($000)125,908115,9718.57118,45425.17
FFO per Share ($)0.430.430.000.4119.51
AFFO per Share0.410.3710.810.3743.24
Income Statement ($000)
 2016 Q12015 Q1Y-Y
Ch (%)
2015 Q4Q-Q
Ch (%)
Rental Revenue231,957207,04712.03234,352(4.09)
Partnership Income67986689.53680(0.59)
Total Revenue235,925220,1997.14238,692(4.64)
Rental Operating Expense69,57565,2386.6571,589(11.25)
Expenses227,794203,28012.06235,960(13.84)
Net Income11,60476,417(84.81)177,163(373.80)
Rental NOI162,382141,80914.51162,763(0.94)
Diluted EPS before Extraordinary Items ($)0.040.28(85.71)0.61(373.77)
Diluted EPS after Extraordinary Items ($)0.040.28(85.71)0.61(373.77)
Dividends Declared per Common Share ($)0.29500.27756.310.277525.23
Avg Diluted Shares Out (actual)264,285,131258,662,3292.17266,107,900(2.74)
Balance Sheet ($000)
 2016 Q12015 Q1Y-Y
Ch (%)
2015 Q4Q-Q
Ch (%)
Properties at Cost: Operational9,000,6528,256,9959.019,053,599(2.34)
Accumulated Depreciation2,743,4612,521,9588.782,646,04414.73
Net Properties: Operational6,257,1915,735,0379.106,407,555(9.39)
Land Held for Development111,02824,584351.6378,085168.75
Total Real Estate Investments7,446,8956,710,58210.977,499,002(2.78)
Total Assets7,601,5686,858,51110.837,663,844(3.25)
Total Debt3,411,8253,516,669(2.98)3,570,795(17.81)
Total Liabilities3,657,1953,735,587(2.10)3,816,797(16.73)
Common Equity2,926,4092,763,6105.892,853,29710.25
Common Shares Outstanding (actual)267,137,288258,988,7393.15261,844,5218.09
Convertible Operating Partnership Units (actual)25,191,2729,164,939174.8725,191,2720.00
Same Store Operations
 2016 Q12015 Q1Y-Y
Ch (bp)
2015 Q4Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%)8.006.201806.60140
EBITDA
 2016 Q12015 Q1Y-Y
Ch (bp)
2015 Q4Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x)4.704.76(6)4.3238
Recurring EBITDA/ Interest & Preferred Dividends (x)4.564.61(5)4.2036
Income Statement Ratios
 2016 Q12015 Q1Y-Y
Ch (bp)
2015 Q4Q-Q
Ch (bp)
Dividend Payout to FFO (%)68.6064.53667.685
G&A/ Revenue (%)8.578.0179.34(33)
Profitability Ratios
 2016 Q12015 Q1Y-Y
Ch (bp)
2015 Q4Q-Q
Ch (bp)
Return on Average Assets (%)0.614.47(386)9.72(911)
Return on Average Equity (%)1.5811.02(944)24.54(2,296)
   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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