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

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Funds From Operations
 2014 Q12013 Q1Y-Y
Ch (%)
2013 Q4Q-Q
Ch (%)
Funds from Operations ($000)95,03892,1383.1593,9214.76
FFO per Share ($)0.360.352.860.360.00
AFFO per Share0.330.316.450.3040.00
Income Statement ($000)
 2014 Q12013 Q1Y-Y
Ch (%)
2013 Q4Q-Q
Ch (%)
Rental Revenue194,352184,3015.45190,3218.47
Partnership Income(3,565)(2,802)27.23(2,665)135.08
Total Revenue195,889185,4385.64192,0797.93
Rental Operating Expense69,42265,6965.6767,29512.64
Expenses204,413187,7208.89203,7691.26
Net Income19,012(309)NM38,002(199.88)
Rental NOI124,930118,6055.33123,0266.19
Diluted EPS before Extraordinary Items ($)0.070.00NM(0.02)NM
Diluted EPS after Extraordinary Items ($)0.070.00NM0.14(200.00)
Dividends Declared per Common Share ($)0.26000.235010.640.235042.55
Avg Diluted Shares Out (actual)251,822,000249,916,5330.76249,987,3072.94
Balance Sheet ($000)
 2014 Q12013 Q1Y-Y
Ch (%)
2013 Q4Q-Q
Ch (%)
Properties at Cost: Operational8,075,7997,729,3004.487,723,84418.23
Accumulated Depreciation2,273,3602,006,34913.312,200,81513.19
Net Properties: Operational5,802,4395,722,9511.395,523,02920.24
Land Held for Development47,038119,750(60.72)110,769(230.14)
Total Real Estate Investments6,637,6876,702,224(0.96)6,589,8712.90
Total Assets6,834,0236,890,781(0.82)6,807,7221.55
Total Debt3,628,2463,499,1073.693,523,70311.87
Total Liabilities3,851,4463,733,0583.173,777,6217.82
Common Equity2,694,4382,884,637(6.59)2,765,077(10.22)
Common Shares Outstanding (actual)251,430,708250,741,5590.27250,749,6651.09
Convertible Operating Partnership Units (actual)7,567,2527,574,306(0.09)7,567,2520.00
Same Store Operations
 2014 Q12013 Q1Y-Y
Ch (bp)
2013 Q4Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%)5.606.30(70)5.4020
EBITDA
 2014 Q12013 Q1Y-Y
Ch (bp)
2013 Q4Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x)3.483.56(8)3.399
Recurring EBITDA/ Interest & Preferred Dividends (x)3.393.46(7)3.308
Income Statement Ratios
 2014 Q12013 Q1Y-Y
Ch (bp)
2013 Q4Q-Q
Ch (bp)
Dividend Payout to FFO (%)72.2267.14865.2843
G&A/ Revenue (%)6.075.11196.004
Profitability Ratios
 2014 Q12013 Q1Y-Y
Ch (bp)
2013 Q4Q-Q
Ch (bp)
Return on Average Assets (%)1.11(0.02)1132.24(113)
Return on Average Equity (%)2.74(0.04)2785.39(265)
   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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