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

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Funds From Operations
 2014 Q42013 Q4Y-Y
Ch (%)
2014 Q3Q-Q
Ch (%)
Funds from Operations ($000)107,92293,92114.91110,352(8.81)
FFO per Share ($)0.400.3611.110.41(9.76)
AFFO per Share0.340.3013.330.340.00
Income Statement ($000)
 2014 Q42013 Q4Y-Y
Ch (%)
2014 Q3Q-Q
Ch (%)
Rental Revenue206,104190,3218.29203,5874.95
Partnership Income(2,074)(2,665)(22.18)(939)483.49
Total Revenue213,201192,07911.00214,874(3.11)
Rental Operating Expense69,95567,2953.9571,390(8.04)
Expenses208,033203,7692.09206,7552.47
Net Income67,75238,00278.2941,992245.38
Rental NOI136,149123,02610.67132,19711.96
Diluted EPS before Extraordinary Items ($)0.25(0.02)NM0.16225.00
Diluted EPS after Extraordinary Items ($)0.250.1478.570.16225.00
Dividends Declared per Common Share ($)0.26000.235010.640.26000.00
Avg Diluted Shares Out (actual)256,000,000249,987,3072.41253,732,0003.58
Balance Sheet ($000)
 2014 Q42013 Q4Y-Y
Ch (%)
2014 Q3Q-Q
Ch (%)
Properties at Cost: Operational8,205,6277,723,8446.248,106,6844.88
Accumulated Depreciation2,434,7722,200,81510.632,378,5209.46
Net Properties: Operational5,770,8555,523,0294.495,728,1642.98
Land Held for Development24,584110,769(77.81)47,038(190.94)
Total Real Estate Investments6,681,0826,589,8711.386,718,017(2.20)
Total Assets6,846,5346,807,7220.576,898,088(2.99)
Total Debt3,583,1053,523,7031.693,628,192(4.97)
Total Liabilities3,828,1043,777,6211.343,869,156(4.24)
Common Equity2,688,5262,765,077(2.77)2,731,689(6.32)
Common Shares Outstanding (actual)255,114,603250,749,6651.74255,215,905(0.16)
Convertible Operating Partnership Units (actual)7,413,8027,567,252(2.03)7,415,800(0.11)
Same Store Operations
 2014 Q42013 Q4Y-Y
Ch (bp)
2014 Q3Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%)5.105.40(30)5.100
EBITDA
 2014 Q42013 Q4Y-Y
Ch (bp)
2014 Q3Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x)3.833.39443.7310
Recurring EBITDA/ Interest & Preferred Dividends (x)3.733.30433.6310
Income Statement Ratios
 2014 Q42013 Q4Y-Y
Ch (bp)
2014 Q3Q-Q
Ch (bp)
Dividend Payout to FFO (%)65.0065.28(0)63.4110
G&A/ Revenue (%)5.456.00(9)5.3011
Profitability Ratios
 2014 Q42013 Q4Y-Y
Ch (bp)
2014 Q3Q-Q
Ch (bp)
Return on Average Assets (%)3.942.241702.43151
Return on Average Equity (%)9.835.394446.15368
   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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