Company Quick10K Filing
Essex Property Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 68 $20,040
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-26 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-07-31 Quarter: 2017-06-30
10-Q 2017-05-01 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-08-01 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-02-26 Annual: 2013-12-31
10-Q 2013-11-04 Quarter: 2013-09-30
10-Q 2013-08-05 Quarter: 2013-06-30
10-Q 2013-05-06 Quarter: 2013-03-31
10-K 2013-02-25 Annual: 2012-12-31
10-Q 2012-11-05 Quarter: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-10-23
8-K 2019-10-07 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-09-09 Regulation FD, Exhibits
8-K 2019-09-05 Officers, Other Events, Exhibits
8-K 2019-08-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-29 Other Events, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-05-31 Regulation FD, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-03-26 Off-BS Arrangement, Exhibits
8-K 2019-03-19 Other Events, Exhibits
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-02-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-04 Other Events, Exhibits
8-K 2019-02-04 Other Events, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-12-19 Officers, Other Events, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-09-28 Other Events, Exhibits
8-K 2018-09-24 Regulation FD, Exhibits
8-K 2018-09-18 Officers
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-31 Regulation FD, Exhibits
8-K 2018-05-15 Officers, Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-03-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-05 Regulation FD, Exhibits
8-K 2018-02-27 Other Events, Exhibits
8-K 2018-02-26 Other Events, Exhibits
8-K 2018-02-20 Officers, Amend Bylaw, Exhibits
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-01-17 Enter Agreement, Off-BS Arrangement, Exhibits
ESS 2019-09-30
Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risks
Item 4: Controls and Procedures
Part II -- Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-31.1 ess-93019xex311.htm
EX-31.2 ess-93019xex312.htm
EX-31.3 ess-93019xex313.htm
EX-31.4 ess-93019xex314.htm
EX-32.1 ess-93019xex321.htm
EX-32.2 ess-93019xex322.htm
EX-32.3 ess-93019xex323.htm
EX-32.4 ess-93019xex324.htm

Essex Property Trust Earnings 2019-09-30

ESS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DLR 26,438 23,430 12,939 3,163 0 326 1,889 37,320 0% 19.8 1%
VTR 25,377 22,989 11,890 3,753 2,801 506 1,796 35,585 75% 19.8 2%
O 21,798 16,749 7,886 1,400 0 391 1,242 21,758 0% 17.5 2%
ESS 20,040 12,671 6,289 1,422 0 434 1,133 25,731 0% 22.7 3%
BXP 19,829 21,268 13,248 2,851 1,172 634 1,704 18,666 41% 11.0 3%
WY 19,074 17,029 8,305 6,881 1,372 1 971 26,222 20% 27.0 0%
ARE 16,176 15,480 7,125 1,366 0 392 1,049 21,727 0% 20.7 3%
HCP 15,617 13,713 7,094 1,826 1,084 992 1,776 21,696 59% 12.2 7%
EXR 14,252 8,391 5,562 943 711 464 874 14,196 75% 16.2 6%
WPC 13,963 14,192 7,201 1,086 1,051 412 1,034 19,878 97% 19.2 3%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to _________

Commission file number 001-13106 (Essex Property Trust, Inc.)
Commission file number 333-44467-01 (Essex Portfolio, L.P.)

ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
(Exact name of Registrant as Specified in its Charter)
Maryland
 
77-0369576
(Essex Property Trust, Inc.)
 
(Essex Property Trust, Inc.)
California
 
77-0369575
 (Essex Portfolio, L.P.)
 
(Essex Portfolio, L.P.)
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification Number)
1100 Park Place, Suite 200
San Mateo, California 94403
(Address of Principal Executive Offices, Including Zip Code)

(650) 655-7800
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.0001 par value (Essex Property Trust, Inc.)
 
ESS
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days.
Essex Property Trust, Inc.
Yes
No
Essex Portfolio, L.P.
Yes
No


i


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Essex Property Trust, Inc.
Yes
No
Essex Portfolio, L.P.
Yes
No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Essex Property Trust, Inc.:
Large accelerated filer

Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
Emerging growth company


Essex Portfolio, L.P.:
Large accelerated filer
Accelerated filer
Non-accelerated filer

Smaller reporting company
 
 
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Essex Property Trust, Inc.
Essex Portfolio, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Essex Property Trust, Inc.
Yes
No
Essex Portfolio, L.P.
Yes
No
 
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 66,081,652 shares of Common Stock ($0.0001 par value) of Essex Property Trust, Inc. were outstanding as of October 22, 2019.
 

ii


EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the three and nine month periods ended September 30, 2019 of Essex Property Trust, Inc., a Maryland corporation, and Essex Portfolio, L.P., a Delaware limited partnership of which Essex Property Trust, Inc. is the sole general partner.

Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us" or "our" mean collectively Essex Property Trust, Inc. and those entities/subsidiaries owned or controlled by Essex Property Trust, Inc., including Essex Portfolio, L.P., and references to the "Operating Partnership" mean Essex Portfolio, L.P. and those entities/subsidiaries owned or controlled by Essex Portfolio, L.P. Unless stated otherwise or the context otherwise requires, references to "Essex" mean Essex Property Trust, Inc., not including any of its subsidiaries.

Essex operates as a self-administered and self-managed real estate investment trust ("REIT"), and is the sole general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Essex has exclusive control of the Operating Partnership's day-to-day management.

The Company is structured as an umbrella partnership REIT ("UPREIT") and Essex contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, Essex receives a number of Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") equal to the number of shares of common stock it has issued in the equity offerings. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units, which is one of the reasons why the Company is structured in the manner outlined above. Based on the terms of the Operating Partnership's partnership agreement, OP Units can be exchanged into Essex common stock on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units issued to Essex and shares of common stock.

The Company believes that combining the reports on Form 10-Q of Essex and the Operating Partnership into this single report provides the following benefits:

enhances investors' understanding of Essex and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both Essex and the Operating Partnership; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates Essex and the Operating Partnership as one business. The management of Essex consists of the same members as the management of the Operating Partnership.

All of the Company's property ownership, development, and related business operations are conducted through the Operating Partnership and Essex has no material assets, other than its investment in the Operating Partnership. Essex's primary function is acting as the general partner of the Operating Partnership. As general partner with control of the Operating Partnership, Essex consolidates the Operating Partnership for financial reporting purposes. Therefore, the assets and liabilities of Essex and the Operating Partnership are the same on their respective financial statements. Essex also issues equity from time to time and guarantees certain debt of the Operating Partnership, as disclosed in this report. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its co-investments. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by the Company, which are contributed to the capital of the Operating Partnership in exchange for OP Units (on a one-for-one share of common stock per OP Unit basis), the Operating Partnership generates all remaining capital required by the Company's business. These sources of capital include the Operating Partnership's working capital, net cash provided by operating activities, borrowings under its revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from disposition of certain properties and co-investments.

The Company believes it is important to understand the few differences between Essex and the Operating Partnership in the context of how Essex and the Operating Partnership operate as a consolidated company. Stockholders' equity, partners' capital and noncontrolling interest are the main areas of difference between the condensed consolidated financial statements of Essex and those of the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners' capital in the Operating Partnership's condensed consolidated financial statements and as noncontrolling interest in Essex’s condensed consolidated financial statements. The noncontrolling interest in the Operating Partnership's condensed consolidated financial statements include the interest of unaffiliated partners in various consolidated partnerships and co-investment partners. The noncontrolling interest in Essex's condensed consolidated financial statements include (i) the same noncontrolling interest as

iii


presented in the Operating Partnership’s condensed consolidated financial statements and (ii) OP Unitholders. The differences between stockholders' equity and partners' capital result from differences in the equity issued at Essex and Operating Partnership levels.
 
To help investors understand the significant differences between Essex and the Operating Partnership, this report on Form 10-Q provides separate consolidated financial statements for Essex and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of stockholders' equity or partners' capital, and earnings per share/unit, as applicable; and a combined Management's Discussion and Analysis of Financial Condition and Results of Operations.

This report on Form 10-Q also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Essex and the Operating Partnership in order to establish that the requisite certifications have been made and that Essex and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 (the "Exchange Act") and 18 U.S.C. §1350.

In order to highlight the differences between Essex and the Operating Partnership, the separate sections in this report on Form 10-Q for Essex and the Operating Partnership specifically refer to Essex and the Operating Partnership. In the sections that combine disclosure of Essex and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and co-investments and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of Essex and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

The information furnished in the accompanying unaudited condensed consolidated balance sheets, statements of income and comprehensive income, equity, capital, and cash flows of the Company and the Operating Partnership reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods and are normal and recurring in nature, except as otherwise noted.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to such unaudited condensed consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. Additionally, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2018.

iv


ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
FORM 10-Q
INDEX

PART I. FINANCIAL INFORMATION
Page No.
 
 
 
Item 1.
Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 

1


Part I – Financial Information

Item 1. Condensed Consolidated Financial Statements

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except parenthetical and share amounts)
ASSETS
September 30, 2019
 
December 31, 2018
Real estate:
 
 
 
Rental properties:
 
 
 
Land and land improvements
$
2,766,344

 
$
2,701,356

Buildings and improvements
11,180,806

 
10,664,745

 
13,947,150

 
13,366,101

Less: accumulated depreciation
(3,567,632
)
 
(3,209,548
)
 
10,379,518

 
10,156,553

Real estate under development
562,338

 
454,629

Co-investments
1,413,861

 
1,300,140

 
12,355,717

 
11,911,322

Cash and cash equivalents-unrestricted
74,031

 
134,465

Cash and cash equivalents-restricted
17,695

 
16,930

Marketable securities
216,894

 
209,545

Notes and other receivables (includes related party receivables of $144.6 million and $11.1 million as of September 30, 2019 and December 31, 2018, respectively)
216,541

 
71,895

Operating lease right-of-use assets
75,478

 

Prepaid expenses and other assets
41,536

 
39,439

Total assets
$
12,997,892

 
$
12,383,596

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

Unsecured debt, net
$
4,686,171

 
$
3,799,316

Mortgage notes payable, net
1,141,970

 
1,806,626

Lines of credit
220,000

 

Accounts payable and accrued liabilities
193,341

 
127,086

Construction payable
53,214

 
59,345

Dividends payable
135,492

 
128,529

Operating lease liabilities
77,495

 

Other liabilities
36,128

 
33,375

Total liabilities
6,543,811

 
5,954,277

Commitments and contingencies


 


Redeemable noncontrolling interest
39,077

 
35,475

Equity:
 

 
 

Common stock; $0.0001 par value, 670,000,000 shares authorized; 66,081,635 and 65,890,322 shares issued and outstanding, respectively
7

 
7

Additional paid-in capital
7,131,642

 
7,093,079

Distributions in excess of accumulated earnings
(887,521
)
 
(812,796
)
Accumulated other comprehensive loss, net
(19,028
)
 
(13,217
)
Total stockholders' equity
6,225,100

 
6,267,073

Noncontrolling interest
189,904

 
126,771

Total equity
6,415,004

 
6,393,844

Total liabilities and equity
$
12,997,892

 
$
12,383,596



See accompanying notes to the unaudited condensed consolidated financial statements.

2


ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Rental and other property
$
364,504

 
$
348,610

 
$
1,077,767

 
$
1,040,083

Management and other fees from affiliates
2,428

 
2,307

 
7,023

 
6,812

 
366,932

 
350,917

 
1,084,790

 
1,046,895

Expenses:
 

 
 

 
 
 
 
Property operating, excluding real estate taxes
63,181

 
59,100

 
181,241

 
174,461

Real estate taxes
39,290

 
38,675

 
114,993

 
112,423

Corporate-level property management expenses
8,255

 
7,761

 
24,620

 
23,313

Depreciation and amortization
120,809

 
120,852

 
360,842

 
359,287

General and administrative
11,345

 
10,601

 
38,731

 
36,539

Expensed acquisition and investment related costs
13

 
31

 
69

 
156

 
242,893

 
237,020

 
720,496

 
706,179

Gain on sale of real estate and land

 

 

 
22,244

Earnings from operations
124,039

 
113,897

 
364,294

 
362,960

Interest expense
(54,896
)
 
(55,196
)
 
(162,651
)
 
(166,335
)
Total return swap income
2,154

 
2,184

 
6,174

 
6,682

Interest and other income
8,685

 
8,437

 
29,293

 
21,241

Equity income from co-investments
21,700

 
16,788

 
54,935

 
64,611

Deferred tax expense on unrealized gain on unconsolidated co-investment
(1,457
)
 

 
(1,457
)
 

Gain on early retirement of debt, net
5,475

 

 
7,143

 

Gain on remeasurement of co-investment

 

 
31,535

 

Net income
105,700

 
86,110

 
329,266

 
289,159

Net income attributable to noncontrolling interest
(6,365
)
 
(5,135
)
 
(18,798
)
 
(16,826
)
Net income available to common stockholders
$
99,335

 
$
80,975

 
$
310,468

 
$
272,333

Comprehensive income
$
105,663

 
$
89,100

 
$
323,071

 
$
301,708

Comprehensive income attributable to noncontrolling interest
(6,364
)
 
(5,235
)
 
(18,589
)
 
(17,243
)
Comprehensive income attributable to controlling interest
$
99,299

 
$
83,865

 
$
304,482

 
$
284,465

Per share data:
 

 
 

 
 
 
 
Basic:
 

 
 

 
 
 
 
Net income available to common stockholders
$
1.51

 
$
1.23

 
$
4.72

 
$
4.12

Weighted average number of shares outstanding during the period
65,850,524

 
66,052,108

 
65,757,914

 
66,047,990

Diluted:
 

 
 

 
 
 
 
Net income available to common stockholders
$
1.51

 
$
1.22

 
$
4.71

 
$
4.12

Weighted average number of shares outstanding during the period
65,973,085

 
66,103,812

 
65,857,660

 
66,093,004


See accompanying notes to the unaudited condensed consolidated financial statements.

3


ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018
(Unaudited)
(In thousands)
 
 
Common stock
 
Additional paid-in capital
 
Distributions
in excess of accumulated earnings
 
Accumulated
other
comprehensive loss, net
 
Noncontrolling Interest
 
 
Three Months Ended September 30, 2019
 
Shares
 
Amount
 
 
 
 
 
Total
Balances at June 30, 2019
 
65,727

 
$
7

 
$
7,031,886

 
$
(857,994
)
 
$
(18,992
)
 
$
190,209

 
$
6,345,116

Net income
 

 

 

 
99,335

 

 
6,365

 
105,700

Change in fair value of derivatives and amortization of swap settlements
 

 

 

 

 
(12
)
 

 
(12
)
Change in fair value of marketable debt securities, net
 

 

 

 

 
(24
)
 
(1
)
 
(25
)
Issuance of common stock under:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock option and restricted stock plans, net
 
126

 

 
27,679

 

 

 

 
27,679

Sale of common stock, net
 
228

 

 
72,631

 

 

 

 
72,631

Equity based compensation costs
 

 

 
1,544

 

 

 
270

 
1,814

Changes in the redemption value of redeemable noncontrolling interest
 

 

 
(2,309
)
 

 

 
62

 
(2,247
)
Distributions to noncontrolling interest
 

 

 

 

 

 
(6,789
)
 
(6,789
)
Redemptions of noncontrolling interest
 
1

 

 
211

 

 

 
(212
)
 
(1
)
Common stock dividends ($1.95 per share)
 

 

 

 
(128,862
)
 

 

 
(128,862
)
Balances at September 30, 2019
 
66,082

 
$
7

 
$
7,131,642

 
$
(887,521
)
 
$
(19,028
)
 
$
189,904

 
$
6,415,004


4


 
 
Common stock
 
Additional paid-in capital
 
Distributions
in excess of accumulated earnings
 
Accumulated
other
comprehensive loss, net
 
Noncontrolling Interest
 
 
Nine Months Ended September 30, 2019
 
Shares
 
Amount
 
 
 
 
 
Total
Balances at December 31, 2018
 
65,890

 
$
7

 
$
7,093,079

 
$
(812,796
)
 
$
(13,217
)
 
$
126,771

 
$
6,393,844

Net income
 

 

 

 
310,468

 

 
18,798

 
329,266

Reversal of unrealized gains upon the sale of marketable debt securities
 

 

 

 

 
(31
)
 
(1
)
 
(32
)
Change in fair value of derivatives and amortization of swap settlements
 

 

 

 

 
(6,152
)
 
(214
)
 
(6,366
)
Change in fair value of marketable debt securities, net
 

 

 

 

 
197

 
6

 
203

Issuance of common stock under:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock option and restricted stock plans, net
 
188

 

 
32,907

 

 

 

 
32,907

Sale of common stock, net
 
228

 

 
72,549

 

 

 

 
72,549

Equity based compensation costs
 

 

 
7,016

 

 

 
898

 
7,914

Retirement of common stock, net
 
(234
)
 

 
(56,989
)
 

 

 

 
(56,989
)
Cumulative effect upon adoption of ASU No. 2017-12
 

 

 

 

 
175

 
6

 
181

Changes in the redemption value of redeemable noncontrolling interest
 

 

 
(5,048
)
 

 

 
1,373

 
(3,675
)
Changes in noncontrolling interest from acquisition
 

 

 

 

 

 
65,472

 
65,472

Distributions to noncontrolling interest
 

 

 

 

 

 
(20,897
)
 
(20,897
)
Redemptions of noncontrolling interest
 
10

 

 
(11,872
)
 

 

 
(2,308
)
 
(14,180
)
Common stock dividends ($5.85 per share)
 

 

 

 
(385,193
)
 

 

 
(385,193
)
Balances at September 30, 2019
 
66,082

 
$
7

 
$
7,131,642

 
$
(887,521
)
 
$
(19,028
)
 
$
189,904

 
$
6,415,004



5


 
 
Common stock
 
Additional paid-in capital
 
Distributions
in excess of accumulated earnings
 
Accumulated
other
comprehensive loss, net
 
Noncontrolling Interest
 
 
Three Months Ended September 30, 2018
 
Shares
 
Amount
 
 
 
 
 
Total
Balances at June 30, 2018
 
66,050

 
$
7

 
$
7,131,809

 
$
(766,193
)
 
$
(11,438
)
 
$
120,498

 
$
6,474,683

Net income
 

 

 

 
80,975

 

 
5,135

 
86,110

Reversal of unrealized losses upon the sale of marketable debt securities
 

 

 

 

 
4

 

 
4

Change in fair value of derivatives and amortization of swap settlements
 

 

 

 

 
2,875

 
99

 
2,974

Change in fair value of marketable debt securities, net
 

 

 

 

 
11

 
1

 
12

Issuance of common stock under:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock option and restricted stock plans, net
 
5

 

 
887

 

 

 

 
887

Sale of common stock, net
 

 

 
(130
)
 

 

 

 
(130
)
Equity based compensation costs
 

 

 
1,496

 

 

 
251

 
1,747

Changes in the redemption value of redeemable noncontrolling interest
 

 

 
(386
)
 

 

 
(22
)
 
(408
)
Distributions to noncontrolling interest
 

 

 

 

 

 
(6,884
)
 
(6,884
)
Redemptions of noncontrolling interest
 

 

 
(89
)
 

 

 
(11
)
 
(100
)
Common stock dividends ($1.86 per share)
 

 

 

 
(122,867
)
 

 

 
(122,867
)
Balances at September 30, 2018
 
66,055

 
$
7

 
$
7,133,587

 
$
(808,085
)
 
$
(8,548
)
 
$
119,067

 
$
6,436,028



6


 
 
Common stock
 
Additional paid-in capital
 
Distributions
in excess of accumulated earnings
 
Accumulated
other
comprehensive loss, net
 
Noncontrolling Interest
 
 
Nine Months Ended September 30, 2018
 
Shares
 
Amount
 
 
 
 
 
Total
Balances at December 31, 2017
 
66,054

 
$
7

 
$
7,129,571

 
$
(833,726
)
 
$
(18,446
)
 
$
119,419

 
$
6,396,825

Net income
 

 

 

 
272,333

 

 
16,826

 
289,159

Reversal of unrealized losses upon the sale of marketable debt securities
 

 

 

 

 
6

 

 
6

Change in fair value of derivatives and amortization of swap settlements
 

 

 

 

 
12,210

 
420

 
12,630

Change in fair value of marketable debt securities, net
 

 

 

 

 
(84
)
 
(3
)
 
(87
)
Issuance of common stock under:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock option and restricted stock plans, net
 
17

 

 
2,751

 

 

 

 
2,751

Sale of common stock, net
 

 

 
(483
)
 

 

 

 
(483
)
Equity based compensation costs
 

 

 
7,697

 

 

 
864

 
8,561

Retirement of common stock, net
 
(17
)
 

 
(3,774
)
 

 

 

 
(3,774
)
Cumulative effect upon adoption of ASU No. 2016-01
 

 

 

 
2,234

 
(2,234
)
 

 

Cumulative effect upon adoption of ASU No. 2017-05
 

 

 

 
119,651

 

 
4,057