Fundamentals - Income Statement

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Reclassified) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Update)
Net Sales 4,607.50 5,755.19 5,645.29 5,527.34 5,435.23
Revenue 4,607.50 5,755.19 5,645.29 5,527.34 5,435.23
Total Revenue 4,607.50 5,755.19 5,645.29 5,527.34 5,435.23
Cost of Revenue 887.15 1,021.64 1,007.96 980.08 971.15
Cost of Revenue, Total 887.15 1,021.64 1,007.96 980.08 971.15
Gross Profit 3,720.35 4,733.55 4,637.32 4,547.26 4,464.08
Selling/General/Administrative Expense 194.24 224.97 183.22 187.12 262.25
Advertising Expense 98.61 150.34 151.24 150.87 142.80
Selling/General/Administrative Expenses, Total 292.85 375.31 334.46 337.99 405.05
Depreciation 1,318.01 1,340.50 1,282.45 1,275.45 1,252.67
Depreciation/Amortization 1,318.01 1,340.50 1,282.45 1,275.45 1,252.67
Investment Income - Operating -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
Interest Expense (Income), Net-Operating, Total -- -- -- -- --
Other Unusual Expense (Income) -- 101.37 -288.83 124.97 52.22
Unusual Expense (Income) -- 101.37 -288.83 124.97 52.22
Other Operating Expense 137.68 109.90 94.11 131.48 78.21
Other, Net -- -- -- -- 7.32
Other Operating Expenses, Total 137.68 109.90 94.11 131.48 85.53
Total Operating Expense 2,635.69 2,948.73 2,430.16 2,849.97 2,766.63
Operating Income 1,971.81 2,806.46 3,215.13 2,677.37 2,668.60
Interest Expense - Non-Operating -807.32 -822.70 -835.79 -834.15 -888.80
Interest Capitalized - Non-Operating 22.92 33.34 19.87 24.75 31.25
Interest Expense, Net Non-Operating -784.40 -789.35 -815.92 -809.39 -857.55
Investment Income, Non-Operating 200.24 436.14 460.04 400.27 353.33
Interest/Investment Income, Non-Operating 200.24 436.14 460.04 400.27 353.33
Interest Income (Expense), Net-Non-Operating, Total -584.16 -353.22 -355.89 -409.12 -504.22
Gain (Loss) on Sale of Assets -114.96 -- -- -- --
Other Non-Operating Income (Expense) 4.64 -30.05 -36.90 -23.34 -29.68
Other, Net 4.64 -30.05 -36.90 -23.34 -29.68
Net Income Before Taxes 1,277.32 2,423.19 2,822.34 2,244.90 2,134.71
Income Tax – Total -- -- -- -- --
Income After Tax 1,277.32 2,423.19 2,822.34 2,244.90 2,134.71
Minority Interest -164.76 -321.60 -382.29 -296.94 -295.81
Net Income Before Extraordinary Items 1,112.56 2,101.58 2,440.06 1,947.96 1,838.90
Discontinued Operations -- -- -- -- 0.00
Total Extraordinary Items -- -- -- -- 0.00
Net Income 1,112.56 2,101.58 2,440.06 1,947.96 1,838.90
Preferred Dividends -3.34 -3.34 -3.34 -3.34 -3.34
Total Adjustments to Net Income -3.34 -3.34 -3.34 -3.34 -3.34
Income Available to Common Excluding Extraordinary Items 1,109.23 2,098.25 2,436.72 1,944.63 1,835.56
Income Available to Common Stocks Including Extraordinary Items 1,109.23 2,098.25 2,436.72 1,944.63 1,835.56
Basic Weighted Average Shares 308.74 307.95 309.63 311.52 312.69
Basic EPS Excluding Extraordinary Items 3.59 6.81 7.87 6.24 5.87
Basic EPS Including Extraordinary Items 3.59 6.81 7.87 6.24 5.87
Dilution Adjustment -- -- -- -- 0.00
Diluted Net Income 1,109.23 2,098.25 2,436.72 1,944.63 1,835.56
Diluted Weighted Average Shares 308.74 307.95 309.63 311.52 312.69
Diluted EPS Excluding Extraordinary Items 3.59 6.81 7.87 6.24 5.87
Diluted EPS Including Extraordinary Items 3.59 6.81 7.87 6.24 5.87
DPS - Common Stock Primary Issue 6.00 8.30 7.90 7.15 6.50
Gross Dividends - Common Stock 1,869.82 2,558.94 2,449.07 2,231.26 2,037.54
(Gain) Loss on Sale of Assets, Supplemental -- -- -- -- --
Non-Recurring Items, Total -- -- -- -- --
Total Special Items 114.96 101.37 -288.83 124.97 52.22
Normalized Income Before Taxes 1,392.28 2,524.56 2,533.52 2,369.87 2,186.93
Effect of Special Items on Income Taxes 0.00 0.00 0.00 0.00 0.00
Income Taxes Excluding Impact of Special Items 0.00 0.00 0.00 0.00 0.00
Normalized Income After Taxes 1,392.28 2,524.56 2,533.52 2,369.87 2,186.93
Normalized Income Available to Common 1,224.19 2,199.62 2,147.89 2,069.60 1,887.78
Basic Normalized EPS 3.97 7.14 6.94 6.64 6.04
Diluted Normalized EPS 3.97 7.14 6.94 6.64 6.04
Funds From Operations - REIT 3,236.96 4,272.27 4,324.60 4,020.51 3,792.95
Depreciation, Supplemental 1,354.99 1,394.17 1,349.78 1,357.35 1,327.95
Interest Expense, Supplemental 784.40 789.35 815.92 809.39 857.55
Interest Capitalized, Supplemental -22.92 -33.34 -19.87 -24.75 -31.25
Rental Expense, Supplemental 31.40 47.83 42.67 40.86 38.76
Advertising Expense, Supplemental 98.61 150.34 151.24 150.87 142.80
Equity in Affiliates, Supplemental 219.87 444.35 475.25 400.27 353.33
Minority Interest, Supplemental -164.76 -321.60 -382.29 -296.94 -295.81
Audit-Related Fees, Supplemental 4.71 4.23 3.94 3.96 4.01
Audit-Related Fees 5.07 4.84 5.02 5.12 4.81
Tax Fees, Supplemental 0.36 0.27 0.19 5.12 0.38
All Other Fees Paid to Auditor, Supplemental 0.00 0.00 0.00 0.00 0.00
Gross Margin 80.75 82.25 82.15 82.27 82.13
Operating Margin 42.80 48.76 56.95 48.44 49.10
Pretax Margin 27.72 42.10 49.99 40.61 39.28
Effective Tax Rate -- -- -- -- --
Net Profit Margin 24.07 36.46 43.16 35.18 33.77
Normalized EBIT 1,971.81 2,907.83 2,926.30 2,802.34 2,720.83
Normalized EBITDA 3,326.80 4,302.00 4,276.08 4,159.69 4,048.77
FFO per Share (Basic) 9.11 12.04 12.13 11.21 10.49
FFO per Share (Diluted) 9.11 12.04 12.13 11.21 10.49
Funds Available for Distribution (FAD) 3,141.79 3,843.41 4,000.72 3,771.72 3,530.83
Net Operating Income (NOI) 5,055.17 6,096.07 6,385.22 6,618.76 6,212.16

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