08/02/2021 | Press release | Distributed by Public on 08/02/2021 14:54
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||
2021 | 2020 | 2021 | 2020 | |||||
Total revenue
|
$ | 464.3 | $ | 414.6 | $ | 907.1 | $ | 829.0 |
Net income available to common stockholders (1)(2)
|
$ | 124.5 | $ | 107.8 | $ | 220.4 | $ | 254.7 |
Net income per share
|
$ | 0.33 | $ | 0.31 | $ | 0.59 | $ | 0.75 |
Funds from operations available to common stockholders (FFO) (2)(3)
|
$ | 314.4 | $ | 288.3 | $ | 582.1 | $ | 565.4 |
FFO per share
|
$ | 0.84 | $ | 0.84 | $ | 1.56 | $ | 1.66 |
Normalized funds from operations available to common stockholders (Normalized FFO) (3)
|
$ | 327.7 | $ | 288.3 | $ | 595.4 | $ | 565.4 |
Normalized FFO per share
|
$ | 0.88 | $ | 0.84 | $ | 1.60 | $ | 1.66 |
Adjusted funds from operations available to common stockholders (AFFO) (3)
|
$ | 327.6 | $ | 295.2 | $ | 645.9 | $ | 592.5 |
AFFO per share
|
$ | 0.88 | $ | 0.86 | $ | 1.73 | $ | 1.74 |
Month Ended April 30, 2021 |
Month Ended May 31, 2021 |
Month Ended
June 30, 2021
|
Quarter Ended
June 30, 2021
|
|
Contractual rent collected(1) across total portfolio
|
95.5% | 95.5% | 96.7% | 95.9% |
Contractual rent collected(1) from our top 20 clients (2)
|
92.7% | 92.7% | 94.8% | 93.4% |
Contractual rent collected(1)from our investment grade clients (3)
|
100.0% | 100.0% | 100.0% | 100.0% |
Contractual rent collected from our theater clients | 32.3% | 31.5% | 51.0% | 38.3% |
Contractual rent collected from our health and fitness clients | 94.8% | 94.5% | 93.9% | 94.4% |
Three Months Ended | Six Months Ended | |||
June 30, 2021
|
June 30, 2021
|
|||
Rental revenue reserves | ||||
Theater industry | $ | 6.5 | $ | 13.8 |
Other | 1.0 | 2.0 | ||
Total rental revenue reserves | $ | 7.5 | $ | 15.8 |
Straight-line rent reserves | ||||
Theater industry | $ | 0.1 | $ | 0.2 |
Other | 0.6 | 1.0 | ||
Total straight-line rent reserves | $ | 0.7 | $ | 1.2 |
Total reserves | ||||
Theater industry | $ | 6.6 | $ | 14.0 |
Other | 1.6 | 3.0 | ||
Total reserves | $ | 8.2 | $ | 17.0 |
Three months ended June 30, 2021
|
|
Properties available for lease at March 31, 2021
|
131 |
Lease expirations (1)
|
66 |
Re-leases to same client | (54) |
Re-leases to new client | (2) |
Vacant dispositions | (38) |
Properties available for lease at June 30, 2021
|
103 |
Six months ended June 30, 2021
|
|
Properties available for lease at December 31, 2020
|
140 |
Lease expirations (1)
|
126 |
Re-leases to same client | (91) |
Re-leases to new client | (15) |
Vacant dispositions | (57) |
Properties available for lease at June 30, 2021
|
103 |
Number of Properties |
Leasable Square Feet |
Investment ($ in thousands) |
Weighted Average Lease Term (Years) |
Initial Average
Cash Lease
Yield (1)
|
|||
Three months ended June 30, 2021
|
|||||||
Acquisitions - U.S. (in 24 states)
|
96 | 2,186,109 | $ | 485,424 | 13.9 | 5.3 | % |
Acquisitions - U.K. (2)
|
29 | 2,200,493 | 591,821 | 9.3 | 6.1 | % | |
Total acquisitions | 125 | 4,386,602 | $ | 1,077,245 | 11.2 | 5.7 | % |
Properties under development - U.S. | 31 | 1,898,893 | 56,867 | 15.6 | 5.9 | % | |
Total (3)
|
156 | 6,285,495 | $ | 1,134,112 | 11.5 | 5.7 | % |
Six months ended June 30, 2021
|
|||||||
Acquisitions - U.S. (in 29 states)
|
173 | 4,484,715 | $ | 1,052,333 | 13.7 | 5.5 | % |
Acquisitions - U.K. (2)
|
41 | 3,133,460 | 994,783 | 9.8 | 5.6 | % | |
Total acquisitions | 214 | 7,618,175 | $ | 2,047,116 | 11.8 | 5.5 | % |
Properties under development - U.S. | 40 | 2,015,992 | 114,798 | 15.6 | 5.7 | % | |
Total (4)
|
254 | 9,634,167 | $ | 2,161,914 | 12.0 | 5.5 | % |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
Increase | ||||||||||
2021 | 2020 | 2021 | 2020 | Three Months |
Six Months
|
|||||||
Rental revenue
|
$ | 373.8 | $ | 371.8 | $ | 747.7 | $ | 747.0 | 0.5 | % | 0.1 | % |
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2021
|
|||
Properties sold
|
42 | 69 | ||
Net sales proceeds
|
$ | 56.9 | $ | 91.6 |
Gain on sales of real estate
|
$ | 14.9 | $ | 23.3 |
Prior 2021 Guidance | Revised 2021 Guidance | |
Net income per share (1)
|
$1.19 to $1.27 | $1.32 to $1.41 |
Real estate depreciation and impairments per share | $2.13 | $2.11 |
Gains on sales of properties per share | $(0.06) | $(0.09) |
Merger-related costs (actual) (1)
|
$- | $0.03 |
Normalized FFO per share | $3.26 to $3.34 | $3.37 to $3.46 |
AFFO per share | $3.44 to $3.49 | $3.53 to $3.59 |
Same store rent growth (2)
|
0.5% - 1.0% | 1.5% - 2.0% |
Occupancy | ~ 98% | Over 98% |
Cash G&A expenses (% of revenues) (3)(4)
|
~ 4.5% | ~ 4.5% |
Property expenses (non-reimbursable) (% of revenues) (3)
|
1.5% - 2.0% | 1.5% - 1.8% |
Income tax expenses | ~ $20 million | ~ $25 million |
Acquisition volume | Over $3.25 billion | ~ $4.5 billion |
(1) Does not include any estimated merger-related costs for the remainder of 2021.
|
||
(2) Includes rent deferred for future payment as a result of lease concessions we granted in response to the COVID-19 pandemic.
|
||
(3) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A excludes stock-based compensation expense.
|
||
(4) G&A inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 5% in 2021.
|
Three Months | Three Months | Six Months | Six Months | |||||
Ended 6/30/21 | Ended 6/30/20 | Ended 6/30/21 | Ended 6/30/20 | |||||
REVENUE
|
||||||||
Rental (including reimbursable) (1)
|
$ | 460,256 | $ | 410,201 | $ | 899,621 | $ | 822,358 |
Other
|
4,026 | 4,435 | 7,465 | 6,619 | ||||
Total revenue
|
464,282 | 414,636 | 907,086 | 828,977 | ||||
EXPENSES
|
||||||||
Depreciation and amortization
|
187,789 | 168,328 | 365,774 | 332,913 | ||||
Interest
|
73,674 | 77,841 | 146,749 | 153,766 | ||||
Property (including reimbursable) | 31,734 | 26,452 | 60,233 | 52,058 | ||||
General and administrative
|
21,849 | 19,063 | 42,645 | 40,027 | ||||
Provisions for impairment
|
17,246 | 13,869 | 19,966 | 18,347 | ||||
Merger-related costs | 13,298 | - | 13,298 | - | ||||
Total expenses
|
345,590 | 305,553 | 648,665 | 597,111 | ||||
Gain on sales of real estate
|
14,901 | 1,323 | 23,302 | 39,829 | ||||
Foreign currency and derivative gains (losses), net | 400 | 502 | 1,204 | (1,062) | ||||
Loss on extinguishment of debt
|
- | - | (46,473) | (9,819) | ||||
Income before income taxes | 133,993 | 110,908 | 236,454 | 260,814 | ||||
Income taxes | (9,225) | (2,838) | (15,450) | (5,601) | ||||
Net income
|
124,768 | 108,070 | 221,004 | 255,213 | ||||
Net income attributable to noncontrolling interests
|
(289) | (246) | (585) | (562) | ||||
Net income available to common stockholders
|
$ | 124,479 | $ | 107,824 | $ | 220,419 | $ | 254,651 |
Funds from operations available to common stockholders (FFO)
|
$ | 314,375 | $ | 288,338 | $ | 582,082 | $ | 565,441 |
Normalized funds from operations available to common stockholders (Normalized FFO) | $ | 327,673 | $ | 288,338 | $ | 595,380 | $ | 565,441 |
Adjusted funds from operations available to common stockholders (AFFO)
|
$ | 327,647 | $ | 295,241 | $ | 645,869 | $ | 592,463 |
Per share information for common stockholders:
|
||||||||
Net income, basic and diluted | $ | 0.33 | $ | 0.31 | $ | 0.59 | $ | 0.75 |
FFO, basic and diluted | $ | 0.84 | $ | 0.84 | $ | 1.56 | $ | 1.66 |
Normalized FFO, basic and diluted | $ | 0.88 | $ | 0.84 | $ | 1.60 | $ | 1.66 |
AFFO, basic and diluted | $ | 0.88 | $ | 0.86 | $ | 1.73 | $ | 1.74 |
Cash dividends paid per common share | $ | 0.705 | $ | 0.699 | $ | 1.409 | $ | 1.392 |
Three Months | Three Months | Six Months | Six Months | |||||
Ended 6/30/21 | Ended 6/30/20 | Ended 6/30/21 | Ended 6/30/20 | |||||
Net income available to common stockholders
|
$ | 124,479 | $ | 107,824 | $ | 220,419 | $ | 254,651 |
Depreciation and amortization
|
187,789 | 168,328 | 365,774 | 332,913 | ||||
Depreciation of furniture, fixtures and equipment
|
(73) | (152) | (444) | (278) | ||||
Provisions for impairment
|
17,246 | 13,869 | 19,966 | 18,347 | ||||
Gain on sales of real estate
|
(14,901) | (1,323) | (23,302) | (39,829) | ||||
FFO adjustments allocable to noncontrolling interests
|
(165) | (208) | (331) | (363) | ||||
FFO available to common stockholders
|
$ | 314,375 | $ | 288,338 | $ | 582,082 | $ | 565,441 |
FFO allocable to dilutive noncontrolling interests
|
348 | 348 | 705 | 717 | ||||
Diluted FFO
|
$ | 314,723 | $ | 288,686 | $ | 582,787 | $ | 566,158 |
FFO available to common stockholders
|
$ | 314,375 | $ | 288,338 | $ | 582,082 | $ | 565,441 |
Merger-related costs
|
13,298 | - | 13,298 | - | ||||
Normalized FFO available to common stockholders
|
$ | 327,673 | $ | 288,338 | $ | 595,380 | $ | 565,441 |
Normalized FFO allocable to dilutive noncontrolling interests
|
348 | 348 | 705 | 717 | ||||
Diluted Normalized FFO
|
$ | 328,021 | $ | 288,686 | $ | 596,085 | $ | 566,158 |
FFO per common share, basic and diluted | $ | 0.84 | $ | 0.84 | $ | 1.56 | $ | 1.66 |
Normalized FFO per common share, basic and diluted | $ | 0.88 | $ | 0.84 | $ | 1.60 | $ | 1.66 |
Distributions paid to common stockholders
|
$ | 263,358 | $ | 240,470 | $ | 524,056 | $ | 474,294 |
FFO available to common stockholders in excess of distributions paid to common stockholders
|
$ | 51,017 | $ | 47,868 | $ | 58,026 | $ | 91,147 |
Normalized FFO available to common stockholders in excess of distributions paid to common stockholders
|
$ | 64,315 | $ | 47,868 | $ | 71,324 | $ | 91,147 |
Weighted average number of common shares used for FFO and Normalized FFO:
|
||||||||
Basic
|
374,236,424 | 343,515,406 | 372,879,165 | 340,061,487 | ||||
Diluted
|
374,804,142 | 344,148,378 | 373,434,863 | 340,744,384 |
Three Months | Three Months | Six Months | Six Months | |||||
Ended 6/30/21 | Ended 6/30/20 | Ended 6/30/21 | Ended 6/30/20 | |||||
Net income available to common stockholders (1)
|
$ | 124,479 | $ | 107,824 | $ | 220,419 | $ | 254,651 |
Cumulative adjustments to calculate Normalized FFO (2)
|
203,194 | 180,514 | 374,961 | 310,790 | ||||
Normalized FFO available to common stockholders
|
327,673 | 288,338 | 595,380 | 565,441 | ||||
Executive severance charge (3)
|
- | - | - | 3,463 | ||||
Loss on extinguishment of debt
|
- | - | 46,473 | 9,819 | ||||
Amortization of share-based compensation
|
4,472 | 4,882 | 8,169 | 8,624 | ||||
Amortization of deferred financing costs (4)
|
1,710 | 1,476 | 3,375 | 2,836 | ||||
Amortization of net mortgage premiums
|
(205) | (356) | (485) | (710) | ||||
Loss on interest rate swaps
|
724 | 1,306 | 1,446 | 1,992 | ||||
Straight-line payments from cross-currency swaps (5)
|
584 | 623 | 1,202 | 1,346 | ||||
Leasing costs and commissions
|
(121) | (973) | (827) | (1,111) | ||||
Recurring capital expenditures
|
(27) | (21) | (50) | (21) | ||||
Straight-line rent
|
(11,004) | (6,242) | (21,467) | (14,024) | ||||
Amortization of above and below-market leases, net
|
3,934 | 6,087 | 13,234 | 12,517 | ||||
Other adjustments (6)
|
(93) | 121 | (581) | 2,291 | ||||
AFFO available to common stockholders
|
$ | 327,647 | $ | 295,241 | $ | 645,869 | $ | 592,463 |
AFFO allocable to dilutive noncontrolling interests
|
344 | 356 | 695 | 732 | ||||
Diluted AFFO
|
$ | 327,991 | $ | 295,597 | $ | 646,564 | $ | 593,195 |
AFFO per common share, basic and diluted
|
$ | 0.88 | $ | 0.86 | $ | 1.73 | $ | 1.74 |
Distributions paid to common stockholders
|
$ | 263,358 | $ | 240,470 | $ | 524,056 | $ | 474,294 |
AFFO available to common stockholders in excess of distributions paid to common stockholders
|
$ | 64,289 | $ | 54,771 | $ | 121,813 | $ | 118,169 |
|
|
|||||||
Weighted average number of common shares used for AFFO:
|
||||||||
Basic
|
374,236,424 | 343,515,406 | 372,879,165 | 340,061,487 | ||||
Diluted
|
374,804,142 | 344,148,378 | 373,434,863 | 340,744,384 |
For the three months ended June 30,
|
2021 | 2020 | 2019 | 2018 | 2017 | |||||
Net income available to common stockholders
|
$ | 124,479 | $ | 107,824 | $ | 95,194 | $ | 96,380 | $ | 81,136 |
Depreciation and amortization, net of furniture, fixtures and equipment
|
187,716 | 168,176 | 150,279 | 133,831 | 122,939 | |||||
Provisions for impairment
|
17,246 | 13,869 | 13,061 | 3,951 | 2,274 | |||||
Gain on sales of real estate
|
(14,901) | (1,323) | (6,891) | (7,787) | (2,839) | |||||
FFO adjustments allocable to noncontrolling interests
|
(165) | (208) | (154) | (293) | (238) | |||||
FFO available to common stockholders | $ | 314,375 | $ | 288,338 | $ | 251,489 | $ | 226,082 | $ | 203,272 |
Merger-related costs | 13,298 | - | - | - | - | |||||
Normalized FFO available to common stockholders | $ | 327,673 | $ | 288,338 | $ | 251,489 | $ | 226,082 | $ | 203,272 |
FFO per diluted share
|
$ | 0.84 | $ | 0.84 | $ | 0.81 | $ | 0.79 | $ | 0.75 |
Normalized FFO per diluted share | $ | 0.88 | $ | 0.84 | $ | 0.81 | $ | 0.79 | $ | 0.75 |
AFFO available to common stockholders | $ | 327,647 | $ | 295,241 | $ | 253,935 | $ | 226,988 | $ | 208,388 |
AFFO per diluted share
|
$ | 0.88 | $ | 0.86 | $ | 0.82 | $ | 0.80 | $ | 0.76 |
. | ||||||||||
Cash dividends paid per share
|
$ | 0.705 | $ | 0.699 | $ | 0.678 | $ | 0.659 | $ | 0.633 |
Weighted average diluted shares outstanding - FFO, Normalized FFO, and AFFO | 374,804,142 | 344,148,378 | 311,785,281 | 285,372,256 | 273,187,669 |
For the six months ended June 30,
|
2021 | 2020 | 2019 | 2018 | 2017 | |||||
Net income available to common stockholders
|
$ | 220,419 | $ | 254,651 | $ | 206,136 | $ | 179,543 | $ | 152,722 |
Depreciation and amortization, net of furniture, fixtures and equipment
|
365,330 | 332,635 | 287,641 | 264,775 | 243,879 | |||||
Provisions for impairment
|
19,966 | 18,347 | 17,733 | 18,172 | 7,706 | |||||
Gain on sales of real estate
|
(23,302) | (39,829) | (14,154) | (11,005) | (13,371) | |||||
FFO adjustments allocable to noncontrolling interests
|
(331) | (363) | (192) | (521) | (453) | |||||
FFO available to common stockholders | $ | 582,082 | $ | 565,441 | $ | 497,164 | $ | 450,964 | $ | 390,483 |
Merger-related costs | 13,298 | - | - | - | - | |||||
Normalized FFO available to common stockholders | $ | 595,380 | $ | 565,441 | $ | 497,164 | $ | 450,964 | $ | 390,483 |
FFO per diluted share
|
$ | 1.56 | $ | 1.66 | $ | 1.62 | $ | 1.58 | $ | 1.46 |
Normalized FFO per diluted share | $ | 1.60 | $ | 1.66 | $ | 1.62 | $ | 1.58 | $ | 1.46 |
AFFO available to common stockholders | $ | 645,869 | $ | 592,463 | $ | 502,669 | $ | 451,549 | $ | 409,723 |
AFFO per diluted share
|
$ | 1.73 | $ | 1.74 | $ | 1.63 | $ | 1.59 | $ | 1.53 |
. | ||||||||||
Cash dividends paid per share
|
$ | 1.409 | $ | 1.392 | $ | 1.350 | $ | 1.309 | $ | 1.257 |
Weighted average diluted shares outstanding - FFO, Normalized FFO, and AFFO | 373,434,863 | 340,744,384 | 308,000,806 | 284,924,336 | 268,569,855 |
June 30, 2021 | December 31, 2020 | |||
ASSETS
|
||||
Real estate held for investment, at cost:
|
||||
Land
|
$ | 6,975,008 | $ | 6,318,926 |
Buildings and improvements
|
15,700,846 | 14,696,712 | ||
Total real estate held for investment, at cost
|
22,675,854 | 21,015,638 | ||
Less accumulated depreciation and amortization
|
(3,775,540) | (3,549,486) | ||
Real estate held for investment, net
|
18,900,314 | 17,466,152 | ||
Real estate and lease intangibles held for sale, net
|
39,540 | 19,004 | ||
Cash and cash equivalents
|
231,164 | 824,476 | ||
Accounts receivable, net
|
327,920 | 285,701 | ||
Lease intangible assets, net
|
1,969,793 | 1,710,655 | ||
Other assets, net
|
516,210 | 434,297 | ||
Total assets
|
$ | 21,984,941 | $ | 20,740,285 |
LIABILITIES AND EQUITY
|
||||
Distributions payable
|
$ | 90,455 | $ | 85,691 |
Accounts payable and accrued expenses
|
259,805 | 241,336 | ||
Lease intangible liabilities, net
|
319,495 | 321,198 | ||
Other liabilities
|
276,120 | 256,863 | ||
Line of credit payable and commercial paper
|
1,285,306 | - | ||
Term loan, net
|
249,457 | 249,358 | ||
Mortgages payable, net
|
300,574 | 300,360 | ||
Notes payable, net
|
7,330,050 | 8,267,749 | ||
Total liabilities
|
10,111,262 | 9,722,555 | ||
Commitments and contingencies
|
||||
Stockholders' equity:
|
||||
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 380,174,042 and 361,303,445 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
|
15,827,231 | 14,700,050 | ||
Distributions in excess of net income
|
(3,968,333) | (3,659,933) | ||
Accumulated other comprehensive loss
|
(19,366) | (54,634) | ||
Total stockholders' equity
|
11,839,532 | 10,985,483 | ||
Noncontrolling interests
|
34,147 | 32,247 | ||
Total equity
|
11,873,679 | 11,017,730 | ||
Total liabilities and equity
|
$ | 21,984,941 | $ | 20,740,285 |
Equity
|
NASDAQ
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Realty Income
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REIT Index (1)
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DJIA
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S&P 500
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Composite
|
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Dividend
|
Total
|
Dividend
|
Total
|
Dividend
|
Total
|
Dividend
|
Total
|
Dividend
|
Total
|
|
yield
|
return (2)
|
yield
|
return (3)
|
yield
|
return (3)
|
yield
|
return (3)
|
yield
|
return (4)
|
|
10/18 to 12/31/1994
|
10.5%
|
10.8%
|
7.7%
|
0.0%
|
2.9%
|
(1.6%)
|
2.9%
|
(1.2%)
|
0.5%
|
(1.7%)
|
1995 |
8.3%
|
42.0%
|
7.4%
|
15.3%
|
2.4%
|
36.9%
|
2.3%
|
37.6%
|
0.6%
|
39.9%
|
1996 |
7.9%
|
15.4%
|
6.1%
|
35.3%
|
2.2%
|
28.9%
|
2.0%
|
23.0%
|
0.2%
|
22.7%
|
1997 |
7.5%
|
14.5%
|
5.5%
|
20.3%
|
1.8%
|
24.9%
|
1.6%
|
33.4%
|
0.5%
|
21.6%
|
1998 |
8.2%
|
5.5%
|
7.5%
|
(17.5%)
|
1.7%
|
18.1%
|
1.3%
|
28.6%
|
0.3%
|
39.6%
|
1999 |
10.5%
|
(8.7%)
|
8.7%
|
(4.6%)
|
1.3%
|
27.2%
|
1.1%
|
21.0%
|
0.2%
|
85.6%
|
2000 |
8.9%
|
31.2%
|
7.5%
|
26.4%
|
1.5%
|
(4.7%)
|
1.2%
|
(9.1%)
|
0.3%
|
(39.3%)
|
2001 |
7.8%
|
27.2%
|
7.1%
|
13.9%
|
1.9%
|
(5.5%)
|
1.4%
|
(11.9%)
|
0.3%
|
(21.1%)
|
2002 |
6.7%
|
26.9%
|
7.1%
|
3.8%
|
2.6%
|
(15.0%)
|
1.9%
|
(22.1%)
|
0.5%
|
(31.5%)
|
2003 |
6.0%
|
21.0%
|
5.5%
|
37.1%
|
2.3%
|
28.3%
|
1.8%
|
28.7%
|
0.6%
|
50.0%
|
2004 |
5.2%
|
32.7%
|
4.7%
|
31.6%
|
2.2%
|
5.6%
|
1.8%
|
10.9%
|
0.6%
|
8.6%
|
2005 |
6.5%
|
(9.2%)
|
4.6%
|
12.2%
|
2.6%
|
1.7%
|
1.9%
|
4.9%
|
0.9%
|
1.4%
|
2006 |
5.5%
|
34.8%
|
3.7%
|
35.1%
|
2.5%
|
19.0%
|
1.9%
|
15.8%
|
0.8%
|
9.5%
|
2007 |
6.1%
|
3.2%
|
4.9%
|
(15.7%)
|
2.7%
|
8.8%
|
2.1%
|
5.5%
|
0.8%
|
9.8%
|
2008 |
7.3%
|
(8.2%)
|
7.6%
|
(37.7%)
|
3.6%
|
(31.8%)
|
3.2%
|
(37.0%)
|
1.3%
|
(40.5%)
|
2009 |
6.6%
|
19.3%
|
3.7%
|
28.0%
|
2.6%
|
22.6%
|
2.0%
|
26.5%
|
1.0%
|
43.9%
|
2010 |
5.1%
|
38.6%
|
3.5%
|
27.9%
|
2.6%
|
14.0%
|
1.9%
|
15.1%
|
1.2%
|
16.9%
|
2011 |
5.0%
|
7.3%
|
3.8%
|
8.3%
|
2.8%
|
8.3%
|
2.3%
|
2.1%
|
1.3%
|
(1.8%)
|
2012 |
4.5%
|
20.1%
|
3.5%
|
19.7%
|
3.0%
|
10.2%
|
2.5%
|
16.0%
|
2.6%
|
15.9%
|
2013 |
5.8%
|
(1.8%)
|
3.9%
|
2.9%
|
2.3%
|
29.6%
|
2.0%
|
32.4%
|
1.4%
|
38.3%
|
2014 |
4.6%
|
33.7%
|
3.6%
|
28.0%
|
2.3%
|
10.0%
|
2.0%
|
13.7%
|
1.3%
|
13.4%
|
2015 |
4.4%
|
13.0%
|
3.9%
|
2.8%
|
2.6%
|
0.2%
|
2.2%
|
1.4%
|
1.4%
|
5.7%
|
2016 |
4.2%
|
16.0%
|
4.0%
|
8.6%
|
2.5%
|
16.5%
|
2.1%
|
12.0%
|
1.4%
|
7.5%
|
2017 |
4.5%
|
3.6%
|
3.9%
|
8.7%
|
2.2%
|
28.1%
|
1.9%
|
21.8%
|
1.1%
|
28.2%
|
2018 |
4.2%
|
15.2%
|
4.4%
|
(4.0%)
|
2.5%
|
(3.5%)
|
2.2%
|
(4.4%)
|
1.4%
|
(3.9%)
|
2019 | 3.7% | 21.1% | 3.7% | 28.7% | 2.4% | 25.3% | 1.9% | 31.5% | 1.1% | 35.2% |
2020 | 4.5% | (11.8%) | 3.6% | (5.1%) | 1.9% | 9.7% | 1.5% | 18.4% | 0.9% | 43.6% |
YTD 2021 | 4.2% | 9.6% | 2.9% | 21.3% | 1.8% | 13.8% | 1.4% | 15.3% | 0.7% | 12.5% |
Compound Average
Annual Total Return (5)
|
15.3% | 10.8% | 11.0% |
10.8%
|
11.7%
|