Financial Information

Financial Highlights
2019 FQ2
6/30/2019
2018 FQ2
6/30/2018
Y-Y Ch (%)
2019 FQ1
3/31/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 4,052,606 3,863,067 4.91 4,036,435 1.60
Net Property Investment 3,111,773 2,922,097 6.49 3,135,169 (2.98)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 7,349 4,254 72.76 7,345 0.22
Construction in Progress 120,785 120,593 0.16 112,176 30.70
Mortgage Loans 44,430 47,871 (7.19) 47,753 (27.83)
Senior Secured Debt 317,377 324,289 (2.13) 319,132 (2.20)
Obligations Under Leases 22,453 0 NM 22,402 0.91
Senior Unsecured Debt 1,700,549 1,535,894 10.72 1,697,055 0.82
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,118,989 1,938,793 9.29 2,117,199 0.34
Total Liabilities 2,318,809 2,140,744 8.32 2,334,437 (2.68)
Equity Attributable to Parent Company 1,717,819 1,822,027 (5.72) 1,757,590 (9.05)
Noncontrolling Interests 11,846 17,410 (31.96) 12,142 (9.75)
Total Equity 1,729,665 1,839,437 (5.97) 1,769,732 (9.06)
Market Capitalization($M) 2,507.20 2,998.30 (16.38) 2,775.30 (38.64)
Implied Market Cap($M) 2,521.30 3,023.20 (16.60) 2,790.90 (38.64)
Total Capitalization($M) 4,642.50 4,964.20 (6.48) 4,910.40 (21.82)
Total Enterprise Value($M) 4,610.90 4,855.90 (5.05) 4,895.90 (23.28)
Total Enterprise Value Plus JV Debt($M) 4,838.10 5,175.30 (6.52) 5,102.30 (20.71)
Income Statement ($000)
Rental Revenue 137,787 120,124 14.70 138,098 (0.90)
Rental Net Operating Income 83,014 69,801 18.93 82,815 0.96
NOI 83,014 76,604 8.37 82,815 0.96
Gain on Sale of Real Estate 1,526 2,802 (45.54) 1,260 84.44
Interest Expense 21,182 19,928 6.29 21,023 3.03
Revenue 140,764 131,826 6.78 140,946 (0.52)
Expense 136,021 121,732 11.74 137,594 (4.57)
Extraordinary Items 0 0 0 0 0
Net Income 6,252 12,876 (51.44) 4,583 145.67
Net Income Attributable to Noncontrolling Int 47 129 (63.57) 60 (86.67)
Net Income Attributable to Parent 6,205 12,747 (51.32) 4,523 148.75
Net Income Avail to Common 6,112 12,661 (51.73) 4,404 155.13
FFO 62,389 63,132 (1.18) 60,290 13.93
Operating Funds from Operations, as Reported 60,689 60,127 0.93 59,075 10.93
Adjusted FFO 44,591 44,796 (0.46) 47,442 (24.04)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.61 1.29 (68) bp 0.45 16 bp
ROAE(%) 1.43 2.79 (136) bp 1.02 41 bp
Implied Capitalization Rate(%) 8.94 7.52 142 bp 8.78 16 bp
Dividend Payout Ratio(%) 633.33 257.14 37,619 bp 633.33 0 bp
Dividend Yield(%) 5.31 4.27 104 bp 4.79 52 bp
FFO Payout(%) 54.29 51.43 286 bp 55.88 (159) bp
FFO/ Total Revenue(%) 44.32 47.89 (357) bp 42.78 154 bp
Price/ LTM FFO(x) 10.20 12.80 (260) bp 11.30 (110) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 29.20 20.10 910 bp 29.90 (70) bp
Recurring EBITDA/ Interest Expense(x) 3.56 3.64 (8) bp 3.51 5 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.56 3.64 (8) bp 3.51 5 bp
Debt and Preferred/ TEV(%) 48.49 43.63 486 bp 45.54 295 bp
Total Debt/ Gross Properties(%) 52.29 50.19 210 bp 52.45 (16) bp
Loans/ Assets(%) 1.10 1.20 (10) bp 1.16 (6) bp
Credit Lines Drawn/ Available(%) 27.25 0 2,725 bp 26.75 50 bp
Changes and Trends (%)
Same-store NOI: Change 0.90 NA NA NA NA
Same-store Revenue: Change from Prior 2.02 NA NA NA NA
FFO Growth (1.18) 9.65 (1,083) bp 4.96 (614) bp
FFO/Share Growth 0 9.40 (937) bp 6.30 (625) bp
EPS Growth, before Extraordinary (57.10) 250 (30,714) bp (88) 3,086 bp
Real Estate Investment Growth (5.61) 7.67 (1,328) bp 2.30 (791) bp
Per Share Information ($)
Common Shares Outstanding 175,084,433 177,622,168 (1.43) 174,989,038 0.22
Closing Price 14.32 16.88 (15.17) 15.86 (38.84)
Basic EPS before Extra 0.03 0.07 (57.14) 0.03 0
Diluted EPS before Extra 0.03 0.07 (57.14) 0.03 0
FFO/ Share 0.35 0.35 0 0.34 11.76
Operating FFO per Share, as Reported 0.34 0.33 3.03 0.33 12.12
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.19 0.18 5.56 0.19 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 0 0 0 0
Debt Maturing: Next FY 81,962 0 NM 82,385 (2.05)
Debt Maturing: FY2 9,410 83,630 (88.75) 9,469 (2.49)
Debt Maturing: FY3 411,799 9,639 4,172.22 408,668 3.06
Debt Maturing: FY4 577,898 248,595 132.47 579,306 (0.97)
Debt Maturing: Thereafter 1,028,610 1,599,361 (35.69) 1,028,610 0
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 3,833 3,689 3.90 5,723 (132.10)
Debt Due during Next Fiscal Year 87,226 7,595 1,048.47 87,226 0
Debt Due during Second Fiscal Year 15,143 87,226 (82.64) 15,143 0
Debt Due during Third Fiscal Year 418,131 15,143 2,661.22 415,000 3.02
Debt Due during Fourth Fiscal Year 556,736 254,927 118.39 556,736 0
Debt Due Thereafter 1,028,610 1,572,645 (34.59) 1,028,610 0
Adjustments to Debt Principal Schedule (13,143) (2,432) 440.42 (13,641) (14.60)

   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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