Financial Information

Financial Highlights
2019 FQ4
12/31/2019
2018 FQ4
12/31/2018
Y-Y Ch (%)
2019 FQ3
9/30/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 4,028,115 3,951,719 1.93 4,017,056 1.10
Net Property Investment 3,054,797 3,066,312 (0.38) 3,072,062 (2.25)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 7,349 11,599 (36.64) 7,349 0
Construction in Progress 180,718 150,263 20.27 151,232 77.99
Mortgage Loans 44,430 47,771 (6.99) 44,430 0
Senior Secured Debt 313,812 320,869 (2.20) 315,603 (2.27)
Obligations Under Leases 22,554 0 NM 22,503 0.91
Senior Unsecured Debt 1,751,996 1,628,567 7.58 1,684,042 16.14
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,166,972 2,028,046 6.85 2,100,758 12.61
Total Liabilities 2,387,666 2,265,948 5.37 2,317,995 12.02
Equity Attributable to Parent Company 1,677,877 1,798,827 (6.72) 1,690,742 (3.04)
Noncontrolling Interests 10,426 12,201 (14.55) 11,695 (43.40)
Total Equity 1,688,303 1,811,028 (6.78) 1,702,437 (3.32)
Market Capitalization($M) 2,762.10 2,263.80 22.01 2,652.60 16.51
Implied Market Cap($M) 2,777.60 2,276.40 22.02 2,667.50 16.51
Total Capitalization($M) 4,945.70 4,306.70 14.84 4,770.50 14.69
Total Enterprise Value($M) 4,855.20 4,283.80 13.34 4,740.60 9.67
Total Enterprise Value Plus JV Debt($M) 5,080.60 4,465.80 13.77 4,961.20 9.63
Income Statement ($000)
Rental Revenue 139,552 126,194 10.59 139,228 0.93
Rental Net Operating Income 86,615 72,386 19.66 85,623 4.63
NOI 86,615 78,915 9.76 85,623 4.63
Gain on Sale of Real Estate 8,564 4,271 100.52 2,665 885.40
Interest Expense 20,981 20,734 1.19 21,094 (2.14)
Revenue 143,232 271,505 (47.25) 141,455 5.02
Expense 134,956 153,838 (12.27) 137,300 (6.83)
Extraordinary Items 0 0 0 0 0
Net Income 16,874 121,673 (86.13) 6,820 589.68
Net Income Attributable to Noncontrolling Int 107 792 (86.49) 48 491.67
Net Income Attributable to Parent 16,767 120,881 (86.13) 6,772 590.37
Net Income Avail to Common 16,676 120,792 (86.19) 6,679 598.71
FFO 67,216 64,407 4.36 64,202 18.78
Operating Funds from Operations, as Reported 66,836 64,740 3.24 63,773 19.21
Adjusted FFO 53,650 48,123 11.49 44,334 84.05
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 1.67 12.20 (1,053) bp 0.68 99 bp
ROAE(%) 3.98 27.29 (2,331) bp 1.59 239 bp
Implied Capitalization Rate(%) 8.96 8.39 57 bp 9.07 (11) bp
Dividend Payout Ratio(%) 211.11 28.36 18,275 bp 475 (26,389) bp
Dividend Yield(%) 4.83 5.91 (108) bp 5.02 (19) bp
FFO Payout(%) 50 50 0 bp 52.78 (278) bp
FFO/ Total Revenue(%) 46.93 23.72 2,321 bp 45.39 154 bp
Price/ LTM FFO(x) 11 9.40 160 bp 10.70 30 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) NM 17.20 NM 19.70 NM
Recurring EBITDA/ Interest Expense(x) 3.80 3.81 (1) bp 3.64 16 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.80 3.81 (1) bp 3.64 16 bp
Debt and Preferred/ TEV(%) 47.09 49.49 (240) bp 46.79 30 bp
Total Debt/ Gross Properties(%) 53.80 51.32 248 bp 52.30 150 bp
Loans/ Assets(%) 1.09 1.17 (8) bp 1.11 (2) bp
Credit Lines Drawn/ Available(%) 0 15.42 (1,542) bp 24.42 (2,442) bp
Changes and Trends (%)
Same-store NOI: Change 2.30 NA NA 1.50 80 bp
Same-store Revenue: Change from Prior 0.15 NA NA 0.47 (32) bp
FFO Growth 4.36 19.52 (1,516) bp 1.37 299 bp
FFO/Share Growth 5.60 20 (1,444) bp 2.90 270 bp
EPS Growth, before Extraordinary (86.60) NA NA NM NM
Real Estate Investment Growth 0.97 26.44 (2,547) bp (1.55) 252 bp
Per Share Information ($)
Common Shares Outstanding 175,374,553 175,896,204 (0.30) 175,089,376 0.65
Closing Price 15.75 12.87 22.38 15.15 15.84
Basic EPS before Extra 0.09 0.68 (86.76) 0.04 500
Diluted EPS before Extra 0.09 0.67 (86.57) 0.04 500
FFO/ Share 0.38 0.36 5.56 0.36 22.22
Operating FFO per Share, as Reported 0.38 0.36 5.56 0.36 22.22
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.19 0.19 0 0.19 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 81,103 0 NM 0 NM
Debt Maturing: Next FY 9,291 82,805 (88.78) 81,535 (354.42)
Debt Maturing: FY2 248,561 9,526 2,509.29 9,351 10,232.49
Debt Maturing: FY3 575,043 340,542 68.86 394,930 182.43
Debt Maturing: FY4 350,000 580,701 (39.73) 576,477 (157.15)
Debt Maturing: Thereafter 878,610 1,028,610 (14.58) 1,028,610 (58.33)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 87,226 7,595 1,048.47 1,926 17,715.47
Debt Due during Next Fiscal Year 15,143 87,226 (82.64) 87,226 (330.56)
Debt Due during Second Fiscal Year 254,893 15,143 1,583.24 15,143 6,332.96
Debt Due during Third Fiscal Year 556,736 346,874 60.50 401,262 154.99
Debt Due during Fourth Fiscal Year 350,000 556,736 (37.13) 556,736 (148.53)
Debt Due Thereafter 878,610 1,028,610 (14.58) 1,028,610 (58.33)
Adjustments to Debt Principal Schedule 1,810 (14,138) NM (12,648) NM

   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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