Financial Information

Financial Highlights
2019 FQ3
9/30/2019
2018 FQ3
9/30/2018
Y-Y Ch (%)
2019 FQ2
6/30/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 4,017,056 3,427,467 17.20 4,052,606 (3.51)
Net Property Investment 3,072,062 2,571,895 19.45 3,111,773 (5.10)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 7,349 296,795 (97.52) 7,349 0
Construction in Progress 151,232 157,075 (3.72) 120,785 100.83
Mortgage Loans NA 47,821 NA 44,430 NA
Senior Secured Debt 315,603 322,588 (2.17) 317,377 (2.24)
Obligations Under Leases 22,503 0 NM 22,453 0.89
Senior Unsecured Debt 1,684,042 1,536,339 9.61 1,700,549 (3.88)
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,100,758 1,937,537 8.42 2,118,989 (3.44)
Total Liabilities 2,317,995 2,146,819 7.97 2,318,809 (0.14)
Equity Attributable to Parent Company 1,690,742 1,748,500 (3.30) 1,717,819 (6.30)
Noncontrolling Interests 11,695 16,824 (30.49) 11,846 (5.10)
Total Equity 1,702,437 1,765,324 (3.56) 1,729,665 (6.30)
Market Capitalization($M) 2,652.60 2,792.30 (5) 2,507.20 23.20
Implied Market Cap($M) 2,667.50 2,815.50 (5.26) 2,521.30 23.19
Total Capitalization($M) 4,779.90 4,755.30 0.52 4,642.50 11.84
Total Enterprise Value($M) 4,750 4,684.90 1.39 4,610.90 12.07
Total Enterprise Value Plus JV Debt($M) 4,970.70 5,013.80 (0.86) 4,838.10 10.96
Income Statement ($000)
Rental Revenue 139,228 122,180 13.95 137,787 4.18
Rental Net Operating Income 85,623 71,895 19.09 83,014 12.57
NOI 85,623 78,350 9.28 83,014 12.57
Gain on Sale of Real Estate 2,665 0 NM 1,526 298.56
Interest Expense 21,094 19,875 6.13 21,182 (1.66)
Revenue 141,455 133,607 5.87 140,764 1.96
Expense 137,300 177,129 (22.49) 136,021 3.76
Extraordinary Items 0 0 0 0 0
Net Income 6,820 (43,522) NM 6,252 36.34
Net Income Attributable to Noncontrolling Int 48 (339) NM 47 8.51
Net Income Attributable to Parent 6,772 (43,182) NM 6,205 36.55
Net Income Avail to Common 6,679 (43,262) NM 6,112 37.11
FFO 64,202 63,334 1.37 62,389 11.62
Operating Funds from Operations, as Reported 63,773 63,390 0.60 60,689 20.33
Adjusted FFO 44,334 51,973 (14.70) 44,591 (2.31)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.68 (4.41) 509 bp 0.61 7 bp
ROAE(%) 1.59 (9.66) 1,125 bp 1.43 16 bp
Implied Capitalization Rate(%) 9.07 7.85 122 bp 8.94 13 bp
Dividend Payout Ratio(%) 475 NM NM 633.33 (15,833) bp
Dividend Yield(%) 5.02 4.58 44 bp 5.31 (29) bp
FFO Payout(%) 52.78 51.43 135 bp 54.29 (151) bp
FFO/ Total Revenue(%) 45.39 47.40 (201) bp 44.32 107 bp
Price/ LTM FFO(x) 10.70 11.90 (120) bp 10.20 50 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 19.70 32.10 (1,240) bp 29.20 (950) bp
Recurring EBITDA/ Interest Expense(x) 3.64 3.83 (19) bp 3.56 8 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.64 3.83 (19) bp 3.56 8 bp
Debt and Preferred/ TEV(%) 46.70 45.20 150 bp 48.49 (179) bp
Total Debt/ Gross Properties(%) 52.30 56.53 (423) bp 52.29 1 bp
Loans/ Assets(%) NA 1.22 NA 1.10 NA
Credit Lines Drawn/ Available(%) 24.42 0 2,442 bp 27.25 (283) bp
Changes and Trends (%)
Same-store NOI: Change 1.50 NA NA 0.90 60 bp
Same-store Revenue: Change from Prior 0.47 NA NA 2.02 (155) bp
FFO Growth 1.37 2.01 (64) bp (1.18) 255 bp
FFO/Share Growth 2.90 0 286 bp 0 286 bp
EPS Growth, before Extraordinary NM NM NM (57.10) NM
Real Estate Investment Growth (5.79) (4.94) (85) bp (5.61) (18) bp
Per Share Information ($)
Common Shares Outstanding 175,089,376 177,625,482 (1.43) 175,084,433 0.01
Closing Price 15.15 15.72 (3.63) 14.32 23.18
Basic EPS before Extra 0.04 (0.24) NM 0.03 133.33
Diluted EPS before Extra 0.04 (0.24) NM 0.03 133.33
FFO/ Share 0.36 0.35 2.86 0.35 11.43
Operating FFO per Share, as Reported 0.36 0.35 2.86 0.34 23.53
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 81,535 0 NM 81,962 (2.08)
Debt Maturing: FY2 9,351 83,220 (88.76) 9,410 (2.51)
Debt Maturing: FY3 394,930 9,583 4,021.15 411,799 (16.39)
Debt Maturing: FY4 576,477 248,677 131.82 577,898 (0.98)
Debt Maturing: Thereafter 1,028,610 1,598,355 (35.65) 1,028,610 0
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 1,926 1,854 3.88 3,833 (199.01)
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 401,262 15,143 2,549.82 418,131 (16.14)
Debt Due during Fourth Fiscal Year 556,736 255,009 118.32 556,736 0
Debt Due Thereafter 1,028,610 1,573,008 (34.61) 1,028,610 0
Adjustments to Debt Principal Schedule (12,648) (2,298) 450.39 (13,143) (15.07)

   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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