Financial Information

Financial Highlights
2019 FQ1
3/31/2019
2018 FQ1
3/31/2018
Y-Y Ch (%)
2018 FQ4
12/31/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 4,038,054 3,864,706 4.49 3,953,319 8.57
Net Property Investment 3,146,929 2,944,499 6.87 3,087,857 7.65
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 7,345 0 NM 11,599 (146.70)
Construction in Progress 112,176 129,413 (13.32) 150,263 (101.39)
Mortgage Loans 47,753 3,490 1,268.28 47,771 (0.15)
Senior Secured Debt 319,132 325,974 (2.10) 320,869 (2.17)
Obligations Under Leases 22,402 0 NM 0 NM
Senior Unsecured Debt 1,697,055 1,535,448 10.53 1,628,567 16.82
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,117,199 1,940,032 9.13 2,028,046 17.58
Total Liabilities 2,334,437 2,170,695 7.54 2,265,948 12.09
Equity Attributable to Parent Company 1,769,350 1,849,703 (4.34) 1,820,253 (11.19)
Noncontrolling Interests 12,142 17,538 (30.77) 12,320 (5.78)
Total Equity 1,781,492 1,867,241 (4.59) 1,832,573 (11.15)
Market Capitalization($M) 2,775.30 2,818.60 (1.54) 2,263.80 90.38
Implied Market Cap($M) 2,790.90 2,842.10 (1.80) 2,276.40 90.41
Total Capitalization($M) 4,910.40 4,784.30 2.64 4,306.70 56.07
Total Enterprise Value($M) 4,895.90 4,583.50 6.82 4,283.80 57.15
Total Enterprise Value Plus JV Debt($M) 5,102.30 4,899.70 4.13 4,465.80 57.01
Income Statement ($000)
Rental Revenue 138,098 120,947 14.18 126,194 37.73
Rental Net Operating Income 82,834 69,193 19.71 72,405 57.61
NOI 82,834 75,005 10.44 78,934 19.76
Gain on Sale of Real Estate 1,260 25,652 (95.09) 4,271 (281.99)
Interest Expense 21,023 20,160 4.28 20,734 5.58
Revenue 140,946 143,119 (1.52) 271,505 (192.35)
Expense 138,111 123,928 11.44 152,801 (38.46)
Extraordinary Items 0 0 0 0 0
Net Income 4,066 44,705 (90.90) 122,710 (386.75)
Net Income Attributable to Noncontrolling Int 57 376 (84.84) 798 (371.43)
Net Income Attributable to Parent 4,009 44,329 (90.96) 121,912 (386.85)
Net Income Avail to Common 3,890 44,215 (91.20) 121,823 (387.23)
FFO 60,309 57,460 4.96 64,426 (25.56)
Operating Funds from Operations, as Reported 59,094 57,594 2.60 64,759 (34.99)
Adjusted FFO 47,461 42,963 10.47 48,123 (5.50)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.40 4.45 (405) bp 12.24 (1,184) bp
ROAE(%) 0.90 9.63 (873) bp 27.20 (2,630) bp
Implied Capitalization Rate(%) 8.78 7.36 142 bp 8.39 39 bp
Dividend Payout Ratio(%) 950 72 87,800 bp 27.94 92,206 bp
Dividend Yield(%) 4.79 4.53 26 bp 5.91 (112) bp
FFO Payout(%) 55.88 56.25 (37) bp 50 588 bp
FFO/ Total Revenue(%) 42.79 40.15 264 bp 23.73 1,906 bp
Price/ LTM FFO(x) 11.30 12.30 (100) bp 9.40 190 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 29.90 20.10 980 bp 16.90 1,300 bp
Recurring EBITDA/ Interest Expense(x) 3.51 3.46 5 bp 3.81 (30) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.51 3.46 5 bp 3.81 (30) bp
Debt and Preferred/ TEV(%) 45.54 46.05 (51) bp 49.49 (395) bp
Total Debt/ Gross Properties(%) 52.43 50.20 223 bp 51.30 113 bp
Loans/ Assets(%) 1.16 0.09 107 bp 1.17 (1) bp
Credit Lines Drawn/ Available(%) 26.75 0 2,675 bp 15.42 1,133 bp
Changes and Trends (%)
Same-store NOI: Change 3.50 (3.20) 670 bp 8 (450) bp
Same-store Revenue: Change from Prior 3.20 0.17 303 bp 7.59 (439) bp
FFO Growth 4.96 2.03 293 bp 19.56 (1,460) bp
FFO/Share Growth 6.30 0 625 bp 20 (1,375) bp
EPS Growth, before Extraordinary (92) 127.30 (21,927) bp 65.90 (15,785) bp
Real Estate Investment Growth 1.19 (0.84) 203 bp 26.40 (2,521) bp
Per Share Information ($)
Common Shares Outstanding 174,989,038 177,493,925 (1.41) 175,896,204 (2.06)
Closing Price 15.86 15.88 (0.13) 12.87 92.93
Basic EPS before Extra 0.02 0.25 (92) 0.68 (388.24)
Diluted EPS before Extra 0.02 0.25 (92) 0.68 (388.24)
FFO/ Share 0.34 0.32 6.25 0.36 (22.22)
Operating FFO per Share, as Reported 0.33 0.32 3.13 0.36 (33.33)
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 82,385 0 NM 82,805 (2.03)
Debt Maturing: FY2 9,469 84,037 (88.73) 9,526 (2.39)
Debt Maturing: FY3 408,668 9,695 4,115.24 340,542 80.02
Debt Maturing: FY4 579,306 248,512 133.11 580,701 (0.96)
Debt Maturing: Thereafter 1,051,012 1,600,354 (34.33) 1,028,610 8.71
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 6,628 5,508 20.33 7,595 (50.93)
Debt Due during Next Fiscal Year 88,443 7,595 1,064.49 87,226 5.58
Debt Due during Second Fiscal Year 16,375 87,226 (81.23) 15,143 32.54
Debt Due during Third Fiscal Year 416,248 15,143 2,648.78 346,874 80
Debt Due during Fourth Fiscal Year 557,999 254,844 118.96 556,736 0.91
Debt Due Thereafter 1,140,367 1,572,282 (27.47) 1,028,610 43.46
Adjustments to Debt Principal Schedule (108,861) (2,566) 4,142.44 (14,138) 2,679.95

   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.


Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.