Financial Information

Financial Highlights
2020 FQ2
6/30/2020
2019 FQ2
6/30/2019
Y-Y Ch (%)
2020 FQ1
3/31/2020
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,671,836 4,052,606 (9.40) 4,025,603 (35.15)
Net Property Investment 2,714,647 3,111,773 (12.76) 3,032,606 (41.94)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 276,997 7,349 3,669.18 10,698 9,956.96
Construction in Progress 235,475 120,785 94.95 193,160 87.63
Mortgage Loans 44,430 44,430 0 44,430 0
Senior Secured Debt 310,155 317,377 (2.28) 312,001 (2.37)
Obligations Under Leases 22,655 22,453 0.90 22,606 0.87
Senior Unsecured Debt 1,812,990 1,700,549 6.61 1,801,989 2.44
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,224,410 2,118,989 4.98 2,215,206 1.66
Total Liabilities 2,451,921 2,318,809 5.74 2,441,528 1.70
Equity Attributable to Parent Company 1,560,628 1,717,819 (9.15) 1,593,554 (8.26)
Noncontrolling Interests 10,221 11,846 (13.72) 10,260 (1.52)
Total Equity 1,570,849 1,729,665 (9.18) 1,603,814 (8.22)
Market Capitalization($M) 1,844.90 2,507.20 (26.42) 1,786.80 13.01
Implied Market Cap($M) 1,855.60 2,521.30 (26.40) 1,797.10 13.02
Total Capitalization($M) 4,081.10 4,642.50 (12.09) 4,013.40 6.75
Total Enterprise Value($M) 4,036.30 4,610.90 (12.46) 3,960.70 7.64
Total Enterprise Value Plus JV Debt($M) 4,273.20 4,838.10 (11.68) 4,194 7.55
Income Statement ($000)
Rental Revenue 132,180 137,787 (4.07) 139,204 (20.18)
Rental Net Operating Income 82,073 83,014 (1.13) 84,956 (13.57)
NOI 82,073 83,014 (1.13) 84,956 (13.57)
Gain on Sale of Real Estate 201 1,526 (86.83) 2,586 (368.91)
Interest Expense 20,922 21,182 (1.23) 20,758 3.16
Revenue 132,704 140,764 (5.73) 141,110 (23.83)
Expense 129,115 136,021 (5.08) 135,605 (19.14)
Extraordinary Items 0 0 0 0 0
Net Income 4,020 6,252 (35.70) 8,087 (201.16)
Net Income Attributable to Noncontrolling Int 24 47 (48.94) 65 (252.31)
Net Income Attributable to Parent 3,996 6,205 (35.60) 8,022 (200.75)
Net Income Avail to Common 3,903 6,112 (36.14) 7,891 (202.15)
FFO 57,820 62,389 (7.32) 61,580 (24.42)
Operating Funds from Operations, as Reported 57,587 60,689 (5.11) 61,390 (24.78)
Adjusted FFO 43,397 44,591 (2.68) 48,282 (40.47)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.40 0.61 (21) bp 0.80 (40) bp
ROAE(%) 1.01 1.43 (42) bp 1.97 (96) bp
Implied Capitalization Rate(%) 9.70 8.94 76 bp 9.12 58 bp
Dividend Payout Ratio(%) 950 633.33 31,667 bp 475 47,500 bp
Dividend Yield(%) 6.98 5.31 167 bp 7.22 (24) bp
FFO Payout(%) 55.88 54.29 159 bp 54.29 159 bp
FFO/ Total Revenue(%) 43.57 44.32 (75) bp 43.64 (7) bp
Price/ LTM FFO(x) 7.62 10.23 (261) bp 7.31 31 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 57.32 29.83 2,749 bp 52.60 472 bp
Recurring EBITDA/ Interest Expense(x) 3.45 3.56 (11) bp 3.62 (17) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.45 3.56 (11) bp 3.62 (17) bp
Debt and Preferred/ TEV(%) 57.60 48.49 911 bp 58.38 (78) bp
Total Debt/ Gross Properties(%) 60.58 52.29 829 bp 55.03 555 bp
Loans/ Assets(%) 1.10 1.10 0 bp 1.10 0 bp
Credit Lines Drawn/ Available(%) 10.17 27.25 (1,708) bp 8.33 184 bp
Changes and Trends (%)
Same-store NOI: Change (0.60) 0.90 (150) bp 6.40 (700) bp
Same-store Revenue: Change from Prior (1.62) 2.02 (364) bp 3.66 (528) bp
FFO Growth (7.32) (1.18) (614) bp 2.14 (946) bp
FFO/Share Growth (2.90) 0 (286) bp 2.90 (580) bp
EPS Growth, before Extraordinary (33.30) (57.10) 2,381 bp 100 (13,333) bp
Real Estate Investment Growth (0.75) (4.59) 384 bp 0.60 (135) bp
Per Share Information ($)
Common Shares Outstanding 169,412,470 175,084,433 (3.24) 169,848,204 (1.03)
Closing Price 10.89 14.32 (23.95) 10.52 14.07
Basic EPS before Extra 0.02 0.03 (33.33) 0.04 (200)
Diluted EPS before Extra 0.02 0.03 (33.33) 0.04 (200)
FFO/ Share 0.34 0.35 (2.86) 0.35 (11.43)
Operating FFO per Share, as Reported 0.34 0.34 0 0.35 (11.43)
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 80,226 0 NM 80,667 (2.19)
Debt Maturing: Next FY 9,169 81,962 (88.81) 9,230 (2.64)
Debt Maturing: FY2 309,823 9,410 3,192.49 298,692 14.91
Debt Maturing: FY3 572,133 411,799 38.94 573,595 (1.02)
Debt Maturing: FY4 350,000 577,898 (39.44) 350,000 0
Debt Maturing: Thereafter 878,610 1,028,610 (14.58) 878,610 0
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 83,317 3,833 2,073.68 85,281 (9.21)
Debt Due during Next Fiscal Year 15,143 87,226 (82.64) 15,143 0
Debt Due during Second Fiscal Year 316,155 15,143 1,987.80 305,024 14.60
Debt Due during Third Fiscal Year 556,736 418,131 33.15 556,736 0
Debt Due during Fourth Fiscal Year 350,000 556,736 (37.13) 350,000 0
Debt Due Thereafter 878,610 1,028,610 (14.58) 878,610 0
Adjustments to Debt Principal Schedule 1,794 (13,143) NM 1,806 (2.66)

   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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