Financial Information

Financial Highlights
2018 FQ4
12/31/2018
2017 FQ4
12/31/2017
Y-Y Ch (%)
2018 FQ3
9/30/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,953,319 3,832,348 3.16 3,429,048 61.16
Net Property Investment 3,087,857 2,937,257 5.13 2,583,374 78.11
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 11,599 392 2,858.93 296,795 (384.37)
Construction in Progress 150,263 121,188 23.99 157,075 (17.35)
Mortgage Loans NA 3,532 NA 47,821 NA
Senior Secured Debt 320,869 317,216 1.15 322,588 (2.13)
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 1,628,567 1,535,002 6.10 1,536,339 24.01
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,028,046 1,930,828 5.04 1,937,537 18.69
Total Liabilities 2,265,948 2,148,848 5.45 2,146,819 22.20
Equity Attributable to Parent Company 1,820,253 1,829,180 (0.49) 1,759,979 13.70
Noncontrolling Interests 12,320 17,420 (29.28) 16,824 (107.09)
Total Equity 1,832,573 1,846,600 (0.76) 1,776,803 12.56
Market Capitalization($M) 2,263.80 3,226.70 (29.84) 2,792.30 (75.71)
Implied Market Cap($M) 2,276.40 3,253.70 (30.04) 2,815.50 (76.59)
Total Capitalization($M) 4,316.80 5,186.70 (16.77) 4,755.30 (36.89)
Total Enterprise Value($M) 4,294 4,984.50 (13.85) 4,684.90 (33.38)
Total Enterprise Value Plus JV Debt($M) 4,476 5,362.50 (16.53) 5,013.80 (42.91)
Income Statement ($000)
Rental Revenue 132,723 124,052 6.99 122,180 34.52
Rental Net Operating Income 78,934 73,022 8.10 71,914 39.05
NOI 78,934 73,022 8.10 78,369 2.88
Gain on Sale of Real Estate 136,401 75,432 80.83 0 NM
Interest Expense 20,734 21,041 (1.46) 19,875 17.29
Revenue 139,375 124,401 12.04 133,607 17.27
Expense 152,801 125,585 21.67 176,869 (54.43)
Extraordinary Items 0 0 0 0 0
Net Income 122,710 73,844 66.17 (43,262) NM
Net Income Attributable to Noncontrolling Int 798 625 27.68 (339) NM
Net Income Attributable to Parent 121,912 73,219 66.50 (42,923) NM
Net Income Avail to Common 121,823 73,137 66.57 (43,003) NM
FFO 64,426 53,886 19.56 63,353 6.77
Operating Funds from Operations, as Reported 64,759 58,989 9.78 63,409 8.52
Adjusted FFO 48,123 38,428 25.23 51,992 (29.77)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 12.24 7.52 472 bp (4.37) 1,661 bp
ROAE(%) 27.20 16.42 1,078 bp (9.54) 3,674 bp
Implied Capitalization Rate(%) 8.39 7.47 92 bp 7.85 54 bp
Dividend Payout Ratio(%) 27.94 43.90 (1,596) bp NM NM
Dividend Yield(%) 5.91 3.96 195 bp 4.58 133 bp
FFO Payout(%) 50 53.33 (333) bp 51.43 (143) bp
FFO/ Total Revenue(%) 46.22 43.32 290 bp 47.42 (120) bp
Price/ LTM FFO(x) 9.40 14.10 (470) bp 11.90 (250) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 16.90 28 (1,110) bp 32.10 (1,520) bp
Recurring EBITDA/ Interest Expense(x) 3.81 3.30 51 bp 3.83 (2) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.81 3.30 51 bp 3.83 (2) bp
Debt and Preferred/ TEV(%) 49.38 43.05 633 bp 45.20 418 bp
Total Debt/ Gross Properties(%) 51.30 50.38 92 bp 56.50 (520) bp
Loans/ Assets(%) NA 0.09 NA 1.22 NA
Credit Lines Drawn/ Available(%) 15.42 0 1,542 bp 0 1,542 bp
Changes and Trends (%)
Same-store NOI: Change 8 3.40 460 bp 13.90 (590) bp
Same-store Revenue: Change from Prior 7.59 3.61 398 bp 10.70 (311) bp
FFO Growth 19.56 (14.65) 3,421 bp 2.04 1,752 bp
FFO/Share Growth 20 (14.30) 3,429 bp 0 2,000 bp
EPS Growth, before Extraordinary 65.90 NM NM NM NM
Real Estate Investment Growth 20.73 (5.53) 2,626 bp (4.90) 2,563 bp
Per Share Information ($)
Common Shares Outstanding 175,896,204 177,390,500 (0.84) 177,625,482 (3.89)
Closing Price 12.87 18.19 (29.25) 15.72 (72.52)
Basic EPS before Extra 0.68 0.42 61.90 (0.24) NM
Diluted EPS before Extra 0.68 0.41 65.85 (0.24) NM
FFO/ Share 0.36 0.30 20 0.35 11.43
Operating FFO per Share, as Reported 0.36 0.33 9.09 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 0.18 5.56 0.18 22.22
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 82,805 0 NM 0 NM
Debt Maturing: FY2 9,526 84,440 (88.72) 83,220 (354.21)
Debt Maturing: FY3 340,542 0 NM 9,583 13,814.42
Debt Maturing: FY4 580,701 248,429 133.75 248,677 534.06
Debt Maturing: Thereafter 1,028,610 1,600,850 (35.75) 1,598,355 (142.58)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 7,595 6,601 15.06 1,854 1,238.62
Debt Due during Next Fiscal Year 87,226 7,360 1,085.14 7,595 4,193.86
Debt Due during Second Fiscal Year 15,143 86,978 (82.59) 87,226 (330.56)
Debt Due during Third Fiscal Year 346,874 6,099 5,587.39 15,143 8,762.62
Debt Due during Fourth Fiscal Year 556,736 254,761 118.53 255,009 473.28
Debt Due Thereafter 1,028,610 1,571,920 (34.56) 1,573,008 (138.43)
Adjustments to Debt Principal Schedule (14,138) (2,891) 389.03 (2,298) 2,060.92

   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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