Financial Information

Financial Highlights
2018 FQ3
9/30/2018
2017 FQ3
9/30/2017
Y-Y Ch (%)
2018 FQ2
6/30/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,429,048 3,769,067 (9.02) 3,864,629 (45.08)
Net Property Investment 2,583,374 2,883,629 (10.41) 2,933,435 (47.73)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 297,194 31,125 854.84 4,254 27,544.90
Construction in Progress 157,075 127,141 23.54 120,593 121.01
Mortgage Loans NA 3,384 NA 47,871 NA
Senior Secured Debt 322,588 318,317 1.34 324,289 (2.10)
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 1,536,339 1,492,713 2.92 1,535,894 0.12
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 1,937,537 1,889,640 2.53 1,938,793 (0.26)
Total Liabilities 2,146,819 2,104,849 1.99 2,140,744 1.14
Equity Attributable to Parent Company 1,759,979 1,733,716 1.51 1,833,365 (16.01)
Noncontrolling Interests 16,824 16,854 (0.18) 17,410 (13.46)
Total Equity 1,776,803 1,750,570 1.50 1,850,775 (15.99)
Market Capitalization($M) 2,792.30 3,051.60 (8.50) 2,998.30 (27.48)
Implied Market Cap($M) 2,815.50 3,077.50 (8.51) 3,023.20 (27.48)
Total Capitalization($M) 4,769.90 4,969.30 (4.01) 4,964.20 (15.66)
Total Enterprise Value($M) 4,699.50 4,944 (4.95) 4,855.90 (12.88)
Total Enterprise Value Plus JV Debt($M) 5,028.40 5,395 (6.80) 5,175.30 (11.35)
Income Statement ($000)
Rental Revenue 128,635 119,996 7.20 126,927 5.38
Rental Net Operating Income 78,369 71,914 8.98 76,623 9.11
NOI 78,369 71,914 8.98 76,623 9.11
Gain on Sale of Real Estate 0 14,711 NM 2,802 NM
Interest Expense 19,875 20,309 (2.14) 19,928 (1.06)
Revenue 133,607 125,019 6.87 131,826 5.40
Expense 176,869 121,477 45.60 121,472 182.42
Extraordinary Items 0 0 0 0 0
Net Income (43,262) 19,046 NM 13,136 NM
Net Income Attributable to Noncontrolling Int (339) 170 NM 130 NM
Net Income Attributable to Parent (42,923) 18,876 NM 13,006 NM
Net Income Avail to Common (43,003) 18,803 NM 12,920 NM
FFO 63,353 62,088 2.04 63,151 1.28
Operating Funds from Operations, as Reported 63,409 61,378 3.31 60,146 21.70
Adjusted FFO 51,992 42,319 22.86 44,815 64.06
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (4.37) 1.97 (634) bp 1.31 (568) bp
ROAE(%) (9.54) 4.34 (1,388) bp 2.83 (1,237) bp
Implied Capitalization Rate(%) 7.85 7.66 19 bp 7.52 33 bp
Dividend Payout Ratio(%) NM 145.45 NM 257.14 NM
Dividend Yield(%) 4.58 3.66 92 bp 4.27 31 bp
FFO Payout(%) 51.43 45.71 572 bp 51.43 0 bp
FFO/ Total Revenue(%) 47.42 49.66 (224) bp 47.90 (48) bp
Price/ LTM FFO(x) 11.90 13.10 (120) bp 12.80 (90) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 32.10 NM NM 20.10 1,200 bp
Recurring EBITDA/ Interest Expense(x) 3.83 3.47 36 bp 3.64 19 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.83 3.47 36 bp 3.64 19 bp
Debt and Preferred/ TEV(%) 45.07 43.38 169 bp 43.63 144 bp
Total Debt/ Gross Properties(%) 56.50 50.14 636 bp 50.17 633 bp
Loans/ Assets(%) NA 0.09 NA 1.20 NA
Credit Lines Drawn/ Available(%) 0 29.67 (2,967) bp 0 0 bp
Changes and Trends (%)
Same-store NOI: Change 13.90 6.70 720 bp 1.10 1,280 bp
Same-store Revenue: Change from Prior 10.70 4.46 624 bp 1.75 895 bp
FFO Growth 2.04 6.22 (418) bp 9.68 (764) bp
FFO/Share Growth 0 6.10 (606) bp 9.40 (937) bp
EPS Growth, before Extraordinary NM 266.70 NM 250 NM
Real Estate Investment Growth (10.46) (0.12) (1,034) bp 7.66 (1,812) bp
Per Share Information ($)
Common Shares Outstanding 177,625,482 174,476,532 1.80 177,622,168 0.01
Closing Price 15.72 17.49 (10.12) 16.88 (27.49)
Basic EPS before Extra (0.24) 0.11 NM 0.07 NM
Diluted EPS before Extra (0.24) 0.11 NM 0.07 NM
FFO/ Share 0.35 0.35 0 0.35 0
Operating FFO per Share, as Reported 0.35 0.34 2.94 0.33 24.24
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.18 0.16 12.50 0.18 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 0 325,000 NM 0 0
Debt Maturing: FY2 83,220 178,000 (53.25) 83,630 (1.96)
Debt Maturing: FY3 9,583 84,839 (88.70) 9,639 (2.32)
Debt Maturing: FY4 248,677 0 NM 248,595 0.13
Debt Maturing: Thereafter 1,598,355 1,313,475 21.69 1,599,361 (0.25)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 1,854 1,250 48.32 3,689 (198.97)
Debt Due during Next Fiscal Year 7,595 331,601 (97.71) 7,595 0
Debt Due during Second Fiscal Year 87,226 185,360 (52.94) 87,226 0
Debt Due during Third Fiscal Year 15,143 86,978 (82.59) 15,143 0
Debt Due during Fourth Fiscal Year 255,009 6,099 4,081.16 254,927 0.13
Debt Due Thereafter 1,573,008 1,290,026 21.94 1,572,645 0.09
Adjustments to Debt Principal Schedule (2,298) (11,674) (80.32) (2,432) (22.04)

   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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