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Financial Highlights

Financial Highlights
2020 FQ3
9/30/2020
2019 FQ2
6/30/2019
Y-Y Ch (%)
2020 FQ1
3/31/2020
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,736,910 4,052,606 (7.79) 4,025,603 (28.69)
Net Property Investment 2,756,246 3,111,773 (11.43) 3,032,606 (36.45)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 7,349 7,349 0 10,698 (125.22)
Construction in Progress 186,853 120,785 54.70 193,160 (13.06)
Mortgage Loans 44,430 44,430 0 44,430 0
Senior Secured Debt 88,913 317,377 (71.99) 312,001 (286.01)
Obligations Under Leases 22,707 22,453 1.13 22,606 1.79
Senior Unsecured Debt 1,751,988 1,700,549 3.02 1,801,989 (11.10)
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 1,942,218 2,118,989 (8.34) 2,215,206 (49.29)
Total Liabilities 2,175,278 2,318,809 (6.19) 2,441,528 (43.62)
Equity Attributable to Parent Company 1,805,168 1,717,819 5.08 1,593,554 53.12
Noncontrolling Interests 10,614 11,846 (10.40) 10,260 13.80
Total Equity 1,815,782 1,729,665 4.98 1,603,814 52.87
Market Capitalization($M) 1,751.70 2,507.20 (30.13) 1,786.80 (7.86)
Implied Market Cap($M) 1,761.90 2,521.30 (30.12) 1,797.10 (7.83)
Total Capitalization($M) 3,704.20 4,642.50 (20.21) 4,013.40 (30.82)
Total Enterprise Value($M) 3,641.90 4,610.90 (21.02) 3,960.70 (32.20)
Total Enterprise Value Plus JV Debt($M) 4,034.60 4,838.10 (16.61) 4,194 (15.20)
Income Statement ($000)
Rental Revenue 121,277 137,787 (11.98) 139,204 (51.51)
Rental Net Operating Income 74,787 83,014 (9.91) 84,956 (47.88)
NOI 74,787 83,014 (9.91) 84,956 (47.88)
Gain on Sale of Real Estate 271,976 1,526 17,722.80 2,586 41,668.99
Interest Expense 17,025 21,182 (19.63) 20,758 (71.93)
Revenue 118,276 140,764 (15.98) 141,110 (64.73)
Expense 114,117 136,021 (16.10) 135,605 (63.38)
Extraordinary Items 0 0 0 0 0
Net Income 276,133 6,252 4,316.71 8,087 13,258.12
Net Income Attributable to Noncontrolling Int 1,612 47 3,329.79 65 9,520
Net Income Attributable to Parent 274,521 6,205 4,324.19 8,022 13,288.41
Net Income Avail to Common 274,428 6,112 4,389.99 7,891 13,510.94
FFO 60,189 62,389 (3.53) 61,580 (9.04)
Operating Funds from Operations, as Reported 58,037 60,689 (4.37) 61,390 (21.85)
Adjusted FFO 38,748 44,591 (13.10) 48,282 (78.99)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 27.57 0.61 2,696 bp 0.80 2,677 bp
ROAE(%) 65.23 1.43 6,380 bp 1.97 6,326 bp
Implied Capitalization Rate(%) 10.23 8.94 129 bp 9.12 111 bp
Dividend Payout Ratio(%) 11.88 633.33 (62,145) bp 475 (46,312) bp
Dividend Yield(%) 7.35 5.31 204 bp 7.22 13 bp
FFO Payout(%) 54.29 54.29 0 bp 54.29 0 bp
FFO/ Total Revenue(%) 50.89 44.32 657 bp 43.64 725 bp
Price/ LTM FFO(x) 7.28 10.23 (295) bp 7.31 (3) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 5.91 29.83 (2,392) bp 52.60 (4,669) bp
Recurring EBITDA/ Interest Expense(x) 3.71 3.56 15 bp 3.62 9 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.71 3.56 15 bp 3.62 9 bp
Debt and Preferred/ TEV(%) 57.87 48.49 938 bp 58.38 (51) bp
Total Debt/ Gross Properties(%) 51.97 52.29 (32) bp 55.03 (306) bp
Loans/ Assets(%) 1.11 1.10 1 bp 1.10 1 bp
Credit Lines Drawn/ Available(%) 0 27.25 (2,725) bp 8.33 (833) bp
Changes and Trends (%)
Same-store NOI: Change (6) 0.90 (690) bp 6.40 (1,240) bp
Same-store Revenue: Change from Prior (3.85) 2.02 (587) bp 3.66 (751) bp
FFO Growth (6.25) (1.18) (507) bp 2.14 (839) bp
FFO/Share Growth (2.80) 0 (278) bp 2.90 (572) bp
EPS Growth, before Extraordinary NM (57.10) NM 100 NM
Real Estate Investment Growth (1.67) (4.59) 292 bp 0.60 (227) bp
Per Share Information ($)
Common Shares Outstanding 169,412,470 175,084,433 (3.24) 169,848,204 (1.03)
Closing Price 10.34 14.32 (27.79) 10.52 (6.84)
Basic EPS before Extra 1.61 0.03 5,266.67 0.04 15,700
Diluted EPS before Extra 1.60 0.03 5,233.33 0.04 15,600
FFO/ Share 0.35 0.35 0 0.35 0
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 79,781 0 NM 80,667 (4.39)
Debt Maturing: Next FY 9,107 81,962 (88.89) 9,230 (5.33)
Debt Maturing: FY2 248,953 9,410 2,545.62 298,692 (66.61)
Debt Maturing: FY3 350,000 411,799 (15.01) 573,595 (155.93)
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 79,845 3,833 1,983.09 85,281 (25.50)
Debt Due during Next Fiscal Year 9,043 87,226 (89.63) 15,143 (161.13)
Debt Due during Second Fiscal Year 248,953 15,143 1,544.01 305,024 (73.53)
Debt Due during Third Fiscal Year 350,000 418,131 (16.29) 556,736 (148.53)
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 3,060 (13,143) NM 1,806 277.74

   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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