Financial Information

Financial Highlights
2020 FQ1
3/31/2020
2019 FQ1
3/31/2019
Y-Y Ch (%)
2019 FQ4
12/31/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 4,025,603 4,043,405 (0.44) 4,028,115 (0.25)
Net Property Investment 3,032,606 3,132,870 (3.20) 3,054,797 (2.91)
Finance Leases NA NA NA NA NA
Property Held for Sale: Nondepreciable 10,698 7,345 45.65 7,349 182.28
Construction in Progress 193,160 112,176 72.19 180,718 27.54
Mortgage Loans 44,430 47,753 (6.96) 44,430 0
Senior Secured Debt 312,001 319,132 (2.23) 313,812 (2.31)
Obligations Under Leases 22,606 22,402 0.91 22,554 0.92
Senior Unsecured Debt 1,801,989 1,697,055 6.18 1,751,996 11.41
Total Subordinated Debt 78,610 78,610 0 78,610 0
Total Debt 2,215,206 2,117,199 4.63 2,166,972 8.90
Total Liabilities 2,441,528 2,334,437 4.59 2,387,666 9.02
Equity Attributable to Parent Company 1,593,554 1,748,438 (8.86) 1,677,877 (20.10)
Noncontrolling Interests 10,260 12,025 (14.68) 10,426 (6.37)
Total Equity 1,603,814 1,760,463 (8.90) 1,688,303 (20.02)
Market Capitalization($M) 1,786.80 2,775.30 (35.62) 2,762.10 (141.24)
Implied Market Cap($M) 1,797.10 2,790.90 (35.61) 2,777.60 (141.20)
Total Capitalization($M) 4,013.40 4,910.40 (18.27) 4,945.70 (75.40)
Total Enterprise Value($M) 3,960.70 4,895.90 (19.10) 4,855.20 (73.69)
Total Enterprise Value Plus JV Debt($M) 4,194 5,102.30 (17.80) 5,080.60 (69.80)
Income Statement ($000)
Rental Revenue 139,204 138,098 0.80 139,552 (1)
Rental Net Operating Income 84,956 82,815 2.59 86,615 (7.66)
NOI 84,956 82,815 2.59 86,615 (7.66)
Gain on Sale of Real Estate 2,586 1,260 105.24 8,564 (279.22)
Interest Expense 20,758 21,023 (1.26) 20,981 (4.25)
Revenue 141,110 140,946 0.12 143,232 (5.93)
Expense 135,605 137,594 (1.45) 134,956 1.92
Extraordinary Items 0 0 0 0 0
Net Income 8,087 4,583 76.46 16,874 (208.30)
Net Income Attributable to Noncontrolling Int 65 60 8.33 107 (157.01)
Net Income Attributable to Parent 8,022 4,523 77.36 16,767 (208.62)
Net Income Avail to Common 7,891 4,404 79.18 16,676 (210.72)
FFO 61,580 60,290 2.14 67,216 (33.54)
Operating Funds from Operations, as Reported 61,390 59,075 3.92 66,836 (32.59)
Adjusted FFO 48,282 47,461 1.73 53,650 (40.02)
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.80 0.45 35 bp 1.67 (87) bp
ROAE(%) 1.97 1.03 94 bp 3.98 (201) bp
Implied Capitalization Rate(%) 9.11 8.77 34 bp 8.96 15 bp
Dividend Payout Ratio(%) 475 950 (47,500) bp 211.11 26,389 bp
Dividend Yield(%) 7.22 4.79 243 bp 4.83 239 bp
FFO Payout(%) 54.29 55.88 (159) bp 50 429 bp
FFO/ Total Revenue(%) 43.64 42.78 86 bp 46.93 (329) bp
Price/ LTM FFO(x) 7.31 11.33 (402) bp 11.01 (370) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 52.60 30.50 2,210 bp 82.89 (3,029) bp
Recurring EBITDA/ Interest Expense(x) 3.62 3.51 11 bp 3.80 (18) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.62 3.51 11 bp 3.80 (18) bp
Debt and Preferred/ TEV(%) 58.38 45.54 1,284 bp 47.09 1,129 bp
Total Debt/ Gross Properties(%) 55.03 52.36 267 bp 53.80 123 bp
Loans/ Assets(%) 1.10 1.17 (7) bp 1.09 1 bp
Credit Lines Drawn/ Available(%) 8.33 26.75 (1,842) bp 0 833 bp
Changes and Trends (%)
Same-store NOI: Change 6.40 NA NA 2.30 410 bp
Same-store Revenue: Change from Prior 3.66 NA NA 0.15 351 bp
FFO Growth 2.14 4.96 (282) bp 4.36 (222) bp
FFO/Share Growth 2.90 6.30 (331) bp 5.60 (262) bp
EPS Growth, before Extraordinary 100 (92) 19,200 bp (86.60) 18,657 bp
Real Estate Investment Growth 0.60 2.04 (144) bp 0.97 (37) bp
Per Share Information ($)
Common Shares Outstanding 169,848,204 174,989,038 (2.94) 175,374,553 (12.60)
Closing Price 10.52 15.86 (33.67) 15.75 (132.83)
Basic EPS before Extra 0.04 0.03 33.33 0.09 (222.22)
Diluted EPS before Extra 0.04 0.02 100 0.09 (222.22)
FFO/ Share 0.35 0.34 2.94 0.38 (31.58)
Operating FFO per Share, as Reported 0.35 0.33 6.06 0.38 (31.58)
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 80,667 0 NM 81,103 (2.15)
Debt Maturing: Next FY 9,230 82,385 (88.80) 9,291 (2.63)
Debt Maturing: FY2 298,692 9,469 3,054.42 248,561 80.67
Debt Maturing: FY3 573,595 408,668 40.36 575,043 (1.01)
Debt Maturing: FY4 350,000 579,306 (39.58) 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 85,281 5,723 1,390.15 87,226 (8.92)
Debt Due during Next Fiscal Year 15,143 87,226 (82.64) 15,143 0
Debt Due during Second Fiscal Year 305,024 15,143 1,914.29 254,893 78.67
Debt Due during Third Fiscal Year 556,736 415,000 34.15 556,736 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 1,806 (13,641) NM 1,810 (0.88)

   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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