Financial Highlights

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 ($000)
Gross Depreciable Property 2,592,202 2,300,004 12.70 2,583,230 1.39
Net Property Investment 2,181,229 1,959,441 11.32 2,199,243 (3.28)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 425 95,867 (99.56) 425 0
Construction in Progress 10,229 22,442 (54.42) 9,388 35.83
Mortgage Loans 38,921 31,284 24.41 36,421 27.46
Senior Secured Debt 156,796 192,686 (18.63) 157,726 (2.36)
Obligations Under Leases 19,384 19,273 0.58 19,604 (4.49)
Senior Unsecured Debt 985,000 775,000 27.10 865,000 55.49
Total Subordinated Debt 0 0 0 0 0
Total Debt 1,154,403 981,099 17.66 1,035,767 45.82
Total Liabilities 1,236,225 1,051,673 17.55 1,112,293 44.57
Equity Attributable to Parent Company 1,118,202 1,175,709 (4.89) 1,173,778 (18.94)
Noncontrolling Interests 68,693 2,260 2,939.51 69,612 (5.28)
Total Equity 1,186,895 1,177,969 0.76 1,243,390 (18.17)
Market Capitalization($M) 445.50 1,199 (62.84) 1,297.80 (262.69)
Implied Market Cap($M) 446.40 1,201.90 (62.86) 1,300.40 (262.69)
Total Capitalization($M) 1,904.10 2,419.30 (21.30) 2,640.20 (111.52)
Total Enterprise Value($M) 1,772.80 2,376.40 (25.40) 2,598 (127.05)
Total Enterprise Value Plus JV Debt($M) 1,772.80 2,376.40 (25.40) 2,598 (127.05)
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 29,722 50,161 (40.75) 46,152 (142.40)
Gain on Sale of Real Estate (3) 4,166 NM 5,763 NM
Interest Expense 11,012 10,852 1.47 10,962 1.82
Revenue 110,492 140,966 (21.62) 136,043 (75.13)
Expense 124,735 131,882 (5.42) 132,580 (23.67)
Extraordinary Items 0 0 0 0 0
Net Income (16,214) 12,900 NM 8,753 NM
Net Income Attributable to Noncontrolling Int (892) 23 NM (489) 329.65
Net Income Attributable to Parent (15,322) 12,877 NM 9,242 NM
Net Income Avail to Common (19,112) 9,101 NM 5,477 NM
FFO 9,798 30,450 (67.82) 25,936 (248.89)
Operating Funds from Operations, as Reported 13,269 32,264 (58.87) 26,974 (203.23)
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (2.71) 2.32 (503) bp 1.55 (426) bp
ROAE(%) (5.34) 4.35 (969) bp 2.87 (821) bp
Implied Capitalization Rate(%) 8.29 8.98 (69) bp 9.21 (92) bp
Dividend Payout Ratio(%) NM 200 NM 360 NM
Dividend Yield(%) 0 6.31 (631) bp 5.83 (583) bp
FFO Payout(%) NM 62.07 NM 72 NM
FFO/ Total Revenue(%) 8.87 21.60 (1,273) bp 19.06 (1,019) bp
Price/ LTM FFO(x) 4.31 8.78 (447) bp 10.55 (624) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 11.41 15.01 (360) bp 18.98 (757) bp
Recurring EBITDA/ Interest Expense(x) 2.24 4.22 (198) bp 3.82 (158) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 1.68 3.14 (146) bp 2.86 (118) bp
Debt and Preferred/ TEV(%) 78.44 51.23 2,721 bp 48.96 2,948 bp
Total Debt/ Gross Properties(%) 44.53 42.66 187 bp 40.10 443 bp
Loans/ Assets(%) 1.61 1.40 21 bp 1.55 6 bp
Credit Lines Drawn/ Available(%) 49.52 31.25 1,827 bp 26.67 2,285 bp
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA NA NA NA NA
FFO Growth (67.82) 16.95 (8,477) bp (12.15) (5,567) bp
FFO/Share Growth (69) 16 (8,497) bp (10.70) (5,826) bp
EPS Growth, before Extraordinary NM 800 NM 150 NM
Real Estate Investment Growth (2.61) 1 (361) bp 43.04 (4,565) bp
Per Share Information ($)
Common Shares Outstanding 105,574,400 105,080,113 0.47 105,169,515 1.54
Closing Price 4.22 11.41 (63.01) 12.34 (263.21)
Basic EPS before Extra (0.18) 0.09 NM 0.05 NM
Diluted EPS before Extra (0.18) 0.09 NM 0.05 NM
FFO/ Share 0.09 0.29 (68.97) 0.25 (256)
Operating FFO per Share, as Reported 0.13 0.31 (58.06) 0.26 (200)
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.18 0.18 0 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 21,996 NM 0 0
Debt Maturing: FY2 225,000 10,636 2,015.46 225,000 0
Debt Maturing: FY3 427,983 225,000 90.21 308,520 154.89
Debt Maturing: FY4 216,848 220,034 (1.45) 216,980 (0.24)
Debt Maturing: Thereafter 271,965 490,020 (44.50) 272,226 (0.38)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA NA NA 3,742 NA
Debt Due during Next Fiscal Year NA NA NA 3,912 NA
Debt Due during Second Fiscal Year NA NA NA 229,072 NA
Debt Due during Third Fiscal Year NA NA NA 303,434 NA
Debt Due during Fourth Fiscal Year NA NA NA 216,105 NA
Debt Due Thereafter NA NA NA 266,461 NA
Adjustments to Debt Principal Schedule NA NA NA (6,563) NA

   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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