Financial Highlights

Financial Highlights
2019 FQ3
9/30/2019
2018 FQ3
9/30/2018
Y-Y Ch (%)
2019 FQ2
6/30/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,306,432 2,402,209 (3.99) 2,295,956 1.83
Net Property Investment 1,945,782 2,062,386 (5.65) 1,952,084 (1.29)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 17,305 1,193 1,350.54 493 13,640.57
Construction in Progress 28,216 20,219 39.55 18,903 197.07
Mortgage Loans 35,132 29,387 19.55 31,856 41.14
Senior Secured Debt 158,654 308,962 (48.65) 159,450 (2)
Obligations Under Leases 18,580 0 NM 18,887 (6.50)
Senior Unsecured Debt 690,000 665,000 3.76 675,000 8.89
Total Subordinated Debt 0 0 0 0 0
Total Debt 862,111 969,146 (11.04) 847,888 6.71
Total Liabilities 952,301 1,045,696 (8.93) 926,164 11.29
Equity Attributable to Parent Company 1,181,355 1,214,516 (2.73) 1,194,803 (4.50)
Noncontrolling Interests 15,702 2,719 477.49 2,254 2,386.51
Total Equity 1,197,057 1,217,235 (1.66) 1,197,057 0
Market Capitalization($M) 1,219.90 1,417.20 (13.92) 1,205.80 4.68
Implied Market Cap($M) 1,222.40 1,421.20 (13.99) 1,208.70 4.53
Total Capitalization($M) 2,334.60 2,626.60 (11.12) 2,292.80 7.29
Total Enterprise Value($M) 2,286.50 2,566.10 (10.90) 2,244 7.58
Total Enterprise Value Plus JV Debt($M) 2,286.50 2,566.10 (10.90) 2,244 7.58
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 48,009 51,957 (7.60) 55,254 (52.45)
Gain on Sale of Real Estate (31) 24,826 NM 35,520 NM
Interest Expense 9,450 10,848 (12.89) 9,766 (12.94)
Revenue 135,505 143,715 (5.71) 144,198 (24.11)
Expense 123,872 131,072 (5.49) 129,948 (18.70)
Extraordinary Items 0 0 0 0 0
Net Income 11,626 38,001 (69.41) 49,069 (305.23)
Net Income Attributable to Noncontrolling Int 92 100 (8) 112 (71.43)
Net Income Attributable to Parent 11,534 37,901 (69.57) 48,957 (305.76)
Net Income Avail to Common 7,743 34,069 (77.27) 45,053 (331.25)
FFO 30,903 34,293 (9.89) 35,202 (48.85)
Operating Funds from Operations, as Reported 32,470 36,126 (10.12) 38,648 (63.94)
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.18 6.79 (461) bp 9.02 (684) bp
ROAE(%) 3.88 12.59 (871) bp 16.53 (1,265) bp
Implied Capitalization Rate(%) 9.33 8.29 104 bp 9.17 16 bp
Dividend Payout Ratio(%) 257.14 54.55 20,259 bp 41.86 21,528 bp
Dividend Yield(%) 6.21 5.32 89 bp 6.28 (7) bp
FFO Payout(%) 60 54.55 545 bp 52.94 706 bp
FFO/ Total Revenue(%) 22.81 23.86 (105) bp 24.41 (160) bp
Price/ LTM FFO(x) 9.60 11 (140) bp 9.30 30 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 19 19.90 (90) bp 13.20 580 bp
Recurring EBITDA/ Interest Expense(x) 4.71 4.48 23 bp 5.21 (50) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.38 3.34 4 bp 3.78 (40) bp
Debt and Preferred/ TEV(%) 48.04 46.97 107 bp 48.31 (27) bp
Total Debt/ Gross Properties(%) 37.38 40.34 (296) bp 36.93 45 bp
Loans/ Assets(%) 1.63 1.30 33 bp 1.50 13 bp
Credit Lines Drawn/ Available(%) 10 21.67 (1,167) bp 6.25 375 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 (9.89) 0.85 (1,074) bp (15.12) 523 bp
FFO/Share Growth (9.10) 0 (909) bp (15) 591 bp
EPS Growth, before Extraordinary (78.80) 94.10 (17,291) bp 34.40 (11,317) bp
Real Estate Investment Growth 4.61 6.13 (152) bp (20.03) 2,464 bp
Per Share Information ($)
Common Shares Outstanding 105,165,347 104,745,710 0.40 105,126,626 0.15
Closing Price 11.60 13.53 (14.26) 11.47 4.53
Basic EPS before Extra 0.07 0.33 (78.79) 0.43 (334.88)
Diluted EPS before Extra 0.07 0.33 (78.79) 0.43 (334.88)
FFO/ Share 0.30 0.33 (9.09) 0.34 (47.06)
Operating FFO per Share, as Reported 0.31 0.35 (11.43) 0.37 (64.86)
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 0 108,043 NM 0 0
Debt Maturing: FY2 0 87,306 NM 0 0
Debt Maturing: FY3 225,000 160,795 39.93 225,000 0
Debt Maturing: FY4 134,051 225,000 (40.42) 119,562 48.47
Debt Maturing: Thereafter 489,603 392,818 24.64 489,888 (0.23)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA NA NA NA NA
Debt Due during Next Fiscal Year NA NA NA NA NA
Debt Due during Second Fiscal Year NA NA NA NA NA
Debt Due during Third Fiscal Year NA NA NA NA NA
Debt Due during Fourth Fiscal Year NA NA NA NA NA
Debt Due Thereafter NA NA NA NA NA
Adjustments to Debt Principal Schedule NA NA NA NA 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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