Financial Highlights

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 ($000)
Gross Depreciable Property 2,402,209 2,158,037 11.31 2,319,564 14.25
Net Property Investment 2,062,386 1,889,347 9.16 1,999,177 12.65
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 1,193 1,193 0 37,728 (387.35)
Construction in Progress 20,219 32,356 (37.51) 15,410 124.83
Mortgage Loans 29,387 0 NM 28,945 6.11
Senior Secured Debt 308,962 322,464 (4.19) 310,813 (2.38)
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 665,000 455,000 46.15 645,000 12.40
Total Subordinated Debt 0 0 0 0 0
Total Debt 969,146 772,275 25.49 950,497 7.85
Total Liabilities 1,045,696 836,276 25.04 1,018,212 10.80
Equity Attributable to Parent Company 1,214,516 1,204,516 0.83 1,195,394 6.40
Noncontrolling Interests 2,719 3,086 (11.89) 2,662 8.56
Total Equity 1,217,235 1,207,602 0.80 1,198,056 6.40
Market Capitalization($M) 1,417.20 1,667.20 (15) 1,498.90 (21.80)
Implied Market Cap($M) 1,421.20 1,672.70 (15.04) 1,503.10 (21.79)
Total Capitalization($M) 2,626.60 2,681.40 (2.04) 2,689.90 (9.41)
Total Enterprise Value($M) 2,566.10 2,628.90 (2.39) 2,641 (11.34)
Total Enterprise Value Plus JV Debt($M) 2,566.10 2,628.90 (2.39) 2,641 (11.34)
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 51,957 50,517 2.85 58,004 (41.70)
Gain on Sale of Real Estate 24,826 7,725 221.37 17,331 172.98
Interest Expense 10,848 7,768 39.65 10,402 17.15
Revenue 143,715 136,494 5.29 155,821 (31.08)
Expense 131,072 122,005 7.43 135,323 (12.57)
Extraordinary Items 0 0 0 0 0
Net Income 38,001 22,445 69.31 37,677 3.44
Net Income Attributable to Noncontrolling Int 100 55 81.82 101 (3.96)
Net Income Attributable to Parent 37,901 22,390 69.28 37,576 3.46
Net Income Avail to Common 34,069 18,121 88.01 33,747 3.82
FFO 34,548 34,004 1.60 41,653 (68.23)
Operating Funds from Operations, as Reported 36,126 36,653 (1.44) 41,438 (51.28)
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 6.79 4.44 235 bp 6.79 0 bp
ROAE(%) 12.59 7.44 515 bp 12.67 (8) bp
Implied Capitalization Rate(%) 8.29 7.76 53 bp 8.07 22 bp
Dividend Payout Ratio(%) 54.55 100 (4,545) bp 56.25 (170) bp
Dividend Yield(%) 5.32 4.25 107 bp 5.03 29 bp
FFO Payout(%) 54.55 51.52 303 bp 45 955 bp
FFO/ Total Revenue(%) 24.04 24.91 (87) bp 26.73 (269) bp
Price/ LTM FFO(x) 11 13.20 (220) bp 11.60 (60) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 19.90 19.50 40 bp 27.50 (760) bp
Recurring EBITDA/ Interest Expense(x) 4.48 5.97 (149) bp 5.16 (68) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.34 3.87 (53) bp 3.81 (47) bp
Debt and Preferred/ TEV(%) 46.97 38.37 860 bp 44.94 203 bp
Total Debt/ Gross Properties(%) 40.34 35.79 455 bp 40.98 (64) bp
Loans/ Assets(%) 1.30 0 130 bp 1.31 (1) bp
Credit Lines Drawn/ Available(%) 21.67 13.33 834 bp 15 667 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 1.60 13 (1,140) bp 25.56 (2,396) bp
FFO/Share Growth 0 (2.90) 294 bp 21.20 (2,121) bp
EPS Growth, before Extraordinary 94.10 (32) 12,612 bp 6.70 8,745 bp
Real Estate Investment Growth 6.13 4.59 154 bp (2.31) 844 bp
Per Share Information ($)
Common Shares Outstanding 104,745,710 104,266,587 0.46 104,744,101 0.01
Closing Price 13.53 15.99 (15.38) 14.31 (21.80)
Basic EPS before Extra 0.33 0.18 83.33 0.33 0
Diluted EPS before Extra 0.33 0.17 94.12 0.32 12.50
FFO/ Share 0.33 0.33 0 0.40 (70)
Operating FFO per Share, as Reported 0.35 0.35 0 0.40 (50)
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.18 0.17 5.88 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 108,043 0 NM 109,006 (3.53)
Debt Maturing: FY2 87,306 116,407 (25) 67,462 117.66
Debt Maturing: FY3 160,795 87,159 84.48 160,870 (0.19)
Debt Maturing: FY4 225,000 161,092 39.67 225,000 0
Debt Maturing: Thereafter 392,818 412,806 (4.84) 393,475 (0.67)
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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