Financial Highlights

Financial Highlights
2019 FQ2
6/30/2019
2018 FQ2
6/30/2018
Y-Y Ch (%)
2019 FQ1
3/31/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,295,956 2,319,564 (1.02) 2,300,004 (0.70)
Net Property Investment 1,952,084 1,999,177 (2.36) 1,959,441 (1.50)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 493 37,728 (98.69) 95,867 (397.94)
Construction in Progress 18,903 15,410 22.67 22,442 (63.08)
Mortgage Loans 31,856 28,945 10.06 31,284 7.31
Senior Secured Debt 159,450 310,813 (48.70) 192,686 (69)
Obligations Under Leases 18,887 0 NM 19,273 (8.01)
Senior Unsecured Debt 675,000 645,000 4.65 775,000 (51.61)
Total Subordinated Debt 0 0 0 0 0
Total Debt 847,888 950,497 (10.80) 981,099 (54.31)
Total Liabilities 926,164 1,018,212 (9.04) 1,051,673 (47.74)
Equity Attributable to Parent Company 1,194,803 1,195,394 (0.05) 1,175,709 6.50
Noncontrolling Interests 2,254 2,662 (15.33) 2,260 (1.06)
Total Equity 1,197,057 1,198,056 (0.08) 1,177,969 6.48
Market Capitalization($M) 1,205.80 1,498.90 (19.55) 1,199 2.27
Implied Market Cap($M) 1,208.70 1,503.10 (19.59) 1,201.90 2.26
Total Capitalization($M) 2,292.80 2,689.90 (14.76) 2,419.30 (20.92)
Total Enterprise Value($M) 2,244 2,641 (15.03) 2,376.40 (22.29)
Total Enterprise Value Plus JV Debt($M) 2,244 2,641 (15.03) 2,376.40 (22.29)
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 55,254 58,004 (4.74) 50,161 40.61
Gain on Sale of Real Estate 35,520 17,331 104.95 4,166 3,010.47
Interest Expense 9,766 10,402 (6.11) 10,852 (40.03)
Revenue 144,198 155,821 (7.46) 140,966 9.17
Expense 129,948 135,323 (3.97) 131,882 (5.87)
Extraordinary Items 0 0 0 0 0
Net Income 49,069 37,677 30.24 12,900 1,121.52
Net Income Attributable to Noncontrolling Int 112 101 10.89 23 1,547.83
Net Income Attributable to Parent 48,957 37,576 30.29 12,877 1,120.76
Net Income Avail to Common 45,053 33,747 33.50 9,101 1,580.13
FFO 35,202 41,472 (15.12) 30,450 62.42
Operating Funds from Operations, as Reported 38,648 41,438 (6.73) 32,264 79.15
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 9.02 6.79 223 bp 2.32 670 bp
ROAE(%) 16.53 12.67 386 bp 4.35 1,218 bp
Implied Capitalization Rate(%) 9.17 8.07 110 bp 8.98 19 bp
Dividend Payout Ratio(%) 41.86 56.25 (1,439) bp 200 (15,814) bp
Dividend Yield(%) 6.28 5.03 125 bp 6.31 (3) bp
FFO Payout(%) 52.94 45 794 bp 62.07 (913) bp
FFO/ Total Revenue(%) 24.41 26.62 (221) bp 21.60 281 bp
Price/ LTM FFO(x) 9.30 11.60 (230) bp 8.80 50 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 13.20 27.50 (1,430) bp 15 (180) bp
Recurring EBITDA/ Interest Expense(x) 5.21 5.16 5 bp 4.22 99 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.78 3.81 (3) bp 3.14 64 bp
Debt and Preferred/ TEV(%) 48.31 44.94 337 bp 51.23 (292) bp
Total Debt/ Gross Properties(%) 36.93 40.98 (405) bp 42.66 (573) bp
Loans/ Assets(%) 1.50 1.31 19 bp 1.40 10 bp
Credit Lines Drawn/ Available(%) 6.25 15 (875) bp 31.25 (2,500) 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 (15.12) 25.01 (4,013) bp 16.95 (3,207) bp
FFO/Share Growth (15) 21.20 (3,621) bp 16 (3,100) bp
EPS Growth, before Extraordinary 34.40 6.70 2,771 bp 800 (76,562) bp
Real Estate Investment Growth (20.03) (2.31) (1,772) bp 1 (2,103) bp
Per Share Information ($)
Common Shares Outstanding 105,126,626 104,744,101 0.37 105,080,113 0.18
Closing Price 11.47 14.31 (19.85) 11.41 2.10
Basic EPS before Extra 0.43 0.33 30.30 0.09 1,511.11
Diluted EPS before Extra 0.43 0.32 34.37 0.09 1,511.11
FFO/ Share 0.34 0.40 (15) 0.29 68.97
Operating FFO per Share, as Reported 0.37 0.40 (7.50) 0.31 77.42
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 0 109,006 NM 21,996 NM
Debt Maturing: FY2 0 67,462 NM 10,636 NM
Debt Maturing: FY3 225,000 160,870 39.86 225,000 0
Debt Maturing: FY4 119,562 225,000 (46.86) 220,034 (182.65)
Debt Maturing: Thereafter 489,888 393,475 24.50 490,020 (0.11)
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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