Financial Highlights

Financial Highlights
2019 FQ1
3/31/2019
2018 FQ1
3/31/2018
Y-Y Ch (%)
2018 FQ4
12/31/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,300,004 2,314,725 (0.64) 2,392,117 (15.40)
Net Property Investment 1,959,441 2,008,932 (2.46) 2,044,495 (16.64)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 95,867 23,092 315.15 7,502 4,711.54
Construction in Progress 22,442 42,886 (47.67) 21,059 26.27
Mortgage Loans 31,284 18,454 69.52 30,700 7.61
Senior Secured Debt 192,686 341,074 (43.51) 200,011 (14.65)
Obligations Under Leases 19,273 0 NM 0 NM
Senior Unsecured Debt 775,000 640,000 21.09 765,000 5.23
Total Subordinated Debt 0 0 0 0 0
Total Debt 981,099 975,316 0.59 958,712 9.34
Total Liabilities 1,051,673 1,041,005 1.02 1,030,153 8.36
Equity Attributable to Parent Company 1,175,709 1,178,035 (0.20) 1,189,849 (4.75)
Noncontrolling Interests 2,260 2,838 (20.37) 2,295 (6.10)
Total Equity 1,177,969 1,180,873 (0.25) 1,192,144 (4.76)
Market Capitalization($M) 1,199 1,424.70 (15.84) 1,019.50 70.43
Implied Market Cap($M) 1,201.90 1,429.10 (15.90) 1,022.10 70.36
Total Capitalization($M) 2,419.30 2,640.70 (8.38) 2,217.10 36.48
Total Enterprise Value($M) 2,376.40 2,597.30 (8.50) 2,173 37.44
Total Enterprise Value Plus JV Debt($M) 2,376.40 2,597.30 (8.50) 2,173 37.44
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 50,161 50,387 (0.45) 46,974 27.14
Gain on Sale of Real Estate 4,166 (43) NM (640) NM
Interest Expense 10,852 9,329 16.33 11,365 (18.06)
Revenue 140,966 141,076 (0.08) 134,008 20.77
Expense 131,882 131,082 0.61 128,413 10.81
Extraordinary Items 0 0 0 0 0
Net Income 12,900 9,691 33.11 5,757 496.30
Net Income Attributable to Noncontrolling Int 23 3 666.67 1 8,800
Net Income Attributable to Parent 12,877 9,688 32.92 5,756 494.86
Net Income Avail to Common 9,101 798 1,040.48 2,025 1,397.73
FFO 30,450 26,037 16.95 29,522 12.57
Operating Funds from Operations, as Reported 32,264 32,136 0.40 31,289 12.46
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.32 1.75 57 bp 1.03 129 bp
ROAE(%) 4.35 3.15 120 bp 1.91 244 bp
Implied Capitalization Rate(%) 8.98 7.71 127 bp 8.59 39 bp
Dividend Payout Ratio(%) 200 NM NM 900 (70,000) bp
Dividend Yield(%) 6.31 5.29 102 bp 7.40 (109) bp
FFO Payout(%) 62.07 72 (993) bp 64.29 (222) bp
FFO/ Total Revenue(%) 21.60 18.46 314 bp 22.03 (43) bp
Price/ LTM FFO(x) 8.80 11.70 (290) bp 7.70 110 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 15 27.20 (1,220) bp 14.30 70 bp
Recurring EBITDA/ Interest Expense(x) 4.22 4.81 (59) bp 3.89 33 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.14 3.02 12 bp 2.93 21 bp
Debt and Preferred/ TEV(%) 51.23 46.65 458 bp 54.99 (376) bp
Total Debt/ Gross Properties(%) 42.66 42.14 52 bp 40.08 258 bp
Loans/ Assets(%) 1.40 0.83 57 bp 1.38 2 bp
Credit Lines Drawn/ Available(%) 31.25 41.67 (1,042) bp 28.75 250 bp
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA NA NA NA NA
FFO Growth 16.95 (7.64) 2,459 bp 11.46 549 bp
FFO/Share Growth 16 (16.70) 3,267 bp 12 400 bp
EPS Growth, before Extraordinary 800 (96.80) 89,677 bp 0 80,000 bp
Real Estate Investment Growth 1 (0.66) 166 bp (1.91) 291 bp
Per Share Information ($)
Common Shares Outstanding 105,080,113 104,683,798 0.38 104,783,179 1.13
Closing Price 11.41 13.61 (16.16) 9.73 69.06
Basic EPS before Extra 0.09 0.01 800 0.02 1,400
Diluted EPS before Extra 0.09 0.01 800 0.02 1,400
FFO/ Share 0.29 0.25 16 0.28 14.29
Operating FFO per Share, as Reported 0.31 0.31 0 0.30 13.33
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 21,996 114,464 (80.78) 22,151 (2.80)
Debt Maturing: FY2 10,636 171,542 (93.80) 10,717 (3.02)
Debt Maturing: FY3 225,000 160,943 39.80 225,000 0
Debt Maturing: FY4 220,034 225,000 (2.21) 216,989 5.61
Debt Maturing: Thereafter 490,020 309,125 58.52 490,154 (0.11)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA NA NA 4,647 NA
Debt Due during Next Fiscal Year NA NA NA 25,788 NA
Debt Due during Second Fiscal Year NA NA NA 14,151 NA
Debt Due during Third Fiscal Year NA NA NA 229,264 NA
Debt Due during Fourth Fiscal Year NA NA NA 209,238 NA
Debt Due Thereafter NA NA NA 481,923 NA
Adjustments to Debt Principal Schedule NA NA NA (6,299) 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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