Financial Highlights

Financial Highlights
2020 FQ2
6/30/2020
2019 FQ2
6/30/2019
Y-Y Ch (%)
2020 FQ1
3/31/2020
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,597,220 2,295,956 13.12 2,592,202 0.77
Net Property Investment 2,160,757 1,952,084 10.69 2,181,229 (3.75)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 425 493 (13.79) 425 0
Construction in Progress 5,061 18,903 (73.23) 10,229 (202.09)
Mortgage Loans 41,080 31,856 28.96 38,921 22.19
Senior Secured Debt 155,868 159,450 (2.25) 156,796 (2.37)
Obligations Under Leases 19,069 18,887 0.96 19,384 (6.50)
Senior Unsecured Debt 1,011,500 675,000 49.85 985,000 10.76
Total Subordinated Debt 0 0 0 0 0
Total Debt 1,178,468 847,888 38.99 1,154,403 8.34
Total Liabilities 1,249,339 926,164 34.89 1,236,225 4.24
Equity Attributable to Parent Company 1,065,249 1,194,803 (10.84) 1,118,202 (18.94)
Noncontrolling Interests 66,287 2,254 2,840.86 68,693 (14.01)
Total Equity 1,131,536 1,197,057 (5.47) 1,186,895 (18.66)
Market Capitalization($M) 626.80 1,205.80 (48.02) 445.50 162.78
Implied Market Cap($M) 627.80 1,208.70 (48.06) 446.40 162.54
Total Capitalization($M) 2,107.50 2,292.80 (8.08) 1,904.10 42.73
Total Enterprise Value($M) 1,982.90 2,244 (11.64) 1,772.80 47.41
Total Enterprise Value Plus JV Debt($M) 1,982.90 2,244 (11.64) 1,772.80 47.41
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI (10,010) 55,254 NM 29,722 NM
Gain on Sale of Real Estate (32) 35,520 NM (3) 3,866.67
Interest Expense 10,749 9,766 10.07 11,012 (9.55)
Revenue 26,582 144,198 (81.57) 110,492 (303.77)
Expense 79,345 129,948 (38.94) 124,735 (145.56)
Extraordinary Items 0 0 0 0 0
Net Income (52,548) 49,069 NM (16,214) 896.36
Net Income Attributable to Noncontrolling Int (2,131) 112 NM (892) 555.61
Net Income Attributable to Parent (50,417) 48,957 NM (15,322) 916.20
Net Income Avail to Common (54,126) 45,053 NM (19,112) 732.82
FFO (28,273) 35,202 NM 9,798 NM
Operating Funds from Operations, as Reported (25,922) 38,648 NM 13,269 NM
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (8.75) 9.02 (1,777) bp (2.71) (604) bp
ROAE(%) (18.13) 16.53 (3,466) bp (5.34) (1,279) bp
Implied Capitalization Rate(%) 5.50 9.17 (367) bp 8.29 (279) bp
Dividend Payout Ratio(%) NM 41.86 NM NM NM
Dividend Yield(%) 0 6.28 (628) bp 0 0 bp
FFO Payout(%) NM 52.94 NM NM NM
FFO/ Total Revenue(%) (106.36) 24.41 (13,077) bp 8.87 (11,523) bp
Price/ LTM FFO(x) 16.03 9.25 678 bp 4.31 1,172 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) NM 13.18 NM 11.41 NM
Recurring EBITDA/ Interest Expense(x) (1.30) 5.21 (651) bp 2.24 (354) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) (0.97) 3.78 (475) bp 1.68 (265) bp
Debt and Preferred/ TEV(%) 71.34 48.31 2,303 bp 78.44 (710) bp
Total Debt/ Gross Properties(%) 45.37 36.93 844 bp 44.53 84 bp
Loans/ Assets(%) 1.73 1.50 23 bp 1.61 12 bp
Credit Lines Drawn/ Available(%) 54.57 6.25 4,832 bp 49.52 505 bp
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA NA NA NA NA
FFO Growth NM (15.12) NM (67.82) NM
FFO/Share Growth NM (15) NM (69) NM
EPS Growth, before Extraordinary NM 34.40 NM NM NM
Real Estate Investment Growth (4.21) (20.03) 1,582 bp (2.61) (160) bp
Per Share Information ($)
Common Shares Outstanding 105,696,833 105,126,626 0.54 105,574,400 0.46
Closing Price 5.93 11.47 (48.30) 4.22 162.09
Basic EPS before Extra (0.52) 0.43 NM (0.18) 755.56
Diluted EPS before Extra (0.52) 0.43 NM (0.18) 755.56
FFO/ Share (0.27) 0.34 NM 0.09 NM
Operating FFO per Share, as Reported (0.25) 0.37 NM 0.13 NM
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0 0.18 NM 0.18 NM
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 0 0 0 0
Debt Maturing: FY2 225,000 0 NM 225,000 0
Debt Maturing: FY3 453,952 225,000 101.76 427,983 24.27
Debt Maturing: FY4 216,714 119,562 81.26 216,848 (0.25)
Debt Maturing: Thereafter 271,702 489,888 (44.54) 271,965 (0.39)
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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