Financial Highlights

Financial Highlights
2018 FQ4
12/31/2018
2017 FQ4
12/31/2017
Y-Y Ch (%)
2018 FQ3
9/30/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,392,117 2,338,095 2.31 2,402,209 (1.68)
Net Property Investment 2,044,495 2,047,028 (0.12) 2,062,386 (3.47)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 7,502 1,193 528.83 1,193 2,115.34
Construction in Progress 21,059 36,257 (41.92) 20,219 16.62
Mortgage Loans 30,700 12,356 148.46 29,387 17.87
Senior Secured Debt 200,011 343,109 (41.71) 308,962 (141.05)
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 765,000 530,000 44.34 665,000 60.15
Total Subordinated Debt 0 0 0 0 0
Total Debt 958,712 868,236 10.42 969,146 (4.31)
Total Liabilities 1,030,153 932,498 10.47 1,045,696 (5.95)
Equity Attributable to Parent Company 1,189,849 1,274,502 (6.64) 1,214,516 (8.12)
Noncontrolling Interests 2,295 2,874 (20.15) 2,719 (62.38)
Total Equity 1,192,144 1,277,376 (6.67) 1,217,235 (8.25)
Market Capitalization($M) 1,019.50 1,588.30 (35.81) 1,417.20 (112.25)
Implied Market Cap($M) 1,022.10 1,593.20 (35.85) 1,421.20 (112.33)
Total Capitalization($M) 2,217.10 2,783.30 (20.34) 2,626.60 (62.36)
Total Enterprise Value($M) 2,173 2,746.70 (20.89) 2,566.10 (61.28)
Total Enterprise Value Plus JV Debt($M) 2,173 2,746.70 (20.89) 2,566.10 (61.28)
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 46,974 46,914 0.13 51,957 (38.36)
Gain on Sale of Real Estate (640) (322) 98.76 24,826 NM
Interest Expense 11,365 8,201 38.58 10,848 19.06
Revenue 134,008 132,691 0.99 143,715 (27.02)
Expense 128,413 121,521 5.67 131,072 (8.11)
Extraordinary Items 0 0 0 0 0
Net Income 5,757 9,787 (41.18) 38,001 (339.40)
Net Income Attributable to Noncontrolling Int 1 18 (94.44) 100 (396)
Net Income Attributable to Parent 5,756 9,769 (41.08) 37,901 (339.25)
Net Income Avail to Common 2,025 2,387 (15.17) 34,069 (376.22)
FFO 29,522 26,487 11.46 34,548 (58.19)
Operating Funds from Operations, as Reported 31,289 31,499 (0.67) 36,126 (53.56)
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 1.03 1.84 (81) bp 6.79 (576) bp
ROAE(%) 1.91 3.15 (124) bp 12.59 (1,068) bp
Implied Capitalization Rate(%) 8.59 7.65 94 bp 8.29 30 bp
Dividend Payout Ratio(%) 900 850 5,000 bp 54.55 84,545 bp
Dividend Yield(%) 7.40 4.46 294 bp 5.32 208 bp
FFO Payout(%) 64.29 68 (371) bp 54.55 974 bp
FFO/ Total Revenue(%) 22.03 19.96 207 bp 24.04 (201) bp
Price/ LTM FFO(x) 7.70 12.60 (490) bp 11 (330) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 14.30 19.30 (500) bp 19.90 (560) bp
Recurring EBITDA/ Interest Expense(x) 3.89 5.29 (140) bp 4.48 (59) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.93 3.33 (40) bp 3.34 (41) bp
Debt and Preferred/ TEV(%) 54.99 43.33 1,166 bp 46.97 802 bp
Total Debt/ Gross Properties(%) 40.08 37.13 295 bp 40.34 (26) bp
Loans/ Assets(%) 1.38 0.56 82 bp 1.30 8 bp
Credit Lines Drawn/ Available(%) 28.75 5 2,375 bp 21.67 708 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 11.46 20.12 (866) bp 1.60 986 bp
FFO/Share Growth 12 0 1,200 bp 0 1,200 bp
EPS Growth, before Extraordinary 0 (50) 5,000 bp 94.10 (9,412) bp
Real Estate Investment Growth (1.91) 36.13 (3,804) bp 6.13 (804) bp
Per Share Information ($)
Common Shares Outstanding 104,783,179 104,287,128 0.48 104,745,710 0.14
Closing Price 9.73 15.23 (36.11) 13.53 (112.34)
Basic EPS before Extra 0.02 0.02 0 0.33 (375.76)
Diluted EPS before Extra 0.02 0.02 0 0.33 (375.76)
FFO/ Share 0.28 0.25 12 0.33 (60.61)
Operating FFO per Share, as Reported 0.30 0.30 0 0.35 (57.14)
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 22,151 115,441 (80.81) 108,043 (317.99)
Debt Maturing: FY2 10,717 61,854 (82.67) 87,306 (350.90)
Debt Maturing: FY3 225,000 161,019 39.74 160,795 159.72
Debt Maturing: FY4 216,989 365,000 (40.55) 225,000 (14.24)
Debt Maturing: Thereafter 490,154 169,795 188.67 392,818 99.12
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 4,647 8,154 (43.01) NA NA
Debt Due during Next Fiscal Year 25,788 116,978 (77.95) NA NA
Debt Due during Second Fiscal Year 14,151 63,489 (77.71) NA NA
Debt Due during Third Fiscal Year 229,264 164,155 39.66 NA NA
Debt Due during Fourth Fiscal Year 209,238 369,269 (43.34) NA NA
Debt Due Thereafter 481,923 151,064 219.02 NA NA
Adjustments to Debt Principal Schedule (6,299) (4,873) 29.26 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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