Financial Highlights

Financial Highlights
2018 FQ2
6/30/2018
2017 FQ2
6/30/2017
Y-Y Ch (%)
2018 FQ1
3/31/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,319,564 2,092,645 10.84 2,314,725 0.84
Net Property Investment 1,999,177 1,843,430 8.45 2,008,932 (1.94)
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 37,728 20,697 82.29 23,092 253.53
Construction in Progress 15,410 26,783 (42.46) 42,886 (256.27)
Mortgage Loans 28,945 NA NA 18,454 227.40
Senior Secured Debt 310,813 299,374 3.82 341,074 (35.49)
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 645,000 440,000 46.59 640,000 3.12
Total Subordinated Debt 0 0 0 0 0
Total Debt 950,497 735,206 29.28 975,316 (10.18)
Total Liabilities 1,018,212 790,997 28.73 1,041,005 (8.76)
Equity Attributable to Parent Company 1,195,394 1,202,262 (0.57) 1,178,035 5.89
Noncontrolling Interests 2,662 3,282 (18.89) 2,838 (24.81)
Total Equity 1,198,056 1,205,544 (0.62) 1,180,873 5.82
Market Capitalization($M) 1,498.90 1,944.10 (22.90) 1,424.70 20.83
Implied Market Cap($M) 1,503.10 1,950.90 (22.95) 1,429.10 20.71
Total Capitalization($M) 2,689.90 2,922.50 (7.96) 2,640.70 7.45
Total Enterprise Value($M) 2,641 2,892.70 (8.70) 2,597.30 6.73
Total Enterprise Value Plus JV Debt($M) 2,641 2,892.70 (8.70) 2,597.30 6.73
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 58,004 49,557 17.05 50,387 60.47
Gain on Sale of Real Estate 17,331 16,350 6 (43) NM
Interest Expense 10,402 6,927 50.17 9,329 46.01
Revenue 155,821 129,627 20.21 141,076 41.81
Expense 135,323 111,471 21.40 131,082 12.94
Extraordinary Items 0 0 0 0 0
Net Income 37,677 34,083 10.54 9,691 1,155.13
Net Income Attributable to Noncontrolling Int 101 114 (11.40) 3 13,066.67
Net Income Attributable to Parent 37,576 33,969 10.62 9,688 1,151.45
Net Income Avail to Common 33,747 29,643 13.84 798 16,515.79
FFO 41,653 33,175 25.56 26,218 235.49
Operating Funds from Operations, as Reported 41,438 35,793 15.77 32,136 115.78
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 6.79 7.19 (40) bp 1.75 504 bp
ROAE(%) 12.67 12.21 46 bp 3.15 952 bp
Implied Capitalization Rate(%) 8.07 8.23 (16) bp 7.71 36 bp
Dividend Payout Ratio(%) 56.25 56.67 (42) bp NM NM
Dividend Yield(%) 5.03 3.65 138 bp 5.29 (26) bp
FFO Payout(%) 45 51.52 (652) bp 72 (2,700) bp
FFO/ Total Revenue(%) 26.73 25.59 114 bp 18.58 815 bp
Price/ LTM FFO(x) 11.60 15.30 (370) bp 11.70 (10) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 27.50 20.70 680 bp 27.20 30 bp
Recurring EBITDA/ Interest Expense(x) 5.16 6.49 (133) bp 4.81 35 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.81 4.04 (23) bp 3.02 79 bp
Debt and Preferred/ TEV(%) 44.94 33.59 1,135 bp 46.65 (171) bp
Total Debt/ Gross Properties(%) 40.98 35.13 585 bp 42.14 (116) bp
Loans/ Assets(%) 1.31 0.51 80 bp 0.83 48 bp
Credit Lines Drawn/ Available(%) 15 50 (3,500) bp 41.67 (2,667) 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 25.56 1.51 2,405 bp (7) 3,256 bp
FFO/Share Growth 21.20 (10.80) 3,202 bp (16.70) 3,788 bp
EPS Growth, before Extraordinary 6.70 50 (4,333) bp (96.80) 10,344 bp
Real Estate Investment Growth (2.31) 58.50 (6,081) bp (0.66) (165) bp
Per Share Information ($)
Common Shares Outstanding 104,744,101 104,238,807 0.48 104,683,798 0.23
Closing Price 14.31 18.65 (23.27) 13.61 20.57
Basic EPS before Extra 0.33 0.30 10 0.01 12,800
Diluted EPS before Extra 0.32 0.30 6.67 0.01 12,400
FFO/ Share 0.40 0.33 21.21 0.25 240
Operating FFO per Share, as Reported 0.40 0.36 11.11 0.31 116.13
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 109,006 0 NM 114,464 (19.07)
Debt Maturing: FY2 67,462 117,360 (42.52) 171,542 (242.69)
Debt Maturing: FY3 160,870 197,459 (18.53) 160,943 (0.18)
Debt Maturing: FY4 225,000 161,162 39.61 225,000 0
Debt Maturing: Thereafter 393,475 263,393 49.39 309,125 109.15
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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