Financial Highlights

Financial Highlights
2017 FQ4
12/31/2017
2016 FQ4
12/31/2016
Y-Y Ch (%)
2017 FQ3
9/30/2017
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,338,095 1,747,851 33.77 2,158,037 33.37
Net Property Investment 2,047,028 1,522,632 34.44 1,889,347 33.38
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 1,193 62,303 (98.09) 1,193 0
Construction in Progress 36,257 22,490 61.21 32,356 48.23
Mortgage Loans 12,356 10,085 22.52 0 NM
Senior Secured Debt 343,109 317,550 8.05 322,464 25.61
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 530,000 340,000 55.88 455,000 65.93
Total Subordinated Debt 0 0 0 0 0
Total Debt 868,236 652,414 33.08 772,275 49.70
Total Liabilities 932,498 705,035 32.26 836,276 46.02
Equity Attributable to Parent Company 1,274,502 1,010,042 26.18 1,204,516 23.24
Noncontrolling Interests 2,874 3,428 (16.16) 3,086 (27.48)
Total Equity 1,277,376 1,013,470 26.04 1,207,602 23.11
Market Capitalization($M) 1,588.30 1,499.20 5.94 1,667.20 (18.93)
Implied Market Cap($M) 1,593.20 1,505.60 5.82 1,672.70 (19.01)
Total Capitalization($M) 2,783.30 2,394.40 16.24 2,681.40 15.20
Total Enterprise Value($M) 2,746.70 2,359.70 16.40 2,628.90 17.92
Total Enterprise Value Plus JV Debt($M) 2,746.70 2,359.70 16.40 2,628.90 17.92
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 46,914 39,066 20.09 50,517 (28.53)
Gain on Sale of Real Estate (322) (142) 126.76 7,725 NM
Interest Expense 8,201 6,859 19.57 7,768 22.30
Revenue 132,691 111,052 19.49 136,494 (11.14)
Expense 121,521 102,447 18.62 122,005 (1.59)
Extraordinary Items 0 0 0 0 0
Net Income 9,787 10,374 (5.66) 22,445 (225.58)
Net Income Attributable to Noncontrolling Int 18 2 800 55 (269.09)
Net Income Attributable to Parent 9,769 10,372 (5.81) 22,390 (225.48)
Net Income Avail to Common 2,387 3,087 (22.68) 18,121 (347.31)
FFO 26,487 22,051 20.12 34,004 (88.42)
Operating Funds from Operations, as Reported 31,499 26,728 17.85 36,653 (56.25)
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 1.84 2.46 (62) bp 4.44 (260) bp
ROAE(%) 3.15 4.16 (101) bp 7.44 (429) bp
Implied Capitalization Rate(%) 7.65 9.69 (204) bp 7.76 (11) bp
Dividend Payout Ratio(%) 850 406.25 44,375 bp 100 75,000 bp
Dividend Yield(%) 4.46 4.05 41 bp 4.25 21 bp
FFO Payout(%) 68 65 300 bp 51.52 1,648 bp
FFO/ Total Revenue(%) 19.96 19.86 10 bp 24.91 (495) bp
Price/ LTM FFO(x) 12.60 12.70 (10) bp 13.20 (60) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 19.30 16 330 bp 19.50 (20) bp
Recurring EBITDA/ Interest Expense(x) 5.29 5.02 27 bp 5.97 (68) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.33 2.91 42 bp 3.87 (54) bp
Debt and Preferred/ TEV(%) 43.33 37.67 566 bp 38.37 496 bp
Total Debt/ Gross Properties(%) 37.13 37.33 (20) bp 35.79 134 bp
Loans/ Assets(%) 0.56 1.02 (46) bp 0 56 bp
Credit Lines Drawn/ Available(%) 5 16.67 (1,167) bp 13.33 (833) 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 20.12 (31.56) 5,168 bp 13 712 bp
FFO/Share Growth 0 (32.40) 3,243 bp (2.90) 294 bp
EPS Growth, before Extraordinary (50) (95.70) 4,565 bp (32) (1,800) bp
Real Estate Investment Growth 36.13 19.14 1,699 bp 4.59 3,154 bp
Per Share Information ($)
Common Shares Outstanding 104,287,128 93,525,469 11.51 104,266,587 0.08
Closing Price 15.23 16.03 (4.99) 15.99 (19.01)
Basic EPS before Extra 0.02 0.04 (50) 0.18 (355.56)
Diluted EPS before Extra 0.02 0.04 (50) 0.17 (352.94)
FFO/ Share 0.25 0.25 0 0.33 (96.97)
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 0.17 0.16 6.25 0.17 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 7,661 NM 0 0
Debt Maturing: Next FY 115,441 6,588 1,652.29 0 NM
Debt Maturing: FY2 61,854 119,229 (48.12) 116,407 (187.46)
Debt Maturing: FY3 161,019 98,060 64.20 87,159 338.97
Debt Maturing: FY4 365,000 161,303 126.28 161,092 506.31
Debt Maturing: Thereafter 169,795 264,709 (35.86) 412,806 (235.47)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 8,154 15,828 (48.48) NA NA
Debt Due during Next Fiscal Year 116,978 14,557 703.59 NA NA
Debt Due during Second Fiscal Year 63,489 166,136 (61.78) NA NA
Debt Due during Third Fiscal Year 164,155 197,049 (16.69) NA NA
Debt Due during Fourth Fiscal Year 369,269 13,017 2,736.82 NA NA
Debt Due Thereafter 151,064 250,963 (39.81) NA NA
Adjustments to Debt Principal Schedule (4,873) (5,136) (5.12) 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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