Financial Highlights

Financial Highlights
2019 FQ4
12/31/2019
2018 FQ4
12/31/2018
Y-Y Ch (%)
2019 FQ3
9/30/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,583,230 2,392,117 7.99 2,306,432 48
Net Property Investment 2,199,243 2,044,495 7.57 1,945,782 52.10
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 425 7,502 (94.33) 17,305 (390.18)
Construction in Progress 9,388 21,059 (55.42) 28,216 (266.91)
Mortgage Loans 36,421 30,700 18.64 35,132 14.68
Senior Secured Debt 157,726 200,011 (21.14) 158,654 (2.34)
Obligations Under Leases 19,604 0 NM 18,580 22.05
Senior Unsecured Debt 865,000 765,000 13.07 690,000 101.45
Total Subordinated Debt 0 0 0 0 0
Total Debt 1,035,767 958,712 8.04 862,111 80.57
Total Liabilities 1,112,293 1,030,153 7.97 952,301 67.20
Equity Attributable to Parent Company 1,173,778 1,189,849 (1.35) 1,181,355 (2.57)
Noncontrolling Interests 69,612 2,295 2,933.20 15,702 1,373.33
Total Equity 1,243,390 1,192,144 4.30 1,197,057 15.48
Market Capitalization($M) 1,297.80 1,019.50 27.30 1,219.90 25.54
Implied Market Cap($M) 1,300.40 1,022.10 27.23 1,222.40 25.52
Total Capitalization($M) 2,640.20 2,217.10 19.08 2,334.60 52.36
Total Enterprise Value($M) 2,598 2,173 19.56 2,286.50 54.49
Total Enterprise Value Plus JV Debt($M) 2,598 2,173 19.56 2,286.50 54.49
Income Statement ($000)
Rental Revenue 0 0 0 0 0
Rental Net Operating Income 0 0 0 0 0
NOI 46,152 46,974 (1.75) 48,009 (15.47)
Gain on Sale of Real Estate 5,763 (640) NM (31) NM
Interest Expense 10,962 11,365 (3.55) 9,450 64
Revenue 136,043 134,008 1.52 135,505 1.59
Expense 132,580 128,413 3.24 123,872 28.12
Extraordinary Items 0 0 0 0 0
Net Income 8,753 5,757 52.04 11,626 (98.85)
Net Income Attributable to Noncontrolling Int (489) 1 NM 92 NM
Net Income Attributable to Parent 9,242 5,756 60.56 11,534 (79.49)
Net Income Avail to Common 5,477 2,025 170.47 7,743 (117.06)
FFO 25,936 29,522 (12.15) 30,903 (64.29)
Operating Funds from Operations, as Reported 26,974 31,289 (13.79) 32,470 (67.71)
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 1.55 1.03 52 bp 2.18 (63) bp
ROAE(%) 2.87 1.91 96 bp 3.88 (101) bp
Implied Capitalization Rate(%) 9.21 8.59 62 bp 9.33 (12) bp
Dividend Payout Ratio(%) 360 900 (54,000) bp 257.14 10,286 bp
Dividend Yield(%) 5.83 7.40 (157) bp 6.21 (38) bp
FFO Payout(%) 72 64.29 771 bp 60 1,200 bp
FFO/ Total Revenue(%) 19.06 22.03 (297) bp 22.81 (375) bp
Price/ LTM FFO(x) 10.50 7.70 280 bp 9.60 90 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 19 14.30 470 bp 19 0 bp
Recurring EBITDA/ Interest Expense(x) 3.82 3.89 (7) bp 4.71 (89) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.86 2.93 (7) bp 3.38 (52) bp
Debt and Preferred/ TEV(%) 48.96 54.99 (603) bp 48.04 92 bp
Total Debt/ Gross Properties(%) 40.10 40.08 2 bp 37.38 272 bp
Loans/ Assets(%) 1.55 1.38 17 bp 1.63 (8) bp
Credit Lines Drawn/ Available(%) 26.67 28.75 (208) bp 10 1,667 bp
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA NA NA NA NA
FFO Growth (12.15) 11.46 (2,361) bp (9.89) (226) bp
FFO/Share Growth (10.70) 12 (2,271) bp (9.10) (162) bp
EPS Growth, before Extraordinary 150 0 15,000 bp (78.80) 22,879 bp
Real Estate Investment Growth 43.04 (1.91) 4,495 bp 4.61 3,843 bp
Per Share Information ($)
Common Shares Outstanding 105,169,515 104,783,179 0.37 105,165,347 0.02
Closing Price 12.34 9.73 26.82 11.60 25.52
Basic EPS before Extra 0.05 0.02 150 0.07 (114.29)
Diluted EPS before Extra 0.05 0.02 150 0.07 (114.29)
FFO/ Share 0.25 0.28 (10.71) 0.30 (66.67)
Operating FFO per Share, as Reported 0.26 0.30 (13.33) 0.31 (64.52)
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 0 22,151 NM 0 0
Debt Maturing: FY2 225,000 10,717 1,999.47 0 NM
Debt Maturing: FY3 308,520 225,000 37.12 225,000 148.48
Debt Maturing: FY4 216,980 216,989 0 134,051 247.46
Debt Maturing: Thereafter 272,226 490,154 (44.46) 489,603 (177.59)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 3,742 4,647 (19.47) NA NA
Debt Due during Next Fiscal Year 3,912 25,788 (84.83) NA NA
Debt Due during Second Fiscal Year 229,072 14,151 1,518.77 NA NA
Debt Due during Third Fiscal Year 303,434 229,264 32.35 NA NA
Debt Due during Fourth Fiscal Year 216,105 209,238 3.28 NA NA
Debt Due Thereafter 266,461 481,923 (44.71) NA NA
Adjustments to Debt Principal Schedule (6,563) (6,299) 4.19 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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