Company Info

Financial Highlights

Financial Highlights
2019 FQ2
6/30/2019
2018 FQ2
6/30/2018
Y-Y Ch (%)
2019 FQ1
3/31/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,006,696 3,105,707 (3.19) 2,995,353 1.51
Net Property Investment 2,039,891 2,149,289 (5.09) 2,054,160 (2.78)
Construction in Progress 0 1,329 NM 0 0
Senior Secured Debt 85,661 89,235 (4.01) 86,572 (4.21)
Senior Unsecured Debt 1,500,648 1,678,972 (10.62) 1,496,212 1.19
Total Debt 1,678,401 1,768,207 (5.08) 1,675,138 0.78
Total Liabilities 1,826,960 1,912,933 (4.49) 1,850,381 (5.06)
Equity Attributable to Parent Company 490,782 546,588 (10.21) 478,233 10.50
Noncontrolling Interests 26,026 29,076 (10.49) 25,210 12.95
Total Equity 516,808 575,664 (10.22) 503,443 10.62
Market Capitalization($M) 1,516.40 2,205.90 (31.26) 1,974.30 (92.77)
Implied Market Cap($M) 1,596.80 2,323.20 (31.27) 2,078.30 (92.67)
Total Capitalization($M) 3,275.20 4,091.40 (19.95) 3,753.50 (50.97)
Total Enterprise Value($M) 3,267.80 4,087.20 (20.05) 3,751.90 (51.61)
Total Enterprise Value Plus JV Debt($M) 3,451.80 4,267.40 (19.11) 3,935.80 (49.19)
Income Statement ($000)
Rental Revenue 112,385 116,518 (3.55) 119,954 (25.24)
Rental Net Operating Income 75,659 78,572 (3.71) 77,577 (9.89)
NOI 75,659 78,572 (3.71) 77,577 (9.89)
Interest Expense 15,134 16,181 (6.47) 16,307 (28.77)
Revenue 113,936 122,108 (6.69) 125,008 (35.43)
Expense 99,479 97,818 1.70 102,589 (12.13)
Net Income 14,457 24,290 (40.48) 65,841 (312.17)
Net Income Attributable to Noncontrolling Int 730 1,321 (44.74) 3,510 (316.81)
Net Income Attributable to Parent 13,727 22,969 (40.24) 62,331 (311.91)
Net Income Avail to Common 13,613 22,656 (39.91) 61,720 (311.78)
FFO 51,913 59,677 (13.01) 56,697 (33.75)
Operating Funds from Operations, as Reported 55,839 59,051 (5.44) 55,891 (0.37)
Adjusted FFO 46,577 49,785 (6.44) 53,258 (50.18)
Financial Analysis
ROAA(%) 2.46 3.89 (143) bp 11.12 (866) bp
ROAE(%) 11.34 16.62 (528) bp 52.20 (4,086) bp
Implied Capitalization Rate(%) 9.17 8.43 74 bp 8.95 22 bp
Dividend Payout Ratio(%) 0 145.83 (14,583) bp 106.82 (10,682) bp
Dividend Yield(%) 8.76 5.96 280 bp 6.77 199 bp
FFO Payout(%) 68.27 58.33 994 bp 61.40 687 bp
FFO/ Total Revenue(%) 45.56 48.87 (331) bp 45.35 21 bp
Price/ LTM FFO(x) 6.90 10.90 (400) bp 8.60 (170) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 20.80 36.70 (1,590) bp 24.10 (330) bp
Recurring EBITDA/ Interest Expense(x) 4 4.52 (52) bp 4.25 (25) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4 4.52 (52) bp 4.25 (25) bp
Debt and Preferred/ TEV(%) 53.96 45.66 830 bp 47.24 672 bp
Total Debt/ Gross Properties(%) 55.82 56.93 (111) bp 55.92 (10) bp
Credit Lines Drawn/ Available(%) 2.65 36.67 (3,402) bp 2.02 63 bp
Changes and Trends (%)
Same-store NOI: Change (0.10) (1.90) 180 bp (0.50) 40 bp
FFO Growth (13.01) (0.43) (1,258) bp (4.64) (837) bp
FFO/Share Growth (13.30) 1.70 (1,502) bp (5) (833) bp
EPS Growth, before Extraordinary (37.50) (22.60) (1,492) bp 175 (21,250) bp
Real Estate Investment Growth (2.90) (2.66) (24) bp (1.67) (123) bp
Per Share Information ($)
Common Shares Outstanding 93,544,267 93,907,034 (0.39) 94,102,666 (2.37)
Closing Price 16.21 23.49 (30.99) 20.98 (90.94)
Basic EPS before Extra 0.15 0.24 (37.50) 0.66 (309.09)
Diluted EPS before Extra 0.15 0.24 (37.50) 0.66 (309.09)
FFO/ Share 0.52 0.60 (13.33) 0.57 (35.09)
Operating FFO per Share, as Reported 0.57 0.60 (5) 0.57 0
AFFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0 0.35 NM 0.71 NM
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 67,140 0 NM 63,314 24.17
Debt Maturing: FY3 0 594,391 NM 0 0
Debt Maturing: FY4 246,983 0 NM 246,823 0.26
Debt Maturing: Thereafter 1,237,748 1,135,705 8.98 1,237,272 0.15
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 1,708 1,614 5.82 2,545 (131.55)
Debt Due during Next Fiscal Year 3,566 3,369 5.85 3,566 0
Debt Due during Second Fiscal Year 72,933 3,566 1,945.23 69,107 22.15
Debt Due during Third Fiscal Year 4,436 600,184 (99.26) 4,436 0
Debt Due during Fourth Fiscal Year 251,751 4,436 5,575.18 251,591 0.25
Debt Due Thereafter 1,250,094 1,152,819 8.44 1,249,618 0.15
Adjustments to Debt Principal Schedule 1,821 2,219 (17.94) 1,921 (20.82)

   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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