Company Info

Financial Highlights

Financial Highlights
2018 FQ1
3/31/2018
2017 FQ1
3/31/2017
Y-Y Ch (%)
2017 FQ4
12/31/2017
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,090,958 2,939,240 5.16 3,073,616 2.26
Net Property Investment 2,161,350 2,099,397 2.95 2,171,649 (1.90)
Construction in Progress 615 65,461 (99.06) 14,854 (383.44)
Senior Secured Debt 90,109 171,458 (47.45) 99,761 (38.70)
Senior Unsecured Debt 1,681,946 1,528,003 10.07 1,663,890 4.34
Total Debt 1,772,055 1,699,461 4.27 1,763,651 1.91
Total Liabilities 1,912,367 1,841,767 3.83 1,927,803 (3.20)
Equity Attributable to Parent Company 563,658 663,271 (15.02) 581,578 (12.33)
Noncontrolling Interests 29,833 34,732 (14.11) 30,724 (11.60)
Total Equity 593,491 698,003 (14.97) 612,302 (12.29)
Market Capitalization($M) 2,076.40 3,160.90 (34.31) 2,506.80 (68.68)
Implied Market Cap($M) 2,186.30 3,325.60 (34.26) 2,639.20 (68.64)
Total Capitalization($M) 3,958.40 5,025.20 (21.23) 4,402.90 (40.38)
Total Enterprise Value($M) 3,954.90 5,018 (21.19) 4,396.80 (40.20)
Total Enterprise Value Plus JV Debt($M) 4,130.50 5,186.10 (20.35) 4,572.40 (38.66)
Income Statement ($000)
Rental Revenue 121,242 118,783 2.07 123,589 (7.60)
Rental Net Operating Income 79,024 78,396 0.80 83,428 (21.12)
NOI 79,024 78,396 0.80 83,428 (21.12)
Interest Expense 15,800 16,487 (4.17) 15,329 12.29
Revenue 125,938 123,721 1.79 131,666 (17.40)
Expense 102,253 100,207 2.04 98,217 16.44
Net Income 23,685 23,514 0.73 33,449 (116.76)
Net Income Attributable to Noncontrolling Int 847 1,178 (28.10) 1,954 (226.61)
Net Income Attributable to Parent 22,838 22,336 2.25 31,495 (109.95)
Net Income Avail to Common 22,575 22,041 2.42 31,193 (110.51)
FFO 59,456 58,207 2.15 68,322 (51.91)
Operating Funds from Operations, as Reported 59,349 58,317 1.77 65,632 (38.29)
Adjusted FFO 56,900 51,633 10.20 55,816 7.77
Financial Analysis
ROAA(%) 3.76 3.71 5 bp 5.27 (151) bp
ROAE(%) 15.71 13.40 231 bp 21.91 (620) bp
Implied Capitalization Rate(%) 8.18 6.27 191 bp 7.72 46 bp
Dividend Payout Ratio(%) 142.71 141.30 141 bp 103.79 3,892 bp
Dividend Yield(%) 6.23 3.97 226 bp 5.17 106 bp
FFO Payout(%) 57.08 56.03 105 bp 50.37 671 bp
FFO/ Total Revenue(%) 47.21 47.05 16 bp 51.89 (468) bp
Price/ LTM FFO(x) 10.30 13.70 (340) bp 12.50 (220) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 31 16.70 1,430 bp 37.30 (630) bp
Recurring EBITDA/ Interest Expense(x) 4.53 4.29 24 bp 5.13 (60) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.53 4.29 24 bp 5.13 (60) bp
Debt and Preferred/ TEV(%) 47.15 36.01 1,114 bp 42.41 474 bp
Total Debt/ Gross Properties(%) 57.33 57.82 (49) bp 57.38 (5) bp
Credit Lines Drawn/ Available(%) 37.27 13.39 2,388 bp 39.65 (238) bp
Changes and Trends (%)
Same-store NOI: Change (1.50) 1 (250) bp (0.40) (110) bp
FFO Growth 2.15 5.31 (316) bp 10.68 (853) bp
FFO/Share Growth 3.40 5.50 (200) bp 11.50 (803) bp
EPS Growth, before Extraordinary 4.30 (17.90) 2,221 bp 32 (2,765) bp
Real Estate Investment Growth (5.15) 2.34 (749) bp 0.71 (586) bp
Per Share Information ($)
Common Shares Outstanding 94,382,583 96,456,117 (2.15) 94,560,536 (0.75)
Closing Price 22 32.77 (32.87) 26.51 (68.05)
Basic EPS before Extra 0.24 0.23 4.35 0.33 (109.09)
Diluted EPS before Extra 0.24 0.23 4.35 0.33 (109.09)
FFO/ Share 0.60 0.58 3.45 0.68 (47.06)
Operating FFO per Share, as Reported 0.60 0.58 3.45 0.66 (36.36)
AFFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.34 0.33 6.25 0.34 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 0 69,622 NM 0 0
Debt Maturing: FY3 597,824 298,351 100.38 322,975 340.40
Debt Maturing: FY4 0 322,575 NM 0 0
Debt Maturing: Thereafter 1,135,230 837,455 35.56 1,134,756 0.17
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 2,404 72,263 (96.67) 63,065 (384.75)
Debt Due during Next Fiscal Year 3,369 62,460 (94.61) 209,529 (393.57)
Debt Due during Second Fiscal Year 3,566 72,991 (95.11) 3,566 0
Debt Due during Third Fiscal Year 603,617 301,917 99.93 328,768 334.40
Debt Due during Fourth Fiscal Year 4,436 328,368 (98.65) 4,436 0
Debt Due Thereafter 1,152,344 859,007 34.15 1,151,870 0.16
Adjustments to Debt Principal Schedule 2,319 2,455 (5.54) 2,417 (16.22)

   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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