Company Info

Financial Highlights

Financial Highlights
2016 FQ4
12/31/2016
2015 FQ4
12/31/2015
Y-Y Ch (%)
2016 FQ3
9/30/2016
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,919,630 2,489,684 17.27 2,815,804 14.75
Net Property Investment 2,105,047 1,741,343 20.89 2,023,532 16.11
Construction in Progress 46,277 23,533 96.65 92,937 (200.82)
Senior Secured Debt 172,145 310,587 (44.57) 172,647 (1.16)
Senior Unsecured Debt 1,515,721 1,241,337 22.10 1,551,999 (9.35)
Total Debt 1,687,866 1,551,924 8.76 1,724,646 (8.53)
Total Liabilities 1,820,773 1,708,793 6.55 1,855,267 (7.44)
Equity Attributable to Parent Company 670,216 575,137 16.53 670,242 (0.02)
Noncontrolling Interests 35,225 30,895 14.02 35,410 (2.09)
Total Equity 705,441 606,032 16.40 705,652 (0.12)
Market Capitalization($M) 3,438.30 3,135.30 9.66 3,742.90 (32.55)
Implied Market Cap($M) 3,619.10 3,300.50 9.65 3,939.70 (32.55)
Total Capitalization($M) 5,307.10 4,853 9.36 5,664.50 (25.24)
Total Enterprise Value($M) 5,294.90 4,831.50 9.59 5,638.60 (24.38)
Total Enterprise Value Plus JV Debt($M) 5,462.90 5,038.90 8.41 5,764.60 (20.93)
Income Statement ($000)
Rental Revenue 121,605 109,803 10.75 115,689 20.45
Rental Net Operating Income 79,916 72,221 10.65 78,506 7.18
NOI 79,916 72,221 10.65 78,506 7.18
Interest Expense 16,469 14,078 16.98 15,516 24.57
Revenue 128,401 116,045 10.65 122,795 18.26
Expense 102,765 88,588 16 97,697 20.75
Net Income 25,636 113,963 (77.50) 72,774 (259.09)
Net Income Attributable to Noncontrolling Int 1,563 5,831 (73.19) 3,670 (229.65)
Net Income Attributable to Parent 24,073 108,132 (77.74) 69,104 (260.66)
Net Income Avail to Common 23,793 106,934 (77.75) 68,477 (261.02)
FFO 61,727 59,516 3.71 62,610 (5.64)
Operating Funds from Operations, as Reported 60,921 58,111 4.84 62,281 (8.73)
Adjusted FFO 53,107 56,716 (6.36) 52,053 8.10
Financial Analysis
ROAA(%) 4.03 20.10 (1,607) bp 11.78 (775) bp
ROAE(%) 14.53 79.46 (6,493) bp 42.62 (2,809) bp
Implied Capitalization Rate(%) 6.18 6.50 (32) bp 6.25 (7) bp
Dividend Payout Ratio(%) 130 43.81 8,619 bp 45.14 8,486 bp
Dividend Yield(%) 3.63 3.49 14 bp 3.34 29 bp
FFO Payout(%) 53.28 48.31 497 bp 52.42 86 bp
FFO/ Total Revenue(%) 48.07 51.29 (322) bp 50.99 (292) bp
Price/ LTM FFO(x) 15.20 14.70 50 bp 16.60 (140) bp
Price/ LTM AFFO(x) NA 15.30 NA NA NA
Price/ LTM EPS(x) 17.80 14.90 290 bp 13.50 430 bp
Recurring EBITDA/ Interest Expense(x) 4.57 4.85 (28) bp 4.61 (4) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.57 4.85 (28) bp 4.61 (4) bp
Debt and Preferred/ TEV(%) 33.97 34.91 (94) bp 32.10 187 bp
Total Debt/ Gross Properties(%) 57.81 62.33 (452) bp 61.25 (344) bp
Credit Lines Drawn/ Available(%) 11.15 35.81 (2,466) bp 37.06 (2,591) bp
Changes and Trends (%)
Same-store NOI: Change 2.70 2.10 60 bp 2.60 10 bp
FFO Growth 3.71 47.97 (4,426) bp 4.20 (49) bp
FFO/Share Growth 3.40 47.50 (4,411) bp 5.10 (169) bp
EPS Growth, before Extraordinary (77.90) 527.80 (60,566) bp 56.50 (13,440) bp
Real Estate Investment Growth (1.38) 3.22 (460) bp 28.67 (3,005) bp
Per Share Information ($)
Common Shares Outstanding 96,095,891 95,880,825 0.22 96,069,262 0.11
Closing Price 35.78 32.70 9.42 38.96 (32.65)
Basic EPS before Extra 0.25 1.13 (77.88) 0.72 (261.11)
Diluted EPS before Extra 0.25 1.13 (77.88) 0.72 (261.11)
FFO/ Share 0.61 0.59 3.39 0.62 (6.45)
Operating FFO per Share, as Reported 0.61 0.58 5.17 0.62 (6.45)
AFFO per Share NA 0.57 NA NA NA
Common Dividends Declared per Share 0.33 0.50 (36) 0.33 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 58,002 194,418 (70.17) 58,712 (4.84)
Debt Maturing: FY3 300,000 434,663 (30.98) 192,731 222.63
Debt Maturing: FY4 322,410 297,739 8.29 298,103 32.62
Debt Maturing: Thereafter 850,000 538,151 57.95 1,105,275 (92.38)
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 73,258 12,761 474.08 727 39,907.02
Debt Due during Next Fiscal Year 62,460 80,758 (22.66) 73,258 (58.96)
Debt Due during Second Fiscal Year 61,371 199,008 (69.16) 62,273 (5.79)
Debt Due during Third Fiscal Year 303,566 438,032 (30.70) 196,100 219.21
Debt Due during Fourth Fiscal Year 328,203 301,305 8.93 301,669 35.18
Debt Due Thereafter 871,552 518,889 67.97 1,088,508 (79.73)
Adjustments to Debt Principal Schedule (12,544) 1,171 NM 2,111 NM

   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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