Company Info

Financial Highlights

Financial Highlights
2017 FQ1
3/31/2017
2016 FQ1
3/31/2016
Y-Y Ch (%)
2016 FQ4
12/31/2016
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,939,240 2,455,577 19.70 2,919,630 2.69
Net Property Investment 2,099,397 1,706,252 23.04 2,105,047 (1.07)
Construction in Progress 65,461 42,287 54.80 46,277 165.82
Senior Secured Debt 171,458 167,603 2.30 172,145 (1.60)
Senior Unsecured Debt 1,528,003 1,308,065 16.81 1,515,721 3.24
Total Debt 1,699,461 1,475,668 15.17 1,687,866 2.75
Total Liabilities 1,841,767 1,575,034 16.94 1,820,773 4.61
Equity Attributable to Parent Company 663,271 584,272 13.52 670,216 (4.14)
Noncontrolling Interests 34,732 31,300 10.96 35,225 (5.60)
Total Equity 698,003 615,572 13.39 705,441 (4.22)
Market Capitalization($M) 3,160.90 3,498 (9.64) 3,438.30 (32.27)
Implied Market Cap($M) 3,325.60 3,681.90 (9.68) 3,618.20 (32.35)
Total Capitalization($M) 5,025.20 5,158.20 (2.58) 5,306.20 (21.18)
Total Enterprise Value($M) 5,018 5,139.30 (2.36) 5,294 (20.85)
Total Enterprise Value Plus JV Debt($M) 5,186.10 5,348.10 (3.03) 5,462 (20.21)
Income Statement ($000)
Rental Revenue 118,783 108,015 9.97 121,605 (9.28)
Rental Net Operating Income 78,396 70,141 11.77 79,916 (7.61)
NOI 78,396 70,141 11.77 79,916 (7.61)
Interest Expense 16,487 14,002 17.75 16,469 0.44
Revenue 123,721 114,620 7.94 128,401 (14.58)
Expense 100,207 90,890 10.25 102,765 (9.96)
Net Income 23,514 28,617 (17.83) 25,636 (33.11)
Net Income Attributable to Noncontrolling Int 1,178 1,467 (19.70) 1,563 (98.53)
Net Income Attributable to Parent 22,336 27,150 (17.73) 24,073 (28.86)
Net Income Avail to Common 22,041 26,856 (17.93) 23,793 (29.45)
FFO 58,207 55,274 5.31 61,727 (22.81)
Operating Funds from Operations, as Reported 58,317 55,821 4.47 60,921 (17.10)
Adjusted FFO 51,633 54,682 (5.58) 53,107 (11.10)
Financial Analysis
ROAA(%) 3.71 5.08 (137) bp 4.03 (32) bp
ROAE(%) 13.40 18.74 (534) bp 14.53 (113) bp
Implied Capitalization Rate(%) 6.27 6.60 (33) bp 6.18 9 bp
Dividend Payout Ratio(%) 141.30 101.79 3,951 bp 130 1,130 bp
Dividend Yield(%) 3.97 3.13 84 bp 3.63 34 bp
FFO Payout(%) 56.03 51.82 421 bp 53.28 275 bp
FFO/ Total Revenue(%) 47.05 48.22 (117) bp 48.07 (102) bp
Price/ LTM FFO(x) 13.70 16 (230) bp 15.20 (150) bp
Price/ LTM AFFO(x) NA 16.60 NA NA NA
Price/ LTM EPS(x) 16.70 17.10 (40) bp 17.80 (110) bp
Recurring EBITDA/ Interest Expense(x) 4.29 4.62 (33) bp 4.57 (28) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.29 4.62 (33) bp 4.57 (28) bp
Debt and Preferred/ TEV(%) 36.01 31.50 451 bp 33.98 203 bp
Total Debt/ Gross Properties(%) 57.82 60.09 (227) bp 57.81 1 bp
Credit Lines Drawn/ Available(%) 13.39 49.98 (3,659) bp 11.15 224 bp
Changes and Trends (%)
Same-store NOI: Change 1 4.40 (340) bp 2.70 (170) bp
FFO Growth 5.31 9.73 (442) bp 3.71 160 bp
FFO/Share Growth 5.50 10 (455) bp 3.40 206 bp
EPS Growth, before Extraordinary (17.90) (22.20) 436 bp (77.90) 6,002 bp
Real Estate Investment Growth 2.34 0.27 207 bp (1.38) 372 bp
Per Share Information ($)
Common Shares Outstanding 96,456,117 96,126,507 0.34 96,095,891 1.50
Closing Price 32.77 36.39 (9.95) 35.78 (33.65)
Basic EPS before Extra 0.23 0.28 (17.86) 0.25 (32)
Diluted EPS before Extra 0.23 0.28 (17.86) 0.25 (32)
FFO/ Share 0.58 0.55 5.45 0.61 (19.67)
Operating FFO per Share, as Reported 0.58 0.56 3.57 0.61 (19.67)
AFFO per Share NA 0.55 NA NA NA
Common Dividends Declared per Share 0.33 0.29 14.29 0.33 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 69,622 52,224 33.31 58,002 80.14
Debt Maturing: FY3 298,351 508,471 (41.32) 298,226 0.17
Debt Maturing: FY4 322,575 297,860 8.30 322,410 0.20
Debt Maturing: Thereafter 837,455 537,503 55.80 837,083 0.18
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 72,520 12,107 498.99 72,910 (2.14)
Debt Due during Next Fiscal Year 62,460 73,258 (14.74) 62,460 0
Debt Due during Second Fiscal Year 72,991 55,900 30.57 61,371 75.74
Debt Due during Third Fiscal Year 303,566 511,840 (40.69) 301,792 2.35
Debt Due during Fourth Fiscal Year 328,368 301,426 8.94 328,203 0.20
Debt Due Thereafter 871,552 519,118 67.89 858,635 6.02
Adjustments to Debt Principal Schedule (11,996) 2,019 NM 2,495 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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