Company Info

Financial Highlights

Financial Highlights
2017 FQ3
9/30/2017
2016 FQ3
9/30/2016
Y-Y Ch (%)
2017 FQ2
6/30/2017
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,963,370 2,815,804 5.24 2,913,585 6.83
Net Property Investment 2,088,249 2,023,532 3.20 2,063,933 4.71
Construction in Progress 87,762 92,937 (5.57) 94,490 (28.48)
Senior Secured Debt 170,776 172,647 (1.08) 171,215 (1.03)
Senior Unsecured Debt 1,603,205 1,551,999 3.30 1,557,787 11.66
Total Debt 1,773,981 1,724,646 2.86 1,729,002 10.41
Total Liabilities 1,932,411 1,855,267 4.16 1,868,364 13.71
Equity Attributable to Parent Company 578,277 670,242 (13.72) 627,733 (31.51)
Noncontrolling Interests 30,758 35,410 (13.14) 33,396 (31.60)
Total Equity 609,035 705,652 (13.69) 661,129 (31.52)
Market Capitalization($M) 2,308.40 3,742.90 (38.33) 2,467 (25.72)
Implied Market Cap($M) 2,431.20 3,939.70 (38.29) 2,597.60 (25.62)
Total Capitalization($M) 4,205.10 5,664.50 (25.76) 4,326.80 (11.25)
Total Enterprise Value($M) 4,196.40 5,638.60 (25.58) 4,318.40 (11.30)
Total Enterprise Value Plus JV Debt($M) 4,372 5,764.60 (24.16) 4,486.60 (10.22)
Income Statement ($000)
Rental Revenue 117,667 115,689 1.71 116,616 3.60
Rental Net Operating Income 80,096 78,506 2.03 79,500 3
NOI 80,096 78,506 2.03 79,500 3
Interest Expense 16,489 15,516 6.27 16,520 (0.75)
Revenue 124,484 169,053 (26.36) 122,045 7.99
Expense 140,518 97,697 43.83 98,041 173.30
Net Income (16,034) 72,774 NM 30,947 NM
Net Income Attributable to Noncontrolling Int (815) 3,670 NM 1,557 NM
Net Income Attributable to Parent (15,219) 69,104 NM 29,390 NM
Net Income Avail to Common (15,525) 68,477 NM 29,084 NM
FFO 26,966 62,610 (56.93) 59,937 (220.04)
Operating Funds from Operations, as Reported 61,938 62,281 (0.55) 59,409 17.03
Adjusted FFO 16,601 52,053 (68.11) 41,922 (241.60)
Financial Analysis
ROAA(%) (2.53) 11.78 (1,431) bp 4.88 (741) bp
ROAE(%) (10.10) 42.62 (5,272) bp 18.22 (2,832) bp
Implied Capitalization Rate(%) 7.16 6.25 91 bp 6.62 54 bp
Dividend Payout Ratio(%) NM 45.14 NM 110.48 NM
Dividend Yield(%) 5.61 3.34 227 bp 5.27 34 bp
FFO Payout(%) 126.85 52.42 7,443 bp 58.05 6,880 bp
FFO/ Total Revenue(%) 21.66 37.04 (1,538) bp 49.11 (2,745) bp
Price/ LTM FFO(x) 11.90 16.60 (470) bp 10.80 110 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 39.40 13.50 2,590 bp 17.20 2,220 bp
Recurring EBITDA/ Interest Expense(x) 4.60 4.61 (1) bp 4.36 24 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.60 4.61 (1) bp 4.36 24 bp
Debt and Preferred/ TEV(%) 44.59 32.10 1,249 bp 42.29 230 bp
Total Debt/ Gross Properties(%) 59.86 61.25 (139) bp 59.34 52 bp
Credit Lines Drawn/ Available(%) 28.08 37.06 (898) bp 18.98 910 bp
Changes and Trends (%)
Same-store NOI: Change 0.70 2.60 (190) bp 0.70 0 bp
FFO Growth (56.93) 4.20 (6,113) bp 0.25 (5,718) bp
FFO/Share Growth (56.50) 5.10 (6,153) bp 0 (5,645) bp
EPS Growth, before Extraordinary NM 56.50 NM (59.20) NM
Real Estate Investment Growth 2.14 28.67 (2,653) bp (0.55) 269 bp
Per Share Information ($)
Common Shares Outstanding 94,528,188 96,069,262 (1.60) 94,958,136 (1.81)
Closing Price 24.42 38.96 (37.32) 25.98 (24.02)
Basic EPS before Extra (0.17) 0.72 NM 0.31 NM
Diluted EPS before Extra (0.17) 0.72 NM 0.31 NM
FFO/ Share 0.27 0.62 (56.45) 0.59 (216.95)
Operating FFO per Share, as Reported 0.63 0.62 1.61 0.59 27.12
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 146,013 58,712 148.69 98,698 191.76
Debt Maturing: FY3 0 192,731 NM 298,475 NM
Debt Maturing: FY4 323,011 298,103 8.36 322,793 0.27
Debt Maturing: Thereafter 1,134,181 1,105,275 2.62 837,821 141.49
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 70,941 727 9,658.05 71,608 (3.73)
Debt Due during Next Fiscal Year 63,183 73,258 (13.75) 62,914 1.71
Debt Due during Second Fiscal Year 149,382 62,273 139.88 102,067 185.43
Debt Due during Third Fiscal Year 3,566 196,100 (98.18) 302,041 (395.28)
Debt Due during Fourth Fiscal Year 328,804 301,669 8.99 328,586 0.27
Debt Due Thereafter 1,155,733 1,088,508 6.18 859,373 137.94
Adjustments to Debt Principal Schedule 2,372 2,111 12.36 2,413 (6.80)

   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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