Company Info

Financial Highlights

Financial Highlights
2018 FQ4
12/31/2018
2017 FQ4
12/31/2017
Y-Y Ch (%)
2018 FQ3
9/30/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,043,077 3,073,616 (0.99) 3,034,330 1.15
Net Property Investment 2,061,772 2,171,649 (5.06) 2,081,172 (3.73)
Construction in Progress 3,102 14,854 (79.12) 762 1,228.35
Senior Secured Debt 87,471 99,761 (12.32) 88,359 (4.02)
Senior Unsecured Debt 1,625,447 1,663,890 (2.31) 1,659,301 (8.16)
Total Debt 1,712,918 1,763,651 (2.88) 1,747,660 (7.95)
Total Liabilities 1,879,367 1,927,803 (2.51) 1,897,134 (3.75)
Equity Attributable to Parent Company 480,179 581,578 (17.44) 497,992 (14.31)
Noncontrolling Interests 25,356 30,724 (17.47) 26,491 (17.14)
Total Equity 505,535 612,302 (17.44) 524,483 (14.45)
Market Capitalization($M) 1,899.50 2,506.80 (24.23) 2,148.60 (46.37)
Implied Market Cap($M) 1,999.80 2,639.20 (24.23) 2,262.90 (46.51)
Total Capitalization($M) 3,712.70 4,402.90 (15.68) 4,010.50 (29.70)
Total Enterprise Value($M) 3,703.60 4,396.80 (15.77) 4,006.10 (30.20)
Total Enterprise Value Plus JV Debt($M) 3,887.60 4,572.40 (14.98) 4,186.40 (28.55)
Income Statement ($000)
Rental Revenue 124,033 123,589 0.36 121,001 10.02
Rental Net Operating Income 83,393 83,428 (0.04) 81,348 10.06
NOI 83,393 83,428 (0.04) 81,348 10.06
Interest Expense 16,473 15,329 7.46 16,367 2.59
Revenue 129,273 131,666 (1.82) 126,330 9.32
Expense 108,654 98,217 10.63 149,361 (109.02)
Net Income 20,619 33,449 (38.36) (23,031) NM
Net Income Attributable to Noncontrolling Int 912 1,954 (53.33) (1,172) NM
Net Income Attributable to Parent 19,707 31,495 (37.43) (21,859) NM
Net Income Avail to Common 19,385 31,193 (37.85) (22,172) NM
FFO 63,533 68,322 (7.01) 62,411 7.19
Operating Funds from Operations, as Reported 63,096 65,632 (3.86) 61,851 8.05
Adjusted FFO 58,337 55,816 4.52 57,085 8.77
Financial Analysis
ROAA(%) 3.43 5.27 (184) bp (3.75) 718 bp
ROAE(%) 16.01 21.91 (590) bp (16.75) 3,276 bp
Implied Capitalization Rate(%) 8.76 7.72 104 bp 8.55 21 bp
Dividend Payout Ratio(%) 166.67 103.79 6,288 bp NM NM
Dividend Yield(%) 6.92 5.17 175 bp 6.12 80 bp
FFO Payout(%) 54.69 50.37 432 bp 55.56 (87) bp
FFO/ Total Revenue(%) 49.15 51.89 (274) bp 49.40 (25) bp
Price/ LTM FFO(x) 8.20 12.50 (430) bp 9.10 (90) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 44.90 37.30 760 bp 40.10 480 bp
Recurring EBITDA/ Interest Expense(x) 4.69 5.13 (44) bp 4.63 6 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.69 5.13 (44) bp 4.63 6 bp
Debt and Preferred/ TEV(%) 48.79 42.41 638 bp 46.05 274 bp
Total Debt/ Gross Properties(%) 56.29 57.38 (109) bp 57.60 (131) bp
Credit Lines Drawn/ Available(%) 23.66 39.65 (1,599) bp 33.28 (962) bp
Changes and Trends (%)
Same-store NOI: Change (0.70) (0.40) (30) bp (1) 30 bp
FFO Growth (7.01) 10.68 (1,769) bp 131.44 (13,845) bp
FFO/Share Growth (5.90) 11.50 (1,736) bp 133.30 (13,921) bp
EPS Growth, before Extraordinary (36.40) 32 (6,836) bp NM NM
Real Estate Investment Growth (5.91) 0.71 (662) bp (12.01) 610 bp
Per Share Information ($)
Common Shares Outstanding 93,941,783 94,560,536 (0.65) 93,907,034 0.15
Closing Price 20.22 26.51 (23.73) 22.88 (46.50)
Basic EPS before Extra 0.21 0.33 (36.36) (0.24) NM
Diluted EPS before Extra 0.21 0.33 (36.36) (0.24) NM
FFO/ Share 0.64 0.68 (5.88) 0.63 6.35
Operating FFO per Share, as Reported 0.64 0.66 (3.03) 0.63 6.35
AFFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.35 0.34 2.94 0.35 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 193,158 0 NM 0 NM
Debt Maturing: FY3 0 322,975 NM 574,265 NM
Debt Maturing: FY4 246,664 0 NM 0 NM
Debt Maturing: Thereafter 1,236,798 1,134,756 8.99 1,136,184 35.42
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 3,370 63,065 (94.66) 813 1,258.06
Debt Due during Next Fiscal Year 3,566 209,529 (98.30) 3,369 23.39
Debt Due during Second Fiscal Year 198,951 3,566 5,479.11 3,566 21,916.43
Debt Due during Third Fiscal Year 4,436 328,768 (98.65) 580,058 (396.94)
Debt Due during Fourth Fiscal Year 251,432 4,436 5,567.99 4,436 22,271.96
Debt Due Thereafter 1,249,144 1,151,870 8.44 1,153,298 33.24
Adjustments to Debt Principal Schedule 2,019 2,417 (16.47) 2,120 (19.06)

   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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