Company Info

Financial Highlights

Financial Highlights
2019 FQ1
3/31/2019
2018 FQ1
3/31/2018
Y-Y Ch (%)
2018 FQ4
12/31/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 2,995,353 3,090,958 (3.09) 3,043,077 (6.27)
Net Property Investment 2,054,160 2,161,350 (4.96) 2,061,772 (1.48)
Construction in Progress 0 615 NM 3,102 NM
Senior Secured Debt 86,572 90,109 (3.93) 87,471 (4.11)
Senior Unsecured Debt 1,496,212 1,681,946 (11.04) 1,625,447 (31.80)
Total Debt 1,675,138 1,772,055 (5.47) 1,712,918 (8.82)
Total Liabilities 1,850,381 1,912,367 (3.24) 1,879,367 (6.17)
Equity Attributable to Parent Company 478,233 563,658 (15.16) 480,179 (1.62)
Noncontrolling Interests 25,210 29,833 (15.50) 25,356 (2.30)
Total Equity 503,443 593,491 (15.17) 505,535 (1.66)
Market Capitalization($M) 1,974.30 2,076.40 (4.92) 1,899.50 15.75
Implied Market Cap($M) 2,078.30 2,186.30 (4.94) 1,999.80 15.70
Total Capitalization($M) 3,753.50 3,958.40 (5.18) 3,712.70 4.40
Total Enterprise Value($M) 3,751.90 3,954.90 (5.13) 3,703.60 5.22
Total Enterprise Value Plus JV Debt($M) 3,935.80 4,130.50 (4.71) 3,887.60 4.96
Income Statement ($000)
Rental Revenue 119,954 120,656 (0.58) 124,033 (13.15)
Rental Net Operating Income 77,577 78,438 (1.10) 83,393 (27.90)
NOI 77,577 78,438 (1.10) 83,393 (27.90)
Interest Expense 16,307 15,800 3.21 16,473 (4.03)
Revenue 125,008 125,938 (0.74) 129,273 (13.20)
Expense 102,589 102,253 0.33 108,654 (22.33)
Net Income 65,841 23,685 177.99 20,619 877.29
Net Income Attributable to Noncontrolling Int 3,510 847 314.40 912 1,139.47
Net Income Attributable to Parent 62,331 22,838 172.93 19,707 865.15
Net Income Avail to Common 61,720 22,575 173.40 19,385 873.56
FFO 56,697 59,456 (4.64) 63,533 (43.04)
Operating Funds from Operations, as Reported 56,697 59,349 (4.47) 63,096 (40.57)
Adjusted FFO 53,258 56,900 (6.40) 58,337 (34.83)
Financial Analysis
ROAA(%) 11.12 3.76 736 bp 3.43 769 bp
ROAE(%) 52.20 15.71 3,649 bp 16.01 3,619 bp
Implied Capitalization Rate(%) 8.96 8.17 79 bp 8.76 20 bp
Dividend Payout Ratio(%) 106.82 142.71 (3,589) bp 166.67 (5,985) bp
Dividend Yield(%) 6.77 6.23 54 bp 6.92 (15) bp
FFO Payout(%) 61.40 57.08 432 bp 54.69 671 bp
FFO/ Total Revenue(%) 45.35 47.21 (186) bp 49.15 (380) bp
Price/ LTM FFO(x) 8.60 10.30 (170) bp 8.20 40 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 24.10 31 (690) bp 44.90 (2,080) bp
Recurring EBITDA/ Interest Expense(x) 4.25 4.53 (28) bp 4.69 (44) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.25 4.53 (28) bp 4.69 (44) bp
Debt and Preferred/ TEV(%) 47.24 47.15 9 bp 48.79 (155) bp
Total Debt/ Gross Properties(%) 55.92 57.33 (141) bp 56.29 (37) bp
Credit Lines Drawn/ Available(%) 2.02 37.27 (3,525) bp 23.66 (2,164) bp
Changes and Trends (%)
Same-store NOI: Change (0.50) (1.50) 100 bp (0.70) 20 bp
FFO Growth (4.64) 2.15 (679) bp (7.01) 237 bp
FFO/Share Growth (5) 3.40 (845) bp (5.90) 88 bp
EPS Growth, before Extraordinary 175 4.30 17,065 bp (36.40) 21,136 bp
Real Estate Investment Growth (1.67) (5.15) 348 bp (5.91) 424 bp
Per Share Information ($)
Common Shares Outstanding 94,102,666 94,382,583 (0.30) 93,941,783 0.69
Closing Price 20.98 22 (4.64) 20.22 15.03
Basic EPS before Extra 0.66 0.24 175 0.21 857.14
Diluted EPS before Extra 0.66 0.24 175 0.21 857.14
FFO/ Share 0.57 0.60 (5) 0.64 (43.75)
Operating FFO per Share, as Reported 0.57 0.60 (5) 0.64 (43.75)
AFFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.71 0.34 105.88 0.35 400
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 63,314 0 NM 193,158 (268.89)
Debt Maturing: FY3 0 597,824 NM 0 0
Debt Maturing: FY4 246,823 0 NM 246,664 0.26
Debt Maturing: Thereafter 1,237,272 1,135,230 8.99 1,236,798 0.15
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 2,545 2,404 5.87 3,370 (97.92)
Debt Due during Next Fiscal Year 3,566 3,369 5.85 3,566 0
Debt Due during Second Fiscal Year 69,107 3,566 1,837.94 198,951 (261.06)
Debt Due during Third Fiscal Year 4,436 603,617 (99.27) 4,436 0
Debt Due during Fourth Fiscal Year 251,591 4,436 5,571.57 251,432 0.25
Debt Due Thereafter 1,249,618 1,152,344 8.44 1,249,144 0.15
Adjustments to Debt Principal Schedule 1,921 2,319 (17.16) 2,019 (19.42)

   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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