Company Info

Financial Highlights

Financial Highlights
2018 FQ3
9/30/2018
2017 FQ3
9/30/2017
Y-Y Ch (%)
2018 FQ2
6/30/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,034,330 2,963,370 2.39 3,105,707 (9.19)
Net Property Investment 2,081,172 2,088,249 (0.34) 2,149,289 (12.68)
Construction in Progress 762 87,762 (99.13) 1,329 (170.65)
Senior Secured Debt 88,359 170,776 (48.26) 89,235 (3.93)
Senior Unsecured Debt 1,659,301 1,603,205 3.50 1,678,972 (4.69)
Total Debt 1,747,660 1,773,981 (1.48) 1,768,207 (4.65)
Total Liabilities 1,897,134 1,932,411 (1.83) 1,912,933 (3.30)
Equity Attributable to Parent Company 497,992 578,277 (13.88) 546,588 (35.56)
Noncontrolling Interests 26,491 30,758 (13.87) 29,076 (35.56)
Total Equity 524,483 609,035 (13.88) 575,664 (35.56)
Market Capitalization($M) 2,148.60 2,308.40 (6.92) 2,205.90 (10.39)
Implied Market Cap($M) 2,262.90 2,431.20 (6.92) 2,323.20 (10.38)
Total Capitalization($M) 4,010.50 4,205.10 (4.63) 4,091.40 (7.91)
Total Enterprise Value($M) 4,006.10 4,196.40 (4.53) 4,087.20 (7.94)
Total Enterprise Value Plus JV Debt($M) 4,186.40 4,372 (4.25) 4,267.40 (7.59)
Income Statement ($000)
Rental Revenue 121,001 117,667 2.83 117,080 13.40
Rental Net Operating Income 81,348 80,096 1.56 79,134 11.19
NOI 81,348 80,096 1.56 79,134 11.19
Interest Expense 16,367 16,489 (0.74) 16,181 4.60
Revenue 126,330 124,484 1.48 122,108 13.83
Expense 149,361 140,518 6.29 97,818 210.77
Net Income (23,031) (16,034) 43.64 24,290 NM
Net Income Attributable to Noncontrolling Int (1,172) (815) 43.80 1,321 NM
Net Income Attributable to Parent (21,859) (15,219) 43.63 22,969 NM
Net Income Avail to Common (22,172) (15,525) 42.81 22,656 NM
FFO 62,411 26,966 131.44 59,677 18.33
Operating Funds from Operations, as Reported 61,851 61,938 (0.14) 59,051 18.97
Adjusted FFO 57,085 16,601 243.86 49,785 58.65
Financial Analysis
ROAA(%) (3.75) (2.53) (122) bp 3.89 (764) bp
ROAE(%) (16.75) (10.10) (665) bp 16.62 (3,337) bp
Implied Capitalization Rate(%) 8.55 7.16 139 bp 8.46 9 bp
Dividend Payout Ratio(%) NM NM NM 145.83 NM
Dividend Yield(%) 6.12 5.61 51 bp 5.96 16 bp
FFO Payout(%) 55.56 126.85 (7,129) bp 58.33 (277) bp
FFO/ Total Revenue(%) 49.40 21.66 2,774 bp 48.87 53 bp
Price/ LTM FFO(x) 9.10 11.90 (280) bp 10.90 (180) bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 40.10 39.40 70 bp 36.70 340 bp
Recurring EBITDA/ Interest Expense(x) 4.63 4.60 3 bp 4.52 11 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.63 4.60 3 bp 4.52 11 bp
Debt and Preferred/ TEV(%) 46.05 44.59 146 bp 45.66 39 bp
Total Debt/ Gross Properties(%) 57.60 59.86 (226) bp 56.93 67 bp
Credit Lines Drawn/ Available(%) 33.28 28.08 520 bp 36.67 (339) bp
Changes and Trends (%)
Same-store NOI: Change (1) 0.70 (170) bp (1.90) 90 bp
FFO Growth 131.44 (56.93) 18,837 bp (0.43) 13,187 bp
FFO/Share Growth 133.30 (56.50) 18,978 bp 1.70 13,164 bp
EPS Growth, before Extraordinary NM NM NM (22.60) NM
Real Estate Investment Growth (12.01) 2.14 (1,415) bp (2.66) (935) bp
Per Share Information ($)
Common Shares Outstanding 93,907,034 94,528,188 (0.66) 93,907,034 0
Closing Price 22.88 24.42 (6.31) 23.49 (10.39)
Basic EPS before Extra (0.24) (0.17) 41.18 0.24 NM
Diluted EPS before Extra (0.24) (0.17) 41.18 0.24 NM
FFO/ Share 0.63 0.27 133.33 0.60 20
Operating FFO per Share, as Reported 0.63 0.63 0 0.60 20
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 0 146,013 NM 0 0
Debt Maturing: FY3 574,265 0 NM 594,391 (13.54)
Debt Maturing: FY4 0 323,011 NM 0 0
Debt Maturing: Thereafter 1,136,184 1,134,181 0.18 1,135,705 0.17
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 813 70,941 (98.85) 1,614 (198.51)
Debt Due during Next Fiscal Year 3,369 63,183 (94.67) 3,369 0
Debt Due during Second Fiscal Year 3,566 149,382 (97.61) 3,566 0
Debt Due during Third Fiscal Year 580,058 3,566 16,166.35 600,184 (13.41)
Debt Due during Fourth Fiscal Year 4,436 328,804 (98.65) 4,436 0
Debt Due Thereafter 1,153,298 1,155,733 (0.21) 1,152,819 0.17
Adjustments to Debt Principal Schedule 2,120 2,372 (10.62) 2,219 (17.85)

   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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