Company Info

Financial Highlights

Financial Highlights
2017 FQ4
12/31/2017
2016 FQ4
12/31/2016
Y-Y Ch (%)
2017 FQ3
9/30/2017
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,073,616 2,919,630 5.27 2,963,370 14.88
Net Property Investment 2,171,649 2,105,047 3.16 2,088,249 15.98
Construction in Progress 14,854 46,277 (67.90) 87,762 (332.30)
Senior Secured Debt 99,761 172,145 (42.05) 170,776 (166.33)
Senior Unsecured Debt 1,663,890 1,515,721 9.78 1,603,205 15.14
Total Debt 1,763,651 1,687,866 4.49 1,773,981 (2.33)
Total Liabilities 1,927,803 1,820,773 5.88 1,932,411 (0.95)
Equity Attributable to Parent Company 581,578 670,216 (13.23) 578,277 2.28
Noncontrolling Interests 30,724 35,225 (12.78) 30,758 (0.44)
Total Equity 612,302 705,441 (13.20) 609,035 2.15
Market Capitalization($M) 2,506.80 3,438.30 (27.09) 2,308.40 34.38
Implied Market Cap($M) NA 3,618.20 NA 2,431.20 NA
Total Capitalization($M) NA 5,306.20 NA 4,205.10 NA
Total Enterprise Value($M) NA 5,294 NA 4,196.40 NA
Total Enterprise Value Plus JV Debt($M) NA 5,462 NA 4,372 NA
Income Statement ($000)
Rental Revenue 123,589 121,605 1.63 117,667 20.13
Rental Net Operating Income 83,428 79,916 4.39 80,096 16.64
NOI 83,428 79,916 4.39 80,096 16.64
Interest Expense 15,329 16,469 (6.92) 16,489 (28.14)
Revenue 131,666 128,401 2.54 124,484 23.08
Expense 98,217 102,765 (4.43) 140,518 (120.41)
Net Income 33,449 25,636 30.48 (16,034) NM
Net Income Attributable to Noncontrolling Int 1,954 1,563 25.02 (815) NM
Net Income Attributable to Parent 31,495 24,073 30.83 (15,219) NM
Net Income Avail to Common 31,193 23,793 31.10 (15,525) NM
FFO 68,322 61,727 10.68 26,966 613.45
Operating Funds from Operations, as Reported 65,632 60,921 7.73 61,938 23.86
Adjusted FFO 55,816 53,107 5.10 16,601 944.88
Financial Analysis
ROAA(%) 5.27 4.03 124 bp (2.53) 780 bp
ROAE(%) 21.91 14.53 738 bp (10.10) 3,201 bp
Implied Capitalization Rate(%) NA 6.18 NA 7.16 NA
Dividend Payout Ratio(%) 103.79 130 (2,621) bp NM NM
Dividend Yield(%) 5.17 3.63 154 bp 5.61 (44) bp
FFO Payout(%) 50.37 53.28 (291) bp 126.85 (7,648) bp
FFO/ Total Revenue(%) 51.89 48.07 382 bp 21.66 3,023 bp
Price/ LTM FFO(x) 12.50 15.20 (270) bp 11.90 60 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 37.30 17.80 1,950 bp 39.40 (210) bp
Recurring EBITDA/ Interest Expense(x) 5.13 4.57 56 bp 4.60 53 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 5.13 4.57 56 bp 4.60 53 bp
Debt and Preferred/ TEV(%) NA 33.98 NA 44.59 NA
Total Debt/ Gross Properties(%) 57.38 57.81 (43) bp 59.86 (248) bp
Credit Lines Drawn/ Available(%) 39.65 11.15 2,850 bp 28.08 1,157 bp
Changes and Trends (%)
Same-store NOI: Change (0.40) 2.70 (310) bp 0.70 (110) bp
FFO Growth 10.68 3.71 697 bp (56.93) 6,761 bp
FFO/Share Growth 11.50 3.40 809 bp (56.50) 6,793 bp
EPS Growth, before Extraordinary 32 (77.90) 10,988 bp NM NM
Real Estate Investment Growth 0.71 (1.38) 209 bp 2.14 (143) bp
Per Share Information ($)
Common Shares Outstanding 94,560,536 96,095,891 (1.60) 94,528,188 0.14
Closing Price 26.51 35.78 (25.91) 24.42 34.23
Basic EPS before Extra 0.33 0.25 32 (0.17) NM
Diluted EPS before Extra 0.33 0.25 32 (0.17) NM
FFO/ Share 0.68 0.61 11.48 0.27 607.41
Operating FFO per Share, as Reported 0.66 0.61 8.20 0.63 19.05
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 0 58,002 NM 146,013 NM
Debt Maturing: FY3 322,975 298,226 8.30 0 NM
Debt Maturing: FY4 0 322,410 NM 323,011 NM
Debt Maturing: Thereafter 1,134,756 837,083 35.56 1,134,181 0.20
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 3,184 72,910 (95.63) 70,941 (382.05)
Debt Due during Next Fiscal Year 209,529 62,460 235.46 63,183 926.49
Debt Due during Second Fiscal Year 63,566 61,371 3.58 149,382 (229.79)
Debt Due during Third Fiscal Year 328,768 301,792 8.94 3,566 36,478.07
Debt Due during Fourth Fiscal Year 4,436 328,203 (98.65) 328,804 (394.60)
Debt Due Thereafter 1,151,870 858,635 34.15 1,155,733 (1.34)
Adjustments to Debt Principal Schedule 2,298 2,495 (7.90) 2,372 (12.48)

   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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