Company Info

Financial Highlights

Financial Highlights
2018 FQ2
6/30/2018
2017 FQ2
6/30/2017
Y-Y Ch (%)
2018 FQ1
3/31/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 3,105,707 2,913,585 6.59 3,090,958 1.91
Net Property Investment 2,149,289 2,063,933 4.14 2,161,350 (2.23)
Construction in Progress 1,329 94,490 (98.59) 615 464.39
Senior Secured Debt 89,235 171,215 (47.88) 90,109 (3.88)
Senior Unsecured Debt 1,678,972 1,557,787 7.78 1,681,946 (0.71)
Total Debt 1,768,207 1,729,002 2.27 1,772,055 (0.87)
Total Liabilities 1,912,933 1,868,364 2.39 1,912,367 0.12
Equity Attributable to Parent Company 546,588 627,733 (12.93) 563,658 (12.11)
Noncontrolling Interests 29,076 33,396 (12.94) 29,833 (10.15)
Total Equity 575,664 661,129 (12.93) 593,491 (12.02)
Market Capitalization($M) 2,205.90 2,467 (10.58) 2,076.40 24.95
Implied Market Cap($M) 2,323.20 2,597.60 (10.56) 2,186.30 25.05
Total Capitalization($M) 4,091.40 4,326.80 (5.44) 3,958.40 13.44
Total Enterprise Value($M) 4,087.20 4,318.40 (5.35) 3,954.90 13.38
Total Enterprise Value Plus JV Debt($M) 4,267.40 4,486.60 (4.89) 4,130.50 13.26
Income Statement ($000)
Rental Revenue 117,080 116,616 0.40 121,242 (13.73)
Rental Net Operating Income 79,134 79,500 (0.46) 79,024 0.56
NOI 79,134 79,500 (0.46) 79,024 0.56
Interest Expense 16,181 16,520 (2.05) 15,800 9.65
Revenue 122,108 122,045 0.05 125,938 (12.16)
Expense 97,818 98,041 (0.23) 102,253 (17.35)
Net Income 24,290 30,947 (21.51) 23,685 10.22
Net Income Attributable to Noncontrolling Int 1,321 1,557 (15.16) 847 223.85
Net Income Attributable to Parent 22,969 29,390 (21.85) 22,838 2.29
Net Income Avail to Common 22,656 29,084 (22.10) 22,575 1.44
FFO 59,677 59,937 (0.43) 59,456 1.49
Operating Funds from Operations, as Reported 59,051 59,409 (0.60) 59,349 (2.01)
Adjusted FFO 49,785 41,922 18.76 56,900 (50.02)
Financial Analysis
ROAA(%) 3.89 4.88 (99) bp 3.76 13 bp
ROAE(%) 16.62 18.22 (160) bp 15.71 91 bp
Implied Capitalization Rate(%) 8.46 6.62 184 bp 8.18 28 bp
Dividend Payout Ratio(%) 145.83 110.48 3,535 bp 142.71 312 bp
Dividend Yield(%) 5.96 5.27 69 bp 6.23 (27) bp
FFO Payout(%) 58.33 58.05 28 bp 57.08 125 bp
FFO/ Total Revenue(%) 48.87 49.11 (24) bp 47.21 166 bp
Price/ LTM FFO(x) 10.90 10.80 10 bp 10.30 60 bp
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ LTM EPS(x) 36.70 17.20 1,950 bp 31 570 bp
Recurring EBITDA/ Interest Expense(x) 4.52 4.36 16 bp 4.53 (1) bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.52 4.36 16 bp 4.53 (1) bp
Debt and Preferred/ TEV(%) 45.66 42.29 337 bp 47.15 (149) bp
Total Debt/ Gross Properties(%) 56.93 59.34 (241) bp 57.33 (40) bp
Credit Lines Drawn/ Available(%) 36.67 18.98 1,769 bp 37.27 (60) bp
Changes and Trends (%)
Same-store NOI: Change (1.90) 0.70 (260) bp (1.50) (40) bp
FFO Growth (0.43) 0.25 (68) bp 2.15 (258) bp
FFO/Share Growth 1.70 0 169 bp 3.40 (176) bp
EPS Growth, before Extraordinary (22.60) (59.20) 3,663 bp 4.30 (2,693) bp
Real Estate Investment Growth (2.66) (0.55) (211) bp (5.15) 249 bp
Per Share Information ($)
Common Shares Outstanding 93,907,034 94,958,136 (1.11) 94,382,583 (2.02)
Closing Price 23.49 25.98 (9.58) 22 27.09
Basic EPS before Extra 0.24 0.31 (22.58) 0.24 0
Diluted EPS before Extra 0.24 0.31 (22.58) 0.24 0
FFO/ Share 0.60 0.59 1.69 0.60 0
Operating FFO per Share, as Reported 0.60 0.59 1.69 0.60 0
AFFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.35 0.34 2.94 0.34 11.76
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: FY2 0 98,698 NM 0 0
Debt Maturing: FY3 594,391 298,475 99.14 597,824 (2.30)
Debt Maturing: FY4 0 322,793 NM 0 0
Debt Maturing: Thereafter 1,135,705 837,821 35.55 1,135,230 0.17
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 1,614 71,608 (97.75) 2,404 (131.45)
Debt Due during Next Fiscal Year 3,369 62,914 (94.65) 3,369 0
Debt Due during Second Fiscal Year 3,566 102,067 (96.51) 3,566 0
Debt Due during Third Fiscal Year 600,184 302,041 98.71 603,617 (2.27)
Debt Due during Fourth Fiscal Year 4,436 328,586 (98.65) 4,436 0
Debt Due Thereafter 1,152,819 859,373 34.15 1,152,344 0.16
Adjustments to Debt Principal Schedule 2,219 2,413 (8.04) 2,319 (17.25)

   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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