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Highlights


Financial Highlights
2020 FQ2 YTD
6/30/2020
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
Balance Sheet ($000)
Gross Depreciable Property 305,314 250,840 249,359 222,493 112,361
Net Property Investment 270,975 221,963 229,855 206,649 96,095
Property Held for Sale: Nondepreciable 0 0 4,092 12,655 18,713
Construction in Progress 25 100 323 276 63
Senior Secured Debt 179,077 134,001 136,930 120,581 62,720
Total Debt 180,180 135,162 137,930 121,650 64,035
Total Liabilities 197,927 141,115 145,596 131,166 69,866
Equity Attributable to Parent Company 86,414 95,777 107,004 110,406 67,972
Noncontrolling Interests 46 49 848 1,408 2,827
Total Equity 86,460 95,826 107,852 111,814 70,799
Market Capitalization($M) 49.20 132.40 81.90 117.70 10.10
Implied Market Cap($M) 49.20 132.50 82.30 118.60 12.10
Total Capitalization($M) 239.10 277 229.50 249.70 139.60
Total Enterprise Value($M) 235.40 274.40 225.40 244.20 131.30
Total Enterprise Value Plus JV Debt($M) 235.40 301.60 252.20 270.90 157.80
Income Statement ($000)
NOI 3,134 22,283 24,049 18,319 13,555
Gain on Sale of Real Estate (10) (38) 5,413 6,800 23,130
Interest Expense 4,050 7,976 8,326 5,174 4,710
Revenue 17,292 60,069 65,230 55,975 56,837
Expense 26,872 64,161 65,138 60,469 56,998
Extraordinary Items 0 0 0 0 678
Net Income (9,223) (5,067) 5,170 2,901 23,522
Net Income Attributable to Noncontrolling Int (3) (19) (195) 20 727
Net Income Attributable to Parent (9,220) (5,048) 5,365 2,881 22,795
Net Income Avail to Common (9,509) (5,664) 4,720 (9,418) 2,047
FFO (3,581) 5,734 10,294 6,290 6,755
Operating Funds from Operations, as Reported (2,102) 11,892 12,865 10,963 319
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (6.74) (2.05) 1.99 1.37 15.93
ROAE(%) (20.06) (4.95) 4.66 2.78 38.63
Implied Capitalization Rate(%) 5.30 9.33 10.05 9.94 14.53
Dividend Payout Ratio(%) NM NM 195 NM 50
Dividend Yield(%) 0 7.07 11.32 7.84 5.88
FFO Payout(%) NM 181.40 96.30 NM NM
FFO/ Total Revenue(%) (20.71) 9.55 15.78 11.24 11.88
Price/ LTM FFO(x) NM 25.67 8.51 NM NM
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) NM NM 17.23 NM 14.57
Recurring EBITDA/ Interest Expense(x) 0.04 1.95 2.14 2.13 2.85
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 0.04 1.82 2 0.63 0.53
Debt and Preferred/ TEV(%) 80.66 56.94 69.01 58.23 97.60
Total Debt/ Gross Properties(%) 59.01 53.88 55.31 54.68 56.99
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 93.99 90.59 92.34 86 0
Changes and Trends (%)
FFO Growth NM (44.30) 63.66 (6.88) (56.80)
FFO/Share Growth NM (46.90) NM NM NA
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth 39.50 (5.76) 5.63 83.47 (5.20)
Per Share Information ($)
Common Shares Outstanding 12,003,010 11,993,608 11,886,003 11,833,573 762,590
Closing Price 4.10 11.04 6.89 9.95 13.26
Basic EPS before Extra (0.80) (0.48) 0.40 (1) 1.82
Diluted EPS before Extra (0.80) (0.48) 0.40 (1) 0.78
FFO/ Share (0.32) 0.43 0.81 (0.22) (15.40)
Operating FFO per Share, as Reported (0.18) 0.94 1.02 0.98 0.35
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0 0.59 0.78 0.78 0.46
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 86,845 0 0 11,431
Debt Maturing: Next FY 144,059 14,261 89,487 0 13,927
Debt Maturing: FY2 27,762 25,612 14,786 73,303 0
Debt Maturing: FY3 0 0 26,048 15,330 22,106
Debt Maturing: FY4 8,547 8,639 0 26,465 15,925
Debt Maturing: Thereafter 0 0 8,817 8,987 0
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 610 88,076 1,136 1,083 12,907
Debt Due during Next Fiscal Year 145,861 14,341 90,718 1,183 14,668
Debt Due during Second Fiscal Year 25,844 24,886 14,344 74,535 1,172
Debt Due during Third Fiscal Year 214 214 24,886 14,344 20,970
Debt Due during Fourth Fiscal Year 7,839 7,840 214 24,886 13,672
Debt Due Thereafter 0 0 7,840 8,054 0
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