Investor Relations

Financial Highlights

Financial Highlights
2018 FQ3 YTD
9/30/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
Balance Sheet ($000)
Gross Depreciable Property NA NA 1,785,671 1,822,903 1,888,366
Net Property Investment 41,000 488,616 1,574,933 1,650,235 1,764,188
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 27,843 0
Construction in Progress 0 0 0 0 0
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 0 215,494 869,080 381,443 169,377
Obligations Under Leases 0 NA 2,090 2,113 2,135
Senior Unsecured Debt 0 0 260,000 485,000 635,000
Total Subordinated Debt 0 0 0 0 0
Total Debt 0 215,494 1,109,616 868,556 806,512
Total Liabilities 8,579 257,620 1,210,711 972,493 922,294
Equity Attributable to Parent Company 427,387 833,113 930,977 1,034,740 1,146,947
Noncontrolling Interests 0 0 10,692 57,529 48,730
Total Equity 427,387 833,113 941,669 1,092,269 1,195,677
Market Capitalization($M) 304.60 659.80 1,690.70 1,869.10 1,717.50
Implied Market Cap($M) 304.60 690.10 1,777.20 2,019.30 1,856.80
Total Capitalization($M) 304.60 905.60 2,897.50 2,945.40 2,712
Total Enterprise Value($M) 273.30 664.60 2,852 2,846.70 2,689.50
Total Enterprise Value Plus JV Debt($M) 874.50 NA 3,279.90 3,274.60 3,117.40
Income Statement ($000)
Rental Revenue 0 0 133,602 148,396 132,825
Rental Net Operating Income 0 0 90,041 104,644 95,616
NOI 0 0 89,830 105,403 94,622
Gain on Sale of Real Estate 0 0 6,630 7,523 0
Interest Expense 0 0 36,981 28,262 20,120
Revenue 0 0 163,024 177,563 156,974
Expense 0 0 253,553 225,355 251,259
Extraordinary Items 0 0 0 0 0
Net Income 0 0 (83,899) (40,269) (94,285)
Net Income Attributable to Noncontrolling Int 0 0 (1,373) (1,188) (1,257)
Net Income Attributable to Parent 0 0 (82,526) (39,081) (93,028)
Net Income Avail to Common 0 0 (82,526) (39,081) (93,028)
FFO 0 0 31,620 60,758 15,821
Operating Funds from Operations, as Reported 0 0 54,487 65,599 86,485
Adjusted FFO 0 0 35,446 68,924 66,969
Modified FFO NA NA NA NA NA
Financial Analysis
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 0 0 0 4 4.34
FFO Payout(%) NA NA NA 127.78 NM
FFO/ Total Revenue(%) NA NA 19.40 34.22 10.08
Price/ LTM FFO(x) NM NM NA 31.90 NM
Price/ LTM AFFO(x) NM NM NA NM NM
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) NA NA 1.25 2.27 2.94
Recurring EBITDA/ Interest Expense + Pref. Div.(x) NA NA 1.25 2.27 2.94
Debt and Preferred/ TEV(%) 68.75 NA 46.88 39.59 39.60
Total Debt/ Gross Properties(%) NA NA 62.14 47.65 42.71
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) NA 0 0 74.07 98.21
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA NA NA NA NA
FFO Growth NA (100) (47.96) 284.03 (3.71)
FFO/Share Growth NA NA NA 300 NA
EPS Growth, before Extraordinary NA NM NM NM NM
Real Estate Investment Growth (78.12) (57.73) (6.76) (4.84) 14.59
Per Share Information ($)
Common Shares Outstanding 16,791,769 16,790,000 16,706,636 16,252,981 16,218,194
Closing Price 18.14 39.30 101.20 115 105.90
Basic EPS before Extra 0 0 (5) (2.40) (5.60)
Diluted EPS before Extra 0 0 (5) (2.40) (5.60)
FFO/ Share 0 0 NA 3.60 0.90
Operating FFO per Share, as Reported 0 0 NA 4.10 5.10
AFFO per Share 0 0 NA 4.10 4
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 24.85 30.70 3.45 3.83 5.71
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 196,446 804,700 191,650 21,300
Debt Maturing: Next FY 0 0 0 51,988 357,650
Debt Maturing: FY2 0 0 305,000 305,000 98,353
Debt Maturing: FY3 0 19,048 0 305,000 305,000
Debt Maturing: FY4 0 0 19,380 0 0
Debt Maturing: Thereafter 0 0 2,090 21,911 27,074
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 0 196,800 805,118 192,154 21,880
Debt Due during Next Fiscal Year 0 376 440 55,619 358,253
Debt Due during Second Fiscal Year 0 401 305,462 308,789 102,816
Debt Due during Third Fiscal Year 0 17,917 487 308,955 309,659
Debt Due during Fourth Fiscal Year 0 0 18,003 4,127 4,863
Debt Due Thereafter 0 0 3,318 7,626 13,691
Adjustments to Debt Principal Schedule 0 0 (23,211) (8,714) (4,650)
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