Financial Highlights

Financial Highlights
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
2013 FY
12/31/2013
2012 FY
12/31/2012
Balance Sheet ($000)
Gross Depreciable Property 15,584,442 16,764,707 18,215,110 7,437,303 1,875,615
Net Property Investment 13,252,799 14,986,110 17,180,988 7,170,025 1,819,091
Finance Leases 39,455 46,312 56,076 66,112 0
Property Held for Sale: Nondepreciable 38,928 18,771 1,261 665 665
Construction in Progress NA NA NA NA 0
Mortgage Loans 22,764 24,238 42,106 26,279 0
Senior Secured Debt 2,671,106 3,111,985 3,773,922 2,270,093 375,956
Obligations under Capital Leases 0 0 0 0 0
Senior Unsecured Debt 3,696,142 4,947,817 6,651,856 2,051,567 0
Total Subordinated Debt 0 0 0 26,548 0
Total Debt 6,367,248 8,059,802 10,425,778 4,348,208 375,956
Total Liabilities 6,968,041 8,691,907 11,044,806 5,310,556 499,669
Equity Attributable to Parent Company 8,447,361 8,523,987 9,153,888 2,073,430 1,652,579
Noncontrolling Interests 172,172 189,972 228,442 155,798 16,181
Total Equity 8,619,533 8,713,959 9,382,330 2,229,228 1,668,760
Market Capitalization($M) 8,241.30 7,166.70 8,195.10 3,074.40 2,443.50
Implied Market Cap($M) 8,442.20 7,354.90 8,410.10 3,197.70 2,465
Total Capitalization($M) 15,880.30 16,485.50 19,906.70 8,870.20 3,015.70
Total Enterprise Value($M) 15,623.80 16,416.40 19,490 8,817.40 2,723.10
Total Enterprise Value Plus JV Debt($M) 15,634 16,501.30 19,605.10 8,817.40 2,723.10
Income Statement ($000)
Rental Revenue 1,333,392 1,438,415 1,372,096 327,079 67,207
Rental Net Operating Income 1,188,964 1,307,560 1,234,355 297,694 63,473
NOI 1,188,964 1,307,560 1,234,355 297,694 63,473
Gain on Sale of Real Estate 55,722 (65,582) (277,031) (411) 0
Interest Expense 317,376 358,392 452,648 105,548 11,856
Revenue 1,437,269 1,548,624 1,601,549 333,552 68,186
Expense 1,697,516 1,842,837 2,368,694 838,722 109,678
Extraordinary Items 0 0 0 (34) (745)
Net Income (200,824) (323,492) (1,010,912) (507,815) (42,237)
Net Income Attributable to Noncontrolling Int (4,961) (7,139) (33,727) (16,316) (585)
Net Income Attributable to Parent (195,863) (316,353) (977,185) (491,499) (41,652)
Net Income Avail to Common (268,247) (388,655) (1,081,242) (495,130) (42,020)
FFO 613,416 585,166 149,136 (293,493) (680)
Operating Funds from Operations, as Reported NA NA NA NA NA
Adjusted FFO 741,457 782,058 750,714 200,829 48,127
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (1.20) (1.68) (5.13) (11.04) (3.60)
ROAE(%) (2.34) (3.53) (11.36) (23.43) (4.61)
Implied Capitalization Rate(%) 7.97 8.53 7.11 6.44 5.52
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 6.50 6.94 0 7.31 6.76
FFO Payout(%) 85.94 21.83 NM NM NA
FFO/ Total Revenue(%) 42.68 37.79 9.31 (87.99) (1)
Price/ LTM FFO(x) 13.20 12.60 50.30 NM NA
Price/ LTM AFFO(x) 10.80 9.40 10.10 14.80 NM
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 3.64 3.47 2.58 0.24 1.17
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.96 2.89 2.12 0.23 1.14
Debt and Preferred/ TEV(%) 47.64 55.85 59.23 64.33 20.22
Total Debt/ Gross Properties(%) 40.86 48.08 57.24 58.46 20.04
Loans/ Assets(%) 0.40 0.41 0.48 1.18 0
Credit Lines Drawn/ Available(%) 0 19.50 83.38 33.94 83.07
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA NA (0.10) 1.30 NA
FFO Growth 4.83 292.37 NM NM NM
FFO/Share Growth 1.60 250 NM NA NA
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth (11.56) (13.20) 139.62 300.32 829.38
Per Share Information ($)
Common Shares Outstanding 974,146,650 904,884,394 905,530,430 239,234,725 184,553,676
Closing Price 8.46 7.92 9.05 12.85 13.24
Basic EPS before Extra (0.29) (0.43) (1.36) (2.41) (0.40)
Diluted EPS before Extra (0.29) (0.43) (1.36) (2.41) (0.40)
FFO/ Share 0.64 0.63 0.18 (1.27) NA
Operating FFO per Share, as Reported NA NA NA NA NA
AFFO per Share 0.78 0.84 0.90 0.87 0.46
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.55 0.28 0.92 0.99 0.89
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 273,627 201,340 194,825 NA NA
Debt Maturing: Next FY 1,314,347 1,698,128 229,820 NA NA
Debt Maturing: FY2 965,522 2,281,775 1,735,370 NA NA
Debt Maturing: FY3 690,739 1,020,951 4,014,180 NA NA
Debt Maturing: FY4 783,880 694,957 1,021,345 NA NA
Debt Maturing: Thereafter 2,369,359 2,175,042 3,258,000 NA NA
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 294,774 228,522 175,683 249,784 74
Debt Due during Next Fiscal Year 1,316,604 1,720,195 263,174 393,436 124,793
Debt Due during Second Fiscal Year 979,547 2,270,350 1,765,583 308,143 13,767
Debt Due during Third Fiscal Year 684,723 1,036,426 3,999,791 845,071 16,820
Debt Due during Fourth Fiscal Year 783,110 686,661 1,047,146 1,873,137 164,968
Debt Due Thereafter 2,338,716 2,129,781 3,201,662 636,184 69,300
Adjustments to Debt Principal Schedule (30,226) (12,133) (27,262) 42,453 (13,766)
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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