Financial Highlights

Financial Highlights
2019 FQ3 YTD
9/30/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 15,143,932 15,604,839 15,615,375 15,584,442 16,764,707
Net Property Investment 11,584,529 12,168,067 12,707,347 13,252,799 14,986,110
Finance Leases 9,914 13,254 19,539 39,455 46,312
Property Held for Sale: Nondepreciable 66,684 2,609 38,347 38,928 18,771
Construction in Progress NA NA NA NA NA
Mortgage Loans 0 10,164 20,294 22,764 24,238
Senior Secured Debt 1,717,817 1,922,657 2,082,692 2,650,067 3,078,264
Obligations Under Leases 223,288 0 0 0 0
Senior Unsecured Debt 3,915,397 4,165,265 3,990,752 3,717,181 4,981,538
Total Subordinated Debt 0 0 0 0 0
Total Debt 5,856,502 6,087,922 6,073,444 6,367,248 8,059,802
Total Liabilities 7,433,481 6,663,349 6,662,702 6,968,041 8,691,907
Equity Attributable to Parent Company 7,017,265 7,157,059 7,884,278 8,447,361 8,523,987
Noncontrolling Interests 4,777 143,085 158,598 172,172 189,972
Total Equity 7,022,042 7,300,144 8,042,876 8,619,533 8,713,959
Market Capitalization($M) 10,442 6,917.70 7,589.10 8,241.30 7,166.70
Implied Market Cap($M) 10,645.40 7,087.30 7,774.10 8,442.20 7,354.90
Total Capitalization($M) 17,476.80 14,250.20 14,922.70 15,885.90 16,490.70
Total Enterprise Value($M) 16,447.50 14,219.50 14,886.30 15,629.40 16,421.60
Total Enterprise Value Plus JV Debt($M) 16,501.30 14,219.50 14,896.50 15,639.60 16,506.50
Income Statement ($000)
Rental Revenue 931,233 1,257,867 1,252,285 1,335,447 1,438,415
Rental Net Operating Income 835,530 1,131,406 1,123,568 1,191,019 1,307,560
NOI 835,530 1,131,406 1,123,568 1,191,019 1,307,560
Gain on Sale of Real Estate 251,113 95,634 61,536 55,722 (65,582)
Interest Expense 208,946 280,887 289,766 317,376 358,392
Revenue 939,114 1,273,168 1,261,290 1,340,283 1,548,624
Expense 1,564,958 1,455,426 1,264,449 1,465,756 1,842,837
Extraordinary Items 0 3,695 (19,117) (123,937) 0
Net Income (378,274) (88,030) 32,378 (200,824) (323,492)
Net Income Attributable to Noncontrolling Int (6,796) (2,256) 560 (4,961) (7,139)
Net Income Attributable to Parent (371,478) (85,774) 31,818 (195,863) (316,353)
Net Income Avail to Common (424,002) (157,708) (40,565) (268,247) (388,655)
FFO (287,805) 438,066 653,108 613,416 585,166
Operating Funds from Operations, as Reported NA NA NA NA NA
Adjusted FFO 533,082 713,890 738,769 741,457 782,058
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (3.60) (0.62) 0.21 (1.20) (1.68)
ROAE(%) (6.96) (1.15) 0.39 (2.34) (3.53)
Implied Capitalization Rate(%) 8.31 9.09 8.49 7.98 8.43
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 5.62 7.69 7.06 6.50 6.94
FFO Payout(%) NM 125 84.62 85.94 21.83
FFO/ Total Revenue(%) (30.65) 34.41 51.78 45.77 37.79
Price/ LTM FFO(x) NM 16.30 12 13.20 12.60
Price/ LTM AFFO(x) 13.80 9.90 10.50 10.80 9.40
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 3.80 3.84 3.70 3.60 3.47
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.04 3.06 2.97 2.93 2.89
Debt and Preferred/ TEV(%) 41.71 50.34 48.03 47.62 55.83
Total Debt/ Gross Properties(%) 38.67 39.01 38.89 40.86 48.08
Loans/ Assets(%) 0.07 0.17 0.28 0.47 0.41
Credit Lines Drawn/ Available(%) 0 12.65 8.04 0 19.50
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA 0.50 0 NA NA
FFO Growth NM (32.93) 6.47 4.83 292.37
FFO/Share Growth NM (32.30) 1.60 1.60 250
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth (5.44) (4.68) (4.33) (11.50) (13.20)
Per Share Information ($)
Common Shares Outstanding 1,067,688,887 967,515,165 974,208,583 974,146,650 904,884,394
Closing Price 9.78 7.15 7.79 8.46 7.92
Basic EPS before Extra (0.43) (0.17) (0.02) (0.16) (0.43)
Diluted EPS before Extra (0.43) (0.17) (0.02) (0.16) (0.43)
FFO/ Share (0.28) 0.44 0.65 0.64 0.63
Operating FFO per Share, as Reported NA NA NA NA NA
AFFO per Share 0.53 0.72 0.74 0.78 0.84
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.41 0.55 0.55 0.55 0.28
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY NA 908,323 855,710 273,627 201,340
Debt Maturing: Next FY NA 660,437 965,000 1,314,347 1,698,128
Debt Maturing: FY2 NA 752,235 672,817 965,522 2,281,775
Debt Maturing: FY3 NA 569,067 753,309 690,739 1,020,951
Debt Maturing: FY4 NA 292,455 317,107 783,880 694,957
Debt Maturing: Thereafter NA 2,931,271 2,525,895 2,369,359 2,175,042
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 2,458 917,279 880,950 294,774 228,522
Debt Due during Next Fiscal Year 676,117 660,072 972,789 1,316,604 1,720,195
Debt Due during Second Fiscal Year 752,259 752,768 667,686 979,547 2,270,350
Debt Due during Third Fiscal Year 290,728 567,898 752,770 684,723 1,036,426
Debt Due during Fourth Fiscal Year 1,020,888 293,616 314,839 783,110 686,661
Debt Due Thereafter 2,916,826 2,922,155 2,517,004 2,338,716 2,129,781
Adjustments to Debt Principal Schedule (26,062) (25,866) (32,594) (30,226) (12,133)
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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