Financial Highlights

Financial Highlights
2018 FQ2 YTD
6/30/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
Balance Sheet ($000)
Gross Depreciable Property 15,597,735 15,615,375 15,584,442 16,764,707 18,215,110
Net Property Investment 12,391,399 12,707,347 13,252,799 14,986,110 17,180,988
Finance Leases 16,560 19,539 39,455 46,312 56,076
Property Held for Sale: Nondepreciable 29,884 38,347 38,928 18,771 1,261
Construction in Progress NA NA NA NA NA
Mortgage Loans 19,855 20,294 22,764 24,238 42,106
Senior Secured Debt 2,031,171 2,082,692 2,650,067 3,078,264 3,773,922
Obligations Under Leases 0 0 0 0 0
Senior Unsecured Debt 4,009,077 3,990,752 3,717,181 4,981,538 6,651,856
Total Subordinated Debt 0 0 0 0 0
Total Debt 6,040,248 6,073,444 6,367,248 8,059,802 10,425,778
Total Liabilities 6,616,203 6,662,702 6,968,041 8,691,907 11,044,806
Equity Attributable to Parent Company 7,494,717 7,884,278 8,447,361 8,523,987 9,153,888
Noncontrolling Interests 150,687 158,598 172,172 189,972 228,442
Total Equity 7,645,404 8,042,876 8,619,533 8,713,959 9,382,330
Market Capitalization($M) 7,198.20 7,589.10 8,241.30 7,166.70 8,195.10
Implied Market Cap($M) 7,374.60 7,774.10 8,442.20 7,354.90 8,410.10
Total Capitalization($M) 14,489.90 14,922.70 15,880.30 16,485.50 19,906.70
Total Enterprise Value($M) 14,471.50 14,886.30 15,623.80 16,416.40 19,490
Total Enterprise Value Plus JV Debt($M) 14,471.50 14,896.50 15,634 16,501.30 19,605.10
Income Statement ($000)
Rental Revenue 630,738 1,252,285 1,335,447 1,438,415 1,372,096
Rental Net Operating Income 568,737 1,123,568 1,191,019 1,307,560 1,234,355
NOI 568,737 1,123,568 1,191,019 1,307,560 1,234,355
Gain on Sale of Real Estate 24,457 61,536 55,722 (65,582) (277,031)
Interest Expense 140,745 289,766 317,376 358,392 452,648
Revenue 639,480 1,261,290 1,340,283 1,548,624 1,601,549
Expense 707,246 1,264,449 1,465,756 1,842,837 2,368,694
Extraordinary Items 3,725 (19,117) (123,937) 0 0
Net Income (41,930) 32,378 (200,824) (323,492) (1,010,912)
Net Income Attributable to Noncontrolling Int (1,055) 560 (4,961) (7,139) (33,727)
Net Income Attributable to Parent (40,875) 31,818 (195,863) (316,353) (977,185)
Net Income Avail to Common (76,843) (40,565) (268,247) (388,655) (1,081,242)
FFO 245,435 653,108 613,416 585,166 149,136
Operating Funds from Operations, as Reported NA NA NA NA NA
Adjusted FFO 362,850 738,769 741,457 782,058 750,714
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (0.58) 0.21 (1.20) (1.68) (5.13)
ROAE(%) (1.07) 0.39 (2.34) (3.53) (11.36)
Implied Capitalization Rate(%) 8.84 8.49 7.99 8.53 7.11
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 7.39 7.06 6.50 6.94 0
FFO Payout(%) 110 84.62 85.94 21.83 NM
FFO/ Total Revenue(%) 38.38 51.78 45.77 37.79 9.31
Price/ LTM FFO(x) 13.30 12 13.20 12.60 50.30
Price/ LTM AFFO(x) 10.10 10.50 10.80 9.40 10.10
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 3.87 3.70 3.60 3.47 2.58
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.08 2.97 2.93 2.89 2.12
Debt and Preferred/ TEV(%) 49.14 48.03 47.64 55.85 59.23
Total Debt/ Gross Properties(%) 38.73 38.89 40.86 48.08 57.24
Loans/ Assets(%) 0.26 0.28 0.47 0.41 0.48
Credit Lines Drawn/ Available(%) 9.75 8.04 0 19.50 83.38
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA 0 NA NA (0.10)
FFO Growth (28.13) 6.47 4.83 292.37 NM
FFO/Share Growth (26.50) 1.60 1.60 250 NM
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth (5.22) (4.35) (11.50) (13.20) 139.62
Per Share Information ($)
Common Shares Outstanding 967,493,795 974,208,583 974,146,650 904,884,394 905,530,430
Closing Price 7.44 7.79 8.46 7.92 9.05
Basic EPS before Extra (0.08) (0.02) (0.16) (0.43) (1.36)
Diluted EPS before Extra (0.08) (0.02) (0.16) (0.43) (1.36)
FFO/ Share 0.25 0.65 0.64 0.63 0.18
Operating FFO per Share, as Reported NA NA NA NA NA
AFFO per Share 0.36 0.74 0.78 0.84 0.90
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.28 0.55 0.55 0.28 0.92
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 642,927 855,710 273,627 201,340 194,825
Debt Maturing: Next FY 964,424 965,000 1,314,347 1,698,128 229,820
Debt Maturing: FY2 670,449 672,817 965,522 2,281,775 1,735,370
Debt Maturing: FY3 752,771 753,309 690,739 1,020,951 4,014,180
Debt Maturing: FY4 511,591 317,107 783,880 694,957 1,021,345
Debt Maturing: Thereafter 2,525,431 2,525,895 2,369,359 2,175,042 3,258,000
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 647,505 880,950 294,774 228,522 175,683
Debt Due during Next Fiscal Year 972,789 972,789 1,316,604 1,720,195 263,174
Debt Due during Second Fiscal Year 667,686 667,686 979,547 2,270,350 1,765,583
Debt Due during Third Fiscal Year 752,770 752,770 684,723 1,036,426 3,999,791
Debt Due during Fourth Fiscal Year 509,839 314,839 783,110 686,661 1,047,146
Debt Due Thereafter 2,517,004 2,517,004 2,338,716 2,129,781 3,201,662
Adjustments to Debt Principal Schedule (27,345) (32,594) (30,226) (12,133) (27,262)
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