Financial 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 ($000)
Gross Depreciable Property 14,922,653 15,059,097 15,604,839 15,615,375 15,584,442
Net Property Investment 11,166,521 11,464,850 12,168,067 12,707,347 13,252,799
Finance Leases 8,579 9,341 13,254 19,539 39,455
Property Held for Sale: Nondepreciable 48,093 26,957 2,609 38,347 38,928
Construction in Progress NA NA NA NA NA
Mortgage Loans 9,959 0 10,164 20,294 22,764
Senior Secured Debt 1,393,652 1,528,134 1,922,657 2,082,692 2,650,067
Obligations Under Leases 215,322 221,061 0 0 0
Senior Unsecured Debt 4,571,401 4,177,591 4,165,265 3,990,752 3,717,181
Total Subordinated Debt 0 0 0 0 0
Total Debt 6,180,375 5,926,786 6,087,922 6,073,444 6,367,248
Total Liabilities 6,669,903 6,437,402 6,663,349 6,662,702 6,968,041
Equity Attributable to Parent Company 6,643,964 6,835,743 7,157,059 7,884,278 8,447,361
Noncontrolling Interests 7,315 7,535 143,085 158,598 172,172
Total Equity 6,651,279 6,843,278 7,300,144 8,042,876 8,619,533
Market Capitalization($M) 6,930.60 9,950.10 6,917.70 7,589.10 8,241.30
Implied Market Cap($M) 6,935.60 9,957.30 7,087.30 7,774.10 8,442.20
Total Capitalization($M) 13,890.80 16,659 14,250.20 14,922.70 15,885.90
Total Enterprise Value($M) 13,611.90 16,646.10 14,219.50 14,886.30 15,629.40
Total Enterprise Value Plus JV Debt($M) 13,680.30 16,699.90 14,219.50 14,896.50 15,639.60
Income Statement ($000)
Rental Revenue 576,810 1,236,397 1,256,808 1,250,723 1,335,447
Rental Net Operating Income 517,222 1,106,628 1,130,347 1,122,006 1,191,019
NOI 517,222 1,106,628 1,130,347 1,122,006 1,191,019
Gain on Sale of Real Estate 34,044 292,654 95,634 61,536 55,722
Interest Expense 130,309 278,574 280,887 289,766 317,376
Revenue 580,875 1,252,874 1,273,168 1,261,290 1,340,283
Expense 471,716 1,848,372 1,455,426 1,264,449 1,465,756
Extraordinary Items 0 0 3,695 (19,117) (123,937)
Net Income 141,102 (307,106) (88,030) 32,378 (200,824)
Net Income Attributable to Noncontrolling Int 86 (6,753) (2,256) 560 (4,961)
Net Income Attributable to Parent 141,016 (300,353) (85,774) 31,818 (195,863)
Net Income Avail to Common 115,120 (368,841) (157,708) (40,565) (268,247)
FFO 337,765 (138,372) 438,066 653,108 613,416
Operating Funds from Operations, as Reported NA NA NA NA NA
Adjusted FFO 342,057 706,935 713,890 738,769 741,457
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.08 (2.20) (0.62) 0.21 (1.20)
ROAE(%) 4.20 (4.28) (1.15) 0.39 (2.34)
Implied Capitalization Rate(%) 8.10 7.90 9.08 8.48 7.98
Dividend Payout Ratio(%) 195 NM NM NM NM
Dividend Yield(%) 4.79 5.95 7.69 7.06 6.50
FFO Payout(%) 88.71 NM 125 84.62 85.94
FFO/ Total Revenue(%) 58.15 (11.04) 34.41 51.78 45.77
Price/ LTM FFO(x) NM NM 16.25 11.98 13.22
Price/ LTM AFFO(x) 9.74 13.39 9.93 10.53 10.85
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 3.74 3.79 3.84 3.70 3.60
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.12 3.04 3.06 2.97 2.93
Debt and Preferred/ TEV(%) 51.32 40.43 50.34 48.03 47.62
Total Debt/ Gross Properties(%) 41.42 39.36 39.01 38.89 40.86
Loans/ Assets(%) 0.14 0.07 0.17 0.28 0.47
Credit Lines Drawn/ Available(%) 0 10 12.65 8.04 0
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA 1.20 0.50 0 NA
FFO Growth (8.55) NM (32.93) 6.47 4.83
FFO/Share Growth (16.20) NM (32.30) 1.60 1.60
EPS Growth, before Extraordinary (66.70) NM NM NM NM
Real Estate Investment Growth (4.33) (5.39) (4.68) (4.33) (11.50)
Per Share Information ($)
Common Shares Outstanding 1,077,848,554 1,076,845,984 967,515,165 974,208,583 974,146,650
Closing Price 6.43 9.24 7.15 7.79 8.46
Basic EPS before Extra 0.11 (0.37) (0.17) (0.02) (0.16)
Diluted EPS before Extra 0.11 (0.37) (0.17) (0.02) (0.16)
FFO/ Share 0.31 (0.14) 0.44 0.65 0.64
Operating FFO per Share, as Reported NA NA NA NA NA
AFFO per Share 0.32 0.69 0.72 0.74 0.78
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.21 0.55 0.55 0.55 0.55
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY NA NA 908,323 855,710 273,627
Debt Maturing: Next FY NA NA 660,437 965,000 1,314,347
Debt Maturing: FY2 NA NA 752,235 672,817 965,522
Debt Maturing: FY3 NA NA 569,067 753,309 690,739
Debt Maturing: FY4 NA NA 292,455 317,107 783,880
Debt Maturing: Thereafter NA NA 2,931,271 2,525,895 2,369,359
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 348,413 506,568 917,279 880,950 294,774
Debt Due during Next Fiscal Year 299,015 299,015 660,072 972,789 1,316,604
Debt Due during Second Fiscal Year 266,951 439,451 752,768 667,686 979,547
Debt Due during Third Fiscal Year 1,020,531 1,019,886 567,898 752,770 684,723
Debt Due during Fourth Fiscal Year 1,121,021 1,121,021 293,616 314,839 783,110
Debt Due Thereafter 2,956,967 2,356,968 2,922,155 2,517,004 2,338,716
Adjustments to Debt Principal Schedule (47,845) (37,184) (25,866) (32,594) (30,226)
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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