Financial Highlights

Financial Highlights
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
Balance Sheet ($000)
Gross Depreciable Property NA 15,615,375 15,584,442 16,764,707 18,215,110
Net Property Investment NA 12,707,347 13,252,799 14,986,110 17,180,988
Finance Leases NA 19,539 39,455 46,312 56,076
Property Held for Sale: Nondepreciable NA 38,347 38,928 18,771 1,261
Construction in Progress NA NA NA NA NA
Mortgage Loans NA 20,294 22,764 24,238 42,106
Senior Secured Debt NA 2,082,692 2,650,067 3,078,264 3,773,922
Obligations Under Leases NA 0 0 0 0
Senior Unsecured Debt NA 3,990,752 3,717,181 4,981,538 6,651,856
Total Subordinated Debt NA 0 0 0 0
Total Debt 6,087,922 6,073,444 6,367,248 8,059,802 10,425,778
Total Liabilities 6,663,349 6,662,702 6,968,041 8,691,907 11,044,806
Equity Attributable to Parent Company NA 7,884,278 8,447,361 8,523,987 9,153,888
Noncontrolling Interests NA 158,598 172,172 189,972 228,442
Total Equity 7,300,144 8,042,876 8,619,533 8,713,959 9,382,330
Market Capitalization($M) 6,917.70 7,589.10 8,241.30 7,166.70 8,195.10
Implied Market Cap($M) NA 7,774.10 8,442.20 7,354.90 8,410.10
Total Capitalization($M) NA 14,922.70 15,885.90 16,490.70 20,135.20
Total Enterprise Value($M) NA 14,886.30 15,629.40 16,421.60 19,718.50
Total Enterprise Value Plus JV Debt($M) NA 14,896.50 15,639.60 16,506.50 19,833.60
Income Statement ($000)
Rental Revenue 1,257,867 1,252,285 1,335,447 1,438,415 1,372,096
Rental Net Operating Income NA 1,123,568 1,191,019 1,307,560 1,234,355
NOI NA 1,123,568 1,191,019 1,307,560 1,234,355
Gain on Sale of Real Estate NA 61,536 55,722 (65,582) (277,031)
Interest Expense 280,887 289,766 317,376 358,392 452,648
Revenue 1,259,033 1,261,290 1,340,283 1,548,624 1,601,549
Expense NA 1,264,449 1,465,756 1,842,837 2,368,694
Extraordinary Items NA (19,117) (123,937) 0 0
Net Income (88,030) 32,378 (200,824) (323,492) (1,010,912)
Net Income Attributable to Noncontrolling Int NA 560 (4,961) (7,139) (33,727)
Net Income Attributable to Parent NA 31,818 (195,863) (316,353) (977,185)
Net Income Avail to Common NA (40,565) (268,247) (388,655) (1,081,242)
FFO 438,066 653,108 613,416 585,166 149,136
Operating Funds from Operations, as Reported NA NA NA NA NA
Adjusted FFO NA 738,769 741,457 782,058 750,714
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (0.62) 0.21 (1.20) (1.68) (5.13)
ROAE(%) (1.15) 0.39 (2.34) (3.53) (11.36)
Implied Capitalization Rate(%) NA 8.49 7.98 8.43 7.07
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 7.69 7.06 6.50 6.94 0
FFO Payout(%) 125 84.62 85.94 21.83 NM
FFO/ Total Revenue(%) 34.79 51.78 45.77 37.79 9.31
Price/ LTM FFO(x) 16.30 12 13.20 12.60 50.30
Price/ LTM AFFO(x) NA 10.50 10.80 9.40 10.10
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) NA 3.70 3.60 3.47 2.58
Recurring EBITDA/ Interest Expense + Pref. Div.(x) NA 2.97 2.93 2.89 2.12
Debt and Preferred/ TEV(%) NA 48.03 47.62 55.83 58.55
Total Debt/ Gross Properties(%) NA 38.89 40.86 48.08 57.24
Loans/ Assets(%) NA 0.28 0.47 0.41 0.48
Credit Lines Drawn/ Available(%) NA 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 (32.93) 6.47 4.83 292.37 NM
FFO/Share Growth (32.30) 1.60 1.60 250 NM
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth NA (4.35) (11.50) (13.20) 139.62
Per Share Information ($)
Common Shares Outstanding 967,515,165 974,208,583 974,146,650 904,884,394 905,530,430
Closing Price 7.15 7.79 8.46 7.92 9.05
Basic EPS before Extra (0.17) (0.02) (0.16) (0.43) (1.36)
Diluted EPS before Extra (0.17) (0.02) (0.16) (0.43) (1.36)
FFO/ Share 0.44 0.65 0.64 0.63 0.18
Operating FFO per Share, as Reported NA NA NA NA NA
AFFO per Share NA 0.74 0.78 0.84 0.90
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.55 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 NA 855,710 273,627 201,340 194,825
Debt Maturing: Next FY NA 965,000 1,314,347 1,698,128 229,820
Debt Maturing: FY2 NA 672,817 965,522 2,281,775 1,735,370
Debt Maturing: FY3 NA 753,309 690,739 1,020,951 4,014,180
Debt Maturing: FY4 NA 317,107 783,880 694,957 1,021,345
Debt Maturing: Thereafter NA 2,525,895 2,369,359 2,175,042 3,258,000
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA 880,950 294,774 228,522 175,683
Debt Due during Next Fiscal Year NA 972,789 1,316,604 1,720,195 263,174
Debt Due during Second Fiscal Year NA 667,686 979,547 2,270,350 1,765,583
Debt Due during Third Fiscal Year NA 752,770 684,723 1,036,426 3,999,791
Debt Due during Fourth Fiscal Year NA 314,839 783,110 686,661 1,047,146
Debt Due Thereafter NA 2,517,004 2,338,716 2,129,781 3,201,662
Adjustments to Debt Principal Schedule NA (32,594) (30,226) (12,133) (27,262)
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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