Financial Highlights

Financial Highlights
2016 FQ1 YTD
3/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
2013 FY
12/31/2013
2012 FY
12/31/2012
Balance Sheet ($000)
Gross Depreciable Property 16,350,040 16,764,707 18,215,110 7,437,303 1,875,615
Net Property Investment 14,484,366 14,986,110 17,180,988 7,170,025 1,819,091
Finance Leases 45,611 46,312 56,076 66,112 0
Property Held for Sale: Nondepreciable 26,282 18,771 1,261 665 665
Construction in Progress NA NA NA NA 0
Mortgage Loans 23,559 24,238 42,106 26,279 0
Senior Secured Debt 3,029,666 3,111,985 3,773,922 2,270,093 389,722
Obligations under Capital Leases 0 0 0 0 0
Senior Unsecured Debt 4,772,899 4,947,817 6,651,856 2,051,567 0
Total Subordinated Debt 0 0 0 26,548 0
Total Debt 7,802,565 8,059,802 10,425,778 4,348,208 389,722
Total Liabilities 8,399,598 8,691,907 11,044,806 5,310,556 513,435
Equity Attributable to Parent Company 8,259,940 8,523,987 9,153,888 2,073,430 1,652,579
Noncontrolling Interests 184,074 189,972 228,442 155,798 16,181
Total Equity 8,444,014 8,713,959 9,382,330 2,229,228 1,668,760
Market Capitalization($M) 8,025.20 7,166.70 8,195.10 3,074.40 2,443.50
Implied Market Cap($M) 8,236 7,354.90 8,410.10 3,197.70 2,465
Total Capitalization($M) 17,109.40 16,485.50 19,906.70 8,870.20 3,029.40
Total Enterprise Value($M) 17,005 16,416.40 19,490 8,817.40 2,736.90
Total Enterprise Value Plus JV Debt($M) 17,038.50 16,501.30 19,605.10 8,817.40 2,736.90
Income Statement ($000)
Rental Revenue 337,218 1,438,415 1,372,096 327,079 67,207
Rental Net Operating Income 302,405 1,307,560 1,234,355 297,694 63,473
NOI 302,405 1,307,560 1,234,355 297,694 63,473
Gain on Sale of Real Estate 27,373 (65,582) (277,031) (411) 0
Interest Expense 80,426 358,392 452,648 105,548 11,856
Revenue 362,220 1,548,624 1,601,549 333,552 68,186
Expense 505,617 1,842,837 2,368,694 838,722 109,678
Extraordinary Items 0 0 0 (34) (745)
Net Income (116,080) (323,492) (1,010,912) (507,815) (42,237)
Net Income Attributable to Noncontrolling Int (2,994) (7,139) (33,727) (16,316) (585)
Net Income Attributable to Parent (113,086) (316,353) (977,185) (491,499) (41,652)
Net Income Avail to Common (131,184) (388,655) (1,081,242) (495,130) (42,020)
FFO 196,229 585,166 149,136 (293,493) (680)
Operating Funds from Operations, as Reported NA NA NA NA NA
Adjusted FFO 192,675 782,058 750,714 200,829 48,127
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (2.71) (1.68) (5.13) (11.04) (3.60)
ROAE(%) (5.41) (3.53) (11.36) (23.43) (4.61)
Implied Capitalization Rate(%) 8.66 8.53 7.11 6.14 5.52
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 6.20 6.94 0 7.31 6.76
FFO Payout(%) 65.48 21.83 NM NM NA
FFO/ Total Revenue(%) 54.17 37.79 9.31 (87.99) (1)
Price/ LTM FFO(x) 13.90 12.60 50.30 NM NA
Price/ LTM AFFO(x) 10.60 9.40 10.10 14.80 NM
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 3.69 3.47 2.58 0.24 1.17
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.02 2.89 2.12 0.23 1.14
Debt and Preferred/ TEV(%) 52.28 55.85 59.23 64.33 20.63
Total Debt/ Gross Properties(%) 47.72 48.08 57.24 58.46 20.78
Loans/ Assets(%) 0.41 0.41 0.48 1.18 0
Credit Lines Drawn/ Available(%) 11.73 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 0.50 NA (0.10) 1.30 NA
FFO Growth 0.61 292.37 NM NM NM
FFO/Share Growth 0 250 NM NA NA
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth (14.07) (13.20) 139.62 300.32 829.38
Per Share Information ($)
Common Shares Outstanding 904,757,365 904,884,394 905,530,430 239,234,725 184,553,676
Closing Price 8.87 7.92 9.05 12.85 13.24
Basic EPS before Extra (0.15) (0.43) (1.36) (2.41) (0.40)
Diluted EPS before Extra (0.15) (0.43) (1.36) (2.41) (0.40)
FFO/ Share 0.21 0.63 0.18 (1.27) NA
Operating FFO per Share, as Reported NA NA NA NA NA
AFFO per Share 0.21 0.84 0.90 0.87 0.46
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.14 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 187,860 201,340 194,825 NA NA
Debt Maturing: Next FY 1,697,961 1,698,128 229,820 NA NA
Debt Maturing: FY2 2,098,166 2,281,775 1,735,370 NA NA
Debt Maturing: FY3 965,848 1,020,951 4,014,180 NA NA
Debt Maturing: FY4 693,947 694,957 1,021,345 NA NA
Debt Maturing: Thereafter 2,172,757 2,175,042 3,258,000 NA NA
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 207,344 228,522 175,683 249,784 74
Debt Due during Next Fiscal Year 1,720,226 1,720,195 263,174 393,436 124,793
Debt Due during Second Fiscal Year 2,091,524 2,270,350 1,765,583 308,143 13,767
Debt Due during Third Fiscal Year 981,461 1,036,426 3,999,791 845,071 16,820
Debt Due during Fourth Fiscal Year 686,697 686,661 1,047,146 1,873,137 164,968
Debt Due Thereafter 2,129,082 2,129,781 3,201,662 636,184 69,300
Adjustments to Debt Principal Schedule (13,769) (12,133) (27,262) 42,453 0
Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.
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