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 ($000)
Gross Depreciable Property 2,104,698 2,058,352 2,008,823 2,022,497 1,809,615
Net Property Investment 1,628,400 1,625,773 1,632,692 1,685,269 1,509,624
Property Held for Sale: Nondepreciable 0 0 0 3,871 0
Mortgage Loans 21,265 70,660 71,720 81,780 118,641
Senior Unsecured Debt 964,343 988,128 1,041,593 1,045,217 907,647
Total Subordinated Debt 0 0 0 0 0
Total Debt 966,319 988,128 1,041,593 1,045,217 907,647
Total Liabilities 1,053,497 1,060,468 1,119,220 1,126,089 983,359
Equity Attributable to Parent Company 789,653 837,634 871,292 962,044 935,656
Total Equity 789,653 837,634 871,292 962,044 935,656
Market Capitalization($M) 907.20 668.10 1,151.70 1,389.70 1,036.90
Implied Market Cap($M) 907.20 668.10 1,151.70 1,389.70 1,036.90
Total Capitalization($M) 1,873.50 1,656.20 2,193.30 2,434.90 1,944.60
Total Enterprise Value($M) 1,853.30 1,645 2,183.50 2,425.60 1,926.40
Total Enterprise Value Plus JV Debt($M) 1,853.30 1,645 2,183.50 2,425.60 1,926.40
Income Statement ($000)
Rental Revenue 196,952 263,777 267,265 244,349 237,856
Rental Net Operating Income 106,661 147,217 150,212 138,874 137,306
NOI 106,661 147,217 150,212 138,874 137,306
Interest Expense 27,775 38,374 32,387 26,548 25,432
Revenue 200,068 275,971 271,503 249,057 242,418
Expense 197,076 262,543 268,566 237,323 230,632
Extraordinary Items 0 0 0 0 0
Net Income 2,827 13,069 (15,944) 8,378 35,014
Net Income Attributable to Parent 2,827 13,069 (15,944) 8,378 35,014
Net Income Avail to Common 2,827 13,069 (15,944) 8,378 35,014
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.20 0.67 (0.78) 0.44 1.82
ROAE(%) 0.46 1.53 (1.74) 0.90 3.67
Implied Capitalization Rate(%) 9.43 9.20 7.95 7.92 8.30
Dividend Payout Ratio(%) 900 383.33 NM 950 217.14
Dividend Yield(%) 4.26 5.78 7.08 5.86 7.34
Debt and Preferred/ TEV(%) 52.14 60.07 47.70 43.09 47.12
Total Debt/ Gross Properties(%) 45.91 48.01 51.85 51.68 50.16
Loans/ Assets(%) 1.15 3.72 3.60 3.92 6.18
Credit Lines Drawn/ Available(%) 0 4.17 13 56 58
Changes and Trends (%)
EPS Growth, before Extraordinary (72.70) NM NM (77.10) 169.20
Real Estate Investment Growth (3.68) (4.40) (3.87) 8.26 0.51
Per Share Information ($)
Common Shares Outstanding 107,231,155 107,231,155 107,231,155 107,231,155 100,187,405
Closing Price 8.46 6.23 10.74 12.96 10.35
Basic EPS before Extra 0.03 0.12 (0.15) 0.08 0.35
Diluted EPS before Extra 0.03 0.12 (0.15) 0.08 0.35
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.27 0.46 0.76 0.76 0.76
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 0 150,000 0 0
Debt Maturing: Next FY 0 0 0 430,000 400,000
Debt Maturing: FY2 205,000 205,000 220,000 0 290,000
Debt Maturing: FY3 0 25,000 0 220,000 0
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 0 0 150,000 0 0
Debt Due during Next Fiscal Year 0 0 0 430,000 400,000
Debt Due during Second Fiscal Year 205,000 205,000 220,000 0 290,000
Debt Due during Third Fiscal Year 0 25,000 0 220,000 0
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