Financial Highlights
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
2019 FQ1
3/31/2019
2018 FQ4
12/31/2018
2018 FQ3
9/30/2018
Balance Sheet ($000)
Gross Depreciable Property 1,062,980 1,059,248 1,055,803 1,034,434 1,049,315
Net Property Investment 931,472 933,991 936,515 921,134 942,150
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 0 0
Construction in Progress NA NA NA 0 NA
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 171,989 172,641 173,290 178,244 178,860
Obligations Under Leases 701 863 916 0 0
Senior Unsecured Debt 451,000 451,000 451,000 441,200 441,455
Total Subordinated Debt 0 0 0 0 0
Total Debt 622,438 623,196 623,834 618,205 618,685
Total Liabilities 679,003 674,713 670,602 669,722 670,659
Equity Attributable to Parent Company 324,976 330,395 339,643 350,456 354,359
Noncontrolling Interests 7,781 8,080 8,410 8,694 8,819
Total Equity 332,757 338,475 348,053 359,150 363,178
Market Capitalization($M) 557.50 509.30 478.70 487.70 552
Implied Market Cap($M) 570.20 521.10 489.90 499.10 564.90
Total Capitalization($M) 1,192.70 1,144.30 1,113.70 1,117.30 1,183.60
Total Enterprise Value($M) 1,187.10 1,138.90 1,109.10 1,103.60 1,174.20
Total Enterprise Value Plus JV Debt($M) 1,218.50 1,171 1,142.90 1,141.90 1,212.70
Income Statement ($000)
Rental Revenue 29,651 29,347 29,460 29,648 30,455
Rental Net Operating Income 20,123 20,114 20,987 19,802 20,624
NOI 20,123 20,114 20,987 19,802 20,624
Gain on Sale of Real Estate (13) (117) 1 6,525 4,367
Interest Expense 6,679 6,526 6,533 6,472 6,419
Revenue 30,557 30,210 30,428 30,483 31,467
Expense 28,593 27,286 27,472 28,247 27,709
Extraordinary Items 0 701 0 0 0
Net Income 1,849 3,404 2,839 8,674 8,033
Net Income Attributable to Noncontrolling Int 42 77 65 217 198
Net Income Attributable to Parent 1,807 3,327 2,774 8,457 7,835
Net Income Avail to Common 1,807 3,327 2,733 8,381 7,718
FFO 9,231 10,013 9,860 9,490 10,773
Operating Funds from Operations, as Reported 10,950 11,113 11,811 11,442 12,270
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.73 1.34 1.11 3.36 3.11
ROAE(%) 2.20 3.97 3.21 9.61 8.82
Implied Capitalization Rate(%) 7.70 7.79 7.92 7.84 7.97
Dividend Payout Ratio(%) 712.50 356.25 407.14 135.71 150
Dividend Yield(%) 8.28 8.98 9.48 9.30 8.21
FFO Payout(%) 129.55 118.75 118.75 123.91 109.62
FFO/ Total Revenue(%) 30.21 33.14 32.40 31.13 34.24
Price/ LTM FFO(x) 14.80 13.10 12.80 13 14.90
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 34.40 23.10 23.10 23.60 37.50
Recurring EBITDA/ Interest Expense(x) 2.31 2.46 2.44 2.37 2.59
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.31 2.46 2.44 2.37 2.59
Debt and Preferred/ TEV(%) 53.65 55.96 57.53 57.49 54.19
Total Debt/ Gross Properties(%) 58.56 58.83 59.09 59.76 58.96
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 34.40 34.40 34.40 80.40 80.40
Changes and Trends (%)
Same-store NOI: Change (1) 0 2.40 (1) NA
Same-store Revenue: Change from Prior (2) 1 1 0 NA
FFO Growth (14.31) 10.86 (2.40) 4.78 6.36
FFO/Share Growth (15.40) 14.30 0 4.50 4
EPS Growth, before Extraordinary (78.90) 20 (12.50) 320 171.40
Real Estate Investment Growth (0.88) (1.10) (1.04) 1.10 (2.65)
Per Share Information ($)
Common Shares Outstanding 40,517,569 40,136,683 39,828,745 39,778,029 39,772,105
Closing Price 13.76 12.69 12.02 12.26 13.88
Basic EPS before Extra 0.04 0.06 0.07 0.21 0.20
Diluted EPS before Extra 0.04 0.06 0.07 0.21 0.19
FFO/ Share 0.22 0.24 0.24 0.23 0.26
Operating FFO per Share, as Reported 0.26 0.27 0.28 0.27 0.29
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.29 0.29 0.29 0.29 0.29
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 248 619 990 246,857 255
Debt Maturing: Next FY 9,320 9,380 9,440 59,500 246,904
Debt Maturing: FY2 0 0 0 50,000 59,560
Debt Maturing: FY3 100,000 100,000 100,000 100,000 50,000
Debt Maturing: FY4 107,110 107,215 107,319 21,426 100,000
Debt Maturing: Thereafter 406,311 406,427 406,541 141,661 163,306
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 743 1,395 2,044 248,199 NA
Debt Due during Next Fiscal Year 10,801 10,801 10,801 60,801 NA
Debt Due during Second Fiscal Year 1,611 1,611 1,611 51,611 NA
Debt Due during Third Fiscal Year 101,683 101,683 101,683 101,683 NA
Debt Due during Fourth Fiscal Year 113,863 113,863 113,863 20,720 NA
Debt Due Thereafter 394,288 394,288 394,288 136,430 NA
Adjustments to Debt Principal Schedule (1,252) (1,308) (1,372) (1,239) NA
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