Financial Highlights
2020 FQ3
9/30/2020
2020 FQ1
3/31/2020
2019 FQ4
12/31/2019
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
Balance Sheet ($000)
Gross Depreciable Property 1,086,776 1,083,623 1,082,882 1,044,780 1,041,248
Net Property Investment 929,473 939,307 944,949 913,272 915,991
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 0 0
Construction in Progress 0 0 0 0 0
Mortgage Loans NA 0 0 0 0
Senior Secured Debt 163,047 172,050 171,396 171,989 172,641
Obligations Under Leases 819 1,108 1,331 701 863
Senior Unsecured Debt 504,500 504,500 474,500 451,000 451,000
Total Subordinated Debt 0 0 0 0 0
Total Debt 667,335 676,517 646,030 622,438 623,196
Total Liabilities 728,665 730,208 703,162 679,003 674,713
Equity Attributable to Parent Company 329,996 333,672 345,317 324,976 330,395
Noncontrolling Interests 6,264 7,446 7,781 7,781 8,080
Total Equity 336,260 341,118 353,098 332,757 338,475
Market Capitalization($M) 254.10 261.20 565.10 557.50 509.30
Implied Market Cap($M) 258.80 266.80 577.50 570.20 521.10
Total Capitalization($M) 926.10 943.40 1,223.50 1,192.70 1,144.30
Total Enterprise Value($M) 887.10 906.60 1,208 1,187.10 1,138.90
Total Enterprise Value Plus JV Debt($M) 895.90 916.70 1,220.60 1,218.50 1,171
Income Statement ($000)
Rental Revenue 29,755 30,428 29,937 29,651 29,347
Rental Net Operating Income 20,056 20,295 20,267 20,123 20,114
NOI 20,056 20,295 20,267 20,123 20,114
Gain on Sale of Real Estate (42) (260) 14,573 (13) (117)
Interest Expense 6,400 6,693 6,547 6,679 6,526
Revenue 30,191 30,891 29,985 30,557 30,210
Expense 29,130 28,897 28,239 28,593 27,286
Extraordinary Items 0 0 (107) 0 701
Net Income 914 1,647 16,136 1,849 3,404
Net Income Attributable to Noncontrolling Int 14 35 360 42 77
Net Income Attributable to Parent 900 1,612 15,776 1,807 3,327
Net Income Avail to Common 900 1,612 15,776 1,807 3,327
FFO 8,467 9,265 8,922 9,231 10,013
Operating Funds from Operations, as Reported 10,112 10,591 11,061 10,950 11,113
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.34 0.62 6.24 0.73 1.34
ROAE(%) 1.09 1.90 18.82 2.20 3.97
Implied Capitalization Rate(%) 8.53 7.76 7.73 7.80 7.85
Dividend Payout Ratio(%) 525 262.50 77.03 712.50 356.25
Dividend Yield(%) 7 6.77 8.37 8.28 8.98
FFO Payout(%) 55.26 135.71 135.71 129.55 118.75
FFO/ Total Revenue(%) 28.04 29.99 29.75 30.21 33.14
Price/ LTM FFO(x) 7.50 7.05 15.13 14.80 13.08
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 13.64 11.70 23.89 34.40 23.07
Recurring EBITDA/ Interest Expense(x) 2.29 2.34 2.32 2.31 2.46
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.29 2.34 2.32 2.31 2.46
Debt and Preferred/ TEV(%) 75.47 74.90 53.96 53.65 55.96
Total Debt/ Gross Properties(%) 61.41 62.43 59.66 59.58 59.85
Loans/ Assets(%) NA 0 0 0 0
Credit Lines Drawn/ Available(%) 55.80 55.80 43.80 34.40 34.40
Changes and Trends (%)
Same-store NOI: Change (4.50) (0.90) 4.70 (1) 0
Same-store Revenue: Change from Prior (3.77) 3.97 2.16 (2) 1
FFO Growth (8.28) (6.03) (6) (14.31) 10.86
FFO/Share Growth (13.60) (12.50) (8.70) (15.40) 14.30
EPS Growth, before Extraordinary (50) (42.90) 76.20 (78.90) 20
Real Estate Investment Growth (1.57) (2.11) 16.52 (0.88) (1.10)
Per Share Information ($)
Common Shares Outstanding 42,353,309 42,135,048 41,492,117 40,517,569 40,136,683
Closing Price 6 6.20 13.62 13.76 12.69
Basic EPS before Extra 0.02 0.04 0.39 0.04 0.06
Diluted EPS before Extra 0.02 0.04 0.37 0.04 0.06
FFO/ Share 0.19 0.21 0.21 0.22 0.24
Operating FFO per Share, as Reported 0.23 0.24 0.26 0.26 0.27
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.11 0.11 0.29 0.29 0.29
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 270 10,281 9,260 248 619
Debt Maturing: Next FY 0 0 0 9,320 9,380
Debt Maturing: FY2 101,734 100,000 100,000 0 0
Debt Maturing: FY3 160,174 160,392 130,502 100,000 100,000
Debt Maturing: FY4 225,369 225,877 226,134 107,110 107,215
Debt Maturing: Thereafter 180,000 180,000 180,000 406,311 406,427
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 964 11,605 10,951 743 1,395
Debt Due during Next Fiscal Year 2,762 1,611 1,611 10,801 10,801
Debt Due during Second Fiscal Year 102,170 101,683 101,683 1,611 1,611
Debt Due during Third Fiscal Year 167,363 167,363 137,363 101,683 101,683
Debt Due during Fourth Fiscal Year 228,573 228,573 228,573 113,863 113,863
Debt Due Thereafter 165,715 165,715 165,715 394,288 394,288
Adjustments to Debt Principal Schedule (1,031) (1,141) (1,197) (1,252) (1,308)
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