Financial Highlights
2019 FQ4
12/31/2019
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
2019 FQ1
3/31/2019
2018 FQ4
12/31/2018
Balance Sheet ($000)
Gross Depreciable Property 1,082,882 1,062,980 1,059,248 1,055,803 1,034,434
Net Property Investment 944,949 931,472 933,991 936,515 921,134
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 0 0
Construction in Progress 0 NA NA NA 0
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 171,396 171,989 172,641 173,290 178,244
Obligations Under Leases 1,331 701 863 916 0
Senior Unsecured Debt 474,500 451,000 451,000 451,000 441,200
Total Subordinated Debt 0 0 0 0 0
Total Debt 646,030 622,438 623,196 623,834 618,205
Total Liabilities 703,162 679,003 674,713 670,602 669,722
Equity Attributable to Parent Company 345,317 324,976 330,395 339,643 350,456
Noncontrolling Interests 7,781 7,781 8,080 8,410 8,694
Total Equity 353,098 332,757 338,475 348,053 359,150
Market Capitalization($M) 565.10 557.50 509.30 478.70 487.70
Implied Market Cap($M) 577.50 570.20 521.10 489.90 499.10
Total Capitalization($M) 1,223.50 1,192.70 1,144.30 1,113.70 1,117.30
Total Enterprise Value($M) 1,208 1,187.10 1,138.90 1,109.10 1,103.60
Total Enterprise Value Plus JV Debt($M) 1,220.60 1,218.50 1,171 1,142.90 1,141.90
Income Statement ($000)
Rental Revenue 29,937 29,651 29,347 29,460 29,648
Rental Net Operating Income 20,267 20,123 20,114 20,987 19,802
NOI 20,267 20,123 20,114 20,987 19,802
Gain on Sale of Real Estate 14,573 (13) (117) 1 6,525
Interest Expense 6,547 6,679 6,526 6,533 6,472
Revenue 29,985 30,557 30,210 30,428 30,483
Expense 28,239 28,593 27,286 27,472 28,247
Extraordinary Items (107) 0 701 0 0
Net Income 16,136 1,849 3,404 2,839 8,674
Net Income Attributable to Noncontrolling Int 360 42 77 65 217
Net Income Attributable to Parent 15,776 1,807 3,327 2,774 8,457
Net Income Avail to Common 15,776 1,807 3,327 2,733 8,381
FFO 8,922 9,231 10,013 9,860 9,491
Operating Funds from Operations, as Reported 11,061 10,950 11,113 11,811 11,443
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 6.24 0.73 1.34 1.11 3.36
ROAE(%) 18.82 2.20 3.97 3.21 9.61
Implied Capitalization Rate(%) 7.63 7.70 7.79 7.90 7.84
Dividend Payout Ratio(%) 77.03 712.50 356.25 407.14 135.71
Dividend Yield(%) 8.37 8.28 8.98 9.48 9.30
FFO Payout(%) 135.71 129.55 118.75 118.75 123.91
FFO/ Total Revenue(%) 29.75 30.21 33.14 32.40 31.14
Price/ LTM FFO(x) 15.10 14.80 13.10 12.80 13
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 23.90 34.40 23.10 23.10 23.60
Recurring EBITDA/ Interest Expense(x) 2.32 2.31 2.46 2.44 2.37
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.32 2.31 2.46 2.44 2.37
Debt and Preferred/ TEV(%) 53.96 53.65 55.96 57.53 57.49
Total Debt/ Gross Properties(%) 59.66 58.56 58.83 59.09 59.76
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 43.80 34.40 34.40 34.40 80.40
Changes and Trends (%)
Same-store NOI: Change 5 (1) 0 2.40 (1)
Same-store Revenue: Change from Prior 2.16 (2) 1 1 0
FFO Growth (6) (14.31) 10.86 (2.40) 4.79
FFO/Share Growth (8.70) (15.40) 14.30 0 4.50
EPS Growth, before Extraordinary 76.20 (78.90) 20 (12.50) 320
Real Estate Investment Growth 16.52 (0.88) (1.10) (1.04) 1.10
Per Share Information ($)
Common Shares Outstanding 41,492,117 40,517,569 40,136,683 39,828,745 39,778,029
Closing Price 13.62 13.76 12.69 12.02 12.26
Basic EPS before Extra 0.39 0.04 0.06 0.07 0.21
Diluted EPS before Extra 0.37 0.04 0.06 0.07 0.21
FFO/ Share 0.21 0.22 0.24 0.24 0.23
Operating FFO per Share, as Reported 0.26 0.26 0.27 0.28 0.27
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.29 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 9,260 248 619 990 246,857
Debt Maturing: Next FY 0 9,320 9,380 9,440 59,500
Debt Maturing: FY2 100,000 0 0 0 50,000
Debt Maturing: FY3 130,502 100,000 100,000 100,000 100,000
Debt Maturing: FY4 226,134 107,110 107,215 107,319 21,426
Debt Maturing: Thereafter 180,000 406,311 406,427 406,541 141,661
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 10,951 743 1,395 2,044 248,199
Debt Due during Next Fiscal Year 1,611 10,801 10,801 10,801 60,801
Debt Due during Second Fiscal Year 101,683 1,611 1,611 1,611 51,611
Debt Due during Third Fiscal Year 137,363 101,683 101,683 101,683 101,683
Debt Due during Fourth Fiscal Year 228,573 113,863 113,863 113,863 20,720
Debt Due Thereafter 165,715 394,288 394,288 394,288 136,430
Adjustments to Debt Principal Schedule (1,197) (1,252) (1,308) (1,372) (1,239)
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