Financial Highlights
2020 FQ1
3/31/2020
2019 FQ4
12/31/2019
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
2019 FQ1
3/31/2019
Balance Sheet ($000)
Gross Depreciable Property 1,102,223 1,082,882 1,062,980 1,059,248 1,055,803
Net Property Investment 957,907 944,949 931,472 933,991 936,515
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 0 0
Construction in Progress NA 0 NA NA NA
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 172,050 171,396 171,989 172,641 173,290
Obligations Under Leases 1,108 1,331 701 863 916
Senior Unsecured Debt 504,500 474,500 451,000 451,000 451,000
Total Subordinated Debt 0 0 0 0 0
Total Debt 676,517 646,030 622,438 623,196 623,834
Total Liabilities 730,208 703,162 679,003 674,713 670,602
Equity Attributable to Parent Company 333,672 345,317 324,976 330,395 339,643
Noncontrolling Interests 7,446 7,781 7,781 8,080 8,410
Total Equity 341,118 353,098 332,757 338,475 348,053
Market Capitalization($M) 261.20 565.10 557.50 509.30 478.70
Implied Market Cap($M) 266.80 577.50 570.20 521.10 489.90
Total Capitalization($M) 943.40 1,223.50 1,192.70 1,144.30 1,113.70
Total Enterprise Value($M) 906.60 1,208 1,187.10 1,138.90 1,109.10
Total Enterprise Value Plus JV Debt($M) 916.70 1,220.60 1,218.50 1,171 1,142.90
Income Statement ($000)
Rental Revenue 30,428 29,937 29,651 29,347 29,628
Rental Net Operating Income 20,295 20,267 20,123 20,114 21,155
NOI 20,295 20,267 20,123 20,114 21,155
Gain on Sale of Real Estate (260) 14,573 (13) (117) (5)
Interest Expense 6,693 6,547 6,679 6,526 6,533
Revenue 30,891 29,985 30,557 30,210 30,434
Expense 28,897 28,239 28,593 27,286 27,472
Extraordinary Items 0 (107) 0 701 0
Net Income 1,647 16,136 1,849 3,404 2,839
Net Income Attributable to Noncontrolling Int 35 360 42 77 65
Net Income Attributable to Parent 1,612 15,776 1,807 3,327 2,774
Net Income Avail to Common 1,612 15,776 1,807 3,327 2,733
FFO 9,265 8,922 9,231 10,013 9,860
Operating Funds from Operations, as Reported 10,591 11,061 10,950 11,113 11,811
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 0.62 6.24 0.73 1.34 1.11
ROAE(%) 1.90 18.82 2.20 3.97 3.21
Implied Capitalization Rate(%) 7.66 7.63 7.72 7.80 7.92
Dividend Payout Ratio(%) 262.50 77.03 712.50 237.50 271.43
Dividend Yield(%) 6.77 8.37 8.28 8.98 9.48
FFO Payout(%) 135.71 135.71 129.55 118.75 118.75
FFO/ Total Revenue(%) 29.99 29.75 30.21 33.14 32.40
Price/ LTM FFO(x) 7.05 15.13 14.80 13.08 12.79
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 11.70 23.89 34.40 23.07 23.12
Recurring EBITDA/ Interest Expense(x) 2.34 2.32 2.31 2.46 2.44
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.34 2.32 2.31 2.46 2.44
Debt and Preferred/ TEV(%) 74.90 53.96 53.65 55.96 57.53
Total Debt/ Gross Properties(%) 61.38 59.66 58.56 58.83 59.09
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 55.80 43.80 34.40 34.40 34.40
Changes and Trends (%)
Same-store NOI: Change (0.90) 4.70 (1) 0 2.40
Same-store Revenue: Change from Prior 3.97 2.16 (2) 1 1
FFO Growth (6.03) (6) (14.31) 10.86 (2.40)
FFO/Share Growth (12.50) (8.70) (15.40) 14.30 0
EPS Growth, before Extraordinary (42.90) 76.20 (78.90) 20 (12.50)
Real Estate Investment Growth (2.11) 16.52 (0.88) (1.10) (1.04)
Per Share Information ($)
Common Shares Outstanding 42,135,048 41,492,117 40,517,569 40,136,683 39,828,745
Closing Price 6.20 13.62 13.76 12.69 12.02
Basic EPS before Extra 0.04 0.39 0.04 0.06 0.07
Diluted EPS before Extra 0.04 0.37 0.04 0.06 0.07
FFO/ Share 0.21 0.21 0.22 0.24 0.24
Operating FFO per Share, as Reported 0.24 0.26 0.26 0.27 0.28
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.11 0.29 0.29 0.29 0.29
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 10,281 9,260 248 619 990
Debt Maturing: Next FY 0 0 9,320 9,380 9,440
Debt Maturing: FY2 100,000 100,000 0 0 0
Debt Maturing: FY3 160,392 130,502 100,000 100,000 100,000
Debt Maturing: FY4 225,877 226,134 107,110 107,215 107,319
Debt Maturing: Thereafter 180,000 180,000 406,311 406,427 406,541
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 11,605 10,951 743 1,395 2,044
Debt Due during Next Fiscal Year 1,611 1,611 10,801 10,801 10,801
Debt Due during Second Fiscal Year 101,683 101,683 1,611 1,611 1,611
Debt Due during Third Fiscal Year 167,363 137,363 101,683 101,683 101,683
Debt Due during Fourth Fiscal Year 228,573 228,573 113,863 113,863 113,863
Debt Due Thereafter 165,715 165,715 394,288 394,288 394,288
Adjustments to Debt Principal Schedule (1,141) (1,197) (1,252) (1,308) (1,372)
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