Financial Highlights 
 2019 FQ12018 FQ42018 FQ32018 FQ22018 FQ1
Period Ended3/31/201912/31/20189/30/20186/30/20183/31/2018
Balance Sheet ($000)   
Gross Depreciable Property1,055,8031,034,4341,049,3151,052,7711,051,984
Net Property Investment936,515921,134942,150949,075953,196
Finance Leases00000
Property Held for Sale: Nondepreciable00000
Construction in ProgressNA0NANANA
Mortgage Loans00000
Senior Secured Debt173,290178,244178,860179,201179,541
Obligations Under Leases9160000
Senior Unsecured Debt451,000441,200441,455441,837442,219
Total Subordinated Debt00000
Total Debt623,834618,205618,685619,354619,986
Total Liabilities670,602669,722670,659667,322666,562
Equity Attributable to Parent Company339,643350,456354,359355,655362,715
Noncontrolling Interests8,4108,6948,8199,67210,646
Total Equity348,053359,150363,178365,327373,361
Market Capitalization ($M) 478.70487.70552.00496.00407.10
Implied Market Cap ($M) 489.90499.10564.90508.60418.30
Total Capitalization ($M) 1,113.71,117.31,183.61,127.91,038.3
Total Enterprise Value ($M) 1,109.11,103.61,174.21,124.81,031.3
Total Enterprise Value Plus JV Debt ($M) 1,142.91,141.9NANA1,071.2
Income Statement ($000)   
Rental Revenue29,69429,90130,70429,47329,785
Rental Net Operating Income21,22120,05520,87320,55120,953
NOI21,22120,05520,87320,55120,953
Gain on Sale of Real Estate16,5254,377 (73) 69
Interest Expense6,5336,4726,4196,3135,973
Revenue30,42830,48331,45730,34330,716
Expense27,47228,24727,70928,20627,406
Extraordinary Items00000
Net Income2,8398,6748,0332,0053,269
Net Income Attributable to Noncontrolling Int652171985188
Net Income Attributable to Parent2,7748,4577,8351,9543,181
Net Income Avail to Common2,7338,3817,7181,8873,140
FFO9,8609,49010,6948,95310,102
Operating Funds from Operations, as Reported11,81111,44212,19112,29612,690
Adjusted FFONANANANANA
Modified FFONANANANANA
Financial Analysis   
ROAA (%) 1.113.363.110.771.24
ROAE (%) 3.219.618.822.173.57
Implied Capitalization Rate (%) 8.007.938.008.057.99
Dividend Payout Ratio (%) 407.14135.71150.00570.00356.25
Dividend Yield (%) 9.489.308.219.1310.97
FFO Payout (%) 118.75123.91114.00135.71118.75
FFO / Total Revenue (%) 32.4031.1334.0029.5132.89
Price / LTM FFO (x) 12.9013.0015.1013.6011.20
Price / LTM AFFO (x) NANANANANA
Price / Last-twelve-months EPS (x) 23.1023.6037.5049.9041.60
Recurring EBITDA / Interest Expense (x) 2.442.372.592.632.72
Recurring EBITDA / Interest Expense + Pref. Div. (x) 2.442.372.592.632.72
Debt and Preferred / TEV (%) 57.5357.49NANA61.60
Total Debt / Gross Properties (%) 59.0959.7658.9658.8358.93
Loans / Assets (%) 00000
Credit Lines Drawn / Available (%) 34.4080.4080.4080.4080.40
Changes and Trends (%)   
Same-store NOI: Change2.40(1.00)NANANA
Same-store Revenue: Change from Prior1.000NANANA
FFO Growth(2.40)4.785.584.8038.19
FFO / Share Growth04.500(4.5)4.30
EPS Growth, before Extraordinary(12.5)320.00171.400100.00
Real Estate Investment Growth(1.04)1.10(2.65)(1.45)(19.57)
Per Share Information ($)   
Common Shares Outstanding39,828,74539,778,02939,772,10539,743,82939,179,540
Closing Price12.0212.2613.8812.4810.39
Basic EPS before Extra0.070.210.200.050.08
Diluted EPS before Extra0.070.210.190.050.08
FFO / Share0.240.230.250.210.24
Operating FFO per Share, as Reported0.280.270.290.290.31
AFFO per ShareNANANANANA
Modified FFO per ShareNANANANANA
Common Dividends Declared per Share0.290.290.290.290.29
NAV per Share, as ReportedNANANANANA
Debt Maturity Schedule ($000)   
Debt Maturing: Current FY990246,85725510,25710,699
Debt Maturing: Next FY9,44059,500246,904246,950246,996
Debt Maturing: FY2050,00059,56050,00050,000
Debt Maturing: FY3100,000100,00050,00050,00050,000
Debt Maturing: FY4107,31921,426100,000100,000100,000
Debt Maturing: Thereafter406,541141,661163,306163,516165,418
Principal Payments Schedule ($000)   
Debt Due this Fiscal Year2,407248,199NANANA
Debt Due during Next Fiscal Year11,17460,801NANANA
Debt Due during Second Fiscal Year1,83651,611NANANA
Debt Due during Third Fiscal Year101,689101,683NANANA
Debt Due during Fourth Fiscal Year113,86320,720NANANA
Debt Due Thereafter394,288136,430NANANA
Adjustments to Debt Principal Schedule (1,423) (1,239) NANANA

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