Financial Highlights

Financial Highlights
2020 FQ3 YTD
9/30/2020
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
Balance Sheet ($000)
Gross Depreciable Property 13,996,485 13,801,535 13,539,044 13,117,921 12,669,482
Net Property Investment 10,679,775 10,846,282 10,989,757 11,042,850 10,994,681
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 0 0 0 5,321 0
Construction in Progress 220,685 116,424 59,506 116,833 231,224
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 486,169 626,397 475,026 976,292 1,319,088
Obligations Under Leases 32,181 33,119 0 0 0
Senior Unsecured Debt 3,939,425 3,828,201 4,053,302 3,525,765 3,180,624
Total Subordinated Debt 0 0 0 0 0
Total Debt 4,457,775 4,487,717 4,528,328 4,502,057 4,499,712
Total Liabilities 4,995,608 4,926,860 4,942,178 4,907,617 4,952,317
Equity Attributable to Parent Company 5,904,072 6,068,565 6,149,840 6,339,912 6,403,819
Noncontrolling Interests 215,183 220,894 222,349 233,982 238,282
Total Equity 6,119,255 6,289,459 6,372,189 6,573,894 6,642,101
Market Capitalization($M) 13,261.20 15,064.50 10,894.90 11,428 11,115.70
Implied Market Cap($M) 13,731.70 15,600.80 11,288.30 11,849.50 11,529
Total Capitalization($M) 18,253.90 20,152.30 15,871.80 16,407.60 16,084.40
Total Enterprise Value($M) 18,235.40 20,131.80 15,837.50 16,396.90 16,050.90
Total Enterprise Value Plus JV Debt($M) 18,253.60 20,149.90 15,855.60 16,414.70 16,050.90
Income Statement ($000)
Rental Revenue 1,254,323 1,641,017 1,571,346 1,528,987 1,125,348
Rental Net Operating Income 773,866 1,028,172 977,958 954,556 701,992
NOI 773,866 1,028,172 977,958 954,556 701,992
Gain on Sale of Real Estate 988 93,035 4,493 127,407 82,470
Interest Expense 126,610 179,847 173,594 154,751 129,947
Revenue 1,245,196 1,668,199 1,576,433 1,541,514 1,126,859
Expense 1,065,936 1,390,920 1,347,293 1,325,766 983,228
Extraordinary Items 0 0 0 0 0
Net Income 177,716 366,618 231,022 340,536 224,402
Net Income Attributable to Noncontrolling Int 6,096 12,807 8,123 12,157 12,180
Net Income Attributable to Parent 171,620 353,811 222,899 328,379 212,222
Net Income Avail to Common 168,625 349,604 218,920 324,156 211,343
FFO 551,845 773,192 712,690 699,561 463,385
Operating Funds from Operations, as Reported 565,933 NA NA NA 490,309
Adjusted FFO 426,993 582,986 515,105 525,791 338,338
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.12 3.25 2.02 2.95 3.01
ROAE(%) 3.82 5.83 3.57 5.18 6.28
Implied Capitalization Rate(%) 5.74 5.66 6.23 5.89 6
Dividend Payout Ratio(%) 204.08 126.38 193.13 123.51 123.79
Dividend Yield(%) 3.45 3.03 4.01 3.67 3.55
FFO Payout(%) 64.38 58.63 61.09 58.59 58.68
FFO/ Total Revenue(%) 44.32 46.35 45.21 45.38 41.12
Price/ LTM FFO(x) 18.29 20.13 15.84 16.93 17.52
Price/ LTM AFFO(x) 19.89 22.24 17.62 18.87 19.74
Price/ Last-twelve-months EPS(x) 41.71 42.95 49.59 35.16 36.40
Recurring EBITDA/ Interest Expense(x) 5.46 5.29 5.18 5.71 4.90
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 5.35 5.18 5.08 5.57 4.89
Debt and Preferred/ TEV(%) 24.76 22.58 28.95 27.80 28.30
Total Debt/ Gross Properties(%) 31.85 32.52 33.45 34.32 35.52
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 0 54 41 49
Changes and Trends (%)
Same-store NOI: Change 1.90 3.80 1.90 3.25 5.10
Same-store Revenue: Change from Prior 2.80 3.40 1.90 2.90 4.20
FFO Growth (4.02) 8.49 1.88 50.97 2.43
FFO/Share Growth (4.30) 8.40 1.70 6.30 (1.80)
EPS Growth, before Extraordinary (16.90) 59.10 (32.50) 6.30 (39)
Real Estate Investment Growth (0.75) (0.99) (1.03) (0.66) 68.82
Per Share Information ($)
Common Shares Outstanding 114,369,812 114,246,393 113,844,267 113,643,166 113,518,212
Closing Price 115.95 131.86 95.70 100.56 97.92
Basic EPS before Extra 1.48 3.07 1.93 2.86 2.69
Diluted EPS before Extra 1.47 3.07 1.93 2.86 2.69
FFO/ Share 4.66 6.55 6.04 5.94 5.59
Operating FFO per Share, as Reported 4.78 NA NA NA 5.91
AFFO per Share 4.28 5.93 5.43 5.33 4.96
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 3 3.88 3.73 3.53 3.33
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 35,000 207,805 333,032 418,919 280,623
Debt Maturing: Next FY 192,023 193,535 848,980 579,345 469,637
Debt Maturing: FY2 366,031 665,251 345,131 722,827 754,785
Debt Maturing: FY3 360,222 359,715 664,597 346,802 806,572
Debt Maturing: FY4 416,968 416,388 359,043 663,942 348,374
Debt Maturing: Thereafter 3,055,350 2,611,904 1,977,545 1,770,222 1,839,721
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA 207,785 335,698 437,157 303,635
Debt Due during Next Fiscal Year NA 189,510 843,747 567,437 486,954
Debt Due during Second Fiscal Year NA 665,303 338,480 714,423 725,920
Debt Due during Third Fiscal Year NA 361,244 664,287 339,156 795,224
Debt Due during Fourth Fiscal Year NA 420,057 360,227 664,963 339,941
Debt Due Thereafter NA 2,610,699 1,985,889 1,778,921 1,848,038
Adjustments to Debt Principal Schedule NA 0 0 0 0
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