Financial Highlights

Financial Highlights
2019 FQ3 YTD
9/30/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 13,777,443 13,539,044 13,117,921 12,669,482 8,119,634
Net Property Investment 10,870,766 10,989,757 11,042,850 10,994,681 6,620,421
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 22,520 0 5,321 0 0
Construction in Progress 101,469 59,506 116,833 231,224 44,355
Mortgage Loans 0 0 0 0 0
Senior Secured Debt 645,406 475,026 976,292 1,319,088 1,286,236
Obligations Under Leases 32,957 0 0 0 0
Senior Unsecured Debt 3,830,708 4,053,302 3,525,765 3,180,624 2,141,332
Total Subordinated Debt 0 0 0 0 0
Total Debt 4,509,071 4,528,328 4,502,057 4,499,712 3,427,568
Total Liabilities 4,997,488 4,942,178 4,907,617 4,952,317 3,681,708
Equity Attributable to Parent Company 6,016,452 6,149,840 6,339,912 6,403,819 2,992,097
Noncontrolling Interests 220,158 222,349 233,982 238,282 165,726
Total Equity 6,236,610 6,372,189 6,573,894 6,642,101 3,157,823
Market Capitalization($M) 14,829.70 10,894.90 11,428 11,115.70 6,847.90
Implied Market Cap($M) 15,359.40 11,288.30 11,849.50 11,529 7,225.90
Total Capitalization($M) 19,932.10 15,871.80 16,407.60 16,084.40 10,661.70
Total Enterprise Value($M) 19,906.30 15,837.50 16,396.90 16,050.90 10,624.20
Total Enterprise Value Plus JV Debt($M) 19,924.40 15,855.60 16,414.70 16,050.90 NA
Income Statement ($000)
Rental Revenue 1,224,200 1,571,346 1,528,987 1,125,348 1,042,779
Rental Net Operating Income 761,142 977,958 954,556 701,992 642,134
NOI 761,142 977,958 954,556 701,992 642,134
Gain on Sale of Real Estate 10,247 4,493 127,407 82,470 190,142
Interest Expense 136,149 173,594 154,751 129,947 122,344
Revenue 1,251,240 1,576,433 1,541,514 1,126,859 1,042,870
Expense 1,047,115 1,347,293 1,325,766 983,228 880,594
Extraordinary Items 0 0 0 0 0
Net Income 211,558 231,022 340,536 224,402 350,745
Net Income Attributable to Noncontrolling Int 7,336 8,123 12,157 12,180 18,458
Net Income Attributable to Parent 204,222 222,899 328,379 212,222 332,287
Net Income Avail to Common 201,154 218,920 324,156 211,343 331,515
FFO 574,974 712,690 699,561 463,385 452,372
Operating Funds from Operations, as Reported NA NA NA 490,309 438,624
Adjusted FFO 426,873 515,105 525,791 338,338 311,289
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.50 2.02 2.95 3.01 5.13
ROAE(%) 4.48 3.57 5.18 6.28 11.25
Implied Capitalization Rate(%) 5.89 6.23 5.89 6 6.84
Dividend Payout Ratio(%) 162.71 193.13 123.51 123.79 70.98
Dividend Yield(%) 2.95 4.01 3.67 3.55 3.61
FFO Payout(%) 59.14 61.09 58.59 58.68 54.13
FFO/ Total Revenue(%) 45.95 45.21 45.38 41.12 43.38
Price/ LTM FFO(x) 20.30 15.80 16.90 17.50 16
Price/ LTM AFFO(x) 22.50 17.70 18.90 19.70 18.30
Price/ Last-twelve-months EPS(x) 56.80 49.60 35.20 36.40 20.60
Recurring EBITDA/ Interest Expense(x) 5.21 5.18 5.71 4.90 4.76
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 5.11 5.08 5.57 4.89 4.76
Debt and Preferred/ TEV(%) 22.94 28.95 27.80 28.30 NA
Total Debt/ Gross Properties(%) 32.73 33.45 34.32 35.52 42.21
Loans/ Assets(%) 0 0 0 0 0
Credit Lines Drawn/ Available(%) 0 54 41 49 10
Changes and Trends (%)
Same-store NOI: Change 3.40 1.90 3.25 5.10 7.20
Same-store Revenue: Change from Prior 3.20 1.90 2.90 4.20 5.70
FFO Growth 8.54 1.88 50.97 2.43 11.95
FFO/Share Growth 8.50 1.70 6.30 (1.80) 11.80
EPS Growth, before Extraordinary 26.40 (32.50) 6.30 (39) 134.60
Real Estate Investment Growth (0.86) (1.03) (0.66) 68.82 0.27
Per Share Information ($)
Common Shares Outstanding 114,065,859 113,844,267 113,643,166 113,518,212 75,408,571
Closing Price 130.01 95.70 100.56 97.92 90.81
Basic EPS before Extra 1.77 1.93 2.86 2.69 4.41
Diluted EPS before Extra 1.77 1.93 2.86 2.69 4.41
FFO/ Share 4.87 6.04 5.94 5.59 5.69
Operating FFO per Share, as Reported NA NA NA 5.91 5.51
AFFO per Share 4.37 5.41 5.33 4.96 4.97
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 2.88 3.73 3.53 3.33 3.13
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 219,997 333,032 418,919 280,623 190,921
Debt Maturing: Next FY 156,029 848,980 579,345 469,637 158,964
Debt Maturing: FY2 343,811 345,131 722,827 754,785 472,496
Debt Maturing: FY3 665,088 664,597 346,802 806,572 569,205
Debt Maturing: FY4 359,548 359,043 663,942 348,374 395,182
Debt Maturing: Thereafter 2,731,641 1,977,545 1,770,222 1,839,721 1,640,800
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA 335,698 437,157 303,635 207,813
Debt Due during Next Fiscal Year NA 843,747 567,437 486,954 173,327
Debt Due during Second Fiscal Year NA 338,480 714,423 725,920 480,092
Debt Due during Third Fiscal Year NA 664,287 339,156 795,224 546,518
Debt Due during Fourth Fiscal Year NA 360,227 664,963 339,941 380,817
Debt Due Thereafter NA 1,985,889 1,778,921 1,848,038 1,639,001
Adjustments to Debt Principal Schedule NA 0 0 0 0
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