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12/1/13: American Capital's outlook continues to worsen. With no turnaround in sight, we're selling this home mortgage REIT so that we can focus on commercial mortgage REITs Blackstone Mortgage and Starwood Property Trust. Forecast FY 2013 EPS Growth: -1% Div/EPS Ratio: 102%
Background Quarterly Reports September '13: EPS loss -$1.80 vs. year-ago +$0.25. Comprehensive EPS (includes unrealized gains/losses) $0.45 vs. year-ago $3.98 profit. Average net interest rate spread (margin) 1.20% vs. year-ago 1.42%. Net interest income $413 million vs. $381 million. Investment portfolio (fair value) $85.0 billion vs. year-ago $89.6 billion. Ending book value $25.27/share vs. $32.49. In September, dividend down 24% to $0.80. June '13: EPS $4.61 vs. -0.86 loss. Comprehensive EPS -$2.37 loss vs. +$1.58. Average net interest rate spread (margin) 1.49% vs. 1.65%. Net interest income $414 million vs. $408 million. Investment portfolio $91.7 billion vs. $77.9 billion. Ending book value $25.51/share vs. $29.41. In June, dividend down 16% to $1.05. March '13: EPS $0.64 vs. $2.66. Comprehensive EPS -$1.57 loss. Net interest rate spread (margin) 1.52% vs. 2.31%. Net interest income $407 million vs. $408 million. Investment portfolio $76.3 billion vs. $80.6 billion. Ending book value $28.93/share vs. $29.06. In February, sold 57.5 million new shares at $31.60. December '12: EPS $2.37 vs. $2.50. Comprehensive EPS $0.36. Net interest rate spread (margin) 1.63% vs. 1.90%. Net interest income $423 million vs. $263 million. Investment portfolio $83.7 billion vs. $54.6 billion. Ending book value $31.64/share vs. $27.71. September '12: EPS $0.25 vs. -$0.88 loss. Comprehensive EPS, which includes unrealized gains $3.98 vs. year-ago $1.58. Net interest rate spread (margin) 1.42% vs. 2.14%. Excluding non-recurring, spread 1.53%. Net interest income $381 million vs. $232 million. Investment portfolio $89.6 billion vs. $42.0 billion. Book value was $32.49/share vs. $26.90. Sold 37.6 million new shares at $34.06. June '12: EPS loss -$0.88 vs. +$1.36. Losses on derivative securities accounted for the negative EPS. Net interest rate spread (margin) 1.65% vs. 2.46%. Net interest income up 91% to $384 million. Investment portfolio $77.9 billion vs. $39.9 billion. Book value $29.41/share vs. $26.76. Earnings call transcript. March '12: EPS $2.44, up 43%. Net interest income $408 million vs. $129 million. Net interest rate spread (margin) 2.31% vs. 2.58%. Investment portfolio $80.6 billion vs. $28.2 billion. Book value $29.06/share vs. $25.96. Earnings call transcript. In February, dividend down 11% to $1.25. Grossed $150 million selling 6.9 million new preferred shares paying 8.00%. Sold 62.1 million new shares at $29.00. December '11: EPS $0.99 vs. $2.50. Net interest income $262.8 million vs. $76.4 million. Net interest rate spread (margin) 1.94% vs. 2.58%. Investment portfolio $54.7 billion vs. $13.51 billion. Book value $27.71/share vs. $24.24. Sold 42.5 million new shares for around $27.00 per share. Earnings call transcript. September '11: EPS $1.39 vs. $1.69. Net interest income $231.7 million vs. $44.1 million. Net interest rate spread (margin) 2.14% vs.2.21%. Investment portfolio $42.0 billion vs. $9.74 billion. Book value $26.90/share vs. $23.43. Earnings call transcript. June '11: EPS $1.36, up 11%. Net interest income $200.9 million vs. $33.2 million. Net interest spread (margin) 2.46% vs. 2.18%. Investment portfolio $39.9 billion vs. $7.17 billion and $28.2 billion at March 31. Book value $26.76/share vs. $23.54. Earnings call transcript. Sold 41.4 million new shares at $27.80. March '11: EPS $1.48 vs. $2.13. Net income up 151%, but shares out up 261%. Net interest income $128.9 million up 453%. Net interest spread (margin) 2.58%, even. Investment portfolio $28.2 billion vs. $13.51 billion at December 31. Book value $25.96/share vs. $24.24 at 12/31. In January, raised $655 million selling 23.4 million shares at $28.00. In March, grossed $780 million selling 28 million shares at $27.86. December '10: EPS $2.50, up 40%. Net interest income $76.38 million up 185%. Net interest spread (margin) 2.58% vs. 2.21%. Portfolio $13.51 billion. Book value $24.24/share vs. $22.48. In December, raised $219 million by selling 8 million shares. September '10: EPS $1.69 vs. $1.82. Net interest income $44.07 million up 107%. Net interest spread (margin) 2.21% vs. 2.68%. Portfolio value $9.74 billion. Book value $23.43/share vs. $22.83. June '10: EPS $1.23 vs. $2.02. Net interest income $33.24 million up 50%. Net interest spread (margin) 2.18%. Portfolio value $7.17 billion. Book value $23.54/share. American Realty Capital Properties 7/1/13: When we added property REIT American Realty Capital Properties in November 2012, it owned around 150 single-tenant commercial properties. By September 30, 2013, its portfolio contained more than 2.500 properties in 48 states. That sort of explosive growth entails much more risk than more conservative property REITs growing assets at moderate single digit annual rates. Despite the hyper growth, when the latest deal closes, American Realty only expects to hike its monthly dividend to $0.078 per share, a scant 5% above what it was paying last November. Most of our REITs are growing their payouts by that much or more without all the fuss. American Realty completed its acquisition of GE Capital's portfolio of 471 net lease properties, mostly leased to chain restaurants such as Applebee's and Burger King. American paid GE $807 million for the properties. In May, American Realty agreed to acquire publicly traded CapLease (LSE), which owns 71 primarily single-tenant single tenant office, warehouse and retail real estate properties properties in 25 states for $8.50 per share. American Realty said that the deal, expected to close in the September quarter, would immediately add $0.11 per share to FFO. When the deal closes, American plans to increase its annual payout by 3% to $0.94 per share ($0.0783/mo). In May, American Realty raised $900 million by selling 29.4 million shares of common stock at $15.47 per share and 28.4 million 5.81% preferred shares, in separate private placements. Forecast 12/2013 FFO Growth: -7% Div/FFO Ratio: 101%
Background Last Quarterly Report March '13: FFO (adjusted) $0.20. Revenues $40.2 million vs. year-ago $6.24 million. At March 31, portfolio consisted on 721 properties comprising 17.0 million sq. ft. leased to 55 tenants. Occupancy was 100%. Since the portfolio grew from 97 to 721 properties, year-ago comparisons are not meaningful. Sold 2.1 million shares at $13.47. Closed acquisition of American Realty Capital Trust III, increasing portfolio to 600 freestanding, single-tenant properties located in 44 states. Previous Quarterly Reports December '12: FFO (adjusted) $0.28, up $0.01 vs. September quarter. Revenues $5.6 million, up 16% vs. September. Acquired 58 properties comprising 1.4 million sq. ft. for $132 million. In October, monthly dividend up 0.6% to $0.0745833. In November, dividend up 0.6% to $0.075 starting with February payout. September '12: FFO (adjusted) $0.27, up 15% vs. prior (June) quarter. Revenues $4.880 million, up 46% from prior quarter. Acquired 36 properties comprised of 1.2 million square feet. Completed acquisition of three CVS pharmacies in Georgia and Tennessee, an Iron Mountain information storage warehouse Ohio, and the French's Mustard headquarters in New Jersey. At September 30, portfolio included 124 freestanding single-tenant properties and was 100% occupied. In August, monthly dividend up 0.6% to $0.07417 per share. June '12: FFO (adjusted) $0.23. Revenues $3.348 million. During the six months ending June 30, acquired 30 properties comprised of 938,000 million square feet. At June 30, the portfolio consisted of 118 freestanding single-tenant properties and was 100% occupied. 2/29/12: Annaly's December quarter numbers were disappointing, and some analysts are forecasting additional dividend cuts. It's time to let loose of this long-time favorite. Annaly reported December quarter earnings (adjusted) of $0.54 per share, $0.02 below analysts' forecasts and below $0.60 the year-ago number. Counting interest rate swaps and unrealized gains, EPS was $0.46 vs. year-ago $1.94. During the quarter, Annaly sold $10.3 billion of mortgage-backed securities for $80.7 million realized gain. Net interest income totaled $717.6 million ($0.71/share) vs. year-ago $568.2. million ($0.86/share). The interest rate spread (gross margin) was 1.71% vs. year-ago 1.85%. Book value was $16.06/share vs. year-ago $15.34 and $16.22 at 9/30. Click here for the earnings call transcript. Not a good quarter. In January, Annaly said that its CEO, Michael A.J. Farrell, was diagnosed with cancer and is undergoing chemotherapy. In December, Annaly cut its quarterly dividend by 5% to $0.57 per share. Forecast FY 2012 EPS Growth: -24% Div/EPS Ratio: 116%
Background Quarterly Reports September '11: EPS (adjusted) $0.65 vs. year-ago $0.70. Counting interest rate swaps and unrealized gains, EPS -$0.14 loss vs. year-ago -$0.03 loss. Sold $3.9 billion of mortgage-backed securities for $91.7 million realized gain. Net interest income $809.4 million ($0.85/share) vs. year-ago $589.0 million ($0.96/share). Interest rate spread (gross margin) 2.08% vs. year-ago 2.11%. Book value was $16.22/share vs. year-ago $15.16 and $16.55 at 6/30. Earnings call transcript. Raised $2.1 billion selling 115 million new shares at $17.70. In September, dividend down $0.05 (-8%) to $0.60. June '11: EPS (adjusted) $0.71, up 8%. Counting interest rate swaps and unrealized gains, EPS $0.14 vs. -$0.40 loss. Sold $1.7 billion of mortgage-backed securities for $27.3 million realized gain. Net interest income $957.1 million ($1.16/share) vs. $539.0 million ($0.96/share). Interest rate spread (gross margin) 2.45% vs. 2.16%. Book value $16.55/share vs. year-ago $16.89 and $15.76 at 3/31. Earnings call transcript. In June, dividend up 5% to $0.65. March '11: EPS (adjusted) $0.70, down $0.01. Counting interest rate swap unrealized gains, EPS $0.92 vs. $0.50. Sold $4.2 billion of mortgage-backed securities for $27.2 million realized gain. Net interest income up 38% to $699.9 million ($0.92/share). Interest rate spread 2.17% vs. 2.22%. Book value $15.76/share vs. $16.80. In January, raised $1.5 billion selling 86 million new shares for $17.20. In February, raised $1.5 billion selling 85 million new shares for $17.30. In March, dividend down $0.02 (5%) to $0.62. December '10: EPS (continuing) $0.60 vs. $0.93. Counting unrealized interest rate swap gains, EPS $1.94 vs. $1.31. Sold $3.1 billion of mortgage-backed securities for $33.8 million realized gain. Net interest income down 19% vs. to $378.1 million. Interest rate spread 1.85% vs. 2.79%. Book value $15.34/share vs. $16.95. Formed new unit, Shannon Funding LLC, to provide warehouse financing services to residential mortgage originators. Warehouse financing involves making short-term loans to mortgage bankers until the bankers sell the loans to permanent investors. In December, dividend down 6% to $0.64. September '10: EPS (core) $0.60 vs. $0.75. GAAP EPS -$0.03 loss vs. +$0.51 profit. Sold (or had called) $3.1 billion of mortgage-backed securities for $62.0 million realized gain. Year-ago sold $194 million of securities for $0.6 million gain. Net interest income down 8% vs. to $400.4 million. Interest rate spread (gross margin) 2.11% vs. year-ago 2.65%. Book value $15.16/share vs. $16.52. Netted $1.1 billion by selling 69 million new shares for $17.46/share. June '10: EPS (core) $0.59 vs. $0.66. GAAP EPS $0.40 vs. $1.09. Sold $1.9 billion of mortgage-backed securities for $39.0 million realized gain. Year-ago sold $524 million for $2.4 million gain. Net interest income down 6% to $363.4 million. Interest rate spread (gross margin) 2.16% vs. 2.47%. Book value $16.89/share vs. $15.60. Said Fannie Mae and Freddie Mac's mortgage buyback programs, which hurt Mortgage REIT earnings, were "essentially completed." In June, dividend up 5% to $0.68.
March '10: core EPS $0.62, up 11%.
Sold $1.6 billion of mortgage-backed securities for $47.0 million
realized gain. Net interest income up 61% to $464.9 million. Interest
rate spread (gross margin) 2.22% vs. 2.11%, but below December 2.79%.
Book value $16.80/share vs. year-ago $14.67 and December 31
$16.95. Blamed
December '09: core EPS $0.79, up 68%. Net interest income up 61% to $464.9 million. Interest rate spread (gross margin) 2.79% vs. 1.71%. Book value $16.95/share vs. $12.94. September '09: core EPS $0.75, up 23%. Net interest income up 24% to $436.7 million. Interest rate spread 2.65% vs. 2.08%. Book value September 30 $16.52/share vs. $12.70. Sponsored a new real estate investment trust (REIT), CreXus Investment Corporation (CXS), which raised $200 million via an IPO on September 17. CreXus, externally managed by Annaly, planned to acquire, manage, and finance, commercial mortgage loans and other commercial real estate debt. IPO price $15 and Annaly took 4.5 million shares (out of 13.3 million issued) at that price. In September, dividend up 15% to $0.69. June '09: core EPS $0.66, up 10%. Net interest income up 17% to $387.8 million. Interest rate spread (gross margin) 2.13% vs. 1.87%. Loan portfolio (mortgage backed securities) $65.17 billion, up 12%. In June, dividend up 20% to $0.60. Earnings call transcript. March '09: core EPS $0.56, up 10%. Counting non-recurring, EPS $0.64, up 19%. Net interest income $337.4 million, up 17%. Interest rate spread (gross margin) 2.11% vs. 1.46%. Loan portfolio $58.8 billion, up 5%. Book value at March 31 $14.67, up 13%. December '08: core EPS $0.47 vs. $0.37. Counting non-cash 'mark to market' entries, lost $0.05 vs. $0.37 profit. Net interest income +78% to $289.5 million. Interest rate spread 1.71% vs. 0.99%. Book value $12.91 vs. $12.51. Earnings call transcript. Formed subsidiary, Ranger Capital to operate as sales agent for investment products managed by Annaly’s subsidiaries. Completed acquisition of fixed-income manager Merganser Capital Management. Said acquisition extends asset management platform to traditional fixed income strategies for institutional clients. In December, dividend down 9% to $0.50. September '08: EPS $0.55, +67%. Net interest income $362.4 million vs. $109.6 million. Interest spread 2.08% vs. 0.60%. Mortgage-backed securities +23% to $54.8 million. Book value +12% to $12.70 per share. Leverage ratio 7.2 to 1 vs. 9.9 to 1. Sold $4.8 billion of securities for $1.1 million loss vs. year-ago sale of $1.8 billion for $3.8 million profit. June '08: EPS $0.60, double year-ago. Net interest income +278% to $331.1 million. Interest rate spread 1.90% vs. 0.60%. Mortgage-backed securities $58.0 billion, +50%. Leverage ratio 7.1 vs. 11.2. Book value $13.03. Earnings call transcript. In June, dividend up 15% to $0.55. March '08: EPS $0.51, +96%. Interest rate spread 1.51% vs. 0.50%. Net interest income $791.1 million, +78%. In March, dividend up 40% to $0.48. Earnings call transcript. December '07: EPS (operating) $0.37, +61%. Interest rate spread 0.99% vs. 0.49%. Bought 10% of of Chimera Investment (CIM), a new REIT formed to invest in residential mortgage-backed securities. In December, dividend up 31% to $0.34. September '07: EPS $0.32, +55%. Interest rate spread 0.67% vs. 0.60% in June. Net interest income $109.6 million vs. 44.0 million. Mortgage-backed securities $44.6 billion, +58%. Book value $11.36 vs. $11.26. June '07: EPS $0.29 vs. $0.02. Net interest income $87.5 million. Mortgage-backed securities $38.6 billion. Book value $10.52. Blackstone Mortgage Trust 2/1/16: Blackstone Mortgage Trust, which invests in loans secured by commercial real estate, no longer exclusively holds "floating rate" notes, making its profit margins susceptible to rising interest rates. Forecast 12/2015 EPS Growth: 25% EPS Payout Ratio: 106%
Background Quarterly Reports September '15: EPS (core) $0.72, up 60% vs. year-ago. Book value $26.64 per share, up 4% vs. year-ago. Income from loans & other investments up 186% to $87.032 million. Shares outstanding up 98% vs. year-ago. Loan portfolio $10.550 billion, 78% floating rate vs. year-ago $3.906 billion, 100% floating rate. Impressive core EPS and loan portfolio growth, but book value growth was disappointing . In September, dividend up 19% to $0.62. June'15: EPS (core) $0.38 vs. $0.43. Book value $26.60 per share, up 4%. Income from loans & other investments up 86% to $49.847 million. Shares outstanding up 69%. Loan portfolio $10.170 billion, 79% floating rate vs. $3.448 billion, 100% floating rate. In April, sold 23.0 million new shares at $30.50. In May, sold 11.5 million new shares at $29.65. Completed acquisition of $4.6 billion of commercial mortgage loans from General Electric Capital. March'15: EPS $0.60, up 77%. Book value $24.87 per share, up 1%. Income from loans & other investments up 82% to $39.246 million. Loan portfolio $4.943 billion, 100% floating rate. In January, dividend up 4% to $0.52. December'14: EPS (core) $0.52, up 127%. Book value $25.10 per share, up 3.5%. Income from loans & other investments, $36.812 million vs. $15,312 million. Loan portfolio $4.428 billion, 100% floating rate vs. $2.047 billion. September'14: EPS (core) $0.50, up 79%. Book value $25.57 per share, up 4%. Income from loans & other investments, $30.483 million vs. $14.446 million. Loan portfolio $3.906 billion, 100% floating rate vs. year-ago $1.286 billion. Sold 9.2 million new shares at $27.85. In September, dividend up 4% to $0.50. June '14: EPS (core) of $0.43, up 95%. Book value $25.51 per share vs. $22.45. Income from loans & other sources, $25.746 million vs. $4.711 million. Loan portfolio $3.448 billion, 100% floating rate. March '14: EPS $0.34 vs. loss. Book value $24.63 per share vs. $24.25 at December 31. Income from loans & other sources, $21.582 million vs. $0.679 million. Sold 9.2 million new shares at $28.15. In March, dividend up 7% to $0.48. December '13: EPS (core) $0.41, $0.04 over analyst forecasts (year-ago not relevant). Net EPS (continuing) $0.24. Book value $24.25 vs. $24.68 at September 30. Income from loans & other sources, $15.312 million vs. $14.446 million in September quarter. Loan portfolio book value $2.000 billion vs. $1.286 billion at September 30. Raised $150 million selling 5.25% convertible senior notes due 2018. In December, dividend up 67% to $0.45. September '13: EPS (core) $0.28. Net EPS $0.29. Book value $24.68 per share. Income from loans & other sources, $14.446 million. Loan portfolio book value $1.286 billion. Interest income $15.1 million. In September, first dividend, $0.27. Netted $633.6 million selling 25.9 million shares at $25.50. June '13: EPS $0.22. Revenues $1.440 billion. Investment income $132.1 million. Commenced operations of its senior mortgage lending business and funded $756.6 million of new loans. At June 30, investments $22.74 billion and book value $22.45 per share. Community Healthcare Trust 2/1/22: Despite January’s relatively strong showing, Community Healthcare Trust has consistently underperformed since added to the portfolio in October 2020. Community reports December quarter results after the bell on February 15. Analysts expect FFO of $0.59 per share vs. year-ago $0.53. The conference call is set for 10 am Eastern on February 16. In October, Community Healthcare increased its quarterly dividend by 0.6% to $.435 per share, which was 2% above its year-ago payout.
Background Quarterly Reports September '21: FFO (adjusted) of $0.59, up 11% vs. year-ago. Revenues up 20% to $23.25 million. Real estate portfolio up 44% vs. year-ago to $820.2 million. June '21: FFO (adjusted) $0.58, up 12%. Revenues up 24% to $22.688 million. Real estate portfolio up 41% to $809.306 million. In April, dividend up 0.6% to $0.43. March '21: FFO (adjusted) $0.57, up 16%. Revenues up 19% to $21.40 million. Real estate portfolio up 23% to $687.0 million. In February, dividend up 0.6% to $0.4275. December '20: FFO (adjusted) $0.56, up 14%. Revenues up 20% to $20.12 million. Real estate portfolio up 22% to $735.4 million. In October, dividend up 0.6% to $0.425. September '20: FFO (adjusted) $0.53, up 15%. Revenues up 19% to $19.34million. Real estate portfolio up 15% to $571.3 million. June '20: FFO (adjusted) $0.52, up 24%. Revenues up 28% vs. year-ago. Real estate portfolio up 29% to $574.9 million. Crown Castle Intl. 11/1/19: Crown Castle is only forecasting single-digit cash flow and revenue growth numbers for 2020, which is not enough to justify holding it. Crown Castle reported September quarter FFO (adjusted) of $1.55 per share, $0.07 above analyst forecasts, and up 12% vs. year-ago. Total revenues up 10% to $1.514 billion. Site rental revenues up 6% to $1.260 billion. Network services (equipment planning and installation, etc.) revenues up 33% to $254 million. Okay growth numbers from CCI. Crown Castle increased its quarterly dividend by 7% to $1.20 per share.
Background Quarterly Reports June '19: FFO (adjusted) $1.48, up 13% vs. year-ago. Total revenues up 11% to $1.478 billion. Site rental revenues up 6% to $1.238 billion. Network services (equipment planning and installation, etc.) revenues up 49% to $240 million. March '19: FFO $1.45, up 7%. Total revenues up 10% to $1.426 billion. Site rental revenues up 6% to $1.219 billion. Network services revenues up 32% to $207 million. December '18: FFO (adjusted) $1.42, up 14%. Total revenues up 15% to $1.419 billion. Site rental revenues up 15% to $1.209 billion. Network services revenues up 12% to $210 million. In October, dividend up 7% to $1.125. September '18: FFO (adjusted) 1.39, up 20% vs. year-ago. Total revenues up 29% to $1.375 billion. Site rental revenues up 33% to $1.184 billion. Network services revenues up 12% to $161 million. June '18: FFO (adjusted) $1.26, up 9%. Total revenues up 28% to $1.33 billion. Site rental revenues up 35% to $1.169 billion. Network services revenues down 5% to $161 million. March '18: FFO $1.36, up 10%. Total revenues up 28% to $1.30 billion. Site rental revenues up 35% to $1.153 billion. Network services revenues down 8% to $146 million. .Sold 7.7 million new shares for around $109.50 per share. December '17: FFO (adjusted) $1.25, up 9%. Total revenues up 20% to $1.238 billion. Site rental revenues up 29% to $1.051 billion. Network services revenues down 13% to $215.0 million. In October, dividend up 11% to $1.05. September '17: FFO $1.16, down $0.07. Total revenues up 7% to $1.063 billion. Site rental revenues up 10% to $892.8 million. Network services revenues down 5% to $170.5 million. Nothing to shout about here and CCI expects more of the same for its December quarter. However next year is a different story, when CCI expects to report 30% year-over-year revenue growth and 26% FFO growth. Pay $7.1 billion to acquire broadband infrastructure provider Lightower Fiber Networks, which primarily operates in the Northeast, Mid-Atlantic and Midwest. Included 275 data centers and 7,000+ wireless towers connected by 33,000 route miles of fiber. Expected deal to add $0.15 to $0.20 per share to annual dividends. CCI sold 40.2 million new shares at $96.00 per share, and $750 million of 3.2% Senior Notes due 2024 and $1.0 billion of 3.65% Senior Notes due 2027. June '17: FFO $1.20, up 3%. Total revenues up 9% to $1.038 billion. Site rental revenues up 8% to $868.8 million. Network services revenues up 7% to $169.5 million. Paid $600 million to acquire privately-held Wilcon Holdings, which owned 1,900 miles of fiber cables in Southern California. Sold 4.75 million new shares for around $94.10 per share. March '17: FFO (adjusted) $1.24, up 5%. Total revenues up 8% to $1.016 billion. Site rental revenues up 7% to $856.9 million. Network services revenues up 18% to $159.0 million. December '16: FFO (adjusted) $1.15, up 4%. Total revenues up 9% to $1.032 billion. Site rental revenues down 4% to $817 million. Network services revenues up 34% to $215.6 million. Agreed to pay $1.5 billion to acquire FiberNet Holdings, a unit of NextEra Energy that owns or has rights to around 11,500 route miles of fiber installed and under construction in South Florida and Texas. Expects deal to close in the first half of 2017. In October, dividend up 7% to $0.95. September '16: FFO $1.23, up 15%. Revenues up 8% to $992.0 million. Site rental revenues up 6% to $812.0 million. Network services (equipment planning and installation, etc.) revenues up 17% to $179.9 million. Operating cash flow $409.6 million ($1.21/share) vs. $281.8 million ($0.84/share). June '16: FFO (adjusted) $1.16, up 13%. Revenues up 7% to $962.4 million. Site rental revenues up 9% to $805 million. Network services (equipment planning and installation, etc.) revenues down 3% to $157.8 million. Operating cash flow $457.4 million ($1.35/share) vs. $556.0 million ($1.67/share). Paid $461 million to acquire Tower Development Corp., which owned 336 towers in the U.S. and Puerto Rico. March '16: FFO (adjusted) $1.18, up 7%. Revenues up 4% to $934.4 million. Site rental revenues up 9% to $799 million. Network services (equipment planning and installation, etc.) revenues down 20% to $135.1 million. Operating cash flow $437.7 million ($1.31/share) vs. $453.1 million ($1.36/share). Expected 2016 full year FFO (adjusted) up around 5% and revenues up around 7% vs. 2015. December '15: FFO (adjusted) $1.11, up 13%. Revenues up 2% to $945.8 million. Site rental revenues up 9% to $785.3 million, but network services revenues down 21% to $160.5 million. Operating cash flow $503million ($1.50/share) vs. $499 million ($1.50/share). Expected to grow adjusted FFO 9% in 2016. In October, dividend up 8% to $0.885. September '15: FFO (adjusted) $1.07, up 7%. Revenues up 3% to $918.1 million. Site rental revenues up 7% to $764.6 million, but network services revenues down 12% to $153.5 million. Operating cash flow $372 million ($1.11/share) vs. $428 million ($1.28/share). Expected to grow adjusted FFO around 8% in 2016. June'15: FFO (adjusted) $1.03, up $0.03. Revenues up 2% to $899 million. Site rental revenues up 4% to $899 million and network services revenues down 3% to $162.3 million. Operating cash flow $458.084 million ($1.37/share) vs. $360.107 million ($1.08). Agreed to pay $1.0 billion to acquire Quanta Fiber Networks, which provided fiber communication services over 10,000 miles of cable in major metropolitan areas. Sold Australian unit for $1.6 billion. Fitch Ratings upgraded debt credit ratings to BBB- (investment grade) from BB (junk). March'15: FFO (adjusted) $1.15, up 10%. Revenues up 7% to $941.00 million. Site rental revenues up 3% to $767.7 million and network services revenues up 35% to $173.4 million. Operating cash flow $460.794 million vs. $362.829 million. December'14: FFO (adjusted) up 14% to $1.04 per share. Revenues up 21% to $968 million. CyrusOne 3/1/18: Cyrus One has been growing revenues and cash flow (FFO) at double-digit rates for some time and its December quarter was no exception. Cash flow (FFO) rose 24% on 31% revenue growth. But CyrusOne appears to have saturated its market in the U.S. and is now turning overseas for growth. Consequently, analysts are only forecasting 5% cash flow growth for its March quarter and 7% growth for the year. CyrusOne reported December quarter FFO (normalized) of $0.84 per share, $0.04 above analyst forecasts, and up 24% vs. year-ago. Revenues up 31% to $180.5 million. Strong FFO growth. CyrusOne increased its quarterly dividend by 10% to $0.46 per share. In January, CyrusOne designated all dividends paid in 2017 as "return of capital," meaning that dividends are not taxable when paid, instead they reduce your cost basis. In January, CyrusOne paid $442 million to acquire Zenium Data Centers, which owned four data centers in London and Frankfurt. The deal, expected to close in the March 2018 quarter, won't add much to CyrusOne's numbers until 2019, but gives it a vehicle for further European expansion. In November, Moody's said "strong demand for data center storage likely will continue to boost revenue and earnings for Moody's-rated US data center REITs, Digital Realty Trust, CyrusOne and QTS Realty Trust.... rapid growth in data volumes and the consequent need for data storage are significant positives.... will likely continue to expand their portfolios through sizable development projects and acquisitions." In October, CyrusOne formed a partnership with Chinese data center developer GDS Holdings to jointly market data center services in both China and the U.S. Forecast 12/2018 FFO Growth: 4% FFO Payout Ratio: 52%
Background Quarterly Reports September '17: FFO (normalized) of $0.79 per share, $0.02 above analyst forecasts, and up 18% vs. year-ago. Revenues up 22% to $175.3 million. The strong growth story continues. June '17: FFO (normalized) $0.77, up 15% vs. year-ago. Revenues up 28% to $166.9 million. Operating margin 10.0% of revenues vs. year-ago 16.2%. March '17: FFO (normalized) $0.72, up 14%. Revenues up 27% to $149.3 million. Gross margin 65.0% of revenues vs. 65.8%. Added to the S&P Midcap 400 on March 1. In February, dividend up 11% to $0.42. December '16: FFO (adjusted) $0.68, up 11%. Revenues up 21% to $137.4 million. Gross margin 65.2% of revenues vs. 63.5%. September '16: FFO $0.63, up 11%. Revenues up 29% to $143.8 million ($1.85 per share vs. $1.63). Gross margin 62.0% vs. 62.1%. Real estate portfolio (net of depreciation) up 24% to $24.32 per share. In September, sold 7.8 million new shares at $50.50. June '16: FFO $0.67, up 34%. Revenues up 46% to $130.1 million. March '16: FFO (normalized) $0.63, up 29%. Revenues up 37% to $117.8 million. Sold 6.9 million new shares at $38.50, offering was upsized from 6.4 million shares. In February, dividend up 21% to $0.38. December '15: FFO (normalized) $0.61, up 27%. Revenues up 30% to $113.3 million. Cincinnati Bell sold 1.35 million CyrusOne shares at $35.85/share. After the sale, Cincinnati Bell still held 9.5% of CyrusOne's outstanding shares. September '15: FFO (adjusted) $0.57, up 30%. Revenues up 31% to $111.2 million. Closed acquisition of Cervalis Holdings which operated four data centers in New York City. Deal added $80 million to annual revenues. Sold 12.995 million new shares at $30 per share, and $100 million of 6.375% notes. June '15: FFO (adjusted) $0.51, up 31%. Revenues up 9% to $89.1 million. Operating cash flow $61.7 million ($0.93/share) vs. $44.0 million ($0.67/share). Sold 14.26 million new shares at $31.12. March '15: FFO $0.49, up 17%. Revenues up 11% to $85.7 million. Operating cash flow $33.3 million ($0.51/share) vs. $37.9 million ($0.58/share). In February, dividend up 50% to $0.315. December '14: FFO $0.48, up 30%. Revenues up 20% to $86.9 million. Operating cash flow $22.8 million ($0.35/share) vs. $14.6 million ($0.23/share).
Sell Digital Realty Trust Forecast 12/2012 FFO Growth: 9% Div/FFO Ratio: 66%
Background Quarterly Reports September '12: FFO (adjusted) $1.13, up 11% vs. year-ago. Revenues up 25% to $342.5 million. June '12: FFO $1.09, up 7% vs. year-ago. Total revenues up 13% to $303.7 million. Rental revenues up 16% to $234.9 million. Earnings call transcript. Agreed to buy three data centers, comprising 761,000 sq. ft. in London, for $1.1 billion, paid $12.5 million to acquire a 62,000 sq. ft. data center in Austin, Texas, and paid $22.3 million to acquire a 575,000 sq. ft. redevelopment property consisting of three buildings in the Chicago area. Raised $797 million by selling 9.45 million new shares at $72.25 per share. Entered into joint venture with CenturyLink to acquire a 165,000 sq. ft. property in Hong Kong that they plan to develop into a data center. March '12: FFO $1.06, up 4%. Total revenues up 13% to $283.0 million. Rental revenues up 13% to $222.8 million. Earnings call transcript. Paid $123 million to acquire an 819,000 square foot operating data center and office campus near Dallas, Texas. $85 million for a 155,000 square foot data center in San Francisco, California for $85 million, and $63 million for a 334,000 square foot data center in Atlanta, Georgia. Grossed $201 million by selling 8.05 million new 6.625% preferreds for $25.00 each. In February, dividend up 7% to $0.73. December '11: FFO $1.02, up 4%. Rental revenues up 13% to $214.3 million. Including tenant reimbursements and other items, revenues $270.6 million, up 13%. Arranged a new $1.5 billion credit facility with consortium of 28 banks. September '11: FFO (adjusted) $1.02, up 13%. Rental revenues up 12% vs. year-ago to $206.8 million. Including tenant reimbursements and other items, revenues up 15% to $273.5 million. Earnings call transcript. Raised $287.5 million by selling 11.5 million preferred shares paying 7.0% for $25/share. June '11: FFO $1.02, up 34%. Rental revenues up 29% to $202.8 million. Including tenant reimbursements and other items, revenues $267.9 million, up 36%. Earnings call transcript. Raised $400 million selling unsecured 10-year notes paying 5.25%. March '11: FFO $1.02, up 26%. Excluding non-recurring, FFO $1.03, up 29%. Rental revenues up 30% to $196.8 million. Including tenant reimbursements and other items, revenues $250.7 million, up 31%. In February, dividend up 28% to $0.68. December '10: FFO $0.98, up 24%. Rental revenues up 41% to $191.9 million. Total revenues up 41% to $238.7 million. Entered Singapore market area by acquiring a new 370,500 sq. ft. seven-story data center in Singapore business park. September '10: FFO $0.81, up 10%. Rental revenues up 41% to $184.5 million. Total revenues up 45% to $237.5 million. Acquired one 69,700 sq. ft datacenter in San Jose, CA, and another 56,000 sq. ft. center in Richardson, TX. Both centers were fully leased. Acquired five properties totaling 919,000 sq. ft. located in San Francisco, CA, El Segundo, CA, Chandler, AZ, and in Chantilly, VA. In July, dividend up 10% to $0.53. June '10: FFO $0.76, up 7%. Rental revenues up 26% to $157.9 million. Total revenues up 27% to $197.5 million. Raised $377 million by selling 6.9 million shares for $57 each. 11/1/17: Movie theater rentals account for approximately 55% of EPR Properties' total revenues. With movie theater attendance trending down, it's only a matter of time until negative headlines on that topic hit EPR Properties' share price. Forecast 12/2017 FFO Growth: 6% FFO Payout Ratio: 80%
Background Quarterly Reports June '17: FFO (adjusted) $1.29, up 10% vs. year-ago. Total revenues up 25% to $147.8 million. Rental revenues up 24% to $119.5 million. Financing income up 45% vs. year-ago to $23.068 million. Total 19.3 million sq. ft., 99.3% leased. S&P upped its credit rating on EPR Properties' debt to BBB- (investment quality) from BB+ (junk). March '17: FFO (adjusted) $1.19, up 2%. Total revenues up 9% to $129.1 million. Rental revenues up 14% to $107.0 million. Financing income down 11% to $17.634 million. Total 19.2 million sq. ft. portfolio was 99% leased. In January, monthly dividend up 6% to $0.34. December '16: FFO (adjusted) $1.26, up 8%. Total revenues up 17% to $130.8 million. Rental revenues up 19% to $107.5 million. Financing income up 2% vs. year-ago to $16.112 million. Agreed to pay $700 million in cash and debt to acquire NorthStar California Ski Resort, a 3,170-acre resort near Lake Tahoe featuring. September '16: FFO (adjusted) $1.23, up 5%. Total revenues up 16% to $125.6 million. Rental revenues up 19% to $102.3 million. Financing income down 6% vs. year-ago to $17.0311 million. June '16: FFO (adjusted) $1.17, up 8%. Total revenues up 17% to $118.0 million. Rental revenues up 23% to $96.055 million. Financing income down 13% vs. year-ago to $19.961 million. March '16: FFO (adjusted) $1.17, up 15%. Total revenues up 19% to $118.8 million. Rental revenues up 22% to $93.778 million. Financing income up 12% to $19.915 million. Portfolio 18.4 million sq. ft., 99% leased. Sold 2.25 million new shares at $56.27 per share. In January, monthly dividend up 6% to $0.32. December '15: FFO (adjusted) FFO $1.17, up 4%. Total revenues up 7% to $112.0 million. Rental revenues up 19% to $90.580 million. Financing income down 34% to $15.861 million. Portfolio 18.3 million sq. ft., 99% leased. September '15: FFO (adjusted) $1.17, up 8%. Total revenues up 10% to $108.3 million. Rental revenues up 15% to $85.706 million. Financing income down 7% to $18.193 million. Portfolio 18.0 million sq. ft., 99% leased. June '15: FFO $1.08, up 11%. Total revenues up 10% to $101.3 million. Rental revenues up 11% to $77.860 million. Financing income up 5% to $18.285 million. Portfolio 16.6 million sq. ft., 99% leased. March '15: FFO (adjusted) $1.03, up 10%. Total revenues up 11% to $99.436 million. Rental revenues up 16% to $76.740 million. Financing income down 4% vs. to $17.843 million. Portfolio 16.3 million sq. ft., 99% leased. In January, monthly dividend up 6% to $0.3025. December '14: FFO (adjusted) $1.13, up 16%. Total revenues up 17% to $104.669 million. Rental revenues up 15% to $75.914 million. Financing income up 30% to $24.144 million. Portfolio 15.9 million sq. ft., 99% leased. September '14: FFO (adjusted) $1.08, up 7%. Total revenues up 12% to $98.738 million. Rental revenues up 20% to $74.410 million. Financing income down 1% to $19.497 million. Portfolio 15.8 million sq. ft., 99% leased. Sold 3.68 million new shares at $52.25. June '14: FFO (adjusted) $0.97 per share, down $0.01. Total revenues up 11% to $91.787 million. Rental revenues up 16% to $69.918 million. Financing income down 5% to $17.401 million. At June 30, portfolio (15.1 million sq. ft.) was 99% leased. March '14: FFO $0.94, even. Total revenues up 8% to $89.857 million. Rental revenues up 10% to $66.43 million. Financing income up 5% to $18.66 million. At March 31, the total portfolio (14.6 million sq. ft.) 99% leased. In January, monthly dividend up 8% to $0.285. December '13: FFO (adjusted) $0.97, up $0.01. Total revenues up 8% to $89.352 million. Rental revenues up 10% to $65.95 million. Financing income up 9% to $18.64 million. At December 31, portfolio (14.6 million sq. ft.) 99% leased. Sold 3.6 million new shares at $49.11. September '13: FFO $1.00, up 6%. Total revenues up 8% to $87.84 million. Rental revenues up 12% to $62.21 million. Financing income up 16% to $19.64 million. At September 30, portfolio (14.2 million sq. ft.) 99% leased. June '13: FFO (adjusted) $0.98, up 7%. Total revenues up 7% to $83.56 million. Rental revenues up 4% to $60.77 million. Financing income up 20% to $18.24 million. At June 30, overall portfolio (13.9 million sq. ft.) 98% leased. Spent $20.0 billion to build six megaplex theaters and one family entertainment center, $45.4 million to build 13 public charter schools, one early childhood education center, and to acquire a public charter school and one early childhood center. Also spent $17.4 million to finance improvements to ski and water park properties. Raised $275 million by selling 5.25% Senior Notes notes due 2023. March '13: FFO (adjusted) $0.94, up 9%. Total revenues up 9% to $83.35 million. Rental revenues up 6% to $60.79 million. Financing income up 21% to $17.80 million. At March 31, portfolio (13.7 million sq. ft.) 98% leased. In February, dividend up 5% to $0.79. Starting in April, will pay dividends monthly instead of quarterly. December '12: FFO (adjusted) $0.96, up 7%. Total revenues up 10% to $83.36 million. Rental revenues up 7% to $61.03 million. Financing income up 23% to $17.12 million. At December 31, overall portfolio 98% leased. Sold 5 million new preferreds (Series F) paying 6.625%. Acquired Wisp Resort in McHenry, MD. With that deal, EPR now owns 12 metropolitan ski properties in seven states. September '12: FFO $0.94, up 18%. Total revenues up 9% to $82.84 million. Rental revenues up 7% to $61.05 million. Financing revenues up 17% to $16.98 million. At September 30, portfolio included 113 megaplex theaters, 4.9 million square feet of restaurant, retail, destination recreation, and specialty properties, and 38 public charter schools, five vineyards and eight wineries. Also, four theaters, one charter school and one recreational property were under construction. Overall portfolio 98% leased. Sold $350 million of 5.75% senior notes. June '12: FFO $0.92, up 11%. Total revenues up 6% to $78.94 million. Rental revenues up 6% to $59.21 million. Financing revenues up 11% to $15.26 million. Overall portfolio 98% occupied. Earnings call transcript. March '12: FFO (adjusted) $0.86, up 2%. Total revenues up 6% to $77.871 million. Rental revenues up 5% to $58.28 million. Financing revenues up 9% to $14.74 million. Overall portfolio 98% occupied. Secured a 2.67% $240 million loan maturing in January 2017. Committed to build three new megaplex movie theater properties, three new "expanded amenity" theater properties, two new family entertainment properties, four new charter school properties, and two urban golf centers. All of the new properties were fully leased. In February, dividend up 7% to $0.75. December '11: FFO (adjusted) $0.90, up 5%. Dividends 78% of adjusted FFO. Revenues up 4% to $77.6 million. Rental revenues up 2% to $57.78 million. Financing revenues up 5% to $14.00 million. Occupancy rates, megaplex theaters 99%, charter schools 100%, and overall portfolio 98%. September '11: FFO (adjusted) $0.86, down $0.01. Dividends 81% of adjusted FFO. Revenues up 2% to $76.0 million. Rentals revenues flat at $56.85 million. Financing revenues up 9% to $14.58 million. June '11: FFO (adjusted) $0.83, even. Dividends 84% of adjusted FFO. Revenues up 5% to $74.4 million. Rentals revenues up 4% to $58.02 million. Financing revenues up 6% to $13.77 million. At June 30, portfolio: 112 megaplex theaters, 4.3 million square feet of restaurant, retail, destination recreation, and specialty properties, 27 public charter schools plus six under construction, six vineyards and nine wineries. Occupancy: megaplex theaters 99%, charter schools 100%, overall portfolio 97%. Getty Realty September '21: FFO (adjusted) $0.50, up 6%. Revenues up 6% to $40.096 million. Paid $61.1 million to acquire 16 convenience stores, five car washes and one tire service center. June '21: FFO (adjusted) $0.49, up 11%. Revenues up 5% to $38.68 million. Paid $44.1 million to acquire 46 oil change centers, three car washes and four convenience stores. March '21: FFO (adjusted) $0.47, up $0.01. Revenues up 5% to $37.28 million. Paid $21.9 million to acquire six car wash properties. December '20: FFO (adjusted) $0.48, up 12%. Revenues up 3% to $35.1 million. Received 99% of rent and mortgage payments due during the quarter. In October, dividend up 5% to $0.39. Sept '20: FFO up 9% to $0.48. Revenues up 4% to $37.9 million. Received 98% of rent and mortgage payments due during the quarter. Gladstone Land 11/1/20: Gladstone has underperformed the overall portfolio every month since added in June. Gladstone reports September quarter results after the bell on November 4. Analysts expect FFO of $0.14 per share, even with year-ago. The conference call is set for 8:30 am Eastern on November 5. Gladstone paid $3.8 million for 5 acres of farmland and farm-related facilities across three farms located in Bamberg County and Orangeburg County, South Carolina. In September, Gladstone bought two properties in Fresno County, California: 801 acres planted with pistachio trees, and 2,515 acres of farmland, In both instances, the sellers signed triple-net leaseback agreements. In August, Gladstone paid $7.4 million for 939 gross acres of farmland in Maryland’s Eastern Shore and Delaware for approximately $7.4M. Gladstone simultaneously entered into a 10-year lease agreement for the land with a large sod and vegetable grower. In July, Gladstone raised its monthly payout by 0.2% to $0.0448 per share. In May, Gladstone paid $3.5 million to acquire 678 farmland acres in Chase County, Nebraska that it leased for seven-years to a local tenant.
Background Quarterly Reports June '20: FFO (adjusted) $0.10, down $0.03 vs. year-ago. Revenues up 51% to $12.638 million. Net asset value was $11.06 per share vs. year-ago $11.61. March '20: FFO (adjusted) of $0.25 per share, up 88%. Revenues up 94% to $15.2 million. Net asset value was $11.46 per share vs. $12.20. Global Medical REIT Quarterly Reports September '21: FFO (adjusted) $0.24, up $0.01. Revenues up 20% to $30.0 million. At September 30, the portfolio was 98.9% occupied. June '21: FFO (adjusted) $0.23, up $0.02. Revenues up 28% to $28.3 million. At June 30, the portfolio was 99.1% occupied. March '21: FFO (adjusted) $0.24 per share, up 20%. Revenues up 26% to $27.3 million. At March 31, the portfolio was 99.1% occupied. In February, dividend up 2.5% to $0.205. December '20: FFO (adjusted) $0.24, up 14%. Revenues up 22% to $24.89 million. At December 31, portfolio was 99% occupied. September '20: FFO (adjusted) $0.23, up 21%. Revenues up 37% to $25.1 million. Portfolio value (net) $977.50 million ($20.83/share) vs. $781.73 million ($22.01/share). At September 30, portfolio was 99% occupied. June '20: FFO (adjusted) 0.21, up 17%. Revenues up 31% to $22.06 million. Portfolio value (net) $922.90 million ($20.33/share) vs. $849.03 million ($24.57/share). At June 30, portfolio was 99.8% occupied. March '20: FFO $0.20, up 18%. Revenues up 42% to $21.6 million. Portfolio value (net) $910.1 million ($20.60/share) vs. $849.0 million ($31.01/share). At March 31, portfolio was 99.7% occupied. December '19: FFO (adjusted) 0.21, up $0.01. Revenues up 42% to $20.5 million. Portfolio value (net) $849.0 million ($22.42/share) vs. $636.1 million ($27.88/share). September '19: FFO (adjusted) $0.19, down $0.01. Revenues up 30% to $15.195 million. Portfolio value (net) $781.7 million ($22.01/share) vs. $586.198 million ($26.89/share). June '19: FFO (adjusted) $0.18, down 10%. Revenues up 27% to $16.88 million. Portfolio value (net) $721.7 million ($20.88/share) vs. $616.9 million ($28.52/share). March '19: FFO $0.17, up $0.01. Revenues up 31% to $15.200 million. Portfolio value (net) $633.160 million ($23.12/share) vs. $537.3 million ($24.84/share). Sold 7.25 million new shares at $9.75. December '18: FFO (adjusted) $0.20, up 33%. Revenues up 46% to $14.38 million. Portfolio value (net) $616.925 million ($27.04/share) vs. $457.821 million ($21.17/share). Sold 4.1 million new shares at $9.00. September '18: FFO (adjusted) $0.20, up 18%. Revenues up 67% to $14.00 million. Portfolio value (net) $586.198 million ($26.89/share) vs. $412.1 million ($19.15/share). June '18: FFO (adjusted) $0.20, up 43%. Revenues up 78% to $13.249 million. Portfolio value (net) $579.983 million ($26.81/share) vs. $457.913 million ($25.95/share). March '18: FFO (adjusted) $0.16, up 78%. Revenues up 148% to $11.564 million. Portfolio value (net) $537.3 million vs. $294.1 million. December '17: FFO (adjusted) $0.15 per share, up 150%. Revenues up 201% to $9.87 million. Portfolio value (net) $471.5 million vs. $203.5 million. September '17: FFO (adjusted) $0.17 vs. $0.03. Revenues up 320% to $8.389 million. Portfolio value (net) $412.1 million vs. $203.5 million at 12/31/16. Raised $65.2 million by selling 2.7 million 7.5% cumulative preferred shares at $25 each. Sold 4.03 million new shares at $9.00 per share. June '17: FFO (adjusted) of $0.14 vs. $0.02. Revenues up 311% to $7.42 million. Portfolio value (net) $331.6 million vs. $196.4 million at 12/31/16. Average annual base rent $25.37/sq. ft. March '17: FFO (adjusted) $0.02 vs. -$1.21. Revenues up 262% to $4.66 million. Portfolio value (net) $294.1 million vs. $196.4 million at 12/31/16. Average annual base rent $24.83/sq. ft. Negotiated $250 million credit agreement with BMO Harris Bank. December '16: FFO (adjusted) $0.06, even with analyst forecasts. Revenues up 343% to $3.1 million. Occupancy rate 100%. Average annual base rent $23.17/sq. ft. Hannon Armstrong 5/3/21: Hannon is paying a 2.7% dividend yield is only forecasting 3% to 5% annual dividend growth. We need more. Hannon reported net (distributable) income $0.43, $0.03 above analyst forecasts, but down $.01 vs. year-ago. Revenues up 27% to $51.70 million. Net investment income up 3% to $30.1 million. Declared $0.00 per share quarterly dividend, up x% to $0.35. Expects annual dividends to grow around 4% annually. In February, Hannon raised its quarterly dividend by 3% to $0.35 per share.
Background Quarterly Reports December '20: EPS (distributable) $0.37, down 8% vs. year-ago. Revenues up 30% to $48.89 million. Net investment income down 16% to $20.4 million. September '20: EPS (core) $0.33, down 13%. Revenues up 25% to $48.6 million. Net investment income (core) down 9% to $17.9 million. June '20: EPS (core) $0.36, up 20%. Revenues up 55% to $42.595 million. Net investment income (core) up 29% to $49 million. March '20: EPS (core) $0.44, up 33%. Revenues up 23% to $40.834 million. In February, dividend up 1.5% to $0.34. December '19: EPS (core) $0.40, up 8%. Revenues down 3% to $38.328 million. September '19: EPS (core) $0.38, up $0.02. Revenues up 10% to $38.842 million. 3/1/18: As recently as 2016, Hannon Armstrong Sustainable Infrastructure was regularly reporting double-digit earnings growth numbers. However, in recent quarters, HASI has only managed mid-single-digit growth numbers. As is the case for CyrusOne, Hannon Armstrong growth story appears to be over. Hannon reported December quarter earnings (core) of $0.31 per share, $0.01 below analyst forecasts, but up 7% vs. year-ago. Revenues up 36% to $27.1 million. Total investment portfolio $2.027 billion ($39.24 per share) vs. year-ago $1.635 billion ($36.86 per share). Only single-digits growth numbers lately from Hannon Armstrong. Forecast 12/2017 EPS Growth: 3% CF Payout Ratio:
Background Quarterly Reports June '19: EPS (core) $0.30, down 23%. Revenues down 13% to $31.3 million. Year-ago revenues included $14.2 million for gains on sale of receivables and investments vs. this year's $2.2 million. . March '19: EPS (core) $0.33, up 22%. Revenues up 18% to $32.9 million. December '18: EPS (core) $0.37, up 19%. Revenues up 45% to $39.19 million. Dividend up 2% to $0.335 per share. Sold 5.75 million new shares at $22.40 per share. September '18: EPS (core) $0.36, up 16%. Revenues up 32% to $34.88 million. September '17: EPS (core) $0.31, up 7% vs. year-ago. Revenues up 39% to $26.402 million. Total investment portfolio $2.047 billion ($39.62 per share) vs. year-ago $1.412 billion ($33.62 per share). HASI took some extra costs to reconfigure balance sheet to accommodate rising interest rates. Still a good growth story here. June '17: EPS $0.34, up 6%. Revenues up 29% to $28.28 million. Total investment portfolio $2.115 billion ($41.82 per share) vs. $1.391 billion ($36.80 per share). March '17: EPS (core $0.32, even. Revenues up 16% to $23.80 million. Total investment portfolio $1.876 billion ($36.49 per share) vs. $1.365 billion ($36.88 per share). Sold 3.45 million new shares at $19.33 per share. December '16: EPS (core) $0.29, up 16%. Revenues up 23% to $19.862 million. Total investment portfolio $1.635 billion ($36.86 per share) vs. $1.348 billion ($37.60 per share). In December, dividend up 10% to $0.33. September '16: EPS (core) $0.29, up 12%. Revenues up 26% to $19.008 million. Total investment portfolio up 26% to $1.412 billion. June '16: EPS (core) $0.32, up 23%. Revenues up 59% to $21.845 million. Total investment portfolio $1.391 billion, up 25%. Sold 4.6 million new shares at $20.50. March '16: EPS (core) $0.32, up 19%. Revenues up 47% to $20.483 million. Total investment portfolio $1.365 billion, up 154%. December '15: EPS (core) $0.25, down 7%. Investment revenue (gross) up 32% to $20.510 million. Total investment portfolio $1.348 billion, up 144%. Sold 5 million new shares at $18.00. In December, dividend up 15% to $0.30. September '15: EPS (core) $0.26, up 22%. Investment revenue (gross) up 51% to $12.416 million. Total investment portfolio $1.125 billion, up 85%. June '15: EPS (core) $0.26, up 18%. Investment revenue (gross) up 64% to $11.138 million. Total portfolio $1.115 billion vs. $591 million. In April, sold 4.6 million new shares at $18.50. March'15: EPS (core) $0.27, up 35%. Investment revenue up 83% to $10.812 million. Total portfolio $885 million vs. $493 million. In January, dividend up 18% to $0.26. December'14: EPS (core) $0.27, up 23%. Investment revenue up 51% to $9.163 million. Portfolio (financing receivables) up 59% to $552.7 million. Sold 4.6 million new shares at $13.60. Paid $110 million for 10 operating wind-powered electricity generating projects owned by JP Morgan Chase. September '14: EPS (core) $0.22, even with June Q. Investment revenue up 59% to $8.243 million. Portfolio (financing receivables) $477.9 million vs. $347.9 million at December 31. June '14: EPS (core) $0.22, up 10% vs. March Q. Investment interest income $6.777 million, up 31% vs. March. Revenue net of interest expense $7.572 million, up 33% vs. March. Portfolio (investments and financing receivables) $590.9 million vs. $486.9 million at March 31. In May, purchased $107 million portfolio of 7,500 acres of land used for solar and wind projects, all leased to A-rated utilities. Sold 5.75 million new shares at $13.00. March '14: EPS (core) $0.20 vs. $0.20 in its December 2013 quarter. Total investment interest income $5.192 million. Total revenue net of interest expense $5.699 million. Portfolio (investments and financing receivables) $486.9 million. Operating cash flow $22.511 million ($1.36/share). Highwoods Properties 9/1/22: Highwoods has consistently underperformed since added to the portfolio in May 2021. We're selling. Highwoods declared a $0.50 per share quarterly dividend, even with previous and even with year-ago. This time last year, Highwoods raised its quarterly payout by 4%.
Background Quarterly Reports March '22: FFO 1.00, up 4% vs. year-ago. Revenues up 10% to $203.8 million. Average in-place rents up 6% vs. year-ago. Same property net operating income up 1.1% to $119.4 million. Occupancy at June 30 was 90.6% vs. year-ago 89.5%. March '22: FFO (adjusted) $0.99, up 9%. Revenues up 12% to $206.4 million. Average in-place rents up 4% vs. year-ago. Same property net operating income up 2.9% to $123.9 million. Occupancy at March 31 was 91.1% vs. year-ago 89.6%. December '21: FFO (adjusted) $0.97, up 11%. Revenues up 13% to $203.2 million. Average in-place rents up 5% vs. year-ago. Same property net operating income up 1.8% to $116.1 million. Occupancy at December 30 was 91.2%. September '21: FFO $0.96, up 12%. Revenues up 8% to $195.5 million. Average in-place rents up 2% vs. year-ago. Same property net operating income up 1.6% to $118.8 million. Occupancy at September 30 was 90.4%. In July, dividend up 4% to $0.50. June '21: FFO (adjusted) $0.93, even with year-ago. Revenues up 1% to $185.5 million. Average in-place rents up 4%. Same property net operating income even at $122.9 million. Occupancy at June 30 was 89.5%. Acquired office assets from Preferred Apartment Communities, including four Class A office assets in Charlotte and Raleigh and a mixed-use redevelopment site in Atlanta. March '21: FFO $0.91 per share, down $0.02. Revenues down 5% vs. year-ago to $183.8 million. Occupancy at March 31 was 89.6%. December '20: FFO $0.87, down $0.04 vs. year-ago. Revenues down 6% to $179.9 million. At December 30, portfolio was 90.3% occupied. Home Properties 11/15: Home Properties acquisition by Lone Star Funds closed on October 7. Each outstanding share of Home Properties was converted into the right to receive $75.23 in cash. Prior to the close, Home paid a $0.0506 per share dividend. In June, 2015, Home Properties agreed to be acquired by private equity firm Lone Star Funds, for $75.23 per share. The deal closed on October 7.
Background Quarterly Reports June'15: FFO $1.16, up 11% vs. year-ago. Revenues up 7% to $176.9 million. March'15: FFO $1.08, up 8%. Revenues up 7% to $176.6 million. Average occupancy 95.0% vs. year-ago 94.9%. Average monthly rental up 3% TO $1,357. In February, dividend up 4% to $0.76. December'14: FFO $1.16, up 5%. Revenues up 7% to $172.5 million. Average occupancy 95.0% vs. 94.8%. Average monthly rental $1,345, up 2%. Expected around 7% FFO growth in 2015. September '14: FFO $1.13, up 4%. Revenues up 6% to $171.3 million. Average occupancy 95.3% vs. 94.9%. Average monthly rental $1,340, up 3%. Home said that it had decided to focus on buying and upgrading existing "mature" apartment communities as opposed to developing new properties. June '14: FFO (operating) $1.11, even. Revenues up 4% to $168.4 million. Average occupancy 95.4% vs. 95.8%. Average monthly rental $1,323, up 3%. March '14: FFO $1.00, down $0.05. Revenues up 4% to $168.1 million. Average occupancy 95.0% vs. 95.5%. Average monthly rental $1,316, up 3%. In January, dividend up 4% to $0.73. December '13: FFO of $1.11, up $0.02. Revenues up 3% to $167.8 million. Average occupancy 94.9% vs. 95.4%. Average monthly rental $1,309, up 3%. Bought 252 unit apartment community for $40.3 million, and a 204 unit apartment building for $15.5 million. September '13: FFO $1.09,even. Revenues up 3% to $166.8 million. Average occupancy 95.0% vs. 95.5%. Average monthly rental $1,306, up 3%. Sold 4.0 million new shares at $63.00. June '13: FFO $1.11, up 17%. Revenues up 8% to $167.2 million. Average occupancy 95.9% vs. 96.0%. Average monthly rental $1,289, up 3%. Sold 2.8 million new preferred shares paying 6.625% for $25/share. March '13: FFO $1.05, up 7%. Revenues up 9% to $167.1 million. Average occupancy 95.7% vs. 94.9%. Average monthly rental $1,277, up 3%. In January, dividend up 6% to $0.70. December '12: FFO $1.09, up 17%. Revenues up 12% to $166.7 million. Average occupancy 95.5% vs. 95.2%. Average monthly rental $1,257, up 4%. September '12: FFO $1.09, up 25%. Revenues up 17% to $168.0 million. Average occupancy 95.5% vs. 95.5%. Average monthly rental $1,240, up 4%. June '12: FFO $0.96, up 10%. Revenues up 15% to $162.4 million. Average occupancy 96.2% vs. 95.8%. Average monthly rental $1,218, up 5%. Bought a 1,350 unit apartment property in Ellicott City, Maryland, 164 apartment units in Leesburg, Virginia and 504 units in Centreville, Virginia. March '12: FFO $0.98, up 13%. Revenues up 13% to $160.3 million. Average occupancy 95.5% vs. 95.3%. Average monthly rental $1,207, up 5%. Started construction of 379 unit apartment community in Silver Spring, Md., which will be ready for occupancy in third quarter of 2013. In February, dividend up 6.5% to $0.66. December '11: FFO $0.93, up 9%. Revenues up 12% to $153.3 million. Average occupancy 95.3% vs. 95.1%. Average monthly rental $1,195, up 5%. Raised $150 million selling 4.46% notes due in December 2018, and 5.00% notes due December 2021. Acquired 204 unit property in Palatine, Illinois, a 411 unit project in Herndon, Virginia, and a 937 unit apartment community in Alexandria, Va. September '11: FFO $0.87, up 10%. Revenues up 12% to $144.6 million. Average occupancy 95.5% vs. 95.4%. Average monthly rental $1,184, up 4%. Purchased 554 unit apartment community in White Marsh, MD., a 203 unit apartment community in West Chester, PA., and a 302 unit apartment community in Shrewsbury, MA. Raised $337 million by selling 6 million new shares for $58.50/share. June '11: FFO $0.87, up 14%. Revenues up 13% to $140.7 million. Average occupancy 95.6% vs. 95.5%. Average monthly rental $1,165, up 3%. Started construction on a new 302 unit community in Fredericksburg, VA. March '11: FFO $0.86, up 21%. Revenues up 12% to $141.4 million. Average occupancy 95.3% vs. 94.8%. Average monthly rental $1,165, up 3%. 10/1/16: Hospitality has underperformed the overall portfolio over the past year and we don't see any reason why that would change. In August, Hospitality sold 12.7 million new shares at $30.75 each. Forecast 12/2016 FFO Growth: 8% FFO Payout Ratio: 57%
Background Quarterly Reports June '16: FFO (normalized) $1.09, up 10% vs. year-ago. Revenues up 9% to $550.3 million. Hotel operating revenues up 8% to $471.9 million. Revenues per available room (RevPAR) up 5% vs. year-ago to $103.34. Good all around growth from HPT. In April, dividend up 2% to $0.51. March '16: FFO (normalized) $0.93, up 12%. Revenues up 9% to $474.1 million. Hotel operating revenues up 7% to $396.5 million. Revenues per available room (RevPAR) up 3% to $88.53. December '15: FFO (normalized) $0.54, down 33%. Revenues up 9% to $467.4 million. Hotel operating revenues up 8% to $390.9 million. Revenues per available room (RevPAR) up 6% to $85.24. September '15: FFO (normalized) $0.99, up 15%. Revenues up 11% to $511.886 million. Hotel operating revenues up 11% to $437.2 million. Revenues per available room (RevPAR) up 8% to $97.59. June'15: FFO (normalized) $0.98, up 13%. Revenues up 12% to $507.1 million. Hotel operating revenues up 13% to $437.0 million. Revenues per available room (RevPAR) up 11% to $98.38. Paid $85 million to acquire nine "fixer-upper" extended stay hotels located in eight states, and plans to spend $45 million to renovate the hotels. Paid $279 million to acquire 30 travel centers from Travel Centers of America (TA) that it will lease back to TA, which was originally a 100% owned subsidiary of HPT until spun-off as a separate company in 2007.In April, dividend up 2% to $0.50. March'15: FFO (normalized) $0.83, up 9%. Revenues up 10% to $435.5 million. Hotel operating revenues up 12% to $369.6 million. RevPAR up 10% vs. year-ago to $86.36. December'14: FFO (adjusted) $0.81, up 16%. Revenues up 12% to $430.533 million. Hotel operating revenues up 13% to $362.6 million. RevPAR up 11% to $81.07. . September '14: FFO 0.86, up 13%. Revenues up 11% to $459.6 million. Hotel operating revenues up 13% to $395.0 million. RevPAR up 13% vs. to $91.21. June '14: FFO FFO (normalized) $0.87, up 12%. Revenues up 10% to $451.9 million. Hotel operating revenues up 11% to $387.3 million. RevPAR up 9% to $89.21. In April, dividend up 2% to $0.49. March '14: FFO $0.75, up $0.01. Revenues up 11% to $394.25 million. Hotel operating revenues up 13% to $329.9 million. RevPAR up 10% to $77.85. Excluding hotels closed for renovation, RevPAR up 12% to $78.85. Sold $350 million of 4.65% unsecured senior notes. December '13: FFO (normalized) $0.71 vs. $0.76. Revenues up 19% to $384.8 million. Hotel operating revenues up 34% to $320.5 million. RevPAR up 8% to $71.21. Excluding hotels closed for renovation, RevPAR up 9% to $73.54. Sold 9.8 million new shares at $28.00. In October, dividend up 2% to $0.48. September '13: FFO (normalized) $0.76, up $0.02 (3%). Revenues up 25% to $412.3 million. Hotel operating revenues up 39% to $348.9 million. RevPAR up 8% to $79.48. Excluding hotels closed for renovation, RevPAR up 9% to $83.32. June '13: FFO (normalized) $0.78, up $0.03. Revenues up 20% to $413.2 million. Hotel operating revenues up 32% to $349.9 million. RevPAR up 7% to $80.69. Excluding hotels closed for renovation for part of quarter, RevPAR up 9% to $84.26. March '13: FFO (normalized) $0.74 vs. $0.78. Revenues up 11% to $354.5 million. Hotel operating revenues up 30% to $291.6 million. RevPAR up 7% to $68.43. Excluding hotels closed for renovation for part of quarter, RevPAR up 10% to $69.51. Acquired 426 room Marriot-branded hotel in Duluth, Georgia that it planned to convert to a "Sonesta Hotel." Sold 16.1 million new shares at $25.55. December '12: FFO (normalized) $0.76, down $0.02. Total revenues up 9% to $322.3 million. Hotel operating revenues up 9% to $239.0 million. RevPAR up 4% to $66.26. Excluding hotels closed for renovation for part of quarter, RevPAR up 5% to $66.38. Acquired Hotel 71 in Chicago, which it planned to upgrade and convert to the "Wyndham Grand Chicago Riverfront," and the Clift Hotel in San Francisco. In October, dividend up 4% to $0.47. September '12: FFO (normalized) $0.74, down 0.05. Total revenues up 4% to $330.1 million. Hotel operating revenues up 4% to $251.7 million. RevPAR flat at $72.17. Excluding hotels closed for renovation for part of quarter, RevPAR up 4% to $77.11. June '12: FFO (normalized) $0.75 vs. $0.89. Total revenues up 9% to $343.2 million. Hotel operating revenues up 15% to $265.1 million. RevPAR up 1% to $72.12. Excluding hotels closed for renovation for part of the quarter, RevPAR up 4% to $74.03. Announced new 25-year deal with Wyndham Hotel Group to re-brand 20 of its InterContinental Hotel hotels to Wyndham brands. March '12: FFO (normalized) $0.78, down $0.05. Total revenues up 7% to $301.4 million. Hotel operating revenues up 14% to $225.0 million. RevPAR down 1% vs. $63.12. Excluding hotels closed for renovation, RevPAR up 5% to $68.28. December '11: FFO (normalized) $0.78 vs. $0.85. Total revenues up 10% to $295.9 million. Hotel operating revenues up 23% to $218.3 million. RevPAR up 7% to $63.59. Agreed to pay $151 million to acquire the Royal Sonesta Hotel in Cambridge, MA and lease the Royal Sonesta Hotel in New Orleans, LA. September '11: FFO (normalized) $0.79 vs. $0.82. Total revenues up 13% to $318.7 million. Hotel operating revenues up 24% to $234.3 million. RevPAR up 8% to $71.79. TravelCenters income down 11% vs. year-ago to $78.2 million. Earnings call transcript. June '11: FFO (normalized) $0.89, up 10%. Hotel operating revenues up 18% to $230.3 million. Revenue per available room (RevPAR) up 8% to $67.30. TravelCenters income down 3% at $78.2 million. Earnings call transcript. March '11: FFO $0.83, up 9%. Hotel operating revenues up 17% to $197.5 million. RevPAR up 8% vs. to $63.24. TravelCenters income even at $79.5 million. December '10: FFO $0.85, up 21%. Hotel revenues up 6% to $177.4 million. RevPAR up 5% to $59.42. TravelCenters revenues up 8% to $83.5 million. Inland has returned 63% since added in December 2011, which isn't bad. However, dividend growth is important and Inland has flunked in that department. It hasn't raised its payout since added and we don't see any signs that it will anytime soon. We're selling. Inland's joint venture with Dutch pension fund advisor PGGM acquired a 471,800-square-foot grocery-anchored shopping center in Newport, Kentucky, within one mile of downtown Cincinnati, Ohio, for $43.3 million. In April, Inland paid $11.1 million for a shopping center in Coral Springs, Florida and $28.4 million for a center in Mansfield, Texas. Forecast 12/2014 FFO Growth: -3% Div/FFO Ratio: 58%
Background Quarterly Reports March '14: FFO $0.23, up 5% vs. year-ago. Rental revenues up 33% to $35.30 million. Total revenues up 47% to $57.11 million, however tenant recovery income (payments from tenants for real estate taxes, insurance, etc.) accounted for $20.4 million of that total. Year-ago, tenant recoveries totaled $10.3 million. Leased occupancy 95.2% vs. year-ago 94.1%. Average base rent for new leases up 20% vs. year-ago and up 5% for renewals of expiring leases. Bought 49,000 sq. ft. shopping center in Chicago suburb Mokena, Ill, which was 76% leased. December '13: FFO (adjusted) $0.26, up 8%. Total revenues up 36% to $52.61 million. Rental revenues up 31% to $35.36 million. Leased occupancy 95.2% vs. 94.0%. Average base rent for new leases up 21% and up 7% for renewals of expiring leases. Paid $20.0 million for Wal-Mart Supercenter anchored center in Orlando, Florida, and with a joint venture partner, paid $43.3 million for a regional center in Fort Smith, Arkansas. Entered into joint venture with Australia-based MAB Corp. to develop grocery-anchored shopping centers in demographically strong metropolitan areas of the Carolinas, Georgia, Florida, Virginia and Washington, D.C. Joint venture with Dutch pension fund advisor PGGM acquired shopping center anchored by Whole Foods and CVS Drugs in a suburb of Cleveland, Ohio, for $25 million. September '13: FFO (adjusted) $0.26, up 18%. Total revenues up 31% to $51.84 million. Rental revenues up 20% to $34.50 million. Leased occupancy 94.3% vs. year-ago 93.1%. Average base rent for new leases up 4% vs. year-ago and up 8% for renewals of expiring leases. Joint venture with Dutch pension fund advisor PGGM, acquired three Wal-Mart-anchored shopping centers in the Milwaukee market for $24.2 million. June '13: FFO (adjusted) $0.25, up 14%. Total revenues up 9% to $42.93 million. Rental revenues up 3% to $29.95 million. Leased occupancy 94.4% vs. 92.9%. Average base rent for new leases up 26% and up 5% for renewals of expiring leases. Acquired New York State Teachers` Retirement System's 50% stake in the IN Retail Fund, which owned 13 shopping centers with 2.3 million sq. ft of leasable area, for $121 million. Upon closing, Inland will own 100% of IN Retail. Sold 10.135 million new shares at $10.60. March '13: FFO (adjusted) $0.22, up 10%. Total revenues up 5% to $40.93 million. Rental revenues up 1% to $27.8 million. Leased occupancy at March 31 94.1% vs. 92.7%. Average base rent for new leases up 11% and up 15% for renewals of expiring leases. December '12: FFO (adjusted) $0.24, up 9%. Total revenues up 10% to $40.21 million. Rental revenues up 1% to $28.5 million. Leased occupancy at December 31 was 94.0% vs. 93.2%. Average base rent for new leases up 11% and up 3.0% for renewals of expiring leases. Bought Valparaiso Walk, a shopping center in northwestern Indiana anchored by Bed Bath & Beyond, Marshalls, Best Buy, and Michaels. September '12: FFO $0.22, even. Total revenues down 2% to $40.89 million. Rental revenues even at $29.7 million. Leased occupancy at September 30 93.1% vs. 93.8%. Average base rent for new leases up 39% to $15.31 per sq. ft. and up 14.0% to $15.10 for renewals of expiring leases. June '12: FFO (adjusted) $0.22, up 10%. Total revenues down 4% to $40.40 million. Rental revenues down 3% to $29.4 million. Leased occupancy 92.9% vs. year-ago 94.7%. Average base rent for new leases up 5.2% and up 8.2% vs. expiring rates for renewed leases. Earnings call transcript. Acquired Eastside Junction shopping center in Athens, Alabama. March '12: FFO $0.20, up 11%. Total revenues down 12% to $39.78 million. Rental revenues down 5% to $29.1 million. Leased occupancy 92.1% vs. 94.4%. Average base rent for new leases up 8.6% and up 5.3% vs. expiring rates for renewed leases. In joint venture with affiliate Inland Private Capital, purchased seven single-tenant properties in seven different states currently leased to CVS Pharmacy or Walgreen's. Bought shopping center in Branson, Missouri and another in Palm Coast, Florida. Joint venture with Dutch pension fund manager PGGM purchased two community shopping centers in Minneapolis area, neighborhood shopping center in Mt. Pleasant, Wisconsin, and a single-tenant supermarket property in Sheboygan, Wisconsin. Netted $59 million selling 2.4 million preferred shares for $25.39 per share. December '11: FFO (adjusted) $0.22, up $0.01. Rental revenues down 6% to $28.6 million. Occupancy 92.7% vs. 93.3%. Drop due to lease expirations on two big-box spaces, and sales of 100% occupied properties. Average base rent for new leases up 17.5% to $12.52/sq. ft. and up 6.4% to $15.01 vs. expiring rates for renewed leases. Joint venture with Dutch pension fund manager PGGM acquired grocery-anchored center located in Chicago, Illinois, and a grocery-anchored center in a suburb of Milwaukee. Raised $48.4 million by selling 8.125% preferred shares. September '11: FFO $0.22, up 10% vs. year-ago. Revenues up 4% to $42.81 million. Occupancy 93.8% vs. year-ago 92.7%. Average base rent for new and renewed leases up 3.6% and 4.6% vs. expiring rates. June '11: FFO (adjusted) $0.20 vs. $0.22. Revenues up 8% to $42.74 million. Occupancy 94.4% vs. 92.4%. Average base rent for new and renewed leases up 6.2% and 11.0%. In joint venture, acquired Red Top Plaza, anchored by SUPERVALU in Chicago area for $19.8 million. March '11: FFO (adjusted) $0.18 vs. $0.22. Revenues up 9% to $45.68 million. Occupancy 94.4% vs. 91.6%. Average base rent for new and renewed leases up 3.4% and 5.1%. Life Storage (formerly Sovran Self Storage) 4/1/17: Self-storage facility owner and operator LifeStorage, along with the entire self-storage industry, has been underperforming for some time. The fact that 20% of its units are in Texas, where continued low oil prices are weighing on the economy, makes matters worse. Forecast FY 12/2017 FFO Growth: 7% FFO Payout Ratio: 69%
Background Quarterly Reports December '16: FFO (adjusted) $1.31, up 2% vs. year-ago. Revenues up 35% to $128.7 million. Same store revenue up 4%. Occupancy 90.9% vs. year-ago 90.4%. Revenue growth came from major acquisition. September '16: FFO (adjusted) $1.34, up 2%. Revenues up 34% to $127.8 million. Same store revenue up 5%. Occupancy 91.9% vs. 91.4%. Raised $200 million selling 3.67% unsecured notes. In July, Sovran Self Storage completed its acquisition of Life Storage, Inc. and rebranded its existing storage facilities from "Uncle Bob's" to "Life Storage. In August, Sovran Self Storage changed its corporate name to "LifeStorage, Inc." and ticker symbol to "LSI". June '16: FFO (adjusted) of $1.41, up 14%. Revenues up 18% to $107.0 million. Same store revenue up 6% vs. year-ago. Occupancy 92.3% vs. 92.0%. March '16: FFO (adjusted) $1.22, up 12%. Revenues up 16% to $99.124 million. Same store revenue up 7%. Occupancy 90.5% vs. 89.9%. Sold 2.3 million new shares at $105.75/share. In March, dividend up 12% to $0.95. December '15: FFO (adjusted) $1.28, up 13%. Revenues up 12% to $95.04 million. Same store revenue up 7% vs. year-ago. Occupancy 90.1% vs. 88.9%. September '15: FFO $1.29, up 15%. Revenues up 12% to $95.428 million. Occupancy 91.4% vs. 90.4%. In July, dividend up 13% to $0.85. June'15: FFO $1.24, up 15%. Revenues up 13% to $90.726 million. Occupancy 92.1% vs. 90.8%. Paid $75 million to acquire nine new properties. Agreed to pay $85 million to acquire 13 additional properties. March'15: FFO $1.07, up 22%. Revenues up 13% to $85.408 million. In January, dividend up 10% to $0.75.
Buy Omega, Sell LTC We are advising selling LTC Properties. See the write-up at top for details. LTC acquired two skilled nursing facilities with a total of 288 licensed beds for $54.0 million. One is located in Cincinnati, Ohio and the other is in Dayton, Ohio, LTC sold $85.8 million of 5.03% notes maturing July 2024 to institutional investors. In June, LTC paid $6.5 million to acquire a 90 bed skilled nursing facility in Brownwood, Texas. In March, LTC acquired a 144 bed skilled nursing property in the Dallas-Ft. Worth, Texas area for $18.6 million. Forecast FY 12/2012 FFO Growth: 6% Div/FFO Ratio: 76%
Background Quarterly Reports March '12: FFO normalized) $0.56, up 8% vs. year-ago. Revenues up 11% to $22.64 million. Book value $14.33 per share vs. year-ago $16.35. December '11: FFO (normalized) $0.55, up 12% vs. year-ago. Revenues up 13% to $22.30 million. Paid $15.6 million to acquire a skilled nursing property with 156 licensed beds near Riverside California. In December, dividend up 3.5% to $0.145. September '11: FFO (adjusted) $0.54, up 13% vs. year-ago. Revenues up 16% to $21.25 million. Acquired a 140 bed skilled nursing home in Texas for $10.0 million. June '11: FFO $0.53, up 8% vs. year-ago. Revenues up 18% to $21.18 million. March '11: FFO (normalized) $0.50, up 8%. Counting non-recurring, FFO $0.38/share. Revenues up 14% to $20.3 million. Bought two adjacent properties in South Carolina for $11.5 million. One, a skilled nursing facility, and the other, a large assisted living complex. Paid $41.0 million to buy four skilled nursing properties in Texas with 524 licensed beds. In March, sold 4.0 million new shares for $27.25. December '10: FFO $0.51, up 11%. Revenues up 15% to $19.99 million. Paid $28.5 million to acquire two skilled nursing properties in Texas with 292 licensed beds, and $26.9 million to acquire three assisted living properties in Florida and one in Mississippi. In October, dividend up 8% to $0.14. September '10: FFO (continuing), up $0.01. Including costs related to redemption of preferred shares, FFO $0.39. Revenues up 8% to $18.52 million. Raised $48.1 million by selling 1.97 million new shares to institutional investors for $24.70/share. June '10: FFO $0.49, up 9%. Revenues up 5% to $18.2 million. Made deal to borrow up to $100 million via promissory notes paying 5.3% to 5.7%, and maturing in 5 to 8.5 years. March '10: FFO (adjusted) $0.43 vs. $0.47. Revenues up 1% to $17.9 million. Increased revolving line of unsecured credit available by $30 million to $110 million. Had $29.5 million outstanding under that agreement. December '09: FFO $0.46, up 10%. Revenues up 5% to $17.47 million. September '09: FFO $0.49, up $0.03. Revenues up 2% to $17.33 million. Paid mortgage debt down to $7.7 million vs. $17.4 million at June 30. June '09: FFO $0.45 vs. $0.50. Revenues down 3% to $17.4 million. Paid down $15.8 million in mortgage debt, bringing remaining mortgage debt total down to $15.9 million. March '09: FFO $0.50 vs. $0.51. Revenue -1% to $17.7 million. Rental income +3% to $15.0 million, but interest income -18% to $2.7 million (fewer mortgages held). December '08: FFO $0.43, -10%. Rental income -2% to $14.2 million. Interest income -30% to $2.4 million (fewer mortgages held).
2/29/12
Sell Medical Properties Trust In January, Medical made a deal to pay Ernest Health, Inc., $300 million for 16 existing post acute care hospitals, and another $100 million for unspecified "Ernest Health's operations." After the deal closes, MPT expects to have investments in 78 hospital facilities in 24, with no tenant group representing more than 20% of total assets. MPT expects the deal to add $0.19 per share to FFO in the 12 months following closing (during 1Q 2012). In January, Medical netted $219 million to help finance the deal by selling 23.6 million new shares at $9.75 each, and raised $200 million by selling Senior notes due 2022. Forecast FY 12/2012 FFO Growth: 25% Div/FFO Ratio: 90%
Background Quarterly Reports December '11: FFO (adjusted) $0.19, up $0.02 vs. year-ago. Revenues up 20% to $36.8 million. Earnings call transcript. Disappointing FFO growth. Previous Quarterly Reports September '11: FFO (adjusted) $0.18, up 20%. Revenues up 32% to $37.79 million. At September 30, portfolio, valued at $1.5 billion, included 58 healthcare properties in 22 states leased to 19 hospital operating companies, plus two mortgage loans on healthcare properties. Earnings call transcript. June '11: FFO (adjusted) $0.16 vs. $0.19 (excluding non-recurring). Revenues up 19% to $36.4 million. Earnings call transcript. MPT Operating Partnership unit raised $450 million by selling 6.875% notes due in 2021. March '11: FFO (adjusted) $0.19 vs. $0.21. Revenues down 16% to $35.70 billion. At 3/31, portfolio included 58 healthcare properties in 22 states leased to 19 hospital operating companies. Earnings call transcript. Acquired acute care hospital in New Jersey and a long-term acute care hospital near Dallas, Texas. December '10: FFO (adjusted) $0.17, even. Revenues up 6% to $31.75 million. Earnings call transcript. Acquired two long-term acute care hospital facilities in Texas, and expected to acquire a third facility in Kansas City, subject to assumption of existing mortgage. September '10: FFO (normalized) $0.16, vs. $0.20. Revenues down 7% to $29.2 million. June '10: FFO (adjusted) $0.27, up 29%. Revenues up 6% to $31.21 million. Earnings call transcript. Paid $74 million for three inpatient rehabilitation hospitals in Texas that are leased to affiliates of Reliant Healthcare Partners. Closed $450 million credit facility with bank syndicate that replaced $220 million arrangement. In April, netted $279 million by selling 30 million new shares at $9.75. March '10: FFO (operating) $0.22, even. Revenues up 5% to $33.7 million. Earnings call transcript. December '09: FFO (adjusted) $0.17 vs. $0.20. Revenues up 15% to $33.0 million. National Storage Affiliates Sold 5/1/20
Background Quarterly Reports December '19: FFO (core) $0.40 per share, up 8% vs. year-ago. Revenues up 13% to $100.6 million. Same store revenues (revenues from assets held 12+months) up 3.8%. Operating margin 33.7% of sales vs. year-ago 32.3% (higher is better). In November, dividend up 3% to $0.33.. September '19: FFO (core) $0.40, up 11%. Revenues up 19% to $101.4 million. Same store revenues up 3.7%. Operating margin 32.2% vs. 32.2%. June '19: FFO (core) $0.38, up 12%. Revenues up 20% to $95.4 million. Same store revenues (revenues from assets held 12+months) up 4.7%. Operating margin 32.7% vs. 29.7%. Net self storage assets $2.726 billion ($47.37/share) vs. year-ago $2.391 billion ($47.36). In May, dividend up 7% to $0.32. March '19: FFO (core) $0.37, up 16%. Revenues up 18% to $90.6 million. Same store revenues up 4.8%. Operating margin 32.0% vs. 28.2%. Net self storage assets $2.564 billion ($45.22/share) vs. $2.223 billion ($44.19). December '18: FFO (core) $0.37, up 16%. Revenues up 4% to $63.951 million. Same store revenues up 4.2%. Operating margin 32.3% vs. 29.9%. National entered into a joint venture with Heitman Capital Management to acquire the holdings of Simply Self Storage, which included 112 self storage properties in 17 states and Puerto Rico. In November, dividend up 3% to $0.30. September '18: FFO $0.36, up 9%. Revenues up 24% to $85.38 million. Same store revenues up 4.0%. Operating margin 32.1% vs. 30.9%. June '18: FFO (core) $0.34, up 10%. Revenues up 24% to $79.723 million. Same store revenues (revenues from assets held 12+months) up 3.6%. Operating margin 29.7% vs. 30.0%. In May, dividend up 3.5% to $0.29. March '18: FFO (core) $0.32, up 10%. Revenues up 24% to $76.493 million. Same store revenues up 4%. Operating margin 28.2% of sales vs. 25.9%. December '17: FFO (core) $0.32, up 8% vs. year-ago. Revenues up 24% to $73.3683 million. Same store revenues up 5%. Operating margin 29.0% vs. 8.0%. New Residential Investment 6/20: New Residential appears to have solved its balance sheet issues. But its 2.8% dividend yield isn't high enough to justify holding. New Residential raised $600 million in new capital. As a result, NRZ expects to have approximately $1.1 billion of cash and cash equivalents on its balance sheet. In March, New Residential cut its quarterly common stock dividend by 90% to $0.05 per share, but maintained its preferred stock dividends. Analysts say that the falling value of non-agency mortgage-backed securities triggered a 25%-30% drop in book value, which led to the dividend cut. Forecast 12/2019 EPS Growth: -8% • Price/Sales Ratio: 3.2
Background Quarterly Reports March '20: EPS (core) $0.48 per share, $0.65 above analyst forecasts, but down 9% vs. year-ago. Net interest income down 21% to $185.518 million. Book value down 35% vs. year-ago to $10.71. Cut quarterly common stock dividend by 90% to $0.05 per share. December '19: EPS (core) $0.61, up 5% vs. year-ago. Net interest income down 21% to $210.076 million. Book value down $0.04 vs. year-ago at $16.21. Entered into a joint venture, Landed Home Loans, with San Francisco-based Landed Inc., to market mortgages to school employees. Completed acquisition of bankrupt Ditech Holdings' mortgage servicing rights portfolio. September '19: EPS (core) 0.50, down $0.03. Net interest income down 23% to $202.225 million. Book value down 3% to $16.26. June '19: EPS (core) $0.53, down 9%. Net interest income down 30% to $158.043 million. Book value down 0.5% vs. 12/31/18 to $16.17. Agreed to take a minority stake in Covius Holdings, a provider of technology-enabled services to the financial services industry. March '19: EPS (core) $0.53, down 9%. Net interest income down 9% to $236.035 million. Book value up 1% vs. 12/31/18 to to $16.42. Sold 40.3 million new shares at $16.50 per share. December '18: EPS (adjusted) $0.58, down $0.03. Net interest income up 13% to $265.997 million. Book value up 6% to $16.25. Sold 25 million new shares for $17.30 per share. September '18: EPS (adjusted) $0.63 vs. $0.64. Net interest income down 4% to $262.7 million. Book value up 13% up $16.83. June '18: EPS (adjusted) $0.58 vs. $1.03. Net interest income down 24% to $269.9 million. 10/1/15: New Residential Investment is not delivering the dividend growth that we expected when we added it to the portfolio in June. June'15: EPS (core) $0.45, up 13% vs. year-ago. Net interest income up 66% to $96.306 million. Excess mortgage services rights portfolio (fair value) up 260% to $1.504 billion. Residential securities and call rights portfolio up 65% from 3/31/15 to $338 million. Book value $12.43 vs. $11.07 at December 31. Acquired substantially all assets and liabilities of Home Loan Servicing Solutions (HLSS) for $1.4 billion. The deal almost doubled the value of NRZ's excess mortgage servicing rights portfolio. In June, sold 36.7 million new shares, and an affiliated firm sold 3.6 million existing shares, all at $16.00 per share. In April, New Residential sold 29.2 million new shares at $15.25. March'15: EPS $0.44, up 38%. Excess mortgage services rights portfolio (fair value) up 54% to $526.6 million. Real estate securities portfolio down 1% to $2.345 billion. Book value was $10.93 vs. $11.07 at December 31. December'14: EPS (core) $0.41, up 46%. Excess mortgage services rights portfolio (fair value) up 29% to $417.733 million. Real estate securities portfolio up 25% to $2.463 billion. Dividend up 9% to $0.38. NexPoint Residential Trust NexPoint reports March quarter results before the bell on May 7. The conference call is set for 11 am Eastern on May 7. NexPoint Residential was added to the S&P 600 Small-Cap Index on January 6. In October, NexPoint raised its quarterly dividend by 14% to $0.3125 per share.
Background Quarterly Reports December '19: FFO (adjusted) 0.59, up 26% vs. year-ago. Revenues up 26% to $49.7 million. Net operating income totaled $28.3 million from 40 properties vs. year-ago $21.3 million from 35 properties. Net operating income from properties owned more than one year (same store properties) up 9% vs. year-ago. September '19: FFO (core) $0.54, up 13%. Revenues up 28% to $46.8 million. Net operating income totaled $26.1 million from 37 properties vs. $20.0 million from 32 properties. Net operating income from same store properties up 4%. June '19: FFO (adjusted) $0.53, $0.07 up 10%. Revenues up 21% to $43.1 million. Net operating income totaled $24.6 million from 39 properties vs. $19.8 million from 32 properties. Net operating income from same store properties up 5% vs. year-ago. March '19: FFO (adjusted) $0.53, up 18%. Revenues up 18% to $41.5 million. Net operating income totaled $23.6 million from 38 properties vs. $19.1 million from 32 properties. Net operating income from properties owned more than one year up 7% to $20.4 million. December '18: FFO (adjusted) $0.47, up 4%. Revenues up 13% to $39.4 million. Net operating income totaled $21.3 million from 35 properties vs. $19.3 million from 33 properties. Net operating income from same store properties up 1% to $18.7 million. Sold 2.7 million new shares at $33.00. In November, dividend up 10% to $0.275. September '18: FFO (adjusted) $0.48, up 20%. Revenues down 2% to $36.5 million. Net operating income totaled $20.0 million from 35 properties vs. year-ago $19.5 million from 32 properties. Net operating income from same store properties up 8% to $19.0 million. June '18: FFO (adjusted) $0.44 vs. $0.08. Revenues up 1% to $35.7 million. Net operating income totaled $19.8 million from 32 properties vs. $18.1 million from 37 properties. Revenues from properties owned more than one year (same store properties) up 4.7% to $31.622 million. March '18: FFO (adjusted) $0.45/share up 5%. Revenues down 5% to $35.1 million. Net operating income totaled $19.1 million from 32 properties vs. $19.7 million from 40 properties. Revenues from same store properties up 3.6% to $30.163 million. Net asset value up 20% to $30.68 per share. December '17: FFO (adjusted) $0.44 up 16%. Revenues up 7% to $34.9 million. Net operating income up 10% to $19.3 million. Revenues from same store properties up 6.7% to $26.587 million. Sold four properties for $116 million. In October, dividend up 14% to $0.25 per share. Net asset value $29.84 per share. September '17: FFO (adjusted) $0.42 up 11%. Revenues up 12% to $37.1 million. Net operating income up 14% to $19.5 million. Revenues from same store properties up 7.1% to $25.782 million. Net asset value $27.88 per share. June '17: FFO (adjusted) $0.34 down 13%. Revenues up 4% to $35.2 million. Net operating income up 4% to $18.1 million. Revenues from same store properties up 6.6% to $28.988 million. Net asset value $27.31 per share. March '17: FFO (adjusted) $0.43. Revenues up 10% to $37.0 million. Net operating income up 11% to $19.7 million. Net asset value $25.55 per share. Omega Healthcare Investors Omega has seriously underperformed the portfolio over the past 12-months and we don't see any reason why that would change going forward. In July, Omega increased its quarterly dividend by 3% ($0.02) to $0.60 per share, up 7% vs. year-ago. This was OHI's 16th straight quarterly dividend hike. Forecast FY 12/2016 FFO Growth: 8% FFO Payout Ratio: 69%
Background Quarterly Reports June '16: FFO $0.87, up 67% vs. year-ago. Revenues up 16% to $228.8 million. Good growth from OHI. In May, dividend up 2% to $0.58. March '16: FFO (adjusted) $0.83, up 31%. Revenues up 59% to $212.9 million. In January, dividend up 2% to $0.57. December '15: FFO (adjusted) $0.81, up 13%. Revenues up 60% to $210.5 million. Revenue increase from acquisition. In October, dividend up 2% to $0.56. September'15: FFO (adjusted) 0.79 per share, up 8%. Revenues up 54% to $201.97 million. Revenue increase from acquisition. Sold $600 million of 5.25% senior notes to institutional investors at a 0.2% discount to face value. Used the funds to redeem $575 million of existing 6.75% notes. In July, dividend up 2% to $0.55. June'15: FFO (adjusted) $0.77, up 12%. Revenues up 62% to $197.7 million. Revenue increase from acquisition . In February, dividend up 2% ($0.01) to $0.54, but paid in two parts, $0.36 and then $0.18 (split payment related to pending acquisition). March'15: FFO (adjusted) $0.71, even. Revenues up 10% to $133.4 million. Adjusted funds available for distribution (FAD) even at $0.65/share. Completed acquisition of Aviv REIT (AVIV). Sold 10.0 million new shares at $42 per share. In January, dividend up 2% ($0.01) to $0.53. December'14: FFO (adjusted) $0.72, up 11%. Revenues up 18% to $131.3 million. Cash available for distribution (adjusted) up 12% to $0.66/share. Agreed to acquire skilled nursing facility property owner Aviv REIT (AVIV) for $3 billion of Omega stock. Avis owned 312 properties with 26,520 beds in 29 sates, compared to 562 properties with 63,532 beds in in 37 states for Omega. In October, dividend up 2% ($0.01) to $0.52. September '14: FFO (adjusted) $0.73, up 24%. Cash available for distribution (adjusted) up 18% to $0.67/share. Revenues (continuing) rose 13% to $116.454 million. Sold $250 million of 4.50% senior notes due in 2025. In July, dividend up 2% ($0.01) to $0.51. June '14: FFO (adjusted) $0.69, up 11%. Revenues up 19% to $121.8 million. March '14: FFO (adjusted) $0.71, up 13%. Revenues up 19% to $121.0 million. In January, dividend up 1% to $0.49. December '13: FFO (adjusted) $0.65, up 12%. Revenues up 17% to $111.1 million. In October, dividend up 2% to $0.48. September '13: FFO (normalized) $0.63, up 17%. Revenues up 19% to $103.3 million. Sold 2.875 million new shares at $30.00. In July, dividend up 2% ($0.01) to $0.47. June '13: FFO $0.62, up 17%. Revenues up 22% to $102.515 million. In April, dividend up $0.01 to $0.46. March '13: FFO (adjusted) $0.63, up 15%. Revenues up 20% to $101.8 million. Rental income up 23% to $93.11 million. Mortgage interest income flat at $7.35 million. In January, dividend up $0.01 to $0.45. December '12: FFO (adjusted) $0.58, up 16%. Revenues up 25% to $95.0 million. Rental income up 22% to $85.22 million. Mortgage interest income up 40% to $8.03 million. In October, dividend up 5% to $0.44. September '12: FFO (adjusted) $0.54, up 13%. Revenues up 20% to $87.1 million. Rental income up 14% to $78.17 million. Mortgage interest income up 112% to $7.68 million. June '12: FFO $0.53, up 26%. Revenues up 14% to $83.8 million. Rental income up 10% to $75.23 million. Mortgage interest income up 116% to $7.40 million. In April, dividend up 2% to $0.42 per share. March '12: FFO (adjusted) $0.55, up 25%. Revenues up 20% to $84.5 million. Rental income up 15% to $75.98 million. Mortgage interest income up 111% to $7.34 million. Raised $400 million selling senior notes paying 5.875%. In January, dividend up 2.5% to $0.41. Outfront Media Outfront said Providence Equity Partners and Ares Management agreed to purchase $400 million in newly issued convertible 7.0% preferred stock. Outfront reports March quarter results before the bell on May 8. The conference call is set for 18:30 am Eastern on May 8. Outfront now expects between low single-digits and flat March quarter revenue growth. OUT also withdrew FY20 adjustable FFO growth forecasts. In February, Outfront raised its quarterly dividend by 5.5% to $0.34 per share, its first dividend hike in three years.
Background Quarterly Reports December '19: FFO (adjusted) $0.73, up 4% vs. year-ago. Total revenues up 8% to $488.1 million. Billboard revenues up 6% to $3121.1 million. Transit and other revenues up 11% to $167.0 million. September '19: FFO (adjusted) $0.64, up 5%. Revenues up 12% to $462.5 million. Billboard revenues up 7% to $312.0 million. Transit and other revenues up 22% to $150.5 million. June '19: FFO (adjusted) $0.67, up 22% vs. year-ago. Revenues up 14% to $459.9 million. Billboard revenues up 9% to $305.8 million. Transit and other revenues up 27% to $154.1 million. March '19: FFO $0.28, up $0.01. Revenues up 10% to $371.7 million. Billboard revenues up 5% to $251.0 million. Transit and other revenues up 22% to $120.7 million. December '18: FFO $0.70, up 18%. Revenues up 13% to $452.4 million. Billboard revenues up 9% to $302.1 million. Transit and other revenues up 20% to $150.3 million. September '18: FFO (adjusted) $0.48, up 20%. Revenues down 2% to $36.5 million. Net operating income totaled $20.0 million from 35 properties vs. $19.5 million from 32 properties. Net operating income from properties owned more than one year (same store properties) up 8% to $19.0 million. PennyMac Mortgage September '21: EPS -$0.45 vs. $0.94. Net investment income $47.9 million vs. year-ago $221 million. Book value down 1% to $19.79 per share. June '21: EPS $0.32 vs. $4.51. Net investment income $121.6 million vs. $558.3 million. Book value up 8% to $20.77 per share. March '21: EPS $0.67 vs. -$5.99. Net investment income $201.4 million vs. -$506.5 million. Book value up 38% to $20.90 per share. December '20: EPS $0.78, up 42%. Net investment income $221.0 million vs. $155.0 million. Book value down 5% to $20.30 per share. In December, dividend up 18% to $0.47, even with year-ago (pre-Covid) level. September '20: EPS $0.94, up 33%. Net investment income $221.0 million vs. $130.8 million. Book value down 6% to $19.95 per share. June '20: EPS $4.51 vs. $0.50. Net investment income $558.3 million vs. $96.401 million. Book value down 16% to $19.19 per share. In June, dividend up 60% to $0.40, down 15%. March '20: EPS (core) -$5.99 vs. +$0.68. Net investment income -$506.5 million vs. $106.0 million. Total assets up 58% to $11.918 billion. Book value down 27% to $15.16 per share. In March, dividend down 47% to $0.25. December '19: EPS $0.55, even. Net investment income up 85% to $155.0 million. Total assets at 12/31 up 51% to $11.771 billion. Book value up 3% to $21.37 per share. Sold eight million new shares at $22.13 per share. September '19: EPS (core) $0.71, up 15%. Net investment income up 21% to $130.8 million. Total assets at 9/30 up 48% to $10.745 billion. Book value up 3% to $21.14 per share. Sold 9.2 million new shares for $21.75 per share. June '19: EPS $0.92, up 31%. Total net revenue up 24% to $302.977 million. Total assets at 6/30 up 23% to $8.398 billion. Book value up 12% vs. year-ago to $22.72 per share. Sold eight million new shares at $21.12 per share. March '19: EPS $0.68, up 94%. Total assets at 3/31 up 30% to $7.556 billion. Book value up 2% to $20.72 per share. Sold 7 million new shares at $20.71 per share. December '18: EPS $0.55, up 10%. Net Investment Income down 10% to $93.7 million. Total assets at 12/31 $7.813 billion, up 39%. Book value up 2% to $20.61 per share. September '18: EPS $0.62 vs. $0.20. Net Investment Income up 15% to $108.5 million. Total assets at 9/30 up 26% to $7.268 billion. Book value up 4% to $20.48 per share. June ’18: EPS $0.47 up 24% vs. year-ago. Net Investment Income down 5% vs. year-ago to $83.0 million. Total assets at 6/30 up 11% vs. year-ago to $6.677 billion. Book value up 1% to $20.27 per share. s March ’18: EPS $0.35 Net Investment Income up 17% to $75.7 million. Total assets at 3/31 up 4% vs. year-ago to were $5.790 billion. Book value up 0.4% to $20.24 per share. Physicians Realty Trust 11/1/17: We added Physicians Realty to the portfolio in July 2014, when it was paying a $0.225 per share quarterly dividend. Since that time, quarterly revenues increased 555% to $93 million, but its dividend has only grown $0.005 to $0.23 per share. When valuing REITs, most investors look to funds from operations (FFO), a cash flow measure, instead of EPS. Over the past two years, Physicians revenues have soared 165%, but quarterly FFO, at $0.26 per share, hasn't changed. Bottom line: Physicians' spectacular revenue growth isn't translating to anything of value for shareholders. Physicians reported September quarter FFO (normalized) of $0.26 per share, $0.01 below analyst forecasts, and down $0.01 vs. year-ago. Revenues up 33% to $93.0 million. Rental revenues up 30% to $69.408 million. Portfolio up 27% vs. year-ago to 12.969 million gross leasable sq. ft., 96.6% leased. Revenues up 33% vs. year-ago, but shares outstanding up 32%, so scant net gain for shareholders. In July, Physicians sold 23 million new shares at $20.40 per share. Forecast 12/2017 FFO Growth: 9% FFO Payout Ratio: 86%
Background Quarterly Reports June '17: FFO (normalized) $0.24, up 9% vs. year-ago. Revenues up 44% to $76.60 million. Rental revenues up 37% to $58.015 million. Portfolio up 31% vs. year-ago to 12.596 million gross leasable sq. ft., 96.3% leased. Net real estate investments 3.545 billion ($22.02 per share) vs. year-ago $2.477 billion ($18.23 per share). In June, dividend up 2% to $0.23. This was DOC's first dividend hike since its July 2013 IPO. March '17: FFO (normalized) $0.28, up 27%. Revenues up 74% to $76.7 million. Rental revenues up 69% to $59.092 million. Portfolio up 73% to 11.392 million gross leasable sq. ft., 96.5% leased. Sold 15 million new shares at $18.20. December '16: FFO $0.27, up 4%. Revenues up 82% to $73.674 million. Rental revenues up 78% to $53.923 million. Portfolio up 88% to 10.884 million gross leasable sq. ft., 96.1% leased. September '16: FFO (normalized) $0.27, up 8%. Revenues up 101% to $70.010 million. Rental revenues up 89% to $53.327 million. Net real estate investments up 126% to $2.580 billion. Portfolio up 93% to 10.234 million gross leasable sq. ft., 95.7% leased. June '16: FFO (normalized) $0.22, up 5%. Revenues up 79% to $53.216 million. Rental revenues up 78% to $42.196 million. Net real estate investments up 117% vs. year-ago to $2.477 billion. Portfolio up 108% to 9.587 million gross leasable sq. ft., 95.7% leased. Paid $725 million to acquire 52 medical office facilities in 10 states from Catholic Health Initiatives. Sold 25.9 million new shares at $17.85 per share. March '16: FFO (normalized) $0.22, up 16%. Revenues up 44% to $44.134 million. Rental revenues up 71% to $34.855 million. Net real estate investments up 73% to $1.725 billion. Portfolio up 64% to 6.551 million gross leasable sq. ft., 95.9% leased. Sold 21.3 million new shares at $15.75/share. December '15: FFO (normalized) $0.26, up 18%. Revenues up 105% to $40.404 million. Rental revenues up 89% to $31.863 million. Net real estate investments up 104% to $1.539 billion. Portfolio up 87% to 5.799 million gross leasable sq. ft., 95.8% leased. Raised $197 million selling 15.8 million new shares at $15 per share. Planned to offer 12.5 million shares, but upsized offering due to demand. September '15: FFO (normalized) $0.26, up 53%. Revenues up 146% (not a typo) to $34.870 million. Rental revenues up 125% to $28.145 million. Net real estate investments up 184% to $1.143 billion. Portfolio 5.304 million gross leasable sq. ft., 95.5% leased. June'15: FFO (normalized) $0.21, up 24%. Revenues up 159% to $29.7 million. Rental revenues up 131% to $20.625 million. Net real estate investments up 154% to $1.143 billion. Portfolio 4.604 million gross leasable sq. ft., 94.6% leased. March'15: FFO (normalized) $0.20, up 67%. Total revenues up 205% to $24.484 million. Rental revenues up 199% to $20.341 million. Net real estate investments up 161% to $997.2 million. Portfolio 3.994 million gross leasable sq. ft., 94.6% leased. December'14: FFO (normalized) $0.22, up 57%. Total revenues up 204% vs. to $19.694 million. Rental revenues up 200% to $16.842 million. Net real estate investments up 232% to $756.5 million. Portfolio 3.101 million sq. ft., 94.6% leased. September '14: FFO (normalized) $0.17, even with June quarter. Total revenues up 280% to $14.161 million. Rental revenues up 328% to $12.506 million. Net real estate investments $665.6 million vs. $450.1 million at June 30. Sold 10.9 million new shares at $14.00 per share. June '14: FFO (normalized) $0.17, up 58% vs. March Q. Total revenue up 233% vs. year-ago to $11.447 million. Rental revenues up 303% to $10.241 million. Net real estate investments $450.1 million vs. $381.2 million at March 31. Physicians sold 12.65 million new shares for $12.50 per share March '14: FFO (normalized) $0.12. Total revenue $7.991 million. Rental revenues $6.808 million. Net real estate investments $381.2 million. December '13: FFO (normalized) $0.14. Total revenue $6.448 million. Rental revenues $5.613 million. Net real estate investments $204.4 million. PotlatchDeltic 8/1/18: Lumber prices have been trending down for some time and analysts aren't forecasting a turnaround anytime soon. PotlatchDeltic reported June quarter earnings of $0.75 per share, $0.06 above analyst forecasts, and up 39% vs. year-ago. Revenues up 64% to $268.2 million. Operating cash flow $60.5 million ($0.96 per share) vs. year-ago $37.5 million ($0.91/share). Results reflect 2/21/18 acquisition, so year-ago comparisons don't necessarily predict future growth rates. Forecast 12/2018 EPS Growth: -1% EPS Payout Ratio: 66%
Background Quarterly Reports March '18: EPS (adjusted) $0.69, up 68% vs. year-ago. Revenues up 34% to $199.9 million. Operating cash flow $0.69 per share vs. year-ago $1.02. Results reflect 2/21/18 acquisition, so year-ago comparisons don't necessarily predict future growth rates. In March, Potlatch completed its merger with Deltic Timber and changed its name to PotlatchDeltic Corporation. However, its ticker symbol remained "PCH". December '17: EPS (adjusted) $0.62, up 77% vs. year-ago. Revenues up 13% to $175.2 million. Operating cash flow $0.81 per share vs. year-ago $0.66. In October, dividend up 7% to $0.40. September '17: EPS $0.82 up 21. Revenues up 9% to $190.4 million. Timber revenues up 10% to $94.705 million. Wood products revenues up 19% to $116.407 million. Operating cash flow $50.0 million ($1.21 per share) vs. $28.7 million ($0.70 per share). Operating cash flow up 73% (PCH doesn't report FFO). June '17: EPS 0.59 vs. $0.00. Revenues up 15% to $163.2 million. Timber revenues up 2% to $55.924 million. Wood products revenues up 126% to $114.529 million. Operating cash flow $37.5 million ($0.91 per share) vs. $16.8 million ($0.41 per share). March '17: EPS 0.41 vs. -$0.77 loss. Revenues up 17% to $1149.7 million. Timber revenues up 2% to $55.924 million. Wood products revenues up 126% to $114.529 million. Operating cash flow $41.9 million ($1.02 per share) vs. $28.9 million ($0.71 per share). QTS Realty 5/1/15: Since cash flow is what powers dividends, QTS Realty Trust’s reduced FFO growth forecast translates to slower payout growth. We're selling QTS Realty to focus on REITs with stronger dividend growth prospects. Forecast FY 12/2015 FFO Growth: 9% FFO Payout Ratio: 53%
Background Quarterly Reports December'14: FFO (operating) $0.55, up 17% vs. year-ago. Revenues up 26% to $59.563 million. Rental revenues up 22% vs. year-ago to $47.656 million. Cloud and managed services revenues up 10% to $5.520 million. Forecasting around 17% FFO (cash flow) growth in 2015. Growth is slowing, but still faster than most REITs. September '14: FFO (operating) $0.49, down $0.01 vs. June quarter (October 2013 IPO). Revenues up 26% vs. year-ago to $57.9 million. Rental revenues up 21% vs. year-ago to $45.448 million. Cloud and managed services revenues up 19% to $5.242 million. June '14: FFO (operating) $0.50. Revenues up 20% vs. year-ago to $51.338 million. Rental revenues up 21% to $41.966 million. Cloud and managed services revenues up 17% to $4.97 million. March '14: FFO $0.47. Revenues up 18% to $48.94 million. Rental revenues up 20% to $40.6 million. Cloud and managed services revenues up 3% to $4.2 million. In February, declared first full-quarter dividend $0.29. Introduced QTS Federal Cloud, a data center service targeted to government agencies. December '13: FFO (adjusted) $0.47. Revenues up 24% to $47.429 million. Rental revenues up 25% to $39.1 million. Cloud and managed services revenues up 25% to $4.7 million. Declared pro-rata $0.24 per share dividend covering from 10/15/13 IPO to 12/31/13, equivalent to $0.29 per share for a full quarter. Redwood Trust September '21: EPS $0.65 vs. $1.02. Net interest income up 91% to $42 million. Mortgage banking income up 7% to $63 million. Investment value changes $26 million vs. $107 million. Book value $12.00 per share vs. $9.41. In September, dividend up 17% to $0.21. June '21: EPS $0.66, down 34%. Net interest income down 37% to $27 million. Mortgage banking income $54 million vs. -$6 million. Investment value changes $49 million vs. $152 million. Book value $11.46 per share vs. $8.15. In June, dividend up 13% to $0.18. March '21: EPS $0.72 vs. -$8.28. Net interest income down 49% to $26 million. Mortgage banking income $83 million vs. -$29 million. Investment value changes $45 million vs. -$871 million. Book value $10.76 per share vs. $6.32. Retail Opportunity Investments 10/1/17: Retail Opportunity Investments owns and operates grocery store-anchored community shopping centers. While grocery, drug stores, and dry-cleaners are somewhat immune to being Amazoned, most of the others that you find in these centers such as gift, stationary, and clothing stores are being hit hard by changes in the retail environment. We see the outlook for strip centers getting worse, not better, over time. Forecast 12/2017 FFO Growth: 4% FFO Payout Ratio: 67%
Background Quarterly Reports June '17: FFO $0.27, even with year-ago. Total revenues up 15% to $66.640 million. Same center revenues up 5.2% to $54.66 million. Same center net operating income up 4% to $38.390 million. Same center occupancy 97.5% vs. 97.3%. March '17: FFO 0.28, up $0.01. Total revenues up 17% to $65.900 million. Same center revenues up 4.4% to $53.02 million. Same center net operating income up 2% to $38.390 million. Same center occupancy 97.3% vs. 97.2%. In February, dividend up 4% to $0.1875. December '16: FFO $0.27, up 8%. Total revenues up 23% to $63.070 million. Same center revenues up 4.3%. Same center net operating income up 5.5%. Same center occupancy 97.4% vs. 97.3%. September '16: FFO $0.26, even. Total revenues up 18% to $59.354 million. Same center revenues up 4.1%. Same center cash operating income up 4.0%. Same center occupancy 96.6% vs. 97.1%. June '16: FFO $0.27, up 17%. Total revenues up 27% to $58.67 million. Same center revenues up 5.5%. Same center operating income up 4.9%. Same center occupancy 97.1% vs. 97.3%. March '16: FFO $0.27, up 17%. Total revenues up 24% to $56.09 million. Same center revenues up 6.3%. Same center operating income up 7.6%. Same center occupancy 97.1% vs. year-ago 97.0%. STAG Industrial 8/1/15: STAG Industrial has been growing revenues around 25% annually, but that growth hasn't translated to the bottom line. June quarter FFO (cash flow) was $0.36 per share, exactly even with the year-ago quarter. We're selling STAG Industrial to focus on REITs with stronger cash flow growth prospects. STAG reported June quarter FFO (core) of $0.36 per share, $0.01 below analyst forecasts, and even with its year-ago quarter. Revenues rose 27% to $52.84 million. Quarter end occupancy 95.0% vs. year-ago 94.5%. All that revenue growth, but none of it made it to the bottom line. In May, STAG sold 440,000 shares during May under its "at the market" offering program at an average price of $22.11 per share. Starting with its August payout, STAG increased its monthly dividend by 2% to $0.1150 per share, up 7% vs. year-ago. Forecast FY 12/2015 FFO Growth: 2% FFO Payout Ratio: 91%
Background Quarterly Reports March'15: FFO (core) $0.35, down 3% vs. year-ago. Revenues up 27% to $43.249 million, however, shares outstanding grew 42%. Quarter end occupancy 94.4% vs. 94.9% at 12/31. In January, monthly dividend up 2% to $0.1125. December'14: FFO (core) of $0.37 per share, even. Revenues up 34% to $50.033 million. Occupancy (quarter end) 94.9%. Acquired 12 fully occupied industrial buildings comprising 2.7 million sq. ft. for $136.4 million ($50.50/sq. ft.) September '14: FFO (core) $0.36, up 3% ($0.01). Revenues up 22% to $42.358 million. Occupancy (quarter end) 94.8%. Acquired 18 industrial buildings comprising 3.5 million sq. ft. for $173.7 million ($49.62/sq. ft.). June '14: FFO (core) $0.36, up 9%. Revenues up 31% to $41.662 million. Occupancy (quarter end) 94.5%. Acquired nine industrial buildings comprising 2.1 million sq. ft. for $81.7 million. In June, dividend up 5% to $0.11. March '14: FFO $0.36, up $0.03. Revenues up 32% to $33.743 million. December '13: FFO of $0.37, up 12%. Revenues up 39% to $37.418 million. Paid $56 million to acquire six buildings, consisting of two light manufacturing facilities and four warehouse and distribution facilities, containing a total of 1.7 million square feet. In December, monthly dividend up 5% to $0.105. September '13: FFO $0.35, up 21%. Revenues up 65% to $34.883 million. June '13: FFO $0.33, up $0.01. Revenues up 66% to $32.067 million. Spent $50.5 million to acquire five warehouse/distribution facilities and one light manufacturing facility. March '13: FFO $0.33, up 10%. Revenues up 73% to $30.348 million. During the quarter, acquired 7 properties for $60.9 million. Portfolio occupancy 95.4% at 12/30. Sold 6.82 million new shares at $18.30. Said intends to pay out 90% of FFO (adjusted) as dividends, up from the previous low 80% range. In February, dividend up 11% to $0.30. December '12: FFO $0.33, up 43%. Revenues up 65% to $16.6 million. Acquired 40 properties for $213 million. Portfolio occupancy 95.1% at 12/30. September '12: FFO of $0.29, up $0.01. Revenues up 43% to $21.73 million. Acquired 13 fully leased properties comprising 3.1 million sq. ft. Total portfolio 23.5 million sq. ft. and occupancy 96.3% at 9/30. Raised $130 million by selling 9.2 million shares at $14.15. June '12: FFO $0.32 per share. Revenues $19.96 million. During the quarter, STAG acquired 12 fully leased properties comprising 2.3 million sq. ft. Total portfolio 20.4 million sq. ft. and occupancy 95.7% at 6/30. Starwood Property Trust Portfolio diversification is necessary to minimize risk. Thus, adding financial REIT Hannon Armstrong to the portfolio necessitates selling one of our existing financial REITs; either Blackstone Mortgage Trust or Starwood Property Trust (STWD). It's a close call, but since Blackstone has stronger dividend growth prospects, we're selling Starwood. In April, Starwood sold 25.3 million new shares (about 12% dilution) at 22.55 per share. On January 31, Starwood spun-off its Waypoint unit, which invests in single-family rental homes and non-performing (delinquent) residential mortgage loans, into a new REIT, Starwood Waypoint Property Trust (SWAY). STWD shareholders of record on January 24 (1/22 ex-date) received one Starwood Waypoint share for each five STWD shares. We advised immediately selling the SWAY shares received from the spinoff. On March 10, Starwood set the fair market value of its SWAY shares at $28.84 as of the spin-off date. That is your tax basis for the SWAY shares that you received from the spinoff. Forecast FY 12/2014 EPS Growth: 2% Div/EPS Ratio: 89%
Background Quarterly Reports March '14: FFO $0.60, up 30% vs. year-ago. Core (operating) EPS $0.60, up 40% vs. year-ago. Revenues up 105% to $171,979 million. Book value $16.57 per share vs. year-ago $20.08 (drop reflects Waypoint spinoff). Operating cash flow $104.324 million ($0.52/share) vs. year-ago 84.555 million (0.62/share). In February, dividend up 4% to $0.48. December '13: EPS $0.48 per share, up 14%. Core (operating) EPS $0.62, up 29%. Book value $21.83 per share vs. year-ago $19.90. September '13: EPS $0.52, up 21%. Core (operating) EPS $0.61, up 22%. Revenues $155.5 million. Book value $21.78 per share vs. $22.21 at 6/30/13. Netted $699 million selling 28.75 million new shares for $24.30 per share. June '13: EPS $0.38 vs. $0.40. Core (operating) EPS $0.42 vs. $0.45. Net interest income $93.515 million, up 36%. Book value at June 30, $22.21 per share vs. $19.90 at 12/31/12. Renamed Archetype Mortgage Capital, a commercial real estate loan origination firm acquired as part of its LNR acquisition, to Starwood Mortgage Capital. Raised $400 million by selling convertible notes due 2019. Completed acquisition of LNR Property, LLC for $862 million. In May, dividend up 5% to $0.46. March '13: EPS $0.46 vs. $0.53. Core EPS $0.43 vs. $0.58. Net interest income $66.206 million vs. $65.900 million. Investment balance at March 31, $4.1 billion. Book value at March 31, $20.08. December '12: EPS $0.42 vs. $0.44. Core EPS $0.48, up 14%. Net interest income $74.718 million vs. $52.095 million. Investment balance at December 31, $4.1 billion. Book value at December 31, $19.90. Declared $0.10 per share special dividend in addition to quarterly $0.44. STORE Capital 11/1/22: STORE Capital agreed to be acquired by GIC and Oak Street for $32.25 per share, only about 1% over its recent trading price. Store reported September quarter FFO (adjusted) of $0.59 per share, $0.03 above analyst forecasts, and up 18% vs. year-ago. Revenues up 16% to $230 million. Good growth numbers, but STORE has agreed to be acquired and is rated Do Not Add. On 9/15, Store Capital agreed be acquired by GIC and Oak Street for $32.25 per share in cash, about a 20% premium to its previous close. On 9/19, STORE increased its quarterly dividend by 7% to $0.41 per share. but may not pay additional dividends, except as necessary to preserve its tax status as a REIT. In January, STORE terminated Christopher H. Volk, the company's executive chairman, without cause, according to an SEC 8-K filing. Volk resigned as chairman of the board and as a board member or manager of any company affiliates. The Board elected Tawn Kelley to succeed Volk.
Background Quarterly Reports June '22: FFO (adjusted)$0.58, up 16% vs. year-ago. Revenues up 17% to $223.8 million. Net investment portfolio up 14% vs. year-ago to $11.4 billion. March '22: FFO (adjusted) $0.57, up 26%. Revenues up 22% to $222.1 million. Net investment portfolio up 27% vs. year-ago to $11.2 billion. December '21: FFO (adjusted) $0.56,up 27%. Revenues up 21% to $209.2 million. Net investment portfolio up 20% vs. year-ago to $10.7 billion. September '21: FFO (adjusted) $0.52, up 11%. Revenues up 13% to $199.1 million. Net investment portfolio up 18% to $10.3 billion. September, dividend up 7% to $0.385. June '21: FFO (adjusted) $0.50, up 14%. Revenues up 14% to $192.0 million. Net investment portfolio up 20% to $10.0 billion. March '21: FFO (adjusted) $0.47, down $0.02. Revenues up 3% to $182.3 million. Net investment portfolio up 1% to $8,772 million. December '20: FFO (adjusted) $0.44, down 4%. Revenues down 0.3% to $172.9 million. Net investment portfolio up 8% to $8,928 million. September '20: FFO (adjusted) $0.46, down $0.04 vs. year-ago. Revenues up 2% to $175.2x million. Net investment portfolio up 14% to $8,727 million. In September dividend up 3% to $0.36. June '20: FFO (adjusted) $0.44, down 12%. Revenues up 3% to $168.28 million. Net investment portfolio up 9% to $8,317 million. March '20: FFO (adjusted) $0.49, up $0.01. Revenues up 14% to $177.9 million. Net investment portfolio up 13% to $8,295 million. December '19: FFO (adjusted) $0.50, up 4%. Revenues up 18% to $173.5 million. Net investment portfolio up 17% to $7,509 million. In October, dividend up 6% to $0.35. September '19: FFO (adjusted) $0.50, up 19%. Revenues up 25% to $171.8 million. Net investment portfolio $33.80/share) vs. $30.36/share. June '19: FFO (adjusted) $0.50, up 11%. Revenues up 25% to $163.8 million. Net investment portfolio $7,599 million ($33.29/share) vs. year-ago $25.27/share. March '19: FFO (adjusted) $0.48, up 9%. Revenues up 24% to $156.6 million. Net investment portfolio $7,368 million ($33.09/share) vs. $7,019 million ($36.01/share). December '18: FFO (adjusted) $0.48, up 12%. Revenues up 22% to $146.7 million. Net investment portfolio $7,019 million ($32.42/share) vs. $5,805 million ($30.34/share). In November, dividend up 6% to $0.33. September '18: FFO (adjusted) $0.47, up 15%. Revenues up 24% to $137.0 million. Net investment portfolio $6,312 million ($30.36/share) vs. $5,900 million ($31.05/share). June '18: FFO (adjusted) $0.45, up 2%. Revenues up 15% to $131.21 million. Net investment portfolio $33.48/share vs. $25.27/share. March '18: FFO (adjusted) 0.44, up $0.01. Revenues up 17% to $125.8 million. Net investment portfolio $30.92/share vs. year-ago $34.20/share. December '17: FFO (adjusted) $0.43, even. Revenues up 18% to $120.1 million. Net investment portfolio $5.943 billion ($31.07/share) vs. $4.942 billion ($31.64/share). In October, dividend up 7% to $0.31. September '17: FFO (adjusted) $0.41, even. Revenues up 19% (adjusted) to $110.5 million. Net investment portfolio $5.9 billion ($31.05/share) vs. year-ago $4.8 billion ($31.28/share). Warren Buffet's Berkshire Hathaway paid $377 million for 18.6 million newly issued STORE shares at $20.25 per share. As a result, Berkshire holds 9.8% of STORE's outstanding shares. June '17: FFO (adjusted) $0.44, up 30%. Revenues up 24% to $114.2 million. Net investment portfolio $5.190 billion ($34.20/share) vs. $4.364 billion ($29.86/share). March '17: FFO (adjusted) $0.43, up 25%. Revenues up 27% to $108.0 million. Net investment portfolio $34.20/share, up 19%. Sold 9.95 million new shares at $23.10. December '16: FFO (adjusted) up 8%. Revenues up 28% to $102.1 million. Net investment portfolio $30.88/share, up 3%. September '16: FFO (adjusted) $0.41, up 8%. Revenues up 30% to $97.0 million. Net investment portfolio $30.37/share. In September, dividend up 7% to $0.29. June '16: FFO adjusted) $0.40, up 38%. Revenues up 34% to $92.0 million. Net investment portfolio $29.86/share. March '16: FFO 0.40, up 18% vs. year-ago. Revenues up 39% to $85.234 million. Net investment portfolio $4.052 billion $28.82/share. Oaktree Capital Management sold 20 million shares of STORE' shares at $24.35. In March, Oaktree sold 33.3 million shares, its entire remaining holdings, at $25.25. December '15: FFO (adjusted) $0.40, up 14%. Revenues up 44% to $79.6 million. Net investment portfolio $3.911 billion ($30.02/share) vs. $2.707 billion $27.90/share). Invested $272.6 million in 86 properties. Sold $75 million of 4.95% notes and $100 million of 5.24% notes in private placement. Sold 14 million new shares at $22.00. September '15: FFO (adjusted) $0.38, up 9%. Revenues up 47% to $74.79 million. Net investment portfolio $3.562 billion ($28.21/share). Invested $368.2 million in 75 properties and sold three properties for a $0.7 million gain. In September, dividend up 8% to $0.27. June'15: FFO (adjusted) $0.36, up 9%. Revenues up 53% to $68.90 million. Net investment portfolio $3.336 billion ($28.39/share). Invested $394.8 million in 107 properties and sold four properties for a $1.2 million gain. United Development Funding IV 6/1/15: United Development Funding loans money to finance development of single family residential communities, primarily in Texas. Unfortunately, the strength of Texas economy depends a lot on the oil business. Lower crude oil prices add risks that we don't need. We're selling. Forecast 12/2015 EPS Growth: FFO Payout Ratio:
Background Quarterly Reports March'15: EPS $0.47, up 27% vs. year-ago. Revenues (interest income) up 9% to $17.6 million. Net investments up 10% vs. year-ago to $619.4 million. Operating cash flow $2.795 million ($0.09/share) vs. $5.539 million ($0.17). December'14: EPS $0.44, up 63%. Revenues (interest income) up 30% to $17.087 million. Net investments up 32% to $593.4 million. Operating cash flow $16.362 million ($0.54/share). In November, declared special $0.04/share dividend. September '14: EPS $0.44, up 83%. Revenues (interest income) up 29% to $16.554 million. Net investments up 32% to $593.4 million. Operating cash flow $14.277 million ($0.47/share) vs. $$8.005 million ($0.25/share). Bought back 1.7 million shares at $20.50 per share. June '14: EPS $0.35, up 52%. Revenues (interest income) up 58% to $18.158 billion. Operating cash flow (6 months) up 204% to $16.553 million. Notes receivable $483.5 million. Uniti Group (Communications Sales & Leasing) 3/1/18: Uniti was spun off from telecommunications company Windstream in 2015. Uniti now owns all of Windstream's former landline assets which it leases back to Windstream. Currently, Windstream's lease payments account for 70% of Uniti's revenues. Last month, Moody's downgraded Windstream Holdings to "High Default Risk", and since Windstream accounts for most of Uniti's revenues, Moody's downgraded Uniti's credit rating to "High Default Risk" as well. Uniti is diversifying its businesses as best it can, but doesn't expect to get Windstream's contribution down to 50%, which Moody's considers a critical level, until mid-2019. There's too much that can go wrong here. Uniti reported December quarter FFO (adjusted) of $0.64 per share, $0.01 above analyst forecasts, but down $0.02 vs. year-ago. Revenues up 19% to $246.3 million. Leasing revenues up 1% vs. year-ago to $172.2 million. Fiber Infrastructure revenues up 111% to $66.6 million. Leasing revenues, presumably from Windstream, still accounts for 70% of total revenues. Full year forecast only looks for 10% revenue growth in 2018. Expects to cut Windstream to 67% of revenues by end of 2018 and to 50% of revenues by Summer 2019. Moody's downgraded Windstream Holdings by one notch, and since Windstream accounts for 70% of Uniti's revenues, Moody's downgraded Uniti's credit rating one notch as well to "B3" (High-default risk). In October, Based on its downgrade of Windstream Holdings, Moody's downgraded Uniti's credit rating to "speculative-high risk." Moody's commented, "probability of default at Uniti is approximately equivalent to that of Windstream, though there are some circumstances where Uniti could avoid a default if Windstream defaults." Forecast 12/2018 FFO Growth: 7% FFO Payout Ratio: 98%
Background Quarterly Reports September '17: FFO (adjusted) $0.63, down $0.02 vs. year-ago. Revenues up 22% to $245.2 million. Leasing revenues up 1% to $171.7 million. Fiber Infrastructure revenues up 163% to $66.4 million. 14% more shares out needed for acquisitions hurt FFO, but results from those acquisitions should begin to play out in December quarter. June '17: FFO $0.60, down $0.06. Revenues up 13% to $213.0 million. Leasing revenues up 1% to $170.9 million. Fiber infrastructure revenues up 154% to $35.0 million. Paid $700 million to acquire privately-held Southern Light, which operated fiber networks in five Gulf Coast states. Said deal would increase its non-Windstream revenue to 30% of total revenues. Sold 19.6 million new shares @ $26.50. March '17: FFO (adjusted) $0.65, even. Revenues up 21% to $211.5 million. New businesses, fiber infrastructure and towers, added $36 million to revenues. Changed corporate name from Communications Sales & Leasing to Uniti Group, ticker UNIT. Change reflected principal business units are Uniti Towers, Uniti Fiber, and Uniti Leasing. December '16: FFO (adjusted) $0.66, up $0.01. Revenues up 19% to $206.9 million. Agreed to pay $65 million to acquire privately-held Network Management Holdings, which owned 359 wireless communications towers in Latin America with an additional 114 tower sites under development. September '16: FFO (adjusted) $0.65, even. Revenues up 15% to $200.2 million. June '16: FFO (adjusted) $0.66, up 48%. Revenues up 46% to $188.6 million. Sold 14.7 million shares for $26.01 per share. The shares originally came from Windstream, UNIT's former parent, which traded them to Citi in exchange for paying off debt. UNIT paid $230 million to acquire privately-held Tower Cloud, which offered infrastructure products such as fiberglass cable systems and small-cell networks to wireless carriers and other communications systems providers. Paid $3 million acquire 32 wireless towers from Windstream, and the rights to construct and operate wireless towers on additional Windstream properties. March '16: FFO (adjusted) $0.65, even with December Q (April '15 IPO). Revenues up 0.6% from December to $174.7 million. Rental revenues up 0.6% from December to $168.6 million. Operating cash flow $121.701 million ($0.81 per share). Agreed to pay $409 million to acquire PEG Bandwidth, which owned fiber optic networks in the Northeast and Mid-Atlantic regions of the U.S. December '15: FFO (adjusted) $0.65, even with September Q. Total revenues $173.932 million, even with September. Rental revenues $167.5 million. CLEC revenues $6.45 million. Operating cash flow $71.949 million ($0.48 per share). September '15: FFO (adjusted) $0.65. Total revenues $173.6 million. Rental revenues $167.0 million. CLEC revenues $6.68 million. Operating cash flow $127.9 million ($0.85 per share). VICI Properties Quarterly Reports December '21: FFO (adjusted) $44, down 6%. Revenues up 3% to $383.2 million. Additional share count required to fund MGM acquisition triggered the below year-ago FFO report. September '21: FFO (adjusted) $0.24, up $0.01. Revenues up 20% to $30.0 million. At September 30, the portfolio was 98.9% occupied. June '21: FFO (adjusted) $0.23, up $0.02. Revenues up 28% to $28.3 million. At June 30, the portfolio was 99.1% occupied. March '21: FFO (adjusted) $0.24 per share, up 20%. Revenues up 26% to $27.3 million. At March 31, the portfolio was 99.1% occupied. In February, dividend up 2.5% to $0.205. December '20: FFO (adjusted) $0.46, up 24%. Revenues up 57% to $373.0 million. September '20: FFO 0.43, $ up 23%. Revenues up 53% to $339.7 million. Completed $3.7 billion of acquisitions and investments during the quarter. In September, dividend up 11% to $0.33. Sold 26.4 million new shares at $22.15 per share. June '20: FFO (adjusted) $0.36, down $0.02. Revenues up 17% to $257.9 million. March '20: FFO (adjusted) up $0.01 vs. year-ago. Revenues up 19% to $255.0 million. December '19: FFO (adjusted) $0.37, up $0.01. Revenues up 15% to $226.0 million. Completed $278 million acquisition of four properties from El Dorado Resorts, and simultaneously leased the properties to Century Casinos, Inc. In October, acquired JACK Cleveland Casino, in downtown Cleveland, Ohio, and JACK Thistledown Racino in suburban Cleveland. JACK Entertainment agreed to lease back the properties for 15 years. September '19: FFO (adjusted) $0.35, down $0.01. Revenues (adjusted) up 7% to $222.5 million. Dividend up 3.5% to $0.2975 per share. June ’19: FFO $0.38, up 9%. Revenues (adjusted) up 9% to $221.0 million. Completed acquisition of Greektown Hotel Casino for $700 million in cash. WellTower 12/19: Welltower's growth story did not develop as we expected.
Background Quarterly Reports September '19: FFO (normalized) $1.05, up $0.01 vs. year-ago. Revenues up 2% to $1.266 billion. Same store net operating income up 3% to $421.7 million. Net real estate investments up 4% vs. year-ago to $29.705 billion. June '19: FFO $1.05, up 5% vs. year-ago. Revenues up 17% to $1.320 billion. Same store net operating income up 3% to $417.7 million. Net real estate investments up 21% vs. year-ago to $31.065 billion. March '19: FFO $1.02, up 3%. Revenues up 16% to $1.272 billion. Same store net operating income up 3% to $443.4 million. Net real estate investments up 10% to $28.593 billion. |