QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 34-1096634 | |||||
(State or other jurisdiction of Incorporation) | (IRS Employer Identification No.) | |||||
4500 Dorr Street | Toledo, | Ohio | 43615 | |||
(Address of principal executive offices) | (Zip Code) | |||||
(419) | 247-2800 | |||||
(Registrant’s telephone number, including area code) | ||||||
Not Applicable | ||||||
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $1.00 par value per share | WELL | New York Stock Exchange |
4.800% Notes due 2028 | WELL28 | New York Stock Exchange |
4.500% Notes due 2034 | WELL34 | New York Stock Exchange |
Large accelerated filer | þ | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | Emerging growth company | |||||||||
(Do not check if a smaller reporting company) |
Page | |
PART I. FINANCIAL INFORMATION | |
Item 1. Financial Statements (Unaudited) | |
Consolidated Balance Sheets | |
Consolidated Statements of Comprehensive Income | |
Consolidated Statements of Equity | |
Consolidated Statements of Cash Flows | |
Notes to Unaudited Consolidated Financial Statements | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. Controls and Procedures | |
PART II. OTHER INFORMATION | |
Item 1. Legal Proceedings | |
Item 1A. Risk Factors | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 5. Other Information | |
Item 6. Exhibits | |
Signatures |
September 30, 2018 (Unaudited) | December 31, 2017 (Note) | June 30, 2019 (Unaudited) | December 31, 2018 (Note) | |||||||||||||
Assets: | ||||||||||||||||
Real estate investments: | ||||||||||||||||
Real property owned: | ||||||||||||||||
Land and land improvements | $ | 3,193,555 | $ | 2,734,467 | $ | 3,337,234 | $ | 3,205,091 | ||||||||
Buildings and improvements | 27,980,830 | 25,373,117 | 28,691,274 | 28,019,502 | ||||||||||||
Acquired lease intangibles | 1,562,650 | 1,502,471 | 1,589,138 | 1,581,159 | ||||||||||||
Real property held for sale, net of accumulated depreciation | 619,141 | 734,147 | 1,704,206 | 590,271 | ||||||||||||
Construction in progress | 135,343 | 237,746 | 363,160 | 194,365 | ||||||||||||
Gross real property owned | 33,491,519 | 30,581,948 | ||||||||||||||
Less accumulated depreciation and amortization | (5,394,274 | ) | (4,838,370 | ) | (5,539,435 | ) | (5,499,958 | ) | ||||||||
Net real property owned | 28,097,245 | 25,743,578 | 30,145,577 | 28,090,430 | ||||||||||||
Real estate loans receivable | 409,196 | 495,871 | ||||||||||||||
Less allowance for losses on loans receivable | (68,372 | ) | (68,372 | ) | ||||||||||||
Net real estate loans receivable | 340,824 | 427,499 | ||||||||||||||
Right of use assets, net | 550,342 | — | ||||||||||||||
Real estate loans receivable, net of allowance | 368,994 | 330,339 | ||||||||||||||
Net real estate investments | 28,438,069 | 26,171,077 | 31,064,913 | 28,420,769 | ||||||||||||
Other assets: | ||||||||||||||||
Investments in unconsolidated entities | 423,192 | 445,585 | 519,387 | 482,914 | ||||||||||||
Goodwill | 68,321 | 68,321 | 68,321 | 68,321 | ||||||||||||
Cash and cash equivalents | 191,199 | 243,777 | 268,666 | 215,376 | ||||||||||||
Restricted cash | 90,086 | 65,526 | 91,052 | 100,753 | ||||||||||||
Straight-line rent receivable | 388,045 | 389,168 | 419,501 | 367,093 | ||||||||||||
Receivables and other assets | 650,207 | 560,991 | 716,857 | 686,846 | ||||||||||||
Total other assets | 1,811,050 | 1,773,368 | 2,083,784 | 1,921,303 | ||||||||||||
Total assets | $ | 30,249,119 | $ | 27,944,445 | $ | 33,148,697 | $ | 30,342,072 | ||||||||
Liabilities and equity | ||||||||||||||||
Liabilities: | ||||||||||||||||
Borrowings under primary unsecured credit facility | $ | 1,312,000 | $ | 719,000 | ||||||||||||
Unsecured credit facility and commercial paper | $ | 1,869,188 | $ | 1,147,000 | ||||||||||||
Senior unsecured notes | 9,655,022 | 8,331,722 | 10,606,106 | 9,603,299 | ||||||||||||
Secured debt | 2,465,661 | 2,608,976 | 2,675,507 | 2,476,177 | ||||||||||||
Capital lease obligations | 71,377 | 72,238 | ||||||||||||||
Lease liabilities | 469,029 | 70,668 | ||||||||||||||
Accrued expenses and other liabilities | 1,074,994 | 911,863 | 1,076,061 | 1,034,283 | ||||||||||||
Total liabilities | 14,579,054 | 12,643,799 | 16,695,891 | 14,331,427 | ||||||||||||
Redeemable noncontrolling interests | 400,864 | 375,194 | 483,234 | 424,046 | ||||||||||||
Equity: | ||||||||||||||||
Preferred stock | 718,498 | 718,503 | — | 718,498 | ||||||||||||
Common stock | 376,353 | 372,449 | 406,014 | 384,465 | ||||||||||||
Capital in excess of par value | 17,889,514 | 17,662,681 | 19,740,145 | 18,424,368 | ||||||||||||
Treasury stock | (68,753 | ) | (64,559 | ) | (74,042 | ) | (68,499 | ) | ||||||||
Cumulative net income | 6,008,095 | 5,316,580 | 6,539,766 | 6,121,534 | ||||||||||||
Cumulative dividends | (10,478,020 | ) | (9,471,712 | ) | (11,516,994 | ) | (10,818,557 | ) | ||||||||
Accumulated other comprehensive income (loss) | (138,491 | ) | (111,465 | ) | (100,622 | ) | (129,769 | ) | ||||||||
Other equity | 489 | 670 | 188 | 294 | ||||||||||||
Total Welltower Inc. stockholders’ equity | 14,307,685 | 14,423,147 | 14,994,455 | 14,632,334 | ||||||||||||
Noncontrolling interests | 961,516 | 502,305 | 975,117 | 954,265 | ||||||||||||
Total equity | 15,269,201 | 14,925,452 | 15,969,572 | 15,586,599 | ||||||||||||
Total liabilities and equity | $ | 30,249,119 | $ | 27,944,445 | $ | 33,148,697 | $ | 30,342,072 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Resident fees and services | $ | 914,085 | $ | 763,345 | $ | 1,782,370 | $ | 1,499,279 | ||||||||||||||||||||||||
Rental income | $ | 342,887 | $ | 362,880 | $ | 1,019,857 | $ | 1,085,621 | 385,586 | 333,601 | 766,670 | 676,970 | ||||||||||||||||||||
Resident fees and services | 875,171 | 702,380 | 2,374,450 | 2,049,757 | ||||||||||||||||||||||||||||
Interest income | 14,622 | 20,187 | 42,732 | 61,836 | 17,356 | 13,462 | 32,475 | 28,110 | ||||||||||||||||||||||||
Other income | 3,699 | 6,036 | 22,217 | 15,169 | 3,079 | 15,504 | 10,836 | 18,518 | ||||||||||||||||||||||||
Total revenues | 1,236,379 | 1,091,483 | 3,459,256 | 3,212,383 | 1,320,106 | 1,125,912 | 2,592,351 | 2,222,877 | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Interest expense | 138,032 | 122,578 | 382,223 | 357,405 | ||||||||||||||||||||||||||||
Property operating expenses | 657,157 | 523,997 | 1,782,373 | 1,536,021 | 701,127 | 568,751 | 1,371,934 | 1,125,216 | ||||||||||||||||||||||||
Depreciation and amortization | 243,149 | 230,138 | 707,625 | 683,262 | 248,052 | 236,275 | 491,984 | 464,476 | ||||||||||||||||||||||||
General and administrative | 28,746 | 29,913 | 95,282 | 93,643 | ||||||||||||||||||||||||||||
Interest expense | 141,336 | 121,416 | 286,568 | 244,191 | ||||||||||||||||||||||||||||
General and administrative expenses | 33,741 | 32,831 | 69,023 | 66,536 | ||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 8,991 | 324 | (5,642 | ) | 2,284 | 1,913 | (7,460 | ) | (574 | ) | (14,633 | ) | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 4,038 | — | 16,044 | 36,870 | — | 299 | 15,719 | 12,006 | ||||||||||||||||||||||||
Provision for loan losses | — | — | 18,690 | — | ||||||||||||||||||||||||||||
Impairment of assets | 6,740 | — | 39,557 | 24,662 | 9,939 | 4,632 | 9,939 | 32,817 | ||||||||||||||||||||||||
Other expenses | 88,626 | 99,595 | 102,396 | 117,608 | 21,628 | 10,058 | 30,384 | 13,770 | ||||||||||||||||||||||||
Total expenses | 1,175,479 | 1,006,545 | 3,119,858 | 2,851,755 | 1,157,736 | 966,802 | 2,293,667 | 1,944,379 | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | ||||||||||||||||||||||||||||||||
and income from unconsolidated entities | 60,900 | 84,938 | 339,398 | 360,628 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 162,370 | 159,110 | 298,684 | 278,498 | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (1,741 | ) | (669 | ) | (7,170 | ) | 5,535 | (1,599 | ) | (3,841 | ) | (3,821 | ) | (5,429 | ) | |||||||||||||||||
Income (loss) from unconsolidated entities | 344 | 3,408 | (836 | ) | (23,676 | ) | (9,049 | ) | 1,249 | (18,248 | ) | (1,180 | ) | |||||||||||||||||||
Gain (loss) on real estate dispositions, net | (1,682 | ) | 10,755 | 165,727 | 348,939 | |||||||||||||||||||||||||||
Income (loss) from continuing operations | 59,503 | 87,677 | 331,392 | 342,487 | 150,040 | 167,273 | 442,342 | 620,828 | ||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 24,723 | 1,622 | 373,662 | 287,869 | ||||||||||||||||||||||||||||
Net income | 84,226 | 89,299 | 705,054 | 630,356 | 150,040 | 167,273 | 442,342 | 620,828 | ||||||||||||||||||||||||
Less: Preferred stock dividends | 11,676 | 11,676 | 35,028 | 37,734 | — | 11,676 | — | 23,352 | ||||||||||||||||||||||||
Less: Preferred stock redemption charge | — | — | — | 9,769 | ||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests(1) | 8,166 | 3,580 | 13,539 | 7,735 | 12,278 | 1,165 | 24,110 | 5,373 | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 64,384 | $ | 74,043 | $ | 656,487 | $ | 575,118 | $ | 137,762 | $ | 154,432 | $ | 418,232 | $ | 592,103 | ||||||||||||||||
Average number of common shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 373,023 | 369,089 | 372,052 | 366,096 | 404,607 | 371,640 | 398,073 | 371,552 | ||||||||||||||||||||||||
Diluted | 374,487 | 370,740 | 373,638 | 367,894 | 406,673 | 373,075 | 400,096 | 373,186 | ||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.24 | $ | 0.89 | $ | 0.94 | $ | 0.37 | $ | 0.45 | $ | 1.11 | $ | 1.67 | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 0.17 | $ | 0.20 | $ | 1.76 | $ | 1.57 | $ | 0.34 | $ | 0.42 | $ | 1.05 | $ | 1.59 | ||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.24 | $ | 0.89 | $ | 0.93 | $ | 0.37 | $ | 0.45 | $ | 1.11 | $ | 1.66 | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 0.17 | $ | 0.20 | $ | 1.76 | $ | 1.56 | $ | 0.34 | $ | 0.41 | $ | 1.05 | $ | 1.59 | ||||||||||||||||
Dividends declared and paid per common share | $ | 0.87 | $ | 0.87 | $ | 2.61 | $ | 2.61 | $ | 0.87 | $ | 0.87 | $ | 1.74 | $ | 1.74 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Net income | $ | 84,226 | $ | 89,299 | $ | 705,054 | $ | 630,356 | $ | 150,040 | $ | 167,273 | $ | 442,342 | $ | 620,828 | ||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrecognized gain (loss) on available-for-sale securities | — | (3,808 | ) | — | (20,285 | ) | ||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | — | 2 | — | 2 | ||||||||||||||||||||||||||||
Foreign currency translation gain (loss) | (3,093 | ) | 37,343 | (36,890 | ) | 70,769 | (54,024 | ) | (200,826 | ) | 24,596 | (121,802 | ) | |||||||||||||||||||
Derivative instruments gain (loss) | 100,407 | 150,703 | 12,725 | 88,005 | ||||||||||||||||||||||||||||
Total other comprehensive income (loss) | (3,093 | ) | 33,537 | (36,890 | ) | 50,486 | 46,383 | (50,123 | ) | 37,321 | (33,797 | ) | ||||||||||||||||||||
Total comprehensive income (loss) | 81,133 | 122,836 | 668,164 | 680,842 | 196,423 | 117,150 | 479,663 | 587,031 | ||||||||||||||||||||||||
Less: Total comprehensive income (loss) attributable to noncontrolling interests(1) | 10,933 | 14,732 | 3,675 | 29,930 | 14,665 | (7,580 | ) | 32,284 | (7,258 | ) | ||||||||||||||||||||||
Total comprehensive income (loss) attributable to common stockholders | $ | 70,200 | $ | 108,104 | $ | 664,489 | $ | 650,912 | $ | 181,758 | $ | 124,730 | $ | 447,379 | $ | 594,289 | ||||||||||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Other Equity | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||
Balances at December 31, 2018 | $ | 718,498 | $ | 384,465 | $ | 18,424,368 | $ | (68,499 | ) | $ | 6,121,534 | $ | (10,818,557 | ) | $ | (129,769 | ) | $ | 294 | $ | 954,265 | $ | 15,586,599 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 280,470 | 10,785 | 291,255 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (14,849 | ) | 5,787 | (9,062 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive income | 282,193 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (8,845 | ) | (1,497 | ) | (10,342 | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 120 | 7,420 | (5,993 | ) | (26 | ) | 1,521 | |||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 7,212 | 525,408 | 532,620 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | (718,498 | ) | 12,712 | 705,786 | — | |||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (344,760 | ) | (344,760 | ) | ||||||||||||||||||||||||||||||||||||
Balances at March 31, 2019 | $ | — | $ | 404,509 | $ | 19,654,137 | $ | (74,492 | ) | $ | 6,402,004 | $ | (11,163,317 | ) | $ | (144,618 | ) | $ | 268 | $ | 969,340 | $ | 16,047,831 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 137,762 | 11,349 | 149,111 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | 43,996 | 2,387 | 46,383 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income | 195,494 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (23,672 | ) | (7,959 | ) | (31,631 | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 18 | 7,959 | 450 | (80 | ) | 8,347 | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 1,487 | 101,721 | 103,208 | |||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (353,677 | ) | (353,677 | ) | ||||||||||||||||||||||||||||||||||||
Balances at June 30, 2019 | $ | — | $ | 406,014 | $ | 19,740,145 | $ | (74,042 | ) | $ | 6,539,766 | $ | (11,516,994 | ) | $ | (100,622 | ) | $ | 188 | $ | 975,117 | $ | 15,969,572 |
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Other Equity | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||
Balances at December 31, 2017 | $ | 718,503 | $ | 372,449 | $ | 17,662,681 | $ | (64,559 | ) | $ | 5,316,580 | $ | (9,471,712 | ) | $ | (111,465 | ) | $ | 670 | $ | 502,305 | $ | 14,925,452 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 449,347 | 5,191 | 454,538 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | 20,212 | (3,886 | ) | 16,326 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | 470,864 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (13,157 | ) | (2,719 | ) | (15,876 | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 150 | 11,085 | (4,137 | ) | 7,098 | |||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 130 | 7,060 | 7,190 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | (5 | ) | 5 | — | ||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (323,726 | ) | (323,726 | ) | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | (11,676 | ) | (11,676 | ) | ||||||||||||||||||||||||||||||||||||
Balances at March 31, 2018 | $ | 718,498 | $ | 372,729 | $ | 17,667,674 | $ | (68,696 | ) | $ | 5,765,927 | $ | (9,807,114 | ) | $ | (91,253 | ) | $ | 670 | $ | 500,891 | $ | 15,059,326 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 166,108 | 2,355 | 168,463 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (41,378 | ) | (8,745 | ) | (50,123 | ) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | 118,340 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (14,822 | ) | (35,937 | ) | (50,759 | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 18 | 5,801 | 35 | (11 | ) | 5,843 | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 54 | 2,731 | 2,785 | |||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (323,372 | ) | (323,372 | ) | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | (11,676 | ) | (11,676 | ) | ||||||||||||||||||||||||||||||||||||
Balances at June 30, 2018 | $ | 718,498 | $ | 372,801 | $ | 17,661,384 | $ | (68,661 | ) | $ | 5,932,035 | $ | (10,142,162 | ) | $ | (132,631 | ) | $ | 659 | $ | 458,564 | $ | 14,800,487 |
Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Other Comprehensive Income (Loss) | Other Equity | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||
Balances at beginning of period | $ | 718,503 | $ | 372,449 | $ | 17,662,681 | $ | (64,559 | ) | $ | 5,316,580 | $ | (9,471,712 | ) | $ | (111,465 | ) | $ | 670 | $ | 502,305 | $ | 14,925,452 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 691,515 | 15,393 | 706,908 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (27,026 | ) | (9,864 | ) | (36,890 | ) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | 670,018 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (34,139 | ) | 453,682 | 419,543 | ||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 172 | 23,127 | (4,194 | ) | (181 | ) | 18,924 | |||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 3,732 | 237,840 | 241,572 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | (5 | ) | 5 | — | ||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (971,280 | ) | (971,280 | ) | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | (35,028 | ) | (35,028 | ) | ||||||||||||||||||||||||||||||||||||
Balances at end of period | $ | 718,498 | $ | 376,353 | $ | 17,889,514 | $ | (68,753 | ) | $ | 6,008,095 | $ | (10,478,020 | ) | $ | (138,491 | ) | $ | 489 | $ | 961,516 | $ | 15,269,201 | |||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||||||||||
Capital in | Other | |||||||||||||||||||||||||||||||||||||||
Preferred | Common | Excess of | Treasury | Cumulative | Cumulative | Comprehensive | Other | Noncontrolling | ||||||||||||||||||||||||||||||||
Stock | Stock | Par Value | Stock | Net Income | Dividends | Income (Loss) | Equity | Interests | Total | |||||||||||||||||||||||||||||||
Balances at beginning of period | $ | 1,006,250 | $ | 363,071 | $ | 16,999,691 | $ | (54,741 | ) | $ | 4,803,575 | $ | (8,144,981 | ) | $ | (169,531 | ) | $ | 3,059 | $ | 475,079 | $ | 15,281,472 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 622,621 | 9,907 | 632,528 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | 28,291 | 22,195 | 50,486 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income | 683,014 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | 9,784 | 7,558 | 17,342 | |||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 337 | 17,151 | (7,611 | ) | (1,942 | ) | 7,935 | |||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 7,513 | 522,954 | 530,467 | |||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (287,500 | ) | 9,760 | (9,769 | ) | (287,509 | ) | |||||||||||||||||||||||||||||||||
Redemption of equity membership units | 91 | 5,465 | (11 | ) | 5,545 | |||||||||||||||||||||||||||||||||||
Conversion of preferred stock | (247 | ) | (247 | ) | ||||||||||||||||||||||||||||||||||||
Option compensation expense | 10 | 10 | ||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (955,631 | ) | (955,631 | ) | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | (37,734 | ) | (37,734 | ) | ||||||||||||||||||||||||||||||||||||
Balances at end of period | $ | 718,503 | $ | 371,012 | $ | 17,564,805 | $ | (62,363 | ) | $ | 5,416,427 | $ | (9,138,346 | ) | $ | (141,240 | ) | $ | 1,127 | $ | 514,739 | $ | 15,244,664 |
Nine Months Ended | Six Months Ended | |||||||||||||||
September 30, | June 30, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Operating activities: | ||||||||||||||||
Net income | $ | 705,054 | $ | 630,356 | $ | 442,342 | $ | 620,828 | ||||||||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 707,625 | 683,262 | 491,984 | 464,476 | ||||||||||||
Other amortization expenses | 12,110 | 12,095 | 9,761 | 7,984 | ||||||||||||
Provision for loan losses | 18,690 | — | ||||||||||||||
Impairment of assets | 39,557 | 24,662 | 9,939 | 32,817 | ||||||||||||
Stock-based compensation expense | 22,800 | 16,459 | 15,192 | 16,725 | ||||||||||||
Loss (gain) on derivatives and financial instruments, net | (5,642 | ) | 2,284 | (574 | ) | (14,633 | ) | |||||||||
Loss (gain) on extinguishment of debt, net | 16,044 | 36,870 | 15,719 | 12,006 | ||||||||||||
Loss (income) from unconsolidated entities | 836 | 23,676 | 18,248 | 1,180 | ||||||||||||
Rental income less than (in excess of) cash received | (7,830 | ) | (64,865 | ) | (53,234 | ) | 13,544 | |||||||||
Amortization related to above (below) market leases, net | 1,984 | 180 | (2 | ) | 1,363 | |||||||||||
Loss (gain) on real estate dispositions, net | (373,662 | ) | (287,869 | ) | (165,727 | ) | (348,939 | ) | ||||||||
Distributions by unconsolidated entities | 21 | 116 | 46 | 21 | ||||||||||||
Increase (decrease) in accrued expenses and other liabilities | 103,474 | 171,713 | 55,415 | 46,718 | ||||||||||||
Decrease (increase) in receivables and other assets | (11,223 | ) | (86,475 | ) | (3,317 | ) | (15,666 | ) | ||||||||
Net cash provided from (used in) operating activities | 1,211,148 | 1,162,464 | 854,482 | 838,424 | ||||||||||||
Investing activities: | ||||||||||||||||
Cash disbursed for acquisitions | (3,190,534 | ) | (574,002 | ) | (2,718,808 | ) | (595,596 | ) | ||||||||
Cash disbursed for capital improvements to existing properties | (173,635 | ) | (159,142 | ) | (124,176 | ) | (111,332 | ) | ||||||||
Cash disbursed for construction in progress | (88,146 | ) | (198,068 | ) | (155,409 | ) | (62,978 | ) | ||||||||
Capitalized interest | (6,357 | ) | (10,033 | ) | (6,256 | ) | (4,436 | ) | ||||||||
Investment in real estate loans receivable | (67,136 | ) | (70,051 | ) | (62,935 | ) | (48,291 | ) | ||||||||
Principal collected on real estate loans receivable | 149,592 | 82,263 | 6,840 | 91,427 | ||||||||||||
Other investments, net of payments | (49,572 | ) | 50,877 | (17,640 | ) | (48,212 | ) | |||||||||
Contributions to unconsolidated entities | (42,697 | ) | (73,802 | ) | (119,001 | ) | (32,768 | ) | ||||||||
Distributions by unconsolidated entities | 61,253 | 58,754 | 70,844 | 22,897 | ||||||||||||
Proceeds from (payments on) derivatives | 65,438 | 55,771 | (21,643 | ) | (27,678 | ) | ||||||||||
Proceeds from sales of real property | 1,208,501 | 1,237,851 | 616,820 | 947,218 | ||||||||||||
Net cash provided from (used in) investing activities | (2,133,293 | ) | 400,418 | (2,531,364 | ) | 130,251 | ||||||||||
Financing activities: | ||||||||||||||||
Net increase (decrease) under unsecured credit facilities | 593,000 | (225,000 | ) | |||||||||||||
Net increase (decrease) in unsecured credit facility and commercial paper | 722,188 | (179,000 | ) | |||||||||||||
Proceeds from issuance of senior unsecured notes | 2,825,898 | 7,500 | 2,036,964 | 545,074 | ||||||||||||
Payments to extinguish senior unsecured notes | (1,450,000 | ) | (5,000 | ) | (1,050,000 | ) | (450,000 | ) | ||||||||
Net proceeds from the issuance of secured debt | 44,606 | 190,459 | 295,969 | 44,606 | ||||||||||||
Payments on secured debt | (238,867 | ) | (1,050,879 | ) | (178,700 | ) | (224,958 | ) | ||||||||
Net proceeds from the issuance of common stock | 242,411 | 530,992 | 647,156 | 10,188 | ||||||||||||
Redemption of preferred stock | — | (287,500 | ) | |||||||||||||
Payments for deferred financing costs and prepayment penalties | (29,701 | ) | (54,027 | ) | (24,177 | ) | (18,639 | ) | ||||||||
Contributions by noncontrolling interests(1) | 11,238 | 47,209 | 39,122 | 8,421 | ||||||||||||
Distributions to noncontrolling interests(1) | (86,462 | ) | (51,824 | ) | (64,004 | ) | (59,484 | ) | ||||||||
Cash distributions to stockholders | (1,006,274 | ) | (992,621 | ) | (695,099 | ) | (670,859 | ) | ||||||||
Other financing activities | (6,290 | ) | (8,416 | ) | (8,615 | ) | (5,639 | ) | ||||||||
Net cash provided from (used in) financing activities | 899,559 | (1,899,107 | ) | 1,720,804 | (1,000,290 | ) | ||||||||||
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (5,432 | ) | 24,316 | (333 | ) | (5,305 | ) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (28,018 | ) | (311,909 | ) | 43,589 | (36,920 | ) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 309,303 | 607,220 | 316,129 | 309,303 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 281,285 | $ | 295,311 | $ | 359,718 | $ | 272,383 | ||||||||
Supplemental cash flow information: | ||||||||||||||||
Interest paid | $ | 312,452 | $ | 312,896 | $ | 252,714 | $ | 209,156 | ||||||||
Income taxes paid (received), net | 3,195 | 5,606 | 2,040 | 4,835 | ||||||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. |
As Reported | As Previously Reported | |||||||
Cash disbursed for acquisitions | $ | (574,002 | ) | $ | (575,694 | ) | ||
Decrease (increase) in restricted cash | — | 130,470 | ||||||
Net cash provided from (used in) investing activities | 400,418 | 529,196 | ||||||
Increase (decrease) in balance(1) | (311,909 | ) | (183,131 | ) | ||||
Balance at beginning of period(1) | 607,220 | 419,378 | ||||||
Balance at end of period(1) | 295,311 | 236,247 |
(In thousands) | |||||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | ||||||||||||||||||||||||||||||
Land and land improvements | Land and land improvements | $ | 417,983 | $ | 103,743 | $ | 8,099 | $ | 132,154 | $ | 243,996 | $ | 47,865 | $ | 1,691 | $ | 7,369 | $ | 56,925 | ||||||||||||||||||
Buildings and improvements | Buildings and improvements | 2,249,803 | 1,109,966 | 96,244 | 1,198,608 | 2,404,818 | 535,921 | — | 42,673 | 578,594 | |||||||||||||||||||||||||||
Acquired lease intangibles | Acquired lease intangibles | 15,512 | 58,773 | — | 85,492 | 144,265 | 68,084 | — | 5,852 | 73,936 | |||||||||||||||||||||||||||
Real property held for sale | 418,297 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 381,913 | ||||||||||||||||||||||||||||||||||||
Restricted cash | 4,981 | ||||||||||||||||||||||||||||||||||||
Construction in progress | 36,174 | — | — | 36,174 | — | — | — | — | |||||||||||||||||||||||||||||
Right of use assets, net | — | — | 56,073 | 56,073 | — | — | — | — | |||||||||||||||||||||||||||||
Receivables and other assets | Receivables and other assets | 1,322 | 4,560 | — | 376 | 4,936 | 1,255 | — | 1 | 1,256 | |||||||||||||||||||||||||||
Total assets acquired | 3,489,811 | ||||||||||||||||||||||||||||||||||||
Total assets acquired(1) | 1,313,216 | 104,343 | 1,472,703 | 2,890,262 | 653,125 | 1,691 | 55,895 | 710,711 | |||||||||||||||||||||||||||||
Secured debt | (43,209 | ) | — | — | (43,209 | ) | (89,973 | ) | — | — | (89,973 | ) | |||||||||||||||||||||||||
Lease liabilities | — | — | (45,287 | ) | (45,287 | ) | — | — | — | — | |||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | (13,199 | ) | (8,677 | ) | — | (22,506 | ) | (31,183 | ) | (14,686 | ) | (6 | ) | (632 | ) | (15,324 | ) | |||||||||||||||||||
Total liabilities assumed | (13,199 | ) | |||||||||||||||||||||||||||||||||||
Total liabilities acquired | (51,886 | ) | — | (67,793 | ) | (119,679 | ) | (104,659 | ) | (6 | ) | (632 | ) | (105,297 | ) | ||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | (512,741 | ) | (38,830 | ) | (1,056 | ) | — | (39,886 | ) | (9,818 | ) | — | — | (9,818 | ) | |||||||||||||||||||||
Net assets acquired | $ | 2,963,871 | |||||||||||||||||||||||||||||||||||
Non-cash acquisition related activity(2) | (11,889 | ) | — | — | (11,889 | ) | — | — | — | — | |||||||||||||||||||||||||||
Cash disbursed for acquisitions | 1,210,611 | 103,287 | 1,404,910 | 2,718,808 | 538,648 | 1,685 | 55,263 | 595,596 | |||||||||||||||||||||||||||||
Construction in progress additions | 110,761 | 24,066 | 26,587 | 161,414 | 20,704 | 38,238 | 11,319 | 70,261 | |||||||||||||||||||||||||||||
Less: Capitalized interest | (3,560 | ) | (908 | ) | (1,788 | ) | (6,256 | ) | (1,783 | ) | (1,432 | ) | (1,221 | ) | (4,436 | ) | |||||||||||||||||||||
Foreign currency translation | 141 | 65 | — | 206 | 1,176 | 132 | — | 1,308 | |||||||||||||||||||||||||||||
Accruals(3) | — | — | 45 | 45 | — | — | (4,155 | ) | (4,155 | ) | |||||||||||||||||||||||||||
Cash disbursed for construction in progress | 107,342 | 23,223 | 24,844 | 155,409 | 20,097 | 36,938 | 5,943 | 62,978 | |||||||||||||||||||||||||||||
Capital improvements to existing properties | 97,867 | 7,423 | 18,886 | 124,176 | 76,237 | 8,569 | 26,526 | 111,332 | |||||||||||||||||||||||||||||
Total cash invested in real property, net of cash acquired | $ | 1,415,820 | $ | 133,933 | $ | 1,448,640 | $ | 2,998,393 | $ | 634,982 | $ | 47,192 | $ | 87,732 | $ | 769,906 |
Nine Months Ended | |||||||||
(In thousands) | September 30, 2018 | September 30, 2017 | |||||||
Land and land improvements | $ | 413,588 | $ | 31,948 | |||||
Buildings and improvements | 2,239,422 | 206,910 | |||||||
Acquired lease intangibles | 12,383 | — | |||||||
Real property held for sale | 396,265 | — | |||||||
Receivables and other assets | 1,322 | — | |||||||
Total assets acquired(1) | 3,062,980 | 238,858 | |||||||
Accrued expenses and other liabilities | (13,199 | ) | (21,236 | ) | |||||
Total liabilities assumed | (13,199 | ) | (21,236 | ) | |||||
Noncontrolling interests | (512,741 | ) | (7,275 | ) | |||||
Non-cash acquisition related activity(2) | — | (54,901 | ) | ||||||
Cash disbursed for acquisitions | 2,537,040 | 155,446 | |||||||
Construction in progress additions | 49,619 | 106,186 | |||||||
Less: | Capitalized interest | (1,932 | ) | (3,886 | ) | ||||
Foreign currency translation | 180 | (656 | ) | ||||||
Cash disbursed for construction in progress | 47,867 | 101,644 | |||||||
Capital improvements to existing properties | 6,766 | 17,873 | |||||||
Total cash invested in real property, net of cash acquired | $ | 2,591,673 | $ | 274,963 |
Nine Months Ended | |||||||||
(In thousands) | September 30, 2018 | September 30, 2017 | |||||||
Land and land improvements | $ | 47,865 | $ | 31,006 | |||||
Building and improvements | 535,436 | 384,522 | |||||||
Acquired lease intangibles | 68,084 | 48,197 | |||||||
Receivables and other assets | 1,255 | 3,164 | |||||||
Total assets acquired(1) | 652,640 | 466,889 | |||||||
Secured debt | (89,973 | ) | — | ||||||
Accrued expenses and other liabilities | (14,686 | ) | (43,364 | ) | |||||
Total liabilities assumed | (104,659 | ) | (43,364 | ) | |||||
Noncontrolling interests | (9,818 | ) | (4,701 | ) | |||||
Non-cash acquisition related activity(2) | — | (59,065 | ) | ||||||
Cash disbursed for acquisitions | 538,163 | 359,759 | |||||||
Construction in progress additions | 28,222 | 65,282 | |||||||
Less: | Capitalized interest | (2,608 | ) | (5,996 | ) | ||||
Foreign currency translation | 2,151 | (6,218 | ) | ||||||
Cash disbursed for construction in progress | 27,765 | 53,068 | |||||||
Capital improvements to existing properties | 127,274 | 110,372 | |||||||
Total cash invested in real property, net of cash acquired | $ | 693,202 | $ | 523,199 |
Nine Months Ended | |||||||||
(In thousands) | September 30, 2018 | September 30, 2017 | |||||||
Land and land improvements | $ | 18,496 | $ | 25,060 | |||||
Buildings and improvements | 79,205 | 62,336 | |||||||
Acquired lease intangibles | 11,271 | 8,397 | |||||||
Real property held for sale | 22,032 | — | |||||||
Receivables and other assets | 6 | 3 | |||||||
Total assets acquired(1) | 131,010 | 95,796 | |||||||
Secured debt | (14,769 | ) | (25,709 | ) | |||||
Accrued expenses and other liabilities | (910 | ) | (2,210 | ) | |||||
Total liabilities assumed | (15,679 | ) | (27,919 | ) | |||||
Noncontrolling interests | — | (9,080 | ) | ||||||
Cash disbursed for acquisitions | 115,331 | 58,797 | |||||||
Construction in progress additions | 16,733 | 33,495 | |||||||
Less: | Capitalized interest | (1,817 | ) | (1,847 | ) | ||||
Accruals(2) | (2,402 | ) | 11,708 | ||||||
Cash disbursed for construction in progress | 12,514 | 43,356 | |||||||
Capital improvements to existing properties | 39,595 | 30,897 | |||||||
Total cash invested in real property | $ | 167,440 | $ | 133,050 |
Nine Months Ended | ||||||||
September 30, 2018 | September 30, 2017 | |||||||
Development projects: | ||||||||
Triple-net | $ | 90,055 | $ | 283,472 | ||||
Seniors housing operating | 86,931 | 3,634 | ||||||
Outpatient medical | 11,358 | 63,036 | ||||||
Total development projects | 188,344 | 350,142 | ||||||
Expansion projects | 8,879 | 10,336 | ||||||
Total construction in progress conversions | $ | 197,223 | $ | 360,478 |
Six Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Development projects: | ||||||||
Seniors Housing Operating | $ | 28,117 | $ | 37,215 | ||||
Triple-net | — | 59,188 | ||||||
Outpatient Medical | — | 11,358 | ||||||
Total construction in progress conversions | $ | 28,117 | $ | 107,761 |
June 30, 2019 | December 31, 2018 | |||||||
Assets: | ||||||||
In place lease intangibles | $ | 1,473,060 | $ | 1,410,725 | ||||
Above market tenant leases | 69,656 | 63,935 | ||||||
Below market ground leases (1) | — | 64,513 | ||||||
Lease commissions | 46,422 | 41,986 | ||||||
Gross historical cost | 1,589,138 | 1,581,159 | ||||||
Accumulated amortization | (1,163,936 | ) | (1,197,336 | ) | ||||
Net book value | $ | 425,202 | $ | 383,823 | ||||
Weighted-average amortization period in years | 8.6 | 16.0 | ||||||
Liabilities: | ||||||||
Below market tenant leases | $ | 94,082 | $ | 81,676 | ||||
Above market ground leases (1) | — | 8,540 | ||||||
Gross historical cost | 94,082 | 90,216 | ||||||
Accumulated amortization | (45,147 | ) | (44,266 | ) | ||||
Net book value | $ | 48,935 | $ | 45,950 | ||||
Weighted-average amortization period in years | 8.2 | 14.7 |
September 30, 2018 | December 31, 2017 | |||||||
Assets: | ||||||||
In place lease intangibles | $ | 1,398,850 | $ | 1,352,139 | ||||
Above market tenant leases | 59,011 | 58,443 | ||||||
Below market ground leases | 65,022 | 58,784 | ||||||
Lease commissions | 39,767 | 33,105 | ||||||
Gross historical cost | 1,562,650 | 1,502,471 | ||||||
Accumulated amortization | (1,190,035 | ) | (1,125,437 | ) | ||||
Net book value | $ | 372,615 | $ | 377,034 | ||||
Weighted-average amortization period in years | 16.0 | 15.1 | ||||||
Liabilities: | ||||||||
Below market tenant leases | $ | 71,566 | $ | 60,430 | ||||
Above market ground leases | 8,540 | 8,540 | ||||||
Gross historical cost | 80,106 | 68,970 | ||||||
Accumulated amortization | (42,834 | ) | (39,629 | ) | ||||
Net book value | $ | 37,272 | $ | 29,341 | ||||
Weighted-average amortization period in years | 16.1 | 20.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Rental income related to above/below market tenant leases, net | $ | (294 | ) | $ | 173 | $ | (978 | ) | $ | 745 | ||||||
Property operating expenses related to above/below market ground leases, net | (327 | ) | (306 | ) | (1,006 | ) | (925 | ) | ||||||||
Depreciation and amortization related to in place lease intangibles and lease commissions | (31,455 | ) | (34,270 | ) | (97,479 | ) | (109,011 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Rental income related to (above)/below market tenant leases, net | $ | 73 | $ | (333 | ) | $ | (82 | ) | $ | (684 | ) | |||||
Amortization related to in place lease intangibles and lease commissions | (28,518 | ) | (33,763 | ) | (53,423 | ) | (66,024 | ) |
Assets | Liabilities | |||||||
2019 | $ | 84,909 | $ | 4,777 | ||||
2020 | 101,374 | 8,835 | ||||||
2021 | 51,215 | 7,865 | ||||||
2022 | 34,495 | 7,130 | ||||||
2023 | 28,361 | 4,989 | ||||||
Thereafter | 124,848 | 15,339 | ||||||
Total | $ | 425,202 | $ | 48,935 |
Assets | Liabilities | |||||||
2018 | $ | 32,456 | $ | 1,433 | ||||
2019 | 87,011 | 5,437 | ||||||
2020 | 57,221 | 4,938 | ||||||
2021 | 24,300 | 4,444 | ||||||
2022 | 19,325 | 3,971 | ||||||
Thereafter | 152,302 | 17,049 | ||||||
Total | $ | 372,615 | $ | 37,272 |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Real estate dispositions: | ||||||||
Seniors Housing Operating | $ | 8,726 | $ | 2,200 | ||||
Triple-net | 442,865 | 367,978 | ||||||
Outpatient Medical | — | 223,069 | ||||||
Total dispositions | 451,591 | 593,247 | ||||||
Gain (loss) on real estate dispositions, net | 165,727 | 348,939 | ||||||
Net other assets/liabilities disposed | (498 | ) | 5,032 | |||||
Proceeds from real estate dispositions | $ | 616,820 | $ | 947,218 |
Nine Months Ended | ||||||||
September 30, 2018 | September 30, 2017 | |||||||
Real estate dispositions: | ||||||||
Triple-net | $ | 604,480 | $ | 899,104 | ||||
Seniors housing operating | 2,200 | 16,206 | ||||||
Outpatient medical | 223,069 | 12,202 | ||||||
Total dispositions | 829,749 | 927,512 | ||||||
Gain (loss) on real estate dispositions, net | 373,662 | 287,869 | ||||||
Net other assets/liabilities disposed | 5,090 | 22,470 | ||||||
Proceeds from real estate dispositions | $ | 1,208,501 | $ | 1,237,851 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Total revenues | $ | 29,035 | $ | 52,584 | $ | 92,447 | $ | 175,934 | $ | 112,694 | $ | 121,079 | $ | 228,441 | $ | 249,639 | ||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Interest expense | 18 | 1,243 | 261 | 5,514 | 479 | 579 | 983 | 1,200 | ||||||||||||||||||||||||
Property operating expenses | 21,312 | 19,147 | 59,640 | 58,525 | 70,244 | 74,213 | 146,260 | 150,120 | ||||||||||||||||||||||||
Provision for depreciation | 801 | 10,999 | 6,605 | 33,806 | 12,520 | 18,431 | 24,897 | 38,275 | ||||||||||||||||||||||||
Total expenses | 22,131 | 31,389 | 66,506 | 97,845 | 83,243 | 93,223 | 172,140 | 189,595 | ||||||||||||||||||||||||
Income (loss) from real estate dispositions, net | $ | 6,904 | $ | 21,195 | $ | 25,941 | $ | 78,089 | $ | 29,451 | $ | 27,856 | $ | 56,301 | $ | 60,044 |
Classification | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||
Operating lease cost: (1) | ||||||||||
Real estate lease expense | Property operating expenses | $ | 7,267 | $ | 14,679 | |||||
Non-real estate lease expense | General and administrative expenses | 408 | 770 | |||||||
Finance lease cost: | ||||||||||
Amortization of leased assets | Property operating expenses | 2,153 | 4,245 | |||||||
Interest on lease liabilities | Interest expense | 1,166 | 2,169 | |||||||
Sublease income | Rental income | (1,043 | ) | (2,087 | ) | |||||
Total | $ | 9,951 | $ | 19,776 |
Operating Leases | Finance Leases | |||||||
2019 | $ | 9,809 | $ | 4,488 | ||||
2020 | 19,625 | 8,821 | ||||||
2021 | 19,558 | 8,485 | ||||||
2022 | 18,627 | 7,852 | ||||||
2023 | 18,707 | 68,967 | ||||||
Thereafter | 1,595,101 | 86,081 | ||||||
Total lease payments | 1,681,427 | 184,694 | ||||||
Less: Imputed interest | (1,321,129 | ) | (75,963 | ) | ||||
Total present value of lease liabilities | $ | 360,298 | $ | 108,731 |
Classification | June 30, 2019 | ||||
Right of use assets: | |||||
Operating leases - real estate | Right of use assets, net | $ | 386,061 | ||
Finance leases | Right of use assets, net | 164,281 | |||
Real estate right of use assets, net | 550,342 | ||||
Operating leases - corporate | Receivables and other assets | 5,055 | |||
Total right of use assets, net | $ | 555,397 | |||
Lease liabilities: | |||||
Operating leases | $ | 360,298 | |||
Financing leases | 108,731 | ||||
Total | $ | 469,029 | |||
Weighted average remaining lease term (years): | |||||
Operating leases | 50.0 | ||||
Finance leases | 15.8 | ||||
Weighted average discount rate: | |||||
Operating leases | 5.21 | % | |||
Finance leases | 5.17 | % |
Classification | Six Months Ended June 30, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows from operating leases | Decrease (increase) in receivables and other assets | $ | 4,627 | ||
Operating cash flows from finance leases | Decrease (increase) in receivables and other assets | 3,916 | |||
Financing cash flows from finance leases | Other financing activities | (1,638 | ) |
2019 | $ | 925,026 | ||
2020 | 1,380,111 | |||
2021 | 1,346,698 | |||
2022 | 1,237,904 | |||
2023 | 1,255,408 | |||
Thereafter | 9,745,880 | |||
Totals | $ | 15,891,027 |
June 30, 2019 | December 31, 2018 | |||||||
Mortgage loans | $ | 332,770 | $ | 317,443 | ||||
Other real estate loans | 104,596 | 81,268 | ||||||
Less allowance for losses on loans receivable | (68,372 | ) | (68,372 | ) | ||||
Totals | $ | 368,994 | $ | 330,339 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Triple-net | Seniors Housing Operating | Outpatient Medical | Totals | Triple-net | Outpatient Medical | Totals | Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | |||||||||||||||||||||||||||||||||||||||||||
Advances on real estate loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in new loans | $ | 10,628 | $ | 11,806 | $ | 14,993 | $ | 37,427 | $ | 11,315 | $ | — | $ | 11,315 | $ | 25,000 | $ | 5,000 | $ | 30,000 | $ | 11,806 | $ | 8,281 | $ | 7,022 | $ | 27,109 | ||||||||||||||||||||||||||||
Draws on existing loans | 29,709 | — | — | 29,709 | 58,736 | — | 58,736 | 20,051 | 12,884 | 32,935 | — | 21,182 | — | 21,182 | ||||||||||||||||||||||||||||||||||||||||||
Net cash advances on real estate loans | 40,337 | 11,806 | 14,993 | 67,136 | 70,051 | — | 70,051 | 45,051 | 17,884 | 62,935 | 11,806 | 29,463 | 7,022 | 48,291 | ||||||||||||||||||||||||||||||||||||||||||
Receipts on real estate loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan payoffs | 116,161 | — | — | 116,161 | 142,392 | 60,500 | 202,892 | 4,384 | — | 4,384 | — | 58,557 | — | 58,557 | ||||||||||||||||||||||||||||||||||||||||||
Principal payments on loans | 33,431 | — | — | 33,431 | 1,121 | — | 1,121 | 2,456 | — | 2,456 | — | 32,870 | — | 32,870 | ||||||||||||||||||||||||||||||||||||||||||
Sub-total | 149,592 | — | — | 149,592 | 143,513 | 60,500 | 204,013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Non-cash activity(1) | — | — | — | — | (61,250 | ) | (60,500 | ) | (121,750 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net cash receipts on real estate loans | 149,592 | — | — | 149,592 | 82,263 | — | 82,263 | 6,840 | — | 6,840 | — | 91,427 | — | 91,427 | ||||||||||||||||||||||||||||||||||||||||||
Net cash advances (receipts) on real estate loans | $ | (109,255 | ) | $ | 11,806 | $ | 14,993 | $ | (82,456 | ) | $ | (12,212 | ) | $ | — | $ | (12,212 | ) | $ | 38,211 | $ | 17,884 | $ | 56,095 | $ | 11,806 | $ | (61,964 | ) | $ | 7,022 | $ | (43,136 | ) |
Nine Months Ended | Six Months Ended | |||||||||||||||
September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | |||||||||||||
Balance of impaired loans at end of period | $ | 201,971 | $ | 282,929 | $ | 188,068 | $ | 214,871 | ||||||||
Allowance for loan losses | 68,372 | 5,406 | 68,372 | 68,372 | ||||||||||||
Balance of impaired loans not reserved | $ | 133,599 | $ | 277,523 | $ | 119,696 | $ | 146,499 | ||||||||
Average impaired loans for the period | $ | 230,645 | $ | 324,255 | $ | 197,426 | $ | 252,172 | ||||||||
Interest recognized on impaired loans(1) | 13,361 | 23,957 | 7,964 | 8,847 |
Percentage Ownership(1) | September 30, 2018 | December 31, 2017 | ||||||||
Triple-net | 10% to 49% | $ | 21,004 | $ | 22,856 | |||||
Seniors housing operating | 10% to 50% | 310,175 | 352,430 | |||||||
Outpatient medical | 43% | 92,013 | 70,299 | |||||||
Total | $ | 423,192 | $ | 445,585 |
Percentage Ownership(1) | June 30, 2019 | December 31, 2018 | ||||||||
Seniors Housing Operating | 10% to 50% | $ | 379,886 | $ | 344,982 | |||||
Triple-net | 10% to 49% | 9,459 | 34,284 | |||||||
Outpatient Medical | 43% to 50% | 130,042 | 103,648 | |||||||
Total | $ | 519,387 | $ | 482,914 |
Number of | Total | Percent of | Number of | Total | Percent of | |||||||||||||
Concentration by relationship:(1) | Properties | NOI | NOI(2) | Properties | NOI | NOI(2) | ||||||||||||
Sunrise Senior Living(3) | 161 | $ | 252,111 | 15% | 165 | $ | 174,422 | 14% | ||||||||||
Brookdale Senior Living | 137 | 117,367 | 7% | |||||||||||||||
ProMedica | 218 | 107,541 | 9% | |||||||||||||||
Revera(3) | 98 | 116,158 | 7% | 98 | 72,928 | 6% | ||||||||||||
Genesis HealthCare | 88 | 102,015 | 6% | 60 | 60,984 | 5% | ||||||||||||
Benchmark Senior Living | 48 | 75,435 | 4% | 48 | 55,530 | 5% | ||||||||||||
Remaining portfolio | 997 | 1,013,797 | 61% | 1,009 | 749,012 | 61% | ||||||||||||
Totals | 1,529 | $ | 1,676,883 | 100% | 1,598 | $ | 1,220,417 | 100% |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Balance outstanding at quarter end | $ | 1,312,000 | $ | 420,000 | $ | 1,312,000 | $ | 420,000 | ||||||||
Maximum amount outstanding at any month end | $ | 2,148,000 | $ | 645,000 | $ | 2,148,000 | $ | 1,010,000 | ||||||||
Average amount outstanding (total of daily | ||||||||||||||||
principal balances divided by days in period) | $ | 1,519,000 | $ | 450,130 | $ | 819,516 | $ | 601,346 | ||||||||
Weighted average interest rate (actual interest | ||||||||||||||||
expense divided by average borrowings outstanding) | 3.00 | % | 2.19 | % | 2.95 | % | 1.95 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Balance outstanding at quarter end | $ | 1,870,000 | $ | 540,000 | $ | 1,870,000 | $ | 540,000 | ||||||||
Maximum amount outstanding at any month end | $ | 2,880,000 | $ | 685,000 | $ | 2,880,000 | $ | 865,000 | ||||||||
Average amount outstanding (total of daily | ||||||||||||||||
principal balances divided by days in period) | $ | 1,807,631 | $ | 562,747 | $ | 1,301,883 | $ | 463,978 | ||||||||
Weighted average interest rate (actual interest | ||||||||||||||||
expense divided by average borrowings outstanding) | 3.08 | % | 3.04 | % | 3.11 | % | 2.91 | % |
Senior Unsecured Notes(1,2) | Secured Debt (1,3) | Totals | Senior Unsecured Notes(1,2) | Secured Debt (1,3) | Totals | |||||||||||||||||||
2018 | $ | — | $ | 170,742 | $ | 170,742 | ||||||||||||||||||
2019 | 600,000 | 489,166 | 1,089,166 | $ | — | $ | 312,291 | $ | 312,291 | |||||||||||||||
2020(4) | 689,662 | 138,938 | 828,600 | 1,236,665 | 144,518 | 1,381,183 | ||||||||||||||||||
2021 | 450,000 | 347,280 | 797,280 | 450,000 | 383,425 | 833,425 | ||||||||||||||||||
2022 | 600,000 | 225,832 | 825,832 | 600,000 | 352,410 | 952,410 | ||||||||||||||||||
Thereafter(5,6,7,8) | 7,414,034 | 1,107,797 | 8,521,831 | |||||||||||||||||||||
2023(5,6) | 1,790,971 | 330,498 | 2,121,469 | |||||||||||||||||||||
Thereafter(7,8) | 6,633,920 | 1,166,840 | 7,800,760 | |||||||||||||||||||||
Totals | $ | 9,753,696 | $ | 2,479,755 | $ | 12,233,451 | $ | 10,711,556 | $ | 2,689,982 | $ | 13,401,538 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||
Weighted Avg. | Weighted Avg. | Weighted Avg. | Weighted Avg. | |||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||
Beginning balance | $ | 8,417,447 | 4.31% | $ | 8,260,038 | 4.25% | $ | 9,699,984 | 4.48% | $ | 8,417,447 | 4.31% | ||||||||||||
Debt issued | 2,850,000 | 4.57% | 7,500 | 1.94% | 2,050,000 | 3.58% | 550,000 | 4.25% | ||||||||||||||||
Debt extinguished | (1,450,000 | ) | 3.46% | (5,000 | ) | 1.83% | (1,050,000 | ) | 4.98% | (450,000 | ) | 2.25% | ||||||||||||
Foreign currency | (63,751 | ) | 4.30% | 141,855 | 4.24% | 11,572 | 3.52% | (55,693 | ) | 4.02% | ||||||||||||||
Ending balance | $ | 9,753,696 | 4.45% | $ | 8,404,393 | 4.29% | $ | 10,711,556 | 4.24% | $ | 8,461,754 | 4.46% |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||
Weighted Avg. | Weighted Avg. | Weighted Avg. | Weighted Avg. | |||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||
Beginning balance | $ | 2,618,408 | 3.76% | $ | 3,465,066 | 4.09% | $ | 2,485,711 | 3.90% | $ | 2,618,408 | 3.76% | ||||||||||||
Debt issued | 44,606 | 3.38% | 190,459 | 2.73% | 295,969 | 3.52% | 44,606 | 3.38% | ||||||||||||||||
Debt assumed | 99,552 | 4.30% | 23,094 | 6.67% | 42,000 | 4.62% | 85,192 | 4.40% | ||||||||||||||||
Debt extinguished | (196,573 | ) | 5.66% | (1,003,372 | ) | 5.32% | (151,473 | ) | 4.42% | (196,573 | ) | 5.66% | ||||||||||||
Principal payments | (42,294 | ) | 3.91% | (47,507 | ) | 4.34% | (27,227 | ) | 3.74% | (28,385 | ) | 3.91% | ||||||||||||
Foreign currency | (43,944 | ) | 3.29% | 92,262 | 3.20% | 45,002 | 3.37% | (61,170 | ) | 3.33% | ||||||||||||||
Ending balance | $ | 2,479,755 | 3.79% | $ | 2,720,002 | 3.74% | $ | 2,689,982 | 3.84% | $ | 2,462,078 | 3.76% |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||
Derivatives designated as net investment hedges: | ||||||||||||||||
Denominated in Canadian Dollars | $ | 575,000 | $ | 575,000 | $ | 500,000 | $ | 575,000 | ||||||||
Denominated in Pounds Sterling | £ | 890,708 | £ | 550,000 | £ | 1,340,708 | £ | 890,708 | ||||||||
Financial instruments designated as net investment hedges: | ||||||||||||||||
Denominated in Canadian Dollars | $ | 250,000 | $ | 250,000 | $ | 250,000 | $ | 250,000 | ||||||||
Denominated in Pounds Sterling | £ | 1,050,000 | £ | 1,050,000 | £ | 1,050,000 | £ | 1,050,000 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||
Denominated in Canadian Dollars | $ | — | $ | 36,000 | ||||||||||||
Interest rate swaps designated as cash flow hedges: | ||||||||||||||||
Denominated in U.S Dollars (1) | $ | 1,188,250 | $ | — | ||||||||||||
Derivative instruments not designated: | ||||||||||||||||
Denominated in U.S. Dollars | $ | 405,819 | $ | 408,007 | ||||||||||||
Interest rate caps denominated in U.S. Dollars | $ | 405,819 | $ | 405,819 | ||||||||||||
Forward purchase contracts denominated in Canadian Dollars | $ | (500,000 | ) | $ | — | $ | (217,500 | ) | $ | (325,000 | ) | |||||
Forward sales contracts denominated in Canadian Dollars | $ | 580,000 | $ | 80,000 | $ | 280,000 | $ | 405,000 | ||||||||
Forward purchase contracts denominated in Pounds Sterling | £ | (350,000 | ) | £ | — | £ | (125,000 | ) | £ | (350,000 | ) | |||||
Forward sales contracts denominated in Pounds Sterling | £ | 350,000 | £ | — | £ | 125,000 | £ | 350,000 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
Location | 2018 | 2017 | 2018 | 2017 | Location | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Gain (loss) on derivative instruments designated as hedges recognized in income | Interest expense | $ | 4,185 | $ | (576 | ) | $ | 8,008 | $ | 3,613 | Interest expense | $ | 7,134 | $ | 4,091 | $ | 12,467 | $ | 3,822 | |||||||||||||||||
Gain (loss) on derivative instruments not designated as hedges recognized in income | Interest expense | $ | (203 | ) | $ | (294 | ) | $ | 2,250 | $ | (1,228 | ) | Interest expense | $ | (1,128 | ) | $ | 734 | $ | (2,666 | ) | $ | 2,453 | |||||||||||||
Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI | OCI | $ | 12,200 | $ | (98,003 | ) | $ | 100,205 | $ | (239,884 | ) | OCI | $ | 100,407 | $ | 150,703 | $ | 12,725 | $ | 88,005 |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||
Preferred Stock: | ||||||||||||
Authorized shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Issued shares | 14,375,000 | 14,375,000 | — | 14,375,000 | ||||||||
Outstanding shares | 14,369,965 | 14,370,060 | — | 14,369,965 | ||||||||
Common Stock, $1.00 par value: | ||||||||||||
Authorized shares | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | ||||||||
Issued shares | 376,759,924 | 372,852,311 | 406,497,122 | 384,849,236 | ||||||||
Outstanding shares | 375,576,579 | 371,731,551 | 405,254,113 | 383,674,603 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||
September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | |||||||||||||||||
Weighted Avg. | Weighted Avg. | Weighted Avg. | Weighted Avg. | |||||||||||||||||
Shares | Dividend Rate | Shares | Dividend Rate | Shares | Dividend Rate | Shares | Dividend Rate | |||||||||||||
Beginning balance | 14,370,060 | 6.50% | 25,875,000 | 6.50% | 14,369,965 | 6.50% | 14,370,060 | 6.50% | ||||||||||||
Shares redeemed | — | 0.00% | (11,500,000 | ) | 6.50% | |||||||||||||||
Shares converted | (95 | ) | 6.50% | (4,935 | ) | 6.50% | (14,369,965 | ) | 6.50% | (95 | ) | 6.50% | ||||||||
Ending balance | 14,369,965 | 6.50% | 14,370,065 | 6.50% | — | —% | 14,369,965 | 6.50% |
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | ||||||||||
2017 Dividend reinvestment plan issuances | 4,312,447 | $71.14 | $ | 306,785 | $ | 305,996 | |||||||
2017 Option exercises | 209,192 | 50.62 | 10,590 | 10,590 | |||||||||
2017 Equity shelf program issuances | 2,986,574 | 72.30 | 215,917 | 214,406 | |||||||||
2017 Preferred stock conversions | 4,296 | — | — | ||||||||||
2017 Redemption of equity membership units | 91,180 | — | — | ||||||||||
2017 Stock incentive plans, net of forfeitures | 135,773 | — | — | ||||||||||
2017 Totals | 7,739,462 | $ | 533,292 | $ | 530,992 | ||||||||
2018 Dividend reinvestment plan issuances | 1,755,446 | $64.24 | $ | 112,770 | $ | 112,294 | |||||||
2018 Option exercises | 32,120 | 39.94 | 1,283 | 1,283 | |||||||||
2018 Equity shelf program issuances | 1,944,511 | 66.72 | 129,744 | 128,834 | |||||||||
2018 Preferred stock conversions | 83 | — | — | ||||||||||
2018 Stock incentive plans, net of forfeitures | 112,868 | — | — | ||||||||||
2018 Totals | 3,845,028 | $ | 243,797 | $ | 242,411 |
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | ||||||||||
2018 Dividend reinvestment plan issuances | 182,910 | $55.40 | $ | 10,133 | $ | 10,133 | |||||||
2018 Option exercises | 1,026 | 53.61 | 55 | 55 | |||||||||
2018 Preferred stock conversions | 83 | — | — | ||||||||||
2018 Stock incentive plans, net of forfeitures | 114,037 | — | — | ||||||||||
2018 Totals | 298,056 | $ | 10,188 | $ | 10,188 | ||||||||
2019 Dividend reinvestment plan issuances | 4,304,712 | $75.20 | $ | 323,724 | $ | 320,243 | |||||||
2019 Option exercises | 10,736 | 51.32 | 551 | 551 | |||||||||
2019 Equity Shelf Program issuances | 4,384,045 | 74.97 | 328,665 | 326,362 | |||||||||
2019 Preferred stock conversions | 12,712,452 | — | — | ||||||||||
2019 Stock incentive plans, net of forfeitures | 167,565 | — | — | ||||||||||
2019 Totals | 21,579,510 | $ | 652,940 | $ | 647,156 |
Nine Months Ended | ||||||||||||||||
September 30, 2018 | September 30, 2017 | |||||||||||||||
Per Share | Amount | Per Share | Amount | |||||||||||||
Common Stock | $ | 2.6100 | $ | 971,280 | $ | 2.6100 | $ | 955,631 | ||||||||
Series I Preferred Stock | 2.4375 | 35,028 | 2.4375 | 35,035 | ||||||||||||
Series J Preferred Stock | — | — | 0.2347 | 2,699 | ||||||||||||
Totals | $ | 1,006,308 | $ | 993,365 |
Six Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||
Per Share | Amount | Per Share | Amount | |||||||||||||
Common Stock | $ | 1.7400 | $ | 698,437 | $ | 1.7400 | $ | 647,098 | ||||||||
Series I Preferred Stock | — | — | 1.6250 | 23,352 | ||||||||||||
Totals | $ | 698,437 | $ | 670,450 |
June 30, 2019 | December 31, 2018 | |||||||
Foreign currency translation | $ | (851,584 | ) | $ | (868,006 | ) | ||
Derivative instruments | 751,502 | 738,777 | ||||||
Actuarial losses | (540 | ) | (540 | ) | ||||
Total accumulated other comprehensive loss | $ | (100,622 | ) | $ | (129,769 | ) |
Unrecognized gains (losses) related to: | ||||||||||||||||||||
Foreign Currency Translation | Available for Sale Securities | Actuarial Losses | Cash Flow Hedges | Total | ||||||||||||||||
Balance at December 31, 2017 | $ | (110,581 | ) | $ | — | $ | (884 | ) | $ | — | $ | (111,465 | ) | |||||||
Other comprehensive income before reclassification adjustments | (27,026 | ) | — | — | — | (27,026 | ) | |||||||||||||
Net current-period other comprehensive income | (27,026 | ) | — | — | — | (27,026 | ) | |||||||||||||
Balance at September 30, 2018 | $ | (137,607 | ) | $ | — | $ | (884 | ) | $ | — | $ | (138,491 | ) | |||||||
Balance at December 31, 2016 | $ | (173,496 | ) | $ | 5,120 | $ | (1,153 | ) | $ | (2 | ) | $ | (169,531 | ) | ||||||
Other comprehensive income before reclassification adjustments | 48,574 | (20,285 | ) | — | 2 | 28,291 | ||||||||||||||
Net current-period other comprehensive income | 48,574 | (20,285 | ) | — | 2 | 28,291 | ||||||||||||||
Balance at September 30, 2017 | $ | (124,922 | ) | $ | (15,165 | ) | $ | (1,153 | ) | $ | — | $ | (141,240 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator for basic and diluted earnings | ||||||||||||||||
per share - net income (loss) attributable | ||||||||||||||||
to common stockholders | $ | 137,762 | $ | 154,432 | $ | 418,232 | $ | 592,103 | ||||||||
Denominator for basic earnings per | ||||||||||||||||
share - weighted average shares | 404,607 | 371,640 | 398,073 | 371,552 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options | — | 14 | 1 | 15 | ||||||||||||
Non-vested restricted shares | 955 | 325 | 911 | 523 | ||||||||||||
Redeemable shares | 1,096 | 1,096 | 1,096 | 1,096 | ||||||||||||
Employee stock purchase program | 15 | — | 15 | — | ||||||||||||
Dilutive potential common shares | 2,066 | 1,435 | 2,023 | 1,634 | ||||||||||||
Denominator for diluted earnings per | ||||||||||||||||
share - adjusted weighted average shares | 406,673 | 373,075 | 400,096 | 373,186 | ||||||||||||
Basic earnings per share | $ | 0.34 | $ | 0.42 | $ | 1.05 | $ | 1.59 | ||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.41 | $ | 1.05 | $ | 1.59 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Numerator for basic and diluted earnings | ||||||||||||||||
per share - net income (loss) attributable | ||||||||||||||||
to common stockholders | $ | 64,384 | $ | 74,043 | $ | 656,487 | $ | 575,118 | ||||||||
Denominator for basic earnings per | ||||||||||||||||
share - weighted average shares | 373,023 | 369,089 | 372,052 | 366,096 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options | 6 | 40 | 12 | 53 | ||||||||||||
Non-vested restricted shares | 348 | 515 | 464 | 464 | ||||||||||||
Redeemable shares | 1,096 | 1,096 | 1,096 | 1,281 | ||||||||||||
Employee stock purchase program | 14 | — | 14 | — | ||||||||||||
Dilutive potential common shares | 1,464 | 1,651 | 1,586 | 1,798 | ||||||||||||
Denominator for diluted earnings per | ||||||||||||||||
share - adjusted weighted average shares | 374,487 | 370,740 | 373,638 | 367,894 | ||||||||||||
Basic earnings per share | $ | 0.17 | $ | 0.20 | $ | 1.76 | $ | 1.57 | ||||||||
Diluted earnings per share | $ | 0.17 | $ | 0.20 | $ | 1.76 | $ | 1.56 |
September 30, 2018 | December 31, 2017 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Mortgage loans receivable | $ | 266,286 | $ | 273,620 | $ | 306,120 | $ | 332,508 | ||||||||
Other real estate loans receivable | 74,538 | 75,091 | 121,379 | 125,480 | ||||||||||||
Equity securities | 12,912 | 12,912 | 7,269 | 7,269 | ||||||||||||
Cash and cash equivalents | 191,199 | 191,199 | 243,777 | 243,777 | ||||||||||||
Restricted cash | 90,086 | 90,086 | 65,526 | 65,526 | ||||||||||||
Foreign currency forward contracts and cross currency swaps | 34,902 | 34,902 | 15,604 | 15,604 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Borrowings under unsecured credit facilities | $ | 1,312,000 | $ | 1,312,000 | $ | 719,000 | $ | 719,000 | ||||||||
Senior unsecured notes | 9,655,022 | 10,169,806 | 8,331,722 | 9,168,432 | ||||||||||||
Secured debt | 2,465,661 | 2,464,635 | 2,608,976 | 2,641,997 | ||||||||||||
Foreign currency forward contracts and cross currency swaps | 78,566 | 78,566 | 38,654 | 38,654 | ||||||||||||
Redeemable OP unitholder interests | $ | 97,476 | $ | 97,476 | $ | 97,476 | $ | 97,476 |
June 30, 2019 | December 31, 2018 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Mortgage loans receivable | $ | 264,398 | $ | 274,116 | $ | 249,071 | $ | 257,337 | ||||||||
Other real estate loans receivable | 104,596 | 105,706 | 81,268 | 82,742 | ||||||||||||
Equity securities | 11,860 | 11,860 | 11,286 | 11,286 | ||||||||||||
Cash and cash equivalents | 268,666 | 268,666 | 215,376 | 215,376 | ||||||||||||
Restricted cash | 91,052 | 91,052 | 100,753 | 100,753 | ||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 91,290 | 91,290 | 94,729 | 94,729 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Unsecured revolving credit facility and commercial paper note program | $ | 1,869,188 | $ | 1,869,188 | $ | 1,147,000 | $ | 1,147,000 | ||||||||
Senior unsecured notes | 10,606,106 | 11,026,259 | 9,603,299 | 10,043,797 | ||||||||||||
Secured debt | 2,675,507 | 2,737,838 | 2,476,177 | 2,499,130 | ||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 32,249 | 32,249 | 71,109 | 71,109 | ||||||||||||
Redeemable OP unitholder interests | $ | 121,476 | $ | 121,476 | $ | 103,071 | $ | 103,071 |
Fair Value Measurements as of September 30, 2018 | Fair Value Measurements as of June 30, 2019 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Equity securities | $ | 12,912 | $ | 12,912 | $ | — | $ | — | $ | 11,860 | $ | 11,860 | $ | — | $ | — | ||||||||||||||||
Foreign currency forward contracts and cross currency swaps, net asset (liability)(1) | (43,664 | ) | — | (43,664 | ) | — | ||||||||||||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1) | 59,041 | — | 59,041 | — | ||||||||||||||||||||||||||||
Redeemable OP unitholder interests | 97,476 | — | 97,476 | — | 121,476 | — | 121,476 | — | ||||||||||||||||||||||||
Totals | $ | 66,724 | $ | 12,912 | $ | 53,812 | $ | — | $ | 192,377 | $ | 11,860 | $ | 180,517 | $ | — |
Three Months Ended September 30, 2018: | Triple-net | Seniors Housing Operating | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 914,085 | $ | — | $ | — | $ | — | $ | 914,085 | ||||||||||||||||||||||||||||||
Rental income | $ | 203,039 | $ | — | $ | 139,848 | $ | — | $ | 342,887 | — | 222,362 | 163,224 | — | 385,586 | |||||||||||||||||||||||||
Resident fees and services | — | 875,171 | — | — | 875,171 | |||||||||||||||||||||||||||||||||||
Interest income | 14,378 | 159 | 85 | — | 14,622 | — | 17,118 | 238 | — | 17,356 | ||||||||||||||||||||||||||||||
Other income | 1,693 | 1,175 | 136 | 695 | 3,699 | 1,444 | 1,278 | (97 | ) | 454 | 3,079 | |||||||||||||||||||||||||||||
Total revenues | 219,110 | 876,505 | 140,069 | 695 | 1,236,379 | 915,529 | 240,758 | 163,365 | 454 | 1,320,106 | ||||||||||||||||||||||||||||||
Property operating expenses | 426 | 610,659 | 46,072 | — | 657,157 | 637,317 | 12,823 | 50,987 | — | 701,127 | ||||||||||||||||||||||||||||||
Consolidated net operating income | 218,684 | 265,846 | 93,997 | 695 | 579,222 | 278,212 | 227,935 | 112,378 | 454 | 618,979 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 136,551 | 56,056 | 55,445 | — | 248,052 | |||||||||||||||||||||||||||||||||||
Interest expense | 3,500 | 17,319 | 1,643 | 115,570 | 138,032 | 17,572 | 3,225 | 3,386 | 117,153 | 141,336 | ||||||||||||||||||||||||||||||
General and administrative expenses | — | — | — | 33,741 | 33,741 | |||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 8,991 | — | — | — | 8,991 | — | 1,913 | — | — | 1,913 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 60,383 | 136,532 | 46,234 | — | 243,149 | |||||||||||||||||||||||||||||||||||
General and administrative | — | — | — | 28,746 | 28,746 | |||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | 4,038 | 4,038 | |||||||||||||||||||||||||||||||||||
Impairment of assets | 6,178 | 562 | — | — | 6,740 | — | (940 | ) | 10,879 | — | 9,939 | |||||||||||||||||||||||||||||
Other expenses | 87,076 | (1) | (811 | ) | 1,055 | 1,306 | 88,626 | 11,857 | 5,560 | (4 | ) | 4,215 | 21,628 | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 52,556 | 112,244 | 45,065 | (148,965 | ) | 60,900 | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 112,232 | 162,121 | 42,672 | (154,655 | ) | 162,370 | ||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 1,116 | 211 | 239 | (3,307 | ) | (1,741 | ) | 375 | (1,361 | ) | (586 | ) | (27 | ) | (1,599 | ) | ||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 5,377 | (6,705 | ) | 1,672 | — | 344 | ||||||||||||||||||||||||||||||||||
(Loss) income from unconsolidated entities | (17,453 | ) | 6,578 | 1,826 | — | (9,049 | ) | |||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (550 | ) | (1,130 | ) | (2 | ) | — | (1,682 | ) | |||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 59,049 | 105,750 | 46,976 | (152,272 | ) | 59,503 | 94,604 | 166,208 | 43,910 | (154,682 | ) | 150,040 | ||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 24,782 | (1 | ) | (58 | ) | — | 24,723 | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 83,831 | $ | 105,749 | $ | 46,918 | $ | (152,272 | ) | $ | 84,226 | $ | 94,604 | $ | 166,208 | $ | 43,910 | $ | (154,682 | ) | $ | 150,040 | ||||||||||||||||||
Total assets | $ | 10,163,867 | $ | 14,989,442 | $ | 4,953,277 | $ | 142,533 | $ | 30,249,119 | $ | 16,440,104 | $ | 9,494,388 | $ | 7,004,561 | $ | 209,644 | $ | 33,148,697 | ||||||||||||||||||||
Three Months Ended June 30, 2018: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Resident fees and services | $ | 763,345 | $ | — | $ | — | $ | — | $ | 763,345 | ||||||||||
Rental income | — | 197,961 | 135,640 | — | 333,601 | |||||||||||||||
Interest income | 172 | 13,247 | 43 | — | 13,462 | |||||||||||||||
Other income | 1,650 | 13,212 | 144 | 498 | 15,504 | |||||||||||||||
Total revenues | 765,167 | 224,420 | 135,827 | 498 | 1,125,912 | |||||||||||||||
Property operating expenses | 525,662 | 136 | 42,953 | — | 568,751 | |||||||||||||||
Consolidated net operating income | 239,505 | 224,284 | 92,874 | 498 | 557,161 | |||||||||||||||
Depreciation and amortization | 134,779 | 55,309 | 46,187 | — | 236,275 | |||||||||||||||
Interest expense | 16,971 | 3,800 | 1,656 | 98,989 | 121,416 | |||||||||||||||
General and administrative expenses | — | — | — | 32,831 | 32,831 | |||||||||||||||
Loss (gain) on derivatives and financial instruments, net | — | (7,460 | ) | — | — | (7,460 | ) | |||||||||||||
Loss (gain) on extinguishment of debt, net | 299 | — | — | — | 299 | |||||||||||||||
Impairment of assets | 2,212 | 2,420 | — | — | 4,632 | |||||||||||||||
Other expenses | 6,167 | 957 | 2,095 | 839 | 10,058 | |||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 79,077 | 169,258 | 42,936 | (132,161 | ) | 159,110 | ||||||||||||||
Income tax (expense) benefit | (2,617 | ) | (688 | ) | (378 | ) | (158 | ) | (3,841 | ) | ||||||||||
(Loss) income from unconsolidated entities | (5,204 | ) | 5,062 | 1,391 | — | 1,249 | ||||||||||||||
Gain (loss) on real estate dispositions, net | (1 | ) | 10,759 | (3 | ) | — | 10,755 | |||||||||||||
Income (loss) from continuing operations | 71,255 | 184,391 | 43,946 | (132,319 | ) | 167,273 | ||||||||||||||
Net income (loss) | $ | 71,255 | $ | 184,391 | $ | 43,946 | $ | (132,319 | ) | $ | 167,273 | |||||||||
Three Months Ended September 30, 2017: | Triple-net | Seniors Housing Operating | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Rental income | $ | 221,555 | $ | — | $ | 141,325 | $ | — | $ | 362,880 | ||||||||||
Resident fees and services | — | 702,380 | — | — | 702,380 | |||||||||||||||
Interest income | 20,187 | — | — | — | 20,187 | |||||||||||||||
Other income | 3,174 | 1,497 | 667 | 698 | 6,036 | |||||||||||||||
Total revenues | 244,916 | 703,877 | 141,992 | 698 | 1,091,483 | |||||||||||||||
Property operating expenses | — | 478,777 | 45,220 | — | 523,997 | |||||||||||||||
Consolidated net operating income | 244,916 | 225,100 | 96,772 | 698 | 567,486 | |||||||||||||||
Interest expense | 3,622 | 16,369 | 2,929 | 99,658 | 122,578 | |||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 324 | — | — | — | 324 | |||||||||||||||
Depreciation and amortization | 62,891 | 119,089 | 48,158 | — | 230,138 | |||||||||||||||
General and administrative | — | — | — | 29,913 | 29,913 | |||||||||||||||
Other expenses | 89,236 | (1) | 5,157 | 530 | 4,672 | 99,595 | ||||||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 88,843 | 84,485 | 45,155 | (133,545 | ) | 84,938 | ||||||||||||||
Income tax (expense) benefit | (816 | ) | (1,519 | ) | (366 | ) | 2,032 | (669 | ) | |||||||||||
Income (loss) from unconsolidated entities | 5,478 | (2,886 | ) | 816 | — | 3,408 | ||||||||||||||
Income (loss) from continuing operations | 93,505 | 80,080 | 45,605 | (131,513 | ) | 87,677 | ||||||||||||||
Gain (loss) on real estate dispositions, net | (185 | ) | (197 | ) | 2,004 | — | 1,622 | |||||||||||||
Net income (loss) | $ | 93,320 | $ | 79,883 | $ | 47,609 | $ | (131,513 | ) | $ | 89,299 | |||||||||
(1) Represents non-capitalizable transaction costs primarily related to a joint venture transaction with an existing seniors housing operator including the conversion of properties from triple-net to seniors housing operating, an exchange of PropCo/OpCo interests, and termination/restructuring of pre-existing relationships. |
Nine Months Ended September 30, 2018 | Triple-net | Seniors Housing Operating | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 1,782,370 | $ | — | $ | — | $ | — | $ | 1,782,370 | ||||||||||||||||||||||||||||||
Rental income | $ | 607,831 | $ | — | $ | 412,026 | $ | — | $ | 1,019,857 | — | 454,394 | 312,276 | — | 766,670 | |||||||||||||||||||||||||
Resident fees and services | — | 2,374,450 | — | — | 2,374,450 | |||||||||||||||||||||||||||||||||||
Interest income | 42,176 | 416 | 140 | — | 42,732 | — | 32,064 | 411 | — | 32,475 | ||||||||||||||||||||||||||||||
Other income | 16,282 | 3,973 | 401 | 1,561 | 22,217 | 5,545 | 2,541 | 139 | 2,611 | 10,836 | ||||||||||||||||||||||||||||||
Total revenues | 666,289 | 2,378,839 | 412,567 | 1,561 | 3,459,256 | 1,787,915 | 488,999 | 312,826 | 2,611 | 2,592,351 | ||||||||||||||||||||||||||||||
Property operating expenses | 583 | 1,648,262 | 133,528 | — | 1,782,373 | 1,245,003 | 27,778 | 99,153 | — | 1,371,934 | ||||||||||||||||||||||||||||||
Consolidated net operating income | 665,706 | 730,577 | 279,039 | 1,561 | 1,676,883 | 542,912 | 461,221 | 213,673 | 2,611 | 1,220,417 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 268,126 | 117,404 | 106,454 | — | 491,984 | |||||||||||||||||||||||||||||||||||
Interest expense | 10,742 | 51,225 | 4,975 | 315,281 | 382,223 | 35,823 | 6,665 | 6,734 | 237,346 | 286,568 | ||||||||||||||||||||||||||||||
General and administrative expenses | — | — | — | 69,023 | 69,023 | |||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | (5,642 | ) | — | — | — | (5,642 | ) | — | (574 | ) | — | — | (574 | ) | ||||||||||||||||||||||||||
Depreciation and amortization | 171,724 | 397,080 | 138,821 | — | 707,625 | |||||||||||||||||||||||||||||||||||
General and administrative | — | — | — | 95,282 | 95,282 | |||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | (32 | ) | 110 | 11,928 | 4,038 | 16,044 | — | — | — | 15,719 | 15,719 | |||||||||||||||||||||||||||||
Provision for loan losses | — | 18,690 | — | — | 18,690 | |||||||||||||||||||||||||||||||||||
Impairment of assets | 34,482 | 5,075 | — | — | 39,557 | — | (940 | ) | 10,879 | — | 9,939 | |||||||||||||||||||||||||||||
Other expenses | 89,153 | 5,168 | 3,748 | 4,327 | 102,396 | 14,803 | 8,589 | 750 | 6,242 | 30,384 | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 365,279 | 271,919 | 119,567 | (417,367 | ) | 339,398 | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 224,160 | 311,387 | 88,856 | (325,719 | ) | 298,684 | ||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (708 | ) | (2,244 | ) | (567 | ) | (3,651 | ) | (7,170 | ) | (244 | ) | (2,312 | ) | (951 | ) | (314 | ) | (3,821 | ) | ||||||||||||||||||||
Income (loss) from unconsolidated entities | 16,260 | (21,389 | ) | 4,293 | — | (836 | ) | |||||||||||||||||||||||||||||||||
(Loss) income from unconsolidated entities | (34,033 | ) | 12,236 | 3,549 | — | (18,248 | ) | |||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (710 | ) | 166,444 | (7 | ) | — | 165,727 | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 380,831 | 248,286 | 123,293 | (421,018 | ) | 331,392 | 189,173 | 487,755 | 91,447 | (326,033 | ) | 442,342 | ||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 158,938 | 3 | 214,721 | — | 373,662 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 539,769 | $ | 248,289 | $ | 338,014 | $ | (421,018 | ) | $ | 705,054 | $ | 189,173 | $ | 487,755 | $ | 91,447 | $ | (326,033 | ) | $ | 442,342 |
Six Months Ended June 30, 2018 | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Resident fees and services | $ | 1,499,279 | $ | — | $ | — | $ | — | $ | 1,499,279 | ||||||||||
Rental income | — | 404,792 | 272,178 | — | 676,970 | |||||||||||||||
Interest income | 257 | 27,798 | 55 | — | 28,110 | |||||||||||||||
Other income | 2,798 | 14,589 | 265 | 866 | 18,518 | |||||||||||||||
Total revenues | 1,502,334 | 447,179 | 272,498 | 866 | 2,222,877 | |||||||||||||||
Property operating expenses | 1,037,603 | 157 | 87,456 | — | 1,125,216 | |||||||||||||||
Consolidated net operating income | 464,731 | 447,022 | 185,042 | 866 | 1,097,661 | |||||||||||||||
Depreciation and amortization | 260,548 | 111,341 | 92,587 | — | 464,476 | |||||||||||||||
Interest expense | 33,906 | 7,242 | 3,332 | 199,711 | 244,191 | |||||||||||||||
General and administrative expenses | — | — | — | 66,536 | 66,536 | |||||||||||||||
Loss (gain) on derivatives and financial instruments, net | — | (14,633 | ) | — | — | (14,633 | ) | |||||||||||||
Loss (gain) on extinguishment of debt, net | 110 | (32 | ) | 11,928 | — | 12,006 | ||||||||||||||
Impairment of assets | 4,513 | 28,304 | — | — | 32,817 | |||||||||||||||
Other expenses | 5,979 | 2,077 | 2,693 | 3,021 | 13,770 | |||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 159,675 | 312,723 | 74,502 | (268,402 | ) | 278,498 | ||||||||||||||
Income tax (expense) benefit | (2,455 | ) | (1,824 | ) | (806 | ) | (344 | ) | (5,429 | ) | ||||||||||
(Loss) income from unconsolidated entities | (14,684 | ) | 10,883 | 2,621 | — | (1,180 | ) | |||||||||||||
Gain (loss) on real estate dispositions, net | 4 | 134,156 | 214,779 | — | 348,939 | |||||||||||||||
Income (loss) from continuing operations | 142,540 | 455,938 | 291,096 | (268,746 | ) | 620,828 | ||||||||||||||
Net income (loss) | $ | 142,540 | $ | 455,938 | $ | 291,096 | $ | (268,746 | ) | $ | 620,828 |
Nine Months Ended September 30, 2017 | Triple-net | Seniors Housing Operating | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Rental income | $ | 666,735 | $ | — | $ | 418,886 | $ | — | $ | 1,085,621 | ||||||||||
Resident fees and services | — | 2,049,757 | — | — | 2,049,757 | |||||||||||||||
Interest income | 61,767 | 69 | — | — | 61,836 | |||||||||||||||
Other income | 7,496 | 4,005 | 2,497 | 1,171 | 15,169 | |||||||||||||||
Total revenues | 735,998 | 2,053,831 | 421,383 | 1,171 | 3,212,383 | |||||||||||||||
Property operating expenses | — | 1,400,313 | 135,708 | — | 1,536,021 | |||||||||||||||
Consolidated net operating income | 735,998 | 653,518 | 285,675 | 1,171 | 1,676,362 | |||||||||||||||
Interest expense | 11,647 | 47,587 | 7,342 | 290,829 | 357,405 | |||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 2,284 | — | — | — | 2,284 | |||||||||||||||
Depreciation and amortization | 182,672 | 356,023 | 144,567 | — | 683,262 | |||||||||||||||
General and administrative | — | — | — | 93,643 | 93,643 | |||||||||||||||
Loss (gain) on extinguishment of debt, net | 29,083 | 3,414 | 4,373 | — | 36,870 | |||||||||||||||
Impairment of assets | 4,846 | 14,191 | 5,625 | — | 24,662 | |||||||||||||||
Other expenses | 96,425 | 8,100 | 2,201 | 10,882 | 117,608 | |||||||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 409,041 | 224,203 | 121,567 | (394,183 | ) | 360,628 | ||||||||||||||
Income tax (expense) benefit | (2,070 | ) | 9,133 | (655 | ) | (873 | ) | 5,535 | ||||||||||||
Income (loss) from unconsolidated entities | 14,983 | (40,527 | ) | 1,868 | — | (23,676 | ) | |||||||||||||
Income (loss) from continuing operations | 421,954 | 192,809 | 122,780 | (395,056 | ) | 342,487 | ||||||||||||||
Gain (loss) on real estate dispositions, net | 273,051 | 12,814 | 2,004 | — | 287,869 | |||||||||||||||
Net income (loss) | $ | 695,005 | $ | 205,623 | $ | 124,784 | $ | (395,056 | ) | $ | 630,356 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||||||
United States | $ | 1,007,203 | 81.5 | % | $ | 871,431 | 79.9 | % | $ | 2,766,726 | 80.0 | % | $ | 2,582,042 | 80.4 | % | $ | 1,092,376 | 82.8 | % | $ | 895,734 | 79.5 | % | $ | 2,136,042 | 82.4 | % | $ | 1,759,523 | 79.1 | % | ||||||||||||||||||||||||
United Kingdom | 111,503 | 9.0 | % | 105,028 | 9.6 | % | 340,059 | 9.8 | % | 298,618 | 9.3 | % | 112,647 | 8.5 | % | 112,031 | 10.0 | % | 225,065 | 8.7 | % | 228,556 | 10.3 | % | ||||||||||||||||||||||||||||||||
Canada | 117,673 | 9.5 | % | 115,024 | 10.5 | % | 352,471 | 10.2 | % | 331,723 | 10.3 | % | 115,083 | 8.7 | % | 118,147 | 10.5 | % | 231,244 | 8.9 | % | 234,798 | 10.6 | % | ||||||||||||||||||||||||||||||||
Total | $ | 1,236,379 | 100.0 | % | $ | 1,091,483 | 100.0 | % | $ | 3,459,256 | 100.0 | % | $ | 3,212,383 | 100.0 | % | $ | 1,320,106 | 100.0 | % | $ | 1,125,912 | 100.0 | % | $ | 2,592,351 | 100.0 | % | $ | 2,222,877 | 100.0 | % | ||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 24,616,066 | 81.4 | % | $ | 22,274,443 | 79.7 | % | $ | 27,496,270 | 82.9 | % | $ | 24,884,292 | 82.0 | % | ||||||||||||||||||||||||||||||||||||||||
United Kingdom | 3,150,305 | 10.4 | % | 3,239,039 | 11.6 | % | 3,173,654 | 9.6 | % | 3,078,994 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Canada | 2,482,748 | 8.2 | % | 2,430,963 | 8.7 | % | 2,478,773 | 7.5 | % | 2,378,786 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 30,249,119 | 100.0 | % | $ | 27,944,445 | 100.0 | % | $ | 33,148,697 | 100.0 | % | $ | 30,342,072 | 100.0 | % |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||
Assets | ||||||||||||||||
Net real property owned | $ | 977,252 | $ | 1,002,137 | ||||||||||||
Assets: | ||||||||||||||||
Net real estate investments | $ | 966,417 | $ | 973,813 | ||||||||||||
Cash and cash equivalents | 15,059 | 12,308 | 22,491 | 18,678 | ||||||||||||
Receivables and other assets | 17,922 | 16,330 | 15,411 | 14,600 | ||||||||||||
Total assets(1) | $ | 1,010,233 | $ | 1,030,775 | $ | 1,004,319 | $ | 1,007,091 | ||||||||
Liabilities and equity | ||||||||||||||||
Liabilities and equity: | ||||||||||||||||
Secured debt | $ | 466,772 | $ | 471,103 | $ | 462,836 | $ | 465,433 | ||||||||
Lease liabilities | 1,326 | — | ||||||||||||||
Accrued expenses and other liabilities | 18,144 | 14,832 | 21,922 | 18,229 | ||||||||||||
Total equity | 525,317 | 544,840 | 518,235 | 523,429 | ||||||||||||
Total liabilities and equity | $ | 1,010,233 | $ | 1,030,775 | $ | 1,004,319 | $ | 1,007,091 |
EXECUTIVE SUMMARY | ||
Company Overview | ||
Business Strategy | ||
Key Transactions | ||
Key Performance Indicators, Trends and Uncertainties | ||
Corporate Governance | ||
LIQUIDITY AND CAPITAL RESOURCES | ||
Sources and Uses of Cash | ||
Off-Balance Sheet Arrangements | ||
Contractual Obligations | ||
Capital Structure | ||
RESULTS OF OPERATIONS | ||
Summary | ||
Outpatient Medical | ||
Non-Segment/Corporate | ||
OTHER | ||
Non-GAAP Financial Measures | ||
Critical Accounting Policies | ||
Cautionary Statement Regarding Forward-Looking Statements |
Percentage of | Number of | Percentage of | Number of | |||||||||||||||||
Type of Property | NOI(1) | NOI | Properties | NOI(1) | NOI | Properties | ||||||||||||||
Seniors Housing Operating | $ | 278,212 | 45.0 | % | 575 | |||||||||||||||
Triple-net | $ | 218,684 | 37.8 | % | 749 | 227,935 | 36.8 | % | 671 | |||||||||||
Seniors housing operating | 265,846 | 46.0 | % | 521 | ||||||||||||||||
Outpatient medical | 93,997 | 16.2 | % | 259 | ||||||||||||||||
Outpatient Medical | 112,378 | 18.2 | % | 352 | ||||||||||||||||
Totals | $ | 578,527 | 100.0 | % | 1,529 | $ | 618,525 | 100.0 | % | 1,598 | ||||||||||
(1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. | (1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. | (1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. |
Properties | Investment Amount(1) | Capitalization Rates(2) | Book Amount(3) | Properties | Investment Amount(1) | Capitalization Rates(2) | Book Amount(3) | |||||||||||||||||||||
Seniors Housing Operating | 51 | $ | 1,159,864 | 5.2 | % | $ | 1,308,656 | |||||||||||||||||||||
Triple-net | 303 | $ | 2,438,899 | 6.9 | % | $ | 3,062,980 | 4 | 102,344 | 6.4 | % | 104,343 | ||||||||||||||||
Seniors housing operating | 11 | 599,647 | 6.7 | % | 652,640 | |||||||||||||||||||||||
Outpatient medical | 7 | 120,811 | 7.1 | % | 131,010 | |||||||||||||||||||||||
Outpatient Medical | 66 | 1,399,112 | 5.7 | % | 1,472,327 | |||||||||||||||||||||||
Totals | 321 | $ | 3,159,357 | 6.9 | % | $ | 3,846,630 | 121 | $ | 2,661,320 | 5.5 | % | $ | 2,885,326 | ||||||||||||||
(1) Represents stated pro rata purchase price including cash and any assumed debt but excludes fair value adjustments pursuant to U.S. GAAP. | (1) Represents stated pro rata purchase price including cash and any assumed debt but excludes fair value adjustments pursuant to U.S. GAAP. | (1) Represents stated pro rata purchase price including cash and any assumed debt but excludes fair value adjustments pursuant to U.S. GAAP. | ||||||||||||||||||||||||||
(2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. | (2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. | (2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. | ||||||||||||||||||||||||||
(3) Represents amounts recorded on our books including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||||||||||
(3) Represents amounts recorded in Net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. | (3) Represents amounts recorded in Net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. |
Properties | Proceeds(1) | Capitalization Rates(2) | Book Amount(3) | Properties | Proceeds(1) | Capitalization Rates(2) | Book Amount(3) | |||||||||||||||||||||
Seniors Housing Operating(4) | 3 | $ | 11,478 | 2.2 | % | $ | 8,726 | |||||||||||||||||||||
Triple-net | 64 | $ | 771,112 | 7.0 | % | $ | 604,480 | 35 | 614,823 | 6.7 | % | 442,865 | ||||||||||||||||
Seniors housing operating | 2 | 6,908 | 6.5 | % | 2,200 | |||||||||||||||||||||||
Outpatient medical | 18 | 428,727 | 6.0 | % | 223,069 | |||||||||||||||||||||||
Totals | 84 | $ | 1,206,747 | 6.7 | % | $ | 829,749 | 38 | $ | 626,301 | 6.7 | % | $ | 451,591 | ||||||||||||||
(1) Represents pro rata proceeds received upon disposition including any seller financing. | (1) Represents pro rata proceeds received upon disposition including any seller financing. | (1) Represents pro rata proceeds received upon disposition including any seller financing. | ||||||||||||||||||||||||||
(2) Represents annualized contractual income that was being received in cash at date of disposition divided by disposition proceeds. | (2) Represents annualized contractual income that was being received in cash at date of disposition divided by disposition proceeds. | (2) Represents annualized contractual income that was being received in cash at date of disposition divided by disposition proceeds. | ||||||||||||||||||||||||||
(3) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | (3) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | (3) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||||||||
(4) Includes the disposition of an unconsolidated real estate investment. | (4) Includes the disposition of an unconsolidated real estate investment. |
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | ||||||||||||||||||||||
Net income (loss) | $ | 337,610 | $ | 203,441 | $ | 89,299 | $ | (89,743 | ) | $ | 453,555 | $ | 167,273 | $ | 84,226 | |||||||||||||
NICS | 312,639 | 188,429 | 74,043 | (111,523 | ) | 437,671 | 154,432 | 64,384 | ||||||||||||||||||||
FFO | 306,231 | 384,390 | 295,722 | 179,224 | 353,220 | 378,725 | 285,272 | |||||||||||||||||||||
NOI | 552,129 | 556,747 | 567,486 | 556,353 | 540,500 | 557,161 | 579,222 | |||||||||||||||||||||
SSNOI | 421,328 | 432,578 | 439,807 | 434,754 | 431,400 | 438,703 | 433,523 | |||||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||||||
NICS | $ | 0.86 | $ | 0.51 | $ | 0.20 | $ | (0.30 | ) | $ | 1.17 | $ | 0.41 | $ | 0.17 | |||||||||||||
FFO | 0.84 | 1.04 | 0.80 | 0.48 | 0.95 | 1.02 | 0.76 |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||||||||||||||
Net income (loss) | $ | 453,555 | $ | 167,273 | $ | 84,226 | $ | 124,696 | $ | 292,302 | $ | 150,040 | ||||||||||||
NICS | 437,671 | 154,432 | 64,384 | 101,763 | 280,470 | 137,762 | ||||||||||||||||||
FFO | 353,220 | 378,725 | 285,272 | 374,966 | 358,383 | 390,021 | ||||||||||||||||||
NOI | 540,500 | 557,161 | 579,222 | 590,599 | 601,438 | 618,979 | ||||||||||||||||||
SSNOI | 407,613 | 417,399 | 412,269 | 408,687 | 416,682 | 409,789 | ||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||
NICS | $ | 1.17 | $ | 0.41 | $ | 0.17 | $ | 0.27 | $ | 0.71 | $ | 0.34 | ||||||||||||
FFO | $ | 0.95 | $ | 1.02 | $ | 0.76 | $ | 0.99 | $ | 0.91 | $ | 0.96 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
March, 31 | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | March, 31 | June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||
Net debt to book capitalization ratio | 42% | 41% | 42% | 43% | 42% | 42% | 46% | 42% | 42% | 46% | 45% | 43% | 48% | |||||||||||||
Net debt to undepreciated book capitalization ratio | 36% | 35% | 36% | 36% | 35% | 36% | 39% | 35% | 36% | 39% | 38% | 36% | 41% | |||||||||||||
Net debt to market capitalization ratio | 29% | 27% | 29% | 31% | 34% | 31% | 34% | 34% | 31% | 34% | 31% | 28% | 30% | |||||||||||||
Interest coverage ratio | 5.67x | 4.60x | 3.63x | 2.35x | 6.67x | 4.34x | 3.38x | 6.67x | 4.34x | 3.38x | 3.60x | 4.80x | 3.74x | |||||||||||||
Fixed charge coverage ratio | 4.53x | 3.72x | 2.97x | 1.93x | 5.49x | 3.58x | 2.85x | 5.49x | 3.58x | 2.85x | 3.05x | 4.38x | 3.42x |
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||
2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | ||||||||
Property mix:(1) | ||||||||||||||
Triple-net | 45% | 44% | 43% | 42% | 41% | 40% | 38% | |||||||
Seniors housing operating | 38% | 39% | 40% | 41% | 42% | 43% | 46% | |||||||
Outpatient medical | 17% | 17% | 17% | 17% | 17% | 17% | 16% | |||||||
Relationship mix:(1) | ||||||||||||||
Sunrise Senior Living(2) | 14% | 14% | 14% | 14% | 15% | 15% | 15% | |||||||
ProMedica Health System | —% | —% | —% | —% | —% | —% | 7% | |||||||
Revera(2) | 7% | 7% | 7% | 7% | 7% | 7% | 7% | |||||||
Genesis HealthCare | 9% | 9% | 9% | 7% | 6% | 6% | 6% | |||||||
Brookdale Senior Living | 7% | 7% | 7% | 7% | 7% | 8% | 6% | |||||||
Remaining relationships | 63% | 63% | 63% | 65% | 65% | 64% | 59% | |||||||
Geographic mix:(1) | ||||||||||||||
California | 13% | 14% | 13% | 13% | 14% | 14% | 13% | |||||||
United Kingdom | 9% | 9% | 9% | 9% | 10% | 9% | 9% | |||||||
Canada | 8% | 8% | 8% | 8% | 9% | 8% | 8% | |||||||
New Jersey | 7% | 8% | 8% | 8% | 8% | 7% | 7% | |||||||
Texas | 7% | 7% | 7% | 8% | 8% | 8% | 7% | |||||||
Remaining geographic areas | 56% | 54% | 55% | 54% | 51% | 54% | 56% | |||||||
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. | ||||||||||||||
(2) Revera owns a controlling interest in Sunrise Senior Living. |
Three Months Ended | ||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||
Property mix:(1) | ||||||||||||
Seniors Housing Operating | 42% | 43% | 46% | 43% | 44% | 45% | ||||||
Triple-net | 41% | 40% | 38% | 40% | 39% | 37% | ||||||
Outpatient Medical | 17% | 17% | 16% | 17% | 17% | 18% | ||||||
Relationship mix:(1) | ||||||||||||
Sunrise Senior Living(2) | 15% | 15% | 15% | 14% | 15% | 14% | ||||||
ProMedica | —% | —% | 7% | 9% | 9% | 9% | ||||||
Revera(2) | 7% | 7% | 7% | 6% | 6% | 6% | ||||||
Genesis HealthCare | 6% | 6% | 6% | 6% | 5% | 5% | ||||||
Benchmark Senior Living(3) | 4% | 5% | 4% | 4% | 4% | 5% | ||||||
Remaining relationships | 68% | 67% | 61% | 61% | 61% | 61% | ||||||
Geographic mix:(1) | ||||||||||||
California | 14% | 14% | 13% | 13% | 13% | 13% | ||||||
United Kingdom | 10% | 9% | 9% | 9% | 9% | 8% | ||||||
Texas | 8% | 8% | 7% | 8% | 8% | 8% | ||||||
Canada | 9% | 8% | 8% | 8% | 7% | 7% | ||||||
New Jersey | 8% | 7% | 7% | 7% | 7% | 7% | ||||||
Remaining geographic areas | 51% | 54% | 56% | 55% | 56% | 57% | ||||||
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. | ||||||||||||
(2) Revera owns a controlling interest in Sunrise Senior Living. | ||||||||||||
(3) The Benchmark Senior Living portfolio was sold in July 2019. |
Expiration Year(1) | Expiration Year(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Triple-net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | 111 | — | — | 8 | 12 | 7 | 4 | 55 | 55 | 19 | 462 | 30 | — | 7 | 11 | — | 4 | 48 | 93 | 19 | 19 | 417 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base rent(2) | $ | 49,563 | $ | — | $ | — | $ | 13,400 | $ | 7,843 | $ | — | $ | 10,842 | $ | 66,697 | $ | 94,556 | $ | 33,955 | $ | 523,166 | $ | 34,168 | $ | — | $ | 12,254 | $ | 9,023 | $ | — | $ | 11,096 | $ | 52,542 | $ | 123,519 | $ | 35,571 | $ | 22,128 | $ | 466,866 | ||||||||||||||||||||||||||||||||||||||||||||
% of base rent | 6.2 | % | — | % | — | % | 1.7 | % | 1.0 | % | — | % | 1.4 | % | 8.3 | % | 11.8 | % | 4.2 | % | 65.4 | % | 4.5 | % | — | % | 1.6 | % | 1.2 | % | — | % | 1.4 | % | 6.8 | % | 16.1 | % | 4.6 | % | 2.9 | % | 60.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Units/beds | 10,754 | — | — | 1,416 | 1,245 | 1,115 | 692 | 4,140 | 5,869 | 2,401 | 48,799 | 2,540 | — | 1,316 | 1,182 | — | 692 | 3,033 | 7,452 | 2,401 | 1,979 | 43,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Units/beds | 14.1 | % | — | % | — | % | 1.9 | % | 1.6 | % | 1.5 | % | 0.9 | % | 5.4 | % | 7.7 | % | 3.1 | % | 63.8 | % | 3.9 | % | — | % | 2.0 | % | 1.8 | % | — | % | 1.1 | % | 4.7 | % | 11.6 | % | 3.7 | % | 3.1 | % | 68.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Outpatient medical: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical: | Outpatient Medical: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 337,189 | 1,121,808 | 1,372,820 | 1,559,664 | 1,706,549 | 1,271,602 | 1,290,443 | 765,244 | 1,195,467 | 403,107 | 4,868,618 | 902,986 | 1,669,510 | 1,988,685 | 2,106,936 | 2,116,845 | 2,003,818 | 1,129,172 | 1,448,787 | 817,114 | 880,070 | 5,746,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base rent(2) | $ | 9,626 | $ | 32,658 | �� | $ | 38,720 | $ | 43,962 | $ | 46,037 | $ | 34,306 | $ | 37,615 | $ | 20,607 | $ | 29,059 | $ | 10,652 | $ | 102,387 | $ | 25,166 | $ | 45,925 | $ | 54,771 | $ | 57,230 | $ | 57,127 | $ | 58,855 | $ | 29,965 | $ | 36,921 | $ | 20,315 | $ | 23,309 | $ | 120,638 | |||||||||||||||||||||||||||||||||||||||||||
% of base rent | 2.4 | % | 8.1 | % | 9.5 | % | 10.8 | % | 11.3 | % | 8.5 | % | 9.3 | % | 5.1 | % | 7.2 | % | 2.6 | % | 25.2 | % | 4.7 | % | 8.7 | % | 10.3 | % | 10.8 | % | 10.8 | % | 11.1 | % | 5.7 | % | 7.0 | % | 3.8 | % | 4.4 | % | 22.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Leases | 112 | 304 | 329 | 310 | 304 | 283 | 149 | 130 | 138 | 79 | 211 | 255 | 412 | 404 | 397 | 426 | 294 | 176 | 190 | 112 | 102 | 266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Leases | 4.8 | % | 12.9 | % | 14.0 | % | 13.2 | % | 12.9 | % | 12.0 | % | 6.3 | % | 5.5 | % | 5.9 | % | 3.4 | % | 9.1 | % | 8.3 | % | 13.6 | % | 13.3 | % | 13.1 | % | 14.0 | % | 9.7 | % | 5.8 | % | 6.3 | % | 3.7 | % | 3.4 | % | 8.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
(1) Excludes investments in unconsolidated entities. Investments classified as held for sale are included in the current year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non cash income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in the current year. | (1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in the current year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. | (2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. |
Six Months Ended | Change | ||||||||||||||
June 30, 2019 | June 30, 2018 | $ | % | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 316,129 | $ | 309,303 | $ | 6,826 | 2 | % | |||||||
Cash provided from (used in) operating activities | 854,482 | 838,424 | 16,058 | 2 | % | ||||||||||
Cash provided from (used in) investing activities | (2,531,364 | ) | 130,251 | (2,661,615 | ) | -2,043 | % | ||||||||
Cash provided from (used in) financing activities | 1,720,804 | (1,000,290 | ) | 2,721,094 | 272 | % | |||||||||
Effect of foreign currency translation | (333 | ) | (5,305 | ) | 4,972 | 94 | % | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 359,718 | $ | 272,383 | $ | 87,335 | 32 | % |
Nine Months Ended | Change | ||||||||||||||
September 30, | September 30, | $ | % | ||||||||||||
2018 | 2017 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 309,303 | $ | 607,220 | $ | (297,917 | ) | -49 | % | ||||||
Cash provided from (used in) operating activities | 1,211,148 | 1,162,464 | 48,684 | 4 | % | ||||||||||
Cash provided from (used in) investing activities | (2,133,293 | ) | 400,418 | (2,533,711 | ) | n/a | |||||||||
Cash provided from (used in) financing activities | 899,559 | (1,899,107 | ) | 2,798,666 | n/a | ||||||||||
Effect of foreign currency translation | (5,432 | ) | 24,316 | (29,748 | ) | n/a | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 281,285 | $ | 295,311 | $ | (14,026 | ) | -5 | % |
Nine Months Ended | Change | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | $ | % | ||||||||||||
New development | $ | 88,146 | $ | 198,068 | $ | (109,922 | ) | -55 | % | ||||||
Recurring capital expenditures, tenant improvements and lease commissions | 57,384 | 45,777 | 11,607 | 25 | % | ||||||||||
Renovations, redevelopments and other capital improvements | 116,251 | 113,365 | 2,886 | 3 | % | ||||||||||
Total | $ | 261,781 | $ | 357,210 | $ | (95,429 | ) | -27 | % |
Six Months Ended | Change | ||||||||||||||
June 30, 2019 | June 30, 2018 | $ | % | ||||||||||||
New development | $ | 155,409 | $ | 62,978 | $ | 92,431 | 147 | % | |||||||
Recurring capital expenditures, tenant improvements and lease commissions | 49,925 | 35,116 | 14,809 | 42 | % | ||||||||||
Renovations, redevelopments and other capital improvements | 74,251 | 76,216 | (1,965 | ) | -3 | % | |||||||||
Total | $ | 279,585 | $ | 174,310 | $ | 105,275 | 60 | % |
Payments Due by Period | Payments Due by Period | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | 2018 | 2019-2020 | 2021-2022 | Thereafter | Total | 2019 | 2020-2021 | 2022-2023 | Thereafter | ||||||||||||||||||||||||||||||
Unsecured revolving credit facility(1) | $ | 1,312,000 | $ | — | $ | — | $ | — | $ | 1,312,000 | ||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper(1,2) | $ | 1,870,000 | $ | 935,000 | $ | — | $ | 935,000 | $ | — | ||||||||||||||||||||||||||||||
Senior unsecured notes and term credit facilities:(2) | ||||||||||||||||||||||||||||||||||||||||
U.S. Dollar senior unsecured notes | 7,450,000 | — | 1,050,000 | 1,050,000 | 5,350,000 | 8,450,000 | — | 1,450,000 | 1,700,000 | 5,300,000 | ||||||||||||||||||||||||||||||
Canadian Dollar senior unsecured notes(3) | 232,162 | — | 232,162 | — | — | 229,165 | — | 229,165 | — | — | ||||||||||||||||||||||||||||||
Pounds Sterling senior unsecured notes(3) | 1,370,565 | — | — | — | 1,370,565 | 1,333,920 | — | — | — | 1,333,920 | ||||||||||||||||||||||||||||||
U.S. Dollar term credit facility | 507,500 | — | 7,500 | — | 500,000 | 507,500 | — | 7,500 | 500,000 | — | ||||||||||||||||||||||||||||||
Canadian Dollar term credit facility(3) | 193,469 | — | — | — | 193,469 | 190,971 | — | — | 190,971 | — | ||||||||||||||||||||||||||||||
Secured debt:(2,3) | ||||||||||||||||||||||||||||||||||||||||
Consolidated | 2,479,755 | 170,742 | 628,104 | 573,112 | 1,107,797 | 2,689,982 | 312,291 | 527,943 | 682,908 | 1,166,840 | ||||||||||||||||||||||||||||||
Unconsolidated | 790,673 | 17,836 | 109,404 | 40,844 | 622,589 | 770,687 | 31,538 | 68,069 | 53,943 | 617,137 | ||||||||||||||||||||||||||||||
Contractual interest obligations:(4) | ||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | 193,720 | 10,196 | 81,566 | 81,566 | 20,392 | |||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper | 120,634 | 15,079 | 60,317 | 45,238 | — | |||||||||||||||||||||||||||||||||||
Senior unsecured notes and term loans(3) | 4,120,498 | 152,769 | 830,571 | 710,660 | 2,426,498 | 4,038,896 | 259,830 | 826,444 | 711,116 | 2,241,506 | ||||||||||||||||||||||||||||||
Consolidated secured debt(3) | 476,489 | 23,252 | 155,504 | 111,191 | 186,542 | 502,618 | 49,625 | 159,559 | 110,554 | 182,880 | ||||||||||||||||||||||||||||||
Unconsolidated secured debt(3) | 214,808 | 7,612 | 56,738 | 48,299 | 102,159 | 196,781 | 14,745 | 52,201 | 48,783 | 81,052 | ||||||||||||||||||||||||||||||
Capital lease obligations(5) | 85,308 | 1,043 | 8,346 | 8,346 | 67,573 | |||||||||||||||||||||||||||||||||||
Operating lease obligations(5) | 1,107,336 | 4,507 | 35,588 | 34,105 | 1,033,136 | |||||||||||||||||||||||||||||||||||
Financing lease liabilities(5) | 184,511 | 4,461 | 17,196 | 76,773 | 86,081 | |||||||||||||||||||||||||||||||||||
Operating lease liabilities(5) | 1,542,933 | 8,637 | 33,843 | 31,797 | 1,468,656 | |||||||||||||||||||||||||||||||||||
Purchase obligations | 343,079 | 76,741 | 266,338 | — | — | 491,686 | 224,234 | 222,195 | 41,113 | 4,144 | ||||||||||||||||||||||||||||||
Other long-term liabilities | 1,598 | 369 | 1,229 | — | — | 492 | 492 | — | — | — | ||||||||||||||||||||||||||||||
Total contractual obligations | $ | 20,878,960 | $ | 465,067 | $ | 3,463,050 | $ | 2,658,123 | $ | 14,292,720 | $ | 23,120,776 | $ | 1,855,932 | $ | 3,654,432 | $ | 5,128,196 | $ | 12,482,216 | ||||||||||||||||||||
(1) Relates to unsecured revolving credit facility with an aggregate commitment of $3,000,000,000. See Note 9 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||||||||||||||||||||||
(1) Relates to our unsecured credit facility and commercial paper with an aggregate commitment of $3,000,000,000. See Note 10 to our unaudited consolidated financial statements for additional information. | (1) Relates to our unsecured credit facility and commercial paper with an aggregate commitment of $3,000,000,000. See Note 10 to our unaudited consolidated financial statements for additional information. | |||||||||||||||||||||||||||||||||||||||
(2) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | (2) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | (2) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | ||||||||||||||||||||||||||||||||||||||
(3) Based on foreign currency exchange rates in effect as of balance sheet date. | (3) Based on foreign currency exchange rates in effect as of balance sheet date. | (3) Based on foreign currency exchange rates in effect as of balance sheet date. | ||||||||||||||||||||||||||||||||||||||
(4) Based on variable interest rates in effect as of balance sheet date. | (4) Based on variable interest rates in effect as of balance sheet date. | (4) Based on variable interest rates in effect as of balance sheet date. | ||||||||||||||||||||||||||||||||||||||
(5) See Note 12 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||||||||||||||||||||||
(6) Primarily relates to payments to be made under a supplemental executive retirement plan for one former executive officer. | ||||||||||||||||||||||||||||||||||||||||
(5) See Note 6 to our unaudited consolidated financial statements for additional information. | (5) See Note 6 to our unaudited consolidated financial statements for additional information. | |||||||||||||||||||||||||||||||||||||||
(6) See Note 13 to our unaudited consolidated financial statements for additional information. | (6) See Note 13 to our unaudited consolidated financial statements for additional information. |
Three Months Ended | Change | Nine Months Ended | Change | Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | Amount | % | 2018 | 2017 | Amount | % | 2019 | 2018 | Amount | % | 2019 | 2018 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 84,226 | $ | 89,299 | $ | (5,073 | ) | -6 | % | $ | 705,054 | $ | 630,356 | $ | 74,698 | 12 | % | $ | 150,040 | $ | 167,273 | $ | (17,233 | ) | -10 | % | $ | 442,342 | $ | 620,828 | $ | (178,486 | ) | -29 | % | |||||||||||||||||||||||||
NICS | 64,384 | 74,043 | (9,659 | ) | -13 | % | 656,487 | 575,118 | 81,369 | 14 | % | 137,762 | 154,432 | (16,670 | ) | -11 | % | 418,232 | 592,103 | (173,871 | ) | -29 | % | |||||||||||||||||||||||||||||||||||||
FFO | 285,272 | 295,722 | (10,450 | ) | -4 | % | 1,017,217 | 986,352 | 30,865 | 3 | % | 390,021 | 378,725 | 11,296 | 3 | % | 748,404 | 731,945 | 16,459 | 2 | % | |||||||||||||||||||||||||||||||||||||||
EBITDA | 467,148 | 442,684 | 24,464 | 6 | % | 1,802,072 | 1,665,488 | 136,584 | 8 | % | 541,027 | 528,805 | 12,222 | 2 | % | 1,224,715 | 1,334,924 | (110,209 | ) | -8 | % | |||||||||||||||||||||||||||||||||||||||
NOI | 579,222 | 567,486 | 11,736 | 2 | % | 1,676,883 | 1,676,362 | 521 | — | % | 618,979 | 557,161 | 61,818 | 11 | % | 1,220,417 | 1,097,661 | 122,756 | 11 | % | ||||||||||||||||||||||||||||||||||||||||
SSNOI | 433,523 | 439,807 | (6,284 | ) | -1 | % | 1,303,626 | 1,293,712 | 9,914 | 1 | % | 409,789 | 417,399 | (7,610 | ) | -1.8 | % | 826,471 | 825,012 | 1,459 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NICS | $ | 0.17 | $ | 0.20 | $ | (0.03 | ) | -15 | % | $ | 1.76 | $ | 1.56 | $ | 0.20 | 13 | % | $ | 0.34 | $ | 0.41 | $ | (0.07 | ) | -17 | % | $ | 1.05 | $ | 1.59 | $ | (0.54 | ) | -34 | % | |||||||||||||||||||||||||
FFO | $ | 0.76 | $ | 0.80 | $ | (0.04 | ) | -5 | % | $ | 2.72 | $ | 2.68 | $ | 0.04 | 1 | % | $ | 0.96 | $ | 1.02 | $ | (0.06 | ) | -6 | % | $ | 1.87 | $ | 1.96 | $ | (0.09 | ) | -5 | % | |||||||||||||||||||||||||
Interest coverage ratio | 3.38 | x | 3.63 | x | (0.25 | )x | -7 | % | 4.73 | x | 4.63 | x | 0.10 | x | 2 | % | 3.74 | x | 4.34 | x | (0.60 | )x | -14 | % | 4.27 | x | 5.50 | x | (1.23 | )x | -22 | % | ||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2.85 | x | 2.97 | x | (0.12 | )x | -4 | % | 3.93 | x | 3.74 | x | 0.19 | x | 5 | % | 3.42 | x | 3.58 | x | (0.16 | )x | -4 | % | 3.90 | x | 4.53 | x | (0.63 | )x | -14 | % |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | |||||||||||||||||||||||
NOI | $ | 218,684 | $ | 244,916 | $ | (26,232 | ) | -11 | % | $ | 665,706 | $ | 735,998 | $ | (70,292 | ) | -10 | % | ||||||||||||
Non SSNOI attributable to same store properties | (3,734 | ) | (7,232 | ) | 3,498 | -48 | % | (14,075 | ) | (22,689 | ) | 8,614 | -38 | % | ||||||||||||||||
NOI attributable to non same store properties(1) | (76,077 | ) | (95,278 | ) | 19,201 | -20 | % | (232,926 | ) | (292,948 | ) | 60,022 | -20 | % | ||||||||||||||||
SSNOI(2) | $ | 138,873 | $ | 142,406 | $ | (3,533 | ) | -2 | % | $ | 418,705 | $ | 420,361 | $ | (1,656 | ) | — | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
NOI | $ | 278,212 | $ | 239,505 | $ | 38,707 | 16.2 | % | $ | 542,912 | $ | 464,731 | $ | 78,181 | 16.8 | % | ||||||||||||||
Non SSNOI attributable to same store properties | 1,384 | 358 | 1,026 | 286.6 | % | 3,299 | 627 | 2,672 | 426.2 | % | ||||||||||||||||||||
NOI attributable to non same store properties(1) | (88,898 | ) | (45,907 | ) | (42,991 | ) | -93.6 | % | (159,122 | ) | (80,572 | ) | (78,550 | ) | -97.5 | % | ||||||||||||||
SSNOI(2) | $ | 190,698 | $ | 193,956 | $ | (3,258 | ) | -1.7 | % | $ | 387,089 | $ | 384,786 | $ | 2,303 | 0.6 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Resident fees and services | $ | 914,085 | $ | 763,345 | $ | 150,740 | 20 | % | $ | 1,782,370 | $ | 1,499,279 | $ | 283,091 | 19 | % | ||||||||||||||
Interest income | — | 172 | (172 | ) | -100 | % | — | 257 | (257 | ) | -100 | % | ||||||||||||||||||
Other income | 1,444 | 1,650 | (206 | ) | -12 | % | 5,545 | 2,798 | 2,747 | 98 | % | |||||||||||||||||||
Total revenues | 915,529 | 765,167 | 150,362 | 20 | % | 1,787,915 | 1,502,334 | 285,581 | 19 | % | ||||||||||||||||||||
Property operating expenses | 637,317 | 525,662 | 111,655 | 21 | % | 1,245,003 | 1,037,603 | 207,400 | 20 | % | ||||||||||||||||||||
NOI(1) | 278,212 | 239,505 | 38,707 | 16 | % | 542,912 | 464,731 | 78,181 | 17 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 136,551 | 134,779 | 1,772 | 1 | % | 268,126 | 260,548 | 7,578 | 3 | % | ||||||||||||||||||||
Interest expense | 17,572 | 16,971 | 601 | 4 | % | 35,823 | 33,906 | 1,917 | 6 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | 299 | (299 | ) | -100 | % | — | 110 | (110 | ) | -100 | % | ||||||||||||||||||
Impairment of assets | — | 2,212 | (2,212 | ) | -100 | % | — | 4,513 | (4,513 | ) | -100 | % | ||||||||||||||||||
Other expenses | 11,857 | 6,167 | 5,690 | 92 | % | 14,803 | 5,979 | 8,824 | 148 | % | ||||||||||||||||||||
165,980 | 160,428 | 5,552 | 3 | % | 318,752 | 305,056 | 13,696 | 4 | % | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 112,232 | 79,077 | 33,155 | 42 | % | 224,160 | 159,675 | 64,485 | 40 | % | ||||||||||||||||||||
Income tax benefit (expense) | 375 | (2,617 | ) | 2,992 | 114 | % | (244 | ) | (2,455 | ) | 2,211 | 90 | % | |||||||||||||||||
Income (loss) from unconsolidated entities | (17,453 | ) | (5,204 | ) | (12,249 | ) | -235 | % | (34,033 | ) | (14,684 | ) | (19,349 | ) | -132 | % | ||||||||||||||
Gain (loss) on real estate dispositions, net | (550 | ) | (1 | ) | (549 | ) | -54,900 | % | (710 | ) | 4 | (714 | ) | -17,850 | % | |||||||||||||||
Income from continuing operations | 94,604 | 71,255 | 23,349 | 33 | % | 189,173 | 142,540 | 46,633 | 33 | % | ||||||||||||||||||||
Net income (loss) | 94,604 | 71,255 | 23,349 | 33 | % | 189,173 | 142,540 | 46,633 | 33 | % | ||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 2,236 | (766 | ) | 3,002 | 392 | % | 3,977 | (1,664 | ) | 5,641 | 339 | % | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 92,368 | $ | 72,021 | $ | 20,347 | 28 | % | $ | 185,196 | $ | 144,204 | $ | 40,992 | 28 | % | ||||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Units | Commitment | Balance | Est. Completion | |||||||||
Taylor, PA | 113 | $ | 14,272 | $ | 8,801 | 4Q19 | |||||||
Wandsworth, UK | 97 | 74,890 | 51,699 | 1Q20 | |||||||||
Beavercreek, OH | 100 | 12,032 | 8,361 | 1Q20 | |||||||||
Potomac, MD | 120 | 56,720 | 11,881 | 4Q20 | |||||||||
430 | $ | 157,914 | 80,742 | ||||||||||
Toronto, ON | Project in planning stage | 42,486 | |||||||||||
Hendon, UK | Project in planning stage | 27,539 | |||||||||||
Barnet, UK | Project in planning stage | 24,310 | |||||||||||
Washington, DC | Project in planning stage | 16,412 | |||||||||||
$ | 191,489 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||
Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | |||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||
Beginning balance | $ | 1,995,343 | 3.79 | % | $ | 1,931,401 | 3.68 | % | $ | 1,810,587 | 3.87 | % | $ | 1,988,700 | 3.66 | % | ||||||||||||
Debt issued | 48,806 | 2.94 | % | 24,280 | 3.06 | % | 295,969 | 3.52 | % | 44,606 | 3.38 | % | ||||||||||||||||
Debt assumed | — | 0.00 | % | — | 0.00 | % | 42,000 | 4.62 | % | 85,192 | 4.40 | % | ||||||||||||||||
Debt extinguished | (36,903 | ) | 2.74 | % | (13,165 | ) | 3.57 | % | (151,473 | ) | 4.42 | % | (131,175 | ) | 4.85 | % | ||||||||||||
Principal payments | (11,225 | ) | 3.49 | % | (12,062 | ) | 3.57 | % | (22,430 | ) | 3.44 | % | (24,001 | ) | 3.56 | % | ||||||||||||
Foreign currency | 22,159 | 3.31 | % | (21,039 | ) | 3.30 | % | 43,527 | 3.33 | % | (53,907 | ) | 3.29 | % | ||||||||||||||
Ending balance | $ | 2,018,180 | 3.80 | % | $ | 1,909,415 | 3.73 | % | $ | 2,018,180 | 3.80 | % | $ | 1,909,415 | 3.73 | % | ||||||||||||
Monthly averages | $ | 1,996,642 | 3.80 | % | $ | 1,922,640 | 3.71 | % | $ | 1,950,546 | 3.82 | % | $ | 1,932,618 | 3.68 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
NOI | $ | 227,935 | $ | 224,284 | $ | 3,651 | 1.6 | % | $ | 461,221 | $ | 447,022 | $ | 14,199 | 3.2 | % | ||||||||||||||
Non SSNOI attributable to same store properties | (8,114 | ) | (4,068 | ) | (4,046 | ) | -99.5 | % | (15,707 | ) | (14,796 | ) | (911 | ) | -6.2 | % | ||||||||||||||
NOI attributable to non same store properties(1) | (87,819 | ) | (83,148 | ) | (4,671 | ) | -5.6 | % | (180,659 | ) | (164,603 | ) | (16,056 | ) | -9.8 | % | ||||||||||||||
SSNOI(2) | $ | 132,002 | $ | 137,068 | $ | (5,066 | ) | -3.7 | % | $ | 264,855 | $ | 267,623 | $ | (2,768 | ) | -1.0 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental income | $ | 222,362 | $ | 197,961 | $ | 24,401 | 12 | % | $ | 454,394 | $ | 404,792 | $ | 49,602 | 12 | % | ||||||||||||||
Interest income | 17,118 | 13,247 | 3,871 | 29 | % | 32,064 | 27,798 | 4,266 | 15 | % | ||||||||||||||||||||
Other income | 1,278 | 13,212 | (11,934 | ) | -90 | % | 2,541 | 14,589 | (12,048 | ) | -83 | % | ||||||||||||||||||
Total revenues | 240,758 | 224,420 | 16,338 | 7 | % | 488,999 | 447,179 | 41,820 | 9 | % | ||||||||||||||||||||
Property operating expenses | 12,823 | 136 | 12,687 | 9,329 | % | 27,778 | 157 | 27,621 | 17,593 | % | ||||||||||||||||||||
NOI(1) | 227,935 | 224,284 | 3,651 | 2 | % | 461,221 | 447,022 | 14,199 | 3 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 56,056 | 55,309 | 747 | 1 | % | 117,404 | 111,341 | 6,063 | 5 | % | ||||||||||||||||||||
Interest expense | 3,225 | 3,800 | (575 | ) | -15 | % | 6,665 | 7,242 | (577 | ) | -8 | % | ||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 1,913 | (7,460 | ) | 9,373 | 126 | % | (574 | ) | (14,633 | ) | 14,059 | 96 | % | |||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | — | (32 | ) | 32 | 100 | % | ||||||||||||||||||||
Provision for loan losses | — | — | — | n/a | 18,690 | — | 18,690 | n/a | ||||||||||||||||||||||
Impairment of assets | (940 | ) | 2,420 | (3,360 | ) | -139 | % | (940 | ) | 28,304 | (29,244 | ) | -103 | % | ||||||||||||||||
Other expenses | 5,560 | 957 | 4,603 | 481 | % | 8,589 | 2,077 | 6,512 | 314 | % | ||||||||||||||||||||
65,814 | 55,026 | 10,788 | 20 | % | 149,834 | 134,299 | 15,535 | 12 | % | |||||||||||||||||||||
Income from continuing operations before income taxes and other items | 162,121 | 169,258 | (7,137 | ) | -4 | % | 311,387 | 312,723 | (1,336 | ) | — | % | ||||||||||||||||||
Income tax (expense) benefit | (1,361 | ) | (688 | ) | (673 | ) | -98 | % | (2,312 | ) | (1,824 | ) | (488 | ) | -27 | % | ||||||||||||||
Income (loss) from unconsolidated entities | 6,578 | 5,062 | 1,516 | 30 | % | 12,236 | 10,883 | 1,353 | 12 | % | ||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (1,130 | ) | 10,759 | (11,889 | ) | -111 | % | 166,444 | 134,156 | 32,288 | 24 | % | ||||||||||||||||||
Income from continuing operations | 166,208 | 184,391 | (18,183 | ) | -10 | % | 487,755 | 455,938 | 31,817 | 7 | % | |||||||||||||||||||
Net income | 166,208 | 184,391 | (18,183 | ) | -10 | % | 487,755 | 455,938 | 31,817 | 7 | % | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 9,230 | 1,253 | 7,977 | 637 | % | 18,326 | 3,216 | 15,110 | 470 | % | ||||||||||||||||||||
Net income attributable to common stockholders | $ | 156,978 | $ | 183,138 | $ | (26,160 | ) | -14 | % | $ | 469,429 | $ | 452,722 | $ | 16,707 | 4 | % | |||||||||||||
(1) See Non-GAAP Financial Measures. |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental income | $ | 203,039 | $ | 221,555 | $ | (18,516 | ) | -8 | % | $ | 607,831 | $ | 666,735 | $ | (58,904 | ) | -9 | % | ||||||||||||
Interest income | 14,378 | 20,187 | (5,809 | ) | -29 | % | 42,176 | 61,767 | (19,591 | ) | -32 | % | ||||||||||||||||||
Other income | 1,693 | 3,174 | (1,481 | ) | -47 | % | 16,282 | 7,496 | 8,786 | 117 | % | |||||||||||||||||||
Total revenues | 219,110 | 244,916 | (25,806 | ) | -11 | % | 666,289 | 735,998 | (69,709 | ) | -9 | % | ||||||||||||||||||
Property operating expenses | 426 | — | 426 | n/a | 583 | — | 583 | n/a | ||||||||||||||||||||||
NOI(1) | 218,684 | 244,916 | (26,232 | ) | -11 | % | 665,706 | 735,998 | (70,292 | ) | -10 | % | ||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Interest expense | 3,500 | 3,622 | (122 | ) | -3 | % | 10,742 | 11,647 | (905 | ) | -8 | % | ||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 8,991 | 324 | 8,667 | 2,675 | % | (5,642 | ) | 2,284 | (7,926 | ) | n/a | |||||||||||||||||||
Depreciation and amortization | 60,383 | 62,891 | (2,508 | ) | -4 | % | 171,724 | 182,672 | (10,948 | ) | -6 | % | ||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | (32 | ) | 29,083 | (29,115 | ) | n/a | ||||||||||||||||||||
Impairment of assets | 6,178 | — | 6,178 | n/a | 34,482 | 4,846 | 29,636 | 612 | % | |||||||||||||||||||||
Other expenses | 87,076 | 89,236 | (2,160 | ) | -2 | % | 89,153 | 96,425 | (7,272 | ) | -8 | % | ||||||||||||||||||
Total other expenses | 166,128 | 156,073 | 10,055 | 6 | % | 300,427 | 326,957 | (26,530 | ) | -8 | % | |||||||||||||||||||
Income from continuing operations before income taxes and income (loss) from unconsolidated entities | 52,556 | 88,843 | (36,287 | ) | -41 | % | 365,279 | 409,041 | (43,762 | ) | -11 | % | ||||||||||||||||||
Income tax (expense) benefit | 1,116 | (816 | ) | 1,932 | n/a | (708 | ) | (2,070 | ) | 1,362 | -66 | % | ||||||||||||||||||
Income (loss) from unconsolidated entities | 5,377 | 5,478 | (101 | ) | -2 | % | 16,260 | 14,983 | 1,277 | 9 | % | |||||||||||||||||||
Income from continuing operations | 59,049 | 93,505 | (34,456 | ) | -37 | % | 380,831 | 421,954 | (41,123 | ) | -10 | % | ||||||||||||||||||
Gain (loss) on real estate dispositions, net | 24,782 | (185 | ) | 24,967 | n/a | 158,938 | 273,051 | (114,113 | ) | -42 | % | |||||||||||||||||||
Net income | 83,831 | 93,320 | (9,489 | ) | -10 | % | 539,769 | 695,005 | (155,236 | ) | -22 | % | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 6,913 | 1,539 | 5,374 | 349 | % | 10,129 | 3,112 | 7,017 | 225 | % | ||||||||||||||||||||
Net income attributable to common stockholders | $ | 76,918 | $ | 91,781 | $ | (14,863 | ) | -16 | % | $ | 529,640 | $ | 691,893 | $ | (162,253 | ) | -23 | % | ||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Units/Beds | Commitment | Balance | Est. Completion | Units/Beds | Commitment | Balance | Est. Completion | ||||||||||||||||||
Westerville, OH | 90 | $ | 22,800 | $ | 6,759 | 3Q19 | 90 | $ | 22,800 | $ | 13,925 | 3Q19 | ||||||||||||||
Union, KY | 162 | 34,600 | 7,150 | 1Q20 | 162 | 34,600 | 18,000 | 1Q20 | ||||||||||||||||||
Droitwich , UK | 70 | 16,532 | 4,035 | 4Q20 | ||||||||||||||||||||||
Droitwich, UK | 70 | 16,090 | 6,870 | 2Q20 | ||||||||||||||||||||||
Thousand Oaks, CA | 82 | 24,763 | 6,256 | 4Q20 | ||||||||||||||||||||||
322 | $ | 73,932 | $ | 17,944 | 404 | $ | 98,253 | $ | 45,051 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 334,033 | 3.53 | % | $ | 345,866 | 3.53 | % | $ | 347,474 | 3.55 | % | $ | 594,199 | 4.58 | % | $ | 292,258 | 3.62 | % | $ | 347,342 | 3.50 | % | $ | 288,386 | 3.63 | % | $ | 347,474 | 3.55 | % | ||||||||||||||||||||||||
Debt issued | — | 0.00 | % | 13,000 | 4.57 | % | — | 0.00 | % | 13,000 | 4.57 | % | ||||||||||||||||||||||||||||||||||||||||||||
Debt extinguished | — | 0.00 | % | — | 0.00 | % | (4,107 | ) | 4.94 | % | (255,553 | ) | 5.92 | % | — | 0.00 | % | — | 0.00 | % | — | 0.00 | % | (4,107 | ) | 4.94 | % | |||||||||||||||||||||||||||||
Debt transferred | (35,830 | ) | 3.80 | % | — | 0.00 | % | (35,830 | ) | 3.84 | % | — | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||
Principal payments | (962 | ) | 5.26 | % | (1,126 | ) | 5.56 | % | (3,033 | ) | 5.42 | % | (4,724 | ) | 5.68 | % | (952 | ) | 5.25 | % | (1,055 | ) | 5.57 | % | (1,909 | ) | 5.25 | % | (2,071 | ) | 5.49 | % | ||||||||||||||||||||||||
Foreign currency | (979 | ) | 3.51 | % | 7,707 | 3.13 | % | (8,242 | ) | 3.29 | % | 18,525 | 2.95 | % | (3,354 | ) | 3.21 | % | (12,254 | ) | 2.72 | % | 1,475 | 4.77 | % | (7,263 | ) | 3.59 | % | |||||||||||||||||||||||||||
Ending balance | $ | 296,262 | 3.63 | % | $ | 365,447 | 5.55 | % | $ | 296,262 | 3.63 | % | $ | 365,447 | 3.55 | % | $ | 287,952 | 3.63 | % | $ | 334,033 | 3.53 | % | $ | 287,952 | 3.63 | % | $ | 334,033 | 3.53 | % | ||||||||||||||||||||||||
Monthly averages | $ | 309,920 | 3.53 | % | $ | 358,425 | 3.56 | % | $ | 331,239 | 3.48 | % | $ | 424,583 | 4.00 | % | $ | 289,328 | 3.62 | % | $ | 340,332 | 3.37 | % | $ | 291,073 | 3.62 | % | $ | 343,820 | 3.44 | % |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | |||||||||||||||||||||||
NOI | $ | 265,846 | $ | 225,100 | $ | 40,746 | 18 | % | $ | 730,577 | $ | 653,518 | $ | 77,059 | 12 | % | ||||||||||||||
Non SSNOI attributable to same store properties | 304 | 288 | 16 | 6 | % | 927 | 1,162 | (235 | ) | -20 | % | |||||||||||||||||||
NOI attributable to non same store properties(1) | (57,534 | ) | (9,311 | ) | (48,223 | ) | 518 | % | (104,407 | ) | (24,102 | ) | (80,305 | ) | 333 | % | ||||||||||||||
SSNOI(2) | $ | 208,616 | $ | 216,077 | $ | (7,461 | ) | -3 | % | $ | 627,097 | $ | 630,578 | $ | (3,481 | ) | -1 | % |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Resident fees and services | $ | 875,171 | $ | 702,380 | $ | 172,791 | 25 | % | $ | 2,374,450 | $ | 2,049,757 | $ | 324,693 | 16 | % | ||||||||||||||
Interest income | 159 | — | 159 | n/a | 416 | 69 | 347 | 503 | % | |||||||||||||||||||||
Other income | 1,175 | 1,497 | (322 | ) | -22 | % | 3,973 | 4,005 | (32 | ) | -1 | % | ||||||||||||||||||
Total revenues | 876,505 | 703,877 | 172,628 | 25 | % | 2,378,839 | 2,053,831 | 325,008 | 16 | % | ||||||||||||||||||||
Property operating expenses | 610,659 | 478,777 | 131,882 | 28 | % | 1,648,262 | 1,400,313 | 247,949 | 18 | % | ||||||||||||||||||||
NOI(1) | 265,846 | 225,100 | 40,746 | 18 | % | 730,577 | 653,518 | 77,059 | 12 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Interest expense | 17,319 | 16,369 | 950 | 6 | % | 51,225 | 47,587 | 3,638 | 8 | % | ||||||||||||||||||||
Depreciation and amortization | 136,532 | 119,089 | 17,443 | 15 | % | 397,080 | 356,023 | 41,057 | 12 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | 110 | 3,414 | (3,304 | ) | -97 | % | ||||||||||||||||||||
Impairment of assets | 562 | — | 562 | n/a | 5,075 | 14,191 | (9,116 | ) | -64 | % | ||||||||||||||||||||
Other expenses | (811 | ) | 5,157 | (5,968 | ) | n/a | 5,168 | 8,100 | (2,932 | ) | -36 | % | ||||||||||||||||||
Total other expenses | 153,602 | 140,615 | 12,987 | 9 | % | 458,658 | 429,315 | 29,343 | 7 | % | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and income (loss) from unconsolidated entities | 112,244 | 84,485 | 27,759 | 33 | % | 271,919 | 224,203 | 47,716 | 21 | % | ||||||||||||||||||||
Income tax benefit (expense) | 211 | (1,519 | ) | 1,730 | n/a | (2,244 | ) | 9,133 | (11,377 | ) | n/a | |||||||||||||||||||
Income (loss) from unconsolidated entities | (6,705 | ) | (2,886 | ) | (3,819 | ) | 132 | % | (21,389 | ) | (40,527 | ) | 19,138 | -47 | % | |||||||||||||||
Income from continuing operations | 105,750 | 80,080 | 25,670 | 32 | % | 248,286 | 192,809 | 55,477 | 29 | % | ||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (1 | ) | (197 | ) | 196 | -99 | % | 3 | 12,814 | (12,811 | ) | -100 | % | |||||||||||||||||
Net income (loss) | 105,749 | 79,883 | 25,866 | 32 | % | 248,289 | 205,623 | 42,666 | 21 | % | ||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 405 | 1,008 | (603 | ) | -60 | % | (1,259 | ) | 1,199 | (2,458 | ) | n/a | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 105,344 | $ | 78,875 | $ | 26,469 | 34 | % | $ | 249,548 | $ | 204,424 | $ | 45,124 | 22 | % | ||||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Units | Commitment | Balance | Est. Completion | |||||||||
Wandsworth, UK | 98 | $ | 76,947 | $ | 38,759 | 1Q20 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | |||||||||||||||||||||||||
Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | |||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||
Beginning balance | $ | 1,909,415 | 3.73 | % | $ | 2,040,985 | 3.56 | % | $ | 1,988,700 | 3.66 | % | $ | 2,463,249 | 3.94 | % | ||||||||||||
Debt transferred | 35,830 | 3.84 | % | — | 0.00 | % | 35,830 | 3.84 | % | — | 0.00 | % | ||||||||||||||||
Debt issued | — | 0.00 | % | 15,659 | 3.46 | % | 44,606 | 3.38 | % | 177,459 | 2.60 | % | ||||||||||||||||
Debt assumed | — | 0.00 | % | — | 0.00 | % | 85,192 | 4.38 | % | — | 0.00 | % | ||||||||||||||||
Debt extinguished | — | 0.00 | % | (15,449 | ) | 2.88 | % | (131,175 | ) | 4.85 | % | (610,403 | ) | 4.92 | % | |||||||||||||
Principal payments | (11,908 | ) | 3.64 | % | (11,857 | ) | 3.57 | % | (35,910 | ) | 3.58 | % | (35,008 | ) | 3.63 | % | ||||||||||||
Foreign currency | 18,204 | 3.33 | % | 39,696 | 3.18 | % | (35,702 | ) | 3.54 | % | 73,737 | 3.26 | % | |||||||||||||||
Ending balance | $ | 1,951,541 | 3.76 | % | $ | 2,069,034 | 3.63 | % | $ | 1,951,541 | 3.76 | % | $ | 2,069,034 | 3.63 | % | ||||||||||||
Monthly averages | $ | 1,934,652 | 3.74 | % | $ | 2,065,572 | 3.61 | % | $ | 1,935,752 | 3.70 | % | $ | 2,082,662 | 3.66 | % |
Three Months Ended | Change | Nine Months Ended | Change | Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | 2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 93,997 | $ | 96,772 | $ | (2,775 | ) | -3 | % | $ | 279,039 | $ | 285,675 | $ | (6,636 | ) | -2 | % | $ | 112,378 | $ | 92,874 | $ | 19,504 | 21.0 | % | $ | 213,673 | $ | 185,042 | $ | 28,631 | 15.5 | % | ||||||||||||||||||||||||||
Non SSNOI on same store properties | (1,061 | ) | (1,451 | ) | 390 | -27 | % | (2,841 | ) | (5,594 | ) | 2,753 | -49 | % | (1,204 | ) | (1,397 | ) | 193 | 13.8 | % | (2,767 | ) | (2,663 | ) | (104 | ) | -3.9 | % | |||||||||||||||||||||||||||||||
NOI attributable to non same store properties(1) | (6,902 | ) | (13,997 | ) | 7,095 | -51 | % | (18,374 | ) | (37,308 | ) | 18,934 | -51 | % | (24,085 | ) | (5,102 | ) | (18,983 | ) | -372.1 | % | (36,379 | ) | (9,776 | ) | (26,603 | ) | -272.1 | % | ||||||||||||||||||||||||||||||
SSNOI(2) | $ | 86,034 | $ | 81,324 | $ | 4,710 | 6 | % | $ | 257,824 | $ | 242,773 | $ | 15,051 | 6 | % | $ | 87,089 | $ | 86,375 | $ | 714 | 0.8 | % | $ | 174,527 | $ | 172,603 | $ | 1,924 | 1.1 | % | ||||||||||||||||||||||||||||
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental income | $ | 163,224 | $ | 135,640 | $ | 27,584 | 20 | % | $ | 312,276 | $ | 272,178 | $ | 40,098 | 15 | % | ||||||||||||||
Interest income | 238 | 43 | 195 | 453 | % | 411 | 55 | 356 | 647 | % | ||||||||||||||||||||
Other income | (97 | ) | 144 | (241 | ) | -167 | % | 139 | 265 | (126 | ) | -48 | % | |||||||||||||||||
Total revenues | 163,365 | 135,827 | 27,538 | 20 | % | 312,826 | 272,498 | 40,328 | 15 | % | ||||||||||||||||||||
Property operating expenses | 50,987 | 42,953 | 8,034 | 19 | % | 99,153 | 87,456 | 11,697 | 13 | % | ||||||||||||||||||||
NOI(1) | 112,378 | 92,874 | 19,504 | 21 | % | 213,673 | 185,042 | 28,631 | 15 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 55,445 | 46,187 | 9,258 | 20 | % | 106,454 | 92,587 | 13,867 | 15 | % | ||||||||||||||||||||
Interest expense | 3,386 | 1,656 | 1,730 | 104 | % | 6,734 | 3,332 | 3,402 | 102 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | — | 11,928 | (11,928 | ) | -100 | % | ||||||||||||||||||||
Impairment of assets | 10,879 | — | 10,879 | n/a | 10,879 | — | 10,879 | n/a | ||||||||||||||||||||||
Other expenses | (4 | ) | 2,095 | (2,099 | ) | -100 | % | 750 | 2,693 | (1,943 | ) | -72 | % | |||||||||||||||||
69,706 | 49,938 | 19,768 | 40 | % | 124,817 | 110,540 | 14,277 | 13 | % | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 42,672 | 42,936 | (264 | ) | -1 | % | 88,856 | 74,502 | 14,354 | 19 | % | |||||||||||||||||||
Income tax (expense) benefit | (586 | ) | (378 | ) | (208 | ) | -55 | % | (951 | ) | (806 | ) | (145 | ) | -18 | % | ||||||||||||||
Income from unconsolidated entities | 1,826 | 1,391 | 435 | 31 | % | 3,549 | 2,621 | 928 | 35 | % | ||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (2 | ) | (3 | ) | 1 | 33 | % | (7 | ) | 214,779 | (214,786 | ) | -100 | % | ||||||||||||||||
Income from continuing operations | 43,910 | 43,946 | (36 | ) | — | % | 91,447 | 291,096 | (199,649 | ) | -69 | % | ||||||||||||||||||
Net income (loss) | 43,910 | 43,946 | (36 | ) | — | % | 91,447 | 291,096 | (199,649 | ) | -69 | % | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 812 | 678 | 134 | 20 | % | 1,807 | 3,821 | (2,014 | ) | -53 | % | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 43,098 | $ | 43,268 | $ | (170 | ) | — | % | $ | 89,640 | $ | 287,275 | $ | (197,635 | ) | -69 | % | ||||||||||||
(1) See Non-GAAP Financial Measures. |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental income | $ | 139,848 | $ | 141,325 | $ | (1,477 | ) | -1 | % | $ | 412,026 | $ | 418,886 | $ | (6,860 | ) | -2 | % | ||||||||||||
Interest income | 85 | — | 85 | n/a | 140 | — | 140 | n/a | ||||||||||||||||||||||
Other income | 136 | 667 | (531 | ) | -80 | % | 401 | 2,497 | (2,096 | ) | -84 | % | ||||||||||||||||||
Total revenues | 140,069 | 141,992 | (1,923 | ) | -1 | % | 412,567 | 421,383 | (8,816 | ) | -2 | % | ||||||||||||||||||
Property operating expenses | 46,072 | 45,220 | 852 | 2 | % | 133,528 | 135,708 | (2,180 | ) | -2 | % | |||||||||||||||||||
NOI(1) | 93,997 | 96,772 | (2,775 | ) | -3 | % | 279,039 | 285,675 | (6,636 | ) | -2 | % | ||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Interest expense | 1,643 | 2,929 | (1,286 | ) | -44 | % | 4,975 | 7,342 | (2,367 | ) | -32 | % | ||||||||||||||||||
Depreciation and amortization | 46,234 | 48,158 | (1,924 | ) | -4 | % | 138,821 | 144,567 | (5,746 | ) | -4 | % | ||||||||||||||||||
Impairment of assets | — | — | — | n/a | — | 5,625 | (5,625 | ) | -100 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | 11,928 | 4,373 | 7,555 | 173 | % | |||||||||||||||||||||
Other expenses | 1,055 | 530 | 525 | 99 | % | 3,748 | 2,201 | 1,547 | 70 | % | ||||||||||||||||||||
Total other expenses | 48,932 | 51,617 | (2,685 | ) | -5 | % | 159,472 | 164,108 | (4,636 | ) | -3 | % | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and income (loss) from unconsolidated entities | 45,065 | 45,155 | (90 | ) | — | % | 119,567 | 121,567 | (2,000 | ) | -2 | % | ||||||||||||||||||
Income tax (expense) benefit | 239 | (366 | ) | 605 | n/a | (567 | ) | (655 | ) | 88 | -13 | % | ||||||||||||||||||
Income from unconsolidated entities | 1,672 | 816 | 856 | 105 | % | 4,293 | 1,868 | 2,425 | 130 | % | ||||||||||||||||||||
Income from continuing operations | 46,976 | 45,605 | 1,371 | 3 | % | 123,293 | 122,780 | 513 | — | % | ||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (58 | ) | 2,004 | (2,062 | ) | n/a | 214,721 | 2,004 | 212,717 | 10,615 | % | |||||||||||||||||||
Net income (loss) | 46,918 | 47,609 | (691 | ) | -1 | % | 338,014 | 124,784 | 213,230 | 171 | % | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 848 | 1,032 | (184 | ) | -18 | % | 4,669 | 3,424 | 1,245 | 36 | % | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 46,070 | $ | 46,577 | $ | (507 | ) | -1 | % | $ | 333,345 | $ | 121,360 | $ | 211,985 | 175 | % | |||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Square Feet | Commitment | Balance | Est. Completion | |||||||||
Brooklyn, NY | 140,955 | $ | 105,177 | $ | 54,454 | 3Q19 | |||||||
Houston, TX | 73,500 | 23,455 | 3,399 | 4Q19 | |||||||||
Total | 214,455 | $ | 128,632 | $ | 57,853 |
Location | Square Feet | Commitment | Balance | Est. Completion | |||||||||
Lowell, MA | 50,668 | $ | 8,300 | $ | 3,599 | 4Q19 | |||||||
Houston, TX | 73,500 | 23,455 | 12,230 | 4Q19 | |||||||||
Brooklyn, NY | 140,955 | 105,306 | 72,435 | 1Q20 | |||||||||
Porter, TX | 55,000 | 20,800 | 8,737 | 1Q20 | |||||||||
Katy, TX | 36,500 | 12,028 | 170 | 2Q20 | |||||||||
Total | 356,623 | $ | 169,889 | $ | 97,171 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wtd. Ave | Wtd. Ave | Wtd. Ave | Wtd. Ave | Wtd. Ave | Wtd. Ave | Wtd. Ave | Wtd. Ave | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 217,007 | 4.35 | % | $ | 284,918 | 4.62 | % | $ | 279,951 | 4.72 | % | $ | 404,079 | 4.85 | % | $ | 385,357 | 4.25 | % | $ | 217,697 | 4.14 | % | $ | 386,738 | 4.20 | % | $ | 279,951 | 4.72 | % | ||||||||||||||||||||||||
Debt assumed | 14,360 | 3.80 | % | — | 0.00 | % | 14,360 | 3.80 | % | 23,094 | 6.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Debt extinguished | — | 0.00 | % | — | 0.00 | % | (61,291 | ) | 7.43 | % | (137,416 | ) | 5.99 | % | — | — | % | — | — | % | — | — | % | (61,291 | ) | 7.43 | % | |||||||||||||||||||||||||||||
Principal payments | (702 | ) | 5.90 | % | (2,000 | ) | 6.63 | % | (2,355 | ) | 6.02 | % | (6,839 | ) | 6.76 | % | (1,507 | ) | 5.02 | % | (690 | ) | 5.90 | % | (2,888 | ) | 5.06 | % | (1,653 | ) | 6.08 | % | ||||||||||||||||||||||||
Ending balance | $ | 230,665 | 4.19 | % | $ | 282,918 | 4.69 | % | $ | 230,665 | 4.19 | % | $ | 282,918 | 4.69 | % | $ | 383,850 | 4.22 | % | $ | 217,007 | 4.35 | % | $ | 383,850 | 4.22 | % | $ | 217,007 | 4.35 | % | ||||||||||||||||||||||||
Monthly averages | $ | 220,246 | 4.22 | % | $ | 283,885 | 4.68 | % | $ | 224,943 | 4.26 | % | $ | 298,933 | 4.61 | % | $ | 384,603 | 4.24 | % | $ | 217,352 | 4.27 | % | $ | 386,088 | 4.24 | % | $ | 226,493 | 4.30 | % |
Three Months Ended | Change | Nine Months Ended | Change | Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | 2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | $ | 695 | $ | 698 | $ | (3 | ) | — | % | $ | 1,561 | $ | 1,171 | $ | 390 | 33 | % | $ | 454 | $ | 498 | $ | (44 | ) | -9 | % | $ | 2,611 | $ | 866 | $ | 1,745 | 202 | % | ||||||||||||||||||||||||||
Total revenue | 454 | 498 | (44 | ) | -9 | % | 2,611 | 866 | 1,745 | 202 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 115,570 | 99,658 | 15,912 | 16 | % | 315,281 | 290,829 | 24,452 | 8 | % | 117,153 | 98,989 | 18,164 | 18 | % | 237,346 | 199,711 | 37,635 | 19 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 28,746 | 29,913 | (1,167 | ) | -4 | % | 95,282 | 93,643 | 1,639 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 33,741 | 32,831 | 910 | 3 | % | 69,023 | 66,536 | 2,487 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 4,038 | — | 4,038 | n/a | 4,038 | — | 4,038 | n/a | — | — | — | n/a | 15,719 | — | 15,719 | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 1,306 | 4,672 | (3,366 | ) | -72 | % | 4,327 | 10,882 | (6,555 | ) | -60 | % | 4,215 | 839 | 3,376 | 402 | % | 6,242 | 3,021 | 3,221 | 107 | % | ||||||||||||||||||||||||||||||||||||||
Total expenses | 149,660 | 134,243 | 15,417 | 11 | % | 418,928 | 395,354 | 23,574 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations before income taxes | (148,965 | ) | (133,545 | ) | (15,420 | ) | 12 | % | (417,367 | ) | (394,183 | ) | (23,184 | ) | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||
155,109 | 132,659 | 22,450 | 17 | % | 328,330 | 269,268 | 59,062 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations before income taxes and other items | (154,655 | ) | (132,161 | ) | (22,494 | ) | -17 | % | (325,719 | ) | (268,402 | ) | (57,317 | ) | -21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (3,307 | ) | 2,032 | (5,339 | ) | n/a | (3,651 | ) | (873 | ) | (2,778 | ) | 318 | % | (27 | ) | (158 | ) | 131 | 83 | % | (314 | ) | (344 | ) | 30 | 9 | % | ||||||||||||||||||||||||||||||||
Loss from continuing operations | (152,272 | ) | (131,513 | ) | (20,759 | ) | 16 | % | (421,018 | ) | (395,056 | ) | (25,962 | ) | 7 | % | (154,682 | ) | (132,319 | ) | (22,363 | ) | -17 | % | (326,033 | ) | (268,746 | ) | (57,287 | ) | -21 | % | ||||||||||||||||||||||||||||
Less: Preferred stock dividends | 11,676 | 11,676 | — | — | % | 35,028 | 37,734 | (2,706 | ) | -7 | % | — | 11,676 | (11,676 | ) | -100 | % | — | 23,352 | (23,352 | ) | -100 | % | |||||||||||||||||||||||||||||||||||||
Less: Preferred stock redemption charge | — | — | — | n/a | — | 9,769 | (9,769 | ) | -100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (163,948 | ) | $ | (143,189 | ) | $ | (20,759 | ) | 14 | % | $ | (456,046 | ) | $ | (442,559 | ) | $ | (13,487 | ) | 3 | % | $ | (154,682 | ) | $ | (143,995 | ) | $ | (10,687 | ) | -7 | % | $ | (326,033 | ) | $ | (292,098 | ) | $ | (33,935 | ) | -12 | % |
Three Months Ended | Change | Nine Months Ended | Change | Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | $ | % | 2018 | 2017 | $ | % | 2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes | $ | 99,445 | $ | 92,296 | $ | 7,149 | 8 | % | $ | 282,847 | $ | 267,444 | $ | 15,403 | 6 | % | $ | 98,475 | $ | 89,986 | $ | 8,489 | 9 | % | $ | 207,231 | $ | 183,399 | $ | 23,832 | 13 | % | ||||||||||||||||||||||||||||
Secured debt | 26 | 49 | (23 | ) | -47 | % | 96 | 164 | (68 | ) | -41 | % | — | 32 | (32 | ) | -100 | % | — | 70 | (70 | ) | -100 | % | ||||||||||||||||||||||||||||||||||||
Primary unsecured credit facility | 12,662 | 3,906 | 8,756 | 224 | % | 22,442 | 13,179 | 9,263 | 70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility and commercial paper note program | 15,160 | 5,768 | 9,392 | 163 | % | 22,678 | 9,782 | 12,896 | 132 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loan expense | 3,437 | 3,407 | 30 | 1 | % | 9,896 | 10,042 | (146 | ) | -1 | % | 3,518 | 3,203 | 315 | 10 | % | 7,437 | 6,460 | 977 | 15 | % | |||||||||||||||||||||||||||||||||||||||
Totals | $ | 115,570 | $ | 99,658 | $ | 15,912 | 16 | % | $ | 315,281 | $ | 290,829 | $ | 24,452 | 8 | % | $ | 117,153 | $ | 98,989 | $ | 18,164 | 18 | % | $ | 237,346 | $ | 199,711 | $ | 37,635 | 19 | % |
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||
NOI Reconciliations: | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | |||||||||||||||||||||
Net income (loss) | $ | 337,610 | $ | 203,441 | $ | 89,299 | $ | (89,743 | ) | $ | 453,555 | $ | 167,273 | $ | 84,226 | |||||||||||||
Loss (gain) on real estate dispositions, net | (244,092 | ) | (42,155 | ) | (1,622 | ) | (56,381 | ) | (338,184 | ) | (10,755 | ) | (24,723 | ) | ||||||||||||||
Loss (income) from unconsolidated entities | 23,106 | 3,978 | (3,408 | ) | 59,449 | 2,429 | (1,249 | ) | (344 | ) | ||||||||||||||||||
Income tax expense (benefit) | 2,245 | (8,448 | ) | 669 | 25,663 | 1,588 | 3,841 | 1,741 | ||||||||||||||||||||
Other expenses | 11,675 | 6,339 | 99,595 | 60,167 | 3,712 | 10,058 | 88,626 | |||||||||||||||||||||
Impairment of assets | 11,031 | 13,631 | — | 99,821 | 28,185 | 4,632 | 6,740 | |||||||||||||||||||||
Provision for loan losses | — | — | — | 62,966 | — | — | — | |||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 31,356 | 5,515 | — | 371 | 11,707 | 299 | 4,038 | |||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 1,224 | 736 | 324 | — | (7,173 | ) | (7,460 | ) | 8,991 | |||||||||||||||||||
General and administrative expenses | 31,101 | 32,632 | 29,913 | 28,365 | 33,705 | 32,831 | 28,746 | |||||||||||||||||||||
Depreciation and amortization | 228,276 | 224,847 | 230,138 | 238,458 | 228,201 | 236,275 | 243,149 | |||||||||||||||||||||
Interest expense | 118,597 | 116,231 | 122,578 | 127,217 | 122,775 | 121,416 | 138,032 | |||||||||||||||||||||
Consolidated net operating income (NOI) | $ | 552,129 | $ | 556,747 | $ | 567,486 | $ | 556,353 | $ | 540,500 | $ | 557,161 | $ | 579,222 | ||||||||||||||
NOI by segment: | ||||||||||||||||||||||||||||
Triple-net | $ | 249,735 | $ | 241,347 | $ | 244,916 | $ | 231,083 | $ | 222,738 | $ | 224,284 | $ | 218,684 | ||||||||||||||
Seniors housing operating | 209,442 | 218,978 | 225,100 | 226,509 | 225,226 | 239,505 | 265,846 | |||||||||||||||||||||
Outpatient medical | 92,719 | 96,183 | 96,772 | 98,393 | 92,168 | 92,874 | 93,997 | |||||||||||||||||||||
Non-segment/corporate | 233 | 239 | 698 | 368 | 368 | 498 | 695 | |||||||||||||||||||||
Total NOI | $ | 552,129 | $ | 556,747 | $ | 567,486 | $ | 556,353 | $ | 540,500 | $ | 557,161 | $ | 579,222 |
Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2018 | |||||||
NOI Reconciliations: | ||||||||
Net income (loss) | $ | 630,356 | $ | 705,054 | ||||
Loss (gain) on real estate dispositions, net | (287,869 | ) | (373,662 | ) | ||||
Loss (income) from unconsolidated entities | 23,676 | 836 | ||||||
Income tax expense (benefit) | (5,535 | ) | 7,170 | |||||
Other expenses | 117,608 | 102,396 | ||||||
Impairment of assets | 24,662 | 39,557 | ||||||
Loss (gain) on extinguishment of debt, net | 36,870 | 16,044 | ||||||
Loss (gain) on derivatives and financial instruments, net | 2,284 | (5,642 | ) | |||||
General and administrative expenses | 93,643 | 95,282 | ||||||
Depreciation and amortization | 683,262 | 707,625 | ||||||
Interest expense | 357,405 | 382,223 | ||||||
Consolidated net operating income (NOI) | $ | 1,676,362 | $ | 1,676,883 | ||||
NOI by segment: | ||||||||
Triple-net | $ | 735,998 | $ | 665,706 | ||||
Seniors housing operating | 653,518 | 730,577 | ||||||
Outpatient medical | 285,675 | 279,039 | ||||||
Non-segment/corporate | 1,171 | 1,561 | ||||||
Total NOI | $ | 1,676,362 | $ | 1,676,883 |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
NOI Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||
Net income (loss) | $ | 453,555 | $ | 167,273 | $ | 84,226 | $ | 124,696 | $ | 292,302 | $ | 150,040 | ||||||||||||
Loss (gain) on real estate dispositions, net | (338,184 | ) | (10,755 | ) | (24,723 | ) | (41,913 | ) | (167,409 | ) | 1,682 | |||||||||||||
Loss (income) from unconsolidated entities | 2,429 | (1,249 | ) | (344 | ) | (195 | ) | 9,199 | 9,049 | |||||||||||||||
Income tax expense (benefit) | 1,588 | 3,841 | 1,741 | 1,504 | 2,222 | 1,599 | ||||||||||||||||||
Other expenses | 3,712 | 10,058 | 88,626 | 10,502 | 8,756 | 21,628 | ||||||||||||||||||
Impairment of assets | 28,185 | 4,632 | 6,740 | 76,022 | — | 9,939 | ||||||||||||||||||
Provision for loan losses | — | — | — | — | 18,690 | — | ||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 11,707 | 299 | 4,038 | 53 | 15,719 | — | ||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | (7,173 | ) | (7,460 | ) | 8,991 | 1,626 | (2,487 | ) | 1,913 | |||||||||||||||
General and administrative expenses | 33,705 | 32,831 | 28,746 | 31,101 | 35,282 | 33,741 | ||||||||||||||||||
Depreciation and amortization | 228,201 | 236,275 | 243,149 | 242,834 | 243,932 | 248,052 | ||||||||||||||||||
Interest expense | 122,775 | 121,416 | 138,032 | 144,369 | 145,232 | 141,336 | ||||||||||||||||||
Consolidated net operating income (NOI) | $ | 540,500 | $ | 557,161 | $ | 579,222 | $ | 590,599 | $ | 601,438 | $ | 618,979 | ||||||||||||
NOI by segment: | ||||||||||||||||||||||||
Seniors Housing Operating | $ | 225,226 | $ | 239,505 | $ | 265,846 | $ | 254,445 | $ | 264,700 | $ | 278,212 | ||||||||||||
Triple-net | 222,738 | 224,284 | 218,684 | 234,343 | 233,286 | 227,935 | ||||||||||||||||||
Outpatient Medical | 92,168 | 92,874 | 93,997 | 101,097 | 101,295 | 112,378 | ||||||||||||||||||
Non-segment/corporate | 368 | 498 | 695 | 714 | 2,157 | 454 | ||||||||||||||||||
Total NOI | $ | 540,500 | $ | 557,161 | $ | 579,222 | $ | 590,599 | $ | 601,438 | $ | 618,979 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
SSNOI Reconciliations: | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
NOI: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | $ | 225,226 | $ | 239,505 | $ | 265,846 | $ | 254,445 | $ | 264,700 | $ | 278,212 | ||||||||||||||||||||||||||||||||||||||||||||||
Triple-net | $ | 249,735 | $ | 241,347 | $ | 244,916 | $ | 231,083 | $ | 222,738 | $ | 224,284 | $ | 218,684 | 222,738 | 224,284 | 218,684 | 234,343 | 233,286 | 227,935 | ||||||||||||||||||||||||||||||||||||||
Seniors housing operating | 209,442 | 218,978 | 225,100 | 226,509 | 225,226 | 239,505 | 265,846 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient medical | 92,719 | 96,183 | 96,772 | 98,393 | 92,168 | 92,874 | 93,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical | 92,168 | 92,874 | 93,997 | 101,097 | 101,295 | 112,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 551,896 | 556,508 | 566,788 | 555,985 | 540,132 | 556,663 | 578,527 | 540,132 | 556,663 | 578,527 | 589,885 | 599,281 | 618,525 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non SSNOI on same store properties | Non SSNOI on same store properties | 269 | 358 | 211 | 337 | 1,915 | 1,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NOI attributable to non same store properties | NOI attributable to non same store properties | (34,665 | ) | (45,907 | ) | (73,739 | ) | (65,131 | ) | (70,224 | ) | (88,898 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | (34,396 | ) | (45,549 | ) | (73,528 | ) | (64,794 | ) | (68,309 | ) | (87,514 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Triple-net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non SSNOI on same store properties | Non SSNOI on same store properties | (8,152 | ) | (7,305 | ) | (7,232 | ) | (6,821 | ) | (7,959 | ) | (2,382 | ) | (3,734 | ) | Non SSNOI on same store properties | (10,728 | ) | (4,068 | ) | (5,445 | ) | (6,384 | ) | (7,593 | ) | (8,114 | ) | ||||||||||||||||||||||||||||||
NOI attributable to non same store properties | NOI attributable to non same store properties | (103,340 | ) | (94,330 | ) | (95,278 | ) | (83,614 | ) | (77,078 | ) | (79,771 | ) | (76,077 | ) | NOI attributable to non same store properties | (81,455 | ) | (83,148 | ) | (79,874 | ) | (96,535 | ) | (92,840 | ) | (87,819 | ) | ||||||||||||||||||||||||||||||
Subtotal | (111,492 | ) | (101,635 | ) | (102,510 | ) | (90,435 | ) | (85,037 | ) | (82,153 | ) | (79,811 | ) | (92,183 | ) | (87,216 | ) | (85,319 | ) | (102,919 | ) | (100,433 | ) | (95,933 | ) | ||||||||||||||||||||||||||||||||
Seniors housing operating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non SSNOI on same store properties | 316 | 558 | 288 | 424 | 312 | 311 | 304 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NOI attributable to non same store properties | (7,218 | ) | (7,573 | ) | (9,311 | ) | (14,913 | ) | (17,953 | ) | (28,920 | ) | (57,534 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Subtotal | (6,902 | ) | (7,015 | ) | (9,023 | ) | (14,489 | ) | (17,641 | ) | (28,609 | ) | (57,230 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Outpatient medical: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non SSNOI on same store properties | Non SSNOI on same store properties | (1,828 | ) | (2,315 | ) | (1,451 | ) | (1,743 | ) | (886 | ) | (894 | ) | (1,061 | ) | Non SSNOI on same store properties | (1,266 | ) | (1,397 | ) | (1,635 | ) | (5,706 | ) | (1,563 | ) | (1,204 | ) | ||||||||||||||||||||||||||||||
NOI attributable to non same store properties | NOI attributable to non same store properties | (10,346 | ) | (12,965 | ) | (13,997 | ) | (14,564 | ) | (5,168 | ) | (6,304 | ) | (6,902 | ) | NOI attributable to non same store properties | (4,674 | ) | (5,102 | ) | (5,776 | ) | (7,779 | ) | (12,294 | ) | (24,085 | ) | ||||||||||||||||||||||||||||||
Subtotal | (12,174 | ) | (15,280 | ) | (15,448 | ) | (16,307 | ) | (6,054 | ) | (7,198 | ) | (7,963 | ) | (5,940 | ) | (6,499 | ) | (7,411 | ) | (13,485 | ) | (13,857 | ) | (25,289 | ) | ||||||||||||||||||||||||||||||||
SSNOI: | Properties | Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | 365 | 190,830 | 193,956 | 192,318 | 189,651 | 196,391 | 190,698 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Triple-net | 410 | 138,243 | 139,712 | 142,406 | 140,648 | 137,701 | 142,131 | 138,873 | 388 | 130,555 | 137,068 | 133,365 | 131,424 | 132,853 | 132,002 | |||||||||||||||||||||||||||||||||||||||||||
Seniors housing operating | 399 | 202,540 | 211,963 | 216,077 | 212,020 | 207,585 | 210,896 | 208,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient medical | 219 | 80,545 | 80,903 | 81,324 | 82,086 | 86,114 | 85,676 | 86,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical | 227 | 86,228 | 86,375 | 86,586 | 87,612 | 87,438 | 87,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,028 | $ | 421,328 | $ | 432,578 | $ | 439,807 | $ | 434,754 | $ | 431,400 | $ | 438,703 | $ | 433,523 | 980 | $ | 407,613 | $ | 417,399 | $ | 412,269 | $ | 408,687 | $ | 416,682 | $ | 409,789 | ||||||||||||||||||||||||||||||
SSNOI Property Reconciliation: | SSNOI Property Reconciliation: | SSNOI Property Reconciliation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total properties | 1,529 | 1,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | (335 | ) | (402 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developments | (26 | ) | (30 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held for sale | (39 | ) | (89 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transitions/restructurings | (93 | ) | (87 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other(1) | (8 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store properties | 1,028 | 980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes seven land parcels and one loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes nine land parcels and one loan. | (1) Includes nine land parcels and one loan. |
Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||
SSNOI Reconciliations: | 2017 | 2018 | |||||||||
NOI: | |||||||||||
Triple-net | $ | 735,998 | $ | 665,706 | |||||||
Seniors housing operating | 653,518 | 730,577 | |||||||||
Outpatient medical | 285,675 | 279,039 | |||||||||
Total | 1,675,191 | 1,675,322 | |||||||||
Adjustments: | |||||||||||
Triple-net: | |||||||||||
Non SSNOI on same store properties | (22,689 | ) | (14,075 | ) | |||||||
NOI attributable to non same store properties | (292,948 | ) | (232,926 | ) | |||||||
Subtotal | (315,637 | ) | (247,001 | ) | |||||||
Seniors housing operating: | |||||||||||
Non SSNOI on same store properties | 1,162 | 927 | |||||||||
NOI attributable to non same store properties | (24,102 | ) | (104,407 | ) | |||||||
Subtotal | (22,940 | ) | (103,480 | ) | |||||||
Outpatient medical: | |||||||||||
Non SSNOI on same store properties | (5,594 | ) | (2,841 | ) | |||||||
NOI attributable to non same store properties | (37,308 | ) | (18,374 | ) | |||||||
Subtotal | (42,902 | ) | (21,215 | ) | |||||||
SSNOI: | Properties | ||||||||||
Triple-net | 410 | 420,361 | 418,705 | ||||||||
Seniors housing operating | 399 | 630,578 | 627,097 | ||||||||
Outpatient medical | 219 | 242,773 | 257,824 | ||||||||
Total | 1,028 | $ | 1,293,712 | $ | 1,303,626 |
Six Months Ended | ||||||||
June 30, | June 30, | |||||||
2018 | 2019 | |||||||
NOI Reconciliations: | ||||||||
Net income (loss) | $ | 620,828 | $ | 442,342 | ||||
Loss (gain) on real estate dispositions, net | (348,939 | ) | (165,727 | ) | ||||
Loss (income) from unconsolidated entities | 1,180 | 18,248 | ||||||
Income tax expense (benefit) | 5,429 | 3,821 | ||||||
Other expenses | 13,770 | 30,384 | ||||||
Impairment of assets | 32,817 | 9,939 | ||||||
Provision for loan losses | — | 18,690 | ||||||
Loss (gain) on extinguishment of debt, net | 12,006 | 15,719 | ||||||
Loss (gain) on derivatives and financial instruments, net | (14,633 | ) | (574 | ) | ||||
General and administrative expenses | 66,536 | 69,023 | ||||||
Depreciation and amortization | 464,476 | 491,984 | ||||||
Interest expense | 244,191 | 286,568 | ||||||
Consolidated net operating income (NOI) | $ | 1,097,661 | $ | 1,220,417 | ||||
NOI by segment: | ||||||||
Seniors Housing Operating | $ | 464,731 | $ | 542,912 | ||||
Triple-net | 447,022 | 461,221 | ||||||
Outpatient Medical | 185,042 | 213,673 | ||||||
Non-segment/corporate | 866 | 2,611 | ||||||
Total NOI | $ | 1,097,661 | $ | 1,220,417 |
Six Months Ended | |||||||||||
June 30, | June 30, | ||||||||||
SSNOI Reconciliations: | 2018 | 2019 | |||||||||
NOI: | |||||||||||
Seniors Housing Operating | $ | 464,731 | $ | 542,912 | |||||||
Triple-net | 447,022 | 461,221 | |||||||||
Outpatient Medical | 185,042 | 213,673 | |||||||||
Total | 1,096,795 | 1,217,806 | |||||||||
Adjustments: | |||||||||||
Seniors Housing Operating: | |||||||||||
Non SSNOI on same store properties | 627 | 3,299 | |||||||||
NOI attributable to non same store properties | (80,572 | ) | (159,122 | ) | |||||||
Subtotal | (79,945 | ) | (155,823 | ) | |||||||
Triple-net: | |||||||||||
Non SSNOI on same store properties | (14,796 | ) | (15,707 | ) | |||||||
NOI attributable to non same store properties | (164,603 | ) | (180,659 | ) | |||||||
Subtotal | (179,399 | ) | (196,366 | ) | |||||||
Outpatient Medical: | |||||||||||
Non SSNOI on same store properties | (2,663 | ) | (2,767 | ) | |||||||
NOI attributable to non same store properties | (9,776 | ) | (36,379 | ) | |||||||
Subtotal | (12,439 | ) | (39,146 | ) | |||||||
SSNOI: | Properties | ||||||||||
Seniors Housing Operating | 365 | 384,786 | 387,089 | ||||||||
Triple-net | 388 | 267,623 | 264,855 | ||||||||
Outpatient Medical | 227 | 172,603 | 174,527 | ||||||||
Total | 980 | $ | 825,012 | $ | 826,471 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||||||||||||||||||||
FFO Reconciliations: | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||||||||||||||||||||||||||||||||||
NICS | $ | 312,639 | $ | 188,429 | $ | 74,043 | $ | (111,523 | ) | $ | 437,671 | $ | 154,432 | $ | 64,384 | |||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 437,671 | $ | 154,432 | $ | 64,384 | $ | 101,763 | $ | 280,470 | $ | 137,762 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 228,276 | 224,847 | 230,138 | 238,458 | 228,201 | 236,275 | 243,149 | 228,201 | 236,275 | 243,149 | 242,834 | 243,932 | 248,052 | |||||||||||||||||||||||||||||||||||||||
Impairment of assets | 11,031 | 13,631 | — | 99,821 | 28,185 | 4,632 | 6,740 | 28,185 | 4,632 | 6,740 | 76,022 | — | 9,939 | |||||||||||||||||||||||||||||||||||||||
Loss (gain) on real estate dispositions, net | (244,092 | ) | (42,155 | ) | (1,622 | ) | (56,381 | ) | (338,184 | ) | (10,755 | ) | (24,723 | ) | (338,184 | ) | (10,755 | ) | (24,723 | ) | (41,913 | ) | (167,409 | ) | 1,682 | |||||||||||||||||||||||||||
Noncontrolling interests | (18,107 | ) | (16,955 | ) | (16,826 | ) | (8,131 | ) | (16,353 | ) | (17,692 | ) | (17,498 | ) | (16,353 | ) | (17,692 | ) | (17,498 | ) | (17,650 | ) | (17,760 | ) | (18,889 | ) | ||||||||||||||||||||||||||
Unconsolidated entities | 16,484 | 16,593 | 9,989 | 16,980 | 13,700 | 11,833 | 13,220 | 13,700 | 11,833 | 13,220 | 13,910 | 19,150 | 11,475 | |||||||||||||||||||||||||||||||||||||||
FFO | $ | 306,231 | $ | 384,390 | $ | 295,722 | $ | 179,224 | $ | 353,220 | $ | 378,725 | $ | 285,272 | $ | 353,220 | $ | 378,725 | $ | 285,272 | $ | 374,966 | $ | 358,383 | $ | 390,021 | ||||||||||||||||||||||||||
Average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 362,534 | 366,524 | 369,089 | 370,485 | 371,426 | 371,640 | 373,023 | 371,426 | 371,640 | 373,023 | 378,240 | 391,474 | 404,607 | |||||||||||||||||||||||||||||||||||||||
Diluted for NICS purposes | 364,652 | 368,149 | 370,740 | 370,485 | 373,257 | 373,075 | 374,487 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted for FFO purposes | 364,652 | 368,149 | 370,740 | 372,145 | 373,257 | 373,075 | 374,487 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted | 373,257 | 373,075 | 374,487 | 380,002 | 393,452 | 406,673 | ||||||||||||||||||||||||||||||||||||||||||||||
Per share data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NICS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.86 | $ | 0.51 | $ | 0.20 | $ | (0.30 | ) | $ | 1.18 | $ | 0.42 | $ | 0.17 | $ | 1.18 | $ | 0.42 | $ | 0.17 | $ | 0.27 | $ | 0.72 | $ | 0.34 | |||||||||||||||||||||||||
Diluted | 0.86 | 0.51 | 0.20 | (0.30 | ) | 1.17 | 0.41 | 0.17 | 1.17 | 0.41 | 0.17 | 0.27 | 0.71 | 0.34 | ||||||||||||||||||||||||||||||||||||||
FFO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.84 | $ | 1.05 | $ | 0.80 | $ | 0.48 | $ | 0.95 | $ | 1.02 | $ | 0.76 | $ | 0.95 | $ | 1.02 | $ | 0.76 | $ | 0.99 | $ | 0.92 | $ | 0.96 | ||||||||||||||||||||||||||
Diluted | 0.84 | 1.04 | 0.80 | 0.48 | 0.95 | 1.02 | 0.76 | 0.95 | 1.02 | 0.76 | 0.99 | 0.91 | 0.96 |
Nine Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | June 30, | June 30, | |||||||||||||
FFO Reconciliations: | 2017 | 2018 | 2018 | 2019 | ||||||||||||
NICS | $ | 575,118 | $ | 656,487 | $ | 592,103 | $ | 418,232 | ||||||||
Depreciation and amortization | 683,262 | 707,625 | 464,476 | 491,984 | ||||||||||||
Impairment of assets | 24,662 | 39,557 | 32,817 | 9,939 | ||||||||||||
Loss (gain) on real estate dispositions, net | (287,869 | ) | (373,662 | ) | (348,939 | ) | (165,727 | ) | ||||||||
Noncontrolling interests | (51,887 | ) | (51,543 | ) | (34,045 | ) | (36,649 | ) | ||||||||
Unconsolidated entities | 43,066 | 38,753 | 25,533 | 30,625 | ||||||||||||
FFO | $ | 986,352 | $ | 1,017,217 | $ | 731,945 | $ | 748,404 | ||||||||
Average common shares outstanding: | ||||||||||||||||
Basic | 366,096 | 372,052 | 371,552 | 398,073 | ||||||||||||
Diluted | 367,894 | 373,638 | 373,186 | 400,096 | ||||||||||||
Per share data: | ||||||||||||||||
NICS | ||||||||||||||||
Basic | $ | 1.57 | $ | 1.76 | $ | 1.59 | $ | 1.05 | ||||||||
Diluted | 1.56 | 1.76 | 1.59 | 1.05 | ||||||||||||
FFO | ||||||||||||||||
Basic | $ | 2.69 | $ | 2.73 | $ | 1.97 | $ | 1.88 | ||||||||
Diluted | 2.68 | 2.72 | 1.96 | 1.87 |
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||
EBITDA Reconciliations: | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | |||||||||||||||||||||
Net income (loss) | $ | 337,610 | $ | 203,441 | $ | 89,299 | $ | (89,743 | ) | $ | 453,555 | $ | 167,273 | $ | 84,226 | |||||||||||||
Interest expense | 118,597 | 116,231 | 122,578 | 127,217 | 122,775 | 121,416 | 138,032 | |||||||||||||||||||||
Income tax expense (benefit) | 2,245 | (8,448 | ) | 669 | 25,663 | 1,588 | 3,841 | 1,741 | ||||||||||||||||||||
Depreciation and amortization | 228,276 | 224,847 | 230,138 | 238,458 | 228,201 | 236,275 | 243,149 | |||||||||||||||||||||
EBITDA | $ | 686,728 | $ | 536,071 | $ | 442,684 | $ | 301,595 | $ | 806,119 | $ | 528,805 | $ | 467,148 | ||||||||||||||
Interest Coverage Ratio: | ||||||||||||||||||||||||||||
Interest expense | $ | 118,597 | $ | 116,231 | $ | 122,578 | $ | 127,217 | $ | 122,775 | $ | 121,416 | $ | 138,032 | ||||||||||||||
Non-cash interest expense | (1,679 | ) | (2,946 | ) | (3,199 | ) | (2,534 | ) | (4,179 | ) | (1,716 | ) | (1,658 | ) | ||||||||||||||
Capitalized interest | 4,129 | 3,358 | 2,545 | 3,456 | 2,336 | 2,100 | 1,921 | |||||||||||||||||||||
Total interest | 121,047 | 116,643 | 121,924 | 128,139 | 120,932 | 121,800 | 138,295 | |||||||||||||||||||||
EBITDA | $ | 686,728 | $ | 536,071 | $ | 442,684 | $ | 301,595 | $ | 806,119 | $ | 528,805 | $ | 467,148 | ||||||||||||||
Interest coverage ratio | 5.67 | x | 4.60 | x | 3.63 | x | 2.35 | x | 6.67 | x | 4.34 | x | 3.38 | x | ||||||||||||||
Fixed Charge Coverage Ratio: | ||||||||||||||||||||||||||||
Total interest | $ | 121,047 | $ | 116,643 | $ | 121,924 | $ | 128,139 | $ | 120,932 | $ | 121,800 | $ | 138,295 | ||||||||||||||
Secured debt principal payments | 16,249 | 15,958 | 15,300 | 16,572 | 14,247 | 14,139 | 13,908 | |||||||||||||||||||||
Preferred dividends | 14,379 | 11,680 | 11,676 | 11,676 | 11,676 | 11,676 | 11,676 | |||||||||||||||||||||
Total fixed charges | 151,675 | 144,281 | 148,900 | 156,387 | 146,855 | 147,615 | 163,879 | |||||||||||||||||||||
EBITDA | $ | 686,728 | $ | 536,071 | $ | 442,684 | $ | 301,595 | $ | 806,119 | $ | 528,805 | $ | 467,148 | ||||||||||||||
Fixed charge coverage ratio | 4.53 | x | 3.72 | x | 2.97 | x | 1.93 | x | 5.49 | x | 3.58 | x | 2.85 | x |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
EBITDA Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||
Net income (loss) | $ | 453,555 | $ | 167,273 | $ | 84,226 | $ | 124,696 | $ | 292,302 | $ | 150,040 | ||||||||||||
Interest expense | 122,775 | 121,416 | 138,032 | 144,369 | 145,232 | 141,336 | ||||||||||||||||||
Income tax expense (benefit) | 1,588 | 3,841 | 1,741 | 1,504 | 2,222 | 1,599 | ||||||||||||||||||
Depreciation and amortization | 228,201 | 236,275 | 243,149 | 242,834 | 243,932 | 248,052 | ||||||||||||||||||
EBITDA | $ | 806,119 | $ | 528,805 | $ | 467,148 | $ | 513,403 | $ | 683,688 | $ | 541,027 | ||||||||||||
Interest Coverage Ratio: | ||||||||||||||||||||||||
Interest expense | $ | 122,775 | $ | 121,416 | $ | 138,032 | $ | 144,369 | $ | 145,232 | $ | 141,336 | ||||||||||||
Non-cash interest expense | (4,179 | ) | (1,716 | ) | (1,658 | ) | (3,307 | ) | (5,171 | ) | (752 | ) | ||||||||||||
Capitalized interest | 2,336 | 2,100 | 1,921 | 1,548 | 2,327 | 3,929 | ||||||||||||||||||
Total interest | 120,932 | 121,800 | 138,295 | 142,610 | 142,388 | 144,513 | ||||||||||||||||||
EBITDA | $ | 806,119 | $ | 528,805 | $ | 467,148 | $ | 513,403 | $ | 683,688 | $ | 541,027 | ||||||||||||
Interest coverage ratio | 6.67 | x | 4.34 | x | 3.38 | x | 3.60 | x | 4.80 | x | 3.74 | x | ||||||||||||
Fixed Charge Coverage Ratio: | ||||||||||||||||||||||||
Total interest | $ | 120,932 | $ | 121,800 | $ | 138,295 | $ | 142,610 | $ | 142,388 | $ | 144,513 | ||||||||||||
Secured debt principal payments | 14,247 | 14,139 | 13,908 | 13,994 | 13,543 | 13,684 | ||||||||||||||||||
Preferred dividends | 11,676 | 11,676 | 11,676 | 11,676 | — | — | ||||||||||||||||||
Total fixed charges | 146,855 | 147,615 | 163,879 | 168,280 | 155,931 | 158,197 | ||||||||||||||||||
EBITDA | $ | 806,119 | $ | 528,805 | $ | 467,148 | $ | 513,403 | $ | 683,688 | $ | 541,027 | ||||||||||||
Fixed charge coverage ratio | 5.49 | x | 3.58 | x | 2.85 | x | 3.05 | x | 4.38 | x | 3.42 | x |
Nine Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | June 30, | June 30, | |||||||||||||
EBITDA Reconciliations: | 2017 | 2018 | 2018 | 2019 | ||||||||||||
Net income (loss) | $ | 630,356 | $ | 705,054 | $ | 620,828 | $ | 442,342 | ||||||||
Interest expense | 357,405 | 382,223 | 244,191 | 286,568 | ||||||||||||
Income tax expense (benefit) | (5,535 | ) | 7,170 | 5,429 | 3,821 | |||||||||||
Depreciation and amortization | 683,262 | 707,625 | 464,476 | 491,984 | ||||||||||||
EBITDA | $ | 1,665,488 | $ | 1,802,072 | $ | 1,334,924 | $ | 1,224,715 | ||||||||
Interest Coverage Ratio: | ||||||||||||||||
Interest expense | $ | 357,405 | $ | 382,223 | $ | 244,191 | $ | 286,568 | ||||||||
Non-cash interest expense | (7,825 | ) | (7,553 | ) | (5,895 | ) | (5,923 | ) | ||||||||
Capitalized interest | 10,033 | 6,357 | 4,436 | 6,256 | ||||||||||||
Total interest | 359,613 | 381,027 | 242,732 | 286,901 | ||||||||||||
EBITDA | $ | 1,665,488 | $ | 1,802,072 | $ | 1,334,924 | $ | 1,224,715 | ||||||||
Interest coverage ratio | 4.63 | x | 4.73 | x | 5.50 | x | 4.27 | x | ||||||||
Fixed Charge Coverage Ratio: | ||||||||||||||||
Total interest | $ | 359,613 | $ | 381,027 | $ | 242,732 | $ | 286,901 | ||||||||
Secured debt principal payments | 47,507 | 42,294 | 28,385 | 27,227 | ||||||||||||
Preferred dividends | 37,734 | 35,028 | 23,352 | — | ||||||||||||
Total fixed charges | 444,854 | 458,349 | 294,469 | 314,128 | ||||||||||||
EBITDA | $ | 1,665,488 | $ | 1,802,072 | $ | 1,334,924 | $ | 1,224,715 | ||||||||
Fixed charge coverage ratio | 3.74 | x | 3.93 | x | 4.53 | x | 3.90 | x |
Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliations: | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,254,208 | $ | 1,246,899 | $ | 981,458 | $ | 540,613 | $ | 656,551 | $ | 620,384 | $ | 615,311 | $ | 656,551 | $ | 620,384 | $ | 615,311 | $ | 829,750 | $ | 668,497 | $ | 651,264 | ||||||||||||||||||||||||||
Interest expense | 506,982 | 490,886 | 483,765 | 484,622 | 488,800 | 493,986 | 509,440 | 488,800 | 493,986 | 509,440 | 526,592 | 549,049 | 568,969 | |||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (15,158 | ) | (23,093 | ) | (22,119 | ) | 20,128 | 19,471 | 31,761 | 32,833 | 19,471 | 31,761 | 32,833 | 8,674 | 9,308 | 7,066 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 900,822 | 899,100 | 911,180 | 921,720 | 921,645 | 933,072 | 946,083 | 921,645 | 933,072 | 946,083 | 950,459 | 966,190 | 977,967 | |||||||||||||||||||||||||||||||||||||||
EBITDA | 2,646,854 | 2,613,792 | 2,354,284 | 1,967,083 | 2,086,467 | 2,079,203 | 2,103,667 | 2,086,467 | 2,079,203 | 2,103,667 | 2,315,475 | 2,193,044 | 2,205,266 | |||||||||||||||||||||||||||||||||||||||
Loss (income) from unconsolidated entities | 29,643 | 31,662 | 26,505 | 83,125 | 62,448 | 57,221 | 60,285 | 62,448 | 57,221 | 60,285 | 641 | 7,411 | 17,709 | |||||||||||||||||||||||||||||||||||||||
Transaction costs | 34,702 | 29,545 | 9,704 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense(1) | 25,588 | 23,321 | 24,710 | 19,102 | 25,753 | 26,158 | 25,443 | 25,753 | 26,158 | 25,443 | 27,646 | 23,618 | 26,113 | |||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 48,593 | 54,074 | 54,074 | 37,241 | 17,593 | 12,377 | 16,415 | 17,593 | 12,377 | 16,415 | 16,097 | 20,109 | 19,810 | |||||||||||||||||||||||||||||||||||||||
Loss (gain) on real estate dispositions, net | (608,139 | ) | (648,763 | ) | (488,034 | ) | (344,250 | ) | (438,342 | ) | (406,942 | ) | (430,043 | ) | (438,342 | ) | (406,942 | ) | (430,043 | ) | (415,575 | ) | (244,800 | ) | (232,363 | ) | ||||||||||||||||||||||||||
Impairment of assets | 33,923 | 47,554 | 37,849 | 124,483 | 141,637 | 132,638 | 139,378 | 141,637 | 132,638 | 139,378 | 115,579 | 87,394 | 92,701 | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 10,215 | 10,215 | 10,215 | 62,966 | 62,966 | 62,966 | 62,966 | 62,966 | 62,966 | 62,966 | — | 18,690 | 18,690 | |||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | (1,225 | ) | (489 | ) | 2,351 | 2,284 | (6,113 | ) | (14,309 | ) | (5,642 | ) | (6,113 | ) | (14,309 | ) | (5,642 | ) | (4,016 | ) | 670 | 10,043 | ||||||||||||||||||||||||||||||
Other expenses(1) | 19,396 | 23,997 | 122,211 | 176,395 | 167,524 | 171,243 | 161,655 | 167,524 | 171,243 | 161,655 | 111,990 | 117,942 | 126,994 | |||||||||||||||||||||||||||||||||||||||
Additional other income | (16,664 | ) | (4,853 | ) | (4,853 | ) | — | — | (10,805 | ) | (10,805 | ) | — | (10,805 | ) | (10,805 | ) | (14,832 | ) | (14,832 | ) | (4,027 | ) | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,222,886 | $ | 2,180,055 | $ | 2,149,016 | $ | 2,128,429 | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,153,005 | $ | 2,209,246 | $ | 2,280,936 | ||||||||||||||||||||||||||
Adjusted Fixed Charge Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 506,982 | $ | 490,886 | $ | 483,765 | $ | 484,622 | $ | 488,800 | $ | 493,986 | $ | 509,440 | $ | 488,800 | $ | 493,986 | $ | 509,440 | $ | 526,592 | $ | 549,049 | $ | 568,969 | ||||||||||||||||||||||||||
Capitalized interest | 18,035 | 17,087 | 14,866 | 13,489 | 11,696 | 10,437 | 9,813 | 11,696 | 10,437 | 9,813 | 7,905 | 7,896 | 9,725 | |||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | (3,958 | ) | (5,386 | ) | (8,041 | ) | (10,359 | ) | (12,858 | ) | (11,628 | ) | (10,087 | ) | (12,858 | ) | (11,628 | ) | (10,087 | ) | (10,860 | ) | (11,852 | ) | (10,888 | ) | ||||||||||||||||||||||||||
Total interest | 521,059 | 502,587 | 490,590 | 487,752 | 487,638 | 492,795 | 509,166 | 487,638 | 492,795 | 509,166 | 523,637 | 545,093 | 567,806 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,222,886 | $ | 2,180,055 | $ | 2,149,016 | $ | 2,128,429 | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,153,005 | $ | 2,209,246 | $ | 2,280,936 | ||||||||||||||||||||||||||
Adjusted interest coverage ratio | 4.27 | x | 4.34 | x | 4.38 | x | 4.36 | x | 4.35 | x | 4.28 | x | 4.17 | x | 4.35 | x | 4.28 | x | 4.17 | x | 4.11 | x | 4.05 | x | 4.02 | x | ||||||||||||||||||||||||||
Total interest | $ | 521,059 | $ | 502,587 | $ | 490,590 | $ | 487,752 | $ | 487,638 | $ | 492,795 | $ | 509,166 | $ | 487,638 | $ | 492,795 | $ | 509,166 | $ | 523,637 | $ | 545,093 | $ | 567,806 | ||||||||||||||||||||||||||
Secured debt principal payments | 72,073 | 68,935 | 66,084 | 64,078 | 62,077 | 60,258 | 58,866 | 62,077 | 60,258 | 58,866 | 56,288 | 55,584 | 55,129 | |||||||||||||||||||||||||||||||||||||||
Preferred dividends | 63,434 | 58,762 | 54,086 | 49,410 | 46,707 | 46,704 | 46,704 | 46,707 | 46,704 | 46,704 | 46,704 | 35,028 | 23,352 | |||||||||||||||||||||||||||||||||||||||
Total fixed charges | 656,566 | 630,284 | 610,760 | 601,240 | 596,422 | 599,757 | 614,736 | 596,422 | 599,757 | 614,736 | 626,629 | 635,705 | 646,287 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,222,886 | $ | 2,180,055 | $ | 2,149,016 | $ | 2,128,429 | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,153,005 | $ | 2,209,246 | $ | 2,280,936 | ||||||||||||||||||||||||||
Adjusted fixed charge coverage ratio | 3.39 | x | 3.46 | x | 3.52 | x | 3.54 | x | 3.55 | x | 3.52 | x | 3.45 | x | 3.55 | x | 3.52 | x | 3.45 | x | 3.44 | x | 3.48 | x | 3.53 | x | ||||||||||||||||||||||||||
(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. | (1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. | (1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||
Book capitalization: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under primary unsecured credit facility | $ | 522,000 | $ | 385,000 | $ | 420,000 | $ | 719,000 | $ | 865,000 | $ | 540,000 | $ | 1,312,000 | ||||||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper | $ | 865,000 | $ | 540,000 | $ | 1,312,000 | $ | 1,147,000 | $ | 419,293 | $ | 1,869,188 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt obligations(1) | 10,932,185 | 10,994,946 | 11,101,592 | 11,012,936 | 10,484,840 | 10,895,559 | 12,192,060 | 10,484,840 | 10,895,559 | 12,192,060 | 12,150,144 | 12,371,729 | 13,390,344 | |||||||||||||||||||||||||||||||||||||||
Cash & cash equivalents(2) | (380,360 | ) | (442,284 | ) | (250,776 | ) | (249,620 | ) | (202,824 | ) | (215,120 | ) | (191,199 | ) | (202,824 | ) | (215,120 | ) | (191,199 | ) | (215,376 | ) | (249,127 | ) | (268,666 | ) | ||||||||||||||||||||||||||
Total net debt | 11,073,825 | 10,937,662 | 11,270,816 | 11,482,316 | 11,147,016 | 11,220,439 | 13,312,861 | 11,147,016 | 11,220,439 | 13,312,861 | 13,081,768 | 12,541,895 | 14,990,866 | |||||||||||||||||||||||||||||||||||||||
Total equity and noncontrolling interests(3) | 15,495,681 | 15,702,399 | 15,631,412 | 15,300,646 | 15,448,201 | 15,198,644 | 15,670,065 | 15,448,201 | 15,198,644 | 15,670,065 | 16,010,645 | 16,498,376 | 16,452,806 | |||||||||||||||||||||||||||||||||||||||
Book capitalization | $ | 26,569,506 | $ | 26,640,061 | $ | 26,902,228 | $ | 26,782,962 | $ | 26,595,217 | $ | 26,419,083 | $ | 28,982,926 | $ | 26,595,217 | $ | 26,419,083 | $ | 28,982,926 | $ | 29,092,413 | $ | 29,040,271 | $ | 31,443,672 | ||||||||||||||||||||||||||
Net debt to book capitalization ratio | 42 | % | 41 | % | 42 | % | 43 | % | 42 | % | 42 | % | 46 | % | 42 | % | 42 | % | 46 | % | 45 | % | 43 | % | 48 | % | ||||||||||||||||||||||||||
Undepreciated book capitalization: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net debt | $ | 11,073,825 | $ | 10,937,662 | $ | 11,270,816 | $ | 11,482,316 | $ | 11,147,016 | $ | 11,220,439 | $ | 13,312,861 | $ | 11,147,016 | $ | 11,220,439 | $ | 13,312,861 | $ | 13,081,768 | $ | 12,541,895 | $ | 14,990,866 | ||||||||||||||||||||||||||
Accumulated depreciation and amortization | 4,335,160 | 4,568,408 | 4,826,418 | 4,838,370 | 4,990,780 | 5,113,928 | 5,394,274 | 4,990,780 | 5,113,928 | 5,394,274 | 5,499,958 | 5,670,111 | 5,539,435 | |||||||||||||||||||||||||||||||||||||||
Total equity and noncontrolling interests(3) | 15,495,681 | 15,702,399 | 15,631,412 | 15,300,646 | 15,448,201 | 15,198,644 | 15,670,065 | 15,448,201 | 15,198,644 | 15,670,065 | 16,010,645 | 16,498,376 | 16,452,806 | |||||||||||||||||||||||||||||||||||||||
Undepreciated book capitalization | $ | 30,904,666 | $ | 31,208,469 | $ | 31,728,646 | $ | 31,621,332 | $ | 31,585,997 | $ | 31,533,011 | $ | 34,377,200 | $ | 31,585,997 | $ | 31,533,011 | $ | 34,377,200 | $ | 34,592,371 | $ | 34,710,382 | $ | 36,983,107 | ||||||||||||||||||||||||||
Net debt to undepreciated book capitalization ratio | 36 | % | 35 | % | 36 | % | 36 | % | 35 | % | 36 | % | 39 | % | 35 | % | 36 | % | 39 | % | 38 | % | 36 | % | 41 | % | ||||||||||||||||||||||||||
Market capitalization: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | 364,564 | 368,878 | 370,342 | 371,732 | 371,971 | 372,030 | 375,577 | 371,971 | 372,030 | 375,577 | 383,675 | 403,740 | 405,254 | |||||||||||||||||||||||||||||||||||||||
Period end share price | $ | 70.82 | $ | 74.85 | $ | 70.28 | $ | 63.77 | $ | 54.43 | $ | 62.69 | $ | 64.32 | $ | 54.43 | $ | 62.69 | $ | 64.32 | $ | 69.41 | $ | 77.60 | $ | 81.53 | ||||||||||||||||||||||||||
Common equity market capitalization | $ | 25,818,422 | $ | 27,610,518 | $ | 26,027,636 | $ | 23,705,350 | $ | 20,246,382 | $ | 23,322,561 | $ | 24,157,113 | $ | 20,246,382 | $ | 23,322,561 | $ | 24,157,113 | $ | 26,630,882 | $ | 31,330,224 | $ | 33,040,359 | ||||||||||||||||||||||||||
Total net debt | 11,073,825 | 10,937,662 | 11,270,816 | 11,482,316 | 11,147,016 | 11,220,439 | 13,312,861 | 11,147,016 | 11,220,439 | 13,312,861 | 13,081,768 | 12,541,895 | 14,990,866 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests(3) | 859,478 | 873,567 | 901,487 | 877,499 | 889,766 | 856,721 | 1,362,380 | 889,766 | 856,721 | 1,362,380 | 1,378,311 | 1,419,885 | 1,458,351 | |||||||||||||||||||||||||||||||||||||||
Preferred stock | 718,750 | 718,750 | 718,503 | 718,503 | 718,498 | 718,498 | 718,498 | 718,498 | 718,498 | 718,498 | 718,498 | — | — | |||||||||||||||||||||||||||||||||||||||
Enterprise value | $ | 38,470,475 | $ | 40,140,497 | $ | 38,918,442 | $ | 36,783,668 | $ | 33,001,662 | $ | 36,118,219 | $ | 39,550,852 | $ | 33,001,662 | $ | 36,118,219 | $ | 39,550,852 | $ | 41,809,459 | $ | 45,292,004 | $ | 49,489,576 | ||||||||||||||||||||||||||
Net debt to market capitalization ratio | 29 | % | 27 | % | 29 | % | 31 | % | 34 | % | 31 | % | 34 | % | 34 | % | 31 | % | 34 | % | 31 | % | 28 | % | 30 | % | ||||||||||||||||||||||||||
(1) Amounts include senior unsecured notes, secured debt and capital lease obligations as reflected on our Consolidated Balance Sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Amounts include senior unsecured notes, secured debt and lease liabilities related to financing leases, as reflected on our Consolidated Balance Sheet. Operating lease liabilities related to the ASC 842 adoption are excluded. | (1) Amounts include senior unsecured notes, secured debt and lease liabilities related to financing leases, as reflected on our Consolidated Balance Sheet. Operating lease liabilities related to the ASC 842 adoption are excluded. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Inclusive of IRC Section 1031 deposits, if any. | (2) Inclusive of IRC Section 1031 deposits, if any. | (2) Inclusive of IRC Section 1031 deposits, if any. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Includes all noncontrolling interests (redeemable and permanent) as reflected on our consolidated balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Includes all noncontrolling interests (redeemable and permanent) as reflected on our Consolidated Balance Sheet. | (3) Includes all noncontrolling interests (redeemable and permanent) as reflected on our Consolidated Balance Sheet. |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||
Principal | Change in | Principal | Change in | Principal | Change in | Principal | Change in | |||||||||||||||||||||||||
balance | fair value | balance | fair value | balance | fair value | balance | fair value | |||||||||||||||||||||||||
Senior unsecured notes | $ | 9,052,727 | $ | (570,754 | ) | $ | 7,710,219 | $ | (500,951 | ) | $ | 9,013,085 | $ | (635,567 | ) | $ | 9,009,159 | $ | (548,558 | ) | ||||||||||||
Secured debt | 1,623,202 | (54,782 | ) | 1,749,958 | (63,492 | ) | 1,536,274 | (60,281 | ) | 1,639,983 | (59,522 | ) | ||||||||||||||||||||
Totals | $ | 10,675,929 | $ | (625,536 | ) | $ | 9,460,177 | $ | (564,443 | ) | $ | 10,549,359 | $ | (695,848 | ) | $ | 10,649,142 | $ | (608,080 | ) |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||
Carrying | Change in | Carrying | Change in | Carrying | Change in | Carrying | Change in | |||||||||||||||||||||||||
Value | fair value | Value | fair value | Value | fair value | Value | fair value | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 43,664 | $ | 16,681 | $ | 23,238 | $ | 12,929 | $ | 59,041 | $ | 12,683 | $ | 23,620 | $ | 16,163 | ||||||||||||||||
Debt designated as hedges | 1,602,727 | 16,027 | 1,620,273 | 16,203 | 1,524,891 | 15,249 | 1,559,159 | 15,592 | ||||||||||||||||||||||||
Totals | $ | 1,646,391 | $ | 32,708 | $ | 1,643,511 | $ | 29,132 | $ | 1,583,932 | $ | 27,932 | $ | 1,582,779 | $ | 31,755 |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||
July 1, 2018 through July 31, 2018 | — | $ | — | |||||||||||||||||||
August 1, 2018 through August 31, 2018 | 1,084 | 62.68 | ||||||||||||||||||||
September 1, 2018 through September 30, 2018 | 160 | 65.49 | ||||||||||||||||||||
April 1, 2019 through April 30, 2019 | 282 | $ | 74.10 | |||||||||||||||||||
May 1, 2019 through May 31, 2019 | — | — | ||||||||||||||||||||
June 1, 2019 through June 30, 2019 | — | — | ||||||||||||||||||||
Totals | 1,244 | $ | 63.04 | 282 | $ | 74.10 | ||||||||||||||||
(1) During the three months ended September 30, 2018, the company acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. | ||||||||||||||||||||||
(1) During the three months ended June 30, 2019, the company acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. | (1) During the three months ended June 30, 2019, the company acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. | |||||||||||||||||||||
(2) No shares were purchased as part of publicly announced plans or programs. | (2) No shares were purchased as part of publicly announced plans or programs. | (2) No shares were purchased as part of publicly announced plans or programs. |
3.1 | |||
10.1 | |||
10.2 | |||
31.1 | |||
31.2 | |||
32.1 | |||
32.2 | |||
101.INS | XBRL Instance | ||
101.SCH | XBRL Taxonomy Extension Schema | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | ||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline XBRL | ||
* | Management contract or Compensatory Plan or Arrangement. |
WELLTOWER INC. | |||||
Date: | By: | /s/ THOMAS J. DEROSA | |||
Thomas J. DeRosa, | |||||
Chairman and Chief Executive Officer (Principal Executive Officer) | |||||
Date: | By: | /s/ JOHN A. GOODEY | |||
John A. Goodey, | |||||
Executive Vice President & Chief Financial Officer (Principal Financial Officer) | |||||
Date: | By: | /s/ JOSHUA T. FIEWEGER | |||
Joshua T. Fieweger, | |||||
Senior Vice President & Controller (Principal Accounting Officer) |