Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 21, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-8923 | |
Entity Registrant Name | WELLTOWER INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 34-1096634 | |
Entity Address, Address Line One | 4500 Dorr Street | |
Entity Address, City or Town | Toledo, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43615 | |
City Area Code | (419) | |
Local Phone Number | 247-2800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 405,799,597 | |
Entity Central Index Key | 0000766704 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Common stock, $1.00 par value per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, $1.00 par value per share | |
Trading Symbol | WELL | |
Security Exchange Name | NYSE | |
4.800% Notes due 2028 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.800% Notes due 2028 | |
Trading Symbol | WELL28 | |
Security Exchange Name | NYSE | |
4.500% Notes due 2034 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.500% Notes due 2034 | |
Trading Symbol | WELL34 | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
Real property owned: | |||
Land and land improvements | $ 3,370,841 | $ 3,205,091 | |
Buildings and improvements | 28,798,241 | 28,019,502 | |
Acquired lease intangibles | 1,604,982 | 1,581,159 | |
Real property held for sale, net of accumulated depreciation | 336,649 | 590,271 | |
Construction in progress | 466,286 | 194,365 | |
Less accumulated depreciation and amortization | (5,769,843) | (5,499,958) | |
Net real property owned | 28,807,156 | 28,090,430 | |
Right of use assets, net | 536,689 | ||
Real estate loans receivable, net of allowance | 361,530 | 330,339 | |
Net real estate investments | 29,705,375 | 28,420,769 | |
Other assets: | |||
Investments in unconsolidated entities | 556,854 | 482,914 | |
Goodwill | 68,321 | 68,321 | |
Cash and cash equivalents | 265,788 | 215,376 | |
Restricted cash | 64,947 | 100,753 | |
Straight-line rent receivable | 432,616 | 367,093 | |
Receivables and other assets | 770,054 | 686,846 | |
Total other assets | 2,158,580 | 1,921,303 | |
Total assets | 31,863,955 | 30,342,072 | |
Liabilities: | |||
Unsecured credit facility and commercial paper | 1,334,586 | 1,147,000 | |
Senior unsecured notes | 9,730,047 | 9,603,299 | |
Secured debt | 2,623,010 | 2,476,177 | |
Lease liabilities | 454,538 | 70,668 | |
Accrued expenses and other liabilities | 1,025,704 | 1,034,283 | |
Total liabilities | 15,167,885 | 14,331,427 | |
Redeemable noncontrolling interests | 470,341 | 424,046 | |
Equity: | |||
Preferred stock | 0 | 718,498 | |
Common stock | 406,498 | 384,465 | |
Capital in excess of par value | 19,796,676 | 18,424,368 | |
Treasury stock | (78,843) | (68,499) | |
Cumulative net income | 7,129,642 | 6,121,534 | |
Cumulative dividends | (11,870,244) | (10,818,557) | |
Accumulated other comprehensive income (loss) | (117,676) | (129,769) | |
Other equity | 12 | 294 | |
Total Welltower Inc. stockholders’ equity | 15,266,065 | 14,632,334 | |
Noncontrolling interests | 959,664 | 954,265 | |
Total equity | 16,225,729 | 15,586,599 | |
Total liabilities and equity | $ 31,863,955 | $ 30,342,072 | |
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Revenues: | |||||
Rental income | $ 412,147 | $ 1,178,817 | |||
Rental income | $ 342,887 | $ 1,019,857 | |||
Total revenues | 1,266,133 | 1,236,379 | 3,858,484 | 3,459,256 | |
Expenses: | |||||
Property operating expenses | 655,588 | 657,157 | 2,027,522 | 1,782,373 | |
Depreciation and amortization | 272,445 | 243,149 | 764,429 | 707,625 | |
Interest expense | 137,343 | 138,032 | 423,911 | 382,223 | |
General and administrative expenses | 31,019 | 28,746 | 100,042 | 95,282 | |
Loss (gain) on derivatives and financial instruments, net | 1,244 | 8,991 | 670 | (5,642) | |
Loss (gain) on extinguishment of debt, net | 65,824 | 4,038 | 81,543 | 16,044 | |
Provision for loan losses | 0 | 0 | 18,690 | 0 | |
Impairment of assets | 18,096 | 6,740 | 28,035 | 39,557 | |
Other expenses | 6,186 | 88,626 | 36,570 | 102,396 | |
Total expenses | 1,187,745 | 1,175,479 | 3,481,412 | 3,119,858 | |
Income (loss) from continuing operations before income taxes and other items | 78,388 | 60,900 | 377,072 | 339,398 | |
Income tax (expense) benefit | (3,968) | (1,741) | (7,789) | (7,170) | |
Income (loss) from unconsolidated entities | 3,262 | 344 | (14,986) | (836) | |
Gain (loss) on real estate dispositions, net | 570,250 | 24,723 | 735,977 | 373,662 | |
Income (loss) from continuing operations | 647,932 | 84,226 | 1,090,274 | 705,054 | |
Net income (loss) | 647,932 | 84,226 | 1,090,274 | 705,054 | |
Less: Preferred stock dividends | 0 | 11,676 | 0 | 35,028 | |
Less: Net income (loss) attributable to noncontrolling interests | [1] | 58,056 | 8,166 | 82,166 | 13,539 |
Net income (loss) attributable to common stockholders | $ 589,876 | $ 64,384 | $ 1,008,108 | $ 656,487 | |
Average number of common shares outstanding: | |||||
Basic (in shares) | 405,023 | 373,023 | 400,441 | 372,052 | |
Diluted (in shares) | 406,891 | 374,487 | 402,412 | 373,638 | |
Basic: | |||||
Income (loss) from continuing operations (in USD per share) | $ 1.60 | $ 0.23 | $ 2.72 | $ 1.90 | |
Net income (loss) attributable to common stockholders (in USD per share) | 1.46 | 0.17 | 2.52 | 1.76 | |
Diluted: | |||||
Income (loss) from continuing operations (in USD per share) | 1.59 | 0.22 | 2.71 | 1.89 | |
Net income (loss) attributable to common stockholders (in USD per share) | 1.45 | 0.17 | 2.51 | 1.76 | |
Dividends declared and paid per common share (in USD per share) | $ 0.87 | $ 0.87 | $ 2.6100 | $ 2.6100 | |
Net income | $ 647,932 | $ 84,226 | $ 1,090,274 | $ 705,054 | |
Other comprehensive income (loss): | |||||
Foreign currency translation gain (loss) | (100,837) | (15,293) | (76,241) | (137,095) | |
Derivative instruments gain (loss) | 78,947 | 12,200 | 91,672 | 100,205 | |
Total other comprehensive income (loss) | (21,890) | (3,093) | 15,431 | (36,890) | |
Total comprehensive income (loss) | 626,042 | 81,133 | 1,105,705 | 668,164 | |
Less: Total comprehensive income (loss) attributable to noncontrolling interests(1) | 53,220 | 10,933 | 85,504 | 3,675 | |
Total comprehensive income (loss) attributable to common stockholders | 572,822 | 70,200 | 1,020,201 | 664,489 | |
Resident fees and services | |||||
Revenues: | |||||
Revenue from contract with customer | 834,121 | 875,171 | 2,616,491 | 2,374,450 | |
Interest income | |||||
Revenues: | |||||
Revenue from contract with customer | 15,637 | 14,622 | 48,112 | 42,732 | |
Other income | |||||
Revenues: | |||||
Revenue from contract with customer | $ 4,228 | $ 3,699 | $ 15,064 | $ 22,217 | |
[1] | Includes amounts attributable to redeemable noncontrolling interests. |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | 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 | |
Balances at beginning of period at Dec. 31, 2017 | $ 14,925,452 | $ 718,503 | $ 372,449 | $ 17,662,681 | $ (64,559) | $ 5,316,580 | $ (9,471,712) | $ (111,465) | $ 670 | $ 502,305 | |
Comprehensive income: | |||||||||||
Net income (loss) | 454,538 | 449,347 | 5,191 | ||||||||
Other comprehensive income | 16,326 | 20,212 | (3,886) | ||||||||
Total comprehensive income | 470,864 | ||||||||||
Net change in noncontrolling interests | (15,876) | (13,157) | (2,719) | ||||||||
Amounts related to stock incentive plans, net of forfeitures | 7,098 | 150 | 11,085 | (4,137) | |||||||
Proceeds from issuance of common stock | 7,190 | 130 | 7,060 | ||||||||
Conversion of preferred stock | 0 | (5) | 5 | ||||||||
Dividends paid: | |||||||||||
Common stock dividends | (323,726) | (323,726) | |||||||||
Preferred stock dividends | (11,676) | (11,676) | |||||||||
Balances at end of period at Mar. 31, 2018 | 15,059,326 | 718,498 | 372,729 | 17,667,674 | (68,696) | 5,765,927 | (9,807,114) | (91,253) | 670 | 500,891 | |
Balances at beginning of period at Dec. 31, 2017 | 14,925,452 | 718,503 | 372,449 | 17,662,681 | (64,559) | 5,316,580 | (9,471,712) | (111,465) | 670 | 502,305 | |
Comprehensive income: | |||||||||||
Other comprehensive income | (36,890) | ||||||||||
Balances at end of period at Sep. 30, 2018 | 15,269,201 | 718,498 | 376,353 | 17,889,514 | (68,753) | 6,008,095 | (10,478,020) | (138,491) | 489 | 961,516 | |
Balances at beginning of period at Mar. 31, 2018 | 15,059,326 | 718,498 | 372,729 | 17,667,674 | (68,696) | 5,765,927 | (9,807,114) | (91,253) | 670 | 500,891 | |
Comprehensive income: | |||||||||||
Net income (loss) | 168,463 | 166,108 | 2,355 | ||||||||
Other comprehensive income | (50,123) | (41,378) | (8,745) | ||||||||
Total comprehensive income | 118,340 | ||||||||||
Net change in noncontrolling interests | (50,759) | (14,822) | (35,937) | ||||||||
Amounts related to stock incentive plans, net of forfeitures | 5,843 | 18 | 5,801 | 35 | (11) | ||||||
Proceeds from issuance of common stock | 2,785 | 54 | 2,731 | ||||||||
Dividends paid: | |||||||||||
Common stock dividends | (323,372) | (323,372) | |||||||||
Preferred stock dividends | (11,676) | (11,676) | |||||||||
Balances at end of period at Jun. 30, 2018 | 14,800,487 | 718,498 | 372,801 | 17,661,384 | (68,661) | 5,932,035 | (10,142,162) | (132,631) | 659 | 458,564 | |
Comprehensive income: | |||||||||||
Net income (loss) | 83,907 | 76,060 | 7,847 | ||||||||
Other comprehensive income | (3,093) | (5,860) | 2,767 | ||||||||
Total comprehensive income | 80,814 | ||||||||||
Net change in noncontrolling interests | 486,178 | (6,160) | 492,338 | ||||||||
Amounts related to stock incentive plans, net of forfeitures | 5,983 | 4 | 6,241 | (92) | (170) | ||||||
Proceeds from issuance of common stock | 231,597 | 3,548 | 228,049 | ||||||||
Dividends paid: | |||||||||||
Common stock dividends | (324,182) | (324,182) | |||||||||
Preferred stock dividends | (11,676) | (11,676) | |||||||||
Balances at end of period at Sep. 30, 2018 | 15,269,201 | 718,498 | 376,353 | 17,889,514 | (68,753) | 6,008,095 | (10,478,020) | (138,491) | 489 | 961,516 | |
Balances at beginning of period at Dec. 31, 2018 | 15,586,599 | [1] | 718,498 | 384,465 | 18,424,368 | (68,499) | 6,121,534 | (10,818,557) | (129,769) | 294 | 954,265 |
Comprehensive income: | |||||||||||
Net income (loss) | 291,255 | 280,470 | 10,785 | ||||||||
Other comprehensive income | (9,062) | (14,849) | 5,787 | ||||||||
Total comprehensive income | 282,193 | ||||||||||
Net change in noncontrolling interests | (10,342) | (8,845) | (1,497) | ||||||||
Amounts related to stock incentive plans, net of forfeitures | 1,521 | 120 | 7,420 | (5,993) | (26) | ||||||
Proceeds from issuance of common stock | 532,620 | 7,212 | 525,408 | ||||||||
Conversion of preferred stock | 0 | (718,498) | 12,712 | 705,786 | |||||||
Dividends paid: | |||||||||||
Common stock dividends | (344,760) | (344,760) | |||||||||
Balances at end of period at Mar. 31, 2019 | 16,047,831 | 0 | 404,509 | 19,654,137 | (74,492) | 6,402,004 | (11,163,317) | (144,618) | 268 | 969,340 | |
Balances at beginning of period at Dec. 31, 2018 | 15,586,599 | [1] | 718,498 | 384,465 | 18,424,368 | (68,499) | 6,121,534 | (10,818,557) | (129,769) | 294 | 954,265 |
Comprehensive income: | |||||||||||
Other comprehensive income | 15,431 | ||||||||||
Balances at end of period at Sep. 30, 2019 | 16,225,729 | 0 | 406,498 | 19,796,676 | (78,843) | 7,129,642 | (11,870,244) | (117,676) | 12 | 959,664 | |
Balances at beginning of period at Mar. 31, 2019 | 16,047,831 | 0 | 404,509 | 19,654,137 | (74,492) | 6,402,004 | (11,163,317) | (144,618) | 268 | 969,340 | |
Comprehensive income: | |||||||||||
Net income (loss) | 149,111 | 137,762 | 11,349 | ||||||||
Other comprehensive income | 46,383 | 43,996 | 2,387 | ||||||||
Total comprehensive income | 195,494 | ||||||||||
Net change in noncontrolling interests | (31,631) | (23,672) | (7,959) | ||||||||
Amounts related to stock incentive plans, net of forfeitures | 8,347 | 18 | 7,959 | 450 | (80) | ||||||
Proceeds from issuance of common stock | 103,208 | 1,487 | 101,721 | ||||||||
Dividends paid: | |||||||||||
Common stock dividends | (353,677) | (353,677) | |||||||||
Balances at end of period at Jun. 30, 2019 | 15,969,572 | 0 | 406,014 | 19,740,145 | (74,042) | 6,539,766 | (11,516,994) | (100,622) | 188 | 975,117 | |
Comprehensive income: | |||||||||||
Net income (loss) | 619,824 | 589,876 | 29,948 | ||||||||
Other comprehensive income | (21,890) | (17,054) | (4,836) | ||||||||
Total comprehensive income | 597,934 | ||||||||||
Net change in noncontrolling interests | (27,527) | 13,038 | (40,565) | ||||||||
Amounts related to stock incentive plans, net of forfeitures | 127 | 4 | 5,100 | (4,801) | (176) | ||||||
Proceeds from issuance of common stock | 38,873 | 480 | 38,393 | ||||||||
Dividends paid: | |||||||||||
Common stock dividends | (353,250) | (353,250) | |||||||||
Balances at end of period at Sep. 30, 2019 | $ 16,225,729 | $ 0 | $ 406,498 | $ 19,796,676 | $ (78,843) | $ 7,129,642 | $ (11,870,244) | $ (117,676) | $ 12 | $ 959,664 | |
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Operating activities: | |||
Net income | $ 1,090,274 | $ 705,054 | |
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | |||
Depreciation and amortization | 764,429 | 707,625 | |
Other amortization expenses | 13,474 | 12,110 | |
Provision for loan losses | 18,690 | 0 | |
Impairment of assets | 28,035 | 39,557 | |
Stock-based compensation expense | 20,501 | 22,800 | |
Loss (gain) on derivatives and financial instruments, net | 670 | (5,642) | |
Loss (gain) on extinguishment of debt, net | 81,543 | 16,044 | |
Loss (income) from unconsolidated entities | 14,986 | 836 | |
Rental income less than (in excess of) cash received | (78,980) | (7,830) | |
Amortization related to above (below) market leases, net | (335) | 1,984 | |
Loss (gain) on real estate dispositions, net | (735,977) | (373,662) | |
Distributions by unconsolidated entities | 0 | 21 | |
Increase (decrease) in accrued expenses and other liabilities | 845 | 103,474 | |
Decrease (increase) in receivables and other assets | (8,255) | (11,223) | |
Net cash provided from (used in) operating activities | 1,209,900 | 1,211,148 | |
Investing activities: | |||
Cash disbursed for acquisitions | (3,004,768) | (3,190,534) | |
Cash disbursed for capital improvements to existing properties | (206,413) | (173,635) | |
Cash disbursed for construction in progress | (258,113) | (88,146) | |
Capitalized interest | (10,404) | (6,357) | |
Investment in real estate loans receivable | (82,345) | (67,136) | |
Principal collected on real estate loans receivable | 32,130 | 149,592 | |
Other investments, net of payments | (13,304) | (49,572) | |
Contributions to unconsolidated entities | (194,490) | (42,697) | |
Distributions by unconsolidated entities | 98,880 | 61,253 | |
Proceeds from (payments on) derivatives | (20,569) | ||
Proceeds from (payments on) derivatives | 65,438 | ||
Proceeds from sales of real property | 2,601,071 | 1,208,501 | |
Net cash provided from (used in) investing activities | (1,058,325) | (2,133,293) | |
Financing activities: | |||
Net increase (decrease) in unsecured credit facility and commercial paper | 187,586 | 593,000 | |
Proceeds from issuance of senior unsecured notes | 3,253,516 | 2,825,898 | |
Payments to extinguish senior unsecured notes | (3,107,500) | (1,450,000) | |
Net proceeds from the issuance of secured debt | 318,854 | 44,606 | |
Payments on secured debt | (233,952) | (238,867) | |
Net proceeds from the issuance of common stock | 686,105 | 242,411 | |
Payments for deferred financing costs and prepayment penalties | (82,249) | (29,701) | |
Contributions by noncontrolling interests | [1] | 42,988 | 11,238 |
Distributions to noncontrolling interests | [1] | (138,270) | (86,462) |
Cash distributions to stockholders | (1,047,968) | (1,006,274) | |
Other financing activities | (11,643) | (6,290) | |
Net cash provided from (used in) financing activities | (132,533) | 899,559 | |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (4,436) | (5,432) | |
Increase (decrease) in cash, cash equivalents and restricted cash | 14,606 | (28,018) | |
Cash, cash equivalents and restricted cash at beginning of period | 316,129 | 309,303 | |
Cash, cash equivalents and restricted cash at end of period | 330,735 | 281,285 | |
Supplemental cash flow information: | |||
Interest paid | 416,523 | 312,452 | |
Income taxes paid (received), net | $ 4,784 | $ 3,195 | |
[1] | Includes amounts attributable to redeemable noncontrolling interests. |
Business
Business | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business |
Accounting Policies and Related
Accounting Policies and Related Matters | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies and Related Matters | Accounting Policies and Related Matters Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2019 are not necessarily an indication of the results that may be expected for the year ending December 31, 2019. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 . New Accounting Standards • We adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) ("ASC 842") which requires lessees to recognize assets and liabilities on their consolidated balance sheet related to the rights and obligations created by most leases, while continuing to recognize expenses on their consolidated statement of comprehensive income over the lease term. We adopted ASC 842 as of January 1, 2019, using the modified retrospective approach and have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, permits us to carry forward our prior conclusions for lease classification and initial direct costs on existing leases. We also made an accounting policy election to keep short-term leases less than twelve months off the balance sheet for all classes of underlying assets. In July 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements" that (1) simplifies transition requirements for both lessees and lessors by adding an option that permits entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in its financial statements and (2) allows lessors to elect, as a practical expedient, to not separate lease and non-lease components in a contract, and instead to account for as a single lease component, if certain criteria are met. This practical expedient causes an entity to assess whether a contract is predominantly lease or service-based and recognize the entire contract under the relevant accounting guidance (i.e. predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under ASU 2014-09, "Revenue from Contracts with Customers (ASC 606)"). For the year ended December 31, 2018, we recognized revenue for our Seniors Housing Operating resident agreements in accordance with the provisions of the prior lease guidance, ASC 840, "Leases". Upon adoption of ASC 842, we elected the lessor practical expedient described above and recognized our revenue for our Seniors Housing Operating segment based upon the predominant component, generally the non-lease service component. Therefore, beginning on January 1, 2019, we accounted for the majority of such resident agreements under ASC 606. The timing and pattern of revenue recognition is substantially the same as that prior to adoption. The FASB also issued ASU 2018-20 "Leases (Topic 842): Narrow Improvements for Lessors", which provides lessors the ability to make an accounting policy election not to evaluate whether certain sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. A lessor that makes this election will exclude these taxes from the measurement of lease revenue and the associated expense. Upon adoption of ASC 842, we utilized this practical expedient in instances in which real estate taxes are paid directly by our tenants to taxing authorities. For triple-net leasing arrangements in which the tenant remits payment for real estate taxes to us and we pay the taxing authority, we have included the associated revenue and expense in rental income and property operating expenses on the Consolidated Statements of Comprehensive Income. This reporting had no impact on our net income. For leases in which the Company is the lessee, primarily consisting of ground leases and various office and equipment leases, we recognized upon adoption a right of use asset of $509,386,000 which included the present value of minimum leases payments, existing above and/or below market lease intangible values and existing straight-line rent liabilities associated with such leases. We also recognized operating lease liabilities of $357,070,000 . The standard did not materially impact our Consolidated Statements of Comprehensive Income or our Consolidated Statement of Cash Flows. See Note 6 for additional details. The following ASU has been issued but not yet adopted: • |
Real Property Acquisitions and
Real Property Acquisitions and Development | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Real Property Acquisitions and Development | Real Property Acquisitions and Development The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets, liabilities and noncontrolling interests based upon their relative fair values in accordance with our accounting policies. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services, termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statements of Comprehensive Income. Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 107,945 $ 14,172 $ 187,301 $ 309,418 $ 47,865 $ 413,588 $ 18,496 $ 479,949 Buildings and improvements 1,138,484 125,763 1,324,371 2,588,618 535,436 2,239,422 79,205 2,854,063 Acquired lease intangibles 61,163 — 104,309 165,472 68,084 12,383 11,271 91,738 Construction in progress 36,174 — — 36,174 — — — — Real property held for sale 17,435 — — 17,435 — 396,265 22,032 418,297 Right of use assets, net — — 58,377 58,377 — — — — Receivables and other assets 6,742 — 419 7,161 1,255 1,322 6 2,583 Total assets acquired (1) 1,367,943 139,935 1,674,777 3,182,655 652,640 3,062,980 131,010 3,846,630 Secured debt (43,209 ) — — (43,209 ) (89,973 ) — (14,769 ) (104,742 ) Lease liabilities — — (47,740 ) (47,740 ) — — — — Accrued expenses and other liabilities (9,639 ) (100 ) (23,483 ) (33,222 ) (14,686 ) (13,199 ) (910 ) (28,795 ) Total liabilities acquired (52,848 ) (100 ) (71,223 ) (124,171 ) (104,659 ) (13,199 ) (15,679 ) (133,537 ) Noncontrolling interests (2) (39,570 ) (1,056 ) (1,201 ) (41,827 ) (9,818 ) (512,741 ) — (522,559 ) Non-cash acquisition related activity (3) (11,889 ) — — (11,889 ) — — — — Cash disbursed for acquisitions 1,263,636 138,779 1,602,353 3,004,768 538,163 2,537,040 115,331 3,190,534 Construction in progress additions 184,581 37,649 42,316 264,546 28,222 49,619 16,733 94,574 Less: Capitalized interest (5,972 ) (1,565 ) (2,867 ) (10,404 ) (2,608 ) (1,932 ) (1,817 ) (6,357 ) Foreign currency translation 3,597 329 — 3,926 2,151 180 — 2,331 Accruals (4) — — 45 45 — — (2,402 ) (2,402 ) Cash disbursed for construction in progress 182,206 36,413 39,494 258,113 27,765 47,867 12,514 88,146 Capital improvements to existing properties 160,260 10,337 35,816 206,413 127,274 6,766 39,595 173,635 Total cash invested in real property, net of cash acquired $ 1,606,102 $ 185,529 $ 1,677,663 $ 3,469,294 $ 693,202 $ 2,591,673 $ 167,440 $ 3,452,315 (1) Excludes $ 1,910,000 and $ 391,580,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2019 and 2018 , respectively. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (3) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities. (4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. Construction Activity The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Development projects: Seniors Housing Operating $ 28,117 $ 86,931 Triple-net — 90,055 Outpatient Medical — 11,358 Total development projects 28,117 188,344 Expansion projects — 8,879 Total construction in progress conversions $ 28,117 $ 197,223 |
Real Estate Intangibles
Real Estate Intangibles | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Real Estate Intangibles | Real Estate Intangibles The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands): September 30, 2019 December 31, 2018 Assets: In place lease intangibles $ 1,486,255 $ 1,410,725 Above market tenant leases 69,770 63,935 Below market ground leases (1) — 64,513 Lease commissions 48,957 41,986 Gross historical cost 1,604,982 1,581,159 Accumulated amortization (1,206,227 ) (1,197,336 ) Net book value $ 398,755 $ 383,823 Weighted-average amortization period in years 9.5 16.0 Liabilities: Below market tenant leases $ 94,581 $ 81,676 Above market ground leases (1) — 8,540 Gross historical cost 94,581 90,216 Accumulated amortization (47,521 ) (44,266 ) Net book value $ 47,060 $ 45,950 Weighted-average amortization period in years 8.2 14.7 (1) Effective on January 1, 2019 with the adoption of ASC 842, above and below market ground lease intangibles are reported within the right of use assets, net line on the Consolidated Balance Sheet. The following is a summary of real estate intangible amortization for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Rental income related to (above)/below market tenant leases, net $ 291 $ (294 ) $ 210 $ (978 ) Amortization related to in place lease intangibles and lease commissions (48,414 ) (31,455 ) (101,837 ) (97,479 ) The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): Assets Liabilities 2019 $ 37,833 $ 2,390 2020 103,599 8,868 2021 53,156 7,899 2022 36,057 7,163 2023 29,858 5,031 Thereafter 138,252 15,709 Total $ 398,755 $ 47,060 |
Dispositions and Assets Held fo
Dispositions and Assets Held for Sale | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Assets Held for Sale | Dispositions and Assets Held for Sale We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (i.e., property type, relationship or geography). During three months ended September 30, 2019 , we disposed of our Benchmark Senior Living portfolio for a gross sale price of $ 1.8 billion and a gain on sale of $ 520 million. Proceeds were used to extinguish the $ 1 billion unsecured term loan and $ 24 million of secured debt. At September 30, 2019 , 12 Seniors Housing Operating, eight Triple-net, and five Outpatient Medical properties with an aggregate real estate balance of $ 336,649,000 were classified as held for sale. In addition, secured debt of $ 24,338,000 and net other assets and liabilities of $ 7,608,000 related to the held for sale properties. During the nine months ended September 30, 2019 , we recorded net impairment charges of $13,121,000 related to certain held for sale properties for which the carrying value exceeded the fair values, less estimated costs to sell, and $ 14,914,000 related to five held for use properties for which the carrying value exceeded the sum of the future undiscounted cash flows. The following is a summary of our real property disposition activity for the periods presented (in thousands): Nine Months Ended September 30, 2019 2018 Real estate dispositions: Seniors Housing Operating $ 1,204,084 $ 2,200 Triple-net 660,885 604,480 Outpatient Medical 482 223,069 Total dispositions 1,865,451 829,749 Gain (loss) on real estate dispositions, net 735,977 373,662 Net other assets/liabilities disposed (357 ) 5,090 Proceeds from real estate dispositions $ 2,601,071 $ 1,208,501 Dispositions and Assets Held for Sale Pursuant to our adoption of ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues: Total revenues $ 37,431 $ 126,386 $ 271,119 $ 381,440 Expenses: Interest expense 455 643 1,716 2,144 Property operating expenses 22,576 79,989 172,738 233,858 Provision for depreciation 188 16,556 25,563 55,341 Total expenses 23,219 97,188 200,017 291,343 Income (loss) from real estate dispositions, net $ 14,212 $ 29,198 $ 71,102 $ 90,097 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years , as well as other longer-term market rates). For leases that commenced prior to January 1, 2019 , we used the incremental borrowing rate on December 31, 2018 . We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings. The components of lease expense were as follows for the period presented (in thousands): Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 3,647 $ 18,326 Non-real estate lease expense General and administrative expenses 516 1,286 Finance lease cost: Amortization of leased assets Property operating expenses 2,304 6,549 Interest on lease liabilities Interest expense 1,328 3,497 Sublease income Rental income (1,043 ) (3,130 ) Total $ 6,752 $ 26,528 (1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of September 30, 2019 are as follows (in thousands): Operating Leases Finance Leases 2019 $ 5,040 $ 2,511 2020 19,873 9,121 2021 19,781 8,787 2022 18,594 8,161 2023 18,559 69,244 Thereafter 1,107,479 94,590 Total lease payments 1,189,326 192,414 Less: Imputed interest (845,411 ) (81,791 ) Total present value of lease liabilities $ 343,915 $ 110,623 Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate): Classification September 30, 2019 Right of use assets: Operating leases - real estate Right of use assets, net $ 372,831 Finance leases - real estate Right of use assets, net 163,858 Real estate right of use assets, net 536,689 Operating leases - corporate Receivables and other assets 4,711 Total right of use assets, net $ 541,400 Lease liabilities: Operating leases $ 343,915 Financing leases 110,623 Total $ 454,538 Weighted average remaining lease term (years): Operating leases 48.0 Finance leases 16.3 Weighted average discount rate: Operating leases 5.19 % Finance leases 5.17 % Supplemental cash flow information related to leases was as follows for the date indicated (in thousands): Classification Nine Months Ended September 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 $ 4,858 Operating cash flows from operating leases Increase (decrease) in accrued expenses and other liabilities (4,949 ) Operating cash flows from finance leases Decrease (increase) in receivables and other assets 8,241 Financing cash flows from finance leases Other financing activities (2,487 ) Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $1,178,817,000 of rental and other revenues related to operating leases, of which $ 147,815,000 was for variable lease payments, for the nine months ended September 30, 2019 , which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the future minimum lease payments receivable for leases in effect at September 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands): 2019 $ 344,158 2020 1,356,086 2021 1,324,256 2022 1,296,077 2023 1,239,804 Thereafter 9,576,700 Totals $ 15,137,081 |
Leases | Leases We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years , as well as other longer-term market rates). For leases that commenced prior to January 1, 2019 , we used the incremental borrowing rate on December 31, 2018 . We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings. The components of lease expense were as follows for the period presented (in thousands): Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 3,647 $ 18,326 Non-real estate lease expense General and administrative expenses 516 1,286 Finance lease cost: Amortization of leased assets Property operating expenses 2,304 6,549 Interest on lease liabilities Interest expense 1,328 3,497 Sublease income Rental income (1,043 ) (3,130 ) Total $ 6,752 $ 26,528 (1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of September 30, 2019 are as follows (in thousands): Operating Leases Finance Leases 2019 $ 5,040 $ 2,511 2020 19,873 9,121 2021 19,781 8,787 2022 18,594 8,161 2023 18,559 69,244 Thereafter 1,107,479 94,590 Total lease payments 1,189,326 192,414 Less: Imputed interest (845,411 ) (81,791 ) Total present value of lease liabilities $ 343,915 $ 110,623 Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate): Classification September 30, 2019 Right of use assets: Operating leases - real estate Right of use assets, net $ 372,831 Finance leases - real estate Right of use assets, net 163,858 Real estate right of use assets, net 536,689 Operating leases - corporate Receivables and other assets 4,711 Total right of use assets, net $ 541,400 Lease liabilities: Operating leases $ 343,915 Financing leases 110,623 Total $ 454,538 Weighted average remaining lease term (years): Operating leases 48.0 Finance leases 16.3 Weighted average discount rate: Operating leases 5.19 % Finance leases 5.17 % Supplemental cash flow information related to leases was as follows for the date indicated (in thousands): Classification Nine Months Ended September 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 $ 4,858 Operating cash flows from operating leases Increase (decrease) in accrued expenses and other liabilities (4,949 ) Operating cash flows from finance leases Decrease (increase) in receivables and other assets 8,241 Financing cash flows from finance leases Other financing activities (2,487 ) Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $1,178,817,000 of rental and other revenues related to operating leases, of which $ 147,815,000 was for variable lease payments, for the nine months ended September 30, 2019 , which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the future minimum lease payments receivable for leases in effect at September 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands): 2019 $ 344,158 2020 1,356,086 2021 1,324,256 2022 1,296,077 2023 1,239,804 Thereafter 9,576,700 Totals $ 15,137,081 |
Leases | Leases We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years , as well as other longer-term market rates). For leases that commenced prior to January 1, 2019 , we used the incremental borrowing rate on December 31, 2018 . We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings. The components of lease expense were as follows for the period presented (in thousands): Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 3,647 $ 18,326 Non-real estate lease expense General and administrative expenses 516 1,286 Finance lease cost: Amortization of leased assets Property operating expenses 2,304 6,549 Interest on lease liabilities Interest expense 1,328 3,497 Sublease income Rental income (1,043 ) (3,130 ) Total $ 6,752 $ 26,528 (1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of September 30, 2019 are as follows (in thousands): Operating Leases Finance Leases 2019 $ 5,040 $ 2,511 2020 19,873 9,121 2021 19,781 8,787 2022 18,594 8,161 2023 18,559 69,244 Thereafter 1,107,479 94,590 Total lease payments 1,189,326 192,414 Less: Imputed interest (845,411 ) (81,791 ) Total present value of lease liabilities $ 343,915 $ 110,623 Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate): Classification September 30, 2019 Right of use assets: Operating leases - real estate Right of use assets, net $ 372,831 Finance leases - real estate Right of use assets, net 163,858 Real estate right of use assets, net 536,689 Operating leases - corporate Receivables and other assets 4,711 Total right of use assets, net $ 541,400 Lease liabilities: Operating leases $ 343,915 Financing leases 110,623 Total $ 454,538 Weighted average remaining lease term (years): Operating leases 48.0 Finance leases 16.3 Weighted average discount rate: Operating leases 5.19 % Finance leases 5.17 % Supplemental cash flow information related to leases was as follows for the date indicated (in thousands): Classification Nine Months Ended September 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 $ 4,858 Operating cash flows from operating leases Increase (decrease) in accrued expenses and other liabilities (4,949 ) Operating cash flows from finance leases Decrease (increase) in receivables and other assets 8,241 Financing cash flows from finance leases Other financing activities (2,487 ) Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $1,178,817,000 of rental and other revenues related to operating leases, of which $ 147,815,000 was for variable lease payments, for the nine months ended September 30, 2019 , which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the future minimum lease payments receivable for leases in effect at September 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands): 2019 $ 344,158 2020 1,356,086 2021 1,324,256 2022 1,296,077 2023 1,239,804 Thereafter 9,576,700 Totals $ 15,137,081 |
Real Estate Loans Receivable
Real Estate Loans Receivable | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Real Estate Loans Receivable | Real Estate Loans Receivable Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 for discussion of our accounting policies for real estate loans receivable and related interest income. The following is a summary of our net real estate loans receivable (in thousands): September 30, 2019 December 31, 2018 Mortgage loans $ 320,989 $ 317,443 Other real estate loans 108,913 81,268 Less allowance for losses on loans receivable (68,372 ) (68,372 ) Totals $ 361,530 $ 330,339 The following is a summary of our real estate loan activity for the periods presented (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Advances on real estate loans receivable: Investments in new loans $ 25,000 $ 5,000 $ 30,000 $ 11,806 $ 10,628 $ 14,993 $ 37,427 Draws on existing loans 33,955 18,390 52,345 — 29,709 — 29,709 Net cash advances on real estate loans 58,955 23,390 82,345 11,806 40,337 14,993 67,136 Receipts on real estate loans receivable: Loan payoffs 29,020 — 29,020 — 116,161 — 116,161 Principal payments on loans 3,110 — 3,110 — 33,431 — 33,431 Net cash receipts on real estate loans 32,130 — 32,130 — 149,592 — 149,592 Net cash advances (receipts) on real estate loans $ 26,825 $ 23,390 $ 50,215 $ 11,806 $ (109,255 ) $ 14,993 $ (82,456 ) In 2016, we restructured real estate loans with Genesis HealthCare and recorded a loan loss charge in the amount of $ 6,935,000 on one of the loans as the present value of expected future cash flows was less than the carrying value of the loan. In 2017, we recorded an additional loan loss charge of $ 62,966,000 relating to real estate loans with Genesis HealthCare based on an estimation of expected future cash flows discounted at the effective interest rate of the loans. In March 2019, we recognized a provision for loan losses of $18,690,000 to fully reserve for certain Triple-net real estate loans receivable that were no longer deemed collectible. During the quarter ended June 30, 2019, these loans were written off. As of September 30, 2019 , the allowance for loan loss balance of $ 68,372,000 is deemed to be sufficient to absorb expected losses. At September 30, 2019 , we had one real estate loan with an outstanding balance of $2,534,000 on non-accrual status. The following is a summary of our impaired loans (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Balance of impaired loans at end of period $ 188,043 $ 201,971 Allowance for loan losses 68,372 68,372 Balance of impaired loans not reserved $ 119,671 $ 133,599 Average impaired loans for the period $ 194,298 $ 230,645 Interest recognized on impaired loans (1) 12,082 13,361 (1) Represents cash interest recognized in the period since loans were identified as impaired. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. The results of operations for these entities have been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) September 30, 2019 December 31, 2018 Seniors Housing Operating 10% to 50% $ 409,522 $ 344,982 Triple-net 10% to 49% 8,038 34,284 Outpatient Medical 43% to 50% 139,294 103,648 Total $ 556,854 $ 482,914 (1) Excludes ownership of in-substance real estate. At September 30, 2019 , the aggregate unamortized basis difference of our joint venture investments of $ 102,144,000 is primarily attributable to the difference between the amount for which we purchase our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the joint venture. This difference is being amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities. |
Credit Concentration
Credit Concentration | 9 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration | Credit Concentration We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2019 , excluding our share of NOI in unconsolidated entities (dollars in thousands): Number of Total Percent of Concentration by relationship: (1,4) Properties NOI NOI (2) Sunrise Senior Living (3) 165 $ 257,372 14% ProMedica 218 161,313 9% Revera (3) 98 109,953 6% Genesis HealthCare 54 90,451 5% Belmont Village 21 59,763 3% Remaining portfolio 983 1,152,110 63% Totals 1,539 $ 1,830,962 100% (1) Genesis Healthcare and ProMedica are in our Triple-net segment. Sunrise Senior Living, Revera, and Belmont Village are in our Seniors Housing Operating segment. (2) NOI with our top five relationships comprised 38% of total NOI for the year ended December 31, 2018 . (3) Revera owns a controlling interest in Sunrise Senior Living. (4) |
Borrowings Under Credit Facilit
Borrowings Under Credit Facilities and Commercial Paper Program | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings Under Credit Facilities and Commercial Paper Program | Borrowings Under Credit Facilities and Commercial Paper Program At September 30, 2019 , we had a primary unsecured credit facility with a consortium of 31 banks that includes a $ 3,000,000,000 unsecured revolving credit facility ( $500,000,000 outstanding at September 30, 2019 ), a $ 500,000,000 unsecured term credit facility and a $ 250,000,000 Canadian-denominated unsecured term credit facility. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $ 500,000,000 unsecured term credit facility by up to an additional $ 1,000,000,000 , in the aggregate, and the $ 250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $ 250,000,000 . The primary unsecured credit facility also allows us to borrow up to $ 1,000,000,000 in alternate currencies ( none outstanding at September 30, 2019 ). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate ( 2.84% at September 30, 2019). The applicable margin is based on our debt ratings and was 0.825% at September 30, 2019 . In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at September 30, 2019 . The term credit facilities mature on July 19, 2023 . The revolving credit facility is scheduled to mature on July 19, 2022 and can be extended for two successive terms of six months each at our option. In January 2019, we established an unsecured commercial paper program (the "Commercial Paper Program"). Under the terms of the program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1,000,000,000 . As of September 30, 2019 , there was a balance of $834,586,000 outstanding on the Commercial Paper Program ( $835,000,000 in principal outstanding net of an unamortized discount of $414,000 ), which reduces the borrowing capacity on the unsecured revolving credit facility. The notes bear interest at various floating rates with a weighted average of 2.32% as of September 30, 2019 and a weighted average maturity of eight days as of September 30, 2019 . The following information relates to aggregate borrowings under the unsecured revolving credit facility and Commercial Paper Program for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance outstanding at quarter end $ 1,335,000 $ 1,312,000 $ 1,335,000 $ 1,312,000 Maximum amount outstanding at any month end $ 1,335,000 $ 2,148,000 $ 2,880,000 $ 2,148,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 1,296,185 $ 1,519,000 $ 1,299,963 $ 819,516 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 2.82 % 3.00 % 3.02 % 2.95 % |
Senior Unsecured Notes and Secu
Senior Unsecured Notes and Secured Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Senior Unsecured Notes and Secured Debt | Senior Unsecured Notes and Secured Debt We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At September 30, 2019 , the annual principal payments due on these debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2) Secured Debt (1,3) Totals 2019 $ — $ 256,322 $ 256,322 2020 (4) 226,501 160,897 387,398 2021 — 380,866 380,866 2022 10,000 353,548 363,548 2023 (5,6) 1,788,750 329,449 2,118,199 Thereafter (7,8) 7,792,025 1,157,933 8,949,958 Totals $ 9,817,276 $ 2,639,015 $ 12,456,291 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheet. (2) Annual interest rates range from 2.79% to 6.50% . (3) Annual interest rates range from 1.39% to 12.00% . Carrying value of the properties securing the debt totaled $5,922,479,000 at September 30, 2019 . (4) Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $226,501,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2019 ). (5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $188,750,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2019 ). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% ( 2.86% at September 30, 2019 ). (6) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% ( 2.96% at September 30, 2019 ). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $676,775,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2019 ). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $615,250,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2019 ). The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 9,699,984 4.48% $ 8,417,447 4.31% Debt issued 3,260,000 3.47% 2,850,000 4.57% Debt extinguished (3,107,500 ) 4.47% (1,450,000 ) 3.46% Foreign currency (35,208 ) 4.35% (63,751 ) 4.30% Ending balance $ 9,817,276 4.12% $ 9,753,696 4.45% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,485,711 3.90% $ 2,618,408 3.76% Debt issued 318,854 3.51% 44,606 3.38% Debt assumed 42,000 4.62% 99,552 4.30% Debt extinguished (193,604 ) 4.37% (196,573 ) 5.66% Principal payments (40,348 ) 3.69% (42,294 ) 3.91% Foreign currency 26,402 3.20% (43,944 ) 3.29% Ending balance $ 2,639,015 3.66% $ 2,479,755 3.79% Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of September 30, 2019 , we were in compliance with all of the covenants under our debt agreements. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks, and debt issued in foreign currencies to offset a portion of these risks. Foreign Currency Forward Contracts Designated as Cash Flow Hedges For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Cash Flow Hedges of Interest Rate Risk We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements were used to hedge the variable cash flows associated with variable-rate debt. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately reclassified to the consolidated statements of income. Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. During the nine months ended September 30, 2019 and 2018 , we settled certain net investment hedges generating cash proceeds of $ 6,716,000 and necessitating cash payments of $ 70,937,000 , respectively. The balance of the cumulative translation adjustment will be reclassified to earnings if the hedged investment is sold or substantially liquidated. Derivative Contracts Undesignated We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from the changes in fair value of these instruments are recorded in interest expense on the Consolidated Statements of Comprehensive Income and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in fair values of these instruments are also recorded in interest expense. The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): September 30, 2019 December 31, 2018 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 725,000 $ 575,000 Denominated in Pounds Sterling £ 1,340,708 £ 890,708 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 250,000 $ 250,000 Denominated in Pounds Sterling £ 1,050,000 £ 1,050,000 Interest rate swaps designated as cash flow hedges: Denominated in U.S Dollars (1) $ 1,188,250 $ — Derivative instruments not designated: Interest rate caps denominated in U.S. Dollars $ 405,819 $ 405,819 Forward purchase contracts denominated in Canadian Dollars $ (200,000 ) $ (325,000 ) Forward sales contracts denominated in Canadian Dollars $ 237,000 $ 405,000 Forward purchase contracts denominated in Pounds Sterling £ (125,000 ) £ (350,000 ) Forward sales contracts denominated in Pounds Sterling £ 125,000 £ 350,000 (1) At September 30, 2019 the maximum maturity date was July 15, 2021. The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Location 2019 2018 2019 2018 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 7,478 $ 4,185 $ 19,945 $ 8,008 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ 600 $ (203 ) $ (2,065 ) $ 2,250 Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI OCI $ 78,947 $ 12,200 $ 91,672 $ 100,205 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At September 30, 2019 , we had 14 outstanding letter of credit obligations totaling $ 50,418,000 and expiring between 2019 and 2024 . At September 30, 2019 , we had outstanding construction in progress of $ 466,286,000 and were committed to providing additional funds of approximately $ 460,810,000 to complete construction. Purchase obligations include contingent purchase obligations totaling $ 9,157,000 . These contingent purchase obligations relate to unfunded capital improvement obligations and contingent obligations on acquisitions. Rents due from the tenant are increased to reflect the additional investment in the property. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: September 30, 2019 December 31, 2018 Preferred Stock: Authorized shares 50,000,000 50,000,000 Issued shares — 14,375,000 Outstanding shares — 14,369,965 Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 407,058,274 384,849,236 Outstanding shares 405,757,860 383,674,603 Preferred Stock The following is a summary of our preferred stock activity during the periods indicated: Nine Months Ended September 30, 2019 September 30, 2018 Weighted Avg. Weighted Avg. Shares Dividend Rate Shares Dividend Rate Beginning balance 14,369,965 6.50% 14,370,060 6.50% Shares converted (14,369,965 ) 6.50% (95 ) 6.50% Ending balance — —% 14,369,965 6.50% During the nine months ended September 30, 2019 , we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock. Common Stock In February 2019, we entered into separate amended and restated equity distribution agreements whereby we can offer and sell up to $1,500,000,000 aggregate amount of our common stock ("Equity Shelf Program"). The Equity Shelf Program also allows us to enter into forward sale agreements. As of September 30, 2019 , we had $ 1,333,682,000 of remaining capacity under the Equity Shelf Program, which excludes forward sales agreements outstanding for the sale of 5,152,658 shares with maturity dates in the fourth quarter and 2020. We expect to physically settle the forward sales for cash proceeds. The following is a summary of our common stock issuances during the nine months ended September 30, 2019 and 2018 (dollars in thousands, except average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 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 2019 Dividend reinvestment plan issuances 4,438,787 $ 75.59 $ 335,535 $ 332,054 2019 Option exercises 10,736 51.32 551 551 2019 Equity Shelf Program issuances 4,729,045 75.24 355,803 353,500 2019 Preferred stock conversions 12,712,452 — — 2019 Stock incentive plans, net of forfeitures 192,237 — — 2019 Totals 22,083,257 $ 691,889 $ 686,105 Dividends The increase in dividends is primarily attributable to increases in our common shares outstanding, offset by the conversion of the Series I Preferred Stock as described above. The following is a summary of our dividend payments (in thousands, except per share amounts): Nine Months Ended September 30, 2019 September 30, 2018 Per Share Amount Per Share Amount Common Stock $ 2.6100 $ 1,051,687 $ 2.6100 $ 971,280 Series I Preferred Stock — — 2.4375 35,028 Totals $ 1,051,687 $ 1,006,308 Accumulated Other Comprehensive Income The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): September 30, 2019 December 31, 2018 Foreign currency translation $ (947,585 ) $ (868,006 ) Derivative instruments 830,449 738,777 Actuarial losses (540 ) (540 ) Total accumulated other comprehensive loss $ (117,676 ) $ (129,769 ) |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans Our 2016 Long-Term Incentive Plan (“2016 Plan”) authorizes up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Our non-employee directors, officers and key employees are eligible to participate in the 2016 Plan. The 2016 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units, performance units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to five years . Options expire ten years from the date of grant. Stock-based compensation expense totaled $5,309,000 and $20,501,000 for the three and nine months ended September 30, 2019 , respectfully, and $6,075,000 and $22,800,000 for the same periods in 2018 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders $ 589,876 $ 64,384 $ 1,008,108 $ 656,487 Denominator for basic earnings per share - weighted average shares 405,023 373,023 400,441 372,052 Effect of dilutive securities: Employee stock options — 6 — 12 Non-vested restricted shares 757 348 860 464 Redeemable shares 1,096 1,096 1,096 1,096 Employee stock purchase program 15 14 15 14 Dilutive potential common shares 1,868 1,464 1,971 1,586 Denominator for diluted earnings per share - adjusted weighted average shares 406,891 374,487 402,412 373,638 Basic earnings per share $ 1.46 $ 0.17 $ 2.52 $ 1.76 Diluted earnings per share $ 1.45 $ 0.17 $ 2.51 $ 1.76 The Series I Cumulative Convertible Perpetual Preferred Stock were excluded from the 2018 calculation as the effect of the conversions were anti-dilutive. As of September 30, 2019 , forward sales agreements outstanding for the sale of 5,152,658 shares of common stock were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period. |
Disclosure about Fair Value of
Disclosure about Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Disclosure about Fair Value of Financial Instruments | Disclosure about Fair Value of Financial Instruments U.S. GAAP provides authoritative guidance for measuring and disclosing fair value measurements of assets and liabilities. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. The guidance describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Mortgage Loans and Other Real Estate Loans Receivable — The fair value of mortgage loans and other real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value. Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices. Unsecured Revolving Credit Facility and Commercial Paper Program — The carrying amount of the unsecured revolving credit facility and Commercial Paper Program approximates fair value because the borrowings are interest rate adjustable. Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2). Redeemable OP Unitholder Interests — Our redeemable unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 252,617 $ 257,060 $ 249,071 $ 257,337 Other real estate loans receivable 108,913 109,400 81,268 82,742 Equity securities 10,617 10,617 11,286 11,286 Cash and cash equivalents 265,788 265,788 215,376 215,376 Restricted cash 64,947 64,947 100,753 100,753 Foreign currency forward contracts, interest rate swaps and cross currency swaps 153,179 153,179 94,729 94,729 Financial liabilities: Unsecured revolving credit facility and commercial paper note program $ 1,334,586 $ 1,334,586 $ 1,147,000 $ 1,147,000 Senior unsecured notes 9,730,047 10,229,289 9,603,299 10,043,797 Secured debt 2,623,010 2,688,384 2,476,177 2,499,130 Foreign currency forward contracts, interest rate swaps and cross currency swaps 59,120 59,120 71,109 71,109 Redeemable OP unitholder interests $ 134,610 $ 134,610 $ 103,071 $ 103,071 Items Measured at Fair Value on a Recurring Basis The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of September 30, 2019 Total Level 1 Level 2 Level 3 Equity securities $ 10,617 $ 10,617 $ — $ — Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 94,059 — 94,059 — Redeemable OP unitholder interests 134,610 — 134,610 — Totals $ 239,286 $ 10,617 $ 228,669 $ — (1) Please see Note 12 for additional information. Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired/assumed. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of real estate loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of loans receivable using projected payoff valuations based on the expected future cash flows and/or the estimated fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral. We estimate the fair value of secured debt assumed in asset acquisitions using current interest rates at which similar borrowings could be obtained on the transaction date. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our seniors housing operating properties include assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or operated through RIDEA structures (see Note 19 ). Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our outpatient medical properties are typically leased to multiple tenants and generally require a certain level of property management by us. We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. Non-segment revenue consists mainly of interest income on certain non-real estate investments and other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 ). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers. Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): Three Months Ended September 30, 2019: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 834,121 $ — $ — $ — $ 834,121 Rental income — 227,499 184,648 — 412,147 Interest income — 15,279 358 — 15,637 Other income 1,375 1,829 183 841 4,228 Total revenues 835,496 244,607 185,189 841 1,266,133 Property operating expenses 581,341 13,922 60,325 — 655,588 Consolidated net operating income 254,155 230,685 124,864 841 610,545 Depreciation and amortization 148,126 57,147 67,172 — 272,445 Interest expense 16,356 3,076 3,363 114,548 137,343 General and administrative expenses — — — 31,019 31,019 Loss (gain) on derivatives and financial instruments, net — 1,244 — — 1,244 Loss (gain) on extinguishment of debt, net 1,450 — — 64,374 65,824 Impairment of assets 2,599 12,314 3,183 — 18,096 Other expenses 4,274 (2,496 ) 524 3,884 6,186 Income (loss) from continuing operations before income taxes and other items 81,350 159,400 50,622 (212,984 ) 78,388 Income tax (expense) benefit (2,554 ) 12 (302 ) (1,124 ) (3,968 ) (Loss) income from unconsolidated entities (3,859 ) 5,276 1,845 — 3,262 Gain (loss) on real estate dispositions, net 519,203 51,529 (482 ) — 570,250 Income (loss) from continuing operations 594,140 216,217 51,683 (214,108 ) 647,932 Net income (loss) $ 594,140 $ 216,217 $ 51,683 $ (214,108 ) $ 647,932 Total assets $ 15,095,737 $ 9,350,606 $ 7,173,763 $ 243,849 $ 31,863,955 Three Months Ended September 30, 2018: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 875,171 $ — $ — $ — $ 875,171 Rental income — 203,039 139,848 — 342,887 Interest income 159 14,378 85 — 14,622 Other income 1,175 1,693 136 695 3,699 Total revenues 876,505 219,110 140,069 695 1,236,379 Property operating expenses 610,659 426 46,072 — 657,157 Consolidated net operating income 265,846 218,684 93,997 695 579,222 Depreciation and amortization 136,532 60,383 46,234 — 243,149 Interest expense 17,319 3,500 1,643 115,570 138,032 General and administrative expenses — — — 28,746 28,746 Loss (gain) on derivatives and financial instruments, net — 8,991 — — 8,991 Loss (gain) on extinguishment of debt, net — — — 4,038 4,038 Impairment of assets 562 6,178 — — 6,740 Other expenses (811 ) 87,076 1,055 1,306 88,626 Income (loss) from continuing operations before income taxes and other items 112,244 52,556 45,065 (148,965 ) 60,900 Income tax (expense) benefit 211 1,116 239 (3,307 ) (1,741 ) (Loss) income from unconsolidated entities (6,705 ) 5,377 1,672 — 344 Gain (loss) on real estate dispositions, net (1 ) 24,782 (58 ) — 24,723 Income (loss) from continuing operations 105,749 83,831 46,918 (152,272 ) 84,226 Net income (loss) $ 105,749 $ 83,831 $ 46,918 $ (152,272 ) $ 84,226 Nine Months Ended September 30, 2019 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 2,616,491 $ — $ — $ — $ 2,616,491 Rental income — 681,893 496,924 — 1,178,817 Interest income — 47,343 769 — 48,112 Other income 6,920 4,370 322 3,452 15,064 Total revenues 2,623,411 733,606 498,015 3,452 3,858,484 Property operating expenses 1,826,344 41,700 159,478 — 2,027,522 Consolidated net operating income 797,067 691,906 338,537 3,452 1,830,962 Depreciation and amortization 416,252 174,551 173,626 — 764,429 Interest expense 52,179 9,741 10,097 351,894 423,911 General and administrative expenses — — — 100,042 100,042 Loss (gain) on derivatives and financial instruments, net — 670 — — 670 Loss (gain) on extinguishment of debt, net 1,450 — — 80,093 81,543 Provision for loan losses — 18,690 — — 18,690 Impairment of assets 2,599 11,374 14,062 — 28,035 Other expenses 19,077 6,093 1,274 10,126 36,570 Income (loss) from continuing operations before income taxes and other items 305,510 470,787 139,478 (538,703 ) 377,072 Income tax (expense) benefit (2,798 ) (2,300 ) (1,253 ) (1,438 ) (7,789 ) (Loss) income from unconsolidated entities (37,892 ) 17,512 5,394 — (14,986 ) Gain (loss) on real estate dispositions, net 518,493 217,973 (489 ) — 735,977 Income (loss) from continuing operations 783,313 703,972 143,130 (540,141 ) 1,090,274 Net income (loss) $ 783,313 $ 703,972 $ 143,130 $ (540,141 ) $ 1,090,274 Nine Months Ended September 30, 2018 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 2,374,450 $ — $ — $ — $ 2,374,450 Rental income — 607,831 412,026 — 1,019,857 Interest income 416 42,176 140 — 42,732 Other income 3,973 16,282 401 1,561 22,217 Total revenues 2,378,839 666,289 412,567 1,561 3,459,256 Property operating expenses 1,648,262 583 133,528 — 1,782,373 Consolidated net operating income 730,577 665,706 279,039 1,561 1,676,883 Depreciation and amortization 397,080 171,724 138,821 — 707,625 Interest expense 51,225 10,742 4,975 315,281 382,223 General and administrative expenses — — — 95,282 95,282 Loss (gain) on derivatives and financial instruments, net — (5,642 ) — — (5,642 ) Loss (gain) on extinguishment of debt, net 110 (32 ) 11,928 4,038 16,044 Impairment of assets 5,075 34,482 — — 39,557 Other expenses 5,168 89,153 3,748 4,327 102,396 Income (loss) from continuing operations before income taxes and other items 271,919 365,279 119,567 (417,367 ) 339,398 Income tax (expense) benefit (2,244 ) (708 ) (567 ) (3,651 ) (7,170 ) (Loss) income from unconsolidated entities (21,389 ) 16,260 4,293 — (836 ) Gain (loss) on real estate dispositions, net 3 158,938 214,721 — 373,662 Income (loss) from continuing operations 248,289 539,769 338,014 (421,018 ) 705,054 Net income (loss) $ 248,289 $ 539,769 $ 338,014 $ (421,018 ) $ 705,054 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues: Amount % Amount % Amount % Amount % United States $ 1,039,016 82.1 % $ 1,007,203 81.5 % $ 3,175,059 82.3 % $ 2,766,726 80.0 % United Kingdom 110,303 8.7 % 111,503 9.0 % 335,368 8.7 % 340,059 9.8 % Canada 116,814 9.2 % 117,673 9.5 % 348,057 9.0 % 352,471 10.2 % Total $ 1,266,133 100.0 % $ 1,236,379 100.0 % $ 3,858,484 100.0 % $ 3,459,256 100.0 % As of September 30, 2019 December 31, 2018 Assets: Amount % Amount % United States $ 26,302,481 82.5 % $ 24,884,292 82.0 % United Kingdom 3,109,553 9.8 % 3,078,994 10.1 % Canada 2,451,921 7.7 % 2,378,786 7.9 % Total $ 31,863,955 100.0 % $ 30,342,072 100.0 % |
Income Taxes and Distributions
Income Taxes and Distributions | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes And Distributions | Income Taxes and Distributions We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), for taxable years beginning after July 30, 2008, a REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary (“TRS”) if the property is operated on behalf of such TRS by a person who qualifies as an “eligible independent contractor”. Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property”. A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. We have entered into various joint ventures that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the unaudited consolidated financial statements and are subject to federal and state income taxes as the operations of such facilities are included in TRS entities. Certain net operating loss carryforwards could be utilized to offset taxable income in future years. Income taxes reflected in the financial statements primarily represents U.S. federal, state and local income taxes as well as non-U.S. income based or withholding taxes on certain investments located in jurisdictions outside the U.S. The provision for income taxes for the nine months ended September 30, 2019 and 2018 , was primarily due to operating income or losses, offset by certain discrete items at our TRS entities. In 2014, we established certain wholly-owned direct and indirect subsidiaries in Luxembourg and Jersey and transferred interests in certain foreign investments into this holding company structure. The structure includes a property holding company that is tax resident in the United Kingdom. No material adverse current tax consequences in Luxembourg, Jersey or the United Kingdom resulted from the creation of this holding company structure and most of the subsidiary entities in the structure are treated as disregarded entities of the company for U.S. federal income tax purposes. The company reflects current and deferred tax liabilities for any such withholding taxes incurred from this holding company structure in its consolidated financial statements. Generally, given current statutes of limitations, we are subject to audit by the foreign, federal, state and local taxing authorities under applicable local laws. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be Variable Interest Entities (VIEs). We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): September 30, 2019 December 31, 2018 Assets: Net real estate investments $ 963,338 $ 973,813 Cash and cash equivalents 23,881 18,678 Receivables and other assets 16,929 14,600 Total assets (1) $ 1,004,148 $ 1,007,091 Liabilities and equity: Secured debt $ 461,480 $ 465,433 Lease liabilities 1,326 — Accrued expenses and other liabilities 22,521 18,229 Total equity 518,821 523,429 Total liabilities and equity $ 1,004,148 $ 1,007,091 (1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. |
Accounting Policies and Relat_2
Accounting Policies and Related Matters (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2019 are not necessarily an indication of the results that may be expected for the year ending December 31, 2019. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 . |
New Accounting Standards | New Accounting Standards • We adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) ("ASC 842") which requires lessees to recognize assets and liabilities on their consolidated balance sheet related to the rights and obligations created by most leases, while continuing to recognize expenses on their consolidated statement of comprehensive income over the lease term. We adopted ASC 842 as of January 1, 2019, using the modified retrospective approach and have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, permits us to carry forward our prior conclusions for lease classification and initial direct costs on existing leases. We also made an accounting policy election to keep short-term leases less than twelve months off the balance sheet for all classes of underlying assets. In July 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements" that (1) simplifies transition requirements for both lessees and lessors by adding an option that permits entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in its financial statements and (2) allows lessors to elect, as a practical expedient, to not separate lease and non-lease components in a contract, and instead to account for as a single lease component, if certain criteria are met. This practical expedient causes an entity to assess whether a contract is predominantly lease or service-based and recognize the entire contract under the relevant accounting guidance (i.e. predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under ASU 2014-09, "Revenue from Contracts with Customers (ASC 606)"). For the year ended December 31, 2018, we recognized revenue for our Seniors Housing Operating resident agreements in accordance with the provisions of the prior lease guidance, ASC 840, "Leases". Upon adoption of ASC 842, we elected the lessor practical expedient described above and recognized our revenue for our Seniors Housing Operating segment based upon the predominant component, generally the non-lease service component. Therefore, beginning on January 1, 2019, we accounted for the majority of such resident agreements under ASC 606. The timing and pattern of revenue recognition is substantially the same as that prior to adoption. The FASB also issued ASU 2018-20 "Leases (Topic 842): Narrow Improvements for Lessors", which provides lessors the ability to make an accounting policy election not to evaluate whether certain sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. A lessor that makes this election will exclude these taxes from the measurement of lease revenue and the associated expense. Upon adoption of ASC 842, we utilized this practical expedient in instances in which real estate taxes are paid directly by our tenants to taxing authorities. For triple-net leasing arrangements in which the tenant remits payment for real estate taxes to us and we pay the taxing authority, we have included the associated revenue and expense in rental income and property operating expenses on the Consolidated Statements of Comprehensive Income. This reporting had no impact on our net income. For leases in which the Company is the lessee, primarily consisting of ground leases and various office and equipment leases, we recognized upon adoption a right of use asset of $509,386,000 which included the present value of minimum leases payments, existing above and/or below market lease intangible values and existing straight-line rent liabilities associated with such leases. We also recognized operating lease liabilities of $357,070,000 . The standard did not materially impact our Consolidated Statements of Comprehensive Income or our Consolidated Statement of Cash Flows. See Note 6 for additional details. The following ASU has been issued but not yet adopted: • In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the new leases standard from the scope of the new credit losses standard. ASU 2016-13 is effective for the Company on January 1, 2020, with early adoption permitted beginning January 1, 2019. We are currently evaluating the impact that the standard will have on our consolidated financial statements. |
Real Property Acquisitions an_2
Real Property Acquisitions and Development (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 107,945 $ 14,172 $ 187,301 $ 309,418 $ 47,865 $ 413,588 $ 18,496 $ 479,949 Buildings and improvements 1,138,484 125,763 1,324,371 2,588,618 535,436 2,239,422 79,205 2,854,063 Acquired lease intangibles 61,163 — 104,309 165,472 68,084 12,383 11,271 91,738 Construction in progress 36,174 — — 36,174 — — — — Real property held for sale 17,435 — — 17,435 — 396,265 22,032 418,297 Right of use assets, net — — 58,377 58,377 — — — — Receivables and other assets 6,742 — 419 7,161 1,255 1,322 6 2,583 Total assets acquired (1) 1,367,943 139,935 1,674,777 3,182,655 652,640 3,062,980 131,010 3,846,630 Secured debt (43,209 ) — — (43,209 ) (89,973 ) — (14,769 ) (104,742 ) Lease liabilities — — (47,740 ) (47,740 ) — — — — Accrued expenses and other liabilities (9,639 ) (100 ) (23,483 ) (33,222 ) (14,686 ) (13,199 ) (910 ) (28,795 ) Total liabilities acquired (52,848 ) (100 ) (71,223 ) (124,171 ) (104,659 ) (13,199 ) (15,679 ) (133,537 ) Noncontrolling interests (2) (39,570 ) (1,056 ) (1,201 ) (41,827 ) (9,818 ) (512,741 ) — (522,559 ) Non-cash acquisition related activity (3) (11,889 ) — — (11,889 ) — — — — Cash disbursed for acquisitions 1,263,636 138,779 1,602,353 3,004,768 538,163 2,537,040 115,331 3,190,534 Construction in progress additions 184,581 37,649 42,316 264,546 28,222 49,619 16,733 94,574 Less: Capitalized interest (5,972 ) (1,565 ) (2,867 ) (10,404 ) (2,608 ) (1,932 ) (1,817 ) (6,357 ) Foreign currency translation 3,597 329 — 3,926 2,151 180 — 2,331 Accruals (4) — — 45 45 — — (2,402 ) (2,402 ) Cash disbursed for construction in progress 182,206 36,413 39,494 258,113 27,765 47,867 12,514 88,146 Capital improvements to existing properties 160,260 10,337 35,816 206,413 127,274 6,766 39,595 173,635 Total cash invested in real property, net of cash acquired $ 1,606,102 $ 185,529 $ 1,677,663 $ 3,469,294 $ 693,202 $ 2,591,673 $ 167,440 $ 3,452,315 (1) Excludes $ 1,910,000 and $ 391,580,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2019 and 2018 , respectively. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (3) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities. (4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Development projects: Seniors Housing Operating $ 28,117 $ 86,931 Triple-net — 90,055 Outpatient Medical — 11,358 Total development projects 28,117 188,344 Expansion projects — 8,879 Total construction in progress conversions $ 28,117 $ 197,223 |
Real Estate Intangibles (Tables
Real Estate Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Real Estate Intangibles Excluding Those Classified as Held For Sale | The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands): September 30, 2019 December 31, 2018 Assets: In place lease intangibles $ 1,486,255 $ 1,410,725 Above market tenant leases 69,770 63,935 Below market ground leases (1) — 64,513 Lease commissions 48,957 41,986 Gross historical cost 1,604,982 1,581,159 Accumulated amortization (1,206,227 ) (1,197,336 ) Net book value $ 398,755 $ 383,823 Weighted-average amortization period in years 9.5 16.0 Liabilities: Below market tenant leases $ 94,581 $ 81,676 Above market ground leases (1) — 8,540 Gross historical cost 94,581 90,216 Accumulated amortization (47,521 ) (44,266 ) Net book value $ 47,060 $ 45,950 Weighted-average amortization period in years 8.2 14.7 (1) Effective on January 1, 2019 with the adoption of ASC 842, above and below market ground lease intangibles are reported within the right of use assets, net line on the Consolidated Balance Sheet. |
Summary of Real Estate Intangible Amortization | The following is a summary of real estate intangible amortization for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Rental income related to (above)/below market tenant leases, net $ 291 $ (294 ) $ 210 $ (978 ) Amortization related to in place lease intangibles and lease commissions (48,414 ) (31,455 ) (101,837 ) (97,479 ) |
Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities | The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): Assets Liabilities 2019 $ 37,833 $ 2,390 2020 103,599 8,868 2021 53,156 7,899 2022 36,057 7,163 2023 29,858 5,031 Thereafter 138,252 15,709 Total $ 398,755 $ 47,060 |
Dispositions and Assets Held _2
Dispositions and Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Real Property Disposition Activity | The following is a summary of our real property disposition activity for the periods presented (in thousands): Nine Months Ended September 30, 2019 2018 Real estate dispositions: Seniors Housing Operating $ 1,204,084 $ 2,200 Triple-net 660,885 604,480 Outpatient Medical 482 223,069 Total dispositions 1,865,451 829,749 Gain (loss) on real estate dispositions, net 735,977 373,662 Net other assets/liabilities disposed (357 ) 5,090 Proceeds from real estate dispositions $ 2,601,071 $ 1,208,501 |
Dispositions and Assets Held for Sale | The following represents the activity related to these properties for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues: Total revenues $ 37,431 $ 126,386 $ 271,119 $ 381,440 Expenses: Interest expense 455 643 1,716 2,144 Property operating expenses 22,576 79,989 172,738 233,858 Provision for depreciation 188 16,556 25,563 55,341 Total expenses 23,219 97,188 200,017 291,343 Income (loss) from real estate dispositions, net $ 14,212 $ 29,198 $ 71,102 $ 90,097 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense, Lease Terms and Discount Rate, and Supplemental Cash Flow Information | The components of lease expense were as follows for the period presented (in thousands): Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 3,647 $ 18,326 Non-real estate lease expense General and administrative expenses 516 1,286 Finance lease cost: Amortization of leased assets Property operating expenses 2,304 6,549 Interest on lease liabilities Interest expense 1,328 3,497 Sublease income Rental income (1,043 ) (3,130 ) Total $ 6,752 $ 26,528 Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate): Classification September 30, 2019 Right of use assets: Operating leases - real estate Right of use assets, net $ 372,831 Finance leases - real estate Right of use assets, net 163,858 Real estate right of use assets, net 536,689 Operating leases - corporate Receivables and other assets 4,711 Total right of use assets, net $ 541,400 Lease liabilities: Operating leases $ 343,915 Financing leases 110,623 Total $ 454,538 Weighted average remaining lease term (years): Operating leases 48.0 Finance leases 16.3 Weighted average discount rate: Operating leases 5.19 % Finance leases 5.17 % Supplemental cash flow information related to leases was as follows for the date indicated (in thousands): Classification Nine Months Ended September 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 $ 4,858 Operating cash flows from operating leases Increase (decrease) in accrued expenses and other liabilities (4,949 ) Operating cash flows from finance leases Decrease (increase) in receivables and other assets 8,241 Financing cash flows from finance leases Other financing activities (2,487 ) |
Maturities of Lease Liabilities, Operating Leases | Maturities of lease liabilities as of September 30, 2019 are as follows (in thousands): Operating Leases Finance Leases 2019 $ 5,040 $ 2,511 2020 19,873 9,121 2021 19,781 8,787 2022 18,594 8,161 2023 18,559 69,244 Thereafter 1,107,479 94,590 Total lease payments 1,189,326 192,414 Less: Imputed interest (845,411 ) (81,791 ) Total present value of lease liabilities $ 343,915 $ 110,623 |
Maturities of Lease Liabilities, Finance Leases | Maturities of lease liabilities as of September 30, 2019 are as follows (in thousands): Operating Leases Finance Leases 2019 $ 5,040 $ 2,511 2020 19,873 9,121 2021 19,781 8,787 2022 18,594 8,161 2023 18,559 69,244 Thereafter 1,107,479 94,590 Total lease payments 1,189,326 192,414 Less: Imputed interest (845,411 ) (81,791 ) Total present value of lease liabilities $ 343,915 $ 110,623 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows as of September 30, 2019 (in thousands, except lease terms and discount rate): Classification September 30, 2019 Right of use assets: Operating leases - real estate Right of use assets, net $ 372,831 Finance leases - real estate Right of use assets, net 163,858 Real estate right of use assets, net 536,689 Operating leases - corporate Receivables and other assets 4,711 Total right of use assets, net $ 541,400 Lease liabilities: Operating leases $ 343,915 Financing leases 110,623 Total $ 454,538 Weighted average remaining lease term (years): Operating leases 48.0 Finance leases 16.3 Weighted average discount rate: Operating leases 5.19 % Finance leases 5.17 % |
Undiscounted Cash Flows for Future Minimum Lease Payments Receivable | The following table sets forth the future minimum lease payments receivable for leases in effect at September 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands): 2019 $ 344,158 2020 1,356,086 2021 1,324,256 2022 1,296,077 2023 1,239,804 Thereafter 9,576,700 Totals $ 15,137,081 |
Real Estate Loans Receivable (T
Real Estate Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary Of Real Estate Loans Receivable | The following is a summary of our net real estate loans receivable (in thousands): September 30, 2019 December 31, 2018 Mortgage loans $ 320,989 $ 317,443 Other real estate loans 108,913 81,268 Less allowance for losses on loans receivable (68,372 ) (68,372 ) Totals $ 361,530 $ 330,339 |
Summary of Real Estate Loan Activity | The following is a summary of our real estate loan activity for the periods presented (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Advances on real estate loans receivable: Investments in new loans $ 25,000 $ 5,000 $ 30,000 $ 11,806 $ 10,628 $ 14,993 $ 37,427 Draws on existing loans 33,955 18,390 52,345 — 29,709 — 29,709 Net cash advances on real estate loans 58,955 23,390 82,345 11,806 40,337 14,993 67,136 Receipts on real estate loans receivable: Loan payoffs 29,020 — 29,020 — 116,161 — 116,161 Principal payments on loans 3,110 — 3,110 — 33,431 — 33,431 Net cash receipts on real estate loans 32,130 — 32,130 — 149,592 — 149,592 Net cash advances (receipts) on real estate loans $ 26,825 $ 23,390 $ 50,215 $ 11,806 $ (109,255 ) $ 14,993 $ (82,456 ) |
Summary of Impaired Loans | The following is a summary of our impaired loans (in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Balance of impaired loans at end of period $ 188,043 $ 201,971 Allowance for loan losses 68,372 68,372 Balance of impaired loans not reserved $ 119,671 $ 133,599 Average impaired loans for the period $ 194,298 $ 230,645 Interest recognized on impaired loans (1) 12,082 13,361 (1) Represents cash interest recognized in the period since loans were identified as impaired. |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Investments in Unconsolidated Entities | The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) September 30, 2019 December 31, 2018 Seniors Housing Operating 10% to 50% $ 409,522 $ 344,982 Triple-net 10% to 49% 8,038 34,284 Outpatient Medical 43% to 50% 139,294 103,648 Total $ 556,854 $ 482,914 (1) Excludes ownership of in-substance real estate. |
Credit Concentration (Tables)
Credit Concentration (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Summary of Credit Concentration | The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2019 , excluding our share of NOI in unconsolidated entities (dollars in thousands): Number of Total Percent of Concentration by relationship: (1,4) Properties NOI NOI (2) Sunrise Senior Living (3) 165 $ 257,372 14% ProMedica 218 161,313 9% Revera (3) 98 109,953 6% Genesis HealthCare 54 90,451 5% Belmont Village 21 59,763 3% Remaining portfolio 983 1,152,110 63% Totals 1,539 $ 1,830,962 100% (1) Genesis Healthcare and ProMedica are in our Triple-net segment. Sunrise Senior Living, Revera, and Belmont Village are in our Seniors Housing Operating segment. (2) NOI with our top five relationships comprised 38% of total NOI for the year ended December 31, 2018 . (3) Revera owns a controlling interest in Sunrise Senior Living. (4) Excludes the Benchmark Senior Living portfolio which was disposed of in July 2019 |
Borrowings Under Credit Facil_2
Borrowings Under Credit Facilities and Commercial Paper Program (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper | The following information relates to aggregate borrowings under the unsecured revolving credit facility and Commercial Paper Program for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance outstanding at quarter end $ 1,335,000 $ 1,312,000 $ 1,335,000 $ 1,312,000 Maximum amount outstanding at any month end $ 1,335,000 $ 2,148,000 $ 2,880,000 $ 2,148,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 1,296,185 $ 1,519,000 $ 1,299,963 $ 819,516 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 2.82 % 3.00 % 3.02 % 2.95 % |
Senior Unsecured Notes and Se_2
Senior Unsecured Notes and Secured Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Annual Principal Payments Due on Debt Obligations | At September 30, 2019 , the annual principal payments due on these debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2) Secured Debt (1,3) Totals 2019 $ — $ 256,322 $ 256,322 2020 (4) 226,501 160,897 387,398 2021 — 380,866 380,866 2022 10,000 353,548 363,548 2023 (5,6) 1,788,750 329,449 2,118,199 Thereafter (7,8) 7,792,025 1,157,933 8,949,958 Totals $ 9,817,276 $ 2,639,015 $ 12,456,291 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheet. (2) Annual interest rates range from 2.79% to 6.50% . (3) Annual interest rates range from 1.39% to 12.00% . Carrying value of the properties securing the debt totaled $5,922,479,000 at September 30, 2019 . (4) Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $226,501,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2019 ). (5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $188,750,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2019 ). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% ( 2.86% at September 30, 2019 ). (6) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% ( 2.96% at September 30, 2019 ). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $676,775,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2019 ). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $615,250,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2019 ). |
Summary of Principal Activity | The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 9,699,984 4.48% $ 8,417,447 4.31% Debt issued 3,260,000 3.47% 2,850,000 4.57% Debt extinguished (3,107,500 ) 4.47% (1,450,000 ) 3.46% Foreign currency (35,208 ) 4.35% (63,751 ) 4.30% Ending balance $ 9,817,276 4.12% $ 9,753,696 4.45% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Nine Months Ended September 30, 2019 September 30, 2018 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,485,711 3.90% $ 2,618,408 3.76% Debt issued 318,854 3.51% 44,606 3.38% Debt assumed 42,000 4.62% 99,552 4.30% Debt extinguished (193,604 ) 4.37% (196,573 ) 5.66% Principal payments (40,348 ) 3.69% (42,294 ) 3.91% Foreign currency 26,402 3.20% (43,944 ) 3.29% Ending balance $ 2,639,015 3.66% $ 2,479,755 3.79% |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amount of Derivatives and Other Financial Instruments | The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): September 30, 2019 December 31, 2018 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 725,000 $ 575,000 Denominated in Pounds Sterling £ 1,340,708 £ 890,708 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 250,000 $ 250,000 Denominated in Pounds Sterling £ 1,050,000 £ 1,050,000 Interest rate swaps designated as cash flow hedges: Denominated in U.S Dollars (1) $ 1,188,250 $ — Derivative instruments not designated: Interest rate caps denominated in U.S. Dollars $ 405,819 $ 405,819 Forward purchase contracts denominated in Canadian Dollars $ (200,000 ) $ (325,000 ) Forward sales contracts denominated in Canadian Dollars $ 237,000 $ 405,000 Forward purchase contracts denominated in Pounds Sterling £ (125,000 ) £ (350,000 ) Forward sales contracts denominated in Pounds Sterling £ 125,000 £ 350,000 (1) At September 30, 2019 the maximum maturity date was July 15, 2021. |
Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income | The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Location 2019 2018 2019 2018 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 7,478 $ 4,185 $ 19,945 $ 8,008 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ 600 $ (203 ) $ (2,065 ) $ 2,250 Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI OCI $ 78,947 $ 12,200 $ 91,672 $ 100,205 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Stockholders' Equity Capital Accounts | The following is a summary of our preferred stock activity during the periods indicated: Nine Months Ended September 30, 2019 September 30, 2018 Weighted Avg. Weighted Avg. Shares Dividend Rate Shares Dividend Rate Beginning balance 14,369,965 6.50% 14,370,060 6.50% Shares converted (14,369,965 ) 6.50% (95 ) 6.50% Ending balance — —% 14,369,965 6.50% The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: September 30, 2019 December 31, 2018 Preferred Stock: Authorized shares 50,000,000 50,000,000 Issued shares — 14,375,000 Outstanding shares — 14,369,965 Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 407,058,274 384,849,236 Outstanding shares 405,757,860 383,674,603 The following is a summary of our common stock issuances during the nine months ended September 30, 2019 and 2018 (dollars in thousands, except average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 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 2019 Dividend reinvestment plan issuances 4,438,787 $ 75.59 $ 335,535 $ 332,054 2019 Option exercises 10,736 51.32 551 551 2019 Equity Shelf Program issuances 4,729,045 75.24 355,803 353,500 2019 Preferred stock conversions 12,712,452 — — 2019 Stock incentive plans, net of forfeitures 192,237 — — 2019 Totals 22,083,257 $ 691,889 $ 686,105 |
Summary of Dividend Payments | The following is a summary of our dividend payments (in thousands, except per share amounts): Nine Months Ended September 30, 2019 September 30, 2018 Per Share Amount Per Share Amount Common Stock $ 2.6100 $ 1,051,687 $ 2.6100 $ 971,280 Series I Preferred Stock — — 2.4375 35,028 Totals $ 1,051,687 $ 1,006,308 |
Summary of Accumulated Other Comprehensive Income (Loss) | The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): September 30, 2019 December 31, 2018 Foreign currency translation $ (947,585 ) $ (868,006 ) Derivative instruments 830,449 738,777 Actuarial losses (540 ) (540 ) Total accumulated other comprehensive loss $ (117,676 ) $ (129,769 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders $ 589,876 $ 64,384 $ 1,008,108 $ 656,487 Denominator for basic earnings per share - weighted average shares 405,023 373,023 400,441 372,052 Effect of dilutive securities: Employee stock options — 6 — 12 Non-vested restricted shares 757 348 860 464 Redeemable shares 1,096 1,096 1,096 1,096 Employee stock purchase program 15 14 15 14 Dilutive potential common shares 1,868 1,464 1,971 1,586 Denominator for diluted earnings per share - adjusted weighted average shares 406,891 374,487 402,412 373,638 Basic earnings per share $ 1.46 $ 0.17 $ 2.52 $ 1.76 Diluted earnings per share $ 1.45 $ 0.17 $ 2.51 $ 1.76 |
Disclosure about Fair Value o_2
Disclosure about Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 252,617 $ 257,060 $ 249,071 $ 257,337 Other real estate loans receivable 108,913 109,400 81,268 82,742 Equity securities 10,617 10,617 11,286 11,286 Cash and cash equivalents 265,788 265,788 215,376 215,376 Restricted cash 64,947 64,947 100,753 100,753 Foreign currency forward contracts, interest rate swaps and cross currency swaps 153,179 153,179 94,729 94,729 Financial liabilities: Unsecured revolving credit facility and commercial paper note program $ 1,334,586 $ 1,334,586 $ 1,147,000 $ 1,147,000 Senior unsecured notes 9,730,047 10,229,289 9,603,299 10,043,797 Secured debt 2,623,010 2,688,384 2,476,177 2,499,130 Foreign currency forward contracts, interest rate swaps and cross currency swaps 59,120 59,120 71,109 71,109 Redeemable OP unitholder interests $ 134,610 $ 134,610 $ 103,071 $ 103,071 |
Summary of Items Measured at Fair Value on a Recurring Basis | The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of September 30, 2019 Total Level 1 Level 2 Level 3 Equity securities $ 10,617 $ 10,617 $ — $ — Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 94,059 — 94,059 — Redeemable OP unitholder interests 134,610 — 134,610 — Totals $ 239,286 $ 10,617 $ 228,669 $ — (1) Please see Note 12 for additional information. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary Information for Reportable Segments | Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): Three Months Ended September 30, 2019: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 834,121 $ — $ — $ — $ 834,121 Rental income — 227,499 184,648 — 412,147 Interest income — 15,279 358 — 15,637 Other income 1,375 1,829 183 841 4,228 Total revenues 835,496 244,607 185,189 841 1,266,133 Property operating expenses 581,341 13,922 60,325 — 655,588 Consolidated net operating income 254,155 230,685 124,864 841 610,545 Depreciation and amortization 148,126 57,147 67,172 — 272,445 Interest expense 16,356 3,076 3,363 114,548 137,343 General and administrative expenses — — — 31,019 31,019 Loss (gain) on derivatives and financial instruments, net — 1,244 — — 1,244 Loss (gain) on extinguishment of debt, net 1,450 — — 64,374 65,824 Impairment of assets 2,599 12,314 3,183 — 18,096 Other expenses 4,274 (2,496 ) 524 3,884 6,186 Income (loss) from continuing operations before income taxes and other items 81,350 159,400 50,622 (212,984 ) 78,388 Income tax (expense) benefit (2,554 ) 12 (302 ) (1,124 ) (3,968 ) (Loss) income from unconsolidated entities (3,859 ) 5,276 1,845 — 3,262 Gain (loss) on real estate dispositions, net 519,203 51,529 (482 ) — 570,250 Income (loss) from continuing operations 594,140 216,217 51,683 (214,108 ) 647,932 Net income (loss) $ 594,140 $ 216,217 $ 51,683 $ (214,108 ) $ 647,932 Total assets $ 15,095,737 $ 9,350,606 $ 7,173,763 $ 243,849 $ 31,863,955 Three Months Ended September 30, 2018: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 875,171 $ — $ — $ — $ 875,171 Rental income — 203,039 139,848 — 342,887 Interest income 159 14,378 85 — 14,622 Other income 1,175 1,693 136 695 3,699 Total revenues 876,505 219,110 140,069 695 1,236,379 Property operating expenses 610,659 426 46,072 — 657,157 Consolidated net operating income 265,846 218,684 93,997 695 579,222 Depreciation and amortization 136,532 60,383 46,234 — 243,149 Interest expense 17,319 3,500 1,643 115,570 138,032 General and administrative expenses — — — 28,746 28,746 Loss (gain) on derivatives and financial instruments, net — 8,991 — — 8,991 Loss (gain) on extinguishment of debt, net — — — 4,038 4,038 Impairment of assets 562 6,178 — — 6,740 Other expenses (811 ) 87,076 1,055 1,306 88,626 Income (loss) from continuing operations before income taxes and other items 112,244 52,556 45,065 (148,965 ) 60,900 Income tax (expense) benefit 211 1,116 239 (3,307 ) (1,741 ) (Loss) income from unconsolidated entities (6,705 ) 5,377 1,672 — 344 Gain (loss) on real estate dispositions, net (1 ) 24,782 (58 ) — 24,723 Income (loss) from continuing operations 105,749 83,831 46,918 (152,272 ) 84,226 Net income (loss) $ 105,749 $ 83,831 $ 46,918 $ (152,272 ) $ 84,226 Nine Months Ended September 30, 2019 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 2,616,491 $ — $ — $ — $ 2,616,491 Rental income — 681,893 496,924 — 1,178,817 Interest income — 47,343 769 — 48,112 Other income 6,920 4,370 322 3,452 15,064 Total revenues 2,623,411 733,606 498,015 3,452 3,858,484 Property operating expenses 1,826,344 41,700 159,478 — 2,027,522 Consolidated net operating income 797,067 691,906 338,537 3,452 1,830,962 Depreciation and amortization 416,252 174,551 173,626 — 764,429 Interest expense 52,179 9,741 10,097 351,894 423,911 General and administrative expenses — — — 100,042 100,042 Loss (gain) on derivatives and financial instruments, net — 670 — — 670 Loss (gain) on extinguishment of debt, net 1,450 — — 80,093 81,543 Provision for loan losses — 18,690 — — 18,690 Impairment of assets 2,599 11,374 14,062 — 28,035 Other expenses 19,077 6,093 1,274 10,126 36,570 Income (loss) from continuing operations before income taxes and other items 305,510 470,787 139,478 (538,703 ) 377,072 Income tax (expense) benefit (2,798 ) (2,300 ) (1,253 ) (1,438 ) (7,789 ) (Loss) income from unconsolidated entities (37,892 ) 17,512 5,394 — (14,986 ) Gain (loss) on real estate dispositions, net 518,493 217,973 (489 ) — 735,977 Income (loss) from continuing operations 783,313 703,972 143,130 (540,141 ) 1,090,274 Net income (loss) $ 783,313 $ 703,972 $ 143,130 $ (540,141 ) $ 1,090,274 Nine Months Ended September 30, 2018 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 2,374,450 $ — $ — $ — $ 2,374,450 Rental income — 607,831 412,026 — 1,019,857 Interest income 416 42,176 140 — 42,732 Other income 3,973 16,282 401 1,561 22,217 Total revenues 2,378,839 666,289 412,567 1,561 3,459,256 Property operating expenses 1,648,262 583 133,528 — 1,782,373 Consolidated net operating income 730,577 665,706 279,039 1,561 1,676,883 Depreciation and amortization 397,080 171,724 138,821 — 707,625 Interest expense 51,225 10,742 4,975 315,281 382,223 General and administrative expenses — — — 95,282 95,282 Loss (gain) on derivatives and financial instruments, net — (5,642 ) — — (5,642 ) Loss (gain) on extinguishment of debt, net 110 (32 ) 11,928 4,038 16,044 Impairment of assets 5,075 34,482 — — 39,557 Other expenses 5,168 89,153 3,748 4,327 102,396 Income (loss) from continuing operations before income taxes and other items 271,919 365,279 119,567 (417,367 ) 339,398 Income tax (expense) benefit (2,244 ) (708 ) (567 ) (3,651 ) (7,170 ) (Loss) income from unconsolidated entities (21,389 ) 16,260 4,293 — (836 ) Gain (loss) on real estate dispositions, net 3 158,938 214,721 — 373,662 Income (loss) from continuing operations 248,289 539,769 338,014 (421,018 ) 705,054 Net income (loss) $ 248,289 $ 539,769 $ 338,014 $ (421,018 ) $ 705,054 |
Summary of Geographic Information | The following is a summary of geographic information for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues: Amount % Amount % Amount % Amount % United States $ 1,039,016 82.1 % $ 1,007,203 81.5 % $ 3,175,059 82.3 % $ 2,766,726 80.0 % United Kingdom 110,303 8.7 % 111,503 9.0 % 335,368 8.7 % 340,059 9.8 % Canada 116,814 9.2 % 117,673 9.5 % 348,057 9.0 % 352,471 10.2 % Total $ 1,266,133 100.0 % $ 1,236,379 100.0 % $ 3,858,484 100.0 % $ 3,459,256 100.0 % As of September 30, 2019 December 31, 2018 Assets: Amount % Amount % United States $ 26,302,481 82.5 % $ 24,884,292 82.0 % United Kingdom 3,109,553 9.8 % 3,078,994 10.1 % Canada 2,451,921 7.7 % 2,378,786 7.9 % Total $ 31,863,955 100.0 % $ 30,342,072 100.0 % |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): September 30, 2019 December 31, 2018 Assets: Net real estate investments $ 963,338 $ 973,813 Cash and cash equivalents 23,881 18,678 Receivables and other assets 16,929 14,600 Total assets (1) $ 1,004,148 $ 1,007,091 Liabilities and equity: Secured debt $ 461,480 $ 465,433 Lease liabilities 1,326 — Accrued expenses and other liabilities 22,521 18,229 Total equity 518,821 523,429 Total liabilities and equity $ 1,004,148 $ 1,007,091 (1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. |
Accounting Policies and Relat_3
Accounting Policies and Related Matters (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liabilities | $ 343,915 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use assets | $ 509,386 | |
Lease liabilities | $ 357,070 |
Real Property Acquisitions an_3
Real Property Acquisitions and Development - Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||
Land and land improvements | $ 309,418 | $ 479,949 |
Buildings and improvements | 2,588,618 | 2,854,063 |
Acquired lease intangibles | 165,472 | 91,738 |
Construction in progress | 36,174 | 0 |
Real property held for sale | 17,435 | 418,297 |
Right of use assets, net | 58,377 | |
Receivables and other assets | 7,161 | 2,583 |
Total assets acquired | 3,182,655 | 3,846,630 |
Secured debt | (43,209) | (104,742) |
Lease liabilities | (47,740) | |
Accrued expenses and other liabilities | (33,222) | (28,795) |
Total liabilities acquired | (124,171) | (133,537) |
Noncontrolling interests | (41,827) | (522,559) |
Non-cash acquisition related activity | (11,889) | 0 |
Cash disbursed for acquisitions | 3,004,768 | 3,190,534 |
Construction in progress additions | 264,546 | 94,574 |
Less: Capitalized interest | (10,404) | (6,357) |
Foreign currency translation | 3,926 | 2,331 |
Accruals | 45 | (2,402) |
Cash disbursed for construction in progress | 258,113 | 88,146 |
Capital improvements to existing properties | 206,413 | 173,635 |
Total cash invested in real property, net of cash acquired | 3,469,294 | 3,452,315 |
Cash acquired from acquisition | 1,910 | 391,580 |
Seniors Housing Operating | ||
Business Acquisition [Line Items] | ||
Land and land improvements | 107,945 | 47,865 |
Buildings and improvements | 1,138,484 | 535,436 |
Acquired lease intangibles | 61,163 | 68,084 |
Construction in progress | 36,174 | 0 |
Real property held for sale | 17,435 | 0 |
Right of use assets, net | 0 | |
Receivables and other assets | 6,742 | 1,255 |
Total assets acquired | 1,367,943 | 652,640 |
Secured debt | (43,209) | (89,973) |
Lease liabilities | 0 | |
Accrued expenses and other liabilities | (9,639) | (14,686) |
Total liabilities acquired | (52,848) | (104,659) |
Noncontrolling interests | (39,570) | (9,818) |
Non-cash acquisition related activity | (11,889) | 0 |
Cash disbursed for acquisitions | 1,263,636 | 538,163 |
Construction in progress additions | 184,581 | 28,222 |
Less: Capitalized interest | (5,972) | (2,608) |
Foreign currency translation | 3,597 | 2,151 |
Accruals | 0 | 0 |
Cash disbursed for construction in progress | 182,206 | 27,765 |
Capital improvements to existing properties | 160,260 | 127,274 |
Total cash invested in real property, net of cash acquired | 1,606,102 | 693,202 |
Triple-net | ||
Business Acquisition [Line Items] | ||
Land and land improvements | 14,172 | 413,588 |
Buildings and improvements | 125,763 | 2,239,422 |
Acquired lease intangibles | 0 | 12,383 |
Construction in progress | 0 | 0 |
Real property held for sale | 0 | 396,265 |
Right of use assets, net | 0 | |
Receivables and other assets | 0 | 1,322 |
Total assets acquired | 139,935 | 3,062,980 |
Secured debt | 0 | 0 |
Lease liabilities | 0 | |
Accrued expenses and other liabilities | (100) | (13,199) |
Total liabilities acquired | (100) | (13,199) |
Noncontrolling interests | (1,056) | (512,741) |
Non-cash acquisition related activity | 0 | 0 |
Cash disbursed for acquisitions | 138,779 | 2,537,040 |
Construction in progress additions | 37,649 | 49,619 |
Less: Capitalized interest | (1,565) | (1,932) |
Foreign currency translation | 329 | 180 |
Accruals | 0 | 0 |
Cash disbursed for construction in progress | 36,413 | 47,867 |
Capital improvements to existing properties | 10,337 | 6,766 |
Total cash invested in real property, net of cash acquired | 185,529 | 2,591,673 |
Outpatient Medical | ||
Business Acquisition [Line Items] | ||
Land and land improvements | 187,301 | 18,496 |
Buildings and improvements | 1,324,371 | 79,205 |
Acquired lease intangibles | 104,309 | 11,271 |
Construction in progress | 0 | 0 |
Real property held for sale | 0 | 22,032 |
Right of use assets, net | 58,377 | |
Receivables and other assets | 419 | 6 |
Total assets acquired | 1,674,777 | 131,010 |
Secured debt | 0 | (14,769) |
Lease liabilities | (47,740) | |
Accrued expenses and other liabilities | (23,483) | (910) |
Total liabilities acquired | (71,223) | (15,679) |
Noncontrolling interests | (1,201) | 0 |
Non-cash acquisition related activity | 0 | 0 |
Cash disbursed for acquisitions | 1,602,353 | 115,331 |
Construction in progress additions | 42,316 | 16,733 |
Less: Capitalized interest | (2,867) | (1,817) |
Foreign currency translation | 0 | 0 |
Accruals | 45 | (2,402) |
Cash disbursed for construction in progress | 39,494 | 12,514 |
Capital improvements to existing properties | 35,816 | 39,595 |
Total cash invested in real property, net of cash acquired | $ 1,677,663 | $ 167,440 |
Real Property Acquisitions an_4
Real Property Acquisitions and Development - Construction Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Total development projects | $ 28,117 | $ 188,344 |
Expansion projects | 0 | 8,879 |
Total construction in progress conversions | 28,117 | 197,223 |
Seniors Housing Operating | ||
Segment Reporting Information [Line Items] | ||
Total development projects | 28,117 | 86,931 |
Triple-net | ||
Segment Reporting Information [Line Items] | ||
Total development projects | 0 | 90,055 |
Outpatient Medical | ||
Segment Reporting Information [Line Items] | ||
Total development projects | $ 0 | $ 11,358 |
Real Estate Intangibles - Summa
Real Estate Intangibles - Summary of Real Estate Intangibles Excluding Those Classified as Held For Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Assets: | ||
Gross historical cost | $ 1,604,982 | $ 1,581,159 |
Accumulated amortization | (1,206,227) | (1,197,336) |
Net book value | $ 398,755 | $ 383,823 |
Weighted-average amortization period in years | 9 years 6 months | 16 years |
Liabilities: | ||
Gross historical cost | $ 94,581 | $ 90,216 |
Accumulated amortization | (47,521) | (44,266) |
Net book value | $ 47,060 | $ 45,950 |
Weighted-average amortization period in years | 8 years 2 months 12 days | 14 years 8 months 12 days |
In place lease intangibles | ||
Assets: | ||
Gross historical cost | $ 1,486,255 | $ 1,410,725 |
Above market tenant leases | ||
Assets: | ||
Gross historical cost | 69,770 | 63,935 |
Liabilities: | ||
Gross historical cost | 8,540 | |
Below market ground leases | ||
Assets: | ||
Gross historical cost | 64,513 | |
Lease commissions | ||
Assets: | ||
Gross historical cost | 48,957 | 41,986 |
Below market tenant leases | ||
Liabilities: | ||
Gross historical cost | $ 94,581 | $ 81,676 |
Real Estate Intangibles - Sum_2
Real Estate Intangibles - Summary of Real Estate Intangible Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Rental income related to (above)/below market tenant leases, net | $ 291 | $ (294) | $ 210 | $ (978) |
Amortization related to in place lease intangibles and lease commissions | $ (48,414) | $ (31,455) | $ (101,837) | $ (97,479) |
Real Estate Intangibles - Sched
Real Estate Intangibles - Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
2019 | $ 37,833 | |
2020 | 103,599 | |
2021 | 53,156 | |
2022 | 36,057 | |
2023 | 29,858 | |
Thereafter | 138,252 | |
Net book value | 398,755 | $ 383,823 |
Liabilities | ||
2019 | 2,390 | |
2020 | 8,868 | |
2021 | 7,899 | |
2022 | 7,163 | |
2023 | 5,031 | |
Thereafter | 15,709 | |
Net book value | $ 47,060 | $ 45,950 |
Dispositions and Assets Held _3
Dispositions and Assets Held for Sale - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)property | Sep. 30, 2019USD ($)property | Dec. 31, 2018USD ($) | [1] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Real property held for sale | $ 336,649 | $ 336,649 | $ 590,271 | |
Seniors Housing Operating | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties classified as held for sale | property | 12 | 12 | ||
Triple-net | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties classified as held for sale | property | 8 | 8 | ||
Outpatient Medical | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties classified as held for sale | property | 5 | 5 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Benchmark Senior Living Portfolio | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross sale price | $ 1,800,000 | $ 1,800,000 | ||
Gain on sale | 520,000 | |||
Held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Real property held for sale | 336,649 | 336,649 | ||
Secured debt | 24,338 | 24,338 | ||
Net other assets and liabilities | $ 7,608 | 7,608 | ||
Net impairment charges | 13,121 | |||
Net impairment charges related to held for use properties | $ 14,914 | |||
Carrying value exceeded the sum of the future undiscounted cash flows | property | 5 | 5 | ||
Unsecured debt | Benchmark Senior Living Portfolio | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Extinguishment of debt | $ 1,000,000 | |||
Secured Debt | Benchmark Senior Living Portfolio | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Extinguishment of debt | $ 24,000 | |||
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Dispositions and Assets Held _4
Dispositions and Assets Held for Sale - Summary of Real Property Disposition Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Real estate dispositions: | ||||
Total dispositions | $ 1,865,451 | $ 829,749 | ||
Gain (loss) on real estate dispositions, net | $ 570,250 | $ 24,723 | 735,977 | 373,662 |
Net other assets/liabilities disposed | (357) | 5,090 | ||
Proceeds from real estate dispositions | 2,601,071 | 1,208,501 | ||
Seniors Housing Operating | ||||
Real estate dispositions: | ||||
Total dispositions | 1,204,084 | 2,200 | ||
Triple-net | ||||
Real estate dispositions: | ||||
Total dispositions | 660,885 | 604,480 | ||
Outpatient Medical | ||||
Real estate dispositions: | ||||
Total dispositions | $ 482 | $ 223,069 |
Dispositions and Assets Held _5
Dispositions and Assets Held for Sale - Dispositions and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 37,431 | $ 126,386 | $ 271,119 | $ 381,440 |
Expenses: | ||||
Interest expense | 455 | 643 | 1,716 | 2,144 |
Property operating expenses | 22,576 | 79,989 | 172,738 | 233,858 |
Provision for depreciation | 188 | 16,556 | 25,563 | 55,341 |
Total expenses | 23,219 | 97,188 | 200,017 | 291,343 |
Income (loss) from real estate dispositions, net | $ 14,212 | $ 29,198 | $ 71,102 | $ 90,097 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($)building | Sep. 30, 2019USD ($)building | |
Lessee, Lease, Description [Line Items] | ||
Pricing period | 30 years | |
Number of buildings subleased | building | 7 | 7 |
Rental and other revenues related to operating lease payments | $ 412,147 | $ 1,178,817 |
Rental and other revenues related to operating lease payments, variable leases | $ 147,815 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term extension period | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term extension period | 25 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Finance lease cost: | ||
Amortization of leased assets | $ 2,304 | $ 6,549 |
Interest on lease liabilities | 1,328 | 3,497 |
Sublease income | (1,043) | (3,130) |
Total | 6,752 | 26,528 |
Property operating expenses | ||
Operating lease cost: | ||
Lease expense | 3,647 | 18,326 |
General and administrative expenses | ||
Operating lease cost: | ||
Lease expense | $ 516 | $ 1,286 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases | |
2019 | $ 5,040 |
2020 | 19,873 |
2021 | 19,781 |
2022 | 18,594 |
2023 | 18,559 |
Thereafter | 1,107,479 |
Total lease payments | 1,189,326 |
Less: Imputed interest | (845,411) |
Total present value of lease liabilities | 343,915 |
Finance Leases | |
2019 | 2,511 |
2020 | 9,121 |
2021 | 8,787 |
2022 | 8,161 |
2023 | 69,244 |
Thereafter | 94,590 |
Total lease payments | 192,414 |
Less: Imputed interest | (81,791) |
Total present value of lease liabilities | $ 110,623 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
Right of use assets: | |||
Total right of use assets, net | $ 536,689 | ||
Lease liabilities: | |||
Operating leases | 343,915 | ||
Financing leases | 110,623 | ||
Total | $ 454,538 | $ 70,668 | |
Weighted average remaining lease term (years): | |||
Operating leases | 48 years | ||
Finance leases | 16 years 3 months 18 days | ||
Weighted average discount rate: | |||
Operating leases | 5.19% | ||
Finance leases | 5.17% | ||
Real Estate | |||
Right of use assets: | |||
Operating leases | $ 372,831 | ||
Finance leases | 163,858 | ||
Corporate | |||
Right of use assets: | |||
Operating leases | 4,711 | ||
Real Estate and Corporate | |||
Right of use assets: | |||
Total right of use assets, net | $ 541,400 | ||
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 4,858 |
Operating cash flows from operating leases | (4,949) |
Operating cash flows from finance leases | 8,241 |
Financing cash flows from finance leases | $ (2,487) |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for Future Minimum Lease Payments Receivable (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2019 | $ 344,158 |
2020 | 1,356,086 |
2021 | 1,324,256 |
2022 | 1,296,077 |
2023 | 1,239,804 |
Thereafter | 9,576,700 |
Totals | $ 15,137,081 |
Real Estate Loans Receivable -
Real Estate Loans Receivable - Summary of Real Estate Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Less allowance for losses on loans receivable | $ (68,372) | $ (68,372) | |
Totals | 361,530 | 330,339 | [1] |
Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate loans receivable | 320,989 | 317,443 | |
Other real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate loans receivable | $ 108,913 | $ 81,268 | |
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Real Estate Loans Receivable _2
Real Estate Loans Receivable - Summary of Real Estate Loan Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Advances on real estate loans receivable: | ||
Investments in new loans | $ 30,000 | $ 37,427 |
Draws on existing loans | 52,345 | 29,709 |
Net cash advances on real estate loans | 82,345 | 67,136 |
Receipts on real estate loans receivable: | ||
Loan payoffs | 29,020 | 116,161 |
Principal payments on loans | 3,110 | 33,431 |
Net cash receipts on real estate loans | 32,130 | 149,592 |
Net cash advances (receipts) on real estate loans | 50,215 | (82,456) |
Seniors Housing Operating | ||
Advances on real estate loans receivable: | ||
Investments in new loans | 11,806 | |
Draws on existing loans | 0 | |
Net cash advances on real estate loans | 11,806 | |
Receipts on real estate loans receivable: | ||
Loan payoffs | 0 | |
Principal payments on loans | 0 | |
Net cash receipts on real estate loans | 0 | |
Net cash advances (receipts) on real estate loans | 11,806 | |
Triple-net | ||
Advances on real estate loans receivable: | ||
Investments in new loans | 25,000 | 10,628 |
Draws on existing loans | 33,955 | 29,709 |
Net cash advances on real estate loans | 58,955 | 40,337 |
Receipts on real estate loans receivable: | ||
Loan payoffs | 29,020 | 116,161 |
Principal payments on loans | 3,110 | 33,431 |
Net cash receipts on real estate loans | 32,130 | 149,592 |
Net cash advances (receipts) on real estate loans | 26,825 | (109,255) |
Outpatient Medical | ||
Advances on real estate loans receivable: | ||
Investments in new loans | 5,000 | 14,993 |
Draws on existing loans | 18,390 | 0 |
Net cash advances on real estate loans | 23,390 | 14,993 |
Receipts on real estate loans receivable: | ||
Loan payoffs | 0 | 0 |
Principal payments on loans | 0 | 0 |
Net cash receipts on real estate loans | 0 | 0 |
Net cash advances (receipts) on real estate loans | $ 23,390 | $ 14,993 |
Real Estate Loans Receivable _3
Real Estate Loans Receivable - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||||
Provision for loan losses | $ 18,690 | $ 0 | $ 0 | $ 18,690 | $ 0 | ||
Allowance for loan losses | $ 68,372 | $ 68,372 | $ 68,372 | $ 68,372 | |||
Number of real estate loans on non-accrual status | loan | 1 | 1 | |||||
Real estate loans with outstanding balances | $ 2,534 | $ 2,534 | |||||
Triple-net | Genesis Healthcare Loans | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Loan loss charge | $ 62,966 | $ 6,935 |
Real Estate Loans Receivable _4
Real Estate Loans Receivable - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Abstract] | ||
Balance of impaired loans at end of period | $ 188,043 | $ 201,971 |
Allowance for loan losses | 68,372 | 68,372 |
Balance of impaired loans not reserved | 119,671 | 133,599 |
Average impaired loans for the period | 194,298 | 230,645 |
Interest recognized on impaired loans | $ 12,082 | $ 13,361 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 556,854 | $ 482,914 |
Seniors Housing Operating | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 409,522 | $ 344,982 |
Seniors Housing Operating | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 10.00% | 10.00% |
Seniors Housing Operating | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 50.00% | 50.00% |
Triple-net | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 8,038 | $ 34,284 |
Triple-net | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 10.00% | 10.00% |
Triple-net | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 49.00% | 49.00% |
Outpatient Medical | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 139,294 | $ 103,648 |
Outpatient Medical | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 43.00% | 43.00% |
Outpatient Medical | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 50.00% | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Narrative (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Equity Method Investments and Joint Ventures [Abstract] | |
Aggregate unamortized basis difference of joint venture investments | $ 102,144 |
Credit Concentration (Details)
Credit Concentration (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)property | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)property | Sep. 30, 2018USD ($) | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||||
Total NOI | $ 610,545 | $ 579,222 | $ 1,830,962 | $ 1,676,883 | |
Percentage total investments with top five customers | 38.00% | ||||
Net Operating Income | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 1,539 | 1,539 | |||
Total NOI | $ 1,830,962 | ||||
Percent of NOI | 100.00% | ||||
Net Operating Income | Sunrise Senior Living | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 165 | 165 | |||
Total NOI | $ 257,372 | ||||
Percent of NOI | 14.00% | ||||
Net Operating Income | ProMedica | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 218 | 218 | |||
Total NOI | $ 161,313 | ||||
Percent of NOI | 9.00% | ||||
Net Operating Income | Revera | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 98 | 98 | |||
Total NOI | $ 109,953 | ||||
Percent of NOI | 6.00% | ||||
Net Operating Income | Genesis HealthCare | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 54 | 54 | |||
Total NOI | $ 90,451 | ||||
Percent of NOI | 5.00% | ||||
Net Operating Income | Belmont Village | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 21 | 21 | |||
Total NOI | $ 59,763 | ||||
Percent of NOI | 3.00% | ||||
Net Operating Income | Remaining portfolio | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 983 | 983 | |||
Total NOI | $ 1,152,110 | ||||
Percent of NOI | 63.00% |
Borrowings Under Credit Facil_3
Borrowings Under Credit Facilities and Commercial Paper Program - Narrative (Details) | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2019USD ($) | Sep. 30, 2019USD ($)termbank | Dec. 31, 2018USD ($) | [1] | |
Line of Credit Facility [Line Items] | ||||
Number of banks in consortium | bank | 31 | |||
Borrowings outstanding | $ 1,334,586,000 | $ 1,147,000,000 | ||
Available to borrow in alternate currencies | $ 1,000,000,000 | |||
Applicable margin | 0.825% | |||
Facility fee | 0.15% | |||
Totals | $ 12,456,291,000 | |||
Accordion Feature | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured line of credit arrangement | 1,000,000,000 | |||
Unsecured Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured line of credit arrangement | 3,000,000,000 | |||
Borrowings outstanding | $ 500,000,000 | |||
Number of successive terms | term | 2 | |||
Extended expiration period | 6 months | |||
Term Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured line of credit arrangement | $ 500,000,000 | |||
Term Credit Facility, CAD Denominated | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured line of credit arrangement | 250,000,000 | |||
Term Credit Facility, CAD Denominated | Accordion Feature | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured line of credit arrangement | 250,000,000 | |||
Unsecured Credit Facility In Alternate Currencies | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings outstanding | $ 0 | |||
Applicable margin | 2.84% | |||
Commercial Paper Note Program | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured line of credit arrangement | $ 1,000,000,000 | |||
Totals | $ 834,586,000 | |||
Principal outstanding | 835,000,000 | |||
Unamortized discount | $ 414,000 | |||
Weighted average interest rate | 2.32% | |||
Commercial Paper Note Program | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, term | 397 days | |||
Commercial Paper Note Program | Weighted Average | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, term | 8 days | |||
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Borrowings Under Credit Facil_4
Borrowings Under Credit Facilities and Commercial Paper Program - Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Disclosure [Abstract] | ||||
Balance outstanding at quarter end | $ 1,335,000 | $ 1,312,000 | $ 1,335,000 | $ 1,312,000 |
Maximum amount outstanding at any month end | 1,335,000 | 2,148,000 | 2,880,000 | 2,148,000 |
Average amount outstanding (total of daily principal balances divided by days in period) | $ 1,296,185 | $ 1,519,000 | $ 1,299,963 | $ 819,516 |
Weighted average interest rate (actual interest expense divided by average borrowings outstanding) | 2.82% | 3.00% | 3.02% | 2.95% |
Senior Unsecured Notes and Se_3
Senior Unsecured Notes and Secured Debt - Annual Principal Payments Due on Debt Obligations (Details) | 9 Months Ended | |||||
Sep. 30, 2019USD ($) | Sep. 30, 2019CAD ($) | Sep. 30, 2019GBP (ÂŁ) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Annual principal payments due | ||||||
2019 | $ 256,322,000 | |||||
2020 | 387,398,000 | |||||
2021 | 380,866,000 | |||||
2022 | 363,548,000 | |||||
2023 | 2,118,199,000 | |||||
Thereafter | 8,949,958,000 | |||||
Totals | 12,456,291,000 | |||||
Senior Unsecured Notes | ||||||
Annual principal payments due | ||||||
2019 | 0 | |||||
2020 | 226,501,000 | |||||
2021 | 0 | |||||
2022 | 10,000,000 | |||||
2023 | 1,788,750,000 | |||||
Thereafter | 7,792,025,000 | |||||
Totals | $ 9,817,276,000 | $ 9,699,984,000 | $ 9,753,696,000 | $ 8,417,447,000 | ||
Senior Unsecured Notes | Minimum | ||||||
Annual principal payments due | ||||||
Interest rate | 2.79% | 2.79% | 2.79% | |||
Senior Unsecured Notes | Maximum | ||||||
Annual principal payments due | ||||||
Interest rate | 6.50% | 6.50% | 6.50% | |||
Senior Unsecured Notes | Canadian-denominated 3.35% senior unsecured notes due 2020 | ||||||
Annual principal payments due | ||||||
Interest rate | 3.35% | 3.35% | 3.35% | |||
Face amount | $ 226,501,000 | $ 300,000,000 | ||||
Senior Unsecured Notes | Canadian-denominated unsecured term credit facility | ||||||
Annual principal payments due | ||||||
Face amount | $ 188,750,000 | $ 250,000,000 | ||||
Senior Unsecured Notes | Canadian-denominated unsecured term credit facility | Canadian Dealer Offered Rate | ||||||
Annual principal payments due | ||||||
Debt instrument, basis spread on variable rate | 0.90% | |||||
Interest rate at period end | 2.86% | 2.86% | 2.86% | |||
Senior Unsecured Notes | Unsecured term credit facility | ||||||
Annual principal payments due | ||||||
Face amount | $ 500,000,000 | |||||
Senior Unsecured Notes | Unsecured term credit facility | LIBOR | ||||||
Annual principal payments due | ||||||
Debt instrument, basis spread on variable rate | 0.90% | |||||
Interest rate at period end | 2.96% | 2.96% | 2.96% | |||
Senior Unsecured Notes | Senior unsecured notes due 2028 | ||||||
Annual principal payments due | ||||||
Interest rate | 4.80% | 4.80% | 4.80% | |||
Face amount | $ 676,775,000 | ÂŁ 550,000,000 | ||||
Senior Unsecured Notes | Senior unsecured notes due 2034 | ||||||
Annual principal payments due | ||||||
Interest rate | 4.50% | 4.50% | 4.50% | |||
Face amount | $ 615,250,000 | ÂŁ 500,000,000 | ||||
Secured Debt | ||||||
Annual principal payments due | ||||||
2019 | 256,322,000 | |||||
2020 | 160,897,000 | |||||
2021 | 380,866,000 | |||||
2022 | 353,548,000 | |||||
2023 | 329,449,000 | |||||
Thereafter | 1,157,933,000 | |||||
Totals | 2,639,015,000 | $ 2,485,711,000 | $ 2,479,755,000 | $ 2,618,408,000 | ||
Carrying values of properties securing the debt | $ 5,922,479,000 | |||||
Secured Debt | Minimum | ||||||
Annual principal payments due | ||||||
Interest rate | 1.39% | 1.39% | 1.39% | |||
Secured Debt | Maximum | ||||||
Annual principal payments due | ||||||
Interest rate | 12.00% | 12.00% | 12.00% |
Senior Unsecured Notes and Se_4
Senior Unsecured Notes and Secured Debt - Summary of Principal Activity (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Amount | ||
Debt issued, unsecured | $ 3,253,516 | $ 2,825,898 |
Debt issued, secured | 318,854 | 44,606 |
Ending balance | 12,456,291 | |
Senior Unsecured Notes | ||
Amount | ||
Beginning balance | 9,699,984 | 8,417,447 |
Debt issued, unsecured | 3,260,000 | 2,850,000 |
Debt extinguished | (3,107,500) | (1,450,000) |
Foreign currency | (35,208) | (63,751) |
Ending balance | $ 9,817,276 | $ 9,753,696 |
Weighted Avg. Interest Rate | ||
Beginning balance | 4.48% | 4.31% |
Debt issued | 0.0347 | 0.0457 |
Debt extinguished | 0.0447 | 0.0346 |
Foreign currency | 0.0435 | 0.0430 |
Ending balance | 4.12% | 4.45% |
Secured Debt | ||
Amount | ||
Beginning balance | $ 2,485,711 | $ 2,618,408 |
Debt issued, secured | 318,854 | 44,606 |
Debt assumed | 42,000 | 99,552 |
Debt extinguished | (193,604) | (196,573) |
Principal payments | (40,348) | (42,294) |
Foreign currency | 26,402 | (43,944) |
Ending balance | $ 2,639,015 | $ 2,479,755 |
Weighted Avg. Interest Rate | ||
Beginning balance | 3.90% | 3.76% |
Debt issued | 0.0351 | 0.0338 |
Debt assumed | 0.0462 | 0.0430 |
Debt extinguished | 0.0437 | 0.0566 |
Principal payments | 0.0369 | 0.0391 |
Foreign currency | 0.0320 | 0.0329 |
Ending balance | 3.66% | 3.79% |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Proceeds from hedge | $ 6,716 | |
Cash payments from hedge | $ 70,937 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivatives and Other Financial Instruments (Details) ÂŁ in Thousands, $ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CAD ($) | Sep. 30, 2019GBP (ÂŁ) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018GBP (ÂŁ) |
Denominated in Canadian Dollars | Designated as Hedging Instrument | Net Investment Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | $ 725,000 | $ 575,000 | ||||
Derivative liability | 250,000 | 250,000 | ||||
Denominated in Canadian Dollars | Derivative Instruments Not Designated | Purchase Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | 200,000 | 325,000 | ||||
Denominated in Canadian Dollars | Derivative Instruments Not Designated | Sales Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | $ 237,000 | $ 405,000 | ||||
Denominated in U.S Dollars | Designated as Hedging Instrument | Cash Flow Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | $ 1,188,250 | $ 0 | ||||
Denominated in U.S Dollars | Derivative Instruments Not Designated | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | $ 405,819 | $ 405,819 | ||||
Denominated in Pounds Sterling | Designated as Hedging Instrument | Net Investment Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | ÂŁ | ÂŁ 1,340,708 | ÂŁ 890,708 | ||||
Derivative liability | ÂŁ | 1,050,000 | 1,050,000 | ||||
Denominated in Pounds Sterling | Derivative Instruments Not Designated | Purchase Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | ÂŁ | 125,000 | 350,000 | ||||
Denominated in Pounds Sterling | Derivative Instruments Not Designated | Sales Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | ÂŁ | ÂŁ 125,000 | ÂŁ 350,000 |
Derivative Instruments - Impact
Derivative Instruments - Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI | $ 78,947 | $ 12,200 | $ 91,672 | $ 100,205 |
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments | 7,478 | 4,185 | 19,945 | 8,008 |
Derivative Instruments Not Designated | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments | $ 600 | $ (203) | $ (2,065) | $ 2,250 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2019USD ($)obligation | Dec. 31, 2018USD ($) | [1] |
Commitments and Contingencies Disclosure [Abstract] | |||
Number of outstanding credit obligations | obligation | 14 | ||
Letter of credit obligation | $ 50,418 | ||
Outstanding construction financings for leased properties | 466,286 | $ 194,365 | |
Additional financing to complete construction | 460,810 | ||
Total contingent purchase obligations | $ 9,157 | ||
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stockholders' Equity Capital Accounts (Details) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred Stock: | ||||
Authorized shares | 50,000,000 | 50,000,000 | ||
Issued shares | 0 | 14,375,000 | ||
Outstanding shares | 0 | 14,369,965 | 14,369,965 | 14,370,060 |
Common Stock, $1.00 par value: | ||||
Par value (in USD per share) | $ 1 | $ 1 | ||
Authorized shares | 700,000,000 | 700,000,000 | ||
Issued shares | 407,058,274 | 384,849,236 | ||
Outstanding shares | 405,757,860 | 383,674,603 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Details) - shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | ||||
Beginning balance (in shares) | 14,369,965 | 14,370,060 | 14,370,060 | |
Ending balance (in shares) | 0 | 14,369,965 | 14,369,965 | 14,370,060 |
Weighted Avg. Dividend Rate | ||||
Balance | 0.00% | 6.50% | 6.50% | 6.50% |
Shares converted | 6.50% | 6.50% | ||
Number of shares converted into common stock (in shares) | 0.8857 | |||
Common Stock | ||||
Shares | ||||
Shares converted (in shares) | (14,369,965) | (95) |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Feb. 28, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Sale of shares (in shares) | 4,729,045 | 1,944,511 | ||
Equity Shelf Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate amount of common stock offered to sell | $ 1,500,000,000 | |||
Remaining capacity | $ 1,333,682,000 | |||
Scenario, Forecast | Equity Shelf Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Sale of shares (in shares) | 5,152,658 |
Stockholders' Equity - Common_2
Stockholders' Equity - Common Stock (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | |
Shares Issued | ||
Dividend reinvestment plan issuances (in shares) | shares | 4,438,787 | 1,755,446 |
Option exercises (in shares) | shares | 10,736 | 32,120 |
Equity shelf program issuances (in shares) | shares | 4,729,045 | 1,944,511 |
Stock incentive plans, net of forfeitures (in shares) | shares | 192,237 | 112,868 |
Totals (in shares) | shares | 22,083,257 | 3,845,028 |
Average Price | ||
Dividend reinvestment plan issuances (in USD per share) | $ / shares | 75.59 | 64.24 |
Option exercises (in USD per share) | $ / shares | 51.32 | 39.94 |
Equity shelf plan issuances (in USD per share) | $ / shares | 75.24 | 66.72 |
Gross Proceeds | ||
Dividend reinvestment plan issuances | $ 335,535 | $ 112,770 |
Option exercises | 551 | 1,283 |
Equity shelf plan issuances | 355,803 | 129,744 |
Totals | 691,889 | 243,797 |
Net Proceeds | ||
Dividend reinvestment plan issuances | 332,054 | 112,294 |
Option exercises | 551 | 1,283 |
Equity shelf plan issuances | 353,500 | 128,834 |
Totals | $ 686,105 | $ 242,411 |
Convertible Preferred Stock | ||
Shares Issued | ||
Preferred stock conversions (in shares) | shares | 12,712,452 | 83 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Per Share | ||||
Common Stock (in USD per share) | $ 0.87 | $ 0.87 | $ 2.6100 | $ 2.6100 |
Series I Preferred Stock (in USD per share) | $ 0 | $ 2.4375 | ||
Amount | ||||
Common Stock | $ 1,051,687 | $ 971,280 | ||
Series I Preferred Stock | 0 | 35,028 | ||
Totals | $ 1,051,687 | $ 1,006,308 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | $ 16,225,729 | $ 15,969,572 | $ 16,047,831 | $ 15,586,599 | [1] | $ 15,269,201 | $ 14,800,487 | $ 15,059,326 | $ 14,925,452 |
Foreign currency translation | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | (947,585) | (868,006) | |||||||
Derivative instruments | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | 830,449 | 738,777 | |||||||
Actuarial losses | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | (540) | (540) | |||||||
Total accumulated other comprehensive loss | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | $ (117,676) | $ (100,622) | $ (144,618) | $ (129,769) | $ (138,491) | $ (132,631) | $ (91,253) | $ (111,465) | |
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock authorized (in shares) | 10,000,000 | 10,000,000 | ||
Option expiration period | 10 years | |||
Stock-based compensation expense | $ 20,501 | $ 22,800 | $ 5,309 | $ 6,075 |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders | $ 589,876 | $ 64,384 | $ 1,008,108 | $ 656,487 |
Denominator for basic earnings per share - weighted average shares (in shares) | 405,023,000 | 373,023,000 | 400,441,000 | 372,052,000 |
Effect of dilutive securities: | ||||
Employee stock options (in shares) | 0 | 6,000 | 0 | 12,000 |
Non-vested restricted shares (in shares) | 757,000 | 348,000 | 860,000 | 464,000 |
Redeemable shares (in shares) | 1,096,000 | 1,096,000 | 1,096,000 | 1,096,000 |
Employee stock purchase program (in shares) | 15,000 | 14,000 | 15,000 | 14,000 |
Dilutive potential common shares (in shares) | 1,868,000 | 1,464,000 | 1,971,000 | 1,586,000 |
Denominator for diluted earnings per share - adjusted weighted average shares (in shares) | 406,891,000 | 374,487,000 | 402,412,000 | 373,638,000 |
Basic earnings per share (in USD per share) | $ 1.46 | $ 0.17 | $ 2.52 | $ 1.76 |
Diluted earnings per share (in USD per share) | $ 1.45 | $ 0.17 | $ 2.51 | $ 1.76 |
Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares not included in the computation of diluted earnings per share because such options were anti-dilutive (in shares) | 5,152,658 |
Disclosure about Fair Value o_3
Disclosure about Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financial assets: | |||
Equity securities | $ 10,617 | ||
Restricted cash | 64,947 | $ 100,753 | [1] |
Financial liabilities: | |||
Unsecured revolving credit facility and commercial paper note program | 1,334,586 | ||
Carrying Amount | |||
Financial assets: | |||
Equity securities | 10,617 | 11,286 | |
Cash and cash equivalents | 265,788 | 215,376 | |
Restricted cash | 64,947 | 100,753 | |
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 153,179 | 94,729 | |
Financial liabilities: | |||
Unsecured revolving credit facility and commercial paper note program | 1,147,000 | ||
Senior unsecured notes | 9,730,047 | 9,603,299 | |
Secured debt | 2,623,010 | 2,476,177 | |
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 59,120 | 71,109 | |
Redeemable OP unitholder interests | 134,610 | 103,071 | |
Carrying Amount | Mortgage loans receivable | |||
Financial assets: | |||
Loans receivable | 252,617 | 249,071 | |
Carrying Amount | Other real estate loans receivable | |||
Financial assets: | |||
Loans receivable | 108,913 | 81,268 | |
Fair Value | |||
Financial assets: | |||
Equity securities | 10,617 | 11,286 | |
Cash and cash equivalents | 265,788 | 215,376 | |
Restricted cash | 64,947 | 100,753 | |
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 153,179 | 94,729 | |
Financial liabilities: | |||
Unsecured revolving credit facility and commercial paper note program | 1,334,586 | 1,147,000 | |
Senior unsecured notes | 10,229,289 | 10,043,797 | |
Secured debt | 2,688,384 | 2,499,130 | |
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 59,120 | 71,109 | |
Redeemable OP unitholder interests | 134,610 | 103,071 | |
Fair Value | Mortgage loans receivable | |||
Financial assets: | |||
Loans receivable | 257,060 | 257,337 | |
Fair Value | Other real estate loans receivable | |||
Financial assets: | |||
Loans receivable | $ 109,400 | $ 82,742 | |
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Disclosure about Fair Value o_4
Disclosure about Fair Value of Financial Instruments - Summary of Items Measured at Fair Value on a Recurring Basis (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | $ 10,617 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 94,059 |
Redeemable OP unitholder interests | 134,610 |
Totals | 239,286 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | 10,617 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 0 |
Redeemable OP unitholder interests | 0 |
Totals | 10,617 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | 0 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 94,059 |
Redeemable OP unitholder interests | 134,610 |
Totals | 228,669 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | 0 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 0 |
Redeemable OP unitholder interests | 0 |
Totals | $ 0 |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | [1] | |
Segment Reporting [Abstract] | |||||||
Number of operating segments | segment | 3 | ||||||
Segment Reporting Information [Line Items] | |||||||
Rental income | $ 412,147 | $ 1,178,817 | |||||
Rental income | $ 342,887 | $ 1,019,857 | |||||
Total revenues | 1,266,133 | 1,236,379 | 3,858,484 | 3,459,256 | |||
Property operating expenses | 655,588 | 657,157 | 2,027,522 | 1,782,373 | |||
Consolidated net operating income | 610,545 | 579,222 | 1,830,962 | 1,676,883 | |||
Depreciation and amortization | 272,445 | 243,149 | 764,429 | 707,625 | |||
Interest expense | 137,343 | 138,032 | 423,911 | 382,223 | |||
General and administrative expenses | 31,019 | 28,746 | 100,042 | 95,282 | |||
Loss (gain) on derivatives and financial instruments, net | 1,244 | 8,991 | 670 | (5,642) | |||
Loss (gain) on extinguishment of debt, net | 65,824 | 4,038 | 81,543 | 16,044 | |||
Provision for loan losses | $ 18,690 | 0 | 0 | 18,690 | 0 | ||
Impairment of assets | 18,096 | 6,740 | 28,035 | 39,557 | |||
Other expenses | 6,186 | 88,626 | 36,570 | 102,396 | |||
Income (loss) from continuing operations before income taxes and other items | 78,388 | 60,900 | 377,072 | 339,398 | |||
Income tax (expense) benefit | (3,968) | (1,741) | (7,789) | (7,170) | |||
(Loss) income from unconsolidated entities | 3,262 | 344 | (14,986) | (836) | |||
Gain (loss) on real estate dispositions, net | 570,250 | 24,723 | 735,977 | 373,662 | |||
Income (loss) from continuing operations | 647,932 | 84,226 | 1,090,274 | 705,054 | |||
Net income (loss) | 647,932 | 84,226 | 1,090,274 | 705,054 | |||
Total assets | 31,863,955 | 31,863,955 | $ 30,342,072 | ||||
Resident fees and services | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 834,121 | 875,171 | 2,616,491 | 2,374,450 | |||
Interest income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 15,637 | 14,622 | 48,112 | 42,732 | |||
Other income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 4,228 | 3,699 | 15,064 | 22,217 | |||
Operating Segments | Seniors Housing Operating | |||||||
Segment Reporting Information [Line Items] | |||||||
Rental income | 0 | 0 | |||||
Rental income | 0 | 0 | |||||
Total revenues | 835,496 | 876,505 | 2,623,411 | 2,378,839 | |||
Property operating expenses | 581,341 | 610,659 | 1,826,344 | 1,648,262 | |||
Consolidated net operating income | 254,155 | 265,846 | 797,067 | 730,577 | |||
Depreciation and amortization | 148,126 | 136,532 | 416,252 | 397,080 | |||
Interest expense | 16,356 | 17,319 | 52,179 | 51,225 | |||
General and administrative expenses | 0 | 0 | 0 | 0 | |||
Loss (gain) on derivatives and financial instruments, net | 0 | 0 | 0 | 0 | |||
Loss (gain) on extinguishment of debt, net | 1,450 | 0 | 1,450 | 110 | |||
Provision for loan losses | 0 | ||||||
Impairment of assets | 2,599 | 562 | 2,599 | 5,075 | |||
Other expenses | 4,274 | (811) | 19,077 | 5,168 | |||
Income (loss) from continuing operations before income taxes and other items | 81,350 | 112,244 | 305,510 | 271,919 | |||
Income tax (expense) benefit | (2,554) | 211 | (2,798) | (2,244) | |||
(Loss) income from unconsolidated entities | (3,859) | (6,705) | (37,892) | (21,389) | |||
Gain (loss) on real estate dispositions, net | 519,203 | (1) | 518,493 | 3 | |||
Income (loss) from continuing operations | 594,140 | 105,749 | 783,313 | 248,289 | |||
Net income (loss) | 594,140 | 105,749 | 783,313 | 248,289 | |||
Total assets | 15,095,737 | 15,095,737 | |||||
Operating Segments | Seniors Housing Operating | Resident fees and services | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 834,121 | 875,171 | 2,616,491 | 2,374,450 | |||
Operating Segments | Seniors Housing Operating | Interest income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 0 | 159 | 0 | 416 | |||
Operating Segments | Seniors Housing Operating | Other income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 1,375 | 1,175 | 6,920 | 3,973 | |||
Operating Segments | Triple-net | |||||||
Segment Reporting Information [Line Items] | |||||||
Rental income | 227,499 | 681,893 | |||||
Rental income | 203,039 | 607,831 | |||||
Total revenues | 244,607 | 219,110 | 733,606 | 666,289 | |||
Property operating expenses | 13,922 | 426 | 41,700 | 583 | |||
Consolidated net operating income | 230,685 | 218,684 | 691,906 | 665,706 | |||
Depreciation and amortization | 57,147 | 60,383 | 174,551 | 171,724 | |||
Interest expense | 3,076 | 3,500 | 9,741 | 10,742 | |||
General and administrative expenses | 0 | 0 | 0 | 0 | |||
Loss (gain) on derivatives and financial instruments, net | 1,244 | 8,991 | 670 | (5,642) | |||
Loss (gain) on extinguishment of debt, net | 0 | 0 | 0 | (32) | |||
Provision for loan losses | 18,690 | ||||||
Impairment of assets | 12,314 | 6,178 | 11,374 | 34,482 | |||
Other expenses | (2,496) | 87,076 | 6,093 | 89,153 | |||
Income (loss) from continuing operations before income taxes and other items | 159,400 | 52,556 | 470,787 | 365,279 | |||
Income tax (expense) benefit | 12 | 1,116 | (2,300) | (708) | |||
(Loss) income from unconsolidated entities | 5,276 | 5,377 | 17,512 | 16,260 | |||
Gain (loss) on real estate dispositions, net | 51,529 | 24,782 | 217,973 | 158,938 | |||
Income (loss) from continuing operations | 216,217 | 83,831 | 703,972 | 539,769 | |||
Net income (loss) | 216,217 | 83,831 | 703,972 | 539,769 | |||
Total assets | 9,350,606 | 9,350,606 | |||||
Operating Segments | Triple-net | Resident fees and services | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||
Operating Segments | Triple-net | Interest income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 15,279 | 14,378 | 47,343 | 42,176 | |||
Operating Segments | Triple-net | Other income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 1,829 | 1,693 | 4,370 | 16,282 | |||
Operating Segments | Outpatient Medical | |||||||
Segment Reporting Information [Line Items] | |||||||
Rental income | 184,648 | 496,924 | |||||
Rental income | 139,848 | 412,026 | |||||
Total revenues | 185,189 | 140,069 | 498,015 | 412,567 | |||
Property operating expenses | 60,325 | 46,072 | 159,478 | 133,528 | |||
Consolidated net operating income | 124,864 | 93,997 | 338,537 | 279,039 | |||
Depreciation and amortization | 67,172 | 46,234 | 173,626 | 138,821 | |||
Interest expense | 3,363 | 1,643 | 10,097 | 4,975 | |||
General and administrative expenses | 0 | 0 | 0 | 0 | |||
Loss (gain) on derivatives and financial instruments, net | 0 | 0 | 0 | 0 | |||
Loss (gain) on extinguishment of debt, net | 0 | 0 | 0 | 11,928 | |||
Provision for loan losses | 0 | ||||||
Impairment of assets | 3,183 | 0 | 14,062 | 0 | |||
Other expenses | 524 | 1,055 | 1,274 | 3,748 | |||
Income (loss) from continuing operations before income taxes and other items | 50,622 | 45,065 | 139,478 | 119,567 | |||
Income tax (expense) benefit | (302) | 239 | (1,253) | (567) | |||
(Loss) income from unconsolidated entities | 1,845 | 1,672 | 5,394 | 4,293 | |||
Gain (loss) on real estate dispositions, net | (482) | (58) | (489) | 214,721 | |||
Income (loss) from continuing operations | 51,683 | 46,918 | 143,130 | 338,014 | |||
Net income (loss) | 51,683 | 46,918 | 143,130 | 338,014 | |||
Total assets | 7,173,763 | 7,173,763 | |||||
Operating Segments | Outpatient Medical | Resident fees and services | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||
Operating Segments | Outpatient Medical | Interest income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 358 | 85 | 769 | 140 | |||
Operating Segments | Outpatient Medical | Other income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 183 | 136 | 322 | 401 | |||
Non-segment / Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Rental income | 0 | 0 | |||||
Rental income | 0 | 0 | |||||
Total revenues | 841 | 695 | 3,452 | 1,561 | |||
Property operating expenses | 0 | 0 | 0 | 0 | |||
Consolidated net operating income | 841 | 695 | 3,452 | 1,561 | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Interest expense | 114,548 | 115,570 | 351,894 | 315,281 | |||
General and administrative expenses | 31,019 | 28,746 | 100,042 | 95,282 | |||
Loss (gain) on derivatives and financial instruments, net | 0 | 0 | 0 | 0 | |||
Loss (gain) on extinguishment of debt, net | 64,374 | 4,038 | 80,093 | 4,038 | |||
Provision for loan losses | 0 | ||||||
Impairment of assets | 0 | 0 | 0 | 0 | |||
Other expenses | 3,884 | 1,306 | 10,126 | 4,327 | |||
Income (loss) from continuing operations before income taxes and other items | (212,984) | (148,965) | (538,703) | (417,367) | |||
Income tax (expense) benefit | (1,124) | (3,307) | (1,438) | (3,651) | |||
(Loss) income from unconsolidated entities | 0 | 0 | 0 | 0 | |||
Gain (loss) on real estate dispositions, net | 0 | 0 | 0 | 0 | |||
Income (loss) from continuing operations | (214,108) | (152,272) | (540,141) | (421,018) | |||
Net income (loss) | (214,108) | (152,272) | (540,141) | (421,018) | |||
Total assets | 243,849 | 243,849 | |||||
Non-segment / Corporate | Resident fees and services | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||
Non-segment / Corporate | Interest income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||
Non-segment / Corporate | Other income | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from contract with customer | $ 841 | $ 695 | $ 3,452 | $ 1,561 | |||
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Segment Reporting - Summary of
Segment Reporting - Summary of Geographic Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | $ 1,266,133 | $ 1,236,379 | $ 3,858,484 | $ 3,459,256 | ||
Percent of revenues | 1 | 1 | 1 | 1 | ||
Total assets | $ 31,863,955 | $ 31,863,955 | $ 30,342,072 | [1] | ||
Percent of assets | 1 | 1 | 1 | |||
United States | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | $ 1,039,016 | $ 1,007,203 | $ 3,175,059 | $ 2,766,726 | ||
Percent of revenues | 0.821 | 0.815 | 0.823 | 0.800 | ||
Total assets | $ 26,302,481 | $ 26,302,481 | $ 24,884,292 | |||
Percent of assets | 0.825 | 0.825 | 0.820 | |||
United Kingdom | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | $ 110,303 | $ 111,503 | $ 335,368 | $ 340,059 | ||
Percent of revenues | 0.087 | 0.090 | 0.087 | 0.098 | ||
Total assets | $ 3,109,553 | $ 3,109,553 | $ 3,078,994 | |||
Percent of assets | 0.098 | 0.098 | 0.101 | |||
Canada | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | $ 116,814 | $ 117,673 | $ 348,057 | $ 352,471 | ||
Percent of revenues | 0.092 | 0.095 | 0.090 | 0.102 | ||
Total assets | $ 2,451,921 | $ 2,451,921 | $ 2,378,786 | |||
Percent of assets | 0.077 | 0.077 | 0.079 | |||
[1] | The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 1,004,148 | $ 1,007,091 |
Total equity | 518,821 | 523,429 |
Total liabilities and equity | 1,004,148 | 1,007,091 |
Net real estate investments | ||
Variable Interest Entity [Line Items] | ||
Total assets | 963,338 | 973,813 |
Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Total assets | 23,881 | 18,678 |
Receivables and other assets | ||
Variable Interest Entity [Line Items] | ||
Total assets | 16,929 | 14,600 |
Secured debt | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 461,480 | 465,433 |
Lease liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 1,326 | 0 |
Accrued expenses and other liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 22,521 | $ 18,229 |