☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 34-1096634 | ||||||||||||||||
(State or other jurisdiction of Incorporation) | (IRS Employer Identification No.) | ||||||||||||||||
4500 Dorr Street | Toledo, | Ohio | 43615 | ||||||||||||||
(Address of principal executive | (Zip Code) | ||||||||||||||||
(419) - | 247-2800 | ||||||||||||||||
( | |||||||||||||||||
Not Applicable | |||||||||||||||||
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Common stock, $1.00 par value per share | WELL | New York Stock Exchange | |||||||||
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC | WELL/28 | New York Stock Exchange | |||||||||
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC | WELL/34 | New York Stock Exchange | |||||||||
Large accelerated filer | þ | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
PART I. FINANCIAL INFORMATION | Page | |||||||
Item 1. Financial Statements (Unaudited) | ||||||||
Consolidated Balance Sheets | ||||||||
Consolidated Statements of Comprehensive Income | ||||||||
Consolidated Statements of Equity | ||||||||
Consolidated Statements of Cash Flows | ||||||||
Notes to Unaudited Consolidated Financial Statements | ||||||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||||||
Item 4. Controls and Procedures | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. Legal Proceedings | ||||||||
Item 1A. Risk Factors | ||||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||
Item 5. Other Information | ||||||||
Item 6. Exhibits | ||||||||
Signatures |
March 31, 2022 (Unaudited) | December 31, 2021 (Note) | September 30, 2022 (Unaudited) | December 31, 2021 (Note) | |||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Real estate investments: | Real estate investments: | Real estate investments: | ||||||||||||||||||||||||||
Real property owned: | Real property owned: | Real property owned: | ||||||||||||||||||||||||||
Land and land improvements | Land and land improvements | $ | 4,030,150 | $ | 3,968,430 | Land and land improvements | $ | 4,156,985 | $ | 3,968,430 | ||||||||||||||||||
Buildings and improvements | Buildings and improvements | 31,724,328 | 31,062,203 | Buildings and improvements | 33,018,251 | 31,062,203 | ||||||||||||||||||||||
Acquired lease intangibles | Acquired lease intangibles | 1,844,780 | 1,789,628 | Acquired lease intangibles | 1,920,803 | 1,789,628 | ||||||||||||||||||||||
Real property held for sale, net of accumulated depreciation | Real property held for sale, net of accumulated depreciation | 199,490 | 134,097 | Real property held for sale, net of accumulated depreciation | 175,657 | 134,097 | ||||||||||||||||||||||
Construction in progress | Construction in progress | 717,657 | 651,389 | Construction in progress | 1,012,202 | 651,389 | ||||||||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (7,215,622) | (6,910,114) | Less accumulated depreciation and amortization | (7,687,077) | (6,910,114) | ||||||||||||||||||||||
Net real property owned | Net real property owned | 31,300,783 | 30,695,633 | Net real property owned | 32,596,821 | 30,695,633 | ||||||||||||||||||||||
Right of use assets, net | Right of use assets, net | 404,689 | 522,796 | Right of use assets, net | 323,230 | 522,796 | ||||||||||||||||||||||
Real estate loans receivable, net of credit allowance | Real estate loans receivable, net of credit allowance | 1,003,136 | 1,068,681 | Real estate loans receivable, net of credit allowance | 916,639 | 1,068,681 | ||||||||||||||||||||||
Net real estate investments | Net real estate investments | 32,708,608 | 32,287,110 | Net real estate investments | 33,836,690 | 32,287,110 | ||||||||||||||||||||||
Other assets: | Other assets: | Other assets: | ||||||||||||||||||||||||||
Investments in unconsolidated entities | Investments in unconsolidated entities | 1,138,526 | 1,039,043 | Investments in unconsolidated entities | 1,383,246 | 1,039,043 | ||||||||||||||||||||||
Goodwill | Goodwill | 68,321 | 68,321 | Goodwill | 68,321 | 68,321 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 301,089 | 269,265 | Cash and cash equivalents | 343,446 | 269,265 | ||||||||||||||||||||||
Restricted cash | Restricted cash | 65,954 | 77,490 | Restricted cash | 81,738 | 77,490 | ||||||||||||||||||||||
Straight-line rent receivable | Straight-line rent receivable | 385,639 | 365,643 | Straight-line rent receivable | 430,173 | 365,643 | ||||||||||||||||||||||
Receivables and other assets | Receivables and other assets | 804,316 | 803,453 | Receivables and other assets | 1,270,874 | 803,453 | ||||||||||||||||||||||
Total other assets | Total other assets | 2,763,845 | 2,623,215 | Total other assets | 3,577,798 | 2,623,215 | ||||||||||||||||||||||
Total assets | Total assets | $ | 35,472,453 | $ | 34,910,325 | Total assets | $ | 37,414,488 | $ | 34,910,325 | ||||||||||||||||||
Liabilities and equity | Liabilities and equity | Liabilities and equity | ||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Unsecured credit facility and commercial paper | Unsecured credit facility and commercial paper | $ | 299,968 | $ | 324,935 | Unsecured credit facility and commercial paper | $ | 654,715 | $ | 324,935 | ||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | 12,136,760 | 11,613,758 | Senior unsecured notes | 12,324,601 | 11,613,758 | ||||||||||||||||||||||
Secured debt | Secured debt | 2,104,945 | 2,192,261 | Secured debt | 2,121,628 | 2,192,261 | ||||||||||||||||||||||
Lease liabilities | Lease liabilities | 548,999 | 545,944 | Lease liabilities | 410,415 | 545,944 | ||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 1,203,755 | 1,235,554 | Accrued expenses and other liabilities | 1,445,479 | 1,235,554 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 16,294,427 | 15,912,452 | Total liabilities | 16,956,838 | 15,912,452 | ||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 445,960 | 401,294 | Redeemable noncontrolling interests | 400,965 | 401,294 | ||||||||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||||||||
Common stock | Common stock | 455,376 | 448,605 | Common stock | 473,930 | 448,605 | ||||||||||||||||||||||
Capital in excess of par value | Capital in excess of par value | 23,620,112 | 23,133,641 | Capital in excess of par value | 25,289,432 | 23,133,641 | ||||||||||||||||||||||
Treasury stock | Treasury stock | (112,518) | (107,750) | Treasury stock | (111,772) | (107,750) | ||||||||||||||||||||||
Cumulative net income | Cumulative net income | 8,725,661 | 8,663,736 | Cumulative net income | 8,808,678 | 8,663,736 | ||||||||||||||||||||||
Cumulative dividends | Cumulative dividends | (14,654,583) | (14,380,915) | Cumulative dividends | (15,215,694) | (14,380,915) | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (138,472) | (121,316) | Accumulated other comprehensive income (loss) | (75,267) | (121,316) | ||||||||||||||||||||||
Total Welltower Inc. stockholders’ equity | Total Welltower Inc. stockholders’ equity | 17,895,576 | 17,636,001 | Total Welltower Inc. stockholders’ equity | 19,169,307 | 17,636,001 | ||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 836,490 | 960,578 | Noncontrolling interests | 887,378 | 960,578 | ||||||||||||||||||||||
Total equity | Total equity | 18,732,066 | 18,596,579 | Total equity | 20,056,685 | 18,596,579 | ||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 35,472,453 | $ | 34,910,325 | Total liabilities and equity | $ | 37,414,488 | $ | 34,910,325 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Resident fees and services | Resident fees and services | $ | 994,335 | $ | 723,464 | Resident fees and services | $ | 1,068,706 | $ | 835,617 | $ | 3,073,040 | $ | 2,299,972 | ||||||||||||||||||||||||||||||||||||||
Rental income | Rental income | 356,390 | 302,843 | Rental income | 361,983 | 357,984 | 1,079,784 | 1,015,550 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 38,994 | 19,579 | Interest income | 37,791 | 39,864 | 113,925 | 97,891 | ||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 5,985 | 6,176 | Other income | 5,364 | 6,332 | 75,335 | 19,438 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 1,395,704 | 1,052,062 | Total revenues | 1,473,844 | 1,239,797 | 4,342,084 | 3,432,851 | ||||||||||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 853,669 | 617,326 | Property operating expenses | 912,180 | 729,400 | 2,619,932 | 1,989,383 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 304,088 | 244,426 | Depreciation and amortization | 353,699 | 267,754 | 968,082 | 753,065 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 121,696 | 123,142 | Interest expense | 139,682 | 122,522 | 389,128 | 368,005 | ||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 37,706 | 29,926 | General and administrative expenses | 34,811 | 32,256 | 109,071 | 93,618 | ||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | Loss (gain) on derivatives and financial instruments, net | 2,578 | 1,934 | Loss (gain) on derivatives and financial instruments, net | 6,905 | (8,078) | 8,076 | (6,503) | ||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | (12) | (4,643) | Loss (gain) on extinguishment of debt, net | 2 | (5) | 593 | 50,964 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | (804) | 1,383 | Provision for loan losses, net | 490 | (271) | (149) | 7,309 | ||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | — | 23,568 | Impairment of assets | 4,356 | 1,490 | 4,356 | 48,750 | ||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 26,069 | 10,994 | Other expenses | 15,481 | 3,575 | 76,716 | 26,256 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 1,344,990 | 1,048,056 | Total expenses | 1,467,606 | 1,148,643 | 4,175,805 | 3,330,847 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | Income (loss) from continuing operations before income taxes and other items | 50,714 | 4,006 | Income (loss) from continuing operations before income taxes and other items | 6,238 | 91,154 | 166,279 | 102,004 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (5,013) | (3,943) | Income tax (expense) benefit | (3,257) | (4,940) | (11,335) | (6,662) | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | Income (loss) from unconsolidated entities | (2,884) | 13,049 | Income (loss) from unconsolidated entities | (6,698) | (15,832) | (16,640) | (10,759) | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | Gain (loss) on real estate dispositions, net | 22,934 | 59,080 | Gain (loss) on real estate dispositions, net | 1,064 | 119,954 | 20,466 | 223,702 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 65,751 | 72,192 | Income (loss) from continuing operations | (2,653) | 190,336 | 158,770 | 308,285 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | 65,751 | 72,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (2,653) | 190,336 | 158,770 | 308,285 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests(1) | Less: Net income (loss) attributable to noncontrolling interests(1) | 3,826 | 646 | Less: Net income (loss) attributable to noncontrolling interests(1) | 4,114 | 10,673 | 13,828 | 30,819 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $ | 61,925 | $ | 71,546 | Net income (loss) attributable to common stockholders | $ | (6,767) | $ | 179,663 | $ | 144,942 | $ | 277,466 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 447,379 | 417,241 | Basic | 463,366 | 428,031 | 455,074 | 420,955 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 449,802 | 419,079 | Diluted | 463,366 | 429,983 | 457,999 | 422,835 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | Earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic: | Basic: | Basic: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | $ | 0.15 | $ | 0.17 | Income (loss) from continuing operations | $ | (0.01) | $ | 0.44 | $ | 0.35 | $ | 0.73 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $ | 0.14 | $ | 0.17 | Net income (loss) attributable to common stockholders | $ | (0.01) | $ | 0.42 | $ | 0.32 | $ | 0.66 | ||||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | Diluted: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | $ | 0.15 | $ | 0.17 | Income (loss) from continuing operations | $ | (0.01) | $ | 0.44 | $ | 0.35 | $ | 0.73 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders(2) | Net income (loss) attributable to common stockholders(2) | $ | 0.14 | $ | 0.17 | Net income (loss) attributable to common stockholders(2) | $ | (0.01) | $ | 0.42 | $ | 0.32 | $ | 0.65 | ||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | Dividends declared and paid per common share | $ | 0.61 | $ | 0.61 | Dividends declared and paid per common share | $ | 0.61 | $ | 0.61 | $ | 1.83 | $ | 1.83 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 65,751 | $ | 72,192 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (2,653) | $ | 190,336 | $ | 158,770 | $ | 308,285 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation gain (loss) | Foreign currency translation gain (loss) | (66,948) | 44,210 | Foreign currency translation gain (loss) | (372,494) | (112,263) | (746,165) | (55,059) | ||||||||||||||||||||||||||||||||||||||||||||
Derivative and financial instruments designated as hedges gain (loss) | Derivative and financial instruments designated as hedges gain (loss) | 51,940 | (20,037) | Derivative and financial instruments designated as hedges gain (loss) | 417,567 | 130,711 | 753,588 | 100,866 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (15,008) | 24,173 | Total other comprehensive income (loss) | 45,073 | 18,448 | 7,423 | 45,807 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | 50,743 | 96,365 | Total comprehensive income (loss) | 42,420 | 208,784 | 166,193 | 354,092 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Total comprehensive income (loss) attributable to noncontrolling interests(1) | Less: Total comprehensive income (loss) attributable to noncontrolling interests(1) | 5,974 | 4,451 | Less: Total comprehensive income (loss) attributable to noncontrolling interests(1) | (20,741) | 4,350 | (24,798) | 31,299 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) attributable to common stockholders | Total comprehensive income (loss) attributable to common stockholders | $ | 44,769 | $ | 91,914 | Total comprehensive income (loss) attributable to common stockholders | $ | 63,161 | $ | 204,434 | $ | 190,991 | $ | 322,793 | ||||||||||||||||||||||||||||||||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. | (1) Includes amounts attributable to redeemable noncontrolling interests. | (1) Includes amounts attributable to redeemable noncontrolling interests. |
Three Months Ended March 31, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2022 | Balances at January 1, 2022 | $ | 448,605 | $ | 23,133,641 | $ | (107,750) | $ | 8,663,736 | $ | (14,380,915) | $ | (121,316) | $ | 960,578 | $ | 18,596,579 | Balances at January 1, 2022 | $ | 448,605 | $ | 23,133,641 | $ | (107,750) | $ | 8,663,736 | $ | (14,380,915) | $ | (121,316) | $ | 960,578 | $ | 18,596,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 61,925 | 2,752 | 64,677 | Net income (loss) | 61,925 | 2,752 | 64,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (17,156) | 1,465 | (15,691) | Other comprehensive income (loss) | (17,156) | 1,465 | (15,691) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 48,986 | Total comprehensive income | 48,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | Net change in noncontrolling interests | (63,026) | (128,305) | (191,331) | Net change in noncontrolling interests | (63,026) | (128,305) | (191,331) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | Amounts related to stock incentive plans, net of forfeitures | 166 | 7,279 | (4,768) | 2,677 | Amounts related to stock incentive plans, net of forfeitures | 166 | 7,279 | (4,768) | 2,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | Net proceeds from issuance of common stock | 6,605 | 542,218 | 548,823 | Net proceeds from issuance of common stock | 6,605 | 542,218 | 548,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | Dividends paid: | Dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | Common stock dividends | (273,668) | (273,668) | Common stock dividends | (273,668) | (273,668) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | Balances at March 31, 2022 | $ | 455,376 | $ | 23,620,112 | $ | (112,518) | $ | 8,725,661 | $ | (14,654,583) | $ | (138,472) | $ | 836,490 | $ | 18,732,066 | Balances at March 31, 2022 | $ | 455,376 | $ | 23,620,112 | $ | (112,518) | $ | 8,725,661 | $ | (14,654,583) | $ | (138,472) | $ | 836,490 | $ | 18,732,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 89,785 | 4,409 | 94,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (6,724) | (15,116) | (21,840) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 72,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | Net change in noncontrolling interests | (6,760) | 118,793 | 112,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to members' interest from change in ownership in Welltower OP | Adjustment to members' interest from change in ownership in Welltower OP | 46,861 | (46,861) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | Amounts related to stock incentive plans, net of forfeitures | 20 | 6,551 | 827 | 7,398 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | Net proceeds from issuance of common stock | 9,382 | 798,277 | 807,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | Dividends paid: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | Common stock dividends | (277,615) | (277,615) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | $ | 464,778 | $ | 24,465,041 | $ | (111,691) | $ | 8,815,446 | $ | (14,932,198) | $ | (145,196) | $ | 897,715 | $ | 19,453,895 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (6,768) | 2,876 | (3,892) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 69,929 | (23,029) | 46,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 43,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | Net change in noncontrolling interests | (2,400) | 12,801 | 10,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to members' interest from change in ownership in Welltower OP | Adjustment to members' interest from change in ownership in Welltower OP | 2,779 | (2,779) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of OP units | Redemption of OP units | 5 | 201 | (206) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | Amounts related to stock incentive plans, net of forfeitures | 3 | 6,151 | (81) | 6,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | Net proceeds from issuance of common stock | 9,144 | 817,660 | 826,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | Dividends paid: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | Common stock dividends | (283,496) | (283,496) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | $ | 473,930 | $ | 25,289,432 | $ | (111,772) | $ | 8,808,678 | $ | (15,215,694) | $ | (75,267) | $ | 887,378 | $ | 20,056,685 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2021 | $ | 418,691 | $ | 20,823,145 | $ | (104,490) | $ | 8,327,598 | $ | (13,343,721) | $ | (148,504) | $ | 908,853 | $ | 16,881,572 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 71,546 | (177) | 71,369 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 20,368 | 3,729 | 24,097 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 95,466 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (14,250) | (20,266) | (34,516) | |||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 175 | 5,393 | (2,029) | 3,539 | ||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | 0 | (92) | (92) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (254,952) | (254,952) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | 418,866 | $ | 20,814,196 | $ | (106,519) | $ | 8,399,144 | $ | (13,598,673) | $ | (128,136) | $ | 892,139 | $ | 16,691,017 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2021 | $ | 418,691 | $ | 20,823,145 | $ | (104,490) | $ | 8,327,598 | $ | (13,343,721) | $ | (148,504) | $ | 908,853 | $ | 16,881,572 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 71,546 | (177) | 71,369 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 20,368 | 3,729 | 24,097 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 95,466 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (14,250) | (20,266) | (34,516) | |||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 175 | 5,393 | (2,029) | 3,539 | ||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | (92) | (92) | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (254,952) | (254,952) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | 418,866 | $ | 20,814,196 | $ | (106,519) | $ | 8,399,144 | $ | (13,598,673) | $ | (128,136) | $ | 892,139 | $ | 16,691,017 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 26,257 | 19,695 | 45,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 188 | 2,919 | 3,107 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 49,059 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (17,377) | 15,630 | (1,747) | |||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 51 | 4,504 | (2,114) | 2,441 | ||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | 5,016 | 360,515 | 365,531 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (255,472) | (255,472) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | 423,933 | $ | 21,161,838 | $ | (108,633) | $ | 8,425,401 | $ | (13,854,145) | $ | (127,948) | $ | 930,383 | $ | 16,850,829 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 179,663 | 10,470 | 190,133 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 24,771 | (6,196) | 18,575 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 208,708 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | (4,013) | (14,944) | (18,957) | |||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | 3 | 4,932 | 155 | 5,090 | ||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | 12,704 | 986,102 | 998,806 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (261,560) | (261,560) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | 436,640 | $ | 22,148,859 | $ | (108,478) | $ | 8,605,064 | $ | (14,115,705) | $ | (103,177) | $ | 919,713 | $ | 17,782,916 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 31, | September 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||||||||
Net income | Net income | $ | 65,751 | $ | 72,192 | Net income | $ | 158,770 | $ | 308,285 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | Adjustments to reconcile net income to net cash provided from (used in) operating activities: | Adjustments to reconcile net income to net cash provided from (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 304,088 | 244,426 | Depreciation and amortization | 968,082 | 753,065 | ||||||||||||||||||||||
Other amortization expenses | Other amortization expenses | 5,592 | 4,197 | Other amortization expenses | 20,643 | 13,951 | ||||||||||||||||||||||
Provision for loan losses | (804) | 1,383 | ||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | (149) | 7,309 | |||||||||||||||||||||||||
Impairment of assets | Impairment of assets | — | 23,568 | Impairment of assets | 4,356 | 48,750 | ||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 7,445 | 5,576 | Stock-based compensation expense | 19,456 | 14,868 | ||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | Loss (gain) on derivatives and financial instruments, net | 2,578 | 1,934 | Loss (gain) on derivatives and financial instruments, net | 8,076 | (6,503) | ||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | (12) | (4,643) | Loss (gain) on extinguishment of debt, net | 593 | 50,964 | ||||||||||||||||||||||
Loss (income) from unconsolidated entities | Loss (income) from unconsolidated entities | 2,884 | (13,049) | Loss (income) from unconsolidated entities | 16,640 | 10,759 | ||||||||||||||||||||||
Rental income less than (in excess of) cash received | Rental income less than (in excess of) cash received | (22,215) | 30,563 | Rental income less than (in excess of) cash received | (79,571) | (9,607) | ||||||||||||||||||||||
Amortization related to above (below) market leases, net | Amortization related to above (below) market leases, net | (419) | (460) | Amortization related to above (below) market leases, net | (1,199) | (2,045) | ||||||||||||||||||||||
Loss (gain) on real estate dispositions, net | Loss (gain) on real estate dispositions, net | (22,934) | (59,080) | Loss (gain) on real estate dispositions, net | (20,466) | (223,702) | ||||||||||||||||||||||
Distributions by unconsolidated entities | Distributions by unconsolidated entities | 6,982 | 3,036 | Distributions by unconsolidated entities | 8,648 | 11,783 | ||||||||||||||||||||||
Increase (decrease) in accrued expenses and other liabilities | Increase (decrease) in accrued expenses and other liabilities | (23,416) | (4,406) | Increase (decrease) in accrued expenses and other liabilities | 96,250 | 97,924 | ||||||||||||||||||||||
Decrease (increase) in receivables and other assets | Decrease (increase) in receivables and other assets | (1,000) | (1,579) | Decrease (increase) in receivables and other assets | (124,807) | (83,806) | ||||||||||||||||||||||
Net cash provided from (used in) operating activities | Net cash provided from (used in) operating activities | 324,520 | 303,658 | Net cash provided from (used in) operating activities | 1,075,322 | 991,995 | ||||||||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||||||||
Cash disbursed for acquisitions, net of cash acquired | Cash disbursed for acquisitions, net of cash acquired | (601,410) | (203,107) | Cash disbursed for acquisitions, net of cash acquired | (2,292,998) | (2,735,206) | ||||||||||||||||||||||
Cash disbursed for capital improvements to existing properties | Cash disbursed for capital improvements to existing properties | (90,229) | (28,780) | Cash disbursed for capital improvements to existing properties | (315,835) | (165,691) | ||||||||||||||||||||||
Cash disbursed for construction in progress | Cash disbursed for construction in progress | (138,141) | (73,605) | Cash disbursed for construction in progress | (463,465) | (263,325) | ||||||||||||||||||||||
Capitalized interest | Capitalized interest | (5,479) | (4,496) | Capitalized interest | (20,729) | (14,027) | ||||||||||||||||||||||
Investment in loans receivable | Investment in loans receivable | (39,201) | (43,148) | Investment in loans receivable | (133,179) | (953,006) | ||||||||||||||||||||||
Principal collected on loans receivable | Principal collected on loans receivable | 89,207 | 2,852 | Principal collected on loans receivable | 172,380 | 250,415 | ||||||||||||||||||||||
Other investments, net of payments | Other investments, net of payments | 2,401 | 664 | Other investments, net of payments | (62,625) | (10,885) | ||||||||||||||||||||||
Contributions to unconsolidated entities | Contributions to unconsolidated entities | (115,249) | (94,095) | Contributions to unconsolidated entities | (390,493) | (278,833) | ||||||||||||||||||||||
Distributions by unconsolidated entities | Distributions by unconsolidated entities | 5,882 | 36,934 | Distributions by unconsolidated entities | 34,256 | 238,066 | ||||||||||||||||||||||
Proceeds from (payments on) derivatives | Proceeds from (payments on) derivatives | 10,104 | (6,567) | Proceeds from (payments on) derivatives | 63,747 | 2,312 | ||||||||||||||||||||||
Proceeds from sales of real property | Proceeds from sales of real property | 73,568 | 274,208 | Proceeds from sales of real property | 124,431 | 941,708 | ||||||||||||||||||||||
Net cash provided from (used in) investing activities | Net cash provided from (used in) investing activities | (808,547) | (139,140) | Net cash provided from (used in) investing activities | (3,284,510) | (2,988,472) | ||||||||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||||||||
Net increase (decrease) under unsecured credit facility and commercial paper | Net increase (decrease) under unsecured credit facility and commercial paper | (24,967) | — | Net increase (decrease) under unsecured credit facility and commercial paper | 329,780 | 290,996 | ||||||||||||||||||||||
Net proceeds from issuance of senior unsecured notes | Net proceeds from issuance of senior unsecured notes | 545,082 | 713,907 | Net proceeds from issuance of senior unsecured notes | 1,040,232 | 1,208,241 | ||||||||||||||||||||||
Payments to extinguish senior unsecured notes | Payments to extinguish senior unsecured notes | — | (1,533,752) | |||||||||||||||||||||||||
Net proceeds from the issuance of secured debt | Net proceeds from the issuance of secured debt | 5,385 | — | Net proceeds from the issuance of secured debt | 89,804 | 2,693 | ||||||||||||||||||||||
Payments on secured debt | Payments on secured debt | (116,789) | (57,888) | Payments on secured debt | (320,377) | (118,854) | ||||||||||||||||||||||
Net proceeds from the issuance of common stock | Net proceeds from the issuance of common stock | 549,346 | — | Net proceeds from the issuance of common stock | 2,184,953 | 1,366,464 | ||||||||||||||||||||||
Payments for deferred financing costs and prepayment penalties | Payments for deferred financing costs and prepayment penalties | (69) | (1,221) | Payments for deferred financing costs and prepayment penalties | (4,881) | (72,251) | ||||||||||||||||||||||
Contributions by noncontrolling interests(1) | Contributions by noncontrolling interests(1) | 4,101 | 5,073 | Contributions by noncontrolling interests(1) | 47,503 | 84,073 | ||||||||||||||||||||||
Distributions to noncontrolling interests(1) | Distributions to noncontrolling interests(1) | (177,979) | (30,117) | Distributions to noncontrolling interests(1) | (221,754) | (108,912) | ||||||||||||||||||||||
Cash distributions to stockholders | Cash distributions to stockholders | (273,045) | (254,915) | Cash distributions to stockholders | (833,296) | (770,457) | ||||||||||||||||||||||
Other financing activities | Other financing activities | (5,960) | (2,936) | Other financing activities | (7,730) | (9,322) | ||||||||||||||||||||||
Net cash provided from (used in) financing activities | Net cash provided from (used in) financing activities | 505,105 | 371,903 | Net cash provided from (used in) financing activities | 2,304,234 | 338,919 | ||||||||||||||||||||||
Effect of foreign currency translation on cash and cash equivalents and restricted cash | Effect of foreign currency translation on cash and cash equivalents and restricted cash | (790) | 1,358 | Effect of foreign currency translation on cash and cash equivalents and restricted cash | (16,617) | (840) | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | Increase (decrease) in cash, cash equivalents and restricted cash | 20,288 | 537,779 | Increase (decrease) in cash, cash equivalents and restricted cash | 78,429 | (1,658,398) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 346,755 | 2,021,043 | Cash, cash equivalents and restricted cash at beginning of period | 346,755 | 2,021,043 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 367,043 | $ | 2,558,822 | Cash, cash equivalents and restricted cash at end of period | $ | 425,184 | $ | 362,645 | ||||||||||||||||||
Supplemental cash flow information: | Supplemental cash flow information: | Supplemental cash flow information: | ||||||||||||||||||||||||||
Interest paid | Interest paid | $ | 123,012 | $ | 135,947 | Interest paid | $ | 364,345 | $ | 341,134 | ||||||||||||||||||
Income taxes paid (received), net | Income taxes paid (received), net | 631 | (852) | Income taxes paid (received), net | 6,725 | 1,288 | ||||||||||||||||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. | (1) Includes amounts attributable to redeemable noncontrolling interests. | (1) Includes amounts attributable to redeemable noncontrolling interests. |
Three Months Ended(1) | ||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||
2021 | 72.7 | % | 73.0 | % | 74.9 | % | 76.3 | % | ||||||||||||||||||
2022 | 76.3 | % | 77.1 | % | 78.0 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and land improvements | Land and land improvements | $ | 43,897 | $ | — | $ | 240 | $ | 44,137 | $ | 1,240 | $ | 24,154 | $ | 2,273 | $ | 27,667 | Land and land improvements | $ | 199,892 | $ | — | $ | 65,688 | $ | 265,580 | $ | 264,706 | $ | 48,099 | $ | 45,350 | $ | 358,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and improvements | Buildings and improvements | 402,342 | 171 | 131,412 | 533,925 | 3,491 | 170,362 | 10,570 | 184,423 | Buildings and improvements | 1,988,999 | 172 | 249,660 | 2,238,831 | 1,655,067 | 436,828 | 227,390 | 2,319,285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired lease intangibles | Acquired lease intangibles | 31,366 | — | 16,978 | 48,344 | 339 | — | 1,439 | 1,778 | Acquired lease intangibles | 109,049 | — | 33,978 | 143,027 | 142,439 | — | 17,333 | 159,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | Construction in progress | 108,141 | — | — | 108,141 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets, net | Right of use assets, net | — | — | 3,852 | 3,852 | — | — | — | — | Right of use assets, net | 169 | — | 3,852 | 4,021 | 77,455 | — | — | 77,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net real estate assets | Total net real estate assets | 477,605 | 171 | 152,482 | 630,258 | 5,070 | 194,516 | 14,282 | 213,868 | Total net real estate assets | 2,406,250 | 172 | 353,178 | 2,759,600 | 2,139,667 | 484,927 | 290,073 | 2,914,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables and other assets | Receivables and other assets | 1,630 | — | — | 1,630 | 34 | — | — | 34 | Receivables and other assets | 10,410 | — | 460 | 10,870 | 6,041 | — | 3,534 | 9,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets acquired | Total assets acquired | 479,235 | 171 | 152,482 | 631,888 | 5,104 | 194,516 | 14,282 | 213,902 | Total assets acquired | 2,416,660 | 172 | 353,638 | 2,770,470 | 2,145,708 | 484,927 | 293,607 | 2,924,242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt | Secured debt | (219,067) | — | — | (219,067) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities | Lease liabilities | — | — | (3,852) | (3,852) | — | — | — | — | Lease liabilities | — | — | (3,852) | (3,852) | (138,126) | — | — | (138,126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | (4,154) | — | — | (4,154) | — | (8,703) | (36) | (8,739) | Accrued expenses and other liabilities | (111,373) | — | (1,294) | (112,667) | (20,748) | (8,703) | (266) | (29,717) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities acquired | Total liabilities acquired | (4,154) | — | (3,852) | (8,006) | — | (8,703) | (36) | (8,739) | Total liabilities acquired | (330,440) | — | (5,146) | (335,586) | (158,874) | (8,703) | (266) | (167,843) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | (20,348) | (4) | — | (20,352) | — | (2,056) | — | (2,056) | Noncontrolling interests | (115,112) | (4) | (975) | (116,091) | (2,597) | (2,056) | (16,540) | (21,193) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash acquisition related activity | Non-cash acquisition related activity | (2,120) | — | — | (2,120) | — | — | — | — | Non-cash acquisition related activity | (25,795) | — | — | (25,795) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash disbursed for acquisitions | Cash disbursed for acquisitions | 452,613 | 167 | 148,630 | 601,410 | 5,104 | 183,757 | 14,246 | 203,107 | Cash disbursed for acquisitions | 1,945,313 | 168 | 347,517 | 2,292,998 | 1,984,237 | 474,168 | 276,801 | 2,735,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress additions | Construction in progress additions | 113,407 | 20,756 | 9,642 | 143,805 | 38,373 | 31,809 | 7,601 | 77,783 | Construction in progress additions | 343,000 | 64,091 | 75,460 | 482,551 | 190,672 | 60,251 | 29,448 | 280,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Capitalized interest | Less: Capitalized interest | (4,179) | (1,089) | (211) | (5,479) | (2,980) | (524) | (992) | (4,496) | Less: Capitalized interest | (16,464) | (3,088) | (1,177) | (20,729) | (9,658) | (2,092) | (2,277) | (14,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruals | Accruals | (1,963) | — | 1,778 | (185) | 7 | — | 311 | 318 | Accruals | (2,809) | — | 4,452 | 1,643 | 38 | — | (3,057) | (3,019) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash disbursed for construction in progress | Cash disbursed for construction in progress | 107,265 | 19,667 | 11,209 | 138,141 | 35,400 | 31,285 | 6,920 | 73,605 | Cash disbursed for construction in progress | 323,727 | 61,003 | 78,735 | 463,465 | 181,052 | 58,159 | 24,114 | 263,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital improvements to existing properties | Capital improvements to existing properties | 68,612 | 8,294 | 13,323 | 90,229 | (3,159) | 25,295 | 6,644 | 28,780 | Capital improvements to existing properties | 232,618 | 39,526 | 43,691 | 315,835 | 115,115 | 26,496 | 24,080 | 165,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash invested in real property, net of cash acquired | Total cash invested in real property, net of cash acquired | $ | 628,490 | $ | 28,128 | $ | 173,162 | $ | 829,780 | $ | 37,345 | $ | 240,337 | $ | 27,810 | $ | 305,492 | Total cash invested in real property, net of cash acquired | $ | 2,501,658 | $ | 100,697 | $ | 469,943 | $ | 3,072,298 | $ | 2,280,404 | $ | 558,823 | $ | 324,995 | $ | 3,164,222 |
Three Months Ended | ||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||
Development projects: | ||||||||||||||
Seniors Housing Operating | $ | 73,458 | $ | — | ||||||||||
Triple-net | — | 22,990 | ||||||||||||
Total construction in progress conversions | $ | 73,458 | $ | 22,990 |
Nine Months Ended | ||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||
Development projects: | ||||||||||||||
Seniors Housing Operating | $ | 182,421 | $ | 58,844 | ||||||||||
Triple-net | — | 22,990 | ||||||||||||
Outpatient Medical | — | 116,612 | ||||||||||||
Total construction in progress conversions | $ | 182,421 | $ | 198,446 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
In place lease intangibles | In place lease intangibles | $ | 1,732,980 | $ | 1,681,533 | In place lease intangibles | $ | 1,801,657 | $ | 1,681,533 | ||||||||||||||||||
Above market tenant leases | Above market tenant leases | 53,988 | 53,964 | Above market tenant leases | 56,844 | 53,964 | ||||||||||||||||||||||
Lease commissions | Lease commissions | 57,812 | 54,131 | Lease commissions | 62,302 | 54,131 | ||||||||||||||||||||||
Gross historical cost | Gross historical cost | 1,844,780 | 1,789,628 | Gross historical cost | 1,920,803 | 1,789,628 | ||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (1,338,046) | (1,286,259) | Accumulated amortization | (1,416,849) | (1,286,259) | ||||||||||||||||||||||
Net book value | Net book value | $ | 506,734 | $ | 503,369 | Net book value | $ | 503,954 | $ | 503,369 | ||||||||||||||||||
Weighted-average amortization period in years | Weighted-average amortization period in years | 7.2 | 5.5 | Weighted-average amortization period in years | 7.4 | 5.5 | ||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Below market tenant leases | Below market tenant leases | $ | 74,910 | $ | 74,909 | Below market tenant leases | $ | 77,071 | $ | 74,909 | ||||||||||||||||||
Accumulated amortization | Accumulated amortization | (47,174) | (45,291) | Accumulated amortization | (50,642) | (45,291) | ||||||||||||||||||||||
Net book value | Net book value | $ | 27,736 | $ | 29,618 | Net book value | $ | 26,429 | $ | 29,618 | ||||||||||||||||||
Weighted-average amortization period in years | Weighted-average amortization period in years | 8.3 | 8.2 | Weighted-average amortization period in years | 8.5 | 8.2 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Rental income related to (above)/below market tenant leases, net | Rental income related to (above)/below market tenant leases, net | $ | 385 | $ | 425 | Rental income related to (above)/below market tenant leases, net | $ | 358 | $ | 384 | $ | 1,094 | $ | 1,241 | ||||||||||||||||||||||||||||||||||||||
Amortization related to in place lease intangibles and lease commissions | Amortization related to in place lease intangibles and lease commissions | (47,994) | (22,779) | Amortization related to in place lease intangibles and lease commissions | (60,176) | (32,872) | (158,364) | (76,083) |
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
2022 | 2022 | $ | 138,363 | $ | 5,482 | 2022 | $ | 48,478 | $ | 2,458 | ||||||||||||||||||
2023 | 2023 | 132,163 | 5,262 | 2023 | 161,778 | 5,106 | ||||||||||||||||||||||
2024 | 2024 | 63,179 | 3,117 | 2024 | 85,462 | 3,554 | ||||||||||||||||||||||
2025 | 2025 | 26,311 | 2,588 | 2025 | 35,610 | 2,911 | ||||||||||||||||||||||
2026 | 2026 | 22,718 | 2,077 | 2026 | 28,159 | 2,430 | ||||||||||||||||||||||
Thereafter | Thereafter | 124,000 | 9,210 | Thereafter | 144,467 | 9,970 | ||||||||||||||||||||||
Total | Total | $ | 506,734 | $ | 27,736 | Total | $ | 503,954 | $ | 26,429 |
Three Months Ended March 31, | Nine Months Ended | |||||||||||||||||||||||||||
2022 | 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
Real estate dispositions: | Real estate dispositions: | Real estate dispositions: | ||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | $ | — | $ | 74,326 | Seniors Housing Operating | $ | 13,470 | $ | 112,837 | ||||||||||||||||||
Triple-net | Triple-net | 52,661 | — | Triple-net | 89,827 | 439,974 | ||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | — | 137,890 | Outpatient Medical | 393 | 159,000 | ||||||||||||||||||||||
Total dispositions | Total dispositions | 52,661 | 212,216 | Total dispositions | 103,690 | 711,811 | ||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | Gain (loss) on real estate dispositions, net | 22,934 | 59,080 | Gain (loss) on real estate dispositions, net | 20,466 | 223,702 | ||||||||||||||||||||||
Net other assets/(liabilities) disposed | Net other assets/(liabilities) disposed | (2,027) | 2,912 | Net other assets/(liabilities) disposed | 275 | 6,195 | ||||||||||||||||||||||
Proceeds from real estate dispositions | Proceeds from real estate dispositions | $ | 73,568 | $ | 274,208 | Proceeds from real estate dispositions | $ | 124,431 | $ | 941,708 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 4,958 | $ | 30,414 | Total revenues | $ | 4,299 | $ | 14,813 | $ | 13,331 | $ | 69,018 | |||||||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 871 | 1,115 | Interest expense | 867 | 803 | 2,545 | 2,813 | |||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 1,971 | 3,576 | Property operating expenses | 1,941 | 2,457 | 5,946 | 11,874 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for depreciation | Provision for depreciation | 13 | 6,368 | Provision for depreciation | 218 | 4,583 | 233 | 22,124 | |||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 2,855 | 11,059 | Total expenses | 3,026 | 7,843 | 8,724 | 36,811 | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate dispositions, net | Income (loss) from real estate dispositions, net | $ | 2,103 | $ | 19,355 | Income (loss) from real estate dispositions, net | $ | 1,273 | $ | 6,970 | $ | 4,607 | $ | 32,207 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
Classification | March 31, 2022 | March 31, 2021 | Classification | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||
Operating lease cost: (1) | Operating lease cost: (1) | Operating lease cost: (1) | ||||||||||||||||||||||||||||||||||||||
Real estate lease expense | Real estate lease expense | Property operating expenses | $ | 5,816 | $ | 5,358 | Real estate lease expense | Property operating expenses | $ | 16,767 | $ | 16,430 | ||||||||||||||||||||||||||||
Non-real estate investment lease expense | Non-real estate investment lease expense | General and administrative expenses | 978 | 1,185 | Non-real estate investment lease expense | General and administrative expenses | 4,174 | 3,461 | ||||||||||||||||||||||||||||||||
Finance lease cost: | Finance lease cost: | Finance lease cost: | ||||||||||||||||||||||||||||||||||||||
Amortization of leased assets | Amortization of leased assets | Property operating expenses | 1,156 | 2,035 | Amortization of leased assets | Property operating expenses | 4,927 | 6,120 | ||||||||||||||||||||||||||||||||
Interest on lease liabilities | Interest on lease liabilities | Interest expense | 1,618 | 1,663 | Interest on lease liabilities | Interest expense | 4,584 | 4,950 | ||||||||||||||||||||||||||||||||
Sublease income | Sublease income | Rental income | (2,715) | (1,043) | Sublease income | Rental income | (8,537) | (5,972) | ||||||||||||||||||||||||||||||||
Total | Total | $ | 6,853 | $ | 9,198 | Total | $ | 21,915 | $ | 24,989 |
Classification | March 31, 2022 | December 31, 2021 | Classification | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
Right of use assets: | Right of use assets: | Right of use assets: | ||||||||||||||||||||||||||||||||
Operating leases - real estate | Operating leases - real estate | Right of use assets, net | $ | 370,740 | $ | 367,068 | Operating leases - real estate | Right of use assets, net | $ | 290,133 | $ | 367,068 | ||||||||||||||||||||||
Finance leases - real estate | Finance leases - real estate | Right of use assets, net | 33,949 | 155,728 | Finance leases - real estate | Right of use assets, net | 33,097 | 155,728 | ||||||||||||||||||||||||||
Real estate right of use assets, net | Real estate right of use assets, net | 404,689 | 522,796 | Real estate right of use assets, net | 323,230 | 522,796 | ||||||||||||||||||||||||||||
Operating leases - non-real estate investments | Operating leases - non-real estate investments | Receivables and other assets | 9,430 | 9,627 | Operating leases - non-real estate investments | Receivables and other assets | 8,088 | 9,627 | ||||||||||||||||||||||||||
Finance leases - held for sale (1) | Finance leases - held for sale (1) | Real property held for sale, net of accumulated depreciation | 119,733 | — | Finance leases - held for sale (1) | Real property held for sale, net of accumulated depreciation | 116,577 | — | ||||||||||||||||||||||||||
Total right of use assets, net | Total right of use assets, net | $ | 533,852 | $ | 532,423 | Total right of use assets, net | $ | 447,895 | $ | 532,423 | ||||||||||||||||||||||||
Lease liabilities: | Lease liabilities: | Lease liabilities: | ||||||||||||||||||||||||||||||||
Operating leases | Operating leases | $ | 438,175 | $ | 434,261 | Operating leases | $ | 301,001 | $ | 434,261 | ||||||||||||||||||||||||
Financing leases | Financing leases | 110,824 | 111,683 | Financing leases | 109,414 | 111,683 | ||||||||||||||||||||||||||||
Total | Total | $ | 548,999 | $ | 545,944 | Total | $ | 410,415 | $ | 545,944 | ||||||||||||||||||||||||
(1) At March 31, 2022 finance leases at 7 properties were classified as held for sale. | ||||||||||||||||||||||||||||||||||
(1) At September 30, 2022, finance leases at seven properties were classified as held for sale. | (1) At September 30, 2022, finance leases at seven properties were classified as held for sale. |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Mortgage loans | Mortgage loans | $ | 833,070 | $ | 889,556 | Mortgage loans | $ | 709,120 | $ | 889,556 | ||||||||||||||||||
Other real estate loans | Other real estate loans | 184,223 | 194,477 | Other real estate loans | 220,484 | 194,477 | ||||||||||||||||||||||
Allowance for credit losses on real estate loans receivable | Allowance for credit losses on real estate loans receivable | (14,157) | (15,352) | Allowance for credit losses on real estate loans receivable | (12,965) | (15,352) | ||||||||||||||||||||||
Real estate loans receivable, net of credit allowance | Real estate loans receivable, net of credit allowance | 1,003,136 | 1,068,681 | Real estate loans receivable, net of credit allowance | 916,639 | 1,068,681 | ||||||||||||||||||||||
Non-real estate loans | Non-real estate loans | 390,559 | 375,060 | Non-real estate loans | 409,796 | 375,060 | ||||||||||||||||||||||
Allowance for credit losses on non-real estate loans receivable | Allowance for credit losses on non-real estate loans receivable | (151,536) | (151,433) | Allowance for credit losses on non-real estate loans receivable | (151,800) | (151,433) | ||||||||||||||||||||||
Non-real estate loans receivable, net of credit allowance | Non-real estate loans receivable, net of credit allowance | 239,023 | 223,627 | Non-real estate loans receivable, net of credit allowance | 257,996 | 223,627 | ||||||||||||||||||||||
Total loans receivable, net of credit allowance | Total loans receivable, net of credit allowance | $ | 1,242,159 | $ | 1,292,308 | Total loans receivable, net of credit allowance | $ | 1,174,635 | $ | 1,292,308 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
Advances on loans receivable | Advances on loans receivable | $ | 39,201 | $ | 43,148 | Advances on loans receivable | $ | 133,179 | $ | 953,006 | ||||||||||||||||||
Receipts on loans receivable | Receipts on loans receivable | (89,207) | (2,852) | Receipts on loans receivable | (172,380) | (250,415) | ||||||||||||||||||||||
Net cash advances (receipts) on loans receivable | Net cash advances (receipts) on loans receivable | $ | (50,006) | $ | 40,296 | Net cash advances (receipts) on loans receivable | $ | (39,201) | $ | 702,591 |
March 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan category | Loan category | Years of Origination | Loan Carrying Value | Allowance for Credit Loss | Net Loan Balance | No. of Loans | Loan category | Years of Origination | Loan Carrying Value | Allowance for Credit Loss | Net Loan Balance | No. of Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deteriorated loans | Deteriorated loans | 2007 - 2018 | $ | 174,841 | $ | (148,438) | $ | 26,403 | 3 | Deteriorated loans | 2007 - 2018 | $ | 172,265 | $ | (148,436) | $ | 23,829 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Collective loan pool | Collective loan pool | 2007-2017 | 209,774 | (2,982) | 206,792 | 15 | Collective loan pool | 2007-2017 | 214,598 | (3,012) | 211,586 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective loan pool | Collective loan pool | 2018 | 22,800 | (325) | 22,475 | 2 | Collective loan pool | 2018 | 19,778 | (278) | 19,500 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective loan pool | Collective loan pool | 2019 | 22,084 | (315) | 21,769 | 4 | Collective loan pool | 2019 | 22,839 | (321) | 22,518 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective loan pool | Collective loan pool | 2020 | 50,563 | (721) | 49,842 | 6 | Collective loan pool | 2020 | 51,954 | (729) | 51,225 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective loan pool | Collective loan pool | 2021 | 894,186 | (12,433) | 881,753 | 20 | Collective loan pool | 2021 | 748,653 | (10,456) | 738,197 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective loan pool | Collective loan pool | 2022 | 33,604 | (479) | 33,125 | 5 | Collective loan pool | 2022 | 109,313 | (1,533) | 107,780 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,407,852 | $ | (165,693) | $ | 1,242,159 | 55 | Total loans | $ | 1,339,400 | $ | (164,765) | $ | 1,174,635 | 61 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 166,785 | $ | 224,036 | Balance at beginning of period | $ | 166,785 | $ | 224,036 | ||||||||||||
Provision for loan losses | (804) | 1,383 | ||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | (149) | 7,309 | |||||||||||||||||||
Loan write-offs | Loan write-offs | — | (1,322) | Loan write-offs | — | (64,075) | ||||||||||||||||
Foreign currency translation | Foreign currency translation | (288) | 49 | Foreign currency translation | (1,871) | (468) | ||||||||||||||||
Balance at end of period | Balance at end of period | $ | 165,693 | $ | 224,146 | Balance at end of period | $ | 164,765 | $ | 166,802 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
Balance of deteriorated loans at end of period | Balance of deteriorated loans at end of period | $ | 174,841 | $ | 241,012 | Balance of deteriorated loans at end of period | $ | 172,265 | $ | 178,301 | ||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (148,438) | (211,191) | Allowance for credit losses | (148,436) | (148,438) | ||||||||||||||||||||||
Balance of deteriorated loans not reserved | Balance of deteriorated loans not reserved | $ | 26,403 | $ | 29,821 | Balance of deteriorated loans not reserved | $ | 23,829 | $ | 29,863 | ||||||||||||||||||
Interest recognized on deteriorated loans | Interest recognized on deteriorated loans | $ | — | $ | 3,079 | Interest recognized on deteriorated loans | $ | — | $ | 3,171 |
Percentage Ownership (1) | March 31, 2022 | December 31, 2021 | Percentage Ownership (1) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | 10% to 65% | $ | 897,769 | $ | 830,647 | Seniors Housing Operating | 10% to 65% | $ | 1,082,217 | $ | 830,647 | ||||||||||||||||||||||||||||
Triple-net | Triple-net | 10% to 88% | 68,643 | 44,814 | Triple-net | 10% to 88% | 102,168 | 44,814 | ||||||||||||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | 15% to 50% | 172,114 | 163,582 | Outpatient Medical | 15% to 50% | 198,861 | 163,582 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 1,138,526 | $ | 1,039,043 | Total | $ | 1,383,246 | $ | 1,039,043 |
Concentration by relationship: (1) | Concentration by relationship: (1) | Number of Properties | Total NOI | Percent of NOI (2) | Concentration by relationship: (1) | Number of Properties | Total NOI | Percent of NOI (2) | ||||||||||||||||||||||||||||||||
ProMedica (3) | ProMedica (3) | 205 | $ | 61,084 | 11% | ProMedica (3) | 205 | $ | 183,506 | 11% | ||||||||||||||||||||||||||||||
Atria Senior Living(4) | Atria Senior Living(4) | 98 | 125,933 | 8% | ||||||||||||||||||||||||||||||||||||
Sunrise Senior Living | Sunrise Senior Living | 110 | 30,467 | 6% | Sunrise Senior Living | 109 | 116,647 | 7% | ||||||||||||||||||||||||||||||||
Atria Senior Living | 96 | 28,745 | 5% | |||||||||||||||||||||||||||||||||||||
HC-One Group | HC-One Group | 1 | 23,872 | 4% | HC-One Group | 1 | 66,547 | 4% | ||||||||||||||||||||||||||||||||
Avery Healthcare | 61 | 19,901 | 4% | |||||||||||||||||||||||||||||||||||||
Cogir Management Corporation | Cogir Management Corporation | 48 | 56,065 | 4% | ||||||||||||||||||||||||||||||||||||
Remaining portfolio | Remaining portfolio | 1,190 | 377,966 | 70% | Remaining portfolio | 1,273 | 1,173,454 | 66% | ||||||||||||||||||||||||||||||||
Totals | Totals | 1,663 | $ | 542,035 | 100% | Totals | 1,734 | $ | 1,722,152 | 100% |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding at quarter end | Balance outstanding at quarter end | $ | 300,000 | $ | — | Balance outstanding at quarter end | $ | 655,000 | $ | 291,000 | $ | 655,000 | $ | 291,000 | ||||||||||||||||||||||||||||||||||||||
Maximum amount outstanding at any month end | Maximum amount outstanding at any month end | $ | 995,660 | $ | — | Maximum amount outstanding at any month end | $ | 1,565,000 | $ | 990,000 | $ | 1,565,000 | $ | 990,000 | ||||||||||||||||||||||||||||||||||||||
Average amount outstanding (total of daily | Average amount outstanding (total of daily | Average amount outstanding (total of daily | ||||||||||||||||||||||||||||||||||||||||||||||||||
principal balances divided by days in period) | principal balances divided by days in period) | $ | 961,463 | $ | — | principal balances divided by days in period) | $ | 1,047,631 | $ | 470,935 | $ | 937,045 | $ | 255,114 | ||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (actual interest | Weighted average interest rate (actual interest | Weighted average interest rate (actual interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
expense divided by average borrowings outstanding) | expense divided by average borrowings outstanding) | 0.53 | % | — | % | expense divided by average borrowings outstanding) | 2.76 | % | 0.21 | % | 1.58 | % | 0.42 | % |
Senior Unsecured Notes (1,2) | Secured Debt (1,3) | Totals | Senior Unsecured Notes (1,2,3) | Secured Debt (1,4) | Totals | |||||||||||||||||||||||||||||||||||
2022 | 2022 | $ | — | $ | 575,737 | $ | 575,737 | 2022 | $ | — | $ | 268,769 | $ | 268,769 | ||||||||||||||||||||||||||
2023 (4, 5) | 700,288 | 448,580 | 1,148,868 | |||||||||||||||||||||||||||||||||||||
2023 | 2023 | — | 494,352 | 494,352 | ||||||||||||||||||||||||||||||||||||
2024 | 2024 | 1,350,000 | 184,770 | 1,534,770 | 2024 | 1,350,000 | 318,176 | 1,668,176 | ||||||||||||||||||||||||||||||||
2025 | 2025 | 1,260,000 | 167,506 | 1,427,506 | 2025 | 1,260,000 | 224,036 | 1,484,036 | ||||||||||||||||||||||||||||||||
2026 | 2026 | 700,000 | 109,782 | 809,782 | 2026 | 700,000 | 124,195 | 824,195 | ||||||||||||||||||||||||||||||||
Thereafter (6, 7, 8) | 8,221,307 | 629,266 | 8,850,573 | |||||||||||||||||||||||||||||||||||||
Thereafter (5, 6, 7, 8) | Thereafter (5, 6, 7, 8) | 9,169,012 | 691,793 | 9,860,805 | ||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 12,231,595 | $ | 2,115,641 | $ | 14,347,236 | Totals | $ | 12,479,012 | $ | 2,121,321 | $ | 14,600,333 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Avg. | Weighted Avg. | Weighted Avg. | Weighted Avg. | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 11,707,961 | 3.67% | $ | 11,509,533 | 3.67% | Beginning balance | $ | 11,707,961 | 3.67% | $ | 11,509,533 | 3.67% | ||||||||||||||||||||||||||||||||||||||
Debt issued | Debt issued | 550,000 | 3.85% | 750,000 | 2.80% | Debt issued | 1,050,000 | 3.08% | 1,250,000 | 2.50% | ||||||||||||||||||||||||||||||||||||||||||
Debt extinguished | Debt extinguished | — | —% | (1,533,752) | 2.42% | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | Foreign currency | (26,366) | 4.14% | 20,059 | 3.90% | Foreign currency | (278,949) | 4.51% | (17,437) | 4.37% | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 12,231,595 | 3.69% | $ | 12,279,592 | 3.62% | Ending balance | $ | 12,479,012 | 3.86% | $ | 11,208,344 | 3.71% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Avg. | Weighted Avg. | Weighted Avg. | Weighted Avg. | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 2,202,312 | 3.03% | $ | 2,378,073 | 3.27% | Beginning balance | $ | 2,202,312 | 3.03% | $ | 2,378,073 | 3.27% | ||||||||||||||||||||||||||||||||||||||
Debt issued | Debt issued | 5,385 | 3.08% | — | —% | Debt issued | 89,804 | 4.57% | 2,693 | 3.75% | ||||||||||||||||||||||||||||||||||||||||||
Debt assumed | Debt assumed | 221,159 | 4.32% | — | —% | |||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguished | Debt extinguished | (100,821) | 4.21% | (41,933) | 7.60% | Debt extinguished | (276,252) | 4.28% | (70,144) | 6.02% | ||||||||||||||||||||||||||||||||||||||||||
Principal payments | Principal payments | (15,968) | 3.19% | (15,955) | 3.59% | Principal payments | (44,125) | 3.36% | (48,710) | 3.39% | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency | Foreign currency | 24,733 | 2.73% | 15,987 | 2.92% | Foreign currency | (71,577) | 3.17% | 7,869 | 2.97% | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 2,115,641 | 3.02% | $ | 2,336,172 | 3.14% | Ending balance | $ | 2,121,321 | 3.91% | $ | 2,269,781 | 3.10% |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Derivatives designated as net investment hedges: | Derivatives designated as net investment hedges: | Derivatives designated as net investment hedges: | ||||||||||||||||||||||||||
Denominated in Canadian Dollars | Denominated in Canadian Dollars | $ | 1,075,000 | $ | 675,000 | Denominated in Canadian Dollars | $ | 1,075,000 | $ | 675,000 | ||||||||||||||||||
Denominated in Pound Sterling | Denominated in Pound Sterling | £ | 1,890,708 | £ | 1,904,708 | Denominated in Pound Sterling | £ | 1,890,708 | £ | 1,904,708 | ||||||||||||||||||
Financial instruments designated as net investment hedges: | Financial instruments designated as net investment hedges: | Financial instruments designated as net investment hedges: | ||||||||||||||||||||||||||
Denominated in Canadian Dollars | Denominated in Canadian Dollars | $ | 250,000 | $ | 250,000 | Denominated in Canadian Dollars | $ | 250,000 | $ | 250,000 | ||||||||||||||||||
Denominated in Pound Sterling | Denominated in Pound Sterling | £ | 1,050,000 | £ | 1,050,000 | Denominated in Pound Sterling | £ | 1,050,000 | £ | 1,050,000 | ||||||||||||||||||
Interest rate swaps designated as cash flow hedges: | Interest rate swaps designated as cash flow hedges: | Interest rate swaps designated as cash flow hedges: | ||||||||||||||||||||||||||
Denominated in U.S Dollars (1) | Denominated in U.S Dollars (1) | $ | 25,000 | $ | 25,000 | Denominated in U.S Dollars (1) | $ | 25,000 | $ | 25,000 | ||||||||||||||||||
Interest rate swaps designated as fair value hedges: | Interest rate swaps designated as fair value hedges: | Interest rate swaps designated as fair value hedges: | ||||||||||||||||||||||||||
Denominated in U.S Dollars | Denominated in U.S Dollars | $ | 550,000 | $ | — | Denominated in U.S Dollars | $ | 550,000 | $ | — | ||||||||||||||||||
Derivative instruments not designated: | Derivative instruments not designated: | Derivative instruments not designated: | ||||||||||||||||||||||||||
Interest rate caps denominated in U.S. Dollars | Interest rate caps denominated in U.S. Dollars | $ | 26,137 | $ | 26,137 | Interest rate caps denominated in U.S. Dollars | $ | 26,137 | $ | 26,137 | ||||||||||||||||||
Forward sales contracts denominated in Canadian Dollars | Forward sales contracts denominated in Canadian Dollars | $ | 80,000 | $ | 80,000 | Forward sales contracts denominated in Canadian Dollars | $ | 80,000 | $ | 80,000 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Description | Location | 2022 | 2021 | Description | Location | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative instruments designated as hedges recognized in income | Gain (loss) on derivative instruments designated as hedges recognized in income | Interest expense | $ | 5,984 | $ | 6,024 | Gain (loss) on derivative instruments designated as hedges recognized in income | Interest expense | $ | 8,236 | $ | 5,849 | $ | 23,262 | $ | 17,416 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative instruments not designated as hedges recognized in income | Gain (loss) on derivative instruments not designated as hedges recognized in income | Interest expense | $ | (693) | $ | (719) | Gain (loss) on derivative instruments not designated as hedges recognized in income | Interest expense | $ | 4,215 | $ | 241 | $ | 5,349 | $ | (1,415) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on equity warrants recognized in income | Gain (loss) on equity warrants recognized in income | Gain (loss) on derivatives and financial instruments | $ | (2,423) | $ | — | Gain (loss) on equity warrants recognized in income | Gain (loss) on derivatives and financial instruments | $ | (6,083) | $ | 9,216 | $ | (6,604) | $ | 9,216 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI | Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI | OCI | $ | 51,940 | $ | (20,037) | Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI | OCI | $ | 417,567 | $ | 130,711 | $ | 753,588 | $ | 100,866 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Preferred Stock, $1.00 par value: | Preferred Stock, $1.00 par value: | Preferred Stock, $1.00 par value: | ||||||||||||||||||||||||||
Authorized shares | Authorized shares | 50,000,000 | 50,000,000 | Authorized shares | 50,000,000 | 50,000,000 | ||||||||||||||||||||||
Issued shares | Issued shares | — | — | Issued shares | — | — | ||||||||||||||||||||||
Outstanding shares | Outstanding shares | — | — | Outstanding shares | — | — | ||||||||||||||||||||||
Common Stock, $1.00 par value: | Common Stock, $1.00 par value: | Common Stock, $1.00 par value: | ||||||||||||||||||||||||||
Authorized shares | Authorized shares | 700,000,000 | 700,000,000 | Authorized shares | 700,000,000 | 700,000,000 | ||||||||||||||||||||||
Issued shares | Issued shares | 455,763,781 | 448,998,438 | Issued shares | 474,312,155 | 448,998,438 | ||||||||||||||||||||||
Outstanding shares | Outstanding shares | 453,948,046 | 447,239,477 | Outstanding shares | 472,516,526 | 447,239,477 |
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | |||||||||||||||||||||||
2021 Stock incentive plans, net of forfeitures | 119,818 | $ | — | $ | — | |||||||||||||||||||||
2022 ATM Program issuances | 6,605,191 | $ | 84.60 | $ | 558,790 | $ | 549,326 | |||||||||||||||||||
2022 Option exercises | 299 | 66.89 | 20 | 20 | ||||||||||||||||||||||
2022 Stock incentive plans, net of forfeitures | 103,079 | — | — | |||||||||||||||||||||||
2022 Totals | 6,708,569 | $ | 558,810 | $ | 549,346 |
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | |||||||||||||||||||||||
2021 ATM Program issuances | 17,720,008 | $ | 77.91 | $ | 1,380,519 | $ | 1,366,464 | |||||||||||||||||||
2021 Stock incentive plans, net of forfeitures | 153,275 | — | — | |||||||||||||||||||||||
2021 Totals | 17,873,283 | $ | 1,380,519 | $ | 1,366,464 | |||||||||||||||||||||
2022 Option exercises | 2,433 | $ | 67.00 | $ | 163 | $ | 163 | |||||||||||||||||||
2022 ATM Program issuances | 25,128,285 | 88.39 | 2,221,023 | 2,184,790 | ||||||||||||||||||||||
2022 Redemption of OP units | 5,498 | — | — | |||||||||||||||||||||||
2022 Stock incentive plans, net of forfeitures | 140,833 | — | — | |||||||||||||||||||||||
2022 Totals | 25,277,049 | $ | 2,221,186 | $ | 2,184,953 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||
Per Share | Amount | Per Share | Amount | ||||||||||||||||||||
Common stock | $ | 0.61 | $ | 273,668 | $ | 0.61 | $ | 254,952 | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Per Share | Amount | Per Share | Amount | ||||||||||||||||||||
Common stock | $ | 1.83 | $ | 834,779 | $ | 1.83 | $ | 771,984 | |||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | $ | (743,402) | $ | (674,306) | Foreign currency translation | $ | (1,381,845) | $ | (674,306) | ||||||||||||||||||
Derivative and financial instruments designated as hedges | Derivative and financial instruments designated as hedges | 604,930 | 552,990 | Derivative and financial instruments designated as hedges | 1,306,578 | 552,990 | ||||||||||||||||||||||
Total accumulated other comprehensive income (loss) | Total accumulated other comprehensive income (loss) | $ | (138,472) | $ | (121,316) | Total accumulated other comprehensive income (loss) | $ | (75,267) | $ | (121,316) |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Numerator for basic earnings per share - net income (loss) attributable to common stockholders | Numerator for basic earnings per share - net income (loss) attributable to common stockholders | $ | 61,925 | $ | 71,546 | Numerator for basic earnings per share - net income (loss) attributable to common stockholders | $ | (6,767) | $ | 179,663 | $ | 144,942 | $ | 277,466 | ||||||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to OP units | Adjustment for net income (loss) attributable to OP units | (145) | (1,353) | Adjustment for net income (loss) attributable to OP units | (7) | (473) | 99 | (2,699) | ||||||||||||||||||||||||||||||||||||||||||||
Numerator for diluted earnings per share | Numerator for diluted earnings per share | $ | 61,780 | $ | 70,193 | Numerator for diluted earnings per share | $ | (6,774) | $ | 179,190 | $ | 145,041 | $ | 274,767 | ||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per share - weighted average shares | Denominator for basic earnings per share - weighted average shares | 447,379 | 417,241 | Denominator for basic earnings per share - weighted average shares | 463,366 | 428,031 | 455,074 | 420,955 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock options | Employee stock options | 31 | — | Employee stock options | 7 | — | 26 | — | ||||||||||||||||||||||||||||||||||||||||||||
Non-vested restricted shares | Non-vested restricted shares | 974 | 421 | Non-vested restricted shares | 1,238 | 537 | 1,127 | 465 | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable OP units | 1,396 | 1,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OP units(1) | OP units(1) | 2,316 | 1,396 | 1,749 | 1,396 | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase program | Employee stock purchase program | 22 | 21 | Employee stock purchase program | 23 | 19 | 23 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Dilutive potential common shares | Dilutive potential common shares | 2,423 | 1,838 | Dilutive potential common shares | 3,584 | 1,952 | 2,925 | 1,880 | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares | Denominator for diluted earnings per share - adjusted weighted average shares | 449,802 | 419,079 | Denominator for diluted earnings per share - adjusted weighted average shares | 463,366 | 429,983 | 457,999 | 422,835 | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.14 | $ | 0.17 | Basic earnings per share | $ | (0.01) | $ | 0.42 | $ | 0.32 | $ | 0.66 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.14 | $ | 0.17 | Diluted earnings per share | $ | (0.01) | $ | 0.42 | $ | 0.32 | $ | 0.65 |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Mortgage loans receivable | $ | 699,219 | $ | 748,216 | $ | 877,102 | $ | 932,552 | ||||||||||||||||||
Other real estate loans receivable | 217,420 | 217,088 | 191,579 | 193,999 | ||||||||||||||||||||||
Equity securities | 136 | 136 | 1,608 | 1,608 | ||||||||||||||||||||||
Cash and cash equivalents | 343,446 | 343,446 | 269,265 | 269,265 | ||||||||||||||||||||||
Restricted cash | 81,738 | 81,738 | 77,490 | 77,490 | ||||||||||||||||||||||
Non-real estate loans receivable | 257,996 | 251,926 | 223,627 | 241,544 | ||||||||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 401,428 | 401,428 | 7,205 | 7,205 | ||||||||||||||||||||||
Equity warrants | 28,272 | 28,272 | 41,909 | 41,909 | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Borrowings under unsecured credit facility and commercial paper program | $ | 654,715 | $ | 654,715 | $ | 324,935 | $ | 324,935 | ||||||||||||||||||
Senior unsecured notes | 12,324,601 | 11,207,285 | 11,613,758 | 13,139,748 | ||||||||||||||||||||||
Secured debt | 2,121,628 | 2,053,767 | 2,192,261 | 2,252,107 | ||||||||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 59,709 | 59,709 | 39,296 | 39,296 | ||||||||||||||||||||||
Redeemable OP unitholder interests | $ | 95,513 | $ | 95,513 | $ | 153,098 | $ | 153,098 |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Mortgage loans receivable | $ | 821,509 | $ | 909,533 | $ | 877,102 | $ | 932,552 | ||||||||||||||||||
Other real estate loans receivable | 181,627 | 183,784 | 191,579 | 193,999 | ||||||||||||||||||||||
Equity securities | 1,455 | 1,455 | 1,608 | 1,608 | ||||||||||||||||||||||
Cash and cash equivalents | 301,089 | 301,089 | 269,265 | 269,265 | ||||||||||||||||||||||
Restricted cash | 65,954 | 65,954 | 77,490 | 77,490 | ||||||||||||||||||||||
Non-real estate loans receivable | 239,023 | 245,928 | 223,627 | 241,544 | ||||||||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 9,179 | 9,179 | 7,205 | 7,205 | ||||||||||||||||||||||
Equity warrants | 38,416 | 38,416 | 41,909 | 41,909 | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Borrowings under unsecured credit facility and commercial paper program | $ | 299,968 | $ | 299,968 | $ | 324,935 | $ | 324,935 | ||||||||||||||||||
Senior unsecured notes | 12,136,760 | 12,458,423 | 11,613,758 | 13,139,748 | ||||||||||||||||||||||
Secured debt | 2,104,945 | 2,108,622 | 2,192,261 | 2,252,107 | ||||||||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 30,580 | 30,580 | 39,296 | 39,296 | ||||||||||||||||||||||
Redeemable OP unitholder interests | $ | 171,609 | $ | 171,609 | $ | 153,098 | $ | 153,098 |
Fair Value Measurements as of March 31, 2022 | Fair Value Measurements as of September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | $ | 1,455 | $ | 1,455 | $ | — | $ | — | Equity securities | $ | 136 | $ | 136 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Equity warrants | Equity warrants | 38,416 | — | — | 38,416 | Equity warrants | 28,272 | — | — | 28,272 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) | Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) | (21,401) | — | (21,401) | — | Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) | 341,718 | — | 341,718 | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 18,470 | $ | 1,455 | $ | (21,401) | $ | 38,416 | Totals | $ | 370,126 | $ | 136 | $ | 341,718 | $ | 28,272 |
Nine Months Ended | ||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||
Beginning balance | $ | 41,909 | $ | — | ||||||||||
Warrants acquired | — | 32,419 | ||||||||||||
Mark-to-market adjustment | (6,604) | 9,216 | ||||||||||||
Foreign currency | (7,033) | (977) | ||||||||||||
Ending balance | $ | 28,272 | $ | 40,658 |
Three Months Ended March 31, 2022: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022: | Three Months Ended September 30, 2022: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resident fees and services | Resident fees and services | $ | 994,335 | $ | — | $ | — | $ | — | $ | 994,335 | Resident fees and services | $ | 1,068,706 | $ | — | $ | — | $ | — | $ | 1,068,706 | ||||||||||||||||||||||||||||||||||||||||||
Rental income | Rental income | — | 196,001 | 160,389 | — | 356,390 | Rental income | — | 191,443 | 170,540 | — | 361,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 1,417 | 37,506 | 71 | — | 38,994 | Interest income | 2,155 | 35,556 | 80 | — | 37,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 860 | 1,656 | 2,863 | 606 | 5,985 | Other income | 1,739 | 1,820 | 1,558 | 247 | 5,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 996,612 | 235,163 | 163,323 | 606 | 1,395,704 | Total revenues | 1,072,600 | 228,819 | 172,178 | 247 | 1,473,844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 789,928 | 11,211 | 49,915 | 2,615 | 853,669 | Property operating expenses | 841,914 | 11,495 | 52,921 | 5,850 | 912,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net operating income (loss) | Consolidated net operating income (loss) | 206,684 | 223,952 | 113,408 | (2,009) | 542,035 | Consolidated net operating income (loss) | 230,686 | 217,324 | 119,257 | (5,603) | 561,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 192,793 | 53,504 | 57,791 | — | 304,088 | Depreciation and amortization | 235,984 | 57,338 | 60,377 | — | 353,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 7,650 | 314 | 4,567 | 109,165 | 121,696 | Interest expense | 9,022 | 196 | 4,343 | 126,121 | 139,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | — | — | — | 37,706 | 37,706 | General and administrative expenses | — | — | — | 34,811 | 34,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | Loss (gain) on derivatives and financial instruments, net | — | 2,578 | — | — | 2,578 | Loss (gain) on derivatives and financial instruments, net | — | 6,905 | — | — | 6,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | (15) | — | 3 | — | (12) | Loss (gain) on extinguishment of debt, net | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | 267 | (1,065) | (6) | — | (804) | Provision for loan losses, net | 198 | 290 | 2 | — | 490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | — | 3,595 | 761 | — | 4,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 8,191 | 11,044 | 789 | 6,045 | 26,069 | Other expenses | 8,341 | 820 | 366 | 5,954 | 15,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | Income (loss) from continuing operations before income taxes and other items | (2,202) | 157,577 | 50,264 | (154,925) | 50,714 | Income (loss) from continuing operations before income taxes and other items | (22,859) | 148,180 | 53,406 | (172,489) | 6,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | — | — | — | (5,013) | (5,013) | Income tax (expense) benefit | — | — | — | (3,257) | (3,257) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | Income (loss) from unconsolidated entities | (17,782) | 15,543 | (645) | — | (2,884) | Income (loss) from unconsolidated entities | (8,788) | 3,167 | (1,077) | — | (6,698) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | Gain (loss) on real estate dispositions, net | 2,701 | 20,449 | (216) | — | 22,934 | Gain (loss) on real estate dispositions, net | 1,146 | 674 | (606) | (150) | 1,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | (17,283) | 193,569 | 49,403 | (159,938) | 65,751 | Income (loss) from continuing operations | (30,501) | 152,021 | 51,723 | (175,896) | (2,653) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (17,283) | $ | 193,569 | $ | 49,403 | $ | (159,938) | $ | 65,751 | Net income (loss) | $ | (30,501) | $ | 152,021 | $ | 51,723 | $ | (175,896) | $ | (2,653) | ||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 19,986,904 | $ | 8,986,422 | $ | 6,333,821 | $ | 165,306 | $ | 35,472,453 | Total assets | $ | 21,560,096 | $ | 8,700,199 | $ | 6,569,005 | $ | 585,188 | $ | 37,414,488 |
Three Months Ended March 31, 2021: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021: | Three Months Ended September 30, 2021: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resident fees and services | Resident fees and services | $ | 723,464 | $ | — | $ | — | $ | — | $ | 723,464 | Resident fees and services | $ | 835,617 | $ | — | $ | — | $ | — | $ | 835,617 | ||||||||||||||||||||||||||||||||||||||||||
Rental income | Rental income | — | 152,463 | 150,380 | — | 302,843 | Rental income | — | 200,641 | 157,343 | — | 357,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 1,119 | 14,922 | 3,538 | — | 19,579 | Interest income | 1,135 | 38,257 | 472 | — | 39,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,819 | 1,097 | 2,305 | 955 | 6,176 | Other income | 2,767 | 1,087 | 1,688 | 790 | 6,332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 726,402 | 168,482 | 156,223 | 955 | 1,052,062 | Total revenues | 839,519 | 239,985 | 159,503 | 790 | 1,239,797 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 555,968 | 12,841 | 46,863 | 1,654 | 617,326 | Property operating expenses | 666,610 | 11,664 | 48,072 | 3,054 | 729,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net operating income (loss) | Consolidated net operating income (loss) | 170,434 | 155,641 | 109,360 | (699) | 434,736 | Consolidated net operating income (loss) | 172,909 | 228,321 | 111,431 | (2,264) | 510,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 132,586 | 56,667 | 55,173 | — | 244,426 | Depreciation and amortization | 157,176 | 54,226 | 56,352 | — | 267,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 11,418 | 1,882 | 4,015 | 105,827 | 123,142 | Interest expense | 9,360 | 1,548 | 4,811 | 106,803 | 122,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | — | — | — | 29,926 | 29,926 | General and administrative expenses | — | — | — | 32,256 | 32,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | Loss (gain) on derivatives and financial instruments, net | — | 1,934 | — | — | 1,934 | Loss (gain) on derivatives and financial instruments, net | — | (8,078) | — | — | (8,078) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | (4,643) | — | — | — | (4,643) | Loss (gain) on extinguishment of debt, net | — | — | (5) | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | 251 | 853 | 279 | — | 1,383 | Provision for loan losses, net | 152 | (323) | (100) | — | (271) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | 4,604 | 18,964 | — | — | 23,568 | Impairment of assets | — | 1,490 | — | — | 1,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 3,459 | 4,983 | 712 | 1,840 | 10,994 | Other expenses | 5,449 | (4,248) | 640 | 1,734 | 3,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | Income (loss) from continuing operations before income taxes and other items | 22,759 | 70,358 | 49,181 | (138,292) | 4,006 | Income (loss) from continuing operations before income taxes and other items | 772 | 183,706 | 49,733 | (143,057) | 91,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | — | — | — | (3,943) | (3,943) | Income tax (expense) benefit | — | — | — | (4,940) | (4,940) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | Income (loss) from unconsolidated entities | 5,234 | 4,907 | 2,908 | — | 13,049 | Income (loss) from unconsolidated entities | (15,810) | 5,038 | (5,060) | — | (15,832) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | Gain (loss) on real estate dispositions, net | 5,195 | 2,042 | 51,843 | — | 59,080 | Gain (loss) on real estate dispositions, net | (615) | 81,712 | 38,857 | — | 119,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 33,188 | 77,307 | 103,932 | (142,235) | 72,192 | Income (loss) from continuing operations | (15,653) | 270,456 | 83,530 | (147,997) | 190,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 33,188 | $ | 77,307 | $ | 103,932 | $ | (142,235) | $ | 72,192 | Net income (loss) | $ | (15,653) | $ | 270,456 | $ | 83,530 | $ | (147,997) | $ | 190,336 |
Nine Months Ended September 30, 2022 | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||
Resident fees and services | $ | 3,073,040 | $ | — | $ | — | $ | — | $ | 3,073,040 | ||||||||||||||||||||||
Rental income | — | 584,626 | 495,158 | — | 1,079,784 | |||||||||||||||||||||||||||
Interest income | 5,255 | 108,454 | 216 | — | 113,925 | |||||||||||||||||||||||||||
Other income | 62,127 | 5,262 | 6,449 | 1,497 | 75,335 | |||||||||||||||||||||||||||
Total revenues | 3,140,422 | 698,342 | 501,823 | 1,497 | 4,342,084 | |||||||||||||||||||||||||||
Property operating expenses | 2,421,141 | 34,197 | 153,484 | 11,110 | 2,619,932 | |||||||||||||||||||||||||||
Consolidated net operating income | 719,281 | 664,145 | 348,339 | (9,613) | 1,722,152 | |||||||||||||||||||||||||||
Depreciation and amortization | 629,955 | 160,403 | 177,724 | — | 968,082 | |||||||||||||||||||||||||||
Interest expense | 24,153 | 830 | 13,441 | 350,704 | 389,128 | |||||||||||||||||||||||||||
General and administrative expenses | — | — | — | 109,071 | 109,071 | |||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | — | 8,076 | — | — | 8,076 | |||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 385 | — | 9 | 199 | 593 | |||||||||||||||||||||||||||
Provision for loan losses, net | 807 | (951) | (5) | — | (149) | |||||||||||||||||||||||||||
Impairment of assets | — | 3,595 | 761 | — | 4,356 | |||||||||||||||||||||||||||
Other expenses | 45,781 | 12,327 | 1,362 | 17,246 | 76,716 | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 18,200 | 479,865 | 155,047 | (486,833) | 166,279 | |||||||||||||||||||||||||||
Income tax (expense) benefit | — | — | — | (11,335) | (11,335) | |||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | (39,239) | 24,584 | (1,985) | — | (16,640) | |||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 2,623 | 18,994 | (1,001) | (150) | 20,466 | |||||||||||||||||||||||||||
Income (loss) from continuing operations | (18,416) | 523,443 | 152,061 | (498,318) | 158,770 | |||||||||||||||||||||||||||
Net income (loss) | $ | (18,416) | $ | 523,443 | $ | 152,061 | $ | (498,318) | $ | 158,770 |
Nine Months Ended September 30, 2021 | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||||||||||||||
Resident fees and services | $ | 2,299,972 | $ | — | $ | — | $ | — | $ | 2,299,972 | ||||||||||||||||||||||
Rental income | — | 557,829 | 457,721 | — | 1,015,550 | |||||||||||||||||||||||||||
Interest income | 3,110 | 86,040 | 8,741 | — | 97,891 | |||||||||||||||||||||||||||
Other income | 5,388 | 3,539 | 8,336 | 2,175 | 19,438 | |||||||||||||||||||||||||||
Total revenues | 2,308,470 | 647,408 | 474,798 | 2,175 | 3,432,851 | |||||||||||||||||||||||||||
Property operating expenses | 1,804,939 | 37,132 | 140,430 | 6,882 | 1,989,383 | |||||||||||||||||||||||||||
Consolidated net operating income | 503,531 | 610,276 | 334,368 | (4,707) | 1,443,468 | |||||||||||||||||||||||||||
Depreciation and amortization | 420,797 | 165,299 | 166,969 | — | 753,065 | |||||||||||||||||||||||||||
Interest expense | 31,331 | 5,134 | 12,733 | 318,807 | 368,005 | |||||||||||||||||||||||||||
General and administrative expenses | — | — | — | 93,618 | 93,618 | |||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | — | (6,503) | — | — | (6,503) | |||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | (1,537) | — | (5) | 52,506 | 50,964 | |||||||||||||||||||||||||||
Provision for loan losses, net | 222 | 10,549 | (3,462) | — | 7,309 | |||||||||||||||||||||||||||
Impairment of assets | 22,317 | 24,222 | 2,211 | — | 48,750 | |||||||||||||||||||||||||||
Other expenses | 12,617 | 4,845 | 2,450 | 6,344 | 26,256 | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 17,784 | 406,730 | 153,472 | (475,982) | 102,004 | |||||||||||||||||||||||||||
Income tax (expense) benefit | — | — | — | (6,662) | (6,662) | |||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | (23,514) | 14,822 | (2,067) | — | (10,759) | |||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 4,552 | 126,463 | 92,687 | — | 223,702 | |||||||||||||||||||||||||||
Income (loss) from continuing operations | (1,178) | 548,015 | 244,092 | (482,644) | 308,285 | |||||||||||||||||||||||||||
Net income (loss) | $ | (1,178) | $ | 548,015 | $ | 244,092 | $ | (482,644) | $ | 308,285 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Amount(1) | % | Amount | % | Revenues: | Amount(1) | % | Amount | % | Amount(1) | % | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 1,139,016 | 81.6 | % | $ | 825,648 | 78.5 | % | United States | $ | 1,276,927 | 86.6 | % | $ | 990,034 | 79.9 | % | $ | 3,799,621 | 87.5 | % | $ | 2,709,354 | 78.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | United Kingdom | 144,491 | 10.4 | % | 118,874 | 11.3 | % | United Kingdom | 95,914 | 6.5 | % | 146,308 | 11.8 | % | 246,226 | 5.7 | % | 405,938 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | Canada | 112,197 | 8.0 | % | 107,540 | 10.2 | % | Canada | 101,003 | 6.9 | % | 103,455 | 8.3 | % | 296,237 | 6.8 | % | 317,559 | 9.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,395,704 | 100.0 | % | $ | 1,052,062 | 100.0 | % | Total | $ | 1,473,844 | 100.0 | % | $ | 1,239,797 | 100.0 | % | $ | 4,342,084 | 100.0 | % | $ | 3,432,851 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Amount | % | Amount | % | Assets: | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 28,821,624 | 81.2 | % | $ | 28,595,703 | 81.9 | % | United States | $ | 31,604,241 | 84.5 | % | $ | 28,595,703 | 81.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | United Kingdom | 3,822,998 | 10.8 | % | 3,938,258 | 11.3 | % | United Kingdom | 3,195,747 | 8.5 | % | 3,938,258 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | Canada | 2,827,831 | 8.0 | % | 2,376,364 | 6.8 | % | Canada | 2,614,500 | 7.0 | % | 2,376,364 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 35,472,453 | 100.0 | % | $ | 34,910,325 | 100.0 | % | Total | $ | 37,414,488 | 100.0 | % | $ | 34,910,325 | 100.0 | % |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Net real estate investments | Net real estate investments | $ | 445,561 | $ | 445,776 | Net real estate investments | $ | 444,485 | $ | 445,776 | ||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 11,489 | 9,964 | Cash and cash equivalents | 12,186 | 9,964 | ||||||||||||||||||||||
Receivables and other assets | Receivables and other assets | 8,100 | 7,617 | Receivables and other assets | 8,588 | 7,617 | ||||||||||||||||||||||
Total assets (1) | Total assets (1) | $ | 465,150 | $ | 463,357 | Total assets (1) | $ | 465,259 | $ | 463,357 | ||||||||||||||||||
Liabilities and equity: | Liabilities and equity: | Liabilities and equity: | ||||||||||||||||||||||||||
Secured debt | Secured debt | $ | 163,021 | $ | 163,519 | Secured debt | $ | 162,072 | $ | 163,519 | ||||||||||||||||||
Lease liabilities | Lease liabilities | 1,324 | 1,324 | Lease liabilities | 1,329 | 1,324 | ||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 13,067 | 12,394 | Accrued expenses and other liabilities | 15,138 | 12,394 | ||||||||||||||||||||||
Total equity | Total equity | 287,738 | 286,120 | Total equity | 286,720 | 286,120 | ||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 465,150 | $ | 463,357 | Total liabilities and equity | $ | 465,259 | $ | 463,357 |
EXECUTIVE SUMMARY | ||||||||
Company Overview | ||||||||
Business Strategy | ||||||||
Key Transactions | ||||||||
Key Performance Indicators, Trends and Uncertainties | ||||||||
Corporate Governance | ||||||||
LIQUIDITY AND CAPITAL RESOURCES | ||||||||
Sources and Uses of Cash | ||||||||
Off-Balance Sheet Arrangements | ||||||||
Contractual Obligations | ||||||||
Capital Structure | ||||||||
RESULTS OF OPERATIONS | ||||||||
Summary | ||||||||
Seniors Housing Operating | ||||||||
Triple-net | ||||||||
Outpatient Medical | ||||||||
Non-Segment/Corporate | ||||||||
OTHER | ||||||||
Non-GAAP Financial Measures | ||||||||
Critical Accounting Policies and Estimates | ||||||||
Cautionary Statement Regarding Forward-Looking Statements |
Percentage of | Number of | Percentage of | Number of | |||||||||||||||||||||||||||||||||||||
Type of Property | Type of Property | NOI (1) | NOI | Properties | Type of Property | NOI (1) | NOI | Properties | ||||||||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | $ | 206,684 | 38.0 | % | 774 | Seniors Housing Operating | $ | 230,686 | 40.7 | % | 843 | ||||||||||||||||||||||||||||
Triple-net | Triple-net | 223,952 | 41.2 | % | 578 | Triple-net | 217,324 | 38.3 | % | 569 | ||||||||||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | 113,408 | 20.8 | % | 311 | Outpatient Medical | 119,257 | 21.0 | % | 322 | ||||||||||||||||||||||||||||||
Totals | Totals | $ | 544,044 | 100.0 | % | 1,663 | Totals | $ | 567,267 | 100.0 | % | 1,734 | ||||||||||||||||||||||||||||
(1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. | (1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. | (1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. |
Properties | Book Amount (1) | Capitalization Rates (2) | Properties | Book Amount (1) | Capitalization Rates (2) | |||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | 10 | $ | 477,605 | 3.8 | % | Seniors Housing Operating | 70 | $ | 2,406,250 | 4.7 | % | ||||||||||||||||||||||||||||
Triple-net | Triple-net | — | 171 | — | % | Triple-net | — | 172 | — | % | ||||||||||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | 4 | 152,482 | 5.5 | % | Outpatient Medical | 11 | 353,178 | 5.4 | % | ||||||||||||||||||||||||||||||
Totals | Totals | 14 | $ | 630,258 | 4.2 | % | Totals | 81 | $ | 2,759,600 | 4.8 | % | ||||||||||||||||||||||||||||
(1) Represents amounts recorded in net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. | (1) Represents amounts recorded in net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. | (1) Represents amounts recorded in net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||||||||||||||||||||
(2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. | (2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. | (2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. |
Properties | Proceeds (1) | Book Amount (2) | Capitalization Rates (3) | Properties | Proceeds (1) | Book Amount (2) | Capitalization Rates (3) | |||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | 1 | $ | 13,750 | $ | 13,470 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Triple-net | Triple-net | 7 | $ | 73,568 | $ | 52,661 | 7.4 | % | Triple-net | 10 | 109,917 | 89,827 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | — | 764 | 393 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | 11 | $ | 124,431 | $ | 103,690 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
(1) Represents net proceeds received upon disposition, including any seller financing. | (1) Represents net proceeds received upon disposition, including any seller financing. | (1) Represents net proceeds received upon disposition, including any seller financing. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | (2) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | (2) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Represents annualized contractual income that was being received in cash at date of disposition divided by stated purchase price. | (3) Represents annualized contractual income that was being received in cash at date of disposition divided by stated purchase price. | (3) Represents annualized contractual income that was being received in cash at date of disposition divided by stated purchase price. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 65,751 | $ | 66,194 | $ | 190,336 | $ | 45,757 | $ | 72,192 | ||||||||||||||||||||||||||||||||||
NICS | 61,925 | 58,672 | 179,663 | 26,257 | 71,546 | |||||||||||||||||||||||||||||||||||||||
FFO | 347,635 | 338,976 | 345,739 | 248,840 | 287,167 | |||||||||||||||||||||||||||||||||||||||
NOI | 542,035 | 524,085 | 510,397 | 498,335 | 434,736 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (2,653) | $ | 95,672 | $ | 65,751 | $ | 66,194 | $ | 190,336 | $ | 45,757 | $ | 72,192 | ||||||||||||||||||||||||||||||
NICS | (6,767) | 89,785 | 61,925 | 58,672 | 179,663 | 26,257 | 71,546 | |||||||||||||||||||||||||||||||||||||
FFO | 362,863 | 409,589 | 347,635 | 338,976 | 345,739 | 248,840 | 287,167 | |||||||||||||||||||||||||||||||||||||
NOI | 561,664 | 618,453 | 542,035 | 524,085 | 510,397 | 498,335 | 434,736 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net debt to book capitalization ratio | Net debt to book capitalization ratio | 43% | 42% | 42% | 43% | 41% | Net debt to book capitalization ratio | 42% | 43% | 43% | 42% | 42% | 43% | 41% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net debt to undepreciated book capitalization ratio | Net debt to undepreciated book capitalization ratio | 35% | 35% | 35% | 35% | 34% | Net debt to undepreciated book capitalization ratio | 34% | 35% | 35% | 35% | 35% | 35% | 34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net debt to market capitalization ratio | Net debt to market capitalization ratio | 24% | 26% | 27% | 26% | 28% | Net debt to market capitalization ratio | 32% | 27% | 24% | 26% | 27% | 26% | 28% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest coverage ratio | Interest coverage ratio | 4.03x | 3.89x | 4.81x | 3.30x | 3.56x | Interest coverage ratio | 3.39x | 4.21x | 4.03x | 3.89x | 4.81x | 3.30x | 3.56x | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | Fixed charge coverage ratio | 3.57x | 3.42x | 4.22x | 2.93x | 3.16x | Fixed charge coverage ratio | 3.10x | 3.78x | 3.57x | 3.42x | 4.22x | 2.93x | 3.16x |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property mix:(1) | Property mix:(1) | Property mix:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | 38% | 34% | 34% | 32% | 39% | Seniors Housing Operating | 41% | 45% | 38% | 34% | 34% | 32% | 39% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Triple-net | Triple-net | 41% | 44% | 45% | 45% | 36% | Triple-net | 38% | 36% | 41% | 44% | 45% | 45% | 36% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | 21% | 22% | 21% | 23% | 25% | Outpatient Medical | 21% | 19% | 21% | 22% | 21% | 23% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationship mix: (1) | Relationship mix: (1) | Relationship mix: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ProMedica | ProMedica | 11% | 11% | 11% | 12% | 12% | ProMedica | 11% | 10% | 11% | 11% | 11% | 12% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunrise Senior Living | Sunrise Senior Living | 6% | 7% | 9% | 10% | 14% | Sunrise Senior Living | 7% | 8% | 6% | 7% | 9% | 10% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atria Senior Living | 5% | 4% | 3% | —% | —% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cogir Management Corporation | Cogir Management Corporation | 4% | 3% | 2% | 2% | 2% | 2% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HC-One Group | HC-One Group | 4% | 5% | 5% | 3% | —% | HC-One Group | 4% | 3% | 4% | 5% | 5% | 3% | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avery Healthcare | 4% | 4% | 4% | 4% | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atria Senior Living(3) | Atria Senior Living(3) | 4% | 12% | 5% | 4% | 3% | —% | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining relationships | Remaining relationships | 70% | 69% | 68% | 71% | 69% | Remaining relationships | 70% | 64% | 72% | 71% | 70% | 73% | 72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic mix:(1) | Geographic mix:(1) | Geographic mix:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California | California | 13% | 13% | 12% | 12% | 15% | California | 13% | 15% | 13% | 13% | 12% | 12% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | United Kingdom | 11% | 13% | 14% | 13% | 10% | United Kingdom | 10% | 9% | 11% | 13% | 14% | 13% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | Texas | 8% | 9% | 9% | 9% | 7% | Texas | 8% | 7% | 8% | 9% | 9% | 9% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 5% | 5% | 5% | 5% | 7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | Canada | 5% | 5% | 6% | 7% | 7% | Canada | 6% | 5% | 5% | 5% | 6% | 7% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida | Florida | 5% | 6% | 5% | 5% | 4% | 5% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining geographic areas | Remaining geographic areas | 58% | 55% | 54% | 54% | 54% | Remaining geographic areas | 58% | 58% | 58% | 55% | 55% | 54% | 60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. | (1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. | (1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) See Note 21 to our unaudited consolidated financial statements for additional information regarding the ProMedica relationship. | (2) See Note 21 to our unaudited consolidated financial statements for additional information regarding the ProMedica relationship. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Three months ended June 30, 2022 includes $58,621,000 of income recognized upon termination of lease. See Note 3 to our unaudited consolidated financial statements for further details. | (3) Three months ended June 30, 2022 includes $58,621,000 of income recognized upon termination of lease. See Note 3 to our unaudited consolidated financial statements for further details. |
Expiration Year (1) | Expiration Year (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Triple-net: | Triple-net: | Triple-net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Properties | 22 | 2 | 4 | 27 | 66 | 4 | 14 | 4 | 21 | 9 | 390 | Properties | 5 | 2 | 4 | 15 | 55 | 2 | 4 | 4 | 28 | 9 | 412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base rent (2) | Base rent (2) | $ | 4,194 | $ | 840 | $ | 12,110 | $ | 6,612 | $ | 68,008 | $ | 15,191 | $ | 19,383 | $ | 3,972 | $ | 43,322 | $ | 21,203 | $ | 430,445 | Base rent (2) | $ | 1,319 | $ | 2,582 | $ | 12,110 | $ | 6,612 | $ | 51,683 | $ | 1,182 | $ | 5,246 | $ | 4,001 | $ | 57,377 | $ | 21,120 | $ | 443,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of base rent | % of base rent | 0.7 | % | 0.1 | % | 1.9 | % | 1.1 | % | 10.9 | % | 2.4 | % | 3.1 | % | 0.6 | % | 6.9 | % | 3.4 | % | 68.9 | % | % of base rent | 0.2 | % | 0.4 | % | 2.0 | % | 1.1 | % | 8.5 | % | 0.2 | % | 0.9 | % | 0.7 | % | 9.5 | % | 3.5 | % | 73.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units/beds | Units/beds | 3,285 | 222 | 692 | 1,725 | 5,016 | 633 | 1,474 | 219 | 2,279 | 896 | 39,542 | Units/beds | 489 | 152 | 692 | 451 | 4,102 | 180 | 440 | 219 | 2,990 | 896 | 38,332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Units/beds | % of Units/beds | 5.9 | % | 0.4 | % | 1.2 | % | 3.1 | % | 9.0 | % | 1.1 | % | 2.6 | % | 0.4 | % | 4.1 | % | 1.6 | % | 70.6 | % | % of Units/beds | 1.0 | % | 0.3 | % | 1.4 | % | 0.9 | % | 8.4 | % | 0.4 | % | 0.9 | % | 0.4 | % | 6.1 | % | 1.8 | % | 78.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical: | Outpatient Medical: | Outpatient Medical: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | Square feet | 1,376,952 | 1,709,614 | 1,922,175 | 1,070,893 | 1,390,852 | 1,252,589 | 949,513 | 790,651 | 1,492,484 | 1,399,206 | 4,358,806 | Square feet | 778,305 | 1,658,630 | 1,861,744 | 1,288,511 | 1,247,006 | 1,352,097 | 1,027,990 | 1,055,837 | 1,116,052 | 1,628,506 | 4,285,631 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base rent (2) | Base rent (2) | $ | 41,025 | $ | 48,971 | $ | 59,039 | $ | 30,385 | $ | 38,274 | $ | 33,066 | $ | 25,750 | $ | 22,763 | $ | 38,835 | $ | 38,270 | $ | 94,228 | Base rent (2) | $ | 23,311 | $ | 48,702 | $ | 56,954 | $ | 37,738 | $ | 35,545 | $ | 37,477 | $ | 28,169 | $ | 28,770 | $ | 31,125 | $ | 44,023 | $ | 119,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of base rent | % of base rent | 8.7 | % | 10.4 | % | 12.5 | % | 6.5 | % | 8.1 | % | 7.0 | % | 5.5 | % | 4.8 | % | 8.3 | % | 8.1 | % | 20.1 | % | % of base rent | 4.7 | % | 9.9 | % | 11.6 | % | 7.7 | % | 7.2 | % | 7.6 | % | 5.7 | % | 5.9 | % | 6.3 | % | 9.0 | % | 24.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 312 | 363 | 355 | 233 | 258 | 204 | 133 | 90 | 104 | 79 | 185 | Leases | 218 | 334 | 320 | 239 | 205 | 200 | 133 | 93 | 82 | 64 | 209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Leases | % of Leases | 13.5 | % | 15.7 | % | 15.3 | % | 10.1 | % | 11.1 | % | 8.8 | % | 5.7 | % | 3.9 | % | 4.5 | % | 3.4 | % | 8.0 | % | % of Leases | 10.4 | % | 15.9 | % | 15.3 | % | 11.4 | % | 9.8 | % | 9.5 | % | 6.3 | % | 4.4 | % | 3.9 | % | 3.1 | % | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Excludes our share of investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in the current year. | (1) Excludes our share of investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in the current year. | (1) Excludes our share of investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in the current year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. | (2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. | (2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. |
Three Months Ended | Change | |||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | $ | % | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 346,755 | $ | 2,021,043 | $ | (1,674,288) | (83) | % | ||||||||||||||||||
Cash provided from (used in) operating activities | 324,520 | 303,658 | 20,862 | 7 | % | |||||||||||||||||||||
Cash provided from (used in) investing activities | (808,547) | (139,140) | (669,407) | (481) | % | |||||||||||||||||||||
Cash provided from (used in) financing activities | 505,105 | 371,903 | 133,202 | 36 | % | |||||||||||||||||||||
Effect of foreign currency translation | (790) | 1,358 | (2,148) | (158) | % | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 367,043 | $ | 2,558,822 | $ | (2,191,779) | (86) | % |
Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ | % | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 346,755 | $ | 2,021,043 | $ | (1,674,288) | (83) | % | ||||||||||||||||||
Cash provided from (used in) operating activities | 1,075,322 | 991,995 | 83,327 | 8 | % | |||||||||||||||||||||
Cash provided from (used in) investing activities | (3,284,510) | (2,988,472) | (296,038) | (10) | % | |||||||||||||||||||||
Cash provided from (used in) financing activities | 2,304,234 | 338,919 | 1,965,315 | 580 | % | |||||||||||||||||||||
Effect of foreign currency translation | (16,617) | (840) | (15,777) | (1878) | % | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 425,184 | $ | 362,645 | $ | 62,539 | 17 | % |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | $ | September 30, 2022 | September 30, 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New development | New development | $ | 138,141 | $ | 73,605 | $ | 64,536 | New development | $ | 463,465 | $ | 263,325 | $ | 200,140 | 76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Recurring capital expenditures, tenant improvements and lease commissions | Recurring capital expenditures, tenant improvements and lease commissions | 32,835 | 10,754 | 22,081 | Recurring capital expenditures, tenant improvements and lease commissions | 136,453 | 53,471 | 82,982 | 155 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renovations, redevelopments and other capital improvements | Renovations, redevelopments and other capital improvements | 57,394 | 18,026 | 39,368 | Renovations, redevelopments and other capital improvements | 179,382 | 112,220 | 67,162 | 60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 228,370 | $ | 102,385 | $ | 125,985 | Total | $ | 779,300 | $ | 429,016 | $ | 350,284 | 82 | % |
Payments Due by Period | Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Contractual Obligations | Total | 2022 | 2023-2024 | 2025-2026 | Thereafter | Contractual Obligations | Total | 2022 | 2023-2024 | 2025-2026 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper (1,3) | Unsecured credit facility and commercial paper (1,3) | $ | 300,000 | $ | — | $ | — | $ | 300,000 | $ | — | Unsecured credit facility and commercial paper (1,3) | $ | 655,000 | $ | — | $ | — | $ | 655,000 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes and term credit facilities: (1) | Senior unsecured notes and term credit facilities: (1) | Senior unsecured notes and term credit facilities: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Dollar senior unsecured notes | U.S. Dollar senior unsecured notes | 9,900,000 | — | 1,350,000 | 1,950,000 | 6,600,000 | U.S. Dollar senior unsecured notes | 9,900,000 | — | 1,350,000 | 1,950,000 | 6,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canadian Dollar senior unsecured notes (2) | Canadian Dollar senior unsecured notes (2) | 240,347 | — | — | — | 240,347 | Canadian Dollar senior unsecured notes (2) | 218,150 | — | — | — | 218,150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pounds Sterling senior unsecured notes (2) | Pounds Sterling senior unsecured notes (2) | 1,380,960 | — | — | — | 1,380,960 | Pounds Sterling senior unsecured notes (2) | 1,169,070 | — | — | — | 1,169,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Dollar term credit facility | U.S. Dollar term credit facility | 510,000 | — | 500,000 | 10,000 | — | U.S. Dollar term credit facility | 1,010,000 | — | — | 10,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canadian Dollar term credit facility (2) | Canadian Dollar term credit facility (2) | 200,288 | — | 200,288 | — | — | Canadian Dollar term credit facility (2) | 181,792 | — | — | — | 181,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt: (1,2) | Secured debt: (1,2) | Secured debt: (1,2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 2,115,641 | 575,737 | 633,350 | 277,288 | 629,266 | Consolidated | 2,121,321 | 268,769 | 812,528 | 348,231 | 691,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Unconsolidated | 1,266,905 | 146,558 | 302,886 | 552,529 | 264,932 | Unconsolidated | 1,280,628 | 80,281 | 326,321 | 573,364 | 300,662 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual interest obligations: (3) | Contractual interest obligations: (3) | Contractual interest obligations: (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper | Unsecured credit facility and commercial paper | 12,821 | 2,263 | 6,033 | 4,525 | — | Unsecured credit facility and commercial paper | 84,895 | 5,660 | 45,277 | 33,958 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes and term loans (2) | Senior unsecured notes and term loans (2) | 3,797,590 | 326,226 | 841,203 | 666,489 | 1,963,672 | Senior unsecured notes and term loans (2) | 3,800,590 | 147,940 | 934,052 | 744,156 | 1,974,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated secured debt (2) | Consolidated secured debt (2) | 212,912 | 45,628 | 75,365 | 43,926 | 47,993 | Consolidated secured debt (2) | 279,129 | 20,845 | 116,629 | 65,387 | 76,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated secured debt (2) | Unconsolidated secured debt (2) | 176,900 | 31,013 | 66,623 | 26,522 | 52,742 | Unconsolidated secured debt (2) | 186,331 | 13,649 | 85,751 | 33,747 | 53,184 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing lease liabilities (4) | Financing lease liabilities (4) | 208,588 | 6,429 | 71,634 | 3,354 | 127,171 | Financing lease liabilities (4) | 203,917 | 1,803 | 71,634 | 3,354 | 127,126 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities (4) | Operating lease liabilities (4) | 1,375,702 | 30,777 | 87,980 | 87,324 | 1,169,621 | Operating lease liabilities (4) | 964,562 | 4,850 | 38,282 | 31,013 | 890,417 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations (5) | Purchase obligations (5) | 1,845,205 | 914,297 | 883,699 | 47,202 | 7 | Purchase obligations (5) | 2,154,950 | 410,314 | 1,519,367 | 225,269 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual obligations | Total contractual obligations | $ | 23,543,859 | $ | 2,078,928 | $ | 5,019,061 | $ | 3,969,159 | $ | 12,476,711 | Total contractual obligations | $ | 22,057,539 | $ | 544,207 | $ | 3,781,993 | $ | 4,448,435 | $ | 13,282,904 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | (1) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | (1) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Based on foreign currency exchange rates in effect as of balance sheet date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Based on foreign currency exchange rates in effect as of the balance sheet date. | (2) Based on foreign currency exchange rates in effect as of the balance sheet date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Based on variable interest rates in effect as of the balance sheet date. | (3) Based on variable interest rates in effect as of the balance sheet date. | (3) Based on variable interest rates in effect as of the balance sheet date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) See Note 6 to our unaudited consolidated financial statements for additional information. | (4) See Note 6 to our unaudited consolidated financial statements for additional information. | (4) See Note 6 to our unaudited consolidated financial statements for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) See Note 13 to our unaudited consolidated financial statements for additional information. | (5) See Note 13 to our unaudited consolidated financial statements for additional information. | (5) See Note 13 to our unaudited consolidated financial statements for additional information. |
Three Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 65,751 | $ | 72,192 | $ | (6,441) | (9) | % | ||||||||||||||||||||||||||||||||||||||||||
NICS | 61,925 | 71,546 | (9,621) | (13) | % | |||||||||||||||||||||||||||||||||||||||||||||
FFO | 347,635 | 287,167 | 60,468 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 496,548 | 443,703 | 52,845 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||
NOI | 542,035 | 434,736 | 107,299 | 25 | % | |||||||||||||||||||||||||||||||||||||||||||||
SSNOI | 391,228 | 388,964 | 2,264 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||||||||||||||||||||||||||||
NICS | $ | 0.14 | $ | 0.17 | $ | (0.03) | (18) | % | ||||||||||||||||||||||||||||||||||||||||||
FFO | $ | 0.77 | $ | 0.69 | $ | 0.08 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||
Interest coverage ratio | 4.03 | x | 3.56 | x | 0.47 | x | 13 | % | ||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 3.57 | x | 3.16 | x | 0.41 | x | 13 | % |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (2,653) | $ | 190,336 | $ | (192,989) | n/a | $ | 158,770 | $ | 308,285 | $ | (149,515) | (48) | % | |||||||||||||||||||||||||||||||||||
NICS | (6,767) | 179,663 | (186,430) | n/a | 144,942 | 277,466 | (132,524) | (48) | % | |||||||||||||||||||||||||||||||||||||||||
FFO | 362,863 | 345,739 | 17,124 | 5 | % | 1,120,086 | 881,746 | 238,340 | 27 | % | ||||||||||||||||||||||||||||||||||||||||
EBITDA | 493,985 | 585,552 | (91,567) | (16) | % | 1,527,315 | 1,436,017 | 91,298 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
NOI | 561,664 | 510,397 | 51,267 | 10 | % | 1,722,152 | 1,443,468 | 278,684 | 19 | % | ||||||||||||||||||||||||||||||||||||||||
SSNOI | 409,777 | 384,472 | 25,305 | 7 | % | 1,184,110 | 1,124,992 | 59,118 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||||||||||||||||||||||||||||
NICS | $ | (0.01) | $ | 0.42 | $ | (0.43) | n/a | $ | 0.32 | $ | 0.65 | $ | (0.33) | (51) | % | |||||||||||||||||||||||||||||||||||
FFO | $ | 0.78 | $ | 0.80 | $ | (0.02) | (3) | % | $ | 2.45 | $ | 2.09 | $ | 0.36 | 17 | % | ||||||||||||||||||||||||||||||||||
Interest coverage ratio | 3.39 | x | 4.81 | x | (1.42) | x | (30) | % | 3.85 | x | 3.89 | x | (0.04) | x | (1) | % | ||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 3.10 | x | 4.22 | x | (1.12) | x | (27) | % | 3.47 | x | 3.43 | x | 0.04 | x | 1 | % |
QTD Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
SSNOI (1) | $ | 143,572 | $ | 151,610 | $ | (8,038) | (5.3) | % |
QTD Pool | YTD Pool | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ | % | September 30, 2022 | September 30, 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
SSNOI (1) | $ | 153,694 | $ | 133,144 | $ | 20,550 | 15.4 | % | $ | 452,624 | $ | 416,700 | $ | 35,924 | 8.6 | % |
Three Months Ended | Change | Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resident fees and services | Resident fees and services | $ | 994,335 | $ | 723,464 | $ | 270,871 | 37 | % | Resident fees and services | $ | 1,068,706 | $ | 835,617 | $ | 233,089 | 28 | % | $ | 3,073,040 | $ | 2,299,972 | $ | 773,068 | 34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 1,417 | 1,119 | 298 | 27 | % | Interest income | 2,155 | 1,135 | 1,020 | 90 | % | 5,255 | 3,110 | 2,145 | 69 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 860 | 1,819 | (959) | (53) | % | Other income | 1,739 | 2,767 | (1,028) | (37) | % | 62,127 | 5,388 | 56,739 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 996,612 | 726,402 | 270,210 | 37 | % | Total revenues | 1,072,600 | 839,519 | 233,081 | 28 | % | 3,140,422 | 2,308,470 | 831,952 | 36 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 789,928 | 555,968 | 233,960 | 42 | % | Property operating expenses | 841,914 | 666,610 | 175,304 | 26 | % | 2,421,141 | 1,804,939 | 616,202 | 34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI (1) | NOI (1) | 206,684 | 170,434 | 36,250 | 21 | % | NOI (1) | 230,686 | 172,909 | 57,777 | 33 | % | 719,281 | 503,531 | 215,750 | 43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses: | Other expenses: | Other expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 192,793 | 132,586 | 60,207 | 45 | % | Depreciation and amortization | 235,984 | 157,176 | 78,808 | 50 | % | 629,955 | 420,797 | 209,158 | 50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 7,650 | 11,418 | (3,768) | (33) | % | Interest expense | 9,022 | 9,360 | (338) | (4) | % | 24,153 | 31,331 | (7,178) | (23) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | (15) | (4,643) | 4,628 | 100 | % | Loss (gain) on extinguishment of debt, net | — | — | — | n/a | 385 | (1,537) | 1,922 | 125 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | 267 | 251 | 16 | 6 | % | Provision for loan losses, net | 198 | 152 | 46 | 30 | % | 807 | 222 | 585 | 264 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | — | 4,604 | (4,604) | (100) | % | Impairment of assets | — | — | — | n/a | — | 22,317 | (22,317) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 8,191 | 3,459 | 4,732 | 137 | % | Other expenses | 8,341 | 5,449 | 2,892 | 53 | % | 45,781 | 12,617 | 33,164 | 263 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
208,886 | 147,675 | 61,211 | 41 | % | 253,545 | 172,137 | 81,408 | 47 | % | 701,081 | 485,747 | 215,334 | 44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | Income (loss) from continuing operations before income taxes and other items | (2,202) | 22,759 | (24,961) | (110) | % | Income (loss) from continuing operations before income taxes and other items | (22,859) | 772 | (23,631) | n/a | 18,200 | 17,784 | 416 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | Income (loss) from unconsolidated entities | (17,782) | 5,234 | (23,016) | (440) | % | Income (loss) from unconsolidated entities | (8,788) | (15,810) | 7,022 | 44 | % | (39,239) | (23,514) | (15,725) | (67) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | Gain (loss) on real estate dispositions, net | 2,701 | 5,195 | (2,494) | (48) | % | Gain (loss) on real estate dispositions, net | 1,146 | (615) | 1,761 | 286 | % | 2,623 | 4,552 | (1,929) | (42) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | (17,283) | 33,188 | (50,471) | (152) | % | Income from continuing operations | (30,501) | (15,653) | (14,848) | (95) | % | (18,416) | (1,178) | (17,238) | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (17,283) | 33,188 | (50,471) | (152) | % | Net income (loss) | (30,501) | (15,653) | (14,848) | (95) | % | (18,416) | (1,178) | (17,238) | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | Less: Net income (loss) attributable to noncontrolling interests | (5,381) | (4,924) | (457) | (9) | % | Less: Net income (loss) attributable to noncontrolling interests | (4,896) | (2,178) | (2,718) | (125) | % | (13,128) | 367 | (13,495) | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $ | (11,902) | $ | 38,112 | $ | (50,014) | (131) | % | Net income (loss) attributable to common stockholders | $ | (25,605) | $ | (13,475) | $ | (12,130) | (90) | % | $ | (5,288) | $ | (1,545) | $ | (3,743) | (242) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures below. | (1) See Non-GAAP Financial Measures below. | (1) See Non-GAAP Financial Measures below. |
Three Months Ended(1) | ||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||
2021 | 72.7 | % | 73.0 | % | 74.9 | % | 76.3 | % | ||||||||||||||||||
2022 | 76.3 | % | 77.1 | % | 78.0 | % |
Location | Units/Beds | Commitment | Balance | Est. Completion | ||||||||||||||||||||||
Barnet, UK | 100 | $ | 68,127 | $ | 61,496 | 2Q22 | ||||||||||||||||||||
Sachse, TX | 193 | 38,054 | 18,639 | 3Q22 | ||||||||||||||||||||||
Princeton, NJ | 80 | 29,780 | 27,932 | 3Q22 | ||||||||||||||||||||||
Berea, OH | 120 | 14,934 | 12,483 | 3Q22 | ||||||||||||||||||||||
Painesville, OH | 119 | 14,462 | 10,702 | 3Q22 | ||||||||||||||||||||||
Beaver, PA | 116 | 14,184 | 9,813 | 3Q22 | ||||||||||||||||||||||
New Rochelle, NY | 72 | 42,669 | 18,184 | 4Q22 | ||||||||||||||||||||||
Pflugerville, TX | 196 | 39,500 | 15,542 | 4Q22 | ||||||||||||||||||||||
Georgetown, TX | 188 | 36,215 | 18,897 | 4Q22 | ||||||||||||||||||||||
Denton, TX | 65 | 20,194 | 7,293 | 4Q22 | ||||||||||||||||||||||
Brookline, MA | 159 | 145,990 | 38,683 | 2Q23 | ||||||||||||||||||||||
Lake Jackson, TX | 130 | 32,020 | 4,378 | 2Q23 | ||||||||||||||||||||||
Charlotte, NC | 328 | 96,416 | 37,707 | 3Q23 | ||||||||||||||||||||||
White Marsh, MD | 188 | 78,610 | 8,535 | 3Q23 | ||||||||||||||||||||||
Weymouth, MA | 165 | 77,545 | 15,999 | 3Q23 | ||||||||||||||||||||||
Glendale, AZ | 204 | 54,250 | 8,518 | 3Q23 | ||||||||||||||||||||||
Miami Twp, OH | 122 | 18,206 | 2,179 | 4Q23 | ||||||||||||||||||||||
Gaithersburg, MD | 302 | 173,548 | 32,770 | 2Q24 | ||||||||||||||||||||||
Leander, TX | 72 | 26,761 | 3,705 | 2Q24 | ||||||||||||||||||||||
Temple, TX | 245 | 65,569 | 5,574 | 4Q24 | ||||||||||||||||||||||
Kyle, TX | 225 | 62,700 | 4,616 | 1Q25 | ||||||||||||||||||||||
3,389 | $ | 1,149,734 | 363,645 | |||||||||||||||||||||||
Boise, ID(1) | 33,639 | |||||||||||||||||||||||||
Boise, ID(1) | 12,326 | |||||||||||||||||||||||||
Brookhaven, GA(1) | 10,943 | |||||||||||||||||||||||||
Columbus, OH(1) | 14,067 | |||||||||||||||||||||||||
Kansas City, MO(1) | 12,404 | |||||||||||||||||||||||||
Raleigh, NC(1) | 3,544 | |||||||||||||||||||||||||
Toronto, ON(1) | 51,600 | |||||||||||||||||||||||||
Washington, DC(1) | 32,554 | |||||||||||||||||||||||||
Wellesley, MA(1) | 9,500 | |||||||||||||||||||||||||
$ | 544,222 | |||||||||||||||||||||||||
(1) Final units/beds, commitment amount and expected conversion date not yet known. |
MSA | Units/Beds | Commitment | Balance | Est. Completion(2) | |||||||||||||||||||||||||
Greater London | 82 | $ | 38,969 | $ | 19,613 | 4Q22 | |||||||||||||||||||||||
Dallas | 193 | 38,054 | 30,822 | 4Q22 - 1Q23 | |||||||||||||||||||||||||
Cleveland | 119 | 14,462 | 13,527 | 4Q22 | |||||||||||||||||||||||||
Birmingham, UK | 66 | 13,361 | 12,683 | 4Q22 | |||||||||||||||||||||||||
Leicester | 60 | 12,470 | 11,122 | 4Q22 | |||||||||||||||||||||||||
New York | 72 | 42,669 | 27,762 | 1Q23 | |||||||||||||||||||||||||
Austin | 196 | 39,500 | 23,911 | 1Q23 - 2Q23 | |||||||||||||||||||||||||
Austin | 188 | 36,215 | 27,421 | 1Q23 - 2Q23 | |||||||||||||||||||||||||
Dallas | 57 | 17,219 | 8,616 | 1Q23 - 2Q23 | |||||||||||||||||||||||||
Coventry | 76 | 17,049 | 12,055 | 1Q23 | |||||||||||||||||||||||||
Pittsburgh | 116 | 14,684 | 14,115 | 1Q23 | |||||||||||||||||||||||||
Meadville, PA | 128 | 13,861 | 13,861 | 1Q23 | |||||||||||||||||||||||||
Charlotte | 328 | 91,836 | 58,550 | 2Q23 - 3Q23 | |||||||||||||||||||||||||
Barnstable Town, MA | 120 | 31,454 | 31,454 | 2Q23 | |||||||||||||||||||||||||
Hartford | 128 | 22,146 | 22,146 | 2Q23 | |||||||||||||||||||||||||
Hartford | 122 | 20,747 | 20,747 | 2Q23 | |||||||||||||||||||||||||
Boston | 167 | 82,446 | 28,488 | 3Q23 | |||||||||||||||||||||||||
Phoenix | 199 | 54,754 | 11,190 | 3Q23 - 4Q23 | |||||||||||||||||||||||||
Phoenix | 204 | 53,400 | 16,903 | 3Q23 - 4Q23 | |||||||||||||||||||||||||
Tampa | 206 | 52,493 | 7,664 | 4Q23 - 1Q24 | |||||||||||||||||||||||||
Houston | 130 | 32,075 | 6,737 | 4Q23 - 1Q24 | |||||||||||||||||||||||||
Kansas City | 134 | 21,074 | 21,074 | 4Q23 | |||||||||||||||||||||||||
Cincinnati | 122 | 18,206 | 4,366 | 4Q23 | |||||||||||||||||||||||||
Naples, FL | 188 | 56,910 | 9,244 | 1Q24 - 2Q24 | |||||||||||||||||||||||||
Dallas | 52 | 16,531 | 3,435 | 1Q24 - 2Q24 | |||||||||||||||||||||||||
Washington D.C. | 302 | 173,548 | 63,706 | 2Q24 | |||||||||||||||||||||||||
Boston | 160 | 148,590 | 60,701 | 2Q24 | |||||||||||||||||||||||||
Washington D.C. | 124 | 126,200 | 38,223 | 2Q24 | |||||||||||||||||||||||||
Killeen, TX | 245 | 66,265 | 7,994 | 3Q24 - 4Q24 | |||||||||||||||||||||||||
4,284 | $ | 1,367,188 | 628,130 | ||||||||||||||||||||||||||
Austin(1) | 5,033 | ||||||||||||||||||||||||||||
Austin(1) | 3,720 | ||||||||||||||||||||||||||||
Baltimore(1) | 9,865 | ||||||||||||||||||||||||||||
Boise(1) | 35,139 | ||||||||||||||||||||||||||||
Boise(1) | 13,000 | ||||||||||||||||||||||||||||
Boise(1) | 5,783 | ||||||||||||||||||||||||||||
Boston(1) | 9,944 | ||||||||||||||||||||||||||||
Columbus(1) | 15,306 | ||||||||||||||||||||||||||||
Dallas(1) | 3,670 | ||||||||||||||||||||||||||||
Kansas City(1) | 13,963 | ||||||||||||||||||||||||||||
Raleigh(1) | 3,684 | ||||||||||||||||||||||||||||
Toronto(1) | 48,440 | ||||||||||||||||||||||||||||
$ | 795,677 | ||||||||||||||||||||||||||||
(1) Final units/beds, commitment amount and expected conversion date not yet known. | |||||||||||||||||||||||||||||
(2) Estimated completion ranges relate to projects to be delivered in phases. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,599,522 | 2.81 | % | $ | 1,706,189 | 3.05 | % | ||||||||||||||||||||||||||||||||||||||||||
Debt transferred | 32,478 | 4.79 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Debt issued | 5,385 | 3.08 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Debt extinguished | (94,647) | 4.21 | % | (41,933) | 7.60 | % | ||||||||||||||||||||||||||||||||||||||||||||
Principal payments | (12,998) | 2.92 | % | (12,261) | 3.26 | % | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | 24,733 | 2.73 | % | 15,283 | 2.81 | % | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,554,473 | 2.83 | % | $ | 1,667,278 | 2.89 | % | ||||||||||||||||||||||||||||||||||||||||||
Monthly averages | $ | 1,606,723 | 2.84 | % | $ | 1,688,213 | 2.99 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,677,092 | 3.34 | % | $ | 1,645,290 | 2.83 | % | $ | 1,599,522 | 2.81 | % | $ | 1,706,189 | 3.05 | % | ||||||||||||||||||||||||||||||||||
Debt transferred | — | — | % | — | — | % | 32,478 | 4.79 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Debt issued | 79,461 | 4.75 | % | 2,693 | 3.75 | % | 89,804 | 4.57 | % | 2,693 | 3.75 | % | ||||||||||||||||||||||||||||||||||||||
Debt assumed | — | — | % | — | — | % | 221,159 | 4.32 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Debt extinguished | (64,850) | 4.67 | % | — | — | % | (220,413) | 4.35 | % | (66,593) | 6.01 | % | ||||||||||||||||||||||||||||||||||||||
Principal payments | (11,244) | 3.38 | % | (13,172) | 2.93 | % | (35,757) | 3.11 | % | (37,418) | 3.00 | % | ||||||||||||||||||||||||||||||||||||||
Foreign currency | (65,242) | 3.36 | % | (22,415) | 2.75 | % | (71,576) | 3.17 | % | 7,525 | 2.85 | % | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,615,217 | 3.87 | % | $ | 1,612,396 | 2.83 | % | $ | 1,615,217 | 3.87 | % | $ | 1,612,396 | 2.83 | % | ||||||||||||||||||||||||||||||||||
Monthly averages | $ | 1,653,740 | 3.69 | % | $ | 1,622,685 | 2.82 | % | $ | 1,621,876 | 3.16 | % | $ | 1,660,377 | 2.90 | % |
QTD Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
SSNOI (1) | $ | 144,488 | $ | 137,314 | $ | 7,174 | 5.2 | % |
QTD Pool | YTD Pool | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ | % | September 30, 2022 | September 30, 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
SSNOI (1) | $ | 149,479 | $ | 146,122 | $ | 3,357 | 2.3 | % | $ | 426,233 | $ | 408,770 | $ | 17,463 | 4.3 | % |
Three Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 196,001 | $ | 152,463 | $ | 43,538 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||
Interest income | 37,506 | 14,922 | 22,584 | 151 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other income | 1,656 | 1,097 | 559 | 51 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 235,163 | 168,482 | 66,681 | 40 | % | |||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 11,211 | 12,841 | (1,630) | (13) | % | |||||||||||||||||||||||||||||||||||||||||||||
NOI (1) | 223,952 | 155,641 | 68,311 | 44 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 53,504 | 56,667 | (3,163) | (6) | % | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 314 | 1,882 | (1,568) | (83) | % | |||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 2,578 | 1,934 | 644 | 33 | % | |||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | (1,065) | 853 | (1,918) | (225) | % | |||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | — | 18,964 | (18,964) | (100) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 11,044 | 4,983 | 6,061 | 122 | % | |||||||||||||||||||||||||||||||||||||||||||||
66,375 | 85,283 | (18,908) | (22) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 157,577 | 70,358 | 87,219 | 124 | % | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 15,543 | 4,907 | 10,636 | 217 | % | |||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 20,449 | 2,042 | 18,407 | 901 | % | |||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 193,569 | 77,307 | 116,262 | 150 | % | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 193,569 | 77,307 | 116,262 | 150 | % | |||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 7,065 | 3,400 | 3,665 | 108 | % | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 186,504 | $ | 73,907 | $ | 112,597 | 152 | % | ||||||||||||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures below. |
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 191,443 | $ | 200,641 | $ | (9,198) | (5) | % | $ | 584,626 | $ | 557,829 | $ | 26,797 | 5 | % | ||||||||||||||||||||||||||||||||||
Interest income | 35,556 | 38,257 | (2,701) | (7) | % | 108,454 | 86,040 | 22,414 | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Other income | 1,820 | 1,087 | 733 | 67 | % | 5,262 | 3,539 | 1,723 | 49 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenues | 228,819 | 239,985 | (11,166) | (5) | % | 698,342 | 647,408 | 50,934 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 11,495 | 11,664 | (169) | (1) | % | 34,197 | 37,132 | (2,935) | (8) | % | ||||||||||||||||||||||||||||||||||||||||
NOI (1) | 217,324 | 228,321 | (10,997) | (5) | % | 664,145 | 610,276 | 53,869 | 9 | % | ||||||||||||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 57,338 | 54,226 | 3,112 | 6 | % | 160,403 | 165,299 | (4,896) | (3) | % | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 196 | 1,548 | (1,352) | (87) | % | 830 | 5,134 | (4,304) | (84) | % | ||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 6,905 | (8,078) | 14,983 | 185 | % | 8,076 | (6,503) | 14,579 | 224 | % | ||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | 290 | (323) | 613 | 190 | % | (951) | 10,549 | (11,500) | (109) | % | ||||||||||||||||||||||||||||||||||||||||
Impairment of assets | 3,595 | 1,490 | 2,105 | 141 | % | 3,595 | 24,222 | (20,627) | (85) | % | ||||||||||||||||||||||||||||||||||||||||
Other expenses | 820 | (4,248) | 5,068 | 119 | % | 12,327 | 4,845 | 7,482 | 154 | % | ||||||||||||||||||||||||||||||||||||||||
69,144 | 44,615 | 24,529 | 55 | % | 184,280 | 203,546 | (19,266) | (9) | % | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 148,180 | 183,706 | (35,526) | (19) | % | 479,865 | 406,730 | 73,135 | 18 | % | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 3,167 | 5,038 | (1,871) | (37) | % | 24,584 | 14,822 | 9,762 | 66 | % | ||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | 674 | 81,712 | (81,038) | (99) | % | 18,994 | 126,463 | (107,469) | (85) | % | ||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 152,021 | 270,456 | (118,435) | (44) | % | 523,443 | 548,015 | (24,572) | (4) | % | ||||||||||||||||||||||||||||||||||||||||
Net income | 152,021 | 270,456 | (118,435) | (44) | % | 523,443 | 548,015 | (24,572) | (4) | % | ||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 7,675 | 11,917 | (4,242) | (36) | % | 21,981 | 26,722 | (4,741) | (18) | % | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 144,346 | $ | 258,539 | $ | (114,193) | (44) | % | $ | 501,462 | $ | 521,293 | $ | (19,831) | (4) | % | ||||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures below. |
Location | Units/Beds | Commitment | Balance | Est. Completion | ||||||||||||||||||||||
Redhill, UK | 76 | $ | 20,912 | $ | 18,471 | 2Q22 | ||||||||||||||||||||
London, UK | 82 | 42,436 | 22,650 | 3Q22 | ||||||||||||||||||||||
Wombourne, UK | 66 | 15,782 | 11,891 | 4Q22 | ||||||||||||||||||||||
Leicester, UK | 60 | 14,730 | 10,186 | 4Q22 | ||||||||||||||||||||||
Rugby, UK | 76 | 20,140 | 10,460 | 1Q23 | ||||||||||||||||||||||
Raleigh, NC | 191 | 154,256 | 62,694 | 2Q23 | ||||||||||||||||||||||
551 | $ | 268,256 | $ | 136,352 |
MSA | Units/Beds | Commitment | Balance | Est. Completion | ||||||||||||||||||||||
Raleigh | 191 | $ | 154,142 | $ | 105,769 | 2Q23 | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 72,536 | 4.57 | % | $ | 123,652 | 4.91 | % | ||||||||||||||||||||||||||||||||||||||||||
Debt transferred | (32,478) | 4.79 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Principal payments | (221) | 4.37 | % | (1,220) | 5.15 | % | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | — | — | % | 707 | 5.43 | % | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 39,837 | 4.39 | % | $ | 123,139 | 4.91 | % | ||||||||||||||||||||||||||||||||||||||||||
Monthly averages | $ | 39,914 | 4.39 | % | $ | 123,126 | 4.96 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 39,622 | 4.39 | % | $ | 122,566 | 4.91 | % | $ | 72,536 | 4.57 | % | $ | 123,652 | 4.91 | % | ||||||||||||||||||||||||||||||||||
Debt transferred | — | — | % | — | — | % | (32,478) | 4.79 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Principal payments | (219) | 4.37 | % | (1,241) | 5.16 | % | (655) | 4.37 | % | (3,708) | 5.16 | % | ||||||||||||||||||||||||||||||||||||||
Foreign currency | — | — | % | (1,034) | 5.43 | % | — | — | % | 347 | 5.43 | % | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 39,403 | 4.39 | % | $ | 120,291 | 4.91 | % | $ | 39,403 | 4.39 | % | $ | 120,291 | 4.91 | % | ||||||||||||||||||||||||||||||||||
Monthly averages | $ | 39,475 | 4.39 | % | $ | 121,051 | 4.91 | % | $ | 39,694 | 4.39 | % | $ | 122,582 | 4.91 | % |
QTD Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
SSNOI (1) | $ | 103,168 | $ | 100,040 | $ | 3,128 | 3.1 | % |
QTD Pool | YTD Pool | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ | % | September 30, 2022 | September 30, 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
SSNOI (1) | $ | 106,604 | $ | 105,206 | $ | 1,398 | 1.3 | % | $ | 305,253 | $ | 299,522 | $ | 5,731 | 1.9 | % |
Three Months Ended | Change | Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | Rental income | $ | 160,389 | $ | 150,380 | $ | 10,009 | 7 | % | Rental income | $ | 170,540 | $ | 157,343 | $ | 13,197 | 8 | % | $ | 495,158 | $ | 457,721 | $ | 37,437 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 71 | 3,538 | (3,467) | (98) | % | Interest income | 80 | 472 | (392) | (83) | % | 216 | 8,741 | (8,525) | (98) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 2,863 | 2,305 | 558 | 24 | % | Other income | 1,558 | 1,688 | (130) | (8) | % | 6,449 | 8,336 | (1,887) | (23) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 163,323 | 156,223 | 7,100 | 5 | % | Total revenues | 172,178 | 159,503 | 12,675 | 8 | % | 501,823 | 474,798 | 27,025 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 49,915 | 46,863 | 3,052 | 7 | % | Property operating expenses | 52,921 | 48,072 | 4,849 | 10 | % | 153,484 | 140,430 | 13,054 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI (1) | NOI (1) | 113,408 | 109,360 | 4,048 | 4 | % | NOI (1) | 119,257 | 111,431 | 7,826 | 7 | % | 348,339 | 334,368 | 13,971 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses: | Other expenses: | Other expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 57,791 | 55,173 | 2,618 | 5 | % | Depreciation and amortization | 60,377 | 56,352 | 4,025 | 7 | % | 177,724 | 166,969 | 10,755 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 4,567 | 4,015 | 552 | 14 | % | Interest expense | 4,343 | 4,811 | (468) | (10) | % | 13,441 | 12,733 | 708 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | 3 | — | 3 | n/a | Loss (gain) on extinguishment of debt, net | 2 | (5) | 7 | 140 | % | 9 | (5) | 14 | 280 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | (6) | 279 | (285) | (102) | % | Provision for loan losses, net | 2 | (100) | 102 | 102 | % | (5) | (3,462) | 3,457 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | 761 | — | 761 | n/a | 761 | 2,211 | (1,450) | (66) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 789 | 712 | 77 | 11 | % | Other expenses | 366 | 640 | (274) | (43) | % | 1,362 | 2,450 | (1,088) | (44) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
63,144 | 60,179 | 2,965 | 5 | % | 65,851 | 61,698 | 4,153 | 7 | % | 193,292 | 180,896 | 12,396 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | Income (loss) from continuing operations before income taxes and other items | 50,264 | 49,181 | 1,083 | 2 | % | Income (loss) from continuing operations before income taxes and other items | 53,406 | 49,733 | 3,673 | 7 | % | 155,047 | 153,472 | 1,575 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | Income (loss) from unconsolidated entities | (645) | 2,908 | (3,553) | (122) | % | Income (loss) from unconsolidated entities | (1,077) | (5,060) | 3,983 | 79 | % | (1,985) | (2,067) | 82 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on real estate dispositions, net | Gain (loss) on real estate dispositions, net | (216) | 51,843 | (52,059) | (100) | % | Gain (loss) on real estate dispositions, net | (606) | 38,857 | (39,463) | (102) | % | (1,001) | 92,687 | (93,688) | (101) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 49,403 | 103,932 | (54,529) | (52) | % | Income from continuing operations | 51,723 | 83,530 | (31,807) | (38) | % | 152,061 | 244,092 | (92,031) | (38) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 49,403 | 103,932 | (54,529) | (52) | % | Net income (loss) | 51,723 | 83,530 | (31,807) | (38) | % | 152,061 | 244,092 | (92,031) | (38) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | Less: Net income (loss) attributable to noncontrolling interests | 2,142 | 2,170 | (28) | (1) | % | Less: Net income (loss) attributable to noncontrolling interests | 1,636 | 934 | 702 | 75 | % | 5,276 | 3,733 | 1,543 | 41 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $ | 47,261 | $ | 101,762 | $ | (54,501) | (54) | % | Net income (loss) attributable to common stockholders | $ | 50,087 | $ | 82,596 | $ | (32,509) | (39) | % | $ | 146,785 | $ | 240,359 | $ | (93,574) | (39) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures. | (1) See Non-GAAP Financial Measures. | (1) See Non-GAAP Financial Measures. |
Location | Square Feet | Commitment | Balance | Est. Completion | ||||||||||||||||||||||
Tyler, TX | 85,214 | $ | 35,369 | $ | 21,071 | 4Q22 | ||||||||||||||||||||
Stafford, TX | 36,788 | 18,031 | 6,172 | 4Q22 | ||||||||||||||||||||||
122,002 | $ | 53,400 | 27,243 | |||||||||||||||||||||||
Beaumont, TX(1) | 29 | |||||||||||||||||||||||||
Total | $ | 27,272 | ||||||||||||||||||||||||
(1) Final units/beds, commitment amount and expected conversion date not yet known. |
MSA | Square Feet | Commitment | Balance | Est. Completion | ||||||||||||||||||||||
Tyler, TX | 85,214 | $ | 35,369 | $ | 28,201 | 4Q22 | ||||||||||||||||||||
Houston | 36,500 | 18,031 | 14,763 | 4Q22 | ||||||||||||||||||||||
Houston | 16,835 | 9,935 | 2,950 | 1Q23 | ||||||||||||||||||||||
Beaumont-Port Arthur, TX | 35,831 | 11,822 | 2,952 | 2Q23 | ||||||||||||||||||||||
Houston | 16,830 | 9,077 | 1,594 | 2Q23 | ||||||||||||||||||||||
191,210 | $ | 84,234 | 50,460 | |||||||||||||||||||||||
Charlotte, NC(1) | 32,702 | |||||||||||||||||||||||||
$ | 83,162 | |||||||||||||||||||||||||
(1) Final square feet, commitment amount and expected conversion date not yet known. |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 530,254 | 3.49 | % | $ | 548,229 | 3.55 | % | Beginning balance | $ | 483,912 | 3.68 | % | $ | 543,272 | 3.52 | % | $ | 530,254 | 3.49 | % | $ | 548,229 | 3.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguished | Debt extinguished | (6,174) | 4.17 | % | — | — | % | Debt extinguished | (14,898) | 4.48 | % | (3,551) | 6.25 | % | (55,839) | 4.01 | % | (3,551) | 6.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments | Principal payments | (2,749) | 4.38 | % | (2,474) | 4.46 | % | Principal payments | (2,312) | 4.51 | % | (2,627) | 4.42 | % | (7,713) | 4.42 | % | (7,584) | 4.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 521,331 | 3.51 | % | $ | 545,755 | 3.54 | % | Ending balance | $ | 466,702 | 4.02 | % | $ | 537,094 | 3.50 | % | $ | 466,702 | 4.02 | % | $ | 537,094 | 3.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monthly averages | Monthly averages | $ | 526,392 | 3.49 | % | $ | 546,613 | 3.54 | % | Monthly averages | $ | 477,388 | 4.04 | % | $ | 539,158 | 3.51 | % | $ | 503,915 | 3.72 | % | $ | 543,293 | 3.53 | % |
Three Months Ended | Change | Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | $ | 606 | $ | 955 | $ | (349) | (37) | % | Other income | $ | 247 | $ | 790 | $ | (543) | (69) | % | $ | 1,497 | $ | 2,175 | $ | (678) | (31) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 606 | 955 | (349) | (37) | % | Total revenues | 247 | 790 | (543) | (69) | % | 1,497 | 2,175 | (678) | (31) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 2,615 | 1,654 | 961 | 58 | % | Property operating expenses | 5,850 | 3,054 | 2,796 | 92 | % | 11,110 | 6,882 | 4,228 | 61 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI (1) | NOI (1) | (2,009) | (699) | (1,310) | (187) | % | NOI (1) | (5,603) | (2,264) | (3,339) | (147) | % | (9,613) | (4,707) | (4,906) | (104) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 109,165 | 105,827 | 3,338 | 3 | % | Interest expense | 126,121 | 106,803 | 19,318 | 18 | % | 350,704 | 318,807 | 31,897 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 37,706 | 29,926 | 7,780 | 26 | % | General and administrative expenses | 34,811 | 32,256 | 2,555 | 8 | % | 109,071 | 93,618 | 15,453 | 17 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | — | — | — | n/a | 199 | 52,506 | (52,307) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 6,045 | 1,840 | 4,205 | 229 | % | Other expenses | 5,954 | 1,734 | 4,220 | 243 | % | 17,246 | 6,344 | 10,902 | 172 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
152,916 | 137,593 | 15,323 | 11 | % | 166,886 | 140,793 | 26,093 | 19 | % | 477,220 | 471,275 | 5,945 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations before income taxes and other items | Loss from continuing operations before income taxes and other items | (154,925) | (138,292) | (16,633) | (12) | % | Loss from continuing operations before income taxes and other items | (172,489) | (143,057) | (29,432) | (21) | % | (486,833) | (475,982) | (10,851) | (2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | (5,013) | (3,943) | (1,070) | (27) | % | Income tax benefit (expense) | (3,257) | (4,940) | 1,683 | 34 | % | (11,335) | (6,662) | (4,673) | (70) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations | Loss from continuing operations | (159,938) | (142,235) | (17,703) | (12) | % | Loss from continuing operations | (175,896) | (147,997) | (27,899) | (19) | % | (498,168) | (482,644) | (15,524) | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | Net loss attributable to common stockholders | $ | (159,938) | $ | (142,235) | $ | (17,703) | (12) | % | Net loss attributable to common stockholders | $ | (175,896) | $ | (147,997) | $ | (27,899) | (19) | % | $ | (498,168) | $ | (482,644) | $ | (15,524) | (3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) See Non-GAAP Financial Measures. | (1) See Non-GAAP Financial Measures. | (1) See Non-GAAP Financial Measures. |
Three Months Ended | Change | Three Months Ended | Change | Nine Months Ended | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | $ | 101,239 | $ | 100,213 | $ | 1,026 | 1 | % | Senior unsecured notes | $ | 112,379 | $ | 100,156 | $ | 12,223 | 12 | % | $ | 320,048 | $ | 300,292 | $ | 19,756 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper program | Unsecured credit facility and commercial paper program | 2,779 | 1,180 | 1,599 | 136 | % | Unsecured credit facility and commercial paper program | 8,831 | 1,799 | 7,032 | 391 | % | 15,698 | 4,736 | 10,962 | 231 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan expense | Loan expense | 5,147 | 4,434 | 713 | 16 | % | Loan expense | 4,911 | 4,848 | 63 | 1 | % | 14,958 | 13,779 | 1,179 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 109,165 | $ | 105,827 | $ | 3,338 | 3 | % | Totals | $ | 126,121 | $ | 106,803 | $ | 19,318 | 18 | % | $ | 350,704 | $ | 318,807 | $ | 31,897 | 10 | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO Reconciliation: | FFO Reconciliation: | 2022 | 2021 | 2021 | 2021 | 2021 | FFO Reconciliation: | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 61,925 | $ | 58,672 | $ | 179,663 | $ | 26,257 | $ | 71,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $ | (6,767) | $ | 89,785 | $ | 61,925 | $ | 58,672 | $ | 179,663 | $ | 26,257 | $ | 71,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 304,088 | 284,501 | 267,754 | 240,885 | 244,426 | Depreciation and amortization | 353,699 | 310,295 | 304,088 | 284,501 | 267,754 | 240,885 | 244,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | — | 2,357 | 1,490 | 23,692 | 23,568 | Impairment of assets | 4,356 | — | — | 2,357 | 1,490 | 23,692 | 23,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on real estate dispositions, net | Loss (gain) on real estate dispositions, net | (22,934) | (11,673) | (119,954) | (44,668) | (59,080) | Loss (gain) on real estate dispositions, net | (1,064) | 3,532 | (22,934) | (11,673) | (119,954) | (44,668) | (59,080) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | (14,753) | (13,988) | (11,095) | (16,591) | (12,516) | Noncontrolling interests | (14,614) | (13,173) | (14,753) | (13,988) | (11,095) | (16,591) | (12,516) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated entities | Unconsolidated entities | 19,309 | 19,107 | 27,881 | 19,265 | 19,223 | Unconsolidated entities | 27,253 | 19,150 | 19,309 | 19,107 | 27,881 | 19,265 | 19,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO | FFO | $ | 347,635 | $ | 338,976 | $ | 345,739 | $ | 248,840 | $ | 287,167 | FFO | $ | 362,863 | $ | 409,589 | $ | 347,635 | $ | 338,976 | $ | 345,739 | $ | 248,840 | $ | 287,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average diluted shares outstanding | Average diluted shares outstanding | 449,802 | 438,719 | 429,983 | 419,305 | 419,079 | Average diluted shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For net income (loss) purposes | For net income (loss) purposes | 463,366 | 457,082 | 449,802 | 438,719 | 429,983 | 419,305 | 419,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For FFO purposes | For FFO purposes | 466,950 | 457,082 | 449,802 | 438,719 | 429,983 | 419,305 | 419,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per diluted share data: | Per diluted share data: | Per diluted share data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders(1) | Net income attributable to common stockholders(1) | $ | 0.14 | $ | 0.13 | $ | 0.42 | $ | 0.06 | $ | 0.17 | Net income attributable to common stockholders(1) | $ | (0.01) | $ | 0.20 | $ | 0.14 | $ | 0.13 | $ | 0.42 | $ | 0.06 | $ | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO | FFO | $ | 0.77 | $ | 0.77 | $ | 0.80 | $ | 0.59 | $ | 0.69 | FFO | $ | 0.78 | $ | 0.90 | $ | 0.77 | $ | 0.77 | $ | 0.80 | $ | 0.59 | $ | 0.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. | (1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. | (1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
Nine Months Ended | ||||||||||||||
September 30, | September 30, | |||||||||||||
FFO Reconciliations: | 2022 | 2021 | ||||||||||||
Net income attributable to common stockholders | $ | 144,942 | $ | 277,466 | ||||||||||
Depreciation and amortization | 968,082 | 753,065 | ||||||||||||
Impairment of assets | 4,356 | 48,750 | ||||||||||||
Loss (gain) on real estate dispositions, net | (20,466) | (223,702) | ||||||||||||
Noncontrolling interests | (42,540) | (40,202) | ||||||||||||
Unconsolidated entities | 65,712 | 66,369 | ||||||||||||
FFO | $ | 1,120,086 | $ | 881,746 | ||||||||||
Average diluted common shares outstanding: | 457,999 | 422,835 | ||||||||||||
Per diluted share data: | ||||||||||||||
Net income attributable to common stockholders(1) | $ | 0.32 | $ | 0.65 | ||||||||||
FFO | $ | 2.45 | $ | 2.09 | ||||||||||
(1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI Reconciliations: | NOI Reconciliations: | 2022 | 2021 | 2021 | 2021 | 2021 | NOI Reconciliations: | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 65,751 | $ | 66,194 | $ | 190,336 | $ | 45,757 | $ | 72,192 | Net income (loss) | $ | (2,653) | $ | 95,672 | $ | 65,751 | $ | 66,194 | $ | 190,336 | $ | 45,757 | $ | 72,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on real estate dispositions, net | Loss (gain) on real estate dispositions, net | (22,934) | (11,673) | (119,954) | (44,668) | (59,080) | Loss (gain) on real estate dispositions, net | (1,064) | 3,532 | (22,934) | (11,673) | (119,954) | (44,668) | (59,080) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (income) from unconsolidated entities | Loss (income) from unconsolidated entities | 2,884 | 12,174 | 15,832 | 7,976 | (13,049) | Loss (income) from unconsolidated entities | 6,698 | 7,058 | 2,884 | 12,174 | 15,832 | 7,976 | (13,049) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 5,013 | 2,051 | 4,940 | (2,221) | 3,943 | Income tax expense (benefit) | 3,257 | 3,065 | 5,013 | 2,051 | 4,940 | (2,221) | 3,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 26,069 | 15,483 | 3,575 | 11,687 | 10,994 | Other expenses | 15,481 | 35,166 | 26,069 | 15,483 | 3,575 | 11,687 | 10,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | — | 2,357 | 1,490 | 23,692 | 23,568 | Impairment of assets | 4,356 | — | — | 2,357 | 1,490 | 23,692 | 23,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | (804) | (39) | (271) | 6,197 | 1,383 | Provision for loan losses, net | 490 | 165 | (804) | (39) | (271) | 6,197 | 1,383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | (12) | (1,090) | (5) | 55,612 | (4,643) | Loss (gain) on extinguishment of debt, net | 2 | 603 | (12) | (1,090) | (5) | 55,612 | (4,643) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | Loss (gain) on derivatives and financial instruments, net | 2,578 | (830) | (8,078) | (359) | 1,934 | Loss (gain) on derivatives and financial instruments, net | 6,905 | (1,407) | 2,578 | (830) | (8,078) | (359) | 1,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 37,706 | 33,109 | 32,256 | 31,436 | 29,926 | General and administrative expenses | 34,811 | 36,554 | 37,706 | 33,109 | 32,256 | 31,436 | 29,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 304,088 | 284,501 | 267,754 | 240,885 | 244,426 | Depreciation and amortization | 353,699 | 310,295 | 304,088 | 284,501 | 267,754 | 240,885 | 244,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 121,696 | 121,848 | 122,522 | 122,341 | 123,142 | Interest expense | 139,682 | 127,750 | 121,696 | 121,848 | 122,522 | 122,341 | 123,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net operating income (NOI) | Consolidated net operating income (NOI) | $ | 542,035 | $ | 524,085 | $ | 510,397 | $ | 498,335 | $ | 434,736 | Consolidated net operating income (NOI) | $ | 561,664 | $ | 618,453 | $ | 542,035 | $ | 524,085 | $ | 510,397 | $ | 498,335 | $ | 434,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI by segment: | NOI by segment: | NOI by segment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seniors Housing Operating | Seniors Housing Operating | $ | 206,684 | $ | 180,375 | $ | 172,909 | $ | 160,188 | $ | 170,434 | Seniors Housing Operating | $ | 230,686 | $ | 281,911 | $ | 206,684 | $ | 180,375 | $ | 172,909 | $ | 160,188 | $ | 170,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Triple-net | Triple-net | 223,952 | 230,846 | 228,321 | 226,314 | 155,641 | Triple-net | 217,324 | 222,869 | 223,952 | 230,846 | 228,321 | 226,314 | 155,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outpatient Medical | Outpatient Medical | 113,408 | 113,982 | 111,431 | 113,577 | 109,360 | Outpatient Medical | 119,257 | 115,674 | 113,408 | 113,982 | 111,431 | 113,577 | 109,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-segment/corporate | Non-segment/corporate | (2,009) | (1,118) | (2,264) | (1,744) | (699) | Non-segment/corporate | (5,603) | (2,001) | (2,009) | (1,118) | (2,264) | (1,744) | (699) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total NOI | Total NOI | $ | 542,035 | $ | 524,085 | $ | 510,397 | $ | 498,335 | $ | 434,736 | Total NOI | $ | 561,664 | $ | 618,453 | $ | 542,035 | $ | 524,085 | $ | 510,397 | $ | 498,335 | $ | 434,736 |
Nine Months Ended | ||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||
NOI Reconciliations: | ||||||||||||||
Net income (loss) | $ | 158,770 | $ | 308,285 | ||||||||||
Loss (gain) on real estate dispositions, net | (20,466) | (223,702) | ||||||||||||
Loss (income) from unconsolidated entities | 16,640 | 10,759 | ||||||||||||
Income tax expense (benefit) | 11,335 | 6,662 | ||||||||||||
Other expenses | 76,716 | 26,256 | ||||||||||||
Impairment of assets | 4,356 | 48,750 | ||||||||||||
Provision for loan losses, net | (149) | 7,309 | ||||||||||||
Loss (gain) on extinguishment of debt, net | 593 | 50,964 | ||||||||||||
Loss (gain) on derivatives and financial instruments, net | 8,076 | (6,503) | ||||||||||||
General and administrative expenses | 109,071 | 93,618 | ||||||||||||
Depreciation and amortization | 968,082 | 753,065 | ||||||||||||
Interest expense | 389,128 | 368,005 | ||||||||||||
Consolidated net operating income (NOI) | $ | 1,722,152 | $ | 1,443,468 | ||||||||||
NOI by segment: | ||||||||||||||
Seniors Housing Operating | $ | 719,281 | $ | 503,531 | ||||||||||
Triple-net | 664,145 | 610,276 | ||||||||||||
Outpatient Medical | 348,339 | 334,368 | ||||||||||||
Non-segment/corporate | (9,613) | (4,707) | ||||||||||||
Total NOI | $ | 1,722,152 | $ | 1,443,468 |
QTD Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
SSNOI Property Reconciliations: | Seniors Housing Operating | Triple-net | Outpatient Medical | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated properties | 774 | 578 | 311 | 1,663 | ||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated properties | 95 | 39 | 79 | 213 | ||||||||||||||||||||||||||||||||||||||||||||||
Total properties | 869 | 617 | 390 | 1,876 | ||||||||||||||||||||||||||||||||||||||||||||||
Recent acquisitions/development conversions(1) | (172) | (30) | (26) | (228) | ||||||||||||||||||||||||||||||||||||||||||||||
Under development | (36) | (5) | (4) | (45) | ||||||||||||||||||||||||||||||||||||||||||||||
Under redevelopment(2) | (4) | (3) | (2) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||
Current held for sale | (3) | (13) | (1) | (17) | ||||||||||||||||||||||||||||||||||||||||||||||
Land parcels, loans and subleases | (23) | (11) | (6) | (40) | ||||||||||||||||||||||||||||||||||||||||||||||
Transitions(3) | (97) | (19) | — | (116) | ||||||||||||||||||||||||||||||||||||||||||||||
Other(4) | (2) | (3) | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store properties | 532 | 533 | 351 | 1,416 | ||||||||||||||||||||||||||||||||||||||||||||||
(1) Acquisition and development conversions will enter the QTD Pool five full quarters after acquisition or certificate of occupancy. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Redevelopment properties will enter the QTD Pool five full quarters of operations post redevelopment completion. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Transitioned properties will enter the QTD Pool five full quarters of operations with the new operator in place or under the new structure. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Represents properties that are either closed or being closed. |
QTD Pool | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
SSNOI Reconciliations: | March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||||
Seniors Housing Operating: | ||||||||||||||||||||||||||
Consolidated NOI | $ | 206,684 | $ | 170,434 | ||||||||||||||||||||||
NOI attributable to unconsolidated investments | 12,751 | 17,324 | ||||||||||||||||||||||||
NOI attributable to noncontrolling interests | (24,392) | (15,698) | ||||||||||||||||||||||||
NOI attributable to non-same store properties | (51,575) | (19,399) | ||||||||||||||||||||||||
Non-cash NOI attributable to same store properties | (74) | (865) | ||||||||||||||||||||||||
Currency and ownership adjustments (1) | 178 | (186) | ||||||||||||||||||||||||
SSNOI at Welltower Share | 143,572 | 151,610 | ||||||||||||||||||||||||
Triple-net: | ||||||||||||||||||||||||||
Consolidated NOI | 223,952 | 155,641 | ||||||||||||||||||||||||
NOI attributable to unconsolidated investments | 9,955 | 8,382 | ||||||||||||||||||||||||
NOI attributable to noncontrolling interests | (15,338) | (11,531) | ||||||||||||||||||||||||
NOI attributable to non-same store properties | (63,557) | (7,031) | ||||||||||||||||||||||||
Non-cash NOI attributable to same store properties | (11,356) | (10,141) | ||||||||||||||||||||||||
Currency and ownership adjustments (1) | 832 | 1,994 | ||||||||||||||||||||||||
SSNOI at Welltower Share | 144,488 | 137,314 | ||||||||||||||||||||||||
Outpatient Medical: | ||||||||||||||||||||||||||
Consolidated NOI | 113,408 | 109,360 | ||||||||||||||||||||||||
NOI attributable to unconsolidated investments | 4,830 | 4,724 | ||||||||||||||||||||||||
NOI attributable to noncontrolling interests | (5,240) | (4,686) | ||||||||||||||||||||||||
NOI attributable to non-same store properties | (7,798) | (5,562) | ||||||||||||||||||||||||
Non-cash NOI attributable to same store properties | (2,096) | (2,656) | ||||||||||||||||||||||||
Currency and ownership adjustments (1) | 64 | (1,140) | ||||||||||||||||||||||||
SSNOI at Welltower Share | 103,168 | 100,040 | ||||||||||||||||||||||||
SSNOI at Welltower Share: | ||||||||||||||||||||||||||
Seniors Housing Operating | 143,572 | 151,610 | ||||||||||||||||||||||||
Triple-net | 144,488 | 137,314 | ||||||||||||||||||||||||
Outpatient Medical | 103,168 | 100,040 | ||||||||||||||||||||||||
Total | $ | 391,228 | $ | 388,964 | ||||||||||||||||||||||
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2739 and to translate U.K. properties at a GBP/USD rate of 1.35. |
QTD Pool | YTD Pool | |||||||||||||||||||||||||||||||||||||||||||||||||
SSNOI Property Reconciliations: | Seniors Housing Operating | Triple-net | Outpatient Medical | Total | Seniors Housing Operating | Triple-net | Outpatient Medical | Total | ||||||||||||||||||||||||||||||||||||||||||
Consolidated properties | 843 | 569 | 322 | 1,734 | 843 | 569 | 322 | 1,734 | ||||||||||||||||||||||||||||||||||||||||||
Unconsolidated properties | 96 | 39 | 79 | 214 | 96 | 39 | 79 | 214 | ||||||||||||||||||||||||||||||||||||||||||
Total properties | 939 | 608 | 401 | 1,948 | 939 | 608 | 401 | 1,948 | ||||||||||||||||||||||||||||||||||||||||||
Recent acquisitions/development conversions(1) | (200) | (15) | (29) | (244) | (234) | (30) | (33) | (297) | ||||||||||||||||||||||||||||||||||||||||||
Under development | (48) | — | (7) | (55) | (48) | — | (7) | (55) | ||||||||||||||||||||||||||||||||||||||||||
Under redevelopment(2) | (4) | (3) | (3) | (10) | (5) | (2) | (3) | (10) | ||||||||||||||||||||||||||||||||||||||||||
Current held for sale | (2) | (11) | (1) | (14) | (2) | (11) | (1) | (14) | ||||||||||||||||||||||||||||||||||||||||||
Land parcels, loans and subleases | (16) | (10) | (7) | (33) | (16) | (10) | (7) | (33) | ||||||||||||||||||||||||||||||||||||||||||
Transitions(3) | (111) | (4) | — | (115) | (112) | (20) | — | (132) | ||||||||||||||||||||||||||||||||||||||||||
Other(4) | (4) | (3) | — | (7) | (4) | (3) | — | (7) | ||||||||||||||||||||||||||||||||||||||||||
Same store properties | 554 | 562 | 354 | 1,470 | 518 | 532 | 350 | 1,400 | ||||||||||||||||||||||||||||||||||||||||||
(1) Acquisitions and development conversions will enter the QTD Pool and YTD Pool after five full quarters and seven full quarters after acquisition or certificate of occupancy, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Redevelopment properties will enter the QTD Pool and YTD Pool after five full quarters and seven full quarters of operations post redevelopment completion, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Transitioned properties will enter the QTD Pool and YTD Pool after five full quarters and seven full quarters of operations with the new operator in place or under the new structure, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Represents properties that are either closed or being closed. |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||
EBITDA Reconciliations: | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 65,751 | $ | 66,194 | $ | 190,336 | $ | 45,757 | $ | 72,192 | |||||||||||||||||||||||||||||||||||||
Interest expense | 121,696 | 121,848 | 122,522 | 122,341 | 123,142 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 5,013 | 2,051 | 4,940 | (2,221) | 3,943 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 304,088 | 284,501 | 267,754 | 240,885 | 244,426 | ||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 496,548 | $ | 474,594 | $ | 585,552 | $ | 406,762 | $ | 443,703 | |||||||||||||||||||||||||||||||||||||
Interest Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 121,696 | $ | 121,848 | $ | 122,522 | $ | 122,341 | $ | 123,142 | |||||||||||||||||||||||||||||||||||||
Non-cash interest expense | (4,109) | (5,082) | (5,461) | (3,972) | (2,991) | ||||||||||||||||||||||||||||||||||||||||||
Capitalized interest | 5,479 | 5,325 | 4,669 | 4,862 | 4,496 | ||||||||||||||||||||||||||||||||||||||||||
Total interest | 123,066 | 122,091 | 121,730 | 123,231 | 124,647 | ||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 496,548 | $ | 474,594 | $ | 585,552 | $ | 406,762 | $ | 443,703 | |||||||||||||||||||||||||||||||||||||
Interest coverage ratio | 4.03 | x | 3.89 | x | 4.81 | x | 3.30 | x | 3.56 | x | |||||||||||||||||||||||||||||||||||||
Fixed Charge Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest | $ | 123,066 | $ | 122,091 | $ | 121,730 | $ | 123,231 | $ | 124,647 | |||||||||||||||||||||||||||||||||||||
Secured debt principal payments | 15,968 | 16,877 | 17,040 | 15,715 | 15,955 | ||||||||||||||||||||||||||||||||||||||||||
Total fixed charges | 139,034 | 138,968 | 138,770 | 138,946 | 140,602 | ||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 496,548 | $ | 474,594 | $ | 585,552 | $ | 406,762 | $ | 443,703 | |||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 3.57 | x | 3.42 | x | 4.22 | x | 2.93 | x | 3.16 | x |
QTD Pool | YTD Pool | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
SSNOI Reconciliations: | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Seniors Housing Operating: | ||||||||||||||||||||||||||
Consolidated NOI | $ | 230,686 | $ | 172,909 | $ | 719,281 | $ | 503,531 | ||||||||||||||||||
NOI attributable to unconsolidated investments | 14,536 | 10,548 | 35,912 | 33,757 | ||||||||||||||||||||||
NOI attributable to noncontrolling interests | (15,025) | (15,602) | (106,169) | (53,622) | ||||||||||||||||||||||
NOI attributable to non-same store properties | (77,767) | (34,175) | (197,296) | (76,152) | ||||||||||||||||||||||
Non-cash NOI attributable to same store properties | (171) | (135) | (551) | 11,515 | ||||||||||||||||||||||
Currency and ownership adjustments (1) | 1,435 | (401) | 1,447 | (2,329) | ||||||||||||||||||||||
SSNOI at Welltower Share | 153,694 | 133,144 | 452,624 | 416,700 | ||||||||||||||||||||||
Triple-net: | ||||||||||||||||||||||||||
Consolidated NOI | 217,324 | 228,321 | 664,145 | 610,276 | ||||||||||||||||||||||
NOI attributable to unconsolidated investments | 8,058 | 4,891 | 20,569 | 14,666 | ||||||||||||||||||||||
NOI attributable to noncontrolling interests | (10,231) | (13,204) | (31,544) | (35,292) | ||||||||||||||||||||||
NOI attributable to non-same store properties | (50,612) | (63,553) | (188,440) | (153,850) | ||||||||||||||||||||||
Non-cash NOI attributable to same store properties | (17,581) | (12,652) | (43,562) | (32,873) | ||||||||||||||||||||||
Currency and ownership adjustments (1) | 2,521 | 2,319 | 5,065 | 5,843 | ||||||||||||||||||||||
SSNOI at Welltower Share | 149,479 | 146,122 | 426,233 | 408,770 | ||||||||||||||||||||||
Outpatient Medical: | ||||||||||||||||||||||||||
Consolidated NOI | 119,257 | 111,431 | 348,339 | 334,368 | ||||||||||||||||||||||
NOI attributable to unconsolidated investments | 4,780 | 4,604 | 14,521 | 14,316 | ||||||||||||||||||||||
NOI attributable to noncontrolling interests | (5,731) | (4,828) | (16,513) | (13,749) | ||||||||||||||||||||||
NOI attributable to non-same store properties | (8,473) | (4,228) | (34,587) | (27,345) | ||||||||||||||||||||||
Non-cash NOI attributable to same store properties | (3,421) | (2,626) | (6,601) | (7,396) | ||||||||||||||||||||||
Currency and ownership adjustments (1) | 192 | 853 | 94 | (672) | ||||||||||||||||||||||
SSNOI at Welltower Share | 106,604 | 105,206 | 305,253 | 299,522 | ||||||||||||||||||||||
SSNOI at Welltower Share: | ||||||||||||||||||||||||||
Seniors Housing Operating | 153,694 | 133,144 | 452,624 | 416,700 | ||||||||||||||||||||||
Triple-net | 149,479 | 146,122 | 426,233 | 408,770 | ||||||||||||||||||||||
Outpatient Medical | 106,604 | 105,206 | 305,253 | 299,522 | ||||||||||||||||||||||
Total | $ | 409,777 | $ | 384,472 | $ | 1,184,110 | $ | 1,124,992 | ||||||||||||||||||
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2738 and to translate U.K. properties at a GBP/USD rate of 1.3501. |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||
EBITDA Reconciliations: | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (2,653) | $ | 95,672 | $ | 65,751 | $ | 66,194 | $ | 190,336 | $ | 45,757 | $ | 72,192 | |||||||||||||||||||||||||||||||||
Interest expense | 139,682 | 127,750 | 121,696 | 121,848 | 122,522 | 122,341 | 123,142 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,257 | 3,065 | 5,013 | 2,051 | 4,940 | (2,221) | 3,943 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 353,699 | 310,295 | 304,088 | 284,501 | 267,754 | 240,885 | 244,426 | ||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 493,985 | $ | 536,782 | $ | 496,548 | $ | 474,594 | $ | 585,552 | $ | 406,762 | $ | 443,703 | |||||||||||||||||||||||||||||||||
Interest Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 139,682 | $ | 127,750 | $ | 121,696 | $ | 121,848 | $ | 122,522 | $ | 122,341 | $ | 123,142 | |||||||||||||||||||||||||||||||||
Non-cash interest expense | (2,882) | (6,606) | (4,109) | (5,082) | (5,461) | (3,972) | (2,991) | ||||||||||||||||||||||||||||||||||||||||
Capitalized interest | 8,863 | 6,387 | 5,479 | 5,325 | 4,669 | 4,862 | 4,496 | ||||||||||||||||||||||||||||||||||||||||
Total interest | 145,663 | 127,531 | 123,066 | 122,091 | 121,730 | 123,231 | 124,647 | ||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 493,985 | $ | 536,782 | $ | 496,548 | $ | 474,594 | $ | 585,552 | $ | 406,762 | $ | 443,703 | |||||||||||||||||||||||||||||||||
Interest coverage ratio | 3.39 | x | 4.21 | x | 4.03 | x | 3.89 | x | 4.81 | x | 3.30 | x | 3.56 | x | |||||||||||||||||||||||||||||||||
Fixed Charge Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest | $ | 145,663 | $ | 127,531 | $ | 123,066 | $ | 122,091 | $ | 121,730 | $ | 123,231 | $ | 124,647 | |||||||||||||||||||||||||||||||||
Secured debt principal payments | 13,775 | 14,382 | 15,968 | 16,877 | 17,040 | 15,715 | 15,955 | ||||||||||||||||||||||||||||||||||||||||
Total fixed charges | 159,438 | 141,913 | 139,034 | 138,968 | 138,770 | 138,946 | 140,602 | ||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 493,985 | $ | 536,782 | $ | 496,548 | $ | 474,594 | $ | 585,552 | $ | 406,762 | $ | 443,703 | |||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 3.10 | x | 3.78 | x | 3.57 | x | 3.42 | x | 4.22 | x | 2.93 | x | 3.16 | x |
Nine Months Ended | ||||||||||||||
September 30, | September 30, | |||||||||||||
EBITDA Reconciliations: | 2022 | 2021 | ||||||||||||
Net income (loss) | $ | 158,770 | $ | 308,285 | ||||||||||
Interest expense | 389,128 | 368,005 | ||||||||||||
Income tax expense (benefit) | 11,335 | 6,662 | ||||||||||||
Depreciation and amortization | 968,082 | 753,065 | ||||||||||||
EBITDA | $ | 1,527,315 | $ | 1,436,017 | ||||||||||
Interest Coverage Ratio: | ||||||||||||||
Interest expense | $ | 389,128 | $ | 368,005 | ||||||||||
Non-cash interest expense | (13,597) | (12,424) | ||||||||||||
Capitalized interest | 20,729 | 14,027 | ||||||||||||
Total interest | 396,260 | 369,608 | ||||||||||||
EBITDA | $ | 1,527,315 | $ | 1,436,017 | ||||||||||
Interest coverage ratio | 3.85 | x | 3.89 | x | ||||||||||
Fixed Charge Coverage Ratio: | ||||||||||||||
Total interest | $ | 396,260 | $ | 369,608 | ||||||||||
Secured debt principal payments | 44,125 | 48,710 | ||||||||||||
Total fixed charges | 440,385 | 418,318 | ||||||||||||
EBITDA | $ | 1,527,315 | $ | 1,436,017 | ||||||||||
Fixed charge coverage ratio | 3.47 | x | 3.43 | x |
Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Reconciliations: | Adjusted EBITDA Reconciliations: | 2022 | 2021 | 2021 | 2021 | 2021 | Adjusted EBITDA Reconciliations: | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 368,038 | $ | 374,479 | $ | 463,563 | $ | 668,205 | $ | 781,664 | Net income | $ | 224,964 | $ | 417,953 | $ | 368,038 | $ | 374,479 | $ | 463,563 | $ | 668,205 | $ | 781,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 488,407 | 489,853 | 489,178 | 491,507 | 495,523 | Interest expense | 510,976 | 493,816 | 488,407 | 489,853 | 489,178 | 491,507 | 495,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 9,783 | 8,713 | 6,952 | 4,015 | 8,469 | Income tax expense (benefit) | 13,386 | 15,069 | 9,783 | 8,713 | 6,952 | 4,015 | 8,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,097,228 | 1,037,566 | 995,798 | 983,576 | 1,008,062 | Depreciation and amortization | 1,252,583 | 1,166,638 | 1,097,228 | 1,037,566 | 995,798 | 983,576 | 1,008,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | EBITDA | 1,963,456 | 1,910,611 | 1,955,491 | 2,147,303 | 2,293,718 | EBITDA | 2,001,909 | 2,093,476 | 1,963,456 | 1,910,611 | 1,955,491 | 2,147,303 | 2,293,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (income) from unconsolidated entities | Loss (income) from unconsolidated entities | 38,866 | 22,933 | 10,501 | 650 | (8,658) | Loss (income) from unconsolidated entities | 28,814 | 37,948 | 38,866 | 22,933 | 10,501 | 650 | (8,658) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense (1) | Stock-based compensation expense (1) | 19,681 | 17,812 | 22,248 | 24,278 | 26,811 | Stock-based compensation expense (1) | 22,525 | 20,945 | 19,681 | 17,812 | 22,248 | 24,278 | 26,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | Loss (gain) on extinguishment of debt, net | 54,505 | 49,874 | 64,760 | 97,769 | 42,406 | Loss (gain) on extinguishment of debt, net | (497) | (504) | 54,505 | 49,874 | 64,760 | 97,769 | 42,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on real estate dispositions, net | Loss (gain) on real estate dispositions, net | (199,229) | (235,375) | (409,166) | (773,516) | (884,711) | Loss (gain) on real estate dispositions, net | (32,139) | (151,029) | (199,229) | (235,375) | (409,166) | (773,516) | (884,711) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | 27,539 | 51,107 | 58,067 | 79,890 | 131,349 | Impairment of assets | 6,713 | 3,847 | 27,539 | 51,107 | 58,067 | 79,890 | 131,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses, net | Provision for loan losses, net | 5,083 | 7,270 | 90,394 | 93,522 | 88,747 | Provision for loan losses, net | (188) | (949) | 5,083 | 7,270 | 90,394 | 93,522 | 88,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | Loss (gain) on derivatives and financial instruments, net | (6,689) | (7,333) | (5,934) | 3,539 | 5,332 | Loss (gain) on derivatives and financial instruments, net | 7,246 | (7,737) | (6,689) | (7,333) | (5,934) | 3,539 | 5,332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses (1) | Other expenses (1) | 56,127 | 40,860 | 52,960 | 60,985 | 68,939 | Other expenses (1) | 92,076 | 80,114 | 56,127 | 40,860 | 52,960 | 60,985 | 68,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold interest adjustment (2) | (7,697) | 760 | (640) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease termination and leasehold interest adjustment (2) | Lease termination and leasehold interest adjustment (2) | (63,454) | (64,094) | (7,697) | 760 | (640) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Casualty losses, net of recoveries (3) | Casualty losses, net of recoveries (3) | 5,799 | 5,786 | 998 | — | — | Casualty losses, net of recoveries (3) | 7,802 | 8,472 | 5,799 | 5,786 | 998 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other impairment (4) | Other impairment (4) | — | 49,241 | 49,241 | 161,639 | 163,481 | Other impairment (4) | (620) | (620) | — | 49,241 | 49,241 | 161,639 | 163,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 1,957,441 | $ | 1,913,546 | $ | 1,888,920 | $ | 1,896,059 | $ | 1,927,414 | Adjusted EBITDA | $ | 2,070,187 | $ | 2,019,869 | $ | 1,957,441 | $ | 1,913,546 | $ | 1,888,920 | $ | 1,896,059 | $ | 1,927,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Interest Coverage Ratio: | Adjusted Interest Coverage Ratio: | Adjusted Interest Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | $ | 488,407 | $ | 489,853 | $ | 489,178 | $ | 491,507 | $ | 495,523 | Interest expense | $ | 510,976 | $ | 493,816 | $ | 488,407 | $ | 489,853 | $ | 489,178 | $ | 491,507 | $ | 495,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized interest | Capitalized interest | 20,335 | 19,352 | 18,265 | 17,543 | 17,222 | Capitalized interest | 26,054 | 21,860 | 20,335 | 19,352 | 18,265 | 17,543 | 17,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | Non-cash interest expense | (18,624) | (17,506) | (14,163) | (12,675) | (10,617) | Non-cash interest expense | (18,679) | (21,258) | (18,624) | (17,506) | (14,163) | (12,675) | (10,617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest | Total interest | 490,118 | 491,699 | 493,280 | 496,375 | 502,128 | Total interest | 518,351 | 494,418 | 490,118 | 491,699 | 493,280 | 496,375 | 502,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 1,957,441 | $ | 1,913,546 | $ | 1,888,920 | $ | 1,896,059 | $ | 1,927,414 | Adjusted EBITDA | $ | 2,070,187 | $ | 2,019,869 | $ | 1,957,441 | $ | 1,913,546 | $ | 1,888,920 | $ | 1,896,059 | $ | 1,927,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest coverage ratio | Adjusted interest coverage ratio | 3.99 | x | 3.89 | x | 3.83 | x | 3.82 | x | 3.84 | x | Adjusted interest coverage ratio | 3.99 | x | 4.09 | x | 3.99 | x | 3.89 | x | 3.83 | x | 3.82 | x | 3.84 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Fixed Charge Coverage Ratio: | Adjusted Fixed Charge Coverage Ratio: | Adjusted Fixed Charge Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest | Total interest | $ | 490,118 | $ | 491,699 | $ | 493,280 | $ | 496,375 | $ | 502,128 | Total interest | $ | 518,351 | $ | 494,418 | $ | 490,118 | $ | 491,699 | $ | 493,280 | $ | 496,375 | $ | 502,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt principal payments | Secured debt principal payments | 65,600 | 65,587 | 64,832 | 63,668 | 63,136 | Secured debt principal payments | 61,002 | 64,267 | 65,600 | 65,587 | 64,832 | 63,668 | 63,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed charges | Total fixed charges | 555,718 | 557,286 | 558,112 | 560,043 | 565,264 | Total fixed charges | 579,353 | 558,685 | 555,718 | 557,286 | 558,112 | 560,043 | 565,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 1,957,441 | $ | 1,913,546 | $ | 1,888,920 | $ | 1,896,059 | $ | 1,927,414 | Adjusted EBITDA | $ | 2,070,187 | $ | 2,019,869 | $ | 1,957,441 | $ | 1,913,546 | $ | 1,888,920 | $ | 1,896,059 | $ | 1,927,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted fixed charge coverage ratio | Adjusted fixed charge coverage ratio | 3.52 | x | 3.43 | x | 3.38 | x | 3.39 | x | 3.41 | x | Adjusted fixed charge coverage ratio | 3.57 | x | 3.62 | x | 3.52 | x | 3.43 | x | 3.38 | x | 3.39 | x | 3.41 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. | (1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. | (1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents revenues and property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents revenues and property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent was paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA. Additionally, in conjunction with the lease termination, during the three months ended June 30, 2022 we recognized $58,621,000 in other income from the derecognition of the right of use asset and related lease liability which has also been excluded from Adjusted EBITDA. | (2) Represents revenues and property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent was paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA. Additionally, in conjunction with the lease termination, during the three months ended June 30, 2022 we recognized $58,621,000 in other income from the derecognition of the right of use asset and related lease liability which has also been excluded from Adjusted EBITDA. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Represents casualty losses net of any insurance recoveries. | (3) Represents casualty losses net of any insurance recoveries. | (3) Represents casualty losses net of any insurance recoveries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Represents reserve for straight-line rent receivable balances relating to leases placed on cash recognition. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Represents changes in the reserve for straight-line rent receivable balances relating to leases placed on cash recognition. | (4) Represents changes in the reserve for straight-line rent receivable balances relating to leases placed on cash recognition. |
As of | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Book capitalization: | ||||||||||||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper | $ | 299,968 | $ | 324,935 | $ | 290,996 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Long-term debt obligations (1) | 14,352,529 | 13,917,702 | 13,488,656 | 13,572,816 | 14,618,713 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | (367,043) | (346,755) | (362,645) | (808,705) | (2,558,822) | |||||||||||||||||||||||||||||||||||||||
Total net debt | 14,285,454 | 13,895,882 | 13,417,007 | 12,764,111 | 12,059,891 | |||||||||||||||||||||||||||||||||||||||
Total equity and noncontrolling interests(2) | 19,178,026 | 18,997,873 | 18,172,111 | 17,243,208 | 17,046,932 | |||||||||||||||||||||||||||||||||||||||
Book capitalization | $ | 33,463,480 | $ | 32,893,755 | $ | 31,589,118 | $ | 30,007,319 | $ | 29,106,823 | ||||||||||||||||||||||||||||||||||
Net debt to book capitalization ratio | 43% | 42% | 42% | 43% | 41% | |||||||||||||||||||||||||||||||||||||||
Undepreciated book capitalization: | ||||||||||||||||||||||||||||||||||||||||||||
Total net debt | $ | 14,285,454 | $ | 13,895,882 | $ | 13,417,007 | $ | 12,764,111 | $ | 12,059,891 | ||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization | 7,215,622 | 6,910,114 | 6,634,061 | 6,415,676 | 6,212,432 | |||||||||||||||||||||||||||||||||||||||
Total equity and noncontrolling interests(2) | 19,178,026 | 18,997,873 | 18,172,111 | 17,243,208 | 17,046,932 | |||||||||||||||||||||||||||||||||||||||
Undepreciated book capitalization | $ | 40,679,102 | $ | 39,803,869 | $ | 38,223,179 | $ | 36,422,995 | $ | 35,319,255 | ||||||||||||||||||||||||||||||||||
Net debt to undepreciated book capitalization ratio | 35% | 35% | 35% | 35% | 34% | |||||||||||||||||||||||||||||||||||||||
Market capitalization: | ||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | 453,948 | 447,239 | 435,274 | 422,562 | 417,520 | |||||||||||||||||||||||||||||||||||||||
Period end share price | $ | 96.14 | $ | 85.77 | $ | 82.40 | $ | 83.10 | $ | 71.63 | ||||||||||||||||||||||||||||||||||
Common equity market capitalization | $ | 43,642,561 | $ | 38,359,689 | $ | 35,866,578 | $ | 35,114,902 | $ | 29,906,958 | ||||||||||||||||||||||||||||||||||
Total net debt | 14,285,454 | 13,895,882 | 13,417,007 | 12,764,111 | 12,059,891 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests(3) | 1,282,450 | 1,361,872 | 1,308,908 | 1,322,762 | 1,248,054 | |||||||||||||||||||||||||||||||||||||||
Market capitalization | $ | 59,210,465 | $ | 53,617,443 | $ | 50,592,493 | $ | 49,201,775 | $ | 43,214,903 | ||||||||||||||||||||||||||||||||||
Net debt to market capitalization ratio | 24% | 26% | 27% | 26% | 28% | |||||||||||||||||||||||||||||||||||||||
(1) Amounts include senior unsecured notes, secured debt and lease liabilities related to financing leases, as reflected on our Consolidated Balance Sheets. Operating lease liabilities related to the ASC 842 adoption are excluded. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our Consolidated Balance Sheets. |
As of | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||
Book capitalization: | ||||||||||||||||||||||||||||||||||||||||||||
Unsecured credit facility and commercial paper | $ | 654,715 | $ | 354,000 | $ | 299,968 | $ | 324,935 | $ | 290,996 | $ | — | $ | — | ||||||||||||||||||||||||||||||
Long-term debt obligations (1) | 14,555,643 | 14,790,432 | 14,352,529 | 13,917,702 | 13,488,656 | 13,572,816 | 14,618,713 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | (425,184) | (442,251) | (367,043) | (346,755) | (362,645) | (808,705) | (2,558,822) | |||||||||||||||||||||||||||||||||||||
Total net debt | 14,785,174 | 14,702,181 | 14,285,454 | 13,895,882 | 13,417,007 | 12,764,111 | 12,059,891 | |||||||||||||||||||||||||||||||||||||
Total equity and noncontrolling interests(2) | 20,457,650 | 19,873,913 | 19,178,026 | 18,997,873 | 18,172,111 | 17,243,208 | 17,046,932 | |||||||||||||||||||||||||||||||||||||
Book capitalization | $ | 35,242,824 | $ | 34,576,094 | $ | 33,463,480 | $ | 32,893,755 | $ | 31,589,118 | $ | 30,007,319 | $ | 29,106,823 | ||||||||||||||||||||||||||||||
Net debt to book capitalization ratio | 42% | 43% | 43% | 42% | 42% | 43% | 41% | |||||||||||||||||||||||||||||||||||||
Undepreciated book capitalization: | ||||||||||||||||||||||||||||||||||||||||||||
Total net debt | $ | 14,785,174 | $ | 14,702,181 | $ | 14,285,454 | $ | 13,895,882 | $ | 13,417,007 | $ | 12,764,111 | $ | 12,059,891 | ||||||||||||||||||||||||||||||
Accumulated depreciation and amortization | 7,687,077 | 7,437,779 | 7,215,622 | 6,910,114 | 6,634,061 | 6,415,676 | 6,212,432 | |||||||||||||||||||||||||||||||||||||
Total equity and noncontrolling interests(2) | 20,457,650 | 19,873,913 | 19,178,026 | 18,997,873 | 18,172,111 | 17,243,208 | 17,046,932 | |||||||||||||||||||||||||||||||||||||
Undepreciated book capitalization | $ | 42,929,901 | $ | 42,013,873 | $ | 40,679,102 | $ | 39,803,869 | $ | 38,223,179 | $ | 36,422,995 | $ | 35,319,255 | ||||||||||||||||||||||||||||||
Net debt to undepreciated book capitalization ratio | 34% | 35% | 35% | 35% | 35% | 35% | 34% | |||||||||||||||||||||||||||||||||||||
Market capitalization: | ||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | 472,517 | 463,369 | 453,948 | 447,239 | 435,274 | 422,562 | 417,520 | |||||||||||||||||||||||||||||||||||||
Period end share price | $ | 64.32 | $ | 82.35 | $ | 96.14 | $ | 85.77 | $ | 82.40 | $ | 83.10 | $ | 71.63 | ||||||||||||||||||||||||||||||
Common equity market capitalization | $ | 30,392,293 | $ | 38,158,437 | $ | 43,642,561 | $ | 38,359,689 | $ | 35,866,578 | $ | 35,114,902 | $ | 29,906,958 | ||||||||||||||||||||||||||||||
Total net debt | 14,785,174 | 14,702,181 | 14,285,454 | 13,895,882 | 13,417,007 | 12,764,111 | 12,059,891 | |||||||||||||||||||||||||||||||||||||
Noncontrolling interests(2) | 1,288,343 | 1,317,733 | 1,282,450 | 1,361,872 | 1,308,908 | 1,322,762 | 1,248,054 | |||||||||||||||||||||||||||||||||||||
Market capitalization | $ | 46,465,810 | $ | 54,178,351 | $ | 59,210,465 | $ | 53,617,443 | $ | 50,592,493 | $ | 49,201,775 | $ | 43,214,903 | ||||||||||||||||||||||||||||||
Net debt to market capitalization ratio | 32% | 27% | 24% | 26% | 27% | 26% | 28% | |||||||||||||||||||||||||||||||||||||
(1) Amounts include senior unsecured notes, secured debt and lease liabilities related to financing leases, as reflected on our Consolidated Balance Sheets. Operating lease liabilities related to the ASC 842 adoption are excluded. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our Consolidated Balance Sheets. |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Change in | Principal | Change in | Principal | Change in | Principal | Change in | |||||||||||||||||||||||||||||||||||||||||||||
balance | fair value | balance | fair value | balance | fair value | balance | fair value | |||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | $ | 10,971,306 | $ | (676,613) | $ | 11,002,297 | $ | (1,059,031) | Senior unsecured notes | $ | 10,737,220 | $ | (532,456) | $ | 11,002,297 | $ | (1,059,031) | ||||||||||||||||||||||||||||||||||
Secured debt | Secured debt | 1,414,612 | (39,742) | 1,490,708 | (44,222) | Secured debt | 1,465,934 | (35,322) | 1,490,708 | (44,222) | ||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 12,385,918 | $ | (716,355) | $ | 12,493,005 | $ | (1,103,253) | Totals | $ | 12,203,154 | $ | (567,778) | $ | 12,493,005 | $ | (1,103,253) |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Change in | Carrying | Change in | Carrying | Change in | Carrying | Change in | |||||||||||||||||||||||||||||||||||||||||||||
Value | fair value | Value | fair value | Value | fair value | Value | fair value | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Foreign currency exchange contracts | $ | 23,548 | $ | 15,511 | $ | 32,280 | $ | 19,740 | Foreign currency exchange contracts | $ | 400,356 | $ | 12,683 | $ | 32,280 | $ | 19,740 | ||||||||||||||||||||||||||||||||||
Debt designated as hedges | Debt designated as hedges | 1,581,248 | 15,812 | 1,613,164 | 16,132 | Debt designated as hedges | 1,350,862 | 13,509 | 1,613,164 | 16,132 | ||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 1,604,796 | $ | 31,323 | $ | 1,645,444 | $ | 35,872 | Totals | $ | 1,751,218 | $ | 26,192 | $ | 1,645,444 | $ | 35,872 |
Issuer Purchases of Equity Securities | Issuer Purchases of Equity Securities | Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Repurchase Program | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Repurchase Program | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Repurchase Program | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Repurchase Program | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2022 through January 31, 2022 | 25,081 | $ | 87.51 | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 1, 2022 through February 28, 2022 | 29,613 | 81.17 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 1, 2022 through March 31, 2022 | 2,080 | 81.49 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 through July 31, 2022 | July 1, 2022 through July 31, 2022 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 1, 2022 through August 31, 2022 | August 1, 2022 through August 31, 2022 | 831 | 89.09 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2022 through September 30, 2022 | September 1, 2022 through September 30, 2022 | 161 | 72.74 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | 56,774 | $ | 83.98 | — | $ | — | Totals | 992 | $ | 86.44 | — | $ | — |
31.1 | |||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
101.INS | XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended | ||||||||||
* | Management contract or Compensatory Plan or Arrangement. |
WELLTOWER INC. | |||||||||||||||||
Date: | By: | /s/ SHANKH MITRA | |||||||||||||||
Shankh Mitra, | |||||||||||||||||
Chief Executive Officer and Chief Investment Officer (Principal Executive Officer) | |||||||||||||||||
Date: | By: | /s/ TIMOTHY G. MCHUGH | |||||||||||||||
Timothy G. McHugh, | |||||||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||||||
Date: | By: | /s/ JOSHUA T. FIEWEGER | |||||||||||||||
Joshua T. Fieweger, | |||||||||||||||||
Chief Accounting Officer (Principal Accounting Officer) |
(Principal Executive Officer) | |||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||
(Principal Accounting Officer) | |||||||||||||||||