Exhibit 99.1
| | | |
FOR IMMEDIATE RELEASE | | |
| | | October 18, 2005 |
| | | For more information contact: |
| | | Ray Braun — (419) 247-2800 |
| | | Mike Crabtree — (419) 247-2800 |
| | | Scott Estes — (419) 247-2800 |
Health Care REIT, Inc.
Reports Third Quarter Results
Toledo, Ohio, October 18, 2005Health Care REIT, Inc. (NYSE/HCN)announced today operating results for its third quarter ended September 30, 2005.
“We are pleased to report a 13% increase in third quarter FAD to $0.77,” commented George L. Chapman, chief executive officer of Health Care REIT, Inc. “Our record quarterly earnings resulted from the $217 million of net new investments completed during the first half of 2005. We intend to maintain our disciplined approach to investing, leaving us well-positioned for 2006 and beyond.”
The Board of Directors declared a dividend for the quarter ended September 30, 2005 of $0.62 per share as compared to $0.60 per share for the same period in 2004. The dividend represents the 138th consecutive dividend payment. The dividend will be payable November 21, 2005 to stockholders of record on October 31, 2005.
Summary of Third Quarter Results
(In thousands, except per share data)
| | | | | | | | | |
| | | Three Months Ended | | | Three Months Ended | |
| | | September 30, 2005 | | | September 30, 2004 | |
| Revenues | | $ | 73,065 | | | $ | 61,801 | |
| Net Income Available to Common Stockholders | | $ | 19,908 | | | $ | 19,004 | |
| Funds From Operations | | $ | 41,975 | | | $ | 37,893 | |
Funds From Operations — Adjusted (1) | | $ | 41,975 | | | $ | 38,207 | |
| Funds Available for Distribution | | $ | 41,857 | | | $ | 34,891 | |
Funds Available for Distribution — Adjusted (1) | | $ | 41,857 | | | $ | 35,205 | |
| Net Income Per Diluted Share | | $ | 0.37 | | | $ | 0.37 | |
| FFO Per Diluted Share | | $ | 0.77 | | | $ | 0.73 | |
FFO Per Diluted Share — Adjusted (1) | | $ | 0.77 | | | $ | 0.73 | |
| FAD Per Diluted Share | | $ | 0.77 | | | $ | 0.67 | |
FAD Per Diluted Share — Adjusted (1) | | $ | 0.77 | | | $ | 0.68 | |
| Dividend Per Share | | $ | 0.62 | | | $ | 0.60 | |
| FFO Payout Ratio | | | 81 | % | | | 82 | % |
FFO Payout Ratio — Adjusted (1) | | | 81 | % | | | 82 | % |
| FAD Payout Ratio | | | 81 | % | | | 90 | % |
FAD Payout Ratio — Adjusted (1) | | | 81 | % | | | 88 | % |
| | |
| (1) | | Adjusted for impairment of assets in 3Q04. |
Page 1 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
Summary of Year to Date Results
(In thousands, except per share data)
| | | | | | | | | |
| | | Nine Months Ended | | | Nine Months Ended | |
| | | September 30, 2005 | | | September 30, 2004 | |
| Revenues | | $ | 207,280 | | | $ | 176,684 | |
| Net Income Available to Common Stockholders | | $ | 36,105 | | | $ | 56,866 | |
| Funds From Operations | | $ | 99,712 | | | $ | 109,442 | |
Funds From Operations — Adjusted (1) | | $ | 118,160 | | | $ | 109,756 | |
| Funds Available for Distribution | | $ | 95,563 | | | $ | 97,307 | |
Funds Available for Distribution — Adjusted (1) | | $ | 114,011 | | | $ | 97,621 | |
| Net Income Per Diluted Share | | $ | 0.67 | | | $ | 1.10 | |
| FFO Per Diluted Share | | $ | 1.85 | | | $ | 2.11 | |
FFO Per Diluted Share — Adjusted (1) | | $ | 2.19 | | | $ | 2.12 | |
| FAD Per Diluted Share | | $ | 1.77 | | | $ | 1.88 | |
FAD Per Diluted Share — Adjusted (1) | | $ | 2.12 | | | $ | 1.89 | |
| Dividend Per Share | | $ | 1.84 | | | $ | 1.785 | |
| FFO Payout Ratio | | | 99 | % | | | 85 | % |
FFO Payout Ratio — Adjusted (1) | | | 84 | % | | | 84 | % |
| FAD Payout Ratio | | | 104 | % | | | 95 | % |
FAD Payout Ratio — Adjusted (1) | | | 87 | % | | | 94 | % |
| | |
| (1) | | Adjusted for loss on extinguishment of debt in 2Q05 and impairment of assets in 3Q04. |
The company had a total outstanding debt balance of $1.4 billion at September 30, 2005, as compared with $1.1 billion at September 30, 2004, and stockholders’ equity of $1.3 billion. At September 30, 2005, the company’s debt to total book capitalization ratio was 51% and the debt to total market capitalization ratio was 37%. For the nine months ended September 30, 2005, the company’s coverage ratio of EBITDA to interest was 3.25 to 1.00 and the coverage ratio of EBITDA to fixed charges was 2.58 to 1.00, after adjusting for the one-time debt extinguishment charge of $18.4 million in the second quarter of 2005.
Straight-line Rent.The company recorded $0.1 million and $4.1 million of straight-line rent for the three and nine months ended September 30, 2005, respectively. Straight-line rent is net of $2.8 million and $6.0 million in cash payments outside normal monthly rental payments for the three and nine month periods, respectively.
Outlook for 2005.The company is refining its 2005 net new investment guidance to a range of $125 to $175 million from $100 to $200 million. The net new investment guidance excludes approximately $300 million of portfolio acquisitions currently in underwriting with an average yield of 8.25%. All new investments will primarily comprise leases that will not require rents to be straight-lined. The company currently expects to report net income available to common stockholders in the range of $1.02 to $1.04 per diluted share. Excluding the loss on extinguishment of debt and any additional one-time items, the company is also narrowing its guidance for 2005 FFO to a range of $2.91 to $2.93 from $2.90 to $2.98 per diluted share. The company now expects to record straight-line rent of approximately $7 million for the full year 2005, before any additional cash payments outside normal monthly rental payments, and is revising its 2005 FAD guidance to a range of $2.78 to $2.80 from $2.72 to $2.80 per diluted share. The company also anticipates that general and administrative expenses will total between $17.8 million and $18.3 million for the full year 2005. For the fourth quarter of 2005, the company has assumed: (1) gross investments of $35 to $65 million at an average initial yield of 9.0% occurring on average during the latter half of the fourth quarter; (2) dispositions of $100 to $150 million at an average yield of 9.25%; (3) any proceeds from dispositions are used to pay down the company’s outstanding line of credit balance; (4) general and administrative expenses of $4.8 to $5.3 million; and (5) no additional capital raising activities outside of the company’s DRIP plan.
Page 2 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
The company’s guidance does not account for any impairments or unanticipated additions to the loan loss reserve. Additionally, the company will be managed to maintain investment grade status with a capital structure consistent with its current profile. Please see Exhibit 15 for a reconciliation of the outlook for net income to FFO and FAD.
Supplemental Reporting Measures.The company believes that net income, as defined by U.S. generally accepted accounting principles (U.S. GAAP), is the most appropriate earnings measurement. However, the company considers funds from operations (FFO) and funds available for distribution (FAD) to be useful supplemental measures of its operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means net income, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FAD represents FFO excluding the non-cash straight-line rental adjustments.
EBITDA stands for earnings before interest, taxes, depreciation and amortization. Additionally, the company excludes the non-cash provision for loan losses. The company believes that EBITDA, along with net income and cash flow provided from operating activities, is an important supplemental measure because it provides additional information to assess and evaluate the performance of its operations. Additionally, restrictive covenants in the company’s long-term debt arrangements contain financial ratios based on EBITDA. The company primarily utilizes EBITDA to measure its interest coverage ratio which represents EBITDA divided by interest expense.
In October 2003, NAREIT informed its member companies that the SEC had changed its position on certain aspects of the NAREIT FFO definition, including impairment charges. Previously, the SEC accepted NAREIT’s view that impairment charges were effectively an early recognition of an expected loss on an impending sale of property and thus should be excluded from FFO similar to other gains and losses on sales. However, the SEC’s clarified interpretation is that recurring impairments taken on real property may not be added back to net income in the calculation of FFO and FAD. Although the company has adopted this recommendation, it has also disclosed FFO and FAD adjusted for the impairment charge in 2004 for enhanced clarity.
In April 2002, the Financial Accounting Standards Board issued Statement No. 145 that requires gains and losses on extinguishments of debt to be classified as income or loss from continuing operations rather than as extraordinary items as previously required under Statement No. 4. The company adopted the standard effective January 1, 2003 and has properly reflected the current quarter loss on extinguishment of debt which may not be added back to net income in the calculation of FFO. Although the company has adopted this treatment, it has also disclosed FFO, FAD and EBITDA adjusted for the loss on extinguishment of debt in 2005 for enhanced clarity.
FFO, FAD and EBITDA are financial measures that are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. The company’s management uses these financial measures to facilitate internal and external comparisons to historical operating results, in making operating decisions and for budget planning purposes. Additionally, FFO and FAD are utilized by the Board of Directors to evaluate management. FFO, FAD and EBITDA do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, FFO,
Page 3 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
FAD and EBITDA, as defined by the company, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see Exhibits 13, 14 and 16 for reconciliations of FAD, FFO and EBITDA to net income.
Conference Call Information.The company has scheduled a conference call on October 19, 2005, at 9:00 a.m. Eastern time to discuss its third quarter results, industry trends, portfolio performance and outlook for 2005. To participate in the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same Web sites. This earnings release is posted on the company’s Web site under the heading Press Releases.
Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests primarily in skilled nursing and assisted living facilities. At September 30, 2005, the company had investments in 426 facilities in 37 states with 52 operators and had total assets of approximately $2.7 billion. The portfolio included 233 assisted living facilities, 180 skilled nursing facilities and 13 specialty care facilities. More information is available on the Internet at www.hcreit.com.
This document may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern and are based upon, among other things, the possible expansion of the company’s portfolio; the performance of its operators and properties; its ability to make distributions; its policies and plans regarding investments, financings and other matters; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to meet its earnings guidance. When the company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; current serious issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, operators’ difficulty in obtaining and maintaining adequate liability and other insurance, and competition within the health care and senior housing industries; changes in financing terms available to the company; changes in federal, state and local legislation; negative developments in the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; changes in the company’s ability to transition or sell facilities with a profitable result; inaccuracies in any of the company’s assumptions; and changes in rules or practices governing the company’s financial reporting. Finally, the company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
FINANCIAL SCHEDULES FOLLOW
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Page 4 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
HEALTH CARE REIT, INC.
Financial Supplement
CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands)
| | | | | | | | | |
| | | September 30 | |
| | | 2005 | | | 2004 | |
Assets | | | | | | | | |
| Real estate investments: | | | | | | | | |
| Real property owned | | | | | | | | |
| Land | | $ | 225,604 | | | $ | 193,802 | |
| Buildings & improvements | | | 2,373,762 | | | | 2,075,442 | |
| Real property held for sale, net of accumulated depreciation | | | 52,167 | | | | 0 | |
| Construction in progress | | | 1,135 | | | | 24,025 | |
| | | | | | | |
| | | | 2,652,668 | | | | 2,293,269 | |
| Less accumulated depreciation | | | (265,478 | ) | | | (200,923 | ) |
| | | | | | | |
| Total real property owned | | | 2,387,190 | | | | 2,092,346 | |
| | | | | | | | | |
| Loans receivable | | | | | | | | |
| Real property loans | | | 213,172 | | | | 209,449 | |
| Subdebt investments | | | 22,087 | | | | 59,372 | |
| | | | | | | |
| | | | 235,259 | | | | 268,821 | |
| Less allowance for losses on loans receivable | | | (6,161 | ) | | | (8,725 | ) |
| | | | | | | |
| | | | 229,098 | | | | 260,096 | |
| | | | | | | |
| Net real estate investments | | | 2,616,288 | | | | 2,352,442 | |
| | | | | | | | | |
| Other assets: | | | | | | | | |
| Equity investments | | | 3,298 | | | | 3,298 | |
| Deferred loan expenses | | | 8,781 | | | | 7,506 | |
| Cash and cash equivalents | | | 27,119 | | | | 15,419 | |
| Receivables and other assets | | | 81,412 | | | | 72,649 | |
| | | | | | | |
| | | | 120,610 | | | | 98,872 | |
| | | | | | | |
Total assets | | $ | 2,736,898 | | | $ | 2,451,314 | |
| | | | | | | |
| | | | | | | | | |
Liabilities and stockholders’ equity | | | | | | | | |
| Liabilities: | | | | | | | | |
| Borrowings under unsecured lines of credit arrangements | | $ | 304,000 | | | $ | 80,000 | |
| Senior unsecured notes | | | 894,830 | | | | 875,000 | |
| Secured debt | | | 174,324 | | | | 146,341 | |
| Accrued expenses and other liabilities | | | 44,048 | | | | 15,959 | |
| | | | | | | |
| Total liabilities | | | 1,417,202 | | | | 1,117,300 | |
| | | | | | | | | |
| Stockholders’ equity: | | | | | | | | |
| Preferred stock | | | 276,989 | | | | 289,294 | |
| Common stock | | | 54,534 | | | | 52,127 | |
| Capital in excess of par value | | | 1,191,240 | | | | 1,117,782 | |
| Treasury stock | | | (1,766 | ) | | | (850 | ) |
| Cumulative net income | | | 798,183 | | | | 724,607 | |
| Cumulative dividends | | | (999,737 | ) | | | (847,922 | ) |
| Accumulated other comprehensive income | | | 1 | | | | 1 | |
| Other equity | | | 252 | | | | (1,025 | ) |
| | | | | | | |
Total stockholders’ equity | | | 1,319,696 | | | | 1,334,014 | |
| | | | | | | |
Total liabilities and stockholders’ equity | | $ | 2,736,898 | | | $ | 2,451,314 | |
| | | | | | | |
Page 5 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30 | | | September 30 | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
| Revenues: | | | | | | | | | | | | | | | | |
| Rental income | | $ | 67,295 | | | $ | 55,648 | | | $ | 189,289 | | | $ | 157,615 | |
| Interest income | | | 4,997 | | | | 5,560 | | | | 15,249 | | | | 17,196 | |
| Transaction fees and other income | | | 773 | | | | 593 | | | | 2,742 | | | | 1,873 | |
| | | | | | | | | | | | | |
| Gross revenues | | | 73,065 | | | | 61,801 | | | | 207,280 | | | | 176,684 | |
| | | | | | | | | | | | | | | | | |
| Expenses: | | | | | | | | | | | | | | | | |
| Interest expense | | | 21,205 | | | | 17,376 | | | | 59,924 | | | | 51,663 | |
| Provision for depreciation | | | 21,176 | | | | 18,088 | | | | 60,665 | | | | 50,038 | |
| General and administrative | | | 4,640 | | | | 3,618 | | | | 12,993 | | | | 10,339 | |
| Loan expense | | | 673 | | | | 805 | | | | 2,209 | | | | 2,568 | |
| Impairment of assets | | | 0 | | | | 314 | | | | 0 | | | | 314 | |
| Loss on extinguishment of debt | | | 0 | | | | 0 | | | | 18,448 | | | | 0 | |
| Provision for loan losses | | | 300 | | | | 300 | | | | 900 | | | | 900 | |
| | | | | | | | | | | | | |
| Total expenses | | | 47,994 | | | | 40,501 | | | | 155,139 | | | | 115,822 | |
| | | | | | | | | | | | | |
| Income from continuing operations | | | 25,071 | | | | 21,300 | | | | 52,141 | | | | 60,862 | |
| | | | | | | | | | | | | | | | | |
| Discontinued operations: | | | | | | | | | | | | | | | | |
| Gain (loss) on sales of properties | | | 0 | | | | 0 | | | | (134 | ) | | | 1,129 | |
| Income (loss) from discontinued operations, net | | | 226 | | | | 507 | | | | 359 | | | | 2,170 | |
| | | | | | | | | | | | | |
| | | | 226 | | | | 507 | | | | 225 | | | | 3,299 | |
| | | | | | | | | | | | | |
| Net income | | | 25,297 | | | | 21,807 | | | | 52,366 | | | | 64,161 | |
| |
| Preferred dividends | | | 5,389 | | | | 2,803 | | | | 16,261 | | | | 7,295 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) available to common stockholders | | $ | 19,908 | | | $ | 19,004 | | | $ | 36,105 | | | $ | 56,866 | |
| | | | | | | | | | | | | |
| Average number of common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 54,038 | | | | 51,538 | | | | 53,498 | | | | 51,200 | |
| Diluted | | | 54,359 | | | | 52,008 | | | | 53,867 | | | | 51,787 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) available to common stockholders per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.37 | | | $ | 0.37 | | | $ | 0.67 | | | $ | 1.11 | |
| Diluted | | | 0.37 | | | | 0.37 | | | | 0.67 | | | | 1.10 | |
| | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.62 | | | $ | 0.60 | | | $ | 1.84 | | | $ | 1.785 | |
Page 6 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
HEALTH CARE REIT, INC.
Financial Supplement — September 30, 2005
| | | |
Portfolio Composition ($000’s) | | Exhibit 1 |
| | | | | | | | | | | | | | | | | |
| | | # Properties | | # Beds/Units | | Balance | | % Balance |
| | | |
Balance Sheet Data | | | | | | | | | | | | | | | | |
| Real Property | | | 406 | | | | 39,149 | | | $ | 2,387,190 | | | | 91 | % |
| Loans Receivable (1) | | | 20 | | | | 2,383 | | | | 213,172 | | | | 8 | % |
| Subdebt Investments | | | 0 | | | | 0 | | | | 22,087 | | | | 1 | % |
| | | |
| Total Investments | | | 426 | | | | 41,532 | | | $ | 2,622,449 | | | | 100 | % |
| | | | | | | | | | | | | | | | | |
| | | # Properties | | # Beds/Units | | Investment (2) | | % Investment |
| | | |
Investment Data | | | | | | | | | | | | | | | | |
| Assisted Living Facilities | | | 233 | | | | 15,639 | | | $ | 1,325,489 | | | | 50 | % |
| Skilled Nursing Facilities | | | 180 | | | | 24,626 | | | | 1,093,750 | | | | 42 | % |
| Specialty Care Facilities | | | 13 | | | | 1,267 | | | | 205,660 | | | | 8 | % |
| | | |
| Real Estate Investments | | | 426 | | | | 41,532 | | | $ | 2,624,899 | | | | 100 | % |
| | |
| Notes: (1) | | Includes $22,005,000 of loans on non-accrual. |
| |
| (2) | | Real Estate Investments include gross real estate investments and credit enhancements which amounted to $2,622,449,000 and $2,450,000, respectively. |
| | |
| | | |
| Revenue Composition ($000’s) | | Exhibit 2 |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30, 2005 | | | September 30, 2005 | |
Revenue by Investment Type (1) | | | | | | | | | | | | | | | | |
| Real Property | | $ | 69,546 | | | | 93 | % | | $ | 196,184 | | | | 93 | % |
| Loans Receivable | | | 4,529 | | | | 6 | % | | | 13,670 | | | | 6 | % |
| Subdebt Investments | | | 526 | | | | 1 | % | | | 1,924 | | | | 1 | % |
| | | | | |
| Total | | $ | 74,601 | | | | 100 | % | | $ | 211,778 | | | | 100 | % |
| | | | | | | | | | | | | | | | | |
Revenue by Facility Type (1) | | | | | | | | | | | | | | | | |
| Assisted Living Facilities | | $ | 36,586 | | | | 49 | % | | $ | 109,685 | | | | 52 | % |
| Skilled Nursing Facilities | | | 32,931 | | | | 44 | % | | | 88,678 | | | | 42 | % |
| Specialty Care Facilities | | | 5,084 | | | | 7 | % | | | 13,415 | | | | 6 | % |
| | | | | |
| Total | | $ | 74,601 | | | | 100 | % | | $ | 211,778 | | | | 100 | % |
| | |
| Notes: (1) | | Revenues include gross revenues and revenues from discontinued operations. |
Page 7 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
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| Operator Concentration ($000’s) | | Exhibit 3 |
| | | | | | | | | | | | | |
| | | # Properties | | Investment | | % Investment |
| | | |
Concentration by Investment | | | | | | | | | | | | |
| Emeritus Corporation | | | 50 | | | $ | 364,607 | | | | 14 | % |
| Southern Assisted Living, Inc. | | | 43 | | | | 197,285 | | | | 8 | % |
| Commonwealth Communities Management LLC | | | 13 | | | | 192,536 | | | | 7 | % |
| Delta Health Group, Inc. | | | 25 | | | | 174,347 | | | | 7 | % |
| Home Quality Management, Inc. | | | 29 | | | | 159,928 | | | | 6 | % |
| Remaining operators (47) | | | 266 | | | | 1,536,196 | | | | 58 | % |
| | | |
| Total | | | 426 | | | $ | 2,624,899 | | | | 100 | % |
| | |
| | | |
| Geographic Concentration ($000’s) | | Exhibit 4 |
| | | | | | | | | | | | | |
| | | # Properties | | | Investment | | | % Investment | |
Concentration by Region | | | | | | | | | | | | |
| South | | | 265 | | | $ | 1,426,761 | | | | 54 | % |
| Northeast | | | 62 | | | | 529,928 | | | | 20 | % |
| West | | | 52 | | | | 314,004 | | | | 12 | % |
| Midwest | | | 47 | | | | 354,206 | | | | 14 | % |
| | | | | | | | | | |
| Total | | | 426 | | | $ | 2,624,899 | | | | 100 | % |
| | | | | | | | | | | | | |
| | | # Properties | | | Investment | | | % Investment | |
Concentration by State | | | | | | | | | | | | |
| Florida | | | 61 | | | $ | 385,367 | | | | 15 | % |
| Massachusetts | | | 36 | | | | 354,079 | | | | 13 | % |
| Texas | | | 48 | | | | 221,741 | | | | 8 | % |
| North Carolina | | | 42 | | | | 193,537 | | | | 7 | % |
| Ohio | | | 19 | | | | 163,428 | | | | 6 | % |
| Remaining States (32) | | | 220 | | | | 1,306,747 | | | | 51 | % |
| | | | | | | | | | |
| Total | | | 426 | | | $ | 2,624,899 | | | | 100 | % |
Page 8 of 15
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| 3Q05 Earnings Release | | October 18, 2005 |
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| Committed Investment Balances | | Exhibit 5 |
| ($000’s except Investment per Bed/Unit) | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Committed | | Investment |
| | | # Properties | | # Beds/Units | | Balance (1) | | per Bed/Unit |
| | | |
| Assisted Living Facilities | | | 233 | | | | 15,639 | | | $ | 1,326,549 | | | $ | 84,823 | |
| Skilled Nursing Facilities | | | 180 | | | | 24,626 | | | | 1,093,750 | | | | 44,414 | |
| Specialty Care Facilities | | | 13 | | | | 1,267 | | | | 205,660 | | | | 162,320 | |
| | | |
| Total | | | 426 | | | | 41,532 | | | $ | 2,625,959 | | | -na- |
| | |
| Notes: (1) | | Committed Balance includes gross real estate investments, credit enhancements and unfunded construction commitments for which initial funding had commenced. |
| | |
| | | |
| Selected Facility Data | | Exhibit 6 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Coverage Data |
| | | | | | | % Payor Mix | | Before | | After |
| | | Census | | Private | | Medicare | | Medicaid | | Mgt. Fees | | Mgt. Fees |
| | | |
| Assisted Living Facilities | | | 88 | % | | | 85 | % | | | 0 | % | | | 15 | % | | | 1.51x | | | | 1.28x | |
| Skilled Nursing Facilities | | | 86 | % | | | 15 | % | | | 16 | % | | | 69 | % | | | 2.20x | | | | 1.65x | |
| Specialty Care Facilities | | | 67 | % | | | 29 | % | | | 39 | % | | | 32 | % | | | 3.53x | | | | 2.91x | |
| | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | Weighted Averages | | | 1.91x | | | | 1.54x | |
| | |
| Notes: | | Data as of June 30, 2005 |
| | |
| | | |
| Credit Support ($000’s) | | Exhibit 7 |
| | | | | | | | | |
| | | Balance | | % Investment |
| | | |
| Cross Defaulted | | $ | 2,536,220 | | | 97% of gross real estate investments |
| Cross Collateralized | | | 184,363 | | | 86% of real property loans receivable |
| Master Leases | | | 2,036,478 | | | 85% of real property owned |
| | | | | | | | | | | | | | | | | |
| Current Capitalization ($000’s except share price) | | Leverage & Performance Ratios |
| | | Balance | | % Balance | | | | | | | | |
| | | | | | | | | | | |
| Borrowings Under Bank Lines | | $ | 304,000 | | | | 11 | % | | Debt/Total Book Cap | | | 51 | % |
| Long-Term Debt Obligations | | | 1,069,154 | | | | 40 | % | | Debt/Undepreciated Book Cap | | | 46 | % |
| Stockholders’ Equity | | | 1,319,696 | | | | 49 | % | | Debt/Total Market Cap | | | 37 | % |
| | | | | | | | | | | |
| Total Book Capitalization | | $ | 2,692,850 | | | | 100 | % | | | | | | | | |
| | | | | | | | | | | Interest Coverage | | 3.25x 3rd Qtr. |
| Common Shares Outstanding (000’s) | | | 54,630 | | | | | | | | | | | 2.96x YTD |
| Period-End Share Price | | $ | 37.09 | | | | | | | Interest Coverage | | 3.25x 3rd Qtr. |
| | | | | | | | | | | | | | | |
| Common Stock Market Value | | $ | 2,026,227 | | | | 55 | % | | - adjusted | | 3.25x YTD |
| Preferred Stock | | | 276,989 | | | | 8 | % | | Fixed Charge Coverage | | 2.60x 3rd Qtr. |
| Borrowings Under Bank Lines | | | 304,000 | | | | 8 | % | | | | | | 2.34x YTD |
| Long-Term Debt Obligations | | | 1,069,154 | | | | 29 | % | | Fixed Charge Coverage | | 2.60x 3rd Qtr. |
| | | | | | | | | | | |
| Total Market Capitalization | | $ | 3,676,370 | | | | 100 | % | | - adjusted | | 2.58x YTD |
Page 9 of 15
| | |
| | | |
| 3Q05 Earnings Release | | October 18, 2005 |
| | |
| | | |
| Revenue Maturities ($000’s) | | Exhibit 8 |
Operating Lease Expirations & Loan Maturities
| | | | | | | | | | | | | | | | | |
| | | Current Lease | | | Current Interest | | | Lease and | | | | |
| Year | | Revenue (1) | | | Revenue (1) | | | Interest Revenue | | | % of Total | |
| |
| 2005 | | $ | 7,339 | | | $ | 652 | | | $ | 7,991 | | | | 3 | % |
| 2006 | | | 0 | | | | 1,592 | | | | 1,592 | | | | 1 | % |
| 2007 | | | 0 | | | | 1,188 | | | | 1,188 | | | | 0 | % |
| 2008 | | | 0 | | | | 4,855 | | | | 4,855 | | | | 2 | % |
| 2009 | | | 906 | | | | 2,006 | | | | 2,912 | | | | 1 | % |
| Thereafter | | | 266,144 | | | | 9,017 | | | | 275,161 | | | | 93 | % |
| | | |
| Total | | $ | 274,389 | | | $ | 19,310 | | | $ | 293,699 | | | | 100 | % |
| | |
| Notes: (1) | | Revenue impact by year, annualized. |
| | |
| | | |
| Debt Maturities and Principal Payments ($000’s) | | Exhibit 9 |
| | | | | | | | | | | | | | | | | |
| Year | | Lines of Credit (1) | | | Senior Notes | | | Secured Debt | | | Total | |
| |
| 2005 | | $ | 0 | | | $ | 0 | | | $ | 977 | | | $ | 977 | |
| 2006 | | | 40,000 | | | | 0 | | | | 3,332 | | | | 43,332 | |
| 2007 | | | 0 | | | | 52,500 | | | | 15,337 | | | | 67,837 | |
| 2008 | | | 500,000 | | | | 42,330 | | | | 10,577 | | | | 552,907 | |
| 2009 | | | 0 | | | | 0 | | | | 34,126 | | | | 34,126 | |
| 2010 | | | 0 | | | | 0 | | | | 9,083 | | | | 9,083 | |
| 2011 | | | 0 | | | | 0 | | | | 20,860 | | | | 20,860 | |
| Thereafter | | | 0 | | | | 800,000 | | | | 80,032 | | | | 880,032 | |
| | | |
| Total | | $ | 540,000 | | | $ | 894,830 | | | $ | 174,324 | | | $ | 1,609,154 | |
| | |
| Notes: (1) | | Reflected at 100% capacity. |
Page 10 of 15
| | |
| 3Q05 Earnings Release | | October 18, 2005 |
| | |
| | | |
| Investment Activity ($000’s) | | Exhibit 10 |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Nine Months Ended |
| | | September 30, 2005 | | September 30, 2005 |
Funding by Investment Type | | | | | | | | | | | | | | | | |
| Real Property | | $ | 16,884 | | | | 98 | % | | $ | 248,393 | | | | 93 | % |
| Loans Receivable | | | 357 | | | | 2 | % | | | 19,456 | | | | 7 | % |
| Subdebt Investments | | | | | | | 0 | % | | | | | | | 0 | % |
| | | | | |
| Total | | $ | 17,241 | | | | 100 | % | | $ | 267,849 | | | | 100 | % |
| | | | | | | | | | | | | | | | | |
Funding by Facility Type | | | | | | | | | | | | | | | | |
| Assisted Living Facilities | | $ | 10,684 | | | | 62 | % | | $ | 65,877 | | | | 25 | % |
| Skilled Nursing Facilities | | | 5,333 | | | | 31 | % | | | 140,718 | | | | 53 | % |
| Specialty Care Facilities | | | 1,224 | | | | 7 | % | | | 61,254 | | | | 22 | % |
| | | | | |
| Total | | $ | 17,241 | | | | 100 | % | | $ | 267,849 | | | | 100 | % |
| | |
| | | |
| Disposition Activity ($000’s) | | Exhibit 11 |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Nine Months Ended |
| | | September 30, 2005 | | September 30, 2005 |
Dispositions by Investment Type | | | | | | | | | | | | | | | | |
| Real Property | | | | | | | 0 | % | | $ | 10,034 | | | | 24 | % |
| Loans Receivable | | $ | 9,017 | | | | 100 | % | | | 13,044 | | | | 31 | % |
| Subdebt Investments | | | | | | | 0 | % | | | 19,467 | | | | 45 | % |
| | | | | | | | | | | | | |
| Total | | $ | 9,017 | | | | 100 | % | | $ | 42,545 | | | | 100 | % |
| | | | | | | | | | | | | | | | | |
Dispositions by Facility Type | | | | | | | | | | | | | | | | |
| Assisted Living Facilities | | $ | 9,017 | | | | 100 | % | | $ | 41,566 | | | | 98 | % |
| Skilled Nursing Facilities | | | | | | | 0 | % | | | | | | | 0 | % |
| Specialty Care Facilities | | | | | | | 0 | % | | | 979 | | | | 2 | % |
| | | | | | | | | | | | | |
| Total | | $ | 9,017 | | | | 100 | % | | $ | 42,545 | | | | 100 | % |
| | |
| | | |
| Discontinued Operations ($000’s) | | Exhibit 12 |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30 | | | September 30 | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
Revenues | | | | | | | | | | | | | | | | |
| Rental income | | $ | 1,536 | | | $ | 1,828 | | | $ | 4,498 | | | $ | 7,987 | |
| | | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | |
| Interest expense | | | 419 | | | | 520 | | | | 1,331 | | | | 2,150 | |
| Provision for depreciation | | | 891 | | | | 801 | | | | 2,808 | | | | 3,667 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Income (loss) from discontinued operations, net | | $ | 226 | | | $ | 507 | | | $ | 359 | | | $ | 2,170 | |
Page 11 of 15
| | |
| | | |
| 3Q05 Earnings Release | | October 18, 2005 |
| | | |
| Funds Available For Distribution Reconciliation | | Exhibit 13 |
| (Amounts in 000’s except per share data) | | |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30 | | | September 30 | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
| Net income (loss) available to common stockholders | | $ | 19,908 | | | $ | 19,004 | | | $ | 36,105 | | | $ | 56,866 | |
| Provision for depreciation (1) | | | 22,067 | | | | 18,889 | | | | 63,473 | | | | 53,705 | |
| Loss (gain) on sales of properties | | | 0 | | | | 0 | | | | 134 | | | | (1,129 | ) |
| Rental income in excess of cash received | | | (118 | ) | | | (3,002 | ) | | | (4,149 | ) | | | (12,135 | ) |
| | | | | | | | | | | | | |
| Funds available for distribution | | | 41,857 | | | | 34,891 | | | | 95,563 | | | | 97,307 | |
| Impairment of assets | | | 0 | | | | 314 | | | | 0 | | | | 314 | |
| Loss on extinguishment of debt | | | 0 | | | | 0 | | | | 18,448 | | | | 0 | |
| | | | | | | | | | | | | |
| Funds available for distribution — adjusted | | | 41,857 | | | | 35,205 | | | | 114,011 | | | | 97,621 | |
| Non-recurring rental cash payments | | | (2,832 | ) | | | (2,122 | ) | | | (6,044 | ) | | | (5,108 | ) |
| | | | | | | | | | | | | |
| Funds available for distribution — recurring | | $ | 39,025 | | | $ | 33,083 | | | $ | 107,967 | | | $ | 92,513 | |
| | | | | | | | | | | | | | | | | |
| Average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 54,038 | | | | 51,538 | | | | 53,498 | | | | 51,200 | |
| Diluted | | | 54,359 | | | | 52,008 | | | | 53,867 | | | | 51,787 | |
| | | | | | | | | | | | | | | | | |
| Per share data: | | | | | | | | | | | | | | | | |
| Net income (loss) available to common stockholders | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.37 | | | $ | 0.37 | | | $ | 0.67 | | | $ | 1.11 | |
| Diluted | | | 0.37 | | | | 0.37 | | | | 0.67 | | | | 1.10 | |
| | | | | | | | | | | | | | | | | |
| Funds available for distribution | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.77 | | | $ | 0.68 | | | $ | 1.79 | | | $ | 1.90 | |
| Diluted | | | 0.77 | | | | 0.67 | | | | 1.77 | | | | 1.88 | |
| | | | | | | | | | | | | | | | | |
| Funds available for distribution — adjusted | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.77 | | | $ | 0.68 | | | $ | 2.13 | | | $ | 1.91 | |
| Diluted | | | 0.77 | | | | 0.68 | | | | 2.12 | | | | 1.89 | |
| | | | | | | | | | | | | | | | | |
| Funds available for distribution — recurring | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.72 | | | $ | 0.64 | | | $ | 2.02 | | | $ | 1.81 | |
| Diluted | | | 0.72 | | | | 0.64 | | | | 2.00 | | | | 1.79 | |
| | | | | | | | | | | | | | | | | |
FAD Payout Ratio | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.62 | | | $ | 0.60 | | | $ | 1.84 | | | $ | 1.785 | |
| FAD per diluted share | | $ | 0.77 | | | $ | 0.67 | | | $ | 1.77 | | | $ | 1.88 | |
| | | | | | | | | | | | | |
| FAD payout ratio | | | 81 | % | | | 90 | % | | | 104 | % | | | 95 | % |
| | | | | | | | | | | | | | | | | |
FAD Payout Ratio — Adjusted | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.62 | | | $ | 0.60 | | | $ | 1.84 | | | $ | 1.785 | |
| FAD per diluted share — adjusted | | $ | 0.77 | | | $ | 0.68 | | | $ | 2.12 | | | $ | 1.89 | |
| | | | | | | | | | | | | |
| FAD payout ratio — adjusted | | | 81 | % | | | 88 | % | | | 87 | % | | | 94 | % |
| | | | | | | | | | | | | | | | | |
FAD Payout Ratio — Recurring | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.62 | | | $ | 0.60 | | | $ | 1.84 | | | $ | 1.785 | |
| FAD per diluted share — recurring | | $ | 0.72 | | | $ | 0.64 | | | $ | 2.00 | | | $ | 1.79 | |
| | | | | | | | | | | | | |
| FAD payout ratio — recurring | | | 86 | % | | | 94 | % | | | 92 | % | | | 100 | % |
| | |
| Notes: (1) Provision for depreciation includes provision for depreciation from discontinued operations. |
Page 12 of 15
| | |
| | | |
| 3Q05 Earnings Release | | October 18, 2005 |
| | | |
| Funds From Operations Reconciliation | | Exhibit 14 |
| (Amounts in 000’s except per share data) | | |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30 | | | September 30 | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
| Net income (loss) available to common stockholders | | $ | 19,908 | | | $ | 19,004 | | | $ | 36,105 | | | $ | 56,866 | |
| Provision for depreciation (1) | | | 22,067 | | | | 18,889 | | | | 63,473 | | | | 53,705 | |
| Loss (gain) on sales of properties | | | 0 | | | | 0 | | | | 134 | | | | (1,129 | ) |
| | | | | | | | | | | | | |
| Funds from operations | | | 41,975 | | | | 37,893 | | | | 99,712 | | | | 109,442 | |
| Impairment of assets | | | 0 | | | | 314 | | | | 0 | | | | 314 | |
| Loss on extinguishment of debt | | | 0 | | | | 0 | | | | 18,448 | | | | 0 | |
| | | | | | | | | | | | | |
| Funds from operations — adjusted | | $ | 41,975 | | | $ | 38,207 | | | $ | 118,160 | | | $ | 109,756 | |
| | | | | | | | | | | | | | | | | |
| Average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 54,038 | | | | 51,538 | | | | 53,498 | | | | 51,200 | |
| Diluted | | | 54,359 | | | | 52,008 | | | | 53,867 | | | | 51,787 | |
| | | | | | | | | | | | | | | | | |
| Per share data: | | | | | | | | | | | | | | | | |
| Net income (loss) available to common stockholders | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.37 | | | $ | 0.37 | | | $ | 0.67 | | | $ | 1.11 | |
| Diluted | | | 0.37 | | | | 0.37 | | | | 0.67 | | | | 1.10 | |
| | | | | | | | | | | | | | | | | |
| Funds from operations | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.78 | | | $ | 0.74 | | | $ | 1.86 | | | $ | 2.14 | |
| Diluted | | | 0.77 | | | | 0.73 | | | | 1.85 | | | | 2.11 | |
| | | | | | | | | | | | | | | | | |
| Funds from operations — adjusted | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.78 | | | $ | 0.74 | | | $ | 2.21 | | | $ | 2.14 | |
| Diluted | | | 0.77 | | | | 0.73 | | | | 2.19 | | | | 2.12 | |
| | | | | | | | | | | | | | | | | |
FFO Payout Ratio | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.62 | | | $ | 0.60 | | | $ | 1.84 | | | $ | 1.785 | |
| FFO per diluted share | | $ | 0.77 | | | $ | 0.73 | | | $ | 1.85 | | | $ | 2.11 | |
| | | | | | | | | | | | | |
| FFO payout ratio | | | 81 | % | | | 82 | % | | | 99 | % | | | 85 | % |
| | | | | | | | | | | | | | | | | |
FFO Payout Ratio — Adjusted | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.62 | | | $ | 0.60 | | | $ | 1.84 | | | $ | 1.785 | |
| FFO per diluted share — adjusted | | $ | 0.77 | | | $ | 0.73 | | | $ | 2.19 | | | $ | 2.12 | |
| | | | | | | | | | | | | |
| FFO payout ratio — adjusted | | | 81 | % | | | 82 | % | | | 84 | % | | | 84 | % |
| | |
| Notes: (1) Provision for depreciation includes provision for depreciation from discontinued operations. |
Page 13 of 15
| | |
| | | |
| 3Q05 Earnings Release | | October 18, 2005 |
| | | |
| Outlook Reconciliations | | Exhibit 15 |
| (Amounts in 000’s except per share data) | | |
| | | | | | | | | |
| | | Year Ended | |
| | | December 31, 2005 | |
| | | Low | | | High | |
| Net income available to common stockholders | | $ | 55,056 | | | $ | 56,156 | |
| Loss (gain) on sales of properties | | | (1,404 | ) | | | (1,404 | ) |
| Provision for depreciation (1) | | | 85,000 | | | | 85,000 | |
| | | | | | | |
| Funds from operations | | | 138,652 | | | | 139,752 | |
| Loss on extinguishment of debt | | | 18,448 | | | | 18,448 | |
| | | | | | | |
| Funds from operations — adjusted | | | 157,100 | | | | 158,200 | |
| Rental income in excess of cash received | | | (7,000 | ) | | | (7,000 | ) |
| | | | | | | |
| Funds available for distribution — adjusted | | $ | 150,100 | | | $ | 151,200 | |
| | | | | | | | | |
| Average common shares outstanding (diluted) | | | 54,000 | | | | 54,000 | |
| | | | | | | | | |
| Per share data (diluted): | | | | | | | | |
| Net income available to common stockholders | | $ | 1.02 | | | $ | 1.04 | |
| Funds from operations | | | 2.57 | | | | 2.59 | |
| Funds from operations — adjusted | | | 2.91 | | | | 2.93 | |
| Funds available for distribution — adjusted | | | 2.78 | | | | 2.80 | |
| | |
| Notes: (1) Provision for depreciation includes provision for depreciation from discontinued operations. |
Page 14 of 15
| | |
| | | |
| 3Q05 Earnings Release | | October 18, 2005 |
| | | |
| EBITDA Reconciliation ($000’s) | | Exhibit 16 |
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30 | | | September 30 | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
| Net income | | $ | 25,297 | | | $ | 21,807 | | | $ | 52,366 | | | $ | 64,161 | |
| Provision for depreciation (1) | | | 22,067 | | | | 18,889 | | | | 63,473 | | | | 53,705 | |
| Interest expense (1) | | | 21,624 | | | | 17,896 | | | | 61,255 | | | | 53,813 | |
| Capitalized interest | | | 12 | | | | 254 | | | | 626 | | | | 590 | |
| Amortization (2) | | | 911 | | | | 1,021 | | | | 4,267 | | | | 3,231 | |
| Provision for loan losses | | | 300 | | | | 300 | | | | 900 | | | | 900 | |
| | | | | | | | | | | | | |
| EBITDA | | | 70,211 | | | | 60,167 | | | | 182,887 | | | | 176,400 | |
| Loss on extinguishment of debt | | | 0 | | | | 0 | | | | 18,448 | | | | 0 | |
| | | | | | | | | | | | | |
| EBITDA — adjusted | | $ | 70,211 | | | $ | 60,167 | | | $ | 201,335 | | | $ | 176,400 | |
| | | | | | | | | | | | | | | | | |
Interest Coverage Ratio | | | | | | | | | | | | | | | | |
| Interest expense (1) | | $ | 21,624 | | | $ | 17,896 | | | $ | 61,255 | | | $ | 53,813 | |
| Capitalized interest | | | 12 | | | | 254 | | | | 626 | | | | 590 | |
| | | | | | | | | | | | | |
| Total interest | | | 21,636 | | | | 18,150 | | | | 61,881 | | | | 54,403 | |
| EBITDA | | $ | 70,211 | | | $ | 60,167 | | | $ | 182,887 | | | $ | 176,400 | |
| | | | | | | | | | | | | |
| Interest coverage ratio | | | 3.25 | x | | | 3.31 | x | | | 2.96 | x | | | 3.24 | x |
| | | | | | | | | | | | | | | | | |
| EBITDA — adjusted | | $ | 70,211 | | | $ | 60,167 | | | $ | 201,335 | | | $ | 176,400 | |
| | | | | | | | | | | | | |
| Interest coverage ratio — adjusted | | | 3.25 | x | | | 3.31 | x | | | 3.25 | x | | | 3.24 | x |
| | | | | | | | | | | | | | | | | |
Fixed Charge Coverage Ratio | | | | | | | | | | | | | | | | |
| Total interest (1) | | $ | 21,636 | | | $ | 18,150 | | | $ | 61,881 | | | $ | 54,403 | |
| Preferred dividends | | | 5,389 | | | | 2,803 | | | | 16,261 | | | | 7,295 | |
| | | | | | | | | | | | | |
| Total fixed charges | | | 27,025 | | | | 20,953 | | | | 78,142 | | | | 61,698 | |
| EBITDA | | $ | 70,211 | | | $ | 60,167 | | | $ | 182,887 | | | $ | 176,400 | |
| | | | | | | | | | | | | |
| Fixed charge coverage ratio | | | 2.60 | x | | | 2.87 | x | | | 2.34 | x | | | 2.86 | x |
| | | | | | | | | | | | | | | | | |
| EBITDA — adjusted | | $ | 70,211 | | | $ | 60,167 | | | $ | 201,335 | | | $ | 176,400 | |
| | | | | | | | | | | | | |
| Fixed charge coverage ratio — adjusted | | | 2.60 | x | | | 2.87 | x | | | 2.58 | x | | | 2.86 | x |
| | | | | | | |
Notes: | | | (1 | ) | | Provision for depreciation and interest expense include provision for depreciation and interest expense from discontinued operations. |
| | | | | | | |
| | | | (2 | ) | | Amortization includes amortization of deferred loan expenses, restricted stock and stock options. |
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