0000766704-19-000037.txt : 20190731 0000766704-19-000037.hdr.sgml : 20190731 20190731170431 ACCESSION NUMBER: 0000766704-19-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20190731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190731 DATE AS OF CHANGE: 20190731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLTOWER INC. CENTRAL INDEX KEY: 0000766704 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341096634 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08923 FILM NUMBER: 19989591 BUSINESS ADDRESS: STREET 1: 4500 DORR STREET CITY: TOLEDO STATE: OH ZIP: 43615 BUSINESS PHONE: 419-247-2800 MAIL ADDRESS: STREET 1: 4500 DORR STREET CITY: TOLEDO STATE: OH ZIP: 43615 FORMER COMPANY: FORMER CONFORMED NAME: HEALTH CARE REIT INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 a2q198-k.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2019
 
Welltower Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
 
1-8923
 
34-1096634
(State or other jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
 
4500 Dorr Street, Toledo, Ohio
 
43615
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (419) 247-2800
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company              ☐   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Page 1 of 2



Item 2.02  Results of Operations and Financial Condition.
On July 31, 2019, Welltower Inc. (the “Company”) issued a press release that announced operating results for its second quarter ended June 30, 2019.  The press release refers to a supplemental information package that is available on the Company's website (www.welltower.com), free of charge.  Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report, and are incorporated herein by reference.
The information included in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. 
Item 9.01  Financial Statements and Exhibits.
(d)  Exhibits.
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WELLTOWER INC.
 
 
By:
/s/ Matthew McQueen
Name:
Matthew McQueen
Title:
Senior Vice President – General Counsel & Corporate Secretary
 
Dated:  July 31, 2019

Page 2 of 2
EX-99.1 2 a2q19earningsrelease991.htm EXHIBIT 99.1 Exhibit
2Q19 Earnings Release
 
June 30, 2019

welllogoa08.gif

FOR IMMEDIATE RELEASE
July 31, 2019
For more information contact:
John Goodey (419) 247-2800
Welltower Reports Second Quarter 2019 Results
Toledo, Ohio, July 31, 2019…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended June 30, 2019.
Quarterly Highlights
Reported net income attributable to common stockholders of $0.34 per diluted share and normalized FFO attributable to common stockholders of $1.05 per diluted share compared to $1.00 per diluted share in 2018, representing 5% normalized FFO growth
Grew total portfolio SSNOI by 3.1%, driven by consistent performance across all property types
Completed $2.4 billion of pro rata acquisitions across eight separate transactions at a blended yield of 5.4% and $152 million in development funding with an expected stabilized yield of 7.2%
Completed the sale of the Benchmark Senior Living portfolio for a $1.8 billion gross sale price subsequent to quarter end
Issued seventh annual Corporate Social Responsibility Report and also named a 2019 Energy Star Partner of the Year by the U.S. Environmental Protection Agency

"Our outperformance this quarter is yet another example of how Welltower's differentiated strategy and asset quality is delivering growth for our shareholders," commented Thomas J. DeRosa, Chairman and CEO. "Once again, Welltower was able to elevate the quality of our health care real estate portfolio by recycling out of legacy assets and operators in order to capitalize a next generation health care real estate platform that will deliver sustainable growth for years to come."
Capital Activity On June 30, 2019, we had $269 million of cash and cash equivalents and $1.1 billion of available borrowing capacity under our unsecured revolving credit facility. During the second quarter, we sold 3.7 million shares of common stock under our ATM and DRIP programs, through both cash settle and forward sale agreements, at an initial weighted average price of $80.28 per share, generating expected gross proceeds of approximately $295 million.
In May, we entered into a $1.0 billion unsecured term loan facility to bridge the funding of the CNL Healthcare Properties acquisition with proceeds from the Benchmark Senior Living portfolio disposition, maintaining capacity to borrow under our revolving credit facility. The bridge facility was subsequently extinguished in July 2019 with proceeds from the disposition of the Benchmark Senior Living portfolio. As of July 30, 2019 we had approximately $340 million of cash and cash equivalents and $1.7 billion of available borrowing capacity under our unsecured revolving credit facility, bringing leverage back in-line with 2019 guidance.
Dividend The Board of Directors declared a cash dividend for the quarter ended June 30, 2019 of $0.87 per share. On August 22, 2019, we will pay our 193rd consecutive quarterly cash dividend to stockholders of record on August 15, 2019. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.
Quarterly Investment and Disposition Activity We continue to leverage our extensive industry relationships to drive acquisition volume and recycle non-core real estate into new investments that are accretive to the quality of our operator and real estate portfolios and will drive future cash flow growth. In the second quarter, we completed $2.6 billion of pro rata gross investments including $2.4 billion in acquisitions across eight separate transactions at a blended yield of 5.4% and $152 million in development funding with an expected stable yield of 7.2%. Also during the quarter, we completed dispositions of $14 million at a 4.4% yield.
Notable Investments and Transitions
CNL Healthcare Properties As previously announced, we acquired a 100% interest in a 55-property, Class-A medical office portfolio for $1.25 billion. The 94% occupied portfolio totals 3.3 million rentable square feet.
Balfour Senior Living We formed a new RIDEA relationship with Denver, Colorado-based Balfour Senior Living, a premier operator of luxury independent, assisted living and memory care communities. We acquired a six-community portfolio, including Balfour's 203-unit flagship community, Riverfront Park, located in Downtown Denver. The portfolio was acquired for a pro rata investment amount of $293 million. Furthermore, as part of this transaction, Welltower gained exclusivity on Balfour's future acquisitions and development pipeline, as well as an option to acquire up to a 34.9% interest in the management company.
Sunrise Senior Living We expanded our relationship with Sunrise by purchasing the remaining 66% interest for $218 million in five purpose-built, private-pay seniors housing properties developed and managed by Sunrise. Welltower previously funded 34% of the

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2Q19 Earnings Release
 
June 30, 2019

development cost for the communities through an ongoing development joint venture with Sunrise. The communities opened in 2017 and 2018 and are located in the San Francisco, San Diego and Washington D.C. MSAs. Our total investment in the portfolio is $285 million.
Discovery Senior Living We expanded our relationship with Discovery via an off-market acquisition of three combination seniors housing communities in in-fill locations within their respective markets in the Dallas/Fort Worth and San Antonio MSAs. The three communities were acquired through the formation of a 97.5% owned joint venture at a pro rata investment amount of $211 million, which equates to $280,610 per unit. Further, as part of this transaction, Welltower gained exclusivity on Discovery's future development pipeline.
Clover Management We formed a new joint venture partnership with Buffalo, New York-based Clover Management, a premier owner and operator of senior communities throughout the Northeast and Midwest regions of the United States. We acquired a total of 32 communities including four properties under development for pro rata investment of $343 million.
Silverado Senior Living Restructure At the end of the quarter, we transitioned 20 properties to a newly formed RIDEA joint venture with Frontier Management, an Oregon-based premier operator of high acuity assisted living and memory care communities throughout the United States. This transaction increases our total properties with Frontier to 26. We also transitioned 11 California-based RIDEA Silverado Senior Living assets to a triple-net lease with Silverado that has an initial 10-year term.
Post Quarter Activity
Benchmark Senior Living In July, we sold our Benchmark Senior Living portfolio for a gross $1.8 billion sale price, with potential to receive an additional $50 million in earnout proceeds subject to certain future sale hurdles. The 4,137 unit seniors housing operating portfolio consists of 48 assisted living properties located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. The portfolio had $24 million of secured debt that was extinguished at closing.
Summit Medical Group In July, we expanded on our relationship with Summit Medical Group by entering into a definitive purchase agreement to acquire a 43-acre medical campus encompassing 270,000 square feet across 6 buildings in Berkeley Heights, New Jersey for $140 million. The medical campus will be master leased by Summit Medical Group under a new 20-year, absolute net lease. Subject to customary closing conditions, the sale is expected to close in the third quarter of 2019. Upon closing, our total footprint leased to Summit Medical Group will be over 500,000 square feet.
Outlook for 2019 Net income attributable to common stockholders guidance has been revised to a range of $3.33 to $3.43 per diluted share from the previous range of $2.62 to $2.77 per diluted share, primarily due to changes in projected net gains/losses/impairments and depreciation and amortization. We are tightening our previously announced 2019 normalized FFO attributable to common stockholders guidance to $4.10 to $4.20 per diluted share from the previous range of $4.10 to $4.25. In preparing our guidance, we have updated or confirmed the following assumptions:
Same Store NOI: We are increasing average blended SSNOI growth guidance from 1.25%-2.25% to 2.0%-2.5%.
General and administrative expenses: We anticipate annual general and administrative expenses of approximately $130 million to $135 million, including $25 million of stock-based compensation.
Acquisitions: 2019 earnings guidance includes only acquisitions closed or announced year to date.
Development: We anticipate funding approximately $330 million of additional development in 2019 relating to projects underway on June 30, 2019.
Dispositions: We are increasing 2019 expected disposition proceeds from $1.4 billion at a blended yield of 6.2% to $3.1 billion at a blended yield of 6.3%. This includes approximately $641 million of proceeds from dispositions completed to date and $2.5 billion of incremental proceeds from other property sales and loan payoffs.
Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and the Exhibits for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2019 outlook and assumptions on the second quarter 2019 conference call.
Conference Call Information We have scheduled a conference call on Thursday, August 1, 2019 at 9:00 a.m. Eastern Time to discuss our second quarter 2019 results, industry trends, portfolio performance and outlook for 2019. Telephone access will be available by dialing 888-346-2469 or 706-758-4923 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through August 15, 2019. To access the rebroadcast, dial 855-859-2056 or 404-537-3406 (international). The conference ID number is 1696689. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.
Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders (NICS), as defined by U.S. generally accepted accounting principles (U.S. GAAP), are the most appropriate earnings measurements. However, we consider funds from operations (FFO), net operating income (NOI) and same store NOI (SSNOI) to be useful supplemental measures of our

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2Q19 Earnings Release
 
June 30, 2019

operating performance. These supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
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 attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of the Company between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Land parcels, loans, and sub-leases as well as any properties acquired, developed/redeveloped (including major refurbishments where 20% or more of units are simultaneously taken out of commission for 30 days or more), sold or classified as held for sale during that period are excluded from the same store amounts. Properties undergoing operator transitions and/or segment transitions (except Seniors Housing Triple-net to Seniors Housing Operating with the same operator) are also excluded from the same store amounts. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceeds 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures 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, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended June 30, 2019, which is available on the Company’s website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.
About Welltower Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors”. Accordingly, investors should monitor

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2Q19 Earnings Release
 
June 30, 2019

such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.
Forward-Looking Statements and Risk Factors This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When we use words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, we are making forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating to our opportunities to acquire, develop or sell properties; our ability to close anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to shareholders; our investment and financing opportunities and plans; our continued qualification as a REIT; our ability to access capital markets or other sources of funds; and our ability to meet our earnings guidance. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause our actual results to differ materially from our expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; our ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting our properties; our ability to re lease space at similar rates as vacancies occur; our ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting our properties; changes in rules or practices governing our financial reporting; the movement of U.S. and foreign currency exchange rates; our ability to maintain our qualification as a REIT; key management personnel recruitment and retention; and other risks described in our reports filed from time to time with the Securities and Exchange Commission. Finally, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

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2Q19 Earnings Release
 
June 30, 2019

Welltower Inc.
Financial Exhibits

Consolidated Balance Sheets (unaudited)
(in thousands)
 
 
June 30,
 
 
2019
 
2018
Assets
 
 
 
 
Real estate investments:
 
 
 
 
Land and land improvements
 
$
3,337,234

 
$
2,746,046

Buildings and improvements
 
28,691,274

 
25,443,106

Acquired lease intangibles
 
1,589,138

 
1,534,755

Real property held for sale, net of accumulated depreciation
 
1,704,206

 
547,321

Construction in progress
 
363,160

 
200,569

Less accumulated depreciation and intangible amortization
 
(5,539,435
)
 
(5,113,928
)
Net real property owned
 
30,145,577

 
25,357,869

Right of use assets, net
 
550,342

 

Real estate loans receivable, net of allowance
 
368,994

 
381,095

Net real estate investments
 
31,064,913

 
25,738,964

Other assets:
 
 

 
 

Investments in unconsolidated entities
 
519,387

 
450,027

Goodwill
 
68,321

 
68,321

Cash and cash equivalents
 
268,666

 
215,120

Restricted cash
 
91,052

 
57,263

Straight-line rent receivable
 
419,501

 
367,358

Receivables and other assets
 
716,857

 
721,929

Total other assets
 
2,083,784

 
1,880,018

Total assets
 
$
33,148,697

 
$
27,618,982

 
 
 
 
 
Liabilities and equity
 
 

 
 

Liabilities:
 
 

 
 

Unsecured credit facility and commercial paper
 
$
1,869,188

 
$
540,000

Senior unsecured notes
 
10,606,106

 
8,373,774

Secured debt
 
2,675,507

 
2,450,483

Lease liabilities
 
469,029

 
71,302

Accrued expenses and other liabilities
 
1,076,061

 
984,779

Total liabilities
 
16,695,891

 
12,420,338

Redeemable noncontrolling interests
 
483,234

 
398,157

Equity:
 
 

 
 

Preferred stock
 

 
718,498

Common stock
 
406,014

 
372,801

Capital in excess of par value
 
19,740,145

 
17,661,384

Treasury stock
 
(74,042
)
 
(68,661
)
Cumulative net income
 
6,539,766

 
5,932,035

Cumulative dividends
 
(11,516,994
)
 
(10,142,162
)
Accumulated other comprehensive income
 
(100,622
)
 
(132,631
)
Other equity
 
188

 
659

Total Welltower Inc. stockholders’ equity
 
14,994,455

 
14,341,923

Noncontrolling interests
 
975,117

 
458,564

Total equity
 
15,969,572

 
14,800,487

Total liabilities and equity
 
$
33,148,697


$
27,618,982


Page 5 of 9


2Q19 Earnings Release
 
June 30, 2019

Consolidated Statements of Income (unaudited)
 
 
 
 
(in thousands, except per share data)
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
June 30,
 
June 30,
 
 
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
 
 
Resident fees and service
 
$
914,085

 
$
763,345

 
$
1,782,370

 
$
1,499,279

 
 
Rental income
 
385,586

 
333,601

 
766,670

 
676,970

 
 
Interest income
 
17,356

 
13,462

 
32,475

 
28,110

 
 
Other income
 
3,079

 
15,504

 
10,836

 
18,518

 
 
Total revenues
 
1,320,106

 
1,125,912

 
2,592,351

 
2,222,877

Expenses:
 
 

 
 

 
 

 
 

 
 
Property operating expenses
 
701,127

 
568,751

 
1,371,934

 
1,125,216

 
 
Depreciation and amortization
 
248,052

 
236,275

 
491,984

 
464,476

 
 
Interest expense
 
141,336

 
121,416

 
286,568

 
244,191

 
 
General and administrative expenses
 
33,741

 
32,831

 
69,023

 
66,536

 
 
Loss (gain) on derivatives and financial instruments, net
 
1,913

 
(7,460
)
 
(574
)
 
(14,633
)
 
 
Loss (gain) on extinguishment of debt, net
 

 
299

 
15,719

 
12,006

 
 
Provision for loan losses
 

 

 
18,690

 

 
 
Impairment of assets
 
9,939

 
4,632

 
9,939

 
32,817

 
 
Other expenses
 
21,628

 
10,058

 
30,384

 
13,770

 
 
Total expenses
 
1,157,736

 
966,802

 
2,293,667

 
1,944,379

Income (loss) from continuing operations before income taxes
 
 

 
 

 
 

 
 

 
 
and other items
 
162,370

 
159,110

 
298,684

 
278,498

Income tax (expense) benefit
 
(1,599
)
 
(3,841
)
 
(3,821
)
 
(5,429
)
Income (loss) from unconsolidated entities
 
(9,049
)
 
1,249

 
(18,248
)
 
(1,180
)
Gain (loss) on real estate dispositions, net
 
(1,682
)
 
10,755

 
165,727

 
348,939

Income (loss) from continuing operations
 
150,040

 
167,273

 
442,342

 
620,828

 
 
 
 
 
 
 
 
 
Net income (loss)
 
150,040

 
167,273

 
442,342

 
620,828

Less:
 
Preferred dividends
 

 
11,676

 

 
23,352

 
 
Net income (loss) attributable to noncontrolling interests
 
12,278

 
1,165

 
24,110

 
5,373

Net income (loss) attributable to common stockholders
 
$
137,762

 
$
154,432

 
$
418,232

 
$
592,103

Average number of common shares outstanding:
 
 

 
 

 
 

 
 

 
 
Basic
 
404,607

 
371,640

 
398,073

 
371,552

 
 
Diluted
 
406,673

 
373,075

 
400,096

 
373,186

Net income (loss) attributable to common stockholders per share:
 
 
 
 

 
 
 
 

 
 
Basic
 
$
0.34

 
$
0.42

 
$
1.05

 
$
1.59

 
 
Diluted
 
$
0.34

 
$
0.41

 
$
1.05

 
$
1.59

Common dividends per share
 
$
0.87

 
$
0.87

 
$
1.74

 
$
1.74


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2Q19 Earnings Release
 
June 30, 2019

Outlook reconciliations: Year Ending December 31, 2019
Exhibit 1

 
(in millions, except per share data)
 
 
 
 
 
Prior Outlook
 
Current Outlook
 
 
 
 
Low
 
High
 
Low
 
High
 
FFO Reconciliation:
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
 
$
1,060

 
$
1,121

 
$
1,348

 
$
1,388

 
Impairments and losses (gains) on real estate dispositions, net(1,2)
 
(453
)
 
(453
)
 
(764
)
 
(764
)
 
Depreciation and amortization(1)
 
1,008

 
1,008

 
1,000

 
1,000

 
NAREIT FFO attributable to common stockholders
 
1,615

 
1,676

 
1,584

 
1,624

 
Normalizing items, net(1,3)
 
41

 
41

 
77

 
77

 
Normalized FFO attributable to common stockholders
 
$
1,656

 
$
1,717

 
$
1,661

 
$
1,701

 
 
 
 
 
 
 
 
 
 
 
 
Per share data attributable to common stockholders:
 
 
 
 
 
 
 
 
 
Net income
 
$
2.62

 
$
2.77

 
$
3.33

 
$
3.43

 
NAREIT FFO
 
$
4.00

 
$
4.15

 
$
3.91

 
$
4.01

 
Normalized FFO
 
$
4.10

 
$
4.25

 
$
4.10

 
$
4.20

 
 
 
 
 
 
 
 
 
 
 
 
Other items:(1)
 
 
 
 
 
 
 
 
 
Net straight-line rent and above/below market rent amortization
 
$
(83
)
 
$
(83
)
 
$
(92
)
 
$
(92
)
 
Non-cash interest expenses
 
22

 
22

 
18

 
18

 
Recurring cap-ex, tenant improvements, and lease commissions
 
(125
)
 
(125
)
 
(127
)
 
(127
)
 
Stock-based compensation
 
26

 
26

 
25

 
25

 
 
 
 
Note : (1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
 
           (2) Includes estimated gains on projected dispositions.
 
           (3) See Exhibit 2.
 



Normalizing Items
 
 
 
 
 
 
 
 
Exhibit 2

 
(in thousands, except per share data)
 
Three Months Ended
 
Six Months Ended
 
 
 
 
June 30,
 
June 30,
 
 
 
 
2019
 
 
2018
 
2019
 
2018
 
Loss (gain) on derivatives and financial instruments, net
 
$
1,913

(1) 
 
$
(7,460
)
 
$
(574
)
 
$
(14,633
)
 
Loss (gain) on extinguishment of debt, net
 

 
 
299

 
15,719

 
12,006

 
Provision for loan losses
 

 
 

 
18,690

 

 
Incremental stock-based compensation expense
 

 
 

 

 
3,552

 
Other expenses
 
21,628

(2) 
 
10,058

 
30,384

 
13,770

 
Additional other income
 

 
 
(10,805
)
 

 
(10,805
)
 
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net
 
12,575

(3) 
 
1,039

 
13,079

 
4,209

 
Net normalizing items
 
$
36,116

 
 
$
(6,869
)
 
$
77,298

 
$
8,099

 
 
 
 
 
 
 
 
 
 
 
 
 
Average diluted common shares outstanding
 
406,673

 
 
373,075

 
400,096

 
373,186

 
Net normalizing items per diluted share
 
$
0.09

 
 
$
(0.02
)
 
$
0.19

 
$
0.02

 
 
 
 
Note: (1) Primarily related to mark-to-market of Genesis HealthCare stock holdings.
 
(2) Primarily related to non-capitalizable transaction costs, costs associated with operator transitions and costs related to the departure of an executive officer.
 
(3) Primarily related to non-capitalizable transaction costs and costs associated with operator transitions in joint ventures.
 



Page 7 of 9


2Q19 Earnings Release
 
June 30, 2019

FFO Reconciliations
 
 
 
 
 
 
 
Exhibit 3

 
(in thousands, except per share data)
 
Three Months Ended
 
Six Months Ended
 
 
 
 
 
 
June 30,
 
June 30,
 
 
 
 
 
 
2019
 
2018
 
2019
 
2018
 
Net income (loss) attributable to common stockholders
 
$
137,762

 
$
154,432

 
$
418,232

 
$
592,103

 
Depreciation and amortization
 
248,052

 
236,275

 
491,984

 
464,476

 
Impairments and losses (gains) on real estate dispositions, net
 
11,621

 
(6,123
)
 
(155,788
)
 
(316,122
)
 
Noncontrolling interests(1)
 
(18,889
)
 
(17,692
)
 
(36,649
)
 
(34,045
)
 
Unconsolidated entities(2)
 
11,475

 
11,833

 
30,625

 
25,533

 
NAREIT FFO attributable to common stockholders
 
390,021

 
378,725

 
748,404

 
731,945

 
Normalizing items, net(3)
 
36,116

 
(6,869
)
 
77,298

 
8,099

 
Normalized FFO attributable to common stockholders
 
$
426,137

 
$
371,856

 
$
825,702

 
$
740,044

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average diluted common shares outstanding
 
406,673

 
373,075

 
400,096

 
373,186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per share data attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
0.34

 
$
0.41

 
$
1.05

 
$
1.59

 
 
NAREIT FFO
 
$
0.96

 
$
1.02

 
$
1.87

 
$
1.96

 
 
Normalized FFO
 
$
1.05

 
$
1.00

 
$
2.06

 
$
1.98

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Normalized FFO Payout Ratio:
 
 
 
 
 
 
 
 
 
 
Dividends per common share
 
$
0.87

 
$
0.87

 
$
1.74

 
$
1.74

 
 
Normalized FFO attributable to common stockholders per share
 
$
1.05

 
$
1.00

 
$
2.06

 
$
1.98

 
 
 
Normalized FFO payout ratio
 
83
%
 
87
%
 
84
%
 
88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other items:(4)
 
 
 
 
 
 
 
 
 
Net straight-line rent and above/below market rent amortization
 
$
(24,306
)
 
$
(12,447
)
 
$
(48,066
)
 
$
(29,776
)
 
Non-cash interest expenses
 
1,390

 
2,416

 
7,290

 
7,240

 
Recurring cap-ex, tenant improvements, and lease commissions
 
(28,803
)
 
(15,869
)
 
(50,219
)
 
(34,266
)
 
Stock-based compensation(5)
 
6,403

 
5,167

 
13,932

 
12,265

 
 
 
Note: (1) Represents noncontrolling interests' share of net FFO adjustments.
 
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
 
(3) See Exhibit 2.
 
(4) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
 
(5) Excludes certain severance related stock-based compensation recorded in other expense and normalized incremental stock-based compensation expense (see Exhibit 2).
 

Page 8 of 9


2Q19 Earnings Release
 
June 30, 2019

SSNOI Reconciliation
 
 
 
 
 
Exhibit 4
 
(in thousands)
 
Three Months Ended
 
 
 
 
 
 
June 30,
 
 
 
 
 
 
2019
 
2018
 
% growth
 
Net income (loss)
 
$
150,040

 
$
167,273

 
 
 
Loss (gain) on real estate dispositions, net
 
1,682

 
(10,755
)
 
 
 
Loss (income) from unconsolidated entities
 
9,049

 
(1,249
)
 
 
 
Income tax expense (benefit)
 
1,599

 
3,841

 
 
 
Other expenses
 
21,628

 
10,058

 
 
 
Impairment of assets
 
9,939

 
4,632

 
 
 
Loss (gain) on extinguishment of debt, net
 

 
299

 
 
 
Loss (gain) on derivatives and financial instruments, net
 
1,913

 
(7,460
)
 
 
 
General and administrative expenses
 
33,741

 
32,831

 
 
 
Depreciation and amortization
 
248,052

 
236,275

 
 
 
Interest expense
 
141,336

 
121,416

 
 
 
Consolidated NOI
 
618,979

 
557,161

 
 
 
NOI attributable to unconsolidated investments
 
21,518

 
21,725

 
 
 
NOI attributable to noncontrolling interests
 
(42,559
)
 
(30,962
)
 
 
 
Pro rata NOI
 
597,938

 
547,924

 
 
 
Non-cash NOI attributable to same store properties
 
(8,566
)
 
(8,459
)
 
 
 
NOI attributable to non-same store properties
 
(174,240
)
 
(143,359
)
 
 
 
Currency and ownership adjustments(1)
 
2,100

 
(2,703
)
 
 
 
Other adjustments(2)
 
488

 
11,855

 
 
 
Same Store NOI (SSNOI)
 
$
417,720

 
$
405,258

 
3.1%
 
 
 
 
 
 
 
 
 
Seniors Housing Operating
 
202,852

 
196,333

 
3.3%
 
Seniors Housing Triple-net
 
88,230

 
85,070

 
3.7%
 
Outpatient Medical
 
85,487

 
83,529

 
2.3%
 
Long-Term/Post-Acute Care
 
41,151

 
40,326

 
2.0%
 
Total SSNOI
 
$
417,720

 
$
405,258

 
3.1%
 
 
 
 
 
 
 
 
 
 
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
 
 
(2) Includes other adjustments described in the accompanying Supplement.
 


Page 9 of 9

EX-99.2 3 a2q19supplement992.htm EXHIBIT 99.2 Exhibit
welltowersupplementalcover2q.jpg


Table of Contents
 


    
Overview
 
 
Portfolio
 
 
Investment
 
 
Financial
 
 
Glossary
 
 
Supplemental Reporting Measures
 
 
Forward Looking Statements and Risk Factors



Overview     
 


(dollars in thousands, at Welltower pro rata ownership)
 
 
Portfolio Composition
Beds/Unit Mix
 
Average Age
 
Properties
Total
 
Independent Living
 
Assisted Living
 
Memory Care
 
Long-Term/ Post-Acute Care
Seniors Housing Operating
17

 
645
     76,311
 
35,845

 
26,902

 
13,052

 
512

Seniors Housing Triple-net
13

 
332
26,871
 
4,963

 
16,002

 
5,488

 
418

Outpatient Medical
14

 
356
21,841,197
(1) 
N/A

 
N/A

 
N/A

 
N/A

Health System
31

 
218
26,212
 
201

 
723

 
3,051

 
22,237

Long-Term/Post-Acute Care
19

 
160
     18,086
 
40

 
873

 

 
17,173

Total
17

 
1,711
 
 
 
 
 
 
 
 
 

NOI Performance
Same Store(2)
 
In-Place Portfolio(3)
 
 
Properties
 
2Q18 NOI
 
2Q19 NOI
% Change
 
Properties
 
Annualized
In-Place NOI
% of Total
Seniors Housing Operating
426

 
$
196,333

 
$
202,852

3.3
%
 
564

 
$
959,304

45.5
%
Seniors Housing Triple-net(4)
288

 
85,070

 
88,230

3.7
%
 
308

 
375,768

17.8
%
Outpatient Medical
239

 
83,529

 
85,487

2.3
%
 
334

 
450,076

21.3
%
Health System

 

 

n/a

 
218

 
143,200

6.8
%
Long-Term/Post-Acute Care(4)
115

 
40,326

 
41,151

2.0
%
 
136

 
180,004

8.6
%
Total
1,068

 
$
405,258

 
$
417,720

3.1
%
 
1,560

 
$
2,108,352

100.0
%

Portfolio Performance
 
 
 
Facility Revenue Mix
Stable Portfolio(5)
Occupancy
 
EBITDAR Coverage(6)
 
EBITDARM Coverage(6)
 
Private Pay
 
Medicaid
 
Medicare
 
Other Government(7)
Seniors Housing Operating
87.2
%
 
n/a
 
n/a
 
97.5
%
 
0.7
%
 
0.5
%
 
1.3
%
Seniors Housing Triple-net
86.3
%
 
1.05
 
1.21
 
92.3
%
 
3.1
%
 
0.7
%
 
3.9
%
Outpatient Medical
93.5
%
 
n/a
 
n/a
 
99.1
%
 

 

 
0.9
%
Health System
85.6
%
 
n/a
 
n/a
 
35.6
%
 
40.2
%
 
24.2
%
 

Long-Term/Post-Acute Care
84.5
%
 
1.24
 
1.55
 
28.9
%
 
39.7
%
 
31.4
%
 

Total
 
 
1.10
 
1.31
 
92.6
%
 
3.6
%
 
2.4
%
 
1.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
(1) Indicates the total square footage of Outpatient Medical.
(2) See pages 22 and 23 for reconciliation.
(3) Excludes land parcels, loans, developments and investments held for sale. See page 22 for reconciliation.
(4) Same store NOI for these property types represents rent cash receipts excluding the impact of expansions.
(5) Data as of June 30, 2019 for Seniors Housing Operating and Outpatient Medical and March 31, 2019 for remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.

1

Portfolio
 



(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:
Total Properties
 
Seniors Housing Operating

Seniors Housing
Triple-net

Outpatient
Medical

Health
System

Long-Term/ Post-Acute Care

Total
% of Total
Sunrise Senior Living North America
123

 
$
252,750

 
$

 
$

 
$

 
$

 
$
252,750

12.0
%
Sunrise Senior Living United Kingdom
44

 
69,662

 

 

 

 

 
69,662

3.3
%
ProMedica
218

 

 

 

 
143,200

 

 
143,200

6.8
%
Revera
98

 
108,300

 

 

 

 

 
108,300

5.1
%
Genesis HealthCare
76

 

 

 

 

 
83,564

 
83,564

4.0
%
Belmont Village
21

 
79,288

 

 

 

 

 
79,288

3.8
%
Senior Resource Group
23

 
67,877

 

 

 

 

 
67,877

3.2
%
Brookdale Senior Living
84

 

 
57,644

 

 

 

 
57,644

2.7
%
Brookdale Senior Living - Transitions(2)
7

 
5,271

 

 

 

 

 
5,271

0.3
%
Avery
52

 
5,023

 
57,529

 

 

 

 
62,552

3.0
%
Brandywine Living
27

 
61,523

 

 

 

 

 
61,523

2.9
%
Sagora Senior Living
31

 
36,318

 
24,344

 

 

 

 
60,662

2.9
%
Remaining
756

 
273,292

 
236,251

 
450,076

 

 
96,440

 
1,056,059

50.0
%
Total
1,560

 
$
959,304


$
375,768


$
450,076


$
143,200


$
180,004


$
2,108,352

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By Country:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States
1,297

 
$
725,268

 
$
295,102

 
$
429,789

 
$
143,200

 
$
173,485

 
$
1,766,844

83.8
%
United Kingdom
111

 
75,948

 
77,334

 
20,287

 

 

 
173,569

8.2
%
Canada
152

 
158,088

 
3,332

 

 

 
6,519

 
167,939

8.0
%
Total
1,560

 
959,304


375,768


450,076


143,200


180,004


2,108,352

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By MSA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York
64

 
$
91,624

 
$
30,149

 
$
10,942

 
$
3,465

 
$
11,826

 
$
148,006

7.0
%
Los Angeles
66

 
104,433

 
1,826

 
27,334

 
417

 

 
134,010

6.4
%
Greater London
50

 
48,259

 
33,697

 
20,287

 

 

 
102,243

4.8
%
Dallas
56

 
33,350

 
18,224

 
32,155

 
730

 
3,846

 
88,305

4.2
%
Philadelphia
50

 
18,023

 
2,104

 
24,873

 
11,969

 
22,981

 
79,950

3.8
%
Washington D.C.
40

 
37,648

 
2,373

 
5,406

 
10,940

 
2,973

 
59,340

2.8
%
Houston
28

 
11,989

 
4,265

 
31,232

 

 

 
47,486

2.3
%
Seattle
31

 
27,787

 
2,982

 
14,596

 
1,565

 

 
46,930

2.2
%
San Francisco
18

 
38,197

 
4,507

 

 
4,210

 

 
46,914

2.2
%
Chicago
38

 
21,152

 
9,600

 
4,414

 
9,409

 

 
44,575

2.1
%
San Diego
18

 
31,087

 

 
6,190

 

 
2,852

 
40,129

1.9
%
Toronto
26

 
38,144

 

 

 

 

 
38,144

1.8
%
Miami
35

 
5,800

 

 
21,416

 
5,009

 

 
32,225

1.5
%
Minneapolis
19

 
2,089

 
14,195

 
14,072

 

 

 
30,356

1.4
%
Montréal
19

 
27,883

 

 

 

 

 
27,883

1.3
%
Kansas City
23

 
7,471

 
8,071

 
6,282

 

 
5,578

 
27,402

1.3
%
Indianapolis
18

 

 
8,348

 
10,210

 
683

 
8,152

 
27,393

1.3
%
Atlanta
23

 
5,719

 

 
18,273

 
1,735

 

 
25,727

1.2
%
Raleigh
12

 
6,612

 
17,255

 
977

 

 

 
24,844

1.2
%
Boston
16

 
20,017

 

 
2,448

 

 
2,271

 
24,736

1.2
%
Remaining
910

 
382,020

 
218,172

 
198,969

 
93,068

 
119,525

 
1,011,754

48.0
%
Total
1,560

 
$
959,304


$
375,768


$
450,076


$
143,200


$
180,004


$
2,108,352

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 22 for reconciliation.
(2) Represents the 7 properties to be transitioned to other operators as announced in our June 27, 2018 press release.



2

Portfolio
 


(dollars in thousands at Welltower pro rata ownership)
Seniors Housing Operating
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Portfolio Performance
 
2Q18
 
3Q18
 
4Q18
 
1Q19
 
2Q19
Properties
 
 
521

 
587

 
568

 
599

 
645

Units
 
 
62,557

 
69,345

 
67,306

 
70,393

 
76,311

Total occupancy
 
 
85.9
%
 
86.9
%
 
87.2
%
 
86.2
%
 
85.7
%
Total revenues
 
 
$
733,306

 
$
849,054

 
$
834,356

 
$
841,938

 
$
880,320

Operating expenses
 
 
498,278

 
585,525

 
582,412

 
580,917

 
607,836

NOI
 
 
$
235,028

 
$
263,529

 
$
251,944

 
$
261,021

 
$
272,484

NOI margin
 
 
32.1
%
 
31.0
%
 
30.2
%
 
31.0
%
 
31.0
%
Recurring cap-ex
 
 
$
9,959

 
$
13,750

 
$
22,569

 
$
15,226

 
$
20,275

Other cap-ex
 
 
$
36,023

 
$
38,984

 
$
49,813

 
$
27,366

 
$
30,320


Same Store Performance(1)
 
2Q18
 
3Q18
 
4Q18
 
1Q19
 
2Q19
Properties
 
 
426

 
426

 
426

 
426

 
426

Occupancy
 
 
87.0
%
 
87.9
%
 
88.3
%
 
87.8
%
 
87.5
%
Same store revenues
 
 
$
595,798

 
$
609,647

 
$
613,199

 
$
617,332

 
$
621,832

Compensation
 
 
246,953

 
254,092

 
258,004

 
258,901

 
262,254

Utilities
 
 
20,777

 
23,205

 
22,812

 
24,428

 
20,484

Food
 
 
21,904

 
22,267

 
23,137

 
22,060

 
22,207

Repairs and maintenance
 
14,310

 
14,002

 
13,950

 
13,712

 
14,600

Property taxes
 
 
19,075

 
18,549

 
18,930

 
19,684

 
19,625

All other
 
 
76,446

 
77,596

 
77,377

 
77,290

 
79,810

Same store operating expenses
 
399,465

 
409,711

 
414,210

 
416,075

 
418,980

Same store NOI
 
 
$
196,333


$
199,936


$
198,989


$
201,257


$
202,852

Year over year growth rate
 
 
 
 
 
 
 
 
 
 
3.3
%
Partners
 
Properties(2)
 
Units(2)
 
Welltower Ownership %(3)
 
Core Markets
 
2Q19 NOI
 
% of Total
Sunrise Senior Living
 
167

 
14,201

 
97.3
%
 
Southern California
 
$
36,738

 
13.5
%
Revera
 
98

 
12,157

 
75.0
%
 
New York / New Jersey
 
22,479

 
8.2
%
Belmont Village
 
21

 
2,952

 
95.0
%
 
Northern California
 
20,434

 
7.5
%
Senior Resource Group
 
23

 
4,449

 
67.5
%
 
Boston
 
16,537

 
6.1
%
Brandywine Living
 
27

 
2,599

 
99.3
%
 
Greater London
 
12,060

 
4.4
%
Silverado Senior Living(4)
 
27

 
2,468

 
95.9
%
 
Washington D.C.
 
10,335

 
3.8
%
Sagora Senior Living
 
14

 
2,697

 
90.7
%
 
Toronto
 
9,489

 
3.5
%
Chartwell Retirement Residences
 
39

 
7,726

 
52.0
%
 
Montréal
 
6,991

 
2.6
%
Merrill Gardens
 
11

 
1,508

 
80.0
%
 
Seattle
 
6,947

 
2.5
%
Cogir
 
18

 
3,269

 
88.3
%
 
Ottawa
 
4,385

 
1.6
%
Senior Star Living
 
11

 
2,064

 
90.0
%
 
Vancouver
 
2,927

 
1.1
%
Clover Management
 
30