QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of Incorporation) | (IRS Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
(Registrant’s telephone number, including area code) | |||||
Not Applicable | |||||
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
þ | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | Emerging growth company | |||
(Do not check if a smaller reporting company) |
Page | |
PART I. FINANCIAL INFORMATION | |
Item 1. Financial Statements (Unaudited) | |
Consolidated Balance Sheets - June 30, 2019 and December 31, 2018 | |
Consolidated Statements of Comprehensive Income - Three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Equity - Three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Cash Flows - Six months ended June 30, 2019 and 2018 | |
Notes to Unaudited Consolidated Financial Statements | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. Controls and Procedures | |
PART II. OTHER INFORMATION | |
Item 1. Legal Proceedings | |
Item 1A. Risk Factors | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 5. Other Information | |
Item 6. Exhibits | |
Signatures |
June 30, 2019 (Unaudited) | December 31, 2018 (Note) | |||||||
Assets: | ||||||||
Real estate investments: | ||||||||
Real property owned: | ||||||||
Land and land improvements | $ | $ | ||||||
Buildings and improvements | ||||||||
Acquired lease intangibles | ||||||||
Real property held for sale, net of accumulated depreciation | ||||||||
Construction in progress | ||||||||
Less accumulated depreciation and amortization | ( | ) | ( | ) | ||||
Net real property owned | ||||||||
Right of use assets, net | — | |||||||
Real estate loans receivable, net of allowance | ||||||||
Net real estate investments | ||||||||
Other assets: | ||||||||
Investments in unconsolidated entities | ||||||||
Goodwill | ||||||||
Cash and cash equivalents | ||||||||
Restricted cash | ||||||||
Straight-line rent receivable | ||||||||
Receivables and other assets | ||||||||
Total other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and equity | ||||||||
Liabilities: | ||||||||
Unsecured credit facility and commercial paper | $ | $ | ||||||
Senior unsecured notes | ||||||||
Secured debt | ||||||||
Lease liabilities | ||||||||
Accrued expenses and other liabilities | ||||||||
Total liabilities | ||||||||
Redeemable noncontrolling interests | ||||||||
Equity: | ||||||||
Preferred stock | ||||||||
Common stock | ||||||||
Capital in excess of par value | ||||||||
Treasury stock | ( | ) | ( | ) | ||||
Cumulative net income | ||||||||
Cumulative dividends | ( | ) | ( | ) | ||||
Accumulated other comprehensive income (loss) | ( | ) | ( | ) | ||||
Other equity | ||||||||
Total Welltower Inc. stockholders’ equity | ||||||||
Noncontrolling interests | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Resident fees and services | $ | $ | $ | $ | ||||||||||||
Rental income | ||||||||||||||||
Interest income | ||||||||||||||||
Other income | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses: | ||||||||||||||||
Property operating expenses | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Interest expense | ||||||||||||||||
General and administrative expenses | ||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | ( | ) | ( | ) | ( | ) | ||||||||||
Loss (gain) on extinguishment of debt, net | ||||||||||||||||
Provision for loan losses | ||||||||||||||||
Impairment of assets | ||||||||||||||||
Other expenses | ||||||||||||||||
Total expenses | ||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | ||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income (loss) from unconsolidated entities | ( | ) | ( | ) | ( | ) | ||||||||||
Gain (loss) on real estate dispositions, net | ( | ) | ||||||||||||||
Income (loss) from continuing operations | ||||||||||||||||
Net income | ||||||||||||||||
Less: Preferred stock dividends | ||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests(1) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | $ | ||||||||||||
Average number of common shares outstanding: | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Earnings per share: | ||||||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | $ | ||||||||||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | $ | ||||||||||||
Dividends declared and paid per common share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation gain (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
Derivative instruments gain (loss) | ||||||||||||||||
Total other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||
Total comprehensive income (loss) | ||||||||||||||||
Less: Total comprehensive income (loss) attributable to noncontrolling interests(1) | ( | ) | ( | ) | ||||||||||||
Total comprehensive income (loss) attributable to common stockholders | $ | $ | $ | $ | ||||||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Other Equity | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||
Balances at December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | ||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | ( | ) | ||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Balances at March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | ( | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | ||||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Balances at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Other Equity | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||
Balances at December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ( | ) | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | ( | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | ||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | ( | ) | ||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Balances at March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Amounts related to stock incentive plans, net of forfeitures | ( | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | ||||||||||||||||||||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
Balances at June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Six Months Ended | ||||||||
June 30, | ||||||||
2019 | 2018 | |||||||
Operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | ||||||||
Depreciation and amortization | ||||||||
Other amortization expenses | ||||||||
Provision for loan losses | ||||||||
Impairment of assets | ||||||||
Stock-based compensation expense | ||||||||
Loss (gain) on derivatives and financial instruments, net | ( | ) | ( | ) | ||||
Loss (gain) on extinguishment of debt, net | ||||||||
Loss (income) from unconsolidated entities | ||||||||
Rental income less than (in excess of) cash received | ( | ) | ||||||
Amortization related to above (below) market leases, net | ( | ) | ||||||
Loss (gain) on real estate dispositions, net | ( | ) | ( | ) | ||||
Distributions by unconsolidated entities | ||||||||
Increase (decrease) in accrued expenses and other liabilities | ||||||||
Decrease (increase) in receivables and other assets | ( | ) | ( | ) | ||||
Net cash provided from (used in) operating activities | ||||||||
Investing activities: | ||||||||
Cash disbursed for acquisitions | ( | ) | ( | ) | ||||
Cash disbursed for capital improvements to existing properties | ( | ) | ( | ) | ||||
Cash disbursed for construction in progress | ( | ) | ( | ) | ||||
Capitalized interest | ( | ) | ( | ) | ||||
Investment in real estate loans receivable | ( | ) | ( | ) | ||||
Principal collected on real estate loans receivable | ||||||||
Other investments, net of payments | ( | ) | ( | ) | ||||
Contributions to unconsolidated entities | ( | ) | ( | ) | ||||
Distributions by unconsolidated entities | ||||||||
Proceeds from (payments on) derivatives | ( | ) | ( | ) | ||||
Proceeds from sales of real property | ||||||||
Net cash provided from (used in) investing activities | ( | ) | ||||||
Financing activities: | ||||||||
Net increase (decrease) in unsecured credit facility and commercial paper | ( | ) | ||||||
Proceeds from issuance of senior unsecured notes | ||||||||
Payments to extinguish senior unsecured notes | ( | ) | ( | ) | ||||
Net proceeds from the issuance of secured debt | ||||||||
Payments on secured debt | ( | ) | ( | ) | ||||
Net proceeds from the issuance of common stock | ||||||||
Payments for deferred financing costs and prepayment penalties | ( | ) | ( | ) | ||||
Contributions by noncontrolling interests(1) | ||||||||
Distributions to noncontrolling interests(1) | ( | ) | ( | ) | ||||
Cash distributions to stockholders | ( | ) | ( | ) | ||||
Other financing activities | ( | ) | ( | ) | ||||
Net cash provided from (used in) financing activities | ( | ) | ||||||
Effect of foreign currency translation on cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | ||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||
Supplemental cash flow information: | ||||||||
Interest paid | $ | $ | ||||||
Income taxes paid (received), net | ||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. |
• | We adopted Accounting Standards Update 2016-02, Leases (Topic 842) ("ASC 842") which requires lessees to recognize assets and liabilities on their consolidated balance sheet related to the rights and obligations created by most leases, while continuing to recognize expenses on their consolidated statement of comprehensive income over the lease term. We adopted ASC 842 as of January 1, 2019, using the modified retrospective approach and have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, permits us to carry forward our prior conclusions for lease classification and initial direct costs on existing leases. We also made an accounting policy election to keep short-term leases less than twelve months off the balance sheet for all classes of underlying assets. |
• |
Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||||||||||||||
Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | ||||||||||||||||||||||||
Land and land improvements | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Buildings and improvements | |||||||||||||||||||||||||||||||
Acquired lease intangibles | |||||||||||||||||||||||||||||||
Construction in progress | |||||||||||||||||||||||||||||||
Right of use assets, net | |||||||||||||||||||||||||||||||
Receivables and other assets | |||||||||||||||||||||||||||||||
Total assets acquired(1) | |||||||||||||||||||||||||||||||
Secured debt | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Lease liabilities | ( | ) | ( | ) | — | — | — | — | |||||||||||||||||||||||
Accrued expenses and other liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Total liabilities acquired | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Noncontrolling interests | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Non-cash acquisition related activity(2) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Cash disbursed for acquisitions | |||||||||||||||||||||||||||||||
Construction in progress additions | |||||||||||||||||||||||||||||||
Less: Capitalized interest | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Foreign currency translation | |||||||||||||||||||||||||||||||
Accruals(3) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Cash disbursed for construction in progress | |||||||||||||||||||||||||||||||
Capital improvements to existing properties | |||||||||||||||||||||||||||||||
Total cash invested in real property, net of cash acquired | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Development projects: | ||||||||
Seniors Housing Operating | $ | $ | ||||||
Triple-net | ||||||||
Outpatient Medical | ||||||||
Total construction in progress conversions | $ | $ |
June 30, 2019 | December 31, 2018 | |||||||
Assets: | ||||||||
In place lease intangibles | $ | $ | ||||||
Above market tenant leases | ||||||||
Below market ground leases (1) | — | |||||||
Lease commissions | ||||||||
Gross historical cost | ||||||||
Accumulated amortization | ( | ) | ( | ) | ||||
Net book value | $ | $ | ||||||
Weighted-average amortization period in years | ||||||||
Liabilities: | ||||||||
Below market tenant leases | $ | $ | ||||||
Above market ground leases (1) | — | |||||||
Gross historical cost | ||||||||
Accumulated amortization | ( | ) | ( | ) | ||||
Net book value | $ | $ | ||||||
Weighted-average amortization period in years |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Rental income related to (above)/below market tenant leases, net | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
Amortization related to in place lease intangibles and lease commissions | ( | ) | ( | ) | ( | ) | ( | ) |
Assets | Liabilities | |||||||
2019 | $ | $ | ||||||
2020 | ||||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
Thereafter | ||||||||
Total | $ | $ |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Real estate dispositions: | ||||||||
Seniors Housing Operating | $ | $ | ||||||
Triple-net | ||||||||
Outpatient Medical | ||||||||
Total dispositions | ||||||||
Gain (loss) on real estate dispositions, net | ||||||||
Net other assets/liabilities disposed | ( | ) | ||||||
Proceeds from real estate dispositions | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||
Expenses: | ||||||||||||||||
Interest expense | ||||||||||||||||
Property operating expenses | ||||||||||||||||
Provision for depreciation | ||||||||||||||||
Total expenses | ||||||||||||||||
Income (loss) from real estate dispositions, net | $ | $ | $ | $ |
Classification | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||
Operating lease cost: (1) | ||||||||||
Real estate lease expense | Property operating expenses | $ | $ | |||||||
Non-real estate lease expense | General and administrative expenses | |||||||||
Finance lease cost: | ||||||||||
Amortization of leased assets | Property operating expenses | |||||||||
Interest on lease liabilities | Interest expense | |||||||||
Sublease income | Rental income | ( | ) | ( | ) | |||||
Total | $ | $ |
Operating Leases | Finance Leases | |||||||
2019 | $ | $ | ||||||
2020 | ||||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: Imputed interest | ( | ) | ( | ) | ||||
Total present value of lease liabilities | $ | $ |
Classification | June 30, 2019 | ||||
Right of use assets: | |||||
Operating leases - real estate | Right of use assets, net | $ | |||
Finance leases | Right of use assets, net | ||||
Real estate right of use assets, net | |||||
Operating leases - corporate | Receivables and other assets | ||||
Total right of use assets, net | $ | ||||
Lease liabilities: | |||||
Operating leases | $ | ||||
Financing leases | |||||
Total | $ | ||||
Weighted average remaining lease term (years): | |||||
Operating leases | |||||
Finance leases | |||||
Weighted average discount rate: | |||||
Operating leases | % | ||||
Finance leases | % |
Classification | Six Months Ended June 30, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows from operating leases | Decrease (increase) in receivables and other assets | $ | |||
Operating cash flows from finance leases | Decrease (increase) in receivables and other assets | ||||
Financing cash flows from finance leases | Other financing activities | ( | ) |
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Totals | $ |
June 30, 2019 | December 31, 2018 | |||||||
Mortgage loans | $ | $ | ||||||
Other real estate loans | ||||||||
Less allowance for losses on loans receivable | ( | ) | ( | ) | ||||
Totals | $ | $ |
Six Months Ended | ||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||||
Triple-net | Outpatient Medical | Totals | Seniors Housing Operating | Triple-net | Outpatient Medical | Totals | ||||||||||||||||||||||
Advances on real estate loans receivable: | ||||||||||||||||||||||||||||
Investments in new loans | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Draws on existing loans | ||||||||||||||||||||||||||||
Net cash advances on real estate loans | ||||||||||||||||||||||||||||
Receipts on real estate loans receivable: | ||||||||||||||||||||||||||||
Loan payoffs | ||||||||||||||||||||||||||||
Principal payments on loans | ||||||||||||||||||||||||||||
Net cash receipts on real estate loans | ||||||||||||||||||||||||||||
Net cash advances (receipts) on real estate loans | $ | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) |
Six Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Balance of impaired loans at end of period | $ | $ | ||||||
Allowance for loan losses | ||||||||
Balance of impaired loans not reserved | $ | $ | ||||||
Average impaired loans for the period | $ | $ | ||||||
Interest recognized on impaired loans(1) |
Percentage Ownership(1) | June 30, 2019 | December 31, 2018 | ||||||||
Seniors Housing Operating | 10% to 50% | $ | $ | |||||||
Triple-net | 10% to 49% | |||||||||
Outpatient Medical | 43% to 50% | |||||||||
Total | $ | $ |
Number of | Total | Percent of | |||||||
Concentration by relationship:(1) | Properties | NOI | NOI(2) | ||||||
Sunrise Senior Living(3) | $ | ||||||||
ProMedica | |||||||||
Revera(3) | |||||||||
Genesis HealthCare | |||||||||
Benchmark Senior Living(4) | |||||||||
Remaining portfolio | |||||||||
Totals | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Balance outstanding at quarter end | $ | $ | $ | $ | ||||||||||||
Maximum amount outstanding at any month end | $ | $ | $ | $ | ||||||||||||
Average amount outstanding (total of daily | ||||||||||||||||
principal balances divided by days in period) | $ | $ | $ | $ | ||||||||||||
Weighted average interest rate (actual interest | ||||||||||||||||
expense divided by average borrowings outstanding) | % | % | % | % |
Senior Unsecured Notes(1,2) | Secured Debt (1,3) | Totals | ||||||||||
2019 | $ | $ | $ | |||||||||
2020(4) | ||||||||||||
2021 | ||||||||||||
2022 | ||||||||||||
2023(5,6) | ||||||||||||
Thereafter(7,8) | ||||||||||||
Totals | $ | $ | $ |
Six Months Ended | ||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||
Weighted Avg. | Weighted Avg. | |||||||||||
Amount | Interest Rate | Amount | Interest Rate | |||||||||
Beginning balance | $ | $ | ||||||||||
Debt issued | ||||||||||||
Debt extinguished | ( | ) | ( | ) | ||||||||
Foreign currency | ( | ) | ||||||||||
Ending balance | $ | $ |
Six Months Ended | ||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||
Weighted Avg. | Weighted Avg. | |||||||||||
Amount | Interest Rate | Amount | Interest Rate | |||||||||
Beginning balance | $ | $ | ||||||||||
Debt issued | ||||||||||||
Debt assumed | ||||||||||||
Debt extinguished | ( | ) | ( | ) | ||||||||
Principal payments | ( | ) | ( | ) | ||||||||
Foreign currency | ( | ) | ||||||||||
Ending balance | $ | $ |
June 30, 2019 | December 31, 2018 | |||||||
Derivatives designated as net investment hedges: | ||||||||
Denominated in Canadian Dollars | $ | $ | ||||||
Denominated in Pounds Sterling | £ | £ | ||||||
Financial instruments designated as net investment hedges: | ||||||||
Denominated in Canadian Dollars | $ | $ | ||||||
Denominated in Pounds Sterling | £ | £ | ||||||
Interest rate swaps designated as cash flow hedges: | ||||||||
Denominated in U.S Dollars (1) | $ | $ | ||||||
Derivative instruments not designated: | ||||||||
Interest rate caps denominated in U.S. Dollars | $ | $ | ||||||
Forward purchase contracts denominated in Canadian Dollars | $ | ( | ) | $ | ( | ) | ||
Forward sales contracts denominated in Canadian Dollars | $ | $ | ||||||
Forward purchase contracts denominated in Pounds Sterling | £ | ( | ) | £ | ( | ) | ||
Forward sales contracts denominated in Pounds Sterling | £ | £ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
Location | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Gain (loss) on derivative instruments designated as hedges recognized in income | Interest expense | $ | $ | $ | $ | |||||||||||||
Gain (loss) on derivative instruments not designated as hedges recognized in income | Interest expense | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||
Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI | OCI | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | |||||
Preferred Stock: | ||||||
Authorized shares | ||||||
Issued shares | ||||||
Outstanding shares | ||||||
Common Stock, $1.00 par value: | ||||||
Authorized shares | ||||||
Issued shares | ||||||
Outstanding shares |
Six Months Ended | ||||||||||
June 30, 2019 | June 30, 2018 | |||||||||
Weighted Avg. | Weighted Avg. | |||||||||
Shares | Dividend Rate | Shares | Dividend Rate | |||||||
Beginning balance | ||||||||||
Shares converted | ( | ) | ( | ) | ||||||
Ending balance |
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | ||||||||||
2018 Dividend reinvestment plan issuances | $ | $ | $ | ||||||||||
2018 Option exercises | |||||||||||||
2018 Preferred stock conversions | — | — | |||||||||||
2018 Stock incentive plans, net of forfeitures | — | — | |||||||||||
2018 Totals | $ | $ | |||||||||||
2019 Dividend reinvestment plan issuances | $ | $ | $ | ||||||||||
2019 Option exercises | |||||||||||||
2019 Equity Shelf Program issuances | |||||||||||||
2019 Preferred stock conversions | — | — | |||||||||||
2019 Stock incentive plans, net of forfeitures | — | — | |||||||||||
2019 Totals | $ | $ |
Six Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||
Per Share | Amount | Per Share | Amount | |||||||||||||
Common Stock | $ | $ | $ | $ | ||||||||||||
Series I Preferred Stock | ||||||||||||||||
Totals | $ | $ |
June 30, 2019 | December 31, 2018 | |||||||
Foreign currency translation | $ | ( | ) | $ | ( | ) | ||
Derivative instruments | ||||||||
Actuarial losses | ( | ) | ( | ) | ||||
Total accumulated other comprehensive loss | $ | ( | ) | $ | ( | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator for basic and diluted earnings | ||||||||||||||||
per share - net income (loss) attributable | ||||||||||||||||
to common stockholders | $ | $ | $ | $ | ||||||||||||
Denominator for basic earnings per | ||||||||||||||||
share - weighted average shares | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options | ||||||||||||||||
Non-vested restricted shares | ||||||||||||||||
Redeemable shares | ||||||||||||||||
Employee stock purchase program | ||||||||||||||||
Dilutive potential common shares | ||||||||||||||||
Denominator for diluted earnings per | ||||||||||||||||
share - adjusted weighted average shares | ||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Mortgage loans receivable | $ | $ | $ | $ | ||||||||||||
Other real estate loans receivable | ||||||||||||||||
Equity securities | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Restricted cash | ||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | ||||||||||||||||
Financial liabilities: | ||||||||||||||||
Unsecured revolving credit facility and commercial paper note program | $ | $ | $ | $ | ||||||||||||
Senior unsecured notes | ||||||||||||||||
Secured debt | ||||||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | ||||||||||||||||
Redeemable OP unitholder interests | $ | $ | $ | $ |
Fair Value Measurements as of June 30, 2019 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Equity securities | $ | $ | $ | $ | ||||||||||||
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1) | ||||||||||||||||
Redeemable OP unitholder interests | ||||||||||||||||
Totals | $ | $ | $ | $ |
Three Months Ended June 30, 2019: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Resident fees and services | $ | $ | $ | $ | $ | |||||||||||||||
Rental income | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Other income | ( | ) | ||||||||||||||||||
Total revenues | ||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||
Consolidated net operating income | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||
General and administrative expenses | ||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | ||||||||||||||||||||
Impairment of assets | ( | ) | ||||||||||||||||||
Other expenses | ( | ) | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | ( | ) | ||||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
(Loss) income from unconsolidated entities | ( | ) | ( | ) | ||||||||||||||||
Gain (loss) on real estate dispositions, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
Income (loss) from continuing operations | ( | ) | ||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Total assets | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2018: | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Resident fees and services | $ | $ | $ | $ | $ | |||||||||||||||
Rental income | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Other income | ||||||||||||||||||||
Total revenues | ||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||
Consolidated net operating income | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||
General and administrative expenses | ||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | ( | ) | ( | ) | ||||||||||||||||
Loss (gain) on extinguishment of debt, net | ||||||||||||||||||||
Impairment of assets | ||||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | ( | ) | ||||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
(Loss) income from unconsolidated entities | ( | ) | ||||||||||||||||||
Gain (loss) on real estate dispositions, net | ( | ) | ( | ) | ||||||||||||||||
Income (loss) from continuing operations | ( | ) | ||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Six Months Ended June 30, 2019 | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Resident fees and services | $ | $ | $ | $ | $ | |||||||||||||||
Rental income | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Other income | ||||||||||||||||||||
Total revenues | ||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||
Consolidated net operating income | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||
General and administrative expenses | ||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | ( | ) | ( | ) | ||||||||||||||||
Loss (gain) on extinguishment of debt, net | ||||||||||||||||||||
Provision for loan losses | ||||||||||||||||||||
Impairment of assets | ( | ) | ||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | ( | ) | ||||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
(Loss) income from unconsolidated entities | ( | ) | ( | ) | ||||||||||||||||
Gain (loss) on real estate dispositions, net | ( | ) | ( | ) | ||||||||||||||||
Income (loss) from continuing operations | ( | ) | ||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, 2018 | Seniors Housing Operating | Triple-net | Outpatient Medical | Non-segment / Corporate | Total | |||||||||||||||
Resident fees and services | $ | $ | $ | $ | $ | |||||||||||||||
Rental income | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Other income | ||||||||||||||||||||
Total revenues | ||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||
Consolidated net operating income | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||
General and administrative expenses | ||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | ( | ) | ( | ) | ||||||||||||||||
Loss (gain) on extinguishment of debt, net | ( | ) | ||||||||||||||||||
Impairment of assets | ||||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | ( | ) | ||||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
(Loss) income from unconsolidated entities | ( | ) | ( | ) | ||||||||||||||||
Gain (loss) on real estate dispositions, net | ||||||||||||||||||||
Income (loss) from continuing operations | ( | ) | ||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||
Revenues: | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
United States | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||
United Kingdom | % | % | % | % | ||||||||||||||||||||||||
Canada | % | % | % | % | ||||||||||||||||||||||||
Total | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||
As of | ||||||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||
Assets: | Amount | % | Amount | % | ||||||||||||||||||||||||
United States | $ | % | $ | % | ||||||||||||||||||||||||
United Kingdom | % | % | ||||||||||||||||||||||||||
Canada | % | % | ||||||||||||||||||||||||||
Total | $ | % | $ | % |
June 30, 2019 | December 31, 2018 | |||||||
Assets: | ||||||||
Net real estate investments | $ | $ | ||||||
Cash and cash equivalents | ||||||||
Receivables and other assets | ||||||||
Total assets(1) | $ | $ | ||||||
Liabilities and equity: | ||||||||
Secured debt | $ | $ | ||||||
Lease liabilities | — | |||||||
Accrued expenses and other liabilities | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ |
EXECUTIVE SUMMARY | ||
Company Overview | ||
Business Strategy | ||
Key Transactions | ||
Key Performance Indicators, Trends and Uncertainties | ||
Corporate Governance | ||
LIQUIDITY AND CAPITAL RESOURCES | ||
Sources and Uses of Cash | ||
Off-Balance Sheet Arrangements | ||
Contractual Obligations | ||
Capital Structure | ||
RESULTS OF OPERATIONS | ||
Summary | ||
Seniors Housing Operating | ||
Triple-net | ||
Outpatient Medical | ||
Non-Segment/Corporate | ||
OTHER | ||
Non-GAAP Financial Measures | ||
Critical Accounting Policies | ||
Cautionary Statement Regarding Forward-Looking Statements |
Percentage of | Number of | |||||||||
Type of Property | NOI(1) | NOI | Properties | |||||||
Seniors Housing Operating | $ | 278,212 | 45.0 | % | 575 | |||||
Triple-net | 227,935 | 36.8 | % | 671 | ||||||
Outpatient Medical | 112,378 | 18.2 | % | 352 | ||||||
Totals | $ | 618,525 | 100.0 | % | 1,598 | |||||
(1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. |
• | In January 2019, we established an unsecured Commercial Paper Program. Under the terms of the program, we may issue, from time to time, unsecured commercial paper with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate principal amount outstanding at any time of $1,000,000,000. |
• | In February 2019, we completed the issuance of $500,000,000 of 3.625% senior unsecured notes due 2024 and $550,000,000 of 4.125% senior unsecured notes due 2029 for net proceeds of approximately $1,036,964,000. |
• | In February 2019, we elected to effect the mandatory conversion of all of the outstanding 6.50% Series I Cumulative Convertible Perpetual Preferred Stock. Each share of convertible stock was converted into 0.8857 shares of common stock. |
• | During the six months ended June 30, 2019, we extinguished $151,473,000 of secured debt at a blended average interest rate of 4.42% and in March 2019 we repaid our $600,000,000 of 4.125% senior unsecured notes due 2019 and $450,000,000 of 6.125% senior unsecured notes due 2020. |
• | In May 2019, we drew on a $1,000,000,000 unsecured term loan facility that matures on May 28, 2020 which was put in place to bridge the acquisition of the CNL Healthcare Properties portfolio. The unsecured term loan facility was subsequently extinguished in July 2019 with proceeds from the disposition of the Benchmark Senior Living portfolio. |
• | During the six months ended June 30, 2019, we entered into amended and restated Equity Shelf Program (as defined below) pursuant to which we may offer and sell up to $1,500,000,000 of common stock from time to time. We sold 10,884,000 shares of common stock under our ATM and DRIP programs, via both cash settle and forward sale agreements, generating expected gross proceeds of approximately $833,444,000. |
Properties | Investment Amount(1) | Capitalization Rates(2) | Book Amount(3) | |||||||||||
Seniors Housing Operating | 51 | $ | 1,159,864 | 5.2 | % | $ | 1,308,656 | |||||||
Triple-net | 4 | 102,344 | 6.4 | % | 104,343 | |||||||||
Outpatient Medical | 66 | 1,399,112 | 5.7 | % | 1,472,327 | |||||||||
Totals | 121 | $ | 2,661,320 | 5.5 | % | $ | 2,885,326 | |||||||
(1) Represents stated pro rata purchase price including cash and any assumed debt but excludes fair value adjustments pursuant to U.S. GAAP. | ||||||||||||||
(2) Represents annualized contractual or projected net operating income to be received in cash divided by investment amounts. | ||||||||||||||
(3) Represents amounts recorded in Net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our unaudited consolidated financial statements for additional information. |
Properties | Proceeds(1) | Capitalization Rates(2) | Book Amount(3) | |||||||||||
Seniors Housing Operating(4) | 3 | $ | 11,478 | 2.2 | % | $ | 8,726 | |||||||
Triple-net | 35 | 614,823 | 6.7 | % | 442,865 | |||||||||
Totals | 38 | $ | 626,301 | 6.7 | % | $ | 451,591 | |||||||
(1) Represents pro rata proceeds received upon disposition including any seller financing. | ||||||||||||||
(2) Represents annualized contractual income that was being received in cash at date of disposition divided by disposition proceeds. | ||||||||||||||
(3) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our unaudited consolidated financial statements for additional information. | ||||||||||||||
(4) Includes the disposition of an unconsolidated real estate investment. |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||||||||||||||
Net income (loss) | $ | 453,555 | $ | 167,273 | $ | 84,226 | $ | 124,696 | $ | 292,302 | $ | 150,040 | ||||||||||||
NICS | 437,671 | 154,432 | 64,384 | 101,763 | 280,470 | 137,762 | ||||||||||||||||||
FFO | 353,220 | 378,725 | 285,272 | 374,966 | 358,383 | 390,021 | ||||||||||||||||||
NOI | 540,500 | 557,161 | 579,222 | 590,599 | 601,438 | 618,979 | ||||||||||||||||||
SSNOI | 407,613 | 417,399 | 412,269 | 408,687 | 416,682 | 409,789 | ||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||
NICS | $ | 1.17 | $ | 0.41 | $ | 0.17 | $ | 0.27 | $ | 0.71 | $ | 0.34 | ||||||||||||
FFO | $ | 0.95 | $ | 1.02 | $ | 0.76 | $ | 0.99 | $ | 0.91 | $ | 0.96 |
Three Months Ended | ||||||||||||
March, 31 | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||
Net debt to book capitalization ratio | 42% | 42% | 46% | 45% | 43% | 48% | ||||||
Net debt to undepreciated book capitalization ratio | 35% | 36% | 39% | 38% | 36% | 41% | ||||||
Net debt to market capitalization ratio | 34% | 31% | 34% | 31% | 28% | 30% | ||||||
Interest coverage ratio | 6.67x | 4.34x | 3.38x | 3.60x | 4.80x | 3.74x | ||||||
Fixed charge coverage ratio | 5.49x | 3.58x | 2.85x | 3.05x | 4.38x | 3.42x |
Three Months Ended | ||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||
Property mix:(1) | ||||||||||||
Seniors Housing Operating | 42% | 43% | 46% | 43% | 44% | 45% | ||||||
Triple-net | 41% | 40% | 38% | 40% | 39% | 37% | ||||||
Outpatient Medical | 17% | 17% | 16% | 17% | 17% | 18% | ||||||
Relationship mix:(1) | ||||||||||||
Sunrise Senior Living(2) | 15% | 15% | 15% | 14% | 15% | 14% | ||||||
ProMedica | —% | —% | 7% | 9% | 9% | 9% | ||||||
Revera(2) | 7% | 7% | 7% | 6% | 6% | 6% | ||||||
Genesis HealthCare | 6% | 6% | 6% | 6% | 5% | 5% | ||||||
Benchmark Senior Living(3) | 4% | 5% | 4% | 4% | 4% | 5% | ||||||
Remaining relationships | 68% | 67% | 61% | 61% | 61% | 61% | ||||||
Geographic mix:(1) | ||||||||||||
California | 14% | 14% | 13% | 13% | 13% | 13% | ||||||
United Kingdom | 10% | 9% | 9% | 9% | 9% | 8% | ||||||
Texas | 8% | 8% | 7% | 8% | 8% | 8% | ||||||
Canada | 9% | 8% | 8% | 8% | 7% | 7% | ||||||
New Jersey | 8% | 7% | 7% | 7% | 7% | 7% | ||||||
Remaining geographic areas | 51% | 54% | 56% | 55% | 56% | 57% | ||||||
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. | ||||||||||||
(2) Revera owns a controlling interest in Sunrise Senior Living. | ||||||||||||
(3) The Benchmark Senior Living portfolio was sold in July 2019. |
Expiration Year(1) | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | ||||||||||||||||||||||||||||||||||
Triple-net: | ||||||||||||||||||||||||||||||||||||||||||||
Properties | 30 | — | 7 | 11 | — | 4 | 48 | 93 | 19 | 19 | 417 | |||||||||||||||||||||||||||||||||
Base rent(2) | $ | 34,168 | $ | — | $ | 12,254 | $ | 9,023 | $ | — | $ | 11,096 | $ | 52,542 | $ | 123,519 | $ | 35,571 | $ | 22,128 | $ | 466,866 | ||||||||||||||||||||||
% of base rent | 4.5 | % | — | % | 1.6 | % | 1.2 | % | — | % | 1.4 | % | 6.8 | % | 16.1 | % | 4.6 | % | 2.9 | % | 60.9 | % | ||||||||||||||||||||||
Units/beds | 2,540 | — | 1,316 | 1,182 | — | 692 | 3,033 | 7,452 | 2,401 | 1,979 | 43,890 | |||||||||||||||||||||||||||||||||
% of Units/beds | 3.9 | % | — | % | 2.0 | % | 1.8 | % | — | % | 1.1 | % | 4.7 | % | 11.6 | % | 3.7 | % | 3.1 | % | 68.1 | % | ||||||||||||||||||||||
Outpatient Medical: | ||||||||||||||||||||||||||||||||||||||||||||
Square feet | 902,986 | 1,669,510 | 1,988,685 | 2,106,936 | 2,116,845 | 2,003,818 | 1,129,172 | 1,448,787 | 817,114 | 880,070 | 5,746,479 | |||||||||||||||||||||||||||||||||
Base rent(2) | $ | 25,166 | $ | 45,925 | $ | 54,771 | $ | 57,230 | $ | 57,127 | $ | 58,855 | $ | 29,965 | $ | 36,921 | $ | 20,315 | $ | 23,309 | $ | 120,638 | ||||||||||||||||||||||
% of base rent | 4.7 | % | 8.7 | % | 10.3 | % | 10.8 | % | 10.8 | % | 11.1 | % | 5.7 | % | 7.0 | % | 3.8 | % | 4.4 | % | 22.8 | % | ||||||||||||||||||||||
Leases | 255 | 412 | 404 | 397 | 426 | 294 | 176 | 190 | 112 | 102 | 266 | |||||||||||||||||||||||||||||||||
% of Leases | 8.3 | % | 13.6 | % | 13.3 | % | 13.1 | % | 14.0 | % | 9.7 | % | 5.8 | % | 6.3 | % | 3.7 | % | 3.4 | % | 8.8 | % | ||||||||||||||||||||||
(1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in the current year. | ||||||||||||||||||||||||||||||||||||||||||||
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. |
Six Months Ended | Change | ||||||||||||||
June 30, 2019 | June 30, 2018 | $ | % | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 316,129 | $ | 309,303 | $ | 6,826 | 2 | % | |||||||
Cash provided from (used in) operating activities | 854,482 | 838,424 | 16,058 | 2 | % | ||||||||||
Cash provided from (used in) investing activities | (2,531,364 | ) | 130,251 | (2,661,615 | ) | -2,043 | % | ||||||||
Cash provided from (used in) financing activities | 1,720,804 | (1,000,290 | ) | 2,721,094 | 272 | % | |||||||||
Effect of foreign currency translation | (333 | ) | (5,305 | ) | 4,972 | 94 | % | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 359,718 | $ | 272,383 | $ | 87,335 | 32 | % |
Six Months Ended | Change | ||||||||||||||
June 30, 2019 | June 30, 2018 | $ | % | ||||||||||||
New development | $ | 155,409 | $ | 62,978 | $ | 92,431 | 147 | % | |||||||
Recurring capital expenditures, tenant improvements and lease commissions | 49,925 | 35,116 | 14,809 | 42 | % | ||||||||||
Renovations, redevelopments and other capital improvements | 74,251 | 76,216 | (1,965 | ) | -3 | % | |||||||||
Total | $ | 279,585 | $ | 174,310 | $ | 105,275 | 60 | % |
Payments Due by Period | ||||||||||||||||||||
Contractual Obligations | Total | 2019 | 2020-2021 | 2022-2023 | Thereafter | |||||||||||||||
Unsecured credit facility and commercial paper(1,2) | $ | 1,870,000 | $ | 935,000 | $ | — | $ | 935,000 | $ | — | ||||||||||
Senior unsecured notes and term credit facilities:(2) | ||||||||||||||||||||
U.S. Dollar senior unsecured notes | 8,450,000 | — | 1,450,000 | 1,700,000 | 5,300,000 | |||||||||||||||
Canadian Dollar senior unsecured notes(3) | 229,165 | — | 229,165 | — | — | |||||||||||||||
Pounds Sterling senior unsecured notes(3) | 1,333,920 | — | — | — | 1,333,920 | |||||||||||||||
U.S. Dollar term credit facility | 507,500 | — | 7,500 | 500,000 | — | |||||||||||||||
Canadian Dollar term credit facility(3) | 190,971 | — | — | 190,971 | — | |||||||||||||||
Secured debt:(2,3) | ||||||||||||||||||||
Consolidated | 2,689,982 | 312,291 | 527,943 | 682,908 | 1,166,840 | |||||||||||||||
Unconsolidated | 770,687 | 31,538 | 68,069 | 53,943 | 617,137 | |||||||||||||||
Contractual interest obligations:(4) | ||||||||||||||||||||
Unsecured credit facility and commercial paper | 120,634 | 15,079 | 60,317 | 45,238 | — | |||||||||||||||
Senior unsecured notes and term loans(3) | 4,038,896 | 259,830 | 826,444 | 711,116 | 2,241,506 | |||||||||||||||
Consolidated secured debt(3) | 502,618 | 49,625 | 159,559 | 110,554 | 182,880 | |||||||||||||||
Unconsolidated secured debt(3) | 196,781 | 14,745 | 52,201 | 48,783 | 81,052 | |||||||||||||||
Financing lease liabilities(5) | 184,511 | 4,461 | 17,196 | 76,773 | 86,081 | |||||||||||||||
Operating lease liabilities(5) | 1,542,933 | 8,637 | 33,843 | 31,797 | 1,468,656 | |||||||||||||||
Purchase obligations(6) | 491,686 | 224,234 | 222,195 | 41,113 | 4,144 | |||||||||||||||
Other long-term liabilities | 492 | 492 | — | — | — | |||||||||||||||
Total contractual obligations | $ | 23,120,776 | $ | 1,855,932 | $ | 3,654,432 | $ | 5,128,196 | $ | 12,482,216 | ||||||||||
(1) Relates to our unsecured credit facility and commercial paper with an aggregate commitment of $3,000,000,000. See Note 10 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||
(2) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | ||||||||||||||||||||
(3) Based on foreign currency exchange rates in effect as of balance sheet date. | ||||||||||||||||||||
(4) Based on variable interest rates in effect as of balance sheet date. | ||||||||||||||||||||
(5) See Note 6 to our unaudited consolidated financial statements for additional information. | ||||||||||||||||||||
(6) See Note 13 to our unaudited consolidated financial statements for additional information. |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | Amount | % | 2019 | 2018 | Amount | % | |||||||||||||||||||||||
Net income | $ | 150,040 | $ | 167,273 | $ | (17,233 | ) | -10 | % | $ | 442,342 | $ | 620,828 | $ | (178,486 | ) | -29 | % | ||||||||||||
NICS | 137,762 | 154,432 | (16,670 | ) | -11 | % | 418,232 | 592,103 | (173,871 | ) | -29 | % | ||||||||||||||||||
FFO | 390,021 | 378,725 | 11,296 | 3 | % | 748,404 | 731,945 | 16,459 | 2 | % | ||||||||||||||||||||
EBITDA | 541,027 | 528,805 | 12,222 | 2 | % | 1,224,715 | 1,334,924 | (110,209 | ) | -8 | % | |||||||||||||||||||
NOI | 618,979 | 557,161 | 61,818 | 11 | % | 1,220,417 | 1,097,661 | 122,756 | 11 | % | ||||||||||||||||||||
SSNOI | 409,789 | 417,399 | (7,610 | ) | -1.8 | % | 826,471 | 825,012 | 1,459 | 0.2 | % | |||||||||||||||||||
Per share data (fully diluted): | ||||||||||||||||||||||||||||||
NICS | $ | 0.34 | $ | 0.41 | $ | (0.07 | ) | -17 | % | $ | 1.05 | $ | 1.59 | $ | (0.54 | ) | -34 | % | ||||||||||||
FFO | $ | 0.96 | $ | 1.02 | $ | (0.06 | ) | -6 | % | $ | 1.87 | $ | 1.96 | $ | (0.09 | ) | -5 | % | ||||||||||||
Interest coverage ratio | 3.74 | x | 4.34 | x | (0.60 | )x | -14 | % | 4.27 | x | 5.50 | x | (1.23 | )x | -22 | % | ||||||||||||||
Fixed charge coverage ratio | 3.42 | x | 3.58 | x | (0.16 | )x | -4 | % | 3.90 | x | 4.53 | x | (0.63 | )x | -14 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
NOI | $ | 278,212 | $ | 239,505 | $ | 38,707 | 16.2 | % | $ | 542,912 | $ | 464,731 | $ | 78,181 | 16.8 | % | ||||||||||||||
Non SSNOI attributable to same store properties | 1,384 | 358 | 1,026 | 286.6 | % | 3,299 | 627 | 2,672 | 426.2 | % | ||||||||||||||||||||
NOI attributable to non same store properties(1) | (88,898 | ) | (45,907 | ) | (42,991 | ) | -93.6 | % | (159,122 | ) | (80,572 | ) | (78,550 | ) | -97.5 | % | ||||||||||||||
SSNOI(2) | $ | 190,698 | $ | 193,956 | $ | (3,258 | ) | -1.7 | % | $ | 387,089 | $ | 384,786 | $ | 2,303 | 0.6 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Resident fees and services | $ | 914,085 | $ | 763,345 | $ | 150,740 | 20 | % | $ | 1,782,370 | $ | 1,499,279 | $ | 283,091 | 19 | % | ||||||||||||||
Interest income | — | 172 | (172 | ) | -100 | % | — | 257 | (257 | ) | -100 | % | ||||||||||||||||||
Other income | 1,444 | 1,650 | (206 | ) | -12 | % | 5,545 | 2,798 | 2,747 | 98 | % | |||||||||||||||||||
Total revenues | 915,529 | 765,167 | 150,362 | 20 | % | 1,787,915 | 1,502,334 | 285,581 | 19 | % | ||||||||||||||||||||
Property operating expenses | 637,317 | 525,662 | 111,655 | 21 | % | 1,245,003 | 1,037,603 | 207,400 | 20 | % | ||||||||||||||||||||
NOI(1) | 278,212 | 239,505 | 38,707 | 16 | % | 542,912 | 464,731 | 78,181 | 17 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 136,551 | 134,779 | 1,772 | 1 | % | 268,126 | 260,548 | 7,578 | 3 | % | ||||||||||||||||||||
Interest expense | 17,572 | 16,971 | 601 | 4 | % | 35,823 | 33,906 | 1,917 | 6 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | 299 | (299 | ) | -100 | % | — | 110 | (110 | ) | -100 | % | ||||||||||||||||||
Impairment of assets | — | 2,212 | (2,212 | ) | -100 | % | — | 4,513 | (4,513 | ) | -100 | % | ||||||||||||||||||
Other expenses | 11,857 | 6,167 | 5,690 | 92 | % | 14,803 | 5,979 | 8,824 | 148 | % | ||||||||||||||||||||
165,980 | 160,428 | 5,552 | 3 | % | 318,752 | 305,056 | 13,696 | 4 | % | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 112,232 | 79,077 | 33,155 | 42 | % | 224,160 | 159,675 | 64,485 | 40 | % | ||||||||||||||||||||
Income tax benefit (expense) | 375 | (2,617 | ) | 2,992 | 114 | % | (244 | ) | (2,455 | ) | 2,211 | 90 | % | |||||||||||||||||
Income (loss) from unconsolidated entities | (17,453 | ) | (5,204 | ) | (12,249 | ) | -235 | % | (34,033 | ) | (14,684 | ) | (19,349 | ) | -132 | % | ||||||||||||||
Gain (loss) on real estate dispositions, net | (550 | ) | (1 | ) | (549 | ) | -54,900 | % | (710 | ) | 4 | (714 | ) | -17,850 | % | |||||||||||||||
Income from continuing operations | 94,604 | 71,255 | 23,349 | 33 | % | 189,173 | 142,540 | 46,633 | 33 | % | ||||||||||||||||||||
Net income (loss) | 94,604 | 71,255 | 23,349 | 33 | % | 189,173 | 142,540 | 46,633 | 33 | % | ||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 2,236 | (766 | ) | 3,002 | 392 | % | 3,977 | (1,664 | ) | 5,641 | 339 | % | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 92,368 | $ | 72,021 | $ | 20,347 | 28 | % | $ | 185,196 | $ | 144,204 | $ | 40,992 | 28 | % | ||||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Units | Commitment | Balance | Est. Completion | |||||||||
Taylor, PA | 113 | $ | 14,272 | $ | 8,801 | 4Q19 | |||||||
Wandsworth, UK | 97 | 74,890 | 51,699 | 1Q20 | |||||||||
Beavercreek, OH | 100 | 12,032 | 8,361 | 1Q20 | |||||||||
Potomac, MD | 120 | 56,720 | 11,881 | 4Q20 | |||||||||
430 | $ | 157,914 | 80,742 | ||||||||||
Toronto, ON | Project in planning stage | 42,486 | |||||||||||
Hendon, UK | Project in planning stage | 27,539 | |||||||||||
Barnet, UK | Project in planning stage | 24,310 | |||||||||||
Washington, DC | Project in planning stage | 16,412 | |||||||||||
$ | 191,489 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||
Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | |||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||
Beginning balance | $ | 1,995,343 | 3.79 | % | $ | 1,931,401 | 3.68 | % | $ | 1,810,587 | 3.87 | % | $ | 1,988,700 | 3.66 | % | ||||||||||||
Debt issued | 48,806 | 2.94 | % | 24,280 | 3.06 | % | 295,969 | 3.52 | % | 44,606 | 3.38 | % | ||||||||||||||||
Debt assumed | — | 0.00 | % | — | 0.00 | % | 42,000 | 4.62 | % | 85,192 | 4.40 | % | ||||||||||||||||
Debt extinguished | (36,903 | ) | 2.74 | % | (13,165 | ) | 3.57 | % | (151,473 | ) | 4.42 | % | (131,175 | ) | 4.85 | % | ||||||||||||
Principal payments | (11,225 | ) | 3.49 | % | (12,062 | ) | 3.57 | % | (22,430 | ) | 3.44 | % | (24,001 | ) | 3.56 | % | ||||||||||||
Foreign currency | 22,159 | 3.31 | % | (21,039 | ) | 3.30 | % | 43,527 | 3.33 | % | (53,907 | ) | 3.29 | % | ||||||||||||||
Ending balance | $ | 2,018,180 | 3.80 | % | $ | 1,909,415 | 3.73 | % | $ | 2,018,180 | 3.80 | % | $ | 1,909,415 | 3.73 | % | ||||||||||||
Monthly averages | $ | 1,996,642 | 3.80 | % | $ | 1,922,640 | 3.71 | % | $ | 1,950,546 | 3.82 | % | $ | 1,932,618 | 3.68 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
NOI | $ | 227,935 | $ | 224,284 | $ | 3,651 | 1.6 | % | $ | 461,221 | $ | 447,022 | $ | 14,199 | 3.2 | % | ||||||||||||||
Non SSNOI attributable to same store properties | (8,114 | ) | (4,068 | ) | (4,046 | ) | -99.5 | % | (15,707 | ) | (14,796 | ) | (911 | ) | -6.2 | % | ||||||||||||||
NOI attributable to non same store properties(1) | (87,819 | ) | (83,148 | ) | (4,671 | ) | -5.6 | % | (180,659 | ) | (164,603 | ) | (16,056 | ) | -9.8 | % | ||||||||||||||
SSNOI(2) | $ | 132,002 | $ | 137,068 | $ | (5,066 | ) | -3.7 | % | $ | 264,855 | $ | 267,623 | $ | (2,768 | ) | -1.0 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental income | $ | 222,362 | $ | 197,961 | $ | 24,401 | 12 | % | $ | 454,394 | $ | 404,792 | $ | 49,602 | 12 | % | ||||||||||||||
Interest income | 17,118 | 13,247 | 3,871 | 29 | % | 32,064 | 27,798 | 4,266 | 15 | % | ||||||||||||||||||||
Other income | 1,278 | 13,212 | (11,934 | ) | -90 | % | 2,541 | 14,589 | (12,048 | ) | -83 | % | ||||||||||||||||||
Total revenues | 240,758 | 224,420 | 16,338 | 7 | % | 488,999 | 447,179 | 41,820 | 9 | % | ||||||||||||||||||||
Property operating expenses | 12,823 | 136 | 12,687 | 9,329 | % | 27,778 | 157 | 27,621 | 17,593 | % | ||||||||||||||||||||
NOI(1) | 227,935 | 224,284 | 3,651 | 2 | % | 461,221 | 447,022 | 14,199 | 3 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 56,056 | 55,309 | 747 | 1 | % | 117,404 | 111,341 | 6,063 | 5 | % | ||||||||||||||||||||
Interest expense | 3,225 | 3,800 | (575 | ) | -15 | % | 6,665 | 7,242 | (577 | ) | -8 | % | ||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | 1,913 | (7,460 | ) | 9,373 | 126 | % | (574 | ) | (14,633 | ) | 14,059 | 96 | % | |||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | — | (32 | ) | 32 | 100 | % | ||||||||||||||||||||
Provision for loan losses | — | — | — | n/a | 18,690 | — | 18,690 | n/a | ||||||||||||||||||||||
Impairment of assets | (940 | ) | 2,420 | (3,360 | ) | -139 | % | (940 | ) | 28,304 | (29,244 | ) | -103 | % | ||||||||||||||||
Other expenses | 5,560 | 957 | 4,603 | 481 | % | 8,589 | 2,077 | 6,512 | 314 | % | ||||||||||||||||||||
65,814 | 55,026 | 10,788 | 20 | % | 149,834 | 134,299 | 15,535 | 12 | % | |||||||||||||||||||||
Income from continuing operations before income taxes and other items | 162,121 | 169,258 | (7,137 | ) | -4 | % | 311,387 | 312,723 | (1,336 | ) | — | % | ||||||||||||||||||
Income tax (expense) benefit | (1,361 | ) | (688 | ) | (673 | ) | -98 | % | (2,312 | ) | (1,824 | ) | (488 | ) | -27 | % | ||||||||||||||
Income (loss) from unconsolidated entities | 6,578 | 5,062 | 1,516 | 30 | % | 12,236 | 10,883 | 1,353 | 12 | % | ||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (1,130 | ) | 10,759 | (11,889 | ) | -111 | % | 166,444 | 134,156 | 32,288 | 24 | % | ||||||||||||||||||
Income from continuing operations | 166,208 | 184,391 | (18,183 | ) | -10 | % | 487,755 | 455,938 | 31,817 | 7 | % | |||||||||||||||||||
Net income | 166,208 | 184,391 | (18,183 | ) | -10 | % | 487,755 | 455,938 | 31,817 | 7 | % | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 9,230 | 1,253 | 7,977 | 637 | % | 18,326 | 3,216 | 15,110 | 470 | % | ||||||||||||||||||||
Net income attributable to common stockholders | $ | 156,978 | $ | 183,138 | $ | (26,160 | ) | -14 | % | $ | 469,429 | $ | 452,722 | $ | 16,707 | 4 | % | |||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Units/Beds | Commitment | Balance | Est. Completion | |||||||||
Westerville, OH | 90 | $ | 22,800 | $ | 13,925 | 3Q19 | |||||||
Union, KY | 162 | 34,600 | 18,000 | 1Q20 | |||||||||
Droitwich, UK | 70 | 16,090 | 6,870 | 2Q20 | |||||||||
Thousand Oaks, CA | 82 | 24,763 | 6,256 | 4Q20 | |||||||||
404 | $ | 98,253 | $ | 45,051 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||
Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | Wtd. Avg. | |||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||
Beginning balance | $ | 292,258 | 3.62 | % | $ | 347,342 | 3.50 | % | $ | 288,386 | 3.63 | % | $ | 347,474 | 3.55 | % | ||||||||||||
Debt extinguished | — | 0.00 | % | — | 0.00 | % | — | 0.00 | % | (4,107 | ) | 4.94 | % | |||||||||||||||
Principal payments | (952 | ) | 5.25 | % | (1,055 | ) | 5.57 | % | (1,909 | ) | 5.25 | % | (2,071 | ) | 5.49 | % | ||||||||||||
Foreign currency | (3,354 | ) | 3.21 | % | (12,254 | ) | 2.72 | % | 1,475 | 4.77 | % | (7,263 | ) | 3.59 | % | |||||||||||||
Ending balance | $ | 287,952 | 3.63 | % | $ | 334,033 | 3.53 | % | $ | 287,952 | 3.63 | % | $ | 334,033 | 3.53 | % | ||||||||||||
Monthly averages | $ | 289,328 | 3.62 | % | $ | 340,332 | 3.37 | % | $ | 291,073 | 3.62 | % | $ | 343,820 | 3.44 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
NOI | $ | 112,378 | $ | 92,874 | $ | 19,504 | 21.0 | % | $ | 213,673 | $ | 185,042 | $ | 28,631 | 15.5 | % | ||||||||||||||
Non SSNOI on same store properties | (1,204 | ) | (1,397 | ) | 193 | 13.8 | % | (2,767 | ) | (2,663 | ) | (104 | ) | -3.9 | % | |||||||||||||||
NOI attributable to non same store properties(1) | (24,085 | ) | (5,102 | ) | (18,983 | ) | -372.1 | % | (36,379 | ) | (9,776 | ) | (26,603 | ) | -272.1 | % | ||||||||||||||
SSNOI(2) | $ | 87,089 | $ | 86,375 | $ | 714 | 0.8 | % | $ | 174,527 | $ | 172,603 | $ | 1,924 | 1.1 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental income | $ | 163,224 | $ | 135,640 | $ | 27,584 | 20 | % | $ | 312,276 | $ | 272,178 | $ | 40,098 | 15 | % | ||||||||||||||
Interest income | 238 | 43 | 195 | 453 | % | 411 | 55 | 356 | 647 | % | ||||||||||||||||||||
Other income | (97 | ) | 144 | (241 | ) | -167 | % | 139 | 265 | (126 | ) | -48 | % | |||||||||||||||||
Total revenues | 163,365 | 135,827 | 27,538 | 20 | % | 312,826 | 272,498 | 40,328 | 15 | % | ||||||||||||||||||||
Property operating expenses | 50,987 | 42,953 | 8,034 | 19 | % | 99,153 | 87,456 | 11,697 | 13 | % | ||||||||||||||||||||
NOI(1) | 112,378 | 92,874 | 19,504 | 21 | % | 213,673 | 185,042 | 28,631 | 15 | % | ||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 55,445 | 46,187 | 9,258 | 20 | % | 106,454 | 92,587 | 13,867 | 15 | % | ||||||||||||||||||||
Interest expense | 3,386 | 1,656 | 1,730 | 104 | % | 6,734 | 3,332 | 3,402 | 102 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | — | 11,928 | (11,928 | ) | -100 | % | ||||||||||||||||||||
Impairment of assets | 10,879 | — | 10,879 | n/a | 10,879 | — | 10,879 | n/a | ||||||||||||||||||||||
Other expenses | (4 | ) | 2,095 | (2,099 | ) | -100 | % | 750 | 2,693 | (1,943 | ) | -72 | % | |||||||||||||||||
69,706 | 49,938 | 19,768 | 40 | % | 124,817 | 110,540 | 14,277 | 13 | % | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes and other items | 42,672 | 42,936 | (264 | ) | -1 | % | 88,856 | 74,502 | 14,354 | 19 | % | |||||||||||||||||||
Income tax (expense) benefit | (586 | ) | (378 | ) | (208 | ) | -55 | % | (951 | ) | (806 | ) | (145 | ) | -18 | % | ||||||||||||||
Income from unconsolidated entities | 1,826 | 1,391 | 435 | 31 | % | 3,549 | 2,621 | 928 | 35 | % | ||||||||||||||||||||
Gain (loss) on real estate dispositions, net | (2 | ) | (3 | ) | 1 | 33 | % | (7 | ) | 214,779 | (214,786 | ) | -100 | % | ||||||||||||||||
Income from continuing operations | 43,910 | 43,946 | (36 | ) | — | % | 91,447 | 291,096 | (199,649 | ) | -69 | % | ||||||||||||||||||
Net income (loss) | 43,910 | 43,946 | (36 | ) | — | % | 91,447 | 291,096 | (199,649 | ) | -69 | % | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 812 | 678 | 134 | 20 | % | 1,807 | 3,821 | (2,014 | ) | -53 | % | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 43,098 | $ | 43,268 | $ | (170 | ) | — | % | $ | 89,640 | $ | 287,275 | $ | (197,635 | ) | -69 | % | ||||||||||||
(1) See Non-GAAP Financial Measures. |
Location | Square Feet | Commitment | Balance | Est. Completion | |||||||||
Lowell, MA | 50,668 | $ | 8,300 | $ | 3,599 | 4Q19 | |||||||
Houston, TX | 73,500 | 23,455 | 12,230 | 4Q19 | |||||||||
Brooklyn, NY | 140,955 | 105,306 | 72,435 | 1Q20 | |||||||||
Porter, TX | 55,000 | 20,800 | 8,737 | 1Q20 | |||||||||
Katy, TX | 36,500 | 12,028 | 170 | 2Q20 | |||||||||
Total | 356,623 | $ | 169,889 | $ | 97,171 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||||
Wtd. Ave | Wtd. Ave | Wtd. Ave | Wtd. Ave | |||||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||||
Beginning balance | $ | 385,357 | 4.25 | % | $ | 217,697 | 4.14 | % | $ | 386,738 | 4.20 | % | $ | 279,951 | 4.72 | % | ||||||||||||
Debt extinguished | — | — | % | — | — | % | — | — | % | (61,291 | ) | 7.43 | % | |||||||||||||||
Principal payments | (1,507 | ) | 5.02 | % | (690 | ) | 5.90 | % | (2,888 | ) | 5.06 | % | (1,653 | ) | 6.08 | % | ||||||||||||
Ending balance | $ | 383,850 | 4.22 | % | $ | 217,007 | 4.35 | % | $ | 383,850 | 4.22 | % | $ | 217,007 | 4.35 | % | ||||||||||||
Monthly averages | $ | 384,603 | 4.24 | % | $ | 217,352 | 4.27 | % | $ | 386,088 | 4.24 | % | $ | 226,493 | 4.30 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Other income | $ | 454 | $ | 498 | $ | (44 | ) | -9 | % | $ | 2,611 | $ | 866 | $ | 1,745 | 202 | % | |||||||||||||
Total revenue | 454 | 498 | (44 | ) | -9 | % | 2,611 | 866 | 1,745 | 202 | % | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Interest expense | 117,153 | 98,989 | 18,164 | 18 | % | 237,346 | 199,711 | 37,635 | 19 | % | ||||||||||||||||||||
General and administrative expenses | 33,741 | 32,831 | 910 | 3 | % | 69,023 | 66,536 | 2,487 | 4 | % | ||||||||||||||||||||
Loss (gain) on extinguishment of debt, net | — | — | — | n/a | 15,719 | — | 15,719 | n/a | ||||||||||||||||||||||
Other expenses | 4,215 | 839 | 3,376 | 402 | % | 6,242 | 3,021 | 3,221 | 107 | % | ||||||||||||||||||||
155,109 | 132,659 | 22,450 | 17 | % | 328,330 | 269,268 | 59,062 | 22 | % | |||||||||||||||||||||
Loss from continuing operations before income taxes and other items | (154,655 | ) | (132,161 | ) | (22,494 | ) | -17 | % | (325,719 | ) | (268,402 | ) | (57,317 | ) | -21 | % | ||||||||||||||
Income tax (expense) benefit | (27 | ) | (158 | ) | 131 | 83 | % | (314 | ) | (344 | ) | 30 | 9 | % | ||||||||||||||||
Loss from continuing operations | (154,682 | ) | (132,319 | ) | (22,363 | ) | -17 | % | (326,033 | ) | (268,746 | ) | (57,287 | ) | -21 | % | ||||||||||||||
Less: Preferred stock dividends | — | 11,676 | (11,676 | ) | -100 | % | — | 23,352 | (23,352 | ) | -100 | % | ||||||||||||||||||
Net loss attributable to common stockholders | $ | (154,682 | ) | $ | (143,995 | ) | $ | (10,687 | ) | -7 | % | $ | (326,033 | ) | $ | (292,098 | ) | $ | (33,935 | ) | -12 | % |
Three Months Ended | Change | Six Months Ended | Change | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2019 | 2018 | $ | % | |||||||||||||||||||||||
Senior unsecured notes | $ | 98,475 | $ | 89,986 | $ | 8,489 | 9 | % | $ | 207,231 | $ | 183,399 | $ | 23,832 | 13 | % | ||||||||||||||
Secured debt | — | 32 | (32 | ) | -100 | % | — | 70 | (70 | ) | -100 | % | ||||||||||||||||||
Unsecured revolving credit facility and commercial paper note program | 15,160 | 5,768 | 9,392 | 163 | % | 22,678 | 9,782 | 12,896 | 132 | % | ||||||||||||||||||||
Loan expense | 3,518 | 3,203 | 315 | 10 | % | 7,437 | 6,460 | 977 | 15 | % | ||||||||||||||||||||
Totals | $ | 117,153 | $ | 98,989 | $ | 18,164 | 18 | % | $ | 237,346 | $ | 199,711 | $ | 37,635 | 19 | % |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
NOI Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||
Net income (loss) | $ | 453,555 | $ | 167,273 | $ | 84,226 | $ | 124,696 | $ | 292,302 | $ | 150,040 | ||||||||||||
Loss (gain) on real estate dispositions, net | (338,184 | ) | (10,755 | ) | (24,723 | ) | (41,913 | ) | (167,409 | ) | 1,682 | |||||||||||||
Loss (income) from unconsolidated entities | 2,429 | (1,249 | ) | (344 | ) | (195 | ) | 9,199 | 9,049 | |||||||||||||||
Income tax expense (benefit) | 1,588 | 3,841 | 1,741 | 1,504 | 2,222 | 1,599 | ||||||||||||||||||
Other expenses | 3,712 | 10,058 | 88,626 | 10,502 | 8,756 | 21,628 | ||||||||||||||||||
Impairment of assets | 28,185 | 4,632 | 6,740 | 76,022 | — | 9,939 | ||||||||||||||||||
Provision for loan losses | — | — | — | — | 18,690 | — | ||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 11,707 | 299 | 4,038 | 53 | 15,719 | — | ||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | (7,173 | ) | (7,460 | ) | 8,991 | 1,626 | (2,487 | ) | 1,913 | |||||||||||||||
General and administrative expenses | 33,705 | 32,831 | 28,746 | 31,101 | 35,282 | 33,741 | ||||||||||||||||||
Depreciation and amortization | 228,201 | 236,275 | 243,149 | 242,834 | 243,932 | 248,052 | ||||||||||||||||||
Interest expense | 122,775 | 121,416 | 138,032 | 144,369 | 145,232 | 141,336 | ||||||||||||||||||
Consolidated net operating income (NOI) | $ | 540,500 | $ | 557,161 | $ | 579,222 | $ | 590,599 | $ | 601,438 | $ | 618,979 | ||||||||||||
NOI by segment: | ||||||||||||||||||||||||
Seniors Housing Operating | $ | 225,226 | $ | 239,505 | $ | 265,846 | $ | 254,445 | $ | 264,700 | $ | 278,212 | ||||||||||||
Triple-net | 222,738 | 224,284 | 218,684 | 234,343 | 233,286 | 227,935 | ||||||||||||||||||
Outpatient Medical | 92,168 | 92,874 | 93,997 | 101,097 | 101,295 | 112,378 | ||||||||||||||||||
Non-segment/corporate | 368 | 498 | 695 | 714 | 2,157 | 454 | ||||||||||||||||||
Total NOI | $ | 540,500 | $ | 557,161 | $ | 579,222 | $ | 590,599 | $ | 601,438 | $ | 618,979 |
Three Months Ended | |||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
SSNOI Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||||||||||||||||
NOI: | |||||||||||||||||||||||||||
Seniors Housing Operating | $ | 225,226 | $ | 239,505 | $ | 265,846 | $ | 254,445 | $ | 264,700 | $ | 278,212 | |||||||||||||||
Triple-net | 222,738 | 224,284 | 218,684 | 234,343 | 233,286 | 227,935 | |||||||||||||||||||||
Outpatient Medical | 92,168 | 92,874 | 93,997 | 101,097 | 101,295 | 112,378 | |||||||||||||||||||||
Total | 540,132 | 556,663 | 578,527 | 589,885 | 599,281 | 618,525 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||
Seniors Housing Operating: | |||||||||||||||||||||||||||
Non SSNOI on same store properties | 269 | 358 | 211 | 337 | 1,915 | 1,384 | |||||||||||||||||||||
NOI attributable to non same store properties | (34,665 | ) | (45,907 | ) | (73,739 | ) | (65,131 | ) | (70,224 | ) | (88,898 | ) | |||||||||||||||
Subtotal | (34,396 | ) | (45,549 | ) | (73,528 | ) | (64,794 | ) | (68,309 | ) | (87,514 | ) | |||||||||||||||
Triple-net: | |||||||||||||||||||||||||||
Non SSNOI on same store properties | (10,728 | ) | (4,068 | ) | (5,445 | ) | (6,384 | ) | (7,593 | ) | (8,114 | ) | |||||||||||||||
NOI attributable to non same store properties | (81,455 | ) | (83,148 | ) | (79,874 | ) | (96,535 | ) | (92,840 | ) | (87,819 | ) | |||||||||||||||
Subtotal | (92,183 | ) | (87,216 | ) | (85,319 | ) | (102,919 | ) | (100,433 | ) | (95,933 | ) | |||||||||||||||
Outpatient Medical: | |||||||||||||||||||||||||||
Non SSNOI on same store properties | (1,266 | ) | (1,397 | ) | (1,635 | ) | (5,706 | ) | (1,563 | ) | (1,204 | ) | |||||||||||||||
NOI attributable to non same store properties | (4,674 | ) | (5,102 | ) | (5,776 | ) | (7,779 | ) | (12,294 | ) | (24,085 | ) | |||||||||||||||
Subtotal | (5,940 | ) | (6,499 | ) | (7,411 | ) | (13,485 | ) | (13,857 | ) | (25,289 | ) | |||||||||||||||
SSNOI: | Properties | ||||||||||||||||||||||||||
Seniors Housing Operating | 365 | 190,830 | 193,956 | 192,318 | 189,651 | 196,391 | 190,698 | ||||||||||||||||||||
Triple-net | 388 | 130,555 | 137,068 | 133,365 | 131,424 | 132,853 | 132,002 | ||||||||||||||||||||
Outpatient Medical | 227 | 86,228 | 86,375 | 86,586 | 87,612 | 87,438 | 87,089 | ||||||||||||||||||||
Total | 980 | $ | 407,613 | $ | 417,399 | $ | 412,269 | $ | 408,687 | $ | 416,682 | $ | 409,789 | ||||||||||||||
SSNOI Property Reconciliation: | |||||||||||||||||||||||||||
Total properties | 1,598 | ||||||||||||||||||||||||||
Acquisitions | (402 | ) | |||||||||||||||||||||||||
Developments | (30 | ) | |||||||||||||||||||||||||
Held for sale | (89 | ) | |||||||||||||||||||||||||
Transitions/restructurings | (87 | ) | |||||||||||||||||||||||||
Other(1) | (10 | ) | |||||||||||||||||||||||||
Same store properties | 980 | ||||||||||||||||||||||||||
(1) Includes nine land parcels and one loan. |
Six Months Ended | ||||||||
June 30, | June 30, | |||||||
2018 | 2019 | |||||||
NOI Reconciliations: | ||||||||
Net income (loss) | $ | 620,828 | $ | 442,342 | ||||
Loss (gain) on real estate dispositions, net | (348,939 | ) | (165,727 | ) | ||||
Loss (income) from unconsolidated entities | 1,180 | 18,248 | ||||||
Income tax expense (benefit) | 5,429 | 3,821 | ||||||
Other expenses | 13,770 | 30,384 | ||||||
Impairment of assets | 32,817 | 9,939 | ||||||
Provision for loan losses | — | 18,690 | ||||||
Loss (gain) on extinguishment of debt, net | 12,006 | 15,719 | ||||||
Loss (gain) on derivatives and financial instruments, net | (14,633 | ) | (574 | ) | ||||
General and administrative expenses | 66,536 | 69,023 | ||||||
Depreciation and amortization | 464,476 | 491,984 | ||||||
Interest expense | 244,191 | 286,568 | ||||||
Consolidated net operating income (NOI) | $ | 1,097,661 | $ | 1,220,417 | ||||
NOI by segment: | ||||||||
Seniors Housing Operating | $ | 464,731 | $ | 542,912 | ||||
Triple-net | 447,022 | 461,221 | ||||||
Outpatient Medical | 185,042 | 213,673 | ||||||
Non-segment/corporate | 866 | 2,611 | ||||||
Total NOI | $ | 1,097,661 | $ | 1,220,417 |
Six Months Ended | |||||||||||
June 30, | June 30, | ||||||||||
SSNOI Reconciliations: | 2018 | 2019 | |||||||||
NOI: | |||||||||||
Seniors Housing Operating | $ | 464,731 | $ | 542,912 | |||||||
Triple-net | 447,022 | 461,221 | |||||||||
Outpatient Medical | 185,042 | 213,673 | |||||||||
Total | 1,096,795 | 1,217,806 | |||||||||
Adjustments: | |||||||||||
Seniors Housing Operating: | |||||||||||
Non SSNOI on same store properties | 627 | 3,299 | |||||||||
NOI attributable to non same store properties | (80,572 | ) | (159,122 | ) | |||||||
Subtotal | (79,945 | ) | (155,823 | ) | |||||||
Triple-net: | |||||||||||
Non SSNOI on same store properties | (14,796 | ) | (15,707 | ) | |||||||
NOI attributable to non same store properties | (164,603 | ) | (180,659 | ) | |||||||
Subtotal | (179,399 | ) | (196,366 | ) | |||||||
Outpatient Medical: | |||||||||||
Non SSNOI on same store properties | (2,663 | ) | (2,767 | ) | |||||||
NOI attributable to non same store properties | (9,776 | ) | (36,379 | ) | |||||||
Subtotal | (12,439 | ) | (39,146 | ) | |||||||
SSNOI: | Properties | ||||||||||
Seniors Housing Operating | 365 | 384,786 | 387,089 | ||||||||
Triple-net | 388 | 267,623 | 264,855 | ||||||||
Outpatient Medical | 227 | 172,603 | 174,527 | ||||||||
Total | 980 | $ | 825,012 | $ | 826,471 |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
FFO Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||
Net income attributable to common stockholders | $ | 437,671 | $ | 154,432 | $ | 64,384 | $ | 101,763 | $ | 280,470 | $ | 137,762 | ||||||||||||
Depreciation and amortization | 228,201 | 236,275 | 243,149 | 242,834 | 243,932 | 248,052 | ||||||||||||||||||
Impairment of assets | 28,185 | 4,632 | 6,740 | 76,022 | — | 9,939 | ||||||||||||||||||
Loss (gain) on real estate dispositions, net | (338,184 | ) | (10,755 | ) | (24,723 | ) | (41,913 | ) | (167,409 | ) | 1,682 | |||||||||||||
Noncontrolling interests | (16,353 | ) | (17,692 | ) | (17,498 | ) | (17,650 | ) | (17,760 | ) | (18,889 | ) | ||||||||||||
Unconsolidated entities | 13,700 | 11,833 | 13,220 | 13,910 | 19,150 | 11,475 | ||||||||||||||||||
FFO | $ | 353,220 | $ | 378,725 | $ | 285,272 | $ | 374,966 | $ | 358,383 | $ | 390,021 | ||||||||||||
Average common shares outstanding: | ||||||||||||||||||||||||
Basic | 371,426 | 371,640 | 373,023 | 378,240 | 391,474 | 404,607 | ||||||||||||||||||
Diluted | 373,257 | 373,075 | 374,487 | 380,002 | 393,452 | 406,673 | ||||||||||||||||||
Per share data: | ||||||||||||||||||||||||
Net income attributable to common stockholders: | ||||||||||||||||||||||||
Basic | $ | 1.18 | $ | 0.42 | $ | 0.17 | $ | 0.27 | $ | 0.72 | $ | 0.34 | ||||||||||||
Diluted | 1.17 | 0.41 | 0.17 | 0.27 | 0.71 | 0.34 | ||||||||||||||||||
FFO | ||||||||||||||||||||||||
Basic | $ | 0.95 | $ | 1.02 | $ | 0.76 | $ | 0.99 | $ | 0.92 | $ | 0.96 | ||||||||||||
Diluted | 0.95 | 1.02 | 0.76 | 0.99 | 0.91 | 0.96 |
Six Months Ended | ||||||||
June 30, | June 30, | |||||||
FFO Reconciliations: | 2018 | 2019 | ||||||
NICS | $ | 592,103 | $ | 418,232 | ||||
Depreciation and amortization | 464,476 | 491,984 | ||||||
Impairment of assets | 32,817 | 9,939 | ||||||
Loss (gain) on real estate dispositions, net | (348,939 | ) | (165,727 | ) | ||||
Noncontrolling interests | (34,045 | ) | (36,649 | ) | ||||
Unconsolidated entities | 25,533 | 30,625 | ||||||
FFO | $ | 731,945 | $ | 748,404 | ||||
Average common shares outstanding: | ||||||||
Basic | 371,552 | 398,073 | ||||||
Diluted | 373,186 | 400,096 | ||||||
Per share data: | ||||||||
NICS | ||||||||
Basic | $ | 1.59 | $ | 1.05 | ||||
Diluted | 1.59 | 1.05 | ||||||
FFO | ||||||||
Basic | $ | 1.97 | $ | 1.88 | ||||
Diluted | 1.96 | 1.87 |
Three Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
EBITDA Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||
Net income (loss) | $ | 453,555 | $ | 167,273 | $ | 84,226 | $ | 124,696 | $ | 292,302 | $ | 150,040 | ||||||||||||
Interest expense | 122,775 | 121,416 | 138,032 | 144,369 | 145,232 | 141,336 | ||||||||||||||||||
Income tax expense (benefit) | 1,588 | 3,841 | 1,741 | 1,504 | 2,222 | 1,599 | ||||||||||||||||||
Depreciation and amortization | 228,201 | 236,275 | 243,149 | 242,834 | 243,932 | 248,052 | ||||||||||||||||||
EBITDA | $ | 806,119 | $ | 528,805 | $ | 467,148 | $ | 513,403 | $ | 683,688 | $ | 541,027 | ||||||||||||
Interest Coverage Ratio: | ||||||||||||||||||||||||
Interest expense | $ | 122,775 | $ | 121,416 | $ | 138,032 | $ | 144,369 | $ | 145,232 | $ | 141,336 | ||||||||||||
Non-cash interest expense | (4,179 | ) | (1,716 | ) | (1,658 | ) | (3,307 | ) | (5,171 | ) | (752 | ) | ||||||||||||
Capitalized interest | 2,336 | 2,100 | 1,921 | 1,548 | 2,327 | 3,929 | ||||||||||||||||||
Total interest | 120,932 | 121,800 | 138,295 | 142,610 | 142,388 | 144,513 | ||||||||||||||||||
EBITDA | $ | 806,119 | $ | 528,805 | $ | 467,148 | $ | 513,403 | $ | 683,688 | $ | 541,027 | ||||||||||||
Interest coverage ratio | 6.67 | x | 4.34 | x | 3.38 | x | 3.60 | x | 4.80 | x | 3.74 | x | ||||||||||||
Fixed Charge Coverage Ratio: | ||||||||||||||||||||||||
Total interest | $ | 120,932 | $ | 121,800 | $ | 138,295 | $ | 142,610 | $ | 142,388 | $ | 144,513 | ||||||||||||
Secured debt principal payments | 14,247 | 14,139 | 13,908 | 13,994 | 13,543 | 13,684 | ||||||||||||||||||
Preferred dividends | 11,676 | 11,676 | 11,676 | 11,676 | — | — | ||||||||||||||||||
Total fixed charges | 146,855 | 147,615 | 163,879 | 168,280 | 155,931 | 158,197 | ||||||||||||||||||
EBITDA | $ | 806,119 | $ | 528,805 | $ | 467,148 | $ | 513,403 | $ | 683,688 | $ | 541,027 | ||||||||||||
Fixed charge coverage ratio | 5.49 | x | 3.58 | x | 2.85 | x | 3.05 | x | 4.38 | x | 3.42 | x |
Six Months Ended | ||||||||
June 30, | June 30, | |||||||
EBITDA Reconciliations: | 2018 | 2019 | ||||||
Net income (loss) | $ | 620,828 | $ | 442,342 | ||||
Interest expense | 244,191 | 286,568 | ||||||
Income tax expense (benefit) | 5,429 | 3,821 | ||||||
Depreciation and amortization | 464,476 | 491,984 | ||||||
EBITDA | $ | 1,334,924 | $ | 1,224,715 | ||||
Interest Coverage Ratio: | ||||||||
Interest expense | $ | 244,191 | $ | 286,568 | ||||
Non-cash interest expense | (5,895 | ) | (5,923 | ) | ||||
Capitalized interest | 4,436 | 6,256 | ||||||
Total interest | 242,732 | 286,901 | ||||||
EBITDA | $ | 1,334,924 | $ | 1,224,715 | ||||
Interest coverage ratio | 5.50 | x | 4.27 | x | ||||
Fixed Charge Coverage Ratio: | ||||||||
Total interest | $ | 242,732 | $ | 286,901 | ||||
Secured debt principal payments | 28,385 | 27,227 | ||||||
Preferred dividends | 23,352 | — | ||||||
Total fixed charges | 294,469 | 314,128 | ||||||
EBITDA | $ | 1,334,924 | $ | 1,224,715 | ||||
Fixed charge coverage ratio | 4.53 | x | 3.90 | x |
Twelve Months Ended | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
Adjusted EBITDA Reconciliations: | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | ||||||||||||||||||
Net income | $ | 656,551 | $ | 620,384 | $ | 615,311 | $ | 829,750 | $ | 668,497 | $ | 651,264 | ||||||||||||
Interest expense | 488,800 | 493,986 | 509,440 | 526,592 | 549,049 | 568,969 | ||||||||||||||||||
Income tax expense (benefit) | 19,471 | 31,761 | 32,833 | 8,674 | 9,308 | 7,066 | ||||||||||||||||||
Depreciation and amortization | 921,645 | 933,072 | 946,083 | 950,459 | 966,190 | 977,967 | ||||||||||||||||||
EBITDA | 2,086,467 | 2,079,203 | 2,103,667 | 2,315,475 | 2,193,044 | 2,205,266 | ||||||||||||||||||
Loss (income) from unconsolidated entities | 62,448 | 57,221 | 60,285 | 641 | 7,411 | 17,709 | ||||||||||||||||||
Stock-based compensation expense(1) | 25,753 | 26,158 | 25,443 | 27,646 | 23,618 | 26,113 | ||||||||||||||||||
Loss (gain) on extinguishment of debt, net | 17,593 | 12,377 | 16,415 | 16,097 | 20,109 | 19,810 | ||||||||||||||||||
Loss (gain) on real estate dispositions, net | (438,342 | ) | (406,942 | ) | (430,043 | ) | (415,575 | ) | (244,800 | ) | (232,363 | ) | ||||||||||||
Impairment of assets | 141,637 | 132,638 | 139,378 | 115,579 | 87,394 | 92,701 | ||||||||||||||||||
Provision for loan losses | 62,966 | 62,966 | 62,966 | — | 18,690 | 18,690 | ||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net | (6,113 | ) | (14,309 | ) | (5,642 | ) | (4,016 | ) | 670 | 10,043 | ||||||||||||||
Other expenses(1) | 167,524 | 171,243 | 161,655 | 111,990 | 117,942 | 126,994 | ||||||||||||||||||
Additional other income | — | (10,805 | ) | (10,805 | ) | (14,832 | ) | (14,832 | ) | (4,027 | ) | |||||||||||||
Adjusted EBITDA | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,153,005 | $ | 2,209,246 | $ | 2,280,936 | ||||||||||||
Adjusted Fixed Charge Coverage Ratio: | ||||||||||||||||||||||||
Interest expense | $ | 488,800 | $ | 493,986 | $ | 509,440 | $ | 526,592 | $ | 549,049 | $ | 568,969 | ||||||||||||
Capitalized interest | 11,696 | 10,437 | 9,813 | 7,905 | 7,896 | 9,725 | ||||||||||||||||||
Non-cash interest expense | (12,858 | ) | (11,628 | ) | (10,087 | ) | (10,860 | ) | (11,852 | ) | (10,888 | ) | ||||||||||||
Total interest | 487,638 | 492,795 | 509,166 | 523,637 | 545,093 | 567,806 | ||||||||||||||||||
Adjusted EBITDA | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,153,005 | $ | 2,209,246 | $ | 2,280,936 | ||||||||||||
Adjusted interest coverage ratio | 4.35 | x | 4.28 | x | 4.17 | x | 4.11 | x | 4.05 | x | 4.02 | x | ||||||||||||
Total interest | $ | 487,638 | $ | 492,795 | $ | 509,166 | $ | 523,637 | $ | 545,093 | $ | 567,806 | ||||||||||||
Secured debt principal payments | 62,077 | 60,258 | 58,866 | 56,288 | 55,584 | 55,129 | ||||||||||||||||||
Preferred dividends | 46,707 | 46,704 | 46,704 | 46,704 | 35,028 | 23,352 | ||||||||||||||||||
Total fixed charges | 596,422 | 599,757 | 614,736 | 626,629 | 635,705 | 646,287 | ||||||||||||||||||
Adjusted EBITDA | $ | 2,119,933 | $ | 2,109,750 | $ | 2,123,319 | $ | 2,153,005 | $ | 2,209,246 | $ | 2,280,936 | ||||||||||||
Adjusted fixed charge coverage ratio | 3.55 | x | 3.52 | x | 3.45 | x | 3.44 | x | 3.48 | x | 3.53 | x | ||||||||||||
(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses. |
As of | ||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | |||||||||||||||||||
Book capitalization: | ||||||||||||||||||||||||
Unsecured credit facility and commercial paper | $ | 865,000 | $ | 540,000 | $ | 1,312,000 | $ | 1,147,000 | $ | 419,293 | $ | 1,869,188 | ||||||||||||
Long-term debt obligations(1) | 10,484,840 | 10,895,559 | 12,192,060 | 12,150,144 | 12,371,729 | 13,390,344 | ||||||||||||||||||
Cash & cash equivalents(2) | (202,824 | ) | (215,120 | ) | (191,199 | ) | (215,376 | ) | (249,127 | ) | (268,666 | ) | ||||||||||||
Total net debt | 11,147,016 | 11,220,439 | 13,312,861 | 13,081,768 | 12,541,895 | 14,990,866 | ||||||||||||||||||
Total equity and noncontrolling interests(3) | 15,448,201 | 15,198,644 | 15,670,065 | 16,010,645 | 16,498,376 | 16,452,806 | ||||||||||||||||||
Book capitalization | $ | 26,595,217 | $ | 26,419,083 | $ | 28,982,926 | $ | 29,092,413 | $ | 29,040,271 | $ | 31,443,672 | ||||||||||||
Net debt to book capitalization ratio | 42 | % | 42 | % | 46 | % | 45 | % | 43 | % | 48 | % | ||||||||||||
Undepreciated book capitalization: | ||||||||||||||||||||||||
Total net debt | $ | 11,147,016 | $ | 11,220,439 | $ | 13,312,861 | $ | 13,081,768 | $ | 12,541,895 | $ | 14,990,866 | ||||||||||||
Accumulated depreciation and amortization | 4,990,780 | 5,113,928 | 5,394,274 | 5,499,958 | 5,670,111 | 5,539,435 | ||||||||||||||||||
Total equity and noncontrolling interests(3) | 15,448,201 | 15,198,644 | 15,670,065 | 16,010,645 | 16,498,376 | 16,452,806 | ||||||||||||||||||
Undepreciated book capitalization | $ | 31,585,997 | $ | 31,533,011 | $ | 34,377,200 | $ | 34,592,371 | $ | 34,710,382 | $ | 36,983,107 | ||||||||||||
Net debt to undepreciated book capitalization ratio | 35 | % | 36 | % | 39 | % | 38 | % | 36 | % | 41 | % | ||||||||||||
Market capitalization: | ||||||||||||||||||||||||
Common shares outstanding | 371,971 | 372,030 | 375,577 | 383,675 | 403,740 | 405,254 | ||||||||||||||||||
Period end share price | $ | 54.43 | $ | 62.69 | $ | 64.32 | $ | 69.41 | $ | 77.60 | $ | 81.53 | ||||||||||||
Common equity market capitalization | $ | 20,246,382 | $ | 23,322,561 | $ | 24,157,113 | $ | 26,630,882 | $ | 31,330,224 | $ | 33,040,359 | ||||||||||||
Total net debt | 11,147,016 | 11,220,439 | 13,312,861 | 13,081,768 | 12,541,895 | 14,990,866 | ||||||||||||||||||
Noncontrolling interests(3) | 889,766 | 856,721 | 1,362,380 | 1,378,311 | 1,419,885 | 1,458,351 | ||||||||||||||||||
Preferred stock | 718,498 | 718,498 | 718,498 | 718,498 | — | — | ||||||||||||||||||
Enterprise value | $ | 33,001,662 | $ | 36,118,219 | $ | 39,550,852 | $ | 41,809,459 | $ | 45,292,004 | $ | 49,489,576 | ||||||||||||
Net debt to market capitalization ratio | 34 | % | 31 | % | 34 | % | 31 | % | 28 | % | 30 | % | ||||||||||||
(1) Amounts include senior unsecured notes, secured debt and lease liabilities related to financing leases, as reflected on our Consolidated Balance Sheet. Operating lease liabilities related to the ASC 842 adoption are excluded. | ||||||||||||||||||||||||
(2) Inclusive of IRC Section 1031 deposits, if any. | ||||||||||||||||||||||||
(3) Includes all noncontrolling interests (redeemable and permanent) as reflected on our Consolidated Balance Sheet. |
• | the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and |
• | the impact of the estimates and assumptions on financial condition or operating performance is material. |
June 30, 2019 | December 31, 2018 | |||||||||||||||
Principal | Change in | Principal | Change in | |||||||||||||
balance | fair value | balance | fair value | |||||||||||||
Senior unsecured notes | $ | 9,013,085 | $ | (635,567 | ) | $ | 9,009,159 | $ | (548,558 | ) | ||||||
Secured debt | 1,536,274 | (60,281 | ) | 1,639,983 | (59,522 | ) | ||||||||||
Totals | $ | 10,549,359 | $ | (695,848 | ) | $ | 10,649,142 | $ | (608,080 | ) |
June 30, 2019 | December 31, 2018 | |||||||||||||||
Carrying | Change in | Carrying | Change in | |||||||||||||
Value | fair value | Value | fair value | |||||||||||||
Foreign currency forward contracts | $ | 59,041 | $ | 12,683 | $ | 23,620 | $ | 16,163 | ||||||||
Debt designated as hedges | 1,524,891 | 15,249 | 1,559,159 | 15,592 | ||||||||||||
Totals | $ | 1,583,932 | $ | 27,932 | $ | 1,582,779 | $ | 31,755 |
Issuer Purchases of Equity Securities | |||||||||||
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||
April 1, 2019 through April 30, 2019 | 282 | $ | 74.10 | ||||||||
May 1, 2019 through May 31, 2019 | — | — | |||||||||
June 1, 2019 through June 30, 2019 | — | — | |||||||||
Totals | 282 | $ | 74.10 | ||||||||
(1) During the three months ended June 30, 2019, the company acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. | |||||||||||
(2) No shares were purchased as part of publicly announced plans or programs. |
3.1 | |||
10.1 | |||
10.2 | |||
31.1 | |||
31.2 | |||
32.1 | |||
32.2 | |||
101.INS | XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline XBRL | ||
* | Management contract or Compensatory Plan or Arrangement. |
WELLTOWER INC. | |||||
Date: | August 1, 2019 | By: | /s/ THOMAS J. DEROSA | ||
Thomas J. DeRosa, | |||||
Chairman and Chief Executive Officer (Principal Executive Officer) | |||||
Date: | August 1, 2019 | By: | /s/ JOHN A. GOODEY | ||
John A. Goodey, | |||||
Executive Vice President & Chief Financial Officer (Principal Financial Officer) | |||||
Date: | August 1, 2019 | By: | /s/ JOSHUA T. FIEWEGER | ||
Joshua T. Fieweger, | |||||
Senior Vice President & Controller (Principal Accounting Officer) |
WELLTOWER, INC | EXECUTIVE | |||
By: | /s/Christy Contardi Stone | /s/Mercedes T. Kerr | ||
Name: | Christy Contardi Stone | Mercedes T. Kerr | ||
Title: | Senior Vice President - Human Capital | |||
Date: | July 1, 2019 | Date: | July 1, 2019 |
1. | I have reviewed this quarterly report on Form 10-Q of Welltower Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ THOMAS J. DEROSA | ||
Thomas J. DeRosa, | ||
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Welltower Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ JOHN A. GOODEY | ||
John A. Goodey, | ||
Chief Financial Officer |
/s/ THOMAS J. DEROSA | ||||
Thomas J. DeRosa, | ||||
Chairman and Chief Executive Officer Date: August 1, 2019 | ||||
/s/ JOHN A. GOODEY | ||||
John A. Goodey, | ||||
Chief Financial Officer Date: August 1, 2019 | ||||
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
[1] | ||
---|---|---|---|---|---|
Real property owned: | |||||
Land and land improvements | $ 3,337,234 | $ 3,205,091 | |||
Buildings and improvements | 28,691,274 | 28,019,502 | |||
Acquired lease intangibles | 1,589,138 | 1,581,159 | |||
Real property held for sale, net of accumulated depreciation | 1,704,206 | 590,271 | |||
Construction in progress | 363,160 | 194,365 | |||
Less accumulated depreciation and amortization | (5,539,435) | (5,499,958) | |||
Net real property owned | 30,145,577 | 28,090,430 | |||
Right of use assets, net | 550,342 | ||||
Real estate loans receivable, net of allowance | 368,994 | 330,339 | |||
Net real estate investments | 31,064,913 | 28,420,769 | |||
Other assets: | |||||
Investments in unconsolidated entities | 519,387 | 482,914 | |||
Goodwill | 68,321 | 68,321 | |||
Cash and cash equivalents | 268,666 | 215,376 | |||
Restricted cash | 91,052 | 100,753 | |||
Straight-line rent receivable | 419,501 | 367,093 | |||
Receivables and other assets | 716,857 | 686,846 | |||
Total other assets | 2,083,784 | 1,921,303 | |||
Total assets | 33,148,697 | 30,342,072 | |||
Liabilities: | |||||
Unsecured credit facility and commercial paper | 1,869,188 | 1,147,000 | |||
Senior unsecured notes | 10,606,106 | 9,603,299 | |||
Secured debt | 2,675,507 | 2,476,177 | |||
Lease liabilities | 469,029 | 70,668 | |||
Accrued expenses and other liabilities | 1,076,061 | 1,034,283 | |||
Total liabilities | 16,695,891 | 14,331,427 | |||
Redeemable noncontrolling interests | 483,234 | 424,046 | |||
Equity: | |||||
Preferred stock | 0 | 718,498 | |||
Common stock | 406,014 | 384,465 | |||
Capital in excess of par value | 19,740,145 | 18,424,368 | |||
Treasury stock | (74,042) | (68,499) | |||
Cumulative net income | 6,539,766 | 6,121,534 | |||
Cumulative dividends | (11,516,994) | (10,818,557) | |||
Accumulated other comprehensive income (loss) | (100,622) | (129,769) | |||
Other equity | 188 | 294 | |||
Total Welltower Inc. stockholders’ equity | 14,994,455 | 14,632,334 | |||
Noncontrolling interests | 975,117 | 954,265 | |||
Total equity | 15,969,572 | 15,586,599 | |||
Total liabilities and equity | $ 33,148,697 | $ 30,342,072 | |||
|
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Total |
Preferred Stock |
Common Stock |
Capital in Excess of Par Value |
Treasury Stock |
Cumulative Net Income |
Cumulative Dividends |
Accumulated Other Comprehensive Income (Loss) |
Other Equity |
Noncontrolling Interests |
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balances at beginning of period at Dec. 31, 2017 | $ 14,925,452 | $ 718,503 | $ 372,449 | $ 17,662,681 | $ (64,559) | $ 5,316,580 | $ (9,471,712) | $ (111,465) | $ 670 | $ 502,305 | |||
Comprehensive income: | |||||||||||||
Net income (loss) | 454,538 | 449,347 | 5,191 | ||||||||||
Other comprehensive income | 16,326 | 20,212 | (3,886) | ||||||||||
Total comprehensive income | 470,864 | ||||||||||||
Net change in noncontrolling interests | (15,876) | (13,157) | (2,719) | ||||||||||
Amounts related to stock incentive plans, net of forfeitures | 7,098 | 150 | 11,085 | (4,137) | |||||||||
Proceeds from issuance of common stock | 7,190 | 130 | 7,060 | ||||||||||
Conversion of preferred stock | 0 | (5) | 5 | ||||||||||
Dividends paid: | |||||||||||||
Common stock dividends | (323,726) | (323,726) | |||||||||||
Preferred stock dividends | (11,676) | (11,676) | |||||||||||
Balances at end of period at Mar. 31, 2018 | 15,059,326 | 718,498 | 372,729 | 17,667,674 | (68,696) | 5,765,927 | (9,807,114) | (91,253) | 670 | 500,891 | |||
Balances at beginning of period at Dec. 31, 2017 | 14,925,452 | 718,503 | 372,449 | 17,662,681 | (64,559) | 5,316,580 | (9,471,712) | (111,465) | 670 | 502,305 | |||
Comprehensive income: | |||||||||||||
Other comprehensive income | (33,797) | ||||||||||||
Balances at end of period at Jun. 30, 2018 | 14,800,487 | 718,498 | 372,801 | 17,661,384 | (68,661) | 5,932,035 | (10,142,162) | (132,631) | 659 | 458,564 | |||
Balances at beginning of period at Mar. 31, 2018 | 15,059,326 | 718,498 | 372,729 | 17,667,674 | (68,696) | 5,765,927 | (9,807,114) | (91,253) | 670 | 500,891 | |||
Comprehensive income: | |||||||||||||
Net income (loss) | 168,463 | 166,108 | 2,355 | ||||||||||
Other comprehensive income | (50,123) | (41,378) | (8,745) | ||||||||||
Total comprehensive income | 118,340 | ||||||||||||
Net change in noncontrolling interests | (50,759) | (14,822) | (35,937) | ||||||||||
Amounts related to stock incentive plans, net of forfeitures | 5,843 | 18 | 5,801 | 35 | (11) | ||||||||
Proceeds from issuance of common stock | 2,785 | 54 | 2,731 | ||||||||||
Dividends paid: | |||||||||||||
Common stock dividends | (323,372) | (323,372) | |||||||||||
Preferred stock dividends | (11,676) | (11,676) | |||||||||||
Balances at end of period at Jun. 30, 2018 | 14,800,487 | 718,498 | 372,801 | 17,661,384 | (68,661) | 5,932,035 | (10,142,162) | (132,631) | 659 | 458,564 | |||
Balances at beginning of period at Dec. 31, 2018 | 15,586,599 | [1] | 718,498 | 384,465 | 18,424,368 | (68,499) | 6,121,534 | (10,818,557) | (129,769) | 294 | 954,265 | ||
Comprehensive income: | |||||||||||||
Net income (loss) | 291,255 | 280,470 | 10,785 | ||||||||||
Other comprehensive income | (9,062) | (14,849) | 5,787 | ||||||||||
Total comprehensive income | 282,193 | ||||||||||||
Net change in noncontrolling interests | (10,342) | (8,845) | (1,497) | ||||||||||
Amounts related to stock incentive plans, net of forfeitures | 1,521 | 120 | 7,420 | (5,993) | (26) | ||||||||
Proceeds from issuance of common stock | 532,620 | 7,212 | 525,408 | ||||||||||
Conversion of preferred stock | 0 | (718,498) | 12,712 | 705,786 | |||||||||
Dividends paid: | |||||||||||||
Common stock dividends | (344,760) | (344,760) | |||||||||||
Balances at end of period at Mar. 31, 2019 | 16,047,831 | 0 | 404,509 | 19,654,137 | (74,492) | 6,402,004 | (11,163,317) | (144,618) | 268 | 969,340 | |||
Balances at beginning of period at Dec. 31, 2018 | 15,586,599 | [1] | 718,498 | 384,465 | 18,424,368 | (68,499) | 6,121,534 | (10,818,557) | (129,769) | 294 | 954,265 | ||
Comprehensive income: | |||||||||||||
Other comprehensive income | 37,321 | ||||||||||||
Balances at end of period at Jun. 30, 2019 | 15,969,572 | 0 | 406,014 | 19,740,145 | (74,042) | 6,539,766 | (11,516,994) | (100,622) | 188 | 975,117 | |||
Balances at beginning of period at Mar. 31, 2019 | 16,047,831 | 0 | 404,509 | 19,654,137 | (74,492) | 6,402,004 | (11,163,317) | (144,618) | 268 | 969,340 | |||
Comprehensive income: | |||||||||||||
Net income (loss) | 149,111 | 137,762 | 11,349 | ||||||||||
Other comprehensive income | 46,383 | 43,996 | 2,387 | ||||||||||
Total comprehensive income | 195,494 | ||||||||||||
Net change in noncontrolling interests | (31,631) | (23,672) | (7,959) | ||||||||||
Amounts related to stock incentive plans, net of forfeitures | 8,347 | 18 | 7,959 | 450 | (80) | ||||||||
Proceeds from issuance of common stock | 103,208 | 1,487 | 101,721 | ||||||||||
Dividends paid: | |||||||||||||
Common stock dividends | (353,677) | (353,677) | |||||||||||
Balances at end of period at Jun. 30, 2019 | $ 15,969,572 | $ 0 | $ 406,014 | $ 19,740,145 | $ (74,042) | $ 6,539,766 | $ (11,516,994) | $ (100,622) | $ 188 | $ 975,117 | |||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Operating activities: | |||||
Net income | $ 442,342 | $ 620,828 | |||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | |||||
Depreciation and amortization | 491,984 | 464,476 | |||
Other amortization expenses | 9,761 | 7,984 | |||
Provision for loan losses | 18,690 | 0 | |||
Impairment of assets | 9,939 | 32,817 | |||
Stock-based compensation expense | 15,192 | 16,725 | |||
Loss (gain) on derivatives and financial instruments, net | (574) | (14,633) | |||
Loss (gain) on extinguishment of debt, net | 15,719 | 12,006 | |||
Loss (income) from unconsolidated entities | 18,248 | 1,180 | |||
Rental income less than (in excess of) cash received | (53,234) | 13,544 | |||
Amortization related to above (below) market leases, net | (2) | 1,363 | |||
Loss (gain) on real estate dispositions, net | (165,727) | (348,939) | |||
Distributions by unconsolidated entities | 46 | 21 | |||
Increase (decrease) in accrued expenses and other liabilities | 55,415 | 46,718 | |||
Decrease (increase) in receivables and other assets | (3,317) | (15,666) | |||
Net cash provided from (used in) operating activities | 854,482 | 838,424 | |||
Investing activities: | |||||
Cash disbursed for acquisitions | (2,718,808) | (595,596) | |||
Cash disbursed for capital improvements to existing properties | (124,176) | (111,332) | |||
Cash disbursed for construction in progress | (155,409) | (62,978) | |||
Capitalized interest | (6,256) | (4,436) | |||
Investment in real estate loans receivable | (62,935) | (48,291) | |||
Principal collected on real estate loans receivable | 6,840 | 91,427 | |||
Other investments, net of payments | (17,640) | (48,212) | |||
Contributions to unconsolidated entities | (119,001) | (32,768) | |||
Distributions by unconsolidated entities | 70,844 | 22,897 | |||
Proceeds from (payments on) derivatives | (21,643) | (27,678) | |||
Proceeds from sales of real property | 616,820 | 947,218 | |||
Net cash provided from (used in) investing activities | (2,531,364) | 130,251 | |||
Financing activities: | |||||
Net increase (decrease) in unsecured credit facility and commercial paper | 722,188 | (179,000) | |||
Proceeds from issuance of senior unsecured notes | 2,036,964 | 545,074 | |||
Payments to extinguish senior unsecured notes | (1,050,000) | (450,000) | |||
Net proceeds from the issuance of secured debt | 295,969 | 44,606 | |||
Payments on secured debt | (178,700) | (224,958) | |||
Net proceeds from the issuance of common stock | 647,156 | 10,188 | |||
Payments for deferred financing costs and prepayment penalties | (24,177) | (18,639) | |||
Contributions by noncontrolling interests | [1] | 39,122 | 8,421 | ||
Distributions to noncontrolling interests | [1] | (64,004) | (59,484) | ||
Cash distributions to stockholders | (695,099) | (670,859) | |||
Other financing activities | (8,615) | (5,639) | |||
Net cash provided from (used in) financing activities | 1,720,804 | (1,000,290) | |||
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (333) | (5,305) | |||
Increase (decrease) in cash, cash equivalents and restricted cash | 43,589 | (36,920) | |||
Cash, cash equivalents and restricted cash at beginning of period | 316,129 | 309,303 | |||
Cash, cash equivalents and restricted cash at end of period | 359,718 | 272,383 | |||
Supplemental cash flow information: | |||||
Interest paid | 252,714 | 209,156 | |||
Income taxes paid (received), net | $ 2,040 | $ 4,835 | |||
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Business |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business |
Accounting Policies and Related Matters |
6 Months Ended | ||||
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Jun. 30, 2019 | |||||
Accounting Policies [Abstract] | |||||
Accounting Policies and Related Matters | Accounting Policies and Related Matters Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2019 are not necessarily an indication of the results that may be expected for the year ending December 31, 2019. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. New Accounting Standards
In July 2018, the FASB issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements" that (1) simplifies transition requirements for both lessees and lessors by adding an option that permits entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in its financial statements and (2) allows lessors to elect, as a practical expedient, to not separate lease and non-lease components in a contract, and instead to account for as a single lease component, if certain criteria are met. This practical expedient causes an entity to assess whether a contract is predominantly lease or service-based and recognize the entire contract under the relevant accounting guidance (i.e. predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under ASU 2014-09, "Revenue from Contracts with Customers (ASC 606)"). For the year ended December 31, 2018, we recognized revenue for our Seniors Housing Operating resident agreements in accordance with the provisions of the prior lease guidance, ASC 840, "Leases." Upon adoption of ASC 842, we elected the lessor practical expedient described above and recognized revenue for our Seniors Housing Operating segment based upon the predominant component, the non-lease service component. Therefore, beginning on January 1, 2019, we accounted for these resident agreements under ASC 606. The timing and pattern of revenue recognition is substantially the same as that prior to adoption. The FASB also issued ASU 2018-20 "Leases (Topic 842) - Narrow Improvements for Lessors," which provides lessors the ability to make an accounting policy election not to evaluate whether certain sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. A lessor that makes this election will exclude these taxes from the measurement of lease revenue and the associated expense. Upon adoption of ASC 842, we utilized this practical expedient in instances in which real estate taxes are paid directly by our tenants to taxing authorities. For triple-net leasing arrangements in which the tenant remits payment for real estate taxes to us and we pay the taxing authority, we have included the associated revenue and expense in rental income and property operating expenses on the Consolidated Statements of Comprehensive Income. This reporting had no impact on our net income. For leases in which the Company is the lessee, primarily consisting of ground leases and various office and equipment leases, we recognized upon adoption a right of use asset of $509,386,000 which included the present value of minimum leases payments, existing above and/or below market lease intangible values and existing straight-line rent liabilities associated with such leases. We also recognized operating lease liabilities of $357,070,000. The standard did not materially impact our Consolidated Statements of Comprehensive Income or our Consolidated Statement of Cash Flows. See Note 6 for additional details. The following ASU has been issued but not yet adopted: • In 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the new leases standard from the scope of the new credit losses standard. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements.
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Real Property Acquisitions and Development |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property Acquisitions and Development | Real Property Acquisitions and Development The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets, liabilities and noncontrolling interests based upon their relative fair values in accordance with our accounting policies. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services and termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statements of Comprehensive Income. Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
(1) Excludes $ 1,910,000 and $4,392,000 of unrestricted and restricted cash acquired during the six months ended June 30, 2019 and 2018, respectively. (2) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities. (3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. Construction Activity The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):
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Real Estate Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Intangibles | Real Estate Intangibles The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):
(1) Effective on January 1, 2019 with the adoption of ASC 842, above and below market ground lease intangibles are reported within the right of use assets, net line on the Consolidated Balance Sheet. The following is a summary of real estate intangible amortization for the periods presented (in thousands):
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Dispositions and Assets Held for Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and Assets Held for Sale | Dispositions and Assets Held for Sale We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (i.e., property type, relationship or geography). At June 30, 2019, 55 Seniors Housing Operating, 30 Triple-net, and four Outpatient Medical properties with an aggregate real estate balance of $1,704,206,000 were classified as held for sale. In addition, secured debt of $37,429,000 and net other assets and liabilities of $58,816,000 related to the held for sale properties. During the six months ended June 30, 2019, we recorded net impairment charges of $9,939,000 on certain held for sale properties for which the carrying value exceeded the fair values, less estimated costs to sell, if applicable. The following is a summary of our real property disposition activity for the periods presented (in thousands):
Dispositions and Assets Held for Sale Pursuant to our adoption of ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer-term market rates). For leases that commenced prior to January 1, 2019, we used the incremental borrowing rate on December 31, 2018. We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings. The components of lease expense were as follows for the period presented (in thousands):
(1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):
Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):
Supplemental cash flow information related to leases was as follows for the date indicated (in thousands):
Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our outpatient medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $766,670,000 of rental and other revenues related to operating lease payments, of which $94,017,000 was for variable lease payments for the six months ended June 30, 2019, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the undiscounted cash flows for future minimum lease payments receivable for leases in effect at June 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):
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Leases | Leases We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer-term market rates). For leases that commenced prior to January 1, 2019, we used the incremental borrowing rate on December 31, 2018. We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings. The components of lease expense were as follows for the period presented (in thousands):
(1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):
Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):
Supplemental cash flow information related to leases was as follows for the date indicated (in thousands):
Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our outpatient medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $766,670,000 of rental and other revenues related to operating lease payments, of which $94,017,000 was for variable lease payments for the six months ended June 30, 2019, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the undiscounted cash flows for future minimum lease payments receivable for leases in effect at June 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):
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Leases | Leases We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer-term market rates). For leases that commenced prior to January 1, 2019, we used the incremental borrowing rate on December 31, 2018. We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings. The components of lease expense were as follows for the period presented (in thousands):
(1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):
Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):
Supplemental cash flow information related to leases was as follows for the date indicated (in thousands):
Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our outpatient medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $766,670,000 of rental and other revenues related to operating lease payments, of which $94,017,000 was for variable lease payments for the six months ended June 30, 2019, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the undiscounted cash flows for future minimum lease payments receivable for leases in effect at June 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):
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Real Estate Loans Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans Receivable | Real Estate Loans Receivable Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 for discussion of our accounting policies for real estate loans receivable and related interest income. The following is a summary of our net real estate loans receivable (in thousands):
The following is a summary of our real estate loan activity for the periods presented (in thousands):
In 2016, we restructured real estate loans with Genesis HealthCare and recorded a loan loss charge in the amount of $6,935,000 on one of the loans as the present value of expected future cash flows was less than the carrying value of the loan. In 2017, we recorded an additional loan loss charge of $62,966,000 relating to real estate loans with Genesis HealthCare based on an estimation of expected future cash flows discounted at the effective interest rate of the loans. In March 2019, we recognized a provision for loan losses of $18,690,000 to fully reserve for certain Triple-net real estate loans receivable that were no longer deemed collectible. During the quarter ended June 30, 2019, these loans were written off. As of June 30, 2019, the allowance for loan loss balance of $68,372,000 is deemed to be sufficient to absorb expected losses. At June 30, 2019, we had one real estate loan with an outstanding balance of $2,534,000 on non-accrual status. The following is a summary of our impaired loans (in thousands):
(1) Represents cash interest recognized in the period since loans were identified as impaired.
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Investments in Unconsolidated Entities |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. The results of operations for these entities have been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands):
(1) Excludes ownership of in-substance real estate. |
Credit Concentration |
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Concentration | Credit Concentration We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the six months ended June 30, 2019, excluding our share of NOI in unconsolidated entities (dollars in thousands):
(1) Genesis Healthcare and ProMedica are in our Triple-net segment. Sunrise Senior Living and Revera are in our Seniors Housing Operating segment. Benchmark Senior Living is in both our Triple-net and Seniors Housing Operating segments. (2) NOI with our top five relationships comprised 38% of total NOI for the year ended December 31, 2018. (3) Revera owns a controlling interest in Sunrise Senior Living. (4) Please see Note 21 for additional information.
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Borrowings Under Credit Facilities and Commercial Paper Program |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings Under Credit Facilities and Commercial Paper Program | Borrowings Under Credit Facilities and Commercial Paper Program At June 30, 2019, we had a primary unsecured credit facility with a consortium of 31 banks that includes a $3,000,000,000 unsecured revolving credit facility ($935,000,000 outstanding at June 30, 2019), a $500,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility by up to an additional $1,000,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at June 30, 2019). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate (3.22% at June 30, 2019). The applicable margin is based on our debt ratings and was 0.825% at June 30, 2019. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at June 30, 2019. The term credit facilities mature on July 19, 2023. The revolving credit facility is scheduled to mature on July 19, 2022 and can be extended for two successive terms of six months each at our option. In January 2019, we established an unsecured commercial paper program (the "Commercial Paper Program"). Under the terms of the program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1,000,000,000. As of June 30, 2019, there was a balance of $934,188,000 outstanding on the Commercial Paper Program ($935,000,000 in principal outstanding net of an unamortized discount of $812,000), which reduces the borrowing capacity on the unsecured revolving credit facility. The notes bear interest at various floating rates with a weighted average of 2.70% as of June 30, 2019 and a weighted average maturity of 31 days as of June 30, 2019. The following information relates to aggregate borrowings under the unsecured revolving credit facility and Commercial Paper Program for the periods presented (dollars in thousands):
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Senior Unsecured Notes and Secured Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Notes and Secured Debt | Senior Unsecured Notes and Secured Debt We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At June 30, 2019, the annual principal payments due on these debt obligations were as follows (in thousands):
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheet. (2) Annual interest rates range from 2.86% to 6.50%. (3) Annual interest rates range from 1.69% to 12.00%. Carrying value of the properties securing the debt totaled $5,991,142,000 at June 30, 2019. (4) Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $229,165,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2019) and a $1,000,000,000 unsecured term loan facility that matures on May 28, 2020 which was put in place to bridge the acquisition of the CNL Healthcare Properties portfolio. The unsecured term loan facility was subsequently extinguished in July 2019 with proceeds from the disposition of the Benchmark Senior Living portfolio. (5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $190,971,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2019). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.86% at June 30, 2019). (6) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (3.29% at June 30, 2019). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $698,720,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2019). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $635,200,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2019). The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contacts, interest rate swaps, interest rate locks, and debt issued in foreign currencies to offset a portion of these risks. Foreign Currency Forward Contracts Designated as Cash Flow Hedges For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Cash Flow Hedges of Interest Rate Risk We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements were used to hedge the variable cash flows associated with variable-rate debt. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately reclassified to the consolidated statements of income. Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. During the six months ended June 30, 2019 and 2018, we settled certain net investment hedges generating cash proceeds of $6,716,000 and necessitating cash payments of $27,774,000, respectively. The balance of the cumulative translation adjustment will be reclassified to earnings if the hedged investment is sold or substantially liquidated. Derivative Contracts Undesignated We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from the changes in fair value of these instruments are recorded in interest expense on the Consolidated Statements of Comprehensive Income and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in fair values of these instruments are also recorded in interest expense. The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):
(1) At June 30, 2019 the maximum maturity date was July 15, 2021. The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At June 30, 2019, we had 14 outstanding letter of credit obligations totaling $48,111,000 and expiring between 2019 and 2024. At June 30, 2019, we had outstanding construction in progress of $363,160,000 and were committed to providing additional funds of approximately $483,210,000 to complete construction. Purchase obligations include contingent purchase obligations totaling $8,476,000. These contingent purchase obligations relate to unfunded capital improvement obligations and contingent obligations on acquisitions. Rents due from the tenant are increased to reflect the additional investment in the property.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:
Preferred Stock The following is a summary of our preferred stock activity during the periods indicated:
During the six months ended June 30, 2019, we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock. Common Stock In February 2019, we entered into separate amended and restated equity distribution agreements whereby we can offer and sell up to $1,500,000,000 aggregate amount of our common stock ("Equity Shelf Program"). The Equity Shelf Program also allows us to enter into forward sale agreements. As of June 30, 2019, we had $1,360,820,000 of remaining capacity under the Equity Shelf Program, which excludes forward sales agreements outstanding for the sale of 2,194,575 shares with maturity dates in the fourth quarter. We expect to physically settle the forward sales for cash proceeds. The following is a summary of our common stock issuances during the six months ended June 30, 2019 and 2018 (dollars in thousands, except average price amounts):
Dividends The increase in dividends is primarily attributable to increases in our common shares outstanding, offset by the conversion of the Series I Preferred Stock as described above. The following is a summary of our dividend payments (in thousands, except per share amounts):
Accumulated Other Comprehensive Income The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands):
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Stock Incentive Plans |
6 Months Ended |
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Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans Our 2016 Long-Term Incentive Plan (“2016 Plan”) authorizes up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Our non-employee directors, officers and key employees are eligible to participate in the 2016 Plan. The 2016 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units, performance units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to five years. Options expire ten years from the date of grant. Stock-based compensation expense totaled $7,662,000 and $15,192,000 for the three and six months ended June 30, 2019, respectfully, and $5,167,000 and $16,725,000 for the same periods in 2018.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
The Series I Cumulative Convertible Perpetual Preferred Stock were excluded from the 2018 calculation as the effect of the conversions were anti-dilutive. As of June 30, 2019, forward sales agreements outstanding for the sale of 2,194,575 shares of common stock were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period.
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Disclosure about Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure about Fair Value of Financial Instruments | Disclosure about Fair Value of Financial Instruments U.S. GAAP provides authoritative guidance for measuring and disclosing fair value measurements of assets and liabilities. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. The guidance describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Mortgage Loans and Other Real Estate Loans Receivable — The fair value of mortgage loans and other real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value. Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices. Unsecured Revolving Credit Facility and Commercial Paper Program — The carrying amount of the unsecured revolving credit facility and Commercial Paper Program approximates fair value because the borrowings are interest rate adjustable. Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2). Redeemable OP Unitholder Interests — Our redeemable unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):
Items Measured at Fair Value on a Recurring Basis The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands):
(1) Please see Note 12 for additional information. Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired/assumed. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of real estate loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of loans receivable using projected payoff valuations based on the expected future cash flows and/or the estimated fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral. We estimate the fair value of secured debt assumed in asset acquisitions using current interest rates at which similar borrowings could be obtained on the transaction date.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our seniors housing operating properties include assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or operated through RIDEA structures (see Note 19). Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our outpatient medical properties are typically leased to multiple tenants and generally require a certain level of property management by us. We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. Non-segment revenue consists mainly of interest income on certain non-real estate investments and other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers. Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands):
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Income Taxes and Distributions |
6 Months Ended |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes And Distributions | Income Taxes and Distributions We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of current year taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), for taxable years beginning after July 30, 2008, a REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary (“TRS”) if the property is operated on behalf of such TRS by a person who qualifies as an “eligible independent contractor.” Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property.” A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. We have entered into various joint ventures that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the unaudited consolidated financial statements and are subject to federal and state income taxes as the operations of such facilities are included in TRS entities. Certain net operating loss carryforwards could be utilized to offset taxable income in future years. Income taxes reflected in the financial statements primarily represents U.S. federal, state and local income taxes as well as non-U.S. income based or withholding taxes on certain investments located in jurisdictions outside the U.S. The provision for income taxes for the six months ended June 30, 2019 and 2018, was primarily due to operating income or losses, offset by certain discrete items at our TRS entities. In 2014, we established certain wholly-owned direct and indirect subsidiaries in Luxembourg and Jersey and transferred interests in certain foreign investments into this holding company structure. The structure includes a property holding company that is tax resident in the United Kingdom. No material adverse current tax consequences in Luxembourg, Jersey or the United Kingdom resulted from the creation of this holding company structure and most of the subsidiary entities in the structure are treated as disregarded entities of the company for U.S. federal income tax purposes. The company reflects current and deferred tax liabilities for any such withholding taxes incurred as a result of this holding company structure in its consolidated financial statements. Generally, given current statutes of limitations, we are subject to audit by the Internal Revenue Service for the year ended December 31, 2015 and subsequent years and by state taxing authorities for the year ended December 31, 2014 and subsequent years. The Company and its subsidiaries are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to our initial investments in Canada in May 2013, by HM Revenue & Customs for periods subsequent to our initial investments in the United Kingdom in August 2013.
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Variable Interest Entities |
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Variable Interest Entities | Variable Interest Entities We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be VIEs. We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):
(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Disposition of Benchmark Senior Living On July 16, 2019, we disposed of our Benchmark Senior Living portfolio for a $1.8 billion gross sale price. The portfolio consisted of 48 seniors housing operating properties located in New England. Proceeds were used to extinguish the $1 billion bridge loan (discussed in Note 11) and $24 million of secured debt.
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Accounting Policies and Related Matters (Policies) |
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Jun. 30, 2019 | |||||
Accounting Policies [Abstract] | |||||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2019 are not necessarily an indication of the results that may be expected for the year ending December 31, 2019. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018.
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New Accounting Standards | New Accounting Standards
In July 2018, the FASB issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements" that (1) simplifies transition requirements for both lessees and lessors by adding an option that permits entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in its financial statements and (2) allows lessors to elect, as a practical expedient, to not separate lease and non-lease components in a contract, and instead to account for as a single lease component, if certain criteria are met. This practical expedient causes an entity to assess whether a contract is predominantly lease or service-based and recognize the entire contract under the relevant accounting guidance (i.e. predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under ASU 2014-09, "Revenue from Contracts with Customers (ASC 606)"). For the year ended December 31, 2018, we recognized revenue for our Seniors Housing Operating resident agreements in accordance with the provisions of the prior lease guidance, ASC 840, "Leases." Upon adoption of ASC 842, we elected the lessor practical expedient described above and recognized revenue for our Seniors Housing Operating segment based upon the predominant component, the non-lease service component. Therefore, beginning on January 1, 2019, we accounted for these resident agreements under ASC 606. The timing and pattern of revenue recognition is substantially the same as that prior to adoption. The FASB also issued ASU 2018-20 "Leases (Topic 842) - Narrow Improvements for Lessors," which provides lessors the ability to make an accounting policy election not to evaluate whether certain sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. A lessor that makes this election will exclude these taxes from the measurement of lease revenue and the associated expense. Upon adoption of ASC 842, we utilized this practical expedient in instances in which real estate taxes are paid directly by our tenants to taxing authorities. For triple-net leasing arrangements in which the tenant remits payment for real estate taxes to us and we pay the taxing authority, we have included the associated revenue and expense in rental income and property operating expenses on the Consolidated Statements of Comprehensive Income. This reporting had no impact on our net income. For leases in which the Company is the lessee, primarily consisting of ground leases and various office and equipment leases, we recognized upon adoption a right of use asset of $509,386,000 which included the present value of minimum leases payments, existing above and/or below market lease intangible values and existing straight-line rent liabilities associated with such leases. We also recognized operating lease liabilities of $357,070,000. The standard did not materially impact our Consolidated Statements of Comprehensive Income or our Consolidated Statement of Cash Flows. See Note 6 for additional details. The following ASU has been issued but not yet adopted: • In 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the new leases standard from the scope of the new credit losses standard. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements.
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Real Property Acquisitions and Development (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
(1) Excludes $ 1,910,000 and $4,392,000 of unrestricted and restricted cash acquired during the six months ended June 30, 2019 and 2018, respectively. (2) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities. (3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):
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Real Estate Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Real Estate Intangibles Excluding Those Classified as Held For Sale | The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):
(1) Effective on January 1, 2019 with the adoption of ASC 842, above and below market ground lease intangibles are reported within the right of use assets, net line on the Consolidated Balance Sheet.
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Summary of Real Estate Intangible Amortization | The following is a summary of real estate intangible amortization for the periods presented (in thousands):
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Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities | The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):
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Dispositions and Assets Held for Sale (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Real Property Disposition Activity | The following is a summary of our real property disposition activity for the periods presented (in thousands):
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Dispositions and Assets Held for Sale | The following represents the activity related to these properties for the periods presented (in thousands):
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense, Lease Terms and Discount Rate, and Supplemental Cash Flow Information | The components of lease expense were as follows for the period presented (in thousands):
Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):
Supplemental cash flow information related to leases was as follows for the date indicated (in thousands):
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Maturities of Lease Liabilities, Operating Leases | Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):
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Maturities of Lease Liabilities, Finance Leases | Maturities of lease liabilities as of June 30, 2019 are as follows (in thousands):
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Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows for the date indicated (in thousands, except lease terms and discount rate):
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Undiscounted Cash Flows for Future Minimum Lease Payments Receivable | The following table sets forth the undiscounted cash flows for future minimum lease payments receivable for leases in effect at June 30, 2019 (excluding properties in our Seniors Housing Operating partnerships and excluding any operating expense reimbursements) (in thousands):
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Real Estate Loans Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Real Estate Loans Receivable | The following is a summary of our net real estate loans receivable (in thousands):
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Summary of Real Estate Loan Activity | The following is a summary of our real estate loan activity for the periods presented (in thousands):
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Summary of Impaired Loans | The following is a summary of our impaired loans (in thousands):
(1) Represents cash interest recognized in the period since loans were identified as impaired.
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Investments in Unconsolidated Entities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments in Unconsolidated Entities | The following is a summary of our investments in unconsolidated entities (dollars in thousands):
(1) Excludes ownership of in-substance real estate. |
Credit Concentration (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Credit Concentration | The following table summarizes certain information about our credit concentration for the six months ended June 30, 2019, excluding our share of NOI in unconsolidated entities (dollars in thousands):
(1) Genesis Healthcare and ProMedica are in our Triple-net segment. Sunrise Senior Living and Revera are in our Seniors Housing Operating segment. Benchmark Senior Living is in both our Triple-net and Seniors Housing Operating segments. (2) NOI with our top five relationships comprised 38% of total NOI for the year ended December 31, 2018. (3) Revera owns a controlling interest in Sunrise Senior Living. (4) Please see Note 21 for additional information.
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Borrowings Under Credit Facilities and Commercial Paper Program (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper | The following information relates to aggregate borrowings under the unsecured revolving credit facility and Commercial Paper Program for the periods presented (dollars in thousands):
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Senior Unsecured Notes and Secured Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Principal Payments Due on Debt Obligations | At June 30, 2019, the annual principal payments due on these debt obligations were as follows (in thousands):
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheet. (2) Annual interest rates range from 2.86% to 6.50%. (3) Annual interest rates range from 1.69% to 12.00%. Carrying value of the properties securing the debt totaled $5,991,142,000 at June 30, 2019. (4) Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $229,165,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2019) and a $1,000,000,000 unsecured term loan facility that matures on May 28, 2020 which was put in place to bridge the acquisition of the CNL Healthcare Properties portfolio. The unsecured term loan facility was subsequently extinguished in July 2019 with proceeds from the disposition of the Benchmark Senior Living portfolio. (5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $190,971,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2019). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.86% at June 30, 2019). (6) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (3.29% at June 30, 2019). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $698,720,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2019). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $635,200,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2019).
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Summary of Principal Activity | The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
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Derivative Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Derivatives and Other Financial Instruments | The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):
(1) At June 30, 2019 the maximum maturity date was July 15, 2021.
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Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income | The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):
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Stockholders' Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stockholders' Equity Capital Accounts | The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:
The following is a summary of our common stock issuances during the six months ended June 30, 2019 and 2018 (dollars in thousands, except average price amounts):
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Summary of Dividend Payments | The following is a summary of our dividend payments (in thousands, except per share amounts):
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Summary of Accumulated Other Comprehensive Income (Loss) | The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
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Disclosure about Fair Value of Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):
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Summary of Items Measured at Fair Value on a Recurring Basis | The following summarizes items measured at fair value on a recurring basis (in thousands):
(1) Please see Note 12 for additional information.
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Information for Reportable Segments | Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands):
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Summary of Geographic Information | The following is a summary of geographic information for the periods presented (dollars in thousands):
|
Variable Interest Entities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):
(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.
|
Accounting Policies and Related Matters (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liabilities | $ 360,298 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use assets | $ 509,386 | |
Lease liabilities | $ 357,070 |
Real Property Acquisitions and Development - Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Business Acquisition [Line Items] | ||
Land and land improvements | $ 243,996 | $ 56,925 |
Buildings and improvements | 2,404,818 | 578,594 |
Acquired lease intangibles | 144,265 | 73,936 |
Construction in progress | 36,174 | 0 |
Right of use assets, net | 56,073 | 0 |
Receivables and other assets | 4,936 | 1,256 |
Total assets acquired | 2,890,262 | 710,711 |
Secured debt | (43,209) | (89,973) |
Lease liabilities | (45,287) | |
Accrued expenses and other liabilities | (31,183) | (15,324) |
Total liabilities acquired | (119,679) | (105,297) |
Noncontrolling interests | (39,886) | (9,818) |
Non-cash acquisition related activity | (11,889) | 0 |
Cash disbursed for acquisitions | 2,718,808 | 595,596 |
Construction in progress additions | 161,414 | 70,261 |
Less: Capitalized interest | (6,256) | (4,436) |
Foreign currency translation | 206 | 1,308 |
Accruals | 45 | (4,155) |
Cash disbursed for construction in progress | 155,409 | 62,978 |
Capital improvements to existing properties | 124,176 | 111,332 |
Total cash invested in real property, net of cash acquired | 2,998,393 | 769,906 |
Cash acquired from acquisition | 1,910 | 4,392,000 |
Seniors Housing Operating | ||
Business Acquisition [Line Items] | ||
Land and land improvements | 103,743 | 47,865 |
Buildings and improvements | 1,109,966 | 535,921 |
Acquired lease intangibles | 58,773 | 68,084 |
Construction in progress | 36,174 | 0 |
Right of use assets, net | 0 | 0 |
Receivables and other assets | 4,560 | 1,255 |
Total assets acquired | 1,313,216 | 653,125 |
Secured debt | (43,209) | (89,973) |
Lease liabilities | 0 | |
Accrued expenses and other liabilities | (8,677) | (14,686) |
Total liabilities acquired | (51,886) | (104,659) |
Noncontrolling interests | (38,830) | (9,818) |
Non-cash acquisition related activity | (11,889) | 0 |
Cash disbursed for acquisitions | 1,210,611 | 538,648 |
Construction in progress additions | 110,761 | 20,704 |
Less: Capitalized interest | (3,560) | (1,783) |
Foreign currency translation | 141 | 1,176 |
Accruals | 0 | 0 |
Cash disbursed for construction in progress | 107,342 | 20,097 |
Capital improvements to existing properties | 97,867 | 76,237 |
Total cash invested in real property, net of cash acquired | 1,415,820 | 634,982 |
Triple-net | ||
Business Acquisition [Line Items] | ||
Land and land improvements | 8,099 | 1,691 |
Buildings and improvements | 96,244 | 0 |
Acquired lease intangibles | 0 | 0 |
Construction in progress | 0 | 0 |
Right of use assets, net | 0 | 0 |
Receivables and other assets | 0 | 0 |
Total assets acquired | 104,343 | 1,691 |
Secured debt | 0 | 0 |
Lease liabilities | 0 | |
Accrued expenses and other liabilities | 0 | (6) |
Total liabilities acquired | 0 | (6) |
Noncontrolling interests | (1,056) | 0 |
Non-cash acquisition related activity | 0 | 0 |
Cash disbursed for acquisitions | 103,287 | 1,685 |
Construction in progress additions | 24,066 | 38,238 |
Less: Capitalized interest | (908) | (1,432) |
Foreign currency translation | 65 | 132 |
Accruals | 0 | 0 |
Cash disbursed for construction in progress | 23,223 | 36,938 |
Capital improvements to existing properties | 7,423 | 8,569 |
Total cash invested in real property, net of cash acquired | 133,933 | 47,192 |
Outpatient Medical | ||
Business Acquisition [Line Items] | ||
Land and land improvements | 132,154 | 7,369 |
Buildings and improvements | 1,198,608 | 42,673 |
Acquired lease intangibles | 85,492 | 5,852 |
Construction in progress | 0 | 0 |
Right of use assets, net | 56,073 | 0 |
Receivables and other assets | 376 | 1 |
Total assets acquired | 1,472,703 | 55,895 |
Secured debt | 0 | 0 |
Lease liabilities | (45,287) | |
Accrued expenses and other liabilities | (22,506) | (632) |
Total liabilities acquired | (67,793) | (632) |
Noncontrolling interests | 0 | 0 |
Non-cash acquisition related activity | 0 | 0 |
Cash disbursed for acquisitions | 1,404,910 | 55,263 |
Construction in progress additions | 26,587 | 11,319 |
Less: Capitalized interest | (1,788) | (1,221) |
Foreign currency translation | 0 | 0 |
Accruals | 45 | (4,155) |
Cash disbursed for construction in progress | 24,844 | 5,943 |
Capital improvements to existing properties | 18,886 | 26,526 |
Total cash invested in real property, net of cash acquired | $ 1,448,640 | $ 87,732 |
Real Property Acquisitions and Development - Construction Activity (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Segment Reporting Information [Line Items] | ||
Total construction in progress conversions | $ 28,117 | $ 107,761 |
Seniors Housing Operating | ||
Segment Reporting Information [Line Items] | ||
Total development projects | 28,117 | 37,215 |
Triple-net | ||
Segment Reporting Information [Line Items] | ||
Total development projects | 0 | 59,188 |
Outpatient Medical | ||
Segment Reporting Information [Line Items] | ||
Total development projects | $ 0 | $ 11,358 |
Real Estate Intangibles - Summary of Real Estate Intangibles Excluding Those Classified as Held For Sale (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Assets: | ||
Gross historical cost | $ 1,589,138 | $ 1,581,159 |
Accumulated amortization | (1,163,936) | (1,197,336) |
Net book value | $ 425,202 | $ 383,823 |
Weighted-average amortization period in years | 8 years 7 months 6 days | 16 years |
Liabilities: | ||
Gross historical cost | $ 94,082 | $ 90,216 |
Accumulated amortization | (45,147) | (44,266) |
Net book value | $ 48,935 | $ 45,950 |
Weighted-average amortization period in years | 8 years 2 months 12 days | 14 years 8 months 12 days |
In place lease intangibles | ||
Assets: | ||
Gross historical cost | $ 1,473,060 | $ 1,410,725 |
Above market tenant leases | ||
Assets: | ||
Gross historical cost | 69,656 | 63,935 |
Liabilities: | ||
Gross historical cost | 8,540 | |
Below market ground leases | ||
Assets: | ||
Gross historical cost | 64,513 | |
Lease commissions | ||
Assets: | ||
Gross historical cost | 46,422 | 41,986 |
Below market tenant leases | ||
Liabilities: | ||
Gross historical cost | $ 94,082 | $ 81,676 |
Real Estate Intangibles - Summary of Real Estate Intangible Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Rental income related to (above)/below market tenant leases, net | $ 73 | $ (333) | $ (82) | $ (684) |
Amortization related to in place lease intangibles and lease commissions | $ (28,518) | $ (33,763) | $ (53,423) | $ (66,024) |
Real Estate Intangibles - Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets | ||
2019 | $ 84,909 | |
2020 | 101,374 | |
2021 | 51,215 | |
2022 | 34,495 | |
2023 | 28,361 | |
Thereafter | 124,848 | |
Net book value | 425,202 | $ 383,823 |
Liabilities | ||
2019 | 4,777 | |
2020 | 8,835 | |
2021 | 7,865 | |
2022 | 7,130 | |
2023 | 4,989 | |
Thereafter | 15,339 | |
Net book value | $ 48,935 | $ 45,950 |
Dispositions and Assets Held for Sale - Narrative (Details) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
property
|
Dec. 31, 2018
USD ($)
|
[1] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Real property held for sale | $ 1,704,206 | $ 590,271 | |||
Held for sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Secured debt | 37,429 | ||||
Net other assets and liabilities | 58,816 | ||||
Net impairment charges | $ 9,939 | ||||
Seniors Housing Operating | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties classified as held for sale | property | 55 | ||||
Triple-net | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties classified as held for sale | property | 30 | ||||
Outpatient Medical | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties classified as held for sale | property | 4 | ||||
|
Dispositions and Assets Held for Sale - Summary of Real Property Disposition Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Real estate dispositions: | ||||
Total dispositions | $ 451,591 | $ 593,247 | ||
Gain (loss) on real estate dispositions, net | $ (1,682) | $ 10,755 | 165,727 | 348,939 |
Net other assets/liabilities disposed | (498) | 5,032 | ||
Proceeds from real estate dispositions | 616,820 | 947,218 | ||
Seniors Housing Operating | ||||
Real estate dispositions: | ||||
Total dispositions | 8,726 | 2,200 | ||
Triple-net | ||||
Real estate dispositions: | ||||
Total dispositions | 442,865 | 367,978 | ||
Outpatient Medical | ||||
Real estate dispositions: | ||||
Total dispositions | $ 0 | $ 223,069 |
Dispositions and Assets Held for Sale - Dispositions and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenues: | ||||
Total revenues | $ 112,694 | $ 121,079 | $ 228,441 | $ 249,639 |
Expenses: | ||||
Interest expense | 479 | 579 | 983 | 1,200 |
Property operating expenses | 70,244 | 74,213 | 146,260 | 150,120 |
Provision for depreciation | 12,520 | 18,431 | 24,897 | 38,275 |
Total expenses | 83,243 | 93,223 | 172,140 | 189,595 |
Income (loss) from real estate dispositions, net | $ 29,451 | $ 27,856 | $ 56,301 | $ 60,044 |
Leases - Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
building
|
Jun. 30, 2019
USD ($)
building
|
|
Lessee, Lease, Description [Line Items] | ||
Pricing period | 30 years | |
Number of buildings subleased | building | 7 | 7 |
Rental and other revenues related to operating lease payments | $ 385,586 | $ 766,670 |
Rental and other revenues related to operating lease payments, variable leases | $ 94,017 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term extension period | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term extension period | 25 years |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Finance lease cost: | ||
Amortization of leased assets | $ 2,153 | $ 4,245 |
Interest on lease liabilities | 1,166 | 2,169 |
Sublease income | (1,043) | (2,087) |
Total | 9,951 | 19,776 |
Property operating expenses | ||
Operating lease cost: | ||
Lease expense | 7,267 | 14,679 |
General and administrative expenses | ||
Operating lease cost: | ||
Lease expense | $ 408 | $ 770 |
Leases - Maturities of Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Operating Leases | |
2019 | $ 9,809 |
2020 | 19,625 |
2021 | 19,558 |
2022 | 18,627 |
2023 | 18,707 |
Thereafter | 1,595,101 |
Total lease payments | 1,681,427 |
Less: Imputed interest | (1,321,129) |
Total present value of lease liabilities | 360,298 |
Finance Leases | |
2019 | 4,488 |
2020 | 8,821 |
2021 | 8,485 |
2022 | 7,852 |
2023 | 68,967 |
Thereafter | 86,081 |
Total lease payments | 184,694 |
Less: Imputed interest | (75,963) |
Total present value of lease liabilities | $ 108,731 |
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
[1] | ||
---|---|---|---|---|---|
Right of use assets: | |||||
Total right of use assets, net | $ 550,342 | ||||
Lease liabilities: | |||||
Operating leases | 360,298 | ||||
Financing leases | 108,731 | ||||
Total | $ 469,029 | $ 70,668 | |||
Weighted average remaining lease term (years): | |||||
Operating leases | 50 years | ||||
Finance leases | 15 years 9 months 18 days | ||||
Weighted average discount rate: | |||||
Operating leases | 5.21% | ||||
Finance leases | 5.17% | ||||
Real Estate | |||||
Right of use assets: | |||||
Operating leases | $ 386,061 | ||||
Finance leases | 164,281 | ||||
Corporate | |||||
Right of use assets: | |||||
Operating leases | 5,055 | ||||
Real Estate and Corporate | |||||
Right of use assets: | |||||
Total right of use assets, net | $ 555,397 | ||||
|
Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 4,627 |
Operating cash flows from finance leases | 3,916 |
Financing cash flows from finance leases | $ (1,638) |
Leases - Undiscounted Cash Flows for Future Minimum Lease Payments Receivable (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2019 | $ 925,026 |
2020 | 1,380,111 |
2021 | 1,346,698 |
2022 | 1,237,904 |
2023 | 1,255,408 |
Thereafter | 9,745,880 |
Totals | $ 15,891,027 |
Real Estate Loans Receivable - Summary Of Real Estate Loans Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Less allowance for losses on loans receivable | $ (68,372) | $ (68,372) |
Totals | 368,994 | 330,339 |
Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate loans receivable | 332,770 | 317,443 |
Other real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate loans receivable | $ 104,596 | $ 81,268 |
Real Estate Loans Receivable - Summary of Real Estate Loan Activity (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Advances on real estate loans receivable: | ||
Investments in new loans | $ 30,000 | $ 27,109 |
Draws on existing loans | 32,935 | 21,182 |
Net cash advances on real estate loans | 62,935 | 48,291 |
Receipts on real estate loans receivable: | ||
Loan payoffs | 4,384 | 58,557 |
Principal payments on loans | 2,456 | 32,870 |
Net cash receipts on real estate loans | 6,840 | 91,427 |
Net cash advances (receipts) on real estate loans | 56,095 | (43,136) |
Seniors Housing Operating | ||
Advances on real estate loans receivable: | ||
Investments in new loans | 11,806 | |
Draws on existing loans | 0 | |
Net cash advances on real estate loans | 11,806 | |
Receipts on real estate loans receivable: | ||
Loan payoffs | 0 | |
Principal payments on loans | 0 | |
Net cash receipts on real estate loans | 0 | |
Net cash advances (receipts) on real estate loans | 11,806 | |
Triple-net | ||
Advances on real estate loans receivable: | ||
Investments in new loans | 25,000 | 8,281 |
Draws on existing loans | 20,051 | 21,182 |
Net cash advances on real estate loans | 45,051 | 29,463 |
Receipts on real estate loans receivable: | ||
Loan payoffs | 4,384 | 58,557 |
Principal payments on loans | 2,456 | 32,870 |
Net cash receipts on real estate loans | 6,840 | 91,427 |
Net cash advances (receipts) on real estate loans | 38,211 | (61,964) |
Outpatient Medical | ||
Advances on real estate loans receivable: | ||
Investments in new loans | 5,000 | 7,022 |
Draws on existing loans | 12,884 | 0 |
Net cash advances on real estate loans | 17,884 | 7,022 |
Receipts on real estate loans receivable: | ||
Loan payoffs | 0 | 0 |
Principal payments on loans | 0 | 0 |
Net cash receipts on real estate loans | 0 | 0 |
Net cash advances (receipts) on real estate loans | $ 17,884 | $ 7,022 |
Real Estate Loans Receivable - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
loan
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
loan
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Financing Receivable, Modifications [Line Items] | |||||||
Provision for loan losses | $ 18,690 | $ 0 | $ 0 | $ 18,690 | $ 0 | ||
Allowance for loan losses | $ 68,372 | $ 68,372 | $ 68,372 | $ 68,372 | $ 68,372 | ||
Number of real estate loans on non-accrual status | loan | 1 | 1 | |||||
Real estate loans with outstanding balances | $ 2,534 | $ 2,534 | |||||
Triple-net | Genesis Healthcare Loans | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Loan loss charge | $ 62,966 | $ 6,935 |
Real Estate Loans Receivable - Summary of Impaired Loans (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Mar. 31, 2019 |
|
Receivables [Abstract] | |||
Balance of impaired loans at end of period | $ 188,068 | $ 214,871 | |
Allowance for loan losses | 68,372 | 68,372 | $ 68,372 |
Balance of impaired loans not reserved | 119,696 | 146,499 | |
Average impaired loans for the period | 197,426 | 252,172 | |
Interest recognized on impaired loans | $ 7,964 | $ 8,847 |
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 519,387 | $ 482,914 |
Seniors Housing Operating | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 379,886 | $ 344,982 |
Seniors Housing Operating | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 10.00% | 10.00% |
Seniors Housing Operating | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 50.00% | 50.00% |
Triple-net | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 9,459 | $ 34,284 |
Triple-net | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 10.00% | 10.00% |
Triple-net | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 49.00% | 49.00% |
Outpatient Medical | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated entities | $ 130,042 | $ 103,648 |
Outpatient Medical | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 43.00% | 43.00% |
Outpatient Medical | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage Ownership | 50.00% | 50.00% |
Investments in Unconsolidated Entities - Narrative (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Equity Method Investments and Joint Ventures [Abstract] | |
Aggregate unamortized basis difference of joint venture investments | $ 101,571 |
Credit Concentration (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
property
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
property
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018 |
|
Concentration Risk [Line Items] | |||||
Total NOI | $ 618,979 | $ 557,161 | $ 1,220,417 | $ 1,097,661 | |
Percentage total investments with top five customers | 38.00% | ||||
Net Operating Income | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 1,598 | 1,598 | |||
Total NOI | $ 1,220,417 | ||||
Percent of NOI | 100.00% | ||||
Net Operating Income | Sunrise Senior Living | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 165 | 165 | |||
Total NOI | $ 174,422 | ||||
Percent of NOI | 14.00% | ||||
Net Operating Income | ProMedica | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 218 | 218 | |||
Total NOI | $ 107,541 | ||||
Percent of NOI | 9.00% | ||||
Net Operating Income | Revera | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 98 | 98 | |||
Total NOI | $ 72,928 | ||||
Percent of NOI | 6.00% | ||||
Net Operating Income | Genesis HealthCare | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 60 | 60 | |||
Total NOI | $ 60,984 | ||||
Percent of NOI | 5.00% | ||||
Net Operating Income | Benchmark Senior Living | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 48 | 48 | |||
Total NOI | $ 55,530 | ||||
Percent of NOI | 5.00% | ||||
Net Operating Income | Remaining portfolio | |||||
Concentration Risk [Line Items] | |||||
Number of Properties | property | 1,009 | 1,009 | |||
Total NOI | $ 749,012 | ||||
Percent of NOI | 61.00% |
Borrowings Under Credit Facilities and Commercial Paper Program - Narrative (Details) |
1 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
term
bank
|
Dec. 31, 2018
USD ($)
|
[1] | |||
Line of Credit Facility [Line Items] | ||||||
Number of banks in consortium | bank | 31 | |||||
Borrowings outstanding | $ 1,869,188,000 | $ 1,147,000,000 | ||||
Available to borrow in alternate currencies | $ 1,000,000,000 | |||||
Applicable margin | 0.825% | |||||
Facility fee | 0.15% | |||||
Totals | $ 13,401,538,000 | |||||
Accordion Feature | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured line of credit arrangement | 1,000,000,000 | |||||
Unsecured Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured line of credit arrangement | 3,000,000,000 | |||||
Borrowings outstanding | $ 935,000,000 | |||||
Number of successive terms | term | 2 | |||||
Extended expiration period | 6 months | |||||
Term Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured line of credit arrangement | $ 500,000,000 | |||||
Term Credit Facility, CAD Denominated | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured line of credit arrangement | 250,000,000 | |||||
Term Credit Facility, CAD Denominated | Accordion Feature | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured line of credit arrangement | 250,000,000 | |||||
Unsecured Credit Facility In Alternate Currencies | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings outstanding | $ 0 | |||||
Applicable margin | 3.22% | |||||
Commercial Paper Note Program | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured line of credit arrangement | $ 1,000,000,000 | |||||
Totals | $ 934,188,000 | |||||
Principal outstanding | 935,000,000 | |||||
Unamortized discount | $ 812,000 | |||||
Weighted average interest rate | 2.70% | |||||
Commercial Paper Note Program | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, term | 397 days | |||||
Commercial Paper Note Program | Weighted Average | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, term | 31 days | |||||
|
Borrowings Under Credit Facilities and Commercial Paper Program - Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Debt Disclosure [Abstract] | ||||
Balance outstanding at quarter end | $ 1,870,000 | $ 540,000 | $ 1,870,000 | $ 540,000 |
Maximum amount outstanding at any month end | 2,880,000 | 685,000 | 2,880,000 | 865,000 |
Average amount outstanding (total of daily principal balances divided by days in period) | $ 1,807,631 | $ 562,747 | $ 1,301,883 | $ 463,978 |
Weighted average interest rate (actual interest expense divided by average borrowings outstanding) | 3.08% | 3.04% | 3.11% | 2.91% |
Senior Unsecured Notes and Secured Debt - Annual Principal Payments Due on Debt Obligations (Details) |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
GBP (£)
|
Jun. 30, 2019
CAD ($)
|
Dec. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Annual principal payments due | ||||||
2019 | $ 312,291,000 | |||||
2020 | 1,381,183,000 | |||||
2021 | 833,425,000 | |||||
2022 | 952,410,000 | |||||
2023 | 2,121,469,000 | |||||
Thereafter | 7,800,760,000 | |||||
Totals | 13,401,538,000 | |||||
Senior Unsecured Notes | ||||||
Annual principal payments due | ||||||
2019 | 0 | |||||
2020 | 1,236,665,000 | |||||
2021 | 450,000,000 | |||||
2022 | 600,000,000 | |||||
2023 | 1,790,971,000 | |||||
Thereafter | 6,633,920,000 | |||||
Totals | $ 10,711,556,000 | $ 9,699,984,000 | $ 8,461,754,000 | $ 8,417,447,000 | ||
Senior Unsecured Notes | Minimum | ||||||
Annual principal payments due | ||||||
Interest rate | 2.86% | 2.86% | 2.86% | |||
Senior Unsecured Notes | Maximum | ||||||
Annual principal payments due | ||||||
Interest rate | 6.50% | 6.50% | 6.50% | |||
Senior Unsecured Notes | Canadian-denominated 3.35% senior unsecured notes due 2020 | ||||||
Annual principal payments due | ||||||
Interest rate | 3.35% | 3.35% | 3.35% | |||
Face amount | $ 229,165,000 | $ 300,000,000 | ||||
Senior Unsecured Notes | Canadian-denominated unsecured term credit facility | ||||||
Annual principal payments due | ||||||
Face amount | $ 190,971,000 | $ 250,000,000 | ||||
Senior Unsecured Notes | Canadian-denominated unsecured term credit facility | Canadian Dealer Offered Rate | ||||||
Annual principal payments due | ||||||
Debt instrument, basis spread on variable rate | 0.90% | |||||
Interest rate at period end | 2.86% | 2.86% | 2.86% | |||
Senior Unsecured Notes | Unsecured term credit facility | ||||||
Annual principal payments due | ||||||
Face amount | $ 500,000,000 | |||||
Senior Unsecured Notes | Unsecured term credit facility | LIBOR | ||||||
Annual principal payments due | ||||||
Debt instrument, basis spread on variable rate | 0.90% | |||||
Interest rate at period end | 3.29% | 3.29% | 3.29% | |||
Senior Unsecured Notes | Senior unsecured notes due 2028 | ||||||
Annual principal payments due | ||||||
Interest rate | 4.80% | 4.80% | 4.80% | |||
Face amount | $ 698,720,000 | £ 550,000,000 | ||||
Senior Unsecured Notes | Senior unsecured notes due 2034 | ||||||
Annual principal payments due | ||||||
Interest rate | 4.50% | 4.50% | 4.50% | |||
Face amount | $ 635,200,000 | £ 500,000,000 | ||||
Secured Debt | ||||||
Annual principal payments due | ||||||
2019 | 312,291,000 | |||||
2020 | 144,518,000 | |||||
2021 | 383,425,000 | |||||
2022 | 352,410,000 | |||||
2023 | 330,498,000 | |||||
Thereafter | 1,166,840,000 | |||||
Totals | 2,689,982,000 | $ 2,485,711,000 | $ 2,462,078,000 | $ 2,618,408,000 | ||
Carrying values of properties securing the debt | $ 5,991,142,000 | |||||
Secured Debt | Minimum | ||||||
Annual principal payments due | ||||||
Interest rate | 1.69% | 1.69% | 1.69% | |||
Secured Debt | Maximum | ||||||
Annual principal payments due | ||||||
Interest rate | 12.00% | 12.00% | 12.00% | |||
Unsecured Term Loan Facility | ||||||
Annual principal payments due | ||||||
Unsecured line of credit arrangement | $ 1,000,000,000 |
Senior Unsecured Notes and Secured Debt - Summary of Principal Activity (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
|
Amount | ||
Debt issued, unsecured | $ 2,036,964 | $ 545,074 |
Debt issued, secured | 295,969 | 44,606 |
Ending balance | 13,401,538 | |
Senior Unsecured Notes | ||
Amount | ||
Beginning balance | 9,699,984 | 8,417,447 |
Debt issued, unsecured | 2,050,000 | 550,000 |
Debt extinguished | (1,050,000) | (450,000) |
Foreign currency | 11,572 | (55,693) |
Ending balance | $ 10,711,556 | $ 8,461,754 |
Weighted Avg. Interest Rate | ||
Beginning balance | 4.48% | 4.31% |
Debt issued | 0.0358 | 0.0425 |
Debt extinguished | 0.0498 | 0.0225 |
Foreign currency | 0.0352 | 0.0402 |
Ending balance | 4.24% | 4.46% |
Secured debt | ||
Amount | ||
Beginning balance | $ 2,485,711 | $ 2,618,408 |
Debt issued, secured | 295,969 | 44,606 |
Debt assumed | 42,000 | 85,192 |
Debt extinguished | (151,473) | (196,573) |
Principal payments | (27,227) | (28,385) |
Foreign currency | 45,002 | (61,170) |
Ending balance | $ 2,689,982 | $ 2,462,078 |
Weighted Avg. Interest Rate | ||
Beginning balance | 3.90% | 3.76% |
Debt issued | 0.0352 | 0.0338 |
Debt assumed | 0.0462 | 0.0440 |
Debt extinguished | 0.0442 | 0.0566 |
Principal payments | 0.0374 | 0.0391 |
Foreign currency | 0.0337 | 0.0333 |
Ending balance | 3.84% | 3.76% |
Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Proceeds from hedge | $ 6,716 | |
Cash payments from hedge | $ 27,774 |
Derivative Instruments - Notional Amount of Derivatives and Other Financial Instruments (Details) £ in Thousands, $ in Thousands, $ in Thousands |
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
GBP (£)
|
Jun. 30, 2019
CAD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
GBP (£)
|
Dec. 31, 2018
CAD ($)
|
---|---|---|---|---|---|---|
Denominated in Canadian Dollars | Designated as Hedging Instrument | Net Investment Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | $ 500,000 | $ 575,000 | ||||
Derivative liability | 250,000 | 250,000 | ||||
Denominated in Canadian Dollars | Derivative Instruments Not Designated | Purchase Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | 217,500 | 325,000 | ||||
Denominated in Canadian Dollars | Derivative Instruments Not Designated | Sales Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | $ 280,000 | $ 405,000 | ||||
Denominated in U.S Dollars | Designated as Hedging Instrument | Cash Flow Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | $ 1,188,250 | $ 0 | ||||
Denominated in U.S Dollars | Derivative Instruments Not Designated | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | $ 405,819 | $ 405,819 | ||||
Denominated in Pounds Sterling | Designated as Hedging Instrument | Net Investment Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | £ | £ 1,340,708 | £ 890,708 | ||||
Derivative liability | £ | 1,050,000 | 1,050,000 | ||||
Denominated in Pounds Sterling | Derivative Instruments Not Designated | Purchase Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | £ | 125,000 | 350,000 | ||||
Denominated in Pounds Sterling | Derivative Instruments Not Designated | Sales Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | £ | £ 125,000 | £ 350,000 |
Derivative Instruments - Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI | $ 100,407 | $ 150,703 | $ 12,725 | $ 88,005 |
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments | 7,134 | 4,091 | 12,467 | 3,822 |
Derivative Instruments Not Designated | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments | $ (1,128) | $ 734 | $ (2,666) | $ 2,453 |
Commitments and Contingencies (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
obligation
|
Dec. 31, 2018
USD ($)
|
[1] | ||
---|---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | |||||
Number of outstanding credit obligations | obligation | 14 | ||||
Letter of credit obligation | $ 48,111 | ||||
Outstanding construction financings for leased properties | 363,160 | $ 194,365 | |||
Additional financing to complete construction | 483,210 | ||||
Total contingent purchase obligations | $ 8,476 | ||||
|
Stockholders' Equity - Summary of Stockholders' Equity Capital Accounts (Details) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Preferred Stock: | |||
Authorized shares | 50,000,000 | 50,000,000 | |
Issued shares | 0 | 14,375,000 | |
Outstanding shares | 0 | 14,369,965 | 14,370,060 |
Common Stock, $1.00 par value: | |||
Par value (in USD per share) | $ 1.00 | $ 1.00 | |
Authorized shares | 700,000,000 | 700,000,000 | |
Issued shares | 406,497,122 | 384,849,236 | |
Outstanding shares | 405,254,113 | 383,674,603 |
Stockholders' Equity - Preferred Stock (Details) - shares |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Shares | ||||
Beginning balance (in shares) | 14,369,965 | 14,370,060 | 14,370,060 | |
Ending balance (in shares) | 0 | 14,369,965 | 14,370,060 | |
Weighted Avg. Dividend Rate | ||||
Balance | 0.00% | 6.50% | 6.50% | 6.50% |
Shares converted | 6.50% | 6.50% | ||
Number of shares converted into common stock (in shares) | 0.8857 | |||
Common Stock | ||||
Shares | ||||
Shares converted (in shares) | (14,369,965) | (95) |
Stockholders' Equity - Common Stock Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Dec. 31, 2019 |
Jun. 30, 2019 |
Feb. 28, 2019 |
|
Equity, Class of Treasury Stock [Line Items] | |||
Sale of shares (in shares) | 4,384,045 | ||
Equity Shelf Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Aggregate amount of common stock offered to sell | $ 1,500,000,000 | ||
Remaining capacity | $ 1,360,820,000 | ||
Equity Shelf Program | Scenario, Forecast | |||
Equity, Class of Treasury Stock [Line Items] | |||
Sale of shares (in shares) | 2,194,575 |
Stockholders' Equity - Common Stock (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
|
Shares Issued | ||
Dividend reinvestment plan issuances (in shares) | shares | 4,304,712 | 182,910 |
Option exercises (in shares) | shares | 10,736 | 1,026 |
Equity Shelf Program issuances (in shares) | shares | 4,384,045 | |
Stock incentive plans, net of forfeitures (in shares) | shares | 167,565 | 114,037 |
Totals (in shares) | shares | 21,579,510 | 298,056 |
Average Price | ||
Dividend reinvestment plan issuances (in USD per share) | $ / shares | 75.20 | 55.40 |
Option exercises (in USD per share) | $ / shares | 51.32 | 53.61 |
Equity shelf plan issuances (in USD per share) | $ / shares | 74.97 | |
Gross Proceeds | ||
Dividend reinvestment plan issuances | $ 323,724 | $ 10,133 |
Option exercises | 551 | 55 |
Equity shelf plan issuances | 328,665 | |
Totals | 652,940 | 10,188 |
Net Proceeds | ||
Dividend reinvestment plan issuances | 320,243 | 10,133 |
Option exercises | 551 | 55 |
Equity shelf plan issuances | 326,362 | |
Totals | $ 647,156 | $ 10,188 |
Convertible Preferred Stock | ||
Shares Issued | ||
Preferred stock conversions (in shares) | shares | 12,712,452 | 83 |
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Per Share | ||||
Common Stock (in USD per share) | $ 0.87 | $ 0.87 | $ 1.7400 | $ 1.7400 |
Series I Preferred Stock (in USD per share) | $ 0 | $ 1.6250 | ||
Amount | ||||
Common Stock | $ 698,437 | $ 647,098 | ||
Series I Preferred Stock | 0 | 23,352 | ||
Totals | $ 698,437 | $ 670,450 |
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|---|---|---|---|
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | $ 15,969,572 | $ 16,047,831 | $ 15,586,599 | [1] | $ 14,800,487 | $ 15,059,326 | $ 14,925,452 | ||
Foreign currency translation | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | (851,584) | (868,006) | |||||||
Derivative instruments | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | 751,502 | 738,777 | |||||||
Actuarial losses | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | (540) | (540) | |||||||
Total accumulated other comprehensive loss | |||||||||
Summary of accumulated other comprehensive income/(loss) [Line Items] | |||||||||
Total accumulated other comprehensive loss | $ (100,622) | $ (144,618) | $ (129,769) | $ (132,631) | $ (91,253) | $ (111,465) | |||
|
Stock Incentive Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock authorized (in shares) | 10,000,000 | 10,000,000 | ||
Option expiration period | 10 years | |||
Stock-based compensation expense | $ 7,662 | $ 5,167 | $ 15,192 | $ 16,725 |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders | $ 137,762 | $ 154,432 | $ 418,232 | $ 592,103 |
Denominator for basic earnings per share - weighted average shares (in shares) | 404,607,000 | 371,640,000 | 398,073,000 | 371,552,000 |
Effect of dilutive securities: | ||||
Employee stock options (in shares) | 0 | 14,000 | 1,000 | 15,000 |
Non-vested restricted shares (in shares) | 955,000 | 325,000 | 911,000 | 523,000 |
Redeemable shares (in shares) | 1,096,000 | 1,096,000 | 1,096,000 | 1,096,000 |
Employee stock purchase program (in shares) | 15,000 | 0 | 15,000 | 0 |
Dilutive potential common shares (in shares) | 2,066,000 | 1,435,000 | 2,023,000 | 1,634,000 |
Denominator for diluted earnings per share - adjusted weighted average shares (in shares) | 406,673,000 | 373,075,000 | 400,096,000 | 373,186,000 |
Basic earnings per share (in USD per share) | $ 0.34 | $ 0.42 | $ 1.05 | $ 1.59 |
Diluted earnings per share (in USD per share) | $ 0.34 | $ 0.41 | $ 1.05 | $ 1.59 |
Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares not included in the computation of diluted earnings per share because such options were anti-dilutive (in shares) | 2,194,575 |
Disclosure about Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Financial assets: | |||||
Equity securities | $ 11,860 | ||||
Restricted cash | 91,052 | $ 100,753 | [1] | ||
Financial liabilities: | |||||
Unsecured revolving credit facility and commercial paper note program | 1,869,188 | ||||
Carrying Amount | |||||
Financial assets: | |||||
Equity securities | 11,860 | 11,286 | |||
Cash and cash equivalents | 268,666 | 215,376 | |||
Restricted cash | 91,052 | 100,753 | |||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 91,290 | 94,729 | |||
Financial liabilities: | |||||
Unsecured revolving credit facility and commercial paper note program | 1,147,000 | ||||
Senior unsecured notes | 10,606,106 | 9,603,299 | |||
Secured debt | 2,675,507 | 2,476,177 | |||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 32,249 | 71,109 | |||
Redeemable OP unitholder interests | 121,476 | 103,071 | |||
Carrying Amount | Mortgage loans receivable | |||||
Financial assets: | |||||
Loans receivable | 264,398 | 249,071 | |||
Carrying Amount | Other real estate loans receivable | |||||
Financial assets: | |||||
Loans receivable | 104,596 | 81,268 | |||
Fair Value | |||||
Financial assets: | |||||
Equity securities | 11,860 | 11,286 | |||
Cash and cash equivalents | 268,666 | 215,376 | |||
Restricted cash | 91,052 | 100,753 | |||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 91,290 | 94,729 | |||
Financial liabilities: | |||||
Unsecured revolving credit facility and commercial paper note program | 1,869,188 | 1,147,000 | |||
Senior unsecured notes | 11,026,259 | 10,043,797 | |||
Secured debt | 2,737,838 | 2,499,130 | |||
Foreign currency forward contracts, interest rate swaps and cross currency swaps | 32,249 | 71,109 | |||
Redeemable OP unitholder interests | 121,476 | 103,071 | |||
Fair Value | Mortgage loans receivable | |||||
Financial assets: | |||||
Loans receivable | 274,116 | 257,337 | |||
Fair Value | Other real estate loans receivable | |||||
Financial assets: | |||||
Loans receivable | $ 105,706 | $ 82,742 | |||
|
Disclosure about Fair Value of Financial Instruments - Summary of Items Measured at Fair Value on a Recurring Basis (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | $ 11,860 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 59,041 |
Redeemable OP unitholder interests | 121,476 |
Totals | 192,377 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | 11,860 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 0 |
Redeemable OP unitholder interests | 0 |
Totals | 11,860 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | 0 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 59,041 |
Redeemable OP unitholder interests | 121,476 |
Totals | 180,517 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity securities | 0 |
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) | 0 |
Redeemable OP unitholder interests | 0 |
Totals | $ 0 |
Segment Reporting - Summary Information for Reportable Segments (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
segment
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
[1] | |||
Segment Reporting [Abstract] | |||||||||
Number of operating segments | segment | 3 | ||||||||
Segment Reporting Information [Line Items] | |||||||||
Rental income | $ 385,586 | $ 766,670 | |||||||
Rental income | $ 333,601 | $ 676,970 | |||||||
Total revenues | 1,320,106 | 1,125,912 | 2,592,351 | 2,222,877 | |||||
Property operating expenses | 701,127 | 568,751 | 1,371,934 | 1,125,216 | |||||
Consolidated net operating income | 618,979 | 557,161 | 1,220,417 | 1,097,661 | |||||
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 | 0 | 299 | 15,719 | 12,006 | |||||
Provision for loan losses | $ 18,690 | 0 | 0 | 18,690 | 0 | ||||
Impairment of assets | 9,939 | 4,632 | 9,939 | 32,817 | |||||
Other expenses | 21,628 | 10,058 | 30,384 | 13,770 | |||||
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) | |||||
(Loss) income 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 | |||||
Total assets | 33,148,697 | 33,148,697 | $ 30,342,072 | ||||||
Resident fees and services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 914,085 | 763,345 | 1,782,370 | 1,499,279 | |||||
Interest income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 17,356 | 13,462 | 32,475 | 28,110 | |||||
Other income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 3,079 | 15,504 | 10,836 | 18,518 | |||||
Operating Segments | Seniors Housing Operating | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Rental income | 0 | 0 | |||||||
Rental income | 0 | 0 | |||||||
Total revenues | 915,529 | 765,167 | 1,787,915 | 1,502,334 | |||||
Property operating expenses | 637,317 | 525,662 | 1,245,003 | 1,037,603 | |||||
Consolidated net operating income | 278,212 | 239,505 | 542,912 | 464,731 | |||||
Depreciation and amortization | 136,551 | 134,779 | 268,126 | 260,548 | |||||
Interest expense | 17,572 | 16,971 | 35,823 | 33,906 | |||||
General and administrative expenses | 0 | 0 | 0 | 0 | |||||
Loss (gain) on derivatives and financial instruments, net | 0 | 0 | 0 | 0 | |||||
Loss (gain) on extinguishment of debt, net | 299 | 0 | 110 | ||||||
Provision for loan losses | 0 | ||||||||
Impairment of assets | 0 | 2,212 | 0 | 4,513 | |||||
Other expenses | 11,857 | 6,167 | 14,803 | 5,979 | |||||
Income (loss) from continuing operations before income taxes and other items | 112,232 | 79,077 | 224,160 | 159,675 | |||||
Income tax (expense) benefit | 375 | (2,617) | (244) | (2,455) | |||||
(Loss) income from unconsolidated entities | (17,453) | (5,204) | (34,033) | (14,684) | |||||
Gain (loss) on real estate dispositions, net | (550) | (1) | (710) | 4 | |||||
Income (loss) from continuing operations | 94,604 | 71,255 | 189,173 | 142,540 | |||||
Net income (loss) | 94,604 | 71,255 | 189,173 | 142,540 | |||||
Total assets | 16,440,104 | 16,440,104 | |||||||
Operating Segments | Seniors Housing Operating | Resident fees and services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 914,085 | 763,345 | 1,782,370 | 1,499,279 | |||||
Operating Segments | Seniors Housing Operating | Interest income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 0 | 172 | 0 | 257 | |||||
Operating Segments | Seniors Housing Operating | Other income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 1,444 | 1,650 | 5,545 | 2,798 | |||||
Operating Segments | Triple-net | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Rental income | 222,362 | 454,394 | |||||||
Rental income | 197,961 | 404,792 | |||||||
Total revenues | 240,758 | 224,420 | 488,999 | 447,179 | |||||
Property operating expenses | 12,823 | 136 | 27,778 | 157 | |||||
Consolidated net operating income | 227,935 | 224,284 | 461,221 | 447,022 | |||||
Depreciation and amortization | 56,056 | 55,309 | 117,404 | 111,341 | |||||
Interest expense | 3,225 | 3,800 | 6,665 | 7,242 | |||||
General and administrative expenses | 0 | 0 | 0 | 0 | |||||
Loss (gain) on derivatives and financial instruments, net | 1,913 | (7,460) | (574) | (14,633) | |||||
Loss (gain) on extinguishment of debt, net | 0 | 0 | (32) | ||||||
Provision for loan losses | 18,690 | ||||||||
Impairment of assets | (940) | 2,420 | (940) | 28,304 | |||||
Other expenses | 5,560 | 957 | 8,589 | 2,077 | |||||
Income (loss) from continuing operations before income taxes and other items | 162,121 | 169,258 | 311,387 | 312,723 | |||||
Income tax (expense) benefit | (1,361) | (688) | (2,312) | (1,824) | |||||
(Loss) income from unconsolidated entities | 6,578 | 5,062 | 12,236 | 10,883 | |||||
Gain (loss) on real estate dispositions, net | (1,130) | 10,759 | 166,444 | 134,156 | |||||
Income (loss) from continuing operations | 166,208 | 184,391 | 487,755 | 455,938 | |||||
Net income (loss) | 166,208 | 184,391 | 487,755 | 455,938 | |||||
Total assets | 9,494,388 | 9,494,388 | |||||||
Operating Segments | Triple-net | Resident fees and services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||||
Operating Segments | Triple-net | Interest income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 17,118 | 13,247 | 32,064 | 27,798 | |||||
Operating Segments | Triple-net | Other income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 1,278 | 13,212 | 2,541 | 14,589 | |||||
Operating Segments | Outpatient Medical | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Rental income | 163,224 | 312,276 | |||||||
Rental income | 135,640 | 272,178 | |||||||
Total revenues | 163,365 | 135,827 | 312,826 | 272,498 | |||||
Property operating expenses | 50,987 | 42,953 | 99,153 | 87,456 | |||||
Consolidated net operating income | 112,378 | 92,874 | 213,673 | 185,042 | |||||
Depreciation and amortization | 55,445 | 46,187 | 106,454 | 92,587 | |||||
Interest expense | 3,386 | 1,656 | 6,734 | 3,332 | |||||
General and administrative expenses | 0 | 0 | 0 | 0 | |||||
Loss (gain) on derivatives and financial instruments, net | 0 | 0 | 0 | 0 | |||||
Loss (gain) on extinguishment of debt, net | 0 | 0 | 11,928 | ||||||
Provision for loan losses | 0 | ||||||||
Impairment of assets | 10,879 | 0 | 10,879 | 0 | |||||
Other expenses | (4) | 2,095 | 750 | 2,693 | |||||
Income (loss) from continuing operations before income taxes and other items | 42,672 | 42,936 | 88,856 | 74,502 | |||||
Income tax (expense) benefit | (586) | (378) | (951) | (806) | |||||
(Loss) income from unconsolidated entities | 1,826 | 1,391 | 3,549 | 2,621 | |||||
Gain (loss) on real estate dispositions, net | (2) | (3) | (7) | 214,779 | |||||
Income (loss) from continuing operations | 43,910 | 43,946 | 91,447 | 291,096 | |||||
Net income (loss) | 43,910 | 43,946 | 91,447 | 291,096 | |||||
Total assets | 7,004,561 | 7,004,561 | |||||||
Operating Segments | Outpatient Medical | Resident fees and services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||||
Operating Segments | Outpatient Medical | Interest income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 238 | 43 | 411 | 55 | |||||
Operating Segments | Outpatient Medical | Other income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | (97) | 144 | 139 | 265 | |||||
Non-segment / Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Rental income | 0 | 0 | |||||||
Rental income | 0 | 0 | |||||||
Total revenues | 454 | 498 | 2,611 | 866 | |||||
Property operating expenses | 0 | 0 | 0 | 0 | |||||
Consolidated net operating income | 454 | 498 | 2,611 | 866 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Interest expense | 117,153 | 98,989 | 237,346 | 199,711 | |||||
General and administrative expenses | 33,741 | 32,831 | 69,023 | 66,536 | |||||
Loss (gain) on derivatives and financial instruments, net | 0 | 0 | 0 | 0 | |||||
Loss (gain) on extinguishment of debt, net | 0 | 15,719 | 0 | ||||||
Provision for loan losses | 0 | ||||||||
Impairment of assets | 0 | 0 | 0 | 0 | |||||
Other expenses | 4,215 | 839 | 6,242 | 3,021 | |||||
Income (loss) from continuing operations before income taxes and other items | (154,655) | (132,161) | (325,719) | (268,402) | |||||
Income tax (expense) benefit | (27) | (158) | (314) | (344) | |||||
(Loss) income from unconsolidated entities | 0 | 0 | 0 | 0 | |||||
Gain (loss) on real estate dispositions, net | 0 | 0 | 0 | 0 | |||||
Income (loss) from continuing operations | (154,682) | (132,319) | (326,033) | (268,746) | |||||
Net income (loss) | (154,682) | (132,319) | (326,033) | (268,746) | |||||
Total assets | 209,644 | 209,644 | |||||||
Non-segment / Corporate | Resident fees and services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||||
Non-segment / Corporate | Interest income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |||||
Non-segment / Corporate | Other income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from contract with customer | $ 454 | $ 498 | $ 2,611 | $ 866 | |||||
|
Segment Reporting - Summary of Geographic Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Total revenues | $ 1,320,106 | $ 1,125,912 | $ 2,592,351 | $ 2,222,877 | ||||
Percent of revenues | 1.000 | 1.000 | 1.000 | 1.000 | ||||
Total assets | $ 33,148,697 | $ 33,148,697 | $ 30,342,072 | [1] | ||||
Percent of assets | 1.000 | 1.000 | 1.000 | |||||
United States | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Total revenues | $ 1,092,376 | $ 895,734 | $ 2,136,042 | $ 1,759,523 | ||||
Percent of revenues | 0.828 | 0.795 | 0.824 | 0.791 | ||||
Total assets | $ 27,496,270 | $ 27,496,270 | $ 24,884,292 | |||||
Percent of assets | 0.829 | 0.829 | 0.820 | |||||
United Kingdom | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Total revenues | $ 112,647 | $ 112,031 | $ 225,065 | $ 228,556 | ||||
Percent of revenues | 0.085 | 0.100 | 0.087 | 0.103 | ||||
Total assets | $ 3,173,654 | $ 3,173,654 | $ 3,078,994 | |||||
Percent of assets | 0.096 | 0.096 | 0.101 | |||||
Canada | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Total revenues | $ 115,083 | $ 118,147 | $ 231,244 | $ 234,798 | ||||
Percent of revenues | 0.087 | 0.105 | 0.089 | 0.106 | ||||
Total assets | $ 2,478,773 | $ 2,478,773 | $ 2,378,786 | |||||
Percent of assets | 0.075 | 0.075 | 0.079 | |||||
|
Variable Interest Entities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Total assets | $ 1,004,319 | $ 1,007,091 |
Total equity | 518,235 | 523,429 |
Total liabilities and equity | 1,004,319 | 1,007,091 |
Net real estate investments | ||
Variable Interest Entity [Line Items] | ||
Total assets | 966,417 | 973,813 |
Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Total assets | 22,491 | 18,678 |
Receivables and other assets | ||
Variable Interest Entity [Line Items] | ||
Total assets | 15,411 | 14,600 |
Secured debt | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 462,836 | 465,433 |
Lease liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 1,326 | |
Accrued expenses and other liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 21,922 | $ 18,229 |
Subsequent Events (Details) - Subsequent Event $ in Millions |
Jul. 16, 2019
USD ($)
property
|
---|---|
Bridge Loan | |
Subsequent Event [Line Items] | |
Extinguishment of debt | $ 1,000 |
Secured Debt | |
Subsequent Event [Line Items] | |
Extinguishment of debt | 24 |
Benchmark Senior Living Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |
Subsequent Event [Line Items] | |
Gross sale price | $ 1,800 |
Number of seniors housing operating properties | property | 48 |
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