{"id":9884,"date":"2020-05-07T11:43:00","date_gmt":"2020-05-07T11:43:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/"},"modified":"2020-05-07T11:43:00","modified_gmt":"2020-05-07T11:43:00","slug":"welltower-reports-first-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/","title":{"rendered":"Welltower Reports First Quarter 2020 Results"},"content":{"rendered":"<p><strong>Welltower Inc. <\/strong>&nbsp;today announced results for the quarter ended March&nbsp;31, 2020.<\/p>\n<p><strong>Recent Highlights<\/strong><\/p>\n<ul>\n<li>Reported net income attributable to common stockholders of&nbsp;<span class=\"xn-money\">$0.75<\/span>&nbsp;per diluted share<\/li>\n<li>Reported normalized FFO attributable to common stockholders of&nbsp;<span class=\"xn-money\">$1.02<\/span>&nbsp;per diluted share<\/li>\n<li>Completed pro rata dispositions of&nbsp;<span class=\"xn-money\">$717 million<\/span>&nbsp;at a blended yield of 5.4%<\/li>\n<li>Improved net debt to Adjusted EBITDA to 5.93x at&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;from 6.37x at&nbsp;<span class=\"xn-chron\">December 31, 2019<\/span><\/li>\n<li>Reduced&nbsp;<span class=\"xn-chron\">May 2020<\/span>&nbsp;dividend to 70% of pre COVID-19 levels, or&nbsp;<span class=\"xn-money\">$0.61<\/span>&nbsp;per share<\/li>\n<li>Enhanced near-term liquidity profile to&nbsp;<span class=\"xn-money\">$3.5 billion<\/span>&nbsp;through settlement of forward sale agreements resulting in&nbsp;<span class=\"xn-money\">$588 million<\/span>&nbsp;of gross proceeds on&nbsp;<span class=\"xn-chron\">March 30, 2020<\/span>&nbsp;and closing on a&nbsp;<span class=\"xn-money\">$1 billion<\/span>&nbsp;term loan on&nbsp;<span class=\"xn-chron\">April 1, 2020<\/span><\/li>\n<\/ul>\n<p>&#8220;The COVID-19 pandemic is having an overwhelming global impact with at-risk populations, including frail seniors, who are disproportionately affected,&#8221; stated&nbsp;<span class=\"xn-person\">Thomas J. DeRosa<\/span>, Chairman and CEO. &#8220;As we have described in our business updates, Welltower began to see the direct impact of COVID-19 across our platform starting in March of this year, but most notably in our seniors housing operating portfolio. Over this time, Welltower has taken important steps to support our operators and tenants and to strengthen our balance sheet.&nbsp;Recognizing the nationwide shortages of personal protective equipment and testing kits, Welltower moved quickly to procure and distribute masks, gowns, gloves, test kits and other supplies to many of our operators and tenants.&nbsp;Additionally, amidst growing capital markets turbulence, we took measures to bolster our liquidity profile, including the closing of a&nbsp;<span class=\"xn-money\">$1.0 billion<\/span>&nbsp;term loan, providing us with added balance sheet flexibility.&nbsp;Nonetheless, the financial headwinds resulting from the pandemic will create significant pressure on our near-term cash flow, leading to the difficult, but prudent decision to reduce our quarterly dividend to 70% of pre-COVID levels. While the duration and full impact of COVID-19 on our business is uncertain, we remain confident in our long-term strategy of owning, managing and developing a class of real estate that can better deliver health care services and manage the wellness needs of an aging population in settings that ultimately lower health care costs and improve health outcomes.&#8221;<\/p>\n<p><strong>COVID-19 Update<\/strong><\/p>\n<p>Seniors Housing Operating&nbsp;As previously announced, the total SHO portfolio incurred approximately&nbsp;$7&nbsp;million&nbsp;of unanticipated property level expenses associated with the COVID-19 pandemic in&nbsp;March 2020, driven by higher labor costs coupled with expenditures related to procurement of personal protective equipment and other supplies. These costs had an unfavorable impact on normalized FFO of approximately&nbsp;<span class=\"xn-money\">$0.02<\/span>&nbsp;per diluted share. We continue to expect total SHO portfolio expenses to remain elevated during the pandemic.<\/p>\n<p>In our SHO portfolio of 586 properties, our operators have reported 1,044 confirmed cases as of&nbsp;<span class=\"xn-chron\">May 1, 2020<\/span>. In addition, as of&nbsp;<span class=\"xn-chron\">May 1, 2020<\/span>, approximately 72% of our SHO communities reported no confirmed cases, 13% have reported 1-3 cases and 15% have reported 4+ cases. As a result of the increase in the prevalence of COVID-19, involuntary move-outs have increased but this has been largely offset by a decline in voluntary move outs, leaving total year-over-year move-out volume relatively flat. However, due to an increasing number of our properties shifting to total or partial admission bans towards the end of March, move-in volumes have decreased meaningfully on a year-over-year basis through the end of April. Amidst a backdrop of challenging move-ins and flat move-outs, we continue to experience occupancy losses as we have highlighted in our business updates in March and April.<\/p>\n<p>Since our last update on&nbsp;April 17, 2020, occupancy within our Seniors Housing Operating (SHO) portfolio has declined further as move-in restrictions and intensified screening have expanded to additional communities in markets outside those initially impacted by COVID-19. As of&nbsp;<span class=\"xn-chron\">May 1, 2020<\/span>, our SHO portfolio spot occupancy of 82.7% compared to 84.8% as of&nbsp;<span class=\"xn-chron\">April 3, 2020<\/span>&nbsp;and 85.8% as of&nbsp;<span class=\"xn-chron\">February 28, 2020<\/span>. The portfolio is expected to experience an additional decline in occupancy going forward due to various measures enacted to stem the spread of the COVID-19 pandemic.<\/p>\n<p>Rent Collections&nbsp;Rent collections for&nbsp;<span class=\"xn-chron\">March 2020<\/span>&nbsp;related to our Triple-net operators and Outpatient Medical tenants were consistent with prior periods. We have received approximately 97% of rent due in April from operators under Triple-net lease agreements (primarily seniors housing and post-acute care facilities) and we have either received or approved short term deferrals for approximately 95% of&nbsp; Outpatient Medical rent due in April. Approximately 8% of our April Outpatient Medical rent was approved for 60-day deferral to be repaid by year end.<\/p>\n<p>Investments and Dispositions&nbsp;Our investments in and acquisitions of senior housing and healthcare properties, as well as our ability to transition or sell properties with profitable results, may be limited as a result of the impact of the pandemic on our business and related industry. During&nbsp;<span class=\"xn-chron\">April 2020<\/span>, a previously announced planned disposition of a portfolio of 11 Seniors Housing Operating properties in the western&nbsp;<span class=\"xn-location\">United States<\/span>&nbsp;was not consummated as a result of this uncertainty.<\/p>\n<p>Guidance&nbsp;Our&nbsp;initial 2020 earnings guidance provided on&nbsp;February 12, 2020&nbsp;did not contemplate the COVID-19 pandemic.&nbsp;Due to the unanticipated impact of COVID-19 on SHO portfolio fundamentals and recent revisions to our investment outlook and capital plans, we elected to withdraw all components related to full year 2020 guidance on&nbsp;<span class=\"xn-chron\">April 17, 2020<\/span>.<\/p>\n<p><strong>Capital Activity and Liquidity<\/strong>&nbsp;On March&nbsp;31, 2020, we had&nbsp;<span class=\"xn-money\">$303 million<\/span>&nbsp;of cash and cash equivalents and&nbsp;<span class=\"xn-money\">$2.2 billion<\/span>&nbsp;of available borrowing capacity under our unsecured revolving credit facility, exclusive of the&nbsp;<span class=\"xn-money\">$1 billion<\/span>&nbsp;term loan closed on&nbsp;<span class=\"xn-chron\">April 1, 2020<\/span>. During the quarter, we sold 2 million shares of common stock under our ATM and DRIP programs, through both cash settle and forward sale agreements, at an initial weighted average price of&nbsp;<span class=\"xn-money\">$83.94<\/span>&nbsp;per share, generating gross proceeds of approximately&nbsp;<span class=\"xn-money\">$171 million<\/span>. The sale of these shares and settlement of previously outstanding forward sales resulted in total gross proceeds of approximately&nbsp;<span class=\"xn-money\">$603 million<\/span>&nbsp;which were used to reduce borrowings under our unsecured revolving credit facility.<\/p>\n<p>In addition, the Board of Directors has authorized a share repurchase program whereby we may repurchase up to&nbsp;$1 billion of common stock through&nbsp;<span class=\"xn-chron\">December 31, 2021<\/span>. Under this authorization, we are not required to purchase shares, but may choose to do so in the open market or through private transactions at times and amounts based on our evaluation of market conditions and other factors.<\/p>\n<p>On&nbsp;April 1, 2020,&nbsp;Welltower&nbsp;closed on its previously announced&nbsp;$1.0 billion&nbsp;two-year unsecured term loan.&nbsp;The term loan carries a 60-day delayed draw and bears interest at a rate of 1-month LIBOR + 1.20%, based on our credit rating.&nbsp;Inclusive of available borrowings under our line of credit, two-year unsecured term loan, and cash and cash equivalents, at&nbsp;<span class=\"xn-chron\">April 1, 2020<\/span>&nbsp;we have&nbsp;<span class=\"xn-money\">$3.5<\/span>&nbsp;billion&nbsp;of near-term available liquidity and no material unsecured debt maturities until 2023.<\/p>\n<p><strong>Dividend<\/strong>&nbsp;Due to the anticipated impact of the COVID-19 pandemic, on&nbsp;<span class=\"xn-chron\">May 4, 2020<\/span>&nbsp;the Board of Directors declared a reduced cash dividend for the quarter ended March&nbsp;31, 2020 of&nbsp;<span class=\"xn-money\">$0.61<\/span>&nbsp;per share. This dividend which will be paid on&nbsp;<span class=\"xn-chron\">May 28, 2020<\/span>, to stockholders of record on&nbsp;<span class=\"xn-chron\">May 19, 2020<\/span>, will be our 196th consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.<\/p>\n<p><strong>Quarterly Investment and Disposition Activity<\/strong>&nbsp;In the first quarter, we completed&nbsp;<span class=\"xn-money\">$538 million<\/span>&nbsp;of pro rata gross investments including&nbsp;<span class=\"xn-money\">$398 million<\/span>&nbsp;in acquisitions across four separate transactions at a blended yield of 5.6% and&nbsp;<span class=\"xn-money\">$141 million<\/span>&nbsp;in development funding with an expected stable yield of 7.8%. Also during the quarter, we completed property dispositions of&nbsp;<span class=\"xn-money\">$708 million<\/span>&nbsp;at a 5.4% yield and loan payoffs of&nbsp;<span class=\"xn-money\">$9 million<\/span>&nbsp;at a 7.0% yield.<\/p>\n<p><strong>Notable Investments and Dispositions<\/strong><\/p>\n<p>Outpatient Medical Acquisition&nbsp;We closed on 16 properties totaling&nbsp;<span class=\"xn-money\">$235 million<\/span>&nbsp;of the previously announced&nbsp;<span class=\"xn-money\">$261 million<\/span>&nbsp;medical office portfolio sourced off-market. The acquired properties are 96% occupied with a weighted average lease term of 8 years and a 6.1% expected yield. The portfolio complements our current outpatient medical footprint and aligns with top health systems.<\/p>\n<p>welltowerLIVING&nbsp;As previously announced, we launched welltowerLIVING through the acquisition of three seniors apartment communities located in&nbsp;<span class=\"xn-location\">Las Vegas, Nevada<\/span>. The portfolio, which was acquired for&nbsp;<span class=\"xn-money\">$86 million<\/span>, was extensively renovated in 2017 and is expected to have turnover, operating margins and capital expenditures which are more consistent with those attained in the multifamily sector.<\/p>\n<p>Invesco Outpatient Medical Joint Venture&nbsp;We closed the first tranche of a previously announced joint venture agreement with Invesco for a pro rata sales price of&nbsp;<span class=\"xn-money\">$491 million<\/span>&nbsp;and recognized a gain on sale of&nbsp;<span class=\"xn-money\">$152 million<\/span>. As part of this joint venture, we sold an 85% interest in 24 properties representing 1.8 million square feet and retained leasing, portfolio and asset management responsibilities. Additionally, we sold four properties for a pro rata sales price of&nbsp;<span class=\"xn-money\">$125 million<\/span>&nbsp;(which were initially contemplated as part of the Invesco joint venture but had rights of first refusal exercised) and recognized a gain on sale of&nbsp;<span class=\"xn-money\">$61 million<\/span>.<\/p>\n<p>Subsequent to quarter end, we closed on the second tranche of the previously announced joint venture agreement with Invesco for a pro rata sales price of&nbsp;<span class=\"xn-money\">$74 million<\/span>. The final tranche is expected to close in the second quarter for a pro rata sales price of&nbsp;<span class=\"xn-money\">$47 million<\/span>.<\/p>\n<p>ProMedica Disposition&nbsp;We closed on the previously announced disposition of three skilled nursing facilities with an average age of 49 years, for a pro rata sales price of&nbsp;<span class=\"xn-money\">$53 million<\/span>&nbsp;or approximately&nbsp;<span class=\"xn-money\">$156,000<\/span>&nbsp;per operational bed. The sale of these HCR ManorCare operated facilities was initiated following an unsolicited offer and resulted in a gain on sale of&nbsp;<span class=\"xn-money\">$47 million<\/span>.<\/p>\n<p>Genesis Healthcare Dispositions&nbsp;During the quarter, we completed the disposition of two properties for&nbsp;$17 million and a loan payoff of&nbsp;<span class=\"xn-money\">$9 million<\/span>.<\/p>\n<p><strong>Conference Call Information<\/strong>&nbsp;We have scheduled a conference call on Thursday, May&nbsp;7, 2020 at&nbsp;<span class=\"xn-chron\">9:00 a.m. Eastern Time<\/span>&nbsp;to discuss our first quarter 2020 results, industry trends and portfolio performance. Telephone access will be available by dialing (844) 467-7115 or (409) 983-9837 (international).&nbsp;For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through&nbsp;<span class=\"xn-chron\">May 21, 2020<\/span>. To access the rebroadcast, dial (855) 859-2056 or (404) 537-3406 (international).&nbsp;The conference ID number is 2371369. To participate in the webcast, log on to&nbsp;www.welltower.com&nbsp;15 minutes before the call to download the necessary software.&nbsp;Replays will be available for 90 days.<\/p>\n<p><strong>Supplemental Reporting Measures<\/strong>&nbsp;We believe that net income and net income attributable to common stockholders (NICS), as defined by U.S. generally accepted accounting principles (U.S. GAAP), are the most appropriate earnings measurements. However, we consider funds from operations (FFO), normalized FFO, EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners&#8217; noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.<\/p>\n<p>Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests.&nbsp;Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2.&nbsp;We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of the Company between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and\/or incalculable items.<\/p>\n<p>We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and Internal Revenue Code (&#8220;IRC&#8221;) Section 1031 deposits. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The coverage ratios are based on EBITDA which stands for earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Covenants in our senior unsecured notes and primary credit facility contain financial ratios based on a definition of EBITDA that is specific to those agreements. Failure to satisfy these covenants could result in an event of default that could have a material adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our consolidated results of operations, liquidity and\/or financial condition. Due to the materiality of these debt agreements and the financial covenants, we have defined Adjusted EBITDA to exclude unconsolidated entities and to include adjustments for stock-based compensation expense, provision for loan losses, gains\/losses on extinguishment of debt, gains\/losses\/impairments on properties, gains\/losses on derivatives and financial instruments, other expenses, additional other income and other impairment charges. We believe that EBITDA and Adjusted EBITDA, along with net income and cash flow provided from operating activities, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. Our leverage ratios include net debt to Adjusted EBITDA. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and any IRC Section 1031 deposits.<\/p>\n<p>Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions.&nbsp;Additionally, they are utilized by the Board of Directors to evaluate management.&nbsp;The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity.&nbsp;Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies.&nbsp;Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended March&nbsp;31, 2020, which is available on the Company&#8217;s website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.<\/p>\n<p><strong>About Welltower&nbsp;<\/strong>Welltower Inc. &nbsp;an S&amp;P 500 company headquartered in&nbsp;<span class=\"xn-location\">Toledo, Ohio<\/span>, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people&#8217;s wellness and overall health care experience.&nbsp;Welltower&trade;, a real estate investment trust (&#8220;REIT&#8221;), owns interests in properties concentrated in major, high-growth markets in&nbsp;<span class=\"xn-location\">the United States<\/span>,&nbsp;<span class=\"xn-location\">Canada<\/span>&nbsp;and the&nbsp;<span class=\"xn-location\">United Kingdom<\/span>, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at&nbsp;www.welltower.com.&nbsp;We routinely post important information on our website at&nbsp;www.welltower.com&nbsp;in the &#8220;Investors&#8221; section, including corporate and investor presentations and financial information.&nbsp;We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading &#8220;Investors&#8221;.&nbsp;Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission.&nbsp;The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.<\/p>\n<p><strong>Forward-Looking Statements and Risk Factors<\/strong>&nbsp;This press release contains &#8220;forward-looking statements&#8221; as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;should,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;pro forma,&#8221; &#8220;estimate&#8221; or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower&#8217;s actual results to differ materially from Welltower&#8217;s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the duration and scope of the&nbsp;COVID-19&nbsp;pandemic; the impact of the&nbsp;COVID-19&nbsp;pandemic on occupancy rates and on the operations of Welltower and its operators\/tenants; actions governments take in response to the&nbsp;COVID-19&nbsp;pandemic, including the introduction of public health measures and other regulations affecting Welltower&#8217;s properties and the operations of Welltower and its operators\/tenants; the effects of health and safety measures adopted by Welltower and its operators\/tenants related to the&nbsp;COVID-19&nbsp;pandemic; increased operational costs as a result of health and safety measures related to COVID-19; the impact of the&nbsp;COVID-19&nbsp;pandemic on the business and financial condition of operators\/tenants and their ability to make payments to Welltower; disruptions to Welltower&#8217;s property acquisition and disposition activity due to economic uncertainty caused by COVID-19; general economic uncertainty in key markets as a result of the&nbsp;COVID-19&nbsp;pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators&#8217;\/tenants&#8217; difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators\/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower&#8217;s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower&#8217;s properties; Welltower&#8217;s ability to&nbsp;re-lease&nbsp;space at similar rates as vacancies occur; Welltower&#8217;s ability to timely reinvest sale proceeds at similar rates to assets sold; operator\/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators\/tenants; unanticipated difficulties and\/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower&#8217;s properties; changes in rules or practices governing Welltower&#8217;s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower&#8217;s ability to maintain Welltower&#8217;s qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower&#8217;s reports filed from time to time with the SEC. Finally, Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.<\/p>\n<p class=\"prntac\"><strong>Welltower Inc.<br class=\"dnr\" \/><\/strong><strong>Financial Exhibits<\/strong><\/p>\n<p class=\"prntac\">&nbsp;<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"9\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Consolidated Balance Sheets (unaudited)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"9\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(in thousands)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2019<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Assets<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Real estate investments:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Land and land improvements<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,514,456<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,238,679<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Buildings and improvements<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">29,236,477<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">28,047,658<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Acquired lease intangibles<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,629,662<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,539,363<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Real property held for sale, net of accumulated depreciation<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">729,560<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">330,327<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Construction in progress<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">431,497<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">253,478<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Less accumulated depreciation and intangible amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,910,979)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,670,111)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml50 dnr\"><span class=\"prnews_span\">Net real property owned<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">29,630,673<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">27,739,394<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Right of use assets, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">523,217<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">502,429<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Real estate loans receivable, net of credit allowance<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">221,228<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">351,085<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prnpl20 prnsbl1 prnpr6\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">&nbsp;Net real estate investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">30,375,118<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">28,592,908<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other assets:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Investments in unconsolidated entities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">702,497<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">484,265<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Goodwill<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">68,321<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">68,321<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">303,423<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">249,127<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">89,643<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">158,312<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Straight-line rent receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">449,075<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">395,621<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Receivables and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">934,951<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">688,782<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml50 dnr\"><span class=\"prnews_span\">Total other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,547,910<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,044,428<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total assets<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">32,923,028<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">30,637,336<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Liabilities and equity<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Unsecured credit facility and commercial paper<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">844,985<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">419,293<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Senior unsecured notes<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10,218,853<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">9,632,013<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Secured debt<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,901,232<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,660,190<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Lease liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">464,659<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">426,639<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Accrued expenses and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">997,603<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,000,825<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml50 dnr\"><span class=\"prnews_span\">Total liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,427,332<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,138,960<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Redeemable noncontrolling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">429,359<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">450,545<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Equity:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Common stock<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">418,226<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">404,509<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Capital in excess of par value<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">20,818,230<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,654,137<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Treasury stock<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(86,975)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(74,492)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Cumulative net income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,659,038<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,402,004<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Cumulative dividends<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(12,579,535)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(11,163,317)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Accumulated other comprehensive income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(96,213)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(144,618)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Other equity<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">268<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml50 dnr\"><span class=\"prnews_span\">Total Welltower Inc. stockholders&#8217; equity<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,132,783<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,078,491<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Noncontrolling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">933,554<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">969,340<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total equity<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">17,066,337<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,047,831<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total liabilities and equity<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">32,923,028<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">30,637,336<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Consolidated Statements of Income (unaudited)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(in thousands, except per share data)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Three Months Ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2019<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Revenues:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Resident fees and services<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">849,972<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">868,285<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Rental income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">389,960<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">381,084<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,241<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,119<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,429<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,757<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnml50 dnr\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,258,602<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,272,245<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Property operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">681,781<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">670,807<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">274,801<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">243,932<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">142,007<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">145,232<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">35,481<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">35,282<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on derivatives and financial instruments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,651<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,487)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on extinguishment of debt, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,719<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Provision for loan losses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,072<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">18,690<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Impairment of assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">27,827<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,292<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,756<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnml50 dnr\"><span class=\"prnews_span\">Total expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,182,912<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,135,931<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Income (loss) from continuing operations before income taxes<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">and other items<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">75,690<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">136,314<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Income tax (expense) benefit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,442)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,222)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Income (loss) from unconsolidated entities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,692)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(9,199)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain (loss) on real estate dispositions, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">262,824<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">167,409<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Income (loss) from continuing operations<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">329,380<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">292,302<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">329,380<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">292,302<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Less:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss) attributable to noncontrolling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,096<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">11,832<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss) attributable to common stockholders<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">310,284<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">280,470<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Average number of common shares outstanding:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">410,306<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">391,474<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">412,420<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">393,452<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss) attributable to common stockholders per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.76<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.72<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.75<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.71<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Common dividends per share<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.87<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.87<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen12\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>FFO Reconciliations<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen13\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Exhibit 1<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(in thousands, except per share data)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Three Months Ended<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2019<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss) attributable to common stockholders<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">310,284<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">280,470<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">274,801<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">243,932<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Impairments and losses (gains) on real estate dispositions, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(234,997)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(167,409)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Noncontrolling interests<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(9,409)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(17,760)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Unconsolidated entities<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,445<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,150<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">NAREIT FFO attributable to common stockholders<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">356,124<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">358,383<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalizing items, net<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">63,195<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">41,182<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalized FFO attributable to common stockholders<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">419,319<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">399,565<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Average diluted common shares outstanding<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">412,420<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">393,452<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Per diluted share data attributable to common stockholders:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.75<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.71<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">NAREIT FFO<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.86<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.91<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalized FFO<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.02<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.02<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalized FFO Payout Ratio:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Dividends per common share<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.87<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.87<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalized FFO attributable to common stockholders per share<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.02<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.02<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalized FFO payout ratio<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">85<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">85<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other items:<sup>(4)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net straight-line rent and above\/below market rent amortization<sup>(5)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(24,930)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(23,715)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-cash interest expenses<sup>(6)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,823<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,900<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Recurring cap-ex, tenant improvements, and lease commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(22,616)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(21,416)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Stock-based compensation<sup>(7)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,822<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,529<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"12\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"12\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Note: (1) Represents noncontrolling interests&#8217; share of net FFO adjustments.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"12\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (2) Represents Welltower&#8217;s share of net FFO adjustments from unconsolidated entities.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"12\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (3) See Exhibit 2.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"12\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (4) Amounts presented net of noncontrolling interests&#8217; share and Welltower&#8217;s share of unconsolidated entities.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"12\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (5) Excludes normalized other impairment (see Exhibit 2).<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"12\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (6) Excludes normalized incremental interest expense (see Exhibit 2).<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"12\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (7) Excludes certain severance related stock-based compensation recorded in other expense.<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Normalizing Items<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen13\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Exhibit 2<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(in thousands, except per share data)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Three Months Ended<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2019<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on derivatives and financial instruments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,651<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,487)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on extinguishment of debt, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,719<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Provision for loan losses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,072<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">18,690<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Incremental interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,871<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other impairment<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">32,268<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><sup>(4)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,292<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><sup>(5)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,756<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Normalizing items attributable to noncontrolling interests and unconsolidated entities, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,041<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><sup>(6)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">504<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net normalizing items<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">63,195<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">41,182<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Average diluted common shares outstanding<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">412,420<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">393,452<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net normalizing items per diluted share<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.15<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.10<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Note: (1) Primarily related to mark-to-market of Genesis Healthcare, Inc. stock holdings.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"10\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (2) Primarily related to the collectability assessment of a non-real estate loan.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"10\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (3) Represents mark-to-market adjustment recorded in interest expense on intercompany CAD denominated loan.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"10\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (4) Represents write off of straight-line rent receivables recorded in rental income in conjunction with an amended lease.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"10\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (5) Primarily related to non-capitalizable transaction costs.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"10\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">&nbsp; (6) Primarily related to non-capitalizable transaction costs in joint ventures.<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen12\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net Debt to Adjusted EBITDA Reconciliation<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen13\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Exhibit 3<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(in thousands)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen4\" colspan=\"7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Three Months Ended<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen22\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">March 31, 2020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen22\" colspan=\"3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">December 31, 2019<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">329,380<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">240,136<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">142,007<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">131,648<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Income tax expense (benefit)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,442<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(4,832)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">274,801<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">262,644<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">EBITDA<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">751,630<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">629,596<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (income) from unconsolidated entities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,692<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(57,420)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Stock-based compensation<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,083<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,547<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on extinguishment of debt, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,612<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on real estate dispositions, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(262,824)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(12,064)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Impairment of assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">27,827<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">98<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Provision for loan losses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,072<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss (gain) on derivatives and financial instruments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,651<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,069)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other expenses<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,031<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,042<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other impairment<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">32,268<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Adjusted EBITDA<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen23\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">580,430<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen23\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">578,342<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"4\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Unsecured credit facility and commercial paper<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">844,985<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,587,597<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Long term debt obligations<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">13,228,433<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">13,436,365<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cash and cash equivalents<sup>(4)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(303,423)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(284,917)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net debt<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">13,769,995<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,739,045<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"4\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Adjusted EBITDA annualized<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,321,720<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,313,368<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net debt to Adjusted EBITDA ratio<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.93<\/span><\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">x<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen10\" colspan=\"2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.37<\/span><\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">x<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvat prnsbb1 prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Note:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2) Represents write off of straight-line rent receivables recorded in rental income in conjunction with an amended lease.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3) Amounts include unamortized premiums\/discounts, fair value adjustments and lease liabilities related to financing leases. Operating<br class=\"dnr\" \/>lease liabilities related to ASC 842 adoption are excluded.<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">&nbsp;<\/td>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(4) Inclusive of IRC section 1031 deposits, if any.<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"3\">&nbsp;<\/td>\n<td class=\"prngen16\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"http:\/\/http:\/\/www.welltower.com\" target=\"_blank\">http:\/\/http:\/\/www.welltower.com<\/a><br \/><b>Contact Information:<\/b><br \/>http:\/\/www.welltower.com<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire-real-estate\/\" rel=\"category tag\">Wire Real Estate<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<blockquote class=\"wp-embedded-content\" data-secret=\"oF5Ka2ciMY\"><p><a href=\"https:\/\/welltower.com\/\">Home page<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Home page&#8221; &#8212; Welltower Inc.\" src=\"https:\/\/welltower.com\/embed\/#?secret=PxqVq76LOM#?secret=oF5Ka2ciMY\" data-secret=\"oF5Ka2ciMY\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Welltower Inc. &nbsp;today announced results for the quarter ended March&nbsp;31, 2020. Recent Highlights Reported net income attributable to common stockholders of&nbsp;$0.75&nbsp;per diluted share Reported normalized FFO attributable to common stockholders of&nbsp;$1.02&nbsp;per diluted share Completed pro rata dispositions of&nbsp;$717 million&nbsp;at a blended yield of 5.4% Improved net debt to Adjusted EBITDA to 5.93x at&nbsp;March 31, 2020&nbsp;from &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\">Continue reading <span>Welltower Reports First Quarter 2020 Results<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54,18],"tags":[],"class_list":["post-9884","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire","category-wire-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Welltower Reports First Quarter 2020 Results - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Welltower Reports First Quarter 2020 Results - Business\" \/>\n<meta property=\"og:description\" content=\"Welltower Inc. &nbsp;today announced results for the quarter ended March&nbsp;31, 2020. Recent Highlights Reported net income attributable to common stockholders of&nbsp;$0.75&nbsp;per diluted share Reported normalized FFO attributable to common stockholders of&nbsp;$1.02&nbsp;per diluted share Completed pro rata dispositions of&nbsp;$717 million&nbsp;at a blended yield of 5.4% Improved net debt to Adjusted EBITDA to 5.93x at&nbsp;March 31, 2020&nbsp;from &hellip; Continue reading Welltower Reports First Quarter 2020 Results Continue Reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Business\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-07T11:43:00+00:00\" \/>\n<meta name=\"author\" content=\"Asiya\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Asiya\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\",\"url\":\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\",\"name\":\"Welltower Reports First Quarter 2020 Results - Business\",\"isPartOf\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#website\"},\"datePublished\":\"2020-05-07T11:43:00+00:00\",\"author\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37\"},\"breadcrumb\":{\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ipsnews.net\/business\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Welltower Reports First Quarter 2020 Results\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ipsnews.net\/business\/#website\",\"url\":\"https:\/\/ipsnews.net\/business\/\",\"name\":\"Business\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ipsnews.net\/business\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37\",\"name\":\"Asiya\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g\",\"caption\":\"Asiya\"},\"sameAs\":[\"https:\/\/icrowdnewswire.com\/fc\"],\"url\":\"https:\/\/ipsnews.net\/business\/author\/asiya\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Welltower Reports First Quarter 2020 Results - Business","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/ipsnews.net\/business\/2020\/05\/07\/welltower-reports-first-quarter-2020-results\/","og_locale":"en_US","og_type":"article","og_title":"Welltower Reports First Quarter 2020 Results - Business","og_description":"Welltower Inc. &nbsp;today announced results for the quarter ended March&nbsp;31, 2020. 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