Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today
reported results for the second quarter ended June 30, 2022.
Second Quarter 2022
Highlights
- Net Income (Loss) Attributable to Common Stockholders
(“Attributable Net Income (Loss)”) per share of ($0.11)
- Normalized Funds from Operations* (“Normalized FFO”) per share
of $0.72
- Total Company year-over-year same-store cash Net Operating
Income* (“NOI”) growth of 3.5%, above the high end of the guidance
range
- Senior Housing Operating Portfolio (“SHOP”) segment
year-over-year same-store cash NOI* growth of nearly 9%, at the
high end of the guidance range, driven by same-store revenue growth
exceeding 10%
*Some of the financial measures throughout this press release
are non-GAAP measures. Refer to the Non-GAAP Financial Measures
Reconciliation tables at the end of this press release for
additional information and a reconciliation to the most directly
comparable GAAP measure.
CEO Remarks
“Ventas delivered strong results in the second quarter of 2022,
with business performance at the high end of our expectations. We
drove attractive year-over-year top and bottom-line growth in our
SHOP portfolio, which benefitted from strong demand and expanding
pricing power, offsetting anticipated expense growth caused by
broad inflationary pressures,” said Debra A. Cafaro, Ventas
Chairman and CEO.
“In the third quarter of 2022, we are again projecting that our
earnings will benefit from outstanding year-over-year growth in our
SHOP segment. Third quarter earnings will also reflect the benefit
of HHS grants received during the quarter.
“We continue to find compelling investment opportunities, with
$1.3 billion of investment activity year to date. Our life science,
research & innovation business is demonstrating significant
momentum in investments, deliveries and leasing, including the
announcement of two new marquee projects with major research
institutions. We are experiencing accelerating demand across this
portfolio from leading universities and other prominent commercial
enterprises.
“We believe Ventas is in an advantaged position to deliver value
in a dynamic business environment because of our high quality,
diversified portfolio and our differentiated industry insights and
deep experience,” Cafaro concluded.
Second Quarter 2022 Enterprise
Results
For the second quarter 2022, reported per share results
were:
Quarter Ended June 30,
20222
20211
$ Change
% Change
Attributable Net Income (Loss)
($0.11)
$0.23
($0.34)
n/a
Nareit FFO*
$0.60
$0.78
($0.18)
(23.1%)
Normalized FFO*
$0.72
$0.73
($0.01)
(1.4%)
*
Some of the financial measures throughout
this press release are non-GAAP measures. Refer to the Non-GAAP
Financial Measures Reconciliation tables at the end of this press
release for additional information and a reconciliation to the most
directly comparable GAAP measure.
1
The 2Q21 period included a benefit of
$0.02 due to Ventas’s share of HHS grants received by Ardent.
2
The 2Q22 period includes a non-cash mark
to market charge of ($0.09) per share on Brookdale warrants in
Attributable Net Income (Loss) and Nareit FFO. The Brookdale
warrants are valued at approximately $40 million as of June 30,
2022.
Second Quarter 2022 Property
Results
2Q22 (Quarterly Pools)
Year-Over-Year
Same-Store Cash NOI*
Growth
Business Segment
Properties
% Growth
SHOP
321
8.7%
Office
331
3.2%
Triple-Net
330
(0.6%)
Total Company
982
3.5%
*
Some of the financial measures throughout
this press release are non-GAAP measures. Refer to the Non-GAAP
Financial Measures Reconciliation tables at the end of this press
release for additional information and a reconciliation to the most
directly comparable GAAP measure.
SHOP Portfolio (33% of Total Portfolio)
SHOP year-over-year same-store (321 assets) cash NOI growth of
nearly 9% in the second quarter of 2022 was driven primarily by the
U.S., which increased nearly 14%. Canada continued to experience
COVID-19 related impacts in the quarter and grew NOI by 1%.
- Same-store SHOP revenue in the second quarter grew
year-over-year by over 10% due to positive trends in occupancy and
accelerating RevPOR growth.
- Same-store average occupancy grew year-over-year by 390 basis
points to 83.7% in the second quarter 2022, in-line with the
guidance of 400 basis points. Robust demand continued a trend of
positive net move-ins each month in the second quarter.
- Same-store RevPOR increased by 5% versus the prior year, the
largest increase in the past decade, driven by growth in base rent
and care pricing, and re-leasing spreads that continue to trend
favorably and ended the quarter at nearly flat.
- Operating expenses were consistent with the Company’s guidance.
Year-over-year same-store operating expenses grew 11%, driven by
continued macro inflationary impacts throughout the quarter on
labor, utilities and other operating expenses.
- Resident confirmed COVID-19 cases and employee absences due to
COVID-19 increased during the quarter. The increase in COVID-19
cases affected move-ins and staffing at certain communities.
- On a sequential basis, SHOP same-store (536 assets) cash NOI
outperformed pre-COVID seasonal trends, and grew over 6%, led by 70
basis points of occupancy growth and strong performance across the
portfolio. Net hiring improved, and contract labor costs declined,
modestly from the first quarter 2022. Cash NOI margins also
increased sequentially by 110 basis points to 23.0% in the second
quarter 2022.
Office Portfolio (32% of Total Portfolio)
- Office year-over-year same-store cash NOI increased by 3.2%,
above the high end of the Company’s guidance range, driven by
contractual escalators, strong retention, new leasing and favorable
expense controls.
Triple-Net Portfolio (32% of Total Portfolio)
- Triple-Net year-over-year same-store cash NOI decreased by
(0.6%), better than the high end of the Company’s guidance range,
driven by the previously communicated lease resolutions with
several smaller senior housing triple-net tenants who were
materially affected by the COVID-19 pandemic.
Select Investment
Activity
- Ventas continues to expand its advantaged university-based life
science, research & innovation (“R&I”) platform by
committing to additional attractive development projects that will
generate future growth. Ventas has $1.6 billion of life science,
R&I developments in progress, including two exciting new
projects announced today. These new projects demonstrate Ventas’s
ability to leverage strong relationships with the nation’s leaders
in research, medicine and higher education to execute on
high-quality, large-scale transactions:
- Atrium Health/Wake Forest University School of Medicine:
Ventas, together with JV partners Wexford and Atrium Health, expect
to break ground on a new 637k square foot development (the “Pearl
Project”) in Charlotte, North Carolina, one of the fastest growing
cities in the U.S. The Pearl Project will include research, lab,
medical and academic uses and is ~70% pre-leased to Aa3 rated
non-profit health system Atrium Health and to Wake Forest
University School of Medicine. The Pearl Project has an expected
completion date of 2025 and is expected to achieve a 7.5% GAAP
yield upon stabilization on estimated project costs of $0.4
billion.
- Atrium Health is an integrated, non-profit health system and,
following the completion of its announced merger with Advocate
Aurora Health, will be among the Top 10 largest health systems in
the U.S. with nearly 70 hospitals and $27 billion in annual
revenue. Wake Forest University School of Medicine is one of the
top ranked medical schools in the U.S. and is expected to become
the academic core of the combined Atrium Health system in
Charlotte.
- IRCAD, the renowned training institute in advanced surgical
techniques and robotics for world-class surgeons, plans to open its
exclusive North American headquarters in the Pearl Project via a
public-private partnership with Atrium Health.
- University of Washington: Ventas and Wexford have been selected
by the University of Washington to develop a project exceeding 300k
square feet in Seattle anchored by the University of Washington and
designated as its Center for Advanced Materials and Clean Energy
Testbeds. The University of Washington is a world-class research
university, receiving more federal research funding than any other
U.S. public university. Seattle is the nation’s #6 ranked life
science market. The building is expected to support a planned mix
of research programming in clean energy, medicine and life
science.
- In July, Ventas delivered the Drexel University Health Science
Building, a 100%-leased, 450k square foot development in
Philadelphia’s renowned University City submarket. Drexel
University Health Science Building, which was developed in
collaboration with Ventas and its strategic partner Wexford, was
delivered on-budget and ahead of schedule. The project is within
Ventas’s institutional third-party capital management platform
(VIM), with GIC as a partner. The project is expected to generate
an attractive cash and GAAP yield of 7% and 10%, respectively.
- The Company expects to acquire a newly developed 88-unit Class
A assisted living and memory care community in the Charlotte, NC
MSA for $33 million at an attractive in-place yield of nearly 6%.
Favorable local market dynamics, including attractive demographics
and limited existing or new competition, underpin the community’s
strong occupancy and financial performance. The current manager, a
well-regarded regional operator, will continue to manage the
community.
- Additionally, the Ventas Life Science and Healthcare Real
Estate Fund, LP (the “Fund”) continued its momentum in identifying
attractive core investments and successfully generating strong
returns for investment partners. In the second quarter, the Fund
acquired a high-quality medical office building leased to leading
Portland, Oregon healthcare provider Legacy Health System for $53
million. This off-market transaction was acquired at an attractive
expected GAAP yield of 5.7%. In just two years since inception, the
Fund now has over $3 billion in assets under management across 12
properties principally in life science and ranks among the most
successful fund launches in the real estate space.
Financial Strength and
Flexibility
- During and subsequent to the second quarter of 2022, Ventas
strengthened its liquidity and debt maturity profile, received
positive credit rating actions and enjoyed a strong financial
position:
- Three credit rating agencies – S&P Global Ratings, Fitch
Ratings and Moody’s – took positive actions regarding Ventas’s
credit. The agencies attributed their actions to the sustained SHOP
recovery that is underway, the durable cashflows from our
diversified portfolio and Ventas’s commitment to a strong financial
position. S&P and Fitch reaffirmed Ventas’s BBB+ investment
grade credit rating and Moody’s reaffirmed Ventas’s Baa1 investment
grade credit rating, and all three rating agencies improved their
outlook for Ventas to Stable.
- In June, Ventas extended its debt duration and committed
capital at more attractive pricing by refinancing an existing $200
million term loan maturing in 2023 with a new $500 million term
loan facility that matures in 2027. The new term loan was supported
by twenty lending relationships.
- Key financial statistics at quarter-end include:
- $2.5 billion quarter-end liquidity
- Weighted average cost of debt of 3.5% with a total weighted
average maturity of 6 years
- 89% of consolidated debt outstanding is at fixed rates
- Limited total enterprise debt maturities through year-end
2024
Corporate Leadership
- Women Corporate Directors (“WCD”) announced that Debra A.
Cafaro, Ventas Chairman and CEO, will receive its annual Visionary
Award for Strategic Leadership. Through this award, WCD identifies
women CEOs or board chairs who demonstrate leadership through
innovation, board and management team diversity and the successful
pursuit of long-term strategic growth, while developing programs to
mentor and promote female employees and playing a role in their
community.
Third Quarter 2022
Guidance
The Company currently expects to report third quarter 2022
Attributable Net Income (Loss), Nareit FFO and Normalized FFO per
share within the following ranges, which include $20 million (or
$0.05 per share) of HHS grants received to date in the third
quarter 2022:
3Q22 Guidance
Per Share
Low
High
Attributable Net Income (Loss)
$0.04
-
$0.09
Nareit FFO*
$0.74
-
$0.79
Normalized FFO*
$0.73
-
$0.78
*
Some of the financial measures throughout
this press release are non-GAAP measures. Refer to the Non-GAAP
Financial Measures Reconciliation tables at the end of this press
release for additional information and a reconciliation to the most
directly comparable GAAP measure.
Third quarter 2022 same-store cash NOI growth guidance ranges
are as follows, with the SHOP same-store cash NOI outlook excluding
the benefit of the HHS grants:
3Q22 Guidance: Same-Store Cash
NOI* Growth
(vs. 3Q21, Quarterly
Pools)
Percentage Change
Business
Segment
Low
High
SHOP
9.0%
-
15.0%
Office
1.0%
-
2.0%
Triple-Net
(1.0%)
-
0.0%
Total Company
2.5%
-
5.0%
*
Some of the financial measures throughout
this press release are non-GAAP measures. Refer to the Non-GAAP
Financial Measures Reconciliation tables at the end of this press
release for additional information and a reconciliation to the most
directly comparable GAAP measure.
Key assumptions underlying the third quarter 2022 guidance
include:
- SHOP: SHOP same-store cash NOI is expected to grow in the range
of 9% to 15% year-over-year. Ventas anticipates year-over-year
revenue growth of approximately 8% at the midpoint of the
same-store cash NOI guidance range, driven by the expected
combination of 250 to 300 basis points of occupancy growth and
improved rates. Year-over-year revenue growth is expected to be
partially mitigated by continued broad inflationary expense
pressure. Sequential SHOP cash NOI is expected to outperform
pre-pandemic seasonal patterns. SHOP same-store cash NOI results
and guidance do not include the benefit of the HHS grants in any
period.
- Office: Same-store cash NOI growth year-over-year is expected
to be driven by contractual escalators and new leasing partially
offset by expense growth and frictional vacancy in R&I.
- Triple-Net: Same-store cash NOI growth year-over-year is driven
by previously announced lease resolutions with senior housing
triple-net tenants who were materially affected by the COVID-19
pandemic. Ventas expects to receive the benefit of upward future
performance in its assets over time through revenue- or NOI-based
payments.
- HHS grants: In the third quarter 2022, to date, the Company has
received approximately $20 million of HHS grants. The Company’s
guidance assumes that no additional HHS grants are received during
the quarter.
- Interest Rates and Foreign Exchange: Rising interest rates on
floating rate debt and a strengthening U.S. Dollar are expected to
reduce Normalized FFO by approximately ($0.02) per share in the
third quarter versus the second quarter 2022.
- General and Administrative Expenses: The Normalized FFO impact
of third quarter general and administrative expenses is expected to
range from approximately $36 million to $38 million.
- Transactions: The guidance does not assume any new or
unannounced material acquisitions or capital markets
activities.
- Dispositions: Disposition proceeds of $100 million are
anticipated in the second half of 2022.
- The guidance assumes no material changes in the impact of
COVID-19 on the Company’s business. The trajectory and future
impact of COVID-19 on various aspects of the business remain highly
uncertain and may change rapidly.
Please see below for further discussion and our definitions of
non-GAAP measures along with reconciliations to the most directly
comparable GAAP measure. Ventas will provide additional detail
regarding its third quarter outlook and assumptions on the second
quarter 2022 conference call.
Investor Presentation
A second quarter business update presentation is posted to the
Events & Presentations section of Ventas’s website at
ir.ventasreit.com/events-and-presentations. Additional information
regarding the Company can be found in its second quarter 2022
supplemental posted at ir.ventasreit.com. The information contained
on, or that may be accessed through, our website, including the
information contained in the aforementioned presentation and
supplemental, is not incorporated by any reference into, and is not
part of, this document.
Second Quarter 2022 Results Conference
Call
Ventas will hold a conference call to discuss this earnings
release on Friday, August 5, 2022 at 10:00 a.m. Eastern Time (9:00
a.m. Central Time).
The dial-in number for the conference call is (888) 330-3576 (or
+1 (646) 960-0672 for international callers), and the participant
passcode is 7655497. A live webcast can be accessed from the
Investor Relations section of www.ventasreit.com.
A telephonic replay will be available at (800) 770-2030 (or +1
(647) 362-9199 for international callers), passcode 7655497, after
the earnings call and will remain available for 30 days. The
webcast replay will be posted in the Investor Relations section of
www.ventasreit.com.
About Ventas
Ventas Inc., an S&P 500 company, operates at the
intersection of two large and dynamic industries – healthcare and
real estate. Fueled by powerful demographic demand from growth in
the aging population, Ventas owns a diversified portfolio of over
1,200 properties in the United States, Canada, and the United
Kingdom. Ventas uses the power of its capital to unlock the value
of senior living communities; life science, research &
innovation properties; medical office & outpatient facilities,
hospitals and other healthcare real estate. A globally-recognized
real estate investment trust, Ventas follows a successful long-term
strategy, proven over more than 20 years, built on diversification
of property types, capital sources and industry leading partners,
financial strength and flexibility, consistent and reliable growth
and industry leading ESG achievements, managed by a collaborative
and experienced team dedicated to its stakeholders.
Non-GAAP Financial
Measures
This press release includes certain financial performance
measures not defined by generally accepted accounting principles in
the United States (“GAAP”). Reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP measures
are included in this press release. We believe such measures
provide investors with additional information concerning our
operating performance and a basis to compare our performance with
the performance of other REITs. Our definitions and calculations of
these non-GAAP measures may not be the same as similar measures
reported by other REITs.
These non-GAAP financial measures should not be considered as
alternatives to net income attributable to common stockholders
(determined in accordance with GAAP) as indicators of our financial
performance, as alternatives to cash flow from operating activities
(determined in accordance with GAAP), or as measures of our
liquidity, nor are these measures necessarily indicative of
sufficient cash flow to fund all of our needs.
Cautionary Statements
Certain of the information contained herein, including
intra-quarter operating information and number of confirmed cases
of COVID-19, has been provided by our operators and we have not
verified this information through an independent investigation or
otherwise. We have no reason to believe that this information is
inaccurate in any material respect, but we cannot assure you of its
accuracy.
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include, among others,
statements of expectations, beliefs, future plans and strategies,
anticipated results from operations and developments and other
matters that are not historical facts. Forward-looking statements
include, among other things, statements regarding our and our
officers’ intent, belief or expectation as identified by the use of
words such as “may,” “will,” “project,” “expect,” “believe,”
“intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,”
“potential,” “opportunity,” “estimate,” “could,” “would,” “should”
and other comparable and derivative terms or the negatives
thereof.
Forward-looking statements are based on management’s beliefs as
well as on a number of assumptions concerning future events. You
should not put undue reliance on these forward-looking statements,
which are not a guarantee of performance and are subject to a
number of uncertainties and other factors that could cause actual
events or results to differ materially from those expressed or
implied by the forward-looking statements. We do not undertake a
duty to update these forward-looking statements, which speak only
as of the date on which they are made. You are urged to carefully
review the disclosures we make concerning risks and uncertainties
that may affect our business and future financial performance,
including those made below and in our filings with the Securities
and Exchange Commission, such as in the section titled “Cautionary
Statements — Summary Risk Factors,” “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2021 and Quarterly Report on Form
10-Q for the quarter ended March 31, 2022.
Certain factors that could affect our future results and our
ability to achieve our stated goals include, but are not limited
to: (a) the impact of the ongoing COVID-19 pandemic and its
extended consequences, including of the Delta, Omicron or any other
variant, on our revenue, level of profitability, liquidity and
overall risk exposure and the implementation and impact of
regulations related to the CARES Act and other stimulus legislation
and any future COVID-19 relief measures; (b) our ability to achieve
the anticipated benefits and synergies from, and effectively
integrate, our acquisitions and investments, including our
acquisition of New Senior Investment Group Inc.; (c) our exposure
and the exposure of our tenants, managers and borrowers to complex
healthcare and other regulation and the challenges and expense
associated with complying with such regulation; (d) the potential
for significant general and commercial claims, legal actions,
regulatory proceedings or enforcement actions that could subject us
or our tenants, managers or borrowers to increased operating costs
and uninsured liabilities; (e) the impact of market and general
economic conditions, including economic and financial market
events, inflation, changes in interest rates, supply chain
pressures, events that affect consumer confidence, our occupancy
rates and resident fee revenues, and the actual and perceived state
of the real estate markets, labor markets and public capital
markets; (f) our ability, and the ability of our tenants, managers
and borrowers, to navigate the trends impacting our or their
businesses and the industries in which we or they operate; (g) the
risk of bankruptcy, insolvency or financial deterioration of our
tenants, managers, borrowers and other obligors and our ability to
foreclose successfully on the collateral securing our loans and
other investments in the event of a borrower default; (h) our
ability to identify and consummate future investments in or
dispositions of healthcare assets and effectively manage our
portfolio opportunities and our investments in co-investment
vehicles, joint ventures and minority interests; (i) risks related
to development, redevelopment and construction projects; (j) our
ability to attract and retain talented employees; (k) the
limitations and significant requirements imposed upon our business
as a result of our status as a REIT and the adverse consequences
(including the possible loss of our status as a REIT) that would
result if we are not able to comply; (l) the risk of changes in
healthcare law or regulation or in tax laws, guidance and
interpretations, particularly as applied to REITs, that could
adversely affect us or our tenants, managers or borrowers; (m)
increases in our borrowing costs as a result of becoming more
leveraged or as a result of changes in interest rates and phasing
out of LIBOR rates; (n) our reliance on third parties to operate a
majority of our assets and our limited control and influence over
such operations and results; (o) our dependency on a limited number
of tenants and managers for a significant portion of our revenues
and operating income; (p) the adequacy of insurance coverage
provided by our policies and policies maintained by our tenants,
managers or other counterparties; (q) the occurrence of cyber
incidents that could disrupt our operations, result in the loss of
confidential information or damage our business relationships and
reputation; (r) the impact of merger, acquisition and investment
activity in the healthcare industry or otherwise affecting our
tenants, managers or borrowers; (s) disruptions to the management
and operations of our business and the uncertainties caused by
activist investors; and (t) the risk of catastrophic or extreme
weather and other natural events and the physical effects of
climate change.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except per
share amounts; dollars in USD; unaudited)
June 30,
December 31,
2022
2021
Assets
Real estate investments:
Land and improvements
$
2,444,519
$
2,432,065
Buildings and improvements
26,186,712
25,778,490
Construction in progress
251,300
269,315
Acquired lease intangibles
1,361,671
1,369,747
Operating lease assets
315,896
317,858
30,560,098
30,167,475
Accumulated depreciation and
amortization
(8,834,315
)
(8,350,637
)
Net real estate property
21,725,783
21,816,838
Secured loans receivable and investments,
net
529,630
530,126
Investments in unconsolidated real estate
entities
533,705
523,465
Net real estate investments
22,789,118
22,870,429
Cash and cash equivalents
127,073
149,725
Escrow deposits and restricted cash
48,958
46,872
Goodwill
1,044,509
1,046,140
Assets held for sale
31,768
28,399
Deferred income tax assets, net
11,152
11,152
Other assets
575,577
565,069
Total assets
$
24,628,155
$
24,717,786
Liabilities and equity
Liabilities:
Senior notes payable and other debt
$
12,328,140
$
12,027,544
Accrued interest
104,419
106,602
Operating lease liabilities
194,241
197,234
Accounts payable and other liabilities
1,062,935
1,090,254
Liabilities related to assets held for
sale
5,871
10,850
Deferred income tax liabilities
46,613
59,259
Total liabilities
13,742,219
13,491,743
Redeemable OP unitholder and
noncontrolling interests
282,542
280,283
Commitments and contingencies
Equity:
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000
shares authorized, unissued
—
—
Common stock, $0.25 par value; 600,000
shares authorized, 399,715 and 399,420 shares issued at June 30,
2022 and December 31, 2021, respectively
99,913
99,838
Capital in excess of par value
15,514,015
15,498,956
Accumulated other comprehensive loss
(56,355
)
(64,520
)
Retained earnings (deficit)
(5,044,569
)
(4,679,889
)
Treasury stock, 7 and 0 shares issued at
June 30, 2022 and December 31, 2021, respectively
(408
)
—
Total Ventas stockholders’ equity
10,512,596
10,854,385
Noncontrolling interests
90,798
91,375
Total equity
10,603,394
10,945,760
Total liabilities and equity
$
24,628,155
$
24,717,786
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per
share amounts; dollars in USD; unaudited)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2022
2021
2022
2021
Revenues
Rental income:
Triple-net leased
$
149,397
$
159,223
$
300,958
$
319,108
Office
199,241
200,388
399,781
397,843
348,638
359,611
700,739
716,951
Resident fees and services
658,056
535,952
1,309,177
1,064,602
Office building and other services
revenue
4,326
5,381
8,275
10,331
Income from loans and investments
10,752
17,665
20,599
36,675
Interest and other income
1,166
585
1,702
926
Total revenues
1,022,938
919,194
2,040,492
1,829,485
Expenses
Interest
113,951
110,051
224,745
220,818
Depreciation and amortization
283,075
250,700
572,139
564,848
Property-level operating expenses:
Senior housing
507,446
424,813
982,976
842,642
Office
63,328
64,950
126,511
128,896
Triple-net leased
3,585
4,432
7,593
9,257
574,359
494,195
1,117,080
980,795
Office building and other services
costs
1,410
658
2,723
1,276
General, administrative and professional
fees
32,915
30,588
75,913
70,897
Loss (gain) on extinguishment of debt,
net
7
(74
)
7
27,016
Transaction expenses and deal costs
13,078
721
33,070
5,338
Allowance on loans receivable and
investments
(62
)
(59
)
(116
)
(8,961
)
Other
48,116
(13,490
)
20,926
(22,918
)
Total expenses
1,066,849
873,290
2,046,487
1,839,109
(Loss) income before unconsolidated
entities, real estate dispositions, income taxes and noncontrolling
interests
(43,911
)
45,904
(5,995
)
(9,624
)
(Loss) income from unconsolidated
entities
(1,047
)
4,767
(5,316
)
4,517
(Loss) gain on real estate
dispositions
(34
)
41,258
2,421
43,791
Income tax benefit (expense)
3,790
(3,641
)
8,280
(5,794
)
(Loss) income from continuing
operations
(41,202
)
88,288
(610
)
32,890
Net (loss) income
(41,202
)
88,288
(610
)
32,890
Net income attributable to noncontrolling
interests
1,214
1,897
3,074
3,708
Net (loss) income attributable to common
stockholders
$
(42,416
)
$
86,391
$
(3,684
)
$
29,182
Earnings per common share
Basic:
(Loss) income from continuing
operations
$
(0.10
)
$
0.24
$
—
$
0.09
Net (loss) income attributable to common
stockholders
(0.11
)
0.23
(0.01
)
0.08
Diluted:1
(Loss) income from continuing
operations
$
(0.10
)
$
0.23
$
—
$
0.09
Net (loss) income attributable to common
stockholders
(0.11
)
0.23
(0.01
)
0.08
Weighted average shares used in
computing earnings per common share
Basic
399,592
375,067
399,445
374,869
Diluted
403,526
378,408
403,393
378,161
1
Potential common shares are not included
in the computation of diluted earnings per share when a loss from
continuing operations exists as the effect would be an antidilutive
per share amount.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Funds From Operations
Attributable to Common Stockholders (FFO)
(In thousands, except per
share amounts; dollars in USD; totals may not sum due to rounding;
unaudited)
Q2 YoY
2022
2021
Change
Q2
Q2
’22-’21
Net (loss) income attributable to
common stockholders
$
(42,416
)
$
86,391
(149
%)
Net (loss) income attributable to
common stockholders per share 1
$
(0.11
)
$
0.23
N/A
Adjustments:
Depreciation and amortization on real
estate assets
282,313
249,527
Depreciation on real estate assets related
to noncontrolling interests
(4,335
)
(4,678
)
Depreciation on real estate assets related
to unconsolidated entities
7,621
4,615
Loss (gain) on real estate
dispositions
34
(41,258
)
Loss on real estate dispositions related
to noncontrolling interests
—
(7
)
Gain on real estate dispositions related
to unconsolidated entities
(301
)
—
Subtotal: Nareit FFO adjustments
285,332
208,199
Subtotal: Nareit FFO adjustments per
share
$
0.71
$
0.55
Nareit FFO attributable to common
stockholders
$
242,916
$
294,590
(18
%)
Nareit FFO attributable to common
stockholders per share
$
0.60
$
0.78
(23
%)
Adjustments:
Change in fair value of financial
instruments
37,837
(23,211
)
Non-cash income tax (benefit) expense
(5,379
)
1,166
Loss (gain) on extinguishment of debt, net
of noncontrolling interests and including Ventas’ share
attributable to unconsolidated entities
7
(74
)
Gain on transactions related to
unconsolidated entities
—
(10
)
Transaction expenses and deal costs, net
of noncontrolling interests and including Ventas’ share
attributable to unconsolidated entities
15,027
1,769
Amortization of other intangibles
including Ventas’ share attributable to unconsolidated entities
268
116
Other items related to unconsolidated
entities
(1,285
)
43
Non-cash impact of changes to equity
plan
(2,389
)
(2,298
)
Materially disruptive events, net
including Ventas’ share attributable to unconsolidated entities
2,074
3,128
Allowance on loan investments, net of
noncontrolling interests
(61
)
(57
)
Subtotal: Normalized FFO adjustments
46,099
(19,428
)
Subtotal: Normalized FFO adjustments per
share
$
0.11
$
(0.05
)
Normalized FFO attributable to common
stockholders
$
289,015
$
275,162
5
%
Normalized FFO attributable to common
stockholders per share
$
0.72
$
0.73
(1
%)
Weighted average diluted shares
403,526
378,408
1
Potential common shares are not included
in the computation of diluted earnings per share when a loss from
continuing operations exists as the effect would be an antidilutive
per share amount.
Historical cost accounting for real estate assets implicitly
assumes that the value of real estate assets diminishes predictably
over time. However, since real estate values historically have
risen or fallen with market conditions, many industry investors
deem presentations of operating results for real estate companies
that use historical cost accounting to be insufficient by
themselves. For that reason, the Company considers Nareit FFO and
Normalized FFO to be appropriate supplemental measures of operating
performance of an equity REIT. The Company believes that the
presentation of FFO, combined with the presentation of required
GAAP financial measures, has improved the understanding of
operating results of REITs among the investing public and has
helped make comparisons of REIT operating results more meaningful.
Management generally considers Nareit FFO to be a useful measure
for understanding and comparing our operating results because, by
excluding gains and losses related to sales of previously
depreciated operating real estate assets, impairment losses on
depreciable real estate and real estate asset depreciation and
amortization (which can differ across owners of similar assets in
similar condition based on historical cost accounting and useful
life estimates), Nareit FFO can help investors compare the
operating performance of a company’s real estate across reporting
periods and to the operating performance of other companies. The
Company believes that Normalized FFO is useful because it allows
investors, analysts and Company management to compare the Company’s
operating performance to the operating performance of other real
estate companies across periods on a consistent basis without
having to account for differences caused by non-recurring items and
other non-operational events such as transactions and litigation.
In some cases, the Company provides information about identified
non-cash components of Nareit FFO and Normalized FFO because it
allows investors, analysts and Company management to assess the
impact of those items on the Company’s financial results.
Nareit Funds from Operations Attributable to Common
Stockholders (“Nareit FFO”)
The Company uses the National Association of Real Estate
Investment Trusts (“Nareit”) definition of FFO. Nareit defines FFO
as net income attributable to common stockholders (computed in
accordance with GAAP) excluding gains (or losses) from sales of
real estate property, including gain (or loss) on re-measurement of
equity method investments and impairment write-downs of depreciable
real estate, plus real estate depreciation and amortization, and
after adjustments for unconsolidated entities and noncontrolling
interests. Adjustments for unconsolidated entities and
noncontrolling interests will be calculated to reflect FFO on the
same basis.
Normalized FFO
The Company defines Normalized FFO as Nareit FFO excluding the
following income and expense items, without duplication: (a)
transaction expenses and deal costs, including transaction,
integration and severance-related costs and expenses, and
amortization of intangibles, in each case net of noncontrolling
interests’ share of these items and including Ventas’ share of
these items from unconsolidated entities; (b) the impact of
expenses related to asset impairment and valuation allowances, the
write-off of unamortized deferred financing fees or additional
costs, expenses, discounts, make-whole payments, penalties or
premiums incurred as a result of early retirement or payment of the
Company’s debt; (c) the non-cash effect of income tax benefits or
expenses, the non-cash impact of changes to the Company’s executive
equity compensation plan, derivative transactions that have
non-cash mark-to-market impacts on the Company’s income statement
and non-cash charges related to leases; (d) the financial impact of
contingent consideration; (e) gains and losses for non-operational
foreign currency hedge agreements and changes in the fair value of
financial instruments; (f) gains and losses on non-real estate
dispositions and other items related to unconsolidated entities;
(g) net expenses or recoveries related to materially disruptive
events; and (h) other items set forth in the Normalized FFO
reconciliation included herein.
Nareit FFO and Normalized FFO presented herein may not be
comparable to those presented by other real estate companies due to
the fact that not all real estate companies use the same
definitions. Nareit FFO and Normalized FFO should not be considered
as alternatives to net income attributable to common stockholders
(determined in accordance with GAAP) as indicators of the Company’s
financial performance or as alternatives to cash flow from
operating activities (determined in accordance with GAAP) as
measures of the Company’s liquidity, nor are they necessarily
indicative of sufficient cash flow to fund all of the Company’s
needs. The Company believes that in order to facilitate a clear
understanding of the consolidated historical operating results of
the Company, Nareit FFO and Normalized FFO should be examined in
conjunction with net income attributable to common stockholders as
presented elsewhere herein.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Third Quarter 2022
Guidance1
Net Income and FFO
Attributable to Common Stockholders
(In millions, except per share
amounts; dollars in USD; totals may not sum due to rounding;
unaudited)
Q3 2022
Q3 2022 - Per Share
Low
High
Low
High
Net income attributable to common
stockholders
$16
$38
$0.04
$0.09
Depreciation and amortization
adjustments
283
281
0.70
0.70
Gain on real estate dispositions
—
—
0.00
0.00
Other adjustments2
—
—
0.00
0.00
Nareit FFO attributable to common
stockholders
$299
$319
$0.74
$0.79
Other adjustments2
(4)
(4)
(0.01)
(0.01)
Normalized FFO attributable to common
stockholders
$295
$315
$0.73
$0.78
% Year-over-year growth
0%
7%
Memo: Net HHS grants included in above
earnings measures
$20
$20
$0.05
$0.05
Weighted average diluted shares (in
millions)
404
404
1
Per share amounts may not add to total per
share amounts due to changes in the Company's weighted average
diluted share count, if any. Same-store Cash NOI is at constant
currency.
2
Other adjustments include the categories
of adjustments presented in our “Non-GAAP Financial Measures
Reconciliation – Funds From Operations Attributable to Common
Stockholders (FFO)”.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Net Operating Income (NOI) and
Same-Store Cash NOI by Segment (Constant Currency)
(Dollars in thousands USD,
unless otherwise noted; totals may not sum due to rounding;
unaudited)
For the Three Months Ended
June 30, 2022
SHOP
Office
Triple-Net
Non-Segment
Total
Net loss attributable to common
stockholders
$
(42,416
)
Adjustments:
Interest and other income
(1,166
)
Interest expense
113,951
Depreciation and amortization
283,075
General, administrative and professional
fees
32,915
Loss on extinguishment of debt, net
7
Transaction expenses and deal costs
13,078
Allowance on loans receivable and
investments
(62
)
Other
48,116
Loss from unconsolidated entities
1,047
Loss on real estate dispositions
34
Income tax benefit
(3,790
)
Net income attributable to noncontrolling
interests
1,214
NOI
$
150,610
$
136,583
$
145,812
$
12,998
$
446,003
Adjustments:
Straight-lining of rental income
—
(2,747
)
(971
)
—
(3,718
)
Non-cash rental income
—
(3,493
)
(12,610
)
—
(16,103
)
NOI not included in Cash NOI1
(317
)
(576
)
(197
)
—
(1,090
)
Non-segment NOI
—
—
—
(12,998
)
(12,998
)
Cash NOI
$
150,293
$
129,767
$
132,034
$
—
$
412,094
Adjustments:
Cash NOI not included in same-store
(31,830
)
(7,065
)
(1,559
)
—
(40,454
)
Same-store Cash NOI - constant
currency
$
118,463
$
122,702
$
130,475
$
—
$
371,640
Percentage increase (decrease) - constant
currency
8.7
%
3.2
%
(0.6
%)
3.5
%
For the Three Months Ended
June 30, 2021
SHOP
Office
Triple-Net
Non-Segment
Total
Net income attributable to common
stockholders
$
86,391
Adjustments:
Interest and other income
(585
)
Interest expense
110,051
Depreciation and amortization
250,700
General, administrative and professional
fees
30,588
Gain on extinguishment of debt, net
(74
)
Transaction expenses and deal costs
721
Allowance on loans receivable and
investments
(59
)
Other
(13,490
)
Income from unconsolidated entities
(4,767
)
Gain on real estate dispositions
(41,258
)
Income tax expense
3,641
Net income attributable to noncontrolling
interests
1,897
NOI
$
111,139
$
137,320
$
154,791
$
20,506
$
423,756
Adjustments:
Straight-lining of rental income
—
(1,496
)
(1,808
)
—
(3,304
)
Non-cash rental income
—
(4,478
)
(11,905
)
—
(16,383
)
Cash modification/termination fees
—
12,037
—
—
12,037
NOI not included in Cash NOI1
(1,313
)
(9,583
)
(9,127
)
—
(20,023
)
Non-segment NOI
—
—
—
(20,506
)
(20,506
)
NOI impact from change in FX
(1,687
)
—
(695
)
—
(2,382
)
Cash NOI
$
108,139
$
133,800
$
131,256
$
—
$
373,195
Adjustments:
Cash termination fees not in
same-store
—
(12,037
)
—
—
(12,037
)
Cash NOI not included in same-store
784
(2,922
)
—
—
(2,138
)
NOI impact from change in FX not in
same-store
29
—
—
—
29
Same-store Cash NOI - constant
currency
$
108,952
$
118,841
$
131,256
$
—
$
359,049
1
Excludes sold assets, assets held for
sale, development properties not yet operational and land
parcels.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Sequential Net Operating
Income (NOI) and Same-Store Cash NOI by Segment (Constant
Currency)
(Dollars in thousands USD,
unless otherwise noted; totals may not sum due to rounding;
unaudited)
For the Three Months Ended
June 30, 2022
SHOP
Office
Triple-Net
Non-Segment
Total
Net loss attributable to common
stockholders
$
(42,416
)
Adjustments:
Interest and other income
(1,166
)
Interest expense
113,951
Depreciation and amortization
283,075
General, administrative and professional
fees
32,915
Loss on extinguishment of debt, net
7
Transaction expenses and deal costs
13,078
Allowance on loans receivable and
investments
(62
)
Other
48,116
Loss from unconsolidated entities
1,047
Loss on real estate dispositions
34
Income tax benefit
(3,790
)
Net income attributable to noncontrolling
interests
1,214
NOI
$
150,610
$
136,583
$
145,812
$
12,998
$
446,003
Adjustments:
Straight-lining of rental income
—
(2,747
)
(971
)
—
(3,718
)
Non-cash rental income
—
(3,493
)
(12,610
)
—
(16,103
)
NOI not included in Cash NOI1
(317
)
(576
)
(197
)
—
(1,090
)
Non-segment NOI
—
—
—
(12,998
)
(12,998
)
Cash NOI
$
150,293
$
129,767
$
132,034
$
—
$
412,094
Adjustments:
Cash NOI not included in same-store
(2,276
)
(6,283
)
—
—
(8,559
)
Same-store Cash NOI - constant
currency
$
148,017
$
123,484
$
132,034
$
—
$
403,535
Percentage increase (decrease) - constant
currency
6.1
%
(0.6
%)
(1.3
%)
1.5
%
For the Three Months Ended
March 31, 2022
SHOP
Office
Triple-Net
Non-Segment
Total
Net income attributable to common
stockholders
$
38,732
Adjustments:
Interest and other income
(536
)
Interest expense
110,794
Depreciation and amortization
289,064
General, administrative and professional
fees
42,998
Transaction expenses and deal costs
19,992
Allowance on loans receivable and
investments
(54
)
Other
(27,190
)
Loss from unconsolidated entities
4,269
Gain on real estate dispositions
(2,455
)
Income tax benefit
(4,490
)
Net income attributable to noncontrolling
interests
1,860
NOI
$
175,591
$
137,974
$
147,553
$
11,866
$
472,984
Adjustments:
Straight-lining of rental income
—
(2,785
)
(1,056
)
—
(3,841
)
Non-cash rental income
—
(5,698
)
(11,716
)
—
(17,414
)
NOI not included in Cash NOI1
(654
)
(564
)
(538
)
—
(1,756
)
Non-segment NOI
—
—
—
(11,866
)
(11,866
)
NOI impact from change in FX
(351
)
—
(433
)
—
(784
)
HHS grants received
(32,821
)
—
—
—
(32,821
)
Cash NOI
$
141,765
$
128,927
$
133,810
$
—
$
404,502
Adjustments:
Cash NOI not included in same-store
(2,798
)
(4,710
)
—
—
(7,508
)
HHS grants not included in same-store
558
—
—
—
558
NOI impact from change in FX not in
same-store
13
—
—
—
13
Same-store Cash NOI - constant
currency
$
139,538
$
124,217
$
133,810
$
—
$
397,565
1
Excludes sold assets, assets held for
sale, development properties not yet operational and land
parcels.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Net Debt to Adjusted Pro Forma
EBITDA
(Dollars in thousands USD;
totals may not sum due to rounding; unaudited)
For the Three Months
Ended June 30, 2022
Net loss attributable to common
stockholders
$
(42,416
)
Adjustments:
Interest
113,951
Loss on extinguishment of debt, net
7
Taxes (including tax amounts in general,
administrative and professional fees)
(2,032
)
Depreciation and amortization
283,075
Non-cash stock-based compensation
expense
6,805
Transaction expenses and deal costs
13,078
Net income attributable to noncontrolling
interests, adjusted for partners’ share of consolidated entity
EBITDA
(6,959
)
Loss from unconsolidated entities,
adjusted for Ventas’ share of EBITDA from unconsolidated
entities
17,981
Loss on real estate dispositions
34
Unrealized foreign currency loss
371
Change in fair value of financial
instruments
37,863
Materially disruptive events, net
2,852
Allowance on loan investments, net of
noncontrolling interests
(60
)
Adjusted EBITDA
$
424,550
Adjustment for current period activity
(1,394
)
Adjusted Pro Forma EBITDA
$
423,156
Adjusted Pro Forma EBITDA
annualized
$
1,692,624
Total debt
$
12,328,140
Cash
(127,073
)
Restricted cash pertaining to debt
(24,387
)
Partners’ share of consolidated debt
(271,372
)
Ventas’ share of unconsolidated debt
424,561
Net debt
$
12,329,869
Net debt to Adjusted Pro Forma
EBITDA
7.3 x
The Company believes that Net debt, Adjusted Pro Forma EBITDA
and Net debt to Adjusted Pro Forma EBITDA are useful to investors,
analysts and Company management because they allow the comparison
of the Company’s credit strength between periods and to other real
estate companies without the effect of items that by their nature
are not comparable from period to period.
Adjusted EBITDA
The Company defines Adjusted EBITDA as consolidated earnings
before interest, taxes, depreciation and amortization (including
non-cash stock-based compensation expense, asset impairment and
valuation allowances), excluding (a)
gains or losses on extinguishment of debt; (b) noncontrolling
interests’ share of adjusted EBITDA; (c) transaction expenses and
deal costs; (d) net gains or losses on real estate activity; (e)
gains or losses on re-measurement of equity interest upon
acquisition; (f) changes in the fair value of financial
instruments; (g) unrealized foreign currency gains or losses; (h)
net expenses or recoveries related to materially disruptive events;
and (i) non-cash charges related to leases, and including (x) Ventas’ share of adjusted EBITDA
from unconsolidated entities and (y) the impact of other items set
forth in the Adjusted EBITDA reconciliation included herein.
Adjusted Pro Forma EBITDA
Adjusted Pro Forma EBITDA considers the pro forma effect on
Adjusted EBITDA of transactions and events that were completed
during the period, as if the transaction or event had been
consummated at the beginning of the relevant period and considers
any other incremental items set forth in the Adjusted Pro Forma
EBITDA reconciliation included herein.
The Company considers NOI and Cash NOI as important supplemental
measures because they allow investors, analysts and the Company’s
management to assess its unlevered property-level operating results
and to compare its operating results with those of other real
estate companies and between periods on a consistent basis.
NOI
The Company defines NOI as total revenues, less interest and
other income, property-level operating expenses and office building
and other services costs.
Cash NOI
The Company defines Cash NOI as NOI for its reportable business
segments (i.e., SHOP, Office and Triple-Net), determined on a
Constant Currency basis, excluding the impact of, without
duplication (i) non-cash items such as straight-line rent and the
amortization of lease intangibles, (ii) sold assets, assets held
for sale, development properties not yet operational and land
parcels and (iii) other items set forth in the Cash NOI
reconciliation included herein. In certain cases, results may be
adjusted to reflect the receipt of cash payments, fees, and other
consideration that is not fully recognized as NOI in the
period.
Same-store
The Company defines same-store as properties owned, consolidated
and operational for the full period in both comparison periods and
that are not otherwise excluded; provided, however, that the
Company may include selected properties that otherwise meet the
same-store criteria if they are included in substantially all of,
but not a full, period for one or both of the comparison periods,
and in the Company’s judgment such inclusion provides a more
meaningful presentation of its segment performance. Newly acquired
development properties and recently developed or redeveloped
properties in the Company’s SHOP reportable business segment will
be included in same-store once they are stabilized for the full
period in both periods presented. These properties are considered
stabilized upon the earlier of (a) the achievement of 80% sustained
occupancy or (b) 24 months from the date of acquisition or
substantial completion of work. Recently developed or redeveloped
properties in the office operations and triple-net leased
properties reportable business segments will be included in
same-store once substantial completion of work has occurred for the
full period in both periods presented. SHOP and triple-net leased
properties that have undergone operator or business model
transitions will be included in same-store once operating under
consistent operating structures for the full period in both periods
presented.
Properties are excluded from same-store if they are: (i) sold,
classified as held for sale or properties whose operations were
classified as discontinued operations in accordance with GAAP; (ii)
impacted by materially disruptive events such as flood or fire;
(iii) for SHOP, those properties that are currently undergoing a
materially disruptive redevelopment; (iv) for the office operations
and triple-net leased properties reportable business segments,
those properties for which management has an intention to
institute, or has instituted, a redevelopment plan because the
properties may require major property-level expenditures to
maximize value, increase NOI, or maintain a market-competitive
position and/or achieve property stabilization, most commonly as
the result of an expected or actual material change in occupancy or
NOI; or (v) for SHOP and triple-net leased properties reportable
business segments, those properties that are scheduled to undergo
operator or business model transitions, or have transitioned
operators or business models after the start of the prior
comparison period.
Constant Currency
To eliminate the impact of exchange rate movements, all
portfolio performance-based disclosures assume constant exchange
rates across comparable periods, using the following methodology:
the current period’s results are shown in actual reported USD,
while prior comparison period’s results are adjusted and converted
to USD based on the average exchange rate for the current
period.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Same-Store Cash NOI Guidance
by Segment1,2
(Dollars in millions USD,
unless otherwise noted; totals may not sum due to rounding;
unaudited)
For the Three Months Ended
September 30, 2022
SHOP
Office
Triple-Net
Non-Segment
Total
High
End
Net income attributable to common
stockholders
$
38
Depreciation and amortization3
282
Interest expense, G&A, other income
and expenses4
151
NOI
$
175
$
135
$
146
$
15
471
Net HHS grants
(20
)
—
—
—
(20
)
Non-cash and non-same-store
adjustments
(34
)
(12
)
(14
)
(15
)
(76
)
Same-store Cash NOI
$
120
$
123
$
132
$
—
$
375
Percentage increase
15.0
%
2.0
%
0.0
%
NM
5.0
%
Low
End
Net income attributable to common
stockholders
$
16
Depreciation and amortization3
284
Interest expense, G&A, other income
and expenses4
155
NOI
$
162
$
133
$
145
$
15
455
Net HHS grants
(20
)
—
—
—
(20
)
Non-cash and non-same-store
adjustments
(28
)
(12
)
(15
)
(15
)
(70
)
Same-store Cash NOI
$
114
$
121
$
130
$
—
$
365
Percentage increase (decrease)
9.0
%
1.0
%
(1.0
%)
NM
2.5
%
For the Three Months Ended
September 30, 2021
SHOP
Office
Triple-Net
Non-Segment
Total
Prior
Year
Net income attributable to common
stockholders
$
61
Depreciation and amortization3
314
Interest expense, G&A, other income
and expenses4
78
NOI
$
104
$
138
$
178
$
32
452
Non-cash and non-same-store
adjustments
1
(17
)
(46
)
(32
)
(94
)
NOI impact from change in FX
(1
)
—
(1
)
—
(2
)
Same-store Cash NOI
$
105
$
120
$
132
$
—
$
356
3Q22
GBP (£) to USD ($)
1.19
USD ($) to CAD (C$)
1.30
1
See table titled “Net Operating
Income (NOI) and Same-Store Cash NOI by Segment” for a detailed
breakout of adjustments for each respective category.
2
Total may not sum across due to
minor corporate-level adjustments.
3
Includes real estate depreciation
and amortization, corporate depreciation and amortization and
amortization of other intangibles.
4
Includes interest expense,
general, administrative and professional fees (including
stock-based compensation), loss (gain) on extinguishment of debt,
transaction expenses and deal costs, loss (income) from
unconsolidated entities, income tax (expense) benefit, and other
income and expenses.
View source
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