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Welltower
WELL
#154
Rank
A$191.57 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$279.13
Share price
2.54%
Change (1 day)
24.82%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
Welltower Inc. is a real estate investment company that invests primarily in senior housing, assisted living, acute care facilities, medical office buildings, hospitals and other healthcare properties
  1. Welltower
  2. Annual Reports (10-K)
  3. Financial Year 2019

Welltower - 10-K annual report 2019


Text size:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
 
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
 Commission File Number 1-8923
welllogoa12.gif  
WELLTOWER INC.
(Exact name of registrant as specified in its charter)
Delaware
34-1096634
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
4500 Dorr Street,
Toledo,
Ohio
 
43615
(Address of principal executive offices)
(Zip Code)
 
 
 
 
 
 
(419) 247-2800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $1.00 par value
WELL
New York Stock Exchange
4.800% Notes due 2028
WELL28
New York Stock Exchange
4.500% Notes due 2034
WELL34
New York Stock Exchange
 
Securities registered pursuant to Section 12(g) of the Act:  None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☑  No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes  ☐   No  ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑  No  ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑  No  ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
☑
Accelerated filer
☐

Non-accelerated filer
☐

Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐   No  ☑
The aggregate market value of the shares of voting common stock held by non-affiliates of the registrant, computed by reference to the closing sales price of such shares on the New York Stock Exchange as of the last business day of the registrant’s most recently completed second fiscal quarter was $32,986,689,000. 
As of January 31, 2020, the registrant had 410,331,441 shares of common stock outstanding.
 
DOCUMENTS INCORPORATED BY REFERENCE 
Portions of the registrant’s definitive proxy statement for the annual stockholders’ meeting to be held April 30, 2020, are incorporated by reference into Part III.


WELLTOWER INC. AND SUBSIDIARIES
2019 FORM 10-K ANNUAL REPORT
TABLE OF CONTENTS
 
 
 
Page
 
PART I
 
 
 
Item 1.
Business
2
Item 1A.
Risk Factors
23
Item 1B.
Unresolved Staff Comments
35
Item 2.
Properties
36
Item 3.
Legal Proceedings
37
Item 4.
Mine Safety Disclosures
37
 
 
 
 
PART II
 
 
 
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
38
Item 6.
Selected Financial Data
39
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
40
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
60
Item 8.
Financial Statements and Supplementary Data
61
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
94
Item 9A.
Controls and Procedures
94
Item 9B.
Other Information
96
 
 
 
 
PART III
 
 
 
Item 10.
Directors, Executive Officers and Corporate Governance
97
Item 11.
Executive Compensation
97
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
97
Item 13.
Certain Relationships and Related Transactions and Director Independence
97
Item 14.
Principal Accounting Fees and Services
97
 
 
 
 
PART IV
 
 
 
Item 15.
Exhibits and Financial Statement Schedules
98
Item 16.
Form 10-K Summary
102
 
 
 
 
Signature
103


PART I 
Item 1.  Business 
General
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing, post-acute communities and outpatient medical properties. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.
Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location.
References herein to “we,” “us,” “our” or the “company” refer to Welltower Inc., a Delaware corporation, and its subsidiaries unless specifically noted otherwise.
Portfolio of Properties
Please see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operation – Executive Summary – Company Overview” for a table that summarizes our portfolio as of December 31, 2019.
Property Types
We invest in seniors housing and health care real estate and evaluate our business through three reportable segments: Seniors Housing Operating, Triple-net and Outpatient Medical. For additional information regarding our segments, please see Note 18 to our consolidated financial statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to our consolidated financial statements. The following is a summary of our various property types. 
Seniors Housing Operating
Our seniors housing operating properties include seniors apartments, independent living and independent supportive living, continuing care retirement communities, assisted living, Alzheimer's/dementia care and include care homes with or without nursing (U.K.), which assist with activities of daily living that preserve a person's mobility and social systems to promote cognitive engagement. Our properties include stand-alone properties that provide one level of service, combination properties that provide multiple levels of service and communities or campuses that provide a wide range of services. Properties are primarily held in joint venture entities with operating partners. We utilize the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). 
Seniors Apartments Seniors apartments refer to age-restricted multi-unit housing with self-contained living units for older adults, usually aged 55+ who are able to care for themselves. Seniors apartments generally do not offer other additional services such as meals or transportation.
Independent Living and Independent Supportive Living (Canada)  Independent living and independent supportive living refers to age-restricted, multifamily properties with central dining that provide residents access to meals and other services such as housekeeping, linen service, transportation and social and recreational activities. 
Continuing Care Retirement Communities  Continuing care retirement communities typically include a combination of detached homes and properties offering independent living, assisted living and/or long-term/post-acute care services on one campus. These communities appeal to residents because there is no need to relocate when health and medical needs change. Resident payment plans vary, but can include entrance fees, condominium fees and rental fees. Many of these communities also charge monthly maintenance fees in exchange for a living unit, meals and some health services. 
Assisted Living  Assisted living refers to state-regulated rental properties that provide independent living services, but also provide supportive care from trained employees to residents who require assistance with activities of daily living, including, but not limited to, management of medications, bathing, dressing, toileting, ambulating and eating.
Alzheimer’s/Dementia Care  Certain properties offering assisted living may include state-licensed settings that specialize in caring for those afflicted with Alzheimer’s disease and/or other types of dementia.

2

Care Homes with or without Nursing (U.K.)  Care homes without nursing, regulated by the Care Quality Commission ("CQC”), are rental properties that provide essentially the same services as U.S. assisted living. Care homes with nursing, also regulated by the CQC, are licensed daily rate or rental properties where most individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for various national and local reimbursement programs. Unlike the U.S., care homes with nursing in the U.K. generally do not provide post-acute care.
Our Seniors Housing Operating segment accounted for 67%, 69% and 65% of total revenues for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, we had relationships with 25 operators to manage our seniors housing operating properties. In each instance, our partner provides management services to the properties pursuant to an incentive-based management contract. We rely on our partners to effectively and efficiently manage these properties. For the year ended December 31, 2019, our relationship with Sunrise Senior Living accounted for approximately 35% of our Seniors Housing Operating segment revenues and 24% of our total revenues.
Triple-net
Our triple-net properties offer services including independent living and independent supportive living (Canada), assisted living, continuing care retirement communities, Alzheimer's/dementia care and care homes with or without nursing (U.K.) described above, as well as long-term/post-acute care. We invest primarily through acquisitions, development and joint venture partnerships. Our properties are primarily leased to operators under long-term, triple-net master leases that obligate the tenant to pay all operating costs, utilities, real estate taxes, insurance, building repairs, maintenance costs and all obligations under certain ground leases. We are not involved in property management. Our properties include stand-alone properties that provide one level of service, combination facilities that provide multiple levels of service, and communities or campuses that provide a wide range of services. 
Long-Term/Post-Acute Care Facilities  Post-acute care is at the leading edge of reducing health care costs while improving quality. These high-impact centers help patients recover from illness or surgery with the goals of getting the patient home and healed faster and reducing hospital readmission rates. Our long-term/post-acute care properties generally offer skilled nursing/post-acute care, inpatient rehabilitation and long-term acute care services. Skilled nursing/post-acute care refers to licensed daily rate or rental properties where most individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement in the U.S. or provincial reimbursement in Canada. All properties offer some level of rehabilitation services. Some properties focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation. Inpatient rehabilitation properties provide intensive inpatient services after illness, injury or surgery to patients able to tolerate and benefit from three hours of rehabilitation hours per day. Long-term acute care properties provide inpatient services for patients with complex medical conditions that require more intensive care, monitoring or emergency support than is available in most skilled nursing/post-acute care properties.
Our Triple-net segment accounted for 19%, 19% and 22% of total revenues for the years ended December 31, 2019, 2018 and 2017, respectively. For the year ended December 31, 2019, our revenues related to our relationship with ProMedica Health System ("ProMedica") accounted for approximately 22% of our Triple-net segment revenues and 4% of total revenues. As of December 31, 2019, our relationship with ProMedica was comprised of a master lease for 218 properties owned by a joint venture landlord of which we own 80%. In addition to rent, the master lease requires ProMedica to pay all operating costs, utilities, real estate taxes, insurance, building repairs, maintenance costs and all obligations under certain ground leases. All obligations under the master lease have been guaranteed by ProMedica. For the year ended December 31, 2019, our revenues related to our relationship with Genesis HealthCare (“Genesis”) accounted for approximately 14% of our Triple-net segment revenues and 3% of our total revenues. As of December 31, 2019, our relationship with Genesis was comprised of a master lease for 54 properties owned 100% by us, six loans with a net balance of $296 million, approximately 9.5 million shares of GEN Series A common stock (representing approximately 9% of total GEN common stock) and a 25% ownership stake in an unconsolidated joint venture that includes a master lease for 28 properties operated by Genesis. In addition to rent, the master lease requires Genesis to pay all operating costs, utilities, real estate taxes, insurance, building repairs, maintenance costs and all obligations under certain ground leases. All obligations under the master lease have been guaranteed by FC-GEN Operations Investment, LLC, a subsidiary of Genesis.
Outpatient Medical
Outpatient Medical Buildings  Demand for outpatient medical services is growing as more procedures are performed safely and efficiently outside the hospital setting. State-of-the-art outpatient centers are needed in accessible, consumer-friendly locations. Our portfolio of outpatient medical buildings is an integral part of creating health care provider connectivity in local markets and generally include physician offices, ambulatory surgery centers, diagnostic facilities, outpatient services and/or labs. Approximately 94% of our outpatient medical building portfolio is affiliated with health systems (buildings directly on hospital campuses or with tenants that are satellite locations for the health system and its physicians). We typically lease our outpatient medical buildings to multiple tenants and provide varying levels of property management. Our Outpatient Medical segment accounted for 13%, 12% and 13% of total revenues for each of the years ended December 31, 2019, 2018 and 2017, respectively. No single tenant exceeds 20% of segment revenues.

3

Investments
Providing high-quality and affordable health care to an aging global population requires vast investments and infrastructure development. We invest in seniors housing and health care real estate primarily through acquisitions, developments and joint venture partnerships. For additional information regarding acquisition and development activity, please see Note 3 to our consolidated financial statements. Our portfolio creates opportunities to connect partners across the continuum of care and drive efficiency. We seek to diversify our investment portfolio by property type, relationship and geographic location. In determining whether to invest in a property, we focus on the following: (1) the experience of the obligor’s/partner’s management team; (2) the historical and projected financial and operational performance of the property; (3) the credit of the obligor/partner; (4) the security for any lease or loan; (5) the real estate attributes of the building and its location; (6) the capital committed to the property by the obligor/partner; and (7) the operating fundamentals of the applicable industry. 
We monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections, and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of, among other things, tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs, and market conditions. 
Investment Types 
Real Property  Our properties are primarily comprised of land, buildings, improvements and related rights. Our triple-net properties are generally leased to operators under long-term operating leases. The leases generally have a fixed contractual term of 12 to 15 years and contain one or more five to 15-year renewal options. Certain of our leases also contain purchase options, a portion of which could result in the disposition of properties for less than full market value if the options were to be exercised. Most of our rents are received under triple-net leases requiring the operator to pay rent and all additional charges incurred in the operation of the leased property. The tenants are required to repair, rebuild and maintain the leased properties. Substantially all these operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. 
At December 31, 2019, approximately 95% of our triple-net properties were subject to master leases. A master lease is a lease of multiple properties to one tenant entity under a single lease agreement. From time to time, we may acquire additional properties that are then leased to the tenant under the master lease. The tenant is required to make one monthly payment that represents rent on all the properties that are subject to the master lease. Typically, the master lease tenant can exercise its right to purchase the properties or to renew the master lease only with respect to all leased properties at the same time. We believe this bundling feature benefits us because the tenant cannot limit the purchase or renewal to better performing properties and terminate the leasing arrangement with respect to poorer performing properties. This spreads our risk among the entire group of properties within the master lease. The bundling feature should provide a similar advantage to us if the master lease tenant is in bankruptcy. Subject to certain restrictions, a debtor in bankruptcy has the right to assume or reject its unexpired leases and executory contracts. In the context of integrated master leases such as ours, our tenants in bankruptcy would be required to assume or reject the master lease as a whole, rather than deciding on a property by property basis. 
Our outpatient medical portfolio is primarily self-managed and consists principally of multi-tenant properties leased to health care providers. Our leases typically include increasers and some form of operating expense reimbursement by the tenant. As of December 31, 2019, 77% of our portfolio included leases with full pass through, 20% with a partial expense reimbursement (modified gross) and 3% with no expense reimbursement (gross). Our outpatient medical leases are non-cancellable operating leases that have a weighted-average remaining term of seven years at December 31, 2019 and are often credit enhanced by security deposits, guarantees and/or letters of credit.
Construction  We provide for the construction of properties for tenants primarily as part of long-term operating leases. We capitalize certain interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the amount advanced during the construction period using the rate of interest that approximates our company-wide cost of financing. Our interest expense is reduced by the amount capitalized. The construction period commences upon funding and terminates upon the earlier of the completion of the applicable property or the end of a specified period. During the construction period, we advance funds to the tenants in accordance with agreed upon terms and conditions which require, among other things, periodic site visits by a company representative. During the construction period, we generally require an additional credit enhancement in the form of payment and performance bonds and/or completion guarantees. At December 31, 2019, we had outstanding construction investments of $507,931,000 and were committed to provide additional funds of approximately $446,633,000 to complete construction for investment properties. We also provide for construction loans which, depending on the terms and conditions, could be treated as loans, real property or investments in unconsolidated entities. 

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Loans  Our real estate loans are typically structured to provide us with interest income, principal amortization and transaction fees. Real estate loans consist of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in the related properties, corporate guarantees and/or personal guarantees. Non real estate loans are generally corporate loans with no real estate backing. At December 31, 2019, we had outstanding loans, net of allowances, of $607,236,000 with an interest yield of approximately 8.0% per annum. Our yield on loans depends upon a number of factors, including the stated interest rate, average principal amount outstanding during the term of the loan and any interest rate adjustments. The loans outstanding at December 31, 2019 are generally subject to one to 15-year terms with principal amortization schedules and/or balloon payments of the outstanding principal balances at the end of the term.
Investments in Unconsolidated Entities Investments in entities that we do not consolidate but for which we can exercise significant influence over operating and financial policies are reported under the equity method of accounting. Our investments in unconsolidated entities generally represent interests ranging from 10% to 50% in real estate assets. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. 
In Substance Real Estate Additionally, we provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments, accounted for using the equity method, and are presented as investments in unconsolidated entities. We have made loans totaling $165,193,000 related to seven properties as of December 31, 2019, which are classified as in substance real estate investments.
Principles of Consolidation
The consolidated financial statements are in conformity with U.S general accepted accounting principles (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries and joint venture entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation.
At inception of joint venture transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A VIE is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, "Consolidations", requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance.
For investments in joint ventures, U.S. GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess the limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.
Borrowing Policies
We utilize a combination of debt and equity to fund investments. Generally, we intend to issue unsecured, fixed-rate public debt with long-term maturities to approximate the maturities on our triple-net leases and investment strategy. For short-term purposes, we may borrow on our primary unsecured credit facility or issue commercial paper. We replace these borrowings with long-term capital such as senior unsecured notes or common stock. When terms are deemed favorable, we may invest in properties subject to existing mortgage indebtedness. In addition, we may obtain secured financing for unleveraged properties in which we have invested or may refinance properties acquired on a leveraged basis. In certain agreements with our lenders, we are subject to restrictions with respect to secured and unsecured indebtedness.

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Competition
We compete with other real estate investment trusts, real estate partnerships, private equity and hedge fund investors, banks, insurance companies, finance/investment companies, government-sponsored agencies, taxable and tax-exempt bond funds, health care operators, developers and other investors in the acquisition, development, leasing and financing of health care and seniors housing properties. We compete for investments based on a number of factors including relationships, certainty of execution, investment structures and underwriting criteria. Our ability to successfully compete is impacted by economic and demographic trends, availability of acceptable investment opportunities, our ability to negotiate beneficial investment terms, availability and cost of capital, construction and renovation costs and applicable laws and regulations.
The operators/tenants of our properties compete with properties that provide comparable services in the local markets. Operators/tenants compete for patients and residents based on a number of factors including quality of care, reputation, physical appearance of properties, location, services offered, family preferences, physicians, staff, and price. We also face competition from other health care facilities for tenants, such as physicians and other health care providers that provide comparable facilities and services.
For additional information on the risks associated with our business, please see “Item 1A — Risk Factors” of this Annual Report on Form 10-K.
Environmental, Social and Governance
Environmental, Social and Governance ("ESG") Approach Our corporate responsibility and sustainability strategy is focused on adopting the best ESG practices across our business and we have been recognized for our leadership in this space, including over the past year:
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Named to Fortune's World's Most Admired Companies List;
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Named to top quintile of Newsweek's inaugural America's Most Responsible Companies list;
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Named to Corporate Responsibility Magazine's 20th Annual 100 Best Corporate Citizens ranking;
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Named to Dow Jones Sustainability World Index for the second consecutive year and to the Dow Jones Sustainability North American Index for the fourth consecutive year;
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Named Energy Star Partner of the Year for the first time;
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Designated as GRESB Green Star for sustainability performance for the fifth consecutive year;
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Named to the Bloomberg Gender-Equality Index;
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Achieved ISS-ESG Prime status; and
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Garnered highest environmental and social quality score ratings by ISS.
Environmental We strive to reduce our environmental impact by increasing energy and water efficiency, reducing greenhouse gas emissions, investing in projects that reduce energy and water consumption that meet our rate of return thresholds and focusing on the environmental aspects within our supply chain. We have comprehensive employee, tenant and vendor engagement programs in place focused on operational strategies to drive energy and water efficiency. In our medical office building portfolio, we have transitioned to a standard green lease, which aligns tenant and landlord interests on energy and water efficiency, and as of the end of 2018 have executed over 405,000 square feet of green leases. We seek to increase our consumption of green and renewable energy where possible and have consumed over 32,000 MWh of renewable electricity, an increase of over 6,000 MWh versus the previous year. We are actively pursuing LEED or BREEAM certification for over 200,000 square feet of our new developments and have 12 BREEAM, 78 ENERGY STAR, 25 IREM, 12 LEED and 63 Welltower Green Arrow property certifications across our portfolio. Additionally, 100% of our control boundary, comprised of our managed outpatient medical portfolio, is benchmarked in EPA ENERGY STAR Portfolio Manager and we are constantly working to add to that number.
Year(1)
 
Total energy consumption in control boundary (MWh)(2)
 
Control boundary energy use intensity (kWH/square feet)
 
Like-for-like change in energy consumption within control boundary(3)
 
Percent renewable energy consumed within control boundary(4)
2018
 
300,094
 
26.20
 
(1)%
 
10.82%
2017
 
302,001
 
26.37
 
n/a
 
8.76%
2016
 
360,342
 
22.82
 
n/a
 
n/a

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Year(1)
 
Control boundary water consumption (kgal)(2)
 
Water use intensity (gallons/square feet)
 
Like-for-like change in water consumption within control boundary(3)
2018
 
293,609
 
25.6
 
(3.40)%
2017
 
303,616
 
26.5
 
0.38%
2016
 
337,081
 
26.4
 
n/a
(1) Full 2019 calendar year energy and water data is not available until March 2020. 2018 is the most recent year for which fill energy and water is available and externally verified.
(2) Our control boundary refers to its managed medical office building portfolio. Energy and water data reported is reflective of control boundary energy and water consumption.
(3) Like-for-like change in energy consumption within control boundary is not available prior to 2017 due to a change in energy consumption methodology. 2017 represents the first year where tenant data is included in our sustainability performance metrics. Like-for-like change in water consumption within control boundary is not available prior to 2017 due to lack of available data.
(4) Renewable energy consumption data within control boundary is not available prior to 2017 due to lack of data. The data represent on-site and off-site renewable energy generated and consumed by properties within our control boundary.
We understand that as we continue to make our operations and buildings more sustainable, we also have a responsibility to look towards our supply chain and the effect of our purchasing decisions. Welltower created a Supplier Code of Conduct that is generally integrated into our standard contract to help ensure our suppliers abide by Welltower's ethical standards. We also developed a Supplier Sustainability Survey that was delivered to our highest spend national accounts. Additionally, we partner with suppliers that offer take back programs for their products, look for the ENERGY STAR label when purchasing eligible items, seek to purchase office supply products that contain recycled content and purchase paper products that are either Forest Stewardship Council or Sustainable forestry initiative certified.
Social We have a number of social initiatives in place that are focused on fostering a more diverse workforce, giving back to our communities and ensuring the health and wellbeing of our employees, tenants and residents. Over the past five years, since we began reporting the impact of our charitable contributions through programs such as the Welltower Foundation, we have donated over $40 million to charitable initiatives related to aging, health care, education and the arts.
We value and are committed to our employees. In addition to enacting progressive recruitment and development programs, we have reinforced our already strong commitment to diversity and inclusion with the creation of a Diversity Council, which together with other employee initiatives, supports our efforts to compete for and foster talent in a changing workforce.
Governance We announced changes and appointments to our Board of Directors, resulting in 75% of our independent director positions being held by minorities and women as of December 31, 2019. We continue to bolster our commitment to transparency and published our 7th consecutive Annual Corporate Social Responsibility Report in accordance with Global Reporting Initiative Standards. Additionally, we also improved our already high Dow Jones Sustainability Index, GRESB, ISS and ISS-ESG scores through enhanced tracking and reporting.
Employees  As of January 31, 2020, we had 443 employees.
Credit Concentrations  Please see Note 9 to our consolidated financial statements.
Geographic Concentrations  Please see “Item 2 – Properties” below and Note 18 to our consolidated financial statements.
Certain Government Regulations
United States
Health Law Matters — Generally
Typically, operators of seniors housing facilities do not receive significant funding from government programs and are largely subject to state laws, as opposed to federal laws. Operators of long-term/post-acute care facilities and hospitals do receive significant funding from government programs, and these facilities are subject to extensive regulation, including federal and state laws covering the type and quality of medical and/or nursing care provided, ancillary services (e.g., respiratory, occupational, physical and infusion therapies), qualifications of the administrative personnel and nursing staff, the adequacy of the physical plant and equipment, reimbursement and rate setting and operating policies. In addition, as described below, operators of these facilities are subject to extensive laws and regulations pertaining to health care fraud and abuse, including, but not limited to, the federal Anti-Kickback Statute (“AKS”), the federal Stark Law (“Stark Law”), and the federal False Claims Act (“FCA”), as well as comparable state laws. Hospitals, physician group practice clinics, and other health care providers that operate in our portfolio are subject to extensive federal, state, and local licensure, registration, certification, and inspection laws, regulations, and industry standards, as well as other conditions of participation in federal and state government programs such as Medicare and Medicaid. Further, operators of long-term care facilities are required to have in place compliance and ethics programs that meet the requirements of federal laws and regulations. Our tenants’ failure to comply with applicable laws and regulations could result in, among other things: loss of

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accreditation; denial of reimbursement; imposition of fines; suspension, decertification, or exclusion from federal and state health care programs; loss of license; or closure of the facility. See risk factors “The requirements of, or changes to, governmental reimbursement programs, such as Medicare or Medicaid, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us” and “Our operators’ or tenants’ failure to comply with federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us” in “Item 1A – Risk Factors” below. Moreover, in light of certain arrangements that Welltower may pursue with healthcare entities who are directly subject to laws and regulations pertaining to health care fraud and abuse, and given that certain of our arrangements are structured under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA"), certain health care fraud and abuse laws and data privacy laws could apply directly to Welltower. See risk factor "We assume operational and legal risks with respect to our properties managed in RIDEA structures that could have a material adverse effect on our business results of operations, and financial condition" in "Item 1A - Risk Factors" below.
Licensing and Certification
The primary regulations that affect long-term and post-acute care facilities are state licensing and registration laws. For example, certain health care facilities are subject to a variety of licensure and certificate of need (“CON”) laws and regulations. Where applicable, CON laws generally require, among other requirements, that a facility demonstrate the need for (1) constructing a new facility, (2) adding beds or expanding an existing facility, (3) investing in major capital equipment or adding new services, (4) changing the ownership or control of an existing licensed facility or (5) terminating services that have been previously approved through the CON process. Certain state CON laws and regulations may restrict the ability of operators to add new properties or expand an existing facility’s size or services. In addition, CON laws may constrain the ability of an operator to transfer responsibility for operating a particular facility to a new operator.
With respect to licensure, generally our long-term/post-acute care facilities are required to be licensed and certified for participation in Medicare, Medicaid and other federal and state health care programs. The failure of our operators to maintain or renew any required license or regulatory approval as well as the failure of our operators to correct serious deficiencies identified in a compliance survey could require those operators to discontinue operations at a property. In addition, if a property is found to be out of compliance with Medicare, Medicaid or other federal or state health care program conditions of participation, the property operator may be excluded from participating in those government health care programs.
Reimbursement
The reimbursement methodologies applied to health care facilities continue to evolve. Federal and state authorities have considered and implemented and may continue seeking to implement new or modified reimbursement methodologies, including value-based reimbursement methodologies that may negatively impact health care property operations. Likewise, third-party payors may continue imposing greater controls on operators, including through changes in reimbursement rates and fee structures. The impact of any such changes, if implemented, may result in a material adverse effect on our portfolio. No assurance can be given that current revenue sources or levels will be maintained. Accordingly, there can be no assurance that payments under a government health care program are currently, or will be in the future, sufficient to fully reimburse the property operators for their operating and capital expenses.
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Seniors Housing Facilities  The majority of the revenues received by the operators of U.S. seniors housing facilities are from private pay sources. The remaining revenue source is primarily Medicaid provided under state waiver programs for home and community based care. There can be no guarantee that a state Medicaid program operating pursuant to a waiver will be able to maintain its waiver status. Rates paid by self-pay residents are set by the facilities and are determined by local market conditions and operating costs. Generally, facilities receive a higher payment per day for a private pay resident than for a Medicaid beneficiary who requires a comparable level of care. The level of Medicaid reimbursement varies from state to state. Thus, the revenues generated by operators of our assisted living facilities may be adversely affected by payor mix, acuity level, changes in Medicaid eligibility and reimbursement levels.
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Long-Term/Post-Acute Care Facilities  The majority of the revenues received by the operators of these facilities are from the Medicare and Medicaid programs, with the balance representing reimbursement payments from private payors. Consequently, changes in federal or state reimbursement policies may adversely affect an operator’s ability to cover its expenses, including our rent or debt service. Long-term/post-acute care facilities are subject to periodic pre- and post-payment reviews and other audits by federal and state authorities. A review or audit of a property operator’s claims could result in recoupments, denials or delay of payments in the future. Due to the significant judgments and estimates inherent in payor settlement accounting, no assurance can be given as to the adequacy of any reserves maintained by our property operators to cover potential adjustments to reimbursements or to cover settlements made to payors.
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Medicare Reimbursement  Generally, long-term/post-acute care facilities are reimbursed by Medicare under prospective payment systems, which generally provide reimbursement based upon a predetermined fixed amount per episode of care and are updated by CMS, an agency of the Department of Health and Human Services (“HHS”) annually. There is a risk

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under these payment systems that costs will exceed the fixed payments, or that payments may be set below the costs to provide certain items and services. In addition, the HHS Office of Inspector General has released recommendations to address SNF billing practices and Medicare payment rates. If followed, these recommendations regarding SNF payment reform may impact our tenants and operators.
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Medicaid Reimbursement  Many states reimburse SNFs using fixed daily rates, which are applied prospectively based on patient acuity and the historical costs incurred in providing patient care. In most states, Medicaid does not fully reimburse the cost of providing services. Certain states are attempting to slow the rate of Medicaid growth by freezing rates or restricting eligibility and benefits. In addition, Medicaid reimbursement rates may decline if state revenues in a particular state are not sufficient to fund budgeted expenditures.
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Medicare Reimbursement for Physicians, Hospital Outpatient Departments (“HOPDs”), and Ambulatory Surgical Centers (“ASCs”) Changes in reimbursement to physicians, HOPDs and ASCs may further affect our tenants and operators.  Generally, Medicare reimburses physicians under the Physician Fee Schedule, while HOPDs and ASCs are reimbursed under prospective payment systems. The Physician Fee Schedule and the HOPD and ASC prospective payment systems are updated annually by CMS. These annual Medicare payment regulations have resulted in lower net pay increases than providers of those services have often expected. In addition, the Medicare and Children’s Health Insurance Program Reauthorization Act of 2015 (“MACRA”) includes payment reductions for providers who do not meet government quality standards. The implementation of pay-for-quality models like those required under MACRA is expected to produce funding disparities that could adversely impact some provider tenants in outpatient medical buildings and other health care properties. Changes in Medicare Advantage plan payments may also indirectly affect our operators and tenants that contract with Medicare Advantage plans.
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Health Reform Laws  The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the “Health Reform Laws”) dramatically altered how health care is delivered and reimbursed in the U.S. and contained various provisions, including Medicaid expansion and the establishment of Health Insurance Exchanges (“HIEs”) providing subsidized health insurance, that may directly impact us or the operators and tenants of our properties. The status of the Health Reform Laws may be subject to change as a result of political, legislative, regulatory and administrative developments and judicial proceedings. While legislative attempts to completely repeal the Health Reform Laws have been unsuccessful to date, there have been multiple attempts to repeal or amend the Health Reform Laws through legislative action and legal challenges. Since taking office, President Trump and the current U.S. Congress have sought to modify, repeal or otherwise invalidate all or portions of the Health Reform Laws. For example, in December 2017, the U.S. Congress passed the Tax Cuts and Jobs Act, which included a provision that eliminates the penalty under the Health Reform Laws’ individual mandate, effective in 2019, and could impact the future state of the HIEs established by the Health Reform Laws. In December 2018, a federal district court in Texas ruled the individual mandate was unconstitutional and could not be severed from the Health Reform Laws. As a result, the court ruled the remaining provisions of the Health Reform Laws were also invalid, though the court declined to issue a preliminary injunction with respect to the Health Reform Laws. In December 2019, the Fifth Circuit Court of Appeals agreed that the individual mandate was unconstitutional, but remanded the case back to the district court to reassess how much of the Health Reform Laws would be damaged without the individual mandate provision, and if the individual mandate could indeed be severed. In January 2020, 21 state Attorney Generals urged the Supreme Court of the United States to decide whether or not the Health Reform Laws should be struck down as unconstitutional, claiming that the Fifth Circuit erroneously remanded the case to the Texas district court. The House of Representatives filed a similar petition and motion to expedite. This litigation is still ongoing, but places great uncertainty upon the longevity and nature of the Health Reform Laws moving forward. There is still uncertainty with respect to the additional impact President Trump’s Administration and the U.S. Congress may have, if any, and any changes will likely take time to unfold, and could have an impact on coverage and reimbursement for health care items and services covered by plans that were authorized by the Health Reform Laws. We cannot predict whether the existing Health Reform Laws, or future health care reform legislation or regulatory changes, will have a material impact on our operators’ or tenants’ property or business.
Fraud & Abuse Enforcement
Long-term/post-acute care facilities (and seniors housing facilities that receive Medicaid payments) are subject to federal, state, and local laws, regulations, and applicable guidance that govern the operations and financial and other arrangements that may be entered into by health care providers. Certain of these laws, such as the AKS and Stark Law, prohibit direct or indirect payments of any kind for the purpose of inducing or encouraging the referral of patients for medical products or services reimbursable by government health care programs. Other government health program laws require providers to furnish only medically necessary services and submit to the government valid and accurate statements for each service. Our operators and tenants that receive payments from federal health care programs, such as Medicare and Medicaid, are subject to substantial financial penalties under the Civil Monetary Penalties Act and the FCA upon a finding of noncompliance with such laws. In addition, states may also have separate false claims acts, which, among other things, generally prohibit health care providers from filing false claims or making false statements to receive payments. Federal and state FCAs contain "whistleblower" provisions that permit private individuals to bring health care fraud enforcement claims on behalf of the government. Still other laws require providers to comply with a variety of safety, health and other requirements relating to the condition of the licensed property and the quality of care

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provided. Sanctions for violations of these laws, regulations and other applicable guidance may include, but are not limited to, criminal and/or civil penalties and fines, loss of licensure, immediate termination of government payments, exclusion from any government health care program, damage assessments and imprisonment. In certain circumstances, violation of these rules (such as those prohibiting abusive and fraudulent behavior) with respect to one property may subject other facilities under common control or ownership to sanctions, including exclusion from participation in the Medicare and Medicaid programs, as well as other government health care programs. In the ordinary course of its business, a property operator is regularly subjected to inquiries, investigations and audits by the federal and state agencies that oversee these laws and regulations.
Prosecutions, investigations or whistleblower actions could have a material adverse effect on a property operator’s liquidity, financial condition, and operations, which could adversely affect the ability of the operator to meet its financial obligations to us. In addition, government investigations and enforcement actions brought against the health care industry have increased dramatically over the past several years and are expected to continue. The costs for an operator of a health care property associated with both defending such enforcement actions and the undertakings in settling these actions can be substantial and could have a material adverse effect on the ability of an operator to meet its obligations to us. In addition, Welltower could potentially be directly subject to these health care fraud and abuse laws, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements, and certain collaboration or other arrangements we may pursue with stakeholders who are directly subject to these laws.
Federal and State Data Privacy and Security Laws
The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as amended by the Health Information Technology for Economic and Clinical Health Act, and numerous other state and federal laws govern the collection, security, dissemination, use, access to and confidentiality of personal information, including individually identifiable health information. Violations of these laws may result in substantial civil and/or criminal fines and penalties. The costs to the business or for an operator of a health care property associated with developing and maintaining programs and systems to comply with data privacy and security laws, defending against privacy and security related claims or enforcement actions and paying any assessed fines, can be substantial. Moreover, such costs could have a material adverse effect on the ability of an operator to meet its obligations to us. Finally, data privacy and security laws and regulations continue to develop, including with regard to HIPAA and U.S. state privacy laws such as the California Consumer Privacy Act. These developments may add potential uncertainty towards compliance obligations, business operations or transactions that depend on data. These new privacy laws may create restrictions or requirements in our, operators and other business partner's use, sharing and securing of data. New privacy and security laws further could require substantial investment in resources to comply with regulatory changes as privacy and security laws proliferate in divergent ways or impose additional obligations.
United Kingdom
In the U.K., care home services are principally regulated by the Health and Social Care Act 2008 (as amended) and other regulations. This legislation subjects service providers to a number of legally binding “Fundamental Standards” and requires, amongst other things, that all persons carrying out “Regulated Activities” in the U.K., and the managers of such persons, be registered. Providers of care home services are also subject (as data controllers) to laws governing their use of personal data (including in relation to their employees, clients and recipients of their services). These laws currently take the form of the U.K.’s Data Protection Act 2018 and the European Union’s (“EU”) General Data Protection Regulation (“GDPR”) among other laws. The Data Protection Act and the GDPR impose a significant number of obligations on controllers with the potential for fines of up to 4% of annual worldwide turnover or €20 million, whichever is greater. Entities incorporated in or carrying on a business in the U.K., as well as individuals residing in the U.K., are also subject to the U.K. Bribery Act 2010. The U.K. has national minimum wage legislation with a maximum fine for non-payment of £20,000 per worker and employers who fail to pay will be banned from being a company director for up to 15 years. The national minimum wage is set to increase in April 2020.
The U.K. exited from the EU (“Brexit”) on January 31, 2020. U.K. There will be a transition period until the end of 2020 during which time the U.K. will continue to abide by all EU rules while it seeks to negotiate its relationship with the EU, which would include inter alia the regulation and import of medicines. Further, the impact of Brexit on the health and care workforce will depend on future migration policy and the barriers or incentives to live in the U.K. Until the terms of the withdrawal are finally determined we cannot predict the impact of Brexit on U.K. regulations.
Canada
Senior living residences in Canada are provincially regulated. Within each province, there are different categories for senior living residences that are generally based on the level of care sought and/or required by a resident (e.g. assisted or retirement living, senior living residences, residential care, long-term care). In some of these categories and depending on the province, residences may be government funded, or the individual residents may be eligible for a government subsidy, while other residences are exclusively private-pay. The governing legislation and regulations vary by province, but generally the object of the laws is to set licensing requirements and minimum standards for senior living residences, and regulate operations. These laws empower regulators in each province to take a variety of steps to ensure compliance, conduct inspections, issue reports and generally regulate the industry.

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Our operations in Canada are subject to privacy legislation, including, in certain provinces, privacy laws specifically related to personal health information. Although the obligations of senior living residences in the various provinces differ, they all include the obligation to protect personal information. Under some of these laws, notification to the regulator in the event of an actual or suspected privacy breach is mandatory. The powers of privacy regulators and penalties for violations of privacy law vary according to the applicable law or are left to the courts. Senior living residences may also be subject to laws pertaining to residential tenancy, provincial and/or municipal laws applicable to fire safety, food services, zoning, occupational health and safety, public health and the provision of community health care and funded long-term/post-acute care.
Taxation
The following summary of the taxation of the company and the material U.S. federal income tax consequences to the holders of our debt and equity securities is for general information only and is not tax advice. This summary does not address all aspects of taxation that may be relevant to certain types of holders of stock or securities (including, but not limited to, insurance companies, tax-exempt entities, financial institutions or broker-dealers, persons holding shares of common stock as part of a hedging, integrated conversion, or constructive sale transaction or a straddle, traders in securities that use a mark-to-market method of accounting for their securities, investors in pass-through entities and foreign corporations and persons who are not citizens or residents of the United States).
This summary does not discuss all of the aspects of U.S. federal income taxation that may be relevant to you in light of your particular investment or other circumstances. In addition, this summary does not discuss any state or local income taxation or foreign income taxation or other foreign tax consequences. This summary is based on current U.S. federal income tax laws. A discussion of the potential implications to the Company of the Tax Act is provided at the end of this summary below. Subsequent developments in U.S. federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences of purchasing, owning and disposing of our securities as set forth in this summary. Before you purchase our securities, you should consult your own tax advisor regarding the particular U.S. federal, state, local, foreign and other tax consequences of acquiring, owning and selling our securities.
General
We elected to be taxed as a real estate investment trust (a “REIT”) commencing with our first taxable year. We intend to continue to operate in such a manner as to qualify as a REIT, but there is no guarantee that we will qualify or remain qualified as a REIT for subsequent years. Qualification and taxation as a REIT depends upon our ability to meet a variety of qualification tests imposed under U.S. federal income tax law with respect to our income, assets, distributions and share ownership, as discussed below under “Qualification as a REIT.” There can be no assurance that we will qualify or remain qualified as a REIT.
In any year in which we qualify as a REIT, in general, we will not be subject to U.S. federal income tax on that portion of our REIT taxable income or capital gain that is distributed to stockholders. We may, however, be subject to tax at normal corporate rates on any taxable income or capital gain not distributed. If we elect to retain and pay income tax on our net capital gain, stockholders would be taxed on their proportionate share of our undistributed net capital gain and would receive a refundable credit for their share of any taxes paid by us on such gain.
Despite the REIT election, we may be subject to U.S. federal income and excise tax as follows:
•
To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates;
•
If we have net income from the sale or other disposition of “foreclosure property” that is held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, such income will be taxed at the highest corporate rate;
•
Any net income from prohibited transactions (which are, in general, sales or other dispositions of property held primarily    for sale to customers in the ordinary course of business, other than dispositions of foreclosure property) will be subject    to a 100% tax;
•
If we fail to satisfy either the 75% or 95% gross income tests (as discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements are met, we will be subject to a 100% tax on an amount equal to (1) the gross income attributable to the greater of (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% gross income test (discussed below) or (ii) 95% of our gross income over the amount of qualifying gross income for purposes of the 95% gross income test (discussed below) multiplied by (2) a fraction intended to reflect our profitability;
•
If we fail to distribute during each year at least the sum of (1) 85% of our REIT ordinary income for the year, (2) 95% of our REIT capital gain net income for such year (other than capital gain that we elect to retain and pay tax on) and (3) any undistributed taxable income from preceding periods, we will be subject to a 4% excise tax on the excess of such required distribution over amounts actually distributed; and

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•
We will be subject to a 100% tax on certain amounts from certain transactions involving our “taxable REIT subsidiaries” that are not conducted on an arm’s length basis. See “Qualification as a REIT - Investments in Taxable REIT Subsidiaries.
If we acquire any assets from a corporation, which is or has been a “C” corporation, in a carryover basis transaction (including where a “C” corporation elects REIT status), we could be liable for specified liabilities that are inherited from the “C” corporation. A “C” corporation is generally defined as a corporation that is required to pay full corporate level U.S. federal income tax. If we recognize gain on the disposition of the assets during the five-year period beginning on the date on which the assets were acquired by us, then, to the extent of the assets’ “built-in gain” (e.g., the excess of the fair market value of the asset over the adjusted tax basis of the asset, in each case determined as of the beginning of the five-year period), we will be subject to tax on the gain at the highest regular corporate rate applicable. The results described in this paragraph with respect to the recognition of built-in gain assume that the “C” corporation did not make and was not treated as making an election to treat the built-in gain assets as sold to an unrelated party. For those properties that are subject to the built-in gains tax, the potential amount of built-in gains tax will be an additional factor when considering a possible sale of the properties within the five-year period beginning on the date on which the properties were acquired by us. See Note 19 to our consolidated financial statements for additional information regarding the built-in gains tax.
Qualification as a REIT
A REIT is defined as a corporation, trust or association:
(1)
which is managed by one or more trustees or directors;
(2)
the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;
(3)
which would be taxable as a domestic corporation but for the U.S. federal income tax law relating to REITs;
(4)
which is neither a financial institution nor an insurance company;
(5)
the beneficial ownership of which is held by 100 or more persons in each taxable year of the REIT except for its first
taxable year;
(6)
not more than 50% in value of the outstanding stock of which is owned during the last half of each taxable year, excluding
its first taxable year, directly, indirectly or constructively, by or for five or fewer individuals (which includes certain
entities) (the “Five or Fewer Requirement”); and
(7)
which meets certain income and asset tests described below.
Conditions (1) to (4), inclusive, must be met during the entire taxable year and condition (5) must be met during at least 335 days of a taxable year of 12 months or during a proportionate part of a taxable year of less than 12 months. For purposes of conditions (5) and (6), pension funds and certain other tax-exempt entities are treated as individuals, subject to a “look-through” exception in the case of condition (6).
Based on publicly available information, we believe we have satisfied the share ownership requirements set forth in (5) and (6) above. In addition, Article VI of our by-laws provides for restrictions regarding ownership and transfer of shares. These restrictions are intended to assist us in continuing to satisfy the share ownership requirements described in (5) and (6) above but may not ensure that we will, in all cases, be able to satisfy such requirements.
We have complied with, and will continue to comply with, regulatory rules to send annual letters to certain of our stockholders requesting information regarding the actual ownership of our stock. If, despite sending the annual letters, we do not know, or after exercising reasonable diligence would not have known, whether we failed to meet the Five or Fewer Requirement, we will be treated as having met the Five or Fewer Requirement. If we fail to comply with these regulatory rules, we will be subject to a monetary penalty. If our failure to comply were due to intentional disregard of the requirement, the penalty would be increased. However, if our failure to comply were due to reasonable cause and not willful neglect, no penalty would be imposed.
We may own a number of properties through wholly owned subsidiaries. A corporation will qualify as a “qualified REIT subsidiary” if 100% of its stock is owned by a REIT, and the REIT does not elect to treat the subsidiary as a taxable REIT subsidiary. A “qualified REIT subsidiary” will not be treated as a separate corporation for U.S. federal income tax purposes, and all assets, liabilities and items of income, deductions and credits of a “qualified REIT subsidiary” will be treated as assets, liabilities and items (as the case may be) of the REIT for U.S. federal income tax purposes. A “qualified REIT subsidiary” is not subject to U.S. federal income tax, and our ownership of the voting stock of a qualified REIT subsidiary will not violate the restrictions against ownership of securities of any one issuer which constitute more than 10% of the value or total voting power of such issuer or more than 5% of the value of our total assets, as described below under “- Asset Tests.”


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If we invest in an entity treated as a partnership for U.S. federal income tax purposes, we will be deemed to own a proportionate share of the entity’s assets. Likewise, we will be treated as receiving our share of the income and loss of the entity, and the gross income will retain the same character in our hands as it has in the hands of the entity. These “look-through” rules apply for purposes of the income tests and assets tests described below.
The deduction of business interest is limited to 30% of adjusted taxable income, which may limit the deductibility of interest expense by us, our taxable REIT subsidiaries, or our joint venture and partnership arrangements. A “real property trade or business” may irrevocably elect out of the applicability of the limitation, but if it does so it must use the less favorable alternative depreciation system to depreciate real property used in the trade or business. Proposed regulations provide guidance on how to allocate interest deductions among multiple trades or businesses and contain special rules, including a safe harbor, regarding the allocation of a REIT’s interest deductions to a “real property trade or business.”
Income Tests  There are two separate percentage tests relating to our sources of gross income that we must satisfy each taxable year:
•
At least 75% of our gross income (excluding gross income from certain sales of property held primarily for sale) generally must be directly or indirectly derived each taxable year from “rents from real property,” other income from investments relating to real property or mortgages on real property or certain income from qualified temporary investments.
•
At least 95% of our gross income (excluding gross income from certain sales of property held primarily for sale) generally must be directly or indirectly derived each taxable year from any of the sources qualifying for the 75% gross income test and from dividends (including dividends from taxable REIT subsidiaries) and interest.
Income from hedging and foreign currency transactions is excluded from the 95% and 75% gross income tests if certain requirements are met but otherwise will constitute gross income which does not qualify under the 95% or 75% gross income tests.
Rents received by us will qualify as “rents from real property” for purposes of satisfying the gross income tests for a REIT only if several conditions are met:
•
The amount of rent must not be based in whole or in part on the income or profits of any person, although rents generally will not be excluded merely because they are based on a fixed percentage or percentages of receipts or sales.
•
Rents received from a tenant will not qualify as rents from real property if the REIT, or an owner of 10% or more of the REIT, also directly or constructively owns 10% or more of the tenant, unless the tenant is our taxable REIT subsidiary and certain other requirements are met with respect to the real property being rented.
•
If rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as “rents from real property.”
•
For rents to qualify as rents from real property, we generally must not furnish or render services to tenants, other than through a taxable REIT subsidiary or an “independent contractor” from whom we derive no income, except that we may directly provide services that are usually or customarily rendered in the geographic area in which the property is located in connection with the rental of real property for occupancy only or are not otherwise considered rendered to the occupant for his convenience.
•
We may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary if the property is operated on behalf of such subsidiary by a person who qualifies as an “independent contractor” and who is, or is related to a person who is, actively engaged in the trade or business of operating health care facilities for any person unrelated to us or our taxable REIT subsidiary (such person, an “eligible independent contractor”). If this is the case, the rent that the REIT receives from the taxable REIT subsidiary generally will be treated as “rents from real property.” A “qualified health care property” includes any real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility that extends medical or nursing or ancillary services to patients and is operated by a provider of such services that is eligible for participation in the Medicare program with respect to such facility.
A REIT is permitted to render a de minimis amount of impermissible services to tenants and still treat amounts received with respect to that property as rent from real property. The amount received or accrued by the REIT during the taxable year for the impermissible services with respect to a property may not exceed 1% of all amounts received or accrued by the REIT directly or indirectly from the property. The amount received for any service or management operation for this purpose shall be deemed to be not less than 150% of the direct cost of the REIT in furnishing or rendering the service or providing the management or operation. Furthermore, impermissible services may be furnished to tenants by a taxable REIT subsidiary subject to certain conditions, which would permit us to still treat rents received with respect to the property as rent from real property.

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The term “interest” generally does not include any amount if the determination of the amount depends in whole or in part on the income or profits of any person, although an amount generally will not be excluded from the term “interest” solely by reason of being based on a fixed percentage of receipts or sales.
If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if we are eligible for certain relief provisions provided by the Internal Revenue Code. These relief provisions generally will be available if (1) following our identification of the failure, we file a schedule for such taxable year describing each item of our gross income, and (2) the failure to meet such tests was due to reasonable cause and not due to willful neglect. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions. If these relief provisions apply, a 100% tax is imposed on an amount equal to (1) the gross income attributable to (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% income test and (ii) 95% of our gross income over the amount of qualifying gross income for purposes of the 95% income test, multiplied by (2) a fraction intended to reflect our profitability. The Secretary of the Treasury is given broad authority to determine whether particular items of income or gain qualify under the 75% and 95% gross income tests and to exclude items from the measure of gross income for such purposes.
Asset Tests  Within 30 days after the close of each quarter of our taxable year, we must also satisfy several tests relating to the nature and diversification of our assets determined in accordance with generally accepted accounting principles. At least 75% of the value of our total assets must be represented by real estate assets (including interests in real property, interests in mortgages on real property or on interests in real property, shares in other REITs and debt instruments issued by publicly offered REITs), cash, cash items (including receivables arising in the ordinary course of our operation), government securities and qualified temporary investments. Although the remaining 25% of our assets generally may be invested without restriction, we are prohibited from owning securities representing more than 10% of either the vote (the “10% vote test”) or value (the “10% value test”) of the outstanding securities of any issuer other than a qualified REIT subsidiary, another REIT or a taxable REIT subsidiary. Further, no more than 20% of our total assets may be represented by securities of one or more taxable REIT subsidiaries (the “20% asset test”) and no more than 5% of the value of our total assets may be represented by securities of any non-governmental issuer other than a qualified REIT subsidiary (the “5% asset test”), another REIT or a taxable REIT subsidiary. Each of the 10% vote test, the 10% value test and the 20% and 5% asset tests must be satisfied at the end of each quarter. There are special rules which provide relief if the value-related tests are not satisfied due to changes in the value of the assets of a REIT.
Certain items are excluded from the 10% value test, including: (1) straight debt securities meeting certain requirements; (2) any loan to an individual or an estate; (3) any rental agreement described in Section 467 of the Internal Revenue Code, other than with a “related person”; (4) any obligation to pay rents from real property; (5) certain securities issued by a state or any subdivision thereof, the District of Columbia, a foreign government, or any political subdivision thereof, or the Commonwealth of Puerto Rico; (6) any security issued by a REIT; and (7) any other arrangement that, as determined by the Secretary of the Treasury, is excepted from the definition of security (“excluded securities”). If a REIT, or its taxable REIT subsidiary, holds (1) straight debt securities of a corporate or partnership issuer and (2) securities of such issuer that are not excluded securities and have an aggregate value greater than 1% of such issuer’s outstanding securities, the straight debt securities will be included in the 10% value test.
A REIT’s interest as a partner in a partnership is not treated as a security for purposes of applying the 10% value test to securities issued by the partnership. Further, any debt instrument issued by a partnership that is not an excluded security will not be a security for purposes of applying the 10% value test (1) to the extent of the REIT’s interest as a partner in the partnership or (2) if at least 75% of the partnership’s gross income (excluding gross income from prohibited transactions) would qualify for the 75% gross income test. For purposes of the 10% value test, a REIT’s interest in a partnership’s assets is determined by the REIT’s proportionate interest in any securities issued by the partnership (other than the excluded securities described in the preceding paragraph).
If a REIT or its “qualified business unit” uses a foreign currency as its functional currency, the term “cash” includes such foreign currency, but only to the extent such foreign currency is (i) held for use in the normal course of the activities of the REIT or “qualified business unit” which give rise to items of income or gain that are included in the 95% and 75% gross income tests or are directly related to acquiring or holding assets qualifying under the 75% asset test, and (ii) not held in connection with dealing or engaging in substantial and regular trading in securities.
With respect to corrections of failures as to violations of the 10% vote test, the 10% value test or the 5% asset test, a REIT may avoid disqualification as a REIT by disposing of sufficient assets to cure a violation due to the ownership of assets that do not exceed the lesser of 1% of the REIT’s assets at the end of the relevant quarter or $10,000,000, provided that the disposition occurs within six months following the last day of the quarter in which the REIT first identified the assets. For violations of any of the REIT asset tests due to reasonable cause and not willful neglect that exceed the thresholds described in the preceding sentence, a REIT can avoid disqualification as a REIT after the close of a taxable quarter by taking certain steps, including disposition of sufficient assets within the six month period described above to meet the applicable asset test, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets during the period of time that the assets were held as non-qualifying assets and filing a schedule with the Internal Revenue Service that describes the non-qualifying assets.

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Investments in Taxable REIT Subsidiaries  REITs may own more than 10% of the voting power and value of securities in taxable REIT subsidiaries. Unlike a qualified REIT subsidiary, other disregarded entity or partnership, the income and assets of a taxable REIT subsidiary are not attributable to the REIT for purposes of satisfying the income and asset ownership requirements applicable to REIT qualification. We and any taxable corporate entity in which we own an interest are allowed to jointly elect to treat such entity as a “taxable REIT subsidiary.”
Certain of our subsidiaries have elected taxable REIT subsidiary status. Taxable REIT subsidiaries are subject to full corporate level U.S. federal taxation on their earnings but are permitted to engage in certain types of activities that cannot be performed directly by REITs without jeopardizing their REIT status. Our taxable REIT subsidiaries will attempt to minimize the amount of these taxes, but there can be no assurance whether or the extent to which measures taken to minimize taxes will be successful. To the extent our taxable REIT subsidiaries are required to pay U.S. federal, state or local taxes, the cash available for distribution as dividends to us from our taxable REIT subsidiaries will be reduced.
The Internal Revenue Service may redetermine amounts from transactions between a REIT and its taxable REIT subsidiary where there is a lack of arm’s-length dealing between the parties. Any taxable income allocated to, or deductible expenses allocated away, from a taxable REIT subsidiary would increase its tax liability. Further, certain amounts from certain transactions involving a REIT and its taxable REIT subsidiaries could be subject to a 100% tax if not conducted on an arm’s length basis. Additional taxable REIT subsidiary elections may be made in the future for additional entities in which we obtain an interest.
Annual Distribution Requirements  In order to avoid being taxed as a regular corporation, we are required to make distributions (other than capital gain distributions) to our stockholders which qualify for the dividends paid deduction in an amount at least equal to (1) the sum of (i) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain) and (ii) 90% of the after-tax net income, if any, from foreclosure property, minus (2) a portion of certain items of non-cash income. These distributions must be paid in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for that year and if paid on or before the first regular distribution payment after such declaration. Prior to 2014, with respect to all REITs the amount distributed could not be preferential. This means that every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated otherwise than in accordance with its dividend rights as a class (the “preferential dividend rule”). Beginning in tax years after 2014, the preferential dividend rule no longer applies to publicly offered REITs, however, the rule is still applicable to other entities taxed as REITs, which would include several of our subsidiaries. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates. As discussed above, we may be subject to an excise tax if we fail to meet certain other distribution requirements. We believe we have satisfied the annual distribution requirements for the year of our initial REIT election and each year thereafter through the year ended December 31, 2019. Although we intend to make timely distributions sufficient to satisfy these annual distribution requirements for subsequent years, economic, market, legal, tax or other factors could limit our ability to meet those requirements. See “Item 1A - Risk Factors.”
It is also possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement, or to distribute such greater amount as may be necessary to avoid income and excise taxation, due to, among other things, (1) timing differences between (i) the actual receipt of income and actual payment of deductible expenses and (ii) the inclusion of income and deduction of expenses in arriving at our taxable income, or (2) the payment of severance benefits that may not be deductible to us. In the event that timing differences occur, we may find it necessary to arrange for borrowings or, if possible, pay dividends in the form of taxable stock dividends in order to meet the distribution requirement.
Under certain circumstances, including in the event of a deficiency determined by the Internal Revenue Service, we may be able to rectify a resulting failure to meet the distribution requirement for a year by paying “deficiency dividends” to stockholders in a later year, which may be included in our deduction for distributions paid for the earlier year. Thus, we may be able to avoid being disqualified as a REIT and/or taxed on amounts distributed as deficiency dividends; however, we will be required to pay applicable penalties and interest based upon the amount of any deduction taken for deficiency dividend distributions.
Failure to Qualify as a REIT
If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible nor will any particular amount of distributions be required to be made in any year. All distributions to stockholders will be taxable as dividends to the extent of current and accumulated earnings and profits allocable to these distributions and, subject to certain limitations, will be eligible for the dividends received deduction for corporate stockholders. Unless entitled to relief under specific statutory provisions, we also will be disqualified from taxation as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether in all circumstances we would be entitled to statutory relief. Failure to qualify for even one year could result in our need to incur indebtedness or liquidate investments in order to pay potentially significant resulting tax liabilities.

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In addition to the relief described above under “Income Tests” and “Asset Tests,” relief is available in the event that we violate a provision of the Internal Revenue Code that would result in our failure to qualify as a REIT if: (1) the violation is due to reasonable cause and not due to willful neglect; (2) we pay a penalty of $50,000 for each failure to satisfy the provision; and (3) the violation does not include a violation described under “Income Tests” or “Asset Tests” above. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions.
U.S. Federal Income Taxation of Holders of Our Stock
Treatment of Taxable U.S. Stockholders  The following summary applies to you only if you are a “U.S. stockholder.” A “U.S. stockholder” is a holder of shares of stock who, for U.S. federal income tax purposes, is:
•
a citizen or resident of the United States;
•
an entity classified as a corporation or partnership, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state;
•
an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
•
a trust, if, in general, a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trust’s substantial decisions.
So long as we qualify for taxation as a REIT, distributions on shares of our stock made out of the current or accumulated earnings and profits allocable to these distributions (and not designated as capital gain dividends) will be taxable as dividends for U.S. federal income tax purposes. None of these distributions will be eligible for the dividends received deduction for U.S. corporate stockholders.
Generally, the current maximum marginal rate of tax payable by individuals on dividends received from corporations that are subject to a corporate level of tax is 20%. Except in limited circumstances, this tax rate will not apply to dividends paid to you by us on our shares, because generally we are not subject to U.S. federal income tax on the portion of our REIT taxable income or capital gains distributed to our stockholders. The reduced maximum U.S. federal income tax rate will apply to that portion, if any, of dividends received by you with respect to our shares that are attributable to: (1) dividends received by us from non-REIT corporations or other taxable REIT subsidiaries; (2) income from the prior year with respect to which we were required to pay U.S. federal corporate income tax during the prior year (if, for example, we did not distribute 100% of our REIT taxable income for the prior year); or (3) the amount of any earnings and profits distributed by us and accumulated in a non-REIT year.
Although the preferential 20% rate on qualified dividends is generally not applicable to dividends to our shareholders, the Internal Revenue Code provides for a deduction from income for individuals, trusts and estates for 20% of taxable REIT dividends not eligible for the preferential rate, excluding capital gain dividends. This deduction is not taken into account for purposes of determining the 3.8% tax on net investment income (described below) and, unlike the preferential rate, expires after 2025.
Distributions that are designated as capital gain dividends will be taxed as long-term capital gains (to the extent they do not exceed our actual net capital gain for the taxable year), without regard to the period for which you held our stock. However, if you are a corporation, you may be required to treat a portion of some capital gain dividends as ordinary income.
If we elect to retain and pay income tax on any net capital gain and designate such amount in a timely notice to you, you would include in income, as long-term capital gain, your proportionate share of this net capital gain. You would also receive a refundable tax credit for your proportionate share of the tax paid by us on such retained capital gains, and you would have an increase in the basis of your shares of our stock in an amount equal to your includable capital gains less your share of the tax deemed paid.
You may not include in your U.S. federal income tax return any of our net operating losses or capital losses. U.S. federal income tax rules may also require that certain minimum tax adjustments and preferences be apportioned to you. In addition, any distribution declared by us in October, November or December of any year on a specified date in any such month shall be treated as both paid by us and received by you on December 31 of that year, provided that the distribution is actually paid by us no later than January 31 of the following year.
We will be treated as having sufficient earnings and profits to treat as a dividend any distribution up to the amount required to be distributed in order to avoid imposition of the 4% excise tax discussed under “General” and “Qualification as a REIT - Annual Distribution Requirements” above. As a result, you may be required to treat as taxable dividends certain distributions that would otherwise result in a tax-free return of capital. Moreover, any “deficiency dividend” will be treated as a dividend (an ordinary dividend or a capital gain dividend, as the case may be), regardless of our earnings and profits. Any other distributions in excess of current or accumulated earnings and profits will generally not be taxable to you to the extent these distributions do not exceed the adjusted tax basis of your shares of our stock. You will be required to reduce the tax basis of your shares of our stock by the amount of these distributions until the basis has been reduced to zero, after which these distributions will be taxable as capital gain, if the shares of our stock are held as capital assets. The tax basis as so reduced will be used in computing the capital gain or

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loss, if any, realized upon the sale of the shares of our stock. Any loss upon a sale or exchange of shares of our stock which were held for six months or less (after application of certain holding period rules) will generally be treated as a long-term capital loss to the extent you previously received capital gain distributions with respect to these shares of our stock.
Upon the sale or exchange of any shares of our stock to or with a person other than us or a sale or exchange of all shares of our stock (whether actually or constructively owned) with us, you will generally recognize gain or loss equal to the difference between the amount realized on the sale or exchange and your adjusted tax basis in these shares of our stock. This gain or loss will be capital gain or loss if you held these shares of our stock as a capital asset.
If we redeem any of your shares in us, the treatment can only be determined on the basis of particular facts at the time of redemption. In general, you will recognize gain or loss (as opposed to dividend income) equal to the difference between the amount received by you in the redemption and your adjusted tax basis in your shares redeemed if such redemption: (1) results in a “complete termination” of your interest in all classes of our equity securities; (2) is a “substantially disproportionate redemption”; or (3) is “not essentially equivalent to a dividend” with respect to you. In applying these tests, you must take into account your ownership of all classes of our equity securities (e.g., common stock, preferred stock, depositary shares and warrants). You also must take into account any equity securities that are considered to be constructively owned by you.
If, as a result of a redemption by us of your shares, you no longer own (either actually or constructively) any of our equity securities or only own (actually and constructively) an insubstantial percentage of our equity securities, then it is probable that the redemption of your shares would be considered “not essentially equivalent to a dividend” and, thus, would result in gain or loss to you. However, whether a distribution is “not essentially equivalent to a dividend” depends on all of the facts and circumstances, and if you rely on any of these tests at the time of redemption, you should consult your tax advisor to determine their application to the particular situation.
Generally, if the redemption does not meet the tests described above, then the proceeds received by you from the redemption of your shares will be treated as a distribution taxable as a dividend to the extent of the allocable portion of current or accumulated earnings and profits. If the redemption is taxed as a dividend, your adjusted tax basis in the redeemed shares will be transferred to any other shareholdings in us that you own. If you own no other shareholdings in us, under certain circumstances, such basis may be transferred to a related person, or it may be lost entirely.
Gain from the sale or exchange of our shares held for more than one year is generally taxed at a maximum long-term capital gain rate of 20% in the case of stockholders who are individuals and 21% in the case of stockholders that are corporations. Pursuant to Internal Revenue Service guidance, we may classify portions of our capital gain dividends as eligible for specific treatment provided under the Internal Revenue Code, which, depending on the nature of the capital gains, may result in taxation of such portions at rates of either 20% or 25%. Capital losses recognized by a stockholder upon the disposition of our shares held for more than one year at the time of disposition will be considered long-term capital losses. The deduction for capital losses is subject to limitations.
An additional tax of 3.8% generally will be imposed on the “net investment income” of U.S. stockholders who meet certain requirements and are individuals, estates or certain trusts. Among other items, “net investment income” generally includes gross income from dividends and net gain attributable to the disposition of certain property, such as shares of our common stock or warrants. In the case of individuals, this tax will only apply to the extent such individual’s modified adjusted gross income exceeds $200,000 ($250,000 for married couples filing a joint return and surviving spouses, and $125,000 for married individuals filing a separate return). U.S. stockholders should consult their tax advisors regarding the possible applicability of this additional tax in their particular circumstances.
Treatment of Tax-Exempt U.S. Stockholders  Tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts (“Exempt Organizations”), generally are exempt from U.S. federal income taxation. However, they are subject to taxation on their unrelated business taxable income (“UBTI”). The Internal Revenue Service has issued a published revenue ruling that dividend distributions from a REIT to an exempt employee pension trust do not constitute UBTI, provided that the shares of the REIT are not otherwise used in an unrelated trade or business of the exempt employee pension trust. Based on this ruling, amounts distributed by us to Exempt Organizations generally should not constitute UBTI. However, if an Exempt Organization finances its acquisition of the shares of our stock with debt, a portion of its income from us will constitute UBTI pursuant to the “debt financed property” rules. Likewise, a portion of the Exempt Organization’s income from us would constitute UBTI if we held a residual interest in a real estate mortgage investment conduit. A tax-exempt U.S. stockholder that is subject to tax on its UBTI will be required to segregate its taxable income and loss for each unrelated trade or business activity for purposes of determining its UBTI.
Backup Withholding and Information Reporting Under certain circumstances, you may be subject to backup withholding at applicable rates on payments made with respect to, or cash proceeds of a sale or exchange of, shares of our stock. Backup withholding will apply only if you: (1) fail to provide a correct taxpayer identification number, which if you are an individual, is ordinarily your social security number; (2) furnish an incorrect taxpayer identification number; (3) are notified by the Internal Revenue Service that you have failed to properly report payments of interest or dividends; or (4) fail to certify, under penalties of perjury,

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that you have furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified you that you are subject to backup withholding.
Backup withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. You should consult with a tax advisor regarding qualification for exemption from backup withholding, and the procedure for obtaining an exemption. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a payment to a stockholder will be allowed as a credit against such stockholder’s U.S. federal income tax liability and may entitle such stockholder to a refund, provided that the required information is provided to the Internal Revenue Service.
Taxation of Foreign Stockholders  The following summary applies to you only if you are a foreign person. A “foreign person” is a holder of shares of stock who, for U.S. federal income tax purposes, is not a U.S. stockholder. The U.S. federal taxation of foreign persons is a highly complex matter that may be affected by many considerations.
Except as discussed below, distributions to you of cash generated by our real estate operations in the form of ordinary dividends, but not by the sale or exchange of our capital assets, generally will be subject to U.S. withholding tax at a rate of 30%, unless an applicable tax treaty reduces that tax and you file with us the required form evidencing the lower rate.
In general, you will be subject to U.S. federal income tax on a graduated rate basis rather than withholding with respect to your investment in our stock if such investment is “effectively connected” with your conduct of a trade or business in the United States. A corporate foreign stockholder that receives income that is, or is treated as, effectively connected with a United States trade or business may also be subject to the branch profits tax, which is payable in addition to regular United States corporate income tax. The following discussion will apply to foreign stockholders whose investment in us is not so effectively connected. We expect to withhold United States income tax, as described below, on the gross amount of any distributions paid to you unless (1) you file an Internal Revenue Service Form W-8ECI with us claiming that the distribution is “effectively connected” or (2) certain other exceptions apply.
Distributions by us that are attributable to gain from the sale or exchange of a United States real property interest will be taxed to you under the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) as if these distributions were gains “effectively connected” with a United States trade or business. Accordingly, you will be taxed at the normal capital gain rates applicable to a U.S. stockholder on these amounts, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. Distributions subject to FIRPTA may also be subject to a branch profits tax in the hands of a corporate foreign stockholder that is not entitled to treaty exemption. We will be required to withhold tax at a rate of 21% from distributions subject to FIRPTA. We will be required to withhold from distributions subject to FIRPTA, and remit to the Internal Revenue Service, 21% of designated capital gain dividends, or, if greater, 21% of the amount of any distributions that could be designated as capital gain dividends. In addition, if we designate prior distributions as capital gain dividends, subsequent distributions, up to the amount of the prior distributions not withheld against, will be treated as capital gain dividends for purposes of withholding.
Any capital gain dividend with respect to any class of stock that is “regularly traded” on an established securities market will be treated as an ordinary dividend if the foreign stockholder did not own more than 10% of such class of stock at any time during the taxable year. Foreign stockholders generally will not be required to report distributions received from us on U.S. federal income tax returns and all distributions received by such stockholders treated as dividends for U.S. federal income tax purposes (including any such capital gain dividends) will be subject to a 30% U.S. withholding tax (unless reduced under an applicable income tax treaty) as discussed above. In addition, the branch profits tax will not apply to such distributions.
Unless our shares constitute a “United States real property interest” within the meaning of FIRPTA or are effectively connected with a U.S. trade or business, a sale of our shares by you generally will not be subject to United States taxation. Even if our shares were to constitute a “United States real property interest,” non-U.S. stockholders that are “qualified foreign pension funds” (or are owned by a qualified foreign pension fund) meeting certain requirements may be exempt from FIRPTA withholding on the sale or disposition of our shares. Our shares will not constitute a United States real property interest if we qualify as a “domestically controlled REIT.” We believe that we qualify as and expect to continue to qualify as a domestically controlled REIT. A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its shares is held directly or indirectly by foreign stockholders. Generally, we are permitted to assume that holders of less than 5% of our shares at all times during a specified testing period are U.S. persons. However, if you are a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions apply, you will be subject to a 30% tax on such capital gains. In any event, a purchaser of our shares from you will not be required under FIRPTA to withhold on the purchase price if the purchased shares are “regularly traded” on an established securities market or if we are a domestically controlled REIT. Otherwise, under FIRPTA, the purchaser may be required to withhold 15% of the purchase price and remit such amount to the Internal Revenue Service.

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Backup withholding tax and information reporting will generally not apply to distributions paid to you outside the United States that are treated as: (1) dividends to which the 30% or lower treaty rate withholding tax discussed above applies; (2) capital gains dividends; or (3) distributions attributable to gain from the sale or exchange by us of U.S. real property interests. Payment of the proceeds of a sale of stock within the United States or conducted through certain U.S. related financial intermediaries is subject to both backup withholding and information reporting unless the beneficial owner certifies under penalties of perjury that he or she is not a U.S. person (and the payor does not have actual knowledge that the beneficial owner is a U.S. person) or otherwise establishes an exemption. You may obtain a refund of any amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the Internal Revenue Service.
Withholding tax at a rate of 30% will be imposed on certain payments to you or certain foreign financial institutions (including investment funds) and other non-US persons receiving payments on your behalf, including distributions in respect of shares of our stock, if you or such institutions fail to comply with certain due diligence, disclosure and reporting rules, as set forth in Treasury regulations. Accordingly, the entity through which shares of our stock are held will affect the determination of whether such withholding is required. Stockholders that are otherwise eligible for an exemption from, or reduction of, U.S. withholding taxes with respect to such dividends will be required to seek a refund from the Internal Revenue Service to obtain the benefit of such exemption or reduction. Additional requirements and conditions may be imposed pursuant to an intergovernmental agreement, if and when entered into, between the United States and such institution’s home jurisdiction. We will not pay any additional amounts to any stockholders in respect of any amounts withheld. You are encouraged to consult with your tax advisor regarding U.S. withholding taxes and the application of Treasury regulations in light of your particular circumstances.
U.S. Federal Income Taxation of Holders of Depositary Shares
Owners of our depositary shares will be treated as if you were owners of the series of preferred stock represented by the depositary shares. Thus, you will be required to take into account the income and deductions to which you would be entitled if you were a holder of the underlying series of preferred stock.
Conversion or Exchange of Shares for Preferred Stock  No gain or loss will be recognized upon the withdrawal of preferred stock in exchange for depositary shares and the tax basis of each share of preferred stock will, upon exchange, be the same as the aggregate tax basis of the depositary shares exchanged. If you held your depositary shares as a capital asset at the time of the exchange for shares of preferred stock, the holding period for your shares of preferred stock will include the period during which you owned the depositary shares.
U.S. Federal Income and Estate Taxation of Holders of Our Debt Securities
The following is a general summary of the U.S. federal income tax consequences and, in the case that you are a holder that is a non-U.S. holder, as defined below, the U.S. federal estate tax consequences, of purchasing, owning and disposing of debt securities periodically offered under one or more indentures (the “notes”). This summary assumes that you hold the notes as capital assets. This summary applies to you only if you are the initial holder of the notes and you acquire the notes for a price equal to the issue price of the notes. The issue price of the notes is the first price at which a substantial amount of the notes is sold other than to bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers. In addition, this summary does not consider any foreign, state, local or other tax laws that may be applicable to us or a purchaser of the notes.
U.S. Holders
The following summary applies to you only if you are a U.S. holder, as defined below.
Definition of a U.S. Holder  A “U.S. holder” is a beneficial owner of a note or notes that is for U.S. federal income tax purposes:
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a citizen or resident of the United States;
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a corporation, partnership or other entity classified as a corporation or partnership for these purposes, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state;
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an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
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a trust, if, in general, a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trust’s substantial decisions.
Payments of Interest  Stated interest on the notes generally will be taxed as ordinary interest income from domestic sources at the time it is paid or accrues in accordance with your method of accounting for tax purposes.



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Sale, Exchange or Other Disposition of Notes  The adjusted tax basis in your note will generally be your cost. You generally will recognize taxable gain or loss when you sell or otherwise dispose of your notes equal to the difference, if any, between:
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the amount realized on the sale or other disposition, less any amount attributable to any accrued interest, which will be taxable in the manner described under “Payments of Interest” above; and
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your adjusted tax basis in the notes.
Your gain or loss generally will be capital gain or loss. This capital gain or loss will be long-term capital gain or loss if at the time of the sale or other disposition you have held the notes for more than one year. Subject to limited exceptions, your capital losses cannot be used to offset your ordinary income (except in the case of individuals, who may offset up to $3,000 of ordinary income each year).
Backup Withholding and Information Reporting  In general, “backup withholding” may apply to any payments made to you of principal and interest on your note, and to the payment of the proceeds of a sale or other disposition of your note before maturity, if you are a non-corporate U.S. holder and: (1) fail to provide a correct taxpayer identification number, which if you are an individual, is ordinarily your social security number; (2) furnish an incorrect taxpayer identification number; (3) are notified by the Internal Revenue Service that you have failed to properly report payments of interest or dividends; or (4) fail to certify, under penalties of perjury, that you have furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified you that you are subject to backup withholding.
The amount of any reportable payments, including interest, made to you (unless you are an exempt recipient) and the amount of tax withheld, if any, with respect to such payments will be reported to you and to the Internal Revenue Service for each calendar year. You should consult your tax advisor regarding your qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. The backup withholding tax is not an additional tax and will be credited against your U.S. federal income tax liability, provided that correct information is provided to the Internal Revenue Service.
Non-U.S. Holders
The following summary applies to you if you are a beneficial owner of a note and are not a U.S. holder, as defined above (a “non-U.S. holder”).
Special rules may apply to certain non-U.S. holders such as “controlled foreign corporations,” “passive foreign investment companies” and “foreign personal holding companies.” Such entities are encouraged to consult their tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.
U.S. Federal Withholding Tax  Subject to the discussion below, U.S. federal withholding tax will not apply to payments by us or our paying agent, in its capacity as such, of principal and interest on your notes under the “portfolio interest” exception of the Internal Revenue Code, provided that:
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you do not, directly or indirectly, actually or constructively, own 10% or more of the total combined voting power of all classes of our stock entitled to vote;
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you are not (1) a controlled foreign corporation for U.S. federal income tax purposes that is related, directly or indirectly, to us through sufficient stock ownership, as provided in the Internal Revenue Code, or (2) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code;
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such interest is not effectively connected with your conduct of a U.S. trade or business; and
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you provide a signed written statement, under penalties of perjury, which can reliably be related to you, certifying that you are not a U.S. person within the meaning of the Internal Revenue Code and providing your name and address to us or our paying agent; or
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a securities clearing organization, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business and holds your notes on your behalf and that certifies to us or our paying agent under penalties of perjury that it, or the bank or financial institution between it and you, has received from you your signed, written statement and provides us or our paying agent with a copy of such statement.
Treasury regulations provide that:
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if you are a foreign partnership, the certification requirement will generally apply to your partners, and you will be required to provide certain information;
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if you are a foreign trust, the certification requirement will generally be applied to you or your beneficial owners depending on whether you are a “foreign complex trust,” “foreign simple trust,” or “foreign grantor trust” as defined in the Treasury regulations; and
•
look-through rules will apply for tiered partnerships, foreign simple trusts and foreign grantor trusts.

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If you are a foreign partnership or a foreign trust, you should consult your own tax advisor regarding your status under these Treasury regulations and the certification requirements applicable to you.
If you cannot satisfy the portfolio interest requirements described above, payments of interest will be subject to the 30% United States withholding tax, unless you provide us with a properly executed (1) Internal Revenue Service Form W-8BEN claiming an exemption from or reduction in withholding under the benefit of an applicable treaty or (2) Internal Revenue Service Form W-8ECI stating that interest paid on the note is not subject to withholding tax because it is effectively connected with your conduct of a trade or business in the United States. Alternative documentation may be applicable in certain circumstances.
If you are engaged in a trade or business in the United States and interest on a note is effectively connected with the conduct of that trade or business, you will be required to pay U.S. federal income tax on that interest on a net income basis (although you will be exempt from the 30% withholding tax provided the certification requirement described above is met) in the same manner as if you were a U.S. person, except as otherwise provided by an applicable tax treaty. If you are a foreign corporation, you may be required to pay a branch profits tax on the earnings and profits that are effectively connected to the conduct of your trade or business in the United States.
Withholding tax at a rate of 30% will be imposed on payments of interest (including original issue discount) to you or certain foreign financial institutions (including investment funds) and other non-US persons receiving payments on your behalf if you or such institutions fail to comply with certain due diligence, disclosure and reporting rules, as set forth in Treasury regulations. We will not pay any additional amounts to any holders of our debt instruments in respect of any amounts withheld. You are encouraged to consult with your tax advisor regarding U.S. withholding taxes and the application of the relevant Treasury regulations in light of your particular circumstances.
Sale, Exchange or other Disposition of Notes  You generally will not have to pay U.S. federal income tax on any gain or income realized from the sale, redemption, retirement at maturity or other disposition of your notes, unless:
•
in the case of gain, you are an individual who is present in the United States for 183 days or more during the taxable year of the sale or other disposition of your notes, and specific other conditions are met;
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you are subject to tax provisions applicable to certain United States expatriates; or
•
the gain is effectively connected with your conduct of a U.S. trade or business.
If you are engaged in a trade or business in the United States, and gain with respect to your notes is effectively connected with the conduct of that trade or business, you generally will be subject to U.S. income tax on a net basis on the gain. In addition, if you are a foreign corporation, you may be subject to a branch profits tax on your effectively connected earnings and profits for the taxable year, as adjusted for certain items.
U.S. Federal Estate Tax.  If you are an individual and are not a U.S. citizen or a resident of the United States, as specially defined for U.S. federal estate tax purposes, at the time of your death, your notes will generally not be subject to the U.S. federal estate tax, unless, at the time of your death (1) you owned actually or constructively 10% or more of the total combined voting power of all our classes of stock entitled to vote, or (2) interest on the notes is effectively connected with your conduct of a U.S. trade or business.
Backup Withholding and Information Reporting  Backup withholding will not apply to payments of principal or interest made by us or our paying agent, in its capacity as such, to you if you have provided the required certification that you are a non-U.S. holder as described in “U.S. Federal Withholding Tax” above, and provided that neither we nor our paying agent have actual knowledge that you are a U.S. holder, as described in “U.S. Holders” above. We or our paying agent may, however, report payments of interest on the notes.
The gross proceeds from the disposition of your notes may be subject to information reporting and backup withholding tax. If you sell your notes outside the United States through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you outside the United States, then the U.S. backup withholding and information reporting requirements generally will not apply to that payment. However, U.S. information reporting, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made outside the United States, if you sell your notes through a non-U.S. office of a broker that has certain connections with the United States.
You should consult your own tax advisor regarding application of backup withholding in your particular circumstance and the availability of and procedure for obtaining an exemption from backup withholding. Any amounts withheld under the backup withholding rules from a payment to you will be allowed as a refund or credit against your U.S. federal income tax liability, provided the required information is furnished to the Internal Revenue Service.



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U.S. Federal Income of Holders of Our Warrants
Exercise of Warrants  You will not generally recognize gain or loss upon the exercise of a warrant. Your basis in the debt securities, preferred stock, depositary shares or common stock, as the case may be, received upon the exercise of the warrant will be equal to the sum of your adjusted tax basis in the warrant and the exercise price paid. Your holding period in the debt securities, preferred stock, depositary shares or common stock, as the case may be, received upon the exercise of the warrant will not include the period during which the warrant was held by you.
Expiration of Warrants  Upon the expiration of a warrant, you will generally recognize a capital loss in an amount equal to your adjusted tax basis in the warrant.
Sale or Exchange of Warrants  Upon the sale or exchange of a warrant to a person other than us, you will recognize gain or loss in an amount equal to the difference between the amount realized on the sale or exchange and your adjusted tax basis in the warrant. Such gain or loss will generally be capital gain or loss and will be long-term capital gain or loss if the warrant was held for more than one year. Upon the sale of the warrant to us, the Internal Revenue Service may argue that you should recognize ordinary income on the sale. You are advised to consult your own tax advisors as to the consequences of a sale of a warrant to us.
Potential Legislation or Other Actions Affecting Tax Consequences
Current and prospective securities holders should recognize that the present U.S. federal income tax treatment of an investment in us may be modified by legislative, judicial or administrative action at any time and that any such action may affect investments and commitments previously made. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the Department of the Treasury, resulting in revisions of regulations and revised interpretations of established concepts as well as statutory changes. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of an investment in us.
State, Local and Foreign Taxes
We, and holders of our debt and equity securities, may be subject to state, local or foreign taxation in various jurisdictions, including those in which we or they transact business, own property or reside. It should be noted that we own properties located in a number of state, local and foreign jurisdictions, and may be required to file tax returns in some or all of those jurisdictions. The state, local or foreign tax treatment of us and holders of our debt and equity securities may not conform to the U.S. federal income tax consequences discussed above. Consequently, you are urged to consult your advisor regarding the application and effect of state, local and foreign tax laws with respect to any investment in our securities.
Because the U.S. generally maintains a worldwide corporate tax system, the foreign and U.S. tax systems are somewhat interdependent. Longstanding international tax norms that determine each country’s jurisdiction to tax cross-border international trade are evolving and could reduce the ability of our foreign subsidiaries to deduct for foreign tax purposes the interest they pay on loans from the Company, thereby increasing the foreign tax liability of the subsidiaries. It is also possible that foreign countries could increase their withholding taxes on dividends and interest. Given the unpredictability of these possible changes and their potential interdependency, it is very difficult to assess the overall effect of such potential tax changes on our earnings and cash flow, but such changes could adversely impact our financial results.
Internet Access to Our SEC Filings
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, as well as our proxy statements and other materials that are filed with, or furnished to, the Securities and Exchange Commission (“SEC”) are made available, free of charge, on the Internet at www.welltower.com/investors, as soon as reasonably practicable after they are filed with, or furnished to, the SEC. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls, and filings with the SEC. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.
Cautionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K and the documents incorporated by reference contain statements that constitute “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995. When we use words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, we are making forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating to our opportunities to acquire, develop or sell properties; our ability to close our anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected

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performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to stockholders; our investment and financing opportunities and plans; our continued qualification as a REIT; and our ability to access capital markets or other sources of funds. 
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause our actual results to differ materially from our expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to:
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the status of the economy;
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the status of capital markets, including availability and cost of capital;
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uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark;
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issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance;
•
changes in financing terms;
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competition within the health care and seniors housing industries;
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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;
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our ability to transition or sell properties with profitable results;
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the failure to make new investments or acquisitions as and when anticipated;
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natural disasters and other acts of God affecting our properties;
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our ability to re-lease space at similar rates as vacancies occur;
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our ability to timely reinvest sale proceeds at similar rates to assets sold;
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operator/tenant or joint venture partner bankruptcies or insolvencies;
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the cooperation of joint venture partners;
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government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements;
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liability or contract claims by or against operators/tenants;
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unanticipated difficulties and/or expenditures relating to future investments or acquisitions;
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environmental laws affecting our properties;
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changes in rules or practices governing our financial reporting;
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the movement of U.S. and foreign currency exchange rates;
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our ability to maintain our qualification as a REIT;
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key management personnel recruitment and retention; and
•
the risks described under “Item 1A — Risk Factors.”
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.
Item 1A. Risk Factors
This section highlights significant factors, events and uncertainties that could create risk with an investment in our securities. The events and consequences discussed in these risk factors could, in circumstances we may not be able to accurately predict, recognize or control, have a material adverse effect on our business, growth, reputation, prospects, financial condition, operating results, cash flows, liquidity, ability to pay dividends and stock price. These risk factors do not identify all risks that we face: our operations could also be affected by factors, events or uncertainties that are not presently known to us or that we currently do not consider to present significant risks to our operations. We group these risk factors into three categories:
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Risks arising from our business;
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Risks arising from our capital structure; and
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Risks arising from our status as a REIT. 

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Risks Arising from Our Business
Our investments in and acquisitions of health care and seniors housing properties may be unsuccessful or fail to meet our expectations 
We are exposed to the risk that some of our acquisitions may not prove to be successful. We could encounter unanticipated difficulties and expenditures relating to any acquired properties, including contingent liabilities, and acquired properties might require significant management attention that would otherwise be devoted to our ongoing business. If we agree to provide construction funding to an operator/tenant and the project is not completed, we may need to take steps to ensure completion of the project. Such expenditures may negatively affect our results of operations. Investments in and acquisitions of seniors housing and health care properties entail risks associated with real estate investments generally, including risks that the investment will not achieve expected returns, that the cost estimates for necessary property improvements will prove inaccurate or that the tenant, operator or manager will fail to meet performance expectations. Furthermore, there can be no assurance that our anticipated acquisitions and investments, the completion of which is subject to various conditions, will be consummated in accordance with anticipated timing, on anticipated terms, or at all. We may be unable to obtain or assume financing for acquisitions on favorable terms or at all. Health care properties are often highly customizable and the development or redevelopment of such properties may require costly tenant-specific improvements. We also may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and this could have an adverse effect on our results of operations and financial condition. Acquired properties may be located in new markets, either within or outside the United States, where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures. As a result, we cannot assure you that we will achieve the economic benefit we expect from acquisitions, investment, development and redevelopment opportunities. 
Acquired properties may expose us to unknown liability
We may acquire properties or invest in joint ventures that own properties subject to liabilities and without any recourse, or with only limited recourse, against the prior owners or other third parties with respect to unknown liabilities. As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle or contest it, which could adversely affect our results of operations and cash flow. Unknown liabilities with respect to acquired properties might include: liabilities for clean up of undisclosed environmental contamination, claims by tenants, vendors or other persons against the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors and others indemnified by the former owners of the properties.
Competition for acquisitions may result in increased prices for properties
We may face competition for acquisition opportunities from other well-capitalized investors, including publicly traded and privately held REITs, private real estate funds, domestic and foreign financial institutions, life insurance companies, sovereign wealth funds, pension trusts, partnerships and individual investors. This competition may adversely affect us by subjecting us to the following risks: we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors and, even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price.
Our investments in joint ventures could be adversely affected by our lack of exclusive control over these investments, our partners’ insolvency or failure to meet their obligations, and disputes between us and our partners 
We have entered into, and may continue in the future to enter into, partnerships or joint ventures with other persons or entities. Joint venture investments involve risks that may not be present with other methods of ownership, including the possibility that our partner might become insolvent, refuse to make capital contributions when due or otherwise fail to meet its obligations, which may result in certain liabilities to us for guarantees and other commitments; that our partner might at any time have economic or other business interests or goals that are or become inconsistent with our interests or goals; that we could become engaged in a dispute with our partner, which could require us to expend additional resources to resolve such dispute and could have an adverse impact on the operations and profitability of the joint venture; that our partner may be in a position to take action or withhold consent contrary to our instructions or requests; and that our joint venture partners may be structured differently than us for tax purposes, which could create conflicts of interest and risks to our REIT status. In some instances, we and/or our partner may have the right to trigger a buy-sell, put right or forced sale arrangement, which could cause us to sell our interest, acquire our partner’s interest or sell the underlying asset at a time when we otherwise would not have initiated such a transaction. Our ability to acquire our partner’s interest may be limited if we do not have sufficient cash, available borrowing capacity or other capital resources. In such event, we may be forced to sell our interest in the joint venture when we would otherwise prefer to retain it. On the other hand, our ability to transfer our interest in a joint venture to a third party may be restricted and the market for our interest may be limited and/or valued lower than fair market value. Joint ventures may require us to share decision-making authority with our partners, which could limit our ability to control the properties in the joint ventures. Even when we have a controlling interest, certain major decisions may require partner approval, such as the sale, acquisition or financing of a property.

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We are exposed to operational risks with respect to our Seniors Housing Operating properties that could adversely affect our revenue and operations
We are exposed to various operational risks with respect to our Seniors Housing Operating properties that may increase our costs or adversely affect our ability to generate revenues. These risks include fluctuations in occupancy, Medicare and Medicaid reimbursement, if applicable, and private pay rates; economic conditions; competition; federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards; the availability and increases in cost of general and professional liability insurance coverage; state regulation and rights of residents related to entrance fees; and the availability and increases in the cost of labor (as a result of unionization or otherwise). Any one or a combination of these factors may adversely affect our revenue and operations.
We assume operational and legal risks with respect to our properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations and financial condition
We have entered into various joint ventures that were structured under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), which permits REITs to own or partially own “qualified health care properties” in a structure through which we can participate directly in the cash flow of the properties’ operations (as compared to receiving only contractual rent payments) in compliance with REIT requirements. A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients.
Under a RIDEA structure, we are required to rely on our operator to manage and operate the property, including complying with laws and providing resident care. However, as the owner of the property under a RIDEA structure, we are responsible for operational and legal risks and liabilities of the property, including, but not limited to, those relating to employment matters of our operators, compliance with health care fraud and abuse and other laws, governmental reimbursement matters, compliance with federal, state, local and industry-related licensure, certification and inspection laws, regulations, and standards, and litigation involving our properties or residents/patients, even though we have limited ability to control or influence our operators’ management of these risks. Further, our taxable REIT subsidiary (“TRS”) is generally required to hold the applicable health care license and enroll in the applicable government health care programs (e.g., Medicare and Medicaid), which subjects us to potential liability under various health care regulatory laws. Penalties for failure to comply with applicable laws may include loss or suspension of licenses and certificates of need, certification or accreditation, exclusion from government health care programs (e.g., Medicare and Medicaid), administrative sanctions and civil monetary penalties. Although we have some general oversight approval rights and the right to review operational and financial reporting information, our operators are ultimately in control of the day-to-day business of the property, including clinical decision-making, we rely on them to operate the properties in compliance with a manner that complies with applicable law.
Decreases in our operators’ revenues or increases in our operators’ expenses could affect our operators’ ability to make payments to us
We have very limited control over the success or failure of our operators' businesses and, at any time, an operator may experience a downturn in its business that weakens its financial condition. Our operators’ revenues are primarily driven by occupancy, private pay rates, and Medicare and Medicaid reimbursement, if applicable. Expenses for these facilities are primarily driven by the costs of labor, food, utilities, taxes, insurance and rent or debt service. Revenues from government reimbursement have, and may continue to, come under pressure due to reimbursement cuts and state budget shortfalls. Operating costs continue to increase for our operators. To the extent that any decrease in revenues and/or any increase in operating expenses result in a property not generating enough cash to make payments to us, the credit of our operator and the value of other collateral would have to be relied upon. To the extent the value of such property is reduced, we may need to record an impairment for such asset. Furthermore, if we determine to dispose of an underperforming property, such sale may result in a loss. Any such impairment or loss on sale would negatively affect our financial results. These risks are magnified where we lease multiple properties to a single operator under a master lease, as an operator failure or default under a master lease would expose us to these risks across multiple properties. Although our lease agreements give us the right to exercise certain remedies in the event of default on the obligations owing to us, we may determine not to do so if we believe that enforcement of our rights would be more detrimental to our business than seeking alternative approaches.
Increased competition and oversupply may affect our operators’ ability to meet their obligations to us 
The operators of our properties compete on a local and regional basis with operators of properties and other health care providers that provide comparable services for residents and patients, including on the basis of the scope and quality of care and services provided, reputation and financial condition, physical appearance of the properties, price, and location. Our operators are expected to encounter increased competition in the future that could limit their ability to attract residents or expand their businesses. In addition, we expect that there will continue to be a more than adequate inventory of seniors housing facilities. We cannot be certain that the operators of all of our facilities will be able to achieve and maintain occupancy and rate levels that will enable them to

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meet all of their obligations to us. If our operators cannot compete effectively or if there is an oversupply of facilities, their financial performance and ability to meet their obligations to us could have a material adverse effect on our financial results. 
A severe cold and flu season, epidemics or any other widespread illnesses could adversely affect the occupancy of our Seniors Housing Operating and Triple-net properties
Our revenues and our operators’ revenues are dependent on occupancy. It is impossible to predict the severity of the cold and flu season or the occurrence of epidemics or any other widespread illnesses. The occupancy of our Seniors Housing Operating and Triple-net properties could significantly decrease in the event of a severe cold and flu season, an epidemic or any other widespread illness. Such a decrease could affect the operating income of our Seniors Housing Operating properties and the ability of our Triple-net operators to make payments to us. In addition, a flu pandemic could significantly increase the cost burdens faced by our operators, including if they are required to implement quarantines for residents, and adversely affect their ability to meet their obligations to us, which would have a material adverse effect on our financial results. 
The insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors may adversely affect our business, results of operations and financial condition 
We are exposed to the risk that our tenants, operators, borrowers, managers or other obligors may not be able to meet the rent, principal and interest or other payments due us, which may result in a tenant, operator, borrower, manager or other obligor bankruptcy or insolvency, or that a tenant, operator, borrower, manager or other obligor might become subject to bankruptcy or insolvency proceedings for other reasons. Although our operating lease agreements provide us with the right to evict a tenant, demand immediate payment of rent and exercise other remedies, and our loans provide us with the right to terminate any funding obligation, demand immediate repayment of principal and unpaid interest, foreclose on the collateral and exercise other remedies, the bankruptcy and insolvency laws afford certain rights to a party that has filed for bankruptcy or reorganization. A tenant, operator, borrower, manager or other obligor in bankruptcy or subject to insolvency proceedings may be able to limit or delay our ability to collect unpaid rent in the case of a lease or to receive unpaid principal and interest in the case of a loan, and to exercise other rights and remedies. In addition, if a lease is rejected in a tenant bankruptcy, our claim against the tenant may be limited by applicable provisions of the bankruptcy law. We may be required to fund certain expenses (e.g., real estate taxes and maintenance) to preserve the value of an investment property, avoid the imposition of liens on a property and/or transition a property to a new tenant. In some instances, we have terminated our lease with a tenant and relet the property to another tenant. In some of those situations, we have provided working capital loans to and limited indemnification of the new obligor. If we cannot transition a leased property to a new tenant, we may take possession of that property, which may expose us to certain successor liabilities. Publicity about the operator's financial condition and insolvency proceedings may also negatively impact their and our reputations, decreasing customer demand and revenues. Should such events occur, our revenue and operating cash flow may be adversely affected. 
We may not be able to timely reinvest our sale proceeds on terms acceptable to us 
From time to time, we will have cash available from the proceeds of sales of our securities, principal payments on our loans receivable or the sale of properties, including non-elective dispositions, under the terms of master leases or similar financial support arrangements. In order to maintain current revenues and continue generating attractive returns, we expect to reinvest these proceeds in a timely manner. We compete for real estate investments with a broad variety of potential investors, including other health care REITs, real estate partnerships, health care providers, health care lenders and other investors, including developers, banks, insurance companies, pension funds, government-sponsored entities and private equity firms, some of whom may have greater financial resources and lower costs of capital than we do. This competition for attractive investments may negatively affect our ability to make timely investments on terms acceptable to us. 
The properties managed by Sunrise Senior Living, LLC (“Sunrise”) account for a significant portion of our revenues and net operating income and any adverse developments in its business or financial condition could adversely affect us 
As of December 31, 2019, Sunrise managed 165 of our Seniors Housing Operating properties. These properties account for a significant portion of our revenues and net operating income. Although we have various rights as the property owner under our management agreements, we rely on Sunrise’s personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our Seniors Housing Operating properties efficiently and effectively. We also rely on Sunrise to set appropriate resident fees, to provide accurate property-level financial results for our properties in a timely manner and to otherwise operate them in compliance with the terms of our management agreements and all applicable laws and regulations. Any adverse developments in Sunrise’s business or financial condition could impair its ability to manage our properties efficiently and effectively, which could adversely affect our business, results of operations, and financial condition. For example, we depend on Sunrise’s ability to attract and retain skilled management personnel who are responsible for the day-to-day operations of our Seniors Housing Operating properties. A shortage of nurses or other trained personnel or general inflationary pressures may force Sunrise to enhance its pay and benefits packages to compete effectively for such personnel, but it may not be able to offset these added costs by increasing the rates charged to residents. Any increase in labor costs and other property operating expenses, any failure by Sunrise to attract and retain qualified personnel, or significant changes in Sunrise’s senior management or equity ownership could adversely affect the income we receive from our Seniors Housing Operating properties and have a material adverse effect on us. Also, if Sunrise experiences any significant financial, legal, accounting or regulatory difficulties, such difficulties

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could result in, among other things, acceleration of its indebtedness, impairment of its continued access to capital or the commencement of insolvency proceedings by or against it under the U.S. Bankruptcy Code, which, in turn, could adversely affect our business, results of operations and financial condition. If we determine to sell or transition additional properties currently managed by Sunrise, we may experience operational challenges and/or significantly declining financial performance for those properties. See Note 9 to our consolidated financial statements for additional information. 
We depend on ProMedica Health System ("ProMedica") and Genesis HealthCare (“Genesis”) for a significant portion of our revenues and any failure, inability or unwillingness by them to satisfy obligations under their agreements with us could adversely affect us 
The properties we lease to ProMedica and Genesis account for a significant portion of our revenues, and because these leases are triple-net leases, we also depend on ProMedica and Genesis to pay all insurance, taxes, utilities and maintenance and repair expenses in connection with the leased properties. We cannot assure you that ProMedica and Genesis will have sufficient assets, income and access to financing to enable them to make rental payments to us or to otherwise satisfy their respective obligations under our leases, and any failure, inability or unwillingness by ProMedica and Genesis to do so could have an adverse effect on our business, results of operations and financial condition. ProMedica and Genesis have also agreed to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with their respective businesses, and we cannot assure you that ProMedica and Genesis will have sufficient assets, income, access to financing and insurance coverage to enable them to satisfy their respective indemnification obligations. ProMedica and Genesis's failure to effectively conduct their operations or to maintain and improve our properties could adversely affect their business reputations and their ability to attract and retain patients and residents in our properties, which, in turn, could adversely affect our business, results of operations and financial condition. Additionally, we have made real estate and other loans to Genesis and their operational or other failures could adversely impact their ability to repay these loans when due.
Ownership of property outside the U.S. may subject us to different or greater risks than those associated with our domestic operations 
We have operations in the U.K. and Canada which represent 8.8% and 9.1% of total Welltower revenues, respectively. As of December 31, 2019, Revera managed 94 of our Seniors Housing Operating properties in Canada, representing a significant portion of our revenues, and also owned a controlling interest in Sunrise. International development, ownership, and operating activities involve risks that are different from those we face with respect to our domestic properties and operations. These risks include, but are not limited to, any international currency gain recognized with respect to changes in exchange rates, which may not qualify under the 75% gross income test or the 95% gross income test required for us to satisfy annually in order to qualify and maintain our status as a REIT; challenges with respect to the repatriation of foreign earnings and cash; impact from international trade disputes and the associated impact on our tenants' supply chain and consumer spending levels; changes in foreign political, regulatory, and economic conditions (regionally, nationally and locally) including, but not limited to, continuing uncertainty surrounding the process of Brexit and the macroeconomic and regulatory effects of Brexit, including impacts on the U.K. real estate market; challenges in managing international operations; challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, taxes, employment and other civil and criminal legal proceedings; foreign ownership restrictions with respect to operations in foreign countries; local businesses and cultural factors that differ from our usual standards and practices; differences in lending practices and the willingness of domestic or foreign lenders to provide financing; regional or country-specific business cycles and political and economic instability; and failure to comply with applicable laws and regulations in the U.S. that affect foreign operations, including, but not limited to, the U.S. Foreign Corrupt Practices Act. If we are unable to successfully manage the risks associated with international expansion and operations, our results of operations and financial condition may be adversely affected. 
The business and financial results of our operations located in the U.K. may be negatively impacted as a result of Brexit
The U.K.’s referendum on withdrawal from the EU in 2016 (commonly referred to as “Brexit”), and subsequent notification of the U.K.’s intention to withdraw from the EU given in March 2017, have adversely impacted global markets and foreign currencies. The terms governing the future relationship between the U.K. and the EU, as well as the legal and economic consequences of those terms, remain unclear, including with respect to the post-Brexit regulatory environment in the U.K. It is possible that the level of health care and other economic activity in the U.K. and the rest of Europe will be adversely impacted and that we will face increased regulatory and legal complexities in these regions which could have an adverse impact on the financial condition and results of operations of our properties in the U.K.
Moreover, the value of the British Pound Sterling incurred significant fluctuations. If the value of the British Pound Sterling continues to incur similar fluctuations, unfavorable exchange rate changes may negatively affect the value of our operations located in the U.K., as translated to our reporting currency, the U.S. Dollar, in accordance with U.S. GAAP, which may impact the revenue and earnings we report. Continued fluctuations in the British Pound Sterling may also result in the imposition of price adjustments by E.U.-based suppliers to our U.K. operations, as those suppliers seek to compensate for the changes in value of the British Pound Sterling as compared to the European Euro.

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If our tenants do not renew their existing leases, or if we are required to sell properties for liquidity reasons, we may be unable to lease or sell the properties on favorable terms, or at all
We cannot predict whether our tenants will renew existing leases at the end of their lease terms, which expire at various times. If these leases are not renewed, we would be required to find other tenants to occupy those properties, or sell them. There can be no assurance that we would be able to identify suitable replacement tenants or enter into leases with new tenants on terms as favorable to us as the current leases or that we would be able to lease those properties at all. Our competitors may offer space at rental rates below current market rates or below the rental rates we currently charge our customers, we may lose potential customers, and we may be pressured to reduce our rental rates below those we currently charge to retain customers when leases expire. In addition, our ability to reposition our properties with a suitable replacement tenant or operator could be significantly delayed or limited by state licensing, receivership, CON or other laws, as well as by the Medicare and Medicaid change-of-ownership rules, and we could incur substantial additional expenses in connection with any licensing, receivership or change-of-ownership proceedings. Even if tenants decide to renew or lease new space, the terms of renewals or new leases, including the cost of required renovations or concessions to tenants, may be less favorable to us than current lease terms.
Real estate investments are relatively illiquid and most of the property we own is highly customized for specific uses. Our ability to quickly sell or exchange any of our properties in response to changes in operator, economic and other conditions will be limited. No assurances can be given that we will recognize full value for any property that we are required to sell. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. 
Our tenants, operators and managers may not have the necessary insurance coverage to insure adequately against losses 
We maintain or require our tenants, operators and managers to maintain comprehensive insurance coverage on our properties and their operations with terms, conditions, limits and deductibles that we believe are customary for similarly situated companies in our industry and we frequently review our insurance programs and requirements. Our tenants, operators and manager may not be able to maintain adequate levels of insurance and required coverages. Also, we may not be able to require the same levels of insurance coverage under our lease, management and other agreements, which could adversely affect us in the event of a significant uninsured loss. We cannot make any guarantee as to the future financial viability of the insurers that underwrite our policies and the policies maintained by our tenants, operators and managers. Insurance may not be available at a reasonable cost in the future or policies may not be maintained at a level that will fully cover all losses on our properties upon the occurrence of a catastrophic event. This may be especially the case due to increases in property insurance costs. In addition, in recent years, long-term/post-acute care and seniors housing operators and managers have experienced substantial increases in both the number and size of patient care liability claims. As a result, general and professional liability costs have increased in some markets. General and professional liability insurance coverage may be restricted or very costly, which may adversely affect the tenants’, operators’ and managers’ future operations, cash flows and financial conditions, and may have a material adverse effect on the tenants’, operators’ and managers’ ability to meet their obligations to us.
Our ownership of properties through ground leases exposes us to the loss of such properties upon breach or termination of the ground leases 
We have acquired an interest in certain of our properties by acquiring a leasehold interest in the property on which the building is located, and we may acquire additional properties in the future through the purchase of interests in ground leases. Many of these ground leases impose significant limitations on our uses of the subject properties, restrict our ability to sell or otherwise transfer our interests in the properties or restrict the leasing of the properties. These restrictions may limit our ability to timely sell or exchange the properties, impair the properties’ value or negatively impact our ability to find suitable tenants for the properties. As the lessee under a ground lease, we are exposed to the possibility of losing the property upon termination of the ground lease or an earlier breach of the ground lease by us.
The requirements of, or changes to, governmental reimbursement programs, such as Medicare, Medicaid or government funding, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us 
Some of our obligors’ businesses are affected by government reimbursement. To the extent that an operator/tenant receives a significant portion of its revenues from government payors, primarily Medicare and Medicaid, such revenues may be subject to statutory and regulatory changes, retroactive rate adjustments, recovery of program overpayments or set-offs, court decisions, administrative rulings, policy interpretations, payment or other delays by fiscal intermediaries or carriers, government funding restrictions (at a program level or with respect to specific facilities), any lapse in Congressional funding of the Centers for Medicare and Medicaid Services and interruption or delays in payments due to any ongoing government investigations and audits at such property. In recent years, government payors have frozen or reduced payments to health care providers due to budgetary pressures. Federal and state authorities may continue seeking to implement new or modified reimbursement methodologies that may negatively impact health care property operations. See “Item 1 - Business - Certain Government Regulations - United States - Reimbursement”

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above for additional information. Health care reimbursement will likely continue to be of paramount importance to federal and state authorities. We cannot make any assessment as to the ultimate timing or effect any future legislative reforms may have on the financial condition of our obligors and properties. There can be no assurance that adequate reimbursement levels will be available for services provided by any property operator, whether the property receives reimbursement from Medicare, Medicaid or private payors. Significant limits on the scope of services reimbursed and on reimbursement rates and fees could have a material adverse effect on an obligor’s liquidity, financial condition and results of operations, which could adversely affect the ability of an obligor to meet its obligations to us. 
Since January 1, 2014, the Health Reform Laws have provided those states that expand their Medicaid coverage to otherwise eligible state residents with incomes at or below 138% of the federal poverty level with an increased federal medical assistance percentage, effective January 1, 2014, when certain conditions are met. Given that the federal government substantially funds the Medicaid expansion, it is unclear how many states will ultimately pursue this option, although, as of early January 2020, more than 70% of the states have expanded Medicaid coverage. The participation by states in the Medicaid expansion could have the dual effect of increasing our tenants’ revenues, through new patients, but further straining state budgets and their ability to pay our tenants.
The status of the Health Reform Laws may be subject to change as a result of political, legislative, regulatory, and administrative developments and judicial proceedings. The current Presidential Administration and U.S. Congress have sought to and may continue to seek to modify, repeal, or otherwise invalidate all, or certain provisions of, the Health Reform Laws, including Medicaid expansion. Since taking office, President Trump has continued to support the repeal of all or portions of the Health Reform Laws.  See “Item 1 — Business — Certain Government Regulations — United States — Reimbursement” above for additional information. If the operations, cash flows or financial condition of our operators and tenants are materially adversely impacted by the Health Reform Laws or future legislation, our revenue and operations may be adversely affected as well. More generally, and because of the dynamic nature of the legislative and regulatory environment for health care products and services, and in light of existing federal deficit and budgetary concerns, we cannot predict the impact that broad-based, far-reaching legislative or regulatory changes could have on the U.S. economy, our business, or that of our operators and tenants. 
If controls imposed on certain of our tenants who provide health care services that are reimbursed by Medicare, Medicaid and other third-party payors to reduce admissions and length of stay affect inpatient volumes at our health care facilities, the financial condition or results of operations of those tenants could be adversely affected
Controls imposed by Medicare, Medicaid and commercial third-party payors designed to reduce admissions and lengths of stay, commonly referred to as “utilization reviews,” have affected and are expected to continue to affect certain of our health care facilities, specifically our acute care hospitals and post-acute facilities. Utilization review entails the review of the admission and course of treatment of a patient by managed care plans. Inpatient utilization, average lengths of stay and occupancy rates continue to be negatively affected by payor-required preadmission authorization and utilization review and by payor pressures to maximize outpatient and alternative health care delivery services for less acutely ill patients. Efforts to impose more stringent cost controls and reductions are expected to continue, which could negatively impact the financial condition of our tenants who provide health care services in our hospitals and post-acute facilities. If so, this could adversely affect these tenants’ ability and willingness to comply with the terms of their leases with us and/or renew those leases upon expiration, which could have a material adverse effect on us.
Our operators’ or tenants’ failure to comply with federal, state, province, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us 
Our operators and tenants generally are subject to or impacted by varying levels of federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards. These laws and regulations include, among others: laws protecting consumers against deceptive practices; laws relating to the operation of our properties and how our tenants and operators conduct their business, such as fire, health and safety, data security and privacy laws; federal and state laws affecting hospitals, clinics and other health care communities that participate in both Medicare and Medicaid that specify reimbursement rates, pricing, reimbursement procedures and limitations, quality of services and care, background checks, food service and physical plants, and similar foreign laws regulating the health care industry; resident rights laws (including abuse and neglect laws) and fraud laws; anti-kickback and physician referral laws; the ADA and similar state and local laws; and safety and health standards set by the Occupational Safety and Health Administration or similar foreign agencies. Our operators’ or tenants’ failure to comply with any of these laws, regulations, or standards could result in loss of accreditation, denial of reimbursement, imposition of fines, suspension, decertification or exclusion from federal and state health care programs, civil liability, and in certain limited instances, criminal penalties, loss of license, closure of the facility and/or the incurrence of considerable costs arising from an investigation or regulatory action. Such actions may have an effect on our operators’ or tenants’ ability to make lease payments to us and, therefore, adversely impact us. In addition, we may be directly subject to certain health care fraud and abuse laws and data privacy laws, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements, and certain other arrangements we may pursue with healthcare entities who are directly subject to these laws. See “Item 1 - Business - Certain Government Regulations

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- United States - Fraud & Abuse Enforcement” and “Item 1 - Business - Certain Government Regulations - United States - Health Care Matters - Generally” above.
Many of our properties may require a license, registration, and/or CON to operate. Failure to obtain a license, registration, or CON, or loss of a required license, registration, or CON would prevent a facility from operating in the manner intended by the operators or tenants. These events could materially adversely affect our operators’ or tenants’ ability to make rent or other obligatory payments to us. State and local laws also may regulate the expansion, including the addition of new beds or services or acquisition of medical equipment, and the construction or renovation of health care facilities, by requiring a CON or other similar approval from a state agency. See “Item 1 — Business — Certain Government Regulations — United States — Licensing and Certification” above. 
In addition, we cannot assure you that future changes in government regulation will not adversely affect the health care industry, including our tenants and operators, nor can we be certain that our tenants and operators will achieve and maintain occupancy and rate levels or labor cost levels that will enable them to satisfy their obligations to us.
Changes in applicable tax regulations could negatively affect our financial results 
We are subject to taxation in the U.S. and numerous foreign jurisdictions. Because the U.S. maintains a worldwide corporate tax system, the foreign and U.S. tax systems are somewhat interdependent. Longstanding international norms that determine each country’s jurisdiction to tax cross-border international trade are evolving and could reduce the ability of our foreign subsidiaries to deduct for foreign tax purposes the interest they pay on loans from us, thereby increasing the foreign tax liability of the subsidiaries; it is also possible that foreign countries could increase their withholding taxes on dividends and interest. Given the unpredictability of these possible changes and their potential interdependency, it is very difficult to assess the overall effect of such potential tax changes on our earnings and cash flow, but such changes could adversely impact our financial results.
Unfavorable resolution of pending and future litigation matters and disputes could have a material adverse effect on our financial condition
From time to time, we are directly involved in legal proceedings, lawsuits and other claims. We also are named as defendants in lawsuits allegedly arising out of our actions or the actions of our operators/tenants or managers in which such operators/tenants or managers have agreed to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with their respective businesses. There can be no assurance that we will be able to prevail in, or achieve a favorable settlement of, pending or future litigation. In addition, pending litigation or future litigation, government proceedings or environmental matters could lead to increased costs or interruption of our normal business operations. An unfavorable resolution of pending or future litigation or legal proceedings may have a material adverse effect on our business, results of operations and financial condition. Regardless of its outcome, litigation may result in substantial costs and expenses, significantly divert the attention of management, and could damage our reputation and our brand. In addition, any such resolution could involve our agreement to terms that restrict the operation of our business. We cannot guarantee losses incurred in connection with any current or future legal or regulatory proceedings or actions will not exceed any provisions we may have set aside in respect of such proceedings or actions or will not exceed any available insurance coverage.
Development, redevelopment and construction risks could affect our profitability
In connection with our renovation, redevelopment, development and related construction activities, we may be unable to obtain, or suffer delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations. These factors could result in increased costs or our abandonment of these projects. In addition, we may not be able to obtain financing on favorable terms, which may render us unable to proceed with our development activities, and we may not be able to complete construction and lease-up of a property on schedule, which could result in increased debt service expense or construction costs. Additionally, the time frame required for development, construction and lease-up of these properties means that we may have to wait years for significant cash returns. Because we are required to make cash distributions to our stockholders, if the cash flow from operations or refinancing is not sufficient, we may be forced to borrow additional money to fund such distributions. We may be unable to obtain financing with favorable terms, or at all, for the proposed development, which may cause us to delay or abandon an opportunity. Newly developed and acquired properties may not produce the cash flow that we expect, which could adversely affect our overall financial performance. 
In deciding whether to acquire or develop a particular property, we make assumptions regarding the expected future performance of that property. In particular, we estimate the return on our investment based on expected occupancy, rental rates and capital costs. If our financial projections with respect to a new property are inaccurate as a result of increases in capital costs or other factors, the property may fail to perform as we expected in analyzing our investment. Our estimate of the costs of repositioning or redeveloping an acquired property may prove to be inaccurate, which may result in our failure to meet our profitability goals. Additionally, we may acquire new properties that are not fully leased, and the cash flow from existing operations may be insufficient to pay the operating expenses and debt service associated with that property. 


30

New facilities that we construct often require a CON and license before they can be utilized by the operator for their intended use. The operator also may need to obtain Medicare and Medicaid certification and enter into Medicare and Medicaid provider agreements and/or third-party payor contracts. In the event that the operator is unable to obtain the necessary CON, licensure, certification, provider agreements or contracts after the completion of construction, there is a risk that we will not be able to earn any revenues on the facility until either the initial operator obtains a license or certification to operate the new facility and the necessary provider agreements or contracts or we find and contract with a new operator that is able to obtain a license to operate the facility for its intended use and the necessary provider agreements or contracts. 
We may experience losses caused by severe weather conditions, natural disasters or the physical effects of climate change, which could result in an increase of our or our tenants’ cost of insurance, unanticipated costs associated with evacuation, a decrease in our anticipated revenues or a significant loss of the capital we have invested in a property 
We maintain or require our tenants to maintain comprehensive insurance coverage on our properties with terms, conditions, limits and deductibles that we believe are appropriate given the relative risk and costs of such coverage, and we frequently review our insurance programs and requirements. However, a large number of our properties are located in areas particularly susceptible to revenue loss, cost increase or damage caused by severe weather conditions or natural disasters such as hurricanes, earthquakes, tornadoes and floods, as well as the effects of climate change. We believe, given current industry practice and analysis prepared by outside consultants, that our and our tenants’ insurance coverage is appropriate to cover reasonably anticipated losses that may be caused by hurricanes, earthquakes, tornadoes, floods and other severe weather conditions and natural disasters, including the effects of climate change. Nevertheless, we are always subject to the risk that such insurance will not fully cover all losses and, depending on the severity of the event and the impact on our properties, such insurance may not cover a significant portion of the losses including but not limited to the costs associated with evacuation. These losses may lead to an increase of our and our tenants’ cost of insurance, a decrease in our anticipated revenues from an affected property and a loss of all or a portion of the capital we have invested in an affected property.  In addition, we or our tenants may not purchase insurance under certain circumstances if the cost of insurance exceeds, in our or our tenants’ judgment, the value of the coverage relative to the risk of loss. Also, changes in federal and state legislation and regulation relating to climate change could result in increased capital expenditures to improve the energy efficiency and resiliency of our existing properties and could also necessitate us to spend more on our new development properties without a corresponding increase in revenue.
To the extent that significant changes in the climate occur in areas where our communities are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Should the impact of climate change be material in nature, including significant property damage to or destruction of our communities, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected. In addition, changes in federal, state and local legislation and regulation based on concerns about climate change could result in increased capital expenditures on our existing properties and our new development properties without a corresponding increase in revenue, resulting in adverse impacts to our net income.
We may incur costs to remediate environmental contamination at our properties, which could have an adverse effect on our or our obligors’ business or financial condition
Under various laws, owners or operators of real estate may be required to respond to the presence or release of hazardous substances on the property and may be held liable for property damage, personal injuries or penalties that result from environmental contamination or exposure to hazardous substances. These laws often impose liability without regard to whether the owner or operator knew of the release of the substances or caused the release. We may become liable to reimburse the government for damages and costs it incurs in connection with the contamination. Generally, such liability attaches to a person based on the person’s relationship to the property. Our tenants or borrowers are primarily responsible for the condition of the property. Moreover, we review environmental site assessments of the properties that we own or encumber prior to taking an interest in them. Those assessments are designed to meet the “all appropriate inquiry” standard, which we believe qualifies us for the innocent purchaser defense if environmental liabilities arise. Based upon such assessments, we do not believe that any of our properties are subject to material environmental contamination. However, environmental liabilities may be present in our properties and we may incur costs to remediate contamination, which could have a material adverse effect on our business or financial condition or the business or financial condition of our obligors. 
Cybersecurity incidents could disrupt our business and result in the loss of confidential information
Our business is at risk from and may be impacted by cybersecurity attacks, including attempts to gain unauthorized access to our confidential data through phishing or other malicious activity, attempts to interrupt our access to or use of IT systems through distributed denial-of-service or ransomware attacks, breaches related to our increased receipt and use of data from multiple sources, and other electronic security breaches or other cybersecurity incidents, including those resulting from human error, product defects and technology failures. Such cyber-attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats, and may be specifically targeted to our business or more general industry wide risks. Our information technology networks and related systems are essential to our ability to perform day-to-day operations of our business. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such

31

efforts will be successful in preventing a cyber-attack. Even the most well-protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted cybersecurity breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate cybersecurity barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk. In the past, we have experienced cybersecurity breaches, which to date have not had a material impact on our operations; however, there is no assurance that such impacts will not be material in the future. We must continuously monitor and develop our systems to protect our technology infrastructure and data from misappropriation or corruption. Cybersecurity incidents could disrupt our business, damage our reputation, cause us to incur significant remediation expense and have a materially adverse effect on our business, financial condition and results of operations. Cybersecurity breaches that compromise proprietary, personal identifying or confidential information of our employees, operators, tenants and partners could result in legal claims or proceedings, including under data privacy regulations.
Our success depends on key personnel whose continued service is not guaranteed 
Our success depends on the continued availability and service of key personnel, including our executive officers and other highly qualified employees, and competition for their talents is intense. There is substantial competition for qualified personnel. We cannot assure you that we will retain our key personnel or that we will be able to recruit and retain other highly qualified employees in the future. Losing any key personnel could, at least temporarily, have a material adverse effect on our business, financial position and results of operations. 
Risks Arising from Our Capital Structure 
Our certificate of incorporation and by-laws contain anti-takeover provisions 
Our certificate of incorporation and by-laws contain anti-takeover provisions (restrictions on share ownership and transfer and super majority stockholder approval requirements for business combinations) that could make it more difficult for or even prevent a third party from acquiring us without the approval of our incumbent Board of Directors. Provisions and agreements that inhibit or discourage takeover attempts could reduce the market value of our common stock. 
We may become more leveraged 
Permanent financing for our investments is typically provided through a combination of public offerings of debt and equity securities and the incurrence or assumption of secured debt. The incurrence or assumption of indebtedness may cause us to become more leveraged, which could (1) require us to dedicate a greater portion of our cash flow to the payment of debt service, (2) make us more vulnerable to a downturn in the economy, (3) limit our ability to obtain additional financing, (4) negatively affect our credit ratings or outlook by one or more of the rating agencies or (5) make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable rate debt. 
Cash available for distributions to stockholders may be insufficient to make dividend contributions at expected levels and are made at the discretion of the Board of Directors 
If cash available for distribution generated by our assets decreases due to dispositions or otherwise, we may be unable to make dividend distributions at expected levels. Our inability to make expected distributions would likely result in a decrease in the market price of our common stock. All distributions are made at the discretion of our Board of Directors in accordance with Delaware law and depend on our earnings, our financial condition, debt and equity capital available to us, our expectation of our future capital requirements and operating performance, restrictive covenants in our financial and other contractual arrangements, maintenance of our REIT qualification, restrictions under Delaware law and other factors as our Board of Directors may deem relevant from time to time. Additionally, our ability to make distributions will be adversely affected if any of the risks described herein, or other significant adverse events, occur. 
We are subject to covenants in our debt agreements that could have a material adverse effect on our business, results of operations and financial condition
Our debt agreements contain various covenants, restrictions and events of default. Among other things, these provisions require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. Breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness, in addition to any other indebtedness cross-defaulted against such instruments. These defaults could have a material adverse effect on our business, results of operations and financial condition. 
Limitations on our ability to access capital could have an adverse effect on our ability to make future investments or to meet our obligations and commitments
We cannot assure you that we will be able to raise the capital necessary to make future investments or to meet our obligations and commitments as they mature. Our access to capital depends upon a number of factors over which we have little or no control, including rising interest rates, inflation and other general market conditions; the market’s perception of our growth potential and our current and potential future earnings and cash distributions; the market price of the shares of our common stock and the credit

32

ratings of our debt securities; changes in the credit ratings on U.S. government debt securities; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; and default or delay in payment by the U.S. of its obligations. We also rely on the financial institutions that are parties to our revolving credit facilities. If these institutions become capital constrained, tighten their lending standards or become insolvent or if they experience excessive volumes of borrowing requests from other borrowers within a short period of time, they may be unable or unwilling to honor their funding commitments to us, which would adversely affect our ability to draw on our revolving credit facilities and, over time, could negatively impact our ability to consummate acquisitions, repay indebtedness as it matures, fund capital expenditures or make distributions to our stockholders. If our access to capital is limited by these factors or other factors, it could negatively impact our ability to acquire properties, repay or refinance our indebtedness, fund operations or make distributions to our stockholders.
Changes affecting the availability of the London Interbank Offered Rate (“LIBOR”) may have consequences for us that cannot yet reasonably be predicted
We have outstanding debt, hedge agreements and receivable transactions with variable interest rates based on LIBOR. The LIBOR benchmark has been subject of national, international, and other regulatory guidance and proposals for reform. In July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. These reforms may cause LIBOR to perform differently than in the past and LIBOR may ultimately cease to exist after 2021. While it is not currently possible to determine precisely whether, or to what extent, the withdrawal and replacement of LIBOR would affect us, the implementation of alternative benchmark rates to LIBOR may have an adverse effect on our business, results of operations or financial condition. Any new benchmark rate will likely not replicate LIBOR exactly, which could impact contracts that terminate after 2021. There is uncertainty about how applicable law, the courts or we will address the replacement of LIBOR with alternative rates on agreements that do not include alternative rate fallback provisions. In addition, any changes to benchmark rates may have an uncertain impact on our cost of funds and our access to the capital markets, which could impact our results of operations and cash flows. Uncertainty as to the nature of such potential changes may also adversely affect the trading market for our securities. Additional financing, therefore, may be unavailable, more expensive or restricted by the terms of our outstanding indebtedness.
Downgrades in our credit ratings could have a material adverse effect on our cost and availability of capital
We plan to manage the company to maintain a capital structure consistent with our current profile, but there can be no assurance that we will be able to maintain our current credit ratings. Any downgrades in terms of ratings or outlook by any or all of the rating agencies could have a material adverse effect on our cost and availability of capital, which could in turn have a material adverse effect on our results of operations, liquidity, cash flows, the trading/redemption price of our securities and our ability to satisfy our debt service obligations and to pay dividends and distributions to our equity holders.
Increases in interest rates could have a material adverse effect on our cost of capital
An increase in interest rates may increase interest cost on new and existing variable rate debt.  Such increases in the cost of capital could adversely impact our ability to finance operations, acquire and develop properties, and refinance existing debt. Additionally, increased interest rates may also result in less liquid property markets, limiting our ability to sell existing assets.
Fluctuations in the value of foreign currencies could adversely affect our results of operations and financial position
Currency exchange rate fluctuations could affect our results of operations and financial position, including exchange rate fluctuations resulting from Brexit. We generate a portion of our revenue and expenses in such foreign currencies as the Canadian dollar and the British pound sterling. Although we may enter into foreign exchange agreements with financial institutions and/or obtain local currency mortgage debt in order to reduce our exposure to fluctuations in the value of foreign currencies, we cannot assure you that foreign currency fluctuations will not have a material adverse effect on us.
Our entry into hedge agreements may not effectively reduce our exposure to changes in interest rates or foreign currency exchange rates 
We enter into hedge agreements from time to time to manage some of our exposure to interest rate and foreign currency exchange rate volatility. These agreements involve risks, such as the risk that counterparties may fail to honor their obligations under these arrangements, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may cause us to pay higher interest rates on our debt obligations than otherwise would be the case. In addition, these arrangements may not be effective in reducing our exposure to changes in interest rates or foreign currency exchange rates. When we use forward-starting interest rate swaps, there is a risk that we will not complete the long-term borrowing against which the swap is intended to hedge. If such events occur, our results of operations may be adversely affected. 

33

Risks Arising from Our Status as a REIT 
We might fail to qualify or remain qualified as a REIT 
We intend to operate as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and believe we have operated and will continue to operate in such a manner. If we lose our status as a REIT, we will face serious income tax consequences that will substantially reduce the funds available for satisfying our obligations and for distribution to our stockholders because:
•
we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to U.S. federal income tax at regular corporate rates;
•
we would be subject to increased state and local taxes; and
•
unless we are entitled to relief under statutory provisions, we could not elect to be subject to tax as a REIT for four taxable    years following the year during which we were disqualified. 
Since REIT qualification requires us to meet a number of complex requirements, it is possible that we may fail to fulfill them, and if we do, our earnings will be reduced by the amount of U.S. federal and other income taxes owed. A reduction in our earnings would affect the amount we could distribute to our stockholders. If we do not qualify as a REIT, we will not be required to make distributions to stockholders, since a non-REIT is not required to pay dividends to stockholders in order to maintain REIT status or avoid an excise tax. In addition, if we fail to qualify as a REIT, all distributions to stockholders will continue to be treated as dividends to the extent of our current and accumulated earnings and profits, although corporate stockholders may be eligible for the dividends received deduction, and individual stockholders may be eligible for taxation at the rates generally applicable to long-term capital gains with respect to distributions. 
As a result of all these factors, our failure to qualify as a REIT also could impair our ability to implement our business strategy and would adversely affect the value of our common stock. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to remain qualified as a REIT. Although we believe that we qualify as a REIT, we cannot assure you that we will remain qualified as a REIT for U.S. federal income tax purposes. 
Certain subsidiaries might fail to qualify or remain qualified as a REIT
We own interests in a number of entities which have elected to be taxed as REITs for U.S. federal income tax purposes, some of which we consolidate for financial reporting purposes but each of which is treated as a separate REIT for federal income tax purposes (each a “Subsidiary REIT”). To qualify as a REIT, each Subsidiary REIT must independently satisfy all of the REIT qualification requirements under the Code, together with all other rules applicable to REITs. Provided that each Subsidiary REIT qualifies as a REIT, our interests in the Subsidiary REITs will be treated as qualifying real estate assets for purposes of the REIT asset tests. If a Subsidiary REIT fails to qualify as a REIT in any taxable year, such Subsidiary REIT will be subject to federal and state income taxes and may not be able to qualify as a REIT for the four subsequent taxable years. Any such failure could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT, unless we are able to avail ourselves of certain relief provisions. 
The 90% annual distribution requirement will decrease our liquidity and may limit our ability to engage in otherwise beneficial transactions 
To comply with the 90% distribution requirement applicable to REITs and to avoid the nondeductible excise tax, we must make distributions to our stockholders. Although we anticipate that we generally will have sufficient cash or liquid assets to enable us to satisfy the REIT distribution requirement, it is possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement. This may be due to timing differences between the actual receipt of income and actual payment of deductible expenses, on the one hand, and the inclusion of that income and deduction of those expenses in arriving at our taxable income, on the other hand. In addition, non-deductible expenses such as principal amortization or repayments or capital expenditures in excess of non-cash deductions may cause us to fail to have sufficient cash or liquid assets to enable us to satisfy the 90% distribution requirement. In the event that timing differences occur, or we deem it appropriate to retain cash, we may borrow funds, even if the then-prevailing market conditions are not favorable for these borrowings, issue additional equity securities (although we cannot assure you that we will be able to do so), pay taxable stock dividends, if possible, distribute other property or securities or engage in other transactions intended to enable us to meet the REIT distribution requirements. This may require us to raise additional capital to meet our obligations. 
Our use of TRSs is limited under the Code
Under the Code, no more than 20% of the value of the gross assets of a REIT may be represented by securities of one or more TRSs. This limitation may affect our ability to increase the size of our TRSs’ operations and assets, and there can be no assurance that we will be able to comply with the applicable limitation, or that such compliance will not adversely affect our business. Also, our TRSs may not, among other things, operate or manage certain health care facilities, which may cause us to forgo investments

34

we might otherwise make. Finally, we may be subject to a 100% excise tax on the income derived from certain transactions with our TRSs that are not on an arm's-length basis. We believe our arrangements with our TRSs are on arm's-length terms and intend to continue to operate in a manner that allows us to avoid incurring the 100% excise tax described above, but there can be no assurance that we will be able to avoid application of that tax.
The lease of qualified health care properties to a taxable REIT subsidiary is subject to special requirements
We lease certain qualified health care properties to taxable REIT subsidiaries (or limited liability companies of which the taxable REIT subsidiaries are members), which lessees contract with managers (or related parties) to manage the health care operations at these properties. The rents from this taxable REIT subsidiary lessee structure are treated as qualifying rents from real property if (1) they are paid pursuant to an arm's-length lease of a qualified health care property with a taxable REIT subsidiary and (2) the manager qualifies as an eligible independent contractor (as defined in the Code). If any of these conditions are not satisfied, then the rents will not be qualifying rents. 
If certain sale-leaseback transactions are not characterized by the Internal Revenue Service (“IRS”) as “true leases,” we may be subject to adverse tax consequences 
We have purchased certain properties and leased them back to the sellers of such properties, and we may enter into similar transactions in the future. We intend for any such sale-leaseback transaction to be structured in such a manner that the lease will be characterized as a “true lease,” thereby allowing us to be treated as the owner of the property for U.S. federal income tax purposes. However, depending on the terms of any specific transaction, the IRS might take the position that the transaction is not a “true lease” but is more properly treated in some other manner. In the event any sale-leaseback transaction is challenged and successfully re-characterized by the IRS, we would not be entitled to claim the deductions for depreciation and cost recovery generally available to an owner of property. Furthermore, if a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT asset tests or income tests and, consequently, could lose our REIT status effective with the year of re-characterization. Alternatively, the amount of our REIT taxable income could be recalculated, which may cause us to fail to meet the REIT annual distribution requirements for a taxable year. 
We could be subject to changes in our tax rates, the adoption of new U.S. or international tax legislation, or exposure to additional tax liabilities 
We are subject to taxes in the U.S. and foreign jurisdictions. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates or changes in tax laws or their interpretation. We are also subject to the examination of our tax returns and other tax matters by the IRS and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations. If we were subject to review or examination by the IRS or applicable foreign jurisdiction as the result of any new tax law changes, the ultimate determination of which may change our taxes owed for an amount in excess of amounts previously accrued or recorded, our financial condition, operating results, and cash flows could be adversely affected.
The present federal income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at any time, which could affect the federal income tax treatment of an investment in us. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS and the U.S. Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations. We cannot predict how changes in the tax laws might affect our investors or us. Revisions in federal tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT, as well as the tax considerations relevant to an investment in us, or could cause us to change our investments and commitments.
Item 1B.  Unresolved Staff Comments
None.

35

Item 2.  Properties 
We lease our corporate headquarters located at 4500 Dorr Street, Toledo, Ohio 43615. We also lease corporate offices throughout the U.S., Canada, the United Kingdom and Luxembourg and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated real property and real estate loan investments as of December 31, 2019 (dollars in thousands):
 
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
Property Location
 
Number of Properties
Total Investment
Annualized Revenues(1)
 
Number of Properties
Total Investment
Annualized Revenues(1)
 
Number of Properties
Total Investment
Annualized Revenues(1)
Alaska
 
—

$
—

$
—

 
—

$
—

$
—

 
2

$
29,810

$
(2,240
)
Alabama
 
2

15,133

6,083

 
2

19,705

2,569

 
8

94,244

10,565

Arkansas
 
—

—

—

 
—

—

—

 
2

42,529

3,529

Arizona
 
6

86,883

32,517

 
—

—

—

 
8

87,655

11,077

California
 
82

3,052,393

688,631

 
23

456,935

64,633

 
45

1,092,865

105,239

Colorado
 
11

427,566

87,463

 
12

302,374

32,854

 
2

33,628

5,074

Connecticut
 
3

66,838

17,820

 
8

117,918

15,211

 
1

41,421

5,499

District Of Columbia
 
2

78,356

14,540

 
—

—

—

 
—

—

—

Delaware
 
3

69,290

25,484

 
7

114,126

9,544

 
—

46,998

1,402

Florida
 
14

898,178

144,974

 
51

583,500

56,682

 
42

529,060

74,346

Georgia
 
9

127,018

38,612

 
3

40,852

3,570

 
13

236,915

32,572

Iowa
 
4

75,655

28,926

 
7

57,537

5,884

 
1

7,734

1,648

Idaho
 
1

22,405

5,433

 
—

67

—

 
2

55,317

1,399

Illinois
 
16

454,088

119,759

 
25

356,243

31,919

 
7

108,941

14,426

Indiana
 
—

—

—

 
28

358,904

45,696

 
10

164,034

22,324

Kansas
 
3

67,263

15,133

 
27

242,844

27,460

 
5

62,249

8,665

Kentucky
 
2

37,074

14,461

 
6

50,485

4,187

 
1

6,792

762

Louisiana
 
3

50,062

15,957

 
1

8,076

840

 
—

—

—

Massachusetts
 
19

565,730

113,921

 
9

110,005

16,484

 
7

110,662

4,556

Maryland
 
8

393,479

90,687

 
24

298,974

18,155

 
12

283,567

28,576

Maine
 
1

25,151

11,995

 
—

—

—

 
1

18,601

2,693

Michigan
 
6

165,217

32,231

 
18

207,961

20,225

 
3

70,250

7,706

Minnesota
 
3

83,838

15,771

 
11

233,938

21,552

 
9

182,594

30,679

Missouri
 
6

153,312

25,085

 
1

12,089

854

 
11

201,245

23,578

Mississippi
 
2

14,870

8,354

 
1

10,820

—

 
1

37,866

1,020

Montana
 
1

5,635

4,484

 
1

6,131

767

 
—

—

—

North Carolina
 
2

113,352

19,680

 
50

372,570

54,641

 
26

479,061

39,975

Nebraska
 
—

—

—

 
4

29,852

4,418

 
2

32,943

4,885

New Hampshire
 
—

—

—

 
4

47,720

7,341

 
1

12,038

1,721

New Jersey
 
26

688,084

210,140

 
41

771,913

84,672

 
15

407,653

51,813

New Mexico
 
1

17,505

1,548

 
—

—

—

 
3

29,424

3,594

Nevada
 
4

47,210

23,816

 
1

18,780

3,767

 
8

100,851

10,794

New York
 
27

596,987

141,993

 
4

41,850

7,271

 
18

434,793

17,454

Ohio
 
17

422,614

66,041

 
34

288,499

35,030

 
9

125,346

13,712

Oklahoma
 
2

37,620

3,650

 
20

219,772

25,505

 
2

22,736

4,361

Oregon
 
1

10,339

2,678

 
1

2,793

818

 
2

55,131

4,059

Pennsylvania
 
14

222,217

67,864

 
71

837,818

116,500

 
1

34,315

2,312

South Carolina
 
1

4,086

7,121

 
8

37,460

3,069

 
3

33,762

3,684

Tennessee
 
2

48,041

16,259

 
4

37,879

4,791

 
9

177,859

18,778

Texas
 
33

1,088,682

234,874

 
37

393,201

53,592

 
71

1,386,701

135,489

Utah
 
2

20,355

7,875

 
1

23,614

2,103

 
—

—

—

Virginia
 
5

282,587

77,302

 
27

281,446

29,811

 
6

119,944

14,492

Washington
 
24

625,662

137,873

 
7

93,483

10,254

 
9

218,008

26,987

Wisconsin
 
2

19,850

8,493

 
4

67,702

8,640

 
5

94,723

6,123

West Virginia
 
—

—

—

 
3

45,336

5,107

 
—

—

—

Total domestic
 
370

11,180,625

2,585,528

 
586

7,201,172

836,416

 
383

7,310,265

755,328

 
 
 
 
 
 
 
 
 
 
 
 
 
Canada
 
106

2,150,044

452,734

 
6

146,737

10,341

 
—

—

—

United Kingdom
 
57

1,634,009

352,658

 
66

1,228,409

106,336

 
4

268,010

25,587

Total international
 
163

3,784,053

805,392

 
72

1,375,146

116,677

 
4

268,010

25,587

 
 
 
 
 
 
 
 
 
 
 
 
 
Grand total
 
533

$
14,964,678

$
3,390,920

 
658

$
8,576,318

$
953,093

 
387

$
7,578,275

$
780,915

(1) Represents revenue for the month ended December 31, 2019 annualized.


36

The following table sets forth occupancy and average annualized revenues for certain property types (excluding investments in unconsolidated entities):
 
 
Occupancy(1)
 
Average Annualized Revenues(2)
 
 
 
 
2019
 
2018
 
2019
 
2018
 
 
Seniors Housing Operating(3)
 
86.9%
 
87.5%
 
$
56,329

 
$
60,635

 
per unit
Triple-net(4)
 
84.3%
 
84.9%
 
14,578

 
12,831

 
per bed/unit
Outpatient Medical(5)
 
94.1%
 
93.1%
 
34

 
34

 
per sq. ft.
(1) We use unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than Outpatient Medical buildings and have not independently verified the information.
(2) Represents December annualized revenues divided by total beds, units or square feet as presented in the tables above.
(3) Occupancy represents average occupancy for the three months ended December 31.
(4) Occupancy represents average quarterly operating occupancy based on the quarters ended September 30 and excludes properties that are unstabilized, closed or for which data is not available or meaningful.
(5) Occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations) as of December 31.

The following table sets forth information regarding lease expirations for certain portions of our portfolio as of December 31, 2019 (dollars in thousands):
 
 
Expiration Year(1)
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025
 
2026
 
2027
 
2028
 
2029
 
Thereafter
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Properties
 
11

 
7

 
10

 
1

 
4

 
48

 
76

 
18

 
15

 
15

 
431

Base rent(2)
 
$
3,782

 
$
12,292

 
$
8,889

 
$
840

 
$
11,262

 
$
53,216

 
$
103,179

 
$
35,381

 
$
22,036

 
$
33,619

 
$
492,113

% of base rent
 
0.5
%
 
1.6
%
 
1.1
%
 
0.1
%
 
1.5
%
 
6.9
%
 
13.3
%
 
4.6
%
 
2.8
%
 
4.3
%
 
63.3
%
Units
 
1,101

 
1,394

 
1,264

 
70

 
692

 
3,033

 
6,085

 
2,350

 
1,633

 
1,429

 
44,811

% of units
 
1.7
%
 
2.2
%
 
2.0
%
 
0.1
%
 
1.1
%
 
4.7
%
 
9.5
%
 
3.7
%
 
2.6
%
 
2.2
%
 
70.2
%
Outpatient Medical:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Square feet
 
1,748,858

 
2,053,686

 
2,165,074

 
2,158,927

 
2,230,230

 
1,305,946

 
1,670,290

 
1,025,948

 
1,052,671

 
1,148,176

 
6,183,564

Base rent(2)
 
$
48,233

 
$
57,464

 
$
58,846

 
$
58,295

 
$
65,687

 
$
34,681

 
$
42,112

 
$
25,805

 
$
27,501

 
$
29,829

 
$
139,889

% of base rent
 
8.2
%
 
9.8
%
 
10.0
%
 
9.9
%
 
11.2
%
 
5.9
%
 
7.2
%
 
4.4
%
 
4.7
%
 
5.1
%
 
23.6
%
Leases
 
471

 
422

 
433

 
442

 
355

 
213

 
208

 
137

 
118

 
152

 
214

% of leases
 
14.9
%
 
13.3
%
 
13.7
%
 
14.0
%
 
11.2
%
 
6.7
%
 
6.6
%
 
4.3
%
 
3.7
%
 
4.8
%
 
6.8
%
 
(1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2020.
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non cash income.
Item 3.  Legal Proceedings
From time to time, there are various legal proceedings pending against us that arise in the ordinary course of our business.  Management does not believe that the resolution of any of these legal proceedings either individually or in the aggregate will have a material adverse effect on our business, results of operations or financial condition. Further, from time to time, we are party to certain legal proceedings for which third parties, such as tenants, operators and/or managers are contractually obligated to indemnify, defend and hold us harmless. In some of these matters, the indemnitors have insurance for the potential damages.  In other matters, we are being defended by tenants and other obligated third parties and these indemnitors may not have sufficient insurance, assets, income or resources to satisfy their defense and indemnification obligations to us. The unfavorable resolution of such legal proceedings could, individually or in the aggregate, materially adversely affect the indemnitors’ ability to satisfy their respective obligations to us, which, in turn, could have a material adverse effect on our business, results of operations or financial condition.  It is management’s opinion that there are currently no such legal proceedings pending that will, individually or in the aggregate, have such a material adverse effect. Despite management’s view of the ultimate resolution of these legal proceedings, we may have significant legal expenses and costs associated with the defense of such matters. Further, management cannot predict the outcome of these legal proceedings and if management’s expectation regarding such matters is not correct, such proceedings could have a material adverse effect on our business, results of operations or financial condition.
Item 4.  Mine Safety Disclosures
None.

37

PART II
Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 
Our common stock trades on the New York Stock Exchange (NYSE:WELL). There were 3,564 stockholders of record as of January 31, 2020.

Stockholder Return Performance Presentation 
Set forth below is a line graph comparing the yearly percentage change and the cumulative total stockholder return on our shares of common stock against the cumulative total return of the S & P Composite-500 Stock Index and the FTSE NAREIT Equity Index. As of December 31, 2019, 155 companies comprised the FTSE NAREIT Equity Index, which consists of REITs identified by NAREIT as equity (those REITs which have at least 75% of their investments in real property). The data are based on the closing prices as of December 31 for each of the five years. 2014 equals $100 and dividends are assumed to be reinvested.
chart-f475887e28c65e45a33.jpg
 
 
12/31/2014

 
12/31/2015

 
12/31/2016

 
12/31/2017

 
12/31/2018

 
12/31/2019

S & P 500
 
$
100.00

 
$
101.38

 
$
113.51

 
$
138.29

 
$
132.23

 
$
173.86

Welltower Inc.
 
100.00

 
94.28

 
97.45

 
97.65

 
112.59

 
138.52

FTSE NAREIT Equity
 
100.00

 
103.20

 
111.99

 
117.84

 
112.39

 
141.61

 
Except to the extent that we specifically incorporate this information by reference, the foregoing Stockholder Return Performance Presentation shall not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended. This information shall not otherwise be deemed filed under such Acts.  
Issuer Purchases of Equity Securities
Period
 
Total Number of Shares Purchased(1)
 
Average Price Paid Per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)
 
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
October 1, 2019 through October 31, 2019
 
4,546

 
$
91.04

 
 
 
 
November 1, 2019 through November 30, 2019
 
728

 
86.12

 
 
 
 
December 1, 2019 through December 31, 2019
 
891

 
78.67

 
 
 
 
Totals
 
6,165

 
$
89.43

 
 
 
 
(1) During the three months ended December 31, 2019, the company acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.
(2) No shares were purchased as part of publicly announced plans or programs.

38

Item 6.  Selected Financial Data
The following selected financial data for the five years ended December 31, 2019 are derived from our audited consolidated financial statements (in thousands, except per share data):
 
 
Year Ended December 31,
 
 
2015
 
2016
 
2017
 
2018
 
2019
Operating Data
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
3,859,826

 
$
4,281,160

 
$
4,316,641

 
$
4,700,499

 
$
5,121,306

Total expenses
 
3,223,709

 
3,571,907

 
4,017,025

 
4,277,009

 
4,578,414

 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and other items
 
636,117

 
709,253

 
299,616

 
423,490

 
542,892

Income tax (expense) benefit
 
(6,451
)
 
19,128

 
(20,128
)
 
(8,674
)
 
(2,957
)
Income (loss) from unconsolidated entities
 
(21,504
)
 
(10,357
)
 
(83,125
)
 
(641
)
 
42,434

Gain (loss) on real estate dispositions, net
 
280,387

 
364,046

 
344,250

 
415,575

 
748,041

Income from continuing operations
 
888,549

 
1,082,070

 
540,613

 
829,750

 
1,330,410

Net income
 
888,549

 
1,082,070

 
540,613

 
829,750

 
1,330,410

Preferred stock dividends
 
65,406

 
65,406

 
49,410

 
46,704

 
—

Preferred stock redemption charge
 
—

 
—

 
9,769

 
—

 
—

Net income (loss) attributable to noncontrolling interests
 
4,799

 
4,267

 
17,839

 
24,796

 
97,978

Net income attributable to common stockholders
 
$
818,344

 
$
1,012,397

 
$
463,595

 
$
758,250

 
$
1,232,432

 
 
 
 
 
 
 
 
 
 
 
Other Data
 
 
 
 
 
 
 
 
 
 
Average number of common shares outstanding:
 
 
 
 
 
 
 
 
 
 
Basic
 
348,240

 
358,275

 
367,237

 
373,620

 
401,845

Diluted
 
349,424

 
360,227

 
369,001

 
375,250

 
403,808

 
 
 
 
 
 
 
 
 
 
 
Per Share Data
 
 
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
2.55

 
$
3.02

 
$
1.47

 
$
2.22

 
$
3.31

Net income attributable to common stockholders
 
$
2.35

 
$
2.83

 
$
1.26

 
$
2.03

 
$
3.07

 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
2.54

 
$
3.00

 
$
1.47

 
$
2.21

 
$
3.29

Net income attributable to common stockholders
 
$
2.34

 
$
2.81

 
$
1.26

 
$
2.02

 
$
3.05

 
 
 
 
 
 
 
 
 
 
 
Cash distributions per common share
 
$
3.30

 
$
3.44

 
$
3.48

 
$
3.48

 
$
3.48

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
Balance Sheet Data
 
2015
 
2016
 
2017
 
2018
 
2019
Net real estate investments(1)
 
$
26,888,685

 
$
26,563,629

 
$
26,171,077

 
$
28,420,769

 
$
31,119,271

Total assets
 
29,023,845

 
28,865,184

 
27,944,445

 
30,342,072

 
33,380,751

Total debt and lease obligations(1)
 
12,967,686

 
12,358,245

 
11,731,936

 
13,297,144

 
15,388,765

Total liabilities
 
13,664,877

 
13,185,279

 
12,643,799

 
14,331,427

 
16,398,247

Total preferred stock
 
1,006,250

 
1,006,250

 
718,503

 
718,498

 
—

Total equity
 
15,175,885

 
15,281,472

 
14,925,452

 
15,586,599

 
16,506,627

 
 
 
 
 
 
 
 
 
 
 
(1) Effective January 1, 2019, we adopted new guidance on leases using the prospective method. See Note 2 to the consolidated financial statements for further details.

39
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

EXECUTIVE SUMMARY
 
 
Company Overview
41
Business Strategy
41
Key Transactions
42
Key Performance Indicators, Trends and Uncertainties
43
Corporate Governance
44
 
 
LIQUIDITY AND CAPITAL RESOURCES
 
 
Sources and Uses of Cash
45
Off-Balance Sheet Arrangements
45
Contractual Obligations
46
Capital Structure
46
 
 
RESULTS OF OPERATIONS
 
 
Summary
47
Seniors Housing Operating
48
Triple-net
50
Outpatient Medical
51
Non-Segment/Corporate
53
 
 
OTHER
 
 
Non-GAAP Financial Measures
54
Critical Accounting Policies
57
 

40
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is based primarily on the consolidated financial statements of Welltower Inc. presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in “Item 1 — Business” and “Item 1A — Risk Factors” above.
Executive Summary
Company Overview
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties. Our capital programs, when combined with comprehensive planning, development and property management services, make us a single-source solution for acquiring, planning, developing, managing, repositioning and monetizing real estate assets.
The following table summarizes our consolidated portfolio for the year ended December 31, 2019 (dollars in thousands):
 
 
 
 
Percentage of
 
Number of
Type of Property
 
NOI(1)
 
NOI
 
Properties
Seniors Housing Operating
 
$
1,039,520

 
42.8
%
 
533

Triple-net
 
918,743

 
37.9
%
 
658

Outpatient Medical
 
469,035

 
19.3
%
 
387

Totals
 
$
2,427,298

 
100.0
%
 
1,578

(1) Represents consolidated net operating income ("NOI") and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation.
Business Strategy
Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location.
Substantially all of our revenues are derived from operating lease rentals, resident fees/services and interest earned on outstanding loans receivable. These items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties. To the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs and market conditions among other things. We evaluate the operating environment in each property’s market to determine the likely trend in operating performance of the facility. When we identify unacceptable trends, we seek to mitigate, eliminate or transfer the risk. Through these efforts, we generally aim to intervene at an early stage to address any negative trends, and in so doing, support both the collectability of revenue and the value of our investment.
In addition to our asset management and research efforts, we also aim to structure our relevant investments to mitigate payment risk. Operating leases and loans are normally credit enhanced by guarantees and/or letters of credit. In addition, operating leases are typically structured as master leases and loans are generally cross-defaulted and cross-collateralized with other real estate loans, operating leases or agreements between us and the obligor and its affiliates.
For the year ended December 31, 2019, resident fees/services and rental income represented 67% and 31%, respectively, of total revenues. Substantially all of our operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Our yield on loans receivable depends upon a number of factors, including the stated interest rate, the average principal amount outstanding during the term of the loan and any interest rate adjustments.

41
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our primary sources of cash include resident fees and services, rent and interest receipts, borrowings under our unsecured revolving credit facility and commercial paper program, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses and general and administrative expenses. Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund these uses of cash.
We also continuously evaluate opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured revolving credit facility and commercial paper program, internally generated cash and the proceeds from investment dispositions. Our investments generate cash from NOI and principal payments on loans receivable. Permanent financing for future investments, which replaces funds drawn under our unsecured revolving credit facility and commercial paper program, has historically been provided through a combination of the issuance of public debt and equity securities and the incurrence or assumption of secured debt.
Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders. It is also likely that investment dispositions may occur in the future. To the extent that investment dispositions exceed new investments, our revenues and cash flows from operations could be adversely affected. We expect to reinvest the proceeds from any investment dispositions in new investments. To the extent that new investment requirements exceed our available cash on-hand, we expect to borrow under our unsecured revolving credit facility and commercial paper program. At December 31, 2019, we had $284,917,000 of cash and cash equivalents, $100,849,000 of restricted cash and $1,411,400,000 of available borrowing capacity under our unsecured revolving credit facility.
Key Transactions
Capital  The following summarizes key capital transactions that occurred and supported new investments made during the year ended December 31, 2019:
•
In January 2019, we established an unsecured commercial paper program. Under the terms of the program, we may issue, from time to time, unsecured commercial paper with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate principal amount outstanding at any time of $1,000,000,000.
•
In February 2019, we elected to effect the mandatory conversion of all of the outstanding 6.50% Series I Cumulative Convertible Preferred Stock. Each share of convertible stock was converted into 0.8857 shares of common stock.
•
In February 2019, we entered into an amended and restated Equity Shelf Program (as defined below) pursuant to which we may offer and sell up to $1,500,000,000 of common stock from time to time. We sold 18,591,000 shares of common stock under our current and previous Equity Shelf Programs and DRIP (as defined below), via both cash settle and forward sale agreements, generating expected gross proceeds of approximately $1,498,731,000.
•
In February 2019, we completed the issuance of $500,000,000 of 3.625% senior unsecured notes due 2024 and $550,000,000 of 4.125% senior unsecured notes due 2029 for net proceeds of approximately $1,036,964,000.
•
In March 2019 we repaid our $600,000,000 of 4.125% senior unsecured notes due 2019 and $450,000,000 of 6.125% senior unsecured notes due 2020.
•
In August 2019, we completed the issuance of $750,000,000 of 3.10% senior unsecured notes due 2030 and a follow-on issuance of $450,000,000 of 3.625% senior unsecured notes due 2024 priced to yield 2.494%, for net proceeds of approximately $1,209,328,000.
•
In September 2019, we repaid our $450,000,000 of 4.95% senior unsecured notes due 2021 and $600,000,000 of 5.25% senior unsecured notes due 2022.
•
In December 2019, we completed the issuance of $500,000,000 of 2.70% senior unsecured notes due 2027. The net proceeds of approximately $495,066,000 will be used to fund renewable energy, water conservation, energy efficiency and green building projects. Additionally, we completed the issuance of $300,000,000 of 2.95% Canadian-denominated senior unsecured notes due 2027 generating net proceeds of approximately CAD $297,668,000.
•
In December 2019, we redeemed all of the outstanding $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020.
•
We extinguished $230,108,000 of secured debt at a blended average interest rate of 4.35% throughout 2019.


42
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Investments The following summarizes property acquisitions and joint venture investments made during the year ended December 31, 2019 (dollars in thousands):
 
 
Properties
 
Investment Amount(1)
 
Capitalization Rates(2)
 
Book Amount(3)
Seniors Housing Operating
 
62

 
$
1,459,254

 
5.1%
 
$
1,802,836

Triple-net
 
10

 
217,658

 
6.5%
 
227,379

Outpatient Medical
 
105

 
2,396,642

 
5.6%
 
2,491,159

Totals
 
177

 
$
4,073,554

 
5.4%
 
$
4,521,374

 
(1) Represents stated pro rata purchase price including cash and any assumed debt but excludes fair value adjustments pursuant to U.S. GAAP.
(2) Represents annualized contractual or projected NOI to be received in cash divided by investment amounts.
(3) Represents amounts recorded in real property including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our consolidated financial statements for additional information.
Dispositions The following summarizes property dispositions made during the year ended December 31, 2019 (dollars in thousands):
 
 
Properties
 
Proceeds(1)
 
Capitalization Rates(2)
 
Book Amount(3)
Seniors Housing Operating(4)
 
55

 
$
1,803,413

 
5.4%
 
$
1,232,816

Triple-net
 
57

 
902,731

 
7.9%
 
667,632

Outpatient Medical(5)
 
1

 
8,500

 
10.5%
 
482

Totals
 
113

 
$
2,714,644

 
6.3%
 
$
1,900,930

 
(1) Represents pro rata proceeds received upon disposition.
(2) Represents annualized contractual net operating income that was being received in cash at date of disposition divided by disposition proceeds.
(3) Represents carrying value of assets at time of disposition. See Note 5 to our consolidated financial statements for additional information.
(4) Includes the disposition of an unconsolidated real estate investment.
(5) Reflects the disposition of an excess land parcel.
Dividends Our Board of Directors announced the 2020 annual cash dividend of $3.48 per common share ($0.87 per share quarterly), consistent with 2019, beginning in February 2020. The dividend declared for the quarter ended December 31, 2019 represents the 195th consecutive quarterly dividend payment.
Key Performance Indicators, Trends and Uncertainties
We utilize several key performance indicators to evaluate the various aspects of our business. These indicators are discussed below and relate to operating performance, credit strength and concentration risk. Management uses these key performance indicators to facilitate internal and external comparisons to our historical operating results, in making operating decisions, and for budget planning purposes.
Operating Performance We believe that net income and net income attributable to common stockholders (“NICS”) per the Statement of Comprehensive Income are the most appropriate earnings measures. Other useful supplemental measures of our operating performance include funds from operations attributable to common stockholders (“FFO”) and consolidated net operating income (“NOI”); however, these supplemental measures are not defined by U.S. GAAP. Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliations. These earnings measures are widely used by investors and analysts in the valuation, comparison and investment recommendations of companies. The following table reflects the recent historical trends of our operating performance measures for the periods presented (in thousands):  
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Net income
 
$
1,330,410

 
$
829,750

 
$
540,613

Net income attributable to common stockholders
 
1,232,432

 
758,250

 
463,595

Funds from operations attributable to common stockholders
 
1,577,080

 
1,392,183

 
1,165,576

Consolidated net operating income
 
2,431,264

 
2,267,482

 
2,232,716

 
Credit Strength 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 (“IRC”) section 1031 deposits. The coverage ratios indicate our ability to service interest and fixed charges (interest, secured debt principal amortization and preferred dividends). 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 adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliation of these measures. Leverage ratios and coverage ratios are widely used by investors, analysts and rating agencies in the valuation, comparison, investment recommendations and rating of companies. The following table reflects the recent historical trends for our credit strength measures for the periods presented:  

43
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Net debt to book capitalization ratio
 
46.5%
 
45.0%
 
42.9%
Net debt to undepreciated book capitalization ratio
 
39.4%
 
37.8%
 
36.3%
Net debt to market capitalization ratio
 
29.6%
 
31.3%
 
31.2%
 
 
 
 
 
 
 
Adjusted interest coverage ratio
 
4.14x
 
4.11x
 
4.36x
Adjusted fixed charge coverage ratio
 
3.78x
 
3.44x
 
3.54x
 
Concentration Risk We evaluate our concentration risk in terms of NOI by property mix, relationship mix and geographic mix. Concentration risk is a valuable measure in understanding what portion of our NOI could be at risk if certain sectors were to experience downturns. Property mix measures the portion of our NOI that relates to our various property types. Relationship mix measures the portion of our NOI that relates to our current top five relationships. Geographic mix measures the portion of our NOI that relates to our current top five states (or international equivalents). The following table reflects our recent historical trends of concentration risk by NOI for the years indicated below:
 
 
 
December 31,(1)
 
 
 
2019
 
2018
 
2017
Property mix:
 
 
 
 
 
 
 
Seniors Housing Operating
 
43%
 
43%
 
40%
 
Triple-net
 
38%
 
40%
 
43%
 
Outpatient Medical
 
19%
 
17%
 
17%
 
 
 
 
 
 
 
 
Relationship mix:
 
 
 
 
 
 
 
Sunrise Senior Living(2)
 
14%
 
15%
 
14%
 
ProMedica
 
9%
 
4%
 
—%
 
Revera(2)
 
6%
 
7%
 
7%
 
Genesis HealthCare
 
5%
 
6%
 
9%
 
Belmont Village
 
3%
 
3%
 
3%
 
Remaining
 
63%
 
65%
 
67%
 
 
 
 
 
 
 
 
Geographic mix:
 
 
 
 
 
 
 
California
 
13%
 
14%
 
13%
 
United Kingdom
 
8%
 
9%
 
9%
 
Texas
 
8%
 
8%
 
7%
 
New Jersey
 
7%
 
8%
 
8%
 
Canada
 
7%
 
7%
 
8%
 
Remaining
 
57%
 
54%
 
55%
 
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount.
(2) Revera owns a controlling interest in Sunrise Senior Living.
We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved and actual results may differ materially from our expectations. Factors that may cause actual results to differ from expected results are described in more detail in “Item 1 — Business — Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A — Risk Factors” and other sections of this Annual Report on Form 10-K. Management regularly monitors economic and other factors to develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends. Please refer to “Item 1 — Business,” “Item 1A — Risk Factors” in this Annual Report on Form 10-K for further discussion of these risk factors.
Corporate Governance
Maintaining investor confidence and trust is important in today’s business environment. Our Board of Directors and management are strongly committed to policies and procedures that reflect the highest level of ethical business practices. Our corporate governance guidelines provide the framework for our business operations and emphasize our commitment to increase stockholder value while meeting all applicable legal requirements. These guidelines meet the listing standards adopted by the New York Stock Exchange and are available on the Internet at www.welltower.com/investors/governance. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.

44
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources
Sources and Uses of Cash
Our primary sources of cash include resident fees and services, rent and interest receipts, borrowings under our unsecured revolving credit facility and commercial paper program, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses and general and administrative expenses. These sources and uses of cash are reflected in our Consolidated Statements of Cash Flows and are discussed in further detail below. The following is a summary of our sources and uses of cash flows for the periods presented (dollars in thousands):
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
Cash, cash equivalents and restricted cash at beginning of period
 
$
316,129

 
$
309,303

 
$
6,826

 
2
 %
 
$
607,220

 
$
(297,917
)
 
-49
 %
 
$
(291,091
)
 
-48
 %
Net cash provided from (used in):
 
 
 
 
 

 


 
 
 

 


 

 
n/a

Operating activities
 
1,535,968

 
1,583,944

 
(47,976
)
 
-3
 %
 
1,434,177

 
149,767

 
10
 %
 
101,791

 
7
 %
Investing activities
 
(2,048,791
)
 
(2,386,471
)
 
337,680

 
-14
 %
 
154,581

 
(2,541,052
)
 
n/a

 
(2,203,372
)
 
n/a

Financing activities
 
577,150

 
818,368

 
(241,218
)
 
-29
 %
 
(1,913,527
)
 
2,731,895

 
n/a

 
2,490,677

 
n/a

Effect of foreign currency translation
 
5,310

 
(9,015
)
 
14,325

 
n/a

 
26,852

 
(35,867
)
 
n/a

 
(21,542
)
 
-80
 %
Cash, cash equivalents and restricted cash at end of period
 
$
385,766

 
$
316,129

 
$
69,637

 
22
 %
 
$
309,303

 
$
6,826

 
2
 %
 
$
76,463

 
25
 %
 
Operating Activities The change in net cash provided from operating activities is attributable to changes in NOI, which is primarily due to acquisitions and annual rent increasers, partially offset by dispositions. Please see “Results of Operations” below for further discussion. For the years ended December 31, 2019, 2018 and 2017, cash flows from operations exceeded cash distributions to stockholders.
Investing Activities  The changes in net cash used in investing activities are primarily attributable to net changes in real property investments, loans receivable and investments in unconsolidated entities which are summarized above in “Key Transactions.” Please refer to Notes 3, 7, and 8 of our consolidated financial statements for additional information. The following is a summary of cash used in non-acquisition capital improvement activities for the periods presented (dollars in thousands):
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
New development
 
$
323,488

 
$
160,706

 
$
162,782

 
101
%
 
$
232,715

 
$
(72,009
)
 
-31
 %
 
$
90,773

 
39
%
Recurring capital expenditures, tenant improvements and lease commissions
 
136,535

 
90,190

 
46,345

 
51
%
 
67,797

 
22,393

 
33
 %
 
68,738

 
101
%
Renovations, redevelopments and other capital improvements
 
192,289

 
175,993

 
16,296

 
9
%
 
182,479

 
(6,486
)
 
-4
 %
 
9,810

 
5
%
Total
 
$
652,312

 
$
426,889

 
$
225,423

 
53
%
 
$
482,991

 
$
(56,102
)
 
-12
 %
 
$
169,321

 
35
%
 
The change in new development is primarily due to the number and size of construction projects on-going during the relevant periods. Renovations, redevelopments and other capital improvements include expenditures to maximize property value, increase net operating income, maintain a market-competitive position and/or achieve property stabilization. 
Financing Activities The changes in net cash provided from financing activities are primarily attributable to changes related to our long-term debt arrangements, the issuance/redemptions of common and preferred stock and dividend payments which are summarized above in “Key Transactions.” Please refer to Notes 10, 11 and 14 of our consolidated financial statements for additional information.
Off-Balance Sheet Arrangements
At December 31, 2019, we had investments in unconsolidated entities with our ownership generally ranging from 10% to 50%. We use financial derivative instruments to hedge interest rate and foreign currency exchange rate exposure. At December 31, 2019, we had thirteen outstanding letter of credit obligations. Please see Notes 8, 12 and 13 to our consolidated financial statements for additional information.

45
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Contractual Obligations
The following table summarizes our payment requirements under contractual obligations as of December 31, 2019 (in thousands):
 
 
Payments Due by Period
Contractual Obligations
 
Total
 
2020
 
2021-2022
 
2023-2024
 
Thereafter
Unsecured revolving credit facility and commercial paper(1,2)
 
$
1,588,600

 
$
643,600

 
$
—

 
$
945,000

 
$
—

Senior unsecured notes and term credit facilities:(2)
 


 
 

 
 

 
 

 
 

U.S. Dollar senior unsecured notes
 
8,100,000

 
—

 
—

 
2,450,000

 
5,650,000

     Canadian Dollar senior unsecured notes(3)
 
231,446

 
—

 
—

 
—

 
231,446

     Pounds Sterling senior unsecured notes(3)
 
1,393,245

 
—

 
—

 
—

 
1,393,245

U.S. Dollar term credit facility
 
510,000

 
—

 
10,000

 
500,000

 
—

     Canadian Dollar term credit facility(3)
 
192,871

 
—

 
—

 
192,871

 
—

Secured debt:(2,3)
 


 
 

 
 

 
 

 
 

Consolidated
 
2,993,342

 
354,329

 
861,052

 
771,911

 
1,006,050

     Unconsolidated  
 
826,396

 
57,728

 
52,172

 
95,783

 
620,713

Contractual interest obligations:(4)
 


 
 

 
 

 
 

 
 

Unsecured revolving credit facility and commercial paper
 
86,065

 
25,302

 
48,610

 
12,153

 
—

     Senior unsecured notes and term loans(3)
 
4,144,774

 
410,322

 
838,436

 
735,197

 
2,160,819

     Consolidated secured debt(3)
 
510,973

 
101,577

 
163,885

 
100,441

 
145,070

     Unconsolidated secured debt(3)
 
179,382

 
28,056

 
52,130

 
39,623

 
59,573

Financing lease liabilities(5)
 
186,335

 
9,121

 
16,935

 
70,601

 
89,678

Operating lease obligations(5)
 
1,185,632

 
23,356

 
45,469

 
43,411

 
1,073,396

Purchase obligations(6)
 
727,558

 
536,105

 
150,656

 
27,787

 
13,010

Total contractual obligations
 
$
22,856,619

 
$
2,189,496

 
$
2,239,345

 
$
5,984,778

 
$
12,443,000

(1) Relates to our unsecured revolving credit facility and commercial paper with an aggregate commitment of $3,000,000,000. See Note 10 to our consolidated financial statements.
(2) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(3) Based on foreign currency exchange rates in effect as of balance sheet date.
(4) Based on variable interest rates in effect as of December 31, 2019.
(5) See Note 6 to our consolidated financial statements for additional information.
(6) See Note 13 to our consolidated financial statements for additional information.

Capital Structure
Please refer to “Credit Strength” above for a discussion of our leverage and coverage ratio trends. Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2019, we were in compliance with all of the covenants under our debt agreements. None of our debt agreements contain provisions for acceleration which could be triggered by our debt ratings. However, under our primary unsecured credit facility, the ratings on our senior unsecured notes are used to determine the fees and interest charged. We plan to manage the company to maintain compliance with our debt covenants and with a capital structure consistent with our current profile. Any downgrades in terms of ratings or outlook by any or all of the rating agencies 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.
On May 17, 2018, we filed with the Securities and Exchange Commission (1) an open-ended automatic or “universal” shelf registration statement covering an indeterminate amount of future offerings of debt securities, common stock, preferred stock, depositary shares, warrants and units and (2) a registration statement in connection with our enhanced dividend reinvestment plan (“DRIP”) under which we may issue up to 15,000,000 shares of common stock. As of January 31, 2020, 2,728,696 shares of common stock remained available for issuance under the DRIP registration statement. On February 25, 2019, we entered into separate amended and restated equity distribution agreements with each of Barclays Capital Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC relating to the offer and sale from time to time of up to $1,500,000,000 aggregate amount of our common stock (“Equity Shelf Program”), which replaced our existing equity shelf program entered into on August 3, 2018. The Equity Shelf Program also allows us to enter into forward sale agreements. As of January 31, 2020, we had $1,075,537,000 of remaining capacity under the Equity Shelf Program, which excludes

46
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

forward sales agreements outstanding for the sale of 6,799,978 shares with maturity dates in 2020 and 2021. We expect to physically settle the forward sales for cash proceeds. Depending upon market conditions, we anticipate issuing securities under our registration statements to invest in additional properties and to repay borrowings under our unsecured revolving credit facility and commercial paper program.
Results of Operations
Summary
Our primary sources of revenue include resident fees and services, rent and interest income. Our primary expenses include interest expense, depreciation and amortization, property operating expenses, other expenses and general and administrative expenses.  We evaluate our business and make resource allocations on our three business segments: Seniors Housing Operating, Triple-net and Outpatient Medical. The primary performance measures for our properties are NOI and SSNOI and other supplemental measures include FFO and Adjusted EBITDA, which are further discussed below. Please see "Non-GAAP Financial Measures" for additional information and reconciliations related to these supplemental measures. 
This section of this Form 10-K generally discusses 2019 and 2018 items and year-to-year comparisons between 2019 and 2018. Discussions of 2017 items and year-to-year comparisons between 2018 and 2017 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.
The following is a summary of our results of operations for the periods presented (dollars in thousands, except per share amounts):
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Amount
 
%
 
2017
 
Amount
 
%
 
Amount
 
%
Net income
 
$
1,330,410

 
$
829,750

 
$
500,660

 
60
%
 
$
540,613

 
$
289,137

 
53
 %
 
$
789,797

 
146
 %
NICS
 
1,232,432

 
758,250

 
474,182

 
63
%
 
463,595

 
294,655

 
64
 %
 
768,837

 
166
 %
FFO
 
1,577,080

 
1,392,183

 
184,897

 
13
%
 
1,165,576

 
226,607

 
19
 %
 
411,504

 
35
 %
Adjusted EBITDA
 
2,328,202

 
2,153,005

 
175,197

 
8
%
 
2,128,429

 
24,576

 
1
 %
 
199,773

 
9
 %
Consolidated NOI
 
2,431,264

 
2,267,482

 
163,782

 
7
%
 
2,232,716

 
34,766

 
2
 %
 
198,548

 
9
 %
 
 
 
 
 
 
 
 


 
 
 
 
 


 
 
 


Per share data (fully diluted):
 
 
 
 
 
 
 


 
 
 
 
 


 
 
 


Net income attributable to common
stockholders
 
$
3.05

 
$
2.02

 
$
1.03

 
51
%
 
$
1.26

 
$
0.76

 
60
 %
 
$
1.79

 
142
 %
Funds from operations attributable to
common stockholders
 
$
3.91

 
$
3.71

 
$
0.20

 
5
%
 
$
3.16

 
$
0.55

 
17
 %
 
$
0.75

 
24
 %
 
 
 
 
 
 
 
 


 
 
 
 
 


 
 
 


Adjusted interest coverage ratio
 
4.14x

 
4.11x

 
0.03x

 
1
%
 
4.36x

 
-0.25x

 
-6
 %
 
-0.22x

 
-5
 %
Adjusted fixed charge coverage ratio
 
3.78x

 
3.44x

 
0.34x

 
10
%
 
3.54x

 
-0.10x

 
-3
 %
 
0.24x

 
7
 %
 
The following table represents the changes in outstanding common stock for the period from January 1, 2017 to December 31, 2019 (in thousands):
 
 
Year Ended
 
 
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
Totals
Beginning balance
 
383,675

 
371,732

 
362,602

 
362,602

Dividend reinvestment plan issuances
 
5,799

 
6,529

 
5,640

 
17,968

Preferred stock conversions
 
12,712

 
—

 
4

 
12,716

Redemption of equity membership units
 
—

 
—

 
91

 
91

Option exercises
 
11

 
57

 
253

 
321

Equity Shelf Program issuances
 
7,856

 
5,241

 
2,987

 
16,084

Other, net
 
204

 
116

 
155

 
475

Ending balance
 
410,257

 
383,675

 
371,732

 
410,257

 
 
 
 
 
 
 
 
 
Average number of shares outstanding:
 
 
 
 
 
 
Basic
 
401,845

 
373,620

 
367,237

 
 
Diluted
 
403,808

 
375,250

 
369,001

 
 
 
During the past three years, inflation has not significantly affected our earnings because of the moderate inflation rate. Additionally, a portion of our earnings are derived primarily from long-term investments with predictable rates of return. These investments are mainly financed with a combination of equity, senior unsecured notes, secured debt and borrowings under our primary unsecured credit facility. During inflationary periods, which generally are accompanied by rising interest rates, our ability to grow may be adversely affected because the yield on new investments may increase at a slower rate than new borrowing costs. Presuming the current inflation rate remains moderate and long-term interest rates do not increase significantly, we believe that inflation will not impact the availability of equity and debt financing for us.

47
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Seniors Housing Operating 
The following is a summary of our same store NOI ("SSNOI") for the Seniors Housing Operating segment for the years presented (dollars in thousands):
 
 
2018 and 2019 Same Store Pool
 
One Year Change
 
2017 and 2018 Same Store Pool
 
One Year Change
 
 
2019
 
2018
 
$
 
%
 
2018
 
2017
 
$
 
%
SSNOI(1)
 
$
699,867

 
$
701,493

 
$
(1,626
)
 
-0.2
 %
 
$
816,416

 
824,415

 
$
(7,999
)
 
-1.0
 %
 
(1) Relates to 341 properties for the 2018 and 2019 Same Store Pool and 390 properties for the 2017 and 2018 Same Store Pool.
The following is a summary of our results of operations for the Seniors Housing Operating segment for the years presented (dollars in thousands):
 
 
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Resident fees and services
 
$
3,448,175

 
$
3,234,852

 
$
213,323

 
7
 %
 
$
2,779,423

 
$
455,429

 
16
 %
 
$
668,752

 
24
 %
 
 
Interest income
 
36

 
578

 
(542
)
 
-94
 %
 
69

 
509

 
738
 %
 
(33
)
 
-48
 %
 
 
Other income
 
8,658

 
5,024

 
3,634

 
72
 %
 
5,127

 
(103
)
 
-2
 %
 
3,531

 
69
 %
 
 
Total revenues
 
3,456,869

 
3,240,454

 
216,415

 
7
 %
 
2,784,619

 
455,835

 
16
 %
 
672,250

 
24
 %
Property operating expenses
 
2,417,349

 
2,255,432

 
161,917

 
7
 %
 
1,904,593

 
350,839

 
18
 %
 
512,756

 
27
 %
 
 
NOI(1)
 
1,039,520

 
985,022

 
54,498

 
6
 %
 
880,026

 
104,996

 
12
 %
 
159,494

 
18
 %
Other expenses:
 
 
 
 
 


 


 
 
 


 


 


 


 
 
Depreciation and amortization
 
553,189

 
529,449

 
23,740

 
4
 %
 
484,796

 
44,653

 
9
 %
 
68,393

 
14
 %
 
 
Interest expense
 
67,983

 
69,060

 
(1,077
)
 
-2
 %
 
63,265

 
5,795

 
9
 %
 
4,718

 
7
 %
 
 
Loss (gain) on extinguishment of debt, net
 
1,614

 
110

 
1,504

 
1,367
 %
 
3,785

 
(3,675
)
 
-97
 %
 
(2,171
)
 
-57
 %
 
 
Impairment of assets
 
2,145

 
7,599

 
(5,454
)
 
-72
 %
 
21,949

 
(14,350
)
 
-65
 %
 
(19,804
)
 
-90
 %
 
 
Other expenses
 
26,348

 
6,624

 
19,724

 
298
 %
 
8,347

 
(1,723
)
 
-21
 %
 
18,001

 
216
 %
 
 
 
 
651,279

 
612,842

 
38,437

 
6
 %
 
582,142

 
30,700

 
5
 %
 
69,137

 
12
 %
Income (loss) from continuing operations before income taxes and other items
 
388,241

 
372,180

 
16,061

 
4
 %
 
297,884

 
74,296

 
25
 %
 
90,357

 
30
 %
Income tax benefit (expense)
 
6,246

 
1,202

 
5,044

 
420
 %
 
(16,430
)
 
17,632

 
107
 %
 
22,676

 
138
 %
Income (loss) from unconsolidated entities
 
12,388

 
(28,142
)
 
40,530

 
144
 %
 
(105,236
)
 
77,094

 
73
 %
 
117,624

 
112
 %
Gain (loss) on real estate dispositions, net
 
528,747

 
(2,245
)
 
530,992

 
23,652
 %
 
56,295

 
(58,540
)
 
-104
 %
 
472,452

 
839
 %
Income from continuing operations
 
935,622

 
342,995

 
592,627

 
173
 %
 
232,513

 
110,482

 
48
 %
 
703,109

 
302
 %
Net income (loss)
 
935,622

 
342,995

 
592,627

 
173
 %
 
232,513

 
110,482

 
48
 %
 
703,109

 
302
 %
Less: Net income (loss) attributable to noncontrolling interests
 
56,513

 
(660
)
 
57,173

 
8,663
 %
 
8,472

 
(9,132
)
 
-108
 %
 
48,041

 
567
 %
Net income (loss) attributable to common stockholders
 
$
879,109

 
$
343,655

 
$
535,454

 
156
 %
 
$
224,041

 
$
119,614

 
53
 %
 
$
655,068

 
292
 %
 (1) See Non-GAAP Financial Measures below.
Fluctuations in resident fees and services and property operating expenses are primarily a result of acquisitions, segment transitions and the movement of U.S. and foreign currency exchange rates. The fluctuations in depreciation and amortization are due to acquisitions and variations in amortization of short-lived intangible assets. To the extent that we acquire or dispose of additional properties in the future, these amounts will change accordingly.
During the three years presented, we recorded impairment charges on certain held for sale and held for use properties as the carrying value exceeded the estimated fair values. The fluctuations in gains (losses) on real estate dispositions are due to the volume of property sales and sales prices. The significant gain on real estate dispositions recognized during the year ended December 31, 2019 is related to the sale of the Benchmark Senior Living portfolio. Transaction costs related to asset acquisitions are capitalized as a component of the purchase price. The increase in other expenses during the year ended December 31, 2019 is primarily due to additional noncapitalizable transaction costs associated with acquisitions and operator transitions.
During the year ended December 31, 2019, we completed two Seniors Housing Operating construction projects representing $28,117,000 or $109,405 per unit. The following is a summary of our Seniors Housing Operating construction projects, excluding expansions, pending as of December 31, 2019 (dollars in thousands):

48
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Location
 
Units/Beds
 
Commitment
 
Balance
 
Est. Completion
Wandsworth, UK
 
97

 
$
78,221

 
$
69,877

 
1Q20
Taylor, PA
 
113

 
14,272

 
12,405

 
1Q20
Beavercreek, OH
 
100

 
12,032

 
11,561

 
1Q20
Potomac, MD
 
120

 
56,720

 
23,145

 
4Q20
Beckenham, UK
 
100

 
62,497

 
27,423

 
3Q21
Hendon, UK
 
102

 
74,041

 
33,698

 
4Q21
Barnet, UK
 
100

 
68,335

 
28,499

 
4Q21
 
 
732

 
$
366,118

 
206,608

 
 
Toronto, ON
 
Project in planning stage
 
43,854

 
 
Washington, DC
 
Project in planning stage
 
18,394

 
 
Brookline, MA
 
Project in planning stage
 
17,382

 
 
 
 
 
 
 
 
$
268,873

 
 
 
Interest expense represents secured debt interest expense which fluctuates based on the net effect and timing of assumptions, segment transitions, fluctuations in foreign currency rates, extinguishments and principal amortizations. The fluctuations in loss (gain) on extinguishment of debt is primarily attributable to the volume of extinguishments and terms of the related secured debt.  The following is a summary of our Seniors Housing Operating property secured debt principal activity (dollars in thousands):
 
 
Year Ended
 
Year Ended
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
1,810,587

 
3.87%
 
$
1,988,700

 
3.66%
 
$
2,463,249

 
3.94%
Debt transferred in
 
—

 
—%
 
35,830

 
3.84%
 
—

 
—%
Debt issued
 
343,696

 
3.11%
 
45,447

 
3.40%
 
228,772

 
2.72%
Debt assumed
 
183,061

 
4.58%
 
121,612

 
5.55%
 
—

 
—%
Debt extinguished
 
(219,864
)
 
4.28%
 
(240,095
)
 
4.83%
 
(668,804
)
 
4.81%
Debt transferred out
 
(12,072
)
 
3.89%
 
—

 
—%
 
—

 
—%
Debt deconsolidated
 
—

 
—%
 
—

 
—%
 
(60,000
)
 
3.80%
Principal payments
 
(43,997
)
 
3.45%
 
(47,886
)
 
3.59%
 
(47,153
)
 
3.60%
Foreign currency
 
53,626

 
3.33%
 
(93,021
)
 
3.31%
 
72,636

 
3.23%
Ending balance
 
$
2,115,037

 
3.54%
 
$
1,810,587

 
3.87%
 
$
1,988,700

 
3.66%
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly averages
 
$
1,966,892

 
3.70%
 
$
1,915,663

 
3.74%
 
$
2,065,477

 
3.66%
The majority of our Seniors Housing Operating properties are formed through partnership interests. The increase in income (loss) from unconsolidated entities are largely due to a gain on the disposition of an unconsolidated entity during the year ended December 31, 2019. Net income attributable to noncontrolling interests represents our partners’ share of net income (loss) related to joint ventures. The increase during the year ended December 31, 2019 relates primarily to our partner's share of the gain recognized on the sale of the Benchmark Senior Living portfolio.

49
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Triple-net 
The following is a summary of our SSNOI for the Triple-net segment for the periods presented (dollars in thousands):
 
 
2018 and 2019 Same Store Pool
 
One Year Change
 
2017 and 2018 Same Store Pool
 
One Year Change
 
 
2019
 
2018
 
$
 
%
 
2018
 
2017
 
$
 
%
SSNOI(1)
 
$
516,340

 
$
508,897

 
$
7,443

 
1.5
%
 
$
516,008

 
$
508,257

 
$
7,751

 
1.5
%
 
(1) Relates to 368 properties for the 2018 and 2019 Same Store Pool and 366 properties for the 2017 and 2018 Same Store Pool.
The following is a summary of our results of operations for the Triple-net segment for the years presented (dollars in thousands):
 
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
 
$
903,798

 
$
828,865

 
$
74,933

 
9
 %
 
$
885,811

 
$
(56,946
)
 
-6
 %
 
$
17,987

 
2
 %
 
Interest income
 
62,599

 
54,926

 
7,673

 
14
 %
 
73,742

 
(18,816
)
 
-26
 %
 
(11,143
)
 
-15
 %
 
Other income
 
6,246

 
17,173

 
(10,927
)
 
-64
 %
 
7,531

 
9,642

 
128
 %
 
(1,285
)
 
-17
 %
 
Total revenues
 
972,643

 
900,964

 
71,679

 
8
 %
 
967,084

 
(66,120
)
 
-7
 %
 
5,559

 
1
 %
 
Property operating expenses
 
53,900

 
915

 
52,985

 
5,791
 %
 
—

 
915

 
n/a

 
53,900

 
n/a

 
NOI(1)
 
918,743

 
900,049

 
18,694

 
2
 %
 
967,084

 
(67,035
)
 
-7
 %
 
(48,341
)
 
-5
 %
Other expenses:
 
 
 
 
 


 


 
 
 


 


 


 


 
Depreciation and amortization
 
232,626

 
235,480

 
(2,854
)
 
-1
 %
 
243,830

 
(8,350
)
 
-3
 %
 
(11,204
)
 
-5
 %
 
Interest expense
 
12,892

 
14,225

 
(1,333
)
 
-9
 %
 
15,194

 
(969
)
 
-6
 %
 
(2,302
)
 
-15
 %
 
Loss (gain) on derivatives and financial instruments, net
 
(4,399
)
 
(4,016
)
 
(383
)
 
-10
 %
 
2,284

 
(6,300
)
 
-276
 %
 
(6,683
)
 
-293
 %
 
Loss (gain) on extinguishment of debt, net
 
—

 
(32
)
 
32

 
100
 %
 
29,083

 
(29,115
)
 
-100
 %
 
(29,083
)
 
-100
 %
 
Provision for loan losses
 
18,690

 
—

 
18,690

 
n/a

 
62,966

 
(62,966
)
 
-100
 %
 
(44,276
)
 
-70
 %
 
Impairment of assets
 
11,926

 
107,980

 
(96,054
)
 
-89
 %
 
96,909

 
11,071

 
11
 %
 
(84,983
)
 
-88
 %
 
Other expenses(2)
 
13,771

 
90,975

 
(77,204
)
 
-85
 %
 
116,689

 
(25,714
)
 
-22
 %
 
(102,918
)
 
-88
 %
 
 
 
285,506

 
444,612

 
(159,106
)
 
-36
 %
 
566,955

 
(122,343
)
 
-22
 %
 
(281,449
)
 
-50
 %
Income from continuing operations before income taxes and other items
 
633,237

 
455,437

 
177,800

 
39
 %
 
400,129

 
55,308

 
14
 %
 
233,108

 
58
 %
Income tax benefit (expense)
 
(4,209
)
 
1,611

 
(5,820
)
 
-361
 %
 
(4,291
)
 
5,902

 
138
 %
 
82

 
2
 %
Income (loss) from unconsolidated entities
 
22,985

 
21,938

 
1,047

 
5
 %
 
19,428

 
2,510

 
13
 %
 
3,557

 
18
 %
Gain (loss) on real estate dispositions, net
 
218,322

 
196,589

 
21,733

 
11
 %
 
286,325

 
(89,736
)
 
-31
 %
 
(68,003
)
 
-24
 %
Income from continuing operations
 
870,335

 
675,575

 
194,760

 
29
 %
 
701,591

 
(26,016
)
 
-4
 %
 
168,744

 
24
 %
Net income
 
870,335

 
675,575

 
194,760

 
29
 %
 
701,591

 
(26,016
)
 
-4
 %
 
168,744

 
24
 %
Less: Net income attributable to noncontrolling interests
 
36,271

 
19,306

 
16,965

 
88
 %
 
4,603

 
14,703

 
319
 %
 
31,668

 
688
 %
Net income attributable to common stockholders
 
$
834,064

 
$
656,269

 
$
177,795

 
27
 %
 
$
696,988

 
$
(40,719
)
 
-6
 %
 
$
137,076

 
20
 %
 
(1) See Non-GAAP Financial Measures below.
(2) See Note 18 to our consolidated financial statements.

The increase to rental income for the year ended December 31, 2019 is primarily attributable to acquisitions including Quality Care Properties ("QCP") in July 2018. In addition, we have recorded certain real estate property taxes on a gross basis, with the offset to property operating expenses, as a result of our ASC 842 adoption on January 1, 2019. These increases are partially offset by the disposition or segment transition of various properties. Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index (“CPI”) and/or changes in the gross operating revenues of the tenant’s properties. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If gross operating revenues at our facilities and/or the CPI do not increase, a portion of our revenues may not continue to increase. Our leases could renew above or below current rent rates, resulting in an increase or decrease in rental income. For the three months ended December 31, 2019, we had 20 leases with rental rate increasers ranging from 0.12% to 0.76% in our Triple-net portfolio. The increase in other income for the year ended December 31, 2018 is primarily due to $10,805,000 of net lease termination fees recognized.
Depreciation and amortization decreased primarily as a result of the disposition of triple-net properties exceeding acquisition and segment transitions. To the extent we acquire or dispose of additional properties in the future, our provision for depreciation and amortization will change accordingly.
During the year ended December 31, 2019, we recognized a provision for loan loss of $18,690,000 to fully reserve for and eventually wrote off certain real estate loans receivable that are no longer deemed collectible.

50
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

During the years presented, we recorded impairment charges on certain held for sale and held for use properties as the carrying value exceeded the estimated fair values. The fluctuations in gains on real estate dispositions are due to the volume of property sales and sales prices. Transaction costs related to asset acquisitions are capitalized as a component of purchase price. The fluctuations in other expenses is primarily due noncapitalizable transaction costs from acquisitions, segment transitions and the termination/restructuring of preexisting relationships. During the year ended December 31, 2018, we recognized $79,576,000 related to a joint venture transaction, including the conversion of properties from Triple-net to Seniors Housing Operating and termination/restructuring of preexisting relationships.
During the year ended December 31, 2019, there were no construction projects completed. The following is a summary of Triple-net construction projects, excluding expansions, pending as of December 31, 2019 (dollars in thousands):
Location
 
Units/Beds
 
Commitment
 
Balance
 
Est. Completion
Union, KY
 
162

 
$
34,600

 
$
25,649

 
1Q20
Westerville, OH
 
102

 
22,800

 
19,922

 
1Q20
Droitwich, UK
 
70

 
16,805

 
11,730

 
2Q20
Thousand Oaks, CA
 
82

 
24,763

 
9,971

 
4Q20
Redhill, UK
 
76

 
21,098

 
6,287

 
1Q21
Leicester, UK
 
60

 
14,861

 
3,505

 
1Q21
Wombourne, UK
 
66

 
15,923

 
3,515

 
2Q21
Total
 
618

 
$
150,850

 
$
80,579

 
 
 
Total interest expense represents secured debt interest expense and related fees. The change in secured debt interest expense is due to the net effect and timing of assumptions, segment transitions, fluctuations in foreign currency rates, extinguishments and principal amortizations. The fluctuations in loss (gain) on extinguishment of debt is primarily attributable to the volume of extinguishments and terms of the related secured debt. The fluctuation in loss (gain) on derivatives and financial instruments, net is primarily attributable to the mark-to-market adjustment recorded on our Genesis HealthCare available-for-sale investment. The following is a summary of our Triple-net secured debt principal activity for the periods presented (dollars in thousands):
 
 
Year Ended
 
Year Ended
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
288,386

 
3.63%
 
$
347,474

 
3.55%
 
$
594,199

 
4.58%
Debt transferred in
 
12,072

 
3.89%
 
—

 
—%
 
—

 
—%
Debt issued
 
—

 
—%
 
—

 
—%
 
13,000

 
4.57%
Debt extinguished
 
—

 
—%
 
(4,107
)
 
4.94%
 
(274,048
)
 
5.95%
Debt transferred out
 
—

 
—%
 
(35,830
)
 
3.84%
 
—

 
—%
Principal payments
 
(4,017
)
 
5.21%
 
(3,982
)
 
5.38%
 
(5,863
)
 
5.66%
Foreign currency
 
9,597

 
2.99%
 
(15,169
)
 
3.44%
 
20,186

 
2.91%
Ending balance
 
$
306,038

 
3.60%
 
$
288,386

 
3.63%
 
$
347,474

 
3.55%
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly averages
 
$
294,080

 
3.63%
 
$
321,730

 
3.51%
 
$
408,688

 
3.91%
 
A portion of our triple-net properties were formed through partnerships. Income or loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. Net income attributable to noncontrolling interests represents our partners’ share of net income relating to those partnerships where we are the controlling partner.
Outpatient Medical 
The following is a summary of our SSNOI for the Outpatient Medical segment for the periods presented (dollars in thousands):
 
 
2018 and 2019 Same Store Pool
 
One Year Change
 
2017 and 2018 Same Store Pool
 
One Year Change
 
 
2019
 
2018
 
$
 
%
 
2018
 
2017
 
$
 
%
SSNOI(1)
 
$
311,612

 
$
308,139

 
$
3,473

 
1.1
%
 
$
343,059

 
$
336,990

 
$
6,069

 
1.8
%

(1) Relates to 197 properties for the 2018 and 2019 Same Store Pool and 224 properties for the 2017 and 2018 Same Store Pool.

The following is a summary of our results of operations for the Outpatient Medical segment for the periods presented (dollars in thousands): 

51
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
 
$
684,602

 
$
551,557

 
$
133,045

 
24
 %
 
$
560,060

 
$
(8,503
)
 
-2
 %
 
$
124,542

 
22
 %
 
Interest income
 
1,195

 
310

 
885

 
285
 %
 
—

 
310

 
n/a

 
1,195

 
n/a

 
Other income
 
2,031

 
4,939

 
(2,908
)
 
-59
 %
 
3,340

 
1,599

 
48
 %
 
(1,309
)
 
-39
 %
 
Total revenues
 
687,828

 
556,806

 
131,022

 
24
 %
 
563,400

 
(6,594
)
 
-1
 %
 
124,428

 
22
 %
Property operating expenses
 
218,793

 
176,670

 
42,123

 
24
 %
 
179,332

 
(2,662
)
 
-1
 %
 
39,461

 
22
 %
 
NOI(1)
 
469,035

 
380,136

 
88,899

 
23
 %
 
384,068

 
(3,932
)
 
-1
 %
 
84,967

 
22
 %
Other expenses:
 
 
 
 
 
 
 


 
 
 
 
 


 
 
 


 
Depreciation and amortization
 
241,258

 
185,530

 
55,728

 
30
 %
 
193,094

 
(7,564
)
 
-4
 %
 
48,164

 
25
 %
 
Interest expense
 
13,411

 
7,051

 
6,360

 
90
 %
 
10,015

 
(2,964
)
 
-30
 %
 
3,396

 
34
 %
 
Loss (gain) on extinguishment of debt, net
 
—

 
11,928

 
(11,928
)
 
-100
 %
 
4,373

 
7,555

 
173
 %
 
(4,373
)
 
-100
 %
 
Impairment of assets
 
14,062

 
—

 
14,062

 
n/a

 
5,625

 
(5,625
)
 
-100
 %
 
8,437

 
150
 %
 
Other expenses
 
1,788

 
7,570

 
(5,782
)
 
-76
 %
 
1,911

 
5,659

 
296
 %
 
(123
)
 
-6
 %
 
 
 
270,519

 
212,079

 
58,440

 
28
 %
 
215,018

 
(2,939
)
 
-1
 %
 
55,501

 
26
 %
Income from continuing operations before income taxes and other item
 
198,516

 
168,057

 
30,459

 
18
 %
 
169,050

 
(993
)
 
-1
 %
 
29,466

 
17
 %
Income tax benefit (expense)
 
(2,710
)
 
(125
)
 
(2,585
)
 
-2,068
 %
 
(1,477
)
 
1,352

 
92
 %
 
(1,233
)
 
-83
 %
Income (loss) from unconsolidated entities
 
7,061

 
5,563

 
1,498

 
27
 %
 
2,683

 
2,880

 
107
 %
 
4,378

 
163
 %
Gain (loss) on real estate dispositions, net
 
972

 
221,231

 
(220,259
)
 
-100
 %
 
1,630

 
219,601

 
13,472
 %
 
(658
)
 
-40
 %
Income from continuing operations
 
203,839

 
394,726

 
(190,887
)
 
-48
 %
 
171,886

 
222,840

 
130
 %
 
31,953

 
19
 %
Net income (loss)
 
203,839

 
394,726

 
(190,887
)
 
-48
 %
 
171,886

 
222,840

 
130
 %
 
31,953

 
19
 %
Less: Net income (loss) attributable to noncontrolling interests
 
5,194

 
6,150

 
(956
)
 
-16
 %
 
4,765

 
1,385

 
29
 %
 
429

 
9
 %
Net income (loss) attributable to common stockholders
 
$
198,645

 
$
388,576

 
$
(189,931
)
 
-49
 %
 
$
167,121

 
$
221,455

 
133
 %
 
$
31,524

 
19
 %
 
(1) See Non-GAAP Financial Measures below.

The fluctuations in rental income are primarily attributable to the acquisitions of new properties and the conversion of newly constructed outpatient medical properties, particularly the $1.25 billion CNL Healthcare Properties portfolio acquisition that closed in May 2019, partially offset by dispositions. Certain of our leases contain annual rental escalators that are contingent upon changes in the CPI. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If the CPI does not increase, a portion of our revenues may not continue to increase. Our leases could renew above or below current rent rates, resulting in an increase or decrease in rental income. For the three months ended December 31, 2019, our consolidated outpatient medical portfolio signed 193,173 square feet of new leases and 424,579 square feet of renewals. The weighted-average term of these leases was six years, with a rate of $31.95 per square foot and tenant improvement and lease commission costs of $23.59 per square foot. Substantially all of these leases contain an annual fixed or contingent escalation rent structure ranging from 2.0% to 3.5%.
The fluctuation in property operating expenses and depreciation and amortization are primarily attributable to acquisitions and construction conversions of new outpatient medical facilities, offset by dispositions. To the extent that we acquire or dispose of additional properties in the future, these amounts will change accordingly. We recognized impairment charges related to certain held for sale properties as the carrying values exceeded the estimated fair values less costs to sell. Changes in gains/losses on sales of properties are related to volume of property sales and the sales prices. 
During the year ended December 31, 2019, we completed one Outpatient Medical construction project representing $21,006,000 or $286 per square foot. The following is a summary of Outpatient Medical construction projects pending as of December 31, 2019 (dollars in thousands):
Location
 
Square Feet
 
Commitment
 
Balance
 
Est. Completion
Porter, TX
 
55,000

 
$
20,800

 
$
16,124

 
1Q20
Lowell, MA
 
50,668

 
11,900

 
10,288

 
1Q20
Katy, TX
 
36,500

 
12,028

 
3,251

 
2Q20
Brooklyn, NY
 
140,955

 
105,306

 
80,799

 
3Q20
Total
 
283,123

 
$
150,034

 
$
110,462

 
 
 
Total interest expense represents secured debt interest expense. The change in secured debt interest expense is primarily due to the net effect and timing of assumptions, extinguishments and principal amortizations. The fluctuations in loss (gain) on extinguishment of debt is primarily attributable the volume of extinguishments and terms of the related secured debt. The following is a summary of our Outpatient Medical secured debt principal activity for the periods presented (dollars in thousands):

52
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 
 
Year Ended
 
Year Ended
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
386,738

 
4.20%
 
$
279,951

 
4.72%
 
$
404,079

 
4.85%
Debt assumed
 
202,084

 
4.12%
 
171,275

 
3.99%
 
23,094

 
6.67%
Debt extinguished
 
(10,244
)
 
5.75%
 
(61,291
)
 
7.43%
 
(137,416
)
 
5.99%
Principal payments
 
(6,311
)
 
4.97%
 
(3,197
)
 
5.91%
 
(9,806
)
 
6.85%
Ending balance
 
$
572,267

 
3.97%
 
$
386,738

 
4.20%
 
$
279,951

 
4.72%
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly averages
 
$
397,756

 
4.15%
 
$
238,214

 
4.25%
 
$
294,694

 
4.62%
 
A portion of our Outpatient Medical properties were formed through partnerships. Income or loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. Net income attributable to noncontrolling interests represents our partners’ share of net income or loss relating to those partnerships where we are the controlling partner.
Non-Segment/Corporate
The following is a summary of our results of operations for the non-segment/corporate activities (dollars in thousands):
 
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
 
$
3,966

 
$
2,275

 
$
1,691

 
74
 %
 
$
1,538

 
$
737

 
48
 %
 
$
2,428

 
158
 %
Expenses:
 
 
 
 
 

 


 
 
 

 


 

 


 
Interest expense
 
461,273

 
436,256

 
25,017

 
6
 %
 
396,148

 
40,108

 
10
 %
 
65,125

 
16
 %
 
General and administrative expenses
 
126,549

 
126,383

 
166

 
0
 %
 
122,008

 
4,375

 
4
 %
 
4,541

 
4
 %
 
Loss (gain) on extinguishments of debt, net
 
82,541

 
4,091

 
78,450

 
1,918
 %
 
—

 
4,091

 
n/a

 
82,541

 
n/a

 
Other expenses
 
10,705

 
7,729

 
2,976

 
39
 %
 
50,829

 
(43,100
)
 
-85
 %
 
(40,124
)
 
-79
 %
 
Total expenses
 
681,068

 
574,459

 
106,609

 
19
 %
 
568,985

 
5,474

 
1
 %
 
112,083

 
20
 %
Loss from continuing operations before income taxes
 
(677,102
)
 
(572,184
)
 
(104,918
)
 
-18
 %
 
(567,447
)
 
(4,737
)
 
-1
 %
 
(109,655
)
 
-19
 %
Income tax benefit (expense)
 
(2,284
)
 
(11,362
)
 
9,078

 
80
 %
 
2,070

 
(13,432
)
 
-649
 %
 
(4,354
)
 
-210
 %
Loss from continuing operations
 
(679,386
)
 
(583,546
)
 
(95,840
)
 
-16
 %
 
(565,377
)
 
(18,169
)
 
-3
 %
 
(114,009
)
 
-20
 %
Preferred stock dividends
 
—

 
46,704

 
(46,704
)
 
-100
 %
 
49,410

 
(2,706
)
 
-5
 %
 
(49,410
)
 
-100
 %
Preferred stock redemption charge
 
—

 
—

 
—

 
n/a

 
9,769

 
(9,769
)
 
-100
 %
 
(9,769
)
 
-100
 %
Net loss attributable to common stockholders
 
$
(679,386
)
 
$
(630,250
)
 
$
(49,136
)
 
-8
 %
 
$
(624,556
)
 
$
(5,694
)
 
-1
 %
 
$
(54,830
)
 
-9
 %
The following is a summary of our Non-Segment/Corporate interest expense for the periods presented (dollars in thousands):
 
 
Year Ended
 
One Year Change
 
Year Ended
 
One Year Change
 
Two Year Change
 
 
December 31,
 
December 31,
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
$
 
%
 
2017
 
$
 
%
 
$
 
%
Senior unsecured notes
 
$
402,133

 
$
387,955

 
$
14,178

 
4
 %
 
$
364,773

 
$
23,182

 
6
 %
 
$
37,360

 
10
 %
Secured debt
 
—

 
115

 
(115
)
 
-100
 %
 
127

 
(12
)
 
-9
 %
 
(127
)
 
-100
 %
Unsecured revolving credit facility and commercial paper program
 
43,861

 
34,626

 
9,235

 
27
 %
 
17,863

 
16,763

 
94
 %
 
25,998

 
146
 %
Loan expense
 
15,279

 
13,560

 
1,719

 
13
 %
 
13,385

 
175

 
1
 %
 
1,894

 
14
 %
Totals
 
$
461,273

 
$
436,256

 
$
25,017

 
6
 %
 
$
396,148

 
$
40,108

 
10
 %
 
$
65,125

 
16
 %
 
The change in interest expense on senior unsecured notes is due to the net effect of issuances and extinguishments, as well as the movement in foreign exchange rates and related hedge activity. Please refer to Note 11 to consolidated financial statements for additional information. The change in interest expense on our unsecured revolving credit facility and commercial paper program is due primarily to the net effect and timing of draws, paydowns and variable interest rate changes. Please refer to Note 10 of our consolidated financial statements for additional information regarding our unsecured revolving credit facility and commercial paper program. Loan expenses represent the amortization of costs incurred in connection with senior unsecured notes issuances. The loss on extinguishment recognized in 2019 is due primarily to the early extinguishment of the $600,000,000 of 4.125% senior unsecured notes due 2019 and the $450,000,000 of 6.125% senior unsecured notes due 2020 in March 2019, the early extinguishment of the $450,000,000 of 4.95% senior unsecured notes due 2021 and the $600,000,000 of 5.25% senior unsecured notes due 2022 in September 2019 and the early redemption of the $300 million Canadian-denominated 3.35% senior unsecured notes due 2020 in December 2019. The loss on extinguishment of debt in 2018 is due to the term loan facility drawn on in July 2018 and paid off in August 2018.

53
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General and administrative expenses as a percentage of consolidated revenues for the years ended December 31, 2019, 2018 and 2017 were 2.47%, 2.69% and 2.83%, respectively. 
Other expenses for all years include severance-related costs associated with the departure of certain executive officers and key employees. 
The decrease in preferred dividends is due to the conversion of all outstanding Series I Cumulative Convertible Perpetual Preferred Stock during the year ended December 31, 2019.
Other
Non-GAAP Financial Measures
We believe that net income and net income attributable to common stockholders (“NICS”), as defined by U.S. GAAP, are the most appropriate earnings measurements. However, we consider FFO, NOI, SSNOI, EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (“NAREIT”) created funds from operations attributable to common stockholders (“FFO”) as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means NICS, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairment of depreciable assets, plus depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests.
Consolidated net operating income (“NOI”) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. Same store NOI (“SSNOI”) is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the eight quarters ended December 31, 2019 ("2018 and 2019 Same Store Pool") and December 31, 2018 ("2017 and 2018 Same Store Pool"). Land parcels, loans and sub-leases, as well as any properties acquired, under development, transitioned to a different segment, sold or classified as held for sale during that period are excluded from the same store amounts. Additionally, unconsolidated properties are excluded from the same store amounts. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.
EBITDA stands for earnings (net income) before interest, taxes, depreciation and amortization. We believe that EBITDA, along with net income and cash flow provided from operating activities, is an important supplemental measure because it provides additional information to assess and evaluate the performance of our operations. We primarily utilize EBITDA to measure our interest coverage ratio, which represents EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA divided by fixed charges. Fixed charges include total interest, secured debt principal amortization, and preferred dividends. Covenants in our senior unsecured notes and primary unsecured 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 disclosed Adjusted EBITDA, which represents EBITDA as defined above excluding unconsolidated entities and adjusted for items per our covenant. We use Adjusted EBITDA to measure our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges on a trailing twelve months basis. Fixed charges include total interest (excluding capitalized interest and non-cash interest expenses), secured debt principal amortization and preferred dividends. Our covenant requires an adjusted fixed charge coverage ratio of at least 1.50 times.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Management uses these financial measures to facilitate internal and external comparisons to our historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of our supplemental measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies.

54
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The table below reflects the reconciliation of FFO to NICS, the most directly comparable U.S. GAAP measure, for the periods presented. Noncontrolling interest and unconsolidated entity amounts represent adjustments to reflect our share of depreciation and amortization, gains/loss on real estate dispositions and impairments of assets. Amounts are in thousands except for per share data.
 
 
Year Ended December 31,
FFO Reconciliation:
 
2019
 
2018
 
2017
Net income attributable to common stockholders
 
$
1,232,432

 
$
758,250

 
$
463,595

Depreciation and amortization
 
1,027,073

 
950,459

 
921,720

Impairment of assets
 
28,133

 
115,579

 
124,483

Loss (gain) on real estate dispositions, net
 
(748,041
)
 
(415,575
)
 
(344,250
)
Noncontrolling interests
 
(20,197
)
 
(69,193
)
 
(60,018
)
Unconsolidated entities
 
57,680

 
52,663

 
60,046

Funds from operations attributable to common stockholders
 
$
1,577,080

 
$
1,392,183

 
$
1,165,576

 
 
 
 
 
 
 
Average diluted shares outstanding:
 
403,808

 
375,250

 
369,001

 
 
 
 
 
 
 
Per diluted share data:
 
 
 
 
 
 
Net income attributable to common stockholders
 
$
3.05

 
$
2.02

 
$
1.26

Funds from operations attributable to common stockholders
 
$
3.91


$
3.71


$
3.16

 
The table below reflects the reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure, for the periods presented. Dollars are in thousands.
 
 
Year Ended December 31,
Adjusted EBITDA Reconciliation:
 
2019
 
2018
 
2017
Net income
 
$
1,330,410

 
$
829,750

 
$
540,613

Interest expense
 
555,559

 
526,592

 
484,622

Income tax expense (benefit)
 
2,957

 
8,674

 
20,128

Depreciation and amortization
 
1,027,073

 
950,459

 
921,720

EBITDA
 
2,915,999


2,315,475


1,967,083

Loss (income) from unconsolidated entities
 
(42,434
)
 
641

 
83,125

Stock-based compensation expense(1)
 
25,047

 
27,646

 
19,102

Loss (gain) on extinguishment of debt, net
 
84,155

 
16,097

 
37,241

Loss (gain) on real estate dispositions, net
 
(748,041
)
 
(415,575
)
 
(344,250
)
Impairment of assets
 
28,133

 
115,579

 
124,483

Provision for loan losses
 
18,690

 
—

 
62,966

Loss (gain) on derivatives and financial instruments, net
 
(4,399
)
 
(4,016
)
 
2,284

Other expenses(1)
 
51,052

 
111,990

 
176,395

Additional other income
 
—

 
(14,832
)
 
—

Adjusted EBITDA
 
$
2,328,202


$
2,153,005


$
2,128,429

 
 
 
 
 
 
 
Adjusted Interest Coverage Ratio:
 
 
 
 
 
 
Interest expense
 
$
555,559

 
$
526,592

 
$
484,622

Capitalized interest
 
15,272

 
7,905

 
13,489

Non-cash interest expense
 
(8,645
)
 
(10,860
)
 
(10,359
)
Total interest
 
562,186


523,637


487,752

Adjusted EBITDA
 
$
2,328,202


$
2,153,005


$
2,128,429

Adjusted interest coverage ratio
 
4.14x


4.11x


4.36x

 
 
 
 
 
 
 
Adjusted Fixed Charge Coverage Ratio:
 
 
 
 
 
 
Total interest
 
$
562,186

 
$
523,637

 
$
487,752

Secured debt principal payments
 
54,325

 
56,288

 
64,078

Preferred dividends
 
—

 
46,704

 
49,410

Total fixed charges
 
616,511


626,629


601,240

Adjusted EBITDA
 
$
2,328,202


$
2,153,005


$
2,128,429

Adjusted fixed charge coverage ratio
 
3.78x


3.44x


3.54x

 
(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.

55
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our leverage ratios include book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt less cash and cash equivalents and any IRC section 1031 deposits), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization. The table below reflects the reconciliation of our leverage ratios to our balance sheets for the periods presented. Amounts are in thousands, except share price.
 
 
 
 
Year Ended December 31,
 
 
 
 
2019
 
2018
 
2017
Book capitalization:
 
 
 
 
 
 
Unsecured credit facility and commercial paper
 
$
1,587,597

 
$
1,147,000

 
$
719,000

Long-term debt obligations(1)
 
13,436,365

 
12,150,144

 
11,012,936

Cash and cash equivalents(2)
 
(284,917
)
 
(215,376
)
 
(249,620
)
Total net debt
 
14,739,045

 
13,081,768


11,482,316

Total equity and noncontrolling interests(3)
 
16,982,504

 
16,010,645

 
15,300,646

Book capitalization
 
$
31,721,549

 
$
29,092,413


$
26,782,962

 
 
Net debt to book capitalization ratio
 
46.5
%
 
45.0
%

42.9
%
 
 
 
 
 
 
 
 
 
Undepreciated book capitalization:
 
 
 
 
 
 
Total net debt
 
$
14,739,045

 
$
13,081,768

 
$
11,482,316

Accumulated depreciation and amortization
 
5,715,459

 
5,499,958

 
4,838,370

Total equity and noncontrolling interests(3)
 
16,982,504

 
16,010,645

 
15,300,646

Undepreciated book capitalization
 
$
37,437,008

 
$
34,592,371


$
31,621,332

 
 
Net debt to undepreciated book capitalization ratio
 
39.4
%
 
37.8
%

36.3
%
 
 
 
 
 
 
 
 
 
Market capitalization:
 
 
 
 
 
 
Common shares outstanding
 
410,257

 
383,675

 
371,732

Period end share price
 
$
81.78

 
$
69.41

 
$
63.77

Common equity market capitalization
 
$
33,550,817

 
$
26,630,882

 
$
23,705,350

Total net debt
 
14,739,045

 
13,081,768

 
11,482,316

Noncontrolling interests(3)
 
1,442,060

 
1,378,311

 
877,499

Preferred stock
 
—

 
718,498

 
718,503

Market capitalization:
 
$
49,731,922

 
$
41,809,459


$
36,783,668

 
 
Net debt to market capitalization ratio
 
29.6
%
 
31.3
%

31.2
%
 
(1) Amounts include senior unsecured notes, secured debt and lease liabilities related to financing leases, as reflected on our Consolidated Balance Sheet.
(2) Inclusive of IRC section 1031 deposits, if any.
(3) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our Consolidated Balance Sheet.

The following tables reflect the reconciliation of NOI to net income, the most directly comparable U.S. GAAP measure, for the years presented. Dollar amounts are in thousands.
 
 
Year Ended December 31,
NOI Reconciliation:
 
2019
 
2018
 
2017
Net income
 
$
1,330,410

 
$
829,750

 
$
540,613

Loss (gain) on real estate dispositions, net
 
(748,041
)
 
(415,575
)
 
(344,250
)
Loss (income) from unconsolidated entities
 
(42,434
)
 
641

 
83,125

Income tax expense (benefit)
 
2,957

 
8,674

 
20,128

Other expenses
 
52,612

 
112,898

 
177,776

Impairment of assets
 
28,133

 
115,579

 
124,483

Provision for loan losses
 
18,690

 
—

 
62,966

Loss (gain) on extinguishment of debt, net
 
84,155

 
16,097

 
37,241

Loss (gain) on derivatives and financial instruments, net
 
(4,399
)
 
(4,016
)
 
2,284

General and administrative expenses
 
126,549

 
126,383

 
122,008

Depreciation and amortization
 
1,027,073

 
950,459

 
921,720

Interest expense
 
555,559

 
526,592

 
484,622

Consolidated net operating income (NOI)
 
$
2,431,264

 
$
2,267,482


$
2,232,716

 
 
 
 
 
 
 
NOI by segment:
 
 
 
 
 
 
Seniors Housing Operating
 
$
1,039,520

 
$
985,022

 
$
880,026

Triple-net
 
918,743

 
900,049

 
967,084

Outpatient Medical
 
469,035

 
380,136

 
384,068

Non-segment/corporate
 
3,966

 
2,275

 
1,538

Total NOI
 
$
2,431,264

 
$
2,267,482


$
2,232,716


56
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a reconciliation of our consolidated NOI to same store NOI for the periods presented for the respective pools. Dollar amounts are in thousands.
 
 
2018 and 2019 Same Store Pool
 
2017 and 2018 Same Store Pool
SSNOI Reconciliations:
 
2019
 
2018

2018
 
2017
NOI:
 
 

 
 
 
 
 
 
Seniors Housing Operating
 
$
1,039,520

 
$
985,022

 
$
985,022

 
$
880,026

Triple-net
 
918,743

 
900,049

 
900,049

 
967,084

Outpatient Medical
 
469,035

 
380,136

 
380,136

 
384,068

Total
 
2,427,298

 
2,265,207

 
2,265,207

 
2,231,178

Adjustments:
 
 
 
 
 
 
 
 
Seniors Housing Operating:
 
 
 
 
 
 
 
 
Non-cash SSNOI on same store properties
 
(1,720
)
 
(1,344
)
 
(1,176
)
 
(1,542
)
NOI attributable to non same store properties
 
(337,933
)
 
(282,185
)
 
(167,430
)
 
(54,069
)
Subtotal
 
(339,653
)
 
(283,529
)
 
(168,606
)
 
(55,611
)
Triple-net:
 
 
 
 
 
 
 
 
Non-cash SSNOI on same store properties
 
28,033

 
25,981

 
17,057

 
23,970

NOI attributable to non same store properties
 
(430,436
)
 
(417,133
)
 
(401,098
)
 
(482,797
)
Subtotal
 
(402,403
)
 
(391,152
)
 
(384,041
)
 
(458,827
)
Outpatient Medical:
 
 

 
 

 
 
 


Non-cash SSNOI on same store properties
 
7,067

 
7,224

 
9,551

 
9,576

NOI attributable to non same store properties
 
(164,490
)
 
(79,221
)
 
(46,628
)
 
(56,654
)
Subtotal
 
(157,423
)
 
(71,997
)
 
(37,077
)
 
(47,078
)
SSNOI:
 
 

 
 

 
 
 


Seniors Housing Operating
 
699,867

 
701,493

 
816,416


824,415

Triple-net
 
516,340

 
508,897

 
516,008

 
508,257

Outpatient Medical
 
311,612

 
308,139

 
343,059

 
336,990

Total
 
$
1,527,819

 
$
1,518,529

 
$
1,675,483

 
$
1,669,662

 
 
2018 and 2019 Same Store Pool
 
2017 and 2018 Same Store Pool
SSNOI Property Reconciliations:
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Total
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Total
Total properties
 
533

 
658

 
387

 
1,578

 
501

 
726

 
281

 
1,508

Recent acquisitions/development
    conversions
 
(77
)
 
(237
)
 
(138
)
 
(452
)
 
(26
)
 
(246
)
 
(44
)
 
(316
)
Developments
 
(11
)
 
(7
)
 
(4
)
 
(22
)
 
(4
)
 
(9
)
 
(4
)
 
(17
)
Held for sale
 
(18
)
 
(11
)
 
(42
)
 
(71
)
 
(13
)
 
(40
)
 
(2
)
 
(55
)
Segment transitions
 
(86
)
 
(18
)
 
—

 
(104
)
 
(68
)
 
(44
)
 
—

 
(112
)
Loans, land parcels and subleases(1)
 
—

 
(17
)
 
(6
)
 
(23
)
 
—

 
(21
)
 
(7
)
 
(28
)
Same store properties
 
341

 
368

 
197

 
906

 
390

 
366

 
224

 
980

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes eight land parcels, eight subleases and seven loans for the 2018 and 2019 Same Store Pool and nine land parcels, eight subleases and 11 loans for the 2017 and 2018 Same Store Pool.
Critical Accounting Policies
Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions. Management considers accounting estimates or assumptions critical if:
•
the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and
•
the impact of the estimates and assumptions on financial condition or operating performance is material.
Management has discussed the development and selection of its critical accounting policies with the Audit Committee of the Board of Directors and the Audit Committee has reviewed the disclosure presented below relating to them. Management believes the current assumptions and other considerations used to estimate amounts reflected in our consolidated financial statements are appropriate and are not reasonably likely to change in the future. However, since these estimates require assumptions to be made that were uncertain at the time the estimate was made, they bear the risk of change. If actual experience differs from the assumptions and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated results of operations, liquidity and/or financial condition. Please refer to Note 2 to our consolidated financial statements for further information on significant accounting policies that impact us and for the impact of new accounting standards, including accounting pronouncements that were issued but not yet adopted by us.
The following table presents information about our critical accounting policies, as well as the material assumptions used to develop each estimate:

57
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Nature of Critical
Accounting Estimate
Assumptions/Approach
Used
Impairment of Real Property

Assessing impairment of real property involves subjectivity in determining if indicators of impairment are present and in estimating the future undiscounted cash flows or estimated fair value of an asset. In estimating the undiscounted cash flows or fair value, key assumptions that would be made are the estimation of future rental revenues, operating expenses, capitalization rates and the ability and intent to hold the respective asset, all of which are affected by our expectations of future market or economic conditions. These estimates can have a significant impact on the undiscounted cash flows or estimated fair value of an asset.

Quarterly, we evaluate our real estate investments on a property by property basis to determine if there are indicators of impairment. These indicators may include expected operational performance, the tenant's ability to make rent payments, a decision to dispose of an asset before the end of its estimated useful life and changes in the market that may permanently reduce the value of the property. If indicators of impairment exist, an undiscounted cash flow analysis will be prepared and the results of such analysis will be compared to the current net book value to determine if an impairment charge is necessary. This analysis requires us to use judgment in determining whether indicators of impairment exist and to estimate the expected future undiscounted cash flows or estimated fair values of the property. Properties that meet the held for sale criteria are recorded at the lesser of the fair value less costs to sell or carrying value.
Real Estate Acquisitions

We believe that substantially all of our real estate acquisitions are considered asset acquisitions for which we record the related real estate acquired (tangible assets and identifiable intangible assets and liabilities) at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets consist primarily of land, building and improvements. Identifiable intangible assets and liabilities primarily consist of the above or below market component of in-place leases and the value of in-place leases. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values based on management's evaluation of the specific characteristics of each tenant's lease and our overall relationship with respect to that tenant.
 

The allocation of the purchase price to the related real estate acquired (tangible assets and intangible assets and liabilities) involves subjectivity as such allocations are based on a relative fair value analysis. In determining the fair values that drive such analysis, we estimate the fair value of each component of the real estate acquired which generally includes land, buildings and improvements, the above or below market component of in-place leases and the value of in-place leases. Significant assumptions used to determine such fair values include comparable land sales, capitalization rates, discount rates, market rental rates and property operating data, all of which can be impacted by expectations about future market or economic conditions. Our estimates of the values of these components affect the amount of depreciation and amortization we record over the estimated useful life of the property or the term of the lease.
Principles of Consolidation

The consolidated financial statements include our accounts, the accounts of our wholly-owned subsidiaries, and the accounts of joint venture entities in which we own a majority voting interest with the ability to control operations and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. In addition, we consolidate those entities deemed to be variable interest entities (“VIEs”) in which we are determined to be the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation.
 

We make judgments about which entities are VIEs based on an assessment of whether (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We make judgments with respect to our level of influence or control of an entity and whether we are (or are not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, our ability to direct the activities that most significantly impact the entity's economic performance, our form of ownership interest, our representation on the entity's governing body, the size and seniority of our investment, our ability and the rights of other investors to participate in policy making decisions, replace the manager and/or liquidate the entity, if applicable. Our ability to correctly assess our influence or control over an entity at inception of our involvement or on a continuous basis when determining the primary beneficiary of a VIE affects the presentation of these entities in our consolidated financial statements. If we perform a primary beneficiary analysis at a date other than at inception of the VIE, our assumptions may be different and may result in the identification of a different primary beneficiary.

58
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Nature of Critical
Accounting Estimate
Assumptions/Approach
Used
Allowance for Loan Losses

The allowance for loan losses is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of all outstanding loans. If this evaluation indicates that there is a greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement or if it has been modified in a troubled debt restructuring. Consistent with this definition, all loans on non-accrual are deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status.
 

The determination of the allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors, and value of the underlying collateral. Any loans with collectability concerns are subjected to a projected payoff valuation. The valuation is based on the expected future cash flows and/or the estimated fair value of the underlying collateral. The valuation is compared to the outstanding balance to determine the reserve needed for each loan. We may base our valuation on the fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral.


59

Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign currency exchange rates. We seek to mitigate the underlying foreign currency exposures with gains and losses on derivative contracts hedging these exposures. We seek to mitigate the effects of fluctuations in interest rates by matching the terms of new investments with new long-term fixed rate borrowings to the extent possible. We may or may not elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to match our variable rate investments with comparable borrowings, but are also based on the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. This section is presented to provide a discussion of the risks associated with potential fluctuations in interest rates and foreign currency exchange rates. For more information, see Notes 12 and 17 to our consolidated financial statements.
We historically borrow on our unsecured revolving credit facility and commercial paper program to acquire, construct or make loans relating to health care and seniors housing properties. Then, as market conditions dictate, we will issue equity or long-term fixed rate debt to repay the borrowings under our unsecured revolving credit facility and commercial paper program. We are subject to risks associated with debt financing, including the risk that existing indebtedness may not be refinanced or that the terms of refinancing may not be as favorable as the terms of current indebtedness. The majority of our borrowings were completed under indentures or contractual agreements that limit the amount of indebtedness we may incur. Accordingly, in the event that we are unable to raise additional equity or borrow money because of these limitations, our ability to acquire additional properties may be limited.
A change in interest rates will not affect the interest expense associated with our fixed rate debt. Interest rate changes, however, will affect the fair value of our fixed rate debt. Changes in the interest rate environment upon maturity of this fixed rate debt could have an effect on our future cash flows and earnings, depending on whether the debt is replaced with other fixed rate debt, variable rate debt or equity or repaid by the sale of assets. To illustrate the impact of changes in the interest rate markets, we performed a sensitivity analysis on our fixed rate debt instruments whereby we modeled the change in net present values arising from a hypothetical 1% increase in interest rates to determine the instruments’ change in fair value. The following table summarizes the analysis performed as of the dates indicated (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Principal balance
 
Change in fair value
 
Principal balance
 
Change in fair value
Senior unsecured notes
 
$
9,724,691

 
$
(751,848
)
 
$
9,009,159

 
$
(548,558
)
Secured debt
 
1,814,229

 
(69,756
)
 
1,639,983

 
(59,522
)
Totals
 
$
11,538,920


$
(821,604
)

$
10,649,142


$
(608,080
)
 
Our variable rate debt, including our unsecured revolving credit facility and commercial paper program, is reflected at fair value. At December 31, 2019, we had $3,470,584,000 outstanding related to our variable rate debt. Assuming no changes in outstanding balances, a 1% increase in interest rates would result in increased annual interest expense of $34,706,000. At December 31, 2018, we had $2,683,553,000 outstanding under our variable rate debt. Assuming no changes in outstanding balances, a 1% increase in interest rates would have resulted in increased annual interest expense of $26,836,000.
We are subject to currency fluctuations that may, from time to time, affect our financial condition and results of operations. Increases or decreases in the value of the Canadian Dollar or British Pounds Sterling relative to the U.S. Dollar impact the amount of net income we earn from our investments in Canada and the United Kingdom. Based solely on our results for the year ended December 31, 2019, including the impact of existing hedging arrangements, if these exchange rates were to increase or decrease by 10%, our net income from these investments would increase or decrease, as applicable, by less than $13,000,000. We will continue to mitigate these underlying foreign currency exposures with non-U.S. denominated borrowings and gains and losses on derivative contracts. If we increase our international presence through investments in, or acquisitions or development of, seniors housing and health care properties outside the U.S., we may also decide to transact additional business or borrow funds in currencies other than U.S. Dollars, Canadian Dollars or British Pounds Sterling. To illustrate the impact of changes in foreign currency markets, we performed a sensitivity analysis on our derivative portfolio whereby we modeled the change in net present values arising from a hypothetical 1% increase in foreign currency exchange rates to determine the instruments’ change in fair value.  The following table summarizes the results of the analysis performed, excluding cross currency hedge activity (dollars in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Carrying value
 
Change in fair value
 
Carrying value
 
Change in fair value
Foreign currency exchange contracts
 
$
26,767

 
$
12,136

 
$
23,620

 
$
16,163

Debt designated as hedges
 
1,586,116

 
15,861

 
1,559,159

 
15,592

Totals
 
$
1,612,883


$
27,997


$
1,582,779


$
31,755


60

Item 8.  Financial Statements and Supplementary Data
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Shareholders and the Board of Directors of Welltower Inc. 
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of Welltower Inc. and subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 14, 2020 expressed an unqualified opinion thereon.
Adoption of New Accounting Standard
As discussed in Note 2 to the consolidated financial statements, the Company changed its method of accounting for leases effective January 1, 2019.
Basis for Opinion 
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Impairment of Real Property
Description of the Matter
At December 31, 2019, the Company’s net real property owned was approximately $30.3 billion. As discussed in Note 2 to the consolidated financial statements, the Company reviews its real property quarterly on a property-by-property basis to determine if facts and circumstances suggest that the real property may be impaired. If the undiscounted cash flows indicate that the real property will not be recoverable, the carrying value of the real property is reduced to its estimated fair value and an impairment charge is recognized for the difference between the carrying value and the fair value.
Auditing the Company’s process to evaluate real property owned for impairment was complex due to the high degree of subjectivity in determining whether indicators of impairment were present for certain properties, and in determining the future undiscounted cash flows and estimated fair values, if necessary, of properties where indicators of impairment were determined to be present. In particular, the undiscounted cash flows and fair value estimates were sensitive to significant assumptions, including future rental revenues and operating expenses, capitalization rates, and anticipated hold period, which are affected by expectations about future market or economic conditions.

61

How We Addressed the
Matter in Our Audit

We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to evaluate real property owned for impairment. This included testing controls over the Company’s review of impairment indicators by property and management's review and approval of the significant assumptions described above.
To test the Company's evaluation of real property for impairment, we performed audit procedures that included, among others, assessing the methodologies used by management, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by the Company in its analyses. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the Company’s business and other relevant factors would affect the significant assumptions. In addition, we assessed the historical accuracy of the Company’s estimates and performed sensitivity analyses of the significant assumptions to evaluate the changes in the undiscounted future cash flows and estimated fair values of the property that would result from changes in the significant assumptions.

Real Estate Acquisitions
Description of the Matter
During 2019, the Company completed approximately $4.0 billion of real estate acquisitions. As disclosed in Note 3 of the consolidated financial statements, the total purchase price for all properties acquired has been allocated to the related real estate acquired (tangible assets and identifiable intangible assets and liabilities) based upon their relative fair values.
Auditing the fair values allocated by management to the real estate acquired was complex because the fair value estimates were sensitive to significant assumptions, including comparable land sales, capitalization rates, discount rates, market rental rates and property operating data, which can be impacted by expectations about future market or economic conditions.
How We Addressed the
Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to account for real estate acquisitions, including controls over the Company’s review of the significant assumptions discussed above.
To test the fair values allocated to the real estate acquired, we performed audit procedures that included, among others, assessing the methodologies used by management and evaluating the significant assumptions used by the Company discussed above. We compared certain of management’s assumptions to external market data for similar properties and tested the clerical accuracy of the valuation models. We involved our valuation specialist in our evaluation of the significant assumptions used by the Company and the review of the valuation models.

/s/  Ernst & Young LLP

We have served as the Company’s auditor since 1970.
Toledo, Ohio
February 14, 2020

62

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
 
 
December 31,
2019
 
December 31,
2018
Assets
 
 
Real estate investments:
 
 
 
 
Real property owned:
 
 
 
 
Land and land improvements
 
$
3,486,620

 
$
3,205,091

Buildings and improvements
 
29,163,305

 
28,019,502

Acquired lease intangibles
 
1,617,051

 
1,581,159

Real property held for sale, net of accumulated depreciation
 
1,253,008

 
590,271

Construction in progress
 
507,931

 
194,365

Gross real property owned
 
36,027,915

 
33,590,388

Less accumulated depreciation and amortization
 
(5,715,459
)
 
(5,499,958
)
Net real property owned
 
30,312,456

 
28,090,430

Right of use assets, net
 
536,433

 
—

Real estate loans receivable, net of allowance
 
270,382

 
330,339

Net real estate investments
 
31,119,271

 
28,420,769

Other assets:
 
 
 
 
Investments in unconsolidated entities
 
583,423

 
482,914

Goodwill
 
68,321

 
68,321

Cash and cash equivalents
 
284,917

 
215,376

Restricted cash
 
100,849

 
100,753

Straight-line receivable
 
466,222

 
367,093

Receivables and other assets
 
757,748

 
686,846

Total other assets
 
2,261,480

 
1,921,303

Total assets
 
$
33,380,751

 
$
30,342,072

 
 
 
 
 
Liabilities and equity
 
 
 
 
Liabilities:
 
 
 
 
Unsecured credit facility and commercial paper
 
$
1,587,597

 
$
1,147,000

Senior unsecured notes
 
10,336,513

 
9,603,299

Secured debt
 
2,990,962

 
2,476,177

Lease liabilities
 
473,693

 
70,668

Accrued expenses and other liabilities
 
1,009,482

 
1,034,283

Total liabilities
 
16,398,247

 
14,331,427

 
 
 
 
 
Redeemable noncontrolling interests
 
475,877

 
424,046

 
 
 
 
 
Equity:
 
 
 
 
Preferred stock
 
—

 
718,498

Common stock
 
411,005

 
384,465

Capital in excess of par value
 
20,190,107

 
18,424,368

Treasury stock
 
(78,955
)
 
(68,499
)
Cumulative net income
 
7,353,966

 
6,121,534

Cumulative dividends
 
(12,223,534
)
 
(10,818,557
)
Accumulated other comprehensive income (loss)
 
(112,157
)
 
(129,769
)
Other equity
 
12

 
294

Total Welltower Inc. stockholders’ equity
 
15,540,444

 
14,632,334

Noncontrolling interests
 
966,183

 
954,265

Total equity
 
16,506,627

 
15,586,599

Total liabilities and equity
 
$
33,380,751

 
$
30,342,072

 
See accompanying notes

63

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data)
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
 
Resident fees and services
 
$
3,448,175

 
$
3,234,852

 
$
2,779,423

Rental income
 
1,588,400

 
1,380,422

 
1,445,871

Interest income
 
63,830

 
55,814

 
73,811

Other income
 
20,901

 
29,411

 
17,536

Total revenues
 
5,121,306

 
4,700,499

 
4,316,641

Expenses:
 
 
 
 
 
 
Property operating expenses
 
2,690,042

 
2,433,017

 
2,083,925

Depreciation and amortization
 
1,027,073

 
950,459

 
921,720

Interest expense
 
555,559

 
526,592

 
484,622

General and administrative expenses
 
126,549

 
126,383

 
122,008

Loss (gain) on derivatives and financial instruments, net
 
(4,399
)
 
(4,016
)
 
2,284

Loss (gain) on extinguishment of debt, net
 
84,155

 
16,097

 
37,241

Provision for loan losses
 
18,690

 
—

 
62,966

Impairment of assets
 
28,133

 
115,579

 
124,483

Other expenses
 
52,612

 
112,898

 
177,776

Total expenses
 
4,578,414

 
4,277,009

 
4,017,025

 
 
 
 
 
 
 
Income from continuing operations before income taxes and other items
 
542,892

 
423,490

 
299,616

Income tax (expense) benefit
 
(2,957
)
 
(8,674
)
 
(20,128
)
Income (loss) from unconsolidated entities
 
42,434

 
(641
)
 
(83,125
)
Gain (loss) on real estate dispositions, net
 
748,041

 
415,575

 
344,250

Income (loss) from continuing operations
 
1,330,410

 
829,750

 
540,613

 
 
 
 
 
 
 
Net income
 
1,330,410

 
829,750

 
540,613

Less:  Preferred stock dividends
 
—

 
46,704

 
49,410

Less:  Preferred stock redemption charge
 
—

 
—

 
9,769

Less:  Net income (loss) attributable to noncontrolling interests(1)
 
97,978

 
24,796

 
17,839

Net income (loss) attributable to common stockholders
 
$
1,232,432

 
$
758,250

 
$
463,595

 
 
 
 
 
 
 
Average number of common shares outstanding:
 
 
 
 
 
 
Basic
 
401,845

 
373,620

 
367,237

Diluted
 
403,808

 
375,250

 
369,001

 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
3.31

 
$
2.22

 
$
1.47

Net income (loss) attributable to common stockholders
 
$
3.07

 
$
2.03

 
$
1.26

 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
3.29

 
$
2.21

 
$
1.47

Net income (loss) attributable to common stockholders
 
$
3.05

 
$
2.02

 
$
1.26

(1) Includes amounts attributable to redeemable noncontrolling interests
See accompanying notes

64

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Net income
 
$
1,330,410

 
$
829,750

 
$
540,613

 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
Reclassification adjustment for write down of equity investment
 
—

 
—

 
(5,120
)
Unrecognized actuarial gain (loss)
 
540

 
344

 
269

Foreign currency translation gain (loss)
 
161,915

 
(253,022
)
 
337,433

Derivative and financial instruments designated as hedges gain (loss)
 
(131,120
)
 
211,390

 
(252,168
)
Total other comprehensive income (loss)
 
31,335

 
(41,288
)
 
80,414

 
 
 
 
 
 
 
Total comprehensive income (loss)
 
1,361,745

 
788,462

 
621,027

Less: Total comprehensive income (loss) attributable to
noncontrolling interests(1)
 
111,701

 
1,812

 
40,187

Total comprehensive income (loss) attributable to common stockholders
 
$
1,250,044

 
$
786,650

 
$
580,840

(1) Includes amounts attributable to redeemable noncontrolling interests.
See accompanying notes

65

CONSOLIDATED STATEMENTS OF EQUITY
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
Capital in
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
Preferred
 
Common
 
Excess of
 
Treasury
 
Cumulative
 
Cumulative
 
Comprehensive
 
Other
 
Noncontrolling
 
 
 
 
Stock
 
Stock
 
Par Value
 
Stock
 
Net Income
 
Dividends
 
Income (Loss)
 
Equity
 
Interests
 
Total
Balances at December 31, 2016
 
$
1,006,250

 
$
363,071

 
$
16,999,691

 
$
(54,741
)
 
$
4,803,575

 
$
(8,144,981
)
 
$
(169,531
)
 
$
3,059

 
$
475,079

 
$
15,281,472

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
 
522,774

 
 
 
 
 
 
 
20,819

 
543,593

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
58,066

 
 
 
22,348

 
80,414

Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
624,007

Net change in noncontrolling interests
 
 
 
 
 
13,473

 
 
 
 
 
 
 
 
 
 
 
(15,941
)
 
(2,468
)
Amounts related to issuance of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

from dividend reinvestment and stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

incentive plans, net of forfeitures
 
 
 
402

 
21,494

 
(9,807
)
 
 
 
 
 
 
 
(2,399
)
 
 
 
9,690

Net proceeds from issuance of common stock
 
 
 
8,881

 
612,555

 
 
 
 
 
 
 
 
 
 
 
 
 
621,436

Redemption of equity membership units
 
 
 
91

 
5,465

 
(11
)
 
 
 
 
 
 
 
 
 
 
 
5,545

Redemption of preferred stock
 
(287,500
)
 
 
 
9,760

 
 
 
(9,769
)
 
 
 
 
 
 
 
 
 
(287,509
)
Conversion of preferred stock
 
(247
)
 
4

 
243

 
 
 
 
 
 
 
 
 
 
 
 
 
—

Option compensation expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10

 
 
 
10

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Common stock dividends
 
 
 
 
 
 
 
 
 
 
 
(1,277,321
)
 
 
 
 
 
 
 
(1,277,321
)
Preferred stock dividends
 
 
 
 
 
 
 
 
 
 
 
(49,410
)
 
 
 
 
 
 
 
(49,410
)
Balances at December 31, 2017
 
718,503

 
372,449

 
17,662,681

 
(64,559
)
 
5,316,580

 
(9,471,712
)
 
(111,465
)
 
670

 
502,305

 
14,925,452

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
 
804,954

 
 
 
 
 
 
 
25,065

 
830,019

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
(18,304
)
 
 
 
(22,984
)
 
(41,288
)
Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
788,731

Net change in noncontrolling interests
 
 
 
 
 
(43,101
)
 
 
 
 
 
 
 
 
 
 
 
449,879

 
406,778

Amounts related to issuance of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
from dividend reinvestment and stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
incentive plans, net of forfeitures
 
 
 
188

 
28,277

 
(3,940
)
 
 
 
 
 
 
 
(376
)
 
 
 
24,149

Net proceeds from issuance of common stock
 
 
 
11,828

 
776,506

 
 
 
 
 
 
 
 
 
 
 
 
 
788,334

Conversion of preferred stock
 
(5
)
 
 
 
5

 
 
 
 
 
 
 
 
 
 
 
 
 
—

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock dividends
 
 
 
 
 
 
 
 
 
 
 
(1,300,141
)
 
 
 
 
 
 
 
(1,300,141
)
Preferred stock dividends
 
 
 
 
 
 
 
 
 
 
 
(46,704
)
 
 
 
 
 
 
 
(46,704
)
Balances at December 31, 2018
 
718,498

 
384,465

 
18,424,368

 
(68,499
)
 
6,121,534

 
(10,818,557
)
 
(129,769
)
 
294

 
954,265

 
15,586,599

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
 
1,232,432

 
 
 
 
 
 
 
67,365

 
1,299,797

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
17,612

 
 
 
13,440

 
31,052

Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,330,849

Net change in noncontrolling interests
 
 
 
 
 
3,583

 
 
 
 
 
 
 
 
 
 
 
(68,887
)
 
(65,304
)
Amounts related to issuance of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
from dividend reinvestment and stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
incentive plans, net of forfeitures
 
 
 
162

 
25,445

 
(10,456
)
 
 
 
 
 
 
 
(282
)
 
 
 
14,869

Net proceeds from issuance of common stock
 
 
 
13,666

 
1,030,925

 
 
 
 
 
 
 
 
 
 
 
 
 
1,044,591

Conversion of preferred stock
 
(718,498
)
 
12,712

 
705,786

 
 
 
 
 
 
 
 
 
 
 
 
 
—

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock dividends
 
 
 
 
 
 
 
 
 
 
 
(1,404,977
)
 
 
 
 
 
 
 
(1,404,977
)
Balances at December 31, 2019
 
$
—

 
$
411,005

 
$
20,190,107

 
$
(78,955
)
 
$
7,353,966

 
$
(12,223,534
)
 
$
(112,157
)
 
$
12

 
$
966,183

 
$
16,506,627

 
See accompanying notes

66

CONSOLIDATED STATEMENTS OF CASH FLOWS
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Operating activities:
 
 
 
 
 
 
Net income
 
$
1,330,410

 
$
829,750

 
$
540,613

Adjustments to reconcile net income to net cash provided from (used in) operating
 
 
 
 
 
 
activities:
 
 
 
 
 
 
Depreciation and amortization
 
1,027,073

 
950,459

 
921,720

Other amortization expenses
 
16,827

 
17,000

 
16,521

Provision for loan losses
 
18,690

 
—

 
62,966

Impairment of assets
 
28,133

 
115,579

 
124,483

Stock-based compensation expense
 
25,047

 
27,646

 
19,102

Loss (gain) on derivatives and financial instruments, net
 
(4,399
)
 
(4,016
)
 
2,284

Loss (gain) on extinguishment of debt, net
 
84,155

 
16,097

 
37,241

Loss (income) from unconsolidated entities
 
(42,434
)
 
641

 
83,125

Rental income in excess of cash received
 
(106,331
)
 
(32,857
)
 
(80,398
)
Amortization related to above (below) market leases, net
 
(676
)
 
2,608

 
357

Loss (gain) on real estate dispositions, net
 
(748,041
)
 
(415,575
)
 
(344,250
)
Distributions by unconsolidated entities
 
—

 
21

 
116

Increase (decrease) in accrued expenses and other liabilities
 
(29,068
)
 
70,762

 
26,811

Decrease (increase) in receivables and other assets
 
(63,418
)
 
5,829

 
23,486

Net cash provided from (used in) operating activities
 
1,535,968

 
1,583,944

 
1,434,177

 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
Cash disbursed for acquisitions, net of cash acquired
 
(3,959,683
)
 
(3,560,360
)
 
(805,264
)
Cash disbursed for capital improvements to existing properties
 
(328,824
)
 
(266,183
)
 
(250,276
)
Cash disbursed for construction in progress
 
(323,488
)
 
(160,706
)
 
(232,715
)
Capitalized interest
 
(15,272
)
 
(7,905
)
 
(13,489
)
Investment in loans receivable
 
(119,699
)
 
(112,048
)
 
(101,216
)
Principal collected on loans receivable
 
127,706

 
203,935

 
214,980

Other investments, net of payments
 
(8,282
)
 
(44,535
)
 
(44,094
)
Contributions to unconsolidated entities
 
(279,631
)
 
(136,854
)
 
(114,365
)
Distributions by unconsolidated entities
 
216,231

 
90,916

 
70,287

Proceeds from (payments on) derivatives
 
(8,499
)
 
65,399

 
52,719

Proceeds from sales of real property
 
2,650,650

 
1,541,870

 
1,378,014

Net cash provided from (used in) investing activities
 
(2,048,791
)
 
(2,386,471
)
 
154,581

 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
Net increase (decrease) under unsecured credit facility and commercial paper
 
440,597

 
428,000

 
74,000

Proceeds from issuance of senior unsecured notes
 
3,974,559

 
2,824,176

 
7,500

Payments to extinguish senior unsecured notes
 
(3,335,290
)
 
(1,450,000
)
 
(5,000
)
Net proceeds from the issuance of secured debt
 
343,696

 
45,447

 
241,772

Payments on secured debt
 
(284,433
)
 
(362,841
)
 
(1,144,346
)
Net proceeds from the issuance of common stock
 
1,056,125

 
789,575

 
621,987

Redemption of preferred stock
 
—

 
—

 
(287,500
)
Payments for deferred financing costs and prepayment penalties
 
(84,142
)
 
(29,691
)
 
(54,333
)
Contributions by noncontrolling interests(1)
 
55,365

 
39,207

 
56,560

Distributions to noncontrolling interests(1)
 
(172,940
)
 
(109,871
)
 
(87,711
)
Cash distributions to stockholders
 
(1,400,712
)
 
(1,348,863
)
 
(1,325,617
)
Other financing activities
 
(15,675
)
 
(6,771
)
 
(10,839
)
Net cash provided from (used in) financing activities
 
577,150

 
818,368

 
(1,913,527
)
Effect of foreign currency translation on cash and cash equivalents and restricted cash
 
5,310

 
(9,015
)
 
26,852

Increase (decrease) in cash, cash equivalents and restricted cash
 
69,637

 
6,826

 
(297,917
)
Cash, cash equivalents and restricted cash at beginning of period
 
316,129

 
309,303

 
607,220

Cash, cash equivalents and restricted cash at end of period
 
$
385,766

 
$
316,129

 
$
309,303

 
 
 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
 
 
Interest paid
 
$
574,536

 
$
501,404

 
$
488,265

Income taxes paid
 
14,338

 
2,250

 
10,410

(1) Includes amounts attributable to redeemable noncontrolling interests.
See accompanying notes.


67
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1. Business 
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure.  The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.  Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing, post-acute communities and outpatient medical properties. 
2. Accounting Policies and Related Matters
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Principles of Consolidation
The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint venture (“JV”) entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation. At inception of JV transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A VIE is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, Consolidations (“ASC 810”), requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance. For investments in JVs, U.S. GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess the limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.
Revenue Recognition
For our Triple-net and Outpatient Medical segments, a significant source of our revenue is generated through leasing arrangements. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. Certain payments made to operators are treated as lease incentives and amortized as a reduction of revenue over the lease term. 
For our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and generally are recognized monthly as services are provided. Agreements with residents generally have a term of one year and are cancelable by the resident with 30 days’ notice. Management contracts are present in some of our joint venture agreements to provide asset and property management, leasing, marketing and other services.
Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risk.
We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred and we no longer have substantial continuing involvement with the real estate sold. We recognize losses from disposition of real estate when known.
Cash and Cash Equivalents
Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less.
Restricted Cash
Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements, amounts held in escrow relating to transactions we are entitled to receive over a period of time as outlined in the escrow agreement and net proceeds from property sales that were executed as tax-deferred dispositions under Internal Revenue Code (“IRC”) section 1031.

68
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Deferred Loan Expenses
Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. Deferred loan expenses related to debt instruments, excluding the primary unsecured credit facility, are recorded as a reduction of the related debt liability. Deferred loan expenses related to the primary unsecured credit facility are included in other assets. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective interest method.
Investments in Unconsolidated Entities
Investments in entities that we do not consolidate but have the ability to exercise significant influence over operating and financial policies are reported under the equity method of accounting. Under the equity method, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.
Equity Securities
Equity securities are measured at fair value with gains and losses recognized in loss (gain) on derivatives and financial instruments, net in the Consolidated Statements of Comprehensive Income.
Redeemable Noncontrolling Interests
Certain noncontrolling interests are redeemable at fair value. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss, and dividends or (ii) the redemption value. If it is probable that the interests will be redeemed in the future, we accrete the carrying value to the redemption value over the period until expected redemption, currently a weighted-average period of approximately one year. In accordance with ASC 810, the redeemable noncontrolling interests are classified outside of permanent equity, as a mezzanine item, in the balance sheet. At December 31, 2019, the current redemption value of redeemable noncontrolling interests exceeded the carrying value of $475,877,000 by $14,953,000.
We entered into certain DownREIT partnerships which give a real estate seller the ability to exchange its property on a tax deferred basis for equity membership interests (“OP units”). The OP units may be redeemed any time following the first anniversary of the date of issuance at the election of the holders for one share of our common stock per unit or, at our option, cash.
Real Property Owned
Real estate acquisitions are generally classified as asset acquisitions for which we record tangible assets and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets primarily consist of land, buildings and improvements.
Identifiable intangible assets and liabilities consist primarily of the above or below market component of in-place leases and the value associated with the presence of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities in the balance sheet and are amortized to rental income over the remaining terms of the respective leases or lease-up period.
The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values for in-place tenants based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The total amount of other intangible assets acquired is further allocated to in-place lease values for in-place residents with such value representing (i) value associated with lost revenue related to tenant reimbursable operating costs that would be incurred in an assumed re-leasing period, and (ii) value associated with lost rental revenue from existing leases during an assumed re-leasing period. This intangible asset is amortized over the remaining life of the lease or the assumed re-leasing period.

69
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Real property developed by us is recorded at cost, including the capitalization of construction period interest. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and 5 to 15 years for improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our Consolidated Statement of Cash Flows.
The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that the assets may be impaired or that the depreciable life may need to be changed. We consider external factors relating to each asset and the existence of a master lease which may link the cash flows of an individual asset to a larger portfolio of assets leased to the same tenant. If these factors and the projected undiscounted cash flows of the assets over the remaining depreciation period indicate that the assets will not be recoverable, the carrying value is reduced to the estimated fair market value. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. Additionally, properties that meet the held for sale criteria are recorded at the lessor of fair value less costs to sell or the carrying value.
Expenditures for repairs and maintenance are expensed as incurred.
Capitalization of Construction Period Interest
We capitalize interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our company-wide cost of financing. Our interest expense reflected in the Consolidated Statements of Comprehensive Income has been reduced by the amounts capitalized.
Loans Receivable
Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance, or for non real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, corporate guarantees and/or personal guarantees. Non real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risks.
In Substance Real Estate Investments
We provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying loan classification are presented as real estate loans receivable and result in the recognition of interest income. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments and presented as investments in unconsolidated entities and are accounted for using the equity method. The classification of each arrangement as either a real estate loan receivable or investment in unconsolidated entity involves judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guarantees, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of such arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Allowance for Losses on Loans Receivable
The allowance for losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors, and value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement. Consistent with this definition, all loans on non-accrual are deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. Any loans with collectability concerns are subjected to a projected payoff valuation. The valuation is based on the expected future cash flows and/or the estimated fair value of the underlying collateral. The valuation is compared to the outstanding balance to determine the reserve needed for each loan. We may base our valuation on a loan’s observable market price, if any, or the fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral.

70
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Goodwill
Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill. We have not had any goodwill impairments.
 Fair Value of Derivative Instruments
Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of our forward exchange contracts are estimated by pricing models that consider foreign currency spot rates, forward trade rates and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. See Note 12 for additional information.
Federal Income Tax
We have elected to be treated as a REIT under the applicable provisions of the IRC, commencing with our first taxable year, and made no provision for U.S. federal income tax purposes prior to our acquisition of our taxable REIT subsidiaries (“TRSs”). As a result of these as well as subsequent acquisitions, we now record income tax expense or benefit with respect to certain of our entities that are taxed as TRSs under provisions similar to those applicable to regular corporations and not under the REIT provisions. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. See Note 19 for additional information.
Foreign Currency
Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. Dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets.
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.
Reclassifications
Certain amounts in prior years have been reclassified to conform to current year presentation.
New Accounting Standards
We adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) ("ASC 842") which requires lessees to recognize assets and liabilities on their Consolidated Balance Sheet related to the rights and obligations created by most leases, while continuing to recognize expenses on their Consolidated Statement of Comprehensive Income over the lease term. We adopted ASC 842 as of January 1, 2019, using the modified retrospective approach and have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, permits us to carry forward our prior conclusions for lease classification and initial direct costs on existing leases. We also made an accounting policy election to keep short-term leases less than twelve months off the balance sheet for all classes of underlying assets.
In July 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-11 "Leases (Topic 842): Targeted Improvements" that (1) simplifies transition requirements for both lessees and lessors by adding an option that permits entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in its financial statements and (2) allows lessors to elect, as a practical expedient, to not separate lease and non-lease components in

71
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


a contract, and instead to account for as a single lease component, if certain criteria are met. This practical expedient causes an entity to assess whether a contract is predominantly lease or service-based and recognize the entire contract under the relevant accounting guidance (e.g. predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under ASU 2014-09, "Revenue from Contracts with Customers (ASC 606)"). For the year ended December 31, 2018, we recognized revenue for our Seniors Housing Operating resident agreements in accordance with the provisions of the prior lease guidance, ASC 840, "Leases". Upon adoption of ASC 842, we elected the lessor practical expedient described above and recognized our revenue for our Seniors Housing Operating segment based upon the predominant component, generally the non-lease service component. Therefore, beginning on January 1, 2019, we accounted for the majority of such resident agreements under ASC 606. The timing and pattern of revenue recognition is substantially the same as that prior to adoption.
The FASB also issued ASU 2018-20 "Leases (Topic 842): Narrow Improvements for Lessors", which provides lessors the ability to make an accounting policy election not to evaluate whether certain sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. A lessor that makes this election will exclude these taxes from the measurement of lease revenue and the associated expense. Upon adoption of ASC 842, we utilized this practical expedient in instances in which real estate taxes are paid directly by our tenants to taxing authorities. For triple-net leasing arrangements in which the tenant remits payment for real estate taxes to us and we pay the taxing authority, we have included the associated revenue and expense in rental income and property operating expenses on the Consolidated Statements of Comprehensive Income. This reporting had no impact on our net income.
For leases in which the Company is the lessee, primarily consisting of ground leases and various office and equipment leases, we recognized upon adoption a right of use asset of $509,386,000 which included the present value of minimum leases payments, existing above and/or below market lease intangible values and existing straight-line rent liabilities associated with such leases. We also recognized operating lease liabilities of $357,070,000. The standard did not materially impact our Consolidated Statements of Comprehensive Income or our Consolidated Statement of Cash Flows. See Note 6 for additional details.
In 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans receivable, and other instruments. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the new leases standard from the scope of the new credit loss standard. ASU 2016-13 is effective for the Company on January 1, 2020.
We have continued our implementation efforts, including data collection and processing, model development and validation, and establishment of the governance and control processes. We currently do not believe that the adoption of this new guidance will have a material impact on our consolidated financial statements.
3. Real Property Acquisitions and Development 
The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services, termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of the purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statement of Comprehensive Income.
The following tables summarize our real property investment activity by segment for the years ended December 31, 2019, 2018 and 2017 (in thousands):

72
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Year Ended December 31, 2019
 
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Total
Land and land improvements  
 
$
154,470

 
$
24,097

 
$
293,933

 
$
472,500

Buildings and improvements  
 
1,518,748

 
203,282

 
1,954,928

 
3,676,958

Acquired lease intangibles  
 
76,009

 
—

 
183,921

 
259,930

Real property held for sale
 
17,435

 
—

 
—

 
17,435

Construction in progress
 
36,174

 
—

 
—

 
36,174

Right of use assets, net
 
—

 
—

 
58,377

 
58,377

Receivables and other assets
 
15,634

 
—

 
1,586

 
17,220

Total assets acquired(1)
 
1,818,470

 
227,379

 
2,492,745

 
4,538,594

Secured debt  
 
(194,408
)
 
—

 
(206,754
)
 
(401,162
)
Lease liabilities
 
—

 
—

 
(47,740
)
 
(47,740
)
Accrued expenses and other liabilities
 
(12,024
)
 
—

 
(32,893
)
 
(44,917
)
Total liabilities assumed
 
(206,432
)
 
—

 
(287,387
)
 
(493,819
)
Noncontrolling interests(2)
 
(67,987
)
 
(4,015
)
 
(1,201
)
 
(73,203
)
Non-cash acquisition related activity(3)
(11,889
)
 
—

 
—

 
(11,889
)
 Cash disbursed for acquisitions
 
1,532,162

 
223,364

 
2,204,157

 
3,959,683

Construction in progress additions
 
227,018

 
61,414

 
60,884

 
349,316

Capitalized interest
 
(8,889
)
 
(2,385
)
 
(3,998
)
 
(15,272
)
Foreign currency translation
 
(8,643
)
 
(878
)
 
—

 
(9,521
)
Accruals(4)
 
—

 
—

 
(1,035
)
 
(1,035
)
Cash disbursed for construction in progress
 
209,486

 
58,151

 
55,851

 
323,488

Capital improvements to existing properties
 
260,413

 
17,426

 
50,985

 
328,824

Total cash invested in real property, net of cash acquired  
 
$
2,002,061

 
$
298,941

 
$
2,310,993

 
$
4,611,995

(1) Excludes $2,090,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities.
(4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.
 
 
Year Ended December 31, 2018
 
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Total
Land and land improvements  
 
$
51,440

 
$
413,588

 
$
77,239

 
$
542,267

Buildings and improvements  
 
621,731

 
2,242,884

 
478,740

 
3,343,355

Acquired lease intangibles  
 
69,504

 
9,690

 
50,813

 
130,007

Real property held for sale
 
—

 
396,265

 
22,032

 
418,297

Receivables and other assets  
 
1,492

 
1,354

 
1,185

 
4,031

Total assets acquired(1)
 
744,167


3,063,781


630,009

 
4,437,957

Secured debt  
 
(134,752
)
 
—

 
(169,156
)
 
(303,908
)
Accrued expenses and other liabilities
 
(18,463
)
 
(13,199
)
 
(14,896
)
 
(46,558
)
Total liabilities assumed
 
(153,215
)

(13,199
)

(184,052
)
 
(350,466
)
Noncontrolling interests(2)
 
(14,390
)
 
(512,741
)
 
—

 
(527,131
)
Cash disbursed for acquisitions
 
576,562


2,537,841


445,957

 
3,560,360

Construction in progress additions
 
82,621

 
55,558

 
26,565

 
164,744

Capitalized interest
 
(3,190
)
 
(2,238
)
 
(2,477
)
 
(7,905
)
Foreign currency translation
 
3,934

 
272

 
—

 
4,206

Accruals(3)
 
—

 
—

 
(339
)
 
(339
)
Cash disbursed for construction in progress
 
83,365


53,592


23,749

 
160,706

Capital improvements to existing properties
 
201,001

 
10,046

 
55,136

 
266,183

Total cash invested in real property, net of cash acquired  
 
$
860,928


$
2,601,479


$
524,842

 
$
3,987,249

(1) Excludes $395,397,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

73
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Year Ended December 31, 2017
 
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Total
Land and land improvements  
 
$
42,525

 
$
33,416

 
$
40,565

 
$
116,506

Buildings and improvements  
 
428,777

 
248,459

 
159,643

 
836,879

Acquired lease intangibles  
 
63,912

 
—

 
24,014

 
87,926

Receivables and other assets  
 
3,959

 
—

 
10

 
3,969

Total assets acquired(1)
 
539,173

 
281,875

 
224,232

 
1,045,280

Secured debt  
 
—

 
—

 
(25,708
)
 
(25,708
)
Accrued expenses and other liabilities
 
(46,301
)
 
(21,236
)
 
(3,181
)
 
(70,718
)
Total liabilities assumed
 
(46,301
)
 
(21,236
)
 
(28,889
)
 
(96,426
)
Noncontrolling interests(2)
 
(4,701
)
 
(7,275
)
 
(9,080
)
 
(21,056
)
Non-cash acquisition related activity(3)
 
(67,633
)
 
(54,901
)
 
—

 
(122,534
)
Cash disbursed for acquisitions
 
420,538

 
198,463

 
186,263

 
805,264

Construction in progress additions
 
84,874

 
120,797

 
37,094

 
242,765

Capitalized interest
 
(9,106
)
 
(4,713
)
 
(2,406
)
 
(16,225
)
Foreign currency translation
 
(6,830
)
 
(610
)
 
—

 
(7,440
)
Accruals(4)
 
—

 
—

 
13,615

 
13,615

Cash disbursed for construction in progress
 
68,938

 
115,474

 
48,303

 
232,715

Capital improvements to existing properties
 
185,473

 
19,989

 
44,814

 
250,276

Total cash invested in real property, net of cash acquired  
 
$
674,949

 
$
333,926

 
$
279,380

 
$
1,288,255

(1) Excludes $6,591,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) For the Seniors Housing Operating segment, includes $59,665,000 related to the acquisition of assets previously financed as investments in unconsolidated entities and $7,968,000 related to the acquisition of assets previously financed as loans receivable. For the Triple-net segment, amount is related to the acquisition of assets previously financed as loans receivable.
(4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.
Acquisition of Quality Care Properties
On July 26, 2018, we completed the acquisition of Quality Care Properties Inc. ("QCP"), with QCP shareholders receiving $20.75 of cash for each share of QCP common stock and all existing QCP debt was repaid upon closing. Prior to the acquisition, ProMedica Health System ("ProMedica") completed the acquisition of HCR ManorCare. Immediately following the acquisition of QCP, we formed an 80/20 joint venture with ProMedica to own the real estate associated with the 218 seniors housing properties leased to ProMedica under a lease agreement with the following key terms: (i) 15-year absolute triple-net master lease with three five-year renewal options; (ii) initial annual cash rent of $179 million with a year one escalator of 1.375% and 2.75% annual escalators thereafter; and (iii) full corporate guarantee of ProMedica. Additionally, we acquired 59 seniors housing properties classified as held for sale and leased to ProMedica under a non-yielding lease, 12 seniors housing properties and one surgery center classified as held for sale and leased to operators under existing triple-net leases, 14 seniors housing properties leased to operators under existing triple-net leases and one multi-tenant medical office building leased to various tenants. The aggregate consideration to acquire the QCP shares and repay outstanding QCP debt was approximately $3.5 billion.
We concluded that the QCP acquisition met the definition of an asset acquisition under ASU 2017-01, "Clarifying the Definition of a Business". The following table presents the purchase price calculation and the allocation to assets acquired and liabilities assumed based upon their relative fair value:

74
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(In thousands)
 
 
Land and land improvements
 
$
417,983

Buildings and improvements
 
2,253,451

Acquired lease intangibles
 
12,820

Real property held for sale
 
418,297

Cash and cash equivalents
 
381,913

Restricted cash
 
4,981

Receivables and other assets
 
1,354

Total assets acquired
 
3,490,799

Accrued expenses and other liabilities  
 
(13,199
)
Total liabilities assumed
 
(13,199
)
Noncontrolling interests
 
(512,741
)
Net assets acquired
 
$
2,964,859


Construction Activity 
The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Development projects:
 
 
 
 
 
 
Seniors Housing Operating
 
$
28,117

 
$
86,931

 
$
3,634

Triple-net
 
—

 
90,055

 
283,472

Outpatient Medical
 
21,006

 
11,358

 
63,036

Total development projects
 
49,123

 
188,344

 
350,142

Expansion projects
 
—

 
20,029

 
10,336

Total construction in progress conversions
 
$
49,123

 
$
208,373

 
$
360,478

 
4. Real Estate Intangibles 
The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):
 
 
December 31, 2019
 
December 31, 2018
Assets:
 
 
 
 
In place lease intangibles
 
$
1,513,836

 
$
1,410,725

Above market tenant leases
 
59,540

 
63,935

Below market ground leases(1)
 
—

 
64,513

Lease commissions
 
43,675

 
41,986

Gross historical cost
 
1,617,051

 
1,581,159

Accumulated amortization
 
(1,181,158
)
 
(1,197,336
)
Net book value
 
$
435,893

 
$
383,823

 
 
 
 
 
Weighted-average amortization period in years
 
10.3

 
16.0

 
 
 
 
 
Liabilities:
 
 
 
 
Below market tenant leases
 
$
99,035

 
$
81,676

Above market ground leases(1)
 
—

 
8,540

Gross historical cost
 
99,035

 
90,216

Accumulated amortization
 
(49,390
)
 
(44,266
)
Net book value
 
$
49,645

 
$
45,950

 
 
 
 
 
Weighted-average amortization period in years
 
8.6

 
14.7


(1) Effective on January 1, 2019 with the adoption of ASC 842, above and below market ground lease intangibles are reported within the right of use assets, net line on the Consolidated Balance Sheet.
The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):

75
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Rental income related to (above)/below market tenant leases, net
 
$
508

 
$
(1,269
)
 
$
875

Depreciation and amortization related to in place lease intangibles and lease commissions
 
(135,047
)
 
(122,515
)
 
(145,132
)


The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):
 
 
Assets
 
Liabilities
2020
 
$
119,973

 
$
9,498

2021
 
59,824

 
8,529

2022
 
40,802

 
7,758

2023
 
34,803

 
5,483

2024
 
27,415

 
3,362

Thereafter
 
153,076

 
15,015

Totals
 
$
435,893

 
$
49,645

 
5. Dispositions and Real Property Held for Sale
We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (e.g. property type, relationship or geography). During the year ended December 31, 2019, we disposed of our Benchmark Senior Living portfolio for a gross sale price of $1.8 billion and a gain on sale of $520 million.
At December 31, 2019, 18 Seniors Housing Operating, 11 Triple-net and 42 Outpatient Medical properties with an aggregate net real estate balance of $1,253,008,000 were classified as held for sale for which we expect gross sales proceeds of approximately $1,960,685,000. In addition to the real property balances held for sale, secured debt of $112,589,000 and net other assets and liabilities of $25,194,000 are included in the Consolidated Balance Sheet related to held for sale properties. During the year ended December 31, 2019, we recorded net impairment charges of $13,130,000 related to certain held for sale properties for which the carrying value exceeded the fair values, less estimated costs to sell, and $15,003,000 related to five held for use properties for which the carrying value exceeded the sum of the future undiscounted cash flows. The following is a summary of our real property disposition activity for the periods presented (in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Real property dispositions:
 
 
 
 
 
 
Seniors Housing Operating
 
$
1,232,816

 
$
36,627

 
$
74,832

Triple-net
 
667,632

 
835,093

 
916,689

Outpatient Medical
 
482

 
253,397

 
19,697

Total dispositions
 
1,900,930

 
1,125,117

 
1,011,218

Gain (loss) on sales of real property, net
 
748,041

 
415,575

 
344,250

Net other assets (liabilities) disposed
 
1,679

 
1,178

 
22,546

Proceeds from real property sales
 
$
2,650,650

 
$
1,541,870

 
$
1,378,014



Dispositions and Assets Held for Sale 
Pursuant to our adoption of ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08”), operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):

76
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
 
Total revenues
 
$
449,080

 
$
665,384

 
$
769,835

Expenses:
 
 
 
 
 
 
Interest expense
 
4,924

 
6,617

 
12,458

Property operating expenses
 
257,510

 
383,907

 
374,370

Provision for depreciation
 
65,698

 
109,674

 
153,009

Total expenses
 
328,132

 
500,198

 
539,837

Income (loss) from real estate dispositions, net
 
$
120,948

 
$
165,186

 
$
229,998

 
6. Leases
We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer-term market rates). For leases that commenced prior to January 1, 2019, we used the incremental borrowing rate on December 31, 2018.
We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease with Genesis HealthCare for seven buildings.
The components of lease expense were as follows for the period presented (in thousands):
 
 
Classification
 
Year Ended December 31, 2019
Operating lease cost: (1)
 
 
 
 
Real estate lease expense
 
Property operating expenses
 
$
25,166

Non-real estate investment lease expense
 
General and administrative expenses
 
1,654

Finance lease cost:
 
 
 
 
Amortization of leased assets
 
Property operating expenses
 
7,795

Interest on lease liabilities
 
Interest expense
 
4,748

Sublease income
 
Rental income
 
(4,173
)
Total
 
 
 
$
35,190

(1) Includes short-term leases which are immaterial.

Maturities of lease liabilities as of December 31, 2019 are as follows (in thousands):
 
 
Operating Leases
 
Finance Leases
2020
 
$
23,356

 
$
9,121

2021
 
23,322

 
8,786

2022
 
22,147

 
8,149

2023
 
22,117

 
69,182

2024
 
21,294

 
1,419

Thereafter
 
1,073,396

 
89,678

Total lease payments
 
1,185,632

 
186,335

Less: Imputed interest
 
(820,829
)
 
(77,445
)
Total present value of lease liabilities
 
$
364,803

 
$
108,890



Supplemental balance sheet information related to leases was as follows as of December 31, 2019 (in thousands, except lease terms and discount rate):

77
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
Classification
 
December 31, 2019
Right of use assets:
 
 
 
Operating leases - real estate
Right of use assets, net
 
$
374,217

Finance leases - real estate
Right of use assets, net
 
162,216

Real estate right of use assets, net
 
 
536,433

Operating leases - non-real estate investments
Receivables and other assets
 
12,474

Total right of use assets, net
 
 
$
548,907

 
 
 
 
Lease liabilities:
 
 
 
Operating leases
 
 
$
364,803

Financing leases
 
 
108,890

Total lease liabilities
 
 
$
473,693

 
 
 
 
Weighted average remaining lease term (years):
 
 
 
Operating leases
 
 
46.0

Finance leases
 
 
15.9

 
 
 
 
Weighted average discount rate:
 
 
 
Operating leases
 
 
5.00
%
Finance leases
 
 
5.18
%


Supplemental cash flow information related to leases was as follows for the date indicated (in thousands):
 
Classification
 
Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
 
Operating cash flows from operating leases
Decrease (increase) in receivables and other assets
 
$
6,397

Operating cash flows from operating leases
Increase (decrease) in accrued expenses and other liabilities
 
(5,489
)
Operating cash flows from finance leases
Decrease (increase) in receivables and other assets
 
10,732

Financing cash flows from finance leases
Other financing activities
 
(3,401
)


Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. We recognized $1,588,400,000 of rental and other revenues related to operating leases, of which $200,564,000 was for variable lease payments, for the year ended December 31, 2019, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. The following table sets forth the future minimum lease payments receivable for leases in effect at December 31, 2019 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):
2020
 
$
1,430,978

2021
 
1,384,721

2022
 
1,346,917

2023
 
1,302,601

2024
 
1,265,988

Thereafter
 
9,026,163

Totals
 
$
15,757,368



78
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


7. Loans Receivable
The following is a summary of our loans receivable (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
Mortgage loans
 
$
188,062

 
$
317,443

Other real estate loans
 
124,696

 
81,268

Allowance for losses on real estate loans receivable
 
(42,376
)
 
(68,372
)
Real estate loans receivable, net of allowance
 
270,382

 
330,339

Non real estate loans
 
362,850

 
282,443

Allowance for losses on non real estate loans receivable
 
(25,996
)
 
—

Non real estate loans receivable, net of allowance(1)
 
336,854

 
282,443

Total loans receivable, net of allowance
 
$
607,236

 
$
612,782


 (1) Included in receivables and other assets on the Consolidated Balance Sheets

The following is a summary of our loan activity for the periods presented (in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Advances on loans receivable:
 
 
 
 
 
 
Investments in new loans
 
$
46,824

 
$
77,289

 
$
61,122

Draws on existing loans
 
72,875

 
34,759

 
40,094

Net cash advances on loans receivable
 
119,699

 
112,048

 
101,216

Receipts on loans receivable:
 
 
 
 
 
 
Loan payoffs
 
118,703

 
144,700

 
181,549

Principal payments on loans
 
9,003

 
59,235

 
33,431

Net cash receipts on loans
 
127,706

 
203,935

 
214,980

Net cash advances (receipts) on loans
 
$
(8,007
)
 
$
(91,887
)
 
$
(113,764
)


In 2016, we restructured real estate loans with Genesis Healthcare and recorded a loan loss charge in the amount of $6,935,000 on one of the loans as the present value of expected future cash flows was less than the carrying value of the loan. During 2017, we recorded an additional loan loss charge of $62,966,000 relating to real estate loans receivable from Genesis HealthCare based on an estimation of future cash flows discounted at the effective interest rate of the loans. In 2019, we recognized a provision for loan losses of $18,690,000 to fully reserve for and eventually wrote off certain Triple-net real estate loans receivable that were no longer deemed collectible. In the fourth quarter of 2019 one of the Genesis Healthcare real estate loans transitioned to a non real estate loan due to the sale of the underlying properties that served as collateral for the loan. As of December 31, 2019, the total allowance for loan loss balance of $68,372,000 is deemed to be sufficient to absorb expected losses. In addition, at December 31, 2019, we had one real estate loan with an outstanding balance of $2,534,000 on non-accrual status. No provision for loan loss has been recorded for this loan given the underlying collateral value. The following is a summary of the allowance for losses on loans receivable for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Balance at beginning of year
 
$
68,372

 
$
68,372

 
$
6,563

Provision for loan losses
 
18,690

 
—

 
62,966

Charge-offs
 
(18,690
)
 
—

 
—

Change in present value
 
—

 
—

 
(1,157
)
Balance at end of year
 
$
68,372

 
$
68,372

 
$
68,372



The following is a summary of our impaired loans (in thousands):

79
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Balance of impaired loans at end of year
 
$
188,018

 
$
189,272

 
$
282,882

Allowance for loan losses
 
(68,372
)
 
(68,372
)
 
(68,372
)
Balance of impaired loans not reserved
 
$
119,646

 
$
120,900

 
$
214,510

Average impaired loans for the year
 
$
192,728

 
$
236,077

 
$
330,216

Interest recognized on impaired loans(1)
 
16,235

 
17,241

 
27,793

 (1) Represents cash interest recognized in the period since loans were identified as impaired.
8. Investments in Unconsolidated Entities 
We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. The results of operations for these properties have been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands):
 
 
Percentage Ownership(1)
 
December 31, 2019
 
December 31, 2018
Seniors Housing Operating
 
10% to 50%
 
$
463,741

 
$
344,982

Triple-net
 
10% to 34%
 
7,740

 
34,284

Outpatient Medical
 
43% to 50%
 
111,942

 
103,648

Total
 
 
 
$
583,423

 
$
482,914

(1) Excludes ownership of in-substance real estate.

We own 34% of Sunrise Senior Living Management, Inc. ("Sunrise"), who provides comprehensive property management and accounting services with respect to certain of our Seniors Housing Operating properties that Sunrise operates. We pay Sunrise annual management fees pursuant to long-term management agreements. Our management agreements have initial terms expiring through December 2034 plus, if applicable, optional renewal periods ranging from an additional 5 to 15 years depending on the property. The management fees payable to Sunrise under the management agreements include a fee based on a percentage of revenues generated by the applicable properties plus, if applicable, positive or negative adjustments based on specified performance targets. For the years ended December 31, 2019, 2018 and 2017, we recognized fees to Sunrise of $41,200,000, $36,378,000 and $37,573,000, respectively, which are reflected within property operating expenses in our Consolidated Statements of Comprehensive Income. 
During the year ended December 31, 2019, we sold our interest in a Seniors Housing Operating joint venture and recognized a gain of $38,681,000 in income (loss) from unconsolidated entities in our Consolidated Statements of Comprehensive Income.
At December 31, 2019, the aggregate unamortized basis difference of our joint venture investments of $101,275,000 is primarily attributable to the difference between the amount for which we purchased our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the entity. This difference is being amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities.
We have made loans totaling $165,193,000 related to seven properties as of December 31, 2019 for the development and construction of certain properties which are classified as in substance real estate investments. We believe that such borrowers typically represent variable interest entities (“VIE” or VIE’s”) in accordance with ASC 810 Consolidation. VIE’s are required to be consolidated by their Primary Beneficiary (“PB”) which is the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impacts the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We have concluded that we are not the PB of such borrowers, therefore, the loan arrangements were assessed based on among other factors, the amount and timing of expected residual profits, the estimated fair value of the collateral and the significance of the borrower’s equity in the project. Based on these assessments the arrangements have been classified as in substance real estate investments. We expect to fund an additional $139,472,000 related to these investments.
9. Credit Concentration
We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the year ended December 31, 2019, excluding our share of NOI in unconsolidated entities (dollars in thousands):

80
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Number of
 
Total
 
Percent of
Concentration by relationship:(1)
 
Properties
 
NOI
 
NOI(2)
Sunrise Senior Living(3)
 
165

 
$
342,595

 
14%
ProMedica
 
218

 
215,083

 
9%
Revera(3)
 
94

 
146,451

 
6%
Genesis HealthCare
 
54

 
119,928

 
5%
Belmont Village
 
21

 
76,354

 
3%
Remaining portfolio
 
1,026

 
1,530,853

 
63%
Totals
 
1,578

 
$
2,431,264

 
100%
(1) Genesis HealthCare and ProMedica are in our Triple-net segment. Sunrise Senior Living, Revera and Belmont Village are in our Seniors Housing Operating segment. 
(2) NOI with our top five relationships comprised 38% of total NOI for the year ending December 31, 2018.
(3) Revera owns a controlling interest in Sunrise Senior Living. For the year ended December 31, 2019, we recognized $1,219,253,000 of revenue from properties managed by Sunrise Senior Living.
10. Borrowings Under Credit Facilities and Commercial Paper Program
At December 31, 2019, we had a primary unsecured credit facility with a consortium of 31 banks that includes a $3,000,000,000 unsecured revolving credit facility ($945,000,000 outstanding at December 31, 2019), a $500,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility by up to an additional $1,000,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at December 31, 2019). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate (2.59% at December 31, 2019). The applicable margin is based on our debt ratings and was 0.825% at December 31, 2019. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at December 31, 2019. The term credit facilities mature on July 19, 2023. The revolving credit facility is scheduled to mature on July 19, 2022 and can be extended for two successive terms of six months each at our option.
In January 2019, we established an unsecured commercial paper program. Under the terms of the program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1,000,000,000. As of December 31, 2019, there was a balance of $642,597,000 outstanding on the commercial paper program ($643,600,000 in principal outstanding net of an unamortized discount of $1,003,000), which reduces the borrowing capacity on the unsecured revolving credit facility. The notes bear interest at various floating rates with a weighted average of 2.16% as of December 31, 2019 and a weighted average maturity of 26 days as of December 31, 2019.
The following information relates to aggregate borrowings under the primary unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Balance outstanding at year end
 
$
1,588,600

 
$
1,147,000

 
$
719,000

Maximum amount outstanding at any month end
 
$
2,880,000

 
$
2,148,000

 
$
1,010,000

Average amount outstanding (total of daily principal balances
 
 
 
 
 
 
divided by days in period)
 
$
1,376,813

 
$
950,581

 
$
597,422

Weighted-average interest rate (actual interest expense divided
 
 
 
 
 
 
by average borrowings outstanding)
 
2.84
%
 
3.07
%
 
2.02
%
 
11. Senior Unsecured Notes and Secured Debt
We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. At December 31, 2019, the annual principal payments due on these debt obligations were as follows (in thousands):

81
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Senior
Unsecured Notes(1,2)
 
Secured
Debt (1,3)
 
Totals
2020
 
$
—

 
$
354,329

 
$
354,329

2021
 
—

 
439,176

 
439,176

2022
 
10,000

 
421,876

 
431,876

2023(4,5)
 
1,792,871

 
467,378

 
2,260,249

2024
 
1,350,000

 
304,533

 
1,654,533

Thereafter(6,7,8)
 
7,274,691

 
1,006,050

 
8,280,741

Totals
 
$
10,427,562

 
$
2,993,342

 
$
13,420,904

(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheet.
(2) Annual interest rates range from 2.40% to 6.50%.
(3) Annual interest rates range from 1.25% to 12.00%. Carrying value of the properties securing the debt totaled $6,550,033,000 at December 31, 2019.
(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $192,871,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2019). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.93% at December 31, 2019).
(5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (2.66% at December 31, 2019).
(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $231,446,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2019).
(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $729,795,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2019).
(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $663,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2019).
The following is a summary of our senior unsecured note principal activity during the periods presented (dollars in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
9,699,984

 
4.48%
 
$
8,417,447

 
4.31%
 
$
8,260,038

 
4.25%
Debt issued
 
3,987,790

 
3.34%
 
2,850,000

 
4.57%
 
7,500

 
1.97%
Debt extinguished
 
(3,335,290
)
 
4.39%
 
(1,450,000
)
 
3.46%
 
(5,000
)
 
1.83%
Foreign currency
 
75,078

 
4.22%
 
(117,463
)
 
4.16%
 
154,909

 
4.29%
Ending balance
 
$
10,427,562

 
4.03%
 
$
9,699,984

 
4.48%
 
$
8,417,447

 
4.31%
 

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
2,485,711

 
3.90%
 
$
2,618,408

 
3.76%
 
$
3,465,066

 
4.09%
Debt issued
 
343,696

 
3.11%
 
45,447

 
3.40%
 
241,772

 
2.82%
Debt assumed
 
385,145

 
4.34%
 
292,887

 
4.64%
 
23,094

 
6.67%
Debt extinguished
 
(230,108
)
 
4.35%
 
(306,553
)
 
5.36%
 
(1,080,268
)
 
5.25%
Debt deconsolidated
 
—

 
—%
 
—

 
—%
 
(60,000
)
 
3.80%
Principal payments
 
(54,325
)
 
3.75%
 
(56,288
)
 
3.91%
 
(64,078
)
 
4.34%
Foreign currency
 
63,223

 
3.28%
 
(108,190
)
 
3.33%
 
92,822

 
3.16%
Ending balance
 
$
2,993,342

 
3.63%
 
$
2,485,711

 
3.90%
 
$
2,618,408

 
3.76%


Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2019, we were in compliance with all of the covenants under our debt agreements.

82
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


12. Derivative Instruments
We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks and debt issued in foreign currencies to offset a portion of these risks.
Foreign Currency Forward Contracts Designated as Cash Flow Hedges
For instruments that are designated as and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period, or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. 
Cash Flow Hedges of Interest Rate Risk
We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements were used to hedge the variable cash flows associated with variable-rate debt.
Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest rate payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately reclassified to the Consolidated Statements of Comprehensive Income.
Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges
We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. 
During the years ended December 31, 2019, 2018, and 2017 we settled certain net investment hedges generating cash proceeds of $6,716,000, $70,897,000, and $52,719,000, respectively. The balance of the cumulative translation adjustment will be reclassified to earnings when the hedged investment is sold or substantially liquidated.
Derivative Contracts Undesignated
We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from changes in the fair value of these instruments are recorded in interest expense on the Consolidated Statement of Comprehensive Income, and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in the fair values of these instruments are also recorded in interest expense.
The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):
 
 
December 31, 2019
 
December 31, 2018
Derivatives designated as net investment hedges:
 
 
 
 
Denominated in Canadian Dollars
 
$
725,000

 
$
575,000

Denominated in Pounds Sterling
 
£
1,340,708

 
£
890,708

 
 
 
 
 
Financial instruments designated as net investment hedges:
 
 
 
 
Denominated in Canadian Dollars
 
$
250,000

 
$
250,000

Denominated in Pounds Sterling
 
£
1,050,000

 
£
1,050,000

 
 
 
 
 
Interest rate swaps designated as cash flow hedges:
 
 
 
 
Denominated in U.S. Dollars(1)
 
$
1,188,250

 
$
—

 
 
 
 
 
Derivative instruments not designated:
 
 
 
 
Interest rate caps denominated in U.S. Dollars
 
$
405,819

 
$
405,819

Forward purchase contracts denominated in Canadian Dollars
 
$
—

 
$
(325,000
)
Forward sales contracts denominated in Canadian Dollars
 
$
—

 
$
405,000

Forward purchase contracts denominated in Pounds Sterling
 
£
(125,000
)
 
£
(350,000
)
Forward sales contracts denominated in Pounds Sterling
 
£
125,000

 
£
350,000

(1) At December 31, 2019 the maximum maturity date was July 15, 2021.

83
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):
 
 
 
 
Year Ended
 
 
Location
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Gain (loss) on derivative instruments designated as hedges recognized in income

 
Interest expense
 
$
26,419

 
$
12,271

 
$
(2,476
)
Gain (loss) on derivative instruments not designated as hedges recognized in income
 
Interest expense
 
$
(2,310
)
 
$
5,233

 
$
(49
)
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI

 
OCI
 
$
(131,120
)
 
$
211,390

 
$
(252,168
)

13. Commitments and Contingencies
At December 31, 2019, we had 13 outstanding letter of credit obligations totaling $47,180,000 and expiring between 2020 and 2024. At December 31, 2019, we had outstanding construction in process of $507,931,000 and were committed to providing additional funds of approximately $446,633,000 to complete construction. Purchase obligations at December 31, 2019, include $261,000,000 representing a definitive agreement to acquire outpatient medical facilities in 2020. Purchase obligations also include $19,925,000 of contingent obligations to fund capital improvements. Rents due from the tenant are increased to reflect the additional investment in the property. During the year ended December 31, 2017, we finalized an agreement with the University of Toledo Foundation to transfer our corporate headquarters as a gift and recognized an expense of $40,730,000.
14. Stockholders’ Equity 
The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:
 
 
December 31, 2019
 
December 31, 2018
Preferred Stock, $1.00 par value:
 
 
 
 
Authorized shares
 
50,000,000

 
50,000,000

Issued shares
 
—

 
14,375,000

Outstanding shares
 
—

 
14,369,965

Common Stock, $1.00 par value:
 
 
 
 
Authorized shares
 
700,000,000

 
700,000,000

Issued shares
 
411,550,857

 
384,849,236

Outstanding shares
 
410,256,615

 
383,674,603

Preferred Stock  
The following is a summary of our preferred stock activity during the periods presented:
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Shares
 
Dividend Rate
 
Shares
 
Dividend Rate
 
Shares
 
Dividend Rate
Beginning balance
 
14,369,965

 
6.50%
 
14,370,060

 
6.50%
 
25,875,000

 
6.50%
Shares redeemed
 
—

 
—%
 
—

 
—%
 
(11,500,000
)
 
6.50%
Shares converted
 
(14,369,965
)
 
6.50%
 
(95
)
 
6.50%
 
(4,940
)
 
6.50%
Ending balance
 
—

 
—%
 
14,369,965

 
6.50%
 
14,370,060

 
6.50%

During the year ended December 31, 2019, we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock. In addition, during the year ended December 31, 2017, we recognized a charge of $9,769,000 in connection with the redemption of the Series J preferred stock.
Common Stock
In February 2019, we entered into separate amended and restated equity distribution agreements whereby we can offer and sell up to $1,500,000,000 aggregate amount of our common stock ("Equity Shelf Program"). The Equity Shelf Program also allows us to enter into forward sale agreements. As of December 31, 2019, we had $1,075,537,000 of remaining capacity under the Equity Shelf Program, which excludes forward sales agreements outstanding for the sale of 4,935,804 shares with maturity dates in 2020 and 2021. We expect to physically settle the forward sales for cash proceeds. The following is a summary of our common stock activity during the periods indicated (dollars in thousands, except average price amounts):

84
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Shares Issued
 
Average Price
 
Gross Proceeds
 
Net Proceeds
 
 
 
 
 
 
 
 
 
2017 Dividend reinvestment plan issuances
 
5,640,008

 
$
70.13

 
$
395,526

 
$
394,639

2017 Option exercises
 
252,979

 
51.16

 
12,942

 
12,942

2017 Equity Shelf Program issuances
 
2,986,574

 
72.30

 
215,917

 
214,406

2017 Preferred stock conversions
 
4,300

 
 
 
—

 
—

2017 Redemption of equity membership units
 
91,180

 
 
 
—

 
—

2017 Stock incentive plans, net of forfeitures
 
154,337

 
 
 
—

 
—

2017 Totals
 
9,129,378

 
 
 
$
624,385

 
$
621,987

 
 
 
 
 
 
 
 
 
2018 Dividend reinvestment plan issuances
 
6,529,417

 
$
65.55

 
$
428,009

 
$
423,075

2018 Option exercises
 
56,960

 
42.66

 
2,430

 
2,430

2018 Equity Shelf Program issuances
 
5,241,349

 
69.95

 
366,640

 
364,070

2018 Preferred stock conversions
 
83

 
 
 
—

 
—

2018 Stock incentive plans, net of forfeitures
 
115,243

 
 
 
—

 
—

2018 Totals
 
11,943,052

 
 
 
$
797,079

 
$
789,575

 
 
 
 
 
 
 
 
 
2019 Dividend reinvestment plan issuances
 
5,798,979
 
$
77.18

 
$
447,559

 
$
443,929

2019 Option exercises
 
10,736
 
51.32
 
551

 
551

2019 Equity Shelf Program issuances
 
7,855,956
 
78.15
 
613,948

 
611,645

2019 Preferred stock conversions
 
12,712,452
 
 
 
—

 
—

2019 Stock incentive plans, net of forfeitures
 
203,889
 
 
 
—

 
—

2019 Totals
 
26,582,012

 
 
 
$
1,062,058

 
$
1,056,125


Dividends 
The increase in dividends is primarily attributable to increases in our common shares outstanding, offset by the conversion and redemption of the Series I and Series J preferred stock, as described above. Please refer to Note 19 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
  
 
Per Share
 
Amount
 
Per Share
 
Amount
 
Per Share
 
Amount
Common Stock
 
$
3.4800

 
$
1,404,977

 
$
3.4800

 
$
1,300,141

 
$
3.4800

 
$
1,277,321

Series I Preferred Stock
 
—

 
—

 
3.2500

 
46,704

 
3.2500

 
46,711

Series J Preferred Stock
 
—

 
—

 
—

 
—

 
0.2347

 
2,699

Totals
 
 
 
$
1,404,977

 
 
 
$
1,346,845

 
 
 
$
1,326,731


Accumulated Other Comprehensive Income
The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands):
 
 
December 31, 2019

December 31, 2018
Foreign currency translation
 
$
(719,814
)

$
(868,006
)
Derivative and financial instruments designated as hedges
 
607,657


738,777

Actuarial losses
 
—


(540
)
Total accumulated other comprehensive loss
 
$
(112,157
)

$
(129,769
)

15. Stock Incentive Plans
In May 2016, our shareholders approved the 2016 Long-Term Incentive Plan (“2016 Plan”), which authorized up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Awards granted after May 5, 2016 are issued out of the 2016 Plan. The awards granted under the Amended and Restated 2005 Long-Term Incentive Plan continue to vest and options expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2016 Plan. The 2016 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to five years.
Under our long-term incentive plan, certain restricted stock awards are market, performance and time-based. For market and performance based awards, we will grant a target number of restricted stock units, with the ultimate award determined by the total

85
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


shareholder return and operating performance metrics, measured in each case over a measurement period of two to three years. Generally awards vest over two to three years after the end of the performance period with a portion vesting immediately at the end of the performance periods. The expected term represents the period from the grant date to the end of the performance period. Compensation expense for these performance grants is measured based on the probability of achievement of certain performance goals and is recognized over both the performance period and vesting period. For the portion of the grant for which the award is determined by the operating performance metrics, the compensation cost is based on the grant date closing price and management’s estimate of corporate achievement of the financial metrics. If the estimated number of performance based restricted stock to be earned changes, an adjustment will be recorded to recognize the accumulated difference between the revised and previous estimates. For the portion of the grant determined by the total shareholder return, management used a Monte Carlo model to assess the fair value and compensation cost. Forfeitures are accounted for as they occur.
The following table summarizes compensation expense (a component of general and administrative expenses and property operating expenses) recognized for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Stock options
 
$
—

 
$
—

 
$
10

Restricted stock
 
25,047

 
27,646

 
19,092

 
 
$
25,047

 
$
27,646

 
$
19,102


Restricted Stock
The fair value of the restricted stock is equal to the market price of the company’s common stock on the date of grant and is amortized over the vesting periods. As of December 31, 2019, there was $30,755,000 of total unrecognized compensation expense related to unvested restricted stock that is expected to be recognized over a weighted-average period of two years. The following table summarizes information about non-vested restricted stock incentive awards as of and for the year ended December 31, 2019: 
 
 
Restricted Stock
 
 
Number of Shares (000's)
 
Weighted-Average
Grant Date Fair Value
Non-vested at December 31, 2018
 
1,220

 
$
62.56

Vested
 
(364
)
 
52.15

Granted
 
367

 
85.80

Terminated
 
(117
)
 
66.25

Non-vested at December 31, 2019
 
1,106

 
$
70.26

 
16. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Numerator for basic and diluted earnings per share -
 
 
 
 
 
 
net income attributable to common stockholders
 
$
1,232,432

 
$
758,250

 
$
463,595

 
 
 
 
 
 
 
Denominator for basic earnings per share - weighted average shares
 
401,845

 
373,620

 
367,237

Effect of dilutive securities:
 
 
 
 
 
 
Employee stock options
 
—

 
9

 
47

Non-vested restricted shares
 
835

 
512

 
482

Redeemable shares
 
1,112

 
1,096

 
1,235

Employee stock purchase program
 
16

 
13

 
—

Dilutive potential common shares
 
1,963

 
1,630

 
1,764

Denominator for diluted earnings per share - adjusted weighted average shares
 
403,808

 
375,250

 
369,001

 
 
 
 
 
 
 
Basic earnings per share
 
$
3.07

 
$
2.03

 
$
1.26

Diluted earnings per share
 
$
3.05

 
$
2.02

 
$
1.26


As of December 31, 2018 and December 31, 2017, the Series I Cumulative Convertible Perpetual Preferred Stock were excluded from the calculations as the effect of the conversions were anti-dilutive. As of December 31, 2019, forward sales agreements outstanding for the sale of 4,935,804 shares of common stock were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period.

86
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


17. Disclosure about Fair Value of Financial Instruments 
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level valuation hierarchy exists for disclosures of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined below:
•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 
•
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: 
Mortgage Loans, Other Real Estate Loans and Non Real Estate Loans Receivable — The fair value of mortgage loans, other real estate loans and non real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. 
Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value. 
Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices. 
Borrowings Under Primary Unsecured Credit Facility and Commercial Paper Program — The carrying amount of the primary unsecured credit facility and commercial paper program approximates fair value because the borrowings are interest rate adjustable. 
Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. 
Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. 
Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivative instruments are Level 2).  
Redeemable OP Unitholder Interests — Our redeemable OP unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. 

87
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



The carrying amounts and estimated fair values of our financial instruments are as follows as of the dates presented (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Carrying
 
Fair
 
Carrying
 
Fair
 
 
Amount
 
Value
 
Amount
 
Value
Financial assets:
 
 
 
 
 
 
 
 
Mortgage loans receivable
 
$
145,686

 
$
150,217

 
$
249,071

 
$
257,337

Other real estate loans receivable
 
124,696

 
128,512

 
81,268

 
82,742

Equity securities
 
15,685

 
15,685

 
11,286

 
11,286

Cash and cash equivalents
 
284,917

 
284,917

 
215,376

 
215,376

Restricted cash
 
100,849

 
100,849

 
100,753

 
100,753

Non real estate loans receivable
 
336,854

 
379,239

 
282,443

 
384,150

Foreign currency forward contracts, interest rate swaps and cross currency swaps
 
18,554

 
18,554

 
94,729

 
94,729

 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
Borrowings under unsecured credit facility and commercial paper
 
$
1,587,597

 
$
1,587,597

 
$
1,147,000

 
$
1,147,000

Senior unsecured notes
 
10,336,513

 
11,400,571

 
9,603,299

 
10,043,797

Secured debt
 
2,990,962

 
3,041,893

 
2,476,177

 
2,499,130

Foreign currency forward contracts, interest rate swaps and cross currency swaps
 
53,601

 
53,601

 
71,109

 
71,109

 
 
 
 
 
 
 
 
 
Redeemable OP unitholder interests
 
$
121,440

 
$
121,440

 
$
103,071

 
$
103,071


Items Measured at Fair Value on a Recurring Basis 
The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands):
 
 
Fair Value Measurements as of December 31, 2019
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Equity securities
 
$
15,685

 
$
15,685

 
$
—

 
$
—

Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1)
 
(35,047
)
 
—

 
(35,047
)
 
—

Redeemable OP unitholder interests
 
121,440

 
—

 
121,440

 
—

Totals 
 
$
102,078

 
$
15,685

 
$
86,393

 
$
—


(1) Please see Note 12 for additional information.
Items Measured at Fair Value on a Nonrecurring Basis 
In addition to items that are measured at fair value on a recurring basis, we have assets and liabilities that are measured at fair value on a nonrecurring basis that are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired or assumed. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of real estate loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach using unobservable data such as net operating income, estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of loans receivable using projected payoff valuations based on the expected future cash flows and/or the estimated fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral. We estimate the fair value of secured debt assumed in asset acquisitions using current interest rates at which similar borrowings could be obtained on the transaction date. 
18. Segment Reporting
We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include seniors apartments, assisted living, independent living/continuing care retirement communities, independent support living (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our Outpatient Medical properties include outpatient medical buildings which are typically leased to multiple tenants and generally require a certain level of property management by us.
We evaluate performance based upon NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.
Non-segment revenue consists mainly of interest income on certain non-real estate investments and other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers.
Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands):
Year Ended December 31, 2019:
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Non-segment / Corporate
 
Total
Resident fees and services
 
$
3,448,175

 
$
—

 
$
—

 
$
—

 
$
3,448,175

Rental income
 
—

 
903,798

 
684,602

 
—

 
1,588,400

Interest income
 
36

 
62,599

 
1,195

 
—

 
63,830

Other income
 
8,658

 
6,246

 
2,031

 
3,966

 
20,901

Total revenues
 
3,456,869

 
972,643

 
687,828

 
3,966

 
5,121,306

 
 
 
 
 
 
 
 
 
 


Property operating expenses
 
2,417,349

 
53,900

 
218,793

 
—

 
2,690,042

Consolidated net operating income
 
1,039,520

 
918,743

 
469,035

 
3,966

 
2,431,264

 
 
 
 
 
 
 
 
 
 


Depreciation and amortization
 
553,189

 
232,626

 
241,258

 
—

 
1,027,073

Interest expense
 
67,983

 
12,892

 
13,411

 
461,273

 
555,559

General and administrative expenses
 
—

 
—

 
—

 
126,549

 
126,549

Loss (gain) on derivatives and financial instruments, net
 
—

 
(4,399
)
 
—

 
—

 
(4,399
)
Loss (gain) on extinguishment of debt, net
 
1,614

 
—

 
—

 
82,541

 
84,155

Provision for loan losses
 
—

 
18,690

 
—

 
—

 
18,690

Impairment of assets
 
2,145

 
11,926

 
14,062

 
—

 
28,133

Other expenses
 
26,348

 
13,771

 
1,788

 
10,705

 
52,612

Income (loss) from continuing operations before income taxes and other items
 
388,241

 
633,237

 
198,516

 
(677,102
)
 
542,892

Income tax (expense) benefit
 
6,246

 
(4,209
)
 
(2,710
)
 
(2,284
)
 
(2,957
)
(Loss) income from unconsolidated entities
 
12,388

 
22,985

 
7,061

 
—

 
42,434

Gain (loss) on real estate dispositions, net
 
528,747

 
218,322

 
972

 
—

 
748,041

Income (loss) from continuing operations
 
935,622

 
870,335

 
203,839

 
(679,386
)
 
1,330,410

Net income (loss)
 
$
935,622

 
$
870,335

 
$
203,839

 
$
(679,386
)
 
$
1,330,410

 
 
 
 
 
 
 
 
 
 


Total assets
 
$
15,784,898

 
$
9,434,817

 
$
7,991,521

 
$
169,515

 
$
33,380,751



88
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Year Ended December 31, 2018:
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Non-segment / Corporate
 
Total
Resident fees and services
 
$
3,234,852

 
$
—

 
$
—

 
$
—

 
$
3,234,852

Rental income
 
—

 
828,865

 
551,557

 
—

 
1,380,422

Interest income
 
578

 
54,926

 
310

 
—

 
55,814

Other income
 
5,024

 
17,173

 
4,939

 
2,275

 
29,411

Total revenues
 
3,240,454


900,964

 
556,806

 
2,275

 
4,700,499

 
 
 
 
 
 
 
 
 
 


Property operating expenses
 
2,255,432

 
915

 
176,670

 
—

 
2,433,017

Consolidated net operating income
 
985,022


900,049

 
380,136

 
2,275

 
2,267,482

 
 
 
 
 
 
 
 
 
 


Depreciation and amortization
 
529,449

 
235,480

 
185,530

 
—

 
950,459

Interest expense
 
69,060

 
14,225

 
7,051

 
436,256

 
526,592

General and administrative expenses
 
—

 
—

 
—

 
126,383

 
126,383

Loss (gain) on derivatives and financial instruments, net
 
—

 
(4,016
)
 
—

 
—

 
(4,016
)
Loss (gain) on extinguishment of debt, net
 
110

 
(32
)
 
11,928

 
4,091

 
16,097

Impairment of assets
 
7,599

 
107,980

 
—

 
—

 
115,579

Other expenses
 
6,624

 
90,975

(1) 
7,570

 
7,729

 
112,898

Income (loss) from continuing operations before income taxes and other items
 
372,180


455,437

 
168,057

 
(572,184
)
 
423,490

Income tax (expense) benefit
 
1,202

 
1,611

 
(125
)
 
(11,362
)
 
(8,674
)
(Loss) income from unconsolidated entities
 
(28,142
)
 
21,938

 
5,563

 
—

 
(641
)
Gain (loss) on real estate dispositions, net
 
(2,245
)
 
196,589

 
221,231

 
—

 
415,575

Income (loss) from continuing operations
 
342,995


675,575

 
394,726

 
(583,546
)
 
829,750

Net income (loss)
 
$
342,995


$
675,575

 
$
394,726

 
$
(583,546
)
 
$
829,750

 
 
 
 
 
 
 
 
 
 


Total assets
 
$
14,607,127

 
$
10,111,227

 
$
5,426,810

 
$
196,908

 
$
30,342,072

(1) Represents non-capitalizable transaction costs of $81,116,000 primarily related to a joint venture transaction with an existing seniors housing operator including the conversion of properties from Triple-net to Seniors Housing Operating and termination/restructuring of preexisting relationships.

89
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Year Ended December 31, 2017:
 
Seniors Housing Operating
 
Triple-net
 
Outpatient Medical
 
Non-segment / Corporate
 
Total
Resident fees and services
 
$
2,779,423

 
$
—

 
$
—

 
$
—

 
$
2,779,423

Rental income
 
—

 
885,811

 
560,060

 
—

 
1,445,871

Interest income
 
69

 
73,742

 
—

 
—

 
73,811

Other income
 
5,127

 
7,531

 
3,340

 
1,538

 
17,536

Total revenues
 
2,784,619


967,084

 
563,400

 
1,538

 
4,316,641

 
 
 
 
 
 
 
 
 
 


Property operating expenses
 
1,904,593

 
—

 
179,332

 
—

 
2,083,925

Consolidated net operating income
 
880,026


967,084

 
384,068

 
1,538

 
2,232,716

 
 
 
 
 
 
 
 
 
 


Depreciation and amortization
 
484,796

 
243,830

 
193,094

 
—

 
921,720

Interest expense
 
63,265

 
15,194

 
10,015

 
396,148

 
484,622

General and administrative
 
—

 
—

 
—

 
122,008

 
122,008

Loss (gain) on derivatives and financial instruments, net
 
—

 
2,284

 
—

 
—

 
2,284

Loss (gain) on extinguishment of debt, net
 
3,785

 
29,083

 
4,373

 
—

 
37,241

Provision for loan losses
 
—

 
62,966

 
—

 
—

 
62,966

Impairment of assets
 
21,949

 
96,909

 
5,625

 
—

 
124,483

Other expenses
 
8,347

 
116,689

(1) 
1,911

 
50,829

(2) 
177,776

Income (loss) from continuing operations before income taxes and other items
 
297,884


400,129

 
169,050

 
(567,447
)
 
299,616

Income tax (expense) benefit
 
(16,430
)
 
(4,291
)
 
(1,477
)
 
2,070

 
(20,128
)
(Loss) income from unconsolidated entities
 
(105,236
)
 
19,428

 
2,683

 
—

 
(83,125
)
Gain (loss) on real estate dispositions, net
 
56,295

 
286,325

 
1,630

 
—

 
344,250

Income (loss) from continuing operations
 
232,513


701,591

 
171,886

 
(565,377
)
 
540,613

Net income (loss)
 
$
232,513


$
701,591

 
$
171,886

 
$
(565,377
)
 
$
540,613


(1) Primarily represents non-capitalizable transaction costs, including $88,316,000 due to a joint venture transaction with an existing seniors housing operator which converted a portfolio of properties from Triple-net to Seniors Housing Operating and termination/restructuring of preexisting relationships. Also includes $18,294,000 other-than-temporary impairment charge on the Genesis available-for-sale equity investment.
(2) Primarily related to $40,730,000 expense recognized for the donation of the corporate headquarters.
Our portfolio of properties and other investments are located in the U.S., the U.K. and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Revenues:
 
Amount(1)
 
%
 
Amount
 
%
 
Amount
 
%
United States
 
$
4,205,492

 
82.1
%
 
$
3,777,960

 
80.4
%
 
$
3,464,527

 
80.3
%
United Kingdom
 
452,698

 
8.8
%
 
452,956

 
9.6
%
 
407,351

 
9.4
%
Canada
 
463,116

 
9.1
%
 
469,583

 
10.0
%
 
444,763

 
10.3
%
Total
 
$
5,121,306

 
100.0
%
 
$
4,700,499

 
100.0
%
 
$
4,316,641

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
 
 
 
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
Assets:
 
Amount
 
%
 
Amount
 
%
 
 
 
 
United States
 
$
27,513,911

 
82.4
%
 
$
24,884,292

 
82.0
%
 
 
 
 
United Kingdom
 
3,405,388

 
10.2
%
 
3,078,994

 
10.1
%
 
 
 
 
Canada
 
2,461,452

 
7.4
%
 
2,378,786

 
7.9
%
 
 
 
 
Total
 
$
33,380,751

 
100.0
%
 
$
30,342,072

 
100.0
%
 
 
 
 
 
(1) The United States, United Kingdom and Canada represent 77%, 10% and 13%, respectively, of our resident fees and services revenue stream for the year ended December 31, 2019.

90
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


19. Income Taxes and Distributions 
We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of current year taxable income are also subject to a 4% federal excise tax. The main differences between net income for federal income tax purposes and consolidated financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. 
Cash distributions paid to common stockholders, for federal income tax purposes, are as follows for the periods presented:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Per share:
 
 
 
 
 
 
Ordinary dividend(1)
 
$
2.6937

 
$
2.1988

 
$
1.8117

Long-term capital gain/(loss)(2)
 
0.7863

 
1.1153

 
1.5755

Return of capital
 
—

 
0.1659

 
0.0928

Totals
 
$
3.4800

 
$
3.4800

 
$
3.4800

(1) For the years ended December 31, 2019 and 2018, includes Section 199A dividends of $2.6937 and $2.1988, respectively. For the year ended December 31, 2017, includes Qualified Dividend of $0.0038.
(2) For the years ended December 31, 2019, 2018 and 2017, includes Unrecaptured SEC. 1250 Gains of $0.2835, $0.3822 and $0.3557, respectively.

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Current
 
$
12,594

 
$
15,850

 
$
7,633

Deferred
 
(9,637
)
 
(7,176
)
 
12,495

Totals
 
$
2,957

 
$
8,674

 
$
20,128


REITs generally are not subject to U.S. federal income taxes on that portion of REIT taxable income or capital gain that is distributed to stockholders. For the tax year ended December 31, 2019, as a result of ownership of investments in Canada and the U.K., we were subject to foreign income taxes under the respective tax laws of these jurisdictions. 
The provision for income taxes for the year ended December 31, 2019 primarily relates to state taxes, foreign taxes, and taxes based on income generated by entities that are structured as TRSs. For the tax years ended December 31, 2019, 2018 and 2017, the foreign tax provision/(benefit) amount included in the consolidated provision for income taxes was $(3,892,000), $9,804,000 and $4,806,000, respectively.
A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2019, 2018 and 2017, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes
 
$
280,005

 
$
176,069

 
$
199,588

Increase (decrease) in valuation allowance(1)
 
3,465

 
28,309

 
30,445

Tax at statutory rate on earnings not subject to federal income taxes
 
(311,224
)
 
(206,937
)
 
(234,468
)
Foreign permanent depreciation
 
9,260

 
8,110

 
10,065

Other differences
 
21,451

 
3,123

 
14,498

Totals
 
$
2,957

 
$
8,674

 
$
20,128

(1) Excluding purchase price accounting.
Each TRS and foreign entity subject to income taxes is a tax paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):

91
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs
 
$
(13,064
)
 
$
(2,533
)
 
$
(11,812
)
Operating loss and interest deduction carryforwards
 
127,525

 
98,713

 
94,654

Expense accruals and other
 
43,056

 
48,804

 
25,146

Valuation allowance
 
(159,057
)
 
(155,592
)
 
(127,283
)
Net deferred tax assets (liabilities)
 
$
(1,540
)
 
$
(10,608
)
 
$
(19,295
)

On the basis of the evaluations performed as required by the codification, valuation allowances totaling $159,057,000 were recorded on U.S. taxable REIT subsidiaries as well as entities in other jurisdictions to limit the deferred tax assets to the amount that we believe is more likely that not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present (and additional weight may be given to subjective evidence such as our projections for growth). The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Beginning balance
 
$
155,592

 
$
127,283

 
$
96,838

Expense (benefit)
 
3,465

 
28,309

 
30,445

Ending balance
 
$
159,057

 
$
155,592

 
$
127,283


As a result of certain acquisitions, we are subject to corporate level taxes for any related asset dispositions that may occur during the five-year period immediately after such assets were owned by a C corporation (“built-in gains tax”). The amount of income potentially subject to this special corporate level tax is generally equal to the lesser of (i) the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset, or (ii) the actual amount of gain. Some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards. During the year ended December 31, 2017, we acquired certain additional assets with built-in gains as of the date of acquisition that could be subject to the built-in gains tax if disposed of prior to the expiration of the applicable five-year period. We have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies. 
Given the applicable statute of limitations, we generally are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2016 and subsequent years. The statute of limitations may vary in the states in which we own properties or conduct business. We do not expect to be subject to audit by state taxing authorities for any year prior to the year ended December 31, 2015. We are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to May 2013 related to entities acquired or formed in connection with acquisitions, and by the U.K.’s HM Revenue & Customs for periods subsequent to August 2013 related to entities acquired or formed in connection with acquisitions. 
At December 31, 2019, we had a net operating loss (“NOL”) carryforward related to the REIT of $337,287,000. Due to our uncertainty regarding the realization of certain deferred tax assets, we have not recorded a deferred tax asset related to NOLs generated by the REIT. These amounts can be used to offset future taxable income (and/or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. The NOL carryforwards generated through December 31, 2017 will expire through 2037. Beginning with tax years after December 31, 2017, the Tax Cuts and Jobs Act eliminates the carryback period, limits the NOLs to 80% of taxable income and replaces the 20-year carryforward period with an indefinite carryforward period. 
At December 31, 2019 and 2018, we had an NOL carryforward related to Canadian entities of $195,791,000, and $154,029,000, respectively. These Canadian losses have a 20-year carryforward period. At December 31, 2019 and 2018, we had an NOL carryforward related to U.K. entities of $209,776,000 and $242,377,000, respectively. These U.K. losses do not have a finite carryforward period. 

92
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


20. Quarterly Results of Operations (Unaudited) 
The following is a summary of our unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share data). The sum of individual quarterly amounts may not agree to the annual amounts included in the Consolidated Statements of Comprehensive Income due to rounding.
 
 
Year Ended December 31, 2019
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
Revenues
 
$
1,272,245

 
$
1,320,106

 
$
1,266,133

 
$
1,262,822

Net income (loss) attributable to common stockholders
 
280,470

 
137,762

 
589,876

 
224,324

Net income (loss) attributable to common stockholders per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.72

 
$
0.34

 
$
1.46

 
$
0.55

Diluted
 
$
0.71

 
$
0.34

 
$
1.45

 
$
0.55

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
Revenues
 
$
1,096,965

 
$
1,125,912

 
$
1,236,379

 
$
1,241,243

Net income attributable to common stockholders
 
437,671

 
154,432

 
64,384

 
101,763

Net income attributable to common stockholders per share:
 
 
 
 
 
 
 
 
Basic
 
$
1.18

 
$
0.42

 
$
0.17

 
$
0.27

Diluted
 
$
1.17

 
$
0.41

 
$
0.17

 
$
0.27


21. Variable Interest Entities 
We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be variable interest entities (“VIEs”). We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):
 
 
December 31, 2019
 
December 31, 2018
Assets:
 
 
 
 
Net real estate investments
 
$
960,093

 
$
973,813

Cash and cash equivalents
 
27,522

 
18,678

Receivables and other assets
 
14,586

 
14,600

Total assets(1)
 
$
1,002,201

 
$
1,007,091

Liabilities and equity:
 
 
 
 
Secured debt
 
$
460,117

 
$
465,433

Lease liabilities
 
1,326

 
—

Accrued expenses and other liabilities
 
22,215

 
18,229

Total equity
 
518,543

 
523,429

Total liabilities and equity
 
$
1,002,201

 
$
1,007,091

 
(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.

93

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A.  Controls and Procedures
Disclosure Controls and Procedures
An evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2019 based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in a report entitled Internal Control — Integrated Framework.
Based on this assessment, using the criteria above, management concluded that the Company’s system of internal control over financial reporting was effective as of December 31, 2019.
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the Company’s internal control over financial reporting.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended) occurred during the fourth quarter of the one-year period covered by this report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

94

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Shareholders and the Board of Directors of Welltower Inc. 
Opinion on Internal Control over Financial Reporting
We have audited Welltower Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Welltower Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Welltower Inc. and subsidiaries as of December 31, 2019 and 2018, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and financial statement schedules listed in the index at Item 15(a) and our report dated February 14, 2020 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
/s/  Ernst & Young LLP
 
Toledo, Ohio
February 14, 2020

95

Item 9B. Other Information
None.

96

PART III 
Item 10.  Directors, Executive Officers and Corporate Governance 
The information required by this Item is incorporated herein by reference to the information under the headings “Election of Directors,” “Corporate Governance,” “Executive Officers,” and “Security Ownership of Directors and Management and Certain Beneficial Owners — Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive proxy statement, which will be filed with the Securities and Exchange Commission (the “Commission”) prior to May 1, 2020. 
We have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees. The code is posted on the Internet at www.welltower.com/investors/governance. Any amendment to, or waivers from, the code that relate to any officer or director of the company will be promptly disclosed on the Internet at www.welltower.com. 
In addition, the Board has adopted charters for the Audit, Compensation and Nominating/Corporate Governance Committees. These charters are posted on the Internet at www.welltower.com/investors/governance.  Please refer to “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary – Corporate Governance” in the Annual Report on Form 10-K for further discussion of corporate governance. 
The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. 
Item 11.  Executive Compensation 
The information required by this Item is incorporated herein by reference to the information under the headings “Executive Compensation” and “Director Compensation” in our definitive proxy statement, which will be filed with the Commission prior to May 1, 2020.
Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 
The information required by this Item is incorporated herein by reference to the information under the headings “Security Ownership of Directors and Management and Certain Beneficial Owners” and “Equity Compensation Plan Information” in our definitive proxy statement, which will be filed with the Commission prior to May 1, 2020.
Item 13.  Certain Relationships and Related Transactions and Director Independence
The information required by this Item is incorporated herein by reference to the information under the headings “Corporate Governance — Independence and Meetings” and “Security Ownership of Directors and Management and Certain Beneficial Owners — Certain Relationships and Related Transactions” in our definitive proxy statement, which will be filed with the Commission prior to May 1, 2020.
Item 14.  Principal Accounting Fees and Services
The information required by this Item is incorporated herein by reference to the information under the heading “Ratification of the Appointment of the Independent Registered Public Accounting Firm” in our definitive proxy statement, which will be filed with the Commission prior to May 1, 2020.

97

PART IV
Item 15. Exhibits and Financial Statement Schedules
1. (i)     Our Consolidated Financial Statements are included in Part II, Item 8:  
Report of Independent Registered Public Accounting Firm
61
Consolidated Balance Sheets – December 31, 2019 and 2018
63
Consolidated Statements of Comprehensive Income — Years ended December 31, 2019, 2018 and 2017
64
Consolidated Statements of Equity — Years ended December 31, 2019, 2018 and 2017
66
Consolidated Statements of Cash Flows — Years ended December 31, 2019, 2018 and 2017
67
Notes to Consolidated Financial Statements
68
 
(ii)    The following Financial Statement Schedules are included beginning on page 105
III – Real Estate and Accumulated Depreciation
IV – Mortgage Loans on Real Estate 
The financial statement schedule required by Item15(a) (Schedule II, Valuation and Qualifying Accounts) is included in Item 8 of this Annual Report on Form 10-K. 
2.     Exhibits:
The exhibits listed below are either filed with this Form 10-K or incorporated by reference in accordance with Rule 12b-32 of the Securities Exchange Act of 1934.



















2.1
Agreement and Plan of Merger, dated as of April 25, 2018, by and among the Company, Potomac Acquisition LLC, Quality Care Properties, Inc. and certain subsidiaries of Quality Care Properties, Inc. (filed with the Commission as Exhibit 2.1 to the Company’s Form 8-K filed April 26, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(a)     Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-K filed March 20, 2000 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(b)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-K filed March 20, 2000 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(c)      Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed June 13, 2003 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(d)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.9 to the Company’s Form 10-Q filed August 9, 2007 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(e)      Certificate of Change of Location of Registered Office and of Registered Agent of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-Q filed August 6, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(f)      Certificate of Designation of 6.50% Series I Cumulative Convertible Perpetual Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed March 7, 2011 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(g)      Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 10, 2011 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(h)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 6, 2014 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(i)       Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed September 30, 2015 (File No. 001-08923), and incorporated herein by reference thereto).
3.2
Seventh Amended and Restated By-laws of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 6, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(a)     Indenture, dated as of March 15, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company’s Form 8-K filed March 15, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(b)     Supplemental Indenture No. 1, dated as of March 15, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 15, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(c)      Amendment No. 1 to Supplemental Indenture No. 1, dated as of June 18, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed June 18, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(d)     Supplemental Indenture No. 2, dated as of April 7, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 7, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(e)      Amendment No. 1 to Supplemental Indenture No. 2, dated as of June 8, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed June 8, 2010 (File No. 001-08923), and incorporated herein by reference thereto).

98

4.1(f)      Supplemental Indenture No. 3, dated as of September 10, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed September 13, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(g)      Supplemental Indenture No. 4, dated as of November 16, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 16, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(h)     Supplemental Indenture No. 5, dated as of March 14, 2011, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 14, 2011 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(i)       Supplemental Indenture No. 6, dated as of April 3, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 4, 2012 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(j)      Supplemental Indenture No. 7, dated as of December 6, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed December 11, 2012 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(k)     Supplemental Indenture No. 8, dated as of October 7, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed October 9, 2013 (File No. 001-08923), and incorporated herein by reference thereto).  
4.1(l)       Supplemental Indenture No. 9, dated as of November 20, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 20, 2013 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(m)    Supplemental Indenture No. 10, dated as of November 25, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 25, 2014 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(n)     Supplemental Indenture No. 11, dated as of May 26, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed May 27, 2015 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(o)     Amendment No. 1 to Supplemental Indenture No. 11, dated as of October 19, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed October 20, 2015 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(p)     Supplemental Indenture No. 12, dated as of March 1, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 3, 2016 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(q)
Supplemental Indenture No. 13, dated as of April 10, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 10, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(r)
Supplemental Indenture No. 14, dated as of August 16, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed August 16, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(s)
Supplemental Indenture No. 15, dated as of February 15, 2019 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company's Form 8-K filed February 15, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(t)
Supplemental Indenture No. 16, dated as of August 19, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company's Form 8-K filed August 19, 2019 (File No. 001-08923), and incorporated herein by reference thereto).

99

4.1(u)
Supplemental Indenture No. 17, dated as of December 16, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company's Form 8-K filed December 16, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
4.2          Form of Indenture for Senior Subordinated Debt Securities (filed with the Commission as Exhibit 4.2 to the Company’s Form S-3 (File No. 333-2250004) filed May 17, 2018, and incorporated herein by reference thereto).
4.3          Form of Indenture for Junior Subordinated Debt Securities (filed with the Commission as Exhibit 4.3 to the Company’s Form S-3 (File No. 333-2250004) filed May 17, 2018, and incorporated herein by reference thereto).
4.4(a)     Indenture, dated as of November 25, 2015, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.5(a) to the Company’s Form 10-K  filed February 18, 2016 (File No. 001-08923), and incorporated herein by reference thereto).
4.4(b)     First Supplemental Indenture, dated as of November 25, 2015, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.5(b) to the Company’s Form 10-K filed February 18, 2016 (File No. 001-08923), and incorporated herein by reference thereto).
4.4(c)
Second Supplemental Indenture, dated as of December 20, 2019, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada.
4.5
Description of Securities of the Registrant.
10.1(a)
Credit Agreement dated as of July 19, 2018 by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent, L/C issuer and a swingline lender; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Deutsche Bank Securities Inc., as documentation agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc., as U.S. joint lead arrangers; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; and Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., as joint book runners (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed July 24, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
10.1(b)
First Amendment, dated April 26, 2019, to the Credit Agreement, dated as of July 19, 2018, by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent, L/C issuer and a swingline lender; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Deutsche Bank Securities Inc., as documentation agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc., as U.S. joint lead arrangers; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; and Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., as joint book runners (filed with the Commission as Exhibit 10.1 to the Company’s Form 10-Q filed April 30, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
10.2(a)   Amended and Restated Health Care REIT, Inc. 2005 Long-Term Incentive Plan (filed with the Commission as Appendix A to the Company’s Proxy Statement for the 2009 Annual Meeting of Stockholders, filed March 25, 2009 (File No. 001-08923), and incorporated herein by reference thereto).*
10.2(b)   Form of Stock Option Agreement (with Dividend Equivalent Rights) for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.9 to the Company’s Form 8-K filed January 5, 2009 (File No. 001-08923), and incorporated herein by reference thereto).*
10.2(c)   Form of Stock Option Agreement (without Dividend Equivalent Rights) for Executive Officers under the Amended and Restated 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.2 to the Company’s Form 10-Q filed May 10, 2010 (File No. 001-08923), and incorporated herein by reference thereto).*
10.2(d)   Form of Restricted Stock Agreement for the Chief Executive Officer under the Amended and Restated 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.3 to the Company’s Form 10-Q filed May 10, 2010 (File No. 001-08923), and incorporated herein by reference thereto).*
10.2(e)   Form of Restricted Stock Agreement for Executive Officers under the Amended and Restated 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.4 to the Company’s Form 10-Q filed May 10, 2010 (File No. 001-08923), and incorporated herein by reference thereto).*

100

10.3(a)   Amended and Restated Employment Agreement, dated January 3, 2017, between the Company and Thomas J. DeRosa (filed with the Commission as Exhibit 10.4(a) to the Company’s Form 10-K filed February 22, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*
10.3(b)   Performance-Based Restricted Stock Unit Grant Agreement, dated effective as of July 30, 2014, between the Company and Thomas J. DeRosa (filed with the Commission as Exhibit 10.2 to the Company’s Form 10-Q filed November 4, 2014 (File No. 001-08923), and incorporated herein by reference thereto).*
10.4
Settlement Agreement, dated September 4, 2019, by and between John A. Goodey and the Company (filed with the Commission as Exhibit 10.1 to the Company's Form 10-Q filed October 30, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.5
Resignation Agreement, dated July 1, 2019, by and between Mercedes T. Kerr and the Company (filed with the Commission as Exhibit 10.1 to the Company's Form 10-Q filed August 1, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*      
10.6      Form of Indemnification Agreement between the Company and each director, executive officer and officer of the Company (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed February 18, 2005 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7
Summary of Director Compensation (filed with the Commission as Exhibit 10.2 to the Company's Form 10-Q filed August 1, 2019 (File No. 001-08923), and incorporated by reference thereto).*
10.8(a)
Welltower Inc. 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed May 10, 2016 (File No. 001-08923), and incorporated herein by reference thereto).*
10.8(b)
Form of Restricted Stock Grant Notice for Executive Officers under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.8(c)
Form of Restricted Stock Grant Notice for Senior Vice Presidents under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(c) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.8(d)
Form of Deferred Stock Unit Grant Agreement for Non-Employee Directors under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(d) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.9(a)
Welltower Inc. 2016-2018 Long-Term Incentive Program (filed with the Commission as Exhibit 10.3 to the Company’s Form 10-Q filed August 2, 2016 (File No. 001-08923), and incorporated herein by reference thereto).*
10.9(b)
Form of Performance Restricted Stock Unit Award Agreement under the 2016-2018 Long-Term Incentive Program (filed with the Commission as Exhibit 10.15(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.10(a) Welltower Inc. 2017-2019 Long-Term Incentive Program (filed with the Commission as Exhibit 10.4 to the Company’s Form 10-Q filed May 5, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*
10.10(b) Form of Award Notice under the 2017-2019 Long-Term Incentive Program (filed with the Commission as Exhibit 10.16(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.10(c) Welltower Inc. 2017-2019 Long-Term Incentive Program – Bridge 1 (filed with the Commission as Exhibit 10.2 to the Company’s Form 10-Q filed November 7, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*
10.10(d) Form of Award Notice under the 2017-2019 Long Term Incentive Program - Bridge 1 (filed with the Commission as Exhibit 10.16(d) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.10(e) Welltower Inc. 2017-2019 Long-Term Incentive Program – Bridge 2 (filed with the Commission as Exhibit 10.3 to the Company’s Form 10-Q filed November 7, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*

101

10.10(f)
Form of Award Notice under the 2017-2019 Long Term Incentive Program - Bridge 2 (filed with the Commission as Exhibit 10.16(f) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.11(a) Welltower Inc. 2018-2020 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(a) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.11(b) Form of Restricted Stock Unit Award Agreement under the 2018-2020 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.12(a) Welltower Inc. 2019-2021 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(a) to the Company's Form 10-K filed February 25, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.12(b) Form of Restricted Stock Unit Award Agreement under the 2019-2021 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(b) to the Company's Form 10-K filed February 25, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.13
2019 Non-Qualified Deferred Compensation Plan (filed with the Commission as Exhibit 10.2 to the Company's Form 10-Q filed October 30, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.14(a)
Welltower Inc. 2020-2022 Long-Term Incentive Program.*
10.14(b) Form of Restricted Stock Unit Award Agreement under the 2020-2022 Long-Term Incentive Program.*
21           Subsidiaries of the Company.
23           Consent of Ernst & Young LLP, independent registered public accounting firm.
24           Powers of Attorney.
31.1        Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2        Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32.1        Certification pursuant to 18 U.S.C. Section 1350 by Chief Executive Officer.
32.2        Certification pursuant to 18 U.S.C. Section 1350 by Chief Financial Officer.
101.INS   Inline XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE    Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF    Inline XBRL Taxonomy Extension Definition Linkbase Document
104
The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL (included in Exhibit 101)    
                           
 
*
 
Management Contract or Compensatory Plan or Arrangement.
Item 16.  Form 10-K Summary
None.

102

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
Date:  February 14, 2020
WELLTOWER INC. 
By: /s/  Thomas J. DeRosa                                             
Thomas J. DeRosa,
Chairman and Chief Executive Officer 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 14, 2020 by the following persons on behalf of the Registrant and in the capacities indicated. 
/s/  Jeffrey H. Donahue **
 
/s/  Kathryn M. Sullivan **
Jeffrey H. Donahue, Lead Director
 
Kathryn M. Sullivan, Director
 
 
 
/s/  Kenneth J. Bacon **
 
/s/  R. Scott Trumbull **
Kenneth J. Bacon, Director
 
R. Scott Trumbull, Director
 
 
 
/s/  Karen B. DeSalvo **
 
/s/  Thomas J. DeRosa **
Karen B. DeSalvo, Director
 
Thomas J. DeRosa, Chairman and Chief Executive Officer
 
 
(Principal Executive Officer)
 
 
 
/s/  Sharon M. Oster **
 
/s/  Timothy G. McHugh **
Sharon M. Oster, Director
 
Timothy G. McHugh, Senior Vice President and Chief
 
 
           Financial Officer (Principal Financial Officer)
 
 
 
/s/  Sergio D. Rivera **
 
/s/  Joshua T. Fieweger**
Sergio D. Rivera, Director
 
Joshua T. Fieweger, Senior Vice President and
 
 
Controller (Principal Accounting Officer)
/s/  Johnese M. Spisso **
 
 
Johnese M. Spisso, Director
 
**By:     /s/  Thomas J. DeRosa          
 
 
                           Thomas J. DeRosa, Attorney-in-Fact
 
 
 
 
 
 
 
 
 

103

Welltower Inc.
 
 
Schedule III
 
 
Real Estate and Accumulated Depreciation
 
 
December 31, 2019
 
 
(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adderbury, UK
 
$
—

 
$
2,144

 
$
12,549

 
$
657

 
$
2,230

 
$
13,120

 
$
1,032

 
2015
 
2017
 
Banbury Road
Albertville, AL
 
—

 
170

 
6,203

 
489

 
176

 
6,686

 
1,998

 
2010
 
1999
 
151 Woodham Dr.
Albuquerque, NM
 
—

 
1,270

 
20,837

 
2,653

 
1,354

 
23,406

 
7,255

 
2010
 
1984
 
500 Paisano St NE
Alexandria, VA
 
—

 
8,280

 
50,914

 
296

 
8,280

 
51,210

 
2,459

 
2016
 
2018
 
5550 Cardinal Place
Altrincham, UK
 
—

 
4,244

 
25,187

 
3,274

 
4,565

 
28,140

 
6,892

 
2012
 
2009
 
295 Hale Road
Amherst, NY
 
—

 
1,131

 
10,520

 
806

 
1,131

 
11,326

 
623

 
2019
 
2013
 
1880 Sweet Home Road
Amherstview, ON
 
—

 
473

 
4,446

 
691

 
519

 
5,091

 
1,019

 
2015
 
1974
 
4567 Bath Road
Anderson, SC
 
—

 
710

 
6,290

 
878

 
710

 
7,168

 
3,811

 
2003
 
1986
 
311 Simpson Rd.
Ankeny, IA
 
—

 
1,129

 
10,239

 
—

 
1,129

 
10,239

 
970

 
2016
 
2012
 
1275 SW State Street
Apple Valley, CA
 
—

 
480

 
16,639

 
856

 
486

 
17,489

 
5,084

 
2010
 
1999
 
11825 Apple Valley Rd.
Arlington, TX
 
—

 
1,660

 
37,395

 
3,019

 
1,660

 
40,414

 
10,850

 
2012
 
2000
 
1250 West Pioneer Parkway
Arlington, VA
 
—

 
8,385

 
31,198

 
15,162

 
8,386

 
46,359

 
13,165

 
2017
 
1992
 
900 N Taylor Street
Arlington, VA
 
—

 
—

 
2,338

 
1,657

 
5

 
3,990

 
259

 
2018
 
1992
 
900 N Taylor Street
Arnprior, ON
 
—

 
788

 
6,283

 
880

 
851

 
7,100

 
1,783

 
2013
 
1991
 
15 Arthur Street
Atlanta, GA
 
—

 
2,058

 
14,914

 
2,148

 
2,080

 
17,040

 
12,165

 
1997
 
1999
 
1460 S Johnson Ferry Rd.
Atlanta, GA
 
—

 
2,100

 
20,603

 
1,824

 
2,197

 
22,330

 
4,829

 
2014
 
2000
 
1000 Lenox Park Blvd NE
Austin, TX
 
—

 
880

 
9,520

 
1,902

 
885

 
11,417

 
6,144

 
1999
 
1998
 
12429 Scofield Farms Dr.
Austin, TX
 
—

 
1,560

 
21,413

 
750

 
1,560

 
22,163

 
3,533

 
2014
 
2013
 
11330 Farrah Lane
Austin, TX
 
—

 
4,200

 
74,850

 
1,287

 
4,200

 
76,137

 
10,166

 
2015
 
2014
 
4310 Bee Caves Road
Bagshot, UK
 
—

 
4,960

 
29,881

 
6,822

 
5,340

 
36,323

 
8,360

 
2012
 
2009
 
14 - 16 London Road
Banstead, UK
 
—

 
6,695

 
55,113

 
9,912

 
7,246

 
64,474

 
14,801

 
2012
 
2005
 
Croydon Lane
Basingstoke, UK
 
—

 
3,420

 
18,853

 
1,958

 
3,678

 
20,553

 
3,155

 
2014
 
2012
 
Grove Road
Basking Ridge, NJ
 
—

 
2,356

 
37,710

 
1,738

 
2,395

 
39,409

 
9,083

 
2013
 
2002
 
404 King George Road
Bassett, UK
 
—

 
4,874

 
32,304

 
8,919

 
5,255

 
40,842

 
10,030

 
2013
 
2006
 
111 Burgess Road
Bath, UK
 
—

 
2,696

 
11,876

 
783

 
2,805

 
12,550

 
979

 
2015
 
2017
 
Clarks Way, Rush Hill
Baton Rouge, LA
 
12,930

 
790

 
29,436

 
1,242

 
886

 
30,582

 
6,912

 
2013
 
2009
 
9351 Siegen Lane
Beaconsfield, UK
 
—

 
5,566

 
50,952

 
4,746

 
5,998

 
55,266

 
12,416

 
2013
 
2009
 
30-34 Station Road
Beaconsfield, QC
 
—

 
1,149

 
17,484

 
1,808

 
1,289

 
19,152

 
5,644

 
2013
 
2008
 
505 Elm Avenue
Bee Cave, TX
 
—

 
1,820

 
21,084

 
632

 
1,820

 
21,716

 
2,694

 
2016
 
2014
 
14058 A Bee Cave Parkway
Bellevue, WA
 
—

 
2,800

 
19,004

 
2,392

 
2,816

 
21,380

 
6,062

 
2013
 
1998
 
15928 NE 8th Street
Bellingham, WA
 
—

 
1,500

 
19,861

 
822

 
1,507

 
20,676

 
5,982

 
2010
 
1996
 
4415 Columbine Dr.
Belmont, CA
 
—

 
—

 
35,300

 
2,426

 
178

 
37,548

 
9,080

 
2013
 
2002
 
1010 Alameda de Las Pulgas
Bethel Park, PA
 
—

 
1,609

 
12,989

 
—

 
1,609

 
12,989

 
259

 
2019
 
2019
 
631 McMurray Road
Bethesda, MD
 
—

 
—

 
45,309

 
1,263

 
3

 
46,569

 
10,744

 
2013
 
2009
 
8300 Burdett Road
Bethesda, MD
 
—

 
—

 
45

 
886

 
—

 
931

 
229

 
2013
 
2009
 
8300 Burdett Road
Bethesda, MD
 
—

 
—

 
212

 
926

 
—

 
1,138

 
480

 
2013
 
2009
 
8300 Burdett Road
Bethesda, MD
 
—

 
—

 
—

 
69,690

 
3,513

 
66,252

 
1,421

 
2016
 
2018
 
4925 Battery Lane


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Birmingham, UK
 
—

 
148

 
18,956

 
—

 
148

 
18,956

 
4,844

 
2013
 
2006
 
5 Church Road, Edgbaston
Birmingham, UK
 
—

 
1,480

 
13,014

 
1,302

 
1,592

 
14,204

 
1,211

 
2015
 
2016
 
47 Bristol Road South
Birmingham, UK
 
—

 
2,807

 
11,313

 
1,598

 
3,019

 
12,699

 
1,038

 
2015
 
2016
 
134 Jockey Road
Blainville, QC
 
—

 
2,077

 
8,902

 
1,388

 
2,301

 
10,066

 
3,242

 
2013
 
2008
 
50 des Chateaux Boulevard
Bloomfield Hills, MI
 
—

 
2,000

 
35,662

 
1,413

 
2,133

 
36,942

 
8,446

 
2013
 
2009
 
6790 Telegraph Road
Boca Raton, FL
 
32,270

 
6,565

 
111,247

 
23,813

 
6,565

 
135,060

 
17,762

 
2018
 
1994
 
6343 Via De Sonrise Del Sur
Boise, ID
 
—

 
2,220

 
18,703

 
1,830

 
2,220

 
20,533

 
349

 
2019
 
1999
 
10250 W Smoke Ranch Drive
Borehamwood, UK
 
—

 
5,367

 
41,937

 
4,370

 
5,810

 
45,864

 
10,954

 
2012
 
2003
 
Edgwarebury Lane
Bothell, WA
 
—

 
1,350

 
13,439

 
6,927

 
1,798

 
19,918

 
3,354

 
2015
 
1988
 
10605 NE 185th Street
Boulder, CO
 
—

 
2,994

 
27,458

 
2,434

 
3,064

 
29,822

 
8,429

 
2013
 
2003
 
3955 28th Street
Bournemouth, UK
 
—

 
5,527

 
42,547

 
4,509

 
5,966

 
46,617

 
10,820

 
2013
 
2008
 
42 Belle Vue Road
Braintree, MA
 
—

 
—

 
41,290

 
1,251

 
100

 
42,441

 
10,092

 
2013
 
2007
 
618 Granite Street
Brampton, ON
 
41,370

 
10,196

 
59,989

 
3,806

 
10,736

 
63,255

 
12,158

 
2015
 
2009
 
100 Ken Whillans Drive
Brandon, MS
 
—

 
1,220

 
10,241

 
277

 
1,220

 
10,518

 
2,594

 
2010
 
1999
 
140 Castlewoods Blvd
Brick, NJ
 
—

 
1,170

 
17,372

 
1,752

 
1,213

 
19,081

 
4,778

 
2010
 
1998
 
515 Jack Martin Blvd
Brick, NJ
 
—

 
690

 
17,125

 
5,803

 
695

 
22,923

 
4,778

 
2010
 
1999
 
1594 Route 88
Bridgewater, NJ
 
—

 
1,730

 
48,201

 
2,785

 
1,774

 
50,942

 
11,700

 
2010
 
1999
 
2005 Route 22 West
Brockport, NY
 
—

 
1,500

 
23,496

 
639

 
1,705

 
23,930

 
4,631

 
2015
 
1999
 
90 West Avenue
Brockville, ON
 
4,375

 
484

 
7,445

 
916

 
524

 
8,321

 
1,480

 
2015
 
1996
 
1026 Bridlewood Drive
Brookfield, WI
 
—

 
1,300

 
12,830

 
147

 
1,300

 
12,977

 
2,137

 
2012
 
2013
 
1105 Davidson Road
Broomfield, CO
 
—

 
4,140

 
44,547

 
12,797

 
10,140

 
51,344

 
18,769

 
2013
 
2009
 
400 Summit Blvd
Brossard, QC
 
10,516

 
5,499

 
31,854

 
2,991

 
5,720

 
34,624

 
7,003

 
2015
 
1989
 
2455 Boulevard Rome
Buckingham, UK
 
—

 
2,979

 
13,880

 
1,801

 
3,231

 
15,429

 
2,436

 
2014
 
1883
 
Church Street
Buffalo Grove, IL
 
—

 
2,850

 
49,129

 
3,932

 
2,850

 
53,061

 
12,104

 
2012
 
2003
 
500 McHenry Road
Burbank, CA
 
—

 
4,940

 
43,466

 
4,101

 
4,940

 
47,567

 
12,013

 
2012
 
2002
 
455 E. Angeleno Avenue
Burbank, CA
 
18,865

 
3,610

 
50,817

 
4,219

 
3,610

 
55,036

 
7,089

 
2016
 
1985
 
2721 Willow Street
Burke, VA
 
—

 
—

 
—

 
52,827

 
2,575

 
50,252

 
1,194

 
2016
 
2018
 
9617 Burke Lake Road
Burleson, TX
 
—

 
3,150

 
10,437

 
681

 
3,150

 
11,118

 
1,669

 
2012
 
2014
 
621 Old Highway 1187
Burlingame, CA
 
—

 
—

 
62,786

 
93

 
—

 
62,879

 
7,356

 
2016
 
2015
 
1818 Trousdale Avenue
Burlington, ON
 
11,513

 
1,309

 
19,311

 
1,829

 
1,413

 
21,036

 
5,071

 
2013
 
1990
 
500 Appleby Line
Burlington, MA
 
—

 
2,443

 
34,354

 
1,645

 
2,578

 
35,864

 
8,967

 
2013
 
2005
 
24 Mall Road
Burlington, WA
 
—

 
877

 
14,938

 
915

 
877

 
15,853

 
1,085

 
2019
 
1999
 
410 S Norris St
Burlington, WA
 
—

 
768

 
7,619

 
568

 
768

 
8,187

 
695

 
2019
 
1996
 
210 / 212 N Skagit St
Bushey, UK
 
—

 
12,690

 
36,482

 
2,005

 
13,203

 
37,974

 
1,554

 
2015
 
2018
 
Elton House, Elton Way
Calgary, AB
 
11,355

 
2,252

 
37,415

 
3,512

 
2,424

 
40,755

 
10,035

 
2013
 
2003
 
20 Promenade Way SE
Calgary, AB
 
12,899

 
2,793

 
41,179

 
3,625

 
2,991

 
44,606

 
10,754

 
2013
 
1998
 
80 Edenwold Drive NW
Calgary, AB
 
10,250

 
3,122

 
38,971

 
3,592

 
3,358

 
42,327

 
10,117

 
2013
 
1998
 
150 Scotia Landing NW
Calgary, AB
 
21,583

 
3,431

 
28,983

 
3,573

 
3,680

 
32,307

 
6,936

 
2013
 
1989
 
9229 16th Street SW
Calgary, AB
 
25,255

 
2,385

 
36,776

 
3,595

 
2,553

 
40,203

 
7,071

 
2015
 
2006
 
2220-162nd Avenue SW
Camberley, UK
 
—

 
2,654

 
5,736

 
20,735

 
6,091

 
23,034

 
1,967

 
2014
 
2016
 
Fernhill Road
Camillus, NY
 
—

 
2,064

 
11,132

 
766

 
2,064

 
11,898

 
748

 
2019
 
2016
 
3877 Milton Avenue
Cardiff, UK
 
—

 
3,191

 
12,566

 
2,206

 
3,457

 
14,506

 
4,212

 
2013
 
2007
 
127 Cyncoed Road
Cardiff by the Sea, CA
 
36,097

 
5,880

 
64,711

 
4,838

 
5,880

 
69,549

 
18,178

 
2011
 
2009
 
3535 Manchester Avenue

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carmichael, CA
 
24,548

 
2,440

 
41,988

 
1,935

 
2,440

 
43,923

 
—

 
2019
 
2014
 
4717 Engle Road
Carol Stream, IL
 
—

 
1,730

 
55,048

 
3,139

 
1,730

 
58,187

 
14,359

 
2012
 
2001
 
545 Belmont Lane
Carrollton, TX
 
—

 
4,280

 
31,444

 
1,477

 
4,280

 
32,921

 
5,127

 
2013
 
2010
 
2105 North Josey Lane
Cary, NC
 
—

 
740

 
45,240

 
918

 
740

 
46,158

 
9,522

 
2013
 
2009
 
1206 West Chatham Street
Cary, NC
 
—

 
6,112

 
70,008

 
9,070

 
6,155

 
79,035

 
9,215

 
2018
 
1999
 
300 Kildaire Woods Drive
Cedar Park, TX
 
—

 
1,750

 
15,664

 
742

 
1,750

 
16,406

 
1,351

 
2016
 
2015
 
800 C-Bar Ranch Trail
Cerritos, CA
 
—

 
—

 
27,494

 
6,833

 
—

 
34,327

 
7,207

 
2016
 
2002
 
11000 New Falcon Way
Charlottesville, VA
 
—

 
4,651

 
91,468

 
13,629

 
4,651

 
105,097

 
15,730

 
2018
 
1991
 
2610 Barracks Road
Chatham, ON
 
642

 
1,098

 
12,462

 
3,290

 
1,255

 
15,595

 
3,709

 
2015
 
1965
 
25 Keil Drive North
Chelmsford, MA
 
—

 
1,040

 
10,951

 
2,018

 
1,120

 
12,889

 
4,935

 
2003
 
1997
 
4 Technology Dr.
Chertsey, UK
 
—

 
9,566

 
25,886

 
1,951

 
9,952

 
27,451

 
1,660

 
2015
 
2018
 
Bittams Lane
Chesterfield, MO
 
—

 
1,857

 
48,366

 
1,512

 
1,917

 
49,818

 
10,924

 
2013
 
2001
 
1880 Clarkson Road
Chorleywood, UK
 
—

 
5,636

 
43,191

 
6,354

 
6,076

 
49,105

 
12,352

 
2013
 
2007
 
High View, Rickmansworth Road
Chula Vista, CA
 
—

 
2,072

 
22,163

 
1,484

 
2,162

 
23,557

 
5,574

 
2013
 
2003
 
3302 Bonita Road
Church Crookham, UK
 
—

 
2,591

 
14,215

 
1,882

 
2,806

 
15,882

 
3,197

 
2014
 
2014
 
Bourley Road
Cincinnati, OH
 
—

 
1,750

 
11,279

 
79

 
1,750

 
11,358

 
355

 
2019
 
2019
 
732 Clough Pike Road
Cincinnati, OH
 
—

 
2,060

 
109,388

 
13,965

 
2,106

 
123,307

 
30,961

 
2007
 
2010
 
5445 Kenwood Road
Citrus Heights, CA
 
—

 
2,300

 
31,876

 
1,658

 
2,300

 
33,534

 
9,837

 
2010
 
1997
 
7418 Stock Ranch Rd.
Claremont, CA
 
—

 
2,430

 
9,928

 
1,765

 
2,515

 
11,608

 
3,183

 
2013
 
2001
 
2053 North Towne Avenue
Clay, NY
 
—

 
1,296

 
10,695

 
734

 
1,296

 
11,429

 
702

 
2019
 
2014
 
8547 Morgan Road
Cohasset, MA
 
—

 
2,485

 
26,147

 
2,040

 
2,500

 
28,172

 
6,861

 
2013
 
1998
 
125 King Street (Rt 3A)
Colleyville, TX
 
—

 
1,050

 
17,082

 
53

 
1,050

 
17,135

 
1,385

 
2016
 
2013
 
8100 Precinct Line Road
Colorado Springs, CO
 
—

 
800

 
14,756

 
2,026

 
1,026

 
16,556

 
4,211

 
2013
 
2001
 
2105 University Park Boulevard
Colts Neck, NJ
 
—

 
780

 
14,733

 
2,599

 
1,131

 
16,981

 
4,194

 
2010
 
2002
 
3 Meridian Circle
Coquitlam, BC
 
9,102

 
3,047

 
24,567

 
2,439

 
3,264

 
26,789

 
7,628

 
2013
 
1990
 
1142 Dufferin Street
Crystal Lake, IL
 
—

 
875

 
12,461

 
1,556

 
971

 
13,921

 
3,869

 
2013
 
2001
 
751 E Terra Cotta Avenue
Dallas, TX
 
—

 
6,330

 
114,794

 
2,288

 
6,330

 
117,082

 
16,762

 
2015
 
2013
 
3535 N Hall Street
Davenport, IA
 
—

 
1,403

 
35,893

 
4,830

 
1,614

 
40,512

 
11,931

 
2006
 
2009
 
4500 Elmore Ave.
Decatur, GA
 
—

 
—

 
—

 
31,177

 
1,946

 
29,231

 
7,458

 
2013
 
1998
 
920 Clairemont Avenue
Denver, CO
 
—

 
1,450

 
19,389

 
3,671

 
1,450

 
23,060

 
4,957

 
2012
 
1997
 
4901 South Monaco Street
Denver, CO
 
—

 
2,910

 
35,838

 
2,010

 
2,910

 
37,848

 
9,701

 
2012
 
2007
 
8101 E Mississippi Avenue
Denver, CO
 
—

 
5,411

 
104,641

 
8,008

 
5,411

 
112,649

 
3,672

 
2019
 
2014
 
1500 Little Raven St
Dix Hills, NY
 
—

 
3,808

 
39,014

 
2,045

 
3,959

 
40,908

 
9,751

 
2013
 
2003
 
337 Deer Park Road
Dollard-Des-Ormeaux, QC
 
—

 
1,957

 
14,431

 
1,585

 
2,145

 
15,828

 
5,414

 
2013
 
2008
 
4377 St. Jean Blvd
Dresher, PA
 
8,380

 
1,900

 
10,664

 
1,211

 
1,914

 
11,861

 
4,008

 
2013
 
2006
 
1650 Susquehanna Road
Dublin, OH
 
—

 
1,680

 
43,423

 
7,075

 
1,850

 
50,328

 
16,148

 
2010
 
1990
 
6470 Post Rd
Dublin, OH
 
—

 
1,169

 
25,345

 
112

 
1,169

 
25,457

 
3,252

 
2016
 
2015
 
4175 Stoneridge Lane
East Amherst, NY
 
—

 
1,626

 
10,721

 
863

 
1,626

 
11,584

 
704

 
2019
 
2015
 
8040 Roll Road
East Meadow, NY
 
—

 
69

 
45,991

 
1,837

 
124

 
47,773

 
11,123

 
2013
 
2002
 
1555 Glen Curtiss Boulevard
East Setauket, NY
 
—

 
4,920

 
37,354

 
1,982

 
4,986

 
39,270

 
9,211

 
2013
 
2002
 
1 Sunrise Drive
Eastbourne, UK
 
—

 
4,145

 
33,744

 
3,384

 
4,472

 
36,801

 
8,971

 
2013
 
2008
 
6 Upper Kings Drive
Edgbaston, UK
 
—

 
2,720

 
13,969

 
1,524

 
2,926

 
15,287

 
2,003

 
2014
 
2015
 
Pershore Road
Edgewater, NJ
 
—

 
4,561

 
25,047

 
1,767

 
4,564

 
26,811

 
6,634

 
2013
 
2000
 
351 River Road

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edison, NJ
 
—

 
1,892

 
32,314

 
3,498

 
1,911

 
35,793

 
10,447

 
2013
 
1996
 
1801 Oak Tree Road
Edmonds, WA
 
—

 
1,650

 
24,449

 
8,055

 
1,686

 
32,468

 
4,664

 
2015
 
1976
 
21500 72nd Avenue West
Edmonton, AB
 
8,211

 
1,589

 
29,819

 
3,016

 
1,753

 
32,671

 
8,106

 
2013
 
1999
 
103 Rabbit Hill Court NW
Edmonton, AB
 
10,735

 
2,063

 
37,293

 
3,913

 
2,209

 
41,060

 
12,124

 
2013
 
1968
 
10015 103rd Avenue NW
El Dorado Hills, CA
 
—

 
5,190

 
52,171

 
156

 
5,190

 
52,327

 
—

 
2017
 
2019
 
2020 Town Center West Way
Encino, CA
 
—

 
5,040

 
46,255

 
5,021

 
5,040

 
51,276

 
12,449

 
2012
 
2003
 
15451 Ventura Boulevard
Englishtown, NJ
 
—

 
690

 
12,520

 
2,267

 
860

 
14,617

 
3,781

 
2010
 
1997
 
49 Lasatta Ave
Erie, PA
 
—

 
1,422

 
8,198

 
792

 
1,422

 
8,990

 
586

 
2019
 
2013
 
4400 East Lake Road
Esher, UK
 
—

 
5,783

 
48,361

 
7,998

 
6,242

 
55,900

 
11,709

 
2013
 
2006
 
42 Copsem Lane
Fairfield, NJ
 
—

 
3,120

 
43,868

 
2,277

 
3,180

 
46,085

 
10,815

 
2013
 
1998
 
47 Greenbrook Road
Fairfield, CA
 
—

 
1,460

 
14,040

 
2,711

 
1,460

 
16,751

 
7,033

 
2002
 
1998
 
3350 Cherry Hills St.
Fairfield, OH
 
—

 
1,416

 
12,566

 
294

 
1,416

 
12,860

 
517

 
2019
 
2018
 
520 Patterson Boulevard
Fareham, UK
 
—

 
3,408

 
17,970

 
2,088

 
3,681

 
19,785

 
3,622

 
2014
 
2012
 
Redlands Lane
Florence, AL
 
—

 
353

 
13,049

 
729

 
385

 
13,746

 
3,938

 
2010
 
1999
 
3275 County Road 47
Flossmoor, IL
 
—

 
1,292

 
9,496

 
2,090

 
1,339

 
11,539

 
3,515

 
2013
 
2000
 
19715 Governors Highway
Folsom, CA
 
—

 
1,490

 
32,754

 
93

 
1,490

 
32,847

 
5,416

 
2015
 
2014
 
1574 Creekside Drive
Fort Worth, TX
 
—

 
7,118

 
52,772

 
1,744

 
7,118

 
54,516

 
1,910

 
2019
 
2017
 
3401 Amador Drive
Fort Worth, TX
 
—

 
2,080

 
27,888

 
4,371

 
2,080

 
32,259

 
8,525

 
2012
 
2001
 
2151 Green Oaks Road
Fort Worth, TX
 
—

 
1,740

 
19,799

 
732

 
1,740

 
20,531

 
2,435

 
2016
 
2014
 
7001 Bryant Irvin Road
Fremont, CA
 
—

 
3,400

 
25,300

 
5,295

 
3,456

 
30,539

 
11,041

 
2005
 
1987
 
2860 Country Dr.
Fresno, CA
 
23,720

 
2,459

 
33,048

 
1,755

 
2,459

 
34,803

 
—

 
2019
 
2014
 
5605 North Gates Avenue
Frome, UK
 
—

 
2,720

 
14,813

 
1,884

 
2,926

 
16,491

 
2,706

 
2014
 
2012
 
Welshmill Lane
Fullerton, CA
 
—

 
1,964

 
19,989

 
1,168

 
1,998

 
21,123

 
5,300

 
2013
 
2008
 
2226 North Euclid Street
Gahanna, OH
 
—

 
772

 
11,214

 
1,884

 
787

 
13,083

 
3,180

 
2013
 
1998
 
775 East Johnstown Road
Gardnerville, NV
 
—

 
1,143

 
10,831

 
1,364

 
1,164

 
12,174

 
9,112

 
1998
 
1999
 
1565-A Virginia Ranch Rd.
Gig Harbor, WA
 
—

 
1,560

 
15,947

 
1,155

 
1,583

 
17,079

 
4,706

 
2010
 
1994
 
3213 45th St. Court NW
Gilbert, AZ
 
14,200

 
2,160

 
28,246

 
2,025

 
2,180

 
30,251

 
9,137

 
2013
 
2008
 
580 S. Gilbert Road
Glen Cove, NY
 
—

 
4,594

 
35,236

 
2,276

 
4,643

 
37,463

 
10,265

 
2013
 
1998
 
39 Forest Avenue
Glenview, IL
 
—

 
2,090

 
69,288

 
4,276

 
2,090

 
73,564

 
17,854

 
2012
 
2001
 
2200 Golf Road
Golden Valley, MN
 
3,600

 
1,520

 
33,513

 
1,578

 
1,634

 
34,977

 
8,005

 
2013
 
2005
 
4950 Olson Memorial Highway
Granbury, TX
 
—

 
2,040

 
30,670

 
710

 
2,040

 
31,380

 
7,189

 
2011
 
2009
 
100 Watermark Boulevard
Grimsby, ON
 
—

 
636

 
5,617

 
732

 
683

 
6,302

 
1,224

 
2015
 
1991
 
84 Main Street East
Grosse Pointe Woods, MI
 
—

 
950

 
13,662

 
891

 
950

 
14,553

 
3,255

 
2013
 
2006
 
1850 Vernier Road
Grosse Pointe Woods, MI
 
—

 
1,430

 
31,777

 
1,282

 
1,435

 
33,054

 
7,444

 
2013
 
2005
 
21260 Mack Avenue
Grove City, OH
 
36,420

 
3,575

 
85,764

 
865

 
3,491

 
86,713

 
3,901

 
2018
 
2017
 
3717 Orders Road
Guildford, UK
 
—

 
5,361

 
56,494

 
5,122

 
5,766

 
61,211

 
13,881

 
2013
 
2006
 
Astolat Way, Peasmarsh
Gurnee, IL
 
—

 
890

 
27,931

 
2,478

 
935

 
30,364

 
6,640

 
2013
 
2002
 
500 North Hunt Club Road
Haddonfield, NJ
 
—

 
520

 
16,363

 
590

 
527

 
16,946

 
2,315

 
2011
 
2015
 
132 Warwick Road
Hamburg, NY
 
—

 
967

 
10,006

 
821

 
967

 
10,827

 
622

 
2019
 
2009
 
4600 Southwestern Blvd
Hamilton, OH
 
—

 
1,163

 
11,960

 
—

 
1,163

 
11,960

 
364

 
2019
 
2019
 
1740 Eden Park Drive
Hampshire, UK
 
—

 
4,172

 
26,035

 
2,581

 
4,496

 
28,292

 
6,835

 
2013
 
2006
 
22-26 Church Road
Happy Valley, OR
 
—

 
709

 
9,889

 
446

 
709

 
10,335

 
706

 
2019
 
1998
 
8915 S.E. Monterey
Haverford, PA
 
—

 
1,880

 
33,993

 
2,648

 
1,904

 
36,617

 
8,274

 
2010
 
2000
 
731 Old Buck Lane

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Henderson, NV
 
—

 
1,190

 
11,600

 
1,111

 
1,253

 
12,648

 
4,139

 
2013
 
2008
 
1555 West Horizon Ridge Parkway
High Wycombe, UK
 
—

 
3,567

 
13,422

 
1,140

 
3,711

 
14,418

 
1,087

 
2015
 
2017
 
The Row Lane End
Highland Park, IL
 
—

 
2,820

 
15,832

 
796

 
2,820

 
16,628

 
3,013

 
2011
 
2012
 
1651 Richfield Avenue
Highland Park, IL
 
—

 
2,250

 
25,313

 
1,556

 
2,271

 
26,848

 
7,216

 
2013
 
2005
 
1601 Green Bay Road
Hingham, MA
 
—

 
1,440

 
32,292

 
318

 
1,444

 
32,606

 
5,373

 
2015
 
2012
 
1 Sgt. William B Terry Drive
Holbrook, NY
 
—

 
3,957

 
35,337

 
2,351

 
4,145

 
37,500

 
8,607

 
2013
 
2001
 
320 Patchogue Holbrook Road
Horley, UK
 
—

 
2,332

 
12,144

 
1,851

 
2,516

 
13,811

 
2,788

 
2014
 
2014
 
Court Lodge Road
Houston, TX
 
—

 
3,830

 
55,674

 
7,693

 
3,830

 
63,367

 
16,958

 
2012
 
1998
 
2929 West Holcombe Boulevard
Houston, TX
 
—

 
1,040

 
31,965

 
5,466

 
1,040

 
37,431

 
8,478

 
2012
 
1999
 
505 Bering Drive
Houston, TX
 
—

 
1,750

 
15,603

 
1,595

 
1,750

 
17,198

 
1,485

 
2016
 
2014
 
10120 Louetta Road
Houston, TX
 
—

 
960

 
15,275

 
—

 
960

 
15,275

 
7,461

 
2011
 
1995
 
10225 Cypresswood Dr
Howell, NJ
 
8,096

 
1,066

 
21,577

 
1,348

 
1,149

 
22,842

 
5,460

 
2010
 
2007
 
100 Meridian Place
Huntington Beach, CA
 
—

 
3,808

 
31,172

 
2,646

 
3,931

 
33,695

 
9,396

 
2013
 
2004
 
7401 Yorktown Avenue
Independence, MO
 
—

 
1,550

 
14,463

 
—

 
1,550

 
14,463

 
396

 
2019
 
2019
 
19301 East Eastland Ctr Ct
Irving, TX
 
—

 
1,030

 
6,823

 
882

 
1,030

 
7,705

 
2,246

 
2007
 
1999
 
8855 West Valley Ranch Parkway
Jacksonville, FL
 
—

 
6,550

 
29,316

 
—

 
6,550

 
29,316

 
100

 
2019
 
2019
 
10520 Validus Drive
Johns Creek, GA
 
—

 
1,580

 
23,285

 
1,070

 
1,588

 
24,347

 
5,794

 
2013
 
2009
 
11405 Medlock Bridge Road
Johnson City, NY
 
—

 
1,392

 
11,828

 
876

 
1,392

 
12,704

 
727

 
2019
 
2013
 
1035 Anna Maria Drive
Kanata, ON
 
—

 
1,689

 
28,670

 
1,972

 
1,750

 
30,581

 
7,368

 
2012
 
2005
 
70 Stonehaven Drive
Kansas City, MO
 
—

 
1,820

 
34,898

 
5,277

 
1,889

 
40,106

 
13,314

 
2010
 
1980
 
12100 Wornall Road
Kansas City, MO
 
4,880

 
1,930

 
39,997

 
5,488

 
1,987

 
45,428

 
14,964

 
2010
 
1986
 
6500 North Cosby Ave
Kansas City, MO
 
—

 
541

 
23,962

 
320

 
548

 
24,275

 
3,884

 
2015
 
2014
 
6460 North Cosby Avenue
Kelowna, BC
 
5,176

 
2,688

 
13,647

 
2,123

 
2,895

 
15,563

 
4,386

 
2013
 
1999
 
863 Leon Avenue
Kennebunk, ME
 
—

 
2,700

 
30,204

 
5,587

 
3,223

 
35,268

 
13,375

 
2013
 
2006
 
One Huntington Common Drive
Kenner, LA
 
—

 
1,100

 
10,036

 
1,392

 
1,100

 
11,428

 
10,059

 
1998
 
2000
 
1600 Joe Yenni Blvd
Kennett Square, PA
 
—

 
1,050

 
22,946

 
833

 
1,103

 
23,726

 
5,474

 
2010
 
2008
 
301 Victoria Gardens Dr.
Kingston, ON
 
4,229

 
1,030

 
11,416

 
1,597

 
1,115

 
12,928

 
2,200

 
2015
 
1983
 
181 Ontario Street
Kingwood, TX
 
—

 
480

 
9,777

 
854

 
480

 
10,631

 
2,704

 
2011
 
1999
 
22955 Eastex Freeway
Kingwood, TX
 
—

 
1,683

 
24,207

 
2,471

 
1,683

 
26,678

 
3,931

 
2017
 
2012
 
24025 Kingwood Place
Kirkland, WA
 
—

 
1,880

 
4,315

 
1,231

 
1,880

 
5,546

 
2,073

 
2003
 
1996
 
6505 Lakeview Dr.
Kitchener, ON
 
1,329

 
708

 
2,744

 
296

 
684

 
3,064

 
901

 
2013
 
1979
 
164 - 168 Ferfus Avenue
Kitchener, ON
 
3,323

 
1,093

 
7,327

 
889

 
1,182

 
8,127

 
2,513

 
2013
 
1964
 
290 Queen Street South
Kitchener, ON
 
12,374

 
1,341

 
13,939

 
4,284

 
1,400

 
18,164

 
3,702

 
2016
 
2003
 
1250 Weber Street E
La Palma, CA
 
—

 
2,950

 
16,591

 
1,269

 
2,973

 
17,837

 
4,369

 
2013
 
2003
 
5321 La Palma Avenue
Lackawanna, NY
 
—

 
1,011

 
5,254

 
478

 
1,011

 
5,732

 
453

 
2019
 
2002
 
133 Orchard Place
Lafayette Hill, PA
 
—

 
1,750

 
11,848

 
2,372

 
1,867

 
14,103

 
4,471

 
2013
 
1998
 
429 Ridge Pike
Laguna Hills, CA
 
—

 
12,820

 
75,926

 
19,001

 
12,820

 
94,927

 
18,601

 
2016
 
1988
 
24903 Moulton Parkway
Laguna Woods, CA
 
—

 
11,280

 
76,485

 
12,995

 
11,280

 
89,480

 
15,798

 
2016
 
1987
 
24441 Calle Sonora
Laguna Woods, CA
 
—

 
9,150

 
57,842

 
11,547

 
9,150

 
69,389

 
12,299

 
2016
 
1986
 
24962 Calle Aragon
Lake Zurich, IL
 
—

 
1,470

 
9,830

 
2,707

 
1,470

 
12,537

 
4,401

 
2011
 
2007
 
550 America Court
Lancaster, CA
 
—

 
700

 
15,295

 
1,364

 
712

 
16,647

 
5,201

 
2010
 
1999
 
43051 15th St. West
Lancaster, NY
 
—

 
1,252

 
11,084

 
976

 
1,252

 
12,060

 
689

 
2019
 
2011
 
18 Pavement Road
Laval, QC
 
22,375

 
2,105

 
32,161

 
5,368

 
2,214

 
37,420

 
4,851

 
2018
 
2005
 
269, boulevard Ste. Rose

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Laval, QC
 
4,306

 
2,383

 
5,968

 
1,419

 
2,507

 
7,263

 
894

 
2018
 
1989
 
263, boulevard Ste. Rose
Lawrenceville, GA
 
—

 
1,500

 
29,003

 
794

 
1,529

 
29,768

 
7,241

 
2013
 
2008
 
1375 Webb Gin House Road
Leatherhead, UK
 
—

 
4,682

 
17,835

 
1,727

 
4,871

 
19,373

 
1,338

 
2015
 
2017
 
Rectory Lane
Leawood, KS
 
—

 
2,490

 
32,493

 
3,749

 
5,610

 
33,122

 
8,386

 
2012
 
1999
 
4400 West 115th Street
Lecanto, FL
 
—

 
200

 
6,900

 
421

 
208

 
7,313

 
2,884

 
2004
 
1986
 
2341 W. Norvell Bryant Hwy.
Lenexa, KS
 
9,700

 
826

 
26,251

 
1,332

 
922

 
27,487

 
7,167

 
2013
 
2006
 
15055 West 87th Street Parkway
Lincroft, NJ
 
—

 
9

 
19,958

 
1,906

 
131

 
21,742

 
5,324

 
2013
 
2002
 
734 Newman Springs Road
Linwood, NJ
 
—

 
800

 
21,984

 
1,489

 
861

 
23,412

 
5,695

 
2010
 
1997
 
432 Central Ave
Litchfield, CT
 
—

 
1,240

 
17,908

 
11,640

 
1,272

 
29,516

 
5,671

 
2010
 
1998
 
19 Constitution Way
Little Neck, NY
 
—

 
3,350

 
38,461

 
3,016

 
3,358

 
41,469

 
9,556

 
2010
 
2000
 
5515 Little Neck Pkwy.
Livingston, NJ
 
—

 
8,000

 
44,424

 
919

 
8,017

 
45,326

 
3,595

 
2015
 
2017
 
369 E Mt Pleasant Avenue
Lombard, IL
 
17,010

 
2,130

 
59,943

 
1,755

 
2,218

 
61,610

 
14,083

 
2013
 
2009
 
2210 Fountain Square Dr
London, UK
 
—

 
3,121

 
10,027

 
1,988

 
3,370

 
11,766

 
1,952

 
2014
 
2012
 
71 Hatch Lane
London, UK
 
—

 
7,691

 
16,797

 
1,369

 
8,001

 
17,781

 
1,592

 
2015
 
2016
 
6 Victoria Drive
London, ON
 
—

 
987

 
8,228

 
1,204

 
1,084

 
9,335

 
1,829

 
2015
 
1989
 
760 Horizon Drive
London, ON
 
11,200

 
1,969

 
16,985

 
2,534

 
2,102

 
19,386

 
3,680

 
2015
 
1953
 
1486 Richmond Street North
London, ON
 
32

 
1,445

 
13,631

 
2,213

 
1,667

 
15,622

 
2,672

 
2015
 
1950
 
81 Grand Avenue
Longueuil, QC
 
9,155

 
3,992

 
23,711

 
4,584

 
4,340

 
27,947

 
5,201

 
2015
 
1989
 
70 Rue Levis
Lorain, OH
 
—

 
1,394

 
12,956

 
23

 
1,394

 
12,979

 
340

 
2019
 
2018
 
5401 North Pointe Pkwy
Los Angeles, CA
 
58,514

 
—

 
114,438

 
6,152

 
—

 
120,590

 
31,800

 
2011
 
2009
 
10475 Wilshire Boulevard
Los Angeles, CA
 
—

 
3,540

 
19,007

 
3,369

 
3,540

 
22,376

 
5,696

 
2012
 
2001
 
2051 N. Highland Avenue
Los Angeles, CA
 
—

 
—

 
28,050

 
5,879

 
71

 
33,858

 
4,310

 
2016
 
2006
 
4061 Grand View Boulevard
Louisville, KY
 
—

 
2,420

 
20,816

 
2,470

 
2,420

 
23,286

 
6,078

 
2012
 
1999
 
4600 Bowling Boulevard
Louisville, KY
 
13,650

 
1,600

 
20,326

 
1,044

 
1,600

 
21,370

 
5,524

 
2013
 
2010
 
6700 Overlook Drive
Louisville, CO
 
—

 
2,023

 
31,562

 
1,769

 
2,023

 
33,331

 
1,416

 
2019
 
2008
 
1336 E Hecla Drive
Louisville, CO
 
—

 
1,158

 
26,656

 
—

 
1,158

 
26,656

 
447

 
2019
 
2019
 
1800 Plaza Drive
Louisville, CO
 
—

 
2,672

 
50,972

 
6,311

 
2,672

 
57,283

 
2,492

 
2019
 
1999
 
1331 E Hecla Drive
Louisville, CO
 
—

 
1,480

 
15,546

 
682

 
1,480

 
16,228

 
881

 
2019
 
1999
 
282 McCaslin Blvd
Louisville, CO
 
—

 
2,567

 
42,712

 
2,681

 
2,567

 
45,393

 
1,811

 
2019
 
2004
 
1331 E Hecla Drive
Lynnfield, MA
 
—

 
3,165

 
45,200

 
2,707

 
3,736

 
47,336

 
11,558

 
2013
 
2006
 
55 Salem Street
Mahwah, NJ
 
—

 
1,605

 
27,249

 
913

 
1,606

 
28,161

 
3,280

 
2012
 
2015
 
15 Edison Road
Malvern, PA
 
—

 
1,651

 
17,194

 
2,421

 
1,800

 
19,466

 
6,072

 
2013
 
1998
 
324 Lancaster Avenue
Manteca, CA
 
—

 
1,300

 
12,125

 
2,947

 
1,312

 
15,060

 
5,908

 
2005
 
1986
 
430 N. Union Rd.
Maple Ridge, BC
 
8,331

 
2,875

 
11,922

 
5,974

 
3,097

 
17,674

 
1,858

 
2015
 
2009
 
12241 224th Street
Marieville, QC
 
6,335

 
1,278

 
12,113

 
1,088

 
1,385

 
13,094

 
2,154

 
2015
 
2002
 
425 rue Claude de Ramezay
Markham, ON
 
50,918

 
3,727

 
48,939

 
4,472

 
4,032

 
53,106

 
15,995

 
2013
 
1981
 
7700 Bayview Avenue
Marlboro, NJ
 
—

 
2,222

 
14,888

 
1,542

 
2,250

 
16,402

 
4,281

 
2013
 
2002
 
3A South Main Street
Marysville, WA
 
—

 
620

 
4,780

 
1,652

 
620

 
6,432

 
2,434

 
2003
 
1998
 
9802 48th Dr. N.E.
Medicine Hat, AB
 
10,438

 
1,432

 
14,141

 
998

 
1,541

 
15,030

 
3,491

 
2015
 
1999
 
223 Park Meadows Drive SE
Medina, OH
 
—

 
1,683

 
12,036

 
457

 
1,683

 
12,493

 
545

 
2019
 
2017
 
699 North Huntington St
Melbourne, FL
 
—

 
7,070

 
48,257

 
31,764

 
7,070

 
80,021

 
25,011

 
2007
 
2009
 
7300 Watersong Lane
Melville, NY
 
—

 
4,280

 
73,283

 
7,212

 
4,326

 
80,449

 
18,189

 
2010
 
2001
 
70 Pinelawn Rd

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Memphis, TN
 
—

 
1,800

 
17,744

 
2,736

 
1,800

 
20,480

 
6,270

 
2012
 
1999
 
6605 Quail Hollow Road
Menomonee Falls, WI
 
—

 
1,020

 
6,984

 
2,256

 
1,020

 
9,240

 
2,550

 
2006
 
2007
 
W128 N6900 Northfield Drive
Mesa, AZ
 
—

 
950

 
9,087

 
2,881

 
950

 
11,968

 
5,472

 
1999
 
2000
 
7231 E. Broadway
Metairie, LA
 
14,200

 
725

 
27,708

 
948

 
725

 
28,656

 
6,367

 
2013
 
2009
 
3732 West Esplanade Ave. S
Mill Creek, WA
 
—

 
10,150

 
60,274

 
3,448

 
10,179

 
63,693

 
20,215

 
2010
 
1998
 
14905 Bothell-Everett Hwy
Milton, ON
 
19,890

 
4,542

 
25,321

 
3,668

 
4,882

 
28,649

 
4,305

 
2015
 
2012
 
611 Farmstead Drive
Minnetonka, MN
 
—

 
920

 
29,344

 
1,257

 
964

 
30,557

 
6,768

 
2013
 
2006
 
18605 Old Excelsior Blvd.
Mission Viejo, CA
 
13,570

 
6,600

 
52,118

 
8,447

 
6,600

 
60,565

 
9,097

 
2016
 
1998
 
27783 Center Drive
Mississauga, ON
 
8,491

 
1,602

 
17,996

 
1,803

 
1,711

 
19,690

 
4,855

 
2013
 
1984
 
1130 Bough Beeches Boulevard
Mississauga, ON
 
2,861

 
873

 
4,655

 
569

 
934

 
5,163

 
1,359

 
2013
 
1978
 
3051 Constitution Boulevard
Mississauga, ON
 
27,219

 
3,649

 
35,137

 
3,795

 
3,946

 
38,635

 
9,565

 
2015
 
1988
 
1490 Rathburn Road East
Mississauga, ON
 
6,066

 
2,548

 
15,158

 
2,904

 
2,724

 
17,886

 
3,821

 
2015
 
1989
 
85 King Street East
Missoula, MT
 
—

 
550

 
7,490

 
563

 
553

 
8,050

 
2,968

 
2005
 
1998
 
3620 American Way
Mobberley, UK
 
—

 
5,146

 
26,665

 
3,279

 
5,563

 
29,527

 
8,637

 
2013
 
2007
 
Barclay Park, Hall Lane
Monterey, CA
 
—

 
6,440

 
29,101

 
2,549

 
6,443

 
31,647

 
7,438

 
2013
 
2009
 
1110 Cass St.
Montgomery, MD
 
—

 
6,482

 
83,642

 
12,311

 
6,482

 
95,953

 
9,510

 
2018
 
1992
 
3701 International Dr
Montgomery Village, MD
 
—

 
3,530

 
18,246

 
7,214

 
4,291

 
24,699

 
10,011

 
2013
 
1993
 
19310 Club House Road
Montreal-Nord, QC
 
11,903

 
4,407

 
23,719

 
7,965

 
4,637

 
31,454

 
3,715

 
2018
 
1988
 
6700, boulevard Gouin Est
Moorestown, NJ
 
—

 
2,060

 
51,628

 
5,205

 
2,095

 
56,798

 
12,519

 
2010
 
2000
 
1205 N. Church St
Moose Jaw, SK
 
1,973

 
582

 
12,973

 
1,885

 
621

 
14,819

 
3,548

 
2013
 
2001
 
425 4th Avenue NW
Morton Grove, IL
 
—

 
1,900

 
19,374

 
864

 
1,900

 
20,238

 
4,284

 
2010
 
2011
 
5520 N. Lincoln Ave.
Murphy, TX
 
—

 
1,950

 
19,182

 
811

 
1,950

 
19,993

 
2,350

 
2015
 
2012
 
304 West FM 544
Naperville, IL
 
—

 
1,550

 
12,237

 
2,195

 
1,550

 
14,432

 
3,841

 
2012
 
2013
 
1936 Brookdale Road
Naperville, IL
 
—

 
1,540

 
28,204

 
1,435

 
1,593

 
29,586

 
7,300

 
2013
 
2002
 
535 West Ogden Avenue
Naples, FL
 
55,188

 
8,989

 
119,398

 
7,188

 
9,088

 
126,487

 
25,666

 
2015
 
2000
 
4800 Aston Gardens Way
Nashville, TN
 
—

 
3,900

 
35,788

 
3,911

 
3,900

 
39,699

 
11,568

 
2012
 
1999
 
4206 Stammer Place
Nepean, ON
 
5,491

 
1,575

 
5,770

 
1,110

 
1,697

 
6,758

 
1,716

 
2015
 
1988
 
1 Mill Hill Road
New Braunfels, TX
 
—

 
1,200

 
19,800

 
10,408

 
2,729

 
28,679

 
5,682

 
2011
 
2009
 
2294 East Common Street
Newbury, UK
 
—

 
2,850

 
12,796

 
1,498

 
3,065

 
14,079

 
1,239

 
2015
 
2016
 
370 London Road
Newmarket, UK
 
—

 
4,071

 
11,902

 
2,441

 
4,398

 
14,016

 
2,596

 
2014
 
2011
 
Jeddah Way
Newtown Square, PA
 
—

 
1,930

 
14,420

 
1,149

 
1,953

 
15,546

 
4,989

 
2013
 
2004
 
333 S. Newtown Street Rd.
North Tonawanda, NY
 
—

 
1,172

 
7,297

 
600

 
1,172

 
7,897

 
517

 
2019
 
2005
 
705 Sandra Lane
North Tustin, CA
 
—

 
2,880

 
18,059

 
933

 
3,044

 
18,828

 
4,067

 
2013
 
2000
 
12291 Newport Avenue
Oak Harbor, WA
 
—

 
739

 
7,667

 
448

 
739

 
8,115

 
669

 
2019
 
1998
 
171 SW 6th Ave
Oak Park, IL
 
—

 
1,250

 
40,383

 
2,640

 
1,250

 
43,023

 
10,749

 
2012
 
2004
 
1035 Madison Street
Oakdale, PA
 
—

 
1,865

 
11,925

 
880

 
1,865

 
12,805

 
724

 
2019
 
2017
 
7420 Steubenville Pike
Oakland, CA
 
—

 
3,877

 
47,508

 
3,465

 
4,114

 
50,736

 
12,439

 
2013
 
1999
 
11889 Skyline Boulevard
Oakton, VA
 
—

 
2,250

 
37,576

 
2,851

 
2,393

 
40,284

 
9,511

 
2013
 
1997
 
2863 Hunter Mill Road
Oakville, ON
 
5,618

 
1,252

 
7,382

 
922

 
1,346

 
8,210

 
2,113

 
2013
 
1982
 
289 and 299 Randall Street
Oakville, ON
 
9,189

 
2,134

 
29,963

 
3,314

 
2,280

 
33,131

 
8,518

 
2013
 
1994
 
25 Lakeshore Road West
Oakville, ON
 
4,812

 
1,271

 
13,754

 
1,646

 
1,361

 
15,310

 
3,474

 
2013
 
1988
 
345 Church Street
Ogden, UT
 
—

 
360

 
6,700

 
936

 
360

 
7,636

 
2,880

 
2004
 
1998
 
1340 N. Washington Blv.
Okotoks, AB
 
18,824

 
714

 
20,943

 
1,908

 
780

 
22,785

 
4,375

 
2015
 
2010
 
51 Riverside Gate

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orange, CA
 
36,000

 
8,021

 
65,234

 
3,238

 
8,021

 
68,472

 
—

 
2019
 
2018
 
630 The City Drive South
Oshawa, ON
 
6,698

 
841

 
7,570

 
985

 
957

 
8,439

 
2,167

 
2013
 
1991
 
649 King Street East
Ottawa, ON
 
9,668

 
1,341

 
15,425

 
2,720

 
1,469

 
18,017

 
2,719

 
2015
 
2001
 
110 Berrigan Drive
Ottawa, ON
 
18,152

 
3,454

 
23,309

 
3,181

 
3,760

 
26,184

 
7,627

 
2015
 
1966
 
2370 Carling Avenue
Ottawa, ON
 
20,738

 
4,256

 
39,141

 
2,962

 
4,477

 
41,882

 
7,129

 
2015
 
2005
 
751 Peter Morand Crescent
Ottawa, ON
 
7,212

 
2,103

 
18,421

 
4,969

 
2,294

 
23,199

 
3,852

 
2015
 
1989
 
1 Eaton Street
Ottawa, ON
 
13,711

 
2,963

 
26,424

 
3,754

 
3,196

 
29,945

 
4,611

 
2015
 
2008
 
691 Valin Street
Ottawa, ON
 
10,377

 
1,561

 
18,170

 
2,828

 
1,751

 
20,808

 
3,069

 
2015
 
2006
 
22 Barnstone Drive
Ottawa, ON
 
13,702

 
3,663

 
30,633

 
—

 
3,663

 
30,633

 
5,208

 
2015
 
2009
 
990 Hunt Club Road
Ottawa, ON
 
17,456

 
3,411

 
28,335

 
6,228

 
3,684

 
34,290

 
6,357

 
2015
 
2009
 
2 Valley Stream Drive
Ottawa, ON
 
2,809

 
724

 
4,710

 
623

 
774

 
5,283

 
1,375

 
2013
 
1995
 
1345 Ogilvie Road
Ottawa, ON
 
2,044

 
818

 
2,165

 
1,484

 
727

 
3,740

 
1,040

 
2013
 
1993
 
370 Kennedy Lane
Ottawa, ON
 
9,559

 
2,809

 
27,299

 
3,021

 
3,020

 
30,109

 
8,289

 
2013
 
1998
 
43 Aylmer Avenue
Ottawa, ON
 
4,517

 
1,156

 
9,758

 
1,129

 
1,290

 
10,753

 
2,564

 
2013
 
1998
 
1351 Hunt Club Road
Ottawa, ON
 
5,876

 
746

 
7,800

 
1,142

 
803

 
8,885

 
2,129

 
2013
 
1999
 
140 Darlington Private
Ottawa, ON
 
8,898

 
1,176

 
12,764

 
1,663

 
1,298

 
14,305

 
2,340

 
2015
 
1987
 
10 Vaughan Street
Outremont, QC
 
17,866

 
6,746

 
45,981

 
11,155

 
7,098

 
56,784

 
6,385

 
2018
 
1976
 
1000, avenue Rockland
Overland Park, KS
 
—

 
1,540

 
16,269

 
1,663

 
1,670

 
17,802

 
3,918

 
2012
 
1998
 
9201 Foster
Palo Alto, CA
 
25,050

 
—

 
39,639

 
3,072

 
24

 
42,687

 
10,156

 
2013
 
2007
 
2701 El Camino Real
Paramus, NJ
 
—

 
2,840

 
35,728

 
1,855

 
2,986

 
37,437

 
8,755

 
2013
 
1998
 
567 Paramus Road
Parkland, FL
 
54,784

 
4,880

 
111,481

 
5,181

 
4,904

 
116,638

 
23,531

 
2015
 
2000
 
5999 University Drive
Parma, OH
 
—

 
1,533

 
9,185

 
701

 
1,533

 
9,886

 
631

 
2019
 
2016
 
11500 Huffman Road
Paso Robles, CA
 
—

 
1,770

 
8,630

 
1,379

 
1,770

 
10,009

 
4,288

 
2002
 
1998
 
1919 Creston Rd.
Peabody, MA
 
5,892

 
2,250

 
16,071

 
1,250

 
2,380

 
17,191

 
3,328

 
2013
 
1994
 
73 Margin Street
Pella, IA
 
—

 
870

 
6,716

 
63

 
870

 
6,779

 
1,218

 
2012
 
2002
 
2602 Fifield Road
Pembroke, ON
 
—

 
1,931

 
9,427

 
1,082

 
2,000

 
10,440

 
2,485

 
2012
 
1999
 
1111 Pembroke Street West
Pennington, NJ
 
—

 
1,380

 
27,620

 
1,418

 
1,507

 
28,911

 
6,386

 
2011
 
2000
 
143 West Franklin Avenue
Peoria, AZ
 
—

 
766

 
21,796

 
1,468

 
766

 
23,264

 
2,628

 
2018
 
2014
 
13391 N 94th Drive
Pittsburgh, PA
 
—

 
1,580

 
18,017

 
1,143

 
1,587

 
19,153

 
5,010

 
2013
 
2009
 
900 Lincoln Club Dr.
Placentia, CA
 
—

 
8,480

 
17,076

 
5,896

 
8,513

 
22,939

 
4,445

 
2016
 
1987
 
1180 N Bradford Avenue
Plainview, NY
 
—

 
3,066

 
19,901

 
1,211

 
3,182

 
20,996

 
4,693

 
2013
 
2001
 
1231 Old Country Road
Plano, TX
 
28,960

 
3,120

 
59,950

 
3,806

 
3,227

 
63,649

 
18,286

 
2013
 
2006
 
4800 West Parker Road
Plano, TX
 
—

 
1,750

 
15,390

 
1,505

 
1,750

 
16,895

 
1,660

 
2016
 
2014
 
3690 Mapleshade Lane
Playa Vista, CA
 
—

 
1,580

 
40,531

 
3,084

 
1,605

 
43,590

 
10,040

 
2013
 
2006
 
5555 Playa Vista Drive
Pleasanton, CA
 
—

 
—

 
—

 
52,166

 
3,676

 
48,490

 
1,289

 
2016
 
2017
 
5700 Pleasant Hill Road
Port Perry, ON
 
12,123

 
3,685

 
26,788

 
4,160

 
3,932

 
30,701

 
4,569

 
2015
 
2009
 
15987 Simcoe Street
Port St. Lucie, FL
 
—

 
8,700

 
47,230

 
20,937

 
8,700

 
68,167

 
19,243

 
2008
 
2010
 
10685 SW Stony Creek Way
Portage, MI
 
42,000

 
2,857

 
59,848

 
2,569

 
2,857

 
62,417

 
3,653

 
2019
 
2017
 
3951 W. Milham Ave.
Princeton, NJ
 
—

 
1,730

 
30,888

 
2,236

 
1,814

 
33,040

 
7,486

 
2011
 
2001
 
155 Raymond Road
Purley, UK
 
—

 
7,365

 
35,161

 
4,079

 
7,982

 
38,623

 
10,333

 
2012
 
2005
 
21 Russell Hill Road
Puyallup, WA
 
—

 
1,150

 
20,776

 
1,494

 
1,156

 
22,264

 
6,346

 
2010
 
1985
 
123 Fourth Ave. NW
Quebec City, QC
 
8,325

 
2,420

 
21,977

 
3,662

 
2,546

 
25,513

 
2,956

 
2018
 
2000
 
795, rue Alain
Quebec City, QC
 
12,294

 
3,300

 
28,325

 
5,172

 
3,472

 
33,325

 
3,740

 
2018
 
1987
 
650 and 700, avenue Murray

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Queensbury, NY
 
—

 
1,260

 
21,744

 
577

 
1,273

 
22,308

 
3,213

 
2015
 
1999
 
27 Woodvale Road
Rancho Cucamonga, CA
 
—

 
1,480

 
10,055

 
2,144

 
2,084

 
11,595

 
3,388

 
2013
 
2001
 
9519 Baseline Road
Rancho Palos Verdes, CA
 
—

 
5,450

 
60,034

 
3,646

 
5,450

 
63,680

 
16,003

 
2012
 
2004
 
5701 Crestridge Road
Randolph, NJ
 
29,300

 
1,540

 
46,934

 
2,370

 
1,718

 
49,126

 
11,141

 
2013
 
2006
 
648 Route 10 West
Red Deer, AB
 
12,551

 
1,247

 
19,283

 
2,099

 
1,339

 
21,290

 
3,727

 
2015
 
2004
 
3100 - 22 Street
Red Deer, AB
 
14,770

 
1,199

 
22,339

 
2,201

 
1,282

 
24,457

 
4,460

 
2015
 
2004
 
10 Inglewood Drive
Redding, CA
 
26,887

 
4,474

 
36,857

 
2,161

 
4,474

 
39,018

 
—

 
2019
 
2017
 
2150 Bechelli Lane
Regina, SK
 
6,218

 
1,485

 
21,148

 
2,096

 
1,678

 
23,051

 
6,144

 
2013
 
1999
 
3651 Albert Street
Regina, SK
 
6,204

 
1,244

 
21,036

 
1,989

 
1,333

 
22,936

 
5,411

 
2013
 
2004
 
3105 Hillsdale Street
Regina, SK
 
15,477

 
1,539

 
24,053

 
4,685

 
1,663

 
28,614

 
4,673

 
2015
 
1992
 
1801 McIntyre Street
Rehoboth Beach, DE
 
—

 
960

 
24,248

 
9,200

 
993

 
33,415

 
6,994

 
2010
 
1999
 
36101 Seaside Blvd
Reno, NV
 
—

 
1,060

 
11,440

 
930

 
1,060

 
12,370

 
4,762

 
2004
 
1998
 
5165 Summit Ridge Court
Ridgeland, MS
 
—

 
520

 
7,675

 
901

 
520

 
8,576

 
3,384

 
2003
 
1997
 
410 Orchard Park
Riviere-du-Loup, QC
 
2,854

 
592

 
7,601

 
1,820

 
665

 
9,348

 
1,574

 
2015
 
1956
 
35 des Cedres
Riviere-du-Loup, QC
 
12,164

 
1,454

 
16,848

 
5,339

 
1,812

 
21,829

 
4,316

 
2015
 
1993
 
230-235 rue Des Chenes
Rocky Hill, CT
 
—

 
1,090

 
6,710

 
1,752

 
1,090

 
8,462

 
3,291

 
2003
 
1996
 
60 Cold Spring Rd.
Rohnert Park, CA
 
—

 
6,500

 
18,700

 
3,756

 
6,546

 
22,410

 
8,277

 
2005
 
1986
 
4855 Snyder Lane
Romeoville, IL
 
—

 
854

 
12,646

 
61,722

 
6,197

 
69,025

 
18,583

 
2006
 
2010
 
605 S Edward Dr.
Roseville, MN
 
—

 
1,540

 
35,877

 
1,252

 
1,628

 
37,041

 
8,190

 
2013
 
2002
 
2555 Snelling Avenue, North
Roseville, CA
 
—

 
3,300

 
41,652

 
6,832

 
3,300

 
48,484

 
7,624

 
2016
 
2000
 
5161 Foothills Boulevard
Roswell, GA
 
—

 
1,107

 
9,627

 
1,876

 
1,114

 
11,496

 
8,369

 
1997
 
1999
 
655 Mansell Rd.
Roswell, GA
 
—

 
2,080

 
6,486

 
1,686

 
2,380

 
7,872

 
1,913

 
2012
 
1997
 
75 Magnolia Street
Sabre Springs, CA
 
—

 
—

 
—

 
47,090

 
3,726

 
43,364

 
1,047

 
2016
 
2017
 
12515 Springhurst Drive
Sacramento, CA
 
—

 
940

 
14,781

 
612

 
952

 
15,381

 
4,492

 
2010
 
1978
 
6350 Riverside Blvd
Sacramento, CA
 
—

 
1,300

 
23,394

 
1,556

 
1,369

 
24,881

 
5,802

 
2013
 
2004
 
345 Munroe Street
Saint-Lambert, QC
 
34,002

 
10,259

 
61,903

 
3,868

 
11,054

 
64,976

 
15,584

 
2015
 
1989
 
1705 Avenue Victoria
Salinas, CA
 
—

 
5,110

 
41,424

 
9,387

 
5,150

 
50,771

 
8,906

 
2016
 
1990
 
1320 Padre Drive
Salisbury, UK
 
—

 
2,720

 
15,269

 
1,676

 
2,926

 
16,739

 
2,579

 
2014
 
2013
 
Shapland Close
Salt Lake City, UT
 
—

 
1,360

 
19,691

 
779

 
1,360

 
20,470

 
6,592

 
2011
 
1986
 
1430 E. 4500 S.
San Antonio, TX
 
—

 
6,120

 
28,169

 
2,630

 
6,120

 
30,799

 
6,947

 
2010
 
2011
 
2702 Cembalo Blvd
San Antonio, TX
 
—

 
5,045

 
58,048

 
3,253

 
5,045

 
61,301

 
5,962

 
2017
 
2015
 
11300 Wild Pine
San Antonio, TX
 
—

 
11,683

 
69,623

 
3,634

 
11,683

 
73,257

 
2,722

 
2019
 
2016
 
6870 Heuermann Road
San Diego, CA
 
—

 
5,810

 
63,078

 
3,968

 
5,810

 
67,046

 
18,976

 
2012
 
2001
 
13075 Evening Creek Drive S
San Diego, CA
 
—

 
3,000

 
27,164

 
1,521

 
3,016

 
28,669

 
6,231

 
2013
 
2003
 
810 Turquoise Street
San Diego, CA
 
29,843

 
4,179

 
40,639

 
1,920

 
4,179

 
42,559

 
—

 
2019
 
2017
 
955 Grand Ave
San Francisco, CA
 
—

 
5,920

 
91,639

 
13,564

 
5,920

 
105,203

 
17,446

 
2016
 
1998
 
1550 Sutter Street
San Francisco, CA
 
—

 
11,800

 
77,214

 
10,401

 
11,800

 
87,615

 
14,542

 
2016
 
1923
 
1601 19th Avenue
San Gabriel, CA
 
—

 
3,120

 
15,566

 
1,135

 
3,165

 
16,656

 
4,208

 
2013
 
2005
 
8332 Huntington Drive
San Jose, CA
 
—

 
3,280

 
46,823

 
3,925

 
3,280

 
50,748

 
12,727

 
2012
 
2002
 
500 S Winchester Boulevard
San Jose, CA
 
—

 
11,900

 
27,647

 
5,198

 
11,966

 
32,779

 
5,773

 
2016
 
2002
 
4855 San Felipe Road
San Rafael, CA
 
—

 
1,620

 
27,392

 
3,964

 
1,854

 
31,122

 
4,342

 
2016
 
2001
 
111 Merrydale Road
San Ramon, CA
 
—

 
8,700

 
72,223

 
9,954

 
8,716

 
82,161

 
13,500

 
2016
 
1992
 
9199 Fircrest Lane
Sandy Springs, GA
 
—

 
2,214

 
8,360

 
1,454

 
2,220

 
9,808

 
3,133

 
2012
 
1997
 
5455 Glenridge Drive NE

(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Santa Monica, CA
 
15,820

 
5,250

 
28,340

 
1,091

 
5,266

 
29,415

 
6,912

 
2013
 
2004
 
1312 15th Street
Santa Rosa, CA
 
—

 
2,250

 
26,273

 
3,525

 
2,292

 
29,756

 
4,508

 
2016
 
2001
 
4225 Wayvern Drive
Saskatoon, SK
 
3,836

 
981

 
13,905

 
1,407

 
1,047

 
15,246

 
3,431

 
2013
 
1999
 
220 24th Street East
Saskatoon, SK
 
13,372

 
1,382

 
17,609

 
1,763

 
1,476

 
19,278

 
4,307

 
2013
 
2004
 
1622 Acadia Drive
Schaumburg, IL
 
—

 
2,460

 
22,863

 
1,277

 
2,497

 
24,103

 
6,501

 
2013
 
2001
 
790 North Plum Grove Road
Scottsdale, AZ
 
—

 
2,500

 
3,890

 
1,476

 
2,500

 
5,366

 
1,458

 
2008
 
1998
 
9410 East Thunderbird Road
Scranton, PA
 
—

 
875

 
10,504

 
695

 
875

 
11,199

 
666

 
2019
 
2014
 
1651 Dickson Avenue
Seal Beach, CA
 
—

 
6,204

 
72,954

 
2,876

 
6,271

 
75,763

 
21,133

 
2013
 
2004
 
3850 Lampson Avenue
Seattle, WA
 
—

 
5,190

 
9,350

 
1,726

 
5,199

 
11,067

 
3,888

 
2010
 
1962
 
11501 15th Ave NE
Seattle, WA
 
27,180

 
10,670

 
37,291

 
1,618

 
10,700

 
38,879

 
13,281

 
2010
 
2005
 
805 4th Ave N
Seattle, WA
 
—

 
1,150

 
19,887

 
2,737

 
1,153

 
22,621

 
3,336

 
2015
 
1995
 
11039 17th Avenue
Selbyville, DE
 
—

 
750

 
25,912

 
867

 
769

 
26,760

 
6,298

 
2010
 
2008
 
21111 Arrington Dr
Sevenoaks, UK
 
—

 
6,181

 
40,240

 
6,340

 
6,648

 
46,113

 
12,282

 
2012
 
2009
 
64 - 70 Westerham Road
Severna Park, MD
 
—

 
—

 
67,623

 
5,944

 
38

 
73,529

 
10,854

 
2016
 
1997
 
43 W McKinsey Road
Shelby Township, MI
 
13,180

 
1,040

 
26,344

 
1,438

 
1,110

 
27,712

 
6,384

 
2013
 
2006
 
46471 Hayes Road
Shrewsbury, NJ
 
—

 
2,120

 
38,116

 
2,333

 
2,148

 
40,421

 
9,371

 
2010
 
2000
 
5 Meridian Way
Sidcup, UK
 
—

 
7,446

 
56,570

 
6,330

 
8,030

 
62,316

 
17,441

 
2012
 
2000
 
Frognal Avenue
Silver Spring, MD
 
—

 
—

 
—

 
64,540

 
3,436

 
61,104

 
1,466

 
2016
 
2018
 
2201 Colston Drive
Simi Valley, CA
 
—

 
3,200

 
16,664

 
1,889

 
3,298

 
18,455

 
5,390

 
2013
 
2009
 
190 Tierra Rejada Road
Simi Valley, CA
 
—

 
5,510

 
51,406

 
8,426

 
5,510

 
59,832

 
10,275

 
2016
 
2003
 
5300 E Los Angeles Avenue
Solihull, UK
 
—

 
5,070

 
43,297

 
6,660

 
5,453

 
49,574

 
12,641

 
2012
 
2009
 
1270 Warwick Road
Solihull, UK
 
—

 
3,571

 
26,053

 
2,969

 
3,894

 
28,699

 
7,375

 
2013
 
2007
 
1 Worcester Way
Solihull, UK
 
—

 
1,851

 
10,585

 
1,421

 
1,990

 
11,867

 
1,153

 
2015
 
2016
 
Warwick Road
Sonning, UK
 
—

 
5,644

 
42,155

 
4,828

 
6,100

 
46,527

 
11,020

 
2013
 
2009
 
Old Bath Rd.
Sonoma, CA
 
—

 
1,100

 
18,400

 
3,764

 
1,109

 
22,155

 
7,932

 
2005
 
1988
 
800 Oregon St.
Sonoma, CA
 
—

 
2,820

 
21,890

 
3,158

 
2,827

 
25,041

 
3,787

 
2016
 
2005
 
91 Napa Road
Southlake, TX
 
—

 
6,207

 
56,675

 
7,624

 
6,207

 
64,299

 
3,184

 
2019
 
2008
 
101 Watermere Drive
Spokane, WA
 
—

 
3,200

 
25,064

 
1,019

 
3,200

 
26,083

 
7,538

 
2013
 
2001
 
3117 E. Chaser Lane
Spokane, WA
 
—

 
2,580

 
25,342

 
382

 
2,580

 
25,724

 
6,597

 
2013
 
1999
 
1110 E. Westview Ct.
St. Albert, AB
 
9,894

 
1,145

 
17,863

 
3,192

 
1,247

 
20,953

 
5,779

 
2014
 
2005
 
78C McKenney Avenue
St. John's, NL
 
5,449

 
706

 
11,765

 
829

 
748

 
12,552

 
2,009

 
2015
 
2005
 
64 Portugal Cove Road
Stittsville, ON
 
4,227

 
1,175

 
17,397

 
1,884

 
1,263

 
19,193

 
4,306

 
2013
 
1996
 
1340 - 1354 Main Street
Stockport, UK
 
—

 
4,369

 
25,018

 
2,864

 
4,720

 
27,531

 
7,480

 
2013
 
2008
 
1 Dairyground Road
Stockton, CA
 
—

 
2,280

 
5,983

 
1,214

 
2,372

 
7,105

 
2,223

 
2010
 
1988
 
6725 Inglewood
Strongsville, OH
 
—

 
1,113

 
10,882

 
656

 
1,113

 
11,538

 
651

 
2019
 
2017
 
15100 Howe Road
Stuart, FL
 
—

 
5,276

 
23,796

 
730

 
5,276

 
24,526

 
223

 
2019
 
2019
 
2625 SE Cove Road
Studio City, CA
 
—

 
4,006

 
25,307

 
1,360

 
4,115

 
26,558

 
7,094

 
2013
 
2004
 
4610 Coldwater Canyon Avenue
Suffield, CT
 
—

 
4,409

 
27,694

 
2,392

 
4,409

 
30,086

 
826

 
2019
 
1998
 
7 Canal Road
Sugar Land, TX
 
—

 
960

 
31,423

 
999

 
960

 
32,422

 
8,673

 
2011
 
1996
 
1221 Seventh St
Sugar Land, TX
 
—

 
4,272

 
60,493

 
6,540

 
4,272

 
67,033

 
8,760

 
2017
 
2015
 
744 Brooks Street
Sun City, FL
 
20,609

 
6,521

 
48,476

 
6,439

 
6,648

 
54,788

 
13,348

 
2015
 
1995
 
231 Courtyards
Sun City, FL
 
23,220

 
5,040

 
50,923

 
5,782

 
5,388

 
56,357

 
12,170

 
2015
 
1999
 
1311 Aston Gardens Court
Sun City West, AZ
 
—

 
1,250

 
21,778

 
1,162

 
1,250

 
22,940

 
5,012

 
2012
 
1998
 
13810 West Sandridge Drive
(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sunnyvale, CA
 
—

 
5,420

 
41,682

 
2,715

 
5,420

 
44,397

 
11,522

 
2012
 
2002
 
1039 East El Camino Real
Surrey, BC
 
6,316

 
3,605

 
18,818

 
2,466

 
3,849

 
21,040

 
6,563

 
2013
 
2000
 
16028 83rd Avenue
Surrey, BC
 
15,386

 
4,552

 
22,338

 
2,939

 
4,905

 
24,924

 
8,226

 
2013
 
1987
 
15501 16th Avenue
Sutton, UK
 
—

 
4,096

 
14,532

 
2,444

 
4,408

 
16,664

 
1,396

 
2015
 
2016
 
123 Westmead Road
Suwanee, GA
 
—

 
1,560

 
11,538

 
1,531

 
1,560

 
13,069

 
3,743

 
2012
 
2000
 
4315 Johns Creek Parkway
Sway, UK
 
—

 
4,145

 
15,508

 
2,261

 
4,509

 
17,405

 
3,692

 
2014
 
2008
 
Sway Place
Swift Current, SK
 
1,790

 
492

 
10,119

 
1,185

 
531

 
11,265

 
2,713

 
2013
 
2001
 
301 Macoun Drive
Sylvania, OH
 
—

 
1,205

 
12,024

 
—

 
1,205

 
12,024

 
270

 
2019
 
2019
 
4120 King Road
Syracuse, NY
 
—

 
1,385

 
11,555

 
863

 
1,385

 
12,418

 
743

 
2019
 
2011
 
6715 Buckley Road
Tacoma, WA
 
—

 
4,170

 
73,377

 
17,171

 
4,170

 
90,548

 
17,187

 
2016
 
1987
 
8201 6th Avenue
Tampa, FL
 
69,330

 
4,910

 
114,148

 
7,556

 
5,073

 
121,541

 
23,400

 
2015
 
2001
 
12951 W Linebaugh Avenue
Tampa, FL
 
—

 
3,451

 
25,775

 
—

 
3,451

 
25,775

 
65

 
2019
 
2019
 
11330 Countryway Blvd
The Woodlands, TX
 
—

 
480

 
12,379

 
557

 
480

 
12,936

 
3,351

 
2011
 
1999
 
7950 Bay Branch Dr
Toledo, OH
 
—

 
2,040

 
47,129

 
4,107

 
2,144

 
51,132

 
16,567

 
2010
 
1985
 
3501 Executive Parkway
Toms River, NJ
 
—

 
1,610

 
34,627

 
1,428

 
1,695

 
35,970

 
8,532

 
2010
 
2005
 
1587 Old Freehold Rd
Tonawanda, NY
 
—

 
1,534

 
13,264

 
1,252

 
1,534

 
14,516

 
820

 
2019
 
2011
 
300 Fries Road
Tonawanda, NY
 
—

 
2,425

 
12,433

 
1,428

 
2,425

 
13,861

 
852

 
2019
 
2009
 
285 Crestmount Avenue
Toronto, ON
 
17,976

 
2,927

 
20,713

 
4,001

 
3,157

 
24,484

 
4,292

 
2015
 
1900
 
54 Foxbar Road
Toronto, ON
 
8,049

 
5,082

 
25,493

 
3,119

 
5,448

 
28,246

 
6,299

 
2015
 
1988
 
645 Castlefield Avenue
Toronto, ON
 
12,756

 
2,008

 
19,620

 
1,286

 
2,113

 
20,801

 
3,744

 
2015
 
1999
 
4251 Dundas Street West
Toronto, ON
 
36,974

 
5,132

 
41,657

 
5,581

 
5,484

 
46,886

 
12,124

 
2015
 
1964
 
10 William Morgan Drive
Toronto, ON
 
7,665

 
2,480

 
7,571

 
1,099

 
2,662

 
8,488

 
2,084

 
2015
 
1971
 
123 Spadina Road
Toronto, ON
 
4,701

 
1,079

 
5,364

 
731

 
1,152

 
6,022

 
1,488

 
2013
 
1982
 
25 Centennial Park Road
Toronto, ON
 
7,545

 
2,513

 
19,695

 
2,250

 
2,718

 
21,740

 
4,677

 
2013
 
2002
 
305 Balliol Street
Toronto, ON
 
17,746

 
3,400

 
32,757

 
3,552

 
3,635

 
36,074

 
9,152

 
2013
 
1973
 
1055 and 1057 Don Mills Road
Toronto, ON
 
5,807

 
1,447

 
3,918

 
673

 
1,572

 
4,466

 
1,361

 
2013
 
1987
 
1340 York Mills Road
Toronto, ON
 
31,276

 
5,304

 
53,488

 
8,935

 
5,675

 
62,052

 
17,963

 
2013
 
1988
 
8 The Donway East
Torrance, CA
 
—

 
3,497

 
73,138

 
186

 
3,497

 
73,324

 
6,464

 
2016
 
2016
 
25535 Hawthorne Boulevard
Tucson, AZ
 
—

 
830

 
6,179

 
4,055

 
830

 
10,234

 
2,031

 
2012
 
1997
 
5660 N. Kolb Road
Tulsa, OK
 
—

 
1,330

 
21,285

 
4,679

 
1,362

 
25,932

 
8,192

 
2010
 
1986
 
8887 South Lewis Ave
Tulsa, OK
 
—

 
1,500

 
20,861

 
4,285

 
1,614

 
25,032

 
8,129

 
2010
 
1984
 
9524 East 71st St
Turlock, CA
 
—

 
2,266

 
12,737

 
1,122

 
2,266

 
13,859

 
263

 
2019
 
2001
 
3791 Crowell Road
Twinsburg, OH
 
—

 
1,035

 
8,302

 
543

 
1,035

 
8,845

 
569

 
2019
 
2016
 
3092 Kendal Lane
Upland, CA
 
—

 
3,160

 
42,596

 
68

 
3,160

 
42,664

 
6,592

 
2015
 
2014
 
2419 North Euclid Avenue
Upper Providence, PA
 
—

 
1,900

 
28,195

 
404

 
1,906

 
28,593

 
3,475

 
2013
 
2015
 
1133 Black Rock Road
Upper St Claire, PA
 
—

 
1,102

 
13,455

 
1,623

 
1,153

 
15,027

 
4,186

 
2013
 
2005
 
500 Village Drive
Vacaville, CA
 
—

 
900

 
17,100

 
3,051

 
900

 
20,151

 
7,599

 
2005
 
1987
 
799 Yellowstone Dr.
Vallejo, CA
 
—

 
4,000

 
18,000

 
4,463

 
4,030

 
22,433

 
8,210

 
2005
 
1989
 
350 Locust Dr.
Vallejo, CA
 
—

 
2,330

 
15,407

 
1,224

 
2,330

 
16,631

 
4,928

 
2010
 
1990
 
2261 Tuolumne
Vancouver, WA
 
—

 
1,820

 
19,042

 
1,052

 
1,821

 
20,093

 
5,810

 
2010
 
2006
 
10011 NE 118th Ave
Vancouver, BC
 
—

 
7,282

 
6,572

 
1,440

 
7,661

 
7,633

 
5,714

 
2015
 
1974
 
2803 West 41st Avenue
Vankleek Hill, ON
 
665

 
389

 
2,960

 
541

 
421

 
3,469

 
960

 
2013
 
1987
 
48 Wall Street


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Seniors Housing Operating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vaudreuil, QC
 
8,012

 
1,852

 
14,214

 
1,686

 
1,924

 
15,828

 
2,837

 
2015
 
1975
 
333 rue Querbes
Venice, FL
 
64,425

 
6,820

 
100,501

 
5,560

 
6,958

 
105,923

 
22,077

 
2015
 
2002
 
1000 Aston Gardens Drive
Vero Beach, FL
 
—

 
2,930

 
40,070

 
25,748

 
2,930

 
65,818

 
24,423

 
2007
 
2003
 
7955 16th Manor
Victoria, BC
 
6,877

 
2,856

 
18,038

 
1,833

 
3,049

 
19,678

 
5,414

 
2013
 
1974
 
3000 Shelbourne Street
Victoria, BC
 
6,340

 
3,681

 
15,774

 
1,700

 
3,931

 
17,224

 
4,936

 
2013
 
1988
 
3051 Shelbourne Street
Victoria, BC
 
7,109

 
2,476

 
15,379

 
2,265

 
2,647

 
17,473

 
2,713

 
2015
 
1990
 
3965 Shelbourne Street
Virginia Water, UK
 
—

 
7,106

 
29,937

 
7,580

 
5,856

 
38,767

 
10,904

 
2012
 
2002
 
Christ Church Road
Voorhees, NJ
 
—

 
3,700

 
24,312

 
2,503

 
3,854

 
26,661

 
4,867

 
2012
 
2013
 
311 Route 73
Wall, NJ
 
—

 
1,650

 
25,350

 
2,985

 
1,694

 
28,291

 
6,175

 
2011
 
2003
 
2021 Highway 35
Walnut Creek, CA
 
—

 
3,700

 
12,467

 
2,931

 
3,808

 
15,290

 
4,571

 
2013
 
1998
 
2175 Ygnacio Valley Road
Walnut Creek, CA
 
—

 
10,320

 
100,890

 
18,143

 
10,320

 
119,033

 
20,636

 
2016
 
1988
 
1580 Geary Road
Washington, DC
 
—

 
4,000

 
69,154

 
3,222

 
4,004

 
72,372

 
16,427

 
2013
 
2004
 
5111 Connecticut Avenue NW
Watchung, NJ
 
—

 
1,920

 
24,880

 
1,979

 
2,055

 
26,724

 
5,918

 
2011
 
2000
 
680 Mountain Boulevard
Waukee, IA
 
—

 
1,870

 
31,878

 
790

 
1,870

 
32,668

 
5,905

 
2012
 
2007
 
1650 SE Holiday Crest Circle
Wayland, MA
 
—

 
1,207

 
27,462

 
2,349

 
1,340

 
29,678

 
7,435

 
2013
 
1997
 
285 Commonwealth Road
Webster Groves, MO
 
—

 
1,790

 
15,425

 
2,637

 
1,801

 
18,051

 
5,039

 
2011
 
2012
 
45 E Lockwood Avenue
Welland, ON
 
6,027

 
983

 
7,530

 
793

 
1,019

 
8,287

 
1,338

 
2015
 
2006
 
110 First Street
Wellesley, MA
 
—

 
4,690

 
77,462

 
347

 
4,690

 
77,809

 
13,734

 
2015
 
2012
 
23 & 27 Washington Street
West Babylon, NY
 
—

 
3,960

 
47,085

 
2,440

 
3,960

 
49,525

 
11,042

 
2013
 
2003
 
580 Montauk Highway
West Bloomfield, MI
 
—

 
1,040

 
12,300

 
905

 
1,100

 
13,145

 
3,320

 
2013
 
2000
 
7005 Pontiac Trail
West Hills, CA
 
—

 
2,600

 
7,521

 
1,714

 
2,658

 
9,177

 
2,957

 
2013
 
2002
 
9012 Topanga Canyon Road
West Seneca, NY
 
—

 
1,232

 
6,600

 
634

 
1,232

 
7,234

 
546

 
2019
 
2000
 
1187 Orchard Park Drive
West Seneca, NY
 
—

 
1,035

 
7,438

 
604

 
1,035

 
8,042

 
546

 
2019
 
2007
 
2341 Union Road
West Vancouver, BC
 
17,934

 
7,059

 
28,155

 
4,380

 
7,545

 
32,049

 
8,354

 
2013
 
1987
 
2095 Marine Drive
Westbourne, UK
 
—

 
5,441

 
41,420

 
8,236

 
5,854

 
49,243

 
11,299

 
2013
 
2006
 
16-18 Poole Road
Westford, MA
 
—

 
1,440

 
32,607

 
400

 
1,468

 
32,979

 
5,100

 
2015
 
2013
 
108 Littleton Road
Weston, MA
 
—

 
1,160

 
6,200

 
1,555

 
1,160

 
7,755

 
1,879

 
2013
 
1998
 
135 North Avenue
Westworth Village, TX
 
—

 
2,060

 
31,296

 
64

 
2,060

 
31,360

 
4,169

 
2014
 
2014
 
25 Leonard Trail
Weybridge, UK
 
—

 
7,899

 
48,240

 
4,888

 
8,496

 
52,531

 
14,169

 
2013
 
2008
 
Ellesmere Road
Weymouth, UK
 
—

 
2,591

 
16,551

 
1,841

 
2,824

 
18,159

 
2,702

 
2014
 
2013
 
Cross Road
White Oak, MD
 
—

 
2,304

 
24,768

 
2,991

 
2,358

 
27,705

 
6,232

 
2013
 
2002
 
11621 New Hampshire Avenue
Whitesboro, NY
 
—

 
1,575

 
11,873

 
789

 
1,575

 
12,662

 
737

 
2019
 
2015
 
4770 Clinton Road
Willoughby, OH
 
—

 
1,298

 
10,514

 
662

 
1,298

 
11,176

 
688

 
2019
 
2016
 
35100 Chardon Road
Wilmington, DE
 
—

 
1,040

 
23,338

 
2,208

 
1,176

 
25,410

 
5,951

 
2013
 
2004
 
2215 Shipley Street
Winchester, UK
 
—

 
6,009

 
29,405

 
3,178

 
6,471

 
32,121

 
8,270

 
2012
 
2010
 
Stockbridge Road
Winnipeg, MB
 
11,736

 
1,960

 
38,612

 
4,839

 
2,206

 
43,205

 
13,892

 
2013
 
1999
 
857 Wilkes Avenue
Winnipeg, MB
 
25,459

 
1,276

 
21,732

 
2,563

 
1,493

 
24,078

 
5,682

 
2013
 
1988
 
3161 Grant Avenue
Winnipeg, MB
 
12,328

 
1,317

 
15,609

 
2,937

 
1,420

 
18,443

 
3,740

 
2015
 
1999
 
125 Portsmouth Boulevard
Woking, UK
 
—

 
2,990

 
12,523

 
1,032

 
3,118

 
13,427

 
786

 
2016
 
2017
 
12 Streets Heath, West End
Wolverhampton, UK
 
—

 
2,941

 
8,922

 
1,393

 
3,170

 
10,086

 
3,591

 
2013
 
2008
 
73 Wergs Road
Woodland Hills, CA
 
—

 
3,400

 
20,478

 
1,383

 
3,447

 
21,814

 
5,855

 
2013
 
2005
 
20461 Ventura Boulevard
Yonkers, NY
 
—

 
3,962

 
50,107

 
2,314

 
3,956

 
52,427

 
12,283

 
2013
 
2005
 
65 Crisfield Street
Yorkton, SK
 
3,108

 
463

 
8,760

 
886

 
496

 
9,613

 
2,348

 
2013
 
2001
 
94 Russell Drive
Seniors Housing Operating Total
 
$
1,990,607


$
1,383,927


$
13,886,675


$
1,879,176


$
1,469,078


$
15,680,700


$
3,194,057

 
 
 
 
 
 


104

Welltower Inc.
 
 
Schedule III
 
 
Real Estate and Accumulated Depreciation
 
 
December 31, 2019
 
 
(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Abilene, TX
 
$
—

 
$
950

 
$
20,987

 
$
11,660

 
$
950

 
$
32,647

 
$
3,442

 
2014
 
1998
 
6565 Central Park Boulevard
Abilene, TX
 
—

 
990

 
8,187

 
1,089

 
990

 
9,276

 
1,262

 
2014
 
1985
 
1250 East N 10th Street
Aboite Twp, IN
 
—

 
1,770

 
19,930

 
1,601

 
1,770

 
21,531

 
5,178

 
2010
 
2008
 
611 W County Line Rd South
Agawam, MA
 
—

 
880

 
16,112

 
2,134

 
880

 
18,246

 
8,476

 
2002
 
1993
 
1200 Suffield St.
Akron, OH
 
—

 
633

 
3,003

 
—

 
633

 
3,003

 
121

 
2018
 
1999
 
171 North Cleveland Massillon Road
Alexandria, VA
 
—

 
2,452

 
6,829

 
—

 
2,452

 
6,829

 
267

 
2018
 
1964
 
1510 Collingwood Road
Alhambra, CA
 
—

 
600

 
6,305

 
8,847

 
600

 
15,152

 
2,322

 
2011
 
1923
 
1118 N. Stoneman Ave.
Allen Park, MI
 
—

 
1,767

 
5,027

 
—

 
1,767

 
5,027

 
199

 
2018
 
1960
 
9150 Allen Road
Allentown, PA
 
—

 
494

 
11,849

 
—

 
494

 
11,849

 
457

 
2018
 
1995
 
5151 Hamilton Boulevard
Allentown, PA
 
—

 
1,491

 
4,823

 
—

 
1,491

 
4,823

 
195

 
2018
 
1988
 
1265 Cedar Crest Boulevard
Ames, IA
 
—

 
330

 
8,870

 
—

 
330

 
8,870

 
2,314

 
2010
 
1999
 
1325 Coconino Rd.
Ann Arbor, MI
 
—

 
2,172

 
11,127

 
—

 
2,172

 
11,127

 
463

 
2018
 
1997
 
4701 East Huron River Drive
Annandale, VA
 
—

 
1,687

 
18,980

 
—

 
1,687

 
18,980

 
716

 
2018
 
2002
 
7104 Braddock Road
Arlington, VA
 
—

 
4,016

 
8,805

 
—

 
4,016

 
8,805

 
339

 
2018
 
1976
 
550 South Carlin Southprings Road
Asheboro, NC
 
—

 
290

 
5,032

 
261

 
290

 
5,293

 
2,265

 
2003
 
1998
 
514 Vision Dr.
Asheville, NC
 
—

 
204

 
3,489

 
—

 
204

 
3,489

 
1,938

 
1999
 
1999
 
4 Walden Ridge Dr.
Asheville, NC
 
—

 
280

 
1,955

 
518

 
280

 
2,473

 
1,086

 
2003
 
1992
 
308 Overlook Rd.
Atchison, KS
 
—

 
140

 
5,610

 
23

 
140

 
5,633

 
634

 
2015
 
2001
 
1301 N 4th St.
Aurora, CO
 
—

 
2,440

 
28,172

 
—

 
2,440

 
28,172

 
12,556

 
2006
 
2007
 
14211 E. Evans Ave.
Austin, TX
 
—

 
1,691

 
5,006

 
—

 
1,691

 
5,006

 
257

 
2018
 
2000
 
11630 Four Iron Drive
Avon, IN
 
—

 
1,830

 
14,470

 
—

 
1,830

 
14,470

 
3,942

 
2010
 
2004
 
182 S Country RD. 550E
Avon, IN
 
—

 
900

 
19,444

 
—

 
900

 
19,444

 
2,896

 
2014
 
2013
 
10307 E. CR 100 N
Avon, CT
 
—

 
2,132

 
7,627

 
—

 
2,132

 
7,627

 
359

 
2018
 
2000
 
100 Fisher Drive
Azusa, CA
 
—

 
570

 
3,141

 
7,429

 
570

 
10,570

 
3,172

 
1998
 
1953
 
125 W. Sierra Madre Ave.
Baldwin City, KS
 
—

 
190

 
4,810

 
55

 
190

 
4,865

 
560

 
2015
 
2000
 
321 Crimson Ave
Baltimore, MD
 
—

 
4,306

 
4,305

 
—

 
4,306

 
4,305

 
181

 
2018
 
1978
 
6600 Ridge Road
Baltimore, MD
 
—

 
3,069

 
3,150

 
—

 
3,069

 
3,150

 
141

 
2018
 
1996
 
4669 Falls Road
Barberton, OH
 
—

 
1,307

 
9,313

 
—

 
1,307

 
9,313

 
356

 
2018
 
1979
 
85 Third Street
Bartlesville, OK
 
—

 
100

 
1,380

 
—

 
100

 
1,380

 
860

 
1996
 
1995
 
5420 S.E. Adams Blvd.
Battle Creek, MI
 
—

 
857

 
1,822

 
—

 
857

 
1,822

 
99

 
2018
 
1965
 
200 Roosevelt Avenue East
Bay City, MI
 
—

 
633

 
2,620

 
—

 
633

 
2,620

 
115

 
2018
 
1968
 
800 Mulholland Street
Bedford, PA
 
—

 
637

 
4,434

 
—

 
637

 
4,434

 
201

 
2018
 
1965
 
136 Donahoe Manor Road
Belmont, CA
 
—

 
3,000

 
23,526

 
1,653

 
3,000

 
25,179

 
6,778

 
2011
 
1971
 
1301 Ralston Avenue
Belvidere, NJ
 
—

 
2,001

 
26,191

 
—

 
2,001

 
26,191

 
771

 
2019
 
2009
 
1 Brookfield Ct
Benbrook, TX
 
—

 
1,550

 
13,553

 
2,747

 
1,550

 
16,300

 
3,242

 
2011
 
1984
 
4242 Bryant Irvin Road
Berkeley, CA
 
11,947

 
3,050

 
32,677

 
4,982

 
3,050

 
37,659

 
5,614

 
2016
 
1966
 
2235 Sacramento Street
Bethel Park, PA
 
—

 
1,700

 
16,007

 
—

 
1,700

 
16,007

 
4,712

 
2007
 
2009
 
5785 Baptist Road
Bethel Park, PA
 
—

 
1,008

 
6,742

 
—

 
1,008

 
6,742

 
276

 
2018
 
1986
 
60 Highland Road
Bethesda, MD
 
—

 
2,218

 
6,871

 
—

 
2,218

 
6,871

 
259

 
2018
 
1974
 
6530 Democracy Boulevard
Bethlehem, PA
 
—

 
1,191

 
16,892

 
—

 
1,191

 
16,892

 
620

 
2018
 
1979
 
2021 Westgate Drive


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bethlehem, PA
 
—

 
1,143

 
13,592

 
—

 
1,143

 
13,592

 
502

 
2018
 
1982
 
2029 Westgate Drive
Beverly Hills, CA
 
—

 
6,000

 
13,385

 
—

 
6,000

 
13,385

 
1,761

 
2014
 
2000
 
220 N Clark Drive
Bexleyheath, UK
 
—

 
3,750

 
10,807

 
1,101

 
4,034

 
11,624

 
1,567

 
2014
 
1996
 
35 West Street
Bingham Farms, MI
 
—

 
781

 
15,676

 
—

 
781

 
15,676

 
597

 
2018
 
1999
 
24005 West 13 Mile Road
Birmingham, UK
 
—

 
1,647

 
14,853

 
1,246

 
1,771

 
15,975

 
1,964

 
2015
 
2010
 
Clinton Street, Winson Green
Birmingham, UK
 
—

 
1,591

 
19,092

 
1,564

 
1,712

 
20,535

 
2,488

 
2015
 
2010
 
Braymoor Road, Tile Cross
Birmingham, UK
 
—

 
1,462

 
9,056

 
794

 
1,572

 
9,740

 
1,216

 
2015
 
2010
 
Clinton Street, Winson Green
Birmingham, UK
 
—

 
1,184

 
10,085

 
852

 
1,274

 
10,847

 
1,324

 
2015
 
1997
 
122 Tile Cross Road, Garretts Green
Bloomington, IN
 
—

 
670

 
17,423

 
—

 
670

 
17,423

 
2,146

 
2015
 
2015
 
363 S. Fieldstone Boulevard
Boca Raton, FL
 
—

 
2,200

 
4,976

 
—

 
2,200

 
4,976

 
247

 
2018
 
1994
 
7225 Boca Del Mar Drive
Boca Raton, FL
 
—

 
2,826

 
4,063

 
—

 
2,826

 
4,063

 
180

 
2018
 
1984
 
375 Northwest 51st Street
Boulder, CO
 
—

 
3,601

 
21,371

 
—

 
3,601

 
21,371

 
870

 
2018
 
1990
 
2800 Palo Parkway
Bournemouth, UK
 
—

 
2,589

 
15,984

 
—

 
2,589

 
15,984

 
44

 
2019
 
2017
 
Poole Lane
Boynton Beach, FL
 
—

 
2,138

 
10,204

 
—

 
2,138

 
10,204

 
425

 
2018
 
1991
 
3600 Old Boynton Road
Boynton Beach, FL
 
—

 
2,804

 
14,226

 
—

 
2,804

 
14,226

 
541

 
2018
 
1984
 
3001 South Congress Avenue
Bracknell, UK
 
—

 
4,081

 
11,470

 
217

 
4,246

 
11,522

 
713

 
2014
 
2017
 
Bagshot Road
Bradenton, FL
 
—

 
252

 
3,298

 
—

 
252

 
3,298

 
2,068

 
1996
 
1995
 
6101 Pointe W. Blvd.
Bradenton, FL
 
—

 
480

 
9,953

 
110

 
480

 
10,063

 
1,978

 
2012
 
2000
 
2800 60th Avenue West
Braintree, MA
 
—

 
170

 
7,157

 
1,290

 
170

 
8,447

 
8,444

 
1997
 
1968
 
1102 Washington St.
Braintree, UK
 
—

 
—

 
13,296

 
1,005

 
—

 
14,301

 
2,010

 
2014
 
2009
 
Meadow Park Tortoiseshell Way
Brecksville, OH
 
—

 
990

 
19,353

 
—

 
990

 
19,353

 
2,872

 
2014
 
2011
 
8757 Brecksville Road
Brentwood, UK
 
34,515

 
8,537

 
45,869

 
4,443

 
9,182

 
49,667

 
3,992

 
2016
 
2013
 
London Road
Brick, NJ
 
—

 
1,290

 
25,247

 
1,330

 
1,290

 
26,577

 
5,851

 
2011
 
2000
 
458 Jack Martin Blvd.
Bridgewater, NJ
 
—

 
1,800

 
31,810

 
1,678

 
1,800

 
33,488

 
7,340

 
2011
 
2001
 
680 US-202/206 North
Bristol, UK
 
—

 
4,256

 
17,962

 
—

 
4,256

 
17,962

 
411

 
2015
 
2017
 
339 Badminton Road
Bristol, UK
 
—

 
2,270

 
13,030

 
—

 
2,270

 
13,030

 
183

 
2017
 
2019
 
Avon Valley Care Home, Tenniscourt Road
Brooks, AB
 
1,747

 
376

 
4,951

 
370

 
401

 
5,296

 
768

 
2014
 
2000
 
951 Cassils Road West
Bucyrus, OH
 
—

 
1,119

 
2,612

 
—

 
1,119

 
2,612

 
122

 
2018
 
1976
 
1170 West Mansfield Street
Burleson, TX
 
—

 
670

 
13,985

 
2,457

 
670

 
16,442

 
3,430

 
2011
 
1988
 
300 Huguley Boulevard
Burlington, NC
 
—

 
280

 
4,297

 
835

 
280

 
5,132

 
2,157

 
2003
 
2000
 
3619 S. Mebane St.
Burlington, NC
 
—

 
460

 
5,467

 
53

 
460

 
5,520

 
2,400

 
2003
 
1997
 
3615 S. Mebane St.
Burlington, NJ
 
—

 
1,700

 
12,554

 
501

 
1,700

 
13,055

 
3,652

 
2011
 
1965
 
115 Sunset Road
Burlington, NJ
 
—

 
1,170

 
19,205

 
172

 
1,170

 
19,377

 
4,657

 
2011
 
1994
 
2305 Rancocas Road
Burnaby, BC
 
7,292

 
7,623

 
13,844

 
1,463

 
8,139

 
14,791

 
2,177

 
2014
 
2006
 
7195 Canada Way
Calgary, AB
 
14,841

 
2,341

 
42,768

 
3,122

 
2,500

 
45,731

 
6,386

 
2014
 
1971
 
1729-90th Avenue SW
Calgary, AB
 
24,614

 
4,569

 
70,199

 
5,069

 
4,878

 
74,959

 
10,375

 
2014
 
2001
 
500 Midpark Way SE
Camberley, UK
 
—

 
9,974

 
39,168

 
1,984

 
10,376

 
40,750

 
2,725

 
2016
 
2017
 
Pembroke Broadway
Camp Hill, PA
 
—

 
517

 
3,597

 
—

 
517

 
3,597

 
142

 
2018
 
1970
 
1700 Market Street
Canonsburg, PA
 
—

 
911

 
4,830

 
—

 
911

 
4,830

 
207

 
2018
 
1986
 
113 West McMurray Road
Canton, OH
 
—

 
300

 
2,098

 
—

 
300

 
2,098

 
1,165

 
1998
 
1998
 
1119 Perry Dr., N.W.
Canton, MI
 
—

 
1,399

 
16,971

 
—

 
1,399

 
16,971

 
644

 
2018
 
2005
 
7025 Lilley Road
Cape Coral, FL
 
—

 
530

 
3,281

 
—

 
530

 
3,281

 
1,551

 
2002
 
2000
 
911 Santa Barbara Blvd.
Cape Coral, FL
 
8,135

 
760

 
18,868

 
106

 
760

 
18,974

 
3,788

 
2012
 
2009
 
831 Santa Barbara Boulevard
Cape May Court House, NJ
 
—

 
1,440

 
17,002

 
1,775

 
1,440

 
18,777

 
2,784

 
2014
 
1990
 
144 Magnolia Drive
Carlisle, PA
 
—

 
978

 
8,207

 
—

 
978

 
8,207

 
331

 
2018
 
1987
 
940 Walnut Bottom Road


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carmel, IN
 
—

 
1,700

 
19,491

 
1

 
1,700

 
19,492

 
2,521

 
2015
 
2015
 
12315 Pennsylvania Street
Carmel, IN
 
—

 
1,583

 
6,071

 
—

 
1,583

 
6,071

 
263

 
2018
 
1985
 
12999 North Pennsylvania Street
Carmel, IN
 
—

 
—

 
2,296

 
—

 
—

 
2,296

 
82

 
2018
 
1985
 
12999 North Pennsylvania Street
Carrollton, TX
 
—

 
2,010

 
19,549

 
—

 
2,010

 
19,549

 
1,724

 
2014
 
2016
 
2645 East Trinity Mills Road
Cary, NC
 
—

 
1,500

 
4,350

 
1,051

 
1,500

 
5,401

 
2,827

 
1998
 
1996
 
111 MacArthur
Castleton, IN
 
—

 
920

 
15,137

 
—

 
920

 
15,137

 
2,343

 
2014
 
2013
 
8405 Clearvista Lake
Cedar Grove, NJ
 
—

 
2,850

 
27,737

 
20

 
2,850

 
27,757

 
6,753

 
2011
 
1970
 
536 Ridge Road
Cedar Rapids, IA
 
—

 
596

 
9,354

 
—

 
596

 
9,354

 
348

 
2018
 
1965
 
1940 1st Avenue Northeast
Centerville, OH
 
—

 
920

 
3,960

 
—

 
920

 
3,960

 
228

 
2018
 
1997
 
1001 E. Alex Bell Road
Chagrin Falls, OH
 
—

 
832

 
10,841

 
—

 
832

 
10,841

 
431

 
2018
 
1999
 
8100 East Washington Street
Chambersburg, PA
 
—

 
1,373

 
8,864

 
—

 
1,373

 
8,864

 
370

 
2018
 
1976
 
1070 Stouffer Avenue
Chapel Hill, NC
 
—

 
354

 
2,646

 
1,034

 
354

 
3,680

 
1,587

 
2002
 
1997
 
100 Lanark Rd.
Charleston, SC
 
—

 
1,333

 
5,556

 
—

 
1,333

 
5,556

 
220

 
2018
 
1982
 
1137 Sam Rittenberg Boulevard
Charleston, WV
 
—

 
440

 
17,575

 
306

 
440

 
17,881

 
4,158

 
2011
 
1998
 
1000 Association Drive, North Gate Business Park
Chatham, VA
 
—

 
320

 
14,039

 
—

 
320

 
14,039

 
2,222

 
2014
 
2009
 
100 Rorer Street
Cherry Hill, NJ
 
—

 
1,416

 
9,874

 
—

 
1,416

 
9,874

 
408

 
2018
 
1997
 
2700 Chapel Avenue West
Chester, VA
 
—

 
1,320

 
18,127

 
—

 
1,320

 
18,127

 
2,844

 
2014
 
2009
 
12001 Iron Bridge Road
Chevy Chase, MD
 
—

 
4,515

 
8,688

 
—

 
4,515

 
8,688

 
338

 
2018
 
1964
 
8700 Jones Mill Road
Chickasha, OK
 
—

 
85

 
1,395

 
—

 
85

 
1,395

 
863

 
1996
 
1996
 
801 Country Club Rd.
Chillicothe, OH
 
—

 
1,145

 
8,997

 
—

 
1,145

 
8,997

 
348

 
2018
 
1977
 
1058 Columbus Street
Cincinnati, OH
 
—

 
912

 
14,014

 
—

 
912

 
14,014

 
550

 
2018
 
2000
 
6870 Clough Pike
Citrus Heights, CA
 
—

 
5,207

 
31,725

 
—

 
5,207

 
31,725

 
1,172

 
2018
 
1988
 
7807 Upland Way
Claremore, OK
 
—

 
155

 
1,427

 
6,130

 
155

 
7,557

 
1,783

 
1996
 
1996
 
1605 N. Hwy. 88
Clarksville, TN
 
—

 
330

 
2,292

 
—

 
330

 
2,292

 
1,267

 
1998
 
1998
 
2183 Memorial Dr.
Clayton, NC
 
—

 
520

 
15,733

 
—

 
520

 
15,733

 
2,204

 
2014
 
2013
 
84 Johnson Estate Road
Cleburne, TX
 
—

 
520

 
5,369

 
—

 
520

 
5,369

 
1,814

 
2006
 
2007
 
402 S Colonial Drive
Clevedon, UK
 
—

 
2,838

 
16,927

 
1,493

 
3,052

 
18,206

 
2,558

 
2014
 
1994
 
18/19 Elton Road
Cloquet, MN
 
—

 
340

 
4,660

 
120

 
340

 
4,780

 
1,104

 
2011
 
2006
 
705 Horizon Circle
Cobham, UK
 
—

 
9,808

 
24,991

 
2,629

 
10,549

 
26,879

 
4,507

 
2013
 
2013
 
Redhill Road
Colchester, CT
 
—

 
980

 
4,860

 
544

 
980

 
5,404

 
1,636

 
2011
 
1986
 
59 Harrington Court
Colorado Springs, CO
 
—

 
4,280

 
62,168

 
—

 
4,280

 
62,168

 
6,926

 
2015
 
2008
 
1605 Elm Creek View
Colorado Springs, CO
 
—

 
1,730

 
25,493

 
693

 
1,730

 
26,186

 
2,760

 
2016
 
2016
 
2818 Grand Vista Circle
Columbia, TN
 
—

 
341

 
2,295

 
—

 
341

 
2,295

 
1,271

 
1999
 
1999
 
5011 Trotwood Ave.
Columbia, SC
 
—

 
1,699

 
2,320

 
—

 
1,699

 
2,320

 
100

 
2018
 
1968
 
2601 Forest Drive
Columbia Heights, MN
 
—

 
825

 
14,175

 
163

 
825

 
14,338

 
3,117

 
2011
 
2009
 
3807 Hart Boulevard
Columbus, IN
 
—

 
610

 
3,190

 
—

 
610

 
3,190

 
852

 
2010
 
1998
 
2564 Foxpointe Dr.
Concord, NC
 
—

 
550

 
3,921

 
270

 
550

 
4,191

 
1,871

 
2003
 
1997
 
2452 Rock Hill Church Rd.
Concord, NH
 
—

 
1,760

 
43,179

 
634

 
1,760

 
43,813

 
10,199

 
2011
 
1994
 
239 Pleasant Street
Congleton, UK
 
—

 
2,036

 
5,120

 
540

 
2,189

 
5,507

 
744

 
2014
 
1994
 
Rood Hill
Conroe, TX
 
—

 
980

 
7,771

 
—

 
980

 
7,771

 
2,193

 
2009
 
2010
 
903 Longmire Road
Coppell, TX
 
—

 
1,550

 
8,386

 
169

 
1,550

 
8,555

 
1,609

 
2012
 
2013
 
1530 East Sandy Lake Road
Corby, UK
 
—

 
1,228

 
5,144

 
672

 
1,204

 
5,840

 
418

 
2017
 
1997
 
25 Rockingham Road
Costa Mesa, CA
 
—

 
2,050

 
19,969

 
969

 
2,050

 
20,938

 
5,806

 
2011
 
1965
 
350 West Bay St
Coventry, UK
 
—

 
1,962

 
13,830

 
1,193

 
2,110

 
14,875

 
1,885

 
2015
 
2014
 
Banner Lane, Tile Hill
Crawfordsville, IN
 
—

 
720

 
17,239

 
1,426

 
720

 
18,665

 
2,794

 
2014
 
2013
 
517 Concord Road

(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dallastown, PA
 
—

 
1,377

 
16,802

 
—

 
1,377

 
16,802

 
661

 
2018
 
1979
 
100 West Queen Street
Danville, VA
 
—

 
410

 
3,954

 
829

 
410

 
4,783

 
2,072

 
2003
 
1998
 
149 Executive Ct.
Danville, VA
 
—

 
240

 
8,436

 
—

 
240

 
8,436

 
1,352

 
2014
 
1996
 
508 Rison Street
Daphne, AL
 
—

 
2,880

 
8,670

 
384

 
2,880

 
9,054

 
1,884

 
2012
 
2001
 
27440 County Road 13
Davenport, IA
 
—

 
566

 
2,017

 
—

 
566

 
2,017

 
81

 
2018
 
1966
 
815 East Locust Street
Davenport, IA
 
—

 
910

 
20,043

 
—

 
910

 
20,043

 
766

 
2018
 
2008
 
3800 Commerce Blvd.
Dayton, OH
 
—

 
1,188

 
5,414

 
—

 
1,188

 
5,414

 
227

 
2018
 
1977
 
1974 North Fairfield Road
Dearborn Heights, MI
 
—

 
1,197

 
3,396

 
—

 
1,197

 
3,396

 
157

 
2018
 
1964
 
26001 Ford Road
Decatur, GA
 
—

 
1,413

 
13,800

 
—

 
1,413

 
13,800

 
505

 
2018
 
1977
 
2722 North Decatur Road
Delray Beach, FL
 
—

 
1,158

 
13,576

 
—

 
1,158

 
13,576

 
537

 
2018
 
1998
 
16150 Jog Road
Delray Beach, FL
 
—

 
2,125

 
11,844

 
—

 
2,125

 
11,844

 
482

 
2018
 
1998
 
16200 Jog Road
Denton, TX
 
—

 
1,760

 
8,305

 
175

 
1,760

 
8,480

 
2,060

 
2010
 
2011
 
2125 Brinker Rd
Denver, CO
 
—

 
3,222

 
24,811

 
—

 
3,222

 
24,811

 
912

 
2018
 
1988
 
290 South Monaco Parkway
Derby, UK
 
—

 
2,359

 
8,539

 
441

 
2,455

 
8,884

 
963

 
2014
 
2015
 
Rykneld Road
Dover, DE
 
—

 
600

 
22,266

 
141

 
600

 
22,407

 
5,331

 
2011
 
1984
 
1080 Silver Lake Blvd.
Dublin, OH
 
—

 
1,393

 
2,912

 
—

 
1,393

 
2,912

 
139

 
2018
 
2014
 
4075 W. Dublin-Granville Road
Dubuque, IA
 
—

 
568

 
8,904

 
—

 
568

 
8,904

 
332

 
2018
 
1971
 
901 West Third Street
Dunedin, FL
 
—

 
1,883

 
13,329

 
—

 
1,883

 
13,329

 
500

 
2018
 
1983
 
870 Patricia Avenue
Durham, NC
 
—

 
1,476

 
10,659

 
2,587

 
1,476

 
13,246

 
12,451

 
1997
 
1999
 
4434 Ben Franklin Blvd.
Eagan, MN
 
16,186

 
2,260

 
31,643

 
300

 
2,260

 
31,943

 
3,572

 
2015
 
2004
 
3810 Alder Avenue
East Brunswick, NJ
 
—

 
1,380

 
34,229

 
1,093

 
1,380

 
35,322

 
7,664

 
2011
 
1998
 
606 Cranbury Rd.
Eastbourne, UK
 
—

 
4,071

 
24,438

 
2,154

 
4,379

 
26,284

 
3,646

 
2014
 
1999
 
Carew Road
Easton, PA
 
—

 
1,109

 
7,502

 
—

 
1,109

 
7,502

 
384

 
2018
 
2015
 
4100 Freemansburg Avenue
Easton, PA
 
—

 
1,430

 
13,400

 
—

 
1,430

 
13,400

 
529

 
2018
 
1981
 
2600 Northampton Street
Easton, PA
 
—

 
1,620

 
10,052

 
—

 
1,620

 
10,052

 
469

 
2018
 
2000
 
4100 Freemansburg Avenue
Eden, NC
 
—

 
390

 
4,877

 
20

 
390

 
4,897

 
2,162

 
2003
 
1998
 
314 W. Kings Hwy.
Edmond, OK
 
—

 
410

 
8,388

 
—

 
410

 
8,388

 
1,766

 
2012
 
2001
 
15401 North Pennsylvania Avenue
Edmond, OK
 
—

 
1,810

 
14,849

 
3,260

 
1,810

 
18,109

 
2,425

 
2014
 
1985
 
1225 Lakeshore Drive
Edmond, OK
 
—

 
1,650

 
25,167

 
1,700

 
1,650

 
26,867

 
2,103

 
2014
 
2017
 
2709 East Danforth Road
Elizabeth City, NC
 
—

 
200

 
2,760

 
2,165

 
200

 
4,925

 
2,376

 
1998
 
1999
 
400 Hastings Lane
Elk Grove Village, IL
 
—

 
1,344

 
7,076

 
—

 
1,344

 
7,076

 
292

 
2018
 
1995
 
1940 Nerge Road Elk
Elk Grove Village, IL
 
—

 
3,733

 
18,751

 
—

 
3,733

 
18,751

 
685

 
2018
 
1988
 
1920 Nerge Road
Encinitas, CA
 
—

 
1,460

 
7,721

 
1,987

 
1,460

 
9,708

 
4,196

 
2000
 
1988
 
335 Saxony Rd.
Englewood, NJ
 
—

 
930

 
4,514

 
26

 
930

 
4,540

 
1,215

 
2011
 
1966
 
333 Grand Avenue
Epsom, UK
 
33,969

 
20,159

 
34,803

 
4,554

 
21,682

 
37,834

 
3,062

 
2016
 
2014
 
450-458 Reigate Road
Escondido, CA
 
—

 
1,520

 
24,024

 
785

 
1,520

 
24,809

 
6,863

 
2011
 
1987
 
1500 Borden Rd
Eureka, KS
 
—

 
50

 
3,950

 
71

 
50

 
4,021

 
453

 
2015
 
1994
 
1820 E River St
Everett, WA
 
—

 
1,400

 
5,476

 
—

 
1,400

 
5,476

 
2,950

 
1999
 
1999
 
2015 Lake Heights Dr.
Exton, PA
 
—

 
3,600

 
27,267

 
—

 
3,600

 
27,267

 
1,193

 
2017
 
2018
 
501 Thomas Jones Way
Fairfax, VA
 
—

 
1,827

 
17,309

 
—

 
1,827

 
17,309

 
690

 
2018
 
1997
 
12469 Lee Jackson Mem Highway
Fairfax, VA
 
—

 
4,099

 
17,620

 
—

 
4,099

 
17,620

 
687

 
2018
 
1990
 
12475 Lee Jackson Memorial Highway
Fairhope, AL
 
—

 
570

 
9,119

 
112

 
570

 
9,231

 
1,910

 
2012
 
1987
 
50 Spring Run Road
Fall River, MA
 
—

 
620

 
5,829

 
4,856

 
620

 
10,685

 
5,715

 
1996
 
1973
 
1748 Highland Ave.
Fanwood, NJ
 
—

 
2,850

 
55,175

 
1,467

 
2,850

 
56,642

 
12,133

 
2011
 
1982
 
295 South Ave.
Faribault, MN
 
—

 
780

 
11,539

 
300

 
780

 
11,839

 
1,269

 
2015
 
2003
 
828 1st Street NE


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Farmington, CT
 
—

 
1,693

 
10,459

 
—

 
1,693

 
10,459

 
425

 
2018
 
1997
 
45 South Road
Farnborough, UK
 
—

 
2,036

 
5,737

 
586

 
2,189

 
6,170

 
810

 
2014
 
1980
 
Bruntile Close, Reading Road
Fayetteville, PA
 
—

 
2,150

 
32,951

 
2,468

 
2,150

 
35,419

 
4,037

 
2015
 
1991
 
6375 Chambersburg Road
Fayetteville, NY
 
—

 
410

 
3,962

 
500

 
410

 
4,462

 
2,080

 
2001
 
1997
 
5125 Highbridge St.
Findlay, OH
 
—

 
200

 
1,800

 
—

 
200

 
1,800

 
1,061

 
1997
 
1997
 
725 Fox Run Rd.
Fishers, IN
 
—

 
1,500

 
14,500

 
—

 
1,500

 
14,500

 
3,949

 
2010
 
2000
 
9745 Olympia Dr.
Fishersville, VA
 
—

 
788

 
2,101

 
—

 
788

 
2,101

 
672

 
2018
 
1998
 
83 Crossroad Lane
Flint, MI
 
—

 
1,271

 
18,056

 
—

 
1,271

 
18,056

 
668

 
2018
 
1969
 
3011 North Center Road
Florence, NJ
 
—

 
300

 
2,978

 
—

 
300

 
2,978

 
1,403

 
2002
 
1999
 
901 Broad St.
Flourtown, PA
 
—

 
1,800

 
14,830

 
266

 
1,800

 
15,096

 
3,728

 
2011
 
1908
 
350 Haws Lane
Flower Mound, TX
 
—

 
1,800

 
8,414

 
174

 
1,800

 
8,588

 
1,803

 
2011
 
2012
 
4141 Long Prairie Road
Floyd, VA
 
—

 
680

 
3,618

 
—

 
680

 
3,618

 
463

 
2018
 
1979
 
237 Franklin Pike Rd SE
Flushing, MI
 
—

 
690

 
1,702

 
—

 
690

 
1,702

 
105

 
2018
 
1999
 
640 Sunnyside Drive
Flushing, MI
 
—

 
1,415

 
8,536

 
—

 
1,415

 
8,536

 
347

 
2018
 
1967
 
540 Sunnyside Drive
Forest City, NC
 
—

 
320

 
4,497

 
38

 
320

 
4,535

 
2,007

 
2003
 
1999
 
493 Piney Ridge Rd.
Fort Ashby, WV
 
—

 
330

 
19,566

 
356

 
330

 
19,922

 
4,597

 
2011
 
1980
 
Diane Drive, Box 686
Fort Collins, CO
 
—

 
3,680

 
58,608

 
—

 
3,680

 
58,608

 
6,508

 
2015
 
2007
 
4750 Pleasant Oak Drive
Fort Collins, CO
 
—

 
890

 
4,532

 
—

 
890

 
4,532

 
376

 
2018
 
1965
 
1005 East Elizabeth
Fort Worth, TX
 
—

 
450

 
13,615

 
5,086

 
450

 
18,701

 
4,812

 
2010
 
2011
 
425 Alabama Ave.
Fountain Valley, CA
 
—

 
5,259

 
9,379

 
—

 
5,259

 
9,379

 
365

 
2018
 
1988
 
11680 Warner Avenue
Franconia, NH
 
—

 
360

 
11,320

 
70

 
360

 
11,390

 
2,748

 
2011
 
1971
 
93 Main Street
Fredericksburg, VA
 
—

 
1,000

 
20,000

 
2,070

 
1,000

 
22,070

 
7,918

 
2005
 
1999
 
3500 Meekins Dr.
Fredericksburg, VA
 
—

 
1,130

 
23,202

 
—

 
1,130

 
23,202

 
3,363

 
2014
 
2010
 
140 Brimley Drive
Ft. Myers, FL
 
—

 
1,110

 
10,562

 
—

 
1,110

 
10,562

 
422

 
2018
 
1999
 
15950 McGregor Boulevard
Ft. Myers, FL
 
—

 
2,139

 
18,240

 
—

 
2,139

 
18,240

 
713

 
2018
 
1990
 
1600 Matthew Drive
Ft. Myers, FL
 
—

 
2,502

 
9,744

 
—

 
2,502

 
9,744

 
461

 
2018
 
2000
 
13881 Eagle Ridge Drive
Gainesville, FL
 
—

 
2,374

 
29,088

 
—

 
2,374

 
29,088

 
75

 
2016
 
2018
 
3605 NW 83rd Street
Galesburg, IL
 
—

 
1,708

 
3,841

 
—

 
1,708

 
3,841

 
152

 
2018
 
1964
 
280 East Losey Street
Gardner, KS
 
—

 
200

 
2,800

 
93

 
200

 
2,893

 
346

 
2015
 
2000
 
869 Juniper Terrace
Gastonia, NC
 
—

 
470

 
6,129

 
17

 
470

 
6,146

 
2,680

 
2003
 
1998
 
1680 S. New Hope Rd.
Gastonia, NC
 
—

 
310

 
3,096

 
36

 
310

 
3,132

 
1,426

 
2003
 
1994
 
1717 Union Rd.
Gastonia, NC
 
—

 
400

 
5,029

 
202

 
400

 
5,231

 
2,264

 
2003
 
1996
 
1750 Robinwood Rd.
Geneva, IL
 
—

 
1,502

 
16,198

 
—

 
1,502

 
16,198

 
631

 
2018
 
2000
 
2388 Bricher Road
Georgetown, TX
 
—

 
200

 
2,100

 
—

 
200

 
2,100

 
1,227

 
1997
 
1997
 
2600 University Dr., E.
Gig Harbor, WA
 
—

 
3,000

 
4,463

 
—

 
3,000

 
4,463

 
213

 
2018
 
1990
 
3309 45th Street Court Northwest
Glen Ellyn, IL
 
—

 
1,496

 
6,636

 
—

 
1,496

 
6,636

 
288

 
2018
 
2001
 
2S706 Park Boulevard
Granbury, TX
 
—

 
2,550

 
2,940

 
777

 
2,550

 
3,717

 
876

 
2012
 
1996
 
916 East Highway 377
Granger, IN
 
—

 
1,670

 
21,280

 
2,401

 
1,670

 
23,681

 
5,629

 
2010
 
2009
 
6330 North Fir Rd
Grapevine, TX
 
—

 
2,220

 
17,648

 
69

 
2,220

 
17,717

 
2,003

 
2013
 
2014
 
4545 Merlot Drive
Greeley, CO
 
—

 
1,077

 
18,051

 
—

 
1,077

 
18,051

 
1,341

 
2017
 
2009
 
5300 West 29th Street
Greensboro, NC
 
—

 
330

 
2,970

 
594

 
330

 
3,564

 
1,587

 
2003
 
1996
 
5809 Old Oak Ridge Rd.
Greensboro, NC
 
—

 
560

 
5,507

 
1,332

 
560

 
6,839

 
2,921

 
2003
 
1997
 
4400 Lawndale Dr.
Greenville, SC
 
—

 
310

 
4,750

 
—

 
310

 
4,750

 
2,034

 
2004
 
1997
 
23 Southpointe Dr.
Greenville, SC
 
—

 
1,751

 
8,774

 
—

 
1,751

 
8,774

 
351

 
2018
 
1966
 
600 Sulphur Springs Road
Greenville, SC
 
—

 
947

 
1,445

 
—

 
947

 
1,445

 
97

 
2018
 
1976
 
601 Sulphur Springs Road


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Greenville, NC
 
—

 
290

 
4,393

 
236

 
290

 
4,629

 
1,989

 
2003
 
1998
 
2715 Dickinson Ave.
Greenwood, IN
 
—

 
1,550

 
22,770

 
81

 
1,550

 
22,851

 
5,530

 
2010
 
2007
 
2339 South SR 135
Grosse Pointe, MI
 
—

 
867

 
2,386

 
—

 
867

 
2,386

 
100

 
2018
 
1964
 
21401 Mack Avenue
Groton, CT
 
—

 
2,430

 
19,941

 
968

 
2,430

 
20,909

 
5,411

 
2011
 
1975
 
1145 Poquonnock Road
Hamilton, NJ
 
—

 
440

 
4,469

 
—

 
440

 
4,469

 
2,098

 
2001
 
1998
 
1645 Whitehorse-Mercerville Rd.
Hanahan, SC
 
—

 
1,934

 
3,988

 
—

 
1,934

 
3,988

 
190

 
2018
 
1989
 
1800 Eagle Landing Boulevard
Hanford, UK
 
—

 
1,382

 
9,829

 
846

 
1,486

 
10,571

 
1,791

 
2013
 
2012
 
Bankhouse Road
Harrisburg, PA
 
—

 
569

 
12,826

 
—

 
569

 
12,826

 
497

 
2018
 
2000
 
2625 Ailanthus Lane
Harrow, UK
 
—

 
7,402

 
8,266

 
1,183

 
7,961

 
8,890

 
1,248

 
2014
 
2001
 
177 Preston Hill
Hatboro, PA
 
—

 
—

 
28,112

 
1,771

 
—

 
29,883

 
6,894

 
2011
 
1996
 
3485 Davisville Road
Hatboro, PA
 
—

 
1,192

 
7,611

 
—

 
1,192

 
7,611

 
402

 
2018
 
2000
 
779 West County Line Road
Hatfield, UK
 
—

 
2,924

 
7,527

 
789

 
3,145

 
8,095

 
1,382

 
2013
 
2012
 
St Albans Road East
Hattiesburg, MS
 
—

 
450

 
13,469

 
—

 
450

 
13,469

 
3,099

 
2010
 
2009
 
217 Methodist Hospital Blvd
Hemet, CA
 
—

 
6,224

 
8,414

 
—

 
6,224

 
8,414

 
339

 
2018
 
1989
 
1717 West Stetson Avenue
Henry, IL
 
—

 
1,860

 
3,689

 
—

 
1,860

 
3,689

 
141

 
2018
 
1987
 
1650 Old Indian Town Road
Hermitage, TN
 
—

 
1,500

 
9,943

 
540

 
1,500

 
10,483

 
2,212

 
2011
 
2006
 
4131 Andrew Jackson Parkway
Herne Bay, UK
 
—

 
1,900

 
24,353

 
2,726

 
2,043

 
26,936

 
4,843

 
2013
 
2011
 
165 Reculver Road
Hiawatha, KS
 
—

 
40

 
4,210

 
29

 
40

 
4,239

 
495

 
2015
 
1996
 
400 Kansas Ave
Hickory, NC
 
—

 
290

 
987

 
312

 
290

 
1,299

 
673

 
2003
 
1994
 
2530 16th St. N.E.
High Point, NC
 
—

 
560

 
4,443

 
848

 
560

 
5,291

 
2,327

 
2003
 
2000
 
1568 Skeet Club Rd.
High Point, NC
 
—

 
370

 
2,185

 
451

 
370

 
2,636

 
1,207

 
2003
 
1999
 
1564 Skeet Club Rd.
High Point, NC
 
—

 
330

 
3,395

 
108

 
330

 
3,503

 
1,530

 
2003
 
1994
 
201 W. Hartley Dr.
High Point, NC
 
—

 
430

 
4,143

 
36

 
430

 
4,179

 
1,840

 
2003
 
1998
 
1560 Skeet Club Rd.
Highlands Ranch, CO
 
—

 
940

 
3,721

 
4,983

 
940

 
8,704

 
2,516

 
2002
 
1999
 
9160 S. University Blvd.
Hillsboro, OH
 
—

 
1,792

 
6,341

 
—

 
1,792

 
6,341

 
347

 
2018
 
1983
 
1141 Northview Drive
Hinckley, UK
 
—

 
2,159

 
4,194

 
480

 
2,322

 
4,511

 
843

 
2013
 
2013
 
Tudor Road
Hindhead, UK
 
39,141

 
17,852

 
48,645

 
5,405

 
19,200

 
52,702

 
4,171

 
2016
 
2012
 
Portsmouth Road
Hinsdale, IL
 
—

 
4,033

 
24,287

 
—

 
4,033

 
24,287

 
894

 
2018
 
1971
 
600 W Ogden Avenue
Hockessin, DE
 
—

 
1,120

 
6,308

 
1,247

 
1,120

 
7,555

 
1,163

 
2014
 
1992
 
100 Saint Claire Drive
Holton, KS
 
—

 
40

 
7,460

 
13

 
40

 
7,473

 
814

 
2015
 
1996
 
410 Juniper Dr
Homewood, IL
 
—

 
2,395

 
7,652

 
—

 
2,395

 
7,652

 
288

 
2018
 
1989
 
940 Maple Avenue
Howard, WI
 
—

 
579

 
32,122

 
10

 
579

 
32,132

 
2,040

 
2017
 
2016
 
2790 Elm Tree Hill
Huntingdon Valley, PA
 
—

 
1,150

 
3,730

 
—

 
1,150

 
3,730

 
209

 
2018
 
1993
 
3430 Huntingdon Pike
Hutchinson, KS
 
—

 
600

 
10,590

 
194

 
600

 
10,784

 
4,242

 
2004
 
1997
 
2416 Brentwood
Independence, VA
 
—

 
1,082

 
6,767

 
—

 
1,082

 
6,767

 
829

 
2018
 
1998
 
400 S Independence Ave
Indianapolis, IN
 
—

 
870

 
14,688

 
—

 
870

 
14,688

 
2,283

 
2014
 
2014
 
1635 N Arlington Avenue
Indianapolis, IN
 
—

 
1,105

 
6,645

 
—

 
1,105

 
6,645

 
252

 
2018
 
1979
 
8549 South Madison Avenue
Jackson, NJ
 
—

 
6,500

 
26,405

 
3,107

 
6,500

 
29,512

 
5,334

 
2012
 
2001
 
2 Kathleen Drive
Jacksonville, FL
 
—

 
750

 
25,231

 
111

 
750

 
25,342

 
2,303

 
2013
 
2014
 
5939 Roosevelt Boulevard
Jacksonville, FL
 
—

 
—

 
26,381

 
1,801

 
1,691

 
26,491

 
2,403

 
2013
 
2014
 
4000 San Pablo Parkway
Jacksonville, FL
 
—

 
1,752

 
2,553

 
—

 
1,752

 
2,553

 
102

 
2018
 
1989
 
3648 University Blvd South
Jacksonville, FL
 
—

 
2,182

 
9,491

 
—

 
2,182

 
9,491

 
406

 
2018
 
1980
 
8495 Normandy Blvd
Jefferson Hills, PA
 
—

 
2,265

 
13,618

 
—

 
2,265

 
13,618

 
771

 
2018
 
1997
 
380 Wray Large Road
Jersey Shore, PA
 
—

 
600

 
8,107

 
—

 
600

 
8,107

 
294

 
2018
 
1973
 
1008 Thompson Street
Kansas City, KS
 
—

 
700

 
20,115

 
—

 
700

 
20,115

 
2,322

 
2015
 
2015
 
8900 Parallel Parkway


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Katy, TX
 
—

 
1,778

 
22,622

 
—

 
1,778

 
22,622

 
1,707

 
2017
 
2015
 
24802 Kingsland Boulevard
Kensington, MD
 
—

 
1,753

 
18,626

 
—

 
1,753

 
18,626

 
699

 
2018
 
2002
 
4301 Knowles Avenue
Kenwood, OH
 
—

 
821

 
11,043

 
—

 
821

 
11,043

 
428

 
2018
 
2000
 
4580 East Galbraith Road
Kettering, OH
 
—

 
1,229

 
4,703

 
—

 
1,229

 
4,703

 
207

 
2018
 
1977
 
3313 Wilmington Pike
King of Prussia, PA
 
—

 
720

 
14,780

 
—

 
720

 
14,780

 
594

 
2018
 
1995
 
620 West Valley Forge Road
King of Prussia, PA
 
—

 
1,205

 
4,727

 
—

 
1,205

 
4,727

 
225

 
2018
 
1990
 
600 West Valley Forge Road
Kingsford, MI
 
—

 
1,362

 
10,598

 
—

 
1,362

 
10,598

 
428

 
2018
 
1968
 
1225 Woodward Avenue
Kingston, PA
 
—

 
986

 
5,711

 
—

 
986

 
5,711

 
225

 
2018
 
1974
 
200 Second Avenue
Kingston upon Thames, UK
 
71,089

 
33,063

 
46,696

 
6,439

 
35,561

 
50,637

 
4,056

 
2016
 
2014
 
Coombe Lane West
Kirkstall, UK
 
—

 
2,437

 
9,414

 
896

 
2,621

 
10,126

 
1,720

 
2013
 
2009
 
29 Broad Lane
Kokomo, IN
 
—

 
710

 
16,044

 
—

 
710

 
16,044

 
2,488

 
2014
 
2014
 
2200 S. Dixon Rd
Lacey, WA
 
—

 
2,582

 
18,180

 
—

 
2,582

 
18,180

 
692

 
2018
 
2012
 
4524 Intelco Loop SE
Lafayette, CO
 
—

 
1,420

 
20,192

 
—

 
1,420

 
20,192

 
2,572

 
2015
 
2015
 
329 Exempla Circle
Lafayette, IN
 
—

 
670

 
16,833

 
1

 
670

 
16,834

 
2,368

 
2015
 
2014
 
2402 South Street
Lakeway, TX
 
—

 
5,142

 
23,203

 
—

 
5,142

 
23,203

 
3,995

 
2007
 
2011
 
2000 Medical Dr
Lakewood, CO
 
—

 
2,160

 
28,091

 
62

 
2,160

 
28,153

 
4,299

 
2014
 
2010
 
7395 West Eastman Place
Lakewood Ranch, FL
 
—

 
650

 
6,714

 
1,988

 
650

 
8,702

 
1,726

 
2011
 
2012
 
8230 Nature's Way
Lakewood Ranch, FL
 
—

 
1,000

 
22,388

 
86

 
1,000

 
22,474

 
4,410

 
2012
 
2005
 
8220 Natures Way
Lancaster, PA
 
—

 
1,680

 
14,039

 
—

 
1,680

 
14,039

 
1,159

 
2015
 
2017
 
31 Millersville Road
Lancaster, PA
 
—

 
1,011

 
7,504

 
—

 
1,011

 
7,504

 
296

 
2018
 
1966
 
100 Abbeyville Road
Largo, FL
 
—

 
1,166

 
3,427

 
—

 
1,166

 
3,427

 
175

 
2018
 
1997
 
300 Highland Avenue Northeast
Las Vegas, NV
 
—

 
580

 
23,420

 
—

 
580

 
23,420

 
5,220

 
2011
 
2002
 
2500 North Tenaya Way
Laureldale, PA
 
—

 
1,171

 
14,424

 
—

 
1,171

 
14,424

 
549

 
2018
 
1980
 
2125 Elizabeth Avenue
Lawrence, KS
 
—

 
250

 
8,716

 
—

 
250

 
8,716

 
1,697

 
2012
 
1996
 
3220 Peterson Road
Lebanon, PA
 
—

 
728

 
10,370

 
—

 
728

 
10,370

 
432

 
2018
 
1998
 
100 Tuck Court
Lebanon, PA
 
—

 
1,214

 
5,962

 
—

 
1,214

 
5,962

 
278

 
2018
 
1980
 
900 Tuck Street
Lee, MA
 
—

 
290

 
18,135

 
926

 
290

 
19,061

 
8,860

 
2002
 
1998
 
600 & 620 Laurel St.
Leeds, UK
 
—

 
1,974

 
13,239

 
1,149

 
2,123

 
14,239

 
1,728

 
2015
 
2013
 
100 Grove Lane
Leicester, UK
 
—

 
3,060

 
24,410

 
2,075

 
3,291

 
26,254

 
4,798

 
2012
 
2010
 
307 London Road
Lenoir, NC
 
—

 
190

 
3,748

 
718

 
190

 
4,466

 
1,945

 
2003
 
1998
 
1145 Powell Rd., N.E.
Lethbridge, AB
 
1,305

 
1,214

 
2,750

 
279

 
1,296

 
2,947

 
554

 
2014
 
2003
 
785 Columbia Boulevard West
Lexana, KS
 
—

 
480

 
1,770

 
152

 
480

 
1,922

 
247

 
2015
 
1994
 
8710 Caenen Lake Rd
Lexington, NC
 
—

 
200

 
3,900

 
1,090

 
200

 
4,990

 
2,243

 
2002
 
1997
 
161 Young Dr.
Libertyville, IL
 
—

 
6,500

 
40,024

 
—

 
6,500

 
40,024

 
9,587

 
2011
 
2001
 
901 Florsheim Dr
Libertyville, IL
 
—

 
2,993

 
11,550

 
—

 
2,993

 
11,550

 
431

 
2018
 
1988
 
1500 South Milwaukee
Lichfield, UK
 
—

 
1,382

 
30,324

 
2,395

 
1,486

 
32,615

 
3,979

 
2015
 
2012
 
Wissage Road
Lillington, NC
 
—

 
470

 
17,579

 
—

 
470

 
17,579

 
2,626

 
2014
 
2013
 
54 Red Mulberry Way
Lillington, NC
 
—

 
500

 
16,451

 
—

 
500

 
16,451

 
2,307

 
2014
 
1999
 
2041 NC-210 N
Lincoln, NE
 
—

 
390

 
13,807

 
95

 
390

 
13,902

 
3,519

 
2010
 
2000
 
7208 Van Dorn St.
Lititz, PA
 
—

 
1,200

 
13,836

 
—

 
1,200

 
13,836

 
1,144

 
2015
 
2016
 
80 West Millport Road
Livermore, CA
 
—

 
4,100

 
24,996

 
—

 
4,100

 
24,996

 
3,276

 
2014
 
1974
 
35 Fenton Street
Livonia, MI
 
—

 
985

 
13,558

 
—

 
985

 
13,558

 
544

 
2018
 
1999
 
32500 Seven Mile Road
Livonia, MI
 
—

 
1,836

 
2,278

 
—

 
1,836

 
2,278

 
109

 
2018
 
1960
 
28550 Five Mile Road
Longview, TX
 
—

 
610

 
5,520

 
—

 
610

 
5,520

 
1,873

 
2006
 
2007
 
311 E Hawkins Pkwy
Longwood, FL
 
—

 
1,260

 
6,445

 
—

 
1,260

 
6,445

 
1,552

 
2011
 
2011
 
425 South Ronald Reagan Boulevard


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Los Angeles, CA
 
—

 
—

 
11,430

 
1,050

 
—

 
12,480

 
3,242

 
2008
 
1971
 
330 North Hayworth Avenue
Louisburg, KS
 
—

 
280

 
4,320

 
44

 
280

 
4,364

 
481

 
2015
 
1996
 
202 Rogers St
Louisville, KY
 
—

 
490

 
10,010

 
2,768

 
490

 
12,778

 
5,144

 
2005
 
1978
 
4604 Lowe Rd
Loxley, UK
 
—

 
1,369

 
15,668

 
1,288

 
1,473

 
16,852

 
3,003

 
2013
 
2008
 
Loxley Road
Lutherville, MD
 
—

 
1,100

 
19,786

 
1,744

 
1,100

 
21,530

 
5,068

 
2011
 
1988
 
515 Brightfield Road
Lynchburg, VA
 
—

 
340

 
16,114

 
—

 
340

 
16,114

 
2,444

 
2014
 
2013
 
189 Monica Blvd
Lynchburg, VA
 
—

 
2,904

 
3,697

 
—

 
2,904

 
3,697

 
144

 
2018
 
1978
 
2200 Landover Place
Lynnwood, WA
 
—

 
2,302

 
5,634

 
—

 
2,302

 
5,634

 
222

 
2018
 
1987
 
3701 188th Street
Macomb, IL
 
—

 
1,586

 
4,059

 
—

 
1,586

 
4,059

 
153

 
2018
 
1966
 
8 Doctors Lane
Macungie, PA
 
—

 
960

 
29,033

 
84

 
960

 
29,117

 
6,833

 
2011
 
1994
 
1718 Spring Creek Road
Manalapan, NJ
 
—

 
900

 
22,624

 
760

 
900

 
23,384

 
5,094

 
2011
 
2001
 
445 Route 9 South
Manassas, VA
 
—

 
750

 
7,446

 
1,069

 
750

 
8,515

 
3,285

 
2003
 
1996
 
8341 Barrett Dr.
Mankato, MN
 
—

 
1,460

 
32,104

 
300

 
1,460

 
32,404

 
3,451

 
2015
 
2006
 
100 Dublin Road
Mansfield, TX
 
—

 
660

 
5,251

 
—

 
660

 
5,251

 
1,802

 
2006
 
2007
 
2281 Country Club Dr
Marietta, OH
 
—

 
1,149

 
9,376

 
—

 
1,149

 
9,376

 
362

 
2018
 
1977
 
5001 State Route 60
Marietta, GA
 
—

 
2,406

 
12,233

 
—

 
2,406

 
12,233

 
462

 
2018
 
1980
 
4360 Johnson Ferry Place
Marietta, PA
 
—

 
1,050

 
13,633

 
463

 
1,050

 
14,096

 
1,585

 
2015
 
1999
 
2760 Maytown Road
Marion, IN
 
—

 
720

 
12,750

 
1,136

 
720

 
13,886

 
2,086

 
2014
 
2012
 
614 W. 14th Street
Marion, IN
 
—

 
990

 
9,190

 
824

 
990

 
10,014

 
1,782

 
2014
 
1976
 
505 N. Bradner Avenue
Marion, OH
 
—

 
2,768

 
17,420

 
—

 
2,768

 
17,420

 
856

 
2018
 
2004
 
400 Barks Road West
Marlborough, UK
 
—

 
2,677

 
6,822

 
718

 
2,879

 
7,338

 
1,006

 
2014
 
1999
 
The Common
Marlow, UK
 
—

 
9,068

 
39,720

 
1,970

 
9,434

 
41,324

 
4,037

 
2013
 
2014
 
210 Little Marlow Road
Martinsville, VA
 
—

 
349

 
—

 
—

 
349

 
—

 
—

 
2003
 
1900
 
Rolling Hills Rd. & US Hwy. 58
Matawan, NJ
 
—

 
1,830

 
20,618

 
166

 
1,830

 
20,784

 
4,764

 
2011
 
1965
 
625 State Highway 34
Matthews, NC
 
—

 
560

 
4,738

 
39

 
560

 
4,777

 
2,141

 
2003
 
1998
 
2404 Plantation Center Dr.
McHenry, IL
 
—

 
1,576

 
—

 
—

 
1,576

 
—

 
—

 
2006
 
1900
 
5200 Block of Bull Valley Road
McKinney, TX
 
—

 
1,570

 
7,389

 
—

 
1,570

 
7,389

 
2,096

 
2009
 
2010
 
2701 Alma Rd.
McMurray, PA
 
—

 
1,440

 
15,805

 
3,894

 
1,440

 
19,699

 
4,190

 
2010
 
2011
 
240 Cedar Hill Dr
Medicine Hat, AB
 
2,144

 
932

 
5,566

 
450

 
995

 
5,953

 
889

 
2014
 
1999
 
65 Valleyview Drive SW
Mentor, OH
 
—

 
1,827

 
9,941

 
—

 
1,827

 
9,941

 
389

 
2018
 
1985
 
8200 Mentor Hills Drive
Mercerville, NJ
 
—

 
860

 
9,929

 
173

 
860

 
10,102

 
2,619

 
2011
 
1967
 
2240 White Horse- Merceville Road
Meriden, CT
 
—

 
1,300

 
1,472

 
233

 
1,300

 
1,705

 
848

 
2011
 
1968
 
845 Paddock Ave
Miamisburg, OH
 
—

 
786

 
3,233

 
—

 
786

 
3,233

 
178

 
2018
 
1983
 
450 Oak Ridge Boulevard
Middleburg Heights, OH
 
—

 
960

 
7,780

 
427

 
960

 
8,207

 
3,134

 
2004
 
1998
 
15435 Bagley Rd.
Middleton, WI
 
—

 
420

 
4,006

 
600

 
420

 
4,606

 
2,028

 
2001
 
1991
 
6701 Stonefield Rd.
Milton Keynes, UK
 
—

 
1,826

 
18,654

 
1,547

 
1,964

 
20,063

 
2,520

 
2015
 
2007
 
Tunbridge Grove, Kents Hill
Minnetonka, MN
 
—

 
2,080

 
24,360

 
1,554

 
2,080

 
25,914

 
6,078

 
2012
 
1999
 
500 Carlson Parkway
Mishawaka, IN
 
—

 
740

 
16,113

 
—

 
740

 
16,113

 
2,565

 
2014
 
2013
 
60257 Bodnar Blvd
Moline, IL
 
—

 
2,946

 
18,677

 
—

 
2,946

 
18,677

 
682

 
2018
 
1964
 
833 Sixteenth Avenue
Monmouth Junction, NJ
 
—

 
720

 
6,209

 
86

 
720

 
6,295

 
1,721

 
2011
 
1996
 
2 Deer Park Drive
Monroe, NC
 
—

 
470

 
3,681

 
788

 
470

 
4,469

 
1,950

 
2003
 
2001
 
918 Fitzgerald St.
Monroe, NC
 
—

 
310

 
4,799

 
883

 
310

 
5,682

 
2,450

 
2003
 
2000
 
919 Fitzgerald St.
Monroe, NC
 
—

 
450

 
4,021

 
154

 
450

 
4,175

 
1,860

 
2003
 
1997
 
1316 Patterson Ave.
Monroe Township, NJ
 
—

 
3,250

 
27,771

 
765

 
3,250

 
28,536

 
2,966

 
2015
 
1996
 
319 Forsgate Drive
Monroeville, PA
 
—

 
1,216

 
12,753

 
—

 
1,216

 
12,753

 
593

 
2018
 
1997
 
120 Wyngate Drive


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Monroeville, PA
 
—

 
1,237

 
3,642

 
—

 
1,237

 
3,642

 
225

 
2018
 
1996
 
885 MacBeth Drive
Montgomeryville, PA
 
—

 
1,176

 
9,827

 
—

 
1,176

 
9,827

 
404

 
2018
 
1989
 
640 Bethlehem Pike
Montville, NJ
 
—

 
3,500

 
31,002

 
1,699

 
3,500

 
32,701

 
7,173

 
2011
 
1988
 
165 Changebridge Rd.
Moorestown, NJ
 
—

 
4,143

 
23,902

 
—

 
4,143

 
23,902

 
3,947

 
2012
 
2014
 
250 Marter Avenue
Morehead City, NC
 
—

 
200

 
3,104

 
1,701

 
200

 
4,805

 
2,371

 
1999
 
1999
 
107 Bryan St.
Morrison, CO
 
—

 
2,720

 
16,261

 
—

 
2,720

 
16,261

 
1,359

 
2018
 
1974
 
150 Spring Street
Moulton, UK
 
—

 
1,695

 
12,510

 
1,611

 
1,662

 
14,154

 
960

 
2017
 
1995
 
Northampton Lane North
Mountainside, NJ
 
—

 
3,097

 
7,810

 
—

 
3,097

 
7,810

 
309

 
2018
 
1988
 
1180 Route 22
Nacogdoches, TX
 
—

 
390

 
5,754

 
—

 
390

 
5,754

 
1,948

 
2006
 
2007
 
5902 North St
Naperville, IL
 
—

 
3,470

 
29,547

 
—

 
3,470

 
29,547

 
7,214

 
2011
 
2001
 
504 North River Road
Naples, FL
 
—

 
1,222

 
10,642

 
—

 
1,222

 
10,642

 
441

 
2018
 
1998
 
6125 Rattlesnake Hammock Road
Naples, FL
 
—

 
1,672

 
23,126

 
—

 
1,672

 
23,126

 
1,068

 
2018
 
1993
 
1000 Lely Palms Drive
Naples, FL
 
—

 
1,854

 
12,402

 
—

 
1,854

 
12,402

 
463

 
2018
 
1987
 
3601 Lakewood Boulevard
Nashville, TN
 
—

 
4,910

 
29,590

 
—

 
4,910

 
29,590

 
9,113

 
2008
 
2007
 
15 Burton Hills Boulevard
Naugatuck, CT
 
—

 
1,200

 
15,826

 
199

 
1,200

 
16,025

 
3,931

 
2011
 
1980
 
4 Hazel Avenue
Needham, MA
 
—

 
1,610

 
12,667

 
—

 
1,610

 
12,667

 
5,644

 
2002
 
1994
 
100 West St.
New Lenox, IL
 
—

 
1,225

 
21,575

 
—

 
1,225

 
21,575

 
429

 
2019
 
2007
 
1023 South Cedar Rd
New Moston, UK
 
—

 
1,480

 
4,378

 
443

 
1,592

 
4,709

 
833

 
2013
 
2010
 
90a Broadway
Newark, DE
 
—

 
560

 
21,220

 
2,422

 
560

 
23,642

 
8,621

 
2004
 
1998
 
200 E. Village Rd.
Newcastle Under Lyme, UK
 
—

 
1,110

 
5,655

 
512

 
1,194

 
6,083

 
1,028

 
2013
 
2010
 
Hempstalls Lane
Newcastle-under-Lyme, UK
 
—

 
1,125

 
5,537

 
503

 
1,210

 
5,955

 
817

 
2014
 
1999
 
Silverdale Road
Newport News, VA
 
—

 
839

 
6,077

 
—

 
839

 
6,077

 
739

 
2018
 
1998
 
12997 Nettles Dr
Norman, OK
 
—

 
55

 
1,484

 
—

 
55

 
1,484

 
969

 
1995
 
1995
 
1701 Alameda Dr.
Norman, OK
 
—

 
1,480

 
33,330

 
—

 
1,480

 
33,330

 
6,428

 
2012
 
1985
 
800 Canadian Trails Drive
North Augusta, SC
 
—

 
332

 
2,558

 
—

 
332

 
2,558

 
1,407

 
1999
 
1998
 
105 North Hills Dr.
Northampton, UK
 
—

 
5,182

 
17,348

 
1,702

 
5,573

 
18,659

 
3,277

 
2013
 
2011
 
Cliftonville Road
Northampton, UK
 
—

 
2,013

 
6,257

 
626

 
2,166

 
6,730

 
869

 
2014
 
2014
 
Cliftonville Road
Northbrook, IL
 
—

 
1,298

 
13,341

 
—

 
1,298

 
13,341

 
510

 
2018
 
1999
 
3240 Milwaukee Avenue
Nuneaton, UK
 
—

 
3,325

 
8,983

 
929

 
3,576

 
9,661

 
1,634

 
2013
 
2011
 
132 Coventry Road
Nuthall, UK
 
—

 
1,628

 
6,263

 
597

 
1,752

 
6,736

 
856

 
2014
 
2014
 
172A Nottingham Road
Nuthall, UK
 
—

 
2,498

 
10,436

 
977

 
2,687

 
11,224

 
1,917

 
2013
 
2011
 
172 Nottingham Road
Oak Lawn, IL
 
—

 
2,418

 
5,428

 
—

 
2,418

 
5,428

 
206

 
2018
 
1977
 
9401 South Kostner Avenue
Oak Lawn, IL
 
—

 
3,876

 
7,988

 
—

 
3,876

 
7,988

 
315

 
2018
 
1960
 
6300 W 95th Street
Oakland, CA
 
—

 
4,760

 
16,143

 
109

 
4,760

 
16,252

 
2,372

 
2014
 
2002
 
468 Perkins Street
Ocala, FL
 
—

 
1,340

 
10,564

 
102

 
1,340

 
10,666

 
3,067

 
2008
 
2009
 
2650 SE 18TH Avenue
Oklahoma City, OK
 
—

 
590

 
7,513

 
—

 
590

 
7,513

 
2,382

 
2007
 
2008
 
13200 S. May Ave
Oklahoma City, OK
 
—

 
760

 
7,017

 
—

 
760

 
7,017

 
2,197

 
2007
 
2009
 
11320 N. Council Road
Oklahoma City, OK
 
—

 
1,590

 
16,272

 
—

 
1,590

 
16,272

 
44

 
2014
 
2016
 
2800 SW 131st Street
Olathe, KS
 
—

 
1,930

 
19,765

 
553

 
1,930

 
20,318

 
2,378

 
2016
 
2015
 
21250 W 151 Street
Omaha, NE
 
—

 
370

 
10,230

 
—

 
370

 
10,230

 
2,643

 
2010
 
1998
 
11909 Miracle Hills Dr.
Omaha, NE
 
—

 
380

 
8,769

 
—

 
380

 
8,769

 
2,392

 
2010
 
1999
 
5728 South 108th St.
Ona, WV
 
—

 
950

 
15,998

 
390

 
950

 
16,388

 
1,820

 
2015
 
2007
 
100 Weatherholt Drive
Oneonta, NY
 
—

 
80

 
5,020

 
—

 
80

 
5,020

 
1,570

 
2007
 
1996
 
1846 County Highway 48
Orange Park, FL
 
—

 
2,201

 
4,018

 
—

 
2,201

 
4,018

 
212

 
2018
 
1990
 
570 Wells Road
Orem, UT
 
—

 
2,150

 
24,107

 
—

 
2,150

 
24,107

 
2,642

 
2015
 
2014
 
250 East Center Street


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Osage City, KS
 
—

 
50

 
1,700

 
142

 
50

 
1,842

 
247

 
2015
 
1996
 
1403 Laing St
Osawatomie, KS
 
—

 
130

 
2,970

 
136

 
130

 
3,106

 
380

 
2015
 
2003
 
1520 Parker Ave
Ottawa, KS
 
—

 
160

 
6,590

 
44

 
160

 
6,634

 
742

 
2015
 
2007
 
2250 S Elm St
Overland Park, KS
 
—

 
4,500

 
29,105

 
38,441

 
8,230

 
63,816

 
17,220

 
2010
 
1988
 
6101 W 119th St
Overland Park, KS
 
—

 
410

 
2,840

 
92

 
410

 
2,932

 
374

 
2015
 
2004
 
14430 Metcalf Ave
Overland Park, KS
 
—

 
1,300

 
25,311

 
677

 
1,300

 
25,988

 
2,995

 
2016
 
2015
 
7600 Antioch Road
Owasso, OK
 
—

 
215

 
1,380

 
—

 
215

 
1,380

 
834

 
1996
 
1996
 
12807 E. 86th Place N.
Owensboro, KY
 
—

 
225

 
13,275

 
—

 
225

 
13,275

 
5,428

 
2005
 
1964
 
1205 Leitchfield Rd.
Owenton, KY
 
—

 
100

 
2,400

 
—

 
100

 
2,400

 
1,157

 
2005
 
1979
 
905 Hwy. 127 N.
Palestine, TX
 
—

 
180

 
4,320

 
1,300

 
180

 
5,620

 
1,949

 
2006
 
2005
 
1625 W. Spring St.
Palm Beach Gardens, FL
 
—

 
2,082

 
6,624

 
—

 
2,082

 
6,624

 
289

 
2018
 
1991
 
11375 Prosperity Farms Road
Palm Coast, FL
 
—

 
870

 
10,957

 
98

 
870

 
11,055

 
3,040

 
2008
 
2010
 
50 Town Ct.
Palm Desert, CA
 
—

 
6,195

 
8,922

 
—

 
6,195

 
8,922

 
353

 
2018
 
1989
 
74350 Country Club Drive
Palm Harbor, FL
 
—

 
1,306

 
13,811

 
—

 
1,306

 
13,811

 
567

 
2018
 
1997
 
2895 Tampa Road
Palm Harbor, FL
 
—

 
3,281

 
22,457

 
—

 
3,281

 
22,457

 
904

 
2018
 
1990
 
2851 Tampa Road
Palos Heights, IL
 
—

 
1,225

 
12,457

 
—

 
1,225

 
12,457

 
468

 
2018
 
1999
 
7880 West College Drive
Palos Heights, IL
 
—

 
3,431

 
28,812

 
—

 
3,431

 
28,812

 
1,046

 
2018
 
1987
 
7850 West College Drive
Palos Heights, IL
 
—

 
2,590

 
7,647

 
—

 
2,590

 
7,647

 
288

 
2018
 
1996
 
11860 Southwest Hwy
Panama City Beach, FL
 
—

 
900

 
6,402

 
734

 
900

 
7,136

 
1,340

 
2011
 
2005
 
6012 Magnolia Beach Road
Paola, KS
 
—

 
190

 
5,610

 
59

 
190

 
5,669

 
646

 
2015
 
2000
 
601 N. East Street
Paris, TX
 
—

 
490

 
5,452

 
—

 
490

 
5,452

 
4,784

 
2005
 
2006
 
750 N Collegiate Dr
Parma, OH
 
—

 
960

 
12,722

 
—

 
960

 
12,722

 
512

 
2018
 
1998
 
9205 Sprague Road
Parma, OH
 
—

 
1,833

 
10,318

 
—

 
1,833

 
10,318

 
468

 
2018
 
2006
 
9055 West Sprague Road
Paulsboro, NJ
 
—

 
3,264

 
8,026

 
—

 
3,264

 
8,026

 
327

 
2018
 
1987
 
550 Jessup Road
Perrysburg, OH
 
—

 
1,456

 
5,433

 
—

 
1,456

 
5,433

 
224

 
2018
 
1973
 
10540 Fremont Pike
Perrysburg, OH
 
—

 
1,213

 
7,110

 
—

 
1,213

 
7,110

 
271

 
2018
 
1978
 
10542 Fremont Pike
Philadelphia, PA
 
—

 
2,930

 
10,433

 
3,536

 
2,930

 
13,969

 
3,647

 
2011
 
1952
 
1526 Lombard Street
Phillipsburg, NJ
 
—

 
800

 
21,175

 
238

 
800

 
21,413

 
5,254

 
2011
 
1992
 
290 Red School Lane
Phillipsburg, NJ
 
—

 
300

 
8,114

 
101

 
300

 
8,215

 
2,015

 
2011
 
1905
 
843 Wilbur Avenue
Pikesville, MD
 
—

 
—

 
2,488

 
—

 
—

 
2,488

 
89

 
2018
 
1998
 
8911 Reisterstown Road
Pikesville, MD
 
—

 
4,247

 
8,383

 
—

 
4,247

 
8,383

 
357

 
2018
 
1996
 
8909 Reisterstown Road
Pinehurst, NC
 
—

 
290

 
2,690

 
517

 
290

 
3,207

 
1,463

 
2003
 
1998
 
17 Regional Dr.
Piqua, OH
 
—

 
204

 
1,885

 
—

 
204

 
1,885

 
1,069

 
1997
 
1997
 
1744 W. High St.
Piscataway, NJ
 
—

 
3,100

 
33,501

 
—

 
3,100

 
33,501

 
2,369

 
2013
 
2017
 
10 Sterling Drive
Pittsburgh, PA
 
—

 
603

 
11,357

 
—

 
603

 
11,357

 
455

 
2018
 
1998
 
1125 Perry Highway
Pittsburgh, PA
 
—

 
1,005

 
15,164

 
—

 
1,005

 
15,164

 
584

 
2018
 
1997
 
505 Weyman Road
Pittsburgh, PA
 
—

 
1,140

 
3,166

 
—

 
1,140

 
3,166

 
123

 
2018
 
1962
 
550 South Negley Avenue
Pittsburgh, PA
 
—

 
994

 
3,790

 
—

 
994

 
3,790

 
210

 
2018
 
1986
 
2170 Rhine Street
Pittsburgh, PA
 
—

 
761

 
4,214

 
—

 
761

 
4,214

 
157

 
2018
 
1965
 
5609 Fifth Avenue
Pittsburgh, PA
 
—

 
1,480

 
9,715

 
—

 
1,480

 
9,715

 
423

 
2018
 
1986
 
1105 Perry Highway
Pittsburgh, PA
 
—

 
1,139

 
5,846

 
—

 
1,139

 
5,846

 
249

 
2018
 
1986
 
1848 Greentree Road
Pittsburgh, PA
 
—

 
1,750

 
8,572

 
6,320

 
1,750

 
14,892

 
3,701

 
2005
 
1998
 
100 Knoedler Rd.
Plainview, NY
 
—

 
3,990

 
11,969

 
1,713

 
3,990

 
13,682

 
3,235

 
2011
 
1963
 
150 Sunnyside Blvd
Plano, TX
 
—

 
1,840

 
20,152

 
560

 
1,840

 
20,712

 
2,190

 
2016
 
2016
 
3325 W Plano Parkway
Plattsmouth, NE
 
—

 
250

 
5,650

 
—

 
250

 
5,650

 
1,535

 
2010
 
1999
 
1913 E. Highway 34


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Poole, UK
 
—

 
3,416

 
17,171

 
—

 
3,416

 
17,171

 
50

 
2019
 
2019
 
Kingsmill Road
Potomac, MD
 
—

 
1,448

 
14,626

 
—

 
1,448

 
14,626

 
553

 
2018
 
1994
 
10718 Potomac Tennis Lane
Potomac, MD
 
—

 
4,119

 
14,921

 
—

 
4,119

 
14,921

 
583

 
2018
 
1988
 
10714 Potomac Tennis Lane
Pottstown, PA
 
—

 
984

 
4,565

 
—

 
984

 
4,565

 
191

 
2018
 
1907
 
724 North Charlotte Street
Pottsville, PA
 
—

 
171

 
3,560

 
—

 
171

 
3,560

 
140

 
2018
 
1976
 
420 Pulaski Drive
Prior Lake, MN
 
13,567

 
1,870

 
29,849

 
300

 
1,870

 
30,149

 
3,208

 
2015
 
2003
 
4685 Park Nicollet Avenue
Raleigh, NC
 
—

 
7,598

 
88,870

 
493

 
7,598

 
89,363

 
6,542

 
2008
 
2017
 
4030 Cardinal at North Hills St
Raleigh, NC
 
—

 
3,530

 
59,589

 
—

 
3,530

 
59,589

 
11,396

 
2012
 
2002
 
5301 Creedmoor Road
Raleigh, NC
 
—

 
2,580

 
16,837

 
—

 
2,580

 
16,837

 
3,433

 
2012
 
1988
 
7900 Creedmoor Road
Reading, PA
 
—

 
980

 
19,906

 
140

 
980

 
20,046

 
4,850

 
2011
 
1994
 
5501 Perkiomen Ave
Red Bank, NJ
 
—

 
1,050

 
21,275

 
1,158

 
1,050

 
22,433

 
4,785

 
2011
 
1997
 
One Hartford Dr.
Redondo Beach, CA
 
—

 
—

 
9,557

 
653

 
—

 
10,210

 
6,913

 
2011
 
1957
 
514 North Prospect Ave
Reidsville, NC
 
—

 
170

 
3,830

 
907

 
170

 
4,737

 
2,155

 
2002
 
1998
 
2931 Vance St.
Richardson, TX
 
—

 
1,468

 
12,979

 
—

 
1,468

 
12,979

 
511

 
2018
 
1999
 
410 Buckingham Road
Richmond, IN
 
—

 
700

 
14,222

 
393

 
700

 
14,615

 
1,699

 
2016
 
2015
 
400 Industries Road
Richmond, VA
 
—

 
3,261

 
17,980

 
—

 
3,261

 
17,980

 
672

 
2018
 
1990
 
1719 Bellevue Avenue
Richmond, VA
 
—

 
1,046

 
8,235

 
—

 
1,046

 
8,235

 
330

 
2018
 
1966
 
2125 Hilliard Road
Roanoke, VA
 
—

 
748

 
4,483

 
—

 
748

 
4,483

 
715

 
2018
 
1997
 
4355 Pheasant Ridge Rd
Rockville Centre, NY
 
—

 
4,290

 
20,310

 
1,379

 
4,290

 
21,689

 
4,889

 
2011
 
2002
 
260 Maple Ave
Rockwall, TX
 
—

 
2,220

 
17,650

 
69

 
2,220

 
17,719

 
2,049

 
2012
 
2014
 
720 E Ralph Hall Parkway
Romeoville, IL
 
—

 
1,895

 
—

 
—

 
1,895

 
—

 
—

 
2006
 
1900
 
Grand Haven Circle
Roseville, MN
 
—

 
2,140

 
24,679

 
100

 
2,140

 
24,779

 
2,677

 
2015
 
1989
 
2750 North Victoria Street
Rugeley, UK
 
—

 
1,900

 
10,262

 
918

 
2,043

 
11,037

 
1,976

 
2013
 
2010
 
Horse Fair
Ruston, LA
 
—

 
710

 
9,790

 
—

 
710

 
9,790

 
2,424

 
2011
 
1988
 
1401 Ezelle St
S Holland, IL
 
—

 
1,423

 
8,910

 
—

 
1,423

 
8,910

 
359

 
2018
 
1997
 
2045 East 170th Street
Salem, OR
 
—

 
449

 
5,171

 
1

 
449

 
5,172

 
2,828

 
1999
 
1998
 
1355 Boone Rd. S.E.
Salisbury, NC
 
—

 
370

 
5,697

 
196

 
370

 
5,893

 
2,561

 
2003
 
1997
 
2201 Statesville Blvd.
San Angelo, TX
 
—

 
260

 
8,800

 
425

 
260

 
9,225

 
3,572

 
2004
 
1997
 
2695 Valleyview Blvd.
San Angelo, TX
 
—

 
1,050

 
24,689

 
1,221

 
1,050

 
25,910

 
3,682

 
2014
 
1999
 
6101 Grand Court Road
San Antonio, TX
 
—

 
1,499

 
12,662

 
—

 
1,499

 
12,662

 
493

 
2018
 
2000
 
15290 Huebner Road
San Antonio, TX
 
—

 
—

 
17,303

 
—

 
—

 
17,303

 
8,455

 
2007
 
2007
 
8902 Floyd Curl Dr.
San Diego, CA
 
—

 
—

 
22,003

 
1,845

 
—

 
23,848

 
6,664

 
2008
 
1992
 
555 Washington St.
San Juan Capistrano, CA
 
—

 
1,390

 
6,942

 
1,434

 
1,390

 
8,376

 
3,500

 
2000
 
2001
 
30311 Camino Capistrano
Sand Springs, OK
 
—

 
910

 
19,654

 
—

 
910

 
19,654

 
3,861

 
2012
 
2002
 
4402 South 129th Avenue West
Sarasota, FL
 
—

 
475

 
3,175

 
—

 
475

 
3,175

 
1,991

 
1996
 
1995
 
8450 McIntosh Rd.
Sarasota, FL
 
—

 
4,101

 
11,208

 
—

 
4,101

 
11,208

 
701

 
2018
 
1993
 
5401 Sawyer Road
Sarasota, FL
 
—

 
1,370

 
4,084

 
—

 
1,370

 
4,084

 
164

 
2018
 
1968
 
3250 12th Street
Sarasota, FL
 
—

 
2,792

 
11,177

 
—

 
2,792

 
11,177

 
434

 
2018
 
1993
 
5511 Swift Road
Sarasota, FL
 
—

 
3,360

 
19,140

 
—

 
3,360

 
19,140

 
4,182

 
2011
 
2006
 
6150 Edgelake Drive
Sarasota, FL
 
—

 
443

 
8,895

 
—

 
443

 
8,895

 
382

 
2018
 
1998
 
5509 Swift Road
Scranton, PA
 
—

 
440

 
17,609

 
—

 
440

 
17,609

 
2,530

 
2014
 
2005
 
2741 Blvd. Ave
Scranton, PA
 
—

 
320

 
12,144

 
1

 
320

 
12,145

 
1,741

 
2014
 
2013
 
2751 Boulevard Ave
Seminole, FL
 
—

 
1,165

 
8,977

 
—

 
1,165

 
8,977

 
373

 
2018
 
1998
 
9300 Antilles Drive
Seven Fields, PA
 
—

 
484

 
4,663

 
59

 
484

 
4,722

 
2,585

 
1999
 
1999
 
500 Seven Fields Blvd.
Sewell, NJ
 
—

 
3,127

 
14,095

 
—

 
3,127

 
14,095

 
624

 
2018
 
2010
 
378 Fries Mill Road


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shawnee, OK
 
—

 
80

 
1,400

 
—

 
80

 
1,400

 
870

 
1996
 
1995
 
3947 Kickapoo
Shelbyville, KY
 
—

 
630

 
3,870

 
630

 
630

 
4,500

 
1,684

 
2005
 
1965
 
1871 Midland Trail
Sherman, TX
 
—

 
700

 
5,221

 
—

 
700

 
5,221

 
1,838

 
2005
 
2006
 
1011 E. Pecan Grove Rd.
Silver Spring, MD
 
—

 
1,469

 
10,395

 
—

 
1,469

 
10,395

 
405

 
2018
 
1995
 
2505 Musgrove Road
Silver Spring, MD
 
—

 
4,678

 
11,683

 
—

 
4,678

 
11,683

 
485

 
2018
 
1990
 
2501 Musgrove Road
Silvis, IL
 
—

 
880

 
16,420

 
139

 
880

 
16,559

 
4,135

 
2010
 
2005
 
1900 10th St.
Sinking Spring, PA
 
—

 
1,393

 
19,848

 
—

 
1,393

 
19,848

 
764

 
2018
 
1982
 
3000 Windmill Road
Sittingbourne, UK
 
—

 
1,357

 
6,539

 
597

 
1,460

 
7,033

 
926

 
2014
 
1997
 
200 London Road
Smithfield, NC
 
—

 
290

 
5,680

 
455

 
290

 
6,135

 
2,497

 
2003
 
1998
 
830 Berkshire Rd.
Smithfield, NC
 
—

 
360

 
8,216

 
—

 
360

 
8,216

 
1,177

 
2014
 
1999
 
250 Highway 210 West
South Bend, IN
 
—

 
670

 
17,770

 
—

 
670

 
17,770

 
2,652

 
2014
 
2014
 
52565 State Road 933
South Point, OH
 
—

 
1,135

 
9,390

 
—

 
1,135

 
9,390

 
362

 
2018
 
1984
 
7743 County Road 1
Southampton, UK
 
—

 
1,519

 
16,041

 
710

 
1,581

 
16,689

 
1,013

 
2017
 
2013
 
Botley Road, Park Gate
Southbury, CT
 
—

 
1,860

 
23,613

 
958

 
1,860

 
24,571

 
5,579

 
2011
 
2001
 
655 Main St
Spokane, WA
 
—

 
2,649

 
11,703

 
—

 
2,649

 
11,703

 
456

 
2018
 
1985
 
6025 North Assembly Street
Springfield, IL
 
—

 
990

 
13,378

 
1,085

 
990

 
14,463

 
2,121

 
2014
 
2013
 
3089 Old Jacksonville Road
St. Louis, MO
 
—

 
1,890

 
12,390

 
837

 
1,890

 
13,227

 
3,028

 
2010
 
1963
 
6543 Chippewa St
St. Paul, MN
 
—

 
2,100

 
33,019

 
100

 
2,100

 
33,119

 
3,546

 
2015
 
1996
 
750 Mississippi River
Stafford, UK
 
—

 
2,009

 
8,238

 
414

 
2,090

 
8,571

 
750

 
2014
 
2016
 
Stone Road
Stamford, UK
 
—

 
1,820

 
3,238

 
382

 
1,957

 
3,483

 
489

 
2014
 
1998
 
Priory Road
Statesville, NC
 
—

 
150

 
1,447

 
338

 
150

 
1,785

 
788

 
2003
 
1990
 
2441 E. Broad St.
Statesville, NC
 
—

 
310

 
6,183

 
61

 
310

 
6,244

 
2,662

 
2003
 
1996
 
2806 Peachtree Place
Statesville, NC
 
—

 
140

 
3,627

 
9

 
140

 
3,636

 
1,589

 
2003
 
1999
 
2814 Peachtree Rd.
Staunton, VA
 
—

 
899

 
6,391

 
—

 
899

 
6,391

 
792

 
2018
 
1999
 
1410 N Augusta St
Sterling Heights, MI
 
—

 
790

 
10,787

 
—

 
790

 
10,787

 
423

 
2018
 
1996
 
11095 East Fourteen Mile Road
Sterling Heights, MI
 
—

 
1,583

 
15,639

 
—

 
1,583

 
15,639

 
622

 
2018
 
2013
 
38200 Schoenherr Road
Stillwater, OK
 
—

 
80

 
1,400

 
—

 
80

 
1,400

 
872

 
1995
 
1995
 
1616 McElroy Rd.
Stratford-upon-Avon, UK
 
—

 
790

 
14,508

 
1,155

 
849

 
15,604

 
1,901

 
2015
 
2012
 
Scholars Lane
Stroudsburg, PA
 
—

 
340

 
16,313

 
—

 
340

 
16,313

 
2,619

 
2014
 
2011
 
370 Whitestone Corner Road
Summit, NJ
 
—

 
3,080

 
14,152

 
—

 
3,080

 
14,152

 
3,422

 
2011
 
2001
 
41 Springfield Avenue
Sunbury, PA
 
—

 
695

 
7,246

 
—

 
695

 
7,246

 
273

 
2018
 
1981
 
800 Court Street Circle
Sunninghill, UK
 
—

 
11,632

 
42,233

 
2,174

 
12,101

 
43,938

 
2,925

 
2014
 
2017
 
Bagshot Road
Sunnyvale, CA
 
—

 
4,946

 
22,131

 
—

 
4,946

 
22,131

 
829

 
2018
 
1990
 
1150 Tilton Drive
Superior, WI
 
—

 
1,020

 
13,735

 
6,159

 
1,020

 
19,894

 
3,457

 
2009
 
2010
 
1915 North 34th Street
Tacoma, WA
 
—

 
2,522

 
8,576

 
—

 
2,522

 
8,576

 
328

 
2018
 
1984
 
5601 South Orchard Southtreet
Tampa, FL
 
—

 
1,315

 
6,913

 
—

 
1,315

 
6,913

 
313

 
2018
 
1999
 
14950 Casey Road
Terre Haute, IN
 
—

 
1,370

 
18,016

 
—

 
1,370

 
18,016

 
2,463

 
2015
 
2015
 
395 8th Avenue
Texarkana, TX
 
—

 
192

 
1,403

 
—

 
192

 
1,403

 
847

 
1996
 
1996
 
4204 Moores Lane
The Villages, FL
 
—

 
1,035

 
7,446

 
—

 
1,035

 
7,446

 
1,327

 
2013
 
2014
 
2450 Parr Drive
Thomasville, GA
 
—

 
530

 
12,520

 
1,347

 
530

 
13,867

 
2,429

 
2011
 
2006
 
423 Covington Avenue
Three Rivers, MI
 
—

 
1,255

 
2,761

 
—

 
1,255

 
2,761

 
142

 
2018
 
1976
 
517 South Erie Southtreet
Tomball, TX
 
—

 
1,050

 
13,300

 
840

 
1,050

 
14,140

 
3,171

 
2011
 
2001
 
1221 Graham Dr
Toms River, NJ
 
—

 
3,466

 
23,311

 
—

 
3,466

 
23,311

 
832

 
2019
 
2006
 
1657 Silverton Rd
Tonganoxie, KS
 
—

 
310

 
3,690

 
76

 
310

 
3,766

 
473

 
2015
 
2009
 
120 W 8th St
Topeka, KS
 
—

 
260

 
12,712

 
—

 
260

 
12,712

 
2,579

 
2012
 
2011
 
1931 Southwest Arvonia Place


(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Towson, MD
 
—

 
1,715

 
13,115

 
—

 
1,715

 
13,115

 
510

 
2018
 
2000
 
8101 Bellona Avenue
Towson, MD
 
—

 
3,100

 
6,468

 
—

 
3,100

 
6,468

 
240

 
2018
 
1960
 
509 East Joppa Road
Towson, MD
 
—

 
4,527

 
3,128

 
—

 
4,527

 
3,128

 
147

 
2018
 
1970
 
7001 North Charles Street
Troy, MI
 
—

 
1,381

 
24,452

 
—

 
1,381

 
24,452

 
909

 
2018
 
2006
 
925 West South Boulevard
Troy, OH
 
—

 
200

 
2,000

 
4,254

 
200

 
6,254

 
2,345

 
1997
 
1997
 
81 S. Stanfield Rd.
Trumbull, CT
 
—

 
4,440

 
43,384

 
—

 
4,440

 
43,384

 
10,012

 
2011
 
2001
 
6949 Main Street
Tulsa, OK
 
—

 
1,390

 
7,110

 
1,102

 
1,390

 
8,212

 
2,264

 
2010
 
1998
 
7220 S. Yale Ave.
Tulsa, OK
 
—

 
1,320

 
10,087

 
—

 
1,320

 
10,087

 
2,121

 
2011
 
2012
 
7902 South Mingo Road East
Tulsa, OK
 
—

 
1,100

 
27,007

 
2,233

 
1,100

 
29,240

 
2,334

 
2015
 
2017
 
18001 East 51st Street
Tulsa, OK
 
13,000

 
1,752

 
28,421

 
—

 
1,752

 
28,421

 
2,023

 
2017
 
2014
 
701 W 71st Street South
Tulsa, OK
 
—

 
890

 
9,410

 
—

 
890

 
9,410

 
572

 
2017
 
2009
 
7210 South Yale Avenue
Tustin, CA
 
—

 
840

 
15,299

 
537

 
840

 
15,836

 
3,986

 
2011
 
1965
 
240 East 3rd St
Twinsburg, OH
 
—

 
1,446

 
5,921

 
—

 
1,446

 
5,921

 
255

 
2018
 
2014
 
8551 Darrow Road
Tyler, TX
 
—

 
650

 
5,268

 
—

 
650

 
5,268

 
1,794

 
2006
 
2007
 
5550 Old Jacksonville Hwy.
Union, SC
 
—

 
1,932

 
2,374

 
—

 
1,932

 
2,374

 
142

 
2018
 
1981
 
709 Rice Avenue
Valparaiso, IN
 
—

 
112

 
2,558

 
—

 
112

 
2,558

 
1,266

 
2001
 
1998
 
2601 Valparaiso St.
Valparaiso, IN
 
—

 
108

 
2,962

 
—

 
108

 
2,962

 
1,449

 
2001
 
1999
 
2501 Valparaiso St.
Vancouver, WA
 
—

 
2,503

 
28,401

 
—

 
2,503

 
28,401

 
1,047

 
2018
 
2011
 
2811 N.E. 139th Street
Venice, FL
 
—

 
1,150

 
10,674

 
108

 
1,150

 
10,782

 
3,019

 
2008
 
2009
 
1600 Center Rd.
Venice, FL
 
—

 
2,246

 
10,097

 
—

 
2,246

 
10,097

 
418

 
2018
 
1997
 
1450 East Venice Avenue
Vero Beach, FL
 
—

 
263

 
3,187

 
—

 
263

 
3,187

 
1,550

 
2001
 
1999
 
420 4th Ct.
Vero Beach, FL
 
—

 
297

 
3,263

 
—

 
297

 
3,263

 
1,596

 
2001
 
1996
 
410 4th Ct.
Virginia Beach, VA
 
—

 
1,540

 
22,593

 
—

 
1,540

 
22,593

 
3,282

 
2014
 
1993
 
5520 Indian River Rd
Voorhees, NJ
 
—

 
1,800

 
37,299

 
671

 
1,800

 
37,970

 
9,153

 
2011
 
1965
 
2601 Evesham Road
Voorhees, NJ
 
—

 
3,100

 
25,950

 
26

 
3,100

 
25,976

 
5,244

 
2011
 
2013
 
113 South Route 73
Voorhees, NJ
 
—

 
2,193

 
6,992

 
—

 
2,193

 
6,992

 
301

 
2018
 
2006
 
1086 Dumont Circle
W Palm Beach, FL
 
—

 
1,175

 
8,297

 
—

 
1,175

 
8,297

 
350

 
2018
 
1996
 
2330 Village Boulevard
W Palm Beach, FL
 
—

 
1,921

 
5,733

 
—

 
1,921

 
5,733

 
234

 
2018
 
1996
 
2300 Village Boulevard
Wabash, IN
 
—

 
670

 
14,588

 
1

 
670

 
14,589

 
2,269

 
2014
 
2013
 
20 John Kissinger Drive
Waconia, MN
 
—

 
890

 
14,726

 
4,495

 
890

 
19,221

 
4,086

 
2011
 
2005
 
500 Cherry Street
Wake Forest, NC
 
—

 
200

 
3,003

 
2,039

 
200

 
5,042

 
2,420

 
1998
 
1999
 
611 S. Brooks St.
Wallingford, PA
 
—

 
1,356

 
6,489

 
—

 
1,356

 
6,489

 
285

 
2018
 
1930
 
115 South Providence Road
Walnut Creek, CA
 
—

 
4,358

 
18,413

 
—

 
4,358

 
18,413

 
708

 
2018
 
1997
 
1975 Tice Valley Boulevard
Walnut Creek, CA
 
—

 
5,394

 
39,096

 
—

 
5,394

 
39,096

 
1,429

 
2018
 
1990
 
1226 Rossmoor Parkway
Walsall, UK
 
—

 
1,184

 
8,562

 
737

 
1,274

 
9,209

 
1,189

 
2015
 
2015
 
Little Aston Road
Wamego, KS
 
—

 
40

 
2,510

 
57

 
40

 
2,567

 
298

 
2015
 
1996
 
1607 4th St
Wareham, MA
 
—

 
875

 
10,313

 
1,701

 
875

 
12,014

 
5,798

 
2002
 
1989
 
50 Indian Neck Rd.
Warren, NJ
 
—

 
2,000

 
30,810

 
1,337

 
2,000

 
32,147

 
6,904

 
2011
 
1999
 
274 King George Rd
Waterloo, IA
 
—

 
605

 
3,031

 
—

 
605

 
3,031

 
129

 
2018
 
1964
 
201 West Ridgeway Avenue
Waxahachie, TX
 
—

 
650

 
5,763

 
—

 
650

 
5,763

 
1,838

 
2007
 
2008
 
1329 Brown St.
Wayne, NJ
 
—

 
1,427

 
15,679

 
—

 
1,427

 
15,679

 
766

 
2018
 
1998
 
800 Hamburg Turnpike
Weatherford, TX
 
—

 
660

 
5,261

 
—

 
660

 
5,261

 
1,805

 
2006
 
2007
 
1818 Martin Drive
Wellingborough, UK
 
—

 
1,480

 
5,724

 
544

 
1,592

 
6,156

 
890

 
2015
 
2015
 
159 Northampton
West Bend, WI
 
—

 
620

 
17,790

 
38

 
620

 
17,828

 
3,783

 
2010
 
2011
 
2130 Continental Dr
West Des Moines, IA
 
—

 
828

 
5,104

 
—

 
828

 
5,104

 
219

 
2018
 
2006
 
5010 Grand Ridge Drive

(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
West Milford, NJ
 
—

 
1,960

 
24,614

 
—

 
1,960

 
24,614

 
672

 
2019
 
2000
 
197 Cahill Cross Road
West Orange, NJ
 
—

 
1,347

 
19,395

 
—

 
1,347

 
19,395

 
888

 
2018
 
1998
 
510 Prospect Avenue
West Reading, PA
 
—

 
890

 
12,122

 
—

 
890

 
12,122

 
441

 
2018
 
1975
 
425 Buttonwood Street
Westerville, OH
 
—

 
740

 
8,287

 
4,076

 
740

 
12,363

 
10,273

 
1998
 
2001
 
690 Cooper Rd.
Westerville, OH
 
—

 
1,420

 
5,373

 
—

 
1,420

 
5,373

 
218

 
2018
 
1982
 
1060 Eastwind Drive
Westerville, OH
 
—

 
1,582

 
10,282

 
—

 
1,582

 
10,282

 
424

 
2018
 
1980
 
215 Huber Village Boulevard
Westfield, IN
 
—

 
890

 
15,964

 
1

 
890

 
15,965

 
2,462

 
2014
 
2013
 
937 E. 186th Street
Westlake, OH
 
—

 
855

 
11,966

 
—

 
855

 
11,966

 
474

 
2018
 
1997
 
28400 Center Ridge Road
Weston Super Mare, UK
 
—

 
2,517

 
7,054

 
723

 
2,707

 
7,587

 
1,290

 
2013
 
2011
 
141b Milton Road
Wheaton, MD
 
—

 
3,864

 
3,790

 
—

 
3,864

 
3,790

 
159

 
2018
 
1961
 
11901 Georgia Avenue
Whippany, NJ
 
—

 
1,571

 
14,982

 
—

 
1,571

 
14,982

 
597

 
2018
 
2000
 
18 Eden Lane
Wichita, KS
 
—

 
1,400

 
11,000

 
—

 
1,400

 
11,000

 
5,288

 
2006
 
1997
 
505 North Maize Road
Wichita, KS
 
—

 
860

 
8,873

 
—

 
860

 
8,873

 
2,058

 
2011
 
2012
 
10604 E 13th Street North
Wichita, KS
 
12,545

 
630

 
19,747

 
—

 
630

 
19,747

 
3,840

 
2012
 
2009
 
2050 North Webb Road
Wichita, KS
 
—

 
260

 
2,240

 
129

 
260

 
2,369

 
277

 
2015
 
1992
 
900 N Bayshore Dr
Wichita, KS
 
—

 
900

 
10,134

 
—

 
900

 
10,134

 
2,218

 
2011
 
2012
 
10600 E 13th Street North
Wilkes-Barre, PA
 
—

 
753

 
3,457

 
—

 
753

 
3,457

 
160

 
2018
 
1970
 
1548 Sans Souci Parkway
Williamsburg, VA
 
—

 
1,187

 
5,728

 
—

 
1,187

 
5,728

 
722

 
2018
 
2000
 
1811 Jamestown Rd
Williamsport, PA
 
—

 
919

 
6,926

 
—

 
919

 
6,926

 
276

 
2018
 
1976
 
300 Leader Drive
Williamsport, PA
 
—

 
780

 
1,899

 
—

 
780

 
1,899

 
100

 
2018
 
1972
 
101 Leader Drive
Williamstown, KY
 
—

 
70

 
6,430

 
—

 
70

 
6,430

 
2,649

 
2005
 
1987
 
201 Kimberly Lane
Willoughby, OH
 
—

 
1,774

 
8,655

 
—

 
1,774

 
8,655

 
349

 
2018
 
1974
 
37603 Euclid Avenue
Wilmington, DE
 
—

 
800

 
9,494

 
114

 
800

 
9,608

 
2,481

 
2011
 
1970
 
810 S Broom Street
Wilmington, DE
 
—

 
1,376

 
13,454

 
—

 
1,376

 
13,454

 
525

 
2018
 
1998
 
700 1/2 Foulk Road
Wilmington, DE
 
—

 
2,843

 
36,959

 
—

 
2,843

 
36,959

 
1,388

 
2018
 
1988
 
5651 Limestone Road
Wilmington, DE
 
—

 
2,266

 
9,503

 
—

 
2,266

 
9,503

 
381

 
2018
 
1984
 
700 Foulk Road
Wilmington, NC
 
—

 
210

 
2,991

 
—

 
210

 
2,991

 
1,630

 
1999
 
1999
 
3501 Converse Dr.
Wilmington, NC
 
—

 
400

 
15,355

 
—

 
400

 
15,355

 
2,307

 
2014
 
2012
 
3828 Independence Blvd
Windsor, VA
 
—

 
1,148

 
6,514

 
—

 
1,148

 
6,514

 
828

 
2018
 
1999
 
23352 Courthouse Hwy
Winston-Salem, NC
 
—

 
360

 
2,514

 
488

 
360

 
3,002

 
1,337

 
2003
 
1996
 
2980 Reynolda Rd.
Winter Garden, FL
 
—

 
1,110

 
7,937

 
—

 
1,110

 
7,937

 
1,618

 
2012
 
2013
 
720 Roper Road
Winter Springs, FL
 
—

 
1,152

 
14,826

 
—

 
1,152

 
14,826

 
573

 
2018
 
1999
 
1057 Willa Springs Drive
Witherwack, UK
 
—

 
944

 
6,915

 
593

 
1,015

 
7,437

 
1,265

 
2013
 
2009
 
Whitchurch Road
Wolverhampton, UK
 
—

 
1,573

 
6,678

 
624

 
1,692

 
7,183

 
1,232

 
2013
 
2011
 
378 Prestonwood Road
Woodbury, MN
 
—

 
1,317

 
20,935

 
298

 
1,317

 
21,233

 
1,665

 
2017
 
2015
 
2195 Century Avenue South
Woodstock, VA
 
—

 
594

 
5,108

 
—

 
594

 
5,108

 
594

 
2018
 
2001
 
803 S Main St
Worcester, MA
 
—

 
3,500

 
54,099

 
—

 
3,500

 
54,099

 
14,483

 
2007
 
2009
 
101 Barry Road
Worcester, MA
 
—

 
2,300

 
9,060

 
6,000

 
2,300

 
15,060

 
4,863

 
2008
 
1993
 
378 Plantation St.
Yardley, PA
 
—

 
773

 
14,918

 
—

 
773

 
14,918

 
609

 
2018
 
1995
 
493 Stony Hill Road
Yardley, PA
 
—

 
1,561

 
9,442

 
—

 
1,561

 
9,442

 
459

 
2018
 
1990
 
1480 Oxford Valley Road
Yeadon, PA
 
—

 
1,075

 
10,694

 
—

 
1,075

 
10,694

 
401

 
2018
 
1963
 
14 Lincoln Avenue
York, PA
 
—

 
976

 
9,357

 
—

 
976

 
9,357

 
372

 
2018
 
1972
 
200 Pauline Drive
York, PA
 
—

 
1,050

 
4,212

 
—

 
1,050

 
4,212

 
198

 
2018
 
1983
 
2400 Kingston Court
York, PA
 
—

 
1,121

 
7,586

 
—

 
1,121

 
7,586

 
322

 
2018
 
1979
 
1770 Barley Road
York, UK
 
—

 
2,961

 
8,266

 
848

 
3,185

 
8,890

 
1,225

 
2014
 
2006
 
Rosetta Way, Boroughbridge Road

(Dollars in thousands)
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Triple-net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Youngsville, NC
 
—

 
380

 
10,686

 
—

 
380

 
10,686

 
1,563

 
2014
 
2013
 
100 Sunset Drive
Zephyrhills, FL
 
—

 
2,131

 
6,671

 
—

 
2,131

 
6,671

 
297

 
2018
 
1987
 
38220 Henry Drive
Zionsville, IN
 
—

 
1,610

 
22,400

 
1,683

 
1,609

 
24,084

 
5,782

 
2010
 
2009
 
11755 N Michigan Rd
Triple-net Total
 
$
306,038


$
1,036,151


$
7,894,992


$
351,136


$
1,057,708


$
8,224,571


$
1,272,903

 
 
 
 
 
 


105

Welltower Inc.
 
 
Schedule III
 
 
Real Estate and Accumulated Depreciation
 
 
December 31, 2019
 
 
(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Addison, IL
 
$
5,762

 
$
102

 
$
18,842

 
$
—

 
$
102

 
$
18,842

 
$
575

 
2018
 
2012
 
303 West Lake Street
Agawam, MA
 
—

 
1,072

 
5,164

 
—

 
1,072

 
5,164

 
—

 
2019
 
2005
 
230-232 Main Street
Allen, TX
 
—

 
726

 
14,196

 
1,302

 
726

 
15,498

 
5,329

 
2012
 
2006
 
1105 N Central Expressway
Alpharetta, GA
 
—

 
476

 
14,694

 
—

 
476

 
14,694

 
5,694

 
2011
 
2003
 
11975 Morris Road
Alpharetta, GA
 
—

 
1,862

 
—

 
—

 
1,862

 
—

 
—

 
2011
 
1900
 
940 North Point Parkway
Alpharetta, GA
 
—

 
548

 
17,103

 
611

 
548

 
17,714

 
6,751

 
2011
 
2007
 
3300 Old Milton Parkway
Alpharetta, GA
 
—

 
773

 
18,902

 
115

 
773

 
19,017

 
7,097

 
2011
 
1993
 
3400-A Old Milton Parkway
Alpharetta, GA
 
—

 
1,769

 
36,152

 
762

 
1,769

 
36,914

 
14,961

 
2011
 
1999
 
3400-C Old Milton Parkway
Anderson, IN
 
—

 
584

 
21,077

 
—

 
584

 
21,077

 
2,042

 
2017
 
2016
 
3125 S. Scatterfield Rd.
Appleton, WI
 
7,045

 
1,881

 
8,866

 
—

 
1,881

 
8,866

 
—

 
2019
 
2004
 
5320 W Michael Drive
Appleton, WI
 
12,343

 
3,782

 
20,440

 
—

 
3,782

 
20,440

 
—

 
2019
 
2005
 
2323 N Casaloma Drive
Arcadia, CA
 
—

 
5,408

 
23,219

 
4,825

 
5,618

 
27,834

 
11,877

 
2006
 
1984
 
301 W. Huntington Drive
Arlington, TX
 
—

 
82

 
18,243

 
413

 
82

 
18,656

 
4,290

 
2012
 
2012
 
902 W. Randol Mill Road
Atlanta, GA
 
—

 
4,931

 
18,720

 
7,281

 
5,387

 
25,545

 
12,588

 
2006
 
1991
 
755 Mt. Vernon Hwy.
Atlanta, GA
 
—

 
—

 
43,425

 
2,062

 
—

 
45,487

 
14,031

 
2012
 
2006
 
5670 Peachtree-Dunwoody Road
Atlanta, GA
 
—

 
1,947

 
24,248

 
2,258

 
2,172

 
26,281

 
8,775

 
2012
 
1984
 
975 Johnson Ferry Road
Austin, TX
 
—

 
1,066

 
10,112

 
—

 
1,066

 
10,112

 
926

 
2017
 
2017
 
5301-B Davis Lane
Austin, TX
 
—

 
1,688

 
6,784

 
—

 
1,688

 
6,784

 
279

 
2019
 
2015
 
5301-A Davis Lane
Baltimore, MD
 
—

 
4,490

 
31,222

 
—

 
4,490

 
31,222

 
—

 
2019
 
2014
 
1420 Key Highway
Bardstown, KY
 
—

 
274

 
7,537

 
—

 
274

 
7,537

 
1,765

 
2010
 
2006
 
4359 New Shepherdsville Rd
Bartlett, TN
 
—

 
187

 
15,015

 
2,346

 
187

 
17,361

 
7,436

 
2007
 
2004
 
2996 Kate Bond Rd.
Bel Air, MD
 
—

 
—

 
24,769

 
56

 
—

 
24,825

 
2,385

 
2014
 
2016
 
12 Medstar Boulevard
Bellaire, TX
 
—

 
5,482

 
32,478

 
—

 
5,482

 
32,478

 
790

 
2019
 
2007
 
5420 WEST LOOP SOUTH
Bellaire, TX
 
—

 
5,572

 
72,478

 
—

 
5,572

 
72,478

 
1,172

 
2019
 
2007
 
5410 - 5420 WEST LOOP SOUTH
Bellevue, NE
 
—

 
—

 
16,680

 
2

 
—

 
16,682

 
5,909

 
2010
 
2010
 
2510 Bellevue Medical Center Drive
Bend, OR
 
—

 
16,516

 
30,338

 
—

 
16,516

 
30,338

 
830

 
2019
 
2001
 
1501 Northeast Medical Center Drive
Berkeley Heights, NJ
 
—

 
49,555

 
92,806

 
—

 
49,555

 
92,806

 
1,117

 
2019
 
1978
 
1 Diamond Hill Road
Bettendorf, IA
 
—

 
—

 
7,110

 
73

 
—

 
7,183

 
928

 
2013
 
2014
 
2140 53rd Avenue
Beverly Hills, CA
 
—

 
20,766

 
40,730

 
3,591

 
20,766

 
44,321

 
7,885

 
2015
 
1946
 
9675 Brighton Way
Beverly Hills, CA
 
—

 
19,863

 
31,690

 
1,683

 
19,863

 
33,373

 
5,461

 
2015
 
1946
 
416 North Bedford
Beverly Hills, CA
 
33,729

 
32,603

 
28,639

 
1,149

 
32,603

 
29,788

 
6,111

 
2015
 
1950
 
435 North Bedford
Beverly Hills, CA
 
—

 
18,863

 
1,192

 
420

 
18,885

 
1,590

 
793

 
2015
 
1955
 
415 North Bedford
Beverly Hills, CA
 
78,271

 
52,772

 
87,366

 
897

 
52,772

 
88,263

 
13,738

 
2015
 
1989
 
436 North Bedford
Birmingham, AL
 
—

 
3,940

 
12,315

 
—

 
3,940

 
12,315

 
286

 
2019
 
2015
 
4600 Highway 280
Birmingham, AL
 
8,477

 
896

 
13,755

 
6

 
896

 
13,761

 
480

 
2018
 
1985
 
3485 Independence Drive
Boca Raton, FL
 
—

 
31

 
12,312

 
444

 
251

 
12,536

 
4,018

 
2012
 
1993
 
9960 S. Central Park Boulevard
Boca Raton, FL
 
—

 
109

 
34,002

 
4,125

 
214

 
38,022

 
15,196

 
2006
 
1995
 
9970 S. Central Park Blvd.


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boerne, TX
 
—

 
50

 
12,951

 
915

 
86

 
13,830

 
4,004

 
2011
 
2007
 
134 Menger Springs Road
Boynton Beach, FL
 
—

 
13,324

 
40,369

 
3,178

 
14,049

 
42,822

 
13,758

 
2013
 
1995
 
10301 Hagen Ranch Road
Boynton Beach, FL
 
—

 
214

 
5,611

 
7,597

 
320

 
13,102

 
5,995

 
2007
 
1996
 
10075 Jog Rd.
Boynton Beach, FL
 
—

 
2,048

 
7,692

 
1,233

 
2,185

 
8,788

 
4,106

 
2006
 
1995
 
8188 Jog Rd.
Boynton Beach, FL
 
—

 
2,048

 
7,403

 
1,705

 
2,185

 
8,971

 
4,266

 
2006
 
1997
 
8200 Jog Road
Bradenton, FL
 
—

 
1,184

 
9,799

 
417

 
1,184

 
10,216

 
2,337

 
2014
 
1975
 
315 75th Street West
Bradenton, FL
 
—

 
1,035

 
4,298

 
17

 
1,035

 
4,315

 
1,085

 
2014
 
2006
 
7005 Cortez Road West
Brandon, FL
 
—

 
1,437

 
7,006

 
—

 
1,437

 
7,006

 
425

 
2018
 
2016
 
2020 Town Center Boulevard
Bridgeton, MO
 
—

 
1,701

 
6,228

 
245

 
1,501

 
6,673

 
1,009

 
2017
 
2008
 
3440 De Paul Ln.
Bridgeton, MO
 
—

 
450

 
21,221

 
1,248

 
450

 
22,469

 
7,743

 
2010
 
2006
 
12266 DePaul Dr
Buckhurst Hill, UK
 
—

 
11,989

 
50,907

 
2,540

 
12,473

 
52,963

 
6,406

 
2015
 
2013
 
High Road
Burleson, TX
 
—

 
10

 
12,611

 
701

 
10

 
13,312

 
4,701

 
2011
 
2007
 
12001 South Freeway
Burnsville, MN
 
—

 
—

 
31,596

 
2,182

 
—

 
33,778

 
9,564

 
2013
 
2014
 
14101 Fairview Dr
Cary, NC
 
—

 
2,816

 
11,146

 
—

 
2,816

 
11,146

 
460

 
2019
 
2007
 
540 Waverly Place
Castle Rock, CO
 
—

 
80

 
13,004

 
536

 
79

 
13,541

 
3,543

 
2014
 
2013
 
2352 Meadows Boulevard
Castle Rock, CO
 
—

 
—

 
11,795

 
195

 
—

 
11,990

 
747

 
2016
 
2017
 
Meadows Boulevard
Cedar Park, TX
 
—

 
132

 
23,753

 
4,448

 
132

 
28,201

 
3,471

 
2017
 
2014
 
1401 Medical Parkway, Building 2
Chapel Hill, NC
 
—

 
488

 
2,390

 
—

 
488

 
2,390

 
61

 
2019
 
2010
 
100 Perkins Drive
Chapel Hill, NC
 
5,161

 
1,970

 
8,874

 
50

 
1,970

 
8,924

 
406

 
2018
 
2007
 
6011 Farrington Road
Chapel Hill, NC
 
5,161

 
1,970

 
8,925

 
5

 
1,970

 
8,930

 
462

 
2018
 
2007
 
6013 Farrington Road
Chapel Hill, NC
 
14,669

 
5,681

 
25,035

 
15

 
5,681

 
25,050

 
1,193

 
2018
 
2006
 
2226 North Carolina Highway 54
Charleston, SC
 
—

 
2,815

 
25,648

 
—

 
2,815

 
25,648

 
5,380

 
2014
 
2009
 
325 Folly Road
Charlotte, NC
 
—

 
10

 
24,796

 
—

 
10

 
24,796

 
1,003

 
2019
 
1971
 
1900 Randolph Road
Charlotte, NC
 
—

 
30

 
61,799

 
—

 
30

 
61,799

 
2,329

 
2019
 
1994
 
1918 Randolph Road
Charlotte, NC
 
—

 
40

 
40,606

 
—

 
40

 
40,606

 
1,482

 
2019
 
1989
 
1718 East Fourth Street
Charlotte, NC
 
—

 
1,746

 
8,645

 
—

 
1,746

 
8,645

 
564

 
2019
 
1998
 
309 South Sharon Amity Road
Charlotte, NC
 
—

 
1,158

 
8,802

 
—

 
1,158

 
8,802

 
509

 
2019
 
1998
 
5039 Airport Center Parkway
Chicopee, MA
 
—

 
6,078

 
15,842

 
—

 
6,078

 
15,842

 
—

 
2019
 
2005
 
444 Montgomery Street
Chula Vista, CA
 
—

 
1,045

 
22,252

 
—

 
1,045

 
22,252

 
1,075

 
2019
 
1973
 
480 4th Avenue
Chula Vista, CA
 
—

 
826

 
5,557

 
—

 
826

 
5,557

 
280

 
2019
 
1985
 
450 4th Avenue
Chula Vista, CA
 
—

 
1,114

 
15,459

 
—

 
1,114

 
15,459

 
357

 
2019
 
2008
 
971 Lane Ave
Chula Vista, CA
 
—

 
1,075

 
7,165

 
—

 
1,075

 
7,165

 
167

 
2019
 
2006
 
959 Lane Ave
Cincinnati, OH
 
—

 
—

 
17,880

 
288

 
2

 
18,166

 
4,254

 
2012
 
2013
 
3301 Mercy Health Boulevard
Cincinnati, OH
 
—

 
537

 
10,122

 
—

 
537

 
10,122

 
548

 
2019
 
2001
 
4850 Red Bank Expressway
Claremont, CA
 
—

 
3,950

 
20,168

 
—

 
3,950

 
20,168

 
448

 
2019
 
2008
 
1601 Monte Vista Avenue
Clarkson Valley, MO
 
—

 
—

 
35,592

 
—

 
—

 
35,592

 
14,085

 
2009
 
2010
 
15945 Clayton Rd
Clear Lake, TX
 
—

 
—

 
13,882

 
20

 
2,319

 
11,583

 
1,544

 
2013
 
2014
 
1010 South Ponds Drive
Clyde, NC
 
—

 
1,433

 
22,062

 
—

 
1,433

 
22,062

 
402

 
2019
 
2012
 
581 Leroy George Drive
Columbia, MD
 
—

 
23

 
33,885

 
3,041

 
9,353

 
27,596

 
8,367

 
2015
 
1982
 
5450 & 5500 Knoll N Dr.
Columbia, MO
 
—

 
438

 
12,949

 
—

 
438

 
12,949

 
716

 
2019
 
1994
 
1601 E. Broadway
Columbia, MO
 
—

 
488

 
16,033

 
—

 
488

 
16,033

 
629

 
2019
 
1999
 
1605 E. Broadway
Columbia, MO
 
—

 
199

 
23,403

 
—

 
199

 
23,403

 
823

 
2019
 
2007
 
1705 E. Broadway
Columbia, MD
 
—

 
12,159

 
72,636

 
320

 
12,159

 
72,956

 
3,187

 
2018
 
2009
 
10710 Charter Drive


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Columbia, MD
 
—

 
2,333

 
19,232

 
1,920

 
2,333

 
21,152

 
5,855

 
2012
 
2002
 
10700 Charter Drive
Coon Rapids, MN
 
—

 
—

 
26,679

 
1,143

 
—

 
27,822

 
6,473

 
2013
 
2014
 
11850 Blackfoot Street NW
Coral Springs, FL
 
—

 
2,109

 
12,189

 
—

 
2,109

 
12,189

 
516

 
2019
 
2005
 
2901 Coral Hills Drive
Coral Springs, FL
 
—

 
1,313

 
13,118

 
—

 
1,313

 
13,118

 
415

 
2019
 
2008
 
3001 Coral Hills Drive
Costa Mesa, CA
 
21,243

 
22,033

 
24,332

 
135

 
22,033

 
24,467

 
4,889

 
2017
 
2007
 
1640 Newport Boulevard
Cypress, TX
 
—

 
1,287

 
—

 
—

 
1,287

 
—

 
—

 
2016
 
1900
 
14940 Mueschke Road
Dade City, FL
 
—

 
1,211

 
5,511

 
—

 
1,211

 
5,511

 
1,675

 
2011
 
1998
 
13413 US Hwy 301
Dallas, TX
 
—

 
122

 
15,418

 
25

 
122

 
15,443

 
2,311

 
2013
 
2014
 
8196 Walnut Hill Lane
Dallas, TX
 
—

 
6,086

 
18,007

 
1,437

 
6,536

 
18,994

 
1,362

 
2018
 
2010
 
10740 North Central Expressway
Dallas, TX
 
—

 
462

 
52,488

 
1,984

 
462

 
54,472

 
12,770

 
2012
 
2004
 
7115 Greenville Avenue
Deerfield Beach, FL
 
—

 
2,408

 
7,809

 
793

 
2,540

 
8,470

 
3,608

 
2011
 
2001
 
1192 East Newport Center Drive
Delray Beach, FL
 
—

 
1,882

 
34,767

 
816

 
2,451

 
35,014

 
18,094

 
2006
 
1985
 
5130-5150 Linton Blvd.
Dunkirk, MD
 
—

 
259

 
2,458

 
—

 
259

 
2,458

 
128

 
2019
 
1997
 
10845 Town Center Blvd
Durham, NC
 
—

 
1,212

 
22,858

 
2

 
1,212

 
22,860

 
4,750

 
2013
 
2012
 
1823 Hillandale Road
Durham, NC
 
—

 
1,403

 
25,163

 
—

 
1,403

 
25,163

 
552

 
2019
 
2000
 
120 William Penn Plaza
Durham, NC
 
—

 
1,751

 
44,425

 
—

 
1,751

 
44,425

 
801

 
2019
 
2004
 
3916 Ben Fanklin Boulevard
Edina, MN
 
—

 
310

 
13,105

 
—

 
310

 
13,105

 
4,988

 
2010
 
2003
 
8100 W 78th St
El Paso, TX
 
—

 
677

 
17,075

 
1,628

 
677

 
18,703

 
8,779

 
2006
 
1997
 
2400 Trawood Dr.
Elmhurst, IL
 
—

 
41

 
39,562

 
63

 
41

 
39,625

 
1,622

 
2018
 
2011
 
133 E Brush Hill Road
Elyria, OH
 
—

 
3,263

 
28,176

 
—

 
3,263

 
28,176

 
655

 
2019
 
2008
 
303 Chestnut Commons Drive
Escondido, CA
 
—

 
2,278

 
20,967

 
—

 
2,278

 
20,967

 
536

 
2019
 
1994
 
225 East 2nd Avenue
Everett, WA
 
—

 
4,842

 
26,010

 
62

 
4,842

 
26,072

 
8,671

 
2010
 
2011
 
13020 Meridian Ave. S.
Fenton, MO
 
—

 
958

 
27,461

 
—

 
958

 
27,461

 
8,411

 
2013
 
2009
 
1011 Bowles Avenue
Fenton, MO
 
—

 
369

 
13,911

 
198

 
369

 
14,109

 
3,371

 
2013
 
2009
 
1055 Bowles Avenue
Fish Kill, NY
 
—

 
2,144

 
36,880

 
—

 
2,144

 
36,880

 
—

 
2019
 
2008
 
2507 South Road
Florham Park, NJ
 
—

 
8,578

 
61,779

 
—

 
8,578

 
61,779

 
3,905

 
2017
 
2017
 
150 Park Avenue
Flower Mound, TX
 
—

 
737

 
9,276

 
232

 
737

 
9,508

 
1,916

 
2015
 
2014
 
2560 Central Park Avenue
Flower Mound, TX
 
—

 
4,164

 
27,027

 
1,171

 
4,164

 
28,198

 
6,161

 
2014
 
2012
 
4370 Medical Arts Drive
Flower Mound, TX
 
—

 
4,620

 
—

 
—

 
4,620

 
—

 
—

 
2014
 
1900
 
Medical Arts Drive
Fort Worth, TX
 
—

 
462

 
26,020

 
373

 
462

 
26,393

 
6,226

 
2012
 
2012
 
10840 Texas Health Trail
Fort Worth, TX
 
—

 
401

 
5,266

 
—

 
401

 
5,266

 
1,508

 
2014
 
2007
 
7200 Oakmont Boulevard
Franklin, TN
 
—

 
2,338

 
12,138

 
3,060

 
2,338

 
15,198

 
6,716

 
2007
 
1988
 
100 Covey Drive
Frederick, MD
 
—

 
1,065

 
7,430

 
—

 
1,065

 
7,430

 
266

 
2019
 
1979
 
194 Thomas Johnson Drive
Frederick, MD
 
—

 
1,930

 
18,748

 
—

 
1,930

 
18,748

 
905

 
2019
 
2006
 
45 Thomas Johnson Drive
Fresno, CA
 
—

 
1,497

 
12,669

 
—

 
1,497

 
12,669

 
—

 
2019
 
2004
 
1105 E Spruce Ave
Frisco, TX
 
—

 
—

 
18,635

 
219

 
—

 
18,854

 
7,798

 
2007
 
2004
 
4401 Coit Road
Frisco, TX
 
—

 
—

 
15,309

 
2,357

 
—

 
17,666

 
7,383

 
2007
 
2004
 
4461 Coit Road
Gallatin, TN
 
—

 
20

 
21,801

 
1,763

 
44

 
23,540

 
9,124

 
2010
 
1997
 
300 Steam Plant Rd
Gardendale, AL
 
4,246

 
1,150

 
8,162

 
211

 
1,150

 
8,373

 
465

 
2018
 
2005
 
2217 Decatur Highway
Garland, TX
 
—

 
4,952

 
32,718

 
—

 
4,952

 
32,718

 
883

 
2019
 
2018
 
7217 Telecome Parkway
Gastonia, NC
 
—

 
569

 
1,092

 
—

 
569

 
1,092

 
128

 
2019
 
2000
 
934 Cox Road
Gig Harbor, WA
 
—

 
80

 
30,810

 
1,302

 
80

 
32,112

 
5,032

 
2010
 
2009
 
11511 Canterwood Blvd. NW
Glendale, CA
 
—

 
70

 
44,354

 
—

 
70

 
44,354

 
1,011

 
2019
 
2008
 
1500 E Chevy Chase Drive


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Glendale, CA
 
—

 
37

 
18,398

 
310

 
37

 
18,708

 
7,136

 
2007
 
2002
 
222 W. Eulalia St.
Gloucester, VA
 
—

 
2,128

 
9,169

 
5

 
2,128

 
9,174

 
473

 
2018
 
2008
 
5659 Parkway Drive
Grand Prairie, TX
 
—

 
981

 
6,086

 
—

 
981

 
6,086

 
2,399

 
2012
 
2009
 
2740 N State Hwy 360
Grapevine, TX
 
—

 
—

 
5,943

 
4,778

 
2,081

 
8,640

 
2,004

 
2014
 
2002
 
2040 W State Hwy 114
Grapevine, TX
 
—

 
3,365

 
15,669

 
2,248

 
3,365

 
17,917

 
4,449

 
2014
 
2002
 
2020 W State Hwy 114
Greenville, SC
 
—

 
1,567

 
5,167

 
—

 
1,567

 
5,167

 
504

 
2019
 
1987
 
10 Enterprise Boulevard
Greenwood, IN
 
—

 
2,098

 
21,538

 
638

 
2,098

 
22,176

 
4,393

 
2014
 
2013
 
3000 S State Road 135
Greenwood, IN
 
—

 
1,262

 
7,045

 
8

 
1,262

 
7,053

 
1,953

 
2014
 
2010
 
333 E County Line Road
Harrisburg, NC
 
—

 
1,347

 
3,059

 
—

 
1,347

 
3,059

 
170

 
2019
 
2012
 
9550 Rocky River Road
Hattiesburg, MS
 
17,986

 
3,155

 
34,710

 
—

 
3,155

 
34,710

 
—

 
2019
 
2012
 
3688 Veterans Memorial Drive
Haymarket, VA
 
—

 
1,250

 
29,254

 
—

 
1,250

 
29,254

 
595

 
2019
 
2008
 
15195 Heathcote Blvd
Henderson, NV
 
—

 
2,587

 
5,654

 
—

 
2,587

 
5,654

 
141

 
2019
 
2002
 
2825 Siena Heights Drive
Henderson, NV
 
—

 
7,372

 
24,027

 
—

 
7,372

 
24,027

 
730

 
2019
 
2005
 
2845 Siena Heights Drive
Henderson, NV
 
—

 
5,492

 
18,718

 
—

 
5,492

 
18,718

 
504

 
2019
 
2005
 
2865 Siena Heights Drive
Highland, IL
 
—

 
—

 
8,834

 
31

 
—

 
8,865

 
1,897

 
2012
 
2013
 
12860 Troxler Avenue
Hopewell Junction, NY
 
—

 
2,164

 
5,333

 
—

 
2,164

 
5,333

 
—

 
2019
 
1999
 
10 Cranberry Drive
Hopewell Junction, NY
 
—

 
2,316

 
5,332

 
—

 
2,316

 
5,332

 
—

 
2019
 
2015
 
1955 NY-52
Houston, TX
 
—

 
10,403

 
—

 
—

 
10,403

 
—

 
8

 
2011
 
1900
 
F.M. 1960 & Northgate Forest Dr.
Houston, TX
 
—

 
5,837

 
33,109

 
1,028

 
5,837

 
34,137

 
12,856

 
2012
 
2005
 
15655 Cypress Woods Medical Dr.
Houston, TX
 
—

 
2,988

 
18,018

 
—

 
2,988

 
18,018

 
—

 
2016
 
2019
 
13105 Wortham Center Drive
Houston, TX
 
—

 
3,688

 
13,313

 
132

 
3,688

 
13,445

 
3,990

 
2012
 
2007
 
10701 Vintage Preserve Parkway
Houston, TX
 
—

 
1,099

 
1,604

 
81,406

 
12,815

 
71,294

 
16,843

 
2012
 
1998
 
2727 W Holcombe Boulevard
Houston, TX
 
3,775

 
377

 
13,660

 
—

 
377

 
13,660

 
741

 
2018
 
2011
 
20207 Chasewood Park Drive
Howell, MI
 
—

 
2,000

 
13,928

 
794

 
2,000

 
14,722

 
747

 
2016
 
2017
 
1225 South Latson Road
Humble, TX
 
—

 
—

 
9,941

 
—

 
1,702

 
8,239

 
1,064

 
2013
 
2014
 
8233 N. Sam Houston Parkway E.
Huntersville, NC
 
—

 
—

 
42,143

 
—

 
—

 
42,143

 
1,357

 
2019
 
2004
 
10030 Gilead Road
Jackson, MI
 
—

 
668

 
17,294

 
—

 
668

 
17,294

 
5,075

 
2013
 
2009
 
1201 E Michigan Avenue
Jacksonville, FL
 
—

 
3,562

 
27,249

 
—

 
3,562

 
27,249

 
799

 
2019
 
2006
 
10475 Centurion Parkway North
Jefferson City, TN
 
—

 
109

 
16,453

 
—

 
109

 
16,453

 
559

 
2019
 
2001
 
120 Hospital Drive
Jonesboro, GA
 
—

 
567

 
16,329

 
—

 
567

 
16,329

 
482

 
2019
 
2009
 
7813 Spivey Station Boulevard
Jonesboro, GA
 
—

 
627

 
16,554

 
—

 
627

 
16,554

 
452

 
2019
 
2007
 
7823 Spivey Station Boulevard
Jupiter, FL
 
—

 
2,825

 
5,858

 
1,298

 
3,036

 
6,945

 
3,289

 
2007
 
2004
 
600 Heritage Dr.
Jupiter, FL
 
—

 
2,252

 
11,415

 
3,889

 
2,639

 
14,917

 
6,242

 
2006
 
2001
 
550 Heritage Dr.
Killeen, TX
 
—

 
—

 
3,756

 
2,235

 
—

 
5,991

 
387

 
2018
 
1990
 
2301 S. Clear Creek
Killeen, TX
 
—

 
1,907

 
3,575

 
—

 
1,907

 
3,575

 
655

 
2011
 
2012
 
5702 E Central Texas Expressway
Killeen, TX
 
—

 
760

 
22,878

 
143

 
795

 
22,986

 
8,746

 
2010
 
2010
 
2405 Clear Creek Rd
Knoxville, TN
 
—

 
199

 
45,961

 
—

 
199

 
45,961

 
1,003

 
2019
 
2012
 
1926 Alcoa Highway
La Jolla, CA
 
—

 
12,855

 
32,658

 
1,496

 
12,855

 
34,154

 
7,206

 
2015
 
1989
 
4150 Regents Park Row
La Jolla, CA
 
—

 
9,425

 
26,525

 
392

 
9,425

 
26,917

 
4,894

 
2015
 
1988
 
4120 & 4130 La Jolla Village Drive
La Quinta, CA
 
—

 
3,266

 
22,066

 
668

 
3,279

 
22,721

 
5,515

 
2014
 
2006
 
47647 Caleo Bay Drive
Lacey, WA
 
6,589

 
1,751

 
10,345

 
—

 
1,751

 
10,345

 
530

 
2018
 
1971
 
2555 Marvin Road Northeast
Lake St Louis, MO
 
—

 
240

 
14,249

 
337

 
240

 
14,586

 
5,462

 
2010
 
2008
 
400 Medical Dr


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lakeway, TX
 
—

 
2,801

 
—

 
—

 
2,801

 
—

 
—

 
2007
 
1900
 
Lohmans Crossing Road
Lakewood, CA
 
—

 
146

 
14,885

 
1,956

 
146

 
16,841

 
6,771

 
2006
 
1993
 
5750 Downey Ave.
Lakewood, WA
 
—

 
72

 
16,017

 
707

 
72

 
16,724

 
4,648

 
2012
 
2005
 
11307 Bridgeport Way SW
Land O Lakes, FL
 
—

 
3,025

 
26,249

 
—

 
3,025

 
26,249

 
2,035

 
2017
 
2009
 
2100 Via Bella
Land O Lakes, FL
 
—

 
1,376

 
6,750

 
—

 
1,376

 
6,750

 
581

 
2017
 
2011
 
2150 Via Bella
Las Vegas, NV
 
—

 
433

 
4,928

 
—

 
433

 
4,928

 
2,088

 
2007
 
1997
 
1776 E. Warm Springs Rd.
Las Vegas, NV
 
—

 
2,319

 
4,612

 
1,486

 
2,319

 
6,098

 
2,962

 
2006
 
1991
 
2870 S. Maryland Pkwy.
Lincoln, NE
 
—

 
1,420

 
29,723

 
711

 
1,420

 
30,434

 
11,316

 
2010
 
2003
 
575 South 70th St
Little Rock, AR
 
—

 
3,021

 
16,058

 
—

 
3,021

 
16,058

 
124

 
2019
 
2014
 
6119 Midtown Avenue
London, UK
 
—

 
5,229

 
11,551

 
678

 
5,440

 
12,018

 
1,454

 
2015
 
2007
 
17-19 View Road
London, UK
 
—

 
17,983

 
157,802

 
7,098

 
18,709

 
164,174

 
19,858

 
2015
 
2010
 
53 Parkside
London, UK
 
—

 
4,081

 
28,107

 
1,300

 
4,246

 
29,242

 
3,537

 
2015
 
2003
 
49 Parkside
Los Alamitos, CA
 
—

 
39

 
18,340

 
—

 
39

 
18,340

 
7,081

 
2007
 
2003
 
3771 Katella Ave.
Los Gatos, CA
 
—

 
488

 
21,961

 
—

 
488

 
21,961

 
9,127

 
2006
 
1993
 
555 Knowles Dr.
Los Gatos, CA
 
—

 
16,896

 
—

 
—

 
16,896

 
—

 
—

 
2019
 
1900
 
555 Knowles Dr.
Loxahatchee, FL
 
—

 
1,340

 
6,509

 
1,490

 
1,440

 
7,899

 
3,475

 
2006
 
1993
 
12989 Southern Blvd.
Loxahatchee, FL
 
—

 
1,553

 
4,694

 
1,680

 
1,650

 
6,277

 
2,948

 
2006
 
1994
 
12983 Southern Blvd.
Loxahatchee, FL
 
—

 
1,637

 
5,048

 
1,280

 
1,719

 
6,246

 
2,942

 
2006
 
1997
 
12977 Southern Blvd.
Lubbock, TX
 
42,982

 
2,286

 
72,893

 
—

 
2,286

 
72,893

 
—

 
2019
 
2006
 
4515 Marsha Sharp Freeway
Lynbrook, NY
 
27,196

 
10,028

 
37,319

 
658

 
10,028

 
37,977

 
1,635

 
2018
 
1962
 
444 Merrick Road
Madison, WI
 
—

 
3,670

 
28,329

 
—

 
3,670

 
28,329

 
620

 
2019
 
2012
 
1102 South Park Street
Margate, FL
 
—

 
219

 
9,293

 
—

 
219

 
9,293

 
410

 
2019
 
2004
 
2960 N. State Rd 7
Marietta, GA
 
—

 
2,682

 
20,053

 
1,516

 
2,703

 
21,548

 
3,465

 
2016
 
2016
 
4800 Olde Towne Parkway
Matthews, NC
 
—

 
10

 
32,741

 
—

 
10

 
32,741

 
983

 
2019
 
1994
 
1450 Matthews Township Parkway
Menasha, WI
 
—

 
1,374

 
13,861

 
2,963

 
1,345

 
16,853

 
2,827

 
2016
 
1994
 
1550 Midway Place
Merced, CA
 
—

 
—

 
13,772

 
815

 
—

 
14,587

 
5,593

 
2009
 
2010
 
315 Mercy Ave.
Meridian, ID
 
—

 
3,206

 
27,107

 
—

 
3,206

 
27,107

 
—

 
2019
 
2009
 
3277 E Louise Drive
Mesquite, TX
 
—

 
496

 
3,834

 
—

 
496

 
3,834

 
1,203

 
2012
 
2012
 
1575 I-30
Mission Hills, CA
 
23,325

 
—

 
42,276

 
6,889

 
4,791

 
44,374

 
10,268

 
2014
 
1986
 
11550 Indian Hills Road
Missouri City, TX
 
—

 
1,360

 
7,143

 
—

 
1,360

 
7,143

 
595

 
2015
 
2016
 
7010 Highway 6
Mobile, AL
 
15,755

 
2,759

 
25,180

 
13

 
2,759

 
25,193

 
990

 
2018
 
2003
 
6144 Airport Boulevard
Moline, IL
 
—

 
—

 
8,783

 
69

 
—

 
8,852

 
1,416

 
2012
 
2013
 
3900 28th Avenue Drive
Monticello, MN
 
6,367

 
61

 
18,489

 
139

 
61

 
18,628

 
4,661

 
2012
 
2008
 
1001 Hart Boulevard
Moorestown, NJ
 
—

 
6

 
50,896

 
867

 
362

 
51,407

 
14,676

 
2011
 
2012
 
401 Young Avenue
Mount Juliet, TN
 
—

 
1,566

 
11,697

 
1,779

 
1,601

 
13,441

 
6,077

 
2007
 
2005
 
5002 Crossings Circle
Mount Kisco, NY
 
—

 
12,632

 
51,220

 
—

 
12,632

 
51,220

 
—

 
2019
 
1996
 
90 - 110 South Bedford Road
Mount Vernon, IL
 
—

 
—

 
24,892

 
109

 
—

 
25,001

 
7,330

 
2011
 
2012
 
2 Good Samaritan Way
Murrieta, CA
 
—

 
—

 
47,190

 
110

 
—

 
47,300

 
20,411

 
2010
 
2011
 
28078 Baxter Rd.
Murrieta, CA
 
—

 
3,800

 
—

 
—

 
3,800

 
—

 
—

 
2014
 
1900
 
28078 Baxter Rd.
Myrtle Beach, SC
 
—

 
1,357

 
3,658

 
—

 
1,357

 
3,658

 
565

 
2019
 
1996
 
8170 Rourk Street
Nampa, ID
 
15,675

 
3,439

 
21,566

 
—

 
3,439

 
21,566

 
—

 
2019
 
2017
 
1512 12th Avenue
Nashville, TN
 
—

 
1,806

 
7,165

 
3,888

 
1,942

 
10,917

 
5,061

 
2006
 
1986
 
310 25th Ave. N.
New Albany, IN
 
—

 
2,411

 
16,494

 
152

 
2,414

 
16,643

 
3,643

 
2014
 
2001
 
2210 Green Valley Road


(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newburgh, NY
 
—

 
9,213

 
32,354

 
—

 
9,213

 
32,354

 
—

 
2019
 
2015
 
1200 NY-300
Newburyport, MA
 
—

 
3,104

 
19,370

 
—

 
3,104

 
19,370

 
684

 
2019
 
2008
 
One Wallace Bashaw Jr. Way
Niagara Falls, NY
 
—

 
1,433

 
10,891

 
519

 
1,721

 
11,122

 
6,187

 
2007
 
1995
 
6932 - 6934 Williams Rd
Niagara Falls, NY
 
—

 
454

 
8,362

 
310

 
454

 
8,672

 
3,620

 
2007
 
2004
 
6930 Williams Rd
Norfolk, VA
 
—

 
1,138

 
26,989

 
—

 
1,138

 
26,989

 
1,006

 
2019
 
2014
 
155 Kingsley Lane
North Canton, OH
 
13,202

 
2,518

 
24,452

 
—

 
2,518

 
24,452

 
—

 
2019
 
2014
 
7442 Frank Avenue
North Easton, MA
 
—

 
2,336

 
19,876

 
—

 
2,336

 
19,876

 
—

 
2019
 
2007
 
15 Roche Brothers Way
North Easton, MA
 
—

 
2,882

 
15,999

 
—

 
2,882

 
15,999

 
—

 
2019
 
2008
 
31 Roche Brothers Way
Norwood, OH
 
—

 
1,017

 
6,638

 
—

 
1,017

 
6,638

 
50

 
2019
 
2006
 
4685 Forest Avenue
Novi, MI
 
—

 
895

 
36,944

 
—

 
895

 
36,944

 
1,013

 
2019
 
2008
 
26750 Providence Parkway
Oklahoma City, OK
 
—

 
216

 
18,762

 
—

 
216

 
18,762

 
5,419

 
2013
 
2008
 
535 NW 9th Street
Oro Valley, AZ
 
—

 
89

 
18,339

 
1,101

 
89

 
19,440

 
7,305

 
2007
 
2004
 
1521 East Tangerine Rd.
Oxford, NC
 
—

 
478

 
4,971

 
—

 
478

 
4,971

 
125

 
2019
 
2011
 
107 East McClanahan Street
Palmer, AK
 
—

 
283

 
8,335

 
265

 
283

 
8,600

 
549

 
2017
 
2018
 
2480 S Woodworth Loop
Palmer, AK
 
—

 
217

 
29,705

 
1,486

 
217

 
31,191

 
11,825

 
2007
 
2006
 
2490 South Woodworth Loop
Pasadena, TX
 
—

 
1,700

 
8,009

 
158

 
1,700

 
8,167

 
1,328

 
2012
 
2013
 
5001 E Sam Houston Parkway S
Pearland, TX
 
—

 
1,500

 
11,253

 
6

 
1,500

 
11,259

 
1,739

 
2012
 
2013
 
2515 Business Center Drive
Pearland, TX
 
—

 
9,594

 
32,753

 
191

 
9,807

 
32,731

 
6,265

 
2014
 
2013
 
11511 Shadow Creek Parkway
Pendleton, OR
 
—

 
—

 
10,312

 
380

 
—

 
10,692

 
1,672

 
2012
 
2013
 
3001 St. Anthony Way
Phoenix, AZ
 
—

 
199

 
3,853

 
—

 
199

 
3,853

 
132

 
2019
 
1980
 
9225 N 3rd Street
Phoenix, AZ
 
—

 
109

 
2,207

 
—

 
109

 
2,207

 
138

 
2019
 
1986
 
9327 North 3rd Street
Phoenix, AZ
 
—

 
229

 
5,867

 
—

 
229

 
5,867

 
241

 
2019
 
1994
 
9100 N 2nd Street
Phoenix, AZ
 
—

 
1,149

 
48,018

 
11,409

 
1,149

 
59,427

 
27,378

 
2006
 
1998
 
2222 E. Highland Ave.
Pineville, NC
 
—

 
961

 
6,974

 
2,582

 
1,081

 
9,436

 
5,009

 
2006
 
1988
 
10512 Park Rd.
Plano, TX
 
—

 
793

 
83,209

 
5,359

 
793

 
88,568

 
23,750

 
2012
 
2005
 
6020 West Parker Road
Plano, TX
 
—

 
5,423

 
20,698

 
1,878

 
5,423

 
22,576

 
13,141

 
2008
 
2007
 
6957 Plano Parkway
Plantation, FL
 
—

 
8,563

 
10,666

 
4,772

 
8,575

 
15,426

 
8,343

 
2006
 
1997
 
851-865 SW 78th Ave.
Plantation, FL
 
—

 
8,848

 
9,262

 
2,036

 
8,908

 
11,238

 
7,026

 
2006
 
1996
 
600 Pine Island Rd.
Port Orchard, WA
 
9,973

 
2,810

 
22,716

 
39

 
2,810

 
22,755

 
1,037

 
2018
 
1995
 
450 South Kitsap Boulevard
Poughkeepsie, NY
 
—

 
4,035

 
30,459

 
—

 
4,035

 
30,459

 
—

 
2019
 
2010
 
30 Columbia Street
Poughkeepsie, NY
 
—

 
6,513

 
27,863

 
—

 
6,513

 
27,863

 
—

 
2019
 
2006
 
600 Westage Drive
Poughkeepsie, NY
 
19,065

 
5,128

 
20,769

 
—

 
5,128

 
20,769

 
—

 
2019
 
2012
 
1910 South Road
Powell, TN
 
—

 
179

 
27,417

 
—

 
179

 
27,417

 
907

 
2019
 
2005
 
7557 A Dannaher Drive
Powell, TN
 
—

 
179

 
34,903

 
—

 
179

 
34,903

 
699

 
2019
 
2008
 
7557 B Dannaher Drive
Prince Frederick, MD
 
—

 
229

 
26,889

 
—

 
229

 
26,889

 
792

 
2019
 
2009
 
130 Hospital Road
Prince Frederick, MD
 
—

 
179

 
12,801

 
—

 
179

 
12,801

 
389

 
2019
 
1991
 
110 Hospital Road
Rancho Mirage, CA
 
—

 
7,292

 
15,141

 
—

 
7,292

 
15,141

 
—

 
2019
 
2005
 
72780 Country Club Drive
Redmond, WA
 
—

 
5,015

 
26,697

 
1,080

 
5,015

 
27,777

 
9,474

 
2010
 
2011
 
18100 NE Union Hill Rd.
Reno, NV
 
—

 
1,117

 
21,972

 
2,239

 
1,117

 
24,211

 
10,179

 
2006
 
1991
 
343 Elm St.
Richmond, TX
 
—

 
2,000

 
9,118

 
4

 
2,000

 
9,122

 
856

 
2015
 
2016
 
22121 FM 1093 Road
Richmond, VA
 
—

 
2,969

 
26,697

 
1,450

 
3,090

 
28,026

 
9,730

 
2012
 
2008
 
7001 Forest Avenue
Rockwall, TX
 
—

 
132

 
17,197

 
393

 
132

 
17,590

 
4,751

 
2012
 
2008
 
3142 Horizon Road
Rogers, AR
 
—

 
1,062

 
28,680

 
2,411

 
1,062

 
31,091

 
10,619

 
2011
 
2008
 
2708 Rife Medical Lane



(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rolla, MO
 
—

 
1,931

 
47,639

 
1

 
1,931

 
47,640

 
14,809

 
2011
 
2009
 
1605 Martin Spring Drive
Rome, GA
 
—

 
99

 
29,597

 
—

 
99

 
29,597

 
1,510

 
2019
 
2005
 
330 Turner McCall Boulevard
Roseville, MN
 
—

 
2,963

 
20,169

 
—

 
2,963

 
20,169

 
—

 
2019
 
2015
 
1835 W County Road C
Roxboro, NC
 
—

 
368

 
2,477

 
—

 
368

 
2,477

 
63

 
2019
 
2000
 
799 Doctors Court
Salem, NH
 
—

 
1,655

 
14,050

 
46

 
1,681

 
14,070

 
3,713

 
2014
 
2013
 
31 Stiles Road
San Antonio, TX
 
—

 
1,057

 
10,101

 
123

 
1,057

 
10,224

 
5,375

 
2006
 
1999
 
19016 Stone Oak Pkwy.
San Antonio, TX
 
—

 
1,038

 
9,173

 
1,848

 
1,096

 
10,963

 
5,795

 
2006
 
1999
 
540 Stone Oak Centre Drive
San Antonio, TX
 
—

 
2,915

 
11,141

 
—

 
2,915

 
11,141

 
462

 
2019
 
2006
 
150 E Sonterra Blvd
San Antonio, TX
 
—

 
3,050

 
12,073

 
31

 
3,050

 
12,104

 
600

 
2016
 
2017
 
5206 Research Drive
San Antonio, TX
 
—

 
938

 
16,437

 
—

 
938

 
16,437

 
4,571

 
2014
 
2007
 
3903 Wiseman Boulevard
Santa Clarita, CA
 
—

 
—

 
2,338

 
20,669

 
5,304

 
17,703

 
3,884

 
2014
 
1976
 
23861 McBean Parkway
Santa Clarita, CA
 
—

 
—

 
28,384

 
2,550

 
5,277

 
25,657

 
5,165

 
2014
 
1998
 
23929 McBean Parkway
Santa Clarita, CA
 
—

 
278

 
185

 
11,594

 
11,872

 
185

 
178

 
2014
 
1996
 
23871 McBean Parkway
Santa Clarita, CA
 
25,000

 
295

 
39,284

 
—

 
295

 
39,284

 
6,311

 
2014
 
2013
 
23803 McBean Parkway
Santa Clarita, CA
 
—

 
—

 
20,618

 
1,076

 
4,407

 
17,287

 
3,670

 
2014
 
1989
 
24355 Lyons Avenue
Seattle, WA
 
—

 
4,410

 
38,428

 
409

 
4,410

 
38,837

 
17,817

 
2010
 
2010
 
5350 Tallman Ave
Sewell, NJ
 
—

 
1,242

 
11,616

 
6

 
1,242

 
11,622

 
641

 
2018
 
2007
 
556 Egg Harbor Road
Sewell, NJ
 
—

 
164

 
53,859

 
—

 
164

 
53,859

 
21,033

 
2007
 
2009
 
239 Hurffville-Cross Keys Road
Shakopee, MN
 
5,393

 
509

 
11,350

 
—

 
509

 
11,350

 
4,472

 
2010
 
1996
 
1515 St Francis Ave
Shakopee, MN
 
9,093

 
707

 
18,089

 
156

 
773

 
18,179

 
5,640

 
2010
 
2007
 
1601 St Francis Ave
Shenandoah, TX
 
—

 
—

 
21,135

 
62

 
4,574

 
16,623

 
2,083

 
2013
 
2014
 
106 Vision Park Boulevard
Sherman Oaks, CA
 
—

 
—

 
32,186

 
3,412

 
3,121

 
32,477

 
7,246

 
2014
 
1969
 
4955 Van Nuys Boulevard
Silverdale, WA
 
13,117

 
3,451

 
21,176

 
12

 
3,451

 
21,188

 
919

 
2018
 
2004
 
2200 NW Myhre Road
Somerville, NJ
 
—

 
3,400

 
22,244

 
2

 
3,400

 
22,246

 
6,349

 
2008
 
2007
 
30 Rehill Avenue
Southlake, TX
 
—

 
3,000

 
—

 
—

 
3,000

 
—

 
—

 
2014
 
1900
 
Central Avenue
Southlake, TX
 
—

 
2,875

 
15,471

 
—

 
2,875

 
15,471

 
350

 
2019
 
2017
 
925 E. Southlake Boulevard
Southlake, TX
 
—

 
592

 
18,123

 
—

 
592

 
18,123

 
5,863

 
2012
 
2004
 
1545 East Southlake Boulevard
Southlake, TX
 
—

 
698

 
30,549

 
48

 
698

 
30,597

 
8,090

 
2012
 
2004
 
1545 East Southlake Boulevard
Springfield, IL
 
—

 
1,569

 
10,350

 
—

 
1,568

 
10,351

 
1,637

 
2010
 
2011
 
1100 East Lincolnshire Blvd
Springfield, IL
 
—

 
177

 
3,519

 
31

 
177

 
3,550

 
580

 
2010
 
2011
 
2801 Mathers Rd.
Springfield, MA
 
—

 
2,721

 
6,615

 
—

 
2,721

 
6,615

 
—

 
2019
 
2012
 
305 Bicentennial Highway
St Paul, MN
 
—

 
49

 
37,695

 
400

 
49

 
38,095

 
6,317

 
2014
 
2006
 
225 Smith Avenue N.
St. Louis, MO
 
—

 
336

 
17,247

 
2,397

 
336

 
19,644

 
8,096

 
2007
 
2001
 
2325 Dougherty Rd.
St. Paul, MN
 
—

 
2,706

 
39,507

 
386

 
2,701

 
39,898

 
13,580

 
2011
 
2007
 
435 Phalen Boulevard
Stamford, CT
 
—

 
—

 
41,153

 
2,636

 
—

 
43,789

 
3,620

 
2015
 
2016
 
29 Hospital Plaza
Stockton, CA
 
11,639

 
4,966

 
16,844

 
—

 
4,966

 
16,844

 
—

 
2019
 
2009
 
2488 N California Street
Suffern, NY
 
—

 
696

 
37,211

 
—

 
696

 
37,211

 
13,568

 
2011
 
2007
 
257 Lafayette Avenue
Suffolk, VA
 
—

 
1,566

 
11,511

 
229

 
1,620

 
11,686

 
5,119

 
2010
 
2007
 
5838 Harbour View Blvd.
Sugar Land, TX
 
—

 
3,543

 
15,532

 
—

 
3,543

 
15,532

 
6,172

 
2012
 
2005
 
11555 University Boulevard
Tacoma, WA
 
—

 
—

 
64,307

 
—

 
—

 
64,307

 
20,433

 
2011
 
2013
 
1608 South J Street
Tallahassee, FL
 
—

 
—

 
17,449

 
—

 
—

 
17,449

 
6,615

 
2010
 
2011
 
One Healing Place
Tampa, FL
 
—

 
4,319

 
12,234

 
—

 
4,319

 
12,234

 
3,181

 
2011
 
2003
 
14547 Bruce B Downs Blvd
(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Building & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Building & Improvements
 
Accumulated Depreciation(1)
 
Year Acquired
 
Year Built
 
Address
Outpatient Medical:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tampa, FL
 
—

 
1,462

 
7,270

 
—

 
1,462

 
7,270

 
614

 
2017
 
1996
 
12500 N Dale Mabry
Temple, TX
 
—

 
2,900

 
9,954

 
26

 
2,900

 
9,980

 
1,880

 
2011
 
2012
 
2601 Thornton Lane
Timonium, MD
 
—

 
8,829

 
12,568

 
161

 
8,850

 
12,708

 
1,323

 
2015
 
2017
 
2118 Greenspring Drive
Tucson, AZ
 
—

 
1,302

 
4,925

 
1,113

 
1,325

 
6,015

 
3,095

 
2008
 
1995
 
2055 W. Hospital Dr.
Tustin, CA
 
—

 
3,345

 
541

 
223

 
3,345

 
764

 
310

 
2015
 
1976
 
14591 Newport Ave
Tustin, CA
 
—

 
3,361

 
12,039

 
1,913

 
3,361

 
13,952

 
3,436

 
2015
 
1985
 
14642 Newport Ave
Tyler, TX
 
61,899

 
2,903

 
114,853

 
—

 
2,903

 
114,853

 
—

 
2019
 
2013
 
1814 Roseland Boulevard
Van Nuys, CA
 
—

 
—

 
36,187

 
—

 
—

 
36,187

 
10,936

 
2009
 
1991
 
6815 Noble Ave.
Voorhees, NJ
 
—

 
6

 
96,075

 
757

 
99

 
96,739

 
29,171

 
2010
 
2012
 
200 Bowman Drive
Voorhees, NJ
 
—

 
6,404

 
24,251

 
1,817

 
6,477

 
25,995

 
10,633

 
2006
 
1997
 
900 Centennial Blvd.
Waco, TX
 
—

 
125

 
164

 
—

 
125

 
164

 
4

 
2018
 
1962
 
6612 Fish Pond Road
Waco, TX
 
—

 
35

 
113

 
—

 
35

 
113

 
3

 
2018
 
1961
 
6620 Fish Pond Rd
Waco, TX
 
—

 
441

 
2,537

 
—

 
441

 
2,537

 
195

 
2018
 
2000
 
6600 Fish Pond Rd
Waco, TX
 
14,496

 
2,250

 
28,632

 
106

 
2,250

 
28,738

 
1,240

 
2018
 
1981
 
601 Highway 6 West
Washington, PA
 
19,273

 
3,981

 
31,706

 
17

 
3,981

 
31,723

 
1,389

 
2018
 
2010
 
100 Trich Drive
Wausau, WI
 
—

 
2,050

 
12,175

 
—

 
2,050

 
12,175

 
1,223

 
2015
 
2017
 
1901 Westwood Center Boulevard
Waxahachie, TX
 
—

 
303

 
18,069

 
—

 
303

 
18,069

 
2,578

 
2016
 
2014
 
2460 N I-35 East
Wellington, FL
 
—

 
580

 
11,047

 
—

 
580

 
11,047

 
5,030

 
2007
 
2003
 
1395 State Rd. 7
Wellington, FL
 
—

 
107

 
16,933

 
2,229

 
326

 
18,943

 
7,693

 
2006
 
2000
 
10115 Forest Hill Blvd.
Westlake Village, CA
 
6,360

 
2,487

 
9,776

 
6

 
2,487

 
9,782

 
684

 
2018
 
1989
 
1220 La Venta Drive
Westlake Village, CA
 
7,999

 
2,553

 
15,851

 
95

 
2,553

 
15,946

 
1,044

 
2018
 
1975
 
1250 La Venta Drive
Westville, IN
 
—

 
1,293

 
13,227

 
—

 
1,293

 
13,227

 
279

 
2019
 
2010
 
1668 South US 421
Winston-Salem, NC
 
—

 
2,006

 
7,497

 
—

 
2,006

 
7,497

 
526

 
2019
 
1998
 
2025 Frontis Plaza
Woodbridge, VA
 
—

 
346

 
16,534

 
—

 
346

 
16,534

 
617

 
2018
 
2012
 
12825 Minnieville Road
Yuma, AZ
 
—

 
1,592

 
10,185

 
—

 
1,592

 
10,185

 
496

 
2019
 
2004
 
2270 South Ridgeview Drive
Zephyrhills, FL
 
—

 
3,875

 
27,270

 
—

 
3,875

 
27,270

 
7,779

 
2011
 
1974
 
38135 Market Square Dr
Zephyrhills, FL
 
—

 
5,444

 
29,088

 
—

 
5,444

 
29,088

 
1,725

 
2018
 
2016
 
2352 Bruce B Downs Boulevard
Outpatient Medical Total
 
$
572,266


$
885,789


$
6,626,075


$
323,055


$
959,834


$
6,875,085


$
1,248,499

 
 
 
 
 
 



106

Welltower Inc.
 
 
Schedule III
 
 
Real Estate and Accumulated Depreciation
 
 
December 31, 2019
 
 
(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Buildings & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Buildings & Improvements
 
Accumulated Depreciation
 
Year Acquired
 
Year Built
 
Address
Assets Held For Sale:
 
 
Adelphi, MD
 
$
—

 
$
1,429

 
$
4,312

 
$
—

 
$
—

 
$
5,554

 
$
—

 
2018
 
1967
 
1801 Metzerott Road
Akron, OH
 
—

 
821

 
12,105

 
—

 
—

 
9,544

 
—

 
2012
 
2010
 
701 White Pond Drive
Ayer, MA
 
—

 
—

 
22,074

 
—

 
—

 
8,735

 
—

 
2011
 
1988
 
400 Groton Road
Birmingham, AL
 
—

 
52

 
10,201

 
—

 
—

 
5,508

 
—

 
2006
 
1971
 
801 Princeton Avenue SW
Birmingham, AL
 
—

 
124

 
11,733

 
—

 
—

 
7,995

 
—

 
2006
 
1985
 
817 Princeton Avenue SW
Birmingham, AL
 
—

 
476

 
18,726

 
—

 
—

 
12,234

 
—

 
2006
 
1989
 
833 Princeton Avenue SW
Boardman, OH
 
—

 
80

 
12,161

 
—

 
—

 
7,403

 
—

 
2010
 
2007
 
8423 Market St
Brookline, MA
 
—

 
—

 
17,435

 
—

 
—

 
17,435

 
—

 
2019
 
1900
 
110 Fisher Avenue
Burlington, MA
 
—

 
2,750

 
57,488

 
—

 
—

 
56,762

 
—

 
2016
 
2011
 
50 Greenleaf Way
Carmel, IN
 
—

 
2,280

 
19,238

 
—

 
—

 
14,226

 
—

 
2011
 
2005
 
12188-A North Meridian Street
Carmel, IN
 
—

 
2,026

 
21,559

 
—

 
—

 
14,292

 
—

 
2011
 
2007
 
12188-B North Meridian Street
Claremore, OK
 
—

 
132

 
11,173

 
—

 
—

 
7,529

 
—

 
2007
 
2005
 
1501 N. Florence Ave.
Concord, NH
 
—

 
720

 
3,041

 
—

 
—

 
3,344

 
—

 
2011
 
1926
 
227 Pleasant Street
Dallas, TX
 
—

 
137

 
28,690

 
—

 
—

 
18,703

 
—

 
2006
 
1995
 
9330 Poppy Dr.
Dayton, OH
 
—

 
730

 
6,919

 
—

 
—

 
4,586

 
—

 
2011
 
1988
 
1530 Needmore Road
Fort Wayne, IN
 
—

 
1,105

 
22,836

 
—

 
—

 
17,809

 
—

 
2012
 
2004
 
7916 Jefferson Boulevard
Fullerton, CA
 
—

 
5,477

 
53,890

 
—

 
—

 
54,244

 
—

 
2014
 
2007
 
1950 Sunny Crest Drive
Gilroy, CA
 
—

 
760

 
13,880

 
13,331

 
—

 
27,971

 
—

 
2006
 
2007
 
7610 Isabella Way
Great Falls, MT
 
—

 
630

 
6,007

 
—

 
—

 
6,131

 
—

 
2018
 
2001
 
1801 9th Street South
Greenwood, IN
 
—

 
8,316

 
26,384

 
—

 
—

 
26,763

 
—

 
2012
 
2010
 
1260 Innovation Parkway
Guelph, ON
 
—

 
1,190

 
7,597

 
—

 
—

 
—

 
—

 
2015
 
1978
 
165 Cole Road
Henderson, NV
 
—

 
880

 
29,809

 
—

 
—

 
24,506

 
—

 
2011
 
2009
 
1935 Paseo Verde Parkway
High Point, NC
 
—

 
2,659

 
29,069

 
—

 
—

 
24,246

 
—

 
2012
 
2010
 
4515 Premier Drive
Houston, TX
 
—

 
3,102

 
32,323

 
—

 
—

 
31,476

 
—

 
2014
 
2014
 
1900 N Loop W Freeway
Houston, TX
 
—

 
5,090

 
9,471

 
—

 
—

 
7,840

 
—

 
2007
 
2009
 
15015 Cypress Woods Medical Drive
Hudson, OH
 
—

 
2,587

 
13,720

 
—

 
—

 
11,865

 
—

 
2012
 
2006
 
5655 Hudson Drive
Hyattsville, MD
 
—

 
4,017

 
2,298

 
—

 
—

 
6,206

 
—

 
2018
 
1964
 
6500 Riggs Road
Kirkland, WA
 
24,600

 
3,450

 
38,709

 
—

 
—

 
33,598

 
—

 
2011
 
2009
 
14 Main Street South
Kitchener, ON
 
—

 
1,130

 
9,939

 
—

 
—

 
—

 
—

 
2013
 
1988
 
20 Fieldgate Street
Kyle, TX
 
—

 
2,569

 
14,384

 
—

 
—

 
13,928

 
—

 
2014
 
2011
 
135 Bunton Creek Road
Largo, MD
 
—

 
3,361

 
3,623

 
—

 
—

 
6,819

 
—

 
2018
 
1978
 
600 Largo Road
Las Vegas, NV
 
—

 
74

 
15,287

 
—

 
—

 
9,765

 
—

 
2006
 
2000
 
1815 E. Lake Mead Blvd.
Las Vegas, NV
 
—

 
—

 
2,945

 
—

 
—

 
2,945

 
—

 
2007
 
1900
 
SW corner of Deer Springs Way and Riley Street
Lenexa, KS
 
—

 
540

 
17,926

 
—

 
—

 
12,460

 
—

 
2010
 
2008
 
23401 Prairie Star Pkwy
Lenexa, KS
 
—

 
100

 
13,766

 
—

 
—

 
11,718

 
—

 
2013
 
2013
 
23351 Prairie Star Parkway
Mechanicsburg, PA
 
—

 
1,350

 
16,650

 
—

 
—

 
1,964

 
—

 
2011
 
1971
 
4950 Wilson Lane
Melbourne, FL
 
—

 
3,439

 
50,461

 
—

 
—

 
43,431

 
—

 
2014
 
2009
 
2222 South Harbor City Boulevard
(Dollars in thousands)
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
Description
 
Encumbrances
 
Land
 
Buildings & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Buildings & Improvements
 
Accumulated Depreciation
 
Year Acquired
 
Year Built
 
Address
Assets Held For Sale:
 
 
Merriam, KS
 
—

 
176

 
8,005

 
—

 
—

 
5,235

 
—

 
2011
 
1972
 
8800 West 75th Street
Merriam, KS
 
—

 
—

 
10,222

 
—

 
—

 
8,218

 
—

 
2011
 
1977
 
8901 West 74th Street
Merriam, KS
 
—

 
1,257

 
24,911

 
—

 
—

 
18,927

 
—

 
2013
 
2009
 
9301 West 74th Street
Merrillville, IN
 
—

 
—

 
22,134

 
—

 
—

 
15,000

 
—

 
2008
 
2006
 
101 E. 87th Ave.
Mesa, AZ
 
—

 
1,558

 
9,561

 
—

 
—

 
7,244

 
—

 
2008
 
1989
 
6424 East Broadway Road
Morrow, GA
 
—

 
818

 
8,064

 
—

 
—

 
4,673

 
—

 
2007
 
1990
 
6635 Lake Drive
Nassau Bay, TX
 
—

 
378

 
29,947

 
—

 
—

 
14,655

 
—

 
2012
 
1981
 
18100 St John Drive
Nassau Bay, TX
 
—

 
91

 
10,613

 
—

 
—

 
5,303

 
—

 
2012
 
1986
 
2060 Space Park Drive
Needham, MA
 
—

 
1,240

 
32,992

 
—

 
—

 
32,308

 
—

 
2016
 
2011
 
880 Greendale Avenue
Newburyport, MA
 
—

 
1,750

 
29,187

 
—

 
—

 
29,118

 
—

 
2016
 
2015
 
4 Wallace Bashaw Junior Way
Niagara Falls, ON
 
—

 
1,225

 
7,963

 
—

 
—

 
—

 
—

 
2015
 
1991
 
7860 Lundy's Lane
North Cape May, NJ
 
—

 
77

 
151

 
4,203

 
—

 
4,431

 
—

 
2015
 
1988
 
610 Town Bank Road
North Dartmouth, MA
 
—

 
1,700

 
35,337

 
—

 
—

 
35,298

 
—

 
2016
 
1997
 
239 Cross Road
Oceanside, CA
 
—

 
2,160

 
18,352

 
—

 
—

 
18,111

 
—

 
2011
 
2005
 
3500 Lake Boulevard
Ogden, UT
 
—

 
384

 
2,228

 
—

 
—

 
—

 
—

 
2018
 
1987
 
400 East 5350 South
Palm Springs, FL
 
—

 
739

 
4,066

 
—

 
—

 
2,061

 
—

 
2006
 
1993
 
1640 S. Congress Ave.
Palm Springs, FL
 
—

 
1,182

 
7,765

 
—

 
—

 
3,790

 
—

 
2006
 
1997
 
1630 S. Congress Ave.
Plymouth, MA
 
12,860

 
2,550

 
35,055

 
—

 
—

 
35,551

 
—

 
2016
 
1970
 
60 Stafford Hill
Portland, ME
 
—

 
655

 
25,529

 
—

 
—

 
17,783

 
—

 
2011
 
2008
 
195 Fore River Parkway
Renton, WA
 
20,790

 
3,080

 
51,824

 
12,281

 
—

 
67,185

 
—

 
2011
 
2007
 
104 Burnett Avenue South
Rexburg, ID
 
—

 
1,267

 
3,213

 
—

 
—

 
67

 
—

 
2018
 
1988
 
660 South 2nd West
Roswell, NM
 
—

 
183

 
5,850

 
—

 
—

 
3,909

 
—

 
2011
 
2004
 
601 West Country Club Road
Roswell, NM
 
—

 
883

 
15,984

 
—

 
—

 
11,896

 
—

 
2011
 
2006
 
350 West Country Club Road
Roswell, NM
 
—

 
762

 
17,171

 
—

 
—

 
13,361

 
—

 
2011
 
2009
 
300 West Country Club Road
Sacramento, CA
 
—

 
866

 
12,756

 
—

 
—

 
7,714

 
—

 
2006
 
1990
 
8120 Timberlake Way
San Antonio, TX
 
—

 
4,518

 
31,041

 
—

 
—

 
28,015

 
—

 
2012
 
1986
 
5282 Medical Drive
San Diego, CA
 
—

 
—

 
22,003

 
—

 
—

 
—

 
—

 
2008
 
1992
 
555 Washington St.
San Diego, CA
 
—

 
4,200

 
30,707

 
—

 
—

 
29,218

 
—

 
2011
 
2011
 
2567 Second Avenue
San Jose, CA
 
—

 
2,850

 
35,098

 
—

 
—

 
30,088

 
—

 
2011
 
2009
 
1420 Curvi Drive
Santa Maria, CA
 
—

 
6,050

 
50,658

 
—

 
—

 
44,355

 
—

 
2011
 
2001
 
1220 Suey Road
Sarasota, FL
 
—

 
62

 
47,325

 
—

 
—

 
36,149

 
—

 
2012
 
1990
 
1921 Waldemere Street
Seattle, WA
 
48,540

 
6,790

 
85,369

 
—

 
—

 
73,052

 
—

 
2011
 
2009
 
5300 24th Avenue NE
Tacoma, WA
 
17,640

 
2,400

 
35,053

 
—

 
—

 
30,014

 
—

 
2011
 
2008
 
7290 Rosemount Circle
Tacoma, WA
 
—

 
1,535

 
6,068

 
—

 
—

 
6,479

 
—

 
2015
 
2012
 
7290 Rosemount Circle
Tewksbury, MA
 
—

 
2,350

 
24,118

 
—

 
—

 
25,200

 
—

 
2016
 
2006
 
2000 Emerald Court
Toronto, ON
 
—

 
1,361

 
2,915

 
—

 
—

 
—

 
—

 
2013
 
1985
 
3705 Bathurst Street
West Seneca, NY
 
—

 
917

 
22,435

 
—

 
—

 
16,218

 
—

 
2007
 
1990
 
550 Orchard Park Rd
Wilkes-Barre, PA
 
—

 
570

 
2,301

 
—

 
—

 
2,847

 
—

 
2011
 
1992
 
300 Courtright Street
Assets Held For Sale Total
 
$
124,430


$
122,167


$
1,511,800


$
29,815


$
—


$
1,253,008


$
—

 
 
 
 
 
 


107

 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
Encumbrances
 
Land
 
Buildings & Improvements
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Buildings & Improvements
 
Accumulated Depreciation
Summary:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Seniors Housing Operating
 
$
1,990,607

 
$
1,383,927

 
$
13,886,675

 
$
1,879,176

 
$
1,469,078

 
$
15,680,700

 
$
3,194,057

Triple-net
 
306,038

 
1,036,151

 
7,894,992

 
351,136

 
1,057,708

 
8,224,571

 
1,272,903

Outpatient Medical
 
572,266

 
885,789

 
6,626,075

 
323,055

 
959,834

 
6,875,085

 
1,248,499

Construction in progress
 
—

 
—

 
507,931

 
—

 
—

 
507,931

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total continuing operating properties
 
2,868,911


3,305,867


28,915,673


2,553,367


3,486,620


31,288,287


5,715,459

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets held for sale
 
124,430

 
122,167

 
1,511,800

 
29,815

 
—

 
1,253,008

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments in real property owned
 
$
2,993,341

 
$
3,428,034

 
$
30,427,473

 
$
2,583,182

 
$
3,486,620

 
$
32,541,295

 
$
5,715,459

(1) Please see Note 2 to our consolidated financial statements for information regarding lives used for depreciation and amortization.

 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
(in thousands)
 
 
Investment in real estate:
 
 
 
 
 
 
Beginning balance
 
$
33,590,388

 
$
30,581,948

 
$
30,041,058

Acquisitions and development
 
4,807,418

 
4,598,670

 
1,276,636

Improvements
 
328,824

 
266,183

 
250,276

Deconsolidation of previously consolidated venture
 
—

 
—

 
(144,897
)
Impairment of assets
 
(28,074
)
 
(71,336
)
 
(101,527
)
Dispositions
 
(2,673,203
)
 
(1,330,679
)
 
(1,203,247
)
Foreign currency translation
 
187,853

 
(454,398
)
 
415,879

Other(1)
 
(185,291
)
 
—

 
47,770

Ending balance(2)
 
$
36,027,915

 
$
33,590,388

 
$
30,581,948

 
 
 
 
 
 
 
Accumulated depreciation:
 
 
 
 
 
 
Beginning balance
 
$
5,499,958

 
$
4,838,370

 
$
4,093,494

Depreciation and amortization expenses
 
1,027,073

 
950,459

 
921,720

Amortization of above market leases
 
5,752

 
6,375

 
7,303

Disposition and other
 
(772,273
)
 
(205,562
)
 
(192,029
)
Foreign currency translation
 
(45,051
)
 
(89,684
)
 
7,882

Ending balance
 
$
5,715,459

 
$
5,499,958

 
$
4,838,370

 
 
 
 
 
 
 
(1) 2019 change primarily relates to the adoption of ASC 842 and the 2017 change primarily relates to the acquisition of an asset through foreclosure.
(2) The unaudited aggregate cost for tax purposes for real property equals $30,691,276,000 at December 31, 2019.

108

Welltower Inc.
Schedule IV - Mortgage Loans on Real Estate
December 31, 2019
 
 
 
 
 
 
 
 
(in thousands)
Location
 
Segment
 
Interest Rate
 
Final Maturity Date
 
Monthly Payment Terms
 
Prior Liens
 
Face Amount of Mortgages
 
Carrying Amount of Mortgages
 
Principal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages relating to 1 property located in:
 
 
 
 
 
 
 
 
California
 
Triple-net
 
7.95%
 
1/1/2022
 
$
696

 
$
—

 
$
131,100

 
$
53,071

 
$
—

United Kingdom
 
Triple-net
 
7.25%
 
3/15/2022
 
139

 
—

 
27,828

 
23,788

 
—

United Kingdom
 
Triple-net
 
8.53%
 
7/7/2021
 
140

 
—

 
19,904

 
19,904

 
—

Pennsylvania
 
Triple-net
 
8.72%
 
3/1/2022
 
108

 
—

 
15,530

 
15,108

 
—

North Carolina
 
Triple-net
 
7.83%
 
12/18/2023
 
92

 
—

 
30,883

 
16,259

 
—

Texas
 
Outpatient Medical
 
7.86%
 
1/19/2025
 
24

 
—

 
3,740

 
3,733

 
—

United Kingdom
 
Triple-net
 
8.50%
 
2/1/2024
 
92

 
—

 
19,876

 
13,823

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
 
 
 
 
 
 
 
 
$
—

 
$
248,861

 
$
145,686

 
$
—

 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Reconciliation of mortgage loans:
 
(in thousands)
Balance at beginning of year
 
$
249,071

 
$
306,120

 
$
485,735

Additions:
 
 
 
 
 
 
New mortgage loans
 
—

 
25,290

 
6,706

Draws on existing loans
 
45,961

 
36,458

 
58,224

            Total additions
 
45,961

 
61,748

 
64,930

 
 
 
 
 
 
 
Deductions:
 
 
 
 
 
 
Collections of principal
 
(87,249
)
 
(116,905
)
 
(180,135
)
Loan balance transferred to non real estate loans receivable
 
(64,040
)
 
—

 
—

Change in allowance for loan losses and charge-offs
 
—

 
—

 
(71,535
)
Total deductions
 
(151,289
)
 
(116,905
)
 
(251,670
)
Change in balance due to foreign currency translation
 
1,944

 
(1,892
)
 
7,125

Balance at end of year
 
$
145,686

 
$
249,071

 
$
306,120




109

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