Company Quick10K Filing
Welltower
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 407 $32,969
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-02-25 Annual: 2018-12-31
10-Q 2018-10-30 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-22 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-18 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-17 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-16 Other Events, Exhibits
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-10-23 Officers
8-K 2019-09-04 Officers, Regulation FD, Exhibits
8-K 2019-08-19 Other Events, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-01 Officers
8-K 2019-05-20 Officers, Regulation FD, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-30 Officers, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2019-02-25 Other Events, Exhibits
8-K 2019-02-21 Sale of Shares, Shareholder Rights
8-K 2019-02-15 Other Events, Exhibits
8-K 2019-02-12 Earnings, Exhibits
8-K 2019-02-07 Officers, Regulation FD, Exhibits
8-K 2019-01-30 Other Events
8-K 2019-01-22 Earnings, Regulation FD
8-K 2018-11-30 Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-08-16 Other Events, Exhibits
8-K 2018-08-03 Other Events, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-07-26 M&A, Exhibits
8-K 2018-07-19 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-21 Regulation FD, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-05-18 Other Events, Exhibits
8-K 2018-05-07 Regulation FD, Exhibits
8-K 2018-05-03 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-25 Enter Agreement, Regulation FD, Exhibits
8-K 2018-04-10 Other Events, Exhibits
8-K 2018-03-20 Officers
8-K 2018-03-05 Other Events, Exhibits
8-K 2018-02-22 Earnings, Exhibits
WELL 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit1013q19.htm
EX-10.2 exhibit1023q19.htm
EX-31.1 exhibit3113q19.htm
EX-31.2 exhibit3123q19.htm
EX-32.1 exhibit3213q19.htm
EX-32.2 exhibit3223q19.htm

Welltower Earnings 2019-09-30

WELL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EQIX 42,256 22,887 14,137 5,342 2,631 497 2,380 50,291 49% 21.1 2%
PSA 40,864 11,113 2,319 2,799 2,031 1,707 2,239 42,459 73% 19.0 15%
WELL 32,969 33,149 16,696 5,070 1,220 651 2,182 46,011 24% 21.1 2%
EQR 29,209 20,991 10,175 2,638 0 797 1,610 28,900 0% 17.9 4%
AVB 28,132 18,933 8,179 2,298 0 917 1,771 35,217 0% 19.9 5%
SBAC 27,990 9,269 12,609 1,945 1,476 131 751 37,634 76% 50.1 1%
DLR 26,438 23,430 12,939 3,163 0 326 1,889 37,320 0% 19.8 1%
VTR 25,377 22,989 11,890 3,753 2,801 506 1,796 35,585 75% 19.8 2%
O 21,798 16,749 7,886 1,400 0 391 1,242 21,758 0% 17.5 2%
ESS 20,040 12,671 6,289 1,422 0 434 1,133 25,731 0% 22.7 3%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
 
 
 
 
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
WELLTOWER INC.
 
(Exact name of registrant as specified in its charter
Delaware
34-1096634
(State or other jurisdiction
of Incorporation)
(IRS 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)  
 
 
 
 
 
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $1.00 par value per share
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
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  þ  No  ¨
Indicate by check mark whether the registrant has submitted electronically, if any, 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 and post such files). Yes þ  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
 þ
 Accelerated filer
¨
 Non-accelerated filer
¨
 Smaller reporting company
Emerging growth company
(Do not check if a smaller reporting 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  þ
As of October 21, 2019, the registrant had 405,799,597 shares of common stock outstanding. 



TABLE OF CONTENTS
 
 
Page
PART I. FINANCIAL INFORMATION
 
 
 
Item 1. Financial Statements (Unaudited)
 
 
 
Consolidated Balance Sheets
 
 
Consolidated Statements of Comprehensive Income
 
 
Consolidated Statements of Equity
 
 
Consolidated Statements of Cash Flows
 
 
Notes to Unaudited Consolidated Financial Statements
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
Item 4. Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
 
 
Item 1. Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 5. Other Information
 
 
Item 6. Exhibits
 
 
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 
CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 
 
September 30, 2019 (Unaudited)
 
December 31, 2018 (Note)
Assets:  
 
 
 
 
Real estate investments:  
 
 
 
 
Real property owned:  
 
 
 
 
Land and land improvements  
 
$
3,370,841

 
$
3,205,091

Buildings and improvements  
 
28,798,241

 
28,019,502

Acquired lease intangibles  
 
1,604,982

 
1,581,159

Real property held for sale, net of accumulated depreciation  
 
336,649

 
590,271

Construction in progress  
 
466,286

 
194,365

Less accumulated depreciation and amortization  
 
(5,769,843
)
 
(5,499,958
)
Net real property owned  
 
28,807,156

 
28,090,430

Right of use assets, net
 
536,689

 

Real estate loans receivable, net of allowance  
 
361,530

 
330,339

Net real estate investments  
 
29,705,375

 
28,420,769

Other assets:  
 
 
 
 
Investments in unconsolidated entities  
 
556,854

 
482,914

Goodwill  
 
68,321

 
68,321

Cash and cash equivalents  
 
265,788

 
215,376

Restricted cash  
 
64,947

 
100,753

Straight-line rent receivable
 
432,616

 
367,093

Receivables and other assets  
 
770,054

 
686,846

Total other assets  
 
2,158,580

 
1,921,303

Total assets  
 
$
31,863,955

 
$
30,342,072

 
 
 
 
 
Liabilities and equity  
 
 
 
 
Liabilities:  
 
 
 
 
Unsecured credit facility and commercial paper
 
$
1,334,586

 
$
1,147,000

Senior unsecured notes  
 
9,730,047

 
9,603,299

Secured debt  
 
2,623,010

 
2,476,177

Lease liabilities
 
454,538

 
70,668

Accrued expenses and other liabilities  
 
1,025,704

 
1,034,283

Total liabilities  
 
15,167,885

 
14,331,427

Redeemable noncontrolling interests  
 
470,341

 
424,046

Equity:  
 
 
 
 
Preferred stock  
 

 
718,498

Common stock  
 
406,498

 
384,465

Capital in excess of par value  
 
19,796,676

 
18,424,368

Treasury stock  
 
(78,843
)
 
(68,499
)
Cumulative net income  
 
7,129,642

 
6,121,534

Cumulative dividends  
 
(11,870,244
)
 
(10,818,557
)
Accumulated other comprehensive income (loss)  
 
(117,676
)
 
(129,769
)
Other equity  
 
12

 
294

Total Welltower Inc. stockholders’ equity  
 
15,266,065

 
14,632,334

Noncontrolling interests  
 
959,664

 
954,265

Total equity  
 
16,225,729

 
15,586,599

Total liabilities and equity  
 
$
31,863,955

 
$
30,342,072

 
NOTE: The consolidated balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.


3


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data) 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Resident fees and services
 
$
834,121

 
$
875,171

 
$
2,616,491

 
$
2,374,450

Rental income  
 
412,147

 
342,887

 
1,178,817

 
1,019,857

Interest income
 
15,637

 
14,622

 
48,112

 
42,732

Other income
 
4,228

 
3,699

 
15,064

 
22,217

Total revenues
 
1,266,133

 
1,236,379


3,858,484


3,459,256

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
655,588

 
657,157

 
2,027,522

 
1,782,373

Depreciation and amortization
 
272,445

 
243,149

 
764,429

 
707,625

Interest expense
 
137,343

 
138,032

 
423,911

 
382,223

General and administrative expenses
 
31,019

 
28,746

 
100,042

 
95,282

Loss (gain) on derivatives and financial instruments, net
 
1,244

 
8,991

 
670

 
(5,642
)
Loss (gain) on extinguishment of debt, net
 
65,824

 
4,038

 
81,543

 
16,044

Provision for loan losses
 

 

 
18,690

 

Impairment of assets
 
18,096

 
6,740

 
28,035

 
39,557

Other expenses
 
6,186

 
88,626

 
36,570

 
102,396

Total expenses
 
1,187,745

 
1,175,479

 
3,481,412

 
3,119,858

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and other items
 
78,388

 
60,900

 
377,072

 
339,398

Income tax (expense) benefit
 
(3,968
)
 
(1,741
)
 
(7,789
)
 
(7,170
)
Income (loss) from unconsolidated entities
 
3,262

 
344

 
(14,986
)
 
(836
)
Gain (loss) on real estate dispositions, net
 
570,250

 
24,723

 
735,977

 
373,662

Income (loss) from continuing operations
 
647,932

 
84,226

 
1,090,274

 
705,054

 
 
 
 
 
 
 
 
 
Net income
 
647,932

 
84,226

 
1,090,274

 
705,054

Less: Preferred stock dividends
 

 
11,676

 

 
35,028

Less: Net income (loss) attributable to noncontrolling interests(1)
 
58,056

 
8,166

 
82,166

 
13,539

Net income (loss) attributable to common stockholders
 
$
589,876

 
$
64,384

 
$
1,008,108

 
$
656,487

 
 
 
 
 
 
 
 
 
Average number of common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
405,023

 
373,023

 
400,441

 
372,052

Diluted
 
406,891

 
374,487

 
402,412

 
373,638

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
1.60

 
$
0.23

 
$
2.72

 
$
1.90

Net income (loss) attributable to common stockholders
 
$
1.46

 
$
0.17

 
$
2.52

 
$
1.76

 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
1.59

 
$
0.22

 
$
2.71

 
$
1.89

Net income (loss) attributable to common stockholders
 
$
1.45

 
$
0.17

 
$
2.51

 
$
1.76

 
 
 
 
 
 
 
 
 
Dividends declared and paid per common share
 
$
0.87

 
$
0.87

 
$
2.61

 
$
2.61

 
(1) Includes amounts attributable to redeemable noncontrolling interests.


4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
647,932

 
$
84,226

 
$
1,090,274

 
$
705,054

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
 
(100,837
)
 
(15,293
)
 
(76,241
)
 
(137,095
)
Derivative instruments gain (loss)
 
78,947

 
12,200

 
91,672

 
100,205

Total other comprehensive income (loss)
 
(21,890
)
 
(3,093
)
 
15,431

 
(36,890
)
 
 
 
 
 
 
 
 
 
Total comprehensive income (loss)
 
626,042

 
81,133

 
1,105,705

 
668,164

Less: Total comprehensive income (loss) attributable
to noncontrolling interests(1)
 
53,220

 
10,933

 
85,504

 
3,675

Total comprehensive income (loss) attributable to common stockholders
 
$
572,822

 
$
70,200

 
$
1,020,201

 
$
664,489

 
 
 
 
 
 
 
 
 
(1) Includes amounts attributable to redeemable noncontrolling interests.
 
 
 
 
 
 
 
 


5


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 
 
Preferred
Stock
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Treasury
Stock
 
Cumulative
Net Income
 
Cumulative
Dividends
 
Accumulated Other
Comprehensive
Income (Loss)
 
Other
Equity
 
Noncontrolling
Interests
 
Total
Balances at December 31, 2018
 
$
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)
 


 

 

 

 
280,470

 

 

 

 
10,785

 
291,255

Other comprehensive income
 


 

 

 

 

 

 
(14,849
)
 

 
5,787

 
(9,062
)
Total comprehensive income
 


 

 

 

 

 

 

 

 

 
282,193

Net change in noncontrolling interests
 


 
 
 
(8,845
)
 

 

 

 

 

 
(1,497
)
 
(10,342
)
Amounts related to stock incentive plans, net of forfeitures
 


 
120

 
7,420

 
(5,993
)
 

 

 

 
(26
)
 

 
1,521

Proceeds from issuance of common stock
 


 
7,212

 
525,408

 

 

 

 

 

 

 
532,620

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

 
705,786

 

 
 
 

 

 

 

 

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock dividends
 


 

 

 

 

 
(344,760
)
 

 

 

 
(344,760
)
Balances at March 31, 2019
 
$

 
$
404,509

 
$
19,654,137

 
$
(74,492
)
 
$
6,402,004

 
$
(11,163,317
)
 
$
(144,618
)
 
$
268

 
$
969,340

 
$
16,047,831

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net income (loss)
 

 

 

 

 
137,762

 

 

 

 
11,349

 
149,111

Other comprehensive income
 

 

 

 

 

 

 
43,996

 

 
2,387

 
46,383

Total comprehensive income
 

 

 

 

 

 

 

 

 

 
195,494

Net change in noncontrolling interests
 

 
 
 
(23,672
)
 

 

 

 

 

 
(7,959
)
 
(31,631
)
Amounts related to stock incentive plans, net of forfeitures
 

 
18

 
7,959

 
450

 

 

 

 
(80
)
 

 
8,347

Proceeds from issuance of common stock
 

 
1,487

 
101,721

 

 

 

 

 

 

 
103,208

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Common stock dividends
 

 

 

 

 

 
(353,677
)
 

 

 

 
(353,677
)
Balances at June 30, 2019
 
$

 
$
406,014

 
$
19,740,145

 
$
(74,042
)
 
$
6,539,766

 
$
(11,516,994
)
 
$
(100,622
)
 
$
188

 
$
975,117

 
$
15,969,572

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 


 


 


 


 
589,876

 


 


 


 
29,948

 
619,824

Other comprehensive income
 


 


 


 


 


 


 
(17,054
)
 


 
(4,836
)
 
(21,890
)
Total comprehensive income
 


 


 


 


 


 


 


 


 


 
597,934

Net change in noncontrolling interests
 


 
 

 
13,038

 


 


 


 


 


 
(40,565
)
 
(27,527
)
Amounts related to stock incentive plans, net of forfeitures
 


 
4

 
5,100

 
(4,801
)
 


 


 


 
(176
)
 


 
127

Proceeds from issuance of common stock
 


 
480

 
38,393

 


 


 


 


 


 


 
38,873

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock dividends
 


 


 


 


 


 
(353,250
)
 


 


 


 
(353,250
)
Balances at September 30, 2019
 
$

 
$
406,498

 
$
19,796,676

 
$
(78,843
)
 
$
7,129,642

 
$
(11,870,244
)
 
$
(117,676
)
 
$
12

 
$
959,664

 
$
16,225,729
























6


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 
 
Preferred
Stock
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Treasury
Stock
 
Cumulative
Net Income
 
Cumulative
Dividends
 
Accumulated Other
Comprehensive
Income (Loss)
 
Other
Equity
 
Noncontrolling
Interests
 
Total
Balances at December 31, 2017
 
$
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)
 

 

 

 

 
449,347

 

 

 

 
5,191

 
454,538

Other comprehensive income
 

 

 

 

 

 

 
20,212

 

 
(3,886
)
 
16,326

Total comprehensive income
 

 

 

 

 

 

 

 

 

 
470,864

Net change in noncontrolling interests
 

 
 
 
(13,157
)
 

 

 

 

 

 
(2,719
)
 
(15,876
)
Amounts related to stock incentive plans, net of forfeitures
 

 
150

 
11,085

 
(4,137
)
 

 

 

 

 

 
7,098

Proceeds from issuance of common stock
 

 
130

 
7,060

 

 

 

 

 

 

 
7,190

Conversion of preferred stock
 
(5
)
 

 
5

 

 
 
 

 

 


 

 

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock dividends
 

 

 

 

 

 
(323,726
)
 

 

 

 
(323,726
)
Preferred stock dividends
 

 

 

 

 

 
(11,676
)
 

 

 

 
(11,676
)
Balances at March 31, 2018
 
$
718,498

 
$
372,729

 
$
17,667,674

 
$
(68,696
)
 
$
5,765,927

 
$
(9,807,114
)
 
$
(91,253
)
 
$
670

 
$
500,891

 
$
15,059,326

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 


 


 


 


 
166,108