Company Quick10K Filing
Quick10K
Welltower
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$76.08 405 $30,810
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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 Officers, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
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 2018-04-25 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
ARNC Arconic 9,910
FIVE Five Below 7,620
AER AerCap 7,100
KNDI Kandi Technologies Group 263
ATLO AMES National 262
RNWK Realnetworks 85
AQXP Aquinox Pharmaceuticals 65
RBIZ Realbiz Media Group 0
USPB US Premium Beef 0
C749 Granite Falls Energy 0
WELL 2019-06-30
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 exhibit1012q19.htm
EX-10.2 exhibit1022q19.htm
EX-31.1 exhibit3112q19.htm
EX-31.2 exhibit3122q19.htm
EX-32.1 exhibit3212q19.htm
EX-32.2 exhibit3222q19.htm

Welltower Earnings 2019-06-30

WELL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 June 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 July 19, 2019, the registrant had 405,246,816 shares of common stock outstanding. 



TABLE OF CONTENTS
 
 
Page
PART I. FINANCIAL INFORMATION
 
 
 
Item 1. Financial Statements (Unaudited)
 
 
 
Consolidated Balance Sheets - June 30, 2019 and December 31, 2018
 
 
Consolidated Statements of Comprehensive Income - Three and six months ended June 30, 2019 and 2018
 
 
Consolidated Statements of Equity - Three and six months ended June 30, 2019 and 2018
 
 
Consolidated Statements of Cash Flows - Six months ended June 30, 2019 and 2018
 
 
Notes to Unaudited Consolidated Financial Statements
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
Item 4. Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
 
 
Item 1. Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 5. Other Information
 
 
Item 6. Exhibits
 
 
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 
CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 
 
June 30, 2019 (Unaudited)
 
December 31, 2018 (Note)
Assets:  
 
 
 
 
Real estate investments:  
 
 
 
 
Real property owned:  
 
 
 
 
Land and land improvements  
 
$
3,337,234

 
$
3,205,091

Buildings and improvements  
 
28,691,274

 
28,019,502

Acquired lease intangibles  
 
1,589,138

 
1,581,159

Real property held for sale, net of accumulated depreciation  
 
1,704,206

 
590,271

Construction in progress  
 
363,160

 
194,365

Less accumulated depreciation and amortization  
 
(5,539,435
)
 
(5,499,958
)
Net real property owned  
 
30,145,577

 
28,090,430

Right of use assets, net
 
550,342

 

Real estate loans receivable, net of allowance  
 
368,994

 
330,339

Net real estate investments  
 
31,064,913

 
28,420,769

Other assets:  
 
 
 
 
Investments in unconsolidated entities  
 
519,387

 
482,914

Goodwill  
 
68,321

 
68,321

Cash and cash equivalents  
 
268,666

 
215,376

Restricted cash  
 
91,052

 
100,753

Straight-line rent receivable
 
419,501

 
367,093

Receivables and other assets  
 
716,857

 
686,846

Total other assets  
 
2,083,784

 
1,921,303

Total assets  
 
$
33,148,697

 
$
30,342,072

 
 
 
 
 
Liabilities and equity  
 
 
 
 
Liabilities:  
 
 
 
 
Unsecured credit facility and commercial paper
 
$
1,869,188

 
$
1,147,000

Senior unsecured notes  
 
10,606,106

 
9,603,299

Secured debt  
 
2,675,507

 
2,476,177

Lease liabilities
 
469,029

 
70,668

Accrued expenses and other liabilities  
 
1,076,061

 
1,034,283

Total liabilities  
 
16,695,891

 
14,331,427

Redeemable noncontrolling interests  
 
483,234

 
424,046

Equity:  
 
 
 
 
Preferred stock  
 

 
718,498

Common stock  
 
406,014

 
384,465

Capital in excess of par value  
 
19,740,145

 
18,424,368

Treasury stock  
 
(74,042
)
 
(68,499
)
Cumulative net income  
 
6,539,766

 
6,121,534

Cumulative dividends  
 
(11,516,994
)
 
(10,818,557
)
Accumulated other comprehensive income (loss)  
 
(100,622
)
 
(129,769
)
Other equity  
 
188

 
294

Total Welltower Inc. stockholders’ equity  
 
14,994,455

 
14,632,334

Noncontrolling interests  
 
975,117

 
954,265

Total equity  
 
15,969,572

 
15,586,599

Total liabilities and equity  
 
$
33,148,697

 
$
30,342,072

 
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
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Resident fees and services
 
$
914,085

 
$
763,345

 
$
1,782,370

 
$
1,499,279

Rental income  
 
385,586

 
333,601

 
766,670

 
676,970

Interest income
 
17,356

 
13,462

 
32,475

 
28,110

Other income
 
3,079

 
15,504

 
10,836

 
18,518

Total revenues
 
1,320,106

 
1,125,912


2,592,351


2,222,877

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
701,127

 
568,751

 
1,371,934

 
1,125,216

Depreciation and amortization
 
248,052

 
236,275

 
491,984

 
464,476

Interest expense
 
141,336

 
121,416

 
286,568

 
244,191

General and administrative expenses
 
33,741

 
32,831

 
69,023

 
66,536

Loss (gain) on derivatives and financial instruments, net
 
1,913

 
(7,460
)
 
(574
)
 
(14,633
)
Loss (gain) on extinguishment of debt, net
 

 
299

 
15,719

 
12,006

Provision for loan losses
 

 

 
18,690

 

Impairment of assets
 
9,939

 
4,632

 
9,939

 
32,817

Other expenses
 
21,628

 
10,058

 
30,384

 
13,770

Total expenses
 
1,157,736

 
966,802

 
2,293,667

 
1,944,379

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and other items
 
162,370

 
159,110

 
298,684

 
278,498

Income tax (expense) benefit
 
(1,599
)
 
(3,841
)
 
(3,821
)
 
(5,429
)
Income (loss) from unconsolidated entities
 
(9,049
)
 
1,249

 
(18,248
)
 
(1,180
)
Gain (loss) on real estate dispositions, net
 
(1,682
)
 
10,755

 
165,727

 
348,939

Income (loss) from continuing operations
 
150,040

 
167,273

 
442,342

 
620,828

 
 
 
 
 
 
 
 
 
Net income
 
150,040

 
167,273

 
442,342

 
620,828

Less: Preferred stock dividends
 

 
11,676

 

 
23,352

Less: Net income (loss) attributable to noncontrolling interests(1)
 
12,278

 
1,165

 
24,110

 
5,373

Net income (loss) attributable to common stockholders
 
$
137,762

 
$
154,432

 
$
418,232

 
$
592,103

 
 
 
 
 
 
 
 
 
Average number of common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
404,607

 
371,640

 
398,073

 
371,552

Diluted
 
406,673

 
373,075

 
400,096

 
373,186

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
0.37

 
$
0.45

 
$
1.11

 
$
1.67

Net income (loss) attributable to common stockholders
 
$
0.34

 
$
0.42

 
$
1.05

 
$
1.59

 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
0.37

 
$
0.45

 
$
1.11

 
$
1.66

Net income (loss) attributable to common stockholders
 
$
0.34

 
$
0.41

 
$
1.05

 
$
1.59

 
 
 
 
 
 
 
 
 
Dividends declared and paid per common share
 
$
0.87

 
$
0.87

 
$
1.74

 
$
1.74

 
(1) Includes amounts attributable to redeemable noncontrolling interests.


4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
150,040

 
$
167,273

 
$
442,342

 
$
620,828

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
 
(54,024
)
 
(200,826
)
 
24,596

 
(121,802
)
Derivative instruments gain (loss)
 
100,407

 
150,703

 
12,725

 
88,005

Total other comprehensive income (loss)
 
46,383

 
(50,123
)
 
37,321

 
(33,797
)
 
 
 
 
 
 
 
 
 
Total comprehensive income (loss)
 
196,423

 
117,150

 
479,663

 
587,031

Less: Total comprehensive income (loss) attributable
to noncontrolling interests(1)
 
14,665

 
(7,580
)
 
32,284

 
(7,258
)
Total comprehensive income (loss) attributable to common stockholders
 
$
181,758

 
$
124,730

 
$
447,379

 
$
594,289

 
 
 
 
 
 
 
 
 
(1) Includes amounts attributable to redeemable noncontrolling interests.
 
 
 
 
 
 
 
 


5


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 
 
Six Months Ended June 30, 2019
 
 
Preferred
Stock
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Treasury
Stock
 
Cumulative
Net Income
 
Cumulative
Dividends
 
Accumulated Other
Comprehensive
Income (Loss)
 
Other
Equity
 
Noncontrolling
Interests
 
Total
Balances at December 31, 2018
 
$
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

 
 
Six Months Ended June 30, 2018
 
 
Preferred
Stock
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Treasury
Stock
 
Cumulative
Net Income
 
Cumulative
Dividends
 
Accumulated Other
Comprehensive
Income (Loss)
 
Other
Equity
 
Noncontrolling
Interests
 
Total
Balances at December 31, 2017
 
$
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

 


 


 


 
2,355

 
168,463

Other comprehensive income
 


 


 


 


 


 


 
(41,378
)
 


 
(8,745
)
 
(50,123
)
Total comprehensive income
 


 


 


 


 


 


 


 


 


 
118,340

Net change in noncontrolling interests
 


 
 

 
(14,822
)
 


 


 


 


 


 
(35,937
)
 
(50,759
)
Amounts related to stock incentive plans, net of forfeitures
 


 
18

 
5,801

 
35

 


 


 


 
(11
)
 


 
5,843

Proceeds from issuance of common stock
 


 
54

 
2,731

 


 


 


 


 


 


 
2,785

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock dividends
 


 


 


 


 


 
(323,372
)
 


 


 


 
(323,372
)
Preferred stock dividends
 


 


 


 


 


 
(11,676
)
 


 


 


 
(11,676
)
Balances at June 30, 2018
 
$
718,498

 
$
372,801

 
$
17,661,384

 
$
(68,661
)
 
$
5,932,035

 
$
(10,142,162
)
 
$
(132,631
)
 
$
659

 
$
458,564

 
$
14,800,487



6


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 
 
Six Months Ended
 
 
June 30,
 
 
2019
 
2018
Operating activities:  
 
 

 
 

Net income  
 
$
442,342

 
$
620,828

Adjustments to reconcile net income to net cash provided from (used in) operating activities:  
 
 
 
 
Depreciation and amortization  
 
491,984

 
464,476

Other amortization expenses  
 
9,761

 
7,984

Provision for loan losses
 
18,690

 

Impairment of assets  
 
9,939

 
32,817

Stock-based compensation expense  
 
15,192

 
16,725

Loss (gain) on derivatives and financial instruments, net  
 
(574
)
 
(14,633
)
Loss (gain) on extinguishment of debt, net  
 
15,719

 
12,006

Loss (income) from unconsolidated entities
 
18,248

 
1,180

Rental income less than (in excess of) cash received  
 
(53,234
)
 
13,544

Amortization related to above (below) market leases, net  
 
(2
)
 
1,363

Loss (gain) on real estate dispositions, net  
 
(165,727
)
 
(348,939
)
Distributions by unconsolidated entities
 
46

 
21

Increase (decrease) in accrued expenses and other liabilities  
 
55,415

 
46,718

Decrease (increase) in receivables and other assets  
 
(3,317
)
 
(15,666
)
Net cash provided from (used in) operating activities  
 
854,482


838,424

 
 
 
 
 

Investing activities:  
 
 
 
 
Cash disbursed for acquisitions
 
(2,718,808
)
 
(595,596
)
Cash disbursed for capital improvements to existing properties
 
(124,176
)
 
(111,332
)
Cash disbursed for construction in progress
 
(155,409
)
 
(62,978
)
Capitalized interest  
 
(6,256
)
 
(4,436
)
Investment in real estate loans receivable  
 
(62,935
)
 
(48,291
)
Principal collected on real estate loans receivable  
 
6,840

 
91,427

Other investments, net of payments  
 
(17,640
)
 
(48,212
)
Contributions to unconsolidated entities  
 
(119,001
)
 
(32,768
)
Distributions by unconsolidated entities  
 
70,844

 
22,897

Proceeds from (payments on) derivatives  
 
(21,643
)
 
(27,678
)
Proceeds from sales of real property  
 
616,820

 
947,218

Net cash provided from (used in) investing activities  
 
(2,531,364
)