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,-*7(*'+')0'7(%7&%(7(W5)):%'0-D. G+)G'$(#)*1+-$-")2>>M)9U.(=/1$%" a.%7-) 4#+5)+:$#/"(+%-) JBK Reconciliation of Adjusted EBITDA Y@BQ Y@BC aX)@ABC Q218 Q217 (A>%?<QBHA% ISB==;% E\E?SEVSA%>B%QBHHB<% =>BQGRBSJAF= d%%%%%%%%%%baU#P`% d%%%%%%%%%%a_U$P_% d%%%%%%%%#_PU#`]% EBITDA $ 444,853 $ 296,169 (B<QB<>FBSS?<L% ?<>AFA=>=%?<%BKAFE>?<L%KEF><AF=R?K !U_33% $3_% PU__3% ,AES%A=>E>A%FASE>AJ%JAKFAQ?E>?B<%E<J%EHBF>?hE>?B< I!; !]aU_a3% #_aU3#3% $P3U!a!% Severance accrual and equity acceleration (including ,AES%A=>E>A%FASE>AJ%JAKFAQ?E>?B<%E<J%EHBF>?hE>?B<%FASE>AJ%>B%?<\A=>HA<>%?<% associated legal expenses for 2015 only) 1,822 365 @<QB<=BS?JE>AJ% [B?<>%\A<>@FA PU_!!% !U_a`% ##Uabb% Transaction and integration expenses 5,606 14,235 I5E?<;%SB==%B<%=ESA%BC%KFBKAF>M I#`U#]!; IP$3; I`3UPaa; (B<WQB<>FBSS?<L%?<>AFA=>=%=REFA%BC%LE?<%B<%=ESA%BC%KFBKAF>M W PU]33% (Gain) loss on sale of properties (14,192) (380) 'HKE?FHA<>%BC%?<\A=>HA<>=%?<%FAES%A=>E>A W W !$U]]!% Equity in earnings adjustment for non-core items - (3,285) &@<J=%CFBH% BKAFE>?B<=% I&&7; d%%%%%%%%PaPU##`% d%%%%%%%%!PbU3!$% d%%%%%#U3##U!_`% Other non-core expense adjustments (2,984) 24 &@<J=%CFBH% BKAFE>?B<=% I&&7;%KAF%J?S@>AJ%=REFA d%%%%%%%%%%%%%#Nb`% d%%%%%%%%%%%%%#N``% d%%%%%%%%%%%%%`N#b% Noncontrolling interests 2,696 920 (A>%?<QBHA% ISB==;% KAF%J?S@>AJ%=REFA%E\E?SEVSA%>B%QBHHB<% =>BQGRBSJAF= d%%%%%%%%%%%%%3NP!% d%%%%%%%%%%%%%3NPb% d%%%%%%%%%%%%%3N_P% Preferred stock dividends 20,329 14,505 &&7%E\E?SEVSA%>B%QBHHB<% =>BQGRBSJAF=%E<J%@<?>RBSJAF= PaPU##`% !PbU3!$% #U3##U!_`% Costs on redemption of preferred stock - 6,309 &&7%E\E?SEVSA%>B%QBHHB<% =>BQGRBSJAF=%E<J%@<?>RBSJAF=% WW J?S@>AJ d%%%%%%%%PaPU##`% d%%%%%%%%!PbU3!$% d%%%%%#U3##U!_`% 0AFH?<E>?B<%CAA=% E<J%B>RAF%<B<WQBFA% FA\A<@A=%I`; IPUbbP; IP`#; I#U3P#; Adjusted EBITDA 458,130 328,862 0FE<=EQ>?B<%AYKA<=A= aUb3b% #`U!Pa% _bU3`$% +B==% CFBH% AEFSM%AY>?<L@?=RHA<>%BC% JAV> W W I#U]]3; Adjusted EBITDA, less effect of gain on sale of assets $ 458,130 $ 328,862 '==@E<QA% QB=>=%E==BQ?E>AJ% T?>R%FAJAAHAJ%KFACAFFAJ% =>BQG W bUP3]% bUP3]% -i@?>M%?<%AEF<?<L=%EJ[@=>HA<>%CBF%<B<WQBFA% ?>AH= W IPU!$a; IPU!$a; Reconciliation of Net Operating Income (NOI) Q218 Q217 .A\AFE<QA%FASE>AJ%EQQF@ESU%Ai@?>M%EQQASAFE>?B<U%E<J%SALES%AYKA<=A=%Ib; #U$!!% Pba% `U_P#% Operating income $ 144,062 $ 130,657 8F?JLA%CEQ?S?>M%CAA=%I_; W W PU#$!% Less: 7>RAF%<B<WQBFA% AYKA<=A% EJ[@=>HA<>=%I$; #a!% !`% PU3__% *BFA%&@<J=% CFBH% BKAFE>?B<=%I&&7; d%%%%%%%%Pa_U3P#% d%%%%%%%%!aPUPPa% d%%%%%#U3]$UP#a% Fee income (only disclosed for 2008 through 2017) (2,343) (1,429) (B<%FAES%A=>E>A%JAKFAQ?E>?B< PU3P$% PU#3#% #!U!#!% )HBF>?hE>?B<%BC%JACAFFAJ% C?<E<Q?<L% QB=>= !U]aP% !Ua#$% #3Ubb`% Other revenue (527) (341) )HBF>?hE>?B<%BC%JAV>%J?=QB@<> $$!% _#P% PU3$`% Add: (B<% QE=R%QBHKA<=E>?B< $U`#]% aUbP_% #_U]33% .>FE?LR>WS?<A%FA<>%FA\A<@A I$U`$]; I!U##3; I#bUaba; Depreciation and amortization 298,788 178,111 .>FE?LR>WS?<A%FA<>%AYKA<=A !Ubb]% `UP`P% #!U#3_% General and administrative 44,277 37,144 )VB\A%E<J%VASBT%HEFGA>%FA<>%EHBF>?hE>?B< bU_]`% I#U]`b; #U__3% Severance accrual and equity acceleration 1,822 365 (B<WQE=R% >EY%AYKA<=AjIVA<AC?>;% IB<SM%J?=QSB=AJ% CBF% !3#`%W !3#$; I#U#P_; I#U``P; I!U]#!; *EK?>ES?hAJ%SAE=?<L%QBHKA<=E>?B< I!U$!a; I!U_`3; I##U$$b; Transactions 5,606 14,235 ,AQ@FF?<L%QEK?>ES%AYKA<J?>@FA=% IB<SM% J?=QSB=AJ% CBF%!3#!%W !3#$; IP`U``_; I!bU_`3; I#PbU!]3; Other expenses 152 24 '<>AF<ES%SAE=?<L%QBHH?==?B<=% IB<SM%J?=QSB=AJ%CBF%!3#!% W !3#$; I!U$!!; I#UPaa; IaU!]3; )J[@=>AJ%C@<J=% CFBH% BKAFE>?B<= I#; d%%%%%%%%PP!U3bb% d%%%%%%%%!PPUP#P% d%%%%%%%%]$PU#3]% Net Operating Income $ 491,837 $ 358,766 I#;% &@<J=%CFBH% BKAFE>?B<=%E<J% )J[@=>AJ%C@<J=% CFBH% BKAFE>?B<=%CBF%ESS%KAF?BJ=% KFA=A<>AJ%EVB\A%?<QS@JA% >RA%FA=@S>=%BC%KFBKAF>?A=%=BSJ%?<%!33b%E<J% !33_%— 2Q18 2Q17 % change _]_]%-E=>%0@C>=%)\A<@A%I1@SM%!33b;U%#33%0AQR<BSBLM% *A<>AF%9F?\A%IDEFQR% Operating Revenue $754,919 $565,989 33% !33_;% E<J%`3aa%4ESSAM%4?AT%+E<A%IDEFQR%!33_;N (Less DFT) (160,881) - I!;%,AES%A=>E>A%FASE>AJ%JAKFAQ?E>?B<%E<J%EHBF>?hE>?B<%TE=%QBHK@>AJ%E=%CBSSBT=X Operating Revenue (excl DFT) $594,038 $565,989 5% Y@BQ Y@BC aX)@ABC 9AKFAQ?E>?B<%E<J%EHBF>?hE>?B<%KAF%?<QBHA% =>E>AHA<> d%%%%%%%%!]$U_$$% d%%%%%%%%#_$U###% d%%%%%%%%$`!U`b`% (B<% FAES%A=>E>A%JAKFAQ?E>?B< IPU3P$; IPU#3#; I#!U!#!; Adjusted EBITDA $458,130 $328,862 39% d%%%%%%%%!]aU_a3% d%%%%%%%%#_aU3#3% d%%%%%%%%$P3U!a!% (Less DFT) (109,239) - eA?LR>AJWE\AFELA%=REFA=%E<J%@<?>=%B@>=>E<J?<L%W J?S@>AJ !#`U$]a% #b`U3!_% #bbU]P$% Adjusted EBTIDA (excl DFT) $348,891 $328,862 6% !"#$%9'5'0)+%,-)+02% &'()(*')+%,-./+0. !`
9?L?>ES%,AES>M%>RA%>F@=>AJ%CB@<JE>?B<%p%KBTAF?<L%J?L?>ES%EHV?>?B<=