Maryland
|
1-11316
|
38-3041398
|
(State of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act.
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
|
·
|
increased its quarterly common stock dividend rate to $0.61 per share.
|
·
|
completed $428 million in new investments.
|
·
|
invested $38 million in capital renovation and construction-in-progress projects.
|
·
|
repurchased an outstanding $180 million secured term loan due 2019.
|
·
|
issued $700 million aggregate principal amounts of its 4.375% Senior Notes due 2023.
|
·
|
increased its quarterly common stock dividend rate to $0.60 per share.
|
·
|
completed $220 million in new investments.
|
·
|
invested $28 million in capital renovation and construction-in-progress projects.
|
·
|
increased its quarterly common stock dividend rate to $0.58 per share.
|
·
|
completed $494 million in new investments.
|
·
|
invested $31 million in capital renovation and construction-in-progress projects.
|
·
|
completed a $350 million senior unsecured 5-year term loan.
|
·
|
increased its quarterly common stock dividend rate to $0.57 per share.
|
Dividend Reinvestment and Common Stock Purchase Program for 2016
|
||||||||||||||||
(in thousands, except price per share)
|
||||||||||||||||
Q1
|
Q2
|
Q3
|
Year To Date
|
|||||||||||||
Number of shares
|
660
|
2,237
|
3,973
|
6,870
|
||||||||||||
Average price per share
|
$
|
29.84
|
$
|
32.98
|
$
|
34.38
|
$
|
33.49
|
||||||||
Gross proceeds
|
$
|
19,691
|
$
|
73,763
|
$
|
136,600
|
$
|
230,054
|
2016 Fourth Quarter and Full Year Adjusted FFO Guidance Range
(per diluted common share)
|
||||||||||||
Nine Months Ended September 30
|
Q4
|
Full Year
|
||||||||||
Net Income
|
$
|
1.26
|
$
|
0.48 - $0.49
|
$
|
1.74 - $1.75
|
||||||
Depreciation
|
0.98
|
0.35
|
1.33
|
|||||||||
Gain on assets sold
|
(0.10
|
)
|
-
|
(0.10
|
)
|
|||||||
Real estate impairments
|
0.29
|
-
|
0.29
|
|||||||||
FFO
|
$
|
2.43
|
$
|
0.83 - $0.84
|
$
|
3.26 - $3.27
|
||||||
Adjustments:
|
||||||||||||
Transaction costs
|
0.05
|
-
|
0.05
|
|||||||||
Provision for uncollectible accounts
|
0.02
|
-
|
0.02
|
|||||||||
Interest refinancing expense
|
0.01
|
-
|
0.01
|
|||||||||
One-time revenue items in FFO
|
(0.03
|
)
|
-
|
(0.03
|
)
|
|||||||
Stock-based compensation expense
|
0.05
|
0.02
|
0.07
|
|||||||||
Adjusted FFO
|
$
|
2.53
|
$
|
0.85 - $0.86
|
$
|
3.38 - $3.39
|
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Real estate properties
|
||||||||
Land and buildings
|
$
|
7,593,886
|
$
|
6,743,958
|
||||
Less accumulated depreciation
|
(1,186,077
|
)
|
(1,019,150
|
)
|
||||
Real estate properties – net
|
6,407,809
|
5,724,808
|
||||||
Investments in direct financing leases – net
|
597,779
|
587,701
|
||||||
Mortgage notes receivable
|
624,339
|
679,795
|
||||||
7,629,927
|
6,992,304
|
|||||||
Other investments
|
277,251
|
89,299
|
||||||
7,907,178
|
7,081,603
|
|||||||
Assets held for sale – net
|
91,210
|
6,599
|
||||||
Total investments
|
7,998,388
|
7,088,202
|
||||||
Cash and cash equivalents
|
32,567
|
5,424
|
||||||
Restricted cash
|
12,282
|
14,607
|
||||||
Accounts receivable – net
|
225,225
|
203,862
|
||||||
Goodwill
|
644,129
|
645,683
|
||||||
Other assets
|
69,772
|
61,231
|
||||||
Total assets
|
$
|
8,982,363
|
$
|
8,019,009
|
||||
LIABILITIES AND EQUITY
|
||||||||
Revolving line of credit
|
$
|
223,000
|
$
|
230,000
|
||||
Term loans
|
1,100,000
|
750,000
|
||||||
Secured borrowings – net
|
55,271
|
236,204
|
||||||
Unsecured borrowings – net
|
3,055,368
|
2,352,882
|
||||||
Accrued expenses and other liabilities
|
361,596
|
333,706
|
||||||
Deferred income taxes
|
11,937
|
15,352
|
||||||
Total liabilities
|
4,807,172
|
3,918,144
|
||||||
Equity:
|
||||||||
Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 195,136 shares as of September 30, 2016 and 187,399 as of December 31, 2015
|
19,514
|
18,740
|
||||||
Common stock – additional paid-in capital
|
4,827,877
|
4,609,474
|
||||||
Cumulative net earnings
|
1,614,678
|
1,372,522
|
||||||
Cumulative dividends paid
|
(2,587,841
|
)
|
(2,254,038
|
)
|
||||
Accumulated other comprehensive loss
|
(52,170
|
)
|
(8,712
|
)
|
||||
Total stockholders' equity
|
3,822,058
|
3,737,986
|
||||||
Noncontrolling interest
|
353,133
|
362,879
|
||||||
Total equity
|
4,175,191
|
4,100,865
|
||||||
Total liabilities and equity
|
$
|
8,982,363
|
$
|
8,019,009
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
||||||||||||||||
Rental income
|
$
|
185,837
|
$
|
166,623
|
$
|
548,994
|
$
|
430,699
|
||||||||
Income from direct financing leases
|
15,611
|
15,216
|
46,574
|
44,582
|
||||||||||||
Mortgage interest income
|
15,996
|
17,195
|
53,973
|
51,336
|
||||||||||||
Other investment income – net
|
7,194
|
2,940
|
16,800
|
6,488
|
||||||||||||
Total operating revenues
|
224,638
|
201,974
|
666,341
|
533,105
|
||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
68,316
|
60,143
|
196,254
|
149,909
|
||||||||||||
General and administrative
|
8,755
|
7,961
|
24,599
|
19,800
|
||||||||||||
Stock-based compensation
|
3,673
|
2,199
|
10,116
|
6,682
|
||||||||||||
Acquisition and merger related costs
|
2,309
|
3,555
|
9,584
|
55,507
|
||||||||||||
Impairment loss on real estate properties
|
17,275
|
1,743
|
58,726
|
14,641
|
||||||||||||
(Recovery) provision for uncollectible mortgages, notes and accounts receivable
|
(3
|
)
|
301
|
3,967
|
292
|
|||||||||||
Total operating expenses
|
100,325
|
75,902
|
303,246
|
246,831
|
||||||||||||
Income before other income and expense
|
124,313
|
126,072
|
363,095
|
286,274
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
157
|
5
|
169
|
205
|
||||||||||||
Interest expense
|
(42,855
|
)
|
(38,169
|
)
|
(119,728
|
)
|
(108,776
|
)
|
||||||||
Interest – amortization of deferred financing costs
|
(2,502
|
)
|
(1,857
|
)
|
(6,844
|
)
|
(5,036
|
)
|
||||||||
Interest – refinancing costs
|
(1,815
|
)
|
-
|
(2,113
|
)
|
(8,361
|
)
|
|||||||||
Realized loss on foreign exchange
|
(222
|
)
|
-
|
(244
|
)
|
-
|
||||||||||
Total other expense
|
(47,237
|
)
|
(40,021
|
)
|
(128,760
|
)
|
(121,968
|
)
|
||||||||
Income before gain (loss) on assets sold
|
77,076
|
86,051
|
234,335
|
164,306
|
||||||||||||
Gain (loss) on assets sold – net
|
5,139
|
(2,931
|
)
|
19,931
|
6,411
|
|||||||||||
Income from continuing operations before income taxes
|
82,215
|
83,660
|
254,266
|
170,717
|
||||||||||||
Income taxes
|
(81
|
)
|
(406
|
)
|
(782
|
)
|
(945
|
)
|
||||||||
Net income
|
82,134
|
83,254
|
253,484
|
169,772
|
||||||||||||
Net income attributable to noncontrolling interest
|
(3,585
|
)
|
(3,852
|
)
|
(11,328
|
)
|
(5,890
|
)
|
||||||||
Net income available to common stockholders
|
$
|
78,549
|
$
|
79,402
|
$
|
242,156
|
$
|
163,882
|
||||||||
Income per common share available to common stockholders:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Net income available to common stockholders
|
$
|
0.40
|
$
|
0.43
|
$
|
1.27
|
$
|
0.98
|
||||||||
Diluted:
|
||||||||||||||||
Net income
|
$
|
0.40
|
$
|
0.43
|
$
|
1.26
|
$
|
0.97
|
||||||||
Dividends declared per common share
|
$
|
0.60
|
$
|
0.55
|
$
|
1.75
|
$
|
1.62
|
||||||||
Weighted-average shares outstanding, basic
|
194,123
|
184,739
|
190,444
|
167,261
|
||||||||||||
Weighted-average shares outstanding, diluted
|
204,078
|
195,183
|
200,528
|
174,824
|
||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income
|
$
|
82,134
|
$
|
83,254
|
$
|
253,484
|
$
|
169,772
|
||||||||
Deduct gain (add back loss) from real estate dispositions
|
(5,139
|
)
|
2,391
|
(19,931
|
)
|
(6,411
|
)
|
|||||||||
Sub – total
|
76,995
|
85,645
|
233,553
|
163,361
|
||||||||||||
Elimination of non-cash items included in net income:
|
||||||||||||||||
Depreciation and amortization
|
68,316
|
60,143
|
196,254
|
149,909
|
||||||||||||
Add back non-cash provision for impairments on real estate properties
|
17,275
|
1,743
|
58,726
|
14,641
|
||||||||||||
Funds from operations
|
$
|
162,586
|
$
|
147,531
|
$
|
488,533
|
$
|
327,911
|
||||||||
Weighted-average common shares outstanding, basic
|
194,123
|
184,739
|
190,444
|
167,261
|
||||||||||||
Restricted stock and PRSUs
|
1,093
|
1,483
|
1,174
|
1,580
|
||||||||||||
Omega OP Units
|
8,862
|
8,961
|
8,910
|
5,983
|
||||||||||||
Weighted-average common shares outstanding, diluted
|
204,078
|
195,183
|
200,528
|
174,824
|
||||||||||||
Funds from operations available per share
|
$
|
0.80
|
$
|
0.76
|
$
|
2.44
|
$
|
1.88
|
||||||||
Adjustments to calculate adjusted funds from operations:
|
||||||||||||||||
Funds from operations available to common stockholders
|
$
|
162,586
|
$
|
147,531
|
$
|
488,533
|
$
|
327,911
|
||||||||
Deduct one-time revenue
|
(448
|
)
|
—
|
(683
|
)
|
—
|
||||||||||
Deduct prepayment fee income from early termination of mortgages
|
—
|
—
|
(5,390
|
)
|
—
|
|||||||||||
(Deduct)/add back provision for uncollectible mortgages, notes and accounts receivables
|
(3
|
)
|
301
|
3,967
|
292
|
|||||||||||
Add back interest refinancing expense
|
1,815
|
—
|
2,113
|
8,361
|
||||||||||||
Add back interest carried to retire bonds (1)
|
—
|
863
|
—
|
863
|
||||||||||||
Add back acquisition costs
|
2,309
|
3,555
|
9,584
|
55,507
|
||||||||||||
Add back non-cash stock-based compensation expense
|
3,673
|
2,199
|
10,116
|
6,682
|
||||||||||||
Adjusted funds from operations
|
$
|
169,932
|
$
|
154,449
|
$
|
508,240
|
$
|
399,616
|
||||||||
Adjustments to calculate funds available for distribution:
|
||||||||||||||||
Non-cash interest expense
|
2,555
|
1,890
|
6,834
|
5,167
|
||||||||||||
Capitalized interest
|
(1,640
|
)
|
(1,522
|
)
|
(4,765
|
)
|
(1,945
|
)
|
||||||||
Non-cash revenues
|
(18,251
|
)
|
(14,918
|
)
|
(55,226
|
)
|
(39,295
|
)
|
||||||||
Funds available for distribution
|
$
|
152,596
|
$
|
139,899
|
$
|
455,083
|
$
|
363,543
|
||||||||
(1)
|
On September 25, 2015, the Company irrevocably deposited approximately $615.0 million to the trustee to call and redeem its $575 million 6.75% Notes due 2022. This amount included the $575 million principal, a redemption premium of 3.375%, semi-annual interest and additional interest to the redemption date of October 26, 2015. The $615.0 million was classified as "Other assets" on the Company's financial statements. The Company has adjusted (or added back) 8 days of interest at 6.75% resulting from the requirement to deposit with the trustee in September.
|
As of September 30, 2016
|
As of September 30, 2016
|
|||||||||||||||||||
Balance Sheet Data
|
Total # of Properties (2)
|
Total Investment ($000's)
|
% of Investment
|
# of Operating Properties
|
# of Operating Beds
|
|||||||||||||||
Real Property (1)
|
878
|
$
|
7,613,086
|
86
|
%
|
898
|
90,193
|
|||||||||||||
Direct Financing Leases
|
58
|
597,779
|
7
|
%
|
57
|
5,695
|
||||||||||||||
Loan Receivable
|
47
|
621,144
|
7
|
%
|
46
|
4,953
|
||||||||||||||
Total Investments
|
983
|
$
|
8,832,009
|
100
|
%
|
1,001
|
100,841
|
|||||||||||||
Investment Data
|
Total # of Properties (2)
|
Total Investment ($000's)
|
% of Investment
|
# of Operating Properties
|
# of Operating Beds
|
Investment per Bed ($000's)
|
||||||||||||||||||
Skilled Nursing Facilities / Transitional Care (1)
|
870
|
$
|
7,569,152
|
86
|
%
|
881
|
93,022
|
$
|
81
|
|||||||||||||||
Senior Housing (3)
|
113
|
1,262,857
|
14
|
%
|
120
|
7,819
|
$
|
162
|
||||||||||||||||
983
|
$
|
8,832,009
|
100
|
%
|
1,001
|
100,841
|
$
|
88
|
||||||||||||||||
(1) Total Investment includes a $19.2 million lease inducement and excludes $91.2 million of assets (31 properties) classified as assets held for sale.
(2) Total # of Properties excludes properties classified as assets held for sale.
(3) Includes ALFs, memory care and independent living facilities.
|
Revenue Composition ($000's)
|
||||||||||||||||
Revenue by Investment Type
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30, 2016
|
September 30, 2016
|
|||||||||||||||
Rental Property (1)
|
$
|
185,837
|
83
|
%
|
$
|
548,994
|
82
|
%
|
||||||||
Direct Financing Leases
|
15,611
|
7
|
%
|
46,574
|
7
|
%
|
||||||||||
Mortgage Notes
|
15,996
|
7
|
%
|
53,973
|
8
|
%
|
||||||||||
Other Investment Income- net
|
7,194
|
3
|
%
|
16,800
|
3
|
%
|
||||||||||
$
|
224,638
|
100
|
%
|
$
|
666,341
|
100
|
%
|
Revenue by Facility Type
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30, 2016
|
September 30, 2016
|
|||||||||||||||
Skilled Nursing Facilities/Transitional Care (1)
|
$
|
192,355
|
86
|
%
|
$
|
580,049
|
87
|
%
|
||||||||
Senior Housing
|
25,089
|
11
|
%
|
69,492
|
10
|
%
|
||||||||||
Other
|
7,194
|
3
|
%
|
16,800
|
3
|
%
|
||||||||||
$
|
224,638
|
100
|
%
|
$
|
666,341
|
100
|
%
|
|||||||||
(1) Includes $0.8 million and $2.3 million reductions for lease inducements for the three and nine months ended September 30, 2016.
|
Operator Concentration by Investment ($000's)
|
As of September 30, 2016
|
|||||||||||
Total # of Properties (1)
|
Total Investment (2)
|
% of Investment
|
||||||||||
Ciena Healthcare
|
68
|
$
|
910,619
|
10.3
|
%
|
|||||||
New Ark Investment, Inc.
|
59
|
615,106
|
7.0
|
%
|
||||||||
Signature Holdings II, LLC
|
63
|
556,436
|
6.3
|
%
|
||||||||
Maplewood Real Estate Holdings, LLC
|
13
|
514,523
|
5.8
|
%
|
||||||||
Saber Health Group
|
45
|
478,465
|
5.4
|
%
|
||||||||
CommuniCare Health Services, Inc.
|
35
|
390,685
|
4.4
|
%
|
||||||||
Genesis Healthcare
|
51
|
337,845
|
3.8
|
%
|
||||||||
Daybreak Venture, LLC
|
49
|
338,667
|
3.8
|
%
|
||||||||
Health & Hospital Corporation
|
44
|
304,712
|
3.5
|
%
|
||||||||
Diversicare Healthcare Services
|
35
|
277,977
|
3.1
|
%
|
||||||||
Remaining 71 Operators
|
521
|
4,106,974
|
46.6
|
%
|
||||||||
983
|
$
|
8,832,009
|
100.0
|
%
|
||||||||
(1) Total # of Properties excludes 31 properties classified as assets held for sale.
(2) Total Investment includes a $19.2 million lease inducement and excludes $91.2 million (31 properties) classified as assets held for sale.
|
Geographic Concentration by Investment ($000's)
|
Total # of Properties (1)
|
Total Investment (2)
|
% of Investment
|
|||||||||
Ohio
|
87
|
$
|
841,457
|
9.5
|
%
|
|||||||
Texas
|
108
|
778,293
|
8.8
|
%
|
||||||||
Florida
|
95
|
774,249
|
8.8
|
%
|
||||||||
Michigan
|
47
|
602,226
|
6.8
|
%
|
||||||||
California
|
56
|
516,112
|
5.8
|
%
|
||||||||
Pennsylvania
|
43
|
467,336
|
5.3
|
%
|
||||||||
Indiana
|
59
|
406,446
|
4.6
|
%
|
||||||||
Virginia
|
16
|
292,617
|
3.3
|
%
|
||||||||
South Carolina
|
22
|
259,957
|
2.9
|
%
|
||||||||
North Carolina
|
31
|
255,111
|
2.9
|
%
|
||||||||
Remaining 32 states(3)
|
384
|
3,372,102
|
38.3
|
%
|
||||||||
948
|
8,565,906
|
97.0
|
%
|
|||||||||
United Kingdom
|
35
|
266,103
|
3.0
|
%
|
||||||||
983
|
$
|
8,832,009
|
100.0
|
%
|
||||||||
(1) Total # of Properties excludes 31 properties classified as assets held for sale.
(2) Total Investment includes a $19.2 million lease inducement and excludes $91.2 million (31 properties) classified as assets held for sale.
(3) # of states and Investment includes New York City 2nd Ave development project.
|
Revenue Maturities ($000's)
|
As of September 30, 2016
|
||||||||||||||||
Operating Lease Expirations
& Loan Maturities
|
Year
|
2016 Lease Revenue
|
2016 Interest Revenue
|
2016 Lease and Interest Revenue
|
%
|
||||||||||||
|
2016 |
$
|
2,050
|
$
|
-
|
$
|
2,050
|
0.3
|
%
|
||||||||
2017 |
8,262
|
111
|
8,373
|
1.0
|
%
|
||||||||||||
2018 |
51,610
|
1,382
|
52,992
|
6.6
|
%
|
||||||||||||
2019 |
2,963
|
-
|
2,963
|
0.4
|
%
|
||||||||||||
2020 |
6,686
|
5,491
|
12,177
|
1.5
|
%
|
||||||||||||
|
2021 |
12,012
|
561
|
12,573
|
1.6
|
%
|
|||||||||||
Note: Based on calendar year 2016 contractual revenues.
|
Operator Revenue Mix
|
As of June 30, 2016
|
|||
Medicaid
|
Medicare / Insurance
|
Private / Other
|
||
Three-months ended June 30, 2016
|
51.8%
|
37.5%
|
10.7%
|
|
Three-months ended March 31, 2016
|
51.8%
|
38.6%
|
9.6%
|
|
Three-months ended December 31, 2015
|
53.1%
|
37.5%
|
9.4%
|
|
Three-months ended September 30, 2015
|
52.7%
|
37.2%
|
10.1%
|
|
Three-months ended June 30, 2015
|
51.6%
|
38.9%
|
9.5%
|
|
Operator Census and Coverage
|
Coverage Data
|
|||
Occupancy (1)
|
Before
Management Fees
|
After
Management Fees
|
||
Twelve-months ended June 30, 2016
|
82.1%
|
1.72x
|
1.34x
|
|
Twelve-months ended March 31, 2016
|
82.2%
|
1.75x
|
1.37x
|
|
Twelve-months ended December 31, 2015
|
82.5%
|
1.78x
|
1.40x
|
|
Twelve-months ended September 30, 2015
|
81.9%
|
1.79x
|
1.40x
|
|
Twelve-months ended June 30, 2015
|
81.9%
|
1.80x
|
1.41x
|
Debt Maturities ($000's)
|
Secured Debt
|
Unsecured Debt
|
||||||||||||||||||||||
Year
|
HUD Mortgages (1)
|
Other Term Loan
|
Line of Credit and Term Loans (2)(3)
|
Senior Notes/Other
(4)
|
Sub Notes
(5)
|
Total Debt
Maturities
|
||||||||||||||||||
2016
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
2017
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
2018
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
2019
|
-
|
-
|
1,750,000
|
-
|
-
|
1,750,000
|
||||||||||||||||||
2020
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
2021
|
-
|
-
|
350,000
|
-
|
20,000
|
370,000
|
||||||||||||||||||
2022
|
-
|
-
|
250,000
|
-
|
-
|
250,000
|
||||||||||||||||||
Thereafter
|
55,271
|
-
|
-
|
3,050,000
|
-
|
3,105,271
|
||||||||||||||||||
$
|
55,271
|
$
|
-
|
$
|
2,350,000
|
$
|
3,050,000
|
$
|
20,000
|
$
|
5,475,271
|
|||||||||||||
(1) Mortgages guaranteed by HUD.
(2) Reflected at 100% borrowing capacity.
(3) $1.75 billion is comprised of a: $200 million Tranche A-1 term loan, $100 million term loan to Omega's operating partnership, $200 million Tranche A-2 term loan and $1.25 billion revolving credit facility (excluding a $250 million accordion feature) assuming the exercise of existing extension rights.
(4) Excludes net discounts of $18.2 million and $3.0 million promissory note.
(5) Excludes $0.5 million of fair market valuation adjustments.
|
Investment Activity ($000's)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30, 2016
|
September 30, 2016
|
|||||||||||||||
Funding by Investment Type
|
$ Amount
|
%
|
$ Amount
|
%
|
||||||||||||
Real Property
|
$
|
342,400
|
73.5
|
%
|
$
|
970,110
|
78.3
|
%
|
||||||||
Construction-in-Progress
|
15,436
|
3.3
|
%
|
39,259
|
3.2
|
%
|
||||||||||
Capital Expenditures
|
21,684
|
4.7
|
%
|
56,732
|
4.6
|
%
|
||||||||||
Investment in Direct Financing Leases
|
1,079
|
0.2
|
%
|
1,079
|
0.1
|
%
|
||||||||||
Other
|
84,987
|
18.3
|
%
|
171,335
|
13.8
|
%
|
||||||||||
Total
|
$
|
465,586
|
100
|
%
|
$
|
1,238,515
|
100
|
%
|
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