Maryland
|
1-11316
|
38-3041398
|
(State of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
·
|
increased its quarterly common stock dividend rate to $0.64 per share.
|
·
|
entered into new and amended senior unsecured credit facilities to replace the Company's prior unsecured revolving credit and term loan credit facilities.
|
·
|
completed $134 million in new investments.
|
·
|
invested $48 million in capital renovation and construction-in-progress projects.
|
·
|
redeemed $400 million of its 5.875% Senior Notes due 2024.
|
·
|
prepaid a $200 million senior unsecured term loan.
|
·
|
issued $550 million aggregate principal amount of its 4.75% Senior Notes due 2028.
|
·
|
issued $150 million aggregate principal amount of its 4.50% Senior Notes due 2025.
|
·
|
increased its quarterly common stock dividend rate to $0.63 per share.
|
·
|
completed $8 million in new investments.
|
·
|
invested $30 million in capital renovation and construction-in-progress projects.
|
·
|
increased its quarterly common stock dividend rate to $0.62 per share.
|
Equity Shelf (At-the-Market) Program for 2017
|
||||||||||||
(in thousands, except price per share)
|
||||||||||||
Q1
|
Q2
|
Year To Date
|
||||||||||
Number of shares
|
228
|
-
|
228
|
|||||||||
Average price per share
|
$
|
31.12
|
$
|
-
|
$
|
31.12
|
||||||
Gross proceeds
|
$
|
7,079
|
$
|
-
|
$
|
7,079
|
Dividend Reinvestment and Common Stock Purchase Program for 2017
|
||||||||||||
(in thousands, except price per share)
|
||||||||||||
Q1
|
Q2
|
Year To Date
|
||||||||||
Number of shares
|
239
|
375
|
614
|
|||||||||
Average price per share
|
$
|
30.67
|
$
|
33.02
|
$
|
32.11
|
||||||
Gross proceeds
|
$
|
7,335
|
$
|
12,386
|
$
|
19,721
|
2017 Annual Adjusted FFO
Guidance Range (per diluted common share) |
||||
Full Year
|
||||
Net Income
|
$
|
1.82 - $1.84
|
||
Depreciation
|
1.40
|
|||
Gain on assets sold
|
(0.03
|
)
|
||
Real estate impairment
|
0.09
|
|||
FFO
|
$
|
3.28 - $3.30
|
||
Adjustments:
|
||||
Contractual settlement
|
(0.05
|
)
|
||
Provision for uncollectible accounts
|
0.02
|
|||
Transaction costs
|
0.00
|
|||
Interest – refinancing costs
|
0.11
|
|||
One-time revenue
|
(0.01
|
)
|
||
Stock-based compensation expense
|
0.07
|
|||
Adjusted FFO
|
$
|
3.42 - $3.44
|
June 30,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Real estate properties
|
||||||||
Real estate investments
|
$
|
7,730,199
|
$
|
7,566,358
|
||||
Less accumulated depreciation
|
(1,366,376
|
)
|
(1,240,336
|
)
|
||||
Real estate investments – net
|
6,363,823
|
6,326,022
|
||||||
Investments in direct financing leases – net
|
582,307
|
601,938
|
||||||
Mortgage notes receivable – net
|
662,709
|
639,343
|
||||||
7,608,839
|
7,567,303
|
|||||||
Other investments – net
|
278,985
|
256,846
|
||||||
Investment in unconsolidated joint venture
|
38,968
|
48,776
|
||||||
Assets held for sale – net
|
18,889
|
52,868
|
||||||
Total investments
|
7,945,681
|
7,925,793
|
||||||
Cash and cash equivalents
|
21,031
|
93,687
|
||||||
Restricted cash
|
12,203
|
13,589
|
||||||
Accounts receivable – net
|
288,686
|
240,035
|
||||||
Goodwill
|
644,184
|
643,474
|
||||||
Other assets
|
34,869
|
32,682
|
||||||
Total assets
|
$
|
8,946,654
|
$
|
8,949,260
|
||||
LIABILITIES AND EQUITY
|
||||||||
Revolving line of credit
|
$
|
155,000
|
$
|
190,000
|
||||
Term loans – net
|
899,292
|
1,094,343
|
||||||
Secured borrowings – net
|
53,737
|
54,365
|
||||||
Unsecured borrowings – net
|
3,321,858
|
3,028,146
|
||||||
Accrued expenses and other liabilities
|
323,543
|
360,514
|
||||||
Deferred income taxes
|
17,714
|
9,906
|
||||||
Total liabilities
|
4,771,144
|
4,737,274
|
||||||
Equity:
|
||||||||
Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 197,224 shares as of June 30, 2017 and 196,142 as of December 31, 2016
|
19,722
|
19,614
|
||||||
Common stock – additional paid-in capital
|
4,896,076
|
4,861,408
|
||||||
Cumulative net earnings
|
1,908,634
|
1,738,937
|
||||||
Cumulative dividends paid
|
(2,954,230
|
)
|
(2,707,387
|
)
|
||||
Accumulated other comprehensive loss
|
(41,903
|
)
|
(53,827
|
)
|
||||
Total stockholders' equity
|
3,828,299
|
3,858,745
|
||||||
Noncontrolling interest
|
347,211
|
353,241
|
||||||
Total equity
|
4,175,510
|
4,211,986
|
||||||
Total liabilities and equity
|
$
|
8,946,654
|
$
|
8,949,260
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenue
|
||||||||||||||||
Rental income
|
$
|
193,997
|
$
|
186,454
|
$
|
386,534
|
$
|
363,157
|
||||||||
Income from direct financing leases
|
15,462
|
15,521
|
31,108
|
30,963
|
||||||||||||
Mortgage interest income
|
16,297
|
21,371
|
32,253
|
37,977
|
||||||||||||
Other investment income – net
|
7,278
|
4,982
|
14,192
|
8,413
|
||||||||||||
Miscellaneous income
|
2,763
|
496
|
3,454
|
1,193
|
||||||||||||
Total operating revenues
|
235,797
|
228,824
|
467,541
|
441,703
|
||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
70,350
|
65,505
|
140,343
|
127,938
|
||||||||||||
General and administrative
|
7,807
|
8,167
|
16,587
|
15,844
|
||||||||||||
Stock-based compensation
|
3,734
|
3,665
|
7,478
|
6,443
|
||||||||||||
Acquisition costs
|
19
|
3,504
|
(22
|
)
|
7,275
|
|||||||||||
Impairment loss on real estate properties
|
10,135
|
6,893
|
17,773
|
41,451
|
||||||||||||
Provision for uncollectible accounts
|
2,673
|
(1,154
|
)
|
5,077
|
3,970
|
|||||||||||
Total operating expenses
|
94,718
|
86,580
|
187,236
|
202,921
|
||||||||||||
Income before other income and expense
|
141,079
|
142,244
|
280,305
|
238,782
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
254
|
4
|
258
|
12
|
||||||||||||
Interest expense
|
(48,085
|
)
|
(39,651
|
)
|
(93,126
|
)
|
(76,873
|
)
|
||||||||
Interest – amortization of deferred financing costs
|
(2,543
|
)
|
(2,210
|
)
|
(5,045
|
)
|
(4,342
|
)
|
||||||||
Interest – refinancing costs
|
(21,965
|
)
|
-
|
(21,965
|
)
|
(298
|
)
|
|||||||||
Contractual settlement
|
-
|
-
|
10,412
|
-
|
||||||||||||
Realized gain (loss) on foreign exchange
|
79
|
-
|
140
|
(22
|
)
|
|||||||||||
Total other expense
|
(72,260
|
)
|
(41,857
|
)
|
(109,326
|
)
|
(81,523
|
)
|
||||||||
Income before (loss) gain on assets sold
|
68,819
|
100,387
|
170,979
|
157,259
|
||||||||||||
(Loss) gain on assets sold – net
|
(622
|
)
|
13,221
|
6,798
|
14,792
|
|||||||||||
Income from continuing operations
|
68,197
|
113,608
|
177,777
|
172,051
|
||||||||||||
Income tax expense
|
(591
|
)
|
(454
|
)
|
(1,691
|
)
|
(701
|
)
|
||||||||
Income from unconsolidated joint venture
|
551
|
-
|
1,183
|
-
|
||||||||||||
Net income
|
68,157
|
113,154
|
177,269
|
171,350
|
||||||||||||
Net income attributable to noncontrolling interest
|
(2,900
|
)
|
(5,102
|
)
|
(7,572
|
)
|
(7,743
|
)
|
||||||||
Net income available to common stockholders
|
$
|
65,257
|
$
|
108,052
|
$
|
169,697
|
$
|
163,607
|
||||||||
Income per common share available to common stockholders:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Net income available to common stockholders
|
$
|
0.33
|
$
|
0.57
|
$
|
0.86
|
$
|
0.87
|
||||||||
Diluted:
|
||||||||||||||||
Net income
|
$
|
0.33
|
$
|
0.57
|
$
|
0.86
|
$
|
0.86
|
||||||||
Dividends declared per common share
|
$
|
0.63
|
$
|
0.58
|
$
|
1.25
|
$
|
1.15
|
||||||||
Weighted-average shares outstanding, basic
|
197,433
|
188,981
|
197,223
|
188,604
|
||||||||||||
Weighted-average shares outstanding, diluted
|
206,672
|
199,157
|
206,423
|
198,754
|
||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net income
|
$
|
68,157
|
$
|
113,154
|
$
|
177,269
|
$
|
171,350
|
||||||||
Add back loss (deduct gain) from real estate dispositions
|
622
|
(13,221
|
)
|
(6,798
|
)
|
(14,792
|
)
|
|||||||||
Sub – total
|
68,779
|
99,933
|
170,471
|
156,558
|
||||||||||||
Elimination of non-cash items included in net income:
|
||||||||||||||||
Depreciation and amortization
|
70,350
|
65,505
|
140,343
|
127,938
|
||||||||||||
Depreciation - unconsolidated joint venture
|
1,658
|
—
|
3,316
|
—
|
||||||||||||
Add back non-cash provision for impairments on real estate properties
|
10,135
|
6,893
|
17,773
|
41,451
|
||||||||||||
Funds from operations ("FFO")
|
$
|
150,922
|
$
|
172,331
|
$
|
331,903
|
$
|
325,947
|
||||||||
Weighted-average common shares outstanding, basic
|
197,433
|
188,981
|
197,223
|
188,604
|
||||||||||||
Restricted stock and PRSUs
|
467
|
1,254
|
407
|
1,215
|
||||||||||||
Omega OP Units
|
8,772
|
8,922
|
8,793
|
8,935
|
||||||||||||
Weighted-average common shares outstanding, diluted
|
206,672
|
199,157
|
206,423
|
198,754
|
||||||||||||
Funds from operations available per share
|
$
|
0.73
|
$
|
0.87
|
$
|
1.61
|
$
|
1.64
|
||||||||
Adjustments to calculate adjusted funds from operations:
|
||||||||||||||||
Funds from operations available to common stockholders
|
$
|
150,922
|
$
|
172,331
|
$
|
331,903
|
$
|
325,947
|
||||||||
Deduct one-time revenue
|
(1,881
|
)
|
—
|
(1,881
|
)
|
(235
|
)
|
|||||||||
Deduct prepayment fee income from early termination of mortgages
|
—
|
(5,390
|
)
|
—
|
(5,390
|
)
|
||||||||||
Deduct contractual settlement
|
—
|
—
|
(10,412
|
)
|
—
|
|||||||||||
Add back (deduct) provision for uncollectible accounts
|
2,673
|
(1,154
|
)
|
5,077
|
3,970
|
|||||||||||
Add back (deduct) acquisition costs
|
19
|
3,504
|
(22
|
)
|
7,275
|
|||||||||||
Add back interest refinancing expense
|
23,539
|
—
|
23,539
|
298
|
||||||||||||
Add back non-cash stock-based compensation expense
|
3,734
|
3,665
|
7,478
|
6,443
|
||||||||||||
Adjusted funds from operations ("AFFO")
|
$
|
179,006
|
$
|
172,956
|
$
|
355,682
|
$
|
338,308
|
||||||||
Adjustments to calculate funds available for distribution:
|
||||||||||||||||
Non-cash interest expense
|
2,851
|
2,179
|
5,661
|
4,279
|
||||||||||||
Capitalized interest
|
(1,906
|
)
|
(1,405
|
)
|
(3,895
|
)
|
(3,125
|
)
|
||||||||
Non-cash revenues
|
(17,956
|
)
|
(19,766
|
)
|
(36,085
|
)
|
(36,975
|
)
|
||||||||
Funds available for distribution ("FAD")
|
$
|
161,995
|
$
|
153,964
|
$
|
321,363
|
$
|
302,487
|
||||||||
As of June 30, 2017
|
As of June 30, 2017
|
|||||||||||||||||||
Balance Sheet Data
|
Total # of Properties (2)
|
Total Investment ($000's)
|
% of Investment
|
# of Operating Properties(4)
|
# of Operating Beds
|
|||||||||||||||
Real Estate Investments (1)
|
887
|
$
|
7,749,399
|
86
|
%
|
883
|
88,265
|
|||||||||||||
Direct Financing Leases
|
53
|
582,307
|
7
|
%
|
52
|
5,187
|
||||||||||||||
Mortgage Notes Receivable
|
52
|
659,514
|
7
|
%
|
51
|
5,366
|
||||||||||||||
Total Investments
|
992
|
$
|
8,991,220
|
100
|
%
|
986
|
98,818
|
|||||||||||||
Investment Data
|
Total # of Properties (2)
|
Total Investment ($000's)
|
% of Investment
|
# of Operating Properties(4)
|
# of Operating Beds
|
Investment per Bed ($000's)
|
||||||||||||||||||
Skilled Nursing Facilities/Transitional Care (1)
|
859
|
$
|
7,542,468
|
84
|
%
|
858
|
90,841
|
$
|
83
|
|||||||||||||||
Senior Housing (1) (3)
|
133
|
1,448,752
|
16
|
%
|
128
|
7,977
|
$
|
182
|
||||||||||||||||
992
|
$
|
8,991,220
|
100
|
%
|
986
|
98,818
|
$
|
91
|
||||||||||||||||
(1) Total Investment includes a $19.2 million lease inducement and excludes $18.9 million (seven properties) classified as assets held for sale.
(2) Total # of Properties excludes seven properties classified as assets held for sale.
(3) Includes ALFs, memory care and independent living facilities.
(4) Total # of Operating Properties excludes facilities which are non-operating, closed and/or not currently providing patient services.
|
Revenue Composition ($000's)
|
||||||||||||||||
Revenue by Investment Type
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30, 2017
|
June 30, 2017
|
|||||||||||||||
Rental Property
|
$
|
193,997
|
82
|
%
|
$
|
386,534
|
83
|
%
|
||||||||
Direct Financing Leases
|
15,462
|
7
|
%
|
31,108
|
7
|
%
|
||||||||||
Mortgage Notes
|
16,297
|
7
|
%
|
32,253
|
7
|
%
|
||||||||||
Other Investment Income and Miscellaneous Income - net
|
10,041
|
4
|
%
|
17,646
|
3
|
%
|
||||||||||
$
|
235,797
|
100
|
%
|
$
|
467,541
|
100
|
%
|
Revenue by Facility Type
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30, 2017
|
June 30, 2017
|
|||||||||||||||
Skilled Nursing Facilities/Transitional Care
|
$
|
199,258
|
85
|
%
|
$
|
398,722
|
85
|
%
|
||||||||
Senior Housing
|
26,498
|
11
|
%
|
51,173
|
11
|
%
|
||||||||||
Other
|
10,041
|
4
|
%
|
17,646
|
4
|
%
|
||||||||||
$
|
235,797
|
100
|
%
|
$
|
467,541
|
100
|
%
|
|||||||||
Operator Concentration by Investment ($000's)
|
As of June 30, 2017
|
|||||||||||
Total # of Properties (1)
|
Total Investment (2)
|
% of Investment
|
||||||||||
Ciena Healthcare
|
71
|
$
|
930,434
|
10.3
|
%
|
|||||||
New Ark Investment, Inc.
|
54
|
599,691
|
6.7
|
%
|
||||||||
Maplewood Real Estate Holdings, LLC
|
13
|
556,769
|
6.1
|
%
|
||||||||
Signature Holdings II, LLC
|
62
|
551,011
|
6.1
|
%
|
||||||||
Saber Health Group
|
45
|
491,466
|
5.5
|
%
|
||||||||
CommuniCare Health Services, Inc.
|
35
|
393,156
|
4.4
|
%
|
||||||||
Daybreak Venture, LLC
|
48
|
337,565
|
3.8
|
%
|
||||||||
Genesis Healthcare
|
50
|
337,545
|
3.8
|
%
|
||||||||
Health & Hospital Corporation
|
44
|
304,711
|
3.4
|
%
|
||||||||
Diversicare Healthcare Services
|
35
|
277,980
|
3.1
|
%
|
||||||||
Remaining 67 Operators
|
535
|
4,210,892
|
46.8
|
%
|
||||||||
992
|
$
|
8,991,220
|
100.0
|
%
|
||||||||
(1) Total # of Properties excludes seven properties classified as assets held for sale.
(2) Total Investment includes a $19.2 million lease inducement and excludes $18.9 million (seven properties) classified as assets held for sale.
|
Geographic Concentration by Investment ($000's)
|
Total # of Properties (1)
|
Total Investment (2)
|
% of Investment
|
|||||||||
Ohio
|
87
|
$
|
845,682
|
9.4
|
%
|
|||||||
Florida
|
95
|
792,506
|
8.8
|
%
|
||||||||
Texas
|
109
|
787,328
|
8.8
|
%
|
||||||||
Michigan
|
49
|
620,621
|
6.9
|
%
|
||||||||
California
|
54
|
496,420
|
5.5
|
%
|
||||||||
Pennsylvania
|
43
|
469,185
|
5.2
|
%
|
||||||||
Indiana
|
59
|
406,510
|
4.5
|
%
|
||||||||
Tennessee
|
41
|
345,478
|
3.8
|
%
|
||||||||
Virginia
|
17
|
305,770
|
3.4
|
%
|
||||||||
South Carolina
|
23
|
272,966
|
3.0
|
%
|
||||||||
Remaining 32 states (3)
|
362
|
3,256,048
|
36.3
|
%
|
||||||||
939
|
8,598,514
|
95.6
|
%
|
|||||||||
United Kingdom
|
53
|
392,706
|
4.4
|
%
|
||||||||
992
|
$
|
8,991,220
|
100.0
|
%
|
||||||||
(1) Total # of Properties excludes seven properties classified as assets held for sale.
(2) Total Investment includes a $19.2 million lease inducement and excludes $18.9 million (seven properties) classified as assets held for sale.
(3) # of states and Total Investment includes New York City 2nd Avenue development project.
|
Revenue Maturities ($000's)
|
As of June 30, 2017
|
|||||||||||||||||||||
Operating Lease Expirations
& Loan Maturities
|
Year
|
2017 Lease Revenue
|
2017 Interest Revenue
|
2017 Lease and Interest Revenue
|
%
|
|||||||||||||||||
|
2017
|
$
|
7,377
|
$
|
415
|
$
|
7,792
|
0.9
|
%
|
|||||||||||||
2018
|
28,357
|
1,649
|
30,006
|
3.5
|
%
|
|||||||||||||||||
2019
|
2,990
|
664
|
3,654
|
0.4
|
%
|
|||||||||||||||||
2020
|
5,596
|
8,171
|
13,767
|
1.6
|
%
|
|||||||||||||||||
2021
|
10,607
|
956
|
11,563
|
1.4
|
%
|
|||||||||||||||||
2022
|
64,466
|
2,943
|
67,409
|
7.9
|
%
|
|||||||||||||||||
Note: Based on annualized 2nd quarter 2017 contractual revenues.
|
Operator Revenue Mix
|
As of March 31, 2017
|
|||||||||||
Medicaid
|
Medicare / Insurance
|
Private / Other
|
||||||||||
Three-months ended March 31, 2017
|
51.0
|
%
|
37.3
|
%
|
11.7
|
%
|
||||||
Three-months ended December 31, 2016
|
52.6
|
%
|
35.8
|
%
|
11.6
|
%
|
||||||
Three-months ended September 30, 2016
|
53.0
|
%
|
35.8
|
%
|
11.2
|
%
|
||||||
Three-months ended June 30, 2016
|
51.8
|
%
|
37.5
|
%
|
10.7
|
%
|
||||||
Three-months ended March 31, 2016
|
51.8
|
%
|
38.6
|
%
|
9.6
|
%
|
||||||
Operator Census and Coverage
|
Coverage Data
|
|||||||||||
Occupancy (1)
|
Before
Management Fees
|
After
Management Fees
|
||||||||||
Twelve-months ended March 31, 2017
|
82.5
|
%
|
1.69
|
x
|
1.33
|
x
|
||||||
Twelve-months ended December 31, 2016
|
82.2
|
%
|
1.69
|
x
|
1.33
|
x
|
||||||
Twelve-months ended September 30, 2016
|
82.1
|
%
|
1.68
|
x
|
1.31
|
x
|
||||||
Twelve-months ended June 30, 2016
|
82.1
|
%
|
1.72
|
x
|
1.34
|
x
|
||||||
Twelve-months ended March 31, 2016
|
82.2
|
%
|
1.75
|
x
|
1.37
|
x
|
Debt Maturities ($000's)
|
Secured Debt
|
Unsecured Debt
|
||||||||||||||||||
Year
|
HUD Mortgages (1)
|
Line of Credit and Term Loans (2)(3)
|
Senior Notes/Other
(4)
|
Sub Notes
(5)
|
Total Debt
Maturities
|
|||||||||||||||
2017
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
2018
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
2019
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
2020
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
2021
|
-
|
1,250,000
|
-
|
20,000
|
1,270,000
|
|||||||||||||||
2022
|
-
|
905,250
|
-
|
-
|
905,250
|
|||||||||||||||
Thereafter
|
54,316
|
-
|
3,350,000
|
-
|
3,404,316
|
|||||||||||||||
$
|
54,316
|
$
|
2,155,250
|
$
|
3,350,000
|
$
|
20,000
|
$
|
5,579,566
|
|||||||||||
(1) Mortgages guaranteed by HUD (excluding net deferred financing costs of $0.6 million).
(2) Reflected at 100% borrowing capacity.
(3) $1.25 billion excludes a $700 million accordion feature and $6.2 million net deferred financing costs. The $905 million is comprised of a: $425 million U.S. Dollar term loan, £100 million term loan (equivalent to $130.3 million in US dollars), $100 million term loan to Omega's operating partnership and $250 million 2015 term loan (excludes $6.0 million net deferred financing costs) assuming the exercise of existing extension rights.
(4) Excludes net discounts, deferred financing costs and a $1.5 million promissory note.
(5) Excludes $0.4 million of fair market valuation adjustments.
|
Investment Activity ($000's)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30, 2017
|
June 30, 2017
|
|||||||||||||||
Funding by Investment Type
|
$ Amount
|
%
|
$ Amount
|
%
|
||||||||||||
Real Property
|
$
|
123,403
|
67.8
|
%
|
$
|
130,977
|
59.6
|
%
|
||||||||
Construction-in-Progress
|
28,423
|
15.6
|
%
|
42,096
|
19.2
|
%
|
||||||||||
Capital Expenditures
|
16,784
|
9.2
|
%
|
30,649
|
14.0
|
%
|
||||||||||
Investment in Direct Financing Leases
|
2,538
|
1.4
|
%
|
4,767
|
2.2
|
%
|
||||||||||
Mortgages
|
11,000
|
6.0
|
%
|
11,000
|
5.0
|
%
|
||||||||||
Total
|
$
|
182,148
|
100.0
|
%
|
$
|
219,489
|
100.0
|
%
|
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