Healthpeak Properties Reports Fourth Quarter and Year Ended 2022 Results
Healthpeak Properties (NYSE: PEAK) announced its Q4 and full-year 2022 results on February 7, 2023. Key highlights include a net income of $0.01 per share and Nareit FFO of $0.35 per share for Q4, with Same-Store Portfolio Cash (Adjusted) NOI growth of 6.6%. The life science segment showed strong results, with lease executions totaling 175,000 square feet and a 78% pre-leased development pipeline worth $900 million. The company also completed a $44 million redevelopment project and acquired 2.2 acres of land for $27 million. Healthpeak plans a UPREIT conversion by February 10, 2023. A quarterly cash dividend of $0.30 per share will be paid on February 23, 2023.
- Q4 Nareit FFO of $0.35 per share, up from $0.41 year-over-year.
- 6.6% Same-Store Cash (Adjusted) NOI growth in Q4, and 5.0% for the full year.
- Life science lease executions totaled 1.4 million square feet for the year.
- 78% pre-leased in a $900 million life science development pipeline.
- Dividend of $0.30 per share declared for February 23, 2023.
- Q4 net income decreased to $0.01 per share from $0.05 year-over-year.
- FFO as Adjusted for Q4 increased modestly from $0.41 to $0.44 per share, indicating slower growth.
- Full year net income slightly decreased to $0.92 per share from $0.93.
FOURTH QUARTER 2022 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
– Net income of
- Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of
5.7% and5.4% , respectively
– Fourth quarter life science new and renewal lease executions totaled 175,000 square feet, with +
– Life science development and redevelopment update:
- Placed-in-service 142,000 square feet of fully leased Class A development space at
101 CambridgePark Drive inCambridge - Completed a
$44 million Oyster Point campus inSouth San Francisco - Executed leases totaling 100,000 square feet on previously disclosed LOIs and signed LOIs for an additional 29,000 square feet at the Pointe Grand redevelopment campus in
South San Francisco - The
$900 million 78% pre-leased
– In
– Balance Sheet:
- In
October 2022 , drew down the entirety of the previously disclosed$500 million 3.5% fixed rate via swaps - In
December 2022 , settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of$34 $308 million - In
January 2023 , issued$400 million 5.25% fixed rate 10-year senior unsecured notes - Net debt to adjusted EBITDAre was 5.3x as of
December 31, 2022
– Healthpeak intends to implement a holding company reorganization to an
– Promoted
– The Board of Directors declared a quarterly common stock cash dividend of
– Recent ESG recognitions include being named to the CDP Leadership band for the tenth consecutive year; included in the S&P Global Sustainability Yearbook for the eighth consecutive year, and Bloomberg Gender-Equality Index and Newsweek's America's Most Responsible Companies for the fourth consecutive year; and named a
FULL YEAR 2022 HIGHLIGHTS
– Net income of
- Life Science Same-Store Portfolio Cash (Adjusted) NOI growth of
5.1% ; 60 basis points above the mid-point of the initial 2022 guidance range of4.00% -5.00% - MOB Same-Store Portfolio Cash (Adjusted) NOI growth of
4.0% ; 175 basis points above the the mid-point of the initial 2022 guidance range of1.75% -2.75%
– Portfolio leasing summary:
- Full-year life science lease executions totaled 1.4 million square feet, with +
35% cash releasing spreads on renewals - Full-year MOB lease executions totaled 3.1 million square feet
– Delivered development projects on-time and on-budget, with significant pre-leasing prior to delivery
- 675,000 square feet of fully-leased, purpose-built lab space representing
$691 million - Three on-campus MOBs totaling 237,000 square feet with a total investment of
$69 million - Commenced our 10th HCA development project with an on-campus Class A MOB in
Savannah, Georgia
– 2022 ESG highlights
- Received a
Green Star rating from the Global Real Estate Sustainability Benchmark (GRESB) for the eleventh consecutive year - Named to CDP's Leadership band and listed in the S&P Global North America Dow Jones Sustainability Index for the tenth consecutive year
- Listed in the S&P Global Sustainability Yearbook for the eighth consecutive year, and named to the Bloomberg Gender-Equality Index and Newsweek's America's Most Responsible Companies list for the fourth consecutive year
- Certified a
Great Place to Work for the third consecutive year - Named a
Best-Managed Company by theWall Street Journal and included in Fortune's Modern Board 25 and Best Workplaces in Real Estate lists for the first time - Finalist for Best Proxy Statement for the third consecutive year and Best ESG Reporting for the first time by
IR Magazine and Corporate Secretary - To learn more about Healthpeak's ESG program, please visit www.healthpeak.com/esg
FOURTH QUARTER COMPARISON
Three Months Ended | Three Months Ended | |||||||
(in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | ||||
Net income, diluted | $ 6,388 | $ 0.01 | $ 28,493 | $ 0.05 | ||||
Nareit FFO, diluted | 192,158 | 0.35 | 222,101 | 0.41 | ||||
FFO as Adjusted, diluted | 238,744 | 0.44 | 222,730 | 0.41 | ||||
AFFO, diluted | 194,414 | 0.36 | 175,941 | 0.32 | ||||
FULL YEAR COMPARISON
Year Ended | Year Ended | |||||||
(in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | ||||
Net income, diluted | $ 497,792 | $ 0.92 | $ 502,271 | $ 0.93 | ||||
Nareit FFO, diluted | 904,573 | 1.66 | 610,888 | 1.12 | ||||
FFO as Adjusted, diluted | 950,259 | 1.74 | 879,222 | 1.61 | ||||
AFFO, diluted | 790,296 | 1.45 | 734,034 | 1.35 | ||||
Nareit FFO, FFO as Adjusted, AFFO, Same-Store Cash (Adjusted) NOI and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts (see the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "
SAME-STORE ("SS") OPERATING SUMMARY
The table below outlines the year-over-year three-month and full year SS Cash (Adjusted) NOI growth on an actual and pro forma basis. The Pro Forma table reflects the results excluding government grants under the CARES Act for our CCRC portfolio.
Actual | ||||||
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | ||||||
Three Month | Full Year | |||||
SS Growth % | % of SS | SS Growth % | % of SS | |||
Life science | 5.7 % | 48.2 % | 5.1 % | 47.6 % | ||
Medical office | 5.4 % | 40.2 % | 4.0 % | 40.6 % | ||
CCRC | 15.0 % | 11.5 % | 8.0 % | 11.8 % | ||
Total Portfolio | 6.6 % | 100.0 % | 5.0 % | 100.0 % | ||
Pro Forma (excluding CARES) | ||||||
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | ||||||
Three Month | Full Year | |||||
SS Growth % | % of SS | SS Growth % | % of SS | |||
Life science | 5.7 % | 48.2 % | 5.1 % | 48.0 % | ||
Medical office | 5.4 % | 40.2 % | 4.0 % | 40.9 % | ||
CCRC | 15.0 % | 11.5 % | 2.5 % | 11.1 % | ||
Total Portfolio | 6.6 % | 100.0 % | 4.4 % | 100.0 % | ||
101 CAMBRIDGEPARK DRIVE DEVELOPMENT
During the fourth quarter, Healthpeak placed-in-service 142,000 square feet, representing
ALEWIFE ACQUISITIONS
In
DISPOSITIONS
In
CAPITAL MARKETS ACTIVITY
In
FORWARD EQUITY
In
SENIOR UNSECURED NOTES
In
UPREIT CONVERSION
During the first quarter of 2023, Healthpeak intends to implement a holding company reorganization to restructure
The reorganization is expected to be effective as of
On the effective date, each issued and outstanding share of existing Healthpeak common stock immediately prior to the effective time of the reorganization will convert on a share-for-share basis into an issued and outstanding share of new Healthpeak common stock, having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions and other terms as the corresponding share of existing Healthpeak's common stock that was converted. The conversion of stock will take place automatically without an exchange of stock certificates. New Healthpeak will replace existing Healthpeak as the public company listed on the
The UPREIT conversion is not anticipated to have any impact on Healthpeak's financial position and will not result in any changes to the consolidated financial statements of the company, its outstanding debt securities, or business operations. The UPREIT conversion will not impact the payment of the dividend declared by the Board and payable to stockholders of record in accordance with previously announced dividend payment dates.
EXECUTIVE LEADERSHIP PROMOTION
DIVIDEND
On
2023 GUIDANCE
For full year 2023, we have established the following guidance ranges:
- Diluted earnings per common share of
$0.52 $0.58 - Diluted Nareit FFO share of
$1.70 $1.76 - Diluted FFO as Adjusted per share of
$1.70 $1.76 - Total Portfolio Same-Store Cash (Adjusted) NOI growth of
2.75% –4.25%
Components of Total Portfolio Same-Store Cash (Adjusted) NOI guidance:
- Life Science:
3.0% to4.5% ;47% of the full year 2023 same-store pool - Medical Office:
2.0% to3.0% ;42% of the full year 2023 same-store pool - CCRC:
5.0% to10.0% ;11% of the full year 2023 same-store pool
These estimates do not reflect the potential impact from unannounced future transactions. These estimates are based on our view of existing market conditions, transaction timing, and other assumptions for the year ending
COMPANY INFORMATION
Healthpeak has scheduled a conference call and webcast for
ABOUT HEALTHPEAK
FORWARD-LOOKING STATEMENTS
Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, financing activities, or other transactions discussed in this release; (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2023 Guidance." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: macroeconomic trends, including inflation, interest rates, labor costs, and unemployment; the ability of our existing and future tenants, operators, and borrowers to conduct their respective businesses in a manner that generates sufficient income to make rent and loan payments to us; the financial condition of our tenants, operators, and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement activity risks, including project abandonments, project delays, and lower profits than expected; changes within the life science industry; significant regulation, funding requirements, and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our medical office buildings (MOBs) are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our properties operated through RIDEA structures; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us or our tenants and operators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners' financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions, and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose or exercise rights on collateral securing our real estate-related loans; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from litigation matters, including rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious diseases, including Covid, and health and safety measures intended to reduce their spread; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions, or breaches; increased borrowing costs, including due to rising interest rates; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all, including due to rising interest rates, changes in our credit ratings and the value of our common stock, volatility or uncertainty in the capital markets, and other factors; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the
CONTACT
Senior Vice President – Investor Relations
720-428-5400
Consolidated Balance Sheets | ||||
In thousands, except share and per share data | ||||
|
| |||
Assets | ||||
Real estate: | ||||
Buildings and improvements | $ 12,784,078 | $ 12,025,271 | ||
Development costs and construction in progress | 760,355 | 877,423 | ||
Land | 2,667,188 | 2,603,964 | ||
Accumulated depreciation and amortization | (3,188,138) | (2,839,229) | ||
Net real estate | 13,023,483 | 12,667,429 | ||
Net investment in direct financing leases | — | 44,706 | ||
Loans receivable, net of reserves of | 374,832 | 415,811 | ||
Investments in and advances to unconsolidated joint ventures | 706,677 | 403,634 | ||
Accounts receivable, net of allowance of | 53,436 | 48,691 | ||
Cash and cash equivalents | 72,032 | 158,287 | ||
Restricted cash | 54,802 | 53,454 | ||
Intangible assets, net | 418,061 | 519,760 | ||
Assets held for sale and discontinued operations, net | 49,866 | 37,190 | ||
Right-of-use asset, net | 237,318 | 233,942 | ||
Other assets, net | 780,722 | 674,615 | ||
Total assets | $ 15,771,229 | $ 15,257,519 | ||
Liabilities and Equity | ||||
Bank line of credit and commercial paper | $ 995,606 | $ 1,165,975 | ||
Term loans | 495,957 | — | ||
Senior unsecured notes | 4,659,451 | 4,651,933 | ||
Mortgage debt | 346,599 | 352,081 | ||
Intangible liabilities, net | 156,193 | 177,232 | ||
Liabilities related to assets held for sale and discontinued operations, net | 4,070 | 15,056 | ||
Lease liability | 208,515 | 204,547 | ||
Accounts payable, accrued liabilities, and other liabilities | 772,485 | 755,384 | ||
Deferred revenue | 844,076 | 789,207 | ||
Total liabilities | 8,482,952 | 8,111,415 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 105,679 | 87,344 | ||
Common stock, | 546,642 | 539,097 | ||
Additional paid-in capital | 10,349,614 | 10,100,294 | ||
Cumulative dividends in excess of earnings | (4,269,689) | (4,120,774) | ||
Accumulated other comprehensive income (loss) | 28,134 | (3,147) | ||
Total stockholders' equity | 6,654,701 | 6,515,470 | ||
Joint venture partners | 327,721 | 342,234 | ||
Non-managing member unitholders | 200,176 | 201,056 | ||
Total noncontrolling interests | 527,897 | 543,290 | ||
Total equity | 7,182,598 | 7,058,760 | ||
Total liabilities and equity | $ 15,771,229 | $ 15,257,519 | ||
Consolidated Statements of Operations | ||||||||
In thousands, except per share data | ||||||||
Three Months Ended | Year Ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenues: | ||||||||
Rental and related revenues | $ 392,245 | $ 356,254 | ||||||
Resident fees and services | 125,873 | 118,867 | 494,935 | 471,325 | ||||
Income from direct financing leases | — | 2,180 | 1,168 | 8,702 | ||||
Interest income | 6,350 | 5,904 | 23,300 | 37,773 | ||||
Total revenues | 524,468 | 483,205 | 2,061,178 | 1,896,184 | ||||
Costs and expenses: | ||||||||
Interest expense | 49,413 | 36,551 | 172,944 | 157,980 | ||||
Depreciation and amortization | 179,157 | 178,114 | 710,569 | 684,286 | ||||
Operating | 220,492 | 199,247 | 862,991 | 773,279 | ||||
General and administrative | 57,872 | 26,043 | 131,033 | 98,303 | ||||
Transaction costs | 3,217 | 424 | 4,853 | 1,841 | ||||
Impairments and loan loss reserves (recoveries), net | 3,326 | 18,702 | 7,004 | 23,160 | ||||
Total costs and expenses | 513,477 | 459,081 | 1,889,394 | 1,738,849 | ||||
Other income (expense): | ||||||||
Gain (loss) on sales of real estate, net | (969) | 717 | 9,078 | 190,590 | ||||
Gain (loss) on debt extinguishments | — | — | — | (225,824) | ||||
Other income (expense), net | (587) | 662 | 326,268 | 6,266 | ||||
Total other income (expense), net | (1,556) | 1,379 | 335,346 | (28,968) | ||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 9,435 | 25,503 | 507,130 | 128,367 | ||||
Income tax benefit (expense) | 650 | 1,857 | 4,425 | 3,261 | ||||
Equity income (loss) from unconsolidated joint ventures | (156) | 1,583 | 1,985 | 6,100 | ||||
Income (loss) from continuing operations | 9,929 | 28,943 | 513,540 | 137,728 | ||||
Income (loss) from discontinued operations | 873 | 3,633 | 2,884 | 388,202 | ||||
Net income (loss) | 10,802 | 32,576 | 516,424 | 525,930 | ||||
Noncontrolling interests' share in continuing operations | (4,274) | (3,815) | (15,975) | (17,851) | ||||
Noncontrolling interests' share in discontinued operations | — | — | — | (2,539) | ||||
Net income (loss) attributable to | 6,528 | 28,761 | 500,449 | 505,540 | ||||
Participating securities' share in earnings | (140) | (268) | (2,657) | (3,269) | ||||
Net income (loss) applicable to common shares | $ 6,388 | $ 28,493 | $ 497,792 | $ 502,271 | ||||
Basic earnings (loss) per common share: | ||||||||
Continuing operations | $ 0.01 | $ 0.05 | $ 0.92 | $ 0.22 | ||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.71 | ||||
Net income (loss) applicable to common shares | $ 0.01 | $ 0.05 | $ 0.92 | $ 0.93 | ||||
Diluted earnings (loss) per common share: | ||||||||
Continuing operations | $ 0.01 | $ 0.05 | $ 0.92 | $ 0.22 | ||||
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.71 | ||||
Net income (loss) applicable to common shares | $ 0.01 | $ 0.05 | $ 0.92 | $ 0.93 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 537,992 | 539,081 | 538,809 | 538,930 | ||||
Diluted | 538,396 | 539,505 | 539,147 | 539,241 | ||||
Funds From Operations | |||||||||
In thousands, except per share data | |||||||||
Three Months Ended | Year Ended | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||
Net income (loss) applicable to common shares | $ 6,388 | $ 28,493 | $ 497,792 | $ 502,271 | |||||
Real estate related depreciation and amortization | 179,157 | 178,114 | 710,569 | 684,286 | |||||
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 8,642 | 5,041 | 27,691 | 17,085 | |||||
Noncontrolling interests' share of real estate related depreciation and amortization | (4,709) | (4,869) | (19,201) | (19,367) | |||||
Loss (gain) on sales of depreciable real estate, net(1) | 986 | (6,780) | (10,422) | (605,311) | |||||
Healthpeak's share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | 45 | 197 | 134 | (6,737) | |||||
Noncontrolling interests' share of gain (loss) on sales of depreciable real estate, net | — | (73) | 12 | 5,555 | |||||
Loss (gain) upon change of control, net(2) | — | — | (311,438) | (1,042) | |||||
Taxes associated with real estate dispositions | — | — | 29 | 2,666 | |||||
Impairments (recoveries) of depreciable real estate, net | — | 19,625 | — | 25,320 | |||||
Nareit FFO applicable to common shares | 190,509 | 219,748 | 895,166 | 604,726 | |||||
Distributions on dilutive convertible units and other | 1,649 | 2,353 | 9,407 | 6,162 | |||||
Diluted Nareit FFO applicable to common shares | $ 192,158 | $ 222,101 | $ 904,573 | $ 610,888 | |||||
Diluted Nareit FFO per common share | $ 0.35 | $ 0.41 | $ 1.66 | $ 1.12 | |||||
Weighted average shares outstanding - diluted Nareit FFO | 543,879 | 546,829 | 546,462 | 544,742 | |||||
Impact of adjustments to Nareit FFO: | |||||||||
Transaction-related items | $ 3,215 | $ 406 | $ 4,788 | $ 7,044 | |||||
Other impairments (recoveries) and other losses (gains), net(3) | 9,702 | (923) | 3,829 | 24,238 | |||||
Restructuring and severance-related charges(4) | 32,749 | 1,147 | 32,749 | 3,610 | |||||
Loss (gain) on debt extinguishments | — | — | — | 225,824 | |||||
Casualty-related charges (recoveries), net(5) | 298 | — | 4,401 | 5,203 | |||||
Total adjustments | 45,964 | 630 | 45,767 | 265,919 | |||||
FFO as Adjusted applicable to common shares | 236,473 | 220,378 | 940,933 | 870,645 | |||||
Distributions on dilutive convertible units and other | 2,271 | 2,352 | 9,326 | 8,577 | |||||
Diluted FFO as Adjusted applicable to common shares | $ 238,744 | $ 222,730 | $ 950,259 | $ 879,222 | |||||
Diluted FFO as Adjusted per common share | $ 0.44 | $ 0.41 | $ 1.74 | $ 1.61 | |||||
Weighted average shares outstanding - diluted FFO as Adjusted | 545,704 | 546,829 | 546,462 | 546,567 | |||||
(1) | This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations of this Earnings Release and the detailed financial information in the Discontinued Operations Reconciliation section included in the corresponding Discussion and Reconciliation of Non-GAAP Financial Measures, which is available in the Investor Relations section of our website at http://ir.healthpeak.com/. | |||||
(2) | The year ended | |||||
(3) | The three months and year ended | |||||
(4) | The three months and year ended | |||||
(5) | Casualty-related charges (recoveries), net are recognized in other income (expense), net and equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. | |||||
Adjusted Funds From Operations | ||||||||
In thousands | ||||||||
Three Months Ended | Year Ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
FFO as Adjusted applicable to common shares | $ 870,645 | |||||||
Stock-based compensation amortization expense | 1,903 | 4,307 | 16,537 | 18,202 | ||||
Amortization of deferred financing costs | 2,812 | 2,539 | 10,881 | 9,216 | ||||
Straight-line rents | (12,346) | (7,561) | (49,183) | (31,188) | ||||
AFFO capital expenditures | (33,407) | (39,368) | (108,510) | (111,480) | ||||
Deferred income taxes | (355) | (1,776) | (4,096) | (8,015) | ||||
Other AFFO adjustments | (2,315) | (4,228) | (22,860) | (19,510) | ||||
AFFO applicable to common shares | 192,765 | 174,291 | 783,702 | 727,870 | ||||
Distributions on dilutive convertible units and other | 1,649 | 1,650 | 6,594 | 6,164 | ||||
Diluted AFFO applicable to common shares | $ 734,034 | |||||||
Diluted AFFO per common share | $ 0.36 | $ 0.32 | $ 1.45 | $ 1.35 | ||||
Weighted average shares outstanding - diluted AFFO | 543,879 | 545,004 | 544,637 | 544,742 | ||||
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