Welltower Inc
(NYSE:WELL)

Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innova...

Website: http://www.welltower.com

Founded: 1970

Full Time Employees: 443

Sector: Real Estate

Industry: REIT-Healthcare Facilities

REIT

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2006-12-31	2006-03-31	2005-09-30	2005-06-30	2005-03-31

revenues:
resident fees and services	2,780,931,000	2,556,052,000	2,061,370,000	1,971,044,000	1,864,530,000	1,761,878,000	1,511,524,000	1,393,473,000	1,360,274,000	1,262,862,000	1,199,808,000	1,159,449,000	1,131,685,000	1,100,671,000	1,068,706,000	1,009,999,000	994,335,000	897,251,000	835,617,000	740,891,000	723,464,000	713,534,000	740,956,000	769,560,000	849,972,000	834,121,000			875,171,000	763,345,000	735,934	-2,046,977,577	702,380,000	677,040,000	670,337,000	461,846,500	630,017,000	615,220,000	602,149,000	393,329,500	545,255,000	535,553,000	492,510,000	482,412,000	467,639	456,265	1,615,125,554	466,127	370,995	327,324,000	124,573,750	174,464,000	165,654,000	158,174,000	79,889,750	125,125,000	123,149,000	71,286,000	38,197,000	12,809,000
rental income	453,842,000	523,853,000	499,475,000	483,040,000	461,567,000	386,329,000	430,486,000	335,811,000	417,652,000	404,068,000	384,507,000	383,439,000	384,059,000	372,002,000	361,983,000	361,411,000	356,390,000	359,145,000	357,984,000	354,723,000	302,843,000	382,049,000	275,046,000	396,305,000	389,960,000	412,147,000			342,887,000	333,601,000	343,369	-1,084,175,129	362,880,000	355,599,000	367,141,000	-147,117,000	421,152,000	422,628,000	415,663,000	-66,180,000	409,290,000	396,626,000	379,587,000	354,148,000	347,847	336,455	227,414.75	311,731	302,465	296,834,000	-133,820,000	290,225,000	278,067,000	267,358,000	-44,226,000	249,994,000	239,703,000	169,658,000	140,087,000	152,127,000	151,146,000	142,715,000	126,399,000	133,481,000	130,291,000	132,891,000	124,940,000	132,131,000	124,828,000	125,044,000			227,286,000	72,785,000	67,295,000	62,791,000	61,974,000
interest income	70,929,000	54,442,000	67,216,000	62,057,000	62,490,000	71,028,000	69,046,000	63,453,000	52,664,000	51,019,000	42,220,000	38,710,000	36,405,000	36,646,000	37,791,000	37,140,000	38,994,000	39,672,000	39,864,000	38,448,000	19,579,000	21,096,000	16,750,000	16,069,000	15,241,000	15,637,000			14,622,000	13,462,000	14,648	-61,762,189	20,187,000	20,901,000	20,748,000	16,201,000	25,080,000	24,007,000	25,188,000	14,158,000	22,380,000	20,576,000	16,994,000	9,344,000	8,933	8,594	732,675	7,629	7,640	9,057,000	249,000	8,111,000	7,879,000	8,141,000	1,635,000	7,858,000	12,866,000	11,709,000	12,418,000	10,054,000	9,335,000	9,048,000	10,246,000	10,528,000	10,158,000	9,953,000	10,886,000	10,910,000	9,175,000	9,092,000			14,567,000	4,262,000	4,997,000	5,269,000	4,983,000
other income	46,224,000	46,664,000	57,631,000	32,103,000	34,500,000	31,595,000	44,607,000	32,147,000	29,151,000	31,826,000	35,478,000	83,880,000	8,580,000	9,212,000	5,364,000	63,986,000	5,985,000	13,196,000	6,332,000	6,930,000	6,176,000	5,337,000	4,122,000	6,541,000	3,429,000	4,228,000			3,699,000	15,504,000	3,014	-15,151,464	6,036,000	5,062,000	4,072,000	-15,676,000	2,884,000	14,802,000	4,050,000	-4,701,000	2,072,000	4,414,000	5,086,000	1,619,000	2,027	493	351,832	1,443	1,025	700,000	-2,093,000	1,339,000	1,482,000	1,686,000	-3,354,000	1,809,000	5,341,000	2,824,000	2,443,000	1,156,000	2,650,000	996,000	1,578,000	1,089,000	1,237,000	1,484,000	4,866,000	2,055,000	1,885,000	1,716,000
total revenues	3,351,926,000	3,181,011,000	2,685,692,000	2,548,244,000	2,423,087,000	2,250,830,000	2,055,663,000	1,824,884,000	1,859,741,000	1,749,775,000	1,662,013,000	1,665,478,000	1,560,729,000	1,518,531,000	1,473,844,000	1,472,536,000	1,395,704,000	1,309,264,000	1,239,797,000	1,140,992,000	1,052,062,000	1,122,016,000	1,036,874,000	1,188,475,000	1,258,602,000	1,266,133,000			1,236,379,000	1,125,912,000																									254,702,250	384,786,000	381,059,000	255,477,000	193,145,000	176,146,000	163,131,000	152,759,000	107,087,500	145,098,000	141,686,000	144,328,000	102,630,500	145,096,000	135,888,000	135,852,000
yoy	38.33%	41.33%	30.65%	39.64%	30.29%	28.64%	23.69%	9.57%	19.16%	15.23%	12.77%	13.10%	11.82%	15.98%	18.88%	29.06%	32.66%	16.69%	19.57%	-4.00%	-16.41%	-11.38%			1.80%	12.45%																													31.87%	118.45%	133.59%	67.24%	80.36%	21.40%	15.14%	5.84%	4.34%	0.00%	4.27%	6.24%
qoq	5.37%	18.44%	5.39%	5.17%	7.65%	9.49%	12.65%	-1.87%	6.28%	5.28%	-0.21%	6.71%	2.78%	3.03%	0.09%	5.50%	6.60%	5.60%	8.66%	8.45%	-6.23%	8.21%	-12.76%	-5.57%	-0.59%				9.81%																										-33.81%	0.98%	49.16%	32.27%	9.65%	7.98%	6.79%	42.65%	-26.20%	2.41%	-1.83%	40.63%	-29.27%	6.78%	0.03%
expenses:
property operating expenses	2,055,420,000	1,933,932,000	1,577,048,000	1,514,711,000	1,462,390,000	1,409,300,000	1,212,701,000	1,111,297,000	1,096,913,000	1,036,078,000	995,273,000	958,672,000	957,753,000	938,838,000	912,180,000	854,083,000	853,669,000	785,179,000	729,400,000	642,657,000	617,326,000	620,561,000	634,717,000	660,764,000	681,781,000	655,588,000			657,157,000	568,751,000	556,465	-1,533,937,075	523,997,000	501,855,000	510,169,000	345,537,000	473,680,000	458,832,000	449,636,000	295,879,750	408,703,000	398,354,000	376,461,000	355,157,000	343,754	341,431	1,088,364,040	342,730	278,587	253,354,000	102,401,500	144,479,000	136,303,000	129,268,000	66,995,250	103,855,000	100,197,000	64,485,000	37,261,000	20,849,000	12,498,000	12,513,000	10,519,000	12,433,000	11,525,000	11,419,000	9,660,000	11,761,000	11,375,000	11,367,000
depreciation and amortization	622,752,000	594,151,000	509,812,000	495,036,000	485,869,000	480,406,000	403,779,000	382,045,000	365,863,000	380,730,000	339,314,000	341,945,000	339,112,000	342,286,000	353,699,000	310,295,000	304,088,000	284,501,000	267,754,000	240,885,000	244,426,000	242,733,000	255,532,000	265,371,000	274,801,000	272,445,000			243,149,000	236,275,000	228,201	-682,340,280	230,138,000	224,847,000	228,276,000	-376,129,000	218,061,000	226,569,000	228,696,000	-308,947,000	205,799,000	208,802,000	188,829,000	200,970,000	214,449	233,318	477,378,300	242,668	200,108	187,099,000	-183,066,000	132,150,000	131,917,000	125,955,000	-123,201,000	115,640,000	110,382,000	73,476,000	58,797,000	48,565,000	47,451,000	43,387,000	36,920,000	41,085,000	39,608,000	40,811,000	38,861,000	41,375,000	38,475,000	39,555,000
interest expense	192,715,000	203,784,000	162,052,000	141,157,000	144,962,000	154,469,000	139,050,000	133,424,000	147,318,000	154,574,000	156,532,000	152,337,000	144,403,000	140,391,000	139,682,000	127,750,000	121,696,000	121,848,000	122,522,000	122,341,000	123,142,000	121,173,000	124,851,000	126,357,000	142,007,000	137,343,000			138,032,000	121,416,000	122,775	-356,920,378	122,578,000	116,231,000	118,597,000	-373,615,000	129,699,000	132,326,000	132,960,000	-330,783,000	121,130,000	118,861,000	121,080,000	118,435,000	121,065	120,833	91,811,415	116,530	110,629	110,289,000	-275,457,000	94,580,000	94,968,000	92,712,000	-216,905,000	87,795,000	83,961,000	58,897,000	46,405,000	44,408,000	37,454,000	29,791,000	23,719,000	28,571,000	26,698,000	27,695,000	32,505,000	33,528,000	31,948,000	34,329,000			70,759,000	24,043,000		19,984,000
general and administrative expenses	67,474,000	1,557,378,000	63,124,000	64,175,000	63,758,000	48,707,000	77,901,000	55,565,000	53,318,000	44,327,000	46,106,000	44,287,000	44,371,000	41,319,000	34,811,000	36,554,000	37,706,000	33,109,000	32,256,000	31,436,000	29,926,000	27,848,000	31,003,000	34,062,000	35,481,000	31,019,000
loss on derivatives and financial instruments		-5,656,000	31,682,000	-409,000	-3,210,000	-9,102,000	-9,906,000	-5,825,000	-3,054,000	1,273,750	2,885,000	1,280,000	930,000				2,578,000					2,620,000	1,395,000	1,434,000	7,651,000
loss on extinguishment of debt	727,000	3,089,000			6,156,000		419,000	1,705,000	6,000	1,750	1,000	1,000	5,000				-12,000					8,313,250	33,004,000	249,000								9,217,500		5,515,000					-24,000	8,718,000	584,000																																			18,448,000
provision for loan losses	1,632,000	-7,384,000	1,088,000	-1,113,000	-2,007,000	-245,000	4,193,000	5,163,000	1,014,000	1,823,000	4,059,000	2,456,000	777,000				-804,000					2,837,750	2,857,000	1,422,000	7,072,000
impairment of assets	4,826,000	45,924,000	3,081,000	19,876,000	52,402,000	23,647,000	23,421,000	2,394,000	43,331,000	14,994,000	7,388,000	1,086,000	12,629,000	13,146,000	4,356,000			2,357,000	1,490,000	23,692,000	23,568,000	9,317,000	23,313,000	75,151,000	27,827,000	18,096,000			6,740,000	4,632,000	28,185	-24,537,517		13,631,000	11,031,000	-3,850,000	9,705,000		14,314,000				2,220,000								-7,747,000	-6,952,000			-901,000			-202,000		-947,000			-23,350,000	-1,873,000
other expenses	61,137,000	125,844,000	44,699,000	16,598,000	14,060,000	34,405,000	20,239,000	48,684,000	14,131,000	18,008,500	38,220,000	11,069,000	22,745,000				26,069,000					9,311,750	11,544,000	19,411,000	6,292,000							29,402,000	99,595,000	6,339,000						2,645,750
total expenses	3,006,683,000	4,451,062,000	2,392,586,000	2,250,031,000	2,224,380,000	2,141,587,000	1,871,797,000	1,734,452,000	1,718,840,000	1,662,312,000	1,589,778,000	1,513,133,000	1,522,725,000	1,511,748,000	1,467,606,000	1,363,209,000	1,344,990,000	1,240,518,000	1,148,643,000	1,134,148,000	1,048,056,000	1,152,170,000	1,118,216,000	1,184,221,000	1,182,912,000	1,187,745,000			1,175,479,000	966,802,000																									227,762,000	333,896,000	328,008,000	250,885,000	176,883,000	182,302,000	117,068,000	128,264,000	75,409,750	118,826,000	88,893,000	95,748,000	71,702,250	98,439,000	94,126,000	98,025,000
income from continuing operations before income taxes and other items	345,243,000	-1,270,051,000	293,106,000	298,213,000	198,707,000	109,243,000	183,866,000	90,432,000	140,901,000	87,463,000	72,235,000	152,345,000	38,004,000	6,783,000	6,238,000	109,327,000	50,714,000	68,746,000	91,154,000	6,844,000	4,006,000	-30,154,000	-81,342,000	4,254,000	75,690,000	78,388,000
income tax benefit	-11,633,000	4,985,000	-2,335,000	-1,053,000	5,519,000	-114,000	4,706,000	-1,101,000	-6,191,000	4,768,000	-4,584,000	-3,503,000	-3,045,000	4,088,000	-3,257,000	-3,065,000	-5,013,000	-2,051,000	-4,940,000	2,221,000	-3,943,000	-290,000	-2,003,000	-2,233,000	-5,442,000	-3,968,000			-1,741,000	-3,841,000	-1,588	-5,555,128	-669,000	8,448,000	-2,245,000	-3,630,000	305,000	513,000	1,725,000	-475,000	3,344,000	-7,417,000	304,000	10,198,000	-1,569	-2,260	-1,763.75	-3,077	-1,215	-2,763,000	-938,500	-836,000	-1,447,000	-1,470,000	-140,750	-223,000	-211,000	-129,000	-39,000	-52,000	-188,000		-151,000	55,000	-21,000	-50,000	-136,000	153,000	-44,000	-1,279,000
income from unconsolidated entities	-1,686,000	4,442,000	-12,610,000	-7,392,000	1,263,000	6,429,000	-4,038,000	4,896,000	-7,783,000	-2,008,000	-4,031,000	-40,332,000	-7,071,000	-4,650,000	-6,698,000	-7,058,000	-2,884,000	-12,174,000	-15,832,000	-7,976,000	13,049,000	258,000	-5,981,000	1,332,000	-3,692,000	3,262,000			344,000	1,249,000	-2,429	23,592,875	3,408,000	-3,978,000	-23,106,000	17,295,000	-1,749,000	-1,959,000	-3,820,000	26,491,000	-2,631,000	-2,952,000	-12,648,000	-2,632,000	-11,516	-5,556	-22,691,471	-331	-5,461	2,262,000	-2,283,000	-739,000	1,456,000	1,532,000
gain on real estate dispositions and acquisitions of controlling interests	420,400,000	1,378,391,000	4,025,000	14,850,000	51,777,000	8,195,000	272,266,000
income from continuing operations	752,324,000	117,767,000	282,186,000	304,618,000	257,266,000	123,753,000	456,800,000	260,670,000	131,634,000	88,440,000	134,722,000	106,342,000	28,635,000	1,798,000	-2,653,000	95,672,000	65,751,000	66,194,000	190,336,000	45,757,000	72,192,000	155,278,000	394,978,000	159,216,000	329,380,000	647,932,000			59,503,000	156,518,000	115,371	-342,290,637	87,677,000	161,286,000	93,518,000	293,842,000	192,390,000	209,219,000	165,474,000	346,623,000	197,211,000	140,348,000	152,577,000	123,167,000	74,511	64,740	13,293.5	28,481	36,803	-12,488,000	313,499,000	41,780,000	37,442,000	53,601,000	324,943,000	52,309,000	53,811,000	6,006,000	18,400,000	-4,309,000	47,703,000	25,179,000	34,876,000	26,327,000	52,772,000	48,530,000	27,824,000	46,809,000	41,653,000	36,486,000
net income	752,324,000	117,767,000	282,186,000	304,618,000	257,266,000	123,753,000	456,800,000	260,670,000	131,634,000	88,440,000	134,722,000	106,342,000	28,635,000	1,798,000	-2,653,000	95,672,000	65,751,000	66,194,000	190,336,000	45,757,000	72,192,000	155,278,000	394,978,000	159,216,000	329,380,000	647,932,000			84,226,000	167,273,000	453,555	-629,815,387	89,299,000	203,441,000	337,610,000	485,355,000	354,741,000	210,749,000	165,474,000	183,882,000	199,257,000	330,459,000	209,422,000	152,771,000	87,854	65,200	-173,423,588	33,605	7,181	71,799,000	393,255,000	53,506,000	76,875,000	57,458,000	328,878,000	52,353,000	86,208,000	31,810,000	40,347,000	5,781,000	51,064,000	31,694,000	36,838,000	24,685,000	64,759,000	66,645,000	28,594,000	60,522,000	162,397,000	36,599,000
yoy	192.43%	-4.84%	-38.23%	16.86%	95.44%	39.93%	239.07%	145.12%	359.70%	4818.80%	-5178.10%	11.15%	-56.45%	-97.28%	-101.39%	109.09%	-8.92%	-57.37%	-51.81%	-71.26%	-78.08%	-76.03%			291.07%	287.35%			-5.68%	-17.78%	-99.87%	-229.76%	-74.83%	-3.47%	104.03%	163.95%	78.03%	-36.23%	-20.99%	20.36%	226704.70%	506738.96%	-220.76%	454507.95%	1123.42%	-99.91%	-144.10%	-99.94%	-99.99%	24.96%	19.57%	2.20%	-10.83%	80.63%	715.12%	805.60%	68.82%	0.37%	9.53%	-76.58%	-21.15%	-52.44%	28.83%	-59.21%	-60.12%	82.10%
qoq	538.82%	-58.27%	-7.36%	18.41%	107.89%	-72.91%	75.24%	98.03%	48.84%	-34.35%	26.69%	271.37%	1492.60%	-167.77%	-102.77%	45.51%	-0.67%	-65.22%	315.97%	-36.62%	-53.51%	-60.69%	148.08%	-51.66%	-49.16%				-49.65%	36780.42%	-100.07%	-805.29%	-56.11%	-39.74%	-30.44%	36.82%	68.32%	27.36%	-10.01%	-7.72%	-39.70%	57.80%	37.08%	173791.91%	34.75%	-100.04%	-516164.84%	367.97%	-99.99%	-81.74%	634.97%	-30.40%	33.79%	-82.53%	528.19%	-39.27%	171.01%	-21.16%	597.92%	-88.68%	61.12%	-13.96%	49.23%	-61.88%	-2.83%	133.07%	-52.75%	-62.73%	343.72%
net income margin %	22.44%	3.70%	10.51%	11.95%	10.62%	5.50%	22.22%	14.28%	7.08%	5.05%	8.11%	6.39%	1.83%	0.12%	-0.18%	6.50%	4.71%	5.06%	15.35%	4.01%	6.86%	13.84%	38.09%	13.40%	26.17%	51.17%	NaN%	NaN%	6.81%	14.86%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	129.12%	13.61%	22.62%	12.45%	20.89%	3.28%	31.30%	20.75%	34.40%	17.01%	45.71%	46.18%	27.86%	41.71%	119.51%	26.94%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
less: net income attributable to noncontrolling interests	23,652,000	21,326,000	1,627,000	2,730,000	-691,000	3,782,000	6,951,000	5,956,000	4,488,000	4,529,000	7,252,000	3,302,000	2,962,000	5,526,000	4,114,000	5,888,000	3,826,000	7,522,000	10,673,000	19,500,000	646,000	-8,451,000	69,393,000	-20,030,000	19,096,000	58,056,000			8,166,000	1,165,000																									2,939,000	-1,488,000	-992,000	-242,000	-95,750	-690,000	-66,000
net income attributable to common stockholders	728,672,000	96,441,000	280,559,000	301,888,000	257,957,000	119,971,000	449,849,000	254,714,000	127,146,000	83,911,000	127,470,000	103,040,000	25,673,000	-3,728,000	-6,767,000	89,784,000	61,925,000	58,672,000	179,663,000	26,257,000	71,546,000	163,729,000	325,585,000	179,246,000	310,284,000	589,876,000			64,384,000	154,432,000	437,671	-574,654,405	74,043,000	188,429,000	312,639,000	535,742,000	334,910,000	195,474,000	148,969,000	231,255,000	182,043,000	312,573,000	190,799,000	136,255,000	71,829	50,022	-164,739,245	20,691	-8,508	55,058,000	449,354,000	37,269,000	54,735,000	39,307,000	369,207,000	36,607,000	69,847,000	23,372,000	34,302,000	1,124,000	45,646,000	25,812,000	31,701,000	19,130,000	59,240,000	61,119,000
weighted-average number of common shares outstanding:
basic	699,837,000	665,639,000	672,407,000	656,593,000	643,393,000	602,975,000	611,290,000	600,545,000	574,049,000	515,629,000	521,848,000	499,023,000	492,061,000	462,185,000	463,366,000	454,327,000	447,379,000	424,976,000
diluted	726,255,000	679,521,000	685,399,000	668,140,000	653,795,000	608,750,000	618,306,000	604,563,000	577,530,000	518,701,000	525,138,000	501,970,000	494,494,000	465,158,000	463,366,000	457,082,000	449,802,000	426,841,000
earnings per share:
basic:
diluted:
dividends declared and paid per common share	0.74	0.52	0.74	0.67	0.67	0.473	0.67	0.61	0.61	0.458	0.61	0.61	0.61	0.458	0.61	0.61	0.61	0.458	0.61	0.61	0.61	0.523	0.61	0.61	0.87	0.87			0.87	0.87	0.87	0.653	0.87	0.87	0.87	0.645	0.86	0.86	0.86	0.619	0.825	0.825	0.825	0.795	0.795	0.795	0.574	0.765	0.765	0.765	0.555	0.74	0.74	0.74	0.53	0.715	0.715	0.69	0.513	0.69	0.68	0.68	0.51	0.68	0.68	0.68	0.505	0.68	0.68	0.66
gain on real estate dispositions								166,443,000	4,707,000	-1,783,000	71,102,000	-2,168,000	747,000	-4,423,000	1,064,000	-3,532,000	22,934,000	11,673,000	119,954,000	44,668,000	59,080,000	185,464,000	484,304,000	155,863,000	262,824,000	570,250,000			24,723,000	10,755,000	338,184	-287,524,750	1,622,000	42,155,000	244,092,000	191,513,000	162,351,000	1,530,000		-162,741,000	2,046,000	190,111,000	56,845,000	29,604,000	6,668
gain on derivatives and financial instruments														258,000	6,905,000	-1,407,000		-830,000	-8,078,000	-359,000	1,934,000					1,244,000			8,991,000	-7,460,000	-7,173
gain on extinguishment of debt														87,000	2,000	603,000		-1,090,000	-5,000	55,612,000	-4,643,000					65,824,000			4,038,000	299,000	11,707				31,356,000	854,000		33,000				18,887,000	15,401,000	2,692,000	531	-148	-3,367,624	-4,068		-308,000	1,614,000	215,000	576,000							9,099,000	7,035,000	18,038,000	410,000	26,374,000		-1,678,000		-768,000		-1,326,000
benefit from loan losses														10,469,000	490,000	165,000		-39,000	-271,000	6,197,000	1,383,000																															27,008,000			136,750	132,000	168,000	248,000	766,000	28,918,000			23,121,000			140,000							750,000	250,000		300,000
other incomes														24,954,000	15,481,000	35,166,000		15,483,000	3,575,000	11,687,000	10,994,000					6,186,000			88,626,000	10,058,000	3,712				11,675,000	790,250		3,161,000				10,583,000		10,262,000
average number of common shares outstanding:
basic																		105,238,750	428,031,000	417,452,000	417,241,000	629,000	417,027,000	417,084,000	410,306,000	405,023,000			373,023,000	371,640,000	371,426	-365,728,763	369,089,000	366,524,000	362,534,000	89,227,750	358,932,000	356,646,000	355,076,000	86,606,250	351,765,000	350,399,000	336,754,000	311,117,000	296,256	289,606	68,287	286,020	273,091	260,036,000	53,148,000	224,391,000	213,498,000	199,661,000	42,409,000	177,272,000	176,445,000	154,945,000	3,524,000	125,298,000	123,808,000	123,270,000	2,862,000	114,874,000	110,864,000	108,214,000	3,232,000	96,040,000	89,294,000	86,100,000
diluted																		105,708,750	429,983,000	419,305,000	419,079,000	527,000	418,987,000	419,121,000	412,420,000	406,891,000			374,487,000	373,075,000	373,257	-367,524,999	370,740,000	368,149,000	364,652,000	89,688,000	361,237,000	358,891,000	356,051,000	86,886,750	353,107,000	351,366,000	337,812,000	312,812,000	297,995	290,917	68,811.75	288,029	276,481	260,036,000	53,518,750	226,258,000	215,138,000	201,658,000	42,575,250	177,849,000	177,488,000	155,485,000	3,548,000	125,842,000	124,324,000	123,790,000	2,863,000	115,289,000	111,272,000	108,624,000	3,188,000	96,849,000	89,853,000	86,610,000
less: preferred stock dividends																													11,676,000	11,676,000																									10,817,000	17,234,000	17,353,000	8,680,000	5,305,000	5,347,000	5,484,000	5,509,000	5,519,000	5,520,000	5,516,000	5,524,000
general and administrative																													28,746,000	32,831,000	33,705	-93,520,992	29,913,000	32,632,000	31,101,000	30,608,500	36,828,000	39,914,000	45,691,000	27,640,500	36,950,000	38,474,000	35,138,000	30,803,000	51,660	32,865	19,949.75	28,718	23,902	27,179,000	19,325,500	23,679,000	25,870,000	27,751,000	14,252,250	19,735,000	19,562,000	17,714,000	14,295,000	11,628,000	11,878,000	16,821,000	10,907,000	10,363,000	11,062,000	17,361,000	13,500,000	10,789,000	10,575,000	12,328,000			19,803,000	6,201,000		4,337,000
income from continuing operations before income taxes																																																															35,027,000	26,272,000	52,793,000	48,580,000
and income from unconsolidated entities																													60,900,000	159,110,000	119,388	-360,328,384	84,938,000	156,816,000	118,869,000	143,016,250	193,834,000	210,665,000	167,569,000	128,033,000	196,498,000	150,717,000	164,921,000	115,601,000	87,596	72,556	15,939.5	31,889	43,479	-11,987,000	32,729,250	43,355,000	37,433,000	53,539,000
less: preferred stock redemption charge
less:																															11,676	9,433,500	11,676,000	11,680,000	14,379,000	12,263,750	16,352,000	16,352,000	16,352,000	12,263,750	16,352,000	16,352,000	16,352,000	16,352,000	16,352	16,353	12,451.25	16,602	16,602	16,602,000	13,131,750	16,602,000	16,719,000	19,207,000
transaction costs																																				-23,191,000	19,842,000	5,157,000	8,208,000	-17,125,000	9,333,000	12,491,000	48,554,000	13,554,000	7,040	952	106,948,293	23,591	28,136	65,980,000	-6,830,000	8,264,000	28,691,000	5,579,000	-28,549,000	6,739,000	13,738,000	36,065,000	19,359,000	18,835,000	752,000	7,714,000
loss on derivatives																																571,000	324,000	736,000						-14,606,750
income from continuing operations attributable to common stockholders, including real estate dispositions																																0.393	0.2	0.51	0.86	0.475	0.93	0.55	0.42	0.495	0.52	0.89	0.57	0.44	0.22
net income attributable to common stockholders*																																0.393	0.2	0.51	0.86	0.475	0.93	0.55	0.42	0.495	0.52	0.89	0.57	0.44	0.24	0.17	0.063	0.07	-0.03	0.21	0.155	0.17	0.26	0.2	0.193	0.21	0.4	0.15	0.26	0.01	0.37	0.21	0.25	0.17	0.53	0.56
gain on derivatives																																			1,224,000	2,584,000	-2,516,000						-58,427,000	49,000	351		-411,465	4,872	-2,716	2,309,000	1,808,000	409,000	-2,676,000
discontinued operations:
gain on sales of discontinued properties																																													6,411
income from discontinued operations																																													264	460	553	417	375	1,795,000	16,711,000	5,851,000	6,983,000	3,088,000	2,293,000	-141,000	2,173,000	-150,000	6,391,000	511,000	47,000	-203,000	8,825,000	1,037,000	1,310,000	1,079,000	298,000	1,094,000	2,576,000	87,000
discontinued operations																																													0.02		0.055	0.02	-0.11	0.32	138,178,999.73	0.05	0.18	0.02	3,935,000	44,000	32,397,000	25,804,000	21,947,000	10,090,000	3,361,000	6,515,000	-29,394,999.73	-1,642,000	11,987,000	18,115,000	-137,101,998.53	13,713,000	120,744,000	113,000
gain on sales of properties																																															14,300.5	4,707	-29,997	82,492,000	70,792,000	12,827,000	32,450,000	769,000	2,543,000	185,000	30,224,000	26,156,000	15,556,000	10,526,000	3,314,000		16,487,000	-806,000
total comprehensive income attributable to stockholders																																																			47,333	56,664	74,927
unrealized loss on derivatives																																																						555,000
total comprehensive income attributable to common stockholders																																																						57,744
income from continuing operations before income taxes and income from unconsolidated joint ventures																																																							26,940,250	50,890,000	53,051,000	4,592,000	15,445,250	-6,156,000	46,063,000	24,495,000
income from unconsolidated joint ventures																																																							1,039,000	1,642,000	971,000	1,543,000	2,177,000	1,899,000	1,828,000	768,000
income from continuing operations attributable to common stockholders																																																							0.105	0.21	0.21	-0.02	0.09	-0.08	0.34	0.16	0.23	0.18	0.43	0.4
income tax expense																																																														-84,000
net gain on sales of properties																																																														6,718,000			10,677,000	17,036,000	32,703,250	12,619,000	118,168,000	26,000
net income attributable to noncontrolling interests																																																														373,000	-382,000	35,000	3,000	2,000
realized loss of derivatives
loan expense																																																																			1,319,750	1,754,000	1,753,000	1,772,000			2,544,000	711,000		673,000
income from continuing operations before income taxes and minority interests																																																																			27,958,000	46,657,000	41,762,000	37,827,000
income from continuing operations before minority interests																																																																			30,635,750	46,810,000	41,718,000	36,548,000
minority interests, net of tax																																																																			-32,000	-1,000	-65,000	-62,000
preferred stock dividends																																																																			5,541,000	5,730,000	5,784,000	6,147,000
net income available to common stockholders																																																																			23,053,000	54,792,000	156,613,000	30,452,000
income from continuing operations available to common stockholders																																																																			0.2	0.43	0.4	0.35
net income available to common stockholders*																																																																			0.16	0.57	1.75	0.35
transaction fees and other income																																																																									91,500	366,000	773,000	547,000	1,422,000
totals																																																																									19,353,250	77,413,000	73,065,000	68,607,000	68,379,000
benefit from depreciation																																																																									5,763,250	23,053,000		21,000,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2002-12-31

assets:
real estate investments:
real property owned:
land and land improvements	6,736,066,000	6,681,131,000	5,146,696,000	5,794,697,000	5,552,719,000	5,271,418,000	5,075,391,000	4,839,036,000	4,754,699,000	4,697,824,000	4,373,058,000	4,262,745,000	4,324,541,000	4,249,834,000	4,156,985,000	4,109,851,000	4,030,150,000	3,968,430,000	3,698,858,000	3,448,542,000	3,397,055,000	3,440,650,000	3,386,072,000	3,479,369,000	3,514,456,000	3,370,841,000	3,337,234,000	3,238,679,000	3,193,555,000	2,746,046,000																								1,039,079,000	983,746,000	819,622,000	727,050,000	668,135,000	571,501,000	551,594,000	521,055,000	523,107,000	518,213,000	504,145,000	504,907,000	506,083,000	480,481,000	454,474,000	447,029,000	440,365,000	403,460,000		386,693,000
buildings and improvements	52,873,371,000	52,058,099,000	42,496,555,000	46,583,039,000	44,793,835,000	42,207,735,000	40,646,767,000	38,540,623,000	37,841,775,000	37,796,553,000	35,010,855,000	34,127,012,000	34,161,466,000	33,651,336,000	33,018,251,000	32,480,543,000	31,724,328,000	31,062,203,000	29,775,951,000	28,124,236,000	27,667,188,000	28,024,971,000	27,782,471,000	28,589,269,000	29,236,477,000	28,798,241,000	28,691,274,000	28,047,658,000	27,980,830,000	25,443,106,000																								12,114,068,000	11,497,863,000	8,707,973,000	7,627,132,000	6,350,167,000	5,854,675,000	5,512,467,000	5,185,328,000	4,933,561,000	4,715,571,000	4,652,920,000	4,653,871,000	4,649,491,000	4,486,489,000	4,329,405,000	4,224,955,000	4,165,573,000	4,086,599,000
acquired lease intangibles	2,853,696,000	2,845,686,000	2,189,639,000	2,775,121,000	2,688,181,000	2,548,766,000	2,268,889,000	2,192,386,000	2,158,915,000	2,166,470,000	1,961,799,000	1,950,349,000	1,990,830,000	1,945,458,000	1,920,803,000	1,902,141,000	1,844,780,000	1,789,628,000	1,653,415,000	1,516,971,000	1,506,823,000	1,500,030,000	1,509,053,000	1,565,978,000	1,629,662,000	1,604,982,000	1,589,138,000	1,539,363,000	1,562,650,000	1,534,755,000																								361,832,000	347,662,000	347,620,000	258,079,000	223,349,000	147,861,000	147,957,000	127,390,000	121,059,000	133,480,000	133,457,000	133,324,000	136,603,000	134,636,000	134,388,000	131,312,000	129,533,000	136,589,000	85,110,000	84,082,000
real property held for sale, net of accumulated depreciation	749,426,000	1,450,137,000	5,091,216,000	108,925,000	95,667,000	51,866,000	110,689,000	81,033,000	422,225,000	372,883,000	355,380,000	404,071,000	215,583,000	133,058,000	175,657,000	177,719,000	199,490,000	134,097,000	251,152,000	592,699,000	564,062,000	216,613,000	362,886,000	382,580,000	729,560,000	336,649,000	1,704,206,000	330,327,000	619,141,000	547,321,000																								5,550,000	18,202,000	71,126,000	23,441,000	16,928,000	13,020,000	27,607,000	45,686,000	37,118,000	48,824,000	35,520,000	48,054,000	41,336,000	42,153,000	2,150,000		6,908,000	24,520,000	4,236,000	14,796,000			15,898,000	52,167,000
construction in progress	764,223,000	738,859,000	511,574,000	712,119,000	1,045,160,000	1,219,720,000	1,374,996,000	1,474,024,000	1,342,410,000	1,304,441,000	1,338,076,000	1,108,773,000	1,121,446,000	1,021,080,000	1,012,202,000	900,633,000	717,657,000	651,389,000	562,487,000	458,844,000	542,302,000	487,742,000	414,833,000	411,700,000	431,497,000	466,286,000	363,160,000	253,478,000	135,343,000	200,569,000																								208,257,000	212,161,000	353,812,000	356,793,000	286,366,000	255,883,000	374,849,000	456,832,000	638,507,000	730,381,000	763,982,000	639,419,000	497,673,000	369,833,000	369,582,000	313,709,000	229,134,000	173,408,000	169,782,000	138,222,000		75,822,000	36,115,000	1,135,000	449,000	26,699,000
less accumulated depreciation and amortization	-10,822,151,000	-10,350,621,000	-10,107,309,000	-11,673,306,000	-11,092,885,000	-10,626,263,000	-10,276,509,000	-9,908,007,000	-9,537,562,000	-9,274,814,000	-8,868,627,000	-8,599,622,000	-8,417,151,000	-8,075,733,000	-7,687,077,000	-7,437,779,000	-7,215,622,000	-6,910,114,000	-6,634,061,000	-6,415,676,000	-6,212,432,000	-6,104,297,000	-6,002,775,000	-6,001,177,000	-5,910,979,000	-5,769,843,000	-5,539,435,000	-5,670,111,000	-5,394,274,000	-5,113,928,000																								-1,084,746,000	-968,289,000	-867,050,000	-836,966,000	-804,651,000	-766,630,000	-718,671,000	-677,851,000	-664,415,000	-636,325,000	-627,898,000	-600,781,000	-569,363,000	-535,381,000	-517,487,000	-478,373,000	-449,831,000	-414,628,000	-381,448,000	-347,007,000
net real property owned	53,154,631,000	53,423,291,000	45,328,371,000	44,300,595,000	43,082,677,000	40,673,242,000	39,200,223,000	37,219,095,000	36,982,462,000	37,063,357,000	34,170,541,000	33,253,328,000	33,396,715,000	32,925,033,000	32,596,821,000	32,133,108,000	31,300,783,000	30,695,633,000	29,307,802,000	27,725,616,000	27,464,998,000	27,565,709,000	27,452,540,000	28,427,719,000	29,630,673,000	28,807,156,000	30,145,577,000	27,739,394,000	28,097,245,000	25,357,869,000																								12,644,040,000	12,091,345,000	9,433,103,000	8,155,529,000	6,740,294,000	6,076,310,000	5,895,803,000		5,588,937,000	5,510,144,000	5,462,126,000		5,261,823,000	4,978,211,000	4,772,512,000
right of use assets	2,023,166,000	2,158,045,000	1,250,447,000	1,279,172,000	1,230,343,000	1,201,131,000	358,160,000	360,282,000	348,892,000	350,969,000	338,693,000	322,316,000	322,896,000	323,942,000	323,230,000	324,720,000	404,689,000	522,796,000	526,614,000	453,621,000	454,787,000	465,866,000	480,861,000	502,604,000	523,217,000	536,689,000	550,342,000	502,429,000
investments in sales-type leases	57,800,000	497,963,000				172,260,000	469,260,000
real estate loans receivable, net of credit allowance	2,567,564,000	1,831,210,000	1,773,788,000	1,801,860,000	1,772,708,000	1,805,044,000	1,840,453,000	1,791,202,000	1,426,094,000	1,361,587,000	1,181,265,000	965,509,000	954,156,000	890,844,000	916,639,000	956,285,000	1,003,136,000	1,068,681,000	1,115,645,000	1,097,299,000	487,674,000	443,372,000	414,706,000	224,871,000	221,228,000
net real estate investments	57,803,161,000	57,910,509,000	48,352,606,000	47,381,627,000	46,085,728,000	43,851,677,000	41,868,096,000	39,370,579,000	38,757,448,000	38,775,913,000	35,690,499,000	34,541,153,000	34,673,767,000	34,139,819,000	33,836,690,000	33,414,113,000	32,708,608,000	32,287,110,000	30,950,061,000	29,276,536,000	28,407,459,000	28,474,947,000	28,348,107,000	29,155,194,000	30,375,118,000	29,705,375,000	31,064,913,000	28,592,908,000	28,438,069,000	25,738,964,000	25,941,125,000	26,389,992,000	25,990,936,000	25,803,386,000	27,528,145,000	26,690,426,000	26,938,624,000	25,349,792,000	25,464,813,000	24,545,747,000	22,851,196,000	21,959,272,000	21,912,312,000	21,617,299,000	21,680,221,000	21,606,543,000	19,964,116,000	18,879,252,000	17,423,009,000	15,785,857,000	15,065,955,000	14,561,057,000	13,942,350,000	12,962,828,000	12,416,304,000	9,878,930,000	8,590,833,000	7,155,674,000	6,543,090,000	6,335,235,000	6,080,620,000	6,076,174,000	5,991,360,000	5,935,205,000	5,854,179,000	5,756,288,000	5,467,938,000	5,153,356,000	5,012,620,000	4,786,261,000	4,652,780,000	4,304,384,000	4,122,893,000		2,958,442,000	2,909,603,000	2,616,288,000	2,629,846,000	2,453,583,000		1,524,457,000
other assets:
investments in unconsolidated entities	2,045,081,000	1,809,590,000	1,835,979,000	1,964,267,000	1,787,398,000	1,768,772,000	1,742,836,000	1,709,558,000	1,719,646,000	1,636,531,000	1,568,096,000	1,650,133,000	1,596,413,000	1,499,790,000	1,383,246,000	1,300,975,000	1,138,526,000	1,039,043,000	977,955,000	1,020,112,000	1,020,010,000	946,234,000	822,586,000	786,921,000	702,497,000	556,854,000	519,387,000	484,265,000	423,192,000	450,027,000
cash and cash equivalents	4,703,775,000	5,033,678,000	6,806,507,000	4,409,740,000	3,501,851,000	3,506,586,000	3,564,942,000	2,776,628,000	2,388,488,000	1,993,646,000	2,582,037,000	2,203,788,000	571,902,000	631,681,000	343,446,000	363,339,000	301,089,000	269,265,000	303,982,000	513,602,000	2,131,846,000	1,545,046,000	1,603,740,000	1,678,770,000	303,423,000	265,788,000	268,666,000	249,127,000	191,199,000	215,120,000																								136,676,000	328,758,000	2,667,995,000	131,570,000	181,147,000	55,423,000	36,558,000	35,476,000	102,353,000	79,505,000	19,180,000	23,370,000	18,273,000	25,078,000	32,282,000	30,269,000	31,440,000	38,472,000	31,293,000	36,216,000		15,200,000	25,758,000	27,119,000	15,067,000	17,429,000	19,763,000
restricted cash	115,518,000	175,861,000	134,066,000	113,771,000	108,434,000	204,871,000	219,466,000	86,970,000	89,847,000	82,437,000	104,674,000	95,281,000	66,894,000	90,611,000	81,738,000	78,912,000	65,954,000	77,490,000	58,663,000	295,102,000	426,976,000	475,997,000	551,593,000	147,473,000	89,643,000	64,947,000	91,052,000	158,312,000	90,086,000	57,263,000																								56,675,000	42,497,000	38,722,000	79,069,000	61,224,000	59,656,000	17,692,000	23,237,000	17,493,000	18,833,000	16,358,000	154,070,000	83,189,000	149,694,000
receivables and other assets	2,553,021,000	2,373,409,000	2,375,644,000	1,964,090,000	1,810,203,000	1,712,402,000	971,650,000	1,101,215,000	1,059,859,000	1,011,518,000	1,235,921,000	1,116,078,000	1,159,233,000	1,140,838,000	1,270,874,000	939,436,000	804,316,000	803,453,000	774,884,000	671,062,000	624,918,000	629,031,000	813,047,000	861,257,000	934,951,000	770,054,000	716,857,000	688,782,000	650,207,000	721,929,000																								337,159,000	342,154,000	322,459,000	328,988,000	252,330,000	208,067,000	192,834,000	199,339,000	157,611,000	132,233,000	146,405,000	136,890,000	137,028,000	133,950,000	171,833,000	139,060,000	117,427,000	109,816,000	98,510,000	96,144,000		71,877,000	62,267,000	81,412,000	82,556,000	79,633,000	77,652,000
total other assets	9,417,395,000	9,392,538,000	11,152,196,000	8,451,868,000	7,207,886,000	7,192,631,000	7,085,602,000	6,163,358,000	5,796,137,000	5,236,253,000	5,964,203,000	5,522,982,000	3,820,122,000	3,753,414,000	3,577,798,000	3,159,558,000	2,763,845,000	2,623,215,000	2,529,964,000	2,899,580,000	4,584,792,000	4,008,695,000	4,193,490,000	4,007,458,000	2,547,910,000	2,158,580,000	2,083,784,000	2,044,428,000	1,811,050,000	1,880,018,000																								898,261,000	1,064,357,000	3,379,114,000	860,901,000	737,393,000	536,241,000	439,143,000		305,232,000	256,299,000	207,876,000		265,667,000	337,076,000	234,100,000
total assets	67,220,556,000	67,303,047,000	59,504,802,000	55,833,495,000	53,293,614,000	51,044,308,000	48,953,698,000	45,533,937,000	44,553,585,000	44,012,166,000	41,654,702,000	40,064,135,000	38,493,889,000	37,893,233,000	37,414,488,000	36,573,671,000	35,472,453,000	34,910,325,000	33,480,025,000	32,176,116,000	32,992,251,000	32,483,642,000	32,541,597,000	33,162,652,000	32,923,028,000	31,863,955,000	33,148,697,000	30,637,336,000	30,249,119,000	27,618,982,000	27,746,659,000	28,180,379,000	27,975,786,000	27,767,277,000	29,856,339,000	28,964,501,000	29,088,293,000	27,456,366,000	27,407,482,000	26,629,395,000	24,962,923,000	24,541,722,000	23,573,890,000	23,211,042,000	23,026,666,000	23,049,805,000	22,196,393,000	20,788,972,000	19,491,552,000	18,282,275,000	16,347,426,000	15,859,734,000	14,924,606,000	13,861,089,000	13,480,661,000	13,258,044,000	9,451,734,000	7,893,067,000	7,079,331,000	6,774,378,000	6,367,186,000	6,381,406,000	6,247,659,000	6,143,081,000	6,193,118,000	6,021,955,000	5,805,014,000	5,387,456,000	5,213,856,000	4,971,827,000	4,824,804,000	4,458,654,000	4,280,610,000		3,062,112,000	3,012,640,000	2,736,898,000	2,739,939,000	2,560,362,000	2,549,643,000	1,591,482,000
liabilities and equity
liabilities:
unsecured credit facility and commercial paper															654,715,000	354,000,000	299,968,000	324,935,000	290,996,000						844,985,000	1,334,586,000	1,869,188,000	419,293,000
senior unsecured notes	15,159,712,000	16,383,522,000	14,365,008,000	13,448,881,000	13,219,202,000	13,162,102,000	13,295,096,000	12,169,775,000	12,171,913,000	13,552,222,000	13,453,985,000	13,530,788,000	12,486,229,000	12,437,273,000	12,324,601,000	12,488,718,000	12,136,760,000	11,613,758,000	11,116,067,000	11,157,732,000	12,183,710,000	11,420,790,000	11,321,573,000	11,815,972,000	10,218,853,000	9,730,047,000	10,606,106,000	9,632,013,000	9,655,022,000	8,373,774,000																								4,432,092,000	4,429,992,000	4,427,850,000	3,034,949,000	2,585,961,000	2,135,422,000	1,677,518,000	1,653,027,000	1,651,916,000	1,811,590,000	1,810,537,000	1,847,247,000	1,847,401,000	1,847,555,000	1,847,709,000	1,890,192,000	1,890,344,000	1,539,155,000	1,542,103,000	1,541,814,000		1,193,355,000	1,195,378,000	894,830,000	894,830,000	875,000,000	875,000,000
secured debt	2,773,856,000	2,813,780,000	2,487,354,000	2,522,222,000	2,504,655,000	2,338,155,000	2,468,527,000	1,765,992,000	2,033,232,000	2,183,327,000	2,380,253,000	2,460,349,000	2,474,837,000	2,110,815,000	2,121,628,000	2,191,826,000	2,104,945,000	2,192,261,000	2,262,345,000	2,304,178,000	2,329,474,000	2,377,930,000	2,459,659,000	2,619,678,000	2,901,232,000	2,623,010,000	2,675,507,000	2,660,190,000	2,465,661,000	2,450,483,000																								1,888,083,000	1,889,873,000	1,711,973,000	1,125,906,000	885,494,000	813,341,000	725,969,000	620,995,000	625,571,000	543,842,000	444,336,000	446,525,000	452,054,000	465,399,000	478,228,000	507,476,000	513,058,000	500,811,000	377,013,000	378,972,000		131,178,000	131,946,000	174,324,000	168,790,000	169,506,000	160,225,000
lease liabilities	2,051,273,000	2,182,993,000	1,311,600,000	1,335,647,000	1,285,727,000	1,258,099,000	392,360,000	393,670,000	381,320,000	383,230,000	365,115,000	348,770,000	415,169,000	415,824,000	410,415,000	410,717,000	548,999,000	545,944,000	544,547,000	409,628,000	408,916,000	418,266,000	427,842,000	447,424,000	464,659,000	454,538,000	469,029,000	426,639,000
accrued expenses and other liabilities	2,306,445,000	2,719,813,000	2,028,458,000	1,980,444,000	1,702,053,000	1,713,366,000	1,733,712,000	1,515,921,000	1,419,212,000	1,521,660,000	1,636,730,000	1,531,114,000	1,521,499,000	1,535,325,000	1,445,479,000	1,254,497,000	1,203,755,000	1,235,554,000	1,093,959,000	1,061,370,000	1,023,219,000	1,041,594,000	1,041,368,000	1,015,906,000	997,603,000	1,025,704,000	1,076,061,000	1,000,825,000	1,074,994,000	984,779,000																								342,013,000	325,550,000	334,259,000	244,345,000	201,529,000	187,443,000	185,975,000	145,713,000	124,769,000	89,290,000	102,601,000	107,157,000	124,986,000	107,267,000	110,715,000	95,145,000	105,629,000	98,545,000	95,595,000	101,588,000		45,641,000	49,399,000	44,048,000	44,354,000	17,951,000	28,139,000
total liabilities	22,291,286,000	24,100,108,000	20,192,420,000	19,287,194,000	18,711,637,000	18,471,722,000	17,889,695,000	15,845,358,000	16,005,677,000	17,640,439,000	17,836,083,000	17,871,021,000	16,897,734,000	16,499,237,000	16,956,838,000	16,699,758,000	16,294,427,000	15,912,452,000	15,307,914,000	14,932,908,000	15,945,319,000	15,258,580,000	15,250,442,000	15,898,980,000	15,427,332,000	15,167,885,000	16,695,891,000	14,138,960,000	14,579,054,000	12,420,338,000	12,298,458,000	12,548,967,000	12,273,387,000	12,271,596,000	14,198,571,000	13,701,807,000	13,728,843,000	12,154,426,000	12,202,803,000	11,618,938,000	11,403,465,000	10,959,884,000	11,023,596,000	11,554,145,000	11,235,296,000	11,103,680,000	10,099,427,000	10,372,098,000	8,936,441,000	7,724,823,000	8,085,565,000	7,271,181,000	7,612,309,000	7,135,060,000	6,729,209,000	6,482,895,000	4,714,081,000	3,672,984,000	3,342,206,000	3,014,462,000	2,559,735,000	2,545,256,000	2,786,722,000	2,692,474,000	2,970,929,000	2,811,441,000	3,164,221,000	2,869,152,000	2,799,813,000	2,706,215,000	2,555,106,000	2,447,916,000	2,299,589,000		1,516,174,000	1,577,723,000	1,417,202,000	1,425,974,000	1,225,957,000	1,214,364,000	694,250,000
redeemable noncontrolling interests	196,411,000	263,223,000	284,364,000	283,187,000	277,461,000	256,220,000	270,182,000	262,273,000	300,915,000	290,605,000	244,793,000	369,191,000	392,195,000	384,443,000	400,965,000	420,018,000	445,960,000	401,294,000	389,195,000	392,379,000	355,915,000	343,490,000	330,053,000	327,145,000	429,359,000	470,341,000	483,234,000	450,545,000	400,864,000	398,157,000	388,875,000	386,748,000	388,876,000	385,418,000	393,530,000	394,126,000	359,656,000	164,765,000	159,400,000	92,508,000		76,416,000	35,404,000	34,171,000		31,706,000	32,810,000	33,727,000		35,047,000	34,068,000	34,535,000	33,650,000	32,863,000	18,410,000	4,546,000	4,553,000
equity:
common stock	704,860,000	696,621,000	684,229,000	665,238,000	652,088,000	637,002,000	620,107,000	609,859,000	592,637,000	565,894,000	533,918,000	509,805,000	497,928,000	491,919,000	473,930,000	464,778,000	455,376,000	448,605,000	436,640,000	423,933,000	418,866,000	418,691,000	418,361,000	418,343,000	418,226,000	406,498,000	406,014,000	404,509,000	376,353,000	372,801,000																								178,772,000	177,290,000	176,563,000	147,155,000	135,046,000	124,520,000	123,979,000	123,385,000	122,870,000	111,733,000	110,945,000	104,635,000	103,110,000	89,981,000	88,992,000	85,412,000	81,253,000	80,752,000	73,931,000	73,152,000		62,446,000	58,685,000	54,534,000	53,772,000	53,314,000	52,860,000
capital in excess of par value	52,409,593,000	50,898,707,000	47,054,892,000	43,949,130,000	42,030,903,000	40,016,503,000	37,949,035,000	36,693,283,000	35,105,097,000	32,741,949,000	30,056,076,000	28,085,297,000	27,160,014,000	26,742,750,000	25,289,432,000	24,465,041,000	23,620,112,000	23,133,641,000	22,148,859,000	21,161,838,000	20,814,196,000	20,823,145,000	20,835,022,000	20,836,545,000	20,818,230,000	19,796,676,000	19,740,145,000	19,654,137,000	17,889,514,000	17,661,384,000																								6,384,711,000	6,314,692,000	6,280,906,000	4,932,468,000	4,429,425,000	3,937,485,000	3,916,837,000	3,900,666,000	3,878,872,000	3,454,399,000	3,428,472,000	3,180,628,000	3,123,745,000	2,551,620,000	2,510,260,000	2,370,037,000	2,200,030,000	2,181,830,000	1,902,186,000	1,873,811,000		1,450,531,000	1,326,341,000	1,191,240,000	1,166,234,000	1,152,670,000	1,139,723,000
treasury stock	-22,853,000	-14,405,000	-14,340,000	-13,944,000	-20,172,000	-114,176,000	-114,876,000	-114,674,000	-114,842,000	-111,578,000	-112,313,000	-112,032,000	-112,925,000	-111,001,000	-111,772,000	-111,691,000	-112,518,000	-107,750,000	-108,478,000	-108,633,000	-106,519,000	-104,490,000	-94,022,000	-93,799,000	-86,975,000	-78,843,000	-74,042,000	-74,492,000	-68,753,000	-68,661,000																								-13,535,000	-13,493,000	-13,480,000	-11,352,000	-11,352,000	-11,315,000	-11,303,000	-7,619,000	-7,619,000	-7,587,000	-7,577,000	-5,145,000	-5,145,000	-5,110,000	-3,986,000	-3,952,000	-3,952,000	-3,941,000	-3,941,000	-2,866,000		-2,714,000	-2,714,000	-1,766,000	-1,766,000	-1,766,000	-1,286,000
cumulative net income	11,762,241,000	11,033,569,000	10,937,128,000	10,656,569,000	10,354,681,000	10,096,724,000	9,976,753,000	9,526,904,000	9,272,190,000	9,145,044,000	9,061,133,000	8,933,663,000	8,830,623,000	8,804,950,000	8,808,678,000	8,815,446,000	8,725,661,000	8,663,736,000	8,605,064,000	8,425,401,000	8,399,144,000	8,327,598,000	8,163,869,000	7,838,284,000	7,659,038,000	7,129,642,000	6,539,766,000	6,402,004,000	6,008,095,000	5,932,035,000																								1,849,290,000	1,795,448,000	1,708,248,000	1,676,196,000	1,636,589,000	1,630,120,000	1,578,990,000	1,547,669,000	1,510,449,000	1,485,798,000	1,421,043,000	1,362,366,000	1,333,772,000	1,273,251,000	1,110,854,000	1,074,255,000	1,025,309,000	994,463,000	962,526,000	932,853,000		883,082,000	855,081,000	798,183,000	772,887,000	769,056,000	745,817,000
cumulative dividends	-20,717,700,000	-20,197,353,000	-19,687,645,000	-19,190,453,000	-18,751,105,000	-18,320,064,000	-17,901,600,000	-17,492,484,000	-17,126,302,000	-16,773,773,000	-16,435,416,000	-16,116,698,000	-15,815,926,000	-15,514,097,000	-15,215,694,000	-14,932,198,000	-14,654,583,000	-14,380,915,000	-14,115,705,000	-13,854,145,000	-13,598,673,000	-13,343,721,000	-13,088,891,000	-12,834,381,000	-12,579,535,000	-11,870,244,000	-11,516,994,000	-11,163,317,000	-10,478,020,000	-10,142,162,000																								-2,826,800,000	-2,682,479,000	-2,538,601,000	-2,427,881,000	-2,329,215,000	-2,237,720,000	-2,147,690,000	-2,057,658,000	-1,968,336,000	-1,886,583,000	-1,805,329,000	-1,723,819,000	-1,647,699,000	-1,577,301,000	-1,510,296,000	-1,446,959,000	-1,386,899,000	-1,327,018,000	-1,267,462,000	-1,238,860,000		-1,125,810,000	-1,080,688,000	-999,737,000	-960,850,000	-922,241,000	-884,890,000
accumulated other comprehensive income	-342,466,000	-287,641,000	-217,446,000	-166,014,000	-309,636,000	-359,781,000	-195,138,000	-246,462,000	-180,837,000	-163,160,000	-149,362,000	-95,594,000	-111,559,000	-119,707,000	-75,267,000	-145,196,000	-138,472,000	-121,316,000	-103,177,000	-127,948,000	-128,136,000	-148,504,000	-126,469,000	-116,856,000	-96,213,000	-117,676,000	-100,622,000	-144,618,000	-138,491,000	-132,631,000																								-10,354,000	-10,145,000	-10,295,000	-11,099,000	-11,459,000	-8,526,000	-4,092,000	-2,891,000	-4,942,000	-1,016,000	-1,348,000	-1,113,000	-11,905,000	-8,546,000	-18,474,000	-7,381,000	3,302,000	-135,000	-135,000					1,000	1,000	1,000	1,000
total welltower inc. stockholders’ equity	43,793,675,000	42,129,498,000							27,547,943,000	25,404,376,000	22,954,036,000	21,204,441,000	20,448,155,000	20,294,814,000	19,169,307,000	18,556,180,000	17,895,576,000	17,636,001,000	16,863,203,000	15,920,446,000	15,798,878,000	15,972,719,000	16,107,874,000	16,048,140,000	16,132,783,000	15,266,065,000	14,994,455,000	15,078,491,000	14,307,685,000	14,341,923,000
noncontrolling interests	939,184,000	810,218,000	271,200,000	362,588,000	347,757,000	360,158,000	459,540,000	449,880,000	699,050,000	676,746,000	619,790,000	619,482,000	755,805,000	714,739,000	887,378,000	897,715,000	836,490,000	960,578,000	919,713,000	930,383,000	892,139,000	908,853,000	853,228,000	888,387,000	933,554,000	959,664,000	975,117,000	969,340,000	961,516,000	458,564,000																								114,373,000	134,852,000	150,462,000	130,249,000	90,077,000	10,396,000	9,682,000	10,412,000	10,622,000	10,111,000	10,486,000
total equity	44,732,859,000	42,939,716,000	39,028,018,000	36,263,114,000	34,304,516,000	32,316,366,000	30,793,821,000	29,426,306,000	28,246,993,000	26,081,122,000	23,573,826,000	21,823,923,000	21,203,960,000	21,009,553,000	20,056,685,000	19,453,895,000	18,732,066,000	18,596,579,000	17,782,916,000	16,850,829,000	16,691,017,000	16,881,572,000	16,961,102,000	16,936,527,000	17,066,337,000	16,225,729,000	15,969,572,000	16,047,831,000	15,269,201,000	14,800,487,000	15,059,326,000	15,244,664,000	15,313,523,000	15,110,263,000	15,264,238,000	14,868,568,000	14,999,794,000	15,137,175,000	15,045,279,000	14,917,949,000	13,473,049,000	13,505,422,000	12,514,890,000	11,622,726,000	11,756,331,000	11,914,419,000	12,064,156,000	10,383,147,000	10,520,519,000	10,522,405,000	8,227,793,000	8,554,018,000	7,278,647,000	6,693,166,000	6,733,042,000	6,770,603,000	4,733,100,000	4,220,083,000	3,737,125,000	3,759,916,000	3,807,451,000	3,836,150,000	3,460,937,000	3,450,607,000
total liabilities and equity	67,220,556,000	67,303,047,000	59,504,802,000	55,833,495,000	53,293,614,000	51,044,308,000	48,953,698,000	45,533,937,000	44,553,585,000	44,012,166,000	41,654,702,000	40,064,135,000	38,493,889,000	37,893,233,000	37,414,488,000	36,573,671,000	35,472,453,000	34,910,325,000	33,480,025,000	32,176,116,000	32,992,251,000	32,483,642,000	32,541,597,000	33,162,652,000	32,923,028,000	31,863,955,000	33,148,697,000	30,637,336,000	30,249,119,000	27,618,982,000	27,746,659,000	28,180,379,000	27,975,786,000	27,767,277,000	29,856,339,000	28,964,501,000	29,088,293,000	27,456,366,000	27,407,482,000	26,629,395,000		24,541,722,000	23,573,890,000	23,211,042,000		23,049,805,000	22,196,393,000	20,788,972,000		18,282,275,000	16,347,426,000	15,859,734,000	14,924,606,000	13,861,089,000	13,480,661,000	13,258,044,000	9,451,734,000	7,893,067,000	7,079,331,000	6,774,378,000	6,367,186,000	6,381,406,000	6,247,659,000	6,143,081,000
assets
total welltower inc. stockholders' equity			38,756,818,000	35,900,526,000	33,956,759,000	31,956,208,000	30,334,281,000	28,976,426,000
goodwill							68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000	68,321,000																								68,321,000	51,207,000	51,207,000	51,207,000
straight-line rent receivable							518,387,000	420,666,000	469,976,000	443,800,000	405,154,000	389,381,000	357,359,000	322,173,000	430,173,000	408,575,000	385,639,000	365,643,000	346,159,000	331,381,000	312,721,000	344,066,000	334,203,000	464,716,000	449,075,000	432,616,000	419,501,000	395,621,000	388,045,000	367,358,000
gross real property owned																						33,670,006,000							33,491,519,000	30,471,797,000																								13,728,786,000	13,059,634,000	10,300,153,000	8,992,495,000	7,544,945,000	6,842,940,000	6,614,474,000		6,253,352,000	6,146,469,000	6,090,024,000		5,831,186,000	5,513,592,000	5,289,999,000
other equity																							4,000	4,000	12,000	12,000	188,000	268,000	489,000	659,000																								6,292,000	6,460,000	6,383,000	5,697,000	5,972,000	5,755,000	5,539,000	4,804,000	5,551,000	5,369,000	5,187,000	4,105,000	3,777,000	3,548,000	3,360,000	2,701,000	2,648,000	2,460,000	2,286,000	1,845,000		1,528,000	1,337,000	252,000	-64,000	-380,000	-697,000
real estate loans receivable, net of allowance																										361,530,000	368,994,000	351,085,000
preferred stock																													718,498,000	718,498,000																								1,010,417,000	1,010,417,000	1,010,417,000	291,667,000	275,000,000	286,410,000																		276,989,000	283,751,000	283,751,000
real estate loans receivable																													409,196,000	449,467,000	436,194,000	496,850,000	520,479,000	574,080,000	630,020,000	647,677,000	725,291,000	752,912,000	760,543,000	745,267,000		318,221,000	367,186,000	351,401,000		307,377,000	312,356,000	276,876,000						320,611,000	326,651,000	447,351,000	436,580,000	416,570,000	471,805,000	444,457,000	427,363,000	494,877,000	488,856,000	480,719,000	482,885,000	501,871,000	497,133,000	388,250,000
less allowance for losses on loans receivable																													-68,372,000	-68,372,000																								-1,823,000	-1,692,000	-1,524,000	-1,276,000	-1,190,000	-5,025,000	-5,025,000	-5,183,000	-7,640,000	-7,640,000	-7,640,000	-7,500,000	-7,406,000	-7,406,000	-7,406,000	-7,406,000	-7,406,000	-7,406,000	-7,406,000	-7,406,000		-6,961,000	-6,711,000	-6,161,000	-5,861,000	-5,561,000	-5,261,000
net real estate loans receivable																													340,824,000	381,095,000																								318,788,000	324,959,000	445,827,000	435,304,000	415,380,000	466,780,000	439,432,000		487,237,000	481,216,000	473,079,000		494,465,000	489,727,000	380,844,000
borrowings under primary unsecured credit facility																													1,312,000,000	540,000,000
capital lease obligations																													71,377,000	71,302,000																								82,872,000	83,794,000		8,881,000
operating data
revenues																																									3,343,546,000				2,880,608,000				1,805,044,000																																138,259,000
expenses																																									2,959,333,000				2,778,363,000				1,619,132,000
income from continuing operations before income taxes and income from unconsolidated entities																																									384,213,000				102,245,000				185,912,000
income tax benefit																																									1,267,000				-7,491,000				-7,612,000
income from unconsolidated entities																																									-27,426,000				-8,187,000				2,482,000
income from continuing operations																																									358,054,000				86,567,000				180,782,000																																58,312,000
income from discontinued operations																																									7,135,000				51,713,000				114,058,000																																9,347,000
gain on real estate dispositions																																									147,111,000
net income																																									512,300,000				138,280,000				294,840,000																																67,659,000
preferred stock dividends																																									65,408,000				66,336,000				69,129,000																																12,468,000
preferred stock redemption charge																																																	6,242,000
net income attributable to noncontrolling interests																																									147,000				-6,770,000				-2,415,000
net income attributable to common stockholders																																									446,745,000				78,714,000				221,884,000
other data
average number of common shares outstanding:
basic																																									306,272,000				276,929,000				224,343,000																																36,702,000
diluted																																									307,747,000				278,761,000				225,953,000																																37,301,000
per share data
basic:
income from continuing operations attributable to common stockholders																																									1,440				100				480
discontinued operations																																									20				190				510																																250
net income attributable to common stockholders *																																									1,460				280				990
diluted:
cash distributions per common share																																									3,180				3,060				2,960																																2,340
balance sheet data																																									2,014,000				2,013,000				2,012,000
total long-term obligations																																									10,776,640,000				10,594,723,000				8,474,342,000
total preferred stock																																									1,006,250,000				1,017,361,000				1,022,917,000
real estate loans receivable:
equity investments																																																						239,984,000	250,933,000	250,111,000	237,107,000	213,163,000	181,527,000	166,654,000	5,816,000	3,020,000	2,531,000	836,000	1,030,000	1,862,000	1,287,000	1,168,000	1,408,000	4,617,000	4,700,000	4,700,000	4,700,000		5,070,000	2,970,000	3,298,000	3,298,000	3,298,000	3,298,000
deferred loan expenses																																																						59,446,000	48,808,000	48,620,000	32,960,000	29,529,000	31,568,000	25,405,000	22,698,000	24,755,000	23,197,000	25,097,000	23,579,000	25,315,000	27,067,000	28,817,000	30,499,000	32,082,000	19,036,000	19,767,000	20,657,000		11,523,000	12,042,000	8,781,000	9,172,000	6,419,000	6,958,000
borrowings under unsecured line of credit arrangement																																																						390,000,000			300,000,000		206,000,000
total health care reit, inc. stockholders’ equity																																																						6,578,793,000	6,598,190,000	6,620,141,000	4,602,851,000	4,130,006,000	3,726,729,000	3,750,234,000	3,797,039,000	3,825,528,000	3,450,826,000	3,440,121,000
captial lease obligations																																																								8,813,000
borrowings under unsecured lines of credit arrangements																																																												425,000,000	140,000,000	143,000,000	342,000,000	335,000,000	570,000,000	387,000,000	744,000,000	432,500,000	307,000,000	145,000,000	364,400,000	381,000,000	225,000,000		146,000,000	201,000,000	304,000,000	318,000,000	163,500,000	151,000,000
preferred stock, 1.00 par value																																																												287,974,000
real property owned
total real property owned																																																													5,658,440,000				5,378,794,000				4,638,632,000	4,521,682,000	4,409,948,000	4,054,845,000	3,935,851,000		2,787,121,000	2,738,610,000	2,387,190,000	2,391,538,000	2,217,634,000
liabilities and stockholders’ equity
stockholders’ equity:
preferred stock, 1.00 par value:																																																													288,683,000	288,683,000	288,713,000	288,728,000	289,929,000	301,901,000	305,681,000	327,897,000	330,243,000	338,993,000	338,993,000	338,993,000	338,993,000		276,875,000	276,875,000				283,751,000
authorized — 50,000,000 shares
issued and outstanding — 11,474,093 shares in 2009 and 11,516,302 shares in 2008 at liquidation preference
authorized — 225,000,000 shares
issued — 123,583,242 shares in 2009 and 104,835,626 shares in 2008
outstanding — 123,385,317 shares in 2009 and 104,703,702 shares in 2008
issued and outstanding — 11,474,093 shares at september 30, 2009 and 11,516,302 shares at december 31, 2008
issued — 123,090,353 shares at september 30, 2009 and 104,835,626 shares at december 31, 2008
outstanding — 122,892,428 shares at september 30, 2009 and 104,703,702 shares at december 31, 2008
issued and outstanding — 11,475,093 shares at june 30, 2009 and 11,516,302 shares at december 31, 2008
issued — 111,975,546 shares at june 30, 2009 and 104,835,626 shares at december 31, 2008
outstanding — 111,778,553 shares at june 30, 2009 and 104,703,702 shares at december 31, 2008
issued and outstanding — 11,475,702 shares at march 31, 2009 and 11,516,302 shares at december 31, 2008
issued — 111,209,971 shares at march 31, 2009 and 104,835,626 shares at december 31, 2008
outstanding — 111,013,261 shares at march 31, 2009 and 104,703,702 shares at december 31, 2008
minority interests																																																																	10,603,000	8,958,000	7,669,000	9,697,000	9,687,000	4,928,000	2,294,000	2,354,000	2,228,000
issued and outstanding — 11,516,302 shares in 2008 and 12,879,189 shares in 2007 at liquidation preference
issued — 104,835,626 shares in 2008 and 85,600,333 shares in 2007
outstanding — 104,703,702 shares in 2008 and 85,496,164 shares in 2007
total stockholders’ equity																																																																	3,211,586,000	3,201,556,000	2,633,124,000	2,508,607,000	2,404,356,000	2,260,684,000	2,267,404,000	2,008,384,000	1,978,793,000		1,545,938,000	1,434,917,000	1,319,696,000	1,313,965,000	1,334,405,000	1,335,279,000	897,232,000
total liabilities and stockholders’ equity																																																																	6,193,118,000	6,021,955,000	5,805,014,000	5,387,456,000	5,213,856,000	4,971,827,000	4,824,804,000	4,458,654,000	4,280,610,000		3,062,112,000	3,012,640,000	2,736,898,000	2,739,939,000	2,560,362,000	2,549,643,000
issued and outstanding — 11,921,059 shares at september 30, 2008 and 12,879,189 shares at december 31, 2007
issued — 103,363,594 shares at september 30, 2008 and 85,600,333 shares at december 31, 2007
outstanding — 103,231,670 shares at september 30, 2008 and 85,496,164 shares at december 31, 2007
authorized - 50,000,000 shares
issued and outstanding - 12,048,839 shares at june 30, 2008 and 12,879,189 shares at december 31, 2007
authorized - 225,000,000 shares
issued - 90,261,733 shares at june 30, 2008 and 85,600,333 shares at december 31, 2007
outstanding - 90,130,579 shares at june 30, 2008 and 85,496,164 shares at december 31, 2007
issued and outstanding - 12,799,889 shares at march 31, 2008 and 12,879,189 shares at december 31, 2007
issued - 89,306,085 shares at march 31, 2008 and 85,600,333 shares at december 31, 2007
outstanding - 89,175,048 shares at march 31, 2008 and 85,496,164 shares at december 31, 2007
loans receivable																																																																					381,394,000	271,985,000	250,238,000	256,945,000	194,448,000		178,282,000	177,704,000
liability to subsidiary trust issuing preferred securities																																																																						52,184,000	52,195,000	52,205,000	52,215,000
issued and outstanding — 12,879,189 in 2007 and 13,174,989 in 2006 at liquidation preference
issued — 85,600,333 shares in 2007 and 73,272,052 shares in 2006
outstanding — 85,496,164 shares in 2007 and 73,192,128 shares in 2006
issued and outstanding — 13,174,989 shares at september 30, 2007 and december 31, 2006
issued — 81,488,325 shares at september 30, 2007 and 73,272,052 shares at december 31, 2006
outstanding — 81,384,156 shares at september 30, 2007 and 73,192,128 shares at december 31, 2006
issued and outstanding - 13,174,989 shares at june 30, 2007 and december 31, 2006
issued - 80,986,231 shares at june 30, 2007 and 73,272,052 shares at december 31, 2006
outstanding - 80,882,318 shares at june 30, 2007 and 73,192,128 shares at december 31, 2006
land																																																																								394,002,000			270,810,000	267,824,000	225,604,000	228,077,000	210,014,000
buildings & improvements																																																																								3,783,163,000	3,659,065,000		2,758,358,000	2,712,511,000	2,373,762,000	2,420,555,000	2,217,871,000
authorized - 25,000,000 shares
issued and outstanding - 13,174,989 shares at march 31, 2007 and december 31, 2006
authorized - 125,000,000 shares
issued - 74,195,044 shares at march 31, 2007 and 73,272,052 shares at december 31, 2006
outstanding - 74,091,131 shares at march 31, 2007 and 73,192,128 at december 31, 2006
authorized — 25,000,000 shares
issued and outstanding — 13,174,989 in 2006 and 11,074,989 shares in 2005 at liquidation preference
authorized — 125,000,000 shares
issued — 73,272,052 shares in 2006 and 58,182,592 shares in 2005
outstanding — 73,192,128 shares in 2006 and 58,124,657 shares in 2005
accumulated other comprehensive loss																																																																									-135,000
type of facility
independent living/ccrcs
assisted living facilities
skilled nursing facilities
specialty care facilities
totals
less accumulated depreciation																																																																											-317,869,000	-293,738,000	-265,478,000	-257,543,000	-236,950,000
issued and outstanding - 11,074,989 shares at june 30, 2006 and 11,074,989 shares at december 31, 2005 at liquidation preference
issued - 62,597,399 shares at june 30, 2006 and 58,182,592 shares at december 31, 2005
outstanding - 62,521,163 shares at june 30, 2006 and 58,124,657 shares at december 31, 2005
issued and outstanding — 11,074,989 shares at march 31, 2006 and 11,074,989 shares at december 31, 2005 at liquidation preference
issued — 58,856,110 shares at march 31, 2006 and 58,182,592 shares at december 31, 2005
outstanding — 58,779,874 shares at march 31, 2006 and 58,124,657 shares at december 31, 2005
real property loans																																																																													213,172,000	221,549,000	218,202,000
subdebt investments																																																																													22,087,000	22,620,000	23,308,000
expenses:
interest expense																																																																																	34,637,000
benefit from depreciation																																																																																	29,571,000
other operating expenses																																																																																	13,038,000
impairment of assets																																																																																	2,298,000
loss on extinguishment of debt																																																																																	403,000
loss on investment
total expenses																																																																																	79,947,000
net income available to common stockholders																																																																																	55,191,000
income from continuing operations available to common stockholders																																																																																	1,250
total debt																																																																																	673,703,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31

operating activities:
net income	752,324,000	117,767,000	282,186,000	304,618,000	257,266,000	123,753,000	456,800,000	260,670,000	131,634,000	134,722,000	106,342,000	28,635,000	1,798,000	-2,653,000	95,672,000	65,751,000	66,194,000	190,336,000	45,757,000	72,192,000	155,278,000	394,978,000	159,216,000	329,380,000	647,932,000	150,040,000	292,302,000	84,226,000	167,273,000	453,555,000		89,304,000	203,442,000	337,610,000		354,738,000	210,749,000	165,474,000		199,254,000	330,458,000	209,422,000	152,771,000	87,854,000	65,200,000		33,608,000	7,181,000	71,799,000		53,507,000	76,871,000	57,458,000		52,355,000	86,208,000	31,810,000	40,347,000	5,779,000	51,064,000	31,694,000	36,838,000	24,686,000	64,758,000	66,645,000	28,594,000	60,521,000	162,397,000	36,599,000	48,946,000	30,846,000	31,937,000	29,673,000	22,959,000	26,812,000	28,001,000	24,978,000		25,296,000	3,831,000	23,239,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	622,752,000	594,151,000	509,812,000	495,036,000	485,869,000	480,406,000	403,779,000	382,045,000	365,863,000	339,314,000	341,945,000	339,112,000	342,286,000	353,699,000	310,295,000	304,088,000	284,501,000	267,754,000	240,885,000	244,426,000	242,733,000	255,532,000	265,371,000	274,801,000	272,445,000	248,052,000	243,932,000	243,149,000																											115,640,000	111,053,000	74,768,000	62,406,000	49,105,000	47,451,000	43,581,000	41,780,000	41,086,000	40,731,000	41,326,000	42,151,000	41,691,000	39,629,000	39,574,000	40,081,000	40,137,000	35,548,000	33,860,000
other amortization expenses	9,670,000	14,220,000	14,273,000	13,734,000	14,154,000	4,594,000	15,059,000	15,001,000	13,105,000	10,916,000	10,294,000	9,792,000	7,591,000	9,210,000	5,841,000	5,592,000	5,197,000	5,097,000	4,657,000	4,197,000	3,600,000	2,666,000	3,727,000	3,220,000	3,713,000	3,883,000	5,878,000	4,126,000																											4,124,000	3,562,000	4,338,000	3,991,000	5,131,000	4,633,000	3,414,000	4,413,000	3,745,000	3,676,000	3,578,000	2,417,000	4,125,000	1,160,000	2,323,000	1,807,000	1,896,000	1,141,000	1,174,000
provision for loan losses	1,632,000	-7,384,000	1,088,000	-1,113,000	-2,007,000		4,193,000	5,163,000	1,014,000	4,059,000														7,072,000
impairment of assets	4,826,000	45,924,000	3,081,000	19,876,000	52,402,000	23,647,000	23,421,000	2,394,000	43,331,000	7,388,000	1,086,000	12,629,000	13,146,000				2,357,000	1,490,000	23,692,000	23,568,000	9,317,000	23,313,000	75,151,000	27,827,000	18,096,000			6,740,000																											0	0	202,000	0				23,350,000
stock-based compensation expense	18,830,000	1,508,384,000	15,586,000	15,257,000	17,505,000	13,513,000	39,910,000	10,350,000	12,048,000	8,821,000	10,504,000	9,456,000	6,693,000	5,990,000	6,021,000	7,445,000	2,944,000	4,535,000	4,757,000	5,576,000	7,380,000	6,565,000	7,290,000	7,083,000	5,309,000	7,663,000	7,529,000	6,075,000																											1,767,000	1,681,000	5,593,000	2,066,000	1,010,000	1,197,000	7,550,000	899,000	1,075,000	1,080,000	6,579,000	1,804,000	1,472,000	1,406,000	3,848,000	1,297,000	1,300,000	1,276,000	3,177,000	3,437,000	192,000
loss on derivatives and financial instruments		-5,656,000	31,682,000	-409,000	-3,210,000		-9,906,000	-5,825,000	-3,054,000	2,885,000														7,651,000
loss on extinguishment of debt	727,000	3,089,000	0	0	6,156,000		419,000	1,705,000	6,000	1,000
loss from unconsolidated entities	1,686,000	-4,442,000	12,610,000	7,392,000	-1,263,000		4,038,000	-4,896,000	7,783,000	4,031,000														3,692,000
rental income less than (in excess of) cash received	-75,976,000	-77,313,000	-55,301,000	-48,754,000	-43,893,000	15,946,000	-45,501,000	44,199,000	-30,503,000	-24,348,000	-35,170,000	-36,827,000	-29,312,000	-28,126,000	-29,230,000	-22,215,000	-21,213,000	-19,295,000	-20,875,000	30,563,000		92,833,000	-23,840,000	-2,119,000	-25,746,000	-26,278,000	-26,956,000	-21,374,000																														-394,000	-1,670,000	-1,815,000	-2,715,000	2,295,000	3,747,000	2,358,000	2,859,000	7,921,000	-656,000	2,889,000	-2,361,000	2,313,000	2,250,000	-1,510,000	-2,613,000	1,313,000	1,352,000	494,000	7,910,000
amortization related to above (below) market leases	-213,000	-1,493,000	-419,000	-424,000	-385,000	-385,000	152,000	19,000	-5,000	-188,000	-166,000	-82,000	-494,000	-396,000	-384,000	-419,000	-1,491,000	-1,119,000	-466,000	-460,000	-497,000	-365,000	-443,000	-565,000	-333,000	-116,000	114,000	621,000																											-532,000	-398,000	-658,000	-744,000	-816,000	-809,000	-487,000		-620,000	-368,000	-356,000		-214,000	-199,000	-263,000
loss on real estate dispositions and acquisitions of controlling interests	-420,400,000	-1,378,391,000	-4,025,000	-14,850,000	-51,777,000
distributions by unconsolidated entities	3,059,000	3,312,000	6,519,000	7,860,000	4,160,000	6,671,000	2,827,000	8,409,000	1,609,000	2,160,000	3,477,000	3,418,000	3,814,000	-942,000	2,608,000	6,982,000	4,980,000	6,942,000	1,805,000	3,036,000	3,766,000	1,040,000	3,410,000	3,385,000		-19,678,000	19,724,000	0	-14,859,000	14,880,000		11,370,000	23,223,000	24,161,000		53,263,000	7,554,000	11,747,000		23,269,000	27,093,000	89,195,000	15,336,000	10,463,000	12,462,000		16,913,000	4,870,000	9,916,000
increase in accrued expenses and other liabilities	-192,334,000	-104,837,000	110,012,000	16,030,000	-105,111,000	-109,385,000	82,821,000	82,525,000	-29,420,000	105,075,000	-4,877,000	-4,503,000	-45,393,000	89,016,000	30,650,000	-23,416,000	-20,370,000	79,355,000	22,975,000	-4,406,000	-17,679,000	18,095,000	52,378,000	-30,030,000	-54,570,000	82,783,000	-27,368,000	56,756,000																											-17,635,000	-19,485,000	57,901,000	2,154,000	4,587,000	-272,000	5,824,000	4,727,000	10,837,000	-12,311,000	-3,564,000	-6,765,000	17,132,000	2,544,000	4,452,000	-453,000	5,852,000	-5,651,000	-3,001,000	-4,043,000	4,881,000	-3,837,000	8,809,000		2,024,000	4,604,000	-7,871,000
decrease in receivables and other assets	-56,572,000	-53,002,000	-68,748,000	-44,219,000	-30,908,000		-20,762,000	-29,897,000	-42,343,000	-84,678,000														43,284,000
net cash from operating activities	670,011,000	654,329,000	858,356,000	770,034,000	598,958,000		684,984,000	605,419,000	406,806,000	439,056,000														411,857,000								318,355,000
investing activities:
cash disbursed for acquisitions, net of cash acquired	-1,109,949,000	-9,873,039,000	-1,104,118,000	-947,860,000	-1,988,958,000	-1,856,343,000	-1,061,579,000	-544,756,000	-62,771,000	-649,533,000	-21,375,000	-402,719,000	-13,022,000	-821,231,000	-870,357,000	-601,410,000	-1,348,968,000	-2,073,921,000	-458,178,000	-203,107,000	-510,382,000	-2,572,000	0	-390,802,000
cash disbursed for capital improvements to existing properties	-269,832,000	-313,975,000	-263,059,000	-232,879,000	-240,350,000	-318,794,000	-241,150,000	-165,093,000	-132,509,000	-129,112,000	-113,639,000	-91,339,000	-160,181,000	-115,766,000	-109,840,000	-90,229,000	-116,897,000	-71,208,000	-65,703,000	-28,780,000	-61,665,000	-61,221,000	-52,721,000	-69,382,000	-82,237,000	-67,241,000	-56,935,000	-62,303,000	-64,785,000	-46,547,000		-65,995,000	-51,032,000	-42,115,000		-53,671,000	-52,504,000	-35,025,000		-55,554,000	-37,258,000	-29,828,000	-31,636,000	-27,282,000	-27,406,000
cash disbursed for construction in progress	-104,772,000	-103,750,000	-95,420,000	-112,374,000	-126,187,000	-195,389,000	-173,389,000	-227,359,000	-231,763,000	-256,597,000	-247,889,000	-226,226,000	-168,272,000	-177,038,000	-148,286,000	-138,141,000	-154,638,000	-118,981,000	-70,739,000	-73,605,000	-74,637,000	-33,668,000	-44,256,000	-48,775,000	-102,704,000	-100,018,000	-55,391,000	-25,168,000	-40,243,000	-22,735,000		-49,022,000	-79,712,000	-69,334,000		-75,505,000	-183,128,000	-66,739,000		-50,833,000	-54,926,000	-59,552,000	-45,628,000	-42,484,000	-52,717,000
capitalized interest	-8,449,000	-7,476,000	-6,150,000	-8,653,000	-11,520,000	-14,160,000	-15,668,000	-14,478,000	-13,809,000	-13,947,000	-11,870,000	-10,335,000	-9,762,000	-8,863,000	-6,387,000	-5,479,000	-5,325,000	-4,669,000	-4,862,000	-4,496,000	-4,238,000	-3,947,000	-4,541,000	-4,746,000	-4,148,000	-3,929,000	-2,327,000	-1,921,000	-2,100,000	-2,336,000		-2,545,000	-3,359,000	-4,129,000		-4,766,000	-4,306,000	-3,037,000		-1,865,000	-2,059,000	-2,387,000	-1,779,000	-1,700,000	-1,605,000		-1,706,000	-1,386,000	-1,606,000		-2,555,000	-2,138,000	-2,420,000		-3,111,000	-2,314,000	-4,665,000	-4,784,000	-3,656,000	-5,276,000	-7,076,000	-10,304,000	-9,975,000	-11,026,000	-9,865,000	-8,435,000	-6,364,000	-5,063,000	-5,167,000	-4,468,000	-3,162,000	-2,569,000	-2,327,000
investment in loans receivable	-1,382,728,000	-254,705,000	-396,385,000	-20,572,000	-19,672,000	-19,882,000	-23,474,000	-463,356,000	-116,789,000	-252,157,000	-21,566,000	-54,831,000	-22,866,000	-15,614,000	-78,364,000	-39,201,000	-44,443,000	-34,599,000	-875,259,000	-43,148,000	-31,236,000	-196,769,000	-9,097,000	-10,441,000																																														-114,556,000	-31,379,000	-9,532,000	-80,427,000	-12,864,000	-60,766,000	-8,036,000	-5,324,000
principal collected on loans receivable	737,926,000	14,212,000	46,097,000	61,667,000	100,372,000	43,618,000	112,732,000	101,587,000	36,472,000	21,911,000	30,901,000	15,592,000	23,930,000	11,200,000	71,973,000	89,207,000	92,845,000	1,574,000	245,989,000	2,852,000	17,203,000	1,549,000	2,751,000	10,045,000																																														7,288,000	9,457,000	17,672,000	17,929,000	39,787,000	10,917,000	7,457,000	24,094,000
other investments, net of payments	-4,171,000	15,388,000	-23,919,000	-6,027,000	-59,200,000	-11,756,000	-12,086,000	-25,462,000	-11,723,000	453,000	-15,271,000	-80,548,000	-35,834,000	-66,544,000	1,518,000	2,401,000	-15,710,000	-13,915,000	2,366,000	664,000	9,871,000	1,550,000	-83,000	-3,612,000	4,336,000	-8,184,000	-9,456,000	-1,360,000	1,067,000	-49,279,000		-1,580,000	4,146,000	48,311,000		-71,734,000	14,109,000	-30,773,000		-18,780,000	-8,405,000	-102,126,000	8,656,000	-49,645,000	1,787,000		-24,640,000	10,029,000	-1,978,000		6,605,000	-2,291,000	22,438,000		-8,269,000	4,558,000	-2,815,000	-58,545,000	-65,298,000	-9,937,000	-114,000	-16,678,000	-16,151,000	10,575,000	121,000	-9,801,000	7,106,000	17,056,000	-26,819,000	-20,806,000	-803,000	1,327,000	-2,716,000
contributions to unconsolidated entities	-381,267,000	-197,670,000	-39,933,000	-211,917,000	-50,513,000	-45,587,000	-72,778,000	-42,371,000	-103,825,000	-61,199,000	-93,338,000	-112,822,000	-111,678,000	-82,980,000	-192,264,000	-115,249,000	-117,187,000	-45,537,000	-139,201,000	-94,095,000	-110,123,000	-75,292,000	-88,610,000	-137,129,000	-75,489,000	-92,147,000	-26,854,000	-9,929,000	-18,402,000	-14,366,000		-8,171,000	-52,558,000	-13,073,000		-2,103,000	-26,860,000	-12,784,000		-22,248,000	-33,083,000	-83,964,000	0	-31,962,000	-214,832,000		-20,560,000	-1,532,000	-359,575,000		-181,000
net proceeds from net investment hedge settlements	-47,215,000	-685,000	0	-40,030,000	37,831,000	9,381,000	4,081,000	5,718,000	913,000
proceeds from sales of real property	1,717,876,000	5,136,183,000	111,278,000	93,146,000	317,663,000	190,751,000	16,001,000	84,939,000	44,834,000	82,034,000	-19,708,000	21,658,000	75,065,000	20,527,000	30,336,000	73,568,000	128,614,000	495,028,000	172,472,000	274,208,000	777,079,000	1,524,862,000	1,196,695,000	801,392,000	1,984,251,000	14,088,000	602,732,000	261,283,000	55,009,000	892,209,000		34,069,000	116,708,000	1,087,074,000		407,734,000				144,586,000	345,910,000	177,265,000	301,914,000				64,190,000	26,696,000	294,607,000		145,688,000	124,105,000	32,584,000		12,893,000	164,644,000	44,048,000	84,305,000	80,230,000	16,433,000	38,059,000		21,222,000	70,981,000	61,304,000		25,213,000	182,982,000	99,000
net cash from investing activities	-807,186,000	-5,455,171,000	-1,630,305,000	-1,399,134,000	-2,028,139,000		-1,449,476,000	-1,278,811,000	-580,931,000	-1,237,338,000														149,748,000								-369,929,000
financing activities:
net proceeds from issuance of senior unsecured notes	19,775,000	2,006,661,000	994,832,000			0				353,000				0	495,150,000	545,082,000		0	494,334,000	713,907,000
payments to extinguish senior unsecured notes	-1,183,406,000	-45,070,000	-49,575,000			0	0	0	-1,350,000,000								0	0			0				-2,057,500,000	0	-1,050,000,000	-1,000,000,000	0	-450,000,000						0	0	-400,000,000		-56,996,000	-322,896,000	-154,654,000									-244,939,000	-125,563,000	-22,000					0	0	-153,148,000	-342,394,000	0
payments on secured debt	-20,630,000	-74,970,000	-18,745,000	-183,179,000	-134,277,000	-141,833,000	-122,417,000	-100,966,000	-132,833,000	-337,750,000	-61,704,000	-39,573,000	-136,803,000	-93,523,000	-110,065,000	-116,789,000	-78,764,000	-20,591,000	-40,375,000	-57,888,000	-156,904,000	-192,751,000	-313,774,000	-31,566,000	-55,252,000	-50,587,000	-128,113,000	-13,909,000	-27,303,000	-197,655,000		-30,750,000	-197,691,000	-822,438,000		-190,847,000	-150,708,000	-130,343,000		-145,505,000	-115,893,000	-208,057,000	-66,182,000	-90,441,000	-129,539,000		-501,816,000	-54,626,000	-18,931,000		-18,224,000	-211,607,000	-42,568,000		-8,317,000	-7,175,000	-5,906,000	-40,406,000	-169,601,000	-4,326,000	-3,378,000
net proceeds from the issuance of common stock	1,544,848,000	2,063,348,000	2,870,097,000	1,975,018,000	1,992,403,000	2,153,414,000	1,242,019,000	1,603,861,000	2,416,484,000	1,931,148,000	922,876,000	411,032,000	1,482,901,000	827,392,000	808,215,000	549,346,000	981,737,000	1,000,000,000			0	0	4,312,000	591,001,000	38,949,000	113,613,000	533,543,000	232,223,000	2,974,000	7,214,000		106,541,000	304,800,000	119,651,000		361,035,000	65,599,000	93,433,000		79,631,000	72,803,000	1,489,547,000	1,158,939,000	1,038,214,000	63,755,000		62,317,000	1,684,858,000	45,377,000		2,415,967,000	32,488,000	1,087,777,000		69,186,000	33,377,000	1,388,118,000	508,873,000	449,005,000	19,769,000	17,791,000	20,650,000	434,687,000	25,803,000	223,393,000	44,960,000	580,231,000	18,840,000	138,254,000	164,174,000	17,589,000	285,363,000	24,467,000	16,261,000	19,518,000	127,305,000	18,985,000		19,006,000	14,022,000	13,401,000
payments for deferred financing costs and prepayment penalties	-15,421,000	-108,000	176,000	-291,000	-471,000	72,000	-23,454,000	0	-6,000	-661,000	-514,000	-6,444,000	-181,000	-800,000	-4,012,000	-69,000	-1,484,000	0	-71,030,000	-1,221,000	-3,162,000	-31,200,000	-4,003,000	-722,000	-58,072,000	-4,611,000	-19,566,000	-11,062,000	-4,298,000	-14,341,000		-1,189,000	-16,164,000	-36,674,000
contributions by noncontrolling interests	20,413,000	11,656,000	1,356,000	5,551,000	3,586,000	30,634,000	2,440,000	2,772,000	23,797,000	29,799,000	97,792,000	83,480,000	91,153,000	9,438,000	33,964,000	4,101,000	72,245,000	18,091,000	60,909,000	5,073,000	29,756,000	503,000	4,680,000	9,084,000	3,866,000	11,262,000	27,860,000	2,817,000	2,687,000	5,734,000		37,546,000	6,996,000	2,667,000		3,923,000	12,316,000	126,142,000		158,179,000	2,412,000	2,514,000	1,087,000	3,707,000	778,000		1,620,000	2,310,000	1,420,000		996,000	2,743,000	8,367,000		568,000	8,992,000	95,000	120,000	220,000	912,000	1,359,000	309,000	597,000	492,000	857,000
distributions to noncontrolling interests	-34,973,000	-422,380,000	-59,693,000	-44,083,000	-113,928,000	-196,761,000	-18,465,000	-63,212,000	-22,591,000	-98,804,000	-45,008,000	-35,664,000	-50,660,000	-7,466,000	-36,309,000	-177,979,000	-29,844,000	-41,670,000	-37,125,000	-30,117,000	-35,120,000	-117,494,000	-130,751,000	-50,124,000	-74,266,000	-42,174,000	-21,830,000	-26,978,000	-46,920,000	-12,564,000		-13,681,000	-18,129,000	-20,014,000		-14,943,000	-14,911,000	-76,222,000		-8,068,000	-11,954,000	-7,417,000	-16,701,000	-6,822,000	-7,386,000		-12,642,000	-5,338,000	-4,522,000		-5,610,000	-6,196,000	-3,477,000		-5,106,000	-9,747,000	-7,057,000	-652,000	-55,000	-132,000	-2,462,000	-137,000	-121,000	-870,000	-976,000
cash distributions to stockholders	-520,497,000	-509,618,000	-496,918,000	-439,057,000	-432,366,000	-418,229,000	-408,768,000	-366,094,000	-352,184,000	-318,691,000	-303,402,000	-300,195,000	-298,231,000	-283,454,000	-276,797,000	-273,045,000	-265,449,000	-260,792,000	-254,750,000	-254,915,000	-255,117,000	-253,268,000	-256,169,000	-354,678,000	-352,869,000	-352,296,000	-342,803,000	-335,415,000	-335,351,000	-335,508,000		-332,266,000	-330,561,000	-329,794,000		-324,570,000	-323,744,000	-322,122,000		-307,001,000	-305,696,000	-288,921,000	-262,724,000	-248,102,000	-247,154,000		-235,779,000	-216,870,000	-216,148,000		-176,034,000	-175,303,000	-162,126,000		-144,321,000	-143,878,000	-110,720,000	-98,666,000	-91,495,000	-90,030,000	-90,032,000	-89,322,000	-81,753,000	-81,254,000	-81,510,000	-76,120,000	-70,398,000	-67,005,000	-63,337,000	-60,060,000	-59,881,000	-59,556,000	-28,602,000	-67,558,000	-45,492,000	-45,122,000	-41,656,000		-38,887,000	-38,609,000	-37,351,000
other financing activities	-9,648,000	-1,786,000	-1,035,000	-4,788,000	-6,782,000	-31,455,000	-9,652,000	-18,736,000	-5,479,000	-4,509,000	-188,000	-5,066,000	200,000	-1,144,000	-626,000	-5,960,000	104,000	-1,694,000	-4,692,000	-2,936,000	-11,250,000	-1,428,000	-217,000	-9,599,000	-3,028,000	-899,000	-7,716,000	-651,000	-1,084,000	-4,555,000		509,000	-903,000	-8,022,000		-389,000	-333,000	-397,000		139,000	-18,825,000	-8,428,000	-236,000	-521,000	-87,000		362,000	-1,080,000	-992,000
net cash from financing activities	-199,539,000	3,032,604,000	3,240,495,000	1,418,496,000	1,308,165,000		1,677,602,000	1,059,118,000	578,567,000	1,208,792,000														-544,295,000								-167,130,000
effect of foreign currency translation on cash and cash equivalents and restricted cash	-53,532,000	37,204,000	-51,484,000	123,830,000	19,844,000	-16,764,000	7,700,000	-463,000	-2,190,000	-22,868,000	5,566,000	2,813,000	5,984,000	-4,427,000	-11,400,000	-790,000	-169,000	-2,836,000	638,000	1,358,000	7,017,000	5,444,000	1,000,000	-10,010,000
increase in cash, cash equivalents and restricted cash	-390,246,000	-1,731,034,000	2,417,062,000	913,226,000	-101,172,000	-72,951,000	920,810,000	385,263,000	402,252,000	387,642,000	1,660,273,000	-83,496,000	297,108,000	-17,067,000	75,208,000	20,288,000	-15,890,000	-446,059,000	-1,750,118,000	537,779,000	-134,291,000	329,091,000	1,433,177,000	7,300,000	-28,983,000	-47,721,000	91,310,000	8,902,000	8,264,000	-45,184,000
cash, cash equivalents and restricted cash at beginning of period	5,209,539,000	0	0	0	3,711,457,000	0	0	0	2,076,083,000	0	0	722,292,000	0	0	0	346,755,000	0	0	0	2,021,043,000	1,000	-1,000	0	385,766,000	0	0	316,129,000	0	0	309,303,000
cash, cash equivalents and restricted cash at end of period	4,819,293,000	-1,731,034,000	2,417,062,000	913,226,000	3,610,285,000	-72,951,000	920,810,000	385,263,000	2,478,335,000	387,642,000	1,660,273,000	638,796,000	297,108,000	-17,067,000	75,208,000	367,043,000	-15,890,000	-446,059,000	-1,750,118,000	2,558,822,000	-134,290,000	329,090,000	1,433,177,000	393,066,000	-28,983,000	-47,721,000	407,439,000	8,902,000	8,264,000	264,119,000
supplemental cash flow information:
interest paid	216,403,000	206,250,000	121,331,000	122,975,000	129,033,000	202,381,000	110,372,000	131,270,000	149,007,000	148,348,000	125,580,000	148,399,000	167,327,000	157,314,000	84,019,000	123,012,000	151,608,000	119,840,000	85,347,000	135,947,000	146,324,000	134,498,000	87,416,000	140,216,000	163,809,000	104,227,000	148,487,000	103,296,000	104,910,000	104,246,000		102,712,000	100,746,000	109,438,000		123,560,000	101,989,000	134,872,000		125,626,000	74,148,000	134,737,000	141,194,000	98,242,000	126,302,000		145,759,000	97,778,000	99,202,000		94,786,000	84,034,000	96,426,000		91,037,000	77,630,000	35,081,000	64,101,000	21,079,000	45,812,000	25,215,000								23,781,000
income taxes paid	20,092,000	429,000	3,456,000	7,577,000	11,300,000		-742,000	5,866,000	3,259,000	2,935,000											14,156,000			471,000								1,246,000	1,011,000	3,349,000		3,181,000	1,458,000	2,431,000		1,349,000	7,198,000	2,942,000	4,717,000	1,891,000	10,064,000		2,521,000	1,705,000	920,000		283,000	133,000	2,596,000		289,000	0	31,000	99,000	71,000	55,000	94,000								1,549,000
includes amounts attributable to redeemable noncontrolling interests.
adjustments to reconcile net income to net cash from operating
activities:
proceeds from (payments on) interest rate swap settlements						0	0	0	-59,555,000
loss on loss of control of subsidiary										0
net increase under unsecured credit facility and commercial paper													-654,715,000	300,715,000	54,032,000	-24,967,000	33,939,000				0	0	-844,985,000	-742,612,000
net proceeds from the issuance of secured debt						194,222,000	836,000	1,493,000	1,379,000	7,907,000	10,562,000	362,900,000	23,379,000	79,460,000	4,959,000	5,385,000	20,876,000				17,134,000	0	0	44,921,000	22,885,000	48,806,000	247,163,000	0	24,280,000	20,326,000		28,660,000	149,263,000	12,536,000		31,549,000	86,856,000	75,136,000		85,811,000	54,077,000	82,724,000	87,410,000	0	10,690,000		13,800,000				6,318,000	28,395,000	111,000,000		2,000,000			75,179,000	0				143,206,000
adjustments to reconcile net income to net cash provided from (used in) operating
benefit from loan losses												777,000	10,469,000	490,000	165,000	-804,000	-39,000	-271,000	6,197,000	1,383,000					0	0	18,690,000																												131,000	168,000	248,000	766,000				23,121,000	0	0	140,000									250,000	250,000	250,000	250,000		300,000	300,000	300,000
gain on derivatives and financial instruments												930,000	258,000	6,905,000	-1,407,000	2,578,000	-830,000	-8,078,000	-359,000	1,934,000					1,244,000	1,913,000	-2,487,000	8,991,000
gain on extinguishment of debt												5,000	87,000	2,000	603,000	-12,000	-1,090,000	-5,000	55,612,000	-4,643,000					65,824,000	0	15,719,000	4,038,000																														0	9,099,000	7,034,000	18,038,000	410,000	26,375,000	0	-1,678,000	0	-768,000	0	-1,326,000
loss (income) from unconsolidated entities												7,071,000	4,650,000	6,698,000	7,058,000	2,884,000	12,174,000	15,832,000	7,976,000	-13,049,000					-3,262,000	9,049,000	9,199,000	-344,000
gain on real estate dispositions and acquisitions of controlling interests
gain on loss of control of subsidiary
decrease (increase) in receivables and other assets												6,392,000	-66,630,000	-87,194,000	-36,613,000	-1,000,000	-38,311,000	-69,537,000	-12,690,000	-1,579,000					-4,938,000	21,931,000	-25,248,000	4,443,000																											32,304,000	-17,222,000	-29,973,000	-19,122,000	9,834,000			-25,167,000	-7,494,000	664,000	-4,071,000	900,000	-2,940,000	-1,390,000	-264,000	-63,000	1,643,000	-8,748,000	2,266,000	10,143,000	-665,000	-13,261,000	-2,310,000		-1,679,000	2,805,000	-1,901,000
net cash provided from (used in) operating activities												376,058,000	253,386,000	355,991,000	394,811,000	324,520,000	283,330,000	353,082,000	335,255,000	303,658,000					355,418,000	510,587,000	343,895,000	372,724,000	469,780,000	368,644,000				385,526,000		423,605,000	475,029,000	373,712,000			393,164,000	226,182,000	258,635,000	336,873,000	258,661,000		219,170,000	206,929,000	199,808,000		212,432,000	176,994,000	174,044,000		176,035,000	126,486,000	115,112,000	73,737,000	99,498,000				106,116,000	99,776,000	84,557,000	67,844,000	101,381,000	88,978,000	77,451,000	72,512,000	79,462,000	50,551,000	61,358,000	57,462,000	58,021,000	36,410,000	64,553,000		48,803,000	33,710,000	32,460,000
capital expenditures												0	0	0	0	0	0	0	0	0					0	0	0	0	0	0				0		0	0	0			0	0	0	0	0		0	0	0		0	0	0		0	0	0	0	0				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0
free cash flows												376,058,000	253,386,000	355,991,000	394,811,000	324,520,000	283,330,000	353,082,000	335,255,000	303,658,000					355,418,000	510,587,000	343,895,000	372,724,000	469,780,000	368,644,000				385,526,000		423,605,000	475,029,000	373,712,000			393,164,000	226,182,000	258,635,000	336,873,000	258,661,000		219,170,000	206,929,000	199,808,000		212,432,000	176,994,000	174,044,000		176,035,000	126,486,000	115,112,000	73,737,000	99,498,000				106,116,000	99,776,000	84,557,000	67,844,000	101,381,000	88,978,000	77,451,000	72,512,000	79,462,000	50,551,000	61,358,000	57,462,000	58,021,000	36,410,000	64,553,000		48,803,000	33,710,000	32,460,000
net cash provided from (used in) investing activities												-932,837,000	-419,305,000	-1,199,249,000	-1,276,714,000	-808,547,000	-1,527,796,000	-1,783,338,000	-1,065,994,000	-139,140,000					1,473,039,000	-2,728,632,000	197,268,000	-2,263,544,000	-290,826,000	421,077,000				1,065,239,000		-929,701,000	-119,471,000	-241,964,000			-412,674,000	-1,809,768,000	-308,474,000	-447,031,000	-351,391,000		-499,985,000	-733,866,000	-1,968,703,000		-869,772,000	-690,005,000	-537,837,000		-657,736,000	-2,402,194,000	-612,705,000	-1,309,389,000	-401,510,000	-309,277,000	-291,863,000		-128,866,000	-90,198,000	29,945,000	-210,368,000	-247,888,000	-346,564,000	-205,676,000	-281,798,000	-158,400,000	-229,263,000	-215,875,000	-271,011,000	-159,415,000	-73,196,000	-57,193,000		-1,495,000	-180,348,000	-16,835,000
net cash provided from (used in) financing activities												470,470,000	457,043,000	830,618,000	968,511,000	505,105,000	1,228,745,000	987,033,000	-1,020,017,000	371,903,000					-1,853,337,000	2,173,009,000	-452,205,000	1,899,849,000	-164,941,000	-835,349,000				-1,492,626,000		469,366,000	-236,147,000	-137,030,000			31,894,000	1,312,823,000	839,969,000	132,924,000	119,597,000		-80,555,000	769,451,000	1,004,416,000		1,834,697,000	248,689,000	669,528,000		289,619,000	-63,529,000	3,034,018,000	1,186,075,000	427,736,000	229,124,000	200,457,000	-76,746,000	45,598,000	50,747,000	-118,692,000	147,621,000	139,702,000	250,382,000	130,238,000	208,115,000	71,906,000	185,891,000	149,594,000	234,275,000	101,684,000	26,228,000	-17,839,000		-35,256,000	144,276,000	-17,959,000
income taxes paid (received)												325,000		1,263,000	4,831,000	631,000		-634,000	2,774,000	-852,000					2,744,000	2,290,000	-250,000	-1,640,000	5,556,000	-721,000
loss on real estate dispositions								-166,443,000	-4,707,000	-71,102,000														-262,824,000
proceeds from (payments on) derivatives										0	0	3,933,000	0	36,445,000	17,198,000	10,104,000	5,207,000	16,074,000	-7,195,000	-6,567,000	0	0	-12,962,000	-357,000	1,074,000			93,116,000	-19,354,000	-8,324,000		36,106,000	11,447,000	8,218,000		0				31,138,000	0	72,477,000					63,513,000	0	-2,604,000		2,218,000
adjustments to reconcile net income to net cash provided from (used in) operating activities:
gain on real estate dispositions												-747,000	4,423,000	-1,064,000	3,532,000	-22,934,000	-11,673,000	-119,954,000	-44,668,000	-59,080,000					-570,250,000	1,682,000	-167,409,000	-24,723,000
proceeds from issuance of senior unsecured notes																					0	0			1,216,552,000	1,000,000,000	1,036,964,000	2,280,824,000								0	5,000,000	688,560,000		0							0	0	497,862,000		249,004,000				0	0	1,381,086,000	443,503,000	445,768,000	597,200,000	335,212,000
repurchase of common stock																					0	0
rental income less than ( in excess of) cash received
cash disbursed for acquisitions																									-285,960,000	-2,481,198,000	-237,610,000	-2,594,938,000	-189,987,000	-405,609,000		-338,575,000	-134,763,000	-102,356,000		-1,160,671,000	-115,973,000	-171,482,000		-335,375,000	-652,976,000	-1,500,994,000	-503,249,000	-433,025,000	-55,041,000
investment in real estate loans receivable																									-19,410,000	-19,971,000	-42,964,000	-18,845,000	-20,744,000	-27,547,000		-19,334,000	-25,342,000	-25,375,000		-54,437,000	-23,808,000	-27,251,000		-29,397,000	-31,893,000	-384,695,000	-24,387,000	-25,168,000	-29,709,000		-24,264,000	-41,101,000	-11,971,000		-15,540,000	-9,693,000	-10,661,000		-8,037,000	-5,355,000	-23,112,000	-44,766,000	-10,715,000	-30,633,000	-11,151,000		-9,836,000	-30,812,000	-6,234,000		-7,001,000	-59,601,000	-7,751,000
principal collected on real estate loans receivable																									25,290,000	491,000	6,349,000	58,165,000	696,000	90,731,000		45,763,000	27,708,000	8,792,000		56,749,000	74,569,000	93,774,000		33,769,000	20,841,000	16,501,000	25,327,000	10,295,000	10,646,000		30,008,000	5,621,000	49,926,000		3,716,000	8,560,000	4,301,000		10,623,000	126,055,000	12,341,000	24,676,000	9,399,000	4,754,000	4,666,000		3,815,000	22,675,000	8,402,000		123,000	11,320,000	2,081,000
net increase in unsecured credit facility and commercial paper																									-534,602,000	1,449,895,000	-727,707,000
effect of foreign currency translation on cash, cash equivalents and restricted cash																									-4,103,000	-2,685,000	2,352,000	-127,000	-5,749,000	444,000
net increase under unsecured credit facilities																												772,000,000	-325,000,000	146,000,000		35,000,000	-137,000,000	-123,000,000		605,000,000	100,000,000	-190,000,000		140,000,000	-60,000,000	410,000,000
redemption of preferred stock																																0	0	-287,500,000																	0
adjustments to reconcile net income to
net cash provided from (used in) operating activities:
acquisitions of noncontrolling interests																																		-38,000						1,587,000			0	0	-1,175,000
beginning cash, cash equivalents and restricted cash
net cash provided from
operating activities
investing activities
financing activities
effect of foreign currency translation
ending cash, cash equivalents and restricted cash
net cash from operating activities:
effect of foreign currency translation on cash and cash equivalents																																12,667,000	8,806,000	2,843,000	-10,584,000	-1,238,000	-8,775,000	323,000	-6,264,000	-4,906,000	3,285,000	-690,000	1,194,000	-1,340,000	281,000	-13,967,000	13,736,000	116,000	557,000
increase in cash and cash equivalents																																-206,037,000	61,924,000	-39,018,000		-37,968,000	110,636,000	-4,959,000		74,100,000	15,669,000	-271,453,000	791,324,000	21,426,000	27,148,000		-347,634,000	242,630,000	-763,922,000		1,177,357,000	-264,322,000	305,735,000		-192,082,000	-2,339,237,000	2,536,425,000	-49,577,000	125,724,000	18,865,000	1,082,000	-66,877,000	22,848,000	60,325,000	-4,190,000	5,097,000	-6,805,000	-7,204,000	2,013,000	-1,171,000	-7,032,000	7,179,000	-4,923,000	20,726,000	290,000	-10,558,000	-10,479,000		12,052,000	-2,362,000	-2,334,000
cash and cash equivalents at beginning of period																																0	0	419,378,000		0	0	360,908,000		0	0	473,726,000	0	0	158,780,000		0	0	1,033,764,000		0	0	163,482,000	0	0	0	131,570,000	0	0	0	35,476,000		0	0	23,370,000		0	0	30,269,000		0	0	36,216,000		0	0	36,237,000	0	0	0	19,763,000
cash and cash equivalents at end of period																																-206,037,000	61,924,000	380,360,000		-37,968,000	110,636,000	355,949,000		74,100,000	15,669,000	202,273,000	791,324,000	21,426,000	185,928,000		-347,634,000	242,630,000	269,842,000		1,177,357,000	-264,322,000	469,217,000	26,806,000	-192,082,000	-2,339,237,000	2,667,995,000	-49,577,000	125,724,000	18,865,000	36,558,000		22,848,000	60,325,000	19,180,000		-6,805,000	-7,204,000	32,282,000		-7,032,000	7,179,000	31,293,000		290,000	-10,558,000	25,758,000	9,118,000	12,052,000	-2,362,000	17,429,000
beginning cash and cash equivalents
cash provided from
ending cash and cash equivalents
increase in restricted cash																																						-394,000										12,548,000	-94,840,000
net increase under unsecured lines of credit arrangements																																											0	-562,000,000	432,000,000				710,000,000		-393,000,000	388,000,000	-605,000,000		390,000,000	0	-300,000,000	300,000,000	-206,000,000	-219,000,000	285,000,000	-3,000,000	-199,000,000	7,000,000	-235,000,000	183,000,000	-357,000,000	311,500,000	125,500,000	162,000,000	-219,400,000	-16,600,000	156,000,000	-51,000,000	130,000,000	-55,000,000	6,000,000		-14,000,000	154,500,000	12,500,000
investment in real property, net of cash acquired																																															-754,527,000	-749,611,000	-1,850,578,000		-961,530,000	-588,066,000	-570,200,000		-659,847,000	-2,685,920,000	-684,677,000
net proceeds from the issuance of preferred stock																																																			-1,000	-213,000	277,901,000		0	-304,000	696,741,000
cash provided from operating activities
cash from investing activities
cash provided from (used in) financing activities
income from unconsolidated joint ventures																																																							-1,642,000	-971,000	-1,543,000	-2,177,000	-1,900,000	-1,828,000	-768,000
rental income in excess of cash received																																																							-10,292,000	-7,886,000	-1,418,000																						-117,000	-1,177,000	-2,855,000
gain on sales of properties																																																							-185,000	-30,224,000	-26,156,000	-15,556,000	-10,526,000	-3,315,000	-6,718,000
contributions to unconsolidated joint ventures																																																							0	-177,000	-602,000	-21,721,000	-118,000	-14,593,000	-159,981,000
distributions from unconsolidated joint ventures																																																							12,191,000	89,000	980,000
decrease (increase) in restricted cash																																																							-14,179,000			-17,845,000	2,139,000			-5,744,000	1,340,000	-2,475,000	137,712,000	-72,888,000	66,512,000
decrease (increase) in deferred loan expenses																																																							-14,391,000	-3,264,000	-8,339,000	-1,876,000	-106,000				-3,922,000	90,000	-3,454,000
decrease in restricted cash																																																									45,797,000				5,545,000
other income less than (in excess of) cash received
deferred gain on sales of properties																																																																		0
distributions by unconsolidated joint ventures
investment in real property																																																											-413,491,000	-228,062,000	-161,811,000	-181,581,000	-119,019,000	-138,663,000	-159,696,000	-200,365,000	-338,033,000	-365,564,000	-168,414,000	-43,528,000	-175,780,000	-250,226,000	-161,675,000	-138,587,000	-113,012,000	-87,590,000	-89,994,000		-10,178,000	-180,525,000	-35,382,000
increase in receivables and other assets																																																													-6,925,000
net cash provided from operating activities																																																													92,488,000
increase in deferred loan expenses																																																													-639,000
adjustments to reconcile net income to net cash provided from operating activities:
gain on sale of investment
amortization of above/below market leases																																																																						-136,000
investment in rendina/paramount, net of cash assumed
proceeds from sales of properties																																																																						32,374,000	41,757,000	12,646,000	11,537,000	34,599,000	3,810,000	16,951,000	14,527,000		0	712,000	9,188,000
net cash provided used in investing activities
proceeds from issuance of secured debt
proceeds from derivative transactions
payments to extinguish liability to subsidiary trust issuing preferred securities
payments to extinguish secured debt
decrease (increase) in deferred loan expense																																																																		-322,000	-3,000	-2,000	-21,000	477,000	-3,572,000	-505,000	-377,000		-1,569,000	-187,000	-525,000		-204,000	-4,751,000	-186,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
(gain) loss on sales of properties																																																															806,000	-10,677,000	-17,036,000		-12,619,000	-118,168,000	-26,000		-765,000	-1,033,000	-977,000		-108,000	-929,000	-1,553,000		0	24,000	110,000
other																																																															-262,000	-1,588,000	-11,664,000	-1,956,000	-1,808,000	-631,000	-4,872,000	-607,000	-1,652,000	-1,150,000	-523,000	-1,714,000	-364,000	122,000	-496,000		82,000	117,000	60,000
principal payments on secured debt																																																															-66,844,000	-33,585,000	-2,206,000	-5,544,000	-12,438,000	-12,836,000	-27,776,000	-11,264,000	-2,009,000	-22,591,000	-1,894,000	-849,000	-773,000	-768,000	-643,000		-1,171,000	-716,000	-6,323,000
principal payments on senior unsecured notes																																																																0	-19,796,000		0
minority interests share of earnings																																																																		-2,000	1,000	65,000	62,000	-169,000	121,000
gain on investment
investment in windrose, net of cash assumed
contributions by minority interests																																																																		1,947,000	1,366,000	151,000	92,000	265,000
distributions to minority interests																																																																		-300,000	-2,056,000	-266,000	-144,000	-112,000	-87,000
deferred (gain) loss on sales of properties
principal payments on unsecured senior notes																																																																					-42,330,000
supplemental schedule of non-cash activities:
assets and liabilities assumed from real property acquisitions:
secured debt																																																																						-140,270,000	13,666,000
other liabilities																																																																					887,000	-8,319,000	2,101,000
other assets																																																																						-3,185,000	-2,153,000
supplemental cash flow information — interest paid
assets and liabilities assumed from business combinations:
real estate investments
other assets acquired
liability to subsidiary trust issuing preferred securities
minority interests																																																																									126,000
issuance of common stock
issuance of preferred stock
proceeds from issuance of senior notes																																																																															0
principal payments on senior notes																																																																															0
supplemental cash flow information-interest paid																																																																							12,470,000	44,126,000	21,934,000	29,912,000	17,604,000	29,468,000	17,477,000		20,496,000	15,970,000	26,817,000
supplemental schedule of non-cash activites:
increase in deferred loan expense
secured debt assumed from real property acquisitions
assets and liabilities assumed from the windrose acquisition:
benefit from depreciation																																																																											24,526,000	24,130,000	23,262,000		22,068,000	21,009,000	20,396,000
amortization																																																																											781,000	-1,789,000	3,207,000		911,000	2,314,000	1,042,000
investment in investment securities
investment in equity securities
cash provided from (used in) operating activities
cash provided from (used in) investing activities
investment in loans receivable and subdebt investments																																																																															-16,049,000	-8,963,000	-14,113,000
principal collected on loans receivable and subdebt investments																																																																															24,650,000	8,311,000	23,412,000
transaction fees earned greater than cash received
equity in losses (earnings) of affiliated companies
proceeds from issuance of senior unsecured notes and secured debt

Welltower Inc(NYSE:WELL)

Welltower Inc
(NYSE:WELL)