Ventas, Inc 10-Q for FY2020 Q3

Ventas, Inc. (VTR)

10-Q 2020-11-06 For: 2020-09-30

Added on April 11, 2026

About this 10-Q

Ventas, Inc filed this 10-Q on November 6, 2020, covering the quarter ended September 30, 2020 (FY2020 Q3).

Headline figures

Quarter ended September 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $918.94M; down 6.5% from $983.16M a year earlier
Net income: $13.74M; down 84.2% from net income of $86.92M a year earlier
Diluted EPS: $0.03; down 87.0% from $0.23 a year earlier

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Delaware						61-1055020
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


	As of September 30, 2020		As of December 31, 2019
	(In thousands, except per share amounts)


Assets
Real estate investments:
Land and improvements	$	2,268,583	$	2,285,648
Buildings and improvements	24,196,730		24,386,051
Construction in progress	567,052		461,815
Acquired lease intangibles	1,246,312		1,308,077
Operating lease assets	386,946		385,225
	28,665,623		28,826,816
Accumulated depreciation and amortization	(7,687,211)		(7,092,243)
Net real estate property	20,978,412		21,734,573
Secured loans receivable and investments, net	604,452		704,612
Investments in unconsolidated real estate entities	162,860		45,022
Net real estate investments	21,745,724		22,484,207
Cash and cash equivalents	588,343		106,363
Escrow deposits and restricted cash	40,147		39,739
Goodwill	1,050,742		1,051,161
Assets held for sale	15,748		85,527
Deferred income tax assets, net	304		47,495
Other assets	779,475		877,716
Total assets	$	24,220,483	$	24,692,208
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	12,047,919	$	12,158,773
Accrued interest	97,828		111,115
Operating lease liabilities	247,255		251,196
Accounts payable and other liabilities	1,234,933		1,145,939
Liabilities related to assets held for sale	1,987		5,224
Deferred income tax liabilities	53,711		200,831
Total liabilities	13,683,633		13,873,078
Redeemable OP unitholder and noncontrolling interests	249,143		273,678
Commitments and contingencies
Equity:
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	—		—
Common stock, $0.25 par value; 600,000 shares authorized, 373,940 and 372,811 shares issued at September 30, 2020 and December 31, 2019, respectively	93,467		93,185
Capital in excess of par value	14,142,349		14,056,453
Accumulated other comprehensive loss	(65,042)		(34,564)
Retained earnings (deficit)	(3,972,647)		(3,669,050)
Treasury stock, 33 and 2 shares at September 30, 2020 and December 31, 2019, respectively	(1,275)		(132)
Total Ventas stockholders’ equity	10,196,852		10,445,892
Noncontrolling interests	90,855		99,560
Total equity	10,287,707		10,545,452
Total liabilities and equity	$	24,220,483	$	24,692,208


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share amounts)
Revenues
Rental income:
Triple-net leased	$	156,136	$	193,383	$	527,238	$	589,833
Office	198,376		214,939		599,696		618,555
	354,512		408,322		1,126,934		1,208,388
Resident fees and services	541,322		541,090		1,667,421		1,583,262
Office building and other services revenue	3,868		2,959		10,669		8,168
Income from loans and investments	18,666		30,164		62,203		66,819
Interest and other income	572		620		6,965		10,109
Total revenues	918,940		983,155		2,874,192		2,876,746
Expenses
Interest	115,505		113,967		355,333		334,955
Depreciation and amortization	249,366		234,603		847,797		696,710
Property-level operating expenses:
Senior living	422,653		388,011		1,265,362		1,115,834
Office	66,934		67,144		192,192		191,972
Triple-net leased	5,398		6,338		17,004		20,092
	494,985		461,493		1,474,558		1,327,898
Office building services costs	557		627		1,827		1,775
General, administrative and professional fees	34,228		40,530		106,747		124,369
Loss on extinguishment of debt, net	7,386		37,434		7,386		41,861

Merger-related expenses and deal costs	11,325		4,304		26,129		11,084
Allowance on loans receivable and investments	4,999		—		34,654		—
Other	3,534		2,164		10,624		(9,294)
Total expenses	921,885		895,122		2,865,055		2,529,358
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(2,945)		88,033		9,137		347,388
Income (loss) from unconsolidated entities	865		854		(15,861)		(2,621)
Gain on real estate dispositions	12,622		36		240,101		24,633
Income tax benefit (expense)	3,195		(2,005)		95,855		57,004
Income from continuing operations	13,737		86,918		329,232		426,404
Net income	13,737		86,918		329,232		426,404
Net income attributable to noncontrolling interests	986		1,659		534		4,831
Net income attributable to common stockholders	$	12,751	$	85,259	$	328,698	$	421,573
Earnings per common share
Basic:
Income from continuing operations	$	0.04	$	0.23	$	0.88	$	1.17

Net income attributable to common stockholders	0.03		0.23		0.88		1.16
Diluted:
Income from continuing operations	$	0.04	$	0.23	$	0.88	$	1.16

Net income attributable to common stockholders	0.03		0.23		0.87		1.15


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Net income	$	13,737	$	86,918	$	329,232	$	426,404
Other comprehensive income (loss):
Foreign currency translation	7,907		(7,011)		(4,942)		(11,770)
Unrealized gain (loss) on available for sale securities	10,431		(3,162)		(9,828)		3,734
Derivative instruments	1,714		(10,013)		(19,661)		(32,076)
Total other comprehensive income (loss)	20,052		(20,186)		(34,431)		(40,112)
Comprehensive income	33,789		66,732		294,801		386,292
Comprehensive income (loss) attributable to noncontrolling interests	3,320		1,659		(3,419)		4,831
Comprehensive income attributable to common stockholders	$	30,469	$	65,073	$	298,220	$	381,461


2019	Common Stock Par Value		Capital in Excess of Par Value		Accumulated Other Comprehensive Loss		Retained Earnings (Deficit)		Treasury Stock		Total Ventas Stockholders’ Equity		Noncontrolling Interests		Total Equity
2019	(In thousands, except per share amounts)
Balance at July 1, 2020	$	93,261	$	14,118,119	$	(82,761)	$	(3,816,460)	$	(947)	$	10,311,212	$	88,698	$	10,399,910
Net income	—		—		—		12,751		—		12,751		986		13,737
Other comprehensive loss	—		—		17,719		—		—		17,719		2,333		20,052
Net change in noncontrolling interests	—		(6,173)		—		—		—		(6,173)		(1,162)		(7,335)
Dividends to common stockholders—$0.45 per share	—		—		—		(166,738)		—		(166,738)		—		(166,738)



Issuance of common stock for stock plans, restricted stock grants and other	206		42,074		—		(2,200)		(328)		39,752		—		39,752
Adjust redeemable OP unitholder interests to current fair value	—		(11,669)		—		—		—		(11,669)		—		(11,669)
Redemption of OP Units	—		(2)		—		—		—		(2)		—		(2)
Balance at September 30, 2020	$	93,467	$	14,142,349	$	(65,042)	$	(3,972,647)	$	(1,275)	$	10,196,852	$	90,855	$	10,287,707

Balance at July 1, 2019	$	92,852	$	13,940,117	$	(39,671)	$	(3,173,287)	$	—	$	10,820,011	$	56,351	$	10,876,362
Net income	—		—		—		85,259		—		85,259		1,659		86,918
Other comprehensive income	—		—		(20,186)		—		—		(20,186)		—		(20,186)
Net change in noncontrolling interests	—		552		—		—		—		552		36,507		37,059
Dividends to common stockholders—$0.7925 per share	—		—		—		(296,393)		—		(296,393)		—		(296,393)
Issuance of common stock	276		76,004		—		—		—		76,280		—		76,280
Issuance of common stock for stock plans, restricted stock grants and other	36		16,657		—		—		(210)		16,483		—		16,483

Adjust redeemable OP unitholder interests to current fair value	—		(16,015)		—		—		—		(16,015)		—		(16,015)
Redemption of OP Units	—		(285)		—		—		—		(285)		—		(285)


Balance at September 30, 2019	$	93,164	$	14,017,030	$	(59,857)	$	(3,384,421)	$	(210)	$	10,665,706	$	94,517	$	10,760,223


	September 30, 2020				December 31, 2019
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In thousands)
NHP/PMB L.P.	$	657,455	$	246,697	$	666,404	$	244,934
Other identified VIEs	3,922,931		1,526,184		4,075,821		1,459,830
Tax credit VIEs	954,850		377,996		845,229		333,809


	As of September 30, 2020					As of December 31, 2019
	Number of Properties Held for Sale	Assets Held for Sale		Liabilities Related to Assets Held for Sale		Number of Properties Held for Sale	Assets Held for Sale		Liabilities Related to Assets Held for Sale
	(Dollars in thousands)
Triple-Net Leased Properties	—	$	—	$	—	8	$	62,098	$	1,623
Office Operations	2	7,441		785		1	5,177		499
Senior Living Operations	2	8,307		1,202		5	18,252		3,102
Total	4	$	15,748	$	1,987	14	$	85,527	$	5,224


	Carrying Amount		Amortized Cost		Fair Value		Unrealized Gain
	(In thousands)
As of September 30, 2020:
Secured/mortgage loans and other, net	$	555,483	$	555,483	$	487,373	$	—
Government-sponsored pooled loan investments, net (1) (3)	48,969		54,361		48,969		3,453
Total investments reported as secured loans receivable and investments, net	604,452		609,844		536,342		3,453
Non-mortgage loans receivable, net (3)	56,844		86,347		56,832		—
Marketable debt securities (2)	231,168		213,264		231,168		17,905
Total loans receivable and investments, net	$	892,464	$	909,455	$	824,342	$	21,358

As of December 31, 2019:
Secured/mortgage loans and other, net	$	645,546	$	645,546	$	646,925	$	—
Government-sponsored pooled loan investments, net (1)	59,066		52,178		59,066		6,888
Total investments reported as secured loans receivable and investments, net	704,612		697,724		705,991		6,888
Non-mortgage loans receivable, net	63,724		63,724		63,538		—
Marketable debt securities (2)	237,360		213,062		237,360		24,298
Total loans receivable and investments, net	$	1,005,696	$	974,510	$	1,006,889	$	31,186


	As of September 30, 2020			As of December 31, 2019
	Balance		Remaining Weighted Average Amortization Period in Years	Balance		Remaining Weighted Average Amortization Period in Years
	(Dollars in thousands)
Intangible assets:
Above market lease intangibles	$	141,224	6.6	$	145,891	6.9
In-place and other lease intangibles	1,105,088		10.7	1,162,187		10.6
Goodwill	1,050,742		N/A	1,051,161		N/A
Other intangibles	35,796		10.2	35,837		10.9
Accumulated amortization	(943,809)		N/A	(922,668)		N/A
Net intangible assets	$	1,389,041	10.3	$	1,472,408	10.2
Intangible liabilities:
Below market lease intangibles	$	339,200	14.3	$	349,357	14.5
Other lease intangibles	13,498		N/A	13,498		N/A
Accumulated amortization	(208,959)		N/A	(203,834)		N/A
Purchase option intangibles	3,568		N/A	3,568		N/A
Net intangible liabilities	$	147,307	14.3	$	162,589	14.5


	Principal Amount Due at Maturity		Unsecured Revolving Credit Facility and Commercial Paper Notes (1)		Scheduled Periodic Amortization		Total Maturities
	(In thousands)
2020	$	131,956	$	—	$	11,765	$	143,721
2021	426,284		41,484		43,006		510,774
2022	1,292,027		—		36,943		1,328,970
2023	1,593,067		—		23,556		1,616,623
2024	1,559,708		—		17,502		1,577,210
Thereafter	6,859,843		—		103,526		6,963,369
Total maturities	$	11,862,885	$	41,484	$	236,298	$	12,140,667


	As of September 30, 2020				As of December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	588,343	$	588,343	$	106,363	$	106,363
Escrow deposits and restricted cash	40,147		40,147		39,739		39,739
Stock warrants	26,940		26,940		—		—
Secured mortgage loans and other, net	555,483		487,373		645,546		646,925
Non-mortgage loans receivable, net	56,844		56,832		63,724		63,538
Marketable debt securities	231,168		231,168		237,360		237,360
Government-sponsored pooled loan investments, net	48,969		48,969		59,066		59,066
Derivative instruments	195		195		738		738
Liabilities:
Senior notes payable and other debt, gross	12,140,667		12,882,340		12,245,802		12,778,758
Derivative instruments	29,925		29,925		12,987		12,987
Redeemable OP Units	129,576		129,576		171,178		171,178


	For the Three Months Ended September 30, 2020
	Triple-Net Leased Properties		Senior Living Operations		Office Operations		All Other		Total
	(In thousands)
Revenues:
Rental income	$	156,136	$	—	$	198,376	$	—	$	354,512
Resident fees and services	—		541,322		—		—		541,322
Office building and other services revenue	—		—		2,440		1,428		3,868
Income from loans and investments	—		—		—		18,666		18,666
Interest and other income	—		—		—		572		572
Total revenues	$	156,136	$	541,322	$	200,816	$	20,666	$	918,940

Total revenues	$	156,136	$	541,322	$	200,816	$	20,666	$	918,940
Less:
Interest and other income	—		—		—		572		572
Property-level operating expenses	5,398		422,653		66,934		—		494,985
Office building services costs	—		—		557		—		557
Segment NOI	$	150,738	$	118,669	$	133,325	$	20,094	422,826
Interest and other income									572
Interest expense									(115,505)
Depreciation and amortization									(249,366)
General, administrative and professional fees									(34,228)
Loss on extinguishment of debt, net									(7,386)
Merger-related expenses and deal costs									(11,325)
Allowance on loans receivable and investments									(4,999)
Other									(3,534)
Income from unconsolidated entities									865
Gain on real estate dispositions									12,622
Income tax benefit									3,195
Income from continuing operations									13,737
Net income									13,737
Net income attributable to noncontrolling interests									986
Net income attributable to common stockholders									$	12,751


	For the Nine Months Ended September 30, 2020
	Triple-Net Leased Properties		Senior Living Operations		Office Operations		All Other		Total
	(In thousands)
Revenues:
Rental income	$	527,238	$	—	$	599,696	$	—	$	1,126,934
Resident fees and services	—		1,667,421		—		—		1,667,421
Office building and other services revenue	—		—		6,871		3,798		10,669
Income from loans and investments	—		—		—		62,203		62,203
Interest and other income	—		—		—		6,965		6,965
Total revenues	$	527,238	$	1,667,421	$	606,567	$	72,966	$	2,874,192

Total revenues	$	527,238	$	1,667,421	$	606,567	$	72,966	$	2,874,192
Less:
Interest and other income	—		—		—		6,965		6,965
Property-level operating expenses	17,004		1,265,362		192,192		—		1,474,558
Office building services costs	—		—		1,827		—		1,827
Segment NOI	$	510,234	$	402,059	$	412,548	$	66,001	1,390,842
Interest and other income									6,965
Interest expense									(355,333)
Depreciation and amortization									(847,797)
General, administrative and professional fees									(106,747)
Loss on extinguishment of debt, net									(7,386)
Merger-related expenses and deal costs									(26,129)
Allowance on loans receivable and investments									(34,654)
Other									(10,624)
Loss from unconsolidated entities									(15,861)
Gain on real estate dispositions									240,101
Income tax benefit									95,855
Income from continuing operations									329,232
Net income									329,232
Net income attributable to noncontrolling interests									534
Net income attributable to common stockholders									$	328,698


	As of September 30, 2020		As of December 31, 2019
Investment mix by asset type(1):
Senior housing communities	63.7	%	62.2	%
MOBs	18.9		19.3
Research and innovation centers	7.7		8.7
Health systems	5.2		5.1
IRFs and LTACs	1.7		1.6
Skilled nursing facilities (“SNFs”)	0.7		0.7
Secured loans receivable and investments, net	2.1		2.4
Investment mix by tenant, operator and manager(1):
Atria	20.6	%	20.4	%
Sunrise	10.4		10.3
Brookdale Senior Living	8.1		7.7
Ardent	4.9		4.7
Kindred	1.1		1.0
All other	54.9		55.9


	For the Three Months Ended September 30,				(Decrease) Increase to Net Income
	2020		2019		$		%
	(Dollars in thousands)
Segment NOI:
Triple-net leased properties	$	150,738	$	187,045	$	(36,307)	(19.4)	%
Senior living operations	118,669		153,079		(34,410)		(22.5)
Office operations	133,325		149,227		(15,902)		(10.7)
All other	20,094		31,064		(10,970)		(35.3)
Total segment NOI	422,826		520,415		(97,589)		(18.8)
Interest and other income	572		620		(48)		(7.7)
Interest expense	(115,505)		(113,967)		(1,538)		(1.3)
Depreciation and amortization	(249,366)		(234,603)		(14,763)		(6.3)
General, administrative and professional fees	(34,228)		(40,530)		6,302		15.5
Loss on extinguishment of debt, net	(7,386)		(37,434)		30,048		80.3
Merger-related expenses and deal costs	(11,325)		(4,304)		(7,021)		nm
Allowance on loans receivable and investments	(4,999)		—		(4,999)		nm
Other	(3,534)		(2,164)		(1,370)		(63.3)
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(2,945)		88,033		(90,978)		nm
Income from unconsolidated entities	865		854		11		1.3
Gain on real estate dispositions	12,622		36		12,586		nm
Income tax benefit (expense)	3,195		(2,005)		5,200		nm
Income from continuing operations	13,737		86,918		(73,181)		(84.2)
Net income	13,737		86,918		(73,181)		(84.2)
Net income attributable to noncontrolling interests	986		1,659		673		40.6
Net income attributable to common stockholders	$	12,751	$	85,259	(72,508)		(85.0)


	As of September 30, 2020		As of December 31, 2019
	(In thousands)
Unsecured revolving credit facility (1)	$	41,484	$	120,787
Commercial paper notes	—		567,450
Secured revolving construction credit facility due 2022	164,585		160,492
Floating Rate Senior Notes, Series F due 2021 (2)	225,242		231,018
3.25% Senior Notes due 2022	500,000		500,000
3.30% Senior Notes, Series C due 2022 (2)	187,702		192,515
Unsecured term loan due 2023	200,000		200,000
3.125% Senior Notes due 2023	400,000		400,000
3.10% Senior Notes due 2023	400,000		400,000
2.55% Senior Notes, Series D due 2023 (2)	206,472		211,767
3.50% Senior Notes due 2024	400,000		400,000
3.75% Senior Notes due 2024	400,000		400,000
4.125% Senior Notes, Series B due 2024 (2)	187,702		192,515
2.80% Senior Notes, Series E due 2024 (2)	450,484		462,036
Unsecured term loan due 2025 (2)	375,404		385,030
3.50% Senior Notes due 2025	600,000		600,000
2.65% Senior Notes due 2025	450,000		450,000
4.125% Senior Notes due 2026	500,000		500,000
3.25% Senior Notes due 2026	450,000		450,000
3.85% Senior Notes due 2027	400,000		400,000
4.00% Senior Notes due 2028	650,000		650,000
4.40% Senior Notes due 2029	750,000		750,000
3.00% Senior Notes due 2030	650,000		650,000
4.75% Senior Notes due 2030	500,000		—
6.90% Senior Notes due 2037 (3)	52,400		52,400
6.59% Senior Notes due 2038 (3)	22,823		22,823
5.70% Senior Notes due 2043	300,000		300,000
4.375% Senior Notes due 2045	300,000		300,000
4.875% Senior Notes due 2049	300,000		300,000
Mortgage loans and other	2,076,369		1,996,969
Total	12,140,667		12,245,802
Deferred financing costs, net	(73,444)		(79,939)
Unamortized fair value adjustment	14,008		20,056
Unamortized discounts	(33,312)		(27,146)
Senior notes payable and other debt	$	12,047,919	$	12,158,773


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Operations mix by tenant and operator and business model:
Revenues(1):
Senior living operations	59.1	%	55.8	%	58.1	%	55.3	%
Brookdale Senior Living(2)	4.0		4.6		4.5		4.7
Ardent	3.3		3.0		3.2		3.1
Kindred	3.6		3.3		3.4		3.3
All others	30.0		33.3		30.8		33.6
Adjusted EBITDA:
Senior living operations	28.6	%	32.3	%	29.9	%	32.2	%
Brookdale Senior Living(2)	8.9		8.2		9.6		8.1
Ardent	7.4		5.5		6.8		5.3
Kindred	7.9		6.0		7.3		5.8
All others	47.2		48.0		46.4		48.6
NOI:
Senior living operations	28.4	%	30.8	%	29.1	%	30.9	%
Brookdale Senior Living(2)	8.8		8.6		9.3		8.7
Ardent	7.2		5.7		6.5		5.8
Kindred	7.8		6.2		7.1		6.3
All others	47.8		48.7		48.0		48.3
Operations mix by geographic location(3):
California	15.8	%	15.8	%	15.7	%	16.1	%
New York	8.0		8.7		8.2		8.9
Texas	6.0		5.9		6.1		6.1
Pennsylvania	4.2		4.7		4.6		4.7
Illinois	4.0		4.1		4.1		4.2
All others	61.9		60.8		61.2		60.0


	For the Three Months Ended September 30,				(Decrease) Increase to Segment NOI
	2020		2019		$		%
	(Dollars in thousands)
Segment NOI—Triple-Net Leased Properties:
Rental income	$	156,136	$	193,383	$	(37,247)	(19.3)	%
Less: Property-level operating expenses	(5,398)		(6,338)		940		14.8
Segment NOI	$	150,738	$	187,045	(36,307)		(19.4)


	Number of Properties Owned at September 30, 2020	Average Occupancy for the Three Months Ended June 30, 2020	Number of Properties Owned at September 30, 2019	Average Occupancy for the Three Months Ended June 30, 2019
Senior housing communities	303	80.6%	345	84.1%
SNFs	16	78.9	16	87.1
IRFs and LTACs	35	56.9	36	54.9


	For the Three Months Ended September 30,				Decrease to Segment NOI
	2020		2019		$		%
	(Dollars in thousands)
Same-Store Segment NOI—Triple-Net Leased Properties:
Rental income	$	154,799	$	172,357	$	(17,558)	(10.2)	%
Less: Property-level operating expenses	(5,397)		(4,897)		(500)		(10.2)
Segment NOI	$	149,402	$	167,460	(18,058)		(10.8)


	For the Three Months Ended September 30,				Increase (Decrease) to Segment NOI
	2020		2019		$		%
	(Dollars in thousands)
Segment NOI—Senior Living Operations:
Resident fees and services	$	541,322	$	541,090	$	232	0.0	%
Less: Property-level operating expenses	(422,653)		(388,011)		(34,642)		(8.9)
Segment NOI	$	118,669	$	153,079	(34,410)		(22.5)


	Number of Properties at September 30,		Average Unit Occupancy for the Three Months Ended September 30,				Average Monthly Revenue Per Occupied Room For the Three Months Ended September 30,
	2020	2019	2020		2019		2020		2019
Total communities	431	395	79.8	%	86.6	%	$	4,708	$	5,454


	For the Three Months Ended September 30,				Decrease to Segment NOI
	2020		2019		$		%
	(Dollars in thousands)
Same-Store Segment NOI—Senior Living Operations:
Resident fees and services	$	445,034	$	505,700	$	(60,666)	(12.0)	%
Less: Property-level operating expenses	(361,232)		(360,833)		(399)		(0.1)
Segment NOI	$	83,802	$	144,867	(61,065)		(42.2)


	Number of Properties at September 30,		Occupancy at September 30,				Annualized Average Rent Per Occupied Square Foot for the Three Months Ended September 30,
	2020	2019	2020		2019		2020		2019
Total office buildings	377	384	89.9	%	90.1	%	$	34	$	35


	Number of Properties at September 30,		Average Unit Occupancy For the Nine Months Ended September 30,				Average Monthly Revenue Per Occupied Room For the Nine Months Ended September 30,
	2020	2019	2020		2019		2020		2019
Total communities	431	395	82.7	%	86.3	%	$	4,811	$	5,665


	Number of Properties at September 30,		OccupancySeptember 30,				Annualized Average Rent Per Occupied Square Foot For the Nine Months Ended September 30,
	2020	2019	2020		2019		2020		2019
Same-store office buildings	358	358	91.3	%	90.9	%	$	33	$	33


	For the Nine Months Ended September 30,				Increase (Decrease) to Cash
	2020		2019		$		%
	(Dollars in thousands)
Cash, cash equivalents and restricted cash at beginning of period	$	146,102	$	131,464	$	14,638	11.1	%
Net cash provided by operating activities	1,154,413		1,083,548		70,865		6.5
Net cash provided by (used in) investing activities	186,625		(1,421,879)		1,608,504		nm
Net cash (used in) provided by financing activities	(857,699)		415,067		(1,272,766)		nm
Effect of foreign currency translation	(951)		396		(1,347)		nm
Cash, cash equivalents and restricted cash at end of period	$	628,490	$	208,596	419,894		nm


	As of September 30, 2020
	Guarantor		Issuer
	(In thousands)
Assets



Investment in and advances to affiliates	$	16,288,715	$	2,727,953




Total assets	16,895,222		2,846,246
Liabilities and equity


Intercompany loans	10,550,563		(4,817,595)





Total liabilities	10,764,265		3,527,320
Redeemable OP unitholder and noncontrolling interests	119,728		—
Total equity (deficit)	6,011,229		(681,073)
Total liabilities and equity	16,895,222		2,846,246


	For the Year Ended December 31, 2019
	Guarantor		Issuer
	(In thousands)





Equity earnings in affiliates	$	362,143	$	—

Total revenues	366,243		142,754










Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	432,020		(246,929)





Net income (loss)	433,016		(246,841)

Net income (loss) attributable to common stockholders	433,016		(246,841)


	As of September 30, 2020			As of December 31, 2019			As of September 30, 2019
	(Dollars in thousands)
Balance:
Fixed rate:
Senior notes	$	9,057,583		$	8,584,056		$	8,110,614
Unsecured term loans	200,000			200,000			200,000
Secured revolving construction credit facility	—			160,492			143,108
Mortgage loans and other	1,399,033			1,325,854			1,284,690
Variable rate:
Senior notes	225,242			231,018			—
Unsecured revolving credit facility	41,484			120,787			983,788
Unsecured term loans	375,404			385,030			377,672
Commercial paper notes	—			567,450			305,000
Secured revolving construction credit facility	164,585			—			—
Mortgage loans and other	677,337			671,115			735,548
Total	$	12,140,668		$	12,245,802		$	12,140,420
Percentage of total debt:
Fixed rate:
Senior notes	74.6		%	70.1		%	66.8		%
Unsecured term loans	1.6			1.6			1.6
Secured revolving construction credit facility	—			1.3			1.2
Mortgage loans and other	11.5			10.8			10.6
Variable rate:
Senior notes	1.9			1.9			—
Unsecured revolving credit facility	0.3			1.0			8.1
Unsecured term loans	3.1			3.1			3.1
Commercial paper notes	—			4.7			2.5
Secured revolving construction credit facility	1.4			—			—
Mortgage loans and other	5.6			5.5			6.1
Total	100.0		%	100.0		%	100.0		%
Weighted average interest rate at end of period:
Fixed rate:
Senior notes	3.7		%	3.7		%	3.7		%
Unsecured term loans	3.6			2.0			2.0
Secured revolving construction credit facility	—			4.5			4.5
Mortgage loans and other	3.6			3.7			3.8
Variable rate:
Senior notes	1.1			2.5			—
Unsecured revolving credit facility	1.1			2.4			2.8
Unsecured term loans	1.4			2.9			2.9
Commercial paper notes	—			2.0			2.3
Secured revolving construction credit facility	1.9			—			—
Mortgage loans and other	1.9			3.4			3.4
Total	3.5			3.5			3.5


	Number of Shares Repurchased (1)	Average Price Per Share
July 1 through July 31	5,263	$	37.72
August 1 through August 31	308	41.13
September 1 through September 30	635	43.62