LTC Properties Inc.

10/28/2024 | Press release | Distributed by Public on 10/28/2024 14:17

LTC REPORTS 2024 THIRD QUARTER RESULTS Form 8 K

LTC REPORTS 2024 THIRD QUARTER RESULTS

-- Company Significantly Improves Liquidity through Balance Sheet De-levering --

WESTLAKE VILLAGE, CALIFORNIA, October 28, 2024 -- LTC Properties, Inc. (NYSE: LTC) ("LTC" or the "Company"), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the third quarter ended September 30, 2024.

Three Months Ended

September 30,

(unaudited, amounts in thousands, except per share data)

2024

2023

Total revenues

$

55,783

$

49,303

Net income available to common stockholders

$

29,165

$

22,050

Diluted earnings per common share

$

0.66

$

0.54

NAREIT funds from operations ("FFO") attributable to common stockholders(1)

$

34,556

$

26,679

NAREIT diluted FFO per common share(1)

$

0.78

$

0.65

FFO attributable to common stockholders, excluding non-recurring items(1)

$

30,383

$

26,679

Diluted FFO attributable to common stockholders, excluding non-recurring items, per share(1)

$

0.68

$

0.65

Funds available for distribution ("FAD")(1)

$

34,721

$

27,213

Diluted FAD per share(1)

$

0.78

$

0.66

FAD, excluding non-recurring items(1)

$

30,228

$

27,213

Diluted FAD, excluding non-recurring items, per share(1)

$

0.68

$

0.66

(1) NAREIT FFO and FAD are non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release.

More detailed financial information is available in the tables at the end of this press release, the Company's Supplemental Operating and Financial Data presentation for the 2024 third quarter, and its Form 10-Q, as filed with the Securities and Exchange Commission, both of which can be found on LTC's investor relations website at www.ir.ltcreit.com.

"Our third quarter was positive, and we are optimistic about the future. By de-levering our balance sheet, we are building sufficient growth capital to take advantage of investment opportunities as they arise," said Wendy Simpson, LTC's Chairman and Chief Executive Officer. "The seniors housing and care market continues to improve, and LTC is strategically positioned to generate accretive growth. I believe we have the right team, the right strategy, and the access to capital needed to ensure a bright future."

Third Quarter 2024 Financial Results:

● Total revenues increased as the result of income received from previously transitioned portfolios, higher income from loan originations, construction loan funding in 2024, and rent increases, partially offset by lower revenue from sold properties.
● Expenses declined primarily due to a decrease in interest expense related to paying down the Company's unsecured revolving line of credit and scheduled principal paydowns on its senior unsecured notes, and depreciation expense, partially offset by an increase in general and administrative expense.
● Income from unconsolidated joint ventures increased as a result of a 2024 mortgage loan origination.

1

● Income allocated to non-controlling interests increased due to consolidated joint ventures formed during 2024.

2024 Third Quarter Portfolio Update:

Investment

● As previously announced, committed to fund a $26.1 million mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12.3 million of equity to initially fund the construction. The equity is expected to be fully drawn in early 2025, then LTC will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%.

Mortgage Loan Payoff, Asset Sale, and Note Receivable Paydown

● Received $29.3 million from the payoff of a mortgage loan secured by a 189-bed skilled nursing center in Louisiana;
● As previously announced, sold an 80-unit assisted living community in Texas to the operator for $8.0 million and recorded a gain on sale of $3.6 million. The operator paid $441,000 in rent through the remainder of the initial lease term; and
● As previously announced, received $10.4 million from paydown of the HMG Healthcare working capital note.

Other Revenue

● Recorded $4.1 million of income from former operators related to portfolio transitions in prior years.

Debt and Equity

● Exercised the accordion feature under the Company's credit agreement increasing its unsecured revolving line of credit by $25.0 million, bringing total commitments to $525.0 million ($425.0 million unsecured revolving line of credit and $100.0 million of term loans);
● Repaid $41.6 million under its unsecured revolving line of credit;
● Repaid $34.2 million in scheduled principal paydowns on its senior unsecured notes; and
● Sold 1,543,100 shares of common stock for $54.7 million in net proceeds under its equity distribution agreements.

Activities Subsequent to September 30, 2024:

● Received the payoff of a $51.1 million mortgage loan secured by a 203-unit independent living, assisted living and memory care community in Georgia;
● Sold a closed property in Colorado for $5.3 million and anticipate recording a gain on sale of approximately $1.1 million in the fourth quarter;
● Sold 226,370 shares of common stock for $7.9 million in net proceeds under its equity distribution agreements; and
● Repaid $93.8 million under the Company's unsecured revolving line of credit.

Balance Sheet and Liquidity:

At September 30, 2024, LTC's liquidity was $229.5 million, including $35.0 million of cash on hand, $184.9 million available under the Company's unsecured revolving line of credit, and the potential to access the capital markets through the issuance of $9.6 million of common stock under LTC's equity distribution agreements.

Subsequent to September 30, 2024, LTC's current liquidity is $285.5 million, including $5.4 million of cash on hand, $278.6 million available under its unsecured revolving line of credit, and the potential to access the capital markets through the issuance of $1.5 million of common stock under LTC's equity distribution agreements.

2

Conference Call Information

LTC will conduct a conference call on Tuesday, October 29, 2024, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended September 30, 2024. The conference call is accessible by telephone and the internet. Interested parties may access the live conference call via the following:

Webcast

www.LTCreit.com

USA Toll-Free Number

(888) 506-0062

International Number

(973) 528-0011

Conference Access Code

235941

Additionally, an audio replay of the call will be available one hour after the live call through November 12, 2024 via the following:

USA Toll-Free Number

(877) 481-4010

International Number

(919) 882-2331

Conference Number

51263

About LTC

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC's investment portfolio includes 189 properties in 25 states with 29 operating partners. Based on its gross real estate investments, LTC's investment portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com.

Forward-Looking Statements

This press release includes statements that are not purely historical and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC's most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. Although the Company's management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

(financial tables follow)

3

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, amounts in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Revenues:

Rental income

$

32,258

$

31,589

$

97,464

$

94,861

Interest income from financing receivables(1)

7,001

​

3,832

14,661

11,413

Interest income from mortgage loans

10,733

12,247

35,842

35,417

Interest and other income

5,791

1,635

9,298

5,358

Total revenues

55,783

49,303

157,265

147,049

Expenses:

Interest expense

10,023

12,674

31,971

34,595

Depreciation and amortization

9,054

9,499

27,173

28,085

Impairment loss

-

-

-

12,510

Provision for credit losses

215

189

942

2,107

Transaction costs

33

329

679

537

Property tax expense

3,186

​

3,271

9,816

9,751

General and administrative expenses

6,765

5,959

20,016

18,344

Total expenses

29,276

31,921

90,597

105,929

Other operating income:

Gain on sale of real estate, net

3,663

4,870

6,882

20,545

Operating income

30,170

22,252

73,550

61,665

Income from unconsolidated joint ventures

692

375

1,739

1,127

Net income

30,862

22,627

75,289

62,792

Income allocated to non-controlling interests

(1,496)

(430)

(2,332)

(1,287)

Net income attributable to LTC Properties, Inc.

29,366

22,197

72,957

61,505

Income allocated to participating securities

(201)

(147)

(511)

(440)

Net income available to common stockholders

$

29,165

$

22,050

$

72,446

$

61,065

Earnings per common share:

Basic

$

0.66

$

0.54

$

1.67

$

1.48

Diluted

$

0.66

$

0.54

$

1.65

$

1.48

Weighted average shares used to calculate earnings per

common share:

Basic

43,868

41,153

43,313

41,127

Diluted

44,394

41,211

43,839

41,185

Dividends declared and paid per common share

$

0.57

$

0.57

$

1.71

$

1.71

(1) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on the Consolidated Statements of Income.

4

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share amounts)

September 30, 2024

December 31, 2023

(unaudited)

(audited)

ASSETS

Investments:

Land

$

118,382

$

121,725

Buildings and improvements

1,217,954

1,235,600

Accumulated depreciation and amortization

(398,080)

(387,751)

Operating real estate property, net

938,256

969,574

Properties held-for-sale, net of accumulated depreciation: 2024-$1,794; 2023-$3,616

4,058

18,391

Real property investments, net

942,314

987,965

Financing receivables,(1) net of credit loss reserve: 2024-$3,615; 2023-$1,980

357,889

196,032

Mortgage loans receivable, net of credit loss reserve: 2024-$3,638; 2023-$4,814

360,776

477,266

Real estate investments, net

1,660,979

1,661,263

Notes receivable, net of credit loss reserve: 2024-$482; 2023-$611

47,691

60,490

Investments in unconsolidated joint ventures

30,602

19,340

Investments, net

1,739,272

1,741,093

Other assets:

Cash and cash equivalents

35,040

20,286

Debt issue costs related to revolving line of credit

1,548

1,557

Interest receivable

58,421

53,960

Straight-line rent receivable

18,677

​

19,626

Lease incentives

3,584

​

2,607

Prepaid expenses and other assets

15,095

​

15,969

Total assets

$

1,871,637

$

1,855,098

LIABILITIES

Revolving line of credit

$

240,150

$

302,250

Term loans, net of debt issue costs: 2024-$229; 2023-$342

99,771

99,658

Senior unsecured notes, net of debt issue costs: 2024-$1,098; 2023-$1,251

445,402

489,409

Accrued interest

3,757

3,865

Accrued expenses and other liabilities

41,120

​

43,649

Total liabilities

830,200

938,831

EQUITY

Stockholders' equity:

Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2024-45,034; 2023-43,022

450

430

Capital in excess of par value

1,062,374

991,656

Cumulative net income

1,707,352

1,634,395

Accumulated other comprehensive income

3,639

6,110

Cumulative distributions

(1,825,996)

(1,751,312)

Total LTC Properties, Inc. stockholders' equity

947,819

881,279

Non-controlling interests

93,618

34,988

Total equity

1,041,437

916,267

Total liabilities and equity

$

1,871,637

$

1,855,098

(1) Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.

5

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, amounts in thousands)

Nine Months Ended

September 30,

2024

2023

OPERATING ACTIVITIES:

Net income

$

75,289

$

62,792

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

27,173

28,085

Stock-based compensation expense

6,791

6,349

Impairment loss

-

12,510

Gain on sale of real estate, net

(6,882)

(20,545)

Income from unconsolidated joint ventures

(1,739)

(1,127)

Income distributions from unconsolidated joint ventures

839

-

Straight-line rental adjustment

561

1,635

Exchange of prepayment fee for participating interest in mortgage loan

-

(1,380)

Adjustment for collectability of rental income and lease incentives

321

26

Amortization of lease incentives

626

584

Provision for credit losses

942

2,107

Application of interest reserve

(233)

(1,788)

Amortization of debt issue costs

791

900

Other non-cash items, net

71

71

Change in operating assets and liabilities

Lease incentives funded

(1,794)

(1,023)

Increase in interest receivable

(7,124)

(8,605)

Decrease in accrued interest payable

(108)

(1,341)

Net change in other assets and liabilities

(3,645)

(318)

Net cash provided by operating activities

91,879

78,932

INVESTING ACTIVITIES:

Investment in real estate properties

(319)

(43,759)

Investment in real estate capital improvements

(9,908)

(5,053)

Proceeds from sale of real estate, net

33,641

51,410

Investment in financing receivables

(97)

(112,712)

Investment in real estate mortgage loans receivable

(19,078)

(72,260)

Principal payments received on mortgage loans receivable

34,474

301

Investments in unconsolidated joint ventures

(11,262)

-

Advances and originations under notes receivable

(340)

(19,258)

Principal payments received on notes receivable

13,268

7,077

Net cash provided by (used in) investing activities

40,379

(194,254)

FINANCING ACTIVITIES:

Borrowings from revolving line of credit

19,200

274,450

Repayment of revolving line of credit

(81,300)

(42,200)

Principal payments on senior unsecured notes

(44,160)

(44,160)

Proceeds from common stock issued

65,629

1,777

Distributions paid to stockholders

(74,684)

(70,767)

Distributions paid to non-controlling interests

(109)

(1,217)

Financing costs paid

(516)

(19)

Cash paid for taxes in lieu of shares upon vesting of restricted stock

(1,533)

(1,619)

Other

(31)

-

Net cash (used in) provided by financing activities

(117,504)

116,245

Increase in cash and cash equivalents

14,754

923

Cash and cash equivalents, beginning of period

20,286

10,379

Cash and cash equivalents, end of period

$

35,040

$

11,302

Supplemental disclosure of cash flow information:

Interest paid

$

31,288

$

35,036

Non-cash investing and financing transactions:

Contribution from non-controlling interest

$

61,025

$

12,964

Investment in financing receivables

$

(163,460)

$

-

Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan

$

-

$

(8,841)

Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables

$

102,435

$

-

Reserves withheld at financing and mortgage loan receivable origination

$

-

$

(5,147)

Accretion of interest reserve recorded as mortgage loan receivable

$

233

$

1,788

Decrease in fair value of interest rate swap agreements

$

(2,471)

$

(123)

Distributions paid to non-controlling interests

$

2,313

$

-

Distributions paid to non-controlling interests related to property sale

$

2,305

$

-

Mortgage loan receivable reserve withheld at origination

$

-

$

1,506

6

Supplemental Reporting Measures

FFO and FAD are supplemental measures of a real estate investment trust's ("REIT") financial performance that are not defined by U.S. generally accepted accounting principles ("GAAP"). Investors, analysts and the Company use FFO and FAD as supplemental measures of operating performance. The Company believes FFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and management to compare the Company's operating performance on a consistent basis without having to account for differences caused by unanticipated items.

FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company's computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing the Company's FFO to that of other REITs.

We define FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

While the Company uses FFO and FAD as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

7

Reconciliation of FFO and FAD

The following table reconciles GAAP net income available to common stockholders to each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

GAAP net income available to common stockholders

$

29,165

​

$

22,050

$

72,446

$

61,065

Add: Impairment loss

-

-

-

12,510

Add: Depreciation and amortization

9,054

9,499

27,173

28,085

Less: Gain on sale of real estate, net

(3,663)

(4,870)

(6,882)

(20,545)

NAREIT FFO attributable to common stockholders

34,556

26,679

92,737

81,115

(Less) Add: Non-recurring items

(4,173)

(1)​

-

(5,528)

(1)​

262

(1)​

FFO attributable to common stockholders, excluding non-recurring items

$

30,383

$

26,679

$

87,209

$

81,377

NAREIT FFO attributable to common stockholders

$

34,556

$

26,679

92,737

81,115

Non-cash income:

(Less) Add: straight-line rental (income) adjustment

(37)

747

561

1,635

Add: amortization of lease incentives

188

171

626

610

Add: Other non-cash contra-revenue

-

-

321

(2)​

-

Less: Effective interest income

(2,470)

(2,696)

(6,407)

(6,524)

Net non-cash income

(2,319)

(1,778)

(4,899)

(4,279)

Non-cash expense:

Add: Non-cash compensation charges

2,269

2,123

6,791

6,348

Add: Provision for credit losses

215

(3)​

189

942

(3)​

2,107

(3)​

Net non-cash expense

2,484

2,312

7,733

8,455

Funds available for distribution (FAD)

$

34,721

$

27,213

95,571

85,291

Less: Non-recurring income

(4,493)

(1)​

-

(7,756)

(1)​

(1,570)

(1)​

Funds available for distribution (FAD), excluding non-recurring items

$

30,228

$

27,213

$

87,815

$

83,721

(1) See the reconciliation of non-recurring items on the following page for further detail.
(2) Represents the straight-line rent receivable write-off of $321 related to converting a lease to fair market rent.
(3) Includes provision for credit losses reserve recorded upon origination of acquisitions accounted for as financing receivables, and mortgage loans, offset by mortgage loan payoffs. See the reconciliation of non-recurring items on the following page for further detail.

8

Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD by reconciling the non-recurring items (unaudited, amounts in thousands):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Reconciliation of non-recurring adjustments to NAREIT FFO:

Provision for credit losses reserve recorded upon origination

$

-

$

-

$

1,635

(1)​

$

1,832

(1)​

Provision for credit losses recovery related to loan payoffs

(293)

(1)​

-

(1,227)

(1)​

-

Provision for credit losses related to effective interest receivable write-off on partial principal paydown

613

(2)​

-

613

(2)​

-

Add: Total provision for credit losses non-recurring adjustments

320

-

1,021

1,832

Add: Straight-line rent receivable write-off

-

-

321

(5)​

-

Deduct: Mortgage interest income related to the exit IRR received

-

-

-

(1,570)

(8)​

Deduct: Other income from former operators

(4,052)

(3)​

-

(4,052)

(3)​

-

Deduct: Rental income related to sold properties

(441)

(4)​

-

(2,818)

(6)​

-

Total non-recurring adjustments to NAREIT FFO

$

(4,173)

$

-

$

(5,528)

$

262

Reconciliation of non-recurring adjustments to FAD:

Deduct: Mortgage interest income related to the exit IRR received

$

-

$

-

$

(886)

(7)​

$

(1,570)

(8)​

Deduct: Other income from former operators

(4,052)

(3)​

-

(4,052)

(3)​

-

Deduct: Rental income related to sold properties

(441)

(4)​

-

(2,818)

(6)​

-

Total non-recurring cash adjustments to FAD

$

(4,493)

$

-

$

(7,756)

$

(1,570)

(1) A 1% credit loss reserve is taken upon origination of financing transactions, then decreased as the balance is paid down through scheduled principal payments and payoffs.
a. Recorded a $293 provision for credit losses recovery related to a $29,347 mortgage loan paid off during 3Q 2024.
b. During 2024, LTC recorded a provision for credit losses reserve of $1,635 related to the $163,460 acquisition of properties accounted for as financing receivables, offset by a provision for credit losses recovery of $1,227 related to the four mortgage loan payoffs totaling $131,781.
c. During 2023, LTC recorded a provision for credit losses reserve of $1,832 related to the $121,321 acquisition of properties accounted for as financing receivables and originated two mortgage loans totaling $61,861.
(2) The effective interest receivable write-off related to a partial principal paydown on a mortgage loan.
(3) Represents income received from former operators related to portfolio transitions in prior years.
(4) Represents rent through the initial lease term, which was received upon sale of an 80-unit assisted living community covered under the lease.
(5) Represents the straight-line rent receivable write-off related to a lease that converted to fair market rent during 2Q 2024. The straight-line rent write-off is a contra-revenue on the Consolidated Statements of Income.
(6) Represents (3) from above and the rent credit received in connection with the sale of a 110-unit assisted living community in Wisconsin. The rent credit was provided to the operator during new construction lease-up.
(7) The exit IRR income was received upon the payoff of three mortgage loans in 2024. The exit IRR was previously recorded ratably over the term of the loan through effective interest income.
(8) The exit IRR income was received upon the payoff of two mezzanine loans in 2023 and was not previously recorded.

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Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

NAREIT Basic FFO attributable to common stockholders per share

$

0.79

$

0.65

$

2.14

$

1.97

NAREIT Diluted FFO attributable to common stockholders per share

$

0.78

$

0.65

$

2.11

$

1.97

NAREIT Diluted FFO attributable to common stockholders

$

34,757

$

26,826

$

93,248

$

81,555

Weighted average shares used to calculate NAREIT diluted FFO per share attributable to common stockholders

44,696

41,469

44,133

41,440

Basic FFO attributable to common stockholders, excluding non-recurring items, per share

$

0.69

$

0.65

$

2.01

$

1.98

Diluted FFO attributable to common stockholders, excluding non-recurring items, per share

$

0.68

$

0.65

$

1.99

$

1.97

Diluted FFO attributable to common stockholders, excluding non-recurring items

$

30,584

$

26,826

$

87,720

$

81,817

Weighted average shares used to calculate diluted FFO, excluding non-recurring items, per share attributable to common stockholders

44,696

41,469

44,133

41,440

Basic FAD per share

$

0.79

$

0.66

$

2.21

$

2.07

Diluted FAD per share

$

0.78

$

0.66

$

2.18

$

2.07

Diluted FAD

$

34,922

$

27,360

$

96,082

$

85,731

Weighted average shares used to calculate diluted FAD per share

44,696

41,469

44,133

41,440

Basic FAD, excluding non-recurring items, per share

$

0.69

$

0.66

$

2.03

$

2.04

Diluted FAD, excluding non-recurring items, per share

$

0.68

$

0.66

$

2.00

$

2.03

Diluted FAD, excluding non-recurring items

$

30,429

$

27,360

$

88,326

$

84,161

Weighted average shares used to calculate diluted FAD, excluding non-recurring items, per share

44,696

41,469

44,133

41,440

10