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(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2014
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OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
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61-1055020
(IRS Employer
Identification No.)
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353 N. Clark Street, Suite 3300, Chicago, Illinois
(Address of Principal Executive Offices)
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60654
(Zip Code)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, par value $0.25 per share
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New York Stock Exchange
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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•
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The ability and willingness of our tenants, operators, borrowers, managers and other third parties to satisfy their obligations under their respective contractual arrangements with us, including, in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities;
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•
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The ability of our tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness;
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Our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments, including investments in different asset types and outside the United States;
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•
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Macroeconomic conditions such as a disruption of or lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates;
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•
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The nature and extent of future competition, including new construction in the markets in which our seniors housing communities and medical office buildings (“MOBs”) are located;
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The extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates;
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•
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Increases in our borrowing costs as a result of changes in interest rates and other factors;
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The ability of our operators and managers, as applicable, to comply with laws, rules and regulations in the operation of our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract residents and patients;
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Changes in general economic conditions or economic conditions in the markets in which we may, from time to time, compete, and the effect of those changes on our revenues, earnings and capital sources;
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Our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due;
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Our ability and willingness to maintain our qualification as a REIT in light of economic, market, legal, tax and other considerations;
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Final determination of our taxable net income for the year ended
December 31, 2014
and for the year ending December 31,
2015
;
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•
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The ability and willingness of our tenants to renew their leases with us upon expiration of the leases, our ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant;
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•
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Risks associated with our senior living operating portfolio, such as factors that can cause volatility in our operating income and earnings generated by those properties, including without limitation national and regional economic conditions, costs of food, materials, energy, labor and services, employee benefit costs, insurance costs and professional and general liability claims, and the timely delivery of accurate property-level financial results for those properties;
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•
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Changes in exchange rates for any foreign currency in which we may, from time to time, conduct business;
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Year-over-year changes in the Consumer Price Index (“CPI”) or the UK Retail Price Index and the effect of those changes on the rent escalators contained in our leases and on our earnings;
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Our ability and the ability of our tenants, operators, borrowers and managers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers;
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•
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The impact of increased operating costs and uninsured professional liability claims on our liquidity, financial condition and results of operations or that of our tenants, operators, borrowers and managers and our ability and the ability of our tenants, operators, borrowers and managers to accurately estimate the magnitude of those claims;
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•
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Risks associated with our MOB portfolio and operations, including our ability to successfully design, develop and manage MOBs, to accurately estimate our costs in fixed fee-for-service projects and to retain key personnel;
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The ability of the hospitals on or near whose campuses our MOBs are located and their affiliated health systems to remain competitive and financially viable and to attract physicians and physician groups;
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Our ability to build, maintain and expand our relationships with existing and prospective hospital and health system clients;
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Risks associated with our investments in joint ventures and unconsolidated entities, including our lack of sole decision-making authority and our reliance on our joint venture partners’ financial condition;
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The impact of market or issuer events on the liquidity or value of our investments in marketable securities;
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Merger and acquisition activity in the healthcare and seniors housing industries resulting in a change of control of, or a competitor’s investment in, one or more of our tenants, operators, borrowers or managers or significant changes in the senior management of our tenants, operators, borrowers or managers;
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•
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The impact of litigation or any financial, accounting, legal or regulatory issues that may affect us or our tenants, operators, borrowers or managers; and
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Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on our earnings.
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Mine Safety Disclosures
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•
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In 2014, we paid an annual cash dividend on our common stock of
$2.965
per share.
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•
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During 2014, we made investments totaling approximately
$2.4 billion
in seniors housing and healthcare assets, including 29 seniors housing communities located in Canada that we acquired from Holiday Retirement (the “Holiday Canada Acquisition”), three high-quality private hospitals located in the United Kingdom and a
$425.0
million secured mezzanine loan investment that has a blended annual interest rate of
8.1%
and has contractual maturities ranging between 2016 and 2019.
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•
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In January 2015, we acquired publicly traded American Realty Capital Healthcare Trust, Inc. (“HCT”) in a stock and cash transaction (the “HCT Acquisition”), which added 152 properties (some of which are located on the same campus) to our portfolio. We funded the transaction through the issuance of approximately 28.4 million shares of our common stock, 1.1 million limited partnership units that are redeemable for shares of our common stock, cash and the assumption of debt.
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In 2015, we made other investments totaling approximately $320 million, including the acquisition of five triple-net leased properties in the United Kingdom and 12 skilled nursing facilities.
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In April 2014, we issued and sold $700 million aggregate principal amount of senior notes with a weighted average interest rate of 2.75% and a weighted average maturity of seven years.
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•
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In September 2014, we issued and sold CAD 650.0 million aggregate principal amount of senior notes, with an effective weighted average interest rate of
3.5%
and a weighted average maturity of
6.9
years, on a private placement basis in Canada. We used the net proceeds from the sale to repay a portion of the CAD 791.0 million unsecured term loan we incurred to initially fund the Holiday Canada Acquisition.
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•
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In January 2015, we issued and sold $900 million aggregate principal amount of senior notes, with a weighted average interest rate of 3.8% and a weighted average maturity of 16.7 years, and we issued and sold CAD 250.0 million aggregate principal amount of senior notes, with an interest rate of 3.3% and a maturity of seven years, on a private placement basis in Canada.
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•
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Under our “at-the-market” equity offering program, during 2014 and 2015 we issued and sold a total of approximately
7.1 million
shares of our common stock at a weighted average price of
$75.18
per share for aggregate net proceeds (after sales agent commissions) of
$528.1 million
.
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•
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During 2014, we sold
22
properties for
$118.2 million
and received loans receivable repayments of
$55.9 million
.
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•
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In 2015, we sold 17 properties for $275.1 million, including $5.5 million of lease termination fees.
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By the end of 2014, we had re-leased to Kindred, transitioned to new operators or sold 107 of the 108 licensed healthcare assets whose lease terms with Kindred were scheduled to expire on September 30, 2014, and we expect to sell the remaining asset during 2015. See “Triple-Net Lease Expirations.”
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Real Estate Property Investments
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Revenues (3)
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Asset Type
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# of
Properties(1)
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# of
Units/
Sq. Ft./Beds
(2)
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Real Estate Property Investment, at Cost
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Percent of
Total Real Estate Property Investments
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Real Estate
Property
Investment Per Unit/Bed/Sq. Ft.
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Revenue
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Percent of Total Revenues
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(Dollars in thousands)
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Seniors housing communities
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746
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67,189
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$
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15,636,077
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65.6
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%
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$
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232.7
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$2,029,003
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66.6
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%
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MOBs (4)
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275
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15,246,181
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3,766,871
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15.8
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0.2
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438,610
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15.4
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Skilled nursing and other facilities
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365
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41,148
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3,109,556
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13.0
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75.6
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362,746
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11.9
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Hospitals
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47
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3,820
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498,441
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2.1
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130.5
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127,975
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4.2
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Total properties
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1,433
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23,010,945
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96.5
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2,958,334
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98.1
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||||
Loans and investments
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829,756
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3.5
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55,169
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1.8
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|||||
Other
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—
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—
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4,267
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0.1
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Total
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$
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23,840,701
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100.0
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%
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$3,017,770
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100.0
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%
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(1)
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As of
December 31, 2014
, we also owned
20
seniors housing communities,
17
MOBs and
14
skilled nursing facilities through investments in unconsolidated entities, and we classified
five
seniors housing communities,
nine
skilled nursing facilities, and
36
MOBs as held for sale. Our consolidated properties were located in
46
states, the District of Columbia,
seven
Canadian provinces and the United Kingdom and, excluding MOBs, were operated or managed by
94
unaffiliated healthcare operating companies, including the following publicly traded companies or their subsidiaries: Brookdale (161 properties) (excluding
six
properties owned through investments in unconsolidated entities); Kindred (
83
properties); 21st Century Oncology Holdings, Inc. (
12
properties); Capital Senior Living Corporation (
12
properties); Spire Healthcare plc (
three
properties); and HealthSouth Corp. (
two
properties).
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(2)
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Seniors housing communities are measured in units; MOBs are measured by square footage; and skilled nursing and other facilities and hospitals are measured by bed count.
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(3)
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Total revenues exclude revenues attributable to properties included in discontinued operations during
2014
and properties classified as held for sale as of
December 31, 2014
.
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(4)
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As of
December 31, 2014
, we leased
30
of our consolidated MOBs pursuant to triple-net leases, Lillibridge or PMBRES managed
246
of our consolidated MOBs and
29
of our consolidated MOBs were managed by
nine
unaffiliated managers. Through Lillibridge and PMBRES, we also provided management and leasing services for
75
MOBs owned by third parties as of
December 31, 2014
.
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Rental Income and
Resident Fees and
Services (1)
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Percent of Total
Revenues (1)
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(Dollars in thousands)
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Geographic Location
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California
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$
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462,467
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15.0
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%
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New York
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295,783
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9.6
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Texas
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213,094
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6.9
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Illinois
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139,138
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4.5
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Florida
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124,374
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4.0
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Massachusetts
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114,076
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3.7
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Pennsylvania
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109,452
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3.6
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North Carolina
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90,186
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2.9
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Colorado
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89,555
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2.9
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New Jersey
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89,275
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2.9
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Other (36 states and the District of Columbia)
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1,119,438
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36.5
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|
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Total U.S
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2,846,838
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92.5
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%
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Canada (seven provinces)
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126,321
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4.1
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United Kingdom
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13,787
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|
0.5
|
|
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Total
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$
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2,986,946
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97.1
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%
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(2)
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(1)
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This presentation excludes revenues from properties included in discontinued operations during
2014
.
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(2)
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The remainder of our total revenues is medical office building and other services revenue, income from loans and investments and interest and other income.
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NOI (1)
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Percent of Total
NOI (1)
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(Dollars in thousands)
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|||||
Geographic Location
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|
|
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|||
California
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$
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255,427
|
|
|
13.7
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%
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Texas
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148,418
|
|
|
8.0
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|
New York
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125,707
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|
|
6.8
|
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|
Illinois
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87,742
|
|
|
4.7
|
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Florida
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83,693
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|
|
4.5
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Massachusetts
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73,847
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|
|
4.0
|
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Indiana
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62,642
|
|
|
3.4
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|
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North Carolina
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62,349
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|
|
3.4
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Pennsylvania
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55,125
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|
|
3.0
|
|
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Ohio
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52,317
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|
|
2.8
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Other (36 states and the District of Columbia)
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774,613
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|
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41.6
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|
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Total U.S
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1,781,880
|
|
|
95.9
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%
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Canada (seven provinces)
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63,622
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|
|
3.4
|
|
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United Kingdom
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13,787
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|
|
0.7
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Total
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$
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1,859,289
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|
|
100.0
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%
|
(1)
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This presentation excludes NOI from properties included in discontinued operations during
2014
.
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Skilled
Nursing
Facilities
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|
Hospitals
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Total
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|||
States with CON requirements
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65.5
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%
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42.3
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%
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59.2
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%
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States without CON requirements
|
34.5
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|
|
57.7
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|
40.8
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|
Total
|
100.0
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%
|
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100.0
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%
|
|
100.0
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%
|
|
Number of
Properties
Leased or
Managed
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Percent of Total Real Estate Investments (1)
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|
Percent of Total Revenues
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Percent of NOI
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||||
Senior living operations
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270
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36.0
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%
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50.6
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%
|
|
27.8
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%
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Brookdale Senior Living (2)
|
160
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|
|
10.2
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|
|
5.5
|
|
|
9.2
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|
Kindred
|
83
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2.1
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6.2
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|
10.2
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(1)
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Based on gross book value.
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(2)
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Excludes
six
properties owned through investments in unconsolidated entities and
one
property managed by Brookdale Senior Living pursuant to a long-term management agreement.
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•
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The anti-kickback statute (Section 1128B(b) of the Social Security Act), which prohibits certain business practices and relationships, including the payment, receipt or solicitation of any remuneration, directly or indirectly, to induce a referral of any patient or service or item covered by a federal health care program, including Medicare, or a state health program, such as Medicaid;
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•
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The physician self-referral prohibition (Ethics in Patient Referrals Act of 1989, commonly referred to as the “Stark Law”), which prohibits referrals by physicians of Medicare or Medicaid patients to providers of a broad range of designated healthcare services with which the physicians (or their immediate family members) have ownership interests or certain other financial arrangements;
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•
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The False Claims Act, which prohibits any person from knowingly presenting false or fraudulent claims for payment by the federal government (including the Medicare and Medicaid programs);
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•
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The Civil Monetary Penalties Law, which authorizes HHS to impose civil penalties administratively for fraudulent acts; and
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•
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The Health Insurance Portability and Accountability Act of 1996 (commonly referred to as “HIPAA”), which among other things, protects the privacy and security of individually identifiable health information by limiting its use and disclosure.
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•
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Prevention of the application of the “25-percent rule,” which limits payments from referring co-located hospitals, to freestanding and grandfathered long-term acute care hospitals;
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•
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Modification of the application of the 25-percent rule to certain urban and rural long-term acute care “hospitals-within-hospitals” and “satellite” facilities;
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•
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Prevention of the application of the “very short stay outlier” policy; and
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•
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Prevention of any one-time adjustments to correct estimates used in implementing LTAC PPS.
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•
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At least 75% of our gross income (excluding gross income from prohibited transactions) for each taxable year must consist of defined types of income derived directly or indirectly from investments relating to real property or mortgages on real property (including pledges of equity interest in certain entities holding real property and also including “rents from real property” (as defined in the Code)) and, in certain circumstances, interest on certain types of temporary investment income; and
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•
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At least 95% of our gross income (excluding gross income from prohibited transactions) for each taxable year must be derived from such real property or temporary investments, dividends, interest and gain from the sale or disposition of stock or securities, or from any combination of the foregoing.
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•
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At least 75% of the value of our total assets must be represented by cash or cash items (including certain receivables), government securities, “real estate assets” (including interests in real property and in mortgages on real property and shares in other qualifying REITs) or, in cases where we raise new capital through stock or long-term (i.e., having a maturity of at least five years) debt offerings, temporary investments in stock or debt instruments during the one-year period following our receipt of such capital (the “75% asset test”); and
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•
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Of the investments not meeting the requirements of the 75% asset test, the value of any single issuer’s debt and equity securities that we own (other than our equity interests in any entity classified as a partnership for federal income tax purposes, the stock or debt of a taxable REIT subsidiary or the stock or debt of a qualified REIT subsidiary or other disregarded entity subsidiary) may not exceed 5% of the value of our total assets (the “5% asset test”), and we may not own more than 10% of any single issuer’s outstanding voting securities (the “10% voting securities test”) or more than 10% of the value of any single issuer’s outstanding securities (the “10% value test”), subject to limited “safe harbor” exceptions.
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•
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Risks arising from our business;
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•
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Risks arising from our capital structure; and
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•
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Risks arising from our status as a REIT.
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•
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We may be unable to successfully integrate the operations, personnel or systems of acquired companies, maintain consistent standards, controls, policies and procedures, or realize the anticipated benefits of acquisitions and other investments within the anticipated time frame or at all;
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•
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We may be unable to effectively monitor and manage our expanded portfolio of properties, retain key employees or attract highly qualified new employees;
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•
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Projections of estimated future revenues, costs savings or operating metrics that we develop during the due diligence and integration planning process might be inaccurate;
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•
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Our leverage could increase or our per share financial results could decline if we incur additional debt or issue equity securities to finance acquisitions and investments;
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•
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Acquisitions and other new investments could divert management’s attention from our existing assets;
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•
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The value of acquired assets or the market price of our common stock may decline; and
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•
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We may be unable to continue paying dividends at the current rate.
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•
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Liabilities relating to the clean-up or remediation of undisclosed environmental conditions;
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•
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Unasserted claims of vendors or other persons dealing with the sellers;
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•
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Liabilities, claims and litigation, including indemnification obligations, whether or not incurred in the ordinary course of business, relating to periods prior to or following our acquisition;
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•
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Claims for indemnification by general partners, directors, officers and others indemnified by the sellers; and
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•
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Liabilities for taxes relating to periods prior to our acquisition.
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•
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Challenges with respect to repatriation on foreign earnings and cash;
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•
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Foreign ownership restrictions with respect to operations in countries;
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•
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Regional or country-specific business cycles and economic instability;
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•
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Challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, taxes, employment and legal proceedings;
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•
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Differences in lending practices and the willingness of domestic or foreign lenders to provide financing; and
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•
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Failure to comply with applicable laws and regulations in the United States that affect foreign operations, including, but not limited to, the U.S. Foreign Corrupt Practices Act.
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•
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We may be unable to obtain financing for the project on favorable terms or at all;
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•
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We may not complete the project on schedule or within budgeted amounts;
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•
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We may encounter delays in obtaining or fail to obtain all necessary zoning, land use, building, occupancy, environmental and other governmental permits and authorizations, or underestimate the costs necessary to develop or redevelop the property to market standards;
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•
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Construction or other delays may provide tenants or residents the right to terminate preconstruction leases or cause us to incur additional costs;
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•
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Volatility in the price of construction materials or labor may increase our project costs;
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•
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In the case of our MOB developments, hospitals or health systems may maintain significant decision-making authority with respect to the development schedule;
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•
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Our builders may fail to perform or satisfy the expectations of our clients or prospective clients;
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•
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We may incorrectly forecast risks associated with development in new geographic regions;
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•
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Tenants may not lease space at the quantity or rental rate levels or on the schedule projected;
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•
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Demand for our project may decrease prior to completion, including due to competition from other developments; and
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•
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Lease rates and rents at newly developed or redeveloped properties may fluctuate based on factors beyond our control, including market and economic conditions.
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•
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We may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the property;
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•
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For joint ventures in which we have a noncontrolling interest, our joint venture partners may take actions that we oppose;
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•
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Our ability to sell or transfer our interest in a joint venture to a third party may be restricted if we fail to obtain the prior consent of our joint venture partners;
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•
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Our joint venture partners may become bankrupt or fail to fund their share of required capital contributions, which could delay construction or development of a property or increase our financial commitment to the joint venture;
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•
|
Our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, including with respect to the timing, terms and strategies for investment, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property;
|
•
|
Disagreements with our joint venture partners could result in litigation or arbitration that increases our expenses, distracts our officers and directors, and disrupts the day-to-day operations of the property, including by delaying important decisions until the dispute is resolved; and
|
•
|
We may suffer losses as a result of actions taken by our joint venture partners with respect to our joint venture investments.
|
•
|
Potential limits on our ability to adjust rapidly to changing market conditions and vulnerability in the event of a downturn in general economic conditions or in the real estate or healthcare industries;
|
•
|
Potential impairment of our ability to obtain additional financing to execute on our business strategy; and
|
•
|
Potential downgrade in the rating of our debt securities by one or more rating agencies, which could have the effect of, among other things, limiting our access to capital and increasing our cost of borrowing.
|
•
|
We would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates;
|
•
|
We could be subject to the federal alternative minimum tax and increased state and local taxes; and
|
•
|
Unless we are entitled to relief under statutory provisions, we could not elect to be subject to tax as a REIT for four taxable years following the year during which we were disqualified.
|
|
Seniors Housing
Communities
|
|
Skilled Nursing and Other
Facilities
|
|
MOBs
|
|
Hospitals
|
||||||||||||||||
Geographic Location
|
Number of
Properties
|
|
Units
|
|
Number of Properties
|
|
Licensed
Beds
|
|
Number of Properties
|
|
Square Feet
|
|
Number of Properties
|
|
Licensed Beds
|
||||||||
Alabama
|
7
|
|
|
435
|
|
|
2
|
|
|
329
|
|
|
4
|
|
|
468,887
|
|
|
—
|
|
|
—
|
|
Arizona
|
26
|
|
|
2,378
|
|
|
2
|
|
|
232
|
|
|
11
|
|
|
773,109
|
|
|
3
|
|
|
169
|
|
Arkansas
|
4
|
|
|
286
|
|
|
8
|
|
|
875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
California
|
85
|
|
|
9,734
|
|
|
9
|
|
|
1,115
|
|
|
24
|
|
|
1,970,387
|
|
|
7
|
|
|
530
|
|
Colorado
|
19
|
|
|
1,742
|
|
|
4
|
|
|
460
|
|
|
12
|
|
|
828,693
|
|
|
1
|
|
|
68
|
|
Connecticut
|
14
|
|
|
1,626
|
|
|
4
|
|
|
432
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
District of Columbia
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
101,580
|
|
|
—
|
|
|
—
|
|
Florida
|
46
|
|
|
4,493
|
|
|
1
|
|
|
171
|
|
|
14
|
|
|
315,405
|
|
|
6
|
|
|
511
|
|
Georgia
|
12
|
|
|
1,217
|
|
|
5
|
|
|
620
|
|
|
14
|
|
|
1,152,857
|
|
|
—
|
|
|
—
|
|
Idaho
|
1
|
|
|
70
|
|
|
7
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Illinois
|
17
|
|
|
2,606
|
|
|
1
|
|
|
82
|
|
|
30
|
|
|
1,109,898
|
|
|
4
|
|
|
430
|
|
Indiana
|
16
|
|
|
1,235
|
|
|
34
|
|
|
3,782
|
|
|
15
|
|
|
947,857
|
|
|
1
|
|
|
59
|
|
Kansas
|
12
|
|
|
724
|
|
|
4
|
|
|
325
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Kentucky
|
10
|
|
|
910
|
|
|
29
|
|
|
3,273
|
|
|
4
|
|
|
172,977
|
|
|
2
|
|
|
424
|
|
Louisiana
|
1
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
343,223
|
|
|
1
|
|
|
168
|
|
Maine
|
6
|
|
|
879
|
|
|
8
|
|
|
654
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Maryland
|
5
|
|
|
360
|
|
|
3
|
|
|
445
|
|
|
2
|
|
|
82,663
|
|
|
—
|
|
|
—
|
|
Massachusetts
|
20
|
|
|
2,176
|
|
|
42
|
|
|
4,882
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
109
|
|
Michigan
|
24
|
|
|
1,642
|
|
|
1
|
|
|
330
|
|
|
10
|
|
|
414,518
|
|
|
—
|
|
|
—
|
|
Minnesota
|
18
|
|
|
1,041
|
|
|
3
|
|
|
466
|
|
|
3
|
|
|
243,098
|
|
|
—
|
|
|
—
|
|
Mississippi
|
1
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
50,575
|
|
|
—
|
|
|
—
|
|
Missouri
|
1
|
|
|
87
|
|
|
12
|
|
|
1,086
|
|
|
19
|
|
|
1,053,579
|
|
|
2
|
|
|
227
|
|
Montana
|
2
|
|
|
189
|
|
|
2
|
|
|
276
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nebraska
|
1
|
|
|
135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nevada
|
6
|
|
|
611
|
|
|
3
|
|
|
299
|
|
|
2
|
|
|
149,248
|
|
|
1
|
|
|
52
|
|
New Hampshire
|
1
|
|
|
125
|
|
|
3
|
|
|
502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Jersey
|
14
|
|
|
1,241
|
|
|
1
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Mexico
|
4
|
|
|
482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
61
|
|
New York
|
42
|
|
|
4,684
|
|
|
9
|
|
|
1,566
|
|
|
1
|
|
|
111,634
|
|
|
—
|
|
|
—
|
|
North Carolina
|
22
|
|
|
2,179
|
|
|
17
|
|
|
1,876
|
|
|
18
|
|
|
797,628
|
|
|
1
|
|
|
124
|
|
North Dakota
|
1
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ohio
|
26
|
|
|
1,753
|
|
|
20
|
|
|
2,624
|
|
|
28
|
|
|
1,221,020
|
|
|
1
|
|
|
50
|
|
Oklahoma
|
8
|
|
|
431
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
59
|
|
Oregon
|
24
|
|
|
2,528
|
|
|
14
|
|
|
1,112
|
|
|
1
|
|
|
105,375
|
|
|
—
|
|
|
—
|
|
Pennsylvania
|
32
|
|
|
2,351
|
|
|
7
|
|
|
934
|
|
|
7
|
|
|
565,562
|
|
|
2
|
|
|
115
|
|
Rhode Island
|
6
|
|
|
648
|
|
|
1
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Carolina
|
4
|
|
|
340
|
|
|
4
|
|
|
602
|
|
|
18
|
|
|
1,012,959
|
|
|
—
|
|
|
—
|
|
South Dakota
|
4
|
|
|
182
|
|
|
2
|
|
|
246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Tennessee
|
20
|
|
|
1,575
|
|
|
5
|
|
|
601
|
|
|
10
|
|
|
381,234
|
|
|
1
|
|
|
49
|
|
Texas
|
58
|
|
|
4,942
|
|
|
51
|
|
|
5,375
|
|
|
13
|
|
|
1,032,552
|
|
|
10
|
|
|
615
|
|
Utah
|
4
|
|
|
501
|
|
|
5
|
|
|
476
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Vermont
|
—
|
|
|
—
|
|
|
1
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Virginia
|
8
|
|
|
655
|
|
|
9
|
|
|
1,323
|
|
|
3
|
|
|
126,500
|
|
|
—
|
|
|
—
|
|
Washington
|
21
|
|
|
2,183
|
|
|
18
|
|
|
1,788
|
|
|
10
|
|
|
578,975
|
|
|
—
|
|
|
—
|
|
West Virginia
|
2
|
|
|
124
|
|
|
4
|
|
|
326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wisconsin
|
68
|
|
|
2,932
|
|
|
17
|
|
|
1,968
|
|
|
12
|
|
|
482,093
|
|
|
—
|
|
|
—
|
|
Wyoming
|
2
|
|
|
168
|
|
|
4
|
|
|
371
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total U.S.
|
725
|
|
|
64,758
|
|
|
376
|
|
|
42,874
|
|
|
292
|
|
|
16,594,086
|
|
|
47
|
|
|
3,820
|
|
Canada
|
41
|
|
|
4,478
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
United Kingdom
|
—
|
|
|
—
|
|
|
3
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
766
|
|
|
69,236
|
|
|
379
|
|
|
42,995
|
|
|
292
|
|
|
16,594,086
|
|
|
47
|
|
|
3,820
|
|
|
Sales Price of
Common Stock
|
|
Dividends
Declared
|
||||||||
|
High
|
|
Low
|
|
|||||||
2013
|
|
|
|
|
|
||||||
First Quarter
|
$
|
73.20
|
|
|
$
|
64.68
|
|
|
$
|
0.67
|
|
Second Quarter
|
82.93
|
|
|
64.38
|
|
|
0.67
|
|
|||
Third Quarter
|
72.16
|
|
|
58.86
|
|
|
0.67
|
|
|||
Fourth Quarter
|
67.33
|
|
|
55.26
|
|
|
0.725
|
|
|||
2014
|
|
|
|
|
|
||||||
First Quarter
|
$
|
63.67
|
|
|
$
|
56.79
|
|
|
$
|
0.725
|
|
Second Quarter
|
68.40
|
|
|
61.29
|
|
|
0.725
|
|
|||
Third Quarter
|
66.04
|
|
|
60.70
|
|
|
0.725
|
|
|||
Fourth Quarter
|
74.44
|
|
|
62.48
|
|
|
0.79
|
|
|
Number of Shares
Repurchased (1)
|
|
Average Price
Per Share
|
|||
October 1 through October 31
|
—
|
|
|
$
|
—
|
|
November 1 through November 30
|
988
|
|
|
$
|
61.50
|
|
December 1 through December 31
|
7,125
|
|
|
$
|
71.70
|
|
(1)
|
Repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees under our 2006 Incentive Plan or 2012 Incentive Plan or restricted stock units granted to employees under the Nationwide Health Properties, Inc. (“NHP”) 2005 Performance Incentive Plan and assumed by us in connection with our acquisition of NHP. The value of the shares withheld is the closing price of our common stock on the date the vesting or exercise occurred (or, if not a trading day, the immediately preceding trading day) or the fair market value of our common stock at the time of the exercise, as the case may be.
|
|
12/31/2009
|
|
12/31/2010
|
|
12/31/2011
|
|
12/31/2012
|
|
12/31/2013
|
|
12/31/2014
|
Ventas
|
$100
|
|
$125.41
|
|
$137.67
|
|
$168.38
|
|
$155.51
|
|
$203.61
|
NYSE Composite Index
|
$100
|
|
$113.76
|
|
$109.70
|
|
$127.54
|
|
$161.21
|
|
$172.27
|
Composite REIT Index
|
$100
|
|
$127.56
|
|
$136.88
|
|
$163.89
|
|
$167.72
|
|
$213.39
|
S&P 500 Index
|
$100
|
|
$115.06
|
|
$117.48
|
|
$136.27
|
|
$180.39
|
|
$205.07
|
|
As of and For the Years Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
1,433,995
|
|
|
$
|
1,327,383
|
|
|
$
|
1,180,731
|
|
|
$
|
795,214
|
|
|
$
|
518,616
|
|
Resident fees and services
|
1,552,951
|
|
|
1,406,005
|
|
|
1,227,124
|
|
|
865,800
|
|
|
445,157
|
|
|||||
Interest expense
|
376,842
|
|
|
334,909
|
|
|
288,717
|
|
|
224,344
|
|
|
170,133
|
|
|||||
Property-level operating expenses
|
1,195,098
|
|
|
1,109,632
|
|
|
966,422
|
|
|
645,082
|
|
|
314,985
|
|
|||||
General, administrative and professional fees
|
121,746
|
|
|
115,106
|
|
|
98,510
|
|
|
74,537
|
|
|
49,830
|
|
|||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
473,661
|
|
|
489,788
|
|
|
308,814
|
|
|
362,900
|
|
|
212,284
|
|
|||||
Discontinued operations
|
2,106
|
|
|
(36,279
|
)
|
|
53,986
|
|
|
1,593
|
|
|
33,883
|
|
|||||
Net income attributable to common stockholders
|
475,767
|
|
|
453,509
|
|
|
362,800
|
|
|
364,493
|
|
|
246,167
|
|
|||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.61
|
|
|
$
|
1.67
|
|
|
$
|
1.06
|
|
|
$
|
1.59
|
|
|
$
|
1.35
|
|
Diluted
|
$
|
1.59
|
|
|
$
|
1.66
|
|
|
$
|
1.05
|
|
|
$
|
1.57
|
|
|
$
|
1.35
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.62
|
|
|
$
|
1.55
|
|
|
$
|
1.24
|
|
|
$
|
1.60
|
|
|
$
|
1.57
|
|
Diluted
|
$
|
1.60
|
|
|
$
|
1.54
|
|
|
$
|
1.23
|
|
|
$
|
1.58
|
|
|
$
|
1.56
|
|
Dividends declared per common share
|
$
|
2.965
|
|
|
$
|
2.735
|
|
|
$
|
2.48
|
|
|
$
|
2.30
|
|
|
$
|
2.14
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
$
|
1,254,845
|
|
|
$
|
1,194,755
|
|
|
$
|
992,816
|
|
|
$
|
773,197
|
|
|
$
|
447,622
|
|
Net cash used in investing activities
|
(2,055,040
|
)
|
|
(1,282,760
|
)
|
|
(2,169,689
|
)
|
|
(997,439
|
)
|
|
(301,920
|
)
|
|||||
Net cash provided by (used in) financing activities
|
758,057
|
|
|
114,996
|
|
|
1,198,914
|
|
|
248,282
|
|
|
(231,452
|
)
|
|||||
FFO (1)
|
1,273,680
|
|
|
1,208,458
|
|
|
1,024,567
|
|
|
824,851
|
|
|
421,506
|
|
|||||
Normalized FFO (1)
|
1,330,018
|
|
|
1,220,709
|
|
|
1,120,225
|
|
|
776,963
|
|
|
453,981
|
|
|||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, at cost
|
$
|
23,010,945
|
|
|
$
|
21,403,592
|
|
|
$
|
19,745,607
|
|
|
$
|
17,830,262
|
|
|
$
|
6,747,699
|
|
Cash and cash equivalents
|
55,348
|
|
|
94,816
|
|
|
67,908
|
|
|
45,807
|
|
|
21,812
|
|
|||||
Total assets
|
21,226,171
|
|
|
19,731,494
|
|
|
18,980,000
|
|
|
17,271,910
|
|
|
5,758,021
|
|
|||||
Senior notes payable and other debt
|
10,888,092
|
|
|
9,364,992
|
|
|
8,413,646
|
|
|
6,429,116
|
|
|
2,900,044
|
|
(1)
|
We believe that net income, as defined by U.S. generally accepted accounting principles (“GAAP”), is the most appropriate earnings measurement. However, we consider Funds From Operations (“FFO”) and normalized FFO to be
|
•
|
Our company and the environment in which we operate;
|
•
|
Our
2014
highlights and other recent developments;
|
•
|
Our critical accounting policies and estimates;
|
•
|
Our results of operations for the last three years;
|
•
|
How we manage our assets and liabilities;
|
•
|
Our liquidity and capital resources;
|
•
|
Our cash flows; and
|
•
|
Our future contractual obligations.
|
•
|
In 2014, we paid an annual cash dividend on our common stock of
$2.965
per share.
|
•
|
During 2014, we made investments totaling approximately
$2.4 billion
in seniors housing and healthcare assets, including 29 seniors housing communities located in Canada that we acquired from Holiday Retirement (the “Holiday Canada Acquisition”), three high-quality private hospitals located in the United Kingdom and a
$425.0
million secured mezzanine loan investment that has a blended annual interest rate of
8.1%
and has contractual maturities ranging between 2016 and 2019.
|
•
|
In January 2015, we acquired publicly traded American Realty Capital Healthcare Trust, Inc. (“HCT”) in a stock and cash transaction (the “HCT Acquisition”), which added 152 properties (some of which are located on the same campus) to our portfolio. We funded the transaction through the issuance of approximately 28.4 million shares of our common stock, 1.1 million limited partnership units that are redeemable for shares of our common stock, cash and the assumption of debt.
|
•
|
In 2015, we made other investments totaling approximately $320 million, including the acquisition of five triple-net leased properties in the United Kingdom and 12 skilled nursing facilities.
|
•
|
In April 2014, we issued and sold $700 million aggregate principal amount of senior notes with a weighted average interest rate of 2.75% and a weighted average maturity of seven years.
|
•
|
In September 2014, we issued and sold CAD
650.0 million
aggregate principal amount of senior notes, with an effective weighted average interest rate of
3.5%
and a weighted average maturity of
6.9
years, on a private placement basis in Canada. We used the net proceeds from the sale to repay a portion of the CAD
791.0 million
unsecured term loan we incurred initially to fund the Holiday Canada Acquisition.
|
•
|
In January 2015, we issued and sold $900 million aggregate principal amount of senior notes, with a weighted average interest rate of 3.8% and a weighted average maturity of 16.7 years, and we issued and sold CAD 250.0 million aggregate principal amount of senior notes, with an interest rate of 3.3% and a maturity of seven years, on a private placement basis in Canada.
|
•
|
Under our “at-the-market” equity offering program, during 2014 and 2015 we issued and sold a total of approximately
7.1 million
shares of our common stock at a weighted average price of
$75.18
per share for aggregate net proceeds (after sales agent commissions) of
$528.1 million
.
|
•
|
During 2014, we sold
22
properties for
$118.2 million
and received loans receivable repayments of
$55.9 million
.
|
•
|
In 2015, we sold 17 properties for $275.1 million, including $5.5 million of lease termination fees.
|
•
|
As of December 31, 2014, we had re-leased to Kindred, transitioned to new operators or sold 107 of the 108 licensed healthcare assets whose lease terms with Kindred were scheduled to expire on September 30, 2014, and we expect to sell the remaining asset during 2015. See “Triple-Net Lease Expirations.”
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Net Income
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI:
|
|
|
|
|
|
|
|
|||||||
Triple-Net Leased Properties
|
$
|
974,942
|
|
|
$
|
881,745
|
|
|
$
|
93,197
|
|
|
10.6
|
%
|
Senior Living Operations
|
516,395
|
|
|
449,321
|
|
|
67,074
|
|
|
14.9
|
|
|||
MOB Operations
|
310,513
|
|
|
300,921
|
|
|
9,592
|
|
|
3.2
|
|
|||
All Other
|
57,439
|
|
|
59,471
|
|
|
(2,032
|
)
|
|
(3.4
|
)
|
|||
Total segment NOI
|
1,859,289
|
|
|
1,691,458
|
|
|
167,831
|
|
|
9.9
|
|
|||
Interest and other income
|
4,267
|
|
|
2,047
|
|
|
2,220
|
|
|
> 100
|
|
|||
Interest expense
|
(376,842
|
)
|
|
(334,909
|
)
|
|
(41,933
|
)
|
|
(12.5
|
)
|
|||
Depreciation and amortization
|
(826,911
|
)
|
|
(722,075
|
)
|
|
(104,836
|
)
|
|
(14.5
|
)
|
|||
General, administrative and professional fees
|
(121,746
|
)
|
|
(115,106
|
)
|
|
(6,640
|
)
|
|
(5.8
|
)
|
|||
Loss on extinguishment of debt, net
|
(5,564
|
)
|
|
(1,201
|
)
|
|
(4,363
|
)
|
|
( > 100 )
|
|
|||
Merger-related expenses and deal costs
|
(45,051
|
)
|
|
(21,634
|
)
|
|
(23,417
|
)
|
|
( > 100 )
|
|
|||
Other
|
(38,925
|
)
|
|
(18,732
|
)
|
|
(20,193
|
)
|
|
( > 100 )
|
|
|||
Income before loss from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
448,517
|
|
|
479,848
|
|
|
(31,331
|
)
|
|
(6.5
|
)
|
|||
Loss from unconsolidated entities
|
(139
|
)
|
|
(508
|
)
|
|
369
|
|
|
72.6
|
|
|||
Income tax benefit
|
8,732
|
|
|
11,828
|
|
|
(3,096
|
)
|
|
(26.2
|
)
|
|||
Income from continuing operations
|
457,110
|
|
|
491,168
|
|
|
(34,058
|
)
|
|
(6.9
|
)
|
|||
Discontinued operations
|
2,106
|
|
|
(36,279
|
)
|
|
38,385
|
|
|
> 100
|
|
|||
Gain on real estate dispositions
|
17,970
|
|
|
—
|
|
|
17,970
|
|
|
nm
|
|
|||
Net income
|
477,186
|
|
|
454,889
|
|
|
22,297
|
|
|
4.9
|
|
|||
Net income attributable to noncontrolling interest
|
1,419
|
|
|
1,380
|
|
|
(39
|
)
|
|
(2.8
|
)
|
|||
Net income attributable to common stockholders
|
$
|
475,767
|
|
|
$
|
453,509
|
|
|
22,258
|
|
|
4.9
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
970,377
|
|
|
$
|
877,276
|
|
|
$
|
93,101
|
|
|
10.6
|
%
|
Other services revenue
|
4,565
|
|
|
4,469
|
|
|
96
|
|
|
2.1
|
|
|||
Segment NOI
|
$
|
974,942
|
|
|
$
|
881,745
|
|
|
93,197
|
|
|
10.6
|
|
|
Number of Properties at December 31, 2014 (1)
|
|
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2014 (1)
|
|
|
Number of Properties at December 31, 2013 (1)
|
|
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2013 (1)
|
||||
Seniors Housing Communities
|
439
|
|
|
88.3
|
%
|
|
|
412
|
|
|
87.1
|
%
|
Skilled Nursing Facilities
|
242
|
|
|
80.1
|
|
|
|
242
|
|
|
80.8
|
|
Hospitals
|
46
|
|
|
56.4
|
|
|
|
46
|
|
|
56.6
|
|
(1)
|
Excludes properties included in discontinued operations during 2014 and properties classified as held for sale as of
December 31, 2014
, non-stabilized properties, properties owned through investments in unconsolidated entities and certain properties for which we do not receive occupancy information. Also excludes properties acquired during the years ended December 31, 2014 and 2013, respectively, and properties that transitioned operators for which we do not have eight full quarters of results subsequent to the transition.
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
876,846
|
|
|
$
|
846,552
|
|
|
$
|
30,294
|
|
|
3.6
|
%
|
Other services revenue
|
4,565
|
|
|
4,469
|
|
|
96
|
|
|
2.1
|
|
|||
Segment NOI
|
$
|
881,411
|
|
|
$
|
851,021
|
|
|
30,390
|
|
|
3.6
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,552,951
|
|
|
$
|
1,406,005
|
|
|
$
|
146,946
|
|
|
10.5
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(1,036,556
|
)
|
|
(956,684
|
)
|
|
(79,872
|
)
|
|
(8.3
|
)
|
|||
Segment NOI
|
$
|
516,395
|
|
|
$
|
449,321
|
|
|
67,074
|
|
|
14.9
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,391,869
|
|
|
$
|
1,363,696
|
|
|
$
|
28,173
|
|
|
2.1
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(942,169
|
)
|
|
(929,968
|
)
|
|
(12,201
|
)
|
|
(1.3
|
)
|
|||
Segment NOI
|
$
|
449,700
|
|
|
$
|
433,728
|
|
|
15,972
|
|
|
3.7
|
|
|
Number of
Properties at
December 31,
|
|
Average Unit
Occupancy
for the Year
Ended
December 31,
|
|
Average Monthly Revenue Per Occupied Room for the Year
Ended
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Total seniors housing communities
|
270
|
|
|
237
|
|
|
91.1
|
%
|
|
91.1
|
%
|
|
$
|
5,407
|
|
|
$
|
5,470
|
|
Same-store seniors housing communities
|
220
|
|
|
220
|
|
|
91.1
|
|
|
91.2
|
|
|
5,653
|
|
|
5,533
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—MOB Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
463,618
|
|
|
$
|
450,107
|
|
|
$
|
13,511
|
|
|
3.0
|
%
|
Medical office building services revenue
|
22,529
|
|
|
12,077
|
|
|
10,452
|
|
|
86.5
|
|
|||
Total revenues
|
486,147
|
|
|
462,184
|
|
|
23,963
|
|
|
5.2
|
|
|||
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(158,542
|
)
|
|
(152,948
|
)
|
|
(5,594
|
)
|
|
(3.7
|
)
|
|||
Medical office building services costs
|
(17,092
|
)
|
|
(8,315
|
)
|
|
(8,777
|
)
|
|
(105.6
|
)
|
|||
Segment NOI
|
$
|
310,513
|
|
|
$
|
300,921
|
|
|
9,592
|
|
|
3.2
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—MOB Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
440,463
|
|
|
$
|
435,494
|
|
|
$
|
4,969
|
|
|
1.1
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(150,282
|
)
|
|
(147,693
|
)
|
|
(2,589
|
)
|
|
(1.8
|
)
|
|||
Segment NOI
|
$
|
290,181
|
|
|
$
|
287,801
|
|
|
2,380
|
|
|
0.8
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Total MOBs
|
309
|
|
|
307
|
|
|
90.1
|
%
|
|
90.2
|
%
|
|
$31
|
|
$29
|
Same-store MOBs
|
295
|
|
|
295
|
|
|
90.1
|
|
|
90.1
|
|
|
30
|
|
29
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Net Income
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI:
|
|
|
|
|
|
|
|
|||||||
Triple-Net Leased Properties
|
$
|
881,745
|
|
|
$
|
824,320
|
|
|
$
|
57,425
|
|
|
7.0
|
%
|
Senior Living Operations
|
449,321
|
|
|
386,102
|
|
|
63,219
|
|
|
16.4
|
|
|||
MOB Operations
|
300,921
|
|
|
241,869
|
|
|
59,052
|
|
|
24.4
|
|
|||
All Other
|
59,471
|
|
|
39,913
|
|
|
19,558
|
|
|
49.0
|
|
|||
Total segment NOI
|
1,691,458
|
|
|
1,492,204
|
|
|
199,254
|
|
|
13.4
|
|
|||
Interest and other income
|
2,047
|
|
|
1,106
|
|
|
941
|
|
|
85.1
|
|
|||
Interest expense
|
(334,909
|
)
|
|
(288,717
|
)
|
|
(46,192
|
)
|
|
(16.0
|
)
|
|||
Depreciation and amortization
|
(722,075
|
)
|
|
(714,967
|
)
|
|
(7,108
|
)
|
|
(1.0
|
)
|
|||
General, administrative and professional fees
|
(115,106
|
)
|
|
(98,510
|
)
|
|
(16,596
|
)
|
|
(16.8
|
)
|
|||
Loss on extinguishment of debt, net
|
(1,201
|
)
|
|
(37,640
|
)
|
|
36,439
|
|
|
96.8
|
|
|||
Merger-related expenses and deal costs
|
(21,634
|
)
|
|
(63,183
|
)
|
|
41,549
|
|
|
65.8
|
|
|||
Other
|
(18,732
|
)
|
|
(6,940
|
)
|
|
(11,792
|
)
|
|
( > 100 )
|
|
|||
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest
|
479,848
|
|
|
283,353
|
|
|
196,495
|
|
|
69.3
|
|
|||
(Loss) income from unconsolidated entities
|
(508
|
)
|
|
18,154
|
|
|
(18,662
|
)
|
|
( > 100 )
|
|
|||
Income tax benefit
|
11,828
|
|
|
6,282
|
|
|
5,546
|
|
|
88.3
|
|
|||
Income from continuing operations
|
491,168
|
|
|
307,789
|
|
|
183,379
|
|
|
59.6
|
|
|||
Discontinued operations
|
(36,279
|
)
|
|
53,986
|
|
|
(90,265
|
)
|
|
( > 100 )
|
|
|||
Net income
|
454,889
|
|
|
361,775
|
|
|
93,114
|
|
|
25.7
|
|
|||
Net income (loss) attributable to noncontrolling interest, net of tax
|
1,380
|
|
|
(1,025
|
)
|
|
(2,405
|
)
|
|
( > 100 )
|
|
|||
Net income attributable to common stockholders
|
$
|
453,509
|
|
|
$
|
362,800
|
|
|
95,519
|
|
|
26.3
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
877,276
|
|
|
$
|
819,882
|
|
|
$
|
57,394
|
|
|
7.0
|
%
|
Other services revenue
|
4,469
|
|
|
4,438
|
|
|
31
|
|
|
0.7
|
|
|||
Segment NOI
|
$
|
881,745
|
|
|
$
|
824,320
|
|
|
57,425
|
|
|
7.0
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
823,380
|
|
|
$
|
806,267
|
|
|
$
|
17,113
|
|
|
2.1
|
%
|
Other services revenue
|
4,469
|
|
|
4,438
|
|
|
31
|
|
|
0.7
|
|
|||
Segment NOI
|
$
|
827,849
|
|
|
$
|
810,705
|
|
|
17,144
|
|
|
2.1
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,406,005
|
|
|
$
|
1,227,124
|
|
|
$
|
178,881
|
|
|
14.6
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(956,684
|
)
|
|
(841,022
|
)
|
|
(115,662
|
)
|
|
(13.8
|
)
|
|||
Segment NOI
|
$
|
449,321
|
|
|
$
|
386,102
|
|
|
63,219
|
|
|
16.4
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,215,185
|
|
|
$
|
1,158,422
|
|
|
$
|
56,763
|
|
|
4.9
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(830,076
|
)
|
|
(793,828
|
)
|
|
(36,248
|
)
|
|
(4.6
|
)
|
|||
Segment NOI
|
$
|
385,109
|
|
|
$
|
364,594
|
|
|
20,515
|
|
|
5.6
|
|
|
Number of
Properties at
December 31,
|
|
Average Unit
Occupancy for
the Year
Ended
December 31,
|
|
Average
Monthly Revenue Per Occupied Room for
the Year
Ended
December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Total seniors housing communities
|
237
|
|
|
220
|
|
|
91.1
|
%
|
|
89.8
|
%
|
|
$5,470
|
|
$5,349
|
Same-store seniors housing communities
|
195
|
|
|
195
|
|
|
91.3
|
|
|
90.0
|
|
|
5,557
|
|
5,356
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—MOB Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
450,107
|
|
|
$
|
360,849
|
|
|
$
|
89,258
|
|
|
24.7
|
%
|
Medical office building services revenue
|
12,077
|
|
|
16,303
|
|
|
(4,226
|
)
|
|
(25.9
|
)
|
|||
Total revenues
|
462,184
|
|
|
377,152
|
|
|
85,032
|
|
|
22.5
|
|
|||
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(152,948
|
)
|
|
(125,400
|
)
|
|
(27,548
|
)
|
|
(22.0
|
)
|
|||
Medical office building services costs
|
(8,315
|
)
|
|
(9,883
|
)
|
|
1,568
|
|
|
15.9
|
|
|||
Segment NOI
|
$
|
300,921
|
|
|
$
|
241,869
|
|
|
59,052
|
|
|
24.4
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease)
to Segment NOI
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—MOB Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
257,085
|
|
|
$
|
256,684
|
|
|
$
|
401
|
|
|
0.2
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(85,219
|
)
|
|
(86,890
|
)
|
|
1,671
|
|
|
1.9
|
|
|||
Segment NOI
|
$
|
171,866
|
|
|
$
|
169,794
|
|
|
2,072
|
|
|
1.2
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Total MOBs
|
309
|
|
|
298
|
|
|
90.2
|
%
|
|
90.5
|
%
|
|
$29
|
|
$29
|
Same-store MOBs
|
184
|
|
|
184
|
|
|
88.8
|
|
|
89.6
|
|
|
30
|
|
30
|
|
For the Year Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income attributable to common stockholders
|
$
|
475,767
|
|
|
$
|
453,509
|
|
|
$
|
362,800
|
|
|
$
|
364,493
|
|
|
$
|
246,167
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate depreciation and amortization
|
820,344
|
|
|
716,412
|
|
|
710,544
|
|
|
442,046
|
|
|
197,650
|
|
|||||
Real estate depreciation related to noncontrolling interest
|
(10,314
|
)
|
|
(10,512
|
)
|
|
(8,503
|
)
|
|
(3,471
|
)
|
|
(6,217
|
)
|
|||||
Real estate depreciation related to unconsolidated entities
|
5,792
|
|
|
6,543
|
|
|
7,516
|
|
|
6,552
|
|
|
2,367
|
|
|||||
Gain on re-measurement of equity interest upon acquisition, net
|
—
|
|
|
(1,241
|
)
|
|
(16,645
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain on real estate dispositions
|
(17,970
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on real estate dispositions
|
(1,494
|
)
|
|
(4,059
|
)
|
|
(80,952
|
)
|
|
—
|
|
|
(25,241
|
)
|
|||||
Depreciation on real estate assets
|
1,555
|
|
|
47,806
|
|
|
49,807
|
|
|
15,231
|
|
|
6,780
|
|
|||||
FFO
|
1,273,680
|
|
|
1,208,458
|
|
|
1,024,567
|
|
|
824,851
|
|
|
421,506
|
|
|||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Litigation proceeds, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(202,259
|
)
|
|
—
|
|
|||||
Change in fair value of financial instruments
|
5,121
|
|
|
449
|
|
|
99
|
|
|
2,959
|
|
|
—
|
|
|||||
Income tax (benefit) expense
|
(9,431
|
)
|
|
(11,828
|
)
|
|
(6,286
|
)
|
|
(31,137
|
)
|
|
2,930
|
|
|||||
Loss on extinguishment of debt, net
|
5,013
|
|
|
1,048
|
|
|
37,640
|
|
|
27,604
|
|
|
9,791
|
|
|||||
Merger-related expenses, deal costs and re-audit costs
|
54,389
|
|
|
21,560
|
|
|
63,183
|
|
|
153,923
|
|
|
19,243
|
|
|||||
Amortization of other intangibles
|
1,246
|
|
|
1,022
|
|
|
1,022
|
|
|
1,022
|
|
|
511
|
|
|||||
Normalized FFO
|
$
|
1,330,018
|
|
|
$
|
1,220,709
|
|
|
$
|
1,120,225
|
|
|
$
|
776,963
|
|
|
$
|
453,981
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Net income
|
$
|
477,186
|
|
|
$
|
454,889
|
|
|
$
|
361,775
|
|
Adjustments:
|
|
|
|
|
|
||||||
Interest
|
378,556
|
|
|
340,381
|
|
|
302,031
|
|
|||
Loss on extinguishment of debt, net
|
5,564
|
|
|
1,048
|
|
|
37,640
|
|
|||
Taxes (including amounts in general, administrative and professional fees)
|
(4,770
|
)
|
|
(7,166
|
)
|
|
(2,627
|
)
|
|||
Depreciation and amortization
|
828,466
|
|
|
769,881
|
|
|
764,774
|
|
|||
Non-cash stock-based compensation expense
|
20,994
|
|
|
20,653
|
|
|
20,784
|
|
|||
Merger-related expenses, deal costs and re-audit costs
|
53,847
|
|
|
21,634
|
|
|
63,183
|
|
|||
Gain on real estate dispositions
|
(19,183
|
)
|
|
(3,617
|
)
|
|
(80,952
|
)
|
|||
Changes in fair value of financial instruments
|
5,121
|
|
|
449
|
|
|
99
|
|
|||
Gain on re-measurement of equity interest upon acquisition, net
|
—
|
|
|
(1,241
|
)
|
|
(16,645
|
)
|
|||
Adjusted EBITDA
|
$
|
1,745,781
|
|
|
$
|
1,596,911
|
|
|
$
|
1,450,062
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Net income
|
$
|
477,186
|
|
|
$
|
454,889
|
|
|
$
|
361,775
|
|
Adjustments:
|
|
|
|
|
|
||||||
Interest and other income
|
(5,017
|
)
|
|
(2,047
|
)
|
|
(6,158
|
)
|
|||
Interest
|
378,556
|
|
|
340,381
|
|
|
302,031
|
|
|||
Depreciation and amortization
|
828,466
|
|
|
769,881
|
|
|
764,774
|
|
|||
General, administrative and professional fees
|
121,746
|
|
|
115,109
|
|
|
98,813
|
|
|||
Loss on extinguishment of debt, net
|
5,564
|
|
|
1,048
|
|
|
37,640
|
|
|||
Merger-related expenses and deal costs
|
45,051
|
|
|
21,634
|
|
|
63,183
|
|
|||
Other
|
39,337
|
|
|
18,325
|
|
|
8,842
|
|
|||
Loss (income) from unconsolidated entities
|
139
|
|
|
508
|
|
|
(18,154
|
)
|
|||
Income tax benefit
|
(8,732
|
)
|
|
(11,828
|
)
|
|
(6,286
|
)
|
|||
Gain on real estate dispositions
|
(19,183
|
)
|
|
(3,617
|
)
|
|
(80,952
|
)
|
|||
NOI
|
1,863,113
|
|
|
1,704,283
|
|
|
1,525,508
|
|
|||
Discontinued operations
|
(3,824
|
)
|
|
(12,825
|
)
|
|
(33,304
|
)
|
|||
NOI (excluding amounts in discontinued operations)
|
$
|
1,859,289
|
|
|
$
|
1,691,458
|
|
|
$
|
1,492,204
|
|
|
As of December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other
|
$
|
6,677,875
|
|
|
$
|
5,418,543
|
|
|
$
|
4,079,643
|
|
Mortgage loans and other (1)
|
1,810,716
|
|
|
2,155,155
|
|
|
2,442,652
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Unsecured revolving credit facilities
|
919,099
|
|
|
376,343
|
|
|
540,727
|
|
|||
Unsecured term loans
|
990,634
|
|
|
1,000,702
|
|
|
685,336
|
|
|||
Mortgage loans and other
|
474,047
|
|
|
369,734
|
|
|
437,957
|
|
|||
Total
|
$
|
10,872,371
|
|
|
$
|
9,320,477
|
|
|
$
|
8,186,315
|
|
Percent of total debt:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other
|
61.4
|
%
|
|
58.1
|
%
|
|
49.8
|
%
|
|||
Mortgage loans and other (1)
|
16.6
|
|
|
23.1
|
|
|
29.8
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Unsecured revolving credit facilities
|
8.5
|
|
|
4.0
|
|
|
6.6
|
|
|||
Unsecured term loans
|
9.1
|
|
|
10.7
|
|
|
8.4
|
|
|||
Mortgage loans and other
|
4.4
|
|
|
4.1
|
|
|
5.4
|
|
|||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||
Weighted average interest rate at end of period:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other
|
3.5
|
%
|
|
3.7
|
%
|
|
4.0
|
%
|
|||
Mortgage loans and other (1)
|
5.9
|
|
|
6.0
|
|
|
6.1
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Unsecured revolving credit facilities
|
1.4
|
|
|
1.2
|
|
|
1.5
|
|
|||
Unsecured term loans
|
1.3
|
|
|
1.3
|
|
|
1.6
|
|
|||
Mortgage loans and other
|
2.3
|
|
|
1.7
|
|
|
1.9
|
|
|||
Total
|
3.5
|
|
|
3.8
|
|
|
4.1
|
|
(1)
|
Excludes mortgage debt of
$43.5 million
,
$13.1 million
and
$23.2 million
related to real estate assets classified as held for sale as of
December 31, 2014
,
2013
and
2012
, respectively, which debt is included in accounts payable and other liabilities on our Consolidated Balance Sheets.
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Gross book value
|
$
|
8,488,591
|
|
|
$
|
7,573,698
|
|
Fair value (1)
|
8,817,982
|
|
|
7,690,196
|
|
||
Fair value reflecting change in interest rates (1):
|
|
|
|
||||
-100 BPS
|
9,256,492
|
|
|
8,069,013
|
|
||
+100 BPS
|
8,406,735
|
|
|
7,320,251
|
|
(1)
|
The change in fair value of our fixed rate debt from
December 31, 2013
to
December 31, 2014
was due primarily to 2014 senior note issuances, partially offset by mortgage loan repayments.
|
|
As of
December 31,
|
||||
|
2014
|
|
2013
|
||
Investment mix by asset type (1):
|
|
|
|
||
Seniors housing communities
|
65.5
|
%
|
|
64.2
|
%
|
MOBs
|
15.8
|
|
|
18.2
|
|
Skilled nursing and other facilities
|
13.1
|
|
|
13.6
|
|
Hospitals
|
2.1
|
|
|
2.3
|
|
Secured loans receivable and investments, net
|
3.5
|
|
|
1.7
|
|
Investment mix by tenant, operator and manager (1):
|
|
|
|
||
Atria
|
23.6
|
%
|
|
19.9
|
%
|
Sunrise
|
12.3
|
|
|
13.9
|
|
Brookdale Senior Living
|
10.2
|
|
|
9.7
|
|
Kindred
|
2.0
|
|
|
3.2
|
|
All other
|
51.9
|
|
|
53.3
|
|
(1)
|
Ratios are based on the gross book value of real estate investments (excluding assets classified as held for sale) as of each reporting date.
|
|
For the Year Ended
December 31,
|
|||||||
|
2014
|
|
2013
|
|
2012
|
|||
Operations mix by tenant and operator and business model:
|
|
|
|
|
|
|||
Revenues (1):
|
|
|
|
|
|
|||
Senior living operations
|
50.6
|
%
|
|
50.2
|
%
|
|
49.8
|
%
|
Kindred
|
6.2
|
|
|
8.1
|
|
|
10.3
|
|
Brookdale Senior Living (2)
|
5.5
|
|
|
5.6
|
|
|
6.3
|
|
All others
|
37.7
|
|
|
36.1
|
|
|
33.6
|
|
Adjusted EBITDA (3):
|
|
|
|
|
|
|||
Senior living operations
|
28.4
|
%
|
|
27.1
|
%
|
|
26.0
|
%
|
Kindred
|
10.1
|
|
|
13.3
|
|
|
16.1
|
|
Brookdale Senior Living (2)
|
9.2
|
|
|
9.4
|
|
|
10.9
|
|
All others
|
52.3
|
|
|
50.2
|
|
|
47.0
|
|
NOI (4):
|
|
|
|
|
|
|||
Senior living operations
|
27.8
|
%
|
|
26.6
|
%
|
|
25.9
|
%
|
Kindred
|
10.2
|
|
|
13.4
|
|
|
17.1
|
|
Brookdale Senior Living (2)
|
9.2
|
|
|
9.2
|
|
|
10.5
|
|
All others
|
52.8
|
|
|
50.8
|
|
|
46.5
|
|
Operations mix by geographic location (5):
|
|
|
|
|
|
|||
California
|
15.0
|
%
|
|
14.5
|
%
|
|
14.1
|
%
|
New York
|
9.6
|
|
|
10.0
|
|
|
10.0
|
|
Texas
|
6.9
|
|
|
6.8
|
|
|
6.0
|
|
Illinois
|
4.5
|
|
|
4.7
|
|
|
5.0
|
|
Florida
|
4.0
|
|
|
4.1
|
|
|
4.1
|
|
All others
|
60.0
|
|
|
59.9
|
|
|
60.8
|
|
(1)
|
Total revenues include medical office building and other services revenue, revenue from loans and investments and interest and other income (excluding amounts in discontinued operations).
|
(2)
|
Excludes one seniors housing community included in senior living operations.
|
(3)
|
Includes amounts in discontinued operations.
|
(4)
|
Excludes amounts in discontinued operations.
|
(5)
|
Ratios are based on total revenues (excluding amounts in discontinued operations) for each period presented.
|
|
Number of
Properties
|
|
2014 Annual
Rental Income
|
|
% of 2014 Total
Triple-Net Leased Properties Segment Rental
Income
|
||||
|
(Dollars in thousands)
|
||||||||
2015
|
14
|
|
|
$
|
8,016
|
|
|
0.8
|
%
|
2016
|
13
|
|
|
8,023
|
|
|
0.8
|
|
|
2017
|
28
|
|
|
20,425
|
|
|
2.1
|
|
|
2018
|
37
|
|
|
59,088
|
|
|
6.1
|
|
|
2019
|
87
|
|
|
129,617
|
|
|
13.4
|
|
|
2020
|
140
|
|
|
123,390
|
|
|
12.7
|
|
|
2021
|
82
|
|
|
72,704
|
|
|
7.5
|
|
|
2022
|
51
|
|
|
58,893
|
|
|
6.1
|
|
|
2023
|
64
|
|
|
78,203
|
|
|
8.1
|
|
|
2024
|
45
|
|
|
27,880
|
|
|
2.9
|
|
•
|
$700.0 million
principal amount of 2.00% senior notes due 2018;
|
•
|
$600.0 million
principal amount of 4.00% senior notes due 2019;
|
•
|
$500.0 million
principal amount of 2.700% senior notes due 2020;
|
•
|
$700.0 million
principal amount of 4.750% senior notes due 2021;
|
•
|
$600.0 million
principal amount of 4.25% senior notes due 2022;
|
•
|
$500.0 million
principal amount of 3.25% senior notes due 2022;
|
•
|
$400.0 million
principal amount of 3.750% senior notes due 2024;
|
•
|
$258.8 million
principal amount of 5.45% senior notes due 2043; and
|
•
|
$300.0 million
principal amount of 5.70% senior notes due 2043.
|
•
|
$234.4 million
principal amount of 6% senior notes due 2015;
|
•
|
$52.4 million
principal amount of 6.90% senior notes due 2037 (subject to earlier repayment at the option of the holder); and
|
•
|
$23.0 million
principal amount of 6.59% senior notes due 2038 (subject to earlier repayment at the option of the holder).
|
•
|
$344.2 million
(CAD
400.0 million
) principal amount of 3.00% senior notes, series A due 2019; and
|
•
|
$215.1 million
(CAD
250.0 million
) principal amount of 4.125% senior notes, series B due 2024.
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease)
to Cash
|
|||||||||||
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Cash and cash equivalents at beginning of period
|
$
|
94,816
|
|
|
$
|
67,908
|
|
|
$
|
26,908
|
|
|
39.6
|
%
|
Net cash provided by operating activities
|
1,254,845
|
|
|
1,194,755
|
|
|
60,090
|
|
|
5.0
|
|
|||
Net cash used in investing activities
|
(2,055,040
|
)
|
|
(1,282,760
|
)
|
|
(772,280
|
)
|
|
(60.2
|
)
|
|||
Net cash provided by financing activities
|
758,057
|
|
|
114,996
|
|
|
643,061
|
|
|
> 100
|
|
|||
Effect of foreign currency translation on cash and cash equivalents
|
2,670
|
|
|
(83
|
)
|
|
2,753
|
|
|
> 100
|
|
|||
Cash and cash equivalents at end of period
|
$
|
55,348
|
|
|
$
|
94,816
|
|
|
(39,468
|
)
|
|
(41.6
|
)
|
|
Total
|
|
Less than 1
year (4)
|
|
1 - 3 years (5)
|
|
3 - 5 years (6)
|
|
More than 5
years (7)
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Long-term debt obligations (1) (2) (3)
|
$
|
13,732,517
|
|
|
$
|
1,115,801
|
|
|
$
|
2,353,837
|
|
|
$
|
4,800,182
|
|
|
$
|
5,462,697
|
|
Operating obligations, including ground lease obligations
|
628,432
|
|
|
33,259
|
|
|
52,307
|
|
|
33,682
|
|
|
509,184
|
|
|||||
Total
|
$
|
14,360,949
|
|
|
$
|
1,149,060
|
|
|
$
|
2,406,144
|
|
|
$
|
4,833,864
|
|
|
$
|
5,971,881
|
|
(1)
|
Amounts represent contractual amounts due, including interest.
|
(2)
|
Interest on variable rate debt was based on forward rates obtained as of
December 31, 2014
.
|
(3)
|
Excludes
$43.5 million
of mortgage debt related to real estate assets classified as held for sale as of
December 31, 2014
that is scheduled to mature between 2015 and 2018.
|
(4)
|
Includes
$400.0 million
outstanding principal amount of our 3.125% senior notes due 2015 and
$234.4 million
outstanding principal amount of our 6% senior notes due 2015.
|
(5)
|
Includes
$550.0 million
outstanding principal amount of our 1.55% senior notes due 2016 and
$300.0 million
outstanding principal amount of our 1.250% senior notes due 2017.
|
(6)
|
Includes
$919.1 million
of borrowings outstanding on our unsecured revolving credit facility,
$700.0 million
outstanding principal amount of our 2.00% senior notes due 2018,
$200.0 million
of borrowings under our unsecured term loan due 2018,
$790.6 million
of borrowings under our unsecured term loan due 2019,
$600.0 million
outstanding principal amount of our 4.00% senior notes due 2019 and
$344.2 million
outstanding principal amount of our 3.00% senior notes, series A due 2019.
|
(7)
|
Includes
$3.5 billion
aggregate principal amount outstanding of our senior notes maturing between 2020 and 2043.
$52.4 million
aggregate principal amount outstanding of our 6.90% senior notes due 2037 are subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and
$23.0 million
aggregate principal amount outstanding of our 6.59% senior notes due 2038 are subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.
|
Consolidated Balance Sheets as of December 31, 2014 and 2013
|
|
Consolidated Statements of Income for the Years Ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statements of Equity for the Years Ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2014, 2013 and 2012
|
|
|
|
Schedule II—Valuation and Qualifying Accounts
|
|
Schedule IV—Mortgage Loans on Real Estate
|
|
2014
|
|
2013
|
||||
|
(In thousands, except per
share amounts)
|
||||||
Assets
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,956,128
|
|
|
$
|
1,855,968
|
|
Buildings and improvements
|
19,895,043
|
|
|
18,457,028
|
|
||
Construction in progress
|
120,123
|
|
|
80,415
|
|
||
Acquired lease intangibles
|
1,039,651
|
|
|
1,010,181
|
|
||
|
23,010,945
|
|
|
21,403,592
|
|
||
Accumulated depreciation and amortization
|
(4,025,386
|
)
|
|
(3,328,006
|
)
|
||
Net real estate property
|
18,985,559
|
|
|
18,075,586
|
|
||
Secured loans receivable and investments, net
|
829,756
|
|
|
376,229
|
|
||
Investments in unconsolidated entities
|
91,872
|
|
|
91,656
|
|
||
Net real estate investments
|
19,907,187
|
|
|
18,543,471
|
|
||
Cash and cash equivalents
|
55,348
|
|
|
94,816
|
|
||
Escrow deposits and restricted cash
|
71,771
|
|
|
84,657
|
|
||
Deferred financing costs, net
|
60,328
|
|
|
62,215
|
|
||
Other assets
|
1,131,537
|
|
|
946,335
|
|
||
Total assets
|
$
|
21,226,171
|
|
|
$
|
19,731,494
|
|
Liabilities and equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Senior notes payable and other debt
|
$
|
10,888,092
|
|
|
$
|
9,364,992
|
|
Accrued interest
|
62,097
|
|
|
54,349
|
|
||
Accounts payable and other liabilities
|
1,005,232
|
|
|
1,001,515
|
|
||
Deferred income taxes
|
344,337
|
|
|
250,167
|
|
||
Total liabilities
|
12,299,758
|
|
|
10,671,023
|
|
||
Redeemable OP unitholder and noncontrolling interests
|
172,016
|
|
|
156,660
|
|
||
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, 298,478 and 297,901 shares issued at December 31, 2014 and 2013, respectively
|
74,656
|
|
|
74,488
|
|
||
Capital in excess of par value
|
10,119,306
|
|
|
10,078,592
|
|
||
Accumulated other comprehensive income
|
13,121
|
|
|
19,659
|
|
||
Retained earnings (deficit)
|
(1,526,388
|
)
|
|
(1,126,541
|
)
|
||
Treasury stock, 7 and 3,712 shares at December 31, 2014 and 2013, respectively
|
(511
|
)
|
|
(221,917
|
)
|
||
Total Ventas stockholders’ equity
|
8,680,184
|
|
|
8,824,281
|
|
||
Noncontrolling interest
|
74,213
|
|
|
79,530
|
|
||
Total equity
|
8,754,397
|
|
|
8,903,811
|
|
||
Total liabilities and equity
|
$
|
21,226,171
|
|
|
$
|
19,731,494
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands, except per share
amounts)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income:
|
|
|
|
|
|
||||||
Triple-net leased
|
$
|
970,377
|
|
|
$
|
877,276
|
|
|
$
|
819,882
|
|
Medical office buildings
|
463,618
|
|
|
450,107
|
|
|
360,849
|
|
|||
|
1,433,995
|
|
|
1,327,383
|
|
|
1,180,731
|
|
|||
Resident fees and services
|
1,552,951
|
|
|
1,406,005
|
|
|
1,227,124
|
|
|||
Medical office building and other services revenue
|
29,364
|
|
|
17,809
|
|
|
20,741
|
|
|||
Income from loans and investments
|
55,169
|
|
|
58,208
|
|
|
39,913
|
|
|||
Interest and other income
|
4,267
|
|
|
2,047
|
|
|
1,106
|
|
|||
Total revenues
|
3,075,746
|
|
|
2,811,452
|
|
|
2,469,615
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Interest
|
376,842
|
|
|
334,909
|
|
|
288,717
|
|
|||
Depreciation and amortization
|
826,911
|
|
|
722,075
|
|
|
714,967
|
|
|||
Property-level operating expenses:
|
|
|
|
|
|
||||||
Senior living
|
1,036,556
|
|
|
956,684
|
|
|
841,022
|
|
|||
Medical office buildings
|
158,542
|
|
|
152,948
|
|
|
125,400
|
|
|||
|
1,195,098
|
|
|
1,109,632
|
|
|
966,422
|
|
|||
Medical office building services costs
|
17,092
|
|
|
8,315
|
|
|
9,883
|
|
|||
General, administrative and professional fees
|
121,746
|
|
|
115,106
|
|
|
98,510
|
|
|||
Loss on extinguishment of debt, net
|
5,564
|
|
|
1,201
|
|
|
37,640
|
|
|||
Merger-related expenses and deal costs
|
45,051
|
|
|
21,634
|
|
|
63,183
|
|
|||
Other
|
38,925
|
|
|
18,732
|
|
|
6,940
|
|
|||
Total expenses
|
2,627,229
|
|
|
2,331,604
|
|
|
2,186,262
|
|
|||
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
448,517
|
|
|
479,848
|
|
|
283,353
|
|
|||
(Loss) income from unconsolidated entities
|
(139
|
)
|
|
(508
|
)
|
|
18,154
|
|
|||
Income tax benefit
|
8,732
|
|
|
11,828
|
|
|
6,282
|
|
|||
Income from continuing operations
|
457,110
|
|
|
491,168
|
|
|
307,789
|
|
|||
Discontinued operations
|
2,106
|
|
|
(36,279
|
)
|
|
53,986
|
|
|||
Gain on real estate dispositions
|
17,970
|
|
|
—
|
|
|
—
|
|
|||
Net income
|
477,186
|
|
|
454,889
|
|
|
361,775
|
|
|||
Net income (loss) attributable to noncontrolling interest
|
1,419
|
|
|
1,380
|
|
|
(1,025
|
)
|
|||
Net income attributable to common stockholders
|
$
|
475,767
|
|
|
$
|
453,509
|
|
|
$
|
362,800
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.61
|
|
|
$
|
1.67
|
|
|
$
|
1.06
|
|
Discontinued operations
|
0.01
|
|
|
(0.12
|
)
|
|
0.18
|
|
|||
Net income attributable to common stockholders
|
$
|
1.62
|
|
|
$
|
1.55
|
|
|
$
|
1.24
|
|
Diluted:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.59
|
|
|
$
|
1.66
|
|
|
$
|
1.05
|
|
Discontinued operations
|
0.01
|
|
|
(0.12
|
)
|
|
0.18
|
|
|||
Net income attributable to common stockholders
|
$
|
1.60
|
|
|
$
|
1.54
|
|
|
$
|
1.23
|
|
Weighted average shares used in computing earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
294,175
|
|
|
292,654
|
|
|
292,064
|
|
|||
Diluted
|
296,677
|
|
|
295,110
|
|
|
294,488
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
477,186
|
|
|
$
|
454,889
|
|
|
$
|
361,775
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Foreign currency translation
|
(17,153
|
)
|
|
(5,422
|
)
|
|
2,375
|
|
|||
Change in unrealized gain on marketable debt securities
|
7,001
|
|
|
(1,023
|
)
|
|
(1,296
|
)
|
|||
Other
|
3,614
|
|
|
2,750
|
|
|
213
|
|
|||
Total other comprehensive (loss) income
|
(6,538
|
)
|
|
(3,695
|
)
|
|
1,292
|
|
|||
Comprehensive income
|
470,648
|
|
|
451,194
|
|
|
363,067
|
|
|||
Comprehensive income (loss) attributable to noncontrolling interest
|
1,419
|
|
|
1,380
|
|
|
(1,025
|
)
|
|||
Comprehensive income attributable to common stockholders
|
$
|
469,229
|
|
|
$
|
449,814
|
|
|
$
|
364,092
|
|
|
Common
Stock Par
Value
|
|
Capital in
Excess of
Par Value
|
|
Accumulated
Other
Comprehensive
Income
|
|
Retained
Earnings
(Deficit)
|
|
Treasury
Stock
|
|
Total Ventas
Stockholders’
Equity
|
|
Non- controlling
Interest
|
|
Total Equity
|
||||||||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2012
|
$
|
72,240
|
|
|
$
|
9,593,583
|
|
|
$
|
22,062
|
|
|
$
|
(412,181
|
)
|
|
$
|
(747
|
)
|
|
$
|
9,274,957
|
|
|
$
|
80,987
|
|
|
$
|
9,355,944
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
362,800
|
|
|
—
|
|
|
362,800
|
|
|
(1,025
|
)
|
|
361,775
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
|
1,292
|
|
||||||||
Acquisition-related activity
|
—
|
|
|
(8,571
|
)
|
|
—
|
|
|
—
|
|
|
(221,076
|
)
|
|
(229,647
|
)
|
|
(9,429
|
)
|
|
(239,076
|
)
|
||||||||
Net change in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,194
|
)
|
|
(5,194
|
)
|
||||||||
Dividends to common stockholders—$2.48 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(728,546
|
)
|
|
—
|
|
|
(728,546
|
)
|
|
—
|
|
|
(728,546
|
)
|
||||||||
Issuance of common stock
|
1,495
|
|
|
340,974
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
342,469
|
|
|
—
|
|
|
342,469
|
|
||||||||
Issuance of common stock for stock plans
|
128
|
|
|
22,126
|
|
|
—
|
|
|
—
|
|
|
2,841
|
|
|
25,095
|
|
|
—
|
|
|
25,095
|
|
||||||||
Change in redeemable noncontrolling interest
|
—
|
|
|
(17,317
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,317
|
)
|
|
4,896
|
|
|
(12,421
|
)
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
(19,819
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,819
|
)
|
|
—
|
|
|
(19,819
|
)
|
||||||||
Purchase of OP units
|
3
|
|
|
(1,651
|
)
|
|
—
|
|
|
—
|
|
|
324
|
|
|
(1,324
|
)
|
|
—
|
|
|
(1,324
|
)
|
||||||||
Grant of restricted stock, net of forfeitures
|
38
|
|
|
11,637
|
|
|
—
|
|
|
—
|
|
|
(2,507
|
)
|
|
9,168
|
|
|
—
|
|
|
9,168
|
|
||||||||
Balance at December 31, 2012
|
73,904
|
|
|
9,920,962
|
|
|
23,354
|
|
|
(777,927
|
)
|
|
(221,165
|
)
|
|
9,019,128
|
|
|
70,235
|
|
|
9,089,363
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
453,509
|
|
|
—
|
|
|
453,509
|
|
|
1,380
|
|
|
454,889
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
(3,695
|
)
|
|
—
|
|
|
—
|
|
|
(3,695
|
)
|
|
—
|
|
|
(3,695
|
)
|
||||||||
Acquisition-related activity
|
—
|
|
|
(762
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(762
|
)
|
|
12,717
|
|
|
11,955
|
|
||||||||
Net change in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,202
|
)
|
|
(8,202
|
)
|
||||||||
Dividends to common stockholders—$2.735 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(802,123
|
)
|
|
—
|
|
|
(802,123
|
)
|
|
—
|
|
|
(802,123
|
)
|
||||||||
Issuance of common stock
|
517
|
|
|
140,826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141,343
|
|
|
—
|
|
|
141,343
|
|
||||||||
Issuance of common stock for stock plans
|
19
|
|
|
5,983
|
|
|
—
|
|
|
—
|
|
|
6,638
|
|
|
12,640
|
|
|
—
|
|
|
12,640
|
|
||||||||
Change in redeemable noncontrolling interest
|
—
|
|
|
(13,751
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,751
|
)
|
|
3,400
|
|
|
(10,351
|
)
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
8,683
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,683
|
|
|
—
|
|
|
8,683
|
|
||||||||
Purchase of OP units
|
—
|
|
|
(579
|
)
|
|
—
|
|
|
—
|
|
|
502
|
|
|
(77
|
)
|
|
—
|
|
|
(77
|
)
|
||||||||
Grant of restricted stock, net of forfeitures
|
48
|
|
|
17,230
|
|
|
—
|
|
|
—
|
|
|
(7,892
|
)
|
|
9,386
|
|
|
—
|
|
|
9,386
|
|
||||||||
Balance at December 31, 2013
|
74,488
|
|
|
10,078,592
|
|
|
19,659
|
|
|
(1,126,541
|
)
|
|
(221,917
|
)
|
|
8,824,281
|
|
|
79,530
|
|
|
8,903,811
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
475,767
|
|
|
—
|
|
|
475,767
|
|
|
1,419
|
|
|
477,186
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(6,538
|
)
|
|
—
|
|
|
—
|
|
|
(6,538
|
)
|
|
—
|
|
|
(6,538
|
)
|
||||||||
Retirement of stock
|
(924
|
)
|
|
(220,152
|
)
|
|
—
|
|
|
—
|
|
|
221,076
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Acquisition-related activity
|
37
|
|
|
10,141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,178
|
|
|
—
|
|
|
10,178
|
|
||||||||
Net change in noncontrolling interest
|
—
|
|
|
1,163
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,163
|
|
|
(8,662
|
)
|
|
(7,499
|
)
|
||||||||
Dividends to common stockholders—$2.965 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(875,614
|
)
|
|
—
|
|
|
(875,614
|
)
|
|
—
|
|
|
(875,614
|
)
|
||||||||
Issuance of common stock
|
845
|
|
|
241,262
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
242,107
|
|
|
—
|
|
|
242,107
|
|
||||||||
Issuance of common stock for stock plans
|
173
|
|
|
29,266
|
|
|
—
|
|
|
—
|
|
|
3,858
|
|
|
33,297
|
|
|
—
|
|
|
33,297
|
|
||||||||
Change in redeemable noncontrolling interest
|
—
|
|
|
(1,082
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,082
|
)
|
|
1,926
|
|
|
844
|
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
(32,993
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,993
|
)
|
|
—
|
|
|
(32,993
|
)
|
||||||||
Purchase of OP units
|
1
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
—
|
|
|
(82
|
)
|
||||||||
Grant of restricted stock, net of forfeitures
|
36
|
|
|
13,192
|
|
|
—
|
|
|
—
|
|
|
(3,528
|
)
|
|
9,700
|
|
|
—
|
|
|
9,700
|
|
||||||||
Balance at December 31, 2014
|
$
|
74,656
|
|
|
$
|
10,119,306
|
|
|
$
|
13,121
|
|
|
$
|
(1,526,388
|
)
|
|
$
|
(511
|
)
|
|
$
|
8,680,184
|
|
|
$
|
74,213
|
|
|
$
|
8,754,397
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
477,186
|
|
|
$
|
454,889
|
|
|
$
|
361,775
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization (including amounts in discontinued operations)
|
828,467
|
|
|
769,881
|
|
|
764,775
|
|
|||
Amortization of deferred revenue and lease intangibles, net
|
(18,871
|
)
|
|
(15,793
|
)
|
|
(17,118
|
)
|
|||
Other non-cash amortization
|
(312
|
)
|
|
(16,745
|
)
|
|
(39,943
|
)
|
|||
Stock-based compensation
|
20,994
|
|
|
20,653
|
|
|
20,784
|
|
|||
Straight-lining of rental income, net
|
(38,687
|
)
|
|
(30,540
|
)
|
|
(24,042
|
)
|
|||
Loss on extinguishment of debt, net
|
5,564
|
|
|
1,048
|
|
|
37,640
|
|
|||
Gain on real estate dispositions (including amounts in discontinued operations)
|
(19,183
|
)
|
|
(3,617
|
)
|
|
(80,952
|
)
|
|||
Gain on real estate loan investments
|
(1,455
|
)
|
|
(5,056
|
)
|
|
(5,230
|
)
|
|||
Gain on sale of marketable securities
|
—
|
|
|
(856
|
)
|
|
—
|
|
|||
Income tax benefit (including amounts in discontinued operations)
|
(9,431
|
)
|
|
(11,828
|
)
|
|
(6,286
|
)
|
|||
Loss (income) from unconsolidated entities
|
139
|
|
|
1,748
|
|
|
(1,509
|
)
|
|||
Gain on re-measurement of equity interest upon acquisition, net
|
—
|
|
|
(1,241
|
)
|
|
(16,645
|
)
|
|||
Other
|
15,739
|
|
|
8,407
|
|
|
10,414
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Decrease (increase) in other assets
|
5,317
|
|
|
(690
|
)
|
|
3,756
|
|
|||
Increase in accrued interest
|
7,958
|
|
|
6,806
|
|
|
9,969
|
|
|||
(Decrease) increase in accounts payable and other liabilities
|
(18,580
|
)
|
|
17,689
|
|
|
(24,572
|
)
|
|||
Net cash provided by operating activities
|
1,254,845
|
|
|
1,194,755
|
|
|
992,816
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net investment in real estate property
|
(1,468,286
|
)
|
|
(1,437,002
|
)
|
|
(1,453,065
|
)
|
|||
Purchase of private investment funds
|
—
|
|
|
—
|
|
|
(276,419
|
)
|
|||
Purchase of noncontrolling interest
|
(9,115
|
)
|
|
(14,331
|
)
|
|
(3,934
|
)
|
|||
Investment in loans receivable and other
|
(498,992
|
)
|
|
(37,963
|
)
|
|
(452,558
|
)
|
|||
Proceeds from real estate disposals
|
118,246
|
|
|
35,591
|
|
|
149,045
|
|
|||
Proceeds from loans receivable
|
73,557
|
|
|
325,518
|
|
|
43,219
|
|
|||
Purchase of marketable securities
|
(96,689
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale or maturity of marketable securities
|
21,689
|
|
|
5,493
|
|
|
37,500
|
|
|||
Funds held in escrow for future development expenditures
|
4,590
|
|
|
19,458
|
|
|
(28,050
|
)
|
|||
Development project expenditures
|
(106,988
|
)
|
|
(95,741
|
)
|
|
(114,002
|
)
|
|||
Capital expenditures
|
(87,454
|
)
|
|
(81,614
|
)
|
|
(69,430
|
)
|
|||
Other
|
(5,598
|
)
|
|
(2,169
|
)
|
|
(1,995
|
)
|
|||
Net cash used in investing activities
|
(2,055,040
|
)
|
|
(1,282,760
|
)
|
|
(2,169,689
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net change in borrowings under credit facilities
|
540,203
|
|
|
(164,029
|
)
|
|
84,938
|
|
|||
Proceeds from debt
|
2,007,707
|
|
|
2,767,546
|
|
|
2,710,405
|
|
|||
Repayment of debt
|
(1,151,395
|
)
|
|
(1,792,492
|
)
|
|
(1,193,023
|
)
|
|||
Payment of deferred financing costs
|
(14,220
|
)
|
|
(31,277
|
)
|
|
(23,770
|
)
|
|||
Issuance of common stock, net
|
242,107
|
|
|
141,343
|
|
|
342,469
|
|
|||
Cash distribution to common stockholders
|
(875,614
|
)
|
|
(802,123
|
)
|
|
(728,546
|
)
|
|||
Cash distribution to redeemable OP unitholders
|
(5,762
|
)
|
|
(5,040
|
)
|
|
(4,446
|
)
|
|||
Purchases of redeemable OP units
|
(503
|
)
|
|
(659
|
)
|
|
(4,601
|
)
|
|||
Contributions from noncontrolling interest
|
491
|
|
|
2,395
|
|
|
38
|
|
|||
Distributions to noncontrolling interest
|
(9,559
|
)
|
|
(9,286
|
)
|
|
(5,215
|
)
|
|||
Other
|
24,602
|
|
|
8,618
|
|
|
20,665
|
|
|||
Net cash provided by financing activities
|
758,057
|
|
|
114,996
|
|
|
1,198,914
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
(42,138
|
)
|
|
26,991
|
|
|
22,041
|
|
|||
Effect of foreign currency translation on cash and cash equivalents
|
2,670
|
|
|
(83
|
)
|
|
60
|
|
|||
Cash and cash equivalents at beginning of period
|
94,816
|
|
|
67,908
|
|
|
45,807
|
|
|||
Cash and cash equivalents at end of period
|
$
|
55,348
|
|
|
$
|
94,816
|
|
|
$
|
67,908
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Interest paid including swap payments and receipts
|
$
|
361,144
|
|
|
$
|
338,311
|
|
|
$
|
329,655
|
|
Supplemental schedule of non-cash activities:
|
|
|
|
|
|
||||||
Assets and liabilities assumed from acquisitions:
|
|
|
|
|
|
||||||
Real estate investments
|
$
|
370,741
|
|
|
$
|
223,955
|
|
|
$
|
582,694
|
|
Utilization of funds held for an Internal Revenue Code Section 1031 exchange
|
—
|
|
|
—
|
|
|
(134,003
|
)
|
|||
Other assets acquired
|
15,280
|
|
|
6,635
|
|
|
77,730
|
|
|||
Debt assumed
|
241,076
|
|
|
183,848
|
|
|
412,825
|
|
|||
Other liabilities
|
24,039
|
|
|
29,868
|
|
|
70,391
|
|
|||
Deferred income tax liability
|
110,728
|
|
|
5,181
|
|
|
4,299
|
|
|||
Noncontrolling interests
|
—
|
|
|
11,693
|
|
|
34,580
|
|
|||
Equity issued
|
10,178
|
|
|
—
|
|
|
4,326
|
|
|||
Debt transferred on the sale of assets
|
—
|
|
|
—
|
|
|
14,535
|
|
•
|
Cash and cash equivalents -
The carrying amount of unrestricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments.
|
•
|
Loans receivable -
We estimate the fair value of loans receivable using level two and level three inputs: we discount future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings.
|
•
|
Marketable debt securities -
We estimate the fair value of corporate bonds using level two inputs: we observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs: we consider credit spreads, underlying asset performance and credit quality, default rates and any other applicable criteria.
|
•
|
Derivative instruments -
With the assistance of a third party, we estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward contracts using level two inputs: for interest rate caps, we observe forward yield curves and other relevant information; for interest rate swaps, we
|
•
|
Senior notes payable and other debt -
We estimate the fair value of senior notes payable and other debt using level two inputs: we discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs.
|
•
|
Redeemable OP unitholder interests -
We estimate the fair value of our redeemable OP unitholder interests using level one inputs: we base fair value on the closing price of our common stock, as OP Units may be redeemed at the election of the holder for cash or, at our option,
0.7866
shares of our common stock per unit, subject to adjustment in certain circumstances.
|
|
Brookdale
Senior
Living
|
|
Kindred
|
|
Other
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
2015
|
$
|
182,472
|
|
|
$
|
189,183
|
|
|
$
|
944,348
|
|
|
$
|
1,316,003
|
|
2016
|
182,625
|
|
|
181,470
|
|
|
911,457
|
|
|
1,275,552
|
|
||||
2017
|
183,115
|
|
|
185,082
|
|
|
861,983
|
|
|
1,230,180
|
|
||||
2018
|
183,321
|
|
|
154,440
|
|
|
822,930
|
|
|
1,160,691
|
|
||||
2019
|
173,397
|
|
|
140,593
|
|
|
791,043
|
|
|
1,105,033
|
|
||||
Thereafter
|
203,335
|
|
|
585,303
|
|
|
4,760,264
|
|
|
5,548,902
|
|
||||
Total
|
$
|
1,108,265
|
|
|
$
|
1,436,071
|
|
|
$
|
9,092,025
|
|
|
$
|
11,636,361
|
|
|
Triple-Net Leased Properties
|
|
Senior Living Operations
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Land and improvements
|
$
|
45,586
|
|
|
$
|
100,281
|
|
|
$
|
145,867
|
|
Buildings and improvements
|
546,849
|
|
|
1,081,207
|
|
|
1,628,056
|
|
|||
Acquired lease intangibles
|
28,883
|
|
|
36,452
|
|
|
65,335
|
|
|||
Other assets
|
227
|
|
|
12,387
|
|
|
12,614
|
|
|||
Total assets acquired
|
621,545
|
|
|
1,230,327
|
|
|
1,851,872
|
|
|||
Notes payable and other debt
|
12,927
|
|
|
228,150
|
|
|
241,077
|
|
|||
Other liabilities
|
8,609
|
|
|
124,897
|
|
|
133,506
|
|
|||
Total liabilities assumed
|
21,536
|
|
|
353,047
|
|
|
374,583
|
|
|||
Net assets acquired
|
600,009
|
|
|
877,280
|
|
|
1,477,289
|
|
|||
Cash acquired
|
227
|
|
|
8,704
|
|
|
8,931
|
|
|||
Total cash used
|
$
|
599,782
|
|
|
$
|
868,576
|
|
|
$
|
1,468,358
|
|
|
Triple-Net Leased Properties
|
|
Senior Living Operations (1)
|
|
MOB Operations
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Land and improvements
|
$
|
51,419
|
|
|
$
|
45,566
|
|
|
$
|
3,923
|
|
|
$
|
100,908
|
|
Buildings and improvements
|
803,227
|
|
|
579,577
|
|
|
138,792
|
|
|
1,521,596
|
|
||||
Acquired lease intangibles
|
8,945
|
|
|
16,920
|
|
|
10,362
|
|
|
36,227
|
|
||||
Other assets
|
3,285
|
|
|
2,607
|
|
|
2,453
|
|
|
8,345
|
|
||||
Total assets acquired
|
866,876
|
|
|
644,670
|
|
|
155,530
|
|
|
1,667,076
|
|
||||
Notes payable and other debt
|
36,300
|
|
|
5,136
|
|
|
—
|
|
|
41,436
|
|
||||
Other liabilities
|
11,423
|
|
|
12,285
|
|
|
6,510
|
|
|
30,218
|
|
||||
Total liabilities assumed
|
47,723
|
|
|
17,421
|
|
|
6,510
|
|
|
71,654
|
|
||||
Noncontrolling interest assumed
|
10,113
|
|
|
—
|
|
|
1,672
|
|
|
11,785
|
|
||||
Net assets acquired
|
809,040
|
|
|
627,249
|
|
|
147,348
|
|
|
1,583,637
|
|
||||
Cash acquired
|
753
|
|
|
—
|
|
|
1,397
|
|
|
2,150
|
|
||||
Total cash used
|
$
|
808,287
|
|
|
$
|
627,249
|
|
|
$
|
145,951
|
|
|
$
|
1,581,487
|
|
|
Triple-Net Leased Properties
|
|
Senior Living Operations
|
|
MOB Operations (1)
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Land and improvements
|
$
|
21,881
|
|
|
$
|
60,662
|
|
|
$
|
112,504
|
|
|
$
|
195,047
|
|
Buildings and improvements
|
225,950
|
|
|
413,750
|
|
|
1,085,148
|
|
|
1,724,848
|
|
||||
Construction in progress
|
—
|
|
|
—
|
|
|
25,579
|
|
|
25,579
|
|
||||
Acquired lease intangibles
|
2,323
|
|
|
18,070
|
|
|
182,406
|
|
|
202,799
|
|
||||
Other assets
|
1,519
|
|
|
832
|
|
|
43,747
|
|
|
46,098
|
|
||||
Total assets acquired
|
251,673
|
|
|
493,314
|
|
|
1,449,384
|
|
|
2,194,371
|
|
||||
Notes payable and other debt
|
57,219
|
|
|
—
|
|
|
355,606
|
|
|
412,825
|
|
||||
Other liabilities
|
13,851
|
|
|
11,806
|
|
|
106,367
|
|
|
132,024
|
|
||||
Total liabilities assumed
|
71,070
|
|
|
11,806
|
|
|
461,973
|
|
|
544,849
|
|
||||
Noncontrolling interest assumed
|
7,292
|
|
|
—
|
|
|
30,361
|
|
|
37,653
|
|
||||
Net assets acquired
|
173,311
|
|
|
481,508
|
|
|
957,050
|
|
|
1,611,869
|
|
||||
Cash acquired
|
1,250
|
|
|
—
|
|
|
24,115
|
|
|
25,365
|
|
||||
Total cash used
|
$
|
172,061
|
|
|
$
|
481,508
|
|
|
$
|
932,935
|
|
|
$
|
1,586,504
|
|
|
For the Year Ended December 31, 2014
|
||
|
(In thousands, except per share amounts)
|
||
Revenues
|
$
|
3,369,214
|
|
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
483,585
|
|
Earnings per common share:
|
|
||
Basic:
|
|
||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.50
|
|
Diluted:
|
|
||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.48
|
|
Weighted average shares used in computing earnings per common share:
|
|
||
Basic
|
322,590
|
|
|
Diluted
|
326,211
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||
|
|
Number of Properties Held for Sale (1)
|
|
Other Assets
|
|
Accounts Payable and Other Liabilities
|
|
Number of Properties Held for Sale (2)
|
|
Other Assets
|
|
Accounts Payable and Other Liabilities
|
||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||
Triple-net leased properties
|
|
14
|
|
|
$
|
34,097
|
|
|
$
|
1,330
|
|
|
15
|
|
|
$
|
125,981
|
|
|
$
|
50,456
|
|
MOB operations (3)
|
|
36
|
|
|
176,366
|
|
|
48,895
|
|
|
4
|
|
|
29,359
|
|
|
14,044
|
|
||||
Total
|
|
50
|
|
|
$
|
210,463
|
|
|
$
|
50,225
|
|
|
19
|
|
|
$
|
155,340
|
|
|
$
|
64,500
|
|
|
|
|
|
|
(1)
|
The operations for
three
triple-net leased properties and
two
MOBs are reported in discontinued operations in our Consolidated Statements of Income.
|
(2)
|
The operations for all properties listed are reported in discontinued operations in our Consolidated Statements of Income.
|
(3)
|
Includes
34
MOBs that are being marketed for sale and were classified as held for sale as of
December 31, 2014
. Aggregate NOI for this portfolio of assets was
$11.9 million
,
$13.8 million
, and
$14.1 million
for the years ended
December 31, 2014
,
2013
, and 2012 respectively. The sale of these MOBs does not meet the criteria for reporting as discontinued operations.
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
4,331
|
|
|
$
|
14,060
|
|
|
$
|
34,840
|
|
Resident fees and services
|
—
|
|
|
759
|
|
|
6,435
|
|
|||
Interest and other income
|
750
|
|
|
—
|
|
|
5,052
|
|
|||
|
5,081
|
|
|
14,819
|
|
|
46,327
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Interest
|
1,714
|
|
|
5,472
|
|
|
13,314
|
|
|||
Depreciation and amortization
|
1,555
|
|
|
47,806
|
|
|
49,807
|
|
|||
Property-level operating expenses
|
507
|
|
|
1,994
|
|
|
7,971
|
|
|||
General, administrative and professional fees
|
—
|
|
|
3
|
|
|
303
|
|
|||
Gain on extinguishment of debt, net
|
—
|
|
|
(153
|
)
|
|
—
|
|
|||
Other
|
412
|
|
|
(407
|
)
|
|
1,902
|
|
|||
|
4,188
|
|
|
54,715
|
|
|
73,297
|
|
|||
Income (loss) before income taxes and gain on real estate dispositions
|
893
|
|
|
(39,896
|
)
|
|
(26,970
|
)
|
|||
Income tax benefit
|
—
|
|
|
—
|
|
|
4
|
|
|||
Gain on real estate dispositions
|
1,213
|
|
|
3,617
|
|
|
80,952
|
|
|||
Discontinued operations
|
$
|
2,106
|
|
|
$
|
(36,279
|
)
|
|
$
|
53,986
|
|
|
|
December 31, 2014
|
||||||||||||||
|
|
Carrying Amount
|
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized Gain (Loss)
|
||||||||
|
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Secured mortgage loans and other
|
|
$
|
766,641
|
|
|
$
|
766,641
|
|
|
$
|
774,789
|
|
|
$
|
—
|
|
Government-sponsored pooled loan investments
|
|
63,115
|
|
|
61,377
|
|
|
63,115
|
|
|
1,738
|
|
||||
Total investments reported as Secured loans receivable and investments, net
|
|
829,756
|
|
|
828,018
|
|
|
837,904
|
|
|
1,738
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Unsecured loans receivable
|
|
21,862
|
|
|
21,862
|
|
|
23,164
|
|
|
—
|
|
||||
Marketable securities
|
|
76,046
|
|
|
71,000
|
|
|
76,046
|
|
|
5,046
|
|
||||
Total investments reported as Other assets
|
|
97,908
|
|
|
92,862
|
|
|
99,210
|
|
|
5,046
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total net loans receivable and investments
|
|
$
|
927,664
|
|
|
$
|
920,880
|
|
|
$
|
937,114
|
|
|
$
|
6,784
|
|
|
|
December 31, 2013
|
||||||||||||||
|
|
Carrying Amount
|
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized Gain (Loss)
|
||||||||
|
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Secured mortgage loans and other
|
|
$
|
354,775
|
|
|
$
|
354,775
|
|
|
$
|
355,223
|
|
|
$
|
—
|
|
Government-sponsored pooled loan investments
|
|
21,454
|
|
|
21,671
|
|
|
21,454
|
|
|
(217
|
)
|
||||
Total investments reported as Secured loans receivable and investments, net
|
|
376,229
|
|
|
376,446
|
|
|
376,677
|
|
|
(217
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Unsecured loans receivable
|
|
38,542
|
|
|
38,542
|
|
|
40,473
|
|
|
—
|
|
||||
Total investments reported as Other assets
|
|
38,542
|
|
|
38,542
|
|
|
40,473
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total net loans receivable and investments
|
|
$
|
414,771
|
|
|
$
|
414,988
|
|
|
$
|
417,150
|
|
|
$
|
(217
|
)
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||
|
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
|
$
|
210,573
|
|
|
8.2
|
|
$
|
214,353
|
|
|
8.4
|
In-place and other lease intangibles
|
829,078
|
|
|
23.9
|
|
795,829
|
|
|
24.1
|
||
Goodwill and other intangibles
|
489,384
|
|
|
7.9
|
|
489,346
|
|
|
8.6
|
||
Accumulated amortization
|
(549,026
|
)
|
|
N/A
|
|
(458,919
|
)
|
|
N/A
|
||
Net intangible assets
|
$
|
980,009
|
|
|
19.9
|
|
$
|
1,040,609
|
|
|
19.8
|
Intangible liabilities:
|
|
|
|
|
|
|
|
||||
Below market lease intangibles
|
$
|
425,092
|
|
|
14.7
|
|
$
|
429,199
|
|
|
14.7
|
Other lease intangibles
|
32,103
|
|
|
26.1
|
|
32,103
|
|
|
24.8
|
||
Accumulated amortization
|
(158,480
|
)
|
|
N/A
|
|
(119,549
|
)
|
|
N/A
|
||
Purchase option intangibles
|
22,900
|
|
|
N/A
|
|
29,294
|
|
|
N/A
|
||
Net intangible liabilities
|
$
|
321,615
|
|
|
15.2
|
|
$
|
371,047
|
|
|
15.1
|
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Straight-line rent receivables, net
|
$
|
187,969
|
|
|
$
|
150,829
|
|
Unsecured loans receivable, net
|
21,862
|
|
|
38,542
|
|
||
Goodwill and other intangibles, net
|
472,052
|
|
|
476,483
|
|
||
Assets held for sale
|
210,463
|
|
|
155,340
|
|
||
Marketable securities
|
76,046
|
|
|
—
|
|
||
Other
|
163,145
|
|
|
125,141
|
|
||
Total other assets
|
$
|
1,131,537
|
|
|
$
|
946,335
|
|
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Unsecured revolving credit facility (1)
|
$
|
919,099
|
|
|
$
|
376,343
|
|
3.125% Senior Notes due 2015
|
400,000
|
|
|
400,000
|
|
||
6% Senior Notes due 2015
|
234,420
|
|
|
234,420
|
|
||
1.55% Senior Notes due 2016
|
550,000
|
|
|
550,000
|
|
||
1.250% Senior Notes due 2017
|
300,000
|
|
|
—
|
|
||
2.00% Senior Notes due 2018
|
700,000
|
|
|
700,000
|
|
||
Unsecured term loan due 2018 (2)
|
200,000
|
|
|
200,000
|
|
||
Unsecured term loan due 2019 (2)
|
790,634
|
|
|
800,702
|
|
||
4.00% Senior Notes due 2019
|
600,000
|
|
|
600,000
|
|
||
3.00% Senior Notes, Series A due 2019 (3)
|
344,204
|
|
|
—
|
|
||
2.700% Senior Notes due 2020
|
500,000
|
|
|
500,000
|
|
||
4.750% Senior Notes due 2021
|
700,000
|
|
|
700,000
|
|
||
4.25% Senior Notes due 2022
|
600,000
|
|
|
600,000
|
|
||
3.25% Senior Notes due 2022
|
500,000
|
|
|
500,000
|
|
||
3.750% Senior Notes due 2024
|
400,000
|
|
|
—
|
|
||
4.125% Senior Notes, Series B due 2024 (3)
|
215,128
|
|
|
—
|
|
||
6.90% Senior Notes due 2037
|
52,400
|
|
|
52,400
|
|
||
6.59% Senior Notes due 2038
|
22,973
|
|
|
22,973
|
|
||
5.45% Senior Notes due 2043
|
258,750
|
|
|
258,750
|
|
||
5.70% Senior Notes due 2043
|
300,000
|
|
|
300,000
|
|
||
Mortgage loans and other (4)
|
2,284,763
|
|
|
2,524,889
|
|
||
Total
|
10,872,371
|
|
|
9,320,477
|
|
||
Unamortized fair value adjustment
|
41,853
|
|
|
69,611
|
|
||
Unamortized discounts
|
(26,132
|
)
|
|
(25,096
|
)
|
||
Senior notes payable and other debt
|
$
|
10,888,092
|
|
|
$
|
9,364,992
|
|
(1)
|
$164.1 million
and
$7.3 million
of aggregate borrowings are denominated in Canadian dollars as of
December 31, 2014
and
2013
, respectively.
|
(2)
|
These amounts represent in aggregate the approximate
$1.0 billion
of unsecured term loan borrowings under our unsecured credit facility, of which
$107.0 million
of borrowings included in the 2019 tranche are denominated in Canadian dollar borrowings.
|
(3)
|
These senior notes are denominated in Canadian dollars.
|
(4)
|
2014 excludes
$43.5 million
of mortgage debt related to real estate assets classified as held for sale as of
December 31, 2014
that is included in accounts payable and other liabilities on our Consolidated Balance Sheet. 2013 excludes
$13.1 million
of mortgage debt that is included in accounts payable and other liabilities on our Consolidated Balance Sheet.
|
|
Principal Amount
Due at Maturity
|
|
Unsecured Revolving
Credit
Facility(1)
|
|
Scheduled Periodic
Amortization
|
|
Total Maturities
|
||||||||
|
(In thousands)
|
||||||||||||||
2015 (2)
|
$
|
704,082
|
|
|
$
|
—
|
|
|
$
|
41,765
|
|
|
$
|
745,847
|
|
2016 (2)
|
861,817
|
|
|
—
|
|
|
37,913
|
|
|
899,730
|
|
||||
2017 (2)
|
777,127
|
|
|
—
|
|
|
27,500
|
|
|
804,627
|
|
||||
2018 (2)
|
1,075,209
|
|
|
919,099
|
|
|
21,585
|
|
|
2,015,893
|
|
||||
2019
|
2,294,979
|
|
|
—
|
|
|
13,985
|
|
|
2,308,964
|
|
||||
Thereafter (3)
|
3,952,366
|
|
|
—
|
|
|
144,944
|
|
|
4,097,310
|
|
||||
Total maturities
|
$
|
9,665,580
|
|
|
$
|
919,099
|
|
|
$
|
287,692
|
|
|
$
|
10,872,371
|
|
(1)
|
At
December 31, 2014
, we had
$55.3 million
of unrestricted cash and cash equivalents, for
$863.8 million
of net borrowings outstanding under our unsecured revolving credit facility.
|
(2)
|
Excludes
$43.5 million
of mortgage debt related to real estate assets classified as held for sale as of
December 31, 2014
that is scheduled to mature between 2015 and 2018.
|
(3)
|
Includes
$52.4 million
aggregate principal amount of
6.90%
senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and
$23.0 million
aggregate principal amount of
6.59%
senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.
|
|
2014
|
|
2013
|
||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
55,348
|
|
|
$
|
55,348
|
|
|
$
|
94,816
|
|
|
$
|
94,816
|
|
Secured loans receivable, net
|
766,641
|
|
|
774,789
|
|
|
354,775
|
|
|
355,223
|
|
||||
Unsecured loans receivable, net
|
21,862
|
|
|
23,164
|
|
|
38,542
|
|
|
40,473
|
|
||||
Government-sponsored pooled loan investments
|
63,115
|
|
|
63,115
|
|
|
21,454
|
|
|
21,454
|
|
||||
Marketable securities
|
76,046
|
|
|
76,046
|
|
|
—
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Senior notes payable and other debt, gross
|
10,872,371
|
|
|
11,197,131
|
|
|
9,320,477
|
|
|
9,405,259
|
|
||||
Derivative instruments and other liabilities
|
2,743
|
|
|
2,743
|
|
|
11,230
|
|
|
11,230
|
|
||||
Redeemable OP unitholder interests
|
159,134
|
|
|
159,134
|
|
|
111,607
|
|
|
111,607
|
|
•
|
Executive Deferred Stock Compensation Plan—
500,000
shares were reserved initially for issuance to our executive officers in lieu of the payment of all or a portion of their salary, at their option, and
500,000
shares were available for future issuance as of
December 31, 2014
.
|
•
|
Nonemployee Directors’ Deferred Stock Compensation Plan—
500,000
shares were reserved initially for issuance to nonemployee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and
411,745
shares were available for future issuance as of
December 31, 2014
.
|
•
|
2012 Incentive Plan—
8,836,614
shares (plus the number of shares or options outstanding under the 2006 Plans as of December 31, 2012 that were or are subsequently forfeited or expire unexercised) were reserved initially for grants or issuance to employees and non-employee directors, and
7,170,536
shares (plus the number of shares or options outstanding under the 2006 Plans as of December 31, 2014 that were or are subsequently forfeited or expire unexercised) were available for future issuance as of
December 31, 2014
.
|
|
2014
|
|
2013
|
|
2012
|
|||
Risk-free interest rate
|
1.3 - 1.4%
|
|
|
0.59 - 0.63%
|
|
|
0.68 - 1.39%
|
|
Dividend yield
|
5.00
|
%
|
|
5.00
|
%
|
|
6.75
|
%
|
Volatility factors of the expected market price for our common stock
|
17.8 - 18.0%
|
|
|
24.2 - 31.7%
|
|
|
35.9 - 42.9%
|
|
Weighted average expected life of options
|
4.17 years
|
|
|
4.17 years
|
|
|
4.25 - 7.0 years
|
|
|
Shares
|
|
Range of Exercise
Prices
|
|
Weighted Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Life (years)
|
|
Intrinsic
Value
($000’s)
|
|||||
Outstanding as of December 31, 2013
|
2,258,763
|
|
|
$21.57- $73.20
|
|
$
|
51.59
|
|
|
|
|
|
|
|
Options granted
|
918,225
|
|
|
60.50 - 61.60
|
|
61.37
|
|
|
|
|
|
|
||
Options exercised
|
(634,299
|
)
|
|
21.57 - 70.34
|
|
41.26
|
|
|
|
|
|
|
||
Options forfeited
|
(82,061
|
)
|
|
55.39 - 73.20
|
|
65.10
|
|
|
|
|
|
|||
Outstanding as of December 31, 2014
|
2,460,628
|
|
|
28.96 - 70.34
|
|
57.45
|
|
|
7.3
|
|
$
|
35,068
|
|
|
Exercisable as of December 31, 2014
|
1,670,864
|
|
|
$28.96 - $70.34
|
|
$
|
54.99
|
|
|
6.6
|
|
$
|
27,921
|
|
|
Shares
|
|
Weighted Average
Grant Date Fair
Value
|
|||
Nonvested at beginning of year
|
534,686
|
|
|
$
|
9.54
|
|
Granted
|
918,225
|
|
|
4.37
|
|
|
Vested
|
(594,751
|
)
|
|
7.30
|
|
|
Forfeited
|
(68,396
|
)
|
|
6.35
|
|
|
Nonvested at end of year
|
789,764
|
|
|
$
|
5.49
|
|
|
Restricted
Stock
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Restricted
Stock Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Nonvested at December 31, 2013
|
509,116
|
|
|
$
|
56.66
|
|
|
7,516
|
|
|
$
|
60.80
|
|
Granted
|
207,182
|
|
|
61.60
|
|
|
9,076
|
|
|
57.28
|
|
||
Vested
|
(282,448
|
)
|
|
57.41
|
|
|
(5,155
|
)
|
|
59.10
|
|
||
Forfeited
|
(31,109
|
)
|
|
58.74
|
|
|
(45
|
)
|
|
53.74
|
|
||
Nonvested at December 31, 2014
|
402,741
|
|
|
$
|
58.51
|
|
|
11,392
|
|
|
$
|
58.79
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Tax treatment of distributions:
|
|
|
|
|
|
||||||
Ordinary income
|
$
|
2.61271
|
|
|
$
|
2.65787
|
|
|
$
|
2.23124
|
|
Qualified ordinary income
|
0.10474
|
|
|
0.03718
|
|
|
—
|
|
|||
Long-term capital gain
|
0.16224
|
|
|
0.03995
|
|
|
0.18884
|
|
|||
Unrecaptured Section 1250 gain
|
0.08531
|
|
|
—
|
|
|
0.05992
|
|
|||
Distribution reported for 1099-DIV purposes
|
$
|
2.96500
|
|
|
$
|
2.73500
|
|
|
$
|
2.48000
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Current - Federal and state
|
$
|
878
|
|
|
$
|
2,684
|
|
|
$
|
1,208
|
|
Deferred - Federal and state
|
(5,110
|
)
|
|
(14,256
|
)
|
|
(6,789
|
)
|
|||
Current - Foreign
|
327
|
|
|
—
|
|
|
—
|
|
|||
Deferred - Foreign
|
(4,827
|
)
|
|
(256
|
)
|
|
(701
|
)
|
|||
Total
|
$
|
(8,732
|
)
|
|
$
|
(11,828
|
)
|
|
$
|
(6,282
|
)
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
|
$
|
156,981
|
|
|
$
|
167,947
|
|
|
$
|
99,174
|
|
State income taxes, net of federal benefit
|
(1,152
|
)
|
|
(1,857
|
)
|
|
(842
|
)
|
|||
Increase in valuation allowance
|
23,122
|
|
|
7,145
|
|
|
33,577
|
|
|||
Increase (decrease) in ASC 740 income tax liability
|
878
|
|
|
2,805
|
|
|
656
|
|
|||
Tax at statutory rate on earnings not subject to federal income taxes
|
(185,290
|
)
|
|
(187,416
|
)
|
|
(138,687
|
)
|
|||
Foreign rate differential and foreign taxes
|
3,230
|
|
|
—
|
|
|
—
|
|
|||
Change in tax status of TRS
|
(7,380
|
)
|
|
—
|
|
|
—
|
|
|||
Other differences
|
879
|
|
|
(452
|
)
|
|
(160
|
)
|
|||
Income tax expense (benefit)
|
$
|
(8,732
|
)
|
|
$
|
(11,828
|
)
|
|
$
|
(6,282
|
)
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
|
$
|
(406,023
|
)
|
|
$
|
(309,775
|
)
|
|
$
|
(310,756
|
)
|
Operating loss and interest deduction carryforwards
|
398,859
|
|
|
377,645
|
|
|
366,590
|
|
|||
Expense accruals and other
|
15,355
|
|
|
13,421
|
|
|
13,984
|
|
|||
Valuation allowance
|
(352,528
|
)
|
|
(331,458
|
)
|
|
(326,837
|
)
|
|||
Net deferred tax liabilities (1)
|
$
|
(344,337
|
)
|
|
$
|
(250,167
|
)
|
|
$
|
(257,019
|
)
|
(1)
|
Includes approximately
$0 million
,
$0 million
and
$2.7 million
, respectively, of deferred tax assets included in other assets on our Consolidated Balance Sheets.
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Beginning Balance
|
$
|
331,458
|
|
|
$
|
326,837
|
|
|
$
|
281,954
|
|
Additions:
|
|
|
|
|
|
||||||
Purchase accounting
|
—
|
|
|
613
|
|
|
3,987
|
|
|||
Expenses
|
28,364
|
|
|
31,540
|
|
|
41,445
|
|
|||
Subtractions:
|
|
|
|
|
|
||||||
Deductions
|
(2,344
|
)
|
|
(23,622
|
)
|
|
(3,611
|
)
|
|||
Other activity (not resulting in expense or deduction)
|
(4,950
|
)
|
|
(3,910
|
)
|
|
3,062
|
|
|||
Ending balance
|
$
|
352,528
|
|
|
$
|
331,458
|
|
|
$
|
326,837
|
|
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Balance as of January 1
|
$
|
21,906
|
|
|
$
|
19,466
|
|
Additions to tax positions related to the current year
|
4,507
|
|
|
3,901
|
|
||
Additions to tax positions related to prior years
|
126
|
|
|
—
|
|
||
Subtractions to tax positions related to prior years
|
(129
|
)
|
|
(513
|
)
|
||
Subtractions to tax positions related to settlements
|
—
|
|
|
—
|
|
||
Subtractions to tax positions as a result of the lapse of the statute of limitations
|
(964
|
)
|
|
(948
|
)
|
||
Balance as of December 31
|
$
|
25,446
|
|
|
$
|
21,906
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands, except per share amounts)
|
||||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
473,661
|
|
|
$
|
489,788
|
|
|
$
|
308,814
|
|
Discontinued operations
|
2,106
|
|
|
(36,279
|
)
|
|
53,986
|
|
|||
Net income attributable to common stockholders
|
$
|
475,767
|
|
|
$
|
453,509
|
|
|
$
|
362,800
|
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic earnings per share—weighted average shares
|
294,175
|
|
|
292,654
|
|
|
292,064
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options
|
495
|
|
|
534
|
|
|
496
|
|
|||
Restricted stock awards
|
55
|
|
|
99
|
|
|
92
|
|
|||
OP units
|
1,952
|
|
|
1,823
|
|
|
1,836
|
|
|||
Denominator for diluted earnings per share—adjusted weighted average shares
|
296,677
|
|
|
295,110
|
|
|
294,488
|
|
|||
Basic earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
1.61
|
|
|
$
|
1.67
|
|
|
$
|
1.06
|
|
Discontinued operations
|
0.01
|
|
|
(0.12
|
)
|
|
0.18
|
|
|||
Net income attributable to common stockholders
|
$
|
1.62
|
|
|
$
|
1.55
|
|
|
$
|
1.24
|
|
Diluted earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
1.59
|
|
|
$
|
1.66
|
|
|
$
|
1.05
|
|
Discontinued operations
|
0.01
|
|
|
(0.12
|
)
|
|
0.18
|
|
|||
Net income attributable to common stockholders
|
$
|
1.60
|
|
|
$
|
1.54
|
|
|
$
|
1.23
|
|
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Foreign currency translation
|
$
|
866
|
|
|
$
|
18,019
|
|
Unrealized gain (loss) on marketable securities
|
6,785
|
|
|
(216
|
)
|
||
Other
|
5,470
|
|
|
1,856
|
|
||
Total accumulated other comprehensive income
|
$
|
13,121
|
|
|
$
|
19,659
|
|
|
|
Redeemable OP Unitholder Interests
|
|
Redeemable Noncontrolling Interests
|
|
Total Redeemable OP Unitholder and Noncontrolling Interests
|
||||||
|
|
(In thousands)
|
||||||||||
Balance as of December 31, 2013
|
|
$
|
111,607
|
|
|
$
|
45,053
|
|
|
$
|
156,660
|
|
New issuances
|
|
20,643
|
|
|
—
|
|
|
20,643
|
|
|||
Change in valuation
|
|
33,062
|
|
|
(4,020
|
)
|
|
29,042
|
|
|||
Distributions and other
|
|
(5,757
|
)
|
|
(1,982
|
)
|
|
(7,739
|
)
|
|||
Redemptions
|
|
(421
|
)
|
|
(26,169
|
)
|
|
(26,590
|
)
|
|||
Balance as of December 31, 2014
|
|
$
|
159,134
|
|
|
$
|
12,882
|
|
|
$
|
172,016
|
|
|
For the Year Ended December 31, 2014
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues
|
$
|
741,470
|
|
|
$
|
751,254
|
|
|
$
|
779,035
|
|
|
$
|
803,987
|
|
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
118,016
|
|
|
$
|
138,653
|
|
|
$
|
109,391
|
|
|
$
|
107,601
|
|
Discontinued operations
|
3,031
|
|
|
(255
|
)
|
|
(259
|
)
|
|
(411
|
)
|
||||
Net income attributable to common stockholders
|
$
|
121,047
|
|
|
$
|
138,398
|
|
|
$
|
109,132
|
|
|
$
|
107,190
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
0.40
|
|
|
$
|
0.47
|
|
|
$
|
0.37
|
|
|
$
|
0.36
|
|
Discontinued operations
|
0.01
|
|
|
(0.00
|
)
|
|
(0.00
|
)
|
|
(0.00
|
)
|
||||
Net income attributable to common stockholders
|
$
|
0.41
|
|
|
$
|
0.47
|
|
|
$
|
0.37
|
|
|
$
|
0.36
|
|
Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
0.40
|
|
|
$
|
0.47
|
|
|
$
|
0.37
|
|
|
$
|
0.36
|
|
Discontinued operations
|
0.01
|
|
|
(0.00
|
)
|
|
(0.00
|
)
|
|
(0.00
|
)
|
||||
Net income attributable to common stockholders
|
$
|
0.41
|
|
|
$
|
0.47
|
|
|
$
|
0.37
|
|
|
$
|
0.36
|
|
Dividends declared per share
|
$
|
0.725
|
|
|
$
|
0.725
|
|
|
$
|
0.725
|
|
|
$
|
0.79
|
|
|
For the Year Ended December 31, 2013
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues (1)
|
$
|
682,909
|
|
|
$
|
684,109
|
|
|
$
|
711,249
|
|
|
$
|
733,185
|
|
Income from continuing operations attributable to common stockholders (1)
|
$
|
120,624
|
|
|
$
|
133,139
|
|
|
$
|
127,470
|
|
|
$
|
108,555
|
|
Discontinued operations (1)
|
(8,431
|
)
|
|
(18,559
|
)
|
|
(9,174
|
)
|
|
(115
|
)
|
||||
Net income attributable to common stockholders
|
$
|
112,193
|
|
|
$
|
114,580
|
|
|
$
|
118,296
|
|
|
$
|
108,440
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders
|
$
|
0.41
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
$
|
0.37
|
|
Discontinued operations
|
(0.03
|
)
|
|
(0.06
|
)
|
|
(0.03
|
)
|
|
(0.00
|
)
|
||||
Net income attributable to common stockholders
|
$
|
0.38
|
|
|
$
|
0.39
|
|
|
$
|
0.40
|
|
|
$
|
0.37
|
|
Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders
|
$
|
0.41
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
$
|
0.37
|
|
Discontinued operations
|
(0.03
|
)
|
|
(0.06
|
)
|
|
(0.03
|
)
|
|
(0.00
|
)
|
||||
Net income attributable to common stockholders
|
$
|
0.38
|
|
|
$
|
0.39
|
|
|
$
|
0.40
|
|
|
$
|
0.37
|
|
Dividends declared per share
|
$
|
0.67
|
|
|
$
|
0.67
|
|
|
$
|
0.67
|
|
|
$
|
0.725
|
|
(1)
|
The amounts presented for the three months ended March 31,
2013
, June 30,
2013
, September 30,
2013
and
December 31, 2013
differ from the amounts previously reported in our Annual Report on Form 10-K for the year ended
December 31, 2013
as a result of properties previously included in discontinued operations as of
December 31, 2013
.
|
|
For the Three Months Ended
|
||||||||||||||
|
March 31,
2013
|
|
June 30,
2013
|
|
September 30,
2013
|
|
December 31,
2013
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues, previously reported in Form 10-K
|
$
|
682,509
|
|
|
$
|
683,764
|
|
|
$
|
710,924
|
|
|
$
|
732,856
|
|
Revenues, previously reported in discontinued operations in Form 10-K
|
400
|
|
|
345
|
|
|
325
|
|
|
329
|
|
||||
Total revenues disclosed in Form 10-K
|
$
|
682,909
|
|
|
$
|
684,109
|
|
|
$
|
711,249
|
|
|
$
|
733,185
|
|
Income from continuing operations attributable to common stockholders, previously reported in Form 10-K
|
$
|
120,429
|
|
|
$
|
132,895
|
|
|
$
|
127,268
|
|
|
$
|
108,338
|
|
Income from continuing operations attributable to common stockholders, previously reported in discontinued operations in Form 10-K
|
195
|
|
|
244
|
|
|
202
|
|
|
217
|
|
||||
Income from continuing operations attributable to common stockholders disclosed in Form 10-K
|
$
|
120,624
|
|
|
$
|
133,139
|
|
|
$
|
127,470
|
|
|
$
|
108,555
|
|
Discontinued operations, previously reported in Form 10-K
|
$
|
(8,236
|
)
|
|
$
|
(18,315
|
)
|
|
$
|
(8,972
|
)
|
|
$
|
102
|
|
Operations from properties previously reported in discontinued operations in Form 10-K
|
(195
|
)
|
|
(244
|
)
|
|
(202
|
)
|
|
(217
|
)
|
||||
Discontinued operations disclosed in Form 10-K
|
$
|
(8,431
|
)
|
|
$
|
(18,559
|
)
|
|
$
|
(9,174
|
)
|
|
$
|
(115
|
)
|
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
MOB
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
970,377
|
|
|
$
|
—
|
|
|
$
|
463,618
|
|
|
$
|
—
|
|
|
$
|
1,433,995
|
|
Resident fees and services
|
—
|
|
|
1,552,951
|
|
|
—
|
|
|
—
|
|
|
1,552,951
|
|
|||||
Medical office building and other services revenue
|
4,565
|
|
|
—
|
|
|
22,529
|
|
|
2,270
|
|
|
29,364
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
55,169
|
|
|
55,169
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,267
|
|
|
4,267
|
|
|||||
Total revenues
|
$
|
974,942
|
|
|
$
|
1,552,951
|
|
|
$
|
486,147
|
|
|
$
|
61,706
|
|
|
$
|
3,075,746
|
|
Total revenues
|
$
|
974,942
|
|
|
$
|
1,552,951
|
|
|
$
|
486,147
|
|
|
$
|
61,706
|
|
|
$
|
3,075,746
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,267
|
|
|
4,267
|
|
|||||
Property-level operating expenses
|
—
|
|
|
1,036,556
|
|
|
158,542
|
|
|
—
|
|
|
1,195,098
|
|
|||||
Medical office building services costs
|
—
|
|
|
—
|
|
|
17,092
|
|
|
—
|
|
|
17,092
|
|
|||||
Segment NOI
|
974,942
|
|
|
516,395
|
|
|
310,513
|
|
|
57,439
|
|
|
1,859,289
|
|
|||||
Income (loss) from unconsolidated entities
|
859
|
|
|
(658
|
)
|
|
398
|
|
|
(738
|
)
|
|
(139
|
)
|
|||||
Segment profit
|
$
|
975,801
|
|
|
$
|
515,737
|
|
|
$
|
310,911
|
|
|
$
|
56,701
|
|
|
1,859,150
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
4,267
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(376,842
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(826,911
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(121,746
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,564
|
)
|
|||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,051
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(38,925
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
8,732
|
|
|||||
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
2,106
|
|
|||||
Gain on real estate dispositions
|
|
|
|
|
|
|
|
|
17,970
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
477,186
|
|
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
MOB
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
877,276
|
|
|
$
|
—
|
|
|
$
|
450,107
|
|
|
$
|
—
|
|
|
$
|
1,327,383
|
|
Resident fees and services
|
—
|
|
|
1,406,005
|
|
|
—
|
|
|
—
|
|
|
1,406,005
|
|
|||||
Medical office building and other services revenue
|
4,469
|
|
|
—
|
|
|
12,077
|
|
|
1,263
|
|
|
17,809
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
58,208
|
|
|
58,208
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,047
|
|
|
2,047
|
|
|||||
Total revenues
|
$
|
881,745
|
|
|
$
|
1,406,005
|
|
|
$
|
462,184
|
|
|
$
|
61,518
|
|
|
$
|
2,811,452
|
|
Total revenues
|
$
|
881,745
|
|
|
$
|
1,406,005
|
|
|
$
|
462,184
|
|
|
$
|
61,518
|
|
|
$
|
2,811,452
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,047
|
|
|
2,047
|
|
|||||
Property-level operating expenses
|
—
|
|
|
956,684
|
|
|
152,948
|
|
|
—
|
|
|
1,109,632
|
|
|||||
Medical office building services costs
|
—
|
|
|
—
|
|
|
8,315
|
|
|
—
|
|
|
8,315
|
|
|||||
Segment NOI
|
881,745
|
|
|
449,321
|
|
|
300,921
|
|
|
59,471
|
|
|
1,691,458
|
|
|||||
Income (loss) from unconsolidated entities
|
475
|
|
|
(1,980
|
)
|
|
1,451
|
|
|
(454
|
)
|
|
(508
|
)
|
|||||
Segment profit
|
$
|
882,220
|
|
|
$
|
447,341
|
|
|
$
|
302,372
|
|
|
$
|
59,017
|
|
|
1,690,950
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
2,047
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(334,909
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(722,075
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(115,106
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,201
|
)
|
|||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,634
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,732
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
11,828
|
|
|||||
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,279
|
)
|
|||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
454,889
|
|
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
MOB
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
819,882
|
|
|
$
|
—
|
|
|
$
|
360,849
|
|
|
$
|
—
|
|
|
$
|
1,180,731
|
|
Resident fees and services
|
—
|
|
|
1,227,124
|
|
|
—
|
|
|
—
|
|
|
1,227,124
|
|
|||||
Medical office building and other services revenue
|
4,438
|
|
|
—
|
|
|
16,303
|
|
|
—
|
|
|
20,741
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
39,913
|
|
|
39,913
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,106
|
|
|
1,106
|
|
|||||
Total revenues
|
$
|
824,320
|
|
|
$
|
1,227,124
|
|
|
$
|
377,152
|
|
|
$
|
41,019
|
|
|
$
|
2,469,615
|
|
Total revenues
|
$
|
824,320
|
|
|
$
|
1,227,124
|
|
|
$
|
377,152
|
|
|
$
|
41,019
|
|
|
$
|
2,469,615
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,106
|
|
|
1,106
|
|
|||||
Property-level operating expenses
|
—
|
|
|
841,022
|
|
|
125,400
|
|
|
—
|
|
|
966,422
|
|
|||||
Medical office building services costs
|
—
|
|
|
—
|
|
|
9,883
|
|
|
—
|
|
|
9,883
|
|
|||||
Segment NOI
|
824,320
|
|
|
386,102
|
|
|
241,869
|
|
|
39,913
|
|
|
1,492,204
|
|
|||||
Income (loss) from unconsolidated entities
|
1,313
|
|
|
(48
|
)
|
|
16,889
|
|
|
—
|
|
|
18,154
|
|
|||||
Segment profit
|
$
|
825,633
|
|
|
$
|
386,054
|
|
|
$
|
258,758
|
|
|
$
|
39,913
|
|
|
1,510,358
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
1,106
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(288,717
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(714,967
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(98,510
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
(37,640
|
)
|
|||||||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(63,183
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,940
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
6,282
|
|
|||||
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
53,986
|
|
|||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
361,775
|
|
|
As of December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||
Triple-net leased properties
|
$
|
9,176,159
|
|
|
43.2
|
%
|
|
$
|
8,919,360
|
|
|
45.2
|
%
|
Senior living operations
|
7,421,924
|
|
|
35.0
|
|
|
6,648,754
|
|
|
33.7
|
|
||
MOB operations
|
3,526,217
|
|
|
16.6
|
|
|
3,701,344
|
|
|
18.8
|
|
||
All other assets
|
1,101,871
|
|
|
5.2
|
|
|
462,036
|
|
|
2.3
|
|
||
Total assets
|
$
|
21,226,171
|
|
|
100.0
|
%
|
|
$
|
19,731,494
|
|
|
100.0
|
%
|
|
For the Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012 (1)
|
||||||
|
(In thousands)
|
||||||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Triple-net leased properties
|
$
|
647,870
|
|
|
$
|
847,945
|
|
|
$
|
139,680
|
|
Senior living operations
|
977,997
|
|
|
576,459
|
|
|
758,371
|
|
|||
MOB operations
|
36,861
|
|
|
189,953
|
|
|
1,003,865
|
|
|||
Total capital expenditures
|
$
|
1,662,728
|
|
|
$
|
1,614,357
|
|
|
$
|
1,901,916
|
|
|
|
(1)
|
Includes funds held in a Code Section 1031 exchange escrow account with a qualified intermediary as follows: triple-net leased –
$58.1 million
; senior living –
$64.7 million
; and MOB –
$11.2 million
.
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Net real estate property:
|
|
|
|
||||
United States
|
$
|
17,547,255
|
|
|
$
|
17,705,962
|
|
Canada
|
1,269,710
|
|
|
369,624
|
|
||
United Kingdom
|
168,594
|
|
|
—
|
|
||
Total net real estate property
|
$
|
18,985,559
|
|
|
$
|
18,075,586
|
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Net real estate investments
|
$
|
5,515
|
|
|
$
|
355,803
|
|
|
$
|
19,545,869
|
|
|
$
|
—
|
|
|
$
|
19,907,187
|
|
Cash and cash equivalents
|
24,857
|
|
|
—
|
|
|
30,491
|
|
|
—
|
|
|
55,348
|
|
|||||
Escrow deposits and restricted cash
|
2,102
|
|
|
1,424
|
|
|
68,245
|
|
|
—
|
|
|
71,771
|
|
|||||
Deferred financing costs, net
|
759
|
|
|
50,669
|
|
|
8,900
|
|
|
—
|
|
|
60,328
|
|
|||||
Investment in and advances to affiliates
|
10,827,772
|
|
|
3,466,998
|
|
|
—
|
|
|
(14,294,770
|
)
|
|
—
|
|
|||||
Other assets
|
103,534
|
|
|
57,912
|
|
|
970,091
|
|
|
—
|
|
|
1,131,537
|
|
|||||
Total assets
|
$
|
10,964,539
|
|
|
$
|
3,932,806
|
|
|
$
|
20,623,596
|
|
|
$
|
(14,294,770
|
)
|
|
$
|
21,226,171
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
$
|
—
|
|
|
$
|
7,422,975
|
|
|
$
|
3,465,117
|
|
|
$
|
—
|
|
|
$
|
10,888,092
|
|
Intercompany loans
|
5,555,128
|
|
|
(5,586,891
|
)
|
|
31,763
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest
|
—
|
|
|
43,212
|
|
|
18,885
|
|
|
—
|
|
|
62,097
|
|
|||||
Accounts payable and other liabilities
|
105,037
|
|
|
83,158
|
|
|
817,037
|
|
|
—
|
|
|
1,005,232
|
|
|||||
Deferred income taxes
|
344,337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
344,337
|
|
|||||
Total liabilities
|
6,004,502
|
|
|
1,962,454
|
|
|
4,332,802
|
|
|
—
|
|
|
12,299,758
|
|
|||||
Redeemable OP unitholder and noncontrolling interests
|
—
|
|
|
—
|
|
|
172,016
|
|
|
—
|
|
|
172,016
|
|
|||||
Total equity
|
4,960,037
|
|
|
1,970,352
|
|
|
16,118,778
|
|
|
(14,294,770
|
)
|
|
8,754,397
|
|
|||||
Total liabilities and equity
|
$
|
10,964,539
|
|
|
$
|
3,932,806
|
|
|
$
|
20,623,596
|
|
|
$
|
(14,294,770
|
)
|
|
$
|
21,226,171
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Net real estate investments
|
$
|
7,009
|
|
|
$
|
374,590
|
|
|
$
|
18,161,872
|
|
|
$
|
—
|
|
|
$
|
18,543,471
|
|
Cash and cash equivalents
|
28,169
|
|
|
—
|
|
|
66,647
|
|
|
—
|
|
|
94,816
|
|
|||||
Escrow deposits and restricted cash
|
2,104
|
|
|
1,211
|
|
|
81,342
|
|
|
—
|
|
|
84,657
|
|
|||||
Deferred financing costs, net
|
758
|
|
|
54,022
|
|
|
7,435
|
|
|
—
|
|
|
62,215
|
|
|||||
Investment in and advances to affiliates
|
10,481,466
|
|
|
3,201,998
|
|
|
—
|
|
|
(13,683,464
|
)
|
|
—
|
|
|||||
Other assets
|
29,450
|
|
|
14,102
|
|
|
902,783
|
|
|
—
|
|
|
946,335
|
|
|||||
Total assets
|
$
|
10,548,956
|
|
|
$
|
3,645,923
|
|
|
$
|
19,220,079
|
|
|
$
|
(13,683,464
|
)
|
|
$
|
19,731,494
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
$
|
—
|
|
|
$
|
6,336,240
|
|
|
$
|
3,028,752
|
|
|
$
|
—
|
|
|
$
|
9,364,992
|
|
Intercompany loans
|
4,247,853
|
|
|
(4,682,119
|
)
|
|
434,266
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest
|
—
|
|
|
39,561
|
|
|
14,788
|
|
|
—
|
|
|
54,349
|
|
|||||
Accounts payable and other liabilities
|
94,495
|
|
|
28,152
|
|
|
878,868
|
|
|
—
|
|
|
1,001,515
|
|
|||||
Deferred income taxes
|
250,167
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,167
|
|
|||||
Total liabilities
|
4,592,515
|
|
|
1,721,834
|
|
|
4,356,674
|
|
|
—
|
|
|
10,671,023
|
|
|||||
Redeemable OP unitholder and noncontrolling interests
|
—
|
|
|
—
|
|
|
156,660
|
|
|
—
|
|
|
156,660
|
|
|||||
Total equity
|
5,956,441
|
|
|
1,924,089
|
|
|
14,706,745
|
|
|
(13,683,464
|
)
|
|
8,903,811
|
|
|||||
Total liabilities and equity
|
$
|
10,548,956
|
|
|
$
|
3,645,923
|
|
|
$
|
19,220,079
|
|
|
$
|
(13,683,464
|
)
|
|
$
|
19,731,494
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
2,789
|
|
|
$
|
282,174
|
|
|
$
|
1,149,032
|
|
|
$
|
—
|
|
|
$
|
1,433,995
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,552,951
|
|
|
—
|
|
|
1,552,951
|
|
|||||
Medical office building and other services revenues
|
—
|
|
|
—
|
|
|
29,364
|
|
|
—
|
|
|
29,364
|
|
|||||
Income from loans and investments
|
3,052
|
|
|
—
|
|
|
52,117
|
|
|
—
|
|
|
55,169
|
|
|||||
Equity earnings in affiliates
|
480,273
|
|
|
—
|
|
|
281
|
|
|
(480,554
|
)
|
|
—
|
|
|||||
Interest and other income
|
3,314
|
|
|
26
|
|
|
927
|
|
|
—
|
|
|
4,267
|
|
|||||
Total revenues
|
489,428
|
|
|
282,200
|
|
|
2,784,672
|
|
|
(480,554
|
)
|
|
3,075,746
|
|
|||||
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(18,209
|
)
|
|
197,704
|
|
|
197,347
|
|
|
—
|
|
|
376,842
|
|
|||||
Depreciation and amortization
|
5,860
|
|
|
32,736
|
|
|
788,315
|
|
|
—
|
|
|
826,911
|
|
|||||
Property-level operating expenses
|
1
|
|
|
481
|
|
|
1,194,616
|
|
|
—
|
|
|
1,195,098
|
|
|||||
Medical office building services costs
|
—
|
|
|
—
|
|
|
17,092
|
|
|
—
|
|
|
17,092
|
|
|||||
General, administrative and professional fees
|
3,910
|
|
|
20,569
|
|
|
97,267
|
|
|
—
|
|
|
121,746
|
|
|||||
(Gain) loss on extinguishment of debt, net
|
(3
|
)
|
|
3
|
|
|
5,564
|
|
|
—
|
|
|
5,564
|
|
|||||
Merger-related expenses and deal costs
|
27,841
|
|
|
2,110
|
|
|
15,100
|
|
|
—
|
|
|
45,051
|
|
|||||
Other
|
22,169
|
|
|
488
|
|
|
16,268
|
|
|
—
|
|
|
38,925
|
|
|||||
Total expenses
|
41,569
|
|
|
254,091
|
|
|
2,331,569
|
|
|
—
|
|
|
2,627,229
|
|
|||||
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
447,859
|
|
|
28,109
|
|
|
453,103
|
|
|
(480,554
|
)
|
|
448,517
|
|
|||||
Income (loss) from unconsolidated entities
|
—
|
|
|
1,250
|
|
|
(1,389
|
)
|
|
—
|
|
|
(139
|
)
|
|||||
Income tax benefit (expense)
|
8,732
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,732
|
|
|||||
Income from continuing operations
|
456,591
|
|
|
29,359
|
|
|
451,714
|
|
|
(480,554
|
)
|
|
457,110
|
|
|||||
Discontinued operations
|
1,206
|
|
|
(1,198
|
)
|
|
2,098
|
|
|
—
|
|
|
2,106
|
|
|||||
Gain on real estate dispositions
|
17,970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,970
|
|
|||||
Net income
|
475,767
|
|
|
28,161
|
|
|
453,812
|
|
|
(480,554
|
)
|
|
477,186
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,419
|
|
|
—
|
|
|
1,419
|
|
|||||
Net income attributable to common stockholders
|
$
|
475,767
|
|
|
$
|
28,161
|
|
|
$
|
452,393
|
|
|
$
|
(480,554
|
)
|
|
$
|
475,767
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
2,486
|
|
|
$
|
278,288
|
|
|
$
|
1,046,609
|
|
|
$
|
—
|
|
|
$
|
1,327,383
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,406,005
|
|
|
—
|
|
|
1,406,005
|
|
|||||
Medical office building and other services revenues
|
—
|
|
|
(11
|
)
|
|
17,820
|
|
|
—
|
|
|
17,809
|
|
|||||
Income from loans and investments
|
1,262
|
|
|
908
|
|
|
56,038
|
|
|
—
|
|
|
58,208
|
|
|||||
Equity earnings in affiliates
|
449,678
|
|
|
—
|
|
|
800
|
|
|
(450,478
|
)
|
|
—
|
|
|||||
Interest and other income
|
2,963
|
|
|
26
|
|
|
(942
|
)
|
|
—
|
|
|
2,047
|
|
|||||
Total revenues
|
456,389
|
|
|
279,211
|
|
|
2,526,330
|
|
|
(450,478
|
)
|
|
2,811,452
|
|
|||||
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(2,167
|
)
|
|
147,250
|
|
|
189,826
|
|
|
—
|
|
|
334,909
|
|
|||||
Depreciation and amortization
|
4,991
|
|
|
30,018
|
|
|
687,066
|
|
|
—
|
|
|
722,075
|
|
|||||
Property-level operating expenses
|
—
|
|
|
514
|
|
|
1,109,118
|
|
|
—
|
|
|
1,109,632
|
|
|||||
Medical office building services costs
|
—
|
|
|
—
|
|
|
8,315
|
|
|
—
|
|
|
8,315
|
|
|||||
General, administrative and professional fees
|
2,695
|
|
|
21,160
|
|
|
91,251
|
|
|
—
|
|
|
115,106
|
|
|||||
Loss (gain) on extinguishment of debt, net
|
3
|
|
|
1,510
|
|
|
(312
|
)
|
|
—
|
|
|
1,201
|
|
|||||
Merger-related expenses and deal costs
|
11,917
|
|
|
—
|
|
|
9,717
|
|
|
—
|
|
|
21,634
|
|
|||||
Other
|
884
|
|
|
44
|
|
|
17,804
|
|
|
—
|
|
|
18,732
|
|
|||||
Total expenses
|
18,323
|
|
|
200,496
|
|
|
2,112,785
|
|
|
—
|
|
|
2,331,604
|
|
|||||
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest
|
438,066
|
|
|
78,715
|
|
|
413,545
|
|
|
(450,478
|
)
|
|
479,848
|
|
|||||
Income (loss) from unconsolidated entities
|
—
|
|
|
673
|
|
|
(1,181
|
)
|
|
—
|
|
|
(508
|
)
|
|||||
Income tax benefit
|
11,828
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,828
|
|
|||||
Income from continuing operations
|
449,894
|
|
|
79,388
|
|
|
412,364
|
|
|
(450,478
|
)
|
|
491,168
|
|
|||||
Discontinued operations
|
3,615
|
|
|
605
|
|
|
(40,499
|
)
|
|
—
|
|
|
(36,279
|
)
|
|||||
Net income
|
453,509
|
|
|
79,993
|
|
|
371,865
|
|
|
(450,478
|
)
|
|
454,889
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,380
|
|
|
—
|
|
|
1,380
|
|
|||||
Net income attributable to common stockholders
|
$
|
453,509
|
|
|
$
|
79,993
|
|
|
$
|
370,485
|
|
|
$
|
(450,478
|
)
|
|
$
|
453,509
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
2,538
|
|
|
$
|
273,524
|
|
|
$
|
904,669
|
|
|
$
|
—
|
|
|
$
|
1,180,731
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,227,124
|
|
|
—
|
|
|
1,227,124
|
|
|||||
Medical office building and other services revenues
|
—
|
|
|
—
|
|
|
20,741
|
|
|
—
|
|
|
20,741
|
|
|||||
Income from loans and investments
|
2,944
|
|
|
1,871
|
|
|
35,098
|
|
|
—
|
|
|
39,913
|
|
|||||
Equity earnings in affiliates
|
322,662
|
|
|
—
|
|
|
997
|
|
|
(323,659
|
)
|
|
—
|
|
|||||
Interest and other income
|
476
|
|
|
25
|
|
|
605
|
|
|
—
|
|
|
1,106
|
|
|||||
Total revenues
|
328,620
|
|
|
275,420
|
|
|
2,189,234
|
|
|
(323,659
|
)
|
|
2,469,615
|
|
|||||
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(3,858
|
)
|
|
92,692
|
|
|
199,883
|
|
|
—
|
|
|
288,717
|
|
|||||
Depreciation and amortization
|
2,777
|
|
|
35,511
|
|
|
676,679
|
|
|
—
|
|
|
714,967
|
|
|||||
Property-level operating expenses
|
—
|
|
|
535
|
|
|
965,887
|
|
|
—
|
|
|
966,422
|
|
|||||
Medical office building services costs
|
—
|
|
|
—
|
|
|
9,883
|
|
|
—
|
|
|
9,883
|
|
|||||
General, administrative and professional fees
|
3,682
|
|
|
30,317
|
|
|
64,511
|
|
|
—
|
|
|
98,510
|
|
|||||
Loss (gain) on extinguishment of debt, net
|
—
|
|
|
39,737
|
|
|
(2,097
|
)
|
|
—
|
|
|
37,640
|
|
|||||
Merger-related expenses and deal costs
|
53,200
|
|
|
—
|
|
|
9,983
|
|
|
—
|
|
|
63,183
|
|
|||||
Other
|
79
|
|
|
—
|
|
|
6,861
|
|
|
—
|
|
|
6,940
|
|
|||||
Total expenses
|
55,880
|
|
|
198,792
|
|
|
1,931,590
|
|
|
—
|
|
|
2,186,262
|
|
|||||
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, and noncontrolling interest
|
272,740
|
|
|
76,628
|
|
|
257,644
|
|
|
(323,659
|
)
|
|
283,353
|
|
|||||
Income (loss) from unconsolidated entities
|
—
|
|
|
18,266
|
|
|
(112
|
)
|
|
—
|
|
|
18,154
|
|
|||||
Income tax benefit
|
6,282
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,282
|
|
|||||
Income from continuing operations
|
279,022
|
|
|
94,894
|
|
|
257,532
|
|
|
(323,659
|
)
|
|
307,789
|
|
|||||
Discontinued operations
|
83,778
|
|
|
4,897
|
|
|
(34,689
|
)
|
|
—
|
|
|
53,986
|
|
|||||
Net income
|
362,800
|
|
|
99,791
|
|
|
222,843
|
|
|
(323,659
|
)
|
|
361,775
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
(1,025
|
)
|
|
—
|
|
|
(1,025
|
)
|
|||||
Net income attributable to common stockholders
|
$
|
362,800
|
|
|
$
|
99,791
|
|
|
$
|
223,868
|
|
|
$
|
(323,659
|
)
|
|
$
|
362,800
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income
|
$
|
475,767
|
|
|
$
|
28,161
|
|
|
$
|
453,812
|
|
|
$
|
(480,554
|
)
|
|
$
|
477,186
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(17,153
|
)
|
|
—
|
|
|
(17,153
|
)
|
|||||
Change in unrealized gain on marketable debt securities
|
7,001
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,001
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
3,614
|
|
|
—
|
|
|
3,614
|
|
|||||
Total other comprehensive loss
|
7,001
|
|
|
—
|
|
|
(13,539
|
)
|
|
—
|
|
|
(6,538
|
)
|
|||||
Comprehensive income
|
482,768
|
|
|
28,161
|
|
|
440,273
|
|
|
(480,554
|
)
|
|
470,648
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,419
|
|
|
—
|
|
|
1,419
|
|
|||||
Comprehensive income attributable to common stockholders
|
$
|
482,768
|
|
|
$
|
28,161
|
|
|
$
|
438,854
|
|
|
$
|
(480,554
|
)
|
|
$
|
469,229
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income
|
$
|
453,509
|
|
|
$
|
79,993
|
|
|
$
|
371,865
|
|
|
$
|
(450,478
|
)
|
|
$
|
454,889
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(5,422
|
)
|
|
—
|
|
|
(5,422
|
)
|
|||||
Change in unrealized gain on marketable debt securities
|
(1,023
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,023
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
2,750
|
|
|
—
|
|
|
2,750
|
|
|||||
Total other comprehensive loss
|
(1,023
|
)
|
|
—
|
|
|
(2,672
|
)
|
|
—
|
|
|
(3,695
|
)
|
|||||
Comprehensive income
|
452,486
|
|
|
79,993
|
|
|
369,193
|
|
|
(450,478
|
)
|
|
451,194
|
|
|||||
Comprehensive loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,380
|
|
|
—
|
|
|
1,380
|
|
|||||
Comprehensive income attributable to common stockholders
|
$
|
452,486
|
|
|
$
|
79,993
|
|
|
$
|
367,813
|
|
|
$
|
(450,478
|
)
|
|
$
|
449,814
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income
|
$
|
362,800
|
|
|
$
|
99,791
|
|
|
$
|
222,843
|
|
|
$
|
(323,659
|
)
|
|
$
|
361,775
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
2,375
|
|
|
—
|
|
|
2,375
|
|
|||||
Change in unrealized gain on marketable debt securities
|
(1,296
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,296
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
213
|
|
|
—
|
|
|
213
|
|
|||||
Total other comprehensive (loss) income
|
(1,296
|
)
|
|
—
|
|
|
2,588
|
|
|
—
|
|
|
1,292
|
|
|||||
Comprehensive income
|
361,504
|
|
|
99,791
|
|
|
225,431
|
|
|
(323,659
|
)
|
|
363,067
|
|
|||||
Comprehensive loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
(1,025
|
)
|
|
—
|
|
|
(1,025
|
)
|
|||||
Comprehensive income attributable to common stockholders
|
$
|
361,504
|
|
|
$
|
99,791
|
|
|
$
|
226,456
|
|
|
$
|
(323,659
|
)
|
|
$
|
364,092
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities
|
$
|
(57,307
|
)
|
|
$
|
93,013
|
|
|
$
|
1,219,139
|
|
|
$
|
—
|
|
|
$
|
1,254,845
|
|
Net cash used in investing activities
|
(1,358,256
|
)
|
|
(7,725
|
)
|
|
(689,059
|
)
|
|
—
|
|
|
(2,055,040
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under credit facilities
|
—
|
|
|
386,000
|
|
|
154,203
|
|
|
—
|
|
|
540,203
|
|
|||||
Proceeds from debt
|
—
|
|
|
696,661
|
|
|
1,311,046
|
|
|
—
|
|
|
2,007,707
|
|
|||||
Repayment of debt
|
—
|
|
|
—
|
|
|
(1,151,395
|
)
|
|
—
|
|
|
(1,151,395
|
)
|
|||||
Net change in intercompany debt
|
1,344,782
|
|
|
(904,772
|
)
|
|
(440,010
|
)
|
|
—
|
|
|
—
|
|
|||||
Payment of deferred financing costs
|
—
|
|
|
(6,608
|
)
|
|
(7,612
|
)
|
|
—
|
|
|
(14,220
|
)
|
|||||
Issuance of common stock, net
|
242,107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
242,107
|
|
|||||
Cash distribution from (to) affiliates
|
694,481
|
|
|
(256,574
|
)
|
|
(437,907
|
)
|
|
—
|
|
|
—
|
|
|||||
Cash distribution to common stockholders
|
(875,614
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(875,614
|
)
|
|||||
Cash distribution to redeemable OP unitholders
|
(5,762
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,762
|
)
|
|||||
Purchases of redeemable OP units
|
(503
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(503
|
)
|
|||||
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
491
|
|
|
—
|
|
|
491
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(9,559
|
)
|
|
—
|
|
|
(9,559
|
)
|
|||||
Other
|
24,597
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
24,602
|
|
|||||
Net cash provided by (used in) financing activities
|
1,424,088
|
|
|
(85,288
|
)
|
|
(580,743
|
)
|
|
—
|
|
|
758,057
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
8,525
|
|
|
—
|
|
|
(50,663
|
)
|
|
—
|
|
|
(42,138
|
)
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
(11,837
|
)
|
|
—
|
|
|
14,507
|
|
|
—
|
|
|
2,670
|
|
|||||
Cash and cash equivalents at beginning of period
|
28,169
|
|
|
—
|
|
|
66,647
|
|
|
—
|
|
|
94,816
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
24,857
|
|
|
$
|
—
|
|
|
$
|
30,491
|
|
|
$
|
—
|
|
|
$
|
55,348
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities
|
$
|
(1,362
|
)
|
|
$
|
129,023
|
|
|
$
|
1,067,094
|
|
|
$
|
—
|
|
|
$
|
1,194,755
|
|
Net cash (used in) provided by investing activities
|
(1,416,336
|
)
|
|
22,835
|
|
|
110,741
|
|
|
—
|
|
|
(1,282,760
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under revolving credit facility
|
—
|
|
|
(168,000
|
)
|
|
3,971
|
|
|
—
|
|
|
(164,029
|
)
|
|||||
Proceeds from debt
|
—
|
|
|
2,330,435
|
|
|
437,111
|
|
|
—
|
|
|
2,767,546
|
|
|||||
Repayment of debt
|
—
|
|
|
(400,000
|
)
|
|
(1,392,492
|
)
|
|
—
|
|
|
(1,792,492
|
)
|
|||||
Net change in intercompany debt
|
2,186,519
|
|
|
(1,890,234
|
)
|
|
(296,285
|
)
|
|
—
|
|
|
—
|
|
|||||
Payment of deferred financing costs
|
—
|
|
|
(29,586
|
)
|
|
(1,691
|
)
|
|
—
|
|
|
(31,277
|
)
|
|||||
Issuance of common stock, net
|
141,343
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141,343
|
|
|||||
Cash distribution (to) from affiliates
|
(99,525
|
)
|
|
5,610
|
|
|
93,915
|
|
|
—
|
|
|
—
|
|
|||||
Cash distribution to common stockholders
|
(802,123
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(802,123
|
)
|
|||||
Cash distribution to redeemable OP unitholders
|
(5,040
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,040
|
)
|
|||||
Purchases of redeemable OP units
|
(659
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(659
|
)
|
|||||
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
2,395
|
|
|
—
|
|
|
2,395
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(9,286
|
)
|
|
—
|
|
|
(9,286
|
)
|
|||||
Other
|
8,618
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,618
|
|
|||||
Net cash provided by (used in) financing activities
|
1,429,133
|
|
|
(151,775
|
)
|
|
(1,162,362
|
)
|
|
—
|
|
|
114,996
|
|
|||||
Net increase in cash and cash equivalents
|
11,435
|
|
|
83
|
|
|
15,473
|
|
|
—
|
|
|
26,991
|
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
16,734
|
|
|
—
|
|
|
51,174
|
|
|
—
|
|
|
67,908
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
28,169
|
|
|
$
|
—
|
|
|
$
|
66,647
|
|
|
$
|
—
|
|
|
$
|
94,816
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
|
Ventas, Inc.
|
|
Ventas
Realty (1)
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities
|
$
|
(761
|
)
|
|
$
|
193,544
|
|
|
$
|
800,033
|
|
|
$
|
—
|
|
|
$
|
992,816
|
|
Net cash used in investing activities
|
(1,364,125
|
)
|
|
(100
|
)
|
|
(805,464
|
)
|
|
—
|
|
|
(2,169,689
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under revolving credit facilities
|
—
|
|
|
92,000
|
|
|
(7,062
|
)
|
|
—
|
|
|
84,938
|
|
|||||
Proceeds from debt
|
—
|
|
|
2,364,360
|
|
|
346,045
|
|
|
—
|
|
|
2,710,405
|
|
|||||
Repayment of debt
|
—
|
|
|
(521,527
|
)
|
|
(671,496
|
)
|
|
—
|
|
|
(1,193,023
|
)
|
|||||
Net change in intercompany debt
|
2,151,815
|
|
|
(2,085,801
|
)
|
|
(66,014
|
)
|
|
—
|
|
|
—
|
|
|||||
Payment of deferred financing costs
|
—
|
|
|
(21,404
|
)
|
|
(2,366
|
)
|
|
—
|
|
|
(23,770
|
)
|
|||||
Issuance of common stock, net
|
342,469
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
342,469
|
|
|||||
Cash distribution (to) from affiliates
|
(398,071
|
)
|
|
(21,132
|
)
|
|
419,203
|
|
|
—
|
|
|
—
|
|
|||||
Cash distribution to common stockholders
|
(728,546
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(728,546
|
)
|
|||||
Cash distribution to redeemable OP unitholders
|
(4,446
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,446
|
)
|
|||||
Purchases of redeemable OP units
|
(4,601
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,601
|
)
|
|||||
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(5,215
|
)
|
|
—
|
|
|
(5,215
|
)
|
|||||
Other
|
20,665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,665
|
|
|||||
Net cash provided by (used in) financing activities
|
1,379,285
|
|
|
(193,504
|
)
|
|
13,133
|
|
|
—
|
|
|
1,198,914
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
14,399
|
|
|
(60
|
)
|
|
7,702
|
|
|
—
|
|
|
22,041
|
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|||||
Cash and cash equivalents at beginning of period
|
2,335
|
|
|
—
|
|
|
43,472
|
|
|
—
|
|
|
45,807
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
16,734
|
|
|
$
|
—
|
|
|
$
|
51,174
|
|
|
$
|
—
|
|
|
$
|
67,908
|
|
(1)
|
Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
|
Allowance Accounts
|
|
|
|
Additions
|
|
Deductions
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Year Ended December 31,
|
|
Balance at Beginning of Year
|
|
Charged to Earnings
|
|
Acquired Properties
|
|
Uncollectible Accounts Written-off
|
|
Disposed Properties
|
|
Balance at End of Year
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
11,017
|
|
|
8,204
|
|
|
—
|
|
|
(4,272
|
)
|
|
(419
|
)
|
|
$
|
14,530
|
|
Straight-line rent receivable allowance
|
|
101,436
|
|
|
46,502
|
|
|
—
|
|
|
462
|
|
|
(3,253
|
)
|
|
$
|
145,147
|
|
|
|
112,453
|
|
|
54,706
|
|
|
—
|
|
|
(3,810
|
)
|
|
(3,672
|
)
|
|
159,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
10,960
|
|
|
6,071
|
|
|
—
|
|
|
(6,013
|
)
|
|
(1
|
)
|
|
$
|
11,017
|
|
Straight-line rent receivable allowance
|
|
59,731
|
|
|
42,940
|
|
|
—
|
|
|
(1,252
|
)
|
|
17
|
|
|
$
|
101,436
|
|
|
|
70,691
|
|
|
49,011
|
|
|
—
|
|
|
(7,265
|
)
|
|
16
|
|
|
112,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
10,850
|
|
|
8,235
|
|
|
—
|
|
|
(7,739
|
)
|
|
(386
|
)
|
|
$
|
10,960
|
|
Straight-line rent receivable allowance
|
|
17,552
|
|
|
43,042
|
|
|
—
|
|
|
(636
|
)
|
|
(227
|
)
|
|
$
|
59,731
|
|
|
|
28,402
|
|
|
51,277
|
|
|
—
|
|
|
(8,375
|
)
|
|
(613
|
)
|
|
70,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Reconciliation of real estate:
|
|
|
|
|
|
||||||
Carrying cost:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
20,393,411
|
|
|
$
|
18,763,903
|
|
|
$
|
17,029,404
|
|
Additions during period:
|
|
|
|
|
|
||||||
Acquisitions
|
1,769,790
|
|
|
1,623,648
|
|
|
1,889,592
|
|
|||
Capital expenditures
|
189,711
|
|
|
183,929
|
|
|
184,675
|
|
|||
Dispositions:
|
|
|
|
|
|
||||||
Sales and/or transfers to assets held for sale
|
(293,842
|
)
|
|
(155,184
|
)
|
|
(349,456
|
)
|
|||
Foreign currency translation
|
(87,776
|
)
|
|
(22,885
|
)
|
|
9,688
|
|
|||
Balance at end of period
|
$
|
21,971,294
|
|
|
$
|
20,393,411
|
|
|
$
|
18,763,903
|
|
|
|
|
|
|
|
||||||
Accumulated depreciation:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
2,881,950
|
|
|
$
|
2,289,783
|
|
|
$
|
1,729,976
|
|
Additions during period:
|
|
|
|
|
|
||||||
Depreciation expense
|
725,485
|
|
|
674,141
|
|
|
620,076
|
|
|||
Dispositions:
|
|
|
|
|
|
||||||
Sales and/or transfers to assets held for sale
|
(107,663
|
)
|
|
(78,061
|
)
|
|
(61,583
|
)
|
|||
Foreign currency translation
|
(6,081
|
)
|
|
(3,913
|
)
|
|
1,314
|
|
|||
Balance at end of period
|
$
|
3,493,691
|
|
|
$
|
2,881,950
|
|
|
$
|
2,289,783
|
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Maple Manor Health Care Center
|
Greenville
|
KY
|
—
|
|
59
|
|
3,187
|
|
—
|
|
59
|
|
3,187
|
|
3,246
|
|
2,621
|
|
625
|
|
1968
|
1990
|
30 years
|
Great Barrington Rehabilitation and Nursing Center
|
Great Barrington
|
MA
|
—
|
|
60
|
|
1,142
|
|
—
|
|
60
|
|
1,142
|
|
1,202
|
|
1,147
|
|
55
|
|
1967
|
1969
|
40 years
|
Hallmark Nursing and Rehabilitation Center
|
New Bedford
|
MA
|
—
|
|
202
|
|
2,694
|
|
—
|
|
202
|
|
2,694
|
|
2,896
|
|
2,535
|
|
361
|
|
1968
|
1982
|
26 years
|
Eagle Pond Rehabilitation and Living Center
|
South Dennis
|
MA
|
—
|
|
296
|
|
6,896
|
|
—
|
|
296
|
|
6,896
|
|
7,192
|
|
3,991
|
|
3,201
|
|
1985
|
1987
|
50 years
|
Harrington House Nursing and Rehabilitation Center
|
Walpole
|
MA
|
—
|
|
4
|
|
4,444
|
|
—
|
|
4
|
|
4,444
|
|
4,448
|
|
2,384
|
|
2,064
|
|
1991
|
1991
|
45 years
|
Parkview Acres Care and Rehabilitation Center
|
Dillon
|
MT
|
—
|
|
207
|
|
2,578
|
|
—
|
|
207
|
|
2,578
|
|
2,785
|
|
1,984
|
|
801
|
|
1965
|
1993
|
29 years
|
Park Place Health Care Center
|
Great Falls
|
MT
|
—
|
|
600
|
|
6,311
|
|
—
|
|
600
|
|
6,311
|
|
6,911
|
|
4,829
|
|
2,082
|
|
1963
|
1993
|
28 years
|
Rose Manor Healthcare Center
|
Durham
|
NC
|
—
|
|
200
|
|
3,527
|
|
—
|
|
200
|
|
3,527
|
|
3,727
|
|
3,167
|
|
560
|
|
1972
|
1991
|
26 years
|
Guardian Care of Elizabeth City
|
Elizabeth City
|
NC
|
—
|
|
71
|
|
561
|
|
—
|
|
71
|
|
561
|
|
632
|
|
632
|
|
—
|
|
1977
|
1982
|
20 years
|
Guardian Care of Henderson
|
Henderson
|
NC
|
—
|
|
206
|
|
1,997
|
|
—
|
|
206
|
|
1,997
|
|
2,203
|
|
1,530
|
|
673
|
|
1957
|
1993
|
29 years
|
Greenbriar Terrace Healthcare
|
Nashua
|
NH
|
—
|
|
776
|
|
6,011
|
|
—
|
|
776
|
|
6,011
|
|
6,787
|
|
5,587
|
|
1,200
|
|
1963
|
1990
|
25 years
|
Wasatch Care Center
|
Ogden
|
UT
|
—
|
|
373
|
|
597
|
|
—
|
|
373
|
|
597
|
|
970
|
|
603
|
|
367
|
|
1964
|
1990
|
25 years
|
St. George Care and Rehabilitation Center
|
St. George
|
UT
|
—
|
|
419
|
|
4,465
|
|
—
|
|
419
|
|
4,465
|
|
4,884
|
|
3,112
|
|
1,772
|
|
1976
|
1993
|
29 years
|
Nansemond Pointe Rehabilitation and Healthcare Center
|
Suffolk
|
VA
|
—
|
|
534
|
|
6,990
|
|
—
|
|
534
|
|
6,990
|
|
7,524
|
|
5,143
|
|
2,381
|
|
1963
|
1991
|
32 years
|
River Pointe Rehabilitation and Healthcare Center
|
Virginia Beach
|
VA
|
—
|
|
770
|
|
4,440
|
|
—
|
|
770
|
|
4,440
|
|
5,210
|
|
4,224
|
|
986
|
|
1953
|
1991
|
25 years
|
Bay Pointe Medical and Rehabilitation Center
|
Virginia Beach
|
VA
|
—
|
|
805
|
|
2,886
|
|
(380
|
)
|
425
|
|
2,886
|
|
3,311
|
|
2,159
|
|
1,152
|
|
1971
|
1993
|
29 years
|
Birchwood Terrace Healthcare
|
Burlington
|
VT
|
—
|
|
15
|
|
4,656
|
|
—
|
|
15
|
|
4,656
|
|
4,671
|
|
4,506
|
|
165
|
|
1965
|
1990
|
27 years
|
Arden Rehabilitation and Healthcare Center
|
Seattle
|
WA
|
—
|
|
1,111
|
|
4,013
|
|
—
|
|
1,111
|
|
4,013
|
|
5,124
|
|
3,081
|
|
2,043
|
|
1950
|
1993
|
28.5 years
|
Lakewood Healthcare Center
|
Tacoma
|
WA
|
—
|
|
504
|
|
3,511
|
|
—
|
|
504
|
|
3,511
|
|
4,015
|
|
2,268
|
|
1,747
|
|
1989
|
1989
|
45 years
|
Vancouver Health & Rehabilitation Center
|
Vancouver
|
WA
|
—
|
|
449
|
|
2,964
|
|
—
|
|
449
|
|
2,964
|
|
3,413
|
|
2,333
|
|
1,080
|
|
1970
|
1993
|
28 years
|
Mountain Towers Healthcare and Rehabilitation Center
|
Cheyenne
|
WY
|
—
|
|
342
|
|
3,468
|
|
—
|
|
342
|
|
3,468
|
|
3,810
|
|
2,608
|
|
1,202
|
|
1964
|
1992
|
29 years
|
South Central Wyoming Healthcare and Rehabilitation
|
Rawlins
|
WY
|
—
|
|
151
|
|
1,738
|
|
—
|
|
151
|
|
1,738
|
|
1,889
|
|
1,326
|
|
563
|
|
1955
|
1993
|
29 years
|
Wind River Healthcare and Rehabilitation Center
|
Riverton
|
WY
|
—
|
|
179
|
|
1,559
|
|
—
|
|
179
|
|
1,559
|
|
1,738
|
|
1,168
|
|
570
|
|
1967
|
1992
|
29 years
|
TOTAL KINDRED SKILLED NURSING FACILITIES
|
|
|
—
|
|
16,444
|
|
162,335
|
|
(380
|
)
|
16,064
|
|
162,335
|
|
178,399
|
|
125,821
|
|
52,578
|
|
|
|
|
NON-KINDRED SKILLED NURSING FACILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whitesburg Gardens Health Care Center
|
Huntsville
|
AL
|
—
|
|
534
|
|
4,216
|
|
328
|
|
534
|
|
4,544
|
|
5,078
|
|
4,025
|
|
1,053
|
|
1968
|
1991
|
25 years
|
Azalea Gardens of Mobile
|
Mobile
|
AL
|
—
|
|
5
|
|
2,981
|
|
319
|
|
8
|
|
3,297
|
|
3,305
|
|
2,426
|
|
879
|
|
1967
|
1992
|
29 years
|
Heartland
|
Benton
|
AR
|
—
|
|
650
|
|
13,540
|
|
18
|
|
650
|
|
13,558
|
|
14,208
|
|
1,581
|
|
12,627
|
|
1992
|
2011
|
35 years
|
Southern Trace
|
Bryant
|
AR
|
—
|
|
480
|
|
12,455
|
|
—
|
|
480
|
|
12,455
|
|
12,935
|
|
1,462
|
|
11,473
|
|
1989
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Beverly Health Care Golflinks
|
Hot Springs
|
AR
|
—
|
|
500
|
|
11,311
|
|
—
|
|
500
|
|
11,311
|
|
11,811
|
|
1,387
|
|
10,424
|
|
1978
|
2011
|
35 years
|
Lake Village
|
Lake Village
|
AR
|
—
|
|
560
|
|
8,594
|
|
23
|
|
560
|
|
8,617
|
|
9,177
|
|
1,071
|
|
8,106
|
|
1998
|
2011
|
35 years
|
Belle View
|
Monticello
|
AR
|
—
|
|
260
|
|
9,542
|
|
—
|
|
260
|
|
9,542
|
|
9,802
|
|
1,121
|
|
8,681
|
|
1995
|
2011
|
35 years
|
River Chase
|
Morrilton
|
AR
|
—
|
|
240
|
|
9,476
|
|
—
|
|
240
|
|
9,476
|
|
9,716
|
|
1,111
|
|
8,605
|
|
1988
|
2011
|
35 years
|
Brookridge Cove
|
Morrilton
|
AR
|
—
|
|
410
|
|
11,069
|
|
4
|
|
410
|
|
11,073
|
|
11,483
|
|
1,323
|
|
10,160
|
|
1996
|
2011
|
35 years
|
River Ridge
|
Wynne
|
AR
|
—
|
|
290
|
|
10,763
|
|
1
|
|
290
|
|
10,764
|
|
11,054
|
|
1,251
|
|
9,803
|
|
1990
|
2011
|
35 years
|
Kachina Point Health Care and Rehabilitation Center
|
Sedona
|
AZ
|
—
|
|
364
|
|
4,179
|
|
197
|
|
364
|
|
4,376
|
|
4,740
|
|
3,214
|
|
1,526
|
|
1983
|
1984
|
45 years
|
Villa Campana Health Care Center
|
Tucson
|
AZ
|
—
|
|
533
|
|
2,201
|
|
395
|
|
533
|
|
2,596
|
|
3,129
|
|
1,584
|
|
1,545
|
|
1983
|
1993
|
35 years
|
Bay View Nursing and Rehabilitation Center
|
Alameda
|
CA
|
—
|
|
1,462
|
|
5,981
|
|
282
|
|
1,462
|
|
6,263
|
|
7,725
|
|
4,862
|
|
2,863
|
|
1967
|
1993
|
45 years
|
Chowchilla Convalescent Center
|
Chowchilla
|
CA
|
—
|
|
1,780
|
|
5,097
|
|
—
|
|
1,780
|
|
5,097
|
|
6,877
|
|
634
|
|
6,243
|
|
1965
|
2011
|
35 years
|
Driftwood Gilroy
|
Gilroy
|
CA
|
—
|
|
3,330
|
|
13,665
|
|
—
|
|
3,330
|
|
13,665
|
|
16,995
|
|
1,638
|
|
15,357
|
|
1968
|
2011
|
35 years
|
Orange Hills Convalescent Hospital
|
Orange
|
CA
|
—
|
|
960
|
|
20,968
|
|
—
|
|
960
|
|
20,968
|
|
21,928
|
|
2,369
|
|
19,559
|
|
1987
|
2011
|
35 years
|
Brighton Care Center
|
Brighton
|
CO
|
—
|
|
282
|
|
3,377
|
|
468
|
|
282
|
|
3,845
|
|
4,127
|
|
2,741
|
|
1,386
|
|
1969
|
1992
|
30 years
|
Cherry Hills Health Care Center
|
Englewood
|
CO
|
—
|
|
241
|
|
2,180
|
|
194
|
|
241
|
|
2,374
|
|
2,615
|
|
1,724
|
|
891
|
|
1960
|
1995
|
30 years
|
Malley Healthcare and Rehabilitation Center
|
Northglenn
|
CO
|
—
|
|
501
|
|
8,294
|
|
243
|
|
501
|
|
8,537
|
|
9,038
|
|
6,182
|
|
2,856
|
|
1971
|
1993
|
29 years
|
Parkway Pavilion Healthcare
|
Enfield
|
CT
|
—
|
|
337
|
|
3,607
|
|
203
|
|
337
|
|
3,810
|
|
4,147
|
|
3,077
|
|
1,070
|
|
1968
|
1994
|
28 years
|
The Crossings West Campus
|
New London
|
CT
|
—
|
|
202
|
|
2,363
|
|
129
|
|
202
|
|
2,492
|
|
2,694
|
|
1,877
|
|
817
|
|
1969
|
1994
|
28 years
|
The Crossings East Campus
|
New London
|
CT
|
—
|
|
401
|
|
2,776
|
|
263
|
|
401
|
|
3,039
|
|
3,440
|
|
2,371
|
|
1,069
|
|
1968
|
1992
|
29 years
|
Beverly Health - Ft. Pierce
|
Fort Pierce
|
FL
|
—
|
|
840
|
|
16,318
|
|
—
|
|
840
|
|
16,318
|
|
17,158
|
|
1,939
|
|
15,219
|
|
1960
|
2011
|
35 years
|
Willowwood Health & Rehab Center
|
Flowery Branch
|
GA
|
—
|
|
1,130
|
|
9,219
|
|
—
|
|
1,130
|
|
9,219
|
|
10,349
|
|
1,100
|
|
9,249
|
|
1970
|
2011
|
35 years
|
Specialty Care of Marietta
|
Marietta
|
GA
|
—
|
|
241
|
|
2,782
|
|
377
|
|
241
|
|
3,159
|
|
3,400
|
|
2,269
|
|
1,131
|
|
1968
|
1993
|
28.5 years
|
Savannah Rehabilitation & Nursing Center
|
Savannah
|
GA
|
—
|
|
213
|
|
2,772
|
|
345
|
|
213
|
|
3,117
|
|
3,330
|
|
2,192
|
|
1,138
|
|
1968
|
1993
|
28.5 years
|
Savannah Specialty Care Center
|
Savannah
|
GA
|
—
|
|
157
|
|
2,219
|
|
228
|
|
157
|
|
2,447
|
|
2,604
|
|
2,023
|
|
581
|
|
1972
|
1991
|
26 years
|
Boise Health and Rehabilitation Center
|
Boise
|
ID
|
—
|
|
256
|
|
3,593
|
|
281
|
|
256
|
|
3,874
|
|
4,130
|
|
1,677
|
|
2,453
|
|
1977
|
1998
|
45 years
|
Westbury
|
Lisle
|
IL
|
—
|
|
730
|
|
9,270
|
|
—
|
|
730
|
|
9,270
|
|
10,000
|
|
2,128
|
|
7,872
|
|
1990
|
2009
|
35 years
|
Meadowbrooke Rehab Centre & Suites
|
Anderson
|
IN
|
—
|
|
1,600
|
|
6,710
|
|
—
|
|
1,600
|
|
6,710
|
|
8,310
|
|
864
|
|
7,446
|
|
1967
|
2011
|
35 years
|
Chalet Village
|
Berne
|
IN
|
—
|
|
590
|
|
1,654
|
|
—
|
|
590
|
|
1,654
|
|
2,244
|
|
320
|
|
1,924
|
|
1986
|
2011
|
35 years
|
Meadowvale Health and Rehabilitation Center
|
Bluffton
|
IN
|
—
|
|
7
|
|
787
|
|
576
|
|
7
|
|
1,363
|
|
1,370
|
|
689
|
|
681
|
|
1962
|
1995
|
22 years
|
Bremen Health Care Center
|
Bremen
|
IN
|
—
|
|
109
|
|
3,354
|
|
548
|
|
109
|
|
3,902
|
|
4,011
|
|
2,256
|
|
1,755
|
|
1982
|
1996
|
45 years
|
Vermillion Convalescent Center
|
Clinton
|
IN
|
—
|
|
700
|
|
11,057
|
|
—
|
|
700
|
|
11,057
|
|
11,757
|
|
1,328
|
|
10,429
|
|
1971
|
2011
|
35 years
|
Willow Crossing Health & Rehab Center
|
Columbus
|
IN
|
—
|
|
880
|
|
4,963
|
|
—
|
|
880
|
|
4,963
|
|
5,843
|
|
672
|
|
5,171
|
|
1988
|
2011
|
35 years
|
Greenhill Manor
|
Fowler
|
IN
|
—
|
|
380
|
|
7,659
|
|
—
|
|
380
|
|
7,659
|
|
8,039
|
|
896
|
|
7,143
|
|
1973
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Skilled Care Center at Silver Lake
|
Kingston
|
MA
|
—
|
|
3,230
|
|
19,870
|
|
—
|
|
3,230
|
|
19,870
|
|
23,100
|
|
2,610
|
|
20,490
|
|
1992
|
2011
|
35 years
|
River Terrace Healthcare
|
Lancaster
|
MA
|
—
|
|
268
|
|
957
|
|
147
|
|
268
|
|
1,104
|
|
1,372
|
|
1,144
|
|
228
|
|
1969
|
1969
|
40 years
|
Wentworth Skilled Care Center
|
Lowell
|
MA
|
—
|
|
820
|
|
11,220
|
|
—
|
|
820
|
|
11,220
|
|
12,040
|
|
1,352
|
|
10,688
|
|
1966
|
2011
|
35 years
|
Bolton Manor Nursing and Rehabilitation Center
|
Marlborough
|
MA
|
—
|
|
222
|
|
2,431
|
|
228
|
|
222
|
|
2,659
|
|
2,881
|
|
2,247
|
|
634
|
|
1973
|
1984
|
34.5 years
|
The Eliot Healthcare Center
|
Natick
|
MA
|
—
|
|
249
|
|
1,328
|
|
230
|
|
249
|
|
1,558
|
|
1,807
|
|
1,452
|
|
355
|
|
1996
|
1982
|
31 years
|
Wingate at Needham
|
Needham Heights
|
MA
|
—
|
|
920
|
|
9,236
|
|
—
|
|
920
|
|
9,236
|
|
10,156
|
|
1,234
|
|
8,922
|
|
1996
|
2011
|
35 years
|
Brigham Manor Nursing and Rehabilitation Center
|
Newburyport
|
MA
|
—
|
|
126
|
|
1,708
|
|
134
|
|
126
|
|
1,842
|
|
1,968
|
|
1,665
|
|
303
|
|
1806
|
1982
|
27 years
|
Country Rehabilitation and Nursing Center
|
Newburyport
|
MA
|
—
|
|
199
|
|
3,004
|
|
378
|
|
199
|
|
3,382
|
|
3,581
|
|
2,965
|
|
616
|
|
1968
|
1982
|
27 years
|
Quincy Rehabilitation and Nursing Center
|
Quincy
|
MA
|
—
|
|
216
|
|
2,911
|
|
204
|
|
216
|
|
3,115
|
|
3,331
|
|
2,854
|
|
477
|
|
1965
|
1984
|
24 years
|
Wingate at Reading
|
Reading
|
MA
|
—
|
|
920
|
|
7,499
|
|
—
|
|
920
|
|
7,499
|
|
8,419
|
|
1,016
|
|
7,403
|
|
1988
|
2011
|
35 years
|
Den-Mar Rehabilitation and Nursing Center
|
Rockport
|
MA
|
—
|
|
23
|
|
1,560
|
|
187
|
|
23
|
|
1,747
|
|
1,770
|
|
1,547
|
|
223
|
|
1963
|
1985
|
30 years
|
Wingate at South Hadley
|
South Hadley
|
MA
|
—
|
|
1,870
|
|
15,572
|
|
—
|
|
1,870
|
|
15,572
|
|
17,442
|
|
1,864
|
|
15,578
|
|
1988
|
2011
|
35 years
|
Ring East
|
Springfield
|
MA
|
—
|
|
1,250
|
|
13,561
|
|
—
|
|
1,250
|
|
13,561
|
|
14,811
|
|
1,697
|
|
13,114
|
|
1987
|
2011
|
35 years
|
Blue Hills Alzheimer's Care Center
|
Stoughton
|
MA
|
—
|
|
511
|
|
1,026
|
|
175
|
|
511
|
|
1,201
|
|
1,712
|
|
1,425
|
|
287
|
|
1965
|
1982
|
28 years
|
Wingate at Sudbury
|
Sudbury
|
MA
|
—
|
|
1,540
|
|
8,100
|
|
—
|
|
1,540
|
|
8,100
|
|
9,640
|
|
1,158
|
|
8,482
|
|
1997
|
2011
|
35 years
|
Country Gardens Skilled Nursing & Rehabilitation Center
|
Swansea
|
MA
|
—
|
|
415
|
|
2,675
|
|
180
|
|
415
|
|
2,855
|
|
3,270
|
|
2,590
|
|
680
|
|
1969
|
1984
|
27 years
|
Brookside Rehabilitation and Nursing Center
|
Webster
|
MA
|
—
|
|
102
|
|
1,154
|
|
173
|
|
102
|
|
1,327
|
|
1,429
|
|
1,193
|
|
236
|
|
1967
|
1982
|
31 years
|
Newton and Wellesley Alzheimer Center
|
Wellesley
|
MA
|
—
|
|
297
|
|
3,250
|
|
172
|
|
297
|
|
3,422
|
|
3,719
|
|
2,970
|
|
749
|
|
1971
|
1984
|
30 years
|
Riverdale Gardens Rehab & Nursing
|
West Springfield
|
MA
|
—
|
|
2,140
|
|
6,997
|
|
107
|
|
2,140
|
|
7,104
|
|
9,244
|
|
1,178
|
|
8,066
|
|
1960
|
2011
|
35 years
|
Wingate at Wilbraham
|
Wilbraham
|
MA
|
—
|
|
4,070
|
|
10,777
|
|
—
|
|
4,070
|
|
10,777
|
|
14,847
|
|
1,411
|
|
13,436
|
|
1988
|
2011
|
35 years
|
Worcester Skilled Care Center
|
Worcester
|
MA
|
—
|
|
620
|
|
10,958
|
|
—
|
|
620
|
|
10,958
|
|
11,578
|
|
1,459
|
|
10,119
|
|
1970
|
2011
|
35 years
|
Cumberland Villa Nursing Center
|
Cumberland
|
MD
|
—
|
|
660
|
|
23,970
|
|
—
|
|
660
|
|
23,970
|
|
24,630
|
|
2,667
|
|
21,963
|
|
1968
|
2011
|
35 years
|
Colton Villa
|
Hagerstown
|
MD
|
—
|
|
1,550
|
|
16,973
|
|
—
|
|
1,550
|
|
16,973
|
|
18,523
|
|
2,011
|
|
16,512
|
|
1971
|
2011
|
35 years
|
Westminster Nursing & Convalescent Center
|
Westminster
|
MD
|
—
|
|
2,160
|
|
15,931
|
|
—
|
|
2,160
|
|
15,931
|
|
18,091
|
|
1,886
|
|
16,205
|
|
1973
|
2011
|
35 years
|
Augusta Rehabilitation Center
|
Augusta
|
ME
|
—
|
|
152
|
|
1,074
|
|
146
|
|
152
|
|
1,220
|
|
1,372
|
|
1,120
|
|
252
|
|
1968
|
1985
|
30 years
|
Eastside Rehabilitation and Living Center
|
Bangor
|
ME
|
—
|
|
316
|
|
1,349
|
|
134
|
|
316
|
|
1,483
|
|
1,799
|
|
1,354
|
|
445
|
|
1967
|
1985
|
30 years
|
Westgate Manor
|
Bangor
|
ME
|
—
|
|
287
|
|
2,718
|
|
151
|
|
287
|
|
2,869
|
|
3,156
|
|
2,607
|
|
549
|
|
1969
|
1985
|
31 years
|
Winship Green Nursing Center
|
Bath
|
ME
|
—
|
|
110
|
|
1,455
|
|
128
|
|
110
|
|
1,583
|
|
1,693
|
|
1,320
|
|
373
|
|
1974
|
1985
|
35 years
|
Brewer Rehabilitation and Living Center
|
Brewer
|
ME
|
—
|
|
228
|
|
2,737
|
|
304
|
|
228
|
|
3,041
|
|
3,269
|
|
2,407
|
|
862
|
|
1974
|
1985
|
33 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Silas Creek Manor
|
Winston-Salem
|
NC
|
—
|
|
211
|
|
1,893
|
|
408
|
|
211
|
|
2,301
|
|
2,512
|
|
1,520
|
|
992
|
|
1966
|
1993
|
28.5 years
|
Guardian Care of Zebulon
|
Zebulon
|
NC
|
—
|
|
179
|
|
1,933
|
|
150
|
|
179
|
|
2,083
|
|
2,262
|
|
1,507
|
|
755
|
|
1973
|
1993
|
29 years
|
Dover Rehabilitation and Living Center
|
Dover
|
NH
|
—
|
|
355
|
|
3,797
|
|
217
|
|
355
|
|
4,014
|
|
4,369
|
|
3,840
|
|
529
|
|
1969
|
1990
|
25 years
|
Hanover Terrace Healthcare
|
Hanover
|
NH
|
—
|
|
326
|
|
1,825
|
|
252
|
|
326
|
|
2,077
|
|
2,403
|
|
1,415
|
|
988
|
|
1969
|
1993
|
29 years
|
Lopatcong Center
|
Phillipsburg
|
NJ
|
—
|
|
1,490
|
|
12,336
|
|
—
|
|
1,490
|
|
12,336
|
|
13,826
|
|
4,855
|
|
8,971
|
|
1982
|
2004
|
30 years
|
Las Vegas Healthcare and Rehabilitation Center
|
Las Vegas
|
NV
|
—
|
|
454
|
|
1,018
|
|
187
|
|
454
|
|
1,205
|
|
1,659
|
|
746
|
|
913
|
|
1940
|
1992
|
30 years
|
Torrey Pines Care Center
|
Las Vegas
|
NV
|
—
|
|
256
|
|
1,324
|
|
270
|
|
256
|
|
1,594
|
|
1,850
|
|
1,203
|
|
647
|
|
1971
|
1992
|
29 years
|
Hearthstone of Northern Nevada
|
Sparks
|
NV
|
—
|
|
1,400
|
|
9,365
|
|
—
|
|
1,400
|
|
9,365
|
|
10,765
|
|
1,210
|
|
9,555
|
|
1988
|
2011
|
35 years
|
Wingate at St. Francis
|
Beacon
|
NY
|
—
|
|
1,900
|
|
18,115
|
|
—
|
|
1,900
|
|
18,115
|
|
20,015
|
|
2,174
|
|
17,841
|
|
2002
|
2011
|
35 years
|
Garden Gate
|
Cheektowaga
|
NY
|
—
|
|
760
|
|
15,643
|
|
30
|
|
760
|
|
15,673
|
|
16,433
|
|
1,931
|
|
14,502
|
|
1979
|
2011
|
35 years
|
Brookhaven
|
East Patchogue
|
NY
|
—
|
|
1,100
|
|
25,840
|
|
30
|
|
1,100
|
|
25,870
|
|
26,970
|
|
2,897
|
|
24,073
|
|
1988
|
2011
|
35 years
|
Wingate at Dutchess
|
Fishkill
|
NY
|
—
|
|
1,300
|
|
19,685
|
|
—
|
|
1,300
|
|
19,685
|
|
20,985
|
|
2,338
|
|
18,647
|
|
1996
|
2011
|
35 years
|
Autumn View
|
Hamburg
|
NY
|
—
|
|
1,190
|
|
24,687
|
|
34
|
|
1,190
|
|
24,721
|
|
25,911
|
|
2,902
|
|
23,009
|
|
1983
|
2011
|
35 years
|
Wingate at Ulster
|
Highland
|
NY
|
—
|
|
1,500
|
|
18,223
|
|
—
|
|
1,500
|
|
18,223
|
|
19,723
|
|
2,083
|
|
17,640
|
|
1998
|
2011
|
35 years
|
North Gate
|
North Tonawanda
|
NY
|
—
|
|
1,010
|
|
14,801
|
|
40
|
|
1,010
|
|
14,841
|
|
15,851
|
|
1,870
|
|
13,981
|
|
1982
|
2011
|
35 years
|
Seneca
|
West Seneca
|
NY
|
—
|
|
1,400
|
|
13,491
|
|
5
|
|
1,400
|
|
13,496
|
|
14,896
|
|
1,654
|
|
13,242
|
|
1974
|
2011
|
35 years
|
Harris Hill
|
Williamsville
|
NY
|
—
|
|
1,240
|
|
33,574
|
|
33
|
|
1,240
|
|
33,607
|
|
34,847
|
|
3,744
|
|
31,103
|
|
1992
|
2011
|
35 years
|
Cambridge Health & Rehabilitation Center
|
Cambridge
|
OH
|
—
|
|
108
|
|
2,642
|
|
199
|
|
108
|
|
2,841
|
|
2,949
|
|
2,336
|
|
613
|
|
1975
|
1993
|
25 years
|
Winchester Place Nursing and Rehabilitation Center
|
Canal Winchester
|
OH
|
—
|
|
454
|
|
7,149
|
|
283
|
|
454
|
|
7,432
|
|
7,886
|
|
6,015
|
|
1,871
|
|
1974
|
1993
|
28 years
|
Chillicothe Nursing & Rehabilitation Center
|
Chillicothe
|
OH
|
—
|
|
128
|
|
3,481
|
|
313
|
|
128
|
|
3,794
|
|
3,922
|
|
3,114
|
|
808
|
|
1976
|
1985
|
34 years
|
Burlington House
|
Cincinnati
|
OH
|
—
|
|
918
|
|
5,087
|
|
3,010
|
|
918
|
|
8,097
|
|
9,015
|
|
1,752
|
|
7,263
|
|
1989
|
2004
|
35 years
|
Franklin Woods Nursing and Rehabilitation Center
|
Columbus
|
OH
|
—
|
|
190
|
|
4,712
|
|
202
|
|
190
|
|
4,914
|
|
5,104
|
|
2,890
|
|
2,214
|
|
1986
|
1992
|
38 years
|
Minerva Park Nursing and Rehabilitation Center
|
Columbus
|
OH
|
—
|
|
210
|
|
3,684
|
|
354
|
|
210
|
|
4,038
|
|
4,248
|
|
1,744
|
|
2,504
|
|
1973
|
1997
|
45 years
|
Regency Manor
|
Columbus
|
OH
|
—
|
|
606
|
|
16,424
|
|
401
|
|
606
|
|
16,825
|
|
17,431
|
|
11,275
|
|
6,156
|
|
1883
|
2004
|
35 years
|
Coshocton Health & Rehabilitation Center
|
Coshocton
|
OH
|
—
|
|
203
|
|
1,979
|
|
326
|
|
203
|
|
2,305
|
|
2,508
|
|
1,778
|
|
730
|
|
1974
|
1993
|
25 years
|
Olentangy Woods
|
Galion
|
OH
|
—
|
|
540
|
|
6,324
|
|
(1,463
|
)
|
540
|
|
4,861
|
|
5,401
|
|
611
|
|
4,790
|
|
1967
|
2011
|
35 years
|
Lebanon Country Manor
|
Lebanon
|
OH
|
—
|
|
105
|
|
3,617
|
|
140
|
|
105
|
|
3,757
|
|
3,862
|
|
2,565
|
|
1,297
|
|
1984
|
1986
|
43 years
|
Logan Health Care Center
|
Logan
|
OH
|
—
|
|
169
|
|
3,750
|
|
271
|
|
169
|
|
4,021
|
|
4,190
|
|
2,996
|
|
1,194
|
|
1979
|
1991
|
30 years
|
Marietta Convalescent Center
|
Marietta
|
OH
|
—
|
|
158
|
|
3,266
|
|
75
|
|
158
|
|
3,341
|
|
3,499
|
|
2,922
|
|
577
|
|
1972
|
1993
|
25 years
|
Pickerington Nursing & Rehabilitation Center
|
Pickerington
|
OH
|
—
|
|
312
|
|
4,382
|
|
349
|
|
312
|
|
4,731
|
|
5,043
|
|
2,754
|
|
2,289
|
|
1984
|
1992
|
37 years
|
Renaissance North
|
Warren
|
OH
|
—
|
|
1,100
|
|
8,196
|
|
(3,182
|
)
|
1,059
|
|
5,055
|
|
6,114
|
|
4,566
|
|
1,548
|
|
1967
|
2011
|
35 years
|
Country Glenn
|
Washington Court House
|
OH
|
—
|
|
490
|
|
13,460
|
|
(1,120
|
)
|
490
|
|
12,340
|
|
12,830
|
|
1,361
|
|
11,469
|
|
1984
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Avamere Rehab of Coos Bay
|
Coos Bay
|
OR
|
—
|
|
1,920
|
|
3,394
|
|
—
|
|
1,920
|
|
3,394
|
|
5,314
|
|
464
|
|
4,850
|
|
1968
|
2011
|
35 years
|
Avamere Riverpark of Eugene
|
Eugene
|
OR
|
—
|
|
1,960
|
|
17,622
|
|
—
|
|
1,960
|
|
17,622
|
|
19,582
|
|
2,012
|
|
17,570
|
|
1988
|
2011
|
35 years
|
Avamere Rehab of Eugene
|
Eugene
|
OR
|
—
|
|
1,080
|
|
7,257
|
|
—
|
|
1,080
|
|
7,257
|
|
8,337
|
|
904
|
|
7,433
|
|
1966
|
2011
|
35 years
|
Avamere Rehab of Clackamas
|
Gladstone
|
OR
|
—
|
|
820
|
|
3,844
|
|
—
|
|
820
|
|
3,844
|
|
4,664
|
|
507
|
|
4,157
|
|
1961
|
2011
|
35 years
|
Avamere Rehab of Hillsboro
|
Hillsboro
|
OR
|
—
|
|
1,390
|
|
8,628
|
|
—
|
|
1,390
|
|
8,628
|
|
10,018
|
|
1,056
|
|
8,962
|
|
1973
|
2011
|
35 years
|
Avamere Rehab of Junction City
|
Junction City
|
OR
|
—
|
|
590
|
|
5,583
|
|
—
|
|
590
|
|
5,583
|
|
6,173
|
|
671
|
|
5,502
|
|
1966
|
2011
|
35 years
|
Avamere Rehab of King City
|
King City
|
OR
|
—
|
|
1,290
|
|
10,646
|
|
—
|
|
1,290
|
|
10,646
|
|
11,936
|
|
1,249
|
|
10,687
|
|
1975
|
2011
|
35 years
|
Avamere Rehab of Lebanon
|
Lebanon
|
OR
|
—
|
|
980
|
|
12,954
|
|
—
|
|
980
|
|
12,954
|
|
13,934
|
|
1,470
|
|
12,464
|
|
1974
|
2011
|
35 years
|
Medford Rehabilitation and Healthcare Center
|
Medford
|
OR
|
—
|
|
362
|
|
4,610
|
|
222
|
|
362
|
|
4,832
|
|
5,194
|
|
3,687
|
|
1,507
|
|
1961
|
1991
|
34 years
|
Newport Rehabilitation & Specialty Care Center
|
Newport
|
OR
|
—
|
|
380
|
|
3,420
|
|
813
|
|
380
|
|
4,233
|
|
4,613
|
|
488
|
|
4,125
|
|
1997
|
2011
|
35 years
|
Mountain View
|
Oregon City
|
OR
|
—
|
|
1,056
|
|
6,831
|
|
—
|
|
1,056
|
|
6,831
|
|
7,887
|
|
560
|
|
7,327
|
|
1977
|
2012
|
35 years
|
Avamere Crestview of Portland
|
Portland
|
OR
|
—
|
|
1,610
|
|
13,942
|
|
—
|
|
1,610
|
|
13,942
|
|
15,552
|
|
1,613
|
|
13,939
|
|
1964
|
2011
|
35 years
|
Sunnyside Care Center
|
Salem
|
OR
|
—
|
|
1,512
|
|
2,249
|
|
217
|
|
1,512
|
|
2,466
|
|
3,978
|
|
1,597
|
|
2,381
|
|
1981
|
1991
|
30 years
|
Avamere Twin Oaks of Sweet Home
|
Sweet Home
|
OR
|
—
|
|
290
|
|
4,536
|
|
—
|
|
290
|
|
4,536
|
|
4,826
|
|
541
|
|
4,285
|
|
1972
|
2011
|
35 years
|
Balanced Care at Bloomsburg
|
Bloomsburg
|
PA
|
—
|
|
621
|
|
1,371
|
|
—
|
|
621
|
|
1,371
|
|
1,992
|
|
320
|
|
1,672
|
|
1997
|
2006
|
35 years
|
The Belvedere
|
Chester
|
PA
|
—
|
|
822
|
|
7,203
|
|
—
|
|
822
|
|
7,203
|
|
8,025
|
|
2,823
|
|
5,202
|
|
1899
|
2004
|
30 years
|
Mountain View Nursing Home
|
Greensburg
|
PA
|
—
|
|
580
|
|
12,817
|
|
223
|
|
580
|
|
13,040
|
|
13,620
|
|
1,563
|
|
12,057
|
|
1971
|
2011
|
35 years
|
Pennsburg Manor
|
Pennsburg
|
PA
|
—
|
|
1,091
|
|
7,871
|
|
—
|
|
1,091
|
|
7,871
|
|
8,962
|
|
3,146
|
|
5,816
|
|
1982
|
2004
|
30 years
|
Chapel Manor
|
Philadelphia
|
PA
|
—
|
|
1,595
|
|
13,982
|
|
1,358
|
|
1,595
|
|
15,340
|
|
16,935
|
|
5,960
|
|
10,975
|
|
1948
|
2004
|
30 years
|
Wyomissing Nursing and Rehabilitation Center
|
Reading
|
PA
|
—
|
|
61
|
|
5,095
|
|
272
|
|
61
|
|
5,367
|
|
5,428
|
|
2,439
|
|
2,989
|
|
1966
|
1993
|
45 years
|
Wayne Center
|
Strafford
|
PA
|
—
|
|
662
|
|
6,872
|
|
850
|
|
662
|
|
7,722
|
|
8,384
|
|
3,168
|
|
5,216
|
|
1875
|
2004
|
30 years
|
Oak Hill Nursing and Rehabilitation Center
|
Pawtucket
|
RI
|
—
|
|
91
|
|
6,724
|
|
335
|
|
91
|
|
7,059
|
|
7,150
|
|
3,248
|
|
3,902
|
|
1966
|
1990
|
45 years
|
Epic- Bayview
|
Beaufort
|
SC
|
—
|
|
890
|
|
14,311
|
|
—
|
|
890
|
|
14,311
|
|
15,201
|
|
1,773
|
|
13,428
|
|
1970
|
2011
|
35 years
|
Dundee Nursing Home
|
Bennettsville
|
SC
|
—
|
|
320
|
|
8,693
|
|
—
|
|
320
|
|
8,693
|
|
9,013
|
|
1,076
|
|
7,937
|
|
1958
|
2011
|
35 years
|
Epic-Conway
|
Conway
|
SC
|
—
|
|
1,090
|
|
16,880
|
|
—
|
|
1,090
|
|
16,880
|
|
17,970
|
|
2,042
|
|
15,928
|
|
1975
|
2011
|
35 years
|
Mt. Pleasant Nursing Center
|
Mount Pleasant
|
SC
|
—
|
|
1,810
|
|
9,079
|
|
—
|
|
1,810
|
|
9,079
|
|
10,889
|
|
1,158
|
|
9,731
|
|
1977
|
2011
|
35 years
|
Firesteel
|
Mitchell
|
SD
|
—
|
|
690
|
|
15,360
|
|
—
|
|
690
|
|
15,360
|
|
16,050
|
|
1,824
|
|
14,226
|
|
1966
|
2011
|
35 years
|
Fountain Springs Healthcare Center
|
Rapid City
|
SD
|
—
|
|
940
|
|
28,647
|
|
—
|
|
940
|
|
28,647
|
|
29,587
|
|
3,078
|
|
26,509
|
|
1989
|
2011
|
35 years
|
Masters Health Care Center
|
Algood
|
TN
|
—
|
|
524
|
|
4,370
|
|
390
|
|
524
|
|
4,760
|
|
5,284
|
|
3,410
|
|
1,874
|
|
1981
|
1987
|
38 years
|
Brookewood Health Care Center
|
Decatur
|
TN
|
—
|
|
470
|
|
4,617
|
|
—
|
|
470
|
|
4,617
|
|
5,087
|
|
625
|
|
4,462
|
|
1981
|
2011
|
35 years
|
Tri-State Comp Care Center
|
Harrogate
|
TN
|
—
|
|
1,520
|
|
11,515
|
|
—
|
|
1,520
|
|
11,515
|
|
13,035
|
|
1,364
|
|
11,671
|
|
1990
|
2011
|
35 years
|
Madison Healthcare and Rehabilitation Center
|
Madison
|
TN
|
—
|
|
168
|
|
1,445
|
|
269
|
|
168
|
|
1,714
|
|
1,882
|
|
1,219
|
|
663
|
|
1968
|
1992
|
29 years
|
Primacy Healthcare and Rehabilitation Center
|
Memphis
|
TN
|
—
|
|
1,222
|
|
8,344
|
|
294
|
|
1,222
|
|
8,638
|
|
9,860
|
|
5,852
|
|
4,008
|
|
1980
|
1990
|
37 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Green Acres - Baytown
|
Baytown
|
TX
|
—
|
|
490
|
|
9,104
|
|
—
|
|
490
|
|
9,104
|
|
9,594
|
|
1,070
|
|
8,524
|
|
1970
|
2011
|
35 years
|
Allenbrook Healthcare
|
Baytown
|
TX
|
—
|
|
470
|
|
11,304
|
|
—
|
|
470
|
|
11,304
|
|
11,774
|
|
1,345
|
|
10,429
|
|
1975
|
2011
|
35 years
|
Summer Place Nursing and Rehab
|
Beaumont
|
TX
|
—
|
|
1,160
|
|
15,934
|
|
—
|
|
1,160
|
|
15,934
|
|
17,094
|
|
1,872
|
|
15,222
|
|
2009
|
2011
|
35 years
|
Green Acres - Center
|
Center
|
TX
|
—
|
|
200
|
|
5,446
|
|
—
|
|
200
|
|
5,446
|
|
5,646
|
|
714
|
|
4,932
|
|
1972
|
2011
|
35 years
|
Regency Nursing Home
|
Clarksville
|
TX
|
—
|
|
380
|
|
8,711
|
|
—
|
|
380
|
|
8,711
|
|
9,091
|
|
1,093
|
|
7,998
|
|
1989
|
2011
|
35 years
|
Park Manor - Conroe
|
Conroe
|
TX
|
—
|
|
1,310
|
|
22,318
|
|
—
|
|
1,310
|
|
22,318
|
|
23,628
|
|
2,463
|
|
21,165
|
|
2001
|
2011
|
35 years
|
Trisun Care Center Westwood
|
Corpus Christi
|
TX
|
—
|
|
440
|
|
8,624
|
|
—
|
|
440
|
|
8,624
|
|
9,064
|
|
1,038
|
|
8,026
|
|
1973
|
2011
|
35 years
|
Trisun Care Center River Ridge
|
Corpus Christi
|
TX
|
—
|
|
890
|
|
7,695
|
|
—
|
|
890
|
|
7,695
|
|
8,585
|
|
988
|
|
7,597
|
|
1994
|
2011
|
35 years
|
Heritage Oaks West
|
Corsicana
|
TX
|
—
|
|
510
|
|
15,806
|
|
—
|
|
510
|
|
15,806
|
|
16,316
|
|
1,848
|
|
14,468
|
|
1995
|
2011
|
35 years
|
Park Manor
|
DeSoto
|
TX
|
—
|
|
1,080
|
|
14,484
|
|
—
|
|
1,080
|
|
14,484
|
|
15,564
|
|
1,736
|
|
13,828
|
|
1987
|
2011
|
35 years
|
Hill Country Care
|
Dripping Springs
|
TX
|
—
|
|
740
|
|
3,973
|
|
16
|
|
756
|
|
3,973
|
|
4,729
|
|
521
|
|
4,208
|
|
1986
|
2011
|
35 years
|
Sandstone Ranch
|
El Paso
|
TX
|
—
|
|
1,580
|
|
8,396
|
|
—
|
|
1,580
|
|
8,396
|
|
9,976
|
|
1,492
|
|
8,484
|
|
2010
|
2011
|
35 years
|
Pecan Tree Rehab & Healthcare
|
Gainesville
|
TX
|
—
|
|
430
|
|
11,499
|
|
—
|
|
430
|
|
11,499
|
|
11,929
|
|
1,378
|
|
10,551
|
|
1990
|
2011
|
35 years
|
Pleasant Valley Health & Rehab
|
Garland
|
TX
|
—
|
|
1,040
|
|
9,383
|
|
—
|
|
1,040
|
|
9,383
|
|
10,423
|
|
1,198
|
|
9,225
|
|
2008
|
2011
|
35 years
|
Upshur Manor
|
Gilmer
|
TX
|
—
|
|
770
|
|
8,126
|
|
—
|
|
770
|
|
8,126
|
|
8,896
|
|
1,019
|
|
7,877
|
|
1990
|
2011
|
35 years
|
Beechnut Manor
|
Houston
|
TX
|
—
|
|
1,080
|
|
12,030
|
|
—
|
|
1,080
|
|
12,030
|
|
13,110
|
|
1,474
|
|
11,636
|
|
1982
|
2011
|
35 years
|
Park Manor - Cypress Station
|
Houston
|
TX
|
—
|
|
1,450
|
|
19,542
|
|
—
|
|
1,450
|
|
19,542
|
|
20,992
|
|
2,196
|
|
18,796
|
|
2003
|
2011
|
35 years
|
Park Manor of Westchase
|
Houston
|
TX
|
—
|
|
2,760
|
|
16,715
|
|
—
|
|
2,760
|
|
16,715
|
|
19,475
|
|
1,917
|
|
17,558
|
|
2005
|
2011
|
35 years
|
Park Manor - Cyfair
|
Houston
|
TX
|
—
|
|
1,720
|
|
14,717
|
|
—
|
|
1,720
|
|
14,717
|
|
16,437
|
|
1,697
|
|
14,740
|
|
1999
|
2011
|
35 years
|
Green Acres - Humble
|
Humble
|
TX
|
—
|
|
2,060
|
|
6,738
|
|
—
|
|
2,060
|
|
6,738
|
|
8,798
|
|
900
|
|
7,898
|
|
1972
|
2011
|
35 years
|
Park Manor - Humble
|
Humble
|
TX
|
—
|
|
1,650
|
|
17,257
|
|
—
|
|
1,650
|
|
17,257
|
|
18,907
|
|
1,968
|
|
16,939
|
|
2003
|
2011
|
35 years
|
Green Acres - Huntsville
|
Huntsville
|
TX
|
—
|
|
290
|
|
2,568
|
|
—
|
|
290
|
|
2,568
|
|
2,858
|
|
414
|
|
2,444
|
|
1968
|
2011
|
35 years
|
Legend Oaks Healthcare
|
Jacksonville
|
TX
|
—
|
|
760
|
|
9,639
|
|
—
|
|
760
|
|
9,639
|
|
10,399
|
|
1,184
|
|
9,215
|
|
2006
|
2011
|
35 years
|
Avalon Kirbyville
|
Kirbyville
|
TX
|
—
|
|
260
|
|
7,713
|
|
—
|
|
260
|
|
7,713
|
|
7,973
|
|
980
|
|
6,993
|
|
1987
|
2011
|
35 years
|
Millbrook Healthcare
|
Lancaster
|
TX
|
—
|
|
750
|
|
7,480
|
|
—
|
|
750
|
|
7,480
|
|
8,230
|
|
1,011
|
|
7,219
|
|
2008
|
2011
|
35 years
|
Nexion Health at Linden
|
Linden
|
TX
|
—
|
|
680
|
|
3,495
|
|
—
|
|
680
|
|
3,495
|
|
4,175
|
|
562
|
|
3,613
|
|
1968
|
2011
|
35 years
|
SWLTC Marshall Conroe
|
Marshall
|
TX
|
—
|
|
810
|
|
10,093
|
|
—
|
|
810
|
|
10,093
|
|
10,903
|
|
1,272
|
|
9,631
|
|
2008
|
2011
|
35 years
|
McKinney Healthcare & Rehab
|
McKinney
|
TX
|
—
|
|
1,450
|
|
10,345
|
|
—
|
|
1,450
|
|
10,345
|
|
11,795
|
|
1,297
|
|
10,498
|
|
2006
|
2011
|
35 years
|
Park Manor of McKinney
|
McKinney
|
TX
|
—
|
|
1,540
|
|
11,049
|
|
(2,345
|
)
|
1,540
|
|
8,704
|
|
10,244
|
|
1,116
|
|
9,128
|
|
1993
|
2011
|
35 years
|
Midland Nursing Center
|
Midland
|
TX
|
—
|
|
530
|
|
13,311
|
|
—
|
|
530
|
|
13,311
|
|
13,841
|
|
1,538
|
|
12,303
|
|
2008
|
2011
|
35 years
|
Park Manor of Quail Valley
|
Missouri City
|
TX
|
—
|
|
1,920
|
|
16,841
|
|
—
|
|
1,920
|
|
16,841
|
|
18,761
|
|
1,926
|
|
16,835
|
|
2005
|
2011
|
35 years
|
Nexion Health at Mt. Pleasant
|
Mount Pleasant
|
TX
|
—
|
|
520
|
|
5,050
|
|
—
|
|
520
|
|
5,050
|
|
5,570
|
|
735
|
|
4,835
|
|
1970
|
2011
|
35 years
|
The Meadows Nursing and Rehab
|
Orange
|
TX
|
—
|
|
380
|
|
10,777
|
|
—
|
|
380
|
|
10,777
|
|
11,157
|
|
1,321
|
|
9,836
|
|
2006
|
2011
|
35 years
|
Cypress Glen Nursing and Rehab
|
Port Arthur
|
TX
|
—
|
|
1,340
|
|
14,142
|
|
—
|
|
1,340
|
|
14,142
|
|
15,482
|
|
1,749
|
|
13,733
|
|
2000
|
2011
|
35 years
|
Cypress Glen East
|
Port Arthur
|
TX
|
—
|
|
490
|
|
10,663
|
|
—
|
|
490
|
|
10,663
|
|
11,153
|
|
1,293
|
|
9,860
|
|
1986
|
2011
|
35 years
|
Trisun Care Center Coastal Palms
|
Portland
|
TX
|
—
|
|
390
|
|
8,548
|
|
—
|
|
390
|
|
8,548
|
|
8,938
|
|
1,037
|
|
7,901
|
|
1998
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Colony Oaks Care Center
|
Appleton
|
WI
|
—
|
|
353
|
|
3,571
|
|
280
|
|
353
|
|
3,851
|
|
4,204
|
|
2,994
|
|
1,210
|
|
1967
|
1993
|
29 years
|
Mount Carmel Medical and Rehabilitation Center
|
Burlington
|
WI
|
—
|
|
274
|
|
7,205
|
|
299
|
|
274
|
|
7,504
|
|
7,778
|
|
5,122
|
|
2,656
|
|
1971
|
1991
|
30 years
|
Chilton Health and Rehab
|
Chilton
|
WI
|
—
|
|
440
|
|
6,114
|
|
—
|
|
440
|
|
6,114
|
|
6,554
|
|
2,932
|
|
3,622
|
|
1963
|
2011
|
35 years
|
Florence Villa
|
Florence
|
WI
|
—
|
|
340
|
|
5,631
|
|
—
|
|
340
|
|
5,631
|
|
5,971
|
|
719
|
|
5,252
|
|
1970
|
2011
|
35 years
|
San Luis Medical and Rehabilitation Center
|
Green Bay
|
WI
|
—
|
|
259
|
|
5,299
|
|
224
|
|
259
|
|
5,523
|
|
5,782
|
|
4,582
|
|
1,200
|
|
1968
|
1996
|
25 years
|
Western Village
|
Green Bay
|
WI
|
—
|
|
1,310
|
|
4,882
|
|
—
|
|
1,310
|
|
4,882
|
|
6,192
|
|
716
|
|
5,476
|
|
1965
|
2011
|
35 years
|
Sheridan Medical Complex
|
Kenosha
|
WI
|
—
|
|
282
|
|
4,910
|
|
134
|
|
282
|
|
5,044
|
|
5,326
|
|
4,542
|
|
784
|
|
1964
|
1991
|
25 years
|
Woodstock Health and Rehabilitation Center
|
Kenosha
|
WI
|
—
|
|
562
|
|
7,424
|
|
331
|
|
562
|
|
7,755
|
|
8,317
|
|
7,096
|
|
1,221
|
|
1970
|
1991
|
25 years
|
North Ridge Medical and Rehabilitation Center
|
Manitowoc
|
WI
|
—
|
|
206
|
|
3,785
|
|
147
|
|
206
|
|
3,932
|
|
4,138
|
|
3,066
|
|
1,072
|
|
1964
|
1992
|
29 years
|
Vallhaven Care Center
|
Neenah
|
WI
|
—
|
|
337
|
|
5,125
|
|
368
|
|
337
|
|
5,493
|
|
5,830
|
|
4,201
|
|
1,629
|
|
1966
|
1993
|
28 years
|
Kennedy Park Medical & Rehabilitation Center
|
Schofield
|
WI
|
—
|
|
301
|
|
3,596
|
|
399
|
|
301
|
|
3,995
|
|
4,296
|
|
3,748
|
|
548
|
|
1966
|
1982
|
29 years
|
Greendale Health & Rehab
|
Sheboygan
|
WI
|
—
|
|
880
|
|
1,941
|
|
—
|
|
880
|
|
1,941
|
|
2,821
|
|
325
|
|
2,496
|
|
1967
|
2011
|
35 years
|
South Shore Manor
|
St. Francis
|
WI
|
—
|
|
630
|
|
2,300
|
|
—
|
|
630
|
|
2,300
|
|
2,930
|
|
309
|
|
2,621
|
|
1960
|
2011
|
35 years
|
Waukesha Springs (Westmoreland)
|
Waukesha
|
WI
|
—
|
|
1,380
|
|
16,205
|
|
—
|
|
1,380
|
|
16,205
|
|
17,585
|
|
2,072
|
|
15,513
|
|
1973
|
2011
|
35 years
|
Colonial Manor Medical and Rehabilitation Center
|
Wausau
|
WI
|
—
|
|
169
|
|
3,370
|
|
183
|
|
169
|
|
3,553
|
|
3,722
|
|
2,419
|
|
1,303
|
|
1964
|
1995
|
30 years
|
Wisconsin Dells Health & Rehab
|
Wisconsin Dells
|
WI
|
—
|
|
730
|
|
18,994
|
|
—
|
|
730
|
|
18,994
|
|
19,724
|
|
2,086
|
|
17,638
|
|
1972
|
2011
|
35 years
|
Logan Center
|
Logan
|
WV
|
—
|
|
300
|
|
12,959
|
|
—
|
|
300
|
|
12,959
|
|
13,259
|
|
1,426
|
|
11,833
|
|
1987
|
2011
|
35 years
|
Ravenswood Healthcare Center
|
Ravenswood
|
WV
|
—
|
|
320
|
|
12,710
|
|
—
|
|
320
|
|
12,710
|
|
13,030
|
|
1,402
|
|
11,628
|
|
1987
|
2011
|
35 years
|
Valley Center
|
South Charleston
|
WV
|
—
|
|
750
|
|
24,115
|
|
—
|
|
750
|
|
24,115
|
|
24,865
|
|
2,690
|
|
22,175
|
|
1987
|
2011
|
35 years
|
White Sulphur
|
White Sulphur Springs
|
WV
|
—
|
|
250
|
|
13,055
|
|
—
|
|
250
|
|
13,055
|
|
13,305
|
|
1,450
|
|
11,855
|
|
1987
|
2011
|
35 years
|
Sage View Care Center
|
Rock Springs
|
WY
|
—
|
|
287
|
|
2,392
|
|
158
|
|
287
|
|
2,550
|
|
2,837
|
|
1,903
|
|
934
|
|
1964
|
1993
|
30 years
|
TOTAL NON-KINDRED SKILLED NURSING FACILITIES
|
|
|
—
|
|
236,050
|
|
2,398,083
|
|
35,259
|
|
236,131
|
|
2,433,261
|
|
2,669,392
|
|
575,467
|
|
2,093,925
|
|
|
|
|
TOTAL FOR SKILLED NURSING FACILITIES
|
|
|
—
|
|
252,494
|
|
2,560,418
|
|
34,879
|
|
252,195
|
|
2,595,596
|
|
2,847,791
|
|
701,288
|
|
2,146,503
|
|
|
|
|
KINDRED HOSPITALS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Kindred Hospital - Arizona - Phoenix
|
Phoenix
|
AZ
|
—
|
|
226
|
|
3,359
|
|
—
|
|
226
|
|
3,359
|
|
3,585
|
|
2,604
|
|
981
|
|
1980
|
1992
|
30 years
|
Kindred Hospital - Tucson
|
Tucson
|
AZ
|
—
|
|
130
|
|
3,091
|
|
—
|
|
130
|
|
3,091
|
|
3,221
|
|
2,827
|
|
394
|
|
1969
|
1994
|
25 years
|
Kindred Hospital - Brea
|
Brea
|
CA
|
—
|
|
3,144
|
|
2,611
|
|
—
|
|
3,144
|
|
2,611
|
|
5,755
|
|
1,258
|
|
4,497
|
|
1990
|
1995
|
40 years
|
Kindred Hospital - Ontario
|
Ontario
|
CA
|
—
|
|
523
|
|
2,988
|
|
—
|
|
523
|
|
2,988
|
|
3,511
|
|
2,759
|
|
752
|
|
1950
|
1994
|
25 years
|
Kindred Hospital - San Diego
|
San Diego
|
CA
|
—
|
|
670
|
|
11,764
|
|
—
|
|
670
|
|
11,764
|
|
12,434
|
|
10,940
|
|
1,494
|
|
1965
|
1994
|
25 years
|
Kindred Hospital - San Francisco Bay Area
|
San Leandro
|
CA
|
—
|
|
2,735
|
|
5,870
|
|
—
|
|
2,735
|
|
5,870
|
|
8,605
|
|
6,059
|
|
2,546
|
|
1962
|
1993
|
25 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Kindred Hospital - Westminster
|
Westminster
|
CA
|
—
|
|
727
|
|
7,384
|
|
—
|
|
727
|
|
7,384
|
|
8,111
|
|
7,549
|
|
562
|
|
1973
|
1993
|
20 years
|
Kindred Hospital - Denver
|
Denver
|
CO
|
—
|
|
896
|
|
6,367
|
|
—
|
|
896
|
|
6,367
|
|
7,263
|
|
6,664
|
|
599
|
|
1963
|
1994
|
20 years
|
Kindred Hospital - South Florida - Coral Gables
|
Coral Gables
|
FL
|
—
|
|
1,071
|
|
5,348
|
|
—
|
|
1,071
|
|
5,348
|
|
6,419
|
|
4,724
|
|
1,695
|
|
1956
|
1992
|
30 years
|
Kindred Hospital - South Florida Ft. Lauderdale
|
Fort Lauderdale
|
FL
|
—
|
|
1,758
|
|
14,080
|
|
—
|
|
1,758
|
|
14,080
|
|
15,838
|
|
13,282
|
|
2,556
|
|
N/A
|
1989
|
30 years
|
Kindred Hospital - North Florida
|
Green Cove Springs
|
FL
|
—
|
|
145
|
|
4,613
|
|
—
|
|
145
|
|
4,613
|
|
4,758
|
|
4,247
|
|
511
|
|
1956
|
1994
|
20 years
|
Kindred Hospital - South Florida - Hollywood
|
Hollywood
|
FL
|
—
|
|
605
|
|
5,229
|
|
—
|
|
605
|
|
5,229
|
|
5,834
|
|
5,220
|
|
614
|
|
1937
|
1995
|
20 years
|
Kindred Hospital - Bay Area St. Petersburg
|
St. Petersburg
|
FL
|
—
|
|
1,401
|
|
16,706
|
|
—
|
|
1,401
|
|
16,706
|
|
18,107
|
|
13,624
|
|
4,483
|
|
1968
|
1997
|
40 years
|
Kindred Hospital - Central Tampa
|
Tampa
|
FL
|
—
|
|
2,732
|
|
7,676
|
|
—
|
|
2,732
|
|
7,676
|
|
10,408
|
|
4,760
|
|
5,648
|
|
1970
|
1993
|
40 years
|
Kindred Hospital - Chicago (North Campus)
|
Chicago
|
IL
|
—
|
|
1,583
|
|
19,980
|
|
—
|
|
1,583
|
|
19,980
|
|
21,563
|
|
18,697
|
|
2,866
|
|
1949
|
1995
|
25 years
|
Kindred - Chicago - Lakeshore
|
Chicago
|
IL
|
—
|
|
1,513
|
|
9,525
|
|
—
|
|
1,513
|
|
9,525
|
|
11,038
|
|
9,381
|
|
1,657
|
|
1995
|
1976
|
20 years
|
Kindred Hospital - Chicago (Northlake Campus)
|
Northlake
|
IL
|
—
|
|
850
|
|
6,498
|
|
—
|
|
850
|
|
6,498
|
|
7,348
|
|
5,609
|
|
1,739
|
|
1960
|
1991
|
30 years
|
Kindred Hospital - Sycamore
|
Sycamore
|
IL
|
—
|
|
77
|
|
8,549
|
|
—
|
|
77
|
|
8,549
|
|
8,626
|
|
7,732
|
|
894
|
|
1949
|
1993
|
20 years
|
Kindred Hospital - Indianapolis
|
Indianapolis
|
IN
|
—
|
|
985
|
|
3,801
|
|
—
|
|
985
|
|
3,801
|
|
4,786
|
|
3,243
|
|
1,543
|
|
1955
|
1993
|
30 years
|
Kindred Hospital - Louisville
|
Louisville
|
KY
|
—
|
|
3,041
|
|
12,279
|
|
—
|
|
3,041
|
|
12,279
|
|
15,320
|
|
11,776
|
|
3,544
|
|
1964
|
1995
|
20 years
|
Kindred Hospital - New Orleans
|
New Orleans
|
LA
|
—
|
|
648
|
|
4,971
|
|
—
|
|
648
|
|
4,971
|
|
5,619
|
|
4,330
|
|
1,289
|
|
1968
|
1978
|
20 years
|
Kindred Hospital - Boston
|
Brighton
|
MA
|
—
|
|
1,551
|
|
9,796
|
|
—
|
|
1,551
|
|
9,796
|
|
11,347
|
|
9,003
|
|
2,344
|
|
1930
|
1994
|
25 years
|
Kindred Hospital - Boston North Shore
|
Peabody
|
MA
|
—
|
|
543
|
|
7,568
|
|
—
|
|
543
|
|
7,568
|
|
8,111
|
|
5,418
|
|
2,693
|
|
1974
|
1993
|
40 years
|
Kindred Hospital - Kansas City
|
Kansas City
|
MO
|
—
|
|
277
|
|
2,914
|
|
—
|
|
277
|
|
2,914
|
|
3,191
|
|
2,561
|
|
630
|
|
N/A
|
1992
|
30 years
|
Kindred Hospital - St. Louis
|
St. Louis
|
MO
|
—
|
|
1,126
|
|
2,087
|
|
—
|
|
1,126
|
|
2,087
|
|
3,213
|
|
1,830
|
|
1,383
|
|
1984
|
1991
|
40 years
|
Kindred Hospital - Greensboro
|
Greensboro
|
NC
|
—
|
|
1,010
|
|
7,586
|
|
—
|
|
1,010
|
|
7,586
|
|
8,596
|
|
7,490
|
|
1,106
|
|
1964
|
1994
|
20 years
|
Kindred Hospital - Albuquerque
|
Albuquerque
|
NM
|
—
|
|
11
|
|
4,253
|
|
—
|
|
11
|
|
4,253
|
|
4,264
|
|
2,713
|
|
1,551
|
|
1985
|
1993
|
40 years
|
Kindred Hospital - Las Vegas (Sahara)
|
Las Vegas
|
NV
|
—
|
|
1,110
|
|
2,177
|
|
—
|
|
1,110
|
|
2,177
|
|
3,287
|
|
1,299
|
|
1,988
|
|
1980
|
1994
|
40 years
|
Kindred Hospital - Oklahoma City
|
Oklahoma City
|
OK
|
—
|
|
293
|
|
5,607
|
|
—
|
|
293
|
|
5,607
|
|
5,900
|
|
4,368
|
|
1,532
|
|
1958
|
1993
|
30 years
|
Kindred Hospital - Pittsburgh
|
Oakdale
|
PA
|
—
|
|
662
|
|
12,854
|
|
—
|
|
662
|
|
12,854
|
|
13,516
|
|
9,398
|
|
4,118
|
|
1972
|
1996
|
40 years
|
Kindred Hospital - Philadelphia
|
Philadelphia
|
PA
|
—
|
|
135
|
|
5,223
|
|
—
|
|
135
|
|
5,223
|
|
5,358
|
|
3,072
|
|
2,286
|
|
N/A
|
1995
|
35 years
|
Kindred Hospital - Chattanooga
|
Chattanooga
|
TN
|
—
|
|
756
|
|
4,415
|
|
—
|
|
756
|
|
4,415
|
|
5,171
|
|
3,915
|
|
1,256
|
|
1975
|
1993
|
22 years
|
Kindred Hospital - Tarrant County (Fort Worth Southwest)
|
Fort Worth
|
TX
|
—
|
|
2,342
|
|
7,458
|
|
—
|
|
2,342
|
|
7,458
|
|
9,800
|
|
7,352
|
|
2,448
|
|
1987
|
1986
|
20 years
|
Kindred Hospital - Fort Worth
|
Fort Worth
|
TX
|
—
|
|
648
|
|
10,608
|
|
—
|
|
648
|
|
10,608
|
|
11,256
|
|
8,506
|
|
2,750
|
|
1960
|
1994
|
34 years
|
Kindred Hospital (Houston Northwest)
|
Houston
|
TX
|
—
|
|
1,699
|
|
6,788
|
|
—
|
|
1,699
|
|
6,788
|
|
8,487
|
|
5,238
|
|
3,249
|
|
1986
|
1985
|
40 years
|
Kindred Hospital - Houston
|
Houston
|
TX
|
—
|
|
33
|
|
7,062
|
|
—
|
|
33
|
|
7,062
|
|
7,095
|
|
6,575
|
|
520
|
|
N/A
|
1994
|
20 years
|
Kindred Hospital - Mansfield
|
Mansfield
|
TX
|
—
|
|
267
|
|
2,462
|
|
—
|
|
267
|
|
2,462
|
|
2,729
|
|
1,843
|
|
886
|
|
1983
|
1990
|
40 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Kindred Hospital - San Antonio
|
San Antonio
|
TX
|
—
|
|
249
|
|
11,413
|
|
—
|
|
249
|
|
11,413
|
|
11,662
|
|
8,445
|
|
3,217
|
|
1981
|
1993
|
30 years
|
TOTAL FOR KINDRED HOSPITALS
|
|
|
—
|
|
38,172
|
|
272,960
|
|
—
|
|
38,172
|
|
272,960
|
|
311,132
|
|
236,311
|
|
74,821
|
|
|
|
|
NON-KINDRED HOSPITALS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Arizone Rehab
|
Tucson
|
AZ
|
—
|
|
770
|
|
25,589
|
|
—
|
|
770
|
|
25,589
|
|
26,359
|
|
2,673
|
|
23,686
|
|
1992
|
2011
|
35 years
|
HealthBridge Children's Hospital
|
Orange
|
CA
|
—
|
|
1,330
|
|
9,317
|
|
—
|
|
1,330
|
|
9,317
|
|
10,647
|
|
1,002
|
|
9,645
|
|
2000
|
2011
|
35 years
|
HealthSouth Rehabilitation Hospital
|
Tustin
|
CA
|
—
|
|
2,810
|
|
25,248
|
|
—
|
|
2,810
|
|
25,248
|
|
28,058
|
|
2,688
|
|
25,370
|
|
1991
|
2011
|
35 years
|
Gateway Rehabilitation Hospital at Florence
|
Florence
|
KY
|
—
|
|
3,600
|
|
4,924
|
|
—
|
|
3,600
|
|
4,924
|
|
8,524
|
|
1,149
|
|
7,375
|
|
2001
|
2006
|
35 years
|
University Hospitals Rehabilitation Hospital
|
Beachwood
|
OH
|
—
|
|
1,800
|
|
16,444
|
|
—
|
|
1,800
|
|
16,444
|
|
18,244
|
|
827
|
|
17,417
|
|
2013
|
2012
|
35 years
|
The Ranch/Touchstone
|
Conroe
|
TX
|
—
|
|
2,710
|
|
28,428
|
|
8,500
|
|
2,710
|
|
36,928
|
|
39,638
|
|
2,999
|
|
36,639
|
|
1992
|
2011
|
35 years
|
Highlands Regional Rehabilitation Hospital
|
El Paso
|
TX
|
—
|
|
1,900
|
|
23,616
|
|
—
|
|
1,900
|
|
23,616
|
|
25,516
|
|
5,510
|
|
20,006
|
|
1999
|
2006
|
35 years
|
Houston Children's Hospital
|
Houston
|
TX
|
—
|
|
1,800
|
|
15,770
|
|
—
|
|
1,800
|
|
15,770
|
|
17,570
|
|
1,676
|
|
15,894
|
|
1999
|
2011
|
35 years
|
Beacon Specialty Hospital
|
Spring
|
TX
|
—
|
|
960
|
|
6,498
|
|
—
|
|
960
|
|
6,498
|
|
7,458
|
|
708
|
|
6,750
|
|
1995
|
2011
|
35 years
|
TOTAL FOR NON-KINDRED HOSPITALS
|
|
|
—
|
|
17,680
|
|
155,834
|
|
8,500
|
|
17,680
|
|
164,334
|
|
182,014
|
|
19,232
|
|
162,782
|
|
|
|
|
TOTAL FOR HOSPITALS
|
|
|
—
|
|
55,852
|
|
428,794
|
|
8,500
|
|
55,852
|
|
437,294
|
|
493,146
|
|
255,543
|
|
237,603
|
|
|
|
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Sterling House of Temple
|
Temple
|
TX
|
—
|
|
330
|
|
5,081
|
|
—
|
|
330
|
|
5,081
|
|
5,411
|
|
599
|
|
4,812
|
|
1997
|
2011
|
35 years
|
Emeritus at Ridgewood Gardens
|
Salem
|
VA
|
—
|
|
1,900
|
|
16,219
|
|
—
|
|
1,900
|
|
16,219
|
|
18,119
|
|
5,238
|
|
12,881
|
|
1998
|
2011
|
35 years
|
Clare Bridge of Lynwood
|
Lynnwood
|
WA
|
—
|
|
1,219
|
|
9,573
|
|
—
|
|
1,219
|
|
9,573
|
|
10,792
|
|
3,386
|
|
7,406
|
|
1999
|
2005
|
35 years
|
Clare Bridge of Puyallup
|
Puyallup
|
WA
|
9,732
|
|
1,055
|
|
8,298
|
|
—
|
|
1,055
|
|
8,298
|
|
9,353
|
|
2,935
|
|
6,418
|
|
1998
|
2005
|
35 years
|
Columbia Edgewater
|
Richland
|
WA
|
—
|
|
960
|
|
23,270
|
|
—
|
|
960
|
|
23,270
|
|
24,230
|
|
2,613
|
|
21,617
|
|
1990
|
2011
|
35 years
|
Park Place
|
Spokane
|
WA
|
—
|
|
1,622
|
|
12,895
|
|
—
|
|
1,622
|
|
12,895
|
|
14,517
|
|
4,759
|
|
9,758
|
|
1915
|
2005
|
35 years
|
Crossings at Allenmore
|
Tacoma
|
WA
|
—
|
|
620
|
|
16,186
|
|
—
|
|
620
|
|
16,186
|
|
16,806
|
|
1,756
|
|
15,050
|
|
1997
|
2011
|
35 years
|
Union Park at Allenmore
|
Tacoma
|
WA
|
—
|
|
1,710
|
|
3,326
|
|
—
|
|
1,710
|
|
3,326
|
|
5,036
|
|
586
|
|
4,450
|
|
1988
|
2011
|
35 years
|
Crossings at Yakima
|
Yakima
|
WA
|
—
|
|
860
|
|
15,276
|
|
—
|
|
860
|
|
15,276
|
|
16,136
|
|
1,709
|
|
14,427
|
|
1998
|
2011
|
35 years
|
Sterling House of Fond du Lac
|
Fond du Lac
|
WI
|
—
|
|
196
|
|
1,603
|
|
—
|
|
196
|
|
1,603
|
|
1,799
|
|
567
|
|
1,232
|
|
2000
|
2005
|
35 years
|
Clare Bridge of Kenosha
|
Kenosha
|
WI
|
—
|
|
551
|
|
5,431
|
|
2,772
|
|
551
|
|
8,203
|
|
8,754
|
|
2,425
|
|
6,329
|
|
2000
|
2005
|
35 years
|
Woven Hearts of Kenosha
|
Kenosha
|
WI
|
—
|
|
630
|
|
1,694
|
|
—
|
|
630
|
|
1,694
|
|
2,324
|
|
220
|
|
2,104
|
|
1997
|
2011
|
35 years
|
Clare Bridge Cottage of La Crosse
|
La Crosse
|
WI
|
—
|
|
621
|
|
4,056
|
|
1,126
|
|
621
|
|
5,182
|
|
5,803
|
|
1,640
|
|
4,163
|
|
2004
|
2005
|
35 years
|
Sterling House of La Crosse
|
La Crosse
|
WI
|
—
|
|
644
|
|
5,831
|
|
2,637
|
|
644
|
|
8,468
|
|
9,112
|
|
2,544
|
|
6,568
|
|
1998
|
2005
|
35 years
|
Sterling House of Middleton
|
Middleton
|
WI
|
—
|
|
360
|
|
5,041
|
|
—
|
|
360
|
|
5,041
|
|
5,401
|
|
555
|
|
4,846
|
|
1997
|
2011
|
35 years
|
Woven Hearts of Neenah
|
Neenah
|
WI
|
—
|
|
340
|
|
1,030
|
|
—
|
|
340
|
|
1,030
|
|
1,370
|
|
151
|
|
1,219
|
|
1996
|
2011
|
35 years
|
Woven Hearts of Onalaska
|
Onalaska
|
WI
|
—
|
|
250
|
|
4,949
|
|
—
|
|
250
|
|
4,949
|
|
5,199
|
|
542
|
|
4,657
|
|
1995
|
2011
|
35 years
|
Woven Hearts of Oshkosh
|
Oshkosh
|
WI
|
—
|
|
160
|
|
1,904
|
|
—
|
|
160
|
|
1,904
|
|
2,064
|
|
241
|
|
1,823
|
|
1996
|
2011
|
35 years
|
Woven Hearts of Sun Prairie
|
Sun Prairie
|
WI
|
—
|
|
350
|
|
1,131
|
|
—
|
|
350
|
|
1,131
|
|
1,481
|
|
161
|
|
1,320
|
|
1994
|
2011
|
35 years
|
TOTAL FOR BROOKDALE SENIORS HOUSING COMMUNITIES
|
|
|
255,484
|
|
218,194
|
|
2,112,392
|
|
38,533
|
|
219,127
|
|
2,149,992
|
|
2,369,119
|
|
546,213
|
|
1,822,906
|
|
|
|
|
SUNRISE SENIORS HOUSING COMMUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunrise of Chandler
|
Chandler
|
AZ
|
—
|
|
4,344
|
|
14,455
|
|
246
|
|
4,439
|
|
14,606
|
|
19,045
|
|
1,423
|
|
17,622
|
|
2007
|
2012
|
35 years
|
Sunrise of Scottsdale
|
Scottsdale
|
AZ
|
—
|
|
2,229
|
|
27,575
|
|
466
|
|
2,255
|
|
28,015
|
|
30,270
|
|
6,570
|
|
23,700
|
|
2007
|
2007
|
35 years
|
Sunrise of River Road
|
Tucson
|
AZ
|
—
|
|
2,971
|
|
12,399
|
|
65
|
|
2,971
|
|
12,464
|
|
15,435
|
|
1,117
|
|
14,318
|
|
2008
|
2012
|
35 years
|
Sunrise of Lynn Valley
|
Vancouver
|
BC
|
—
|
|
11,759
|
|
37,424
|
|
(6,469
|
)
|
10,057
|
|
32,657
|
|
42,714
|
|
7,599
|
|
35,115
|
|
2002
|
2007
|
35 years
|
Sunrise of Vancouver
|
Vancouver
|
BC
|
—
|
|
6,649
|
|
31,937
|
|
445
|
|
6,663
|
|
32,368
|
|
39,031
|
|
7,992
|
|
31,039
|
|
2005
|
2007
|
35 years
|
Sunrise of Victoria
|
Victoria
|
BC
|
—
|
|
8,332
|
|
29,970
|
|
(4,863
|
)
|
7,144
|
|
26,295
|
|
33,439
|
|
6,261
|
|
27,178
|
|
2001
|
2007
|
35 years
|
Sunrise at La Costa
|
Carlsbad
|
CA
|
—
|
|
4,890
|
|
20,590
|
|
1,067
|
|
4,960
|
|
21,587
|
|
26,547
|
|
5,607
|
|
20,940
|
|
1999
|
2007
|
35 years
|
Sunrise of Carmichael
|
Carmichael
|
CA
|
—
|
|
1,269
|
|
14,598
|
|
210
|
|
1,269
|
|
14,808
|
|
16,077
|
|
1,368
|
|
14,709
|
|
2009
|
2012
|
35 years
|
Sunrise of Fair Oaks
|
Fair Oaks
|
CA
|
10,452
|
|
1,456
|
|
23,679
|
|
1,471
|
|
2,265
|
|
24,341
|
|
26,606
|
|
6,049
|
|
20,557
|
|
2001
|
2007
|
35 years
|
Sunrise of Mission Viejo
|
Mission Viejo
|
CA
|
—
|
|
3,802
|
|
24,560
|
|
1,036
|
|
3,827
|
|
25,571
|
|
29,398
|
|
6,346
|
|
23,052
|
|
1998
|
2007
|
35 years
|
Sunrise at Canyon Crest
|
Riverside
|
CA
|
—
|
|
5,486
|
|
19,658
|
|
1,023
|
|
5,530
|
|
20,637
|
|
26,167
|
|
5,186
|
|
20,981
|
|
2006
|
2007
|
35 years
|
Sunrise of Rocklin
|
Rocklin
|
CA
|
—
|
|
1,378
|
|
23,565
|
|
651
|
|
1,413
|
|
24,181
|
|
25,594
|
|
5,734
|
|
19,860
|
|
2007
|
2007
|
35 years
|
Sunrise of San Mateo
|
San Mateo
|
CA
|
—
|
|
2,682
|
|
35,335
|
|
1,255
|
|
2,686
|
|
36,586
|
|
39,272
|
|
8,570
|
|
30,702
|
|
1999
|
2007
|
35 years
|
Sunrise of Sunnyvale
|
Sunnyvale
|
CA
|
—
|
|
2,933
|
|
34,361
|
|
715
|
|
2,948
|
|
35,061
|
|
38,009
|
|
8,278
|
|
29,731
|
|
2000
|
2007
|
35 years
|
Sunrise at Sterling Canyon
|
Valencia
|
CA
|
16,495
|
|
3,868
|
|
29,293
|
|
3,811
|
|
3,966
|
|
33,006
|
|
36,972
|
|
8,289
|
|
28,683
|
|
1998
|
2007
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Sunrise of Westlake Village
|
Westlake Village
|
CA
|
—
|
|
4,935
|
|
30,722
|
|
842
|
|
5,006
|
|
31,493
|
|
36,499
|
|
7,406
|
|
29,093
|
|
2004
|
2007
|
35 years
|
Sunrise at Yorba Linda
|
Yorba Linda
|
CA
|
—
|
|
1,689
|
|
25,240
|
|
1,066
|
|
1,714
|
|
26,281
|
|
27,995
|
|
6,163
|
|
21,832
|
|
2002
|
2007
|
35 years
|
Sunrise at Cherry Creek
|
Denver
|
CO
|
—
|
|
1,621
|
|
28,370
|
|
836
|
|
1,703
|
|
29,124
|
|
30,827
|
|
7,027
|
|
23,800
|
|
2000
|
2007
|
35 years
|
Sunrise at Pinehurst
|
Denver
|
CO
|
—
|
|
1,417
|
|
30,885
|
|
1,457
|
|
1,431
|
|
32,328
|
|
33,759
|
|
8,040
|
|
25,719
|
|
1998
|
2007
|
35 years
|
Sunrise at Orchard
|
Littleton
|
CO
|
10,382
|
|
1,813
|
|
22,183
|
|
1,040
|
|
1,846
|
|
23,190
|
|
25,036
|
|
5,825
|
|
19,211
|
|
1997
|
2007
|
35 years
|
Sunrise of Westminster
|
Westminster
|
CO
|
7,432
|
|
2,649
|
|
16,243
|
|
1,020
|
|
2,686
|
|
17,226
|
|
19,912
|
|
4,299
|
|
15,613
|
|
2000
|
2007
|
35 years
|
Sunrise of Stamford
|
Stamford
|
CT
|
—
|
|
4,612
|
|
28,533
|
|
1,228
|
|
4,646
|
|
29,727
|
|
34,373
|
|
7,511
|
|
26,862
|
|
1999
|
2007
|
35 years
|
Sunrise of Jacksonville
|
Jacksonville
|
FL
|
—
|
|
2,390
|
|
17,671
|
|
39
|
|
2,405
|
|
17,695
|
|
20,100
|
|
1,674
|
|
18,426
|
|
2009
|
2012
|
35 years
|
Sunrise of Ivey Ridge
|
Alpharetta
|
GA
|
5,064
|
|
1,507
|
|
18,516
|
|
908
|
|
1,513
|
|
19,418
|
|
20,931
|
|
4,949
|
|
15,982
|
|
1998
|
2007
|
35 years
|
Sunrise of Huntcliff I
|
Atlanta
|
GA
|
30,197
|
|
4,232
|
|
66,161
|
|
13,563
|
|
4,226
|
|
79,730
|
|
83,956
|
|
17,802
|
|
66,154
|
|
1987
|
2007
|
35 years
|
Sunrise of Huntcliff II
|
Atlanta
|
GA
|
4,864
|
|
2,154
|
|
17,137
|
|
1,577
|
|
2,160
|
|
18,708
|
|
20,868
|
|
4,667
|
|
16,201
|
|
1998
|
2007
|
35 years
|
Sunrise at East Cobb
|
Marietta
|
GA
|
9,330
|
|
1,797
|
|
23,420
|
|
1,248
|
|
1,799
|
|
24,666
|
|
26,465
|
|
5,970
|
|
20,495
|
|
1997
|
2007
|
35 years
|
Sunrise of Barrington
|
Barrington
|
IL
|
—
|
|
859
|
|
15,085
|
|
248
|
|
859
|
|
15,333
|
|
16,192
|
|
1,442
|
|
14,750
|
|
2007
|
2012
|
35 years
|
Sunrise of Bloomingdale
|
Bloomingdale
|
IL
|
—
|
|
1,287
|
|
38,625
|
|
1,289
|
|
1,382
|
|
39,819
|
|
41,201
|
|
9,430
|
|
31,771
|
|
2000
|
2007
|
35 years
|
Sunrise of Buffalo Grove
|
Buffalo Grove
|
IL
|
—
|
|
2,154
|
|
28,021
|
|
824
|
|
2,251
|
|
28,748
|
|
30,999
|
|
7,076
|
|
23,923
|
|
1999
|
2007
|
35 years
|
Sunrise of Lincoln Park
|
Chicago
|
IL
|
—
|
|
3,485
|
|
26,687
|
|
534
|
|
3,504
|
|
27,202
|
|
30,706
|
|
6,304
|
|
24,402
|
|
2003
|
2007
|
35 years
|
Sunrise of Naperville
|
Naperville
|
IL
|
—
|
|
1,946
|
|
28,538
|
|
1,711
|
|
1,990
|
|
30,205
|
|
32,195
|
|
7,451
|
|
24,744
|
|
1999
|
2007
|
35 years
|
Sunrise of Palos Park
|
Palos Park
|
IL
|
18,651
|
|
2,363
|
|
42,205
|
|
893
|
|
2,369
|
|
43,092
|
|
45,461
|
|
10,271
|
|
35,190
|
|
2001
|
2007
|
35 years
|
Sunrise of Park Ridge
|
Park Ridge
|
IL
|
—
|
|
5,533
|
|
39,557
|
|
1,831
|
|
5,612
|
|
41,309
|
|
46,921
|
|
9,592
|
|
37,329
|
|
1998
|
2007
|
35 years
|
Sunrise of Willowbrook
|
Willowbrook
|
IL
|
18,515
|
|
1,454
|
|
60,738
|
|
1,934
|
|
2,047
|
|
62,079
|
|
64,126
|
|
13,030
|
|
51,096
|
|
2000
|
2007
|
35 years
|
Sunrise of Old Meridian
|
Carmel
|
IN
|
—
|
|
8,550
|
|
31,746
|
|
43
|
|
8,550
|
|
31,789
|
|
40,339
|
|
2,995
|
|
37,344
|
|
2009
|
2012
|
35 years
|
Sunrise of Leawood
|
Leawood
|
KS
|
—
|
|
651
|
|
16,401
|
|
317
|
|
719
|
|
16,650
|
|
17,369
|
|
1,426
|
|
15,943
|
|
2006
|
2012
|
35 years
|
Sunrise of Overland Park
|
Overland Park
|
KS
|
—
|
|
650
|
|
11,015
|
|
308
|
|
651
|
|
11,322
|
|
11,973
|
|
1,070
|
|
10,903
|
|
2007
|
2012
|
35 years
|
Sunrise of Baton Rouge
|
Baton Rouge
|
LA
|
7,972
|
|
1,212
|
|
23,547
|
|
1,160
|
|
1,253
|
|
24,666
|
|
25,919
|
|
5,889
|
|
20,030
|
|
2000
|
2007
|
35 years
|
Sunrise of Arlington
|
Arlington
|
MA
|
17,077
|
|
86
|
|
34,393
|
|
712
|
|
107
|
|
35,084
|
|
35,191
|
|
8,609
|
|
26,582
|
|
2001
|
2007
|
35 years
|
Sunrise of Norwood
|
Norwood
|
MA
|
—
|
|
2,230
|
|
30,968
|
|
1,509
|
|
2,269
|
|
32,438
|
|
34,707
|
|
7,666
|
|
27,041
|
|
1997
|
2007
|
35 years
|
Sunrise of Columbia
|
Columbia
|
MD
|
—
|
|
1,780
|
|
23,083
|
|
1,682
|
|
1,855
|
|
24,690
|
|
26,545
|
|
5,966
|
|
20,579
|
|
1996
|
2007
|
35 years
|
Sunrise of Rockville
|
Rockville
|
MD
|
—
|
|
1,039
|
|
39,216
|
|
990
|
|
1,066
|
|
40,179
|
|
41,245
|
|
9,238
|
|
32,007
|
|
1997
|
2007
|
35 years
|
Sunrise of Bloomfield
|
Bloomfield Hills
|
MI
|
—
|
|
3,736
|
|
27,657
|
|
1,296
|
|
3,742
|
|
28,947
|
|
32,689
|
|
6,887
|
|
25,802
|
|
2006
|
2007
|
35 years
|
Sunrise of Cascade
|
Grand Rapids
|
MI
|
—
|
|
1,273
|
|
21,782
|
|
112
|
|
1,284
|
|
21,883
|
|
23,167
|
|
1,980
|
|
21,187
|
|
2007
|
2012
|
35 years
|
Sunrise of Northville
|
Plymouth
|
MI
|
—
|
|
1,445
|
|
26,090
|
|
860
|
|
1,525
|
|
26,870
|
|
28,395
|
|
6,653
|
|
21,742
|
|
1999
|
2007
|
35 years
|
Sunrise of Rochester
|
Rochester
|
MI
|
—
|
|
2,774
|
|
38,666
|
|
1,003
|
|
2,778
|
|
39,665
|
|
42,443
|
|
9,427
|
|
33,016
|
|
1998
|
2007
|
35 years
|
Sunrise of Troy
|
Troy
|
MI
|
—
|
|
1,758
|
|
23,727
|
|
577
|
|
1,833
|
|
24,229
|
|
26,062
|
|
6,001
|
|
20,061
|
|
2001
|
2007
|
35 years
|
Sunrise of Edina
|
Edina
|
MN
|
8,809
|
|
3,181
|
|
24,224
|
|
2,287
|
|
3,212
|
|
26,480
|
|
29,692
|
|
6,481
|
|
23,211
|
|
1999
|
2007
|
35 years
|
Sunrise on Providence
|
Charlotte
|
NC
|
—
|
|
1,976
|
|
19,472
|
|
1,524
|
|
1,988
|
|
20,984
|
|
22,972
|
|
5,021
|
|
17,951
|
|
1999
|
2007
|
35 years
|
Sunrise at North Hills
|
Raleigh
|
NC
|
—
|
|
749
|
|
37,091
|
|
3,411
|
|
762
|
|
40,489
|
|
41,251
|
|
9,451
|
|
31,800
|
|
2000
|
2007
|
35 years
|
Sunrise of East Brunswick
|
East Brunswick
|
NJ
|
—
|
|
2,784
|
|
26,173
|
|
1,432
|
|
3,031
|
|
27,358
|
|
30,389
|
|
6,976
|
|
23,413
|
|
1999
|
2007
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Sunrise of Bon Air
|
Richmond
|
VA
|
—
|
|
2,047
|
|
22,079
|
|
293
|
|
2,032
|
|
22,387
|
|
24,419
|
|
2,089
|
|
22,330
|
|
2008
|
2012
|
35 years
|
Sunrise of Springfield
|
Springfield
|
VA
|
8,337
|
|
4,440
|
|
18,834
|
|
2,210
|
|
4,454
|
|
21,030
|
|
25,484
|
|
4,999
|
|
20,485
|
|
1997
|
2007
|
35 years
|
TOTAL FOR SUNRISE SENIORS HOUSING COMMUNITIES
|
|
|
309,940
|
|
245,515
|
|
2,532,176
|
|
58,592
|
|
244,300
|
|
2,591,983
|
|
2,836,283
|
|
576,492
|
|
2,259,791
|
|
|
|
|
ATRIA SENIORS HOUSING COMMUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Arbour Lake
|
Calgary
|
AB
|
—
|
|
2,512
|
|
39,188
|
|
—
|
|
2,512
|
|
39,188
|
|
41,700
|
|
460
|
|
41,240
|
|
2003
|
2014
|
35 years
|
Canyon Meadows
|
Calgary
|
AB
|
—
|
|
1,617
|
|
30,803
|
|
—
|
|
1,617
|
|
30,803
|
|
32,420
|
|
371
|
|
32,049
|
|
1995
|
2014
|
35 years
|
Churchill Manor
|
Edmonton
|
AB
|
—
|
|
2,865
|
|
30,482
|
|
—
|
|
2,865
|
|
30,482
|
|
33,347
|
|
374
|
|
32,973
|
|
1999
|
2014
|
35 years
|
View at Lethbridge
|
Lethbridge
|
AB
|
—
|
|
2,503
|
|
24,770
|
|
—
|
|
2,503
|
|
24,770
|
|
27,273
|
|
325
|
|
26,948
|
|
2007
|
2014
|
35 years
|
Victoria Park
|
Red Deer
|
AB
|
9,952
|
|
1,188
|
|
22,554
|
|
—
|
|
1,188
|
|
22,554
|
|
23,742
|
|
298
|
|
23,444
|
|
1999
|
2014
|
35 years
|
Ironwood Estates
|
St. Albert
|
AB
|
—
|
|
3,639
|
|
22,519
|
|
—
|
|
3,639
|
|
22,519
|
|
26,158
|
|
295
|
|
25,863
|
|
1998
|
2014
|
35 years
|
Atria Regency
|
Mobile
|
AL
|
—
|
|
950
|
|
11,897
|
|
824
|
|
953
|
|
12,718
|
|
13,671
|
|
1,987
|
|
11,684
|
|
1996
|
2011
|
35 years
|
Atria Chandler Villas
|
Chandler
|
AZ
|
7,570
|
|
3,650
|
|
8,450
|
|
873
|
|
3,692
|
|
9,281
|
|
12,973
|
|
2,004
|
|
10,969
|
|
1988
|
2011
|
35 years
|
Atria Sierra Pointe
|
Scottsdale
|
AZ
|
—
|
|
10,930
|
|
65,372
|
|
—
|
|
10,930
|
|
65,372
|
|
76,302
|
|
887
|
|
75,415
|
|
2000
|
2014
|
35 years
|
Atria Campana Del Rio
|
Tucson
|
AZ
|
—
|
|
5,861
|
|
37,284
|
|
1,072
|
|
5,896
|
|
38,321
|
|
44,217
|
|
5,712
|
|
38,505
|
|
1964
|
2011
|
35 years
|
Atria Valley Manor
|
Tucson
|
AZ
|
—
|
|
1,709
|
|
60
|
|
288
|
|
1,709
|
|
348
|
|
2,057
|
|
148
|
|
1,909
|
|
1963
|
2011
|
35 years
|
Atria Bell Court Gardens
|
Tucson
|
AZ
|
18,170
|
|
3,010
|
|
30,969
|
|
537
|
|
3,016
|
|
31,500
|
|
34,516
|
|
4,190
|
|
30,326
|
|
1964
|
2011
|
35 years
|
Longlake Chateau
|
Nanaimo
|
BC
|
10,401
|
|
1,874
|
|
22,910
|
|
—
|
|
1,874
|
|
22,910
|
|
24,784
|
|
304
|
|
24,480
|
|
1990
|
2014
|
35 years
|
Prince George
|
Prince George
|
BC
|
10,239
|
|
2,066
|
|
22,761
|
|
—
|
|
2,066
|
|
22,761
|
|
24,827
|
|
305
|
|
24,522
|
|
2005
|
2014
|
35 years
|
The Victorian
|
Victoria
|
BC
|
—
|
|
3,419
|
|
16,351
|
|
—
|
|
3,419
|
|
16,351
|
|
19,770
|
|
230
|
|
19,540
|
|
1988
|
2014
|
35 years
|
Victorian at McKenzie
|
Victoria
|
BC
|
—
|
|
4,801
|
|
25,712
|
|
—
|
|
4,801
|
|
25,712
|
|
30,513
|
|
329
|
|
30,184
|
|
2003
|
2014
|
35 years
|
Atria Burlingame
|
Burlingame
|
CA
|
7,291
|
|
2,494
|
|
12,373
|
|
738
|
|
2,523
|
|
13,082
|
|
15,605
|
|
1,870
|
|
13,735
|
|
1977
|
2011
|
35 years
|
Atria Las Posas
|
Camarillo
|
CA
|
—
|
|
4,500
|
|
28,436
|
|
509
|
|
4,508
|
|
28,937
|
|
33,445
|
|
3,771
|
|
29,674
|
|
1997
|
2011
|
35 years
|
Atria Carmichael Oaks
|
Carmichael
|
CA
|
18,993
|
|
2,118
|
|
49,694
|
|
632
|
|
2,128
|
|
50,316
|
|
52,444
|
|
2,569
|
|
49,875
|
|
1992
|
2013
|
35 years
|
Atria El Camino Gardens
|
Carmichael
|
CA
|
—
|
|
6,930
|
|
32,318
|
|
1,660
|
|
6,971
|
|
33,937
|
|
40,908
|
|
4,608
|
|
36,300
|
|
1984
|
2011
|
35 years
|
Atria Covina
|
Covina
|
CA
|
—
|
|
170
|
|
4,131
|
|
388
|
|
184
|
|
4,505
|
|
4,689
|
|
825
|
|
3,864
|
|
1977
|
2011
|
35 years
|
Atria Daly City
|
Daly City
|
CA
|
7,425
|
|
3,090
|
|
13,448
|
|
632
|
|
3,090
|
|
14,080
|
|
17,170
|
|
1,939
|
|
15,231
|
|
1975
|
2011
|
35 years
|
Atria Covell Gardens
|
Davis
|
CA
|
18,788
|
|
2,163
|
|
39,657
|
|
7,159
|
|
2,272
|
|
46,707
|
|
48,979
|
|
5,970
|
|
43,009
|
|
1987
|
2011
|
35 years
|
Atria Encinitas
|
Encinitas
|
CA
|
—
|
|
5,880
|
|
9,212
|
|
721
|
|
5,891
|
|
9,922
|
|
15,813
|
|
1,563
|
|
14,250
|
|
1984
|
2011
|
35 years
|
Atria Escondido
|
Escondido
|
CA
|
—
|
|
1,196
|
|
7,155
|
|
—
|
|
1,196
|
|
7,155
|
|
8,351
|
|
179
|
|
8,172
|
|
2002
|
2014
|
35 years
|
Atria Grass Valley
|
Grass Valley
|
CA
|
11,840
|
|
1,965
|
|
28,414
|
|
181
|
|
1,983
|
|
28,577
|
|
30,560
|
|
1,583
|
|
28,977
|
|
2000
|
2013
|
35 years
|
Atria Golden Creek
|
Irvine
|
CA
|
—
|
|
6,900
|
|
23,544
|
|
671
|
|
6,921
|
|
24,194
|
|
31,115
|
|
3,548
|
|
27,567
|
|
1985
|
2011
|
35 years
|
Atria Woodbridge
|
Irvine
|
CA
|
—
|
|
—
|
|
5
|
|
1,173
|
|
9
|
|
1,169
|
|
1,178
|
|
148
|
|
1,030
|
|
1997
|
2012
|
35 years
|
Atria Lafayette
|
Lafayette
|
CA
|
19,942
|
|
5,679
|
|
56,922
|
|
83
|
|
5,686
|
|
56,998
|
|
62,684
|
|
2,804
|
|
59,880
|
|
2007
|
2013
|
35 years
|
Atria Del Sol
|
Mission Viejo
|
CA
|
—
|
|
3,500
|
|
12,458
|
|
3,579
|
|
3,502
|
|
16,035
|
|
19,537
|
|
1,769
|
|
17,768
|
|
1985
|
2011
|
35 years
|
Atria Tamalpais Creek
|
Novato
|
CA
|
—
|
|
5,812
|
|
24,703
|
|
417
|
|
5,827
|
|
25,105
|
|
30,932
|
|
3,329
|
|
27,603
|
|
1978
|
2011
|
35 years
|
Atria Pacific Palisades
|
Pacific Palisades
|
CA
|
7,348
|
|
4,458
|
|
17,064
|
|
863
|
|
4,461
|
|
17,924
|
|
22,385
|
|
4,715
|
|
17,670
|
|
2001
|
2007
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Atria Palm Desert
|
Palm Desert
|
CA
|
—
|
|
2,887
|
|
9,843
|
|
876
|
|
3,100
|
|
10,506
|
|
13,606
|
|
2,594
|
|
11,012
|
|
1988
|
2011
|
35 years
|
Atria Hacienda
|
Palm Desert
|
CA
|
—
|
|
6,680
|
|
85,900
|
|
1,770
|
|
6,805
|
|
87,545
|
|
94,350
|
|
10,535
|
|
83,815
|
|
1989
|
2011
|
35 years
|
Atria Paradise
|
Paradise
|
CA
|
5,245
|
|
2,265
|
|
28,262
|
|
346
|
|
2,309
|
|
28,564
|
|
30,873
|
|
1,459
|
|
29,414
|
|
1999
|
2013
|
35 years
|
Atria Del Rey
|
Rancho Cucamonga
|
CA
|
—
|
|
3,290
|
|
17,427
|
|
4,380
|
|
3,446
|
|
21,651
|
|
25,097
|
|
3,809
|
|
21,288
|
|
1987
|
2011
|
35 years
|
Atria Collwood
|
San Diego
|
CA
|
—
|
|
290
|
|
10,650
|
|
444
|
|
316
|
|
11,068
|
|
11,384
|
|
1,744
|
|
9,640
|
|
1976
|
2011
|
35 years
|
Atria Rancho Park
|
San Dimas
|
CA
|
—
|
|
4,066
|
|
14,306
|
|
946
|
|
4,556
|
|
14,762
|
|
19,318
|
|
2,492
|
|
16,826
|
|
1975
|
2011
|
35 years
|
Atria Chateau Gardens
|
San Jose
|
CA
|
—
|
|
39
|
|
487
|
|
379
|
|
39
|
|
866
|
|
905
|
|
459
|
|
446
|
|
1977
|
2011
|
35 years
|
Atria Willow Glen
|
San Jose
|
CA
|
—
|
|
8,521
|
|
43,168
|
|
1,824
|
|
8,526
|
|
44,987
|
|
53,513
|
|
4,774
|
|
48,739
|
|
1976
|
2011
|
35 years
|
Atria Chateau San Juan
|
San Juan Capistrano
|
CA
|
—
|
|
5,110
|
|
29,436
|
|
7,900
|
|
5,305
|
|
37,141
|
|
42,446
|
|
6,145
|
|
36,301
|
|
1985
|
2011
|
35 years
|
Atria Hillsdale
|
San Mateo
|
CA
|
—
|
|
5,240
|
|
15,956
|
|
1,036
|
|
5,251
|
|
16,981
|
|
22,232
|
|
2,332
|
|
19,900
|
|
1986
|
2011
|
35 years
|
Atria Bayside Landing
|
Stockton
|
CA
|
—
|
|
—
|
|
467
|
|
351
|
|
—
|
|
818
|
|
818
|
|
437
|
|
381
|
|
1998
|
2011
|
35 years
|
Atria Sunnyvale
|
Sunnyvale
|
CA
|
—
|
|
6,120
|
|
30,068
|
|
3,296
|
|
6,217
|
|
33,267
|
|
39,484
|
|
4,018
|
|
35,466
|
|
1977
|
2011
|
35 years
|
Atria Tarzana
|
Tarzana
|
CA
|
—
|
|
960
|
|
47,547
|
|
301
|
|
960
|
|
47,848
|
|
48,808
|
|
2,203
|
|
46,605
|
|
2008
|
2013
|
35 years
|
Atria Vintage Hills
|
Temecula
|
CA
|
—
|
|
4,674
|
|
44,341
|
|
817
|
|
4,713
|
|
45,119
|
|
49,832
|
|
2,488
|
|
47,344
|
|
2000
|
2013
|
35 years
|
Atria Grand Oaks
|
Thousand Oaks
|
CA
|
22,350
|
|
5,994
|
|
50,309
|
|
119
|
|
6,024
|
|
50,398
|
|
56,422
|
|
2,754
|
|
53,668
|
|
2002
|
2013
|
35 years
|
Atria Hillcrest
|
Thousand Oaks
|
CA
|
—
|
|
6,020
|
|
25,635
|
|
9,187
|
|
6,612
|
|
34,230
|
|
40,842
|
|
4,920
|
|
35,922
|
|
1987
|
2011
|
35 years
|
Atria Montego Heights
|
Walnut Creek
|
CA
|
—
|
|
6,910
|
|
15,797
|
|
11,189
|
|
6,910
|
|
26,986
|
|
33,896
|
|
2,808
|
|
31,088
|
|
1978
|
2011
|
35 years
|
Atria Valley View
|
Walnut Creek
|
CA
|
17,558
|
|
7,139
|
|
53,914
|
|
1,448
|
|
7,147
|
|
55,354
|
|
62,501
|
|
10,442
|
|
52,059
|
|
1977
|
2011
|
35 years
|
Atria Applewood
|
Lakewood
|
CO
|
—
|
|
3,656
|
|
48,657
|
|
108
|
|
3,656
|
|
48,765
|
|
52,421
|
|
2,830
|
|
49,591
|
|
2008
|
2013
|
35 years
|
Atria Inn at Lakewood
|
Lakewood
|
CO
|
—
|
|
6,281
|
|
50,095
|
|
1,047
|
|
6,311
|
|
51,112
|
|
57,423
|
|
6,104
|
|
51,319
|
|
1999
|
2011
|
35 years
|
Atria Vistas in Longmont
|
Longmont
|
CO
|
—
|
|
2,807
|
|
24,877
|
|
209
|
|
2,815
|
|
25,078
|
|
27,893
|
|
2,381
|
|
25,512
|
|
2009
|
2012
|
35 years
|
Atria Darien
|
Darien
|
CT
|
19,986
|
|
653
|
|
37,587
|
|
2,415
|
|
816
|
|
39,839
|
|
40,655
|
|
5,179
|
|
35,476
|
|
1997
|
2011
|
35 years
|
Atria Larson Place
|
Hamden
|
CT
|
—
|
|
1,850
|
|
16,098
|
|
919
|
|
1,873
|
|
16,994
|
|
18,867
|
|
2,518
|
|
16,349
|
|
1999
|
2011
|
35 years
|
Atria Greenridge Place
|
Rocky Hill
|
CT
|
—
|
|
2,170
|
|
32,553
|
|
1,234
|
|
2,367
|
|
33,590
|
|
35,957
|
|
4,227
|
|
31,730
|
|
1998
|
2011
|
35 years
|
Atria Stamford
|
Stamford
|
CT
|
37,188
|
|
1,200
|
|
62,432
|
|
3,304
|
|
1,373
|
|
65,563
|
|
66,936
|
|
8,365
|
|
58,571
|
|
1975
|
2011
|
35 years
|
Atria Stratford
|
Stratford
|
CT
|
—
|
|
3,210
|
|
27,865
|
|
919
|
|
3,210
|
|
28,784
|
|
31,994
|
|
3,985
|
|
28,009
|
|
1999
|
2011
|
35 years
|
Atria Crossroads Place
|
Waterford
|
CT
|
—
|
|
2,401
|
|
36,495
|
|
6,028
|
|
2,537
|
|
42,387
|
|
44,924
|
|
4,653
|
|
40,271
|
|
2000
|
2011
|
35 years
|
Atria Hamilton Heights
|
West Hartford
|
CT
|
—
|
|
3,120
|
|
14,674
|
|
1,712
|
|
3,151
|
|
16,355
|
|
19,506
|
|
2,836
|
|
16,670
|
|
1904
|
2011
|
35 years
|
Atria Windsor Woods
|
Hudson
|
FL
|
—
|
|
1,610
|
|
32,432
|
|
863
|
|
1,624
|
|
33,281
|
|
34,905
|
|
4,798
|
|
30,107
|
|
1988
|
2011
|
35 years
|
Atria Baypoint Village
|
Hudson
|
FL
|
15,912
|
|
2,083
|
|
28,841
|
|
3,801
|
|
2,139
|
|
32,586
|
|
34,725
|
|
4,773
|
|
29,952
|
|
1986
|
2011
|
35 years
|
Atria San Pablo
|
Jacksonville
|
FL
|
5,691
|
|
1,620
|
|
14,920
|
|
570
|
|
1,636
|
|
15,474
|
|
17,110
|
|
2,008
|
|
15,102
|
|
1999
|
2011
|
35 years
|
Atria at St. Joseph's
|
Jupiter
|
FL
|
16,361
|
|
5,520
|
|
30,720
|
|
225
|
|
5,543
|
|
30,922
|
|
36,465
|
|
1,646
|
|
34,819
|
|
2007
|
2013
|
35 years
|
Atria Meridian
|
Lake Worth
|
FL
|
—
|
|
—
|
|
10
|
|
755
|
|
12
|
|
753
|
|
765
|
|
136
|
|
629
|
|
1986
|
2012
|
35 years
|
Atria Heritage at Lake Forest
|
Sanford
|
FL
|
—
|
|
3,589
|
|
32,586
|
|
2,241
|
|
3,594
|
|
34,822
|
|
38,416
|
|
4,137
|
|
34,279
|
|
2002
|
2011
|
35 years
|
Atria Evergreen Woods
|
Spring Hill
|
FL
|
—
|
|
2,370
|
|
28,371
|
|
2,606
|
|
2,497
|
|
30,850
|
|
33,347
|
|
4,765
|
|
28,582
|
|
1981
|
2011
|
35 years
|
Atria North Point
|
Alpharetta
|
GA
|
42,431
|
|
4,830
|
|
78,318
|
|
—
|
|
4,830
|
|
78,318
|
|
83,148
|
|
1,824
|
|
81,324
|
|
2007
|
2014
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Atria Buckhead
|
Atlanta
|
GA
|
—
|
|
3,660
|
|
5,274
|
|
544
|
|
3,678
|
|
5,800
|
|
9,478
|
|
1,102
|
|
8,376
|
|
1996
|
2011
|
35 years
|
Atria Mableton
|
Austell
|
GA
|
—
|
|
1,911
|
|
18,879
|
|
97
|
|
1,912
|
|
18,975
|
|
20,887
|
|
1,108
|
|
19,779
|
|
2000
|
2013
|
35 years
|
Atria Johnson Ferry
|
Marietta
|
GA
|
—
|
|
990
|
|
6,453
|
|
212
|
|
990
|
|
6,665
|
|
7,655
|
|
1,037
|
|
6,618
|
|
1995
|
2011
|
35 years
|
Atria Tucker
|
Tucker
|
GA
|
—
|
|
1,103
|
|
20,679
|
|
127
|
|
1,103
|
|
20,806
|
|
21,909
|
|
1,197
|
|
20,712
|
|
2000
|
2013
|
35 years
|
Atria Glen Ellyn
|
Glen Ellyn
|
IL
|
—
|
|
2,455
|
|
34,064
|
|
1,597
|
|
2,475
|
|
35,641
|
|
38,116
|
|
8,633
|
|
29,483
|
|
2000
|
2007
|
35 years
|
Atria Newburgh
|
Newburgh
|
IN
|
—
|
|
1,150
|
|
22,880
|
|
401
|
|
1,150
|
|
23,281
|
|
24,431
|
|
2,965
|
|
21,466
|
|
1998
|
2011
|
35 years
|
Atria Hearthstone East
|
Topeka
|
KS
|
—
|
|
1,150
|
|
20,544
|
|
567
|
|
1,167
|
|
21,094
|
|
22,261
|
|
2,911
|
|
19,350
|
|
1998
|
2011
|
35 years
|
Atria Hearthstone West
|
Topeka
|
KS
|
—
|
|
1,230
|
|
28,379
|
|
1,209
|
|
1,230
|
|
29,588
|
|
30,818
|
|
4,295
|
|
26,523
|
|
1987
|
2011
|
35 years
|
Atria Highland Crossing
|
Covington
|
KY
|
11,062
|
|
1,677
|
|
14,393
|
|
905
|
|
1,687
|
|
15,288
|
|
16,975
|
|
2,526
|
|
14,449
|
|
1988
|
2011
|
35 years
|
Atria Summit Hills
|
Crestview Hills
|
KY
|
6,081
|
|
1,780
|
|
15,769
|
|
614
|
|
1,784
|
|
16,379
|
|
18,163
|
|
2,352
|
|
15,811
|
|
1998
|
2011
|
35 years
|
Atria Elizabethtown
|
Elizabethtown
|
KY
|
—
|
|
850
|
|
12,510
|
|
364
|
|
869
|
|
12,855
|
|
13,724
|
|
1,733
|
|
11,991
|
|
1996
|
2011
|
35 years
|
Atria St. Matthews
|
Louisville
|
KY
|
7,324
|
|
939
|
|
9,274
|
|
512
|
|
941
|
|
9,784
|
|
10,725
|
|
1,874
|
|
8,851
|
|
1998
|
2011
|
35 years
|
Atria Stony Brook
|
Louisville
|
KY
|
—
|
|
1,860
|
|
17,561
|
|
403
|
|
1,888
|
|
17,936
|
|
19,824
|
|
2,540
|
|
17,284
|
|
1999
|
2011
|
35 years
|
Atria Springdale
|
Louisville
|
KY
|
—
|
|
1,410
|
|
16,702
|
|
582
|
|
1,410
|
|
17,284
|
|
18,694
|
|
2,436
|
|
16,258
|
|
1999
|
2011
|
35 years
|
Atria Marland Place
|
Andover
|
MA
|
—
|
|
1,831
|
|
34,592
|
|
12,635
|
|
1,834
|
|
47,224
|
|
49,058
|
|
4,483
|
|
44,575
|
|
1996
|
2011
|
35 years
|
Atria Longmeadow Place
|
Burlington
|
MA
|
—
|
|
5,310
|
|
58,021
|
|
878
|
|
5,310
|
|
58,899
|
|
64,209
|
|
6,994
|
|
57,215
|
|
1998
|
2011
|
35 years
|
Atria Fairhaven (Alden)
|
Fairhaven
|
MA
|
—
|
|
1,100
|
|
16,093
|
|
511
|
|
1,100
|
|
16,604
|
|
17,704
|
|
2,127
|
|
15,577
|
|
1999
|
2011
|
35 years
|
Atria Woodbriar Place
|
Falmouth
|
MA
|
30,000
|
|
4,630
|
|
—
|
|
32,630
|
|
6,433
|
|
30,827
|
|
37,260
|
|
1,983
|
|
35,277
|
|
2013
|
2011
|
CIP
|
Atria Woodbriar
|
Falmouth
|
MA
|
—
|
|
1,970
|
|
43,693
|
|
6,422
|
|
1,974
|
|
50,111
|
|
52,085
|
|
5,203
|
|
46,882
|
|
1975
|
2011
|
35 years
|
Atria Draper Place
|
Hopedale
|
MA
|
—
|
|
1,140
|
|
17,794
|
|
968
|
|
1,154
|
|
18,748
|
|
19,902
|
|
2,416
|
|
17,486
|
|
1998
|
2011
|
35 years
|
Atria Merrimack Place
|
Newburyport
|
MA
|
—
|
|
2,774
|
|
40,645
|
|
931
|
|
2,801
|
|
41,549
|
|
44,350
|
|
4,933
|
|
39,417
|
|
2000
|
2011
|
35 years
|
Atria Marina Place
|
Quincy
|
MA
|
—
|
|
2,590
|
|
33,899
|
|
1,002
|
|
2,606
|
|
34,885
|
|
37,491
|
|
4,494
|
|
32,997
|
|
1999
|
2011
|
35 years
|
Riverheights Terrace
|
Brandon
|
MB
|
10,716
|
|
799
|
|
27,708
|
|
—
|
|
799
|
|
27,708
|
|
28,507
|
|
351
|
|
28,156
|
|
2001
|
2014
|
35 years
|
Amber Meadow
|
Winnipeg
|
MB
|
—
|
|
3,047
|
|
17,821
|
|
—
|
|
3,047
|
|
17,821
|
|
20,868
|
|
260
|
|
20,608
|
|
2000
|
2014
|
35 years
|
The Westhaven
|
Winnipeg
|
MB
|
—
|
|
871
|
|
23,162
|
|
—
|
|
871
|
|
23,162
|
|
24,033
|
|
302
|
|
23,731
|
|
1988
|
2014
|
35 years
|
Atria Manresa
|
Annapolis
|
MD
|
—
|
|
4,193
|
|
19,000
|
|
1,123
|
|
4,449
|
|
19,867
|
|
24,316
|
|
2,638
|
|
21,678
|
|
1920
|
2011
|
35 years
|
Atria Salisbury
|
Salisbury
|
MD
|
—
|
|
1,940
|
|
24,500
|
|
306
|
|
1,940
|
|
24,806
|
|
26,746
|
|
3,055
|
|
23,691
|
|
1995
|
2011
|
35 years
|
Atria Kennebunk
|
Kennebunk
|
ME
|
—
|
|
1,090
|
|
23,496
|
|
586
|
|
1,096
|
|
24,076
|
|
25,172
|
|
3,161
|
|
22,011
|
|
1998
|
2011
|
35 years
|
Atria Ann Arbor
|
Ann Arbor
|
MI
|
—
|
|
1,703
|
|
15,857
|
|
1,486
|
|
1,674
|
|
17,372
|
|
19,046
|
|
4,297
|
|
14,749
|
|
2001
|
2007
|
35 years
|
Atria Kinghaven
|
Riverview
|
MI
|
13,781
|
|
1,440
|
|
26,260
|
|
886
|
|
1,496
|
|
27,090
|
|
28,586
|
|
3,833
|
|
24,753
|
|
1987
|
2011
|
35 years
|
Atria Shorehaven
|
Sterling Heights
|
MI
|
—
|
|
—
|
|
8
|
|
610
|
|
—
|
|
618
|
|
618
|
|
90
|
|
528
|
|
1989
|
2012
|
35 years
|
Ste. Anne’s Court
|
Fredericton
|
NB
|
—
|
|
1,221
|
|
29,626
|
|
—
|
|
1,221
|
|
29,626
|
|
30,847
|
|
369
|
|
30,478
|
|
2002
|
2014
|
35 years
|
Chateau De Champlain
|
St. John
|
NB
|
10,065
|
|
796
|
|
24,577
|
|
—
|
|
796
|
|
24,577
|
|
25,373
|
|
320
|
|
25,053
|
|
2002
|
2014
|
35 years
|
Atria Merrywood
|
Charlotte
|
NC
|
—
|
|
1,678
|
|
36,892
|
|
1,653
|
|
1,678
|
|
38,545
|
|
40,223
|
|
5,397
|
|
34,826
|
|
1991
|
2011
|
35 years
|
Atria Southpoint
|
Durham
|
NC
|
16,936
|
|
2,130
|
|
25,920
|
|
87
|
|
2,130
|
|
26,007
|
|
28,137
|
|
1,531
|
|
26,606
|
|
2009
|
2013
|
35 years
|
Atria Oakridge
|
Raleigh
|
NC
|
15,708
|
|
1,482
|
|
28,838
|
|
139
|
|
1,512
|
|
28,947
|
|
30,459
|
|
1,713
|
|
28,746
|
|
2009
|
2013
|
35 years
|
Atria Cranford
|
Cranford
|
NJ
|
26,511
|
|
8,260
|
|
61,411
|
|
2,586
|
|
8,313
|
|
63,944
|
|
72,257
|
|
8,225
|
|
64,032
|
|
1993
|
2011
|
35 years
|
Atria Tinton Falls
|
Tinton Falls
|
NJ
|
—
|
|
6,580
|
|
13,258
|
|
845
|
|
6,593
|
|
14,090
|
|
20,683
|
|
2,377
|
|
18,306
|
|
1999
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Atria Vista del Rio
|
Albuquerque
|
NM
|
—
|
|
—
|
|
36
|
|
641
|
|
27
|
|
650
|
|
677
|
|
102
|
|
575
|
|
1997
|
2012
|
35 years
|
Atria Sunlake
|
Las Vegas
|
NV
|
—
|
|
7
|
|
732
|
|
463
|
|
7
|
|
1,195
|
|
1,202
|
|
676
|
|
526
|
|
1998
|
2011
|
35 years
|
Atria Sutton
|
Las Vegas
|
NV
|
—
|
|
—
|
|
863
|
|
707
|
|
35
|
|
1,535
|
|
1,570
|
|
824
|
|
746
|
|
1998
|
2011
|
35 years
|
Atria Seville
|
Las Vegas
|
NV
|
—
|
|
—
|
|
796
|
|
632
|
|
11
|
|
1,417
|
|
1,428
|
|
727
|
|
701
|
|
1999
|
2011
|
35 years
|
Atria Summit Ridge
|
Reno
|
NV
|
—
|
|
4
|
|
407
|
|
249
|
|
4
|
|
656
|
|
660
|
|
377
|
|
283
|
|
1997
|
2011
|
35 years
|
Atria Shaker
|
Albany
|
NY
|
12,103
|
|
1,520
|
|
29,667
|
|
653
|
|
1,626
|
|
30,214
|
|
31,840
|
|
3,919
|
|
27,921
|
|
1997
|
2011
|
35 years
|
Atria Crossgate
|
Albany
|
NY
|
—
|
|
1,080
|
|
20,599
|
|
402
|
|
1,080
|
|
21,001
|
|
22,081
|
|
2,840
|
|
19,241
|
|
1980
|
2011
|
35 years
|
Atria Woodlands
|
Ardsley
|
NY
|
46,880
|
|
7,660
|
|
65,581
|
|
1,208
|
|
7,682
|
|
66,767
|
|
74,449
|
|
8,346
|
|
66,103
|
|
2005
|
2011
|
35 years
|
Atria Bay Shore
|
Bay Shore
|
NY
|
15,275
|
|
4,440
|
|
31,983
|
|
919
|
|
4,448
|
|
32,894
|
|
37,342
|
|
4,263
|
|
33,079
|
|
1900
|
2011
|
35 years
|
Atria Briarcliff Manor
|
Briarcliff Manor
|
NY
|
—
|
|
6,560
|
|
33,885
|
|
1,396
|
|
6,585
|
|
35,256
|
|
41,841
|
|
4,638
|
|
37,203
|
|
1997
|
2011
|
35 years
|
Atria Riverdale
|
Bronx
|
NY
|
21,612
|
|
1,020
|
|
24,149
|
|
6,664
|
|
1,035
|
|
30,798
|
|
31,833
|
|
3,733
|
|
28,100
|
|
1999
|
2011
|
35 years
|
Atria Delmar Place
|
Delmar
|
NY
|
—
|
|
1,201
|
|
24,850
|
|
242
|
|
1,204
|
|
25,089
|
|
26,293
|
|
869
|
|
25,424
|
|
2004
|
2013
|
35 years
|
Atria East Northport
|
East Northport
|
NY
|
—
|
|
9,960
|
|
34,467
|
|
10,973
|
|
9,960
|
|
45,440
|
|
55,400
|
|
4,715
|
|
50,685
|
|
1996
|
2011
|
35 years
|
Atria Glen Cove
|
Glen Cove
|
NY
|
—
|
|
2,035
|
|
25,190
|
|
759
|
|
2,049
|
|
25,935
|
|
27,984
|
|
6,450
|
|
21,534
|
|
1997
|
2011
|
35 years
|
Atria Great Neck
|
Great Neck
|
NY
|
—
|
|
3,390
|
|
54,051
|
|
1,033
|
|
3,390
|
|
55,084
|
|
58,474
|
|
6,521
|
|
51,953
|
|
1998
|
2011
|
35 years
|
Atria Cutter Mill
|
Great Neck
|
NY
|
34,937
|
|
2,750
|
|
47,919
|
|
1,411
|
|
2,756
|
|
49,324
|
|
52,080
|
|
6,022
|
|
46,058
|
|
1999
|
2011
|
35 years
|
Atria Huntington
|
Huntington Station
|
NY
|
—
|
|
8,190
|
|
1,169
|
|
1,342
|
|
8,207
|
|
2,494
|
|
10,701
|
|
1,012
|
|
9,689
|
|
1987
|
2011
|
35 years
|
Atria Hertlin House
|
Lake Ronkonkoma
|
NY
|
—
|
|
7,886
|
|
16,391
|
|
770
|
|
7,886
|
|
17,161
|
|
25,047
|
|
1,312
|
|
23,735
|
|
2002
|
2012
|
35 years
|
Atria Lynbrook
|
Lynbrook
|
NY
|
—
|
|
3,145
|
|
5,489
|
|
533
|
|
3,147
|
|
6,020
|
|
9,167
|
|
1,308
|
|
7,859
|
|
1996
|
2011
|
35 years
|
Atria Tanglewood
|
Lynbrook
|
NY
|
25,670
|
|
4,120
|
|
37,348
|
|
380
|
|
4,142
|
|
37,706
|
|
41,848
|
|
4,626
|
|
37,222
|
|
2005
|
2011
|
35 years
|
Atria 86th Street
|
New York
|
NY
|
—
|
|
80
|
|
73,685
|
|
3,903
|
|
167
|
|
77,501
|
|
77,668
|
|
9,878
|
|
67,790
|
|
1998
|
2011
|
35 years
|
Atria on the Hudson
|
Ossining
|
NY
|
—
|
|
8,123
|
|
63,089
|
|
2,285
|
|
8,141
|
|
65,356
|
|
73,497
|
|
8,733
|
|
64,764
|
|
1972
|
2011
|
35 years
|
Atria Penfield
|
Penfield
|
NY
|
—
|
|
620
|
|
22,036
|
|
417
|
|
622
|
|
22,451
|
|
23,073
|
|
2,977
|
|
20,096
|
|
1972
|
2011
|
35 years
|
Atria Plainview
|
Plainview
|
NY
|
13,430
|
|
2,480
|
|
16,060
|
|
820
|
|
2,630
|
|
16,730
|
|
19,360
|
|
2,361
|
|
16,999
|
|
2000
|
2011
|
35 years
|
Atria Rye Brook
|
Port Chester
|
NY
|
43,757
|
|
9,660
|
|
74,936
|
|
788
|
|
9,682
|
|
75,702
|
|
85,384
|
|
9,287
|
|
76,097
|
|
2004
|
2011
|
35 years
|
Atria Kew Gardens
|
Queens
|
NY
|
27,855
|
|
3,051
|
|
66,013
|
|
2,728
|
|
3,051
|
|
68,741
|
|
71,792
|
|
8,001
|
|
63,791
|
|
1999
|
2011
|
35 years
|
Atria Forest Hills
|
Queens
|
NY
|
—
|
|
2,050
|
|
16,680
|
|
494
|
|
2,050
|
|
17,174
|
|
19,224
|
|
2,376
|
|
16,848
|
|
2001
|
2011
|
35 years
|
Atria Greece
|
Rochester
|
NY
|
—
|
|
410
|
|
14,967
|
|
723
|
|
610
|
|
15,490
|
|
16,100
|
|
2,109
|
|
13,991
|
|
1970
|
2011
|
35 years
|
Atria on Roslyn Harbor
|
Roslyn
|
NY
|
65,000
|
|
12,909
|
|
72,720
|
|
987
|
|
12,965
|
|
73,651
|
|
86,616
|
|
8,879
|
|
77,737
|
|
2006
|
2011
|
35 years
|
Atria Guilderland
|
Slingerlands
|
NY
|
—
|
|
1,170
|
|
22,414
|
|
277
|
|
1,171
|
|
22,690
|
|
23,861
|
|
2,917
|
|
20,944
|
|
1950
|
2011
|
35 years
|
Atria South Setauket
|
South Setauket
|
NY
|
—
|
|
8,450
|
|
14,534
|
|
785
|
|
8,776
|
|
14,993
|
|
23,769
|
|
3,016
|
|
20,753
|
|
1967
|
2011
|
35 years
|
Atria Northgate Park
|
Cincinnati
|
OH
|
—
|
|
—
|
|
—
|
|
335
|
|
—
|
|
335
|
|
335
|
|
81
|
|
254
|
|
1985
|
2012
|
35 years
|
The Court at Brooklin
|
Brooklin
|
ON
|
—
|
|
2,515
|
|
35,602
|
|
—
|
|
2,515
|
|
35,602
|
|
38,117
|
|
424
|
|
37,693
|
|
2004
|
2014
|
35 years
|
Burlington Gardens
|
Burlington
|
ON
|
—
|
|
7,560
|
|
50,744
|
|
—
|
|
7,560
|
|
50,744
|
|
58,304
|
|
583
|
|
57,721
|
|
2008
|
2014
|
35 years
|
The Court at Rushdale
|
Hamilton
|
ON
|
15,881
|
|
1,799
|
|
34,633
|
|
—
|
|
1,799
|
|
34,633
|
|
36,432
|
|
415
|
|
36,017
|
|
2004
|
2014
|
35 years
|
Kingsdale Chateau
|
Kingston
|
ON
|
16,640
|
|
2,221
|
|
36,272
|
|
—
|
|
2,221
|
|
36,272
|
|
38,493
|
|
435
|
|
38,058
|
|
2000
|
2014
|
35 years
|
Crystal View Lodge
|
Nepean
|
ON
|
—
|
|
1,587
|
|
37,243
|
|
—
|
|
1,587
|
|
37,243
|
|
38,830
|
|
443
|
|
38,387
|
|
2000
|
2014
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
The Court at Barrhaven
|
Nepean
|
ON
|
—
|
|
1,778
|
|
33,922
|
|
—
|
|
1,778
|
|
33,922
|
|
35,700
|
|
409
|
|
35,291
|
|
2004
|
2014
|
35 years
|
Stamford Estates
|
Niagara Falls
|
ON
|
12,922
|
|
1,414
|
|
29,439
|
|
—
|
|
1,414
|
|
29,439
|
|
30,853
|
|
362
|
|
30,491
|
|
2005
|
2014
|
35 years
|
Sherbrooke Heights
|
Peterborough
|
ON
|
15,922
|
|
2,485
|
|
33,747
|
|
—
|
|
2,485
|
|
33,747
|
|
36,232
|
|
410
|
|
35,822
|
|
2001
|
2014
|
35 years
|
Anchor Pointe
|
St. Catharines
|
ON
|
15,034
|
|
8,214
|
|
24,056
|
|
—
|
|
8,214
|
|
24,056
|
|
32,270
|
|
332
|
|
31,938
|
|
2000
|
2014
|
35 years
|
The Court at Pringle Creek
|
Whitby
|
ON
|
—
|
|
2,965
|
|
39,206
|
|
—
|
|
2,965
|
|
39,206
|
|
42,171
|
|
472
|
|
41,699
|
|
2002
|
2014
|
35 years
|
Atria Bethlehem
|
Bethlehem
|
PA
|
—
|
|
2,479
|
|
22,870
|
|
360
|
|
2,479
|
|
23,230
|
|
25,709
|
|
3,300
|
|
22,409
|
|
1998
|
2011
|
35 years
|
Atria Center City
|
Philadelphia
|
PA
|
23,234
|
|
3,460
|
|
18,291
|
|
1,561
|
|
3,460
|
|
19,852
|
|
23,312
|
|
2,975
|
|
20,337
|
|
1964
|
2011
|
35 years
|
Atria Woodbridge Place
|
Phoenixville
|
PA
|
—
|
|
1,510
|
|
19,130
|
|
387
|
|
1,510
|
|
19,517
|
|
21,027
|
|
2,695
|
|
18,332
|
|
1996
|
2011
|
35 years
|
Atria South Hills
|
Pittsburgh
|
PA
|
—
|
|
880
|
|
10,884
|
|
283
|
|
895
|
|
11,152
|
|
12,047
|
|
1,820
|
|
10,227
|
|
1998
|
2011
|
35 years
|
La Residence Steger
|
Saint-Laurent
|
QC
|
6,355
|
|
1,995
|
|
10,926
|
|
—
|
|
1,995
|
|
10,926
|
|
12,921
|
|
178
|
|
12,743
|
|
1999
|
2014
|
35 years
|
Primrose Chateau
|
Saskatoon
|
QC
|
15,845
|
|
2,611
|
|
32,729
|
|
—
|
|
2,611
|
|
32,729
|
|
35,340
|
|
396
|
|
34,944
|
|
1996
|
2014
|
35 years
|
Atria Bay Spring Village
|
Barrington
|
RI
|
—
|
|
2,000
|
|
33,400
|
|
1,821
|
|
2,074
|
|
35,147
|
|
37,221
|
|
5,047
|
|
32,174
|
|
2000
|
2011
|
35 years
|
Atria Harborhill Place
|
East Greenwich
|
RI
|
—
|
|
2,089
|
|
21,702
|
|
651
|
|
2,113
|
|
22,329
|
|
24,442
|
|
2,921
|
|
21,521
|
|
1835
|
2011
|
35 years
|
Atria Lincoln Place
|
Lincoln
|
RI
|
—
|
|
1,440
|
|
12,686
|
|
465
|
|
1,464
|
|
13,127
|
|
14,591
|
|
2,034
|
|
12,557
|
|
2000
|
2011
|
35 years
|
Atria Aquidneck Place
|
Portsmouth
|
RI
|
—
|
|
2,810
|
|
31,623
|
|
402
|
|
2,810
|
|
32,025
|
|
34,835
|
|
3,825
|
|
31,010
|
|
1999
|
2011
|
35 years
|
Atria Forest Lake
|
Columbia
|
SC
|
—
|
|
670
|
|
13,946
|
|
488
|
|
680
|
|
14,424
|
|
15,104
|
|
1,887
|
|
13,217
|
|
1999
|
2011
|
35 years
|
Mulberry Estates
|
Moose Jaw
|
SK
|
15,909
|
|
2,173
|
|
31,791
|
|
—
|
|
2,173
|
|
31,791
|
|
33,964
|
|
391
|
|
33,573
|
|
2003
|
2014
|
35 years
|
Queen Victoria
|
Regina
|
SK
|
—
|
|
3,018
|
|
34,109
|
|
—
|
|
3,018
|
|
34,109
|
|
37,127
|
|
409
|
|
36,718
|
|
2000
|
2014
|
35 years
|
Atria Weston Place
|
Knoxville
|
TN
|
9,703
|
|
793
|
|
7,961
|
|
811
|
|
967
|
|
8,598
|
|
9,565
|
|
1,374
|
|
8,191
|
|
1993
|
2011
|
35 years
|
Atria Village at Arboretum
|
Austin
|
TX
|
—
|
|
8,280
|
|
61,764
|
|
289
|
|
8,292
|
|
62,041
|
|
70,333
|
|
4,573
|
|
65,760
|
|
2009
|
2012
|
35 years
|
Atria Collier Park
|
Beaumont
|
TX
|
—
|
|
—
|
|
—
|
|
520
|
|
2
|
|
518
|
|
520
|
|
133
|
|
387
|
|
1996
|
2012
|
35 years
|
Atria Carrollton
|
Carrollton
|
TX
|
7,189
|
|
360
|
|
20,465
|
|
815
|
|
364
|
|
21,276
|
|
21,640
|
|
2,824
|
|
18,816
|
|
1998
|
2011
|
35 years
|
Atria Grapevine
|
Grapevine
|
TX
|
—
|
|
2,070
|
|
23,104
|
|
254
|
|
2,070
|
|
23,358
|
|
25,428
|
|
3,055
|
|
22,373
|
|
1999
|
2011
|
35 years
|
Atria Westchase
|
Houston
|
TX
|
—
|
|
2,318
|
|
22,278
|
|
401
|
|
2,318
|
|
22,679
|
|
24,997
|
|
3,043
|
|
21,954
|
|
1999
|
2011
|
35 years
|
Atria Kingwood
|
Kingwood
|
TX
|
—
|
|
1,170
|
|
4,518
|
|
334
|
|
1,179
|
|
4,843
|
|
6,022
|
|
886
|
|
5,136
|
|
1998
|
2011
|
35 years
|
Atria at Hometown
|
North Richland Hills
|
TX
|
—
|
|
1,932
|
|
30,382
|
|
343
|
|
1,955
|
|
30,702
|
|
32,657
|
|
1,835
|
|
30,822
|
|
2007
|
2013
|
35 years
|
Atria Canyon Creek
|
Plano
|
TX
|
—
|
|
3,110
|
|
45,999
|
|
304
|
|
3,125
|
|
46,288
|
|
49,413
|
|
2,718
|
|
46,695
|
|
2009
|
2013
|
35 years
|
Atria Richardson
|
Richardson
|
TX
|
—
|
|
1,590
|
|
23,662
|
|
505
|
|
1,590
|
|
24,167
|
|
25,757
|
|
3,127
|
|
22,630
|
|
1998
|
2011
|
35 years
|
Atria Cypresswood
|
Spring
|
TX
|
9,175
|
|
880
|
|
9,192
|
|
336
|
|
880
|
|
9,528
|
|
10,408
|
|
1,371
|
|
9,037
|
|
1996
|
2011
|
35 years
|
Atria Sugar Land
|
Sugar Land
|
TX
|
—
|
|
970
|
|
17,542
|
|
532
|
|
971
|
|
18,073
|
|
19,044
|
|
2,359
|
|
16,685
|
|
1999
|
2011
|
35 years
|
Atria Copeland
|
Tyler
|
TX
|
9,945
|
|
1,879
|
|
17,901
|
|
410
|
|
1,881
|
|
18,309
|
|
20,190
|
|
2,520
|
|
17,670
|
|
1997
|
2011
|
35 years
|
Atria Willow Park
|
Tyler
|
TX
|
—
|
|
920
|
|
31,271
|
|
532
|
|
927
|
|
31,796
|
|
32,723
|
|
4,430
|
|
28,293
|
|
1985
|
2011
|
35 years
|
Atria Sandy
|
Sandy
|
UT
|
—
|
|
3,356
|
|
18,805
|
|
1,453
|
|
3,499
|
|
20,115
|
|
23,614
|
|
3,245
|
|
20,369
|
|
1986
|
2011
|
35 years
|
Atria Virginia Beach (Hilltop)
|
Virginia Beach
|
VA
|
—
|
|
1,749
|
|
33,004
|
|
411
|
|
1,749
|
|
33,415
|
|
35,164
|
|
4,446
|
|
30,718
|
|
1998
|
2011
|
35 years
|
Other Projects
|
|
|
—
|
|
—
|
|
1,938
|
|
—
|
|
—
|
|
1,938
|
|
1,938
|
|
—
|
|
1,938
|
|
CIP
|
CIP
|
CIP
|
TOTAL FOR ATRIA SENIORS HOUSING COMMUNITIES
|
|
|
959,138
|
|
520,385
|
|
4,710,535
|
|
233,570
|
|
527,898
|
|
4,936,592
|
|
5,464,490
|
|
498,245
|
|
4,966,245
|
|
|
|
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Prestige Assisted Living at Marysville
|
Marysville
|
CA
|
—
|
|
741
|
|
7,467
|
|
—
|
|
741
|
|
7,467
|
|
8,208
|
|
21
|
|
8,187
|
|
1999
|
2014
|
35 years
|
Mountview Retirement Residence
|
Montrose
|
CA
|
—
|
|
1,089
|
|
15,449
|
|
—
|
|
1,089
|
|
15,449
|
|
16,538
|
|
3,605
|
|
12,933
|
|
1974
|
2006
|
35 years
|
Redwood Retirement
|
Napa
|
CA
|
—
|
|
2,798
|
|
12,639
|
|
—
|
|
2,798
|
|
12,639
|
|
15,437
|
|
540
|
|
14,897
|
|
1986
|
2013
|
35 years
|
Prestige Assisted Living at Oroville
|
Oroville
|
CA
|
—
|
|
638
|
|
8,079
|
|
—
|
|
638
|
|
8,079
|
|
8,717
|
|
23
|
|
8,694
|
|
1999
|
2014
|
35 years
|
Villa de Palma
|
Placentia
|
CA
|
—
|
|
1,260
|
|
10,174
|
|
—
|
|
1,260
|
|
10,174
|
|
11,434
|
|
1,290
|
|
10,144
|
|
1982
|
2011
|
35 years
|
Valencia Commons
|
Rancho Cucamonga
|
CA
|
—
|
|
1,439
|
|
36,363
|
|
—
|
|
1,439
|
|
36,363
|
|
37,802
|
|
1,516
|
|
36,286
|
|
2002
|
2013
|
35 years
|
Mission Hills
|
Rancho Mirage
|
CA
|
—
|
|
6,800
|
|
3,637
|
|
—
|
|
6,800
|
|
3,637
|
|
10,437
|
|
752
|
|
9,685
|
|
1999
|
2011
|
35 years
|
Shasta Estates
|
Redding
|
CA
|
—
|
|
1,180
|
|
23,463
|
|
—
|
|
1,180
|
|
23,463
|
|
24,643
|
|
979
|
|
23,664
|
|
2009
|
2013
|
35 years
|
The Vistas
|
Redding
|
CA
|
—
|
|
1,290
|
|
22,033
|
|
—
|
|
1,290
|
|
22,033
|
|
23,323
|
|
2,487
|
|
20,836
|
|
2007
|
2011
|
35 years
|
Elmcroft of Point Loma
|
San Diego
|
CA
|
—
|
|
2,117
|
|
6,865
|
|
—
|
|
2,117
|
|
6,865
|
|
8,982
|
|
1,602
|
|
7,380
|
|
1999
|
2006
|
35 years
|
Regency of Evergreen Valley
|
San Jose
|
CA
|
—
|
|
2,700
|
|
7,994
|
|
—
|
|
2,700
|
|
7,994
|
|
10,694
|
|
1,229
|
|
9,465
|
|
1998
|
2011
|
35 years
|
Villa del Obispo
|
San Juan Capistrano
|
CA
|
—
|
|
2,660
|
|
9,560
|
|
—
|
|
2,660
|
|
9,560
|
|
12,220
|
|
1,191
|
|
11,029
|
|
1985
|
2011
|
35 years
|
Villa Santa Barbara
|
Santa Barbara
|
CA
|
—
|
|
1,219
|
|
12,426
|
|
—
|
|
1,219
|
|
12,426
|
|
13,645
|
|
3,419
|
|
10,226
|
|
1977
|
2005
|
35 years
|
Skyline Place Senior Living
|
Sonora
|
CA
|
—
|
|
1,815
|
|
28,472
|
|
—
|
|
1,815
|
|
28,472
|
|
30,287
|
|
229
|
|
30,058
|
|
1996
|
2014
|
35 years
|
Oak Terrace Memory Care
|
Soulsbyville
|
CA
|
—
|
|
1,146
|
|
5,275
|
|
—
|
|
1,146
|
|
5,275
|
|
6,421
|
|
44
|
|
6,377
|
|
1999
|
2014
|
35 years
|
Eagle Lake Village
|
Susanville
|
CA
|
—
|
|
1,165
|
|
6,719
|
|
—
|
|
1,165
|
|
6,719
|
|
7,884
|
|
551
|
|
7,333
|
|
2006
|
2012
|
35 years
|
Bonaventure, The
|
Ventura
|
CA
|
—
|
|
5,294
|
|
32,747
|
|
—
|
|
5,294
|
|
32,747
|
|
38,041
|
|
1,388
|
|
36,653
|
|
2005
|
2013
|
35 years
|
Prestige Assisted Living at Visalia
|
Visalia
|
CA
|
—
|
|
1,300
|
|
8,378
|
|
—
|
|
1,300
|
|
8,378
|
|
9,678
|
|
24
|
|
9,654
|
|
1998
|
2014
|
35 years
|
Vista Village
|
Vista
|
CA
|
—
|
|
1,630
|
|
5,640
|
|
61
|
|
1,630
|
|
5,701
|
|
7,331
|
|
816
|
|
6,515
|
|
1980
|
2011
|
35 years
|
Rancho Vista
|
Vista
|
CA
|
—
|
|
6,730
|
|
21,828
|
|
—
|
|
6,730
|
|
21,828
|
|
28,558
|
|
5,093
|
|
23,465
|
|
1982
|
2006
|
35 years
|
Westminster Terrace
|
Westminster
|
CA
|
—
|
|
1,700
|
|
11,514
|
|
—
|
|
1,700
|
|
11,514
|
|
13,214
|
|
1,321
|
|
11,893
|
|
2001
|
2011
|
35 years
|
Highland Trail
|
Broomfield
|
CO
|
—
|
|
2,511
|
|
26,431
|
|
—
|
|
2,511
|
|
26,431
|
|
28,942
|
|
1,110
|
|
27,832
|
|
2009
|
2013
|
35 years
|
Caley Ridge
|
Englewood
|
CO
|
—
|
|
1,157
|
|
13,133
|
|
—
|
|
1,157
|
|
13,133
|
|
14,290
|
|
1,077
|
|
13,213
|
|
1999
|
2012
|
35 years
|
Garden Square at Westlake
|
Greeley
|
CO
|
—
|
|
630
|
|
8,211
|
|
—
|
|
630
|
|
8,211
|
|
8,841
|
|
979
|
|
7,862
|
|
1998
|
2011
|
35 years
|
Garden Square of Greeley
|
Greeley
|
CO
|
—
|
|
330
|
|
2,735
|
|
—
|
|
330
|
|
2,735
|
|
3,065
|
|
339
|
|
2,726
|
|
1995
|
2011
|
35 years
|
Lakewood Estates
|
Lakewood
|
CO
|
—
|
|
1,306
|
|
21,137
|
|
—
|
|
1,306
|
|
21,137
|
|
22,443
|
|
884
|
|
21,559
|
|
1988
|
2013
|
35 years
|
Sugar Valley Estates
|
Loveland
|
CO
|
—
|
|
1,255
|
|
21,837
|
|
—
|
|
1,255
|
|
21,837
|
|
23,092
|
|
913
|
|
22,179
|
|
2009
|
2013
|
35 years
|
Devonshire Acres
|
Sterling
|
CO
|
—
|
|
950
|
|
13,569
|
|
(3,501
|
)
|
950
|
|
10,068
|
|
11,018
|
|
1,229
|
|
9,789
|
|
1979
|
2011
|
35 years
|
Gardenside Terrace
|
Branford
|
CT
|
—
|
|
7,000
|
|
31,518
|
|
—
|
|
7,000
|
|
31,518
|
|
38,518
|
|
3,561
|
|
34,957
|
|
1999
|
2011
|
35 years
|
Hearth at Tuxis Pond
|
Madison
|
CT
|
—
|
|
1,610
|
|
44,322
|
|
—
|
|
1,610
|
|
44,322
|
|
45,932
|
|
4,763
|
|
41,169
|
|
2002
|
2011
|
35 years
|
White Oaks
|
Manchester
|
CT
|
—
|
|
2,584
|
|
34,507
|
|
—
|
|
2,584
|
|
34,507
|
|
37,091
|
|
1,445
|
|
35,646
|
|
2007
|
2013
|
35 years
|
Hampton Manor Belleview
|
Belleview
|
FL
|
—
|
|
390
|
|
8,337
|
|
—
|
|
390
|
|
8,337
|
|
8,727
|
|
990
|
|
7,737
|
|
1988
|
2011
|
35 years
|
Sabal House
|
Cantonment
|
FL
|
—
|
|
430
|
|
5,902
|
|
—
|
|
430
|
|
5,902
|
|
6,332
|
|
682
|
|
5,650
|
|
1999
|
2011
|
35 years
|
Bristol Park of Coral Springs
|
Coral Springs
|
FL
|
—
|
|
3,280
|
|
11,877
|
|
—
|
|
3,280
|
|
11,877
|
|
15,157
|
|
1,455
|
|
13,702
|
|
1999
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Wingate at Silver Lake
|
Kingston
|
MA
|
—
|
|
3,330
|
|
20,624
|
|
—
|
|
3,330
|
|
20,624
|
|
23,954
|
|
2,622
|
|
21,332
|
|
1996
|
2011
|
35 years
|
Devonshire Estates
|
Lenox
|
MA
|
—
|
|
1,832
|
|
31,124
|
|
—
|
|
1,832
|
|
31,124
|
|
32,956
|
|
1,301
|
|
31,655
|
|
1998
|
2013
|
35 years
|
Outlook Pointe at Hagerstown
|
Hagerstown
|
MD
|
—
|
|
2,010
|
|
1,293
|
|
—
|
|
2,010
|
|
1,293
|
|
3,303
|
|
316
|
|
2,987
|
|
1999
|
2011
|
35 years
|
Clover Healthcare
|
Auburn
|
ME
|
—
|
|
1,400
|
|
26,895
|
|
—
|
|
1,400
|
|
26,895
|
|
28,295
|
|
3,238
|
|
25,057
|
|
1982
|
2011
|
35 years
|
Gorham House
|
Gorham
|
ME
|
—
|
|
1,360
|
|
33,147
|
|
1,472
|
|
1,527
|
|
34,452
|
|
35,979
|
|
3,648
|
|
32,331
|
|
1990
|
2011
|
35 years
|
Kittery Estates
|
Kittery
|
ME
|
—
|
|
1,531
|
|
30,811
|
|
—
|
|
1,531
|
|
30,811
|
|
32,342
|
|
1,286
|
|
31,056
|
|
2009
|
2013
|
35 years
|
Woods at Canco
|
Portland
|
ME
|
—
|
|
1,441
|
|
45,578
|
|
—
|
|
1,441
|
|
45,578
|
|
47,019
|
|
1,898
|
|
45,121
|
|
2000
|
2013
|
35 years
|
Sentry Hill
|
York Harbor
|
ME
|
—
|
|
3,490
|
|
19,869
|
|
—
|
|
3,490
|
|
19,869
|
|
23,359
|
|
2,232
|
|
21,127
|
|
2000
|
2011
|
35 years
|
Elmcroft of Downriver
|
Brownstown Charter Township
|
MI
|
—
|
|
320
|
|
32,652
|
|
415
|
|
371
|
|
33,016
|
|
33,387
|
|
3,596
|
|
29,791
|
|
2000
|
2011
|
35 years
|
Independence Village of East Lansing
|
East Lansing
|
MI
|
7,025
|
|
1,956
|
|
18,122
|
|
—
|
|
1,956
|
|
18,122
|
|
20,078
|
|
1,393
|
|
18,685
|
|
1989
|
2012
|
35 years
|
Elmcroft of Kentwood
|
Kentwood
|
MI
|
—
|
|
510
|
|
13,976
|
|
499
|
|
510
|
|
14,475
|
|
14,985
|
|
1,804
|
|
13,181
|
|
2001
|
2011
|
35 years
|
Primrose Austin
|
Austin
|
MN
|
—
|
|
2,540
|
|
11,707
|
|
—
|
|
2,540
|
|
11,707
|
|
14,247
|
|
1,284
|
|
12,963
|
|
2002
|
2011
|
35 years
|
Primrose Duluth
|
Duluth
|
MN
|
—
|
|
6,190
|
|
8,296
|
|
—
|
|
6,190
|
|
8,296
|
|
14,486
|
|
1,045
|
|
13,441
|
|
2003
|
2011
|
35 years
|
Primrose Mankato
|
Mankato
|
MN
|
—
|
|
1,860
|
|
8,920
|
|
—
|
|
1,860
|
|
8,920
|
|
10,780
|
|
1,070
|
|
9,710
|
|
1999
|
2011
|
35 years
|
Rose Arbor
|
Maple Grove
|
MN
|
—
|
|
1,140
|
|
12,421
|
|
—
|
|
1,140
|
|
12,421
|
|
13,561
|
|
4,571
|
|
8,990
|
|
2000
|
2006
|
35 years
|
Wildflower Lodge
|
Maple Grove
|
MN
|
—
|
|
504
|
|
5,035
|
|
—
|
|
504
|
|
5,035
|
|
5,539
|
|
1,858
|
|
3,681
|
|
1981
|
2006
|
35 years
|
Lodge at White Bear
|
White Bear Lake
|
MN
|
—
|
|
732
|
|
24,999
|
|
—
|
|
732
|
|
24,999
|
|
25,731
|
|
1,041
|
|
24,690
|
|
2002
|
2013
|
35 years
|
Canyon Creek Inn Memory Care
|
Billings
|
MT
|
—
|
|
420
|
|
11,217
|
|
7
|
|
420
|
|
11,224
|
|
11,644
|
|
1,172
|
|
10,472
|
|
2011
|
2011
|
35 years
|
Springs at Missoula
|
Missoula
|
MT
|
16,318
|
|
1,975
|
|
34,390
|
|
—
|
|
1,975
|
|
34,390
|
|
36,365
|
|
2,546
|
|
33,819
|
|
2004
|
2012
|
35 years
|
Carillon ALF of Asheboro
|
Asheboro
|
NC
|
—
|
|
680
|
|
15,370
|
|
—
|
|
680
|
|
15,370
|
|
16,050
|
|
1,713
|
|
14,337
|
|
1998
|
2011
|
35 years
|
Elmcroft of Little Avenue
|
Charlotte
|
NC
|
—
|
|
250
|
|
5,077
|
|
—
|
|
250
|
|
5,077
|
|
5,327
|
|
1,185
|
|
4,142
|
|
1997
|
2006
|
35 years
|
Carillon ALF of Cramer Mountain
|
Cramerton
|
NC
|
—
|
|
530
|
|
18,225
|
|
—
|
|
530
|
|
18,225
|
|
18,755
|
|
2,050
|
|
16,705
|
|
1999
|
2011
|
35 years
|
Carillon ALF of Harrisburg
|
Harrisburg
|
NC
|
—
|
|
1,660
|
|
15,130
|
|
—
|
|
1,660
|
|
15,130
|
|
16,790
|
|
1,692
|
|
15,098
|
|
1997
|
2011
|
35 years
|
Carillon ALF of Hendersonville
|
Hendersonville
|
NC
|
—
|
|
2,210
|
|
7,372
|
|
—
|
|
2,210
|
|
7,372
|
|
9,582
|
|
937
|
|
8,645
|
|
2005
|
2011
|
35 years
|
Carillon ALF of Hillsborough
|
Hillsborough
|
NC
|
—
|
|
1,450
|
|
19,754
|
|
—
|
|
1,450
|
|
19,754
|
|
21,204
|
|
2,172
|
|
19,032
|
|
2005
|
2011
|
35 years
|
Willow Grove
|
Matthews
|
NC
|
—
|
|
763
|
|
27,544
|
|
—
|
|
763
|
|
27,544
|
|
28,307
|
|
1,146
|
|
27,161
|
|
2009
|
2013
|
35 years
|
Carillon ALF of Newton
|
Newton
|
NC
|
—
|
|
540
|
|
14,935
|
|
—
|
|
540
|
|
14,935
|
|
15,475
|
|
1,665
|
|
13,810
|
|
2000
|
2011
|
35 years
|
Independence Village of Olde Raleigh
|
Raleigh
|
NC
|
9,757
|
|
1,989
|
|
18,648
|
|
—
|
|
1,989
|
|
18,648
|
|
20,637
|
|
1,464
|
|
19,173
|
|
1991
|
2012
|
35 years
|
Elmcroft of Northridge
|
Raleigh
|
NC
|
—
|
|
184
|
|
3,592
|
|
—
|
|
184
|
|
3,592
|
|
3,776
|
|
838
|
|
2,938
|
|
1984
|
2006
|
35 years
|
Carillon ALF of Salisbury
|
Salisbury
|
NC
|
—
|
|
1,580
|
|
25,026
|
|
—
|
|
1,580
|
|
25,026
|
|
26,606
|
|
2,730
|
|
23,876
|
|
1999
|
2011
|
35 years
|
Carillon ALF of Shelby
|
Shelby
|
NC
|
—
|
|
660
|
|
15,471
|
|
—
|
|
660
|
|
15,471
|
|
16,131
|
|
1,730
|
|
14,401
|
|
2000
|
2011
|
35 years
|
Elmcroft of Southern Pines
|
Southern Pines
|
NC
|
—
|
|
1,196
|
|
10,766
|
|
—
|
|
1,196
|
|
10,766
|
|
11,962
|
|
1,461
|
|
10,501
|
|
1998
|
2010
|
35 years
|
Carillon ALF of Southport
|
Southport
|
NC
|
—
|
|
1,330
|
|
10,356
|
|
—
|
|
1,330
|
|
10,356
|
|
11,686
|
|
1,236
|
|
10,450
|
|
2005
|
2011
|
35 years
|
Primrose Bismarck
|
Bismarck
|
ND
|
—
|
|
1,210
|
|
9,768
|
|
—
|
|
1,210
|
|
9,768
|
|
10,978
|
|
1,108
|
|
9,870
|
|
1994
|
2011
|
35 years
|
Crown Pointe
|
Omaha
|
NE
|
—
|
|
1,316
|
|
11,950
|
|
—
|
|
1,316
|
|
11,950
|
|
13,266
|
|
3,311
|
|
9,955
|
|
1985
|
2005
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Chateau Gardens
|
Springfield
|
OR
|
—
|
|
1,550
|
|
4,197
|
|
—
|
|
1,550
|
|
4,197
|
|
5,747
|
|
483
|
|
5,264
|
|
1991
|
2011
|
35 years
|
Avamere at St Helens
|
St. Helens
|
OR
|
—
|
|
1,410
|
|
10,496
|
|
378
|
|
1,410
|
|
10,874
|
|
12,284
|
|
1,256
|
|
11,028
|
|
2000
|
2011
|
35 years
|
Flagstone Senior Living
|
The Dalles
|
OR
|
—
|
|
1,631
|
|
17,786
|
|
—
|
|
1,631
|
|
17,786
|
|
19,417
|
|
144
|
|
19,273
|
|
1991
|
2014
|
35 years
|
Elmcroft of Allison Park
|
Allison Park
|
PA
|
—
|
|
1,171
|
|
5,686
|
|
—
|
|
1,171
|
|
5,686
|
|
6,857
|
|
1,327
|
|
5,530
|
|
1986
|
2006
|
35 years
|
Elmcroft of Chippewa
|
Beaver Falls
|
PA
|
—
|
|
1,394
|
|
8,586
|
|
—
|
|
1,394
|
|
8,586
|
|
9,980
|
|
2,003
|
|
7,977
|
|
1998
|
2006
|
35 years
|
Elmcroft of Berwick
|
Berwick
|
PA
|
—
|
|
111
|
|
6,741
|
|
—
|
|
111
|
|
6,741
|
|
6,852
|
|
1,573
|
|
5,279
|
|
1998
|
2006
|
35 years
|
Outlook Pointe at Lakemont
|
Bridgeville
|
PA
|
—
|
|
1,660
|
|
12,624
|
|
—
|
|
1,660
|
|
12,624
|
|
14,284
|
|
1,552
|
|
12,732
|
|
1999
|
2011
|
35 years
|
Elmcroft of Dillsburg
|
Dillsburg
|
PA
|
—
|
|
432
|
|
7,797
|
|
—
|
|
432
|
|
7,797
|
|
8,229
|
|
1,819
|
|
6,410
|
|
1998
|
2006
|
35 years
|
Elmcroft of Altoona
|
Hollidaysburg
|
PA
|
—
|
|
331
|
|
4,729
|
|
—
|
|
331
|
|
4,729
|
|
5,060
|
|
1,104
|
|
3,956
|
|
1997
|
2006
|
35 years
|
Elmcroft of Lebanon
|
Lebanon
|
PA
|
—
|
|
240
|
|
7,336
|
|
—
|
|
240
|
|
7,336
|
|
7,576
|
|
1,712
|
|
5,864
|
|
1999
|
2006
|
35 years
|
Elmcroft of Lewisburg
|
Lewisburg
|
PA
|
—
|
|
232
|
|
5,666
|
|
—
|
|
232
|
|
5,666
|
|
5,898
|
|
1,322
|
|
4,576
|
|
1999
|
2006
|
35 years
|
Lehigh Commons
|
Macungie
|
PA
|
—
|
|
420
|
|
4,406
|
|
450
|
|
420
|
|
4,856
|
|
5,276
|
|
1,917
|
|
3,359
|
|
1997
|
2004
|
30 years
|
Elmcroft of Loyalsock
|
Montoursville
|
PA
|
—
|
|
413
|
|
3,412
|
|
—
|
|
413
|
|
3,412
|
|
3,825
|
|
796
|
|
3,029
|
|
1999
|
2006
|
35 years
|
Highgate at Paoli Pointe
|
Paoli
|
PA
|
—
|
|
1,151
|
|
9,079
|
|
—
|
|
1,151
|
|
9,079
|
|
10,230
|
|
3,461
|
|
6,769
|
|
1997
|
2004
|
30 years
|
Elmcroft of Mid Valley
|
Peckville
|
PA
|
—
|
|
619
|
|
11,662
|
|
—
|
|
619
|
|
11,662
|
|
12,281
|
|
—
|
|
12,281
|
|
1998
|
2014
|
35 years
|
Sanatoga Court
|
Pottstown
|
PA
|
—
|
|
360
|
|
3,233
|
|
—
|
|
360
|
|
3,233
|
|
3,593
|
|
1,300
|
|
2,293
|
|
1997
|
2004
|
30 years
|
Berkshire Commons
|
Reading
|
PA
|
—
|
|
470
|
|
4,301
|
|
—
|
|
470
|
|
4,301
|
|
4,771
|
|
1,727
|
|
3,044
|
|
1997
|
2004
|
30 years
|
Mifflin Court
|
Reading
|
PA
|
—
|
|
689
|
|
4,265
|
|
351
|
|
689
|
|
4,616
|
|
5,305
|
|
1,568
|
|
3,737
|
|
1997
|
2004
|
35 years
|
Elmcroft of Reading
|
Reading
|
PA
|
—
|
|
638
|
|
4,942
|
|
—
|
|
638
|
|
4,942
|
|
5,580
|
|
1,153
|
|
4,427
|
|
1998
|
2006
|
35 years
|
Elmcroft of Reedsville
|
Reedsville
|
PA
|
—
|
|
189
|
|
5,170
|
|
—
|
|
189
|
|
5,170
|
|
5,359
|
|
1,206
|
|
4,153
|
|
1998
|
2006
|
35 years
|
Elmcroft of Saxonburg
|
Saxonburg
|
PA
|
—
|
|
770
|
|
5,949
|
|
—
|
|
770
|
|
5,949
|
|
6,719
|
|
1,388
|
|
5,331
|
|
1994
|
2006
|
35 years
|
Elmcroft of Shippensburg
|
Shippensburg
|
PA
|
—
|
|
203
|
|
7,634
|
|
—
|
|
203
|
|
7,634
|
|
7,837
|
|
1,781
|
|
6,056
|
|
1999
|
2006
|
35 years
|
Elmcroft of State College
|
State College
|
PA
|
—
|
|
320
|
|
7,407
|
|
—
|
|
320
|
|
7,407
|
|
7,727
|
|
1,728
|
|
5,999
|
|
1997
|
2006
|
35 years
|
Outlook Pointe at York
|
York
|
PA
|
—
|
|
1,260
|
|
6,923
|
|
—
|
|
1,260
|
|
6,923
|
|
8,183
|
|
849
|
|
7,334
|
|
1999
|
2011
|
35 years
|
Forest Pines
|
Columbia
|
SC
|
—
|
|
1,058
|
|
27,471
|
|
—
|
|
1,058
|
|
27,471
|
|
28,529
|
|
1,145
|
|
27,384
|
|
1997
|
2013
|
35 years
|
Elmcroft of Florence SC
|
Florence
|
SC
|
—
|
|
108
|
|
7,620
|
|
—
|
|
108
|
|
7,620
|
|
7,728
|
|
1,778
|
|
5,950
|
|
1998
|
2006
|
35 years
|
Primrose Aberdeen
|
Aberdeen
|
SD
|
—
|
|
850
|
|
659
|
|
—
|
|
850
|
|
659
|
|
1,509
|
|
179
|
|
1,330
|
|
1991
|
2011
|
35 years
|
Primrose Place
|
Aberdeen
|
SD
|
—
|
|
310
|
|
3,242
|
|
—
|
|
310
|
|
3,242
|
|
3,552
|
|
385
|
|
3,167
|
|
2000
|
2011
|
35 years
|
Primrose Rapid City
|
Rapid City
|
SD
|
—
|
|
860
|
|
8,722
|
|
—
|
|
860
|
|
8,722
|
|
9,582
|
|
1,028
|
|
8,554
|
|
1997
|
2011
|
35 years
|
Primrose Sioux Falls
|
Sioux Falls
|
SD
|
—
|
|
2,180
|
|
12,936
|
|
—
|
|
2,180
|
|
12,936
|
|
15,116
|
|
1,544
|
|
13,572
|
|
2002
|
2011
|
35 years
|
Outlook Pointe of Bristol
|
Bristol
|
TN
|
—
|
|
470
|
|
16,006
|
|
—
|
|
470
|
|
16,006
|
|
16,476
|
|
1,769
|
|
14,707
|
|
1999
|
2011
|
35 years
|
Elmcroft of Hamilton Place
|
Chattanooga
|
TN
|
—
|
|
87
|
|
4,248
|
|
—
|
|
87
|
|
4,248
|
|
4,335
|
|
991
|
|
3,344
|
|
1998
|
2006
|
35 years
|
Elmcroft of Shallowford
|
Chattanooga
|
TN
|
—
|
|
580
|
|
7,568
|
|
455
|
|
582
|
|
8,021
|
|
8,603
|
|
1,097
|
|
7,506
|
|
1999
|
2011
|
35 years
|
Elmcroft of Hendersonville
|
Hendersonville
|
TN
|
—
|
|
600
|
|
5,304
|
|
—
|
|
600
|
|
5,304
|
|
5,904
|
|
—
|
|
5,904
|
|
1999
|
2014
|
35 years
|
Regency House
|
Hixson
|
TN
|
—
|
|
140
|
|
6,611
|
|
—
|
|
140
|
|
6,611
|
|
6,751
|
|
764
|
|
5,987
|
|
2000
|
2011
|
35 years
|
Elmcroft of Jackson
|
Jackson
|
TN
|
—
|
|
768
|
|
16,840
|
|
—
|
|
768
|
|
16,840
|
|
17,608
|
|
—
|
|
17,608
|
|
1998
|
2014
|
35 years
|
Outlook Pointe at Johnson City
|
Johnson City
|
TN
|
—
|
|
590
|
|
10,043
|
|
—
|
|
590
|
|
10,043
|
|
10,633
|
|
1,145
|
|
9,488
|
|
1999
|
2011
|
35 years
|
Elmcroft of Kingsport
|
Kingsport
|
TN
|
—
|
|
22
|
|
7,815
|
|
—
|
|
22
|
|
7,815
|
|
7,837
|
|
1,823
|
|
6,014
|
|
2000
|
2006
|
35 years
|
Elmcroft of Halls
|
Knoxville
|
TN
|
—
|
|
387
|
|
4,948
|
|
—
|
|
387
|
|
4,948
|
|
5,335
|
|
—
|
|
5,335
|
|
1998
|
2014
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Elmcroft of Chesterfield
|
Richmond
|
VA
|
—
|
|
829
|
|
6,534
|
|
—
|
|
829
|
|
6,534
|
|
7,363
|
|
1,525
|
|
5,838
|
|
1999
|
2006
|
35 years
|
Pheasant Ridge
|
Roanoke
|
VA
|
—
|
|
1,813
|
|
9,027
|
|
—
|
|
1,813
|
|
9,027
|
|
10,840
|
|
741
|
|
10,099
|
|
1999
|
2012
|
35 years
|
Cascade Valley Senior Living
|
Arlington
|
WA
|
—
|
|
1,413
|
|
6,294
|
|
—
|
|
1,413
|
|
6,294
|
|
7,707
|
|
180
|
|
7,527
|
|
1995
|
2014
|
35 years
|
Cooks Hill Manor
|
Centralia
|
WA
|
—
|
|
520
|
|
6,144
|
|
—
|
|
520
|
|
6,144
|
|
6,664
|
|
775
|
|
5,889
|
|
1993
|
2011
|
35 years
|
The Sequoia
|
Olympia
|
WA
|
—
|
|
1,490
|
|
13,724
|
|
—
|
|
1,490
|
|
13,724
|
|
15,214
|
|
1,615
|
|
13,599
|
|
1995
|
2011
|
35 years
|
Bishop Place Senior Living
|
Pullman
|
WA
|
—
|
|
1,780
|
|
33,608
|
|
—
|
|
1,780
|
|
33,608
|
|
35,388
|
|
34
|
|
35,354
|
|
1998
|
2014
|
35 years
|
Willow Gardens
|
Puyallup
|
WA
|
—
|
|
1,959
|
|
35,492
|
|
—
|
|
1,959
|
|
35,492
|
|
37,451
|
|
1,483
|
|
35,968
|
|
1996
|
2013
|
35 years
|
Birchview
|
Sedro-Woolley
|
WA
|
—
|
|
210
|
|
14,145
|
|
—
|
|
210
|
|
14,145
|
|
14,355
|
|
1,522
|
|
12,833
|
|
1996
|
2011
|
35 years
|
Discovery Memory care
|
Sequim
|
WA
|
—
|
|
320
|
|
10,544
|
|
—
|
|
320
|
|
10,544
|
|
10,864
|
|
1,193
|
|
9,671
|
|
1961
|
2011
|
35 years
|
The Academy Retirement Comm
|
Spokane
|
WA
|
—
|
|
650
|
|
3,741
|
|
—
|
|
650
|
|
3,741
|
|
4,391
|
|
571
|
|
3,820
|
|
1959
|
2011
|
35 years
|
The Village Retirement & Assisted Living
|
Tacoma
|
WA
|
—
|
|
2,200
|
|
5,938
|
|
—
|
|
2,200
|
|
5,938
|
|
8,138
|
|
928
|
|
7,210
|
|
1976
|
2011
|
35 years
|
Matthews of Appleton I
|
Appleton
|
WI
|
—
|
|
130
|
|
1,834
|
|
(41
|
)
|
130
|
|
1,793
|
|
1,923
|
|
225
|
|
1,698
|
|
1996
|
2011
|
35 years
|
Matthews of Appleton II
|
Appleton
|
WI
|
—
|
|
140
|
|
2,016
|
|
(49
|
)
|
140
|
|
1,967
|
|
2,107
|
|
245
|
|
1,862
|
|
1997
|
2011
|
35 years
|
Hunters Ridge
|
Beaver Dam
|
WI
|
—
|
|
260
|
|
2,380
|
|
—
|
|
260
|
|
2,380
|
|
2,640
|
|
289
|
|
2,351
|
|
1998
|
2011
|
35 years
|
Harbor House Beloit
|
Beloit
|
WI
|
—
|
|
150
|
|
4,356
|
|
—
|
|
150
|
|
4,356
|
|
4,506
|
|
483
|
|
4,023
|
|
1990
|
2011
|
35 years
|
Harbor House Clinton
|
Clinton
|
WI
|
—
|
|
290
|
|
4,390
|
|
—
|
|
290
|
|
4,390
|
|
4,680
|
|
487
|
|
4,193
|
|
1991
|
2011
|
35 years
|
Creekside
|
Cudahy
|
WI
|
—
|
|
760
|
|
1,693
|
|
—
|
|
760
|
|
1,693
|
|
2,453
|
|
224
|
|
2,229
|
|
2001
|
2011
|
35 years
|
Harmony of Denmark
|
Denmark
|
WI
|
1,112
|
|
220
|
|
2,228
|
|
—
|
|
220
|
|
2,228
|
|
2,448
|
|
274
|
|
2,174
|
|
1995
|
2011
|
35 years
|
Harbor House Eau Claire
|
Eau Claire
|
WI
|
—
|
|
210
|
|
6,259
|
|
—
|
|
210
|
|
6,259
|
|
6,469
|
|
677
|
|
5,792
|
|
1996
|
2011
|
35 years
|
Chapel Valley
|
Fitchburg
|
WI
|
—
|
|
450
|
|
2,372
|
|
—
|
|
450
|
|
2,372
|
|
2,822
|
|
292
|
|
2,530
|
|
1998
|
2011
|
35 years
|
Matthews of Milwaukee II
|
Fox Point
|
WI
|
—
|
|
1,810
|
|
943
|
|
37
|
|
1,820
|
|
970
|
|
2,790
|
|
165
|
|
2,625
|
|
1999
|
2011
|
35 years
|
Harmony of Brenwood Park
|
Franklin
|
WI
|
5,810
|
|
1,870
|
|
13,804
|
|
—
|
|
1,870
|
|
13,804
|
|
15,674
|
|
1,498
|
|
14,176
|
|
2003
|
2011
|
35 years
|
Laurel Oaks
|
Glendale
|
WI
|
—
|
|
2,390
|
|
43,587
|
|
—
|
|
2,390
|
|
43,587
|
|
45,977
|
|
4,821
|
|
41,156
|
|
1988
|
2011
|
35 years
|
Harmony of Green Bay
|
Green Bay
|
WI
|
2,896
|
|
640
|
|
5,008
|
|
—
|
|
640
|
|
5,008
|
|
5,648
|
|
587
|
|
5,061
|
|
1990
|
2011
|
35 years
|
Layton Terrace
|
Greenfield
|
WI
|
7,195
|
|
3,490
|
|
39,201
|
|
—
|
|
3,490
|
|
39,201
|
|
42,691
|
|
4,426
|
|
38,265
|
|
1999
|
2011
|
35 years
|
Matthews of Hartland
|
Hartland
|
WI
|
—
|
|
640
|
|
1,663
|
|
43
|
|
652
|
|
1,694
|
|
2,346
|
|
243
|
|
2,103
|
|
1985
|
2011
|
35 years
|
Matthews of Horicon
|
Horicon
|
WI
|
—
|
|
340
|
|
3,327
|
|
(95
|
)
|
345
|
|
3,227
|
|
3,572
|
|
433
|
|
3,139
|
|
2002
|
2011
|
35 years
|
Jefferson
|
Jefferson
|
WI
|
—
|
|
330
|
|
2,384
|
|
—
|
|
330
|
|
2,384
|
|
2,714
|
|
289
|
|
2,425
|
|
1997
|
2011
|
35 years
|
Harmony of Kenosha
|
Kenosha
|
WI
|
3,769
|
|
1,180
|
|
8,717
|
|
—
|
|
1,180
|
|
8,717
|
|
9,897
|
|
964
|
|
8,933
|
|
1999
|
2011
|
35 years
|
Harbor House Kenosha
|
Kenosha
|
WI
|
—
|
|
710
|
|
3,254
|
|
520
|
|
710
|
|
3,774
|
|
4,484
|
|
376
|
|
4,108
|
|
1996
|
2011
|
35 years
|
Harmony of Madison
|
Madison
|
WI
|
3,902
|
|
650
|
|
4,279
|
|
—
|
|
650
|
|
4,279
|
|
4,929
|
|
537
|
|
4,392
|
|
1998
|
2011
|
35 years
|
Harmony of Manitowoc
|
Manitowoc
|
WI
|
4,579
|
|
450
|
|
10,101
|
|
—
|
|
450
|
|
10,101
|
|
10,551
|
|
1,116
|
|
9,435
|
|
1997
|
2011
|
35 years
|
Harbor House Manitowoc
|
Manitowoc
|
WI
|
—
|
|
140
|
|
1,520
|
|
—
|
|
140
|
|
1,520
|
|
1,660
|
|
178
|
|
1,482
|
|
1997
|
2011
|
35 years
|
Harmony of McFarland
|
McFarland
|
WI
|
3,498
|
|
640
|
|
4,647
|
|
—
|
|
640
|
|
4,647
|
|
5,287
|
|
561
|
|
4,726
|
|
1998
|
2011
|
35 years
|
Adare II
|
Menasha
|
WI
|
—
|
|
110
|
|
537
|
|
20
|
|
110
|
|
557
|
|
667
|
|
84
|
|
583
|
|
1994
|
2011
|
35 years
|
Adare IV
|
Menasha
|
WI
|
—
|
|
110
|
|
537
|
|
5
|
|
110
|
|
542
|
|
652
|
|
80
|
|
572
|
|
1994
|
2011
|
35 years
|
Adare III
|
Menasha
|
WI
|
—
|
|
90
|
|
557
|
|
5
|
|
90
|
|
562
|
|
652
|
|
86
|
|
566
|
|
1993
|
2011
|
35 years
|
Adare I
|
Menasha
|
WI
|
—
|
|
90
|
|
557
|
|
5
|
|
90
|
|
562
|
|
652
|
|
82
|
|
570
|
|
1993
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Riverview Village
|
Menomonee Falls
|
WI
|
5,545
|
|
2,170
|
|
11,758
|
|
—
|
|
2,170
|
|
11,758
|
|
13,928
|
|
1,291
|
|
12,637
|
|
2003
|
2011
|
35 years
|
The Arboretum
|
Menomonee Falls
|
WI
|
4,920
|
|
5,640
|
|
49,083
|
|
583
|
|
5,640
|
|
49,666
|
|
55,306
|
|
5,694
|
|
49,612
|
|
1989
|
2011
|
35 years
|
Matthews of Milwaukee I
|
Milwaukee
|
WI
|
—
|
|
1,800
|
|
935
|
|
119
|
|
1,800
|
|
1,054
|
|
2,854
|
|
164
|
|
2,690
|
|
1999
|
2011
|
35 years
|
Hart Park Square
|
Milwaukee
|
WI
|
6,600
|
|
1,900
|
|
21,628
|
|
—
|
|
1,900
|
|
21,628
|
|
23,528
|
|
2,458
|
|
21,070
|
|
2005
|
2011
|
35 years
|
Harbor House Monroe
|
Monroe
|
WI
|
—
|
|
490
|
|
4,964
|
|
—
|
|
490
|
|
4,964
|
|
5,454
|
|
559
|
|
4,895
|
|
1990
|
2011
|
35 years
|
Matthews of Neenah I
|
Neenah
|
WI
|
—
|
|
710
|
|
1,157
|
|
64
|
|
713
|
|
1,218
|
|
1,931
|
|
184
|
|
1,747
|
|
2006
|
2011
|
35 years
|
Matthews of Neenah II
|
Neenah
|
WI
|
—
|
|
720
|
|
2,339
|
|
(50
|
)
|
720
|
|
2,289
|
|
3,009
|
|
305
|
|
2,704
|
|
2007
|
2011
|
35 years
|
Matthews of Irish Road
|
Neenah
|
WI
|
—
|
|
320
|
|
1,036
|
|
87
|
|
320
|
|
1,123
|
|
1,443
|
|
172
|
|
1,271
|
|
2001
|
2011
|
35 years
|
Matthews of Oak Creek
|
Oak Creek
|
WI
|
—
|
|
800
|
|
2,167
|
|
(2
|
)
|
812
|
|
2,153
|
|
2,965
|
|
275
|
|
2,690
|
|
1997
|
2011
|
35 years
|
Wilkinson Woods of Oconomowoc
|
Oconomowoc
|
WI
|
—
|
|
1,100
|
|
12,436
|
|
—
|
|
1,100
|
|
12,436
|
|
13,536
|
|
1,395
|
|
12,141
|
|
1992
|
2011
|
35 years
|
Harbor House Oshkosh
|
Oshkosh
|
WI
|
—
|
|
190
|
|
949
|
|
—
|
|
190
|
|
949
|
|
1,139
|
|
146
|
|
993
|
|
1993
|
2011
|
35 years
|
Harmony of Racine
|
Racine
|
WI
|
9,173
|
|
590
|
|
11,726
|
|
—
|
|
590
|
|
11,726
|
|
12,316
|
|
1,271
|
|
11,045
|
|
1998
|
2011
|
35 years
|
Harmony of Commons of Racine
|
Racine
|
WI
|
—
|
|
630
|
|
11,245
|
|
—
|
|
630
|
|
11,245
|
|
11,875
|
|
1,231
|
|
10,644
|
|
2003
|
2011
|
35 years
|
Harmony of Sheboygan
|
Sheboygan
|
WI
|
8,488
|
|
810
|
|
17,908
|
|
—
|
|
810
|
|
17,908
|
|
18,718
|
|
1,952
|
|
16,766
|
|
1996
|
2011
|
35 years
|
Harbor House Sheboygan
|
Sheboygan
|
WI
|
—
|
|
1,060
|
|
6,208
|
|
—
|
|
1,060
|
|
6,208
|
|
7,268
|
|
684
|
|
6,584
|
|
1995
|
2011
|
35 years
|
Matthews of St. Francis I
|
St. Francis
|
WI
|
—
|
|
1,370
|
|
1,428
|
|
(113
|
)
|
1,389
|
|
1,296
|
|
2,685
|
|
198
|
|
2,487
|
|
2000
|
2011
|
35 years
|
Matthews of St. Francis II
|
St. Francis
|
WI
|
—
|
|
1,370
|
|
1,666
|
|
15
|
|
1,377
|
|
1,674
|
|
3,051
|
|
225
|
|
2,826
|
|
2000
|
2011
|
35 years
|
Howard Village of St. Francis
|
St. Francis
|
WI
|
5,040
|
|
2,320
|
|
17,232
|
|
—
|
|
2,320
|
|
17,232
|
|
19,552
|
|
2,004
|
|
17,548
|
|
2001
|
2011
|
35 years
|
Harmony of Stevens Point
|
Stevens Point
|
WI
|
7,746
|
|
790
|
|
10,081
|
|
—
|
|
790
|
|
10,081
|
|
10,871
|
|
1,133
|
|
9,738
|
|
2002
|
2011
|
35 years
|
Harmony Commons of Stevens Point
|
Stevens Point
|
WI
|
—
|
|
760
|
|
2,242
|
|
—
|
|
760
|
|
2,242
|
|
3,002
|
|
334
|
|
2,668
|
|
2005
|
2011
|
35 years
|
Harmony of Stoughton
|
Stoughton
|
WI
|
1,539
|
|
490
|
|
9,298
|
|
—
|
|
490
|
|
9,298
|
|
9,788
|
|
1,028
|
|
8,760
|
|
1997
|
2011
|
35 years
|
Harbor House Stoughton
|
Stoughton
|
WI
|
—
|
|
450
|
|
3,191
|
|
—
|
|
450
|
|
3,191
|
|
3,641
|
|
389
|
|
3,252
|
|
1992
|
2011
|
35 years
|
Harmony of Two Rivers
|
Two Rivers
|
WI
|
2,471
|
|
330
|
|
3,538
|
|
—
|
|
330
|
|
3,538
|
|
3,868
|
|
421
|
|
3,447
|
|
1998
|
2011
|
35 years
|
Matthews of Pewaukee
|
Waukesha
|
WI
|
—
|
|
1,180
|
|
4,124
|
|
206
|
|
1,197
|
|
4,313
|
|
5,510
|
|
564
|
|
4,946
|
|
2001
|
2011
|
35 years
|
Oak Hill Terrace
|
Waukesha
|
WI
|
4,975
|
|
2,040
|
|
40,298
|
|
—
|
|
2,040
|
|
40,298
|
|
42,338
|
|
4,561
|
|
37,777
|
|
1985
|
2011
|
35 years
|
Harmony of Terrace Court
|
Wausau
|
WI
|
6,894
|
|
430
|
|
5,037
|
|
—
|
|
430
|
|
5,037
|
|
5,467
|
|
583
|
|
4,884
|
|
1996
|
2011
|
35 years
|
Harmony of Terrace Commons
|
Wausau
|
WI
|
—
|
|
740
|
|
6,556
|
|
—
|
|
740
|
|
6,556
|
|
7,296
|
|
765
|
|
6,531
|
|
2000
|
2011
|
35 years
|
Harbor House Rib Mountain
|
Wausau
|
WI
|
—
|
|
350
|
|
3,413
|
|
—
|
|
350
|
|
3,413
|
|
3,763
|
|
389
|
|
3,374
|
|
1997
|
2011
|
35 years
|
Library Square
|
West Allis
|
WI
|
5,150
|
|
1,160
|
|
23,714
|
|
—
|
|
1,160
|
|
23,714
|
|
24,874
|
|
2,687
|
|
22,187
|
|
1996
|
2011
|
35 years
|
Harmony of Wisconsin Rapids
|
Wisconsin Rapids
|
WI
|
1,030
|
|
520
|
|
4,349
|
|
—
|
|
520
|
|
4,349
|
|
4,869
|
|
533
|
|
4,336
|
|
2000
|
2011
|
35 years
|
Matthews of Wrightstown
|
Wrightstown
|
WI
|
—
|
|
140
|
|
376
|
|
12
|
|
140
|
|
388
|
|
528
|
|
85
|
|
443
|
|
1999
|
2011
|
35 years
|
Outlook Pointe at Teays Valley
|
Hurricane
|
WV
|
—
|
|
1,950
|
|
14,489
|
|
—
|
|
1,950
|
|
14,489
|
|
16,439
|
|
1,594
|
|
14,845
|
|
1999
|
2011
|
35 years
|
Elmcroft of Martinsburg
|
Martinsburg
|
WV
|
—
|
|
248
|
|
8,320
|
|
—
|
|
248
|
|
8,320
|
|
8,568
|
|
1,941
|
|
6,627
|
|
1999
|
2006
|
35 years
|
Garden Square Assisted Living of Casper
|
Casper
|
WY
|
—
|
|
355
|
|
3,197
|
|
—
|
|
355
|
|
3,197
|
|
3,552
|
|
321
|
|
3,231
|
|
1996
|
2011
|
35 years
|
Whispering Chase
|
Cheyenne
|
WY
|
—
|
|
1,800
|
|
20,354
|
|
—
|
|
1,800
|
|
20,354
|
|
22,154
|
|
854
|
|
21,300
|
|
2008
|
2013
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
TOTAL FOR OTHER SENIORS HOUSING COMMUNITIES
|
|
|
199,098
|
|
427,854
|
|
4,125,784
|
|
(10,950
|
)
|
424,333
|
|
4,118,355
|
|
4,542,688
|
|
450,160
|
|
4,092,528
|
|
|
|
|
TOTAL FOR SENIORS HOUSING COMMUNITIES
|
|
|
1,723,660
|
|
1,411,948
|
|
13,480,887
|
|
319,745
|
|
1,415,658
|
|
13,796,922
|
|
15,212,580
|
|
2,071,110
|
|
13,141,470
|
|
|
|
|
PERSONAL CARE AND OTHER FACILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ResCare Tangram - Hacienda
|
Kingsbury
|
TX
|
—
|
|
31
|
|
841
|
|
84
|
|
78
|
|
878
|
|
956
|
|
692
|
|
264
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - Texas Hill Country School
|
Maxwell
|
TX
|
—
|
|
54
|
|
934
|
|
8
|
|
62
|
|
934
|
|
996
|
|
759
|
|
237
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - Chaparral
|
Maxwell
|
TX
|
—
|
|
82
|
|
552
|
|
150
|
|
82
|
|
702
|
|
784
|
|
465
|
|
319
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - Sierra Verde & Roca Vista
|
Maxwell
|
TX
|
—
|
|
20
|
|
910
|
|
56
|
|
20
|
|
966
|
|
986
|
|
748
|
|
238
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - 618 W. Hutchinson
|
San Marcos
|
TX
|
—
|
|
226
|
|
1,175
|
|
(480
|
)
|
126
|
|
795
|
|
921
|
|
646
|
|
275
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - Ranch
|
Seguin
|
TX
|
—
|
|
147
|
|
806
|
|
113
|
|
147
|
|
919
|
|
1,066
|
|
669
|
|
397
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - Mesquite
|
Seguin
|
TX
|
—
|
|
15
|
|
1,078
|
|
140
|
|
15
|
|
1,218
|
|
1,233
|
|
882
|
|
351
|
|
N/A
|
1998
|
20 years
|
ResCare Tangram - Loma Linda
|
Seguin
|
TX
|
—
|
|
40
|
|
220
|
|
—
|
|
40
|
|
220
|
|
260
|
|
179
|
|
81
|
|
N/A
|
1998
|
20 years
|
Spire Hull and East Riding Hospital
|
Anlaby
|
Hull
|
—
|
|
3,194
|
|
81,613
|
|
—
|
|
3,194
|
|
81,613
|
|
84,807
|
|
1,250
|
|
83,557
|
|
1986
|
2014
|
50 years
|
Spire Fylde Coast Hospital
|
Blackpool
|
Lan-cashire
|
—
|
|
2,446
|
|
28,896
|
|
—
|
|
2,446
|
|
28,896
|
|
31,342
|
|
449
|
|
30,893
|
|
1980
|
2014
|
50 years
|
Spire Clare Park Hospital
|
Farnham
|
Surrey
|
—
|
|
6,263
|
|
26,119
|
|
—
|
|
6,263
|
|
26,119
|
|
32,382
|
|
422
|
|
31,960
|
|
1980
|
2014
|
50 years
|
TOTAL FOR PERSONAL CARE FACILITIES
|
|
|
—
|
|
12,518
|
|
143,144
|
|
71
|
|
12,473
|
|
143,260
|
|
155,733
|
|
7,161
|
|
148,572
|
|
|
|
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
PDP Orange
|
Orange
|
CA
|
47,267
|
|
1,752
|
|
61,647
|
|
85
|
|
1,761
|
|
61,723
|
|
63,484
|
|
7,571
|
|
55,913
|
|
2008
|
2011
|
35 years
|
|||||||||
NHP/PMB Pasadena
|
Pasadena
|
CA
|
—
|
|
3,138
|
|
83,412
|
|
8,484
|
|
3,138
|
|
91,896
|
|
95,034
|
|
12,075
|
|
82,959
|
|
2009
|
2011
|
35 years
|
|||||||||
Western University of Health Sciences Medical Pavilion
|
Pomona
|
CA
|
—
|
|
91
|
|
31,523
|
|
—
|
|
91
|
|
31,523
|
|
31,614
|
|
3,525
|
|
28,089
|
|
2009
|
2011
|
35 years
|
|||||||||
Pomerado Outpatient Pavilion
|
Poway
|
CA
|
—
|
|
3,233
|
|
71,435
|
|
2,852
|
|
3,233
|
|
74,287
|
|
77,520
|
|
9,538
|
|
67,982
|
|
2007
|
2011
|
35 years
|
|||||||||
Sutter Medical Center
|
San Diego
|
CA
|
—
|
|
—
|
|
25,088
|
|
1,371
|
|
—
|
|
26,459
|
|
26,459
|
|
1,549
|
|
24,910
|
|
2012
|
2012
|
35 years
|
|||||||||
San Gabriel Valley Medical
|
San Gabriel
|
CA
|
8,881
|
|
914
|
|
5,510
|
|
186
|
|
914
|
|
5,696
|
|
6,610
|
|
1,142
|
|
5,468
|
|
2004
|
2011
|
35 years
|
|||||||||
Santa Clarita Valley Medical
|
Santa Clarita
|
CA
|
21,850
|
|
9,708
|
|
20,020
|
|
325
|
|
9,726
|
|
20,327
|
|
30,053
|
|
2,690
|
|
27,363
|
|
2005
|
2011
|
35 years
|
|||||||||
Kenneth E Watts Medical Plaza
|
Torrance
|
CA
|
—
|
|
262
|
|
6,945
|
|
749
|
|
291
|
|
7,665
|
|
7,956
|
|
1,564
|
|
6,392
|
|
1989
|
2011
|
23 years
|
|||||||||
Vaca Valley Health Plaza
|
Vacaville
|
CA
|
—
|
|
—
|
|
9,634
|
|
—
|
|
—
|
|
9,634
|
|
9,634
|
|
609
|
|
9,025
|
|
1988
|
2012
|
35 years
|
|||||||||
Potomac Medical Plaza
|
Aurora
|
CO
|
—
|
|
2,401
|
|
9,118
|
|
2,081
|
|
2,464
|
|
11,136
|
|
13,600
|
|
4,279
|
|
9,321
|
|
1986
|
2007
|
35 years
|
|||||||||
Briargate Medical Campus
|
Colorado Springs
|
CO
|
—
|
|
1,238
|
|
12,301
|
|
300
|
|
1,244
|
|
12,595
|
|
13,839
|
|
3,588
|
|
10,251
|
|
2002
|
2007
|
35 years
|
|||||||||
Printers Park Medical Plaza
|
Colorado Springs
|
CO
|
—
|
|
2,641
|
|
47,507
|
|
1,420
|
|
2,641
|
|
48,927
|
|
51,568
|
|
13,399
|
|
38,169
|
|
1999
|
2007
|
35 years
|
|||||||||
Green Valley Ranch MOB
|
Denver
|
CO
|
5,939
|
|
—
|
|
12,139
|
|
144
|
|
235
|
|
12,048
|
|
12,283
|
|
736
|
|
11,547
|
|
2007
|
2012
|
35 years
|
|||||||||
Community Physicians Pavilion
|
Lafayette
|
CO
|
—
|
|
—
|
|
10,436
|
|
1,330
|
|
—
|
|
11,766
|
|
11,766
|
|
2,043
|
|
9,723
|
|
2004
|
2010
|
35 years
|
|||||||||
Exempla Good Samaritan Medical Center
|
Lafayette
|
CO
|
—
|
|
—
|
|
4,393
|
|
5
|
|
—
|
|
4,398
|
|
4,398
|
|
134
|
|
4,264
|
|
2013
|
2013
|
35 years
|
|||||||||
Avista Two Medical Plaza
|
Louisville
|
CO
|
—
|
|
—
|
|
17,330
|
|
1,644
|
|
—
|
|
18,974
|
|
18,974
|
|
4,088
|
|
14,886
|
|
2003
|
2009
|
35 years
|
|||||||||
The Sierra Medical Building
|
Parker
|
CO
|
491
|
|
1,444
|
|
14,059
|
|
3,071
|
|
1,474
|
|
17,100
|
|
18,574
|
|
4,168
|
|
14,406
|
|
2009
|
2009
|
35 years
|
|||||||||
Crown Point Healthcare Plaza
|
Parker
|
CO
|
—
|
|
852
|
|
5,210
|
|
—
|
|
852
|
|
5,210
|
|
6,062
|
|
286
|
|
5,776
|
|
2008
|
2013
|
35 years
|
|||||||||
Lutheran Medical Office Building II
|
Wheat Ridge
|
CO
|
—
|
|
—
|
|
2,655
|
|
819
|
|
—
|
|
3,474
|
|
3,474
|
|
782
|
|
2,692
|
|
1976
|
2010
|
35 years
|
|||||||||
Lutheran Medical Office Building IV
|
Wheat Ridge
|
CO
|
—
|
|
—
|
|
7,266
|
|
883
|
|
—
|
|
8,149
|
|
8,149
|
|
1,455
|
|
6,694
|
|
1991
|
2010
|
35 years
|
|||||||||
Lutheran Medical Office Building III
|
Wheat Ridge
|
CO
|
—
|
|
—
|
|
11,947
|
|
11
|
|
—
|
|
11,958
|
|
11,958
|
|
2,177
|
|
9,781
|
|
2004
|
2010
|
35 years
|
|||||||||
DePaul Professional Office Building
|
Washington
|
DC
|
—
|
|
—
|
|
6,424
|
|
1,775
|
|
—
|
|
8,199
|
|
8,199
|
|
2,126
|
|
6,073
|
|
1987
|
2010
|
35 years
|
|||||||||
Providence Medical Office Building
|
Washington
|
DC
|
—
|
|
—
|
|
2,473
|
|
509
|
|
—
|
|
2,982
|
|
2,982
|
|
898
|
|
2,084
|
|
1975
|
2010
|
35 years
|
|||||||||
RTS Arcadia
|
Arcadia
|
FL
|
—
|
|
345
|
|
2,884
|
|
—
|
|
345
|
|
2,884
|
|
3,229
|
|
415
|
|
2,814
|
|
1993
|
2011
|
30 years
|
|||||||||
RTS Cape Coral
|
Cape Coral
|
FL
|
—
|
|
368
|
|
5,448
|
|
—
|
|
368
|
|
5,448
|
|
5,816
|
|
662
|
|
5,154
|
|
1984
|
2011
|
34 years
|
|||||||||
RTS Englewood
|
Englewood
|
FL
|
—
|
|
1,071
|
|
3,516
|
|
—
|
|
1,071
|
|
3,516
|
|
4,587
|
|
458
|
|
4,129
|
|
1992
|
2011
|
35 years
|
|||||||||
RTS Ft. Myers
|
Fort Myers
|
FL
|
—
|
|
1,153
|
|
4,127
|
|
—
|
|
1,153
|
|
4,127
|
|
5,280
|
|
601
|
|
4,679
|
|
1989
|
2011
|
31 years
|
|||||||||
RTS Key West
|
Key West
|
FL
|
—
|
|
486
|
|
4,380
|
|
—
|
|
486
|
|
4,380
|
|
4,866
|
|
474
|
|
4,392
|
|
1987
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
JFK Medical Plaza
|
Lake Worth
|
FL
|
—
|
|
453
|
|
1,711
|
|
139
|
|
453
|
|
1,850
|
|
2,303
|
|
632
|
|
1,671
|
|
1999
|
2004
|
35 years
|
|||||||||
Palms West Building 6
|
Loxahatchee
|
FL
|
—
|
|
965
|
|
2,678
|
|
45
|
|
965
|
|
2,723
|
|
3,688
|
|
825
|
|
2,863
|
|
2000
|
2004
|
35 years
|
|||||||||
Aventura Heart & Health
|
Miami
|
FL
|
15,978
|
|
—
|
|
25,361
|
|
2,961
|
|
—
|
|
28,322
|
|
28,322
|
|
8,899
|
|
19,423
|
|
2006
|
2007
|
35 years
|
|||||||||
RTS Naples
|
Naples
|
FL
|
—
|
|
1,152
|
|
3,726
|
|
—
|
|
1,152
|
|
3,726
|
|
4,878
|
|
458
|
|
4,420
|
|
1999
|
2011
|
35 years
|
|||||||||
Woodlands Center for Specialized Med
|
Pensacola
|
FL
|
15,298
|
|
2,518
|
|
24,006
|
|
29
|
|
2,518
|
|
24,035
|
|
26,553
|
|
2,570
|
|
23,983
|
|
2009
|
2012
|
35 years
|
|||||||||
RTS Pt. Charlotte
|
Pt Charlotte
|
FL
|
—
|
|
966
|
|
4,581
|
|
—
|
|
966
|
|
4,581
|
|
5,547
|
|
591
|
|
4,956
|
|
1985
|
2011
|
34 years
|
|||||||||
RTS Sarasota
|
Sarasota
|
FL
|
—
|
|
1,914
|
|
3,889
|
|
—
|
|
1,914
|
|
3,889
|
|
5,803
|
|
529
|
|
5,274
|
|
1996
|
2011
|
35 years
|
|||||||||
University Medical Office Building
|
Tamarac
|
FL
|
—
|
|
—
|
|
6,690
|
|
132
|
|
—
|
|
6,822
|
|
6,822
|
|
2,020
|
|
4,802
|
|
2006
|
2007
|
35 years
|
|||||||||
RTS Venice
|
Venice
|
FL
|
—
|
|
1,536
|
|
4,104
|
|
—
|
|
1,536
|
|
4,104
|
|
5,640
|
|
537
|
|
5,103
|
|
1997
|
2011
|
35 years
|
|||||||||
Augusta Medical Plaza
|
Augusta
|
GA
|
—
|
|
594
|
|
4,847
|
|
422
|
|
594
|
|
5,269
|
|
5,863
|
|
1,159
|
|
4,704
|
|
1972
|
2011
|
25 years
|
|||||||||
Augusta Professional Building
|
Augusta
|
GA
|
—
|
|
687
|
|
6,057
|
|
458
|
|
691
|
|
6,511
|
|
7,202
|
|
1,499
|
|
5,703
|
|
1983
|
2011
|
27 years
|
|||||||||
Augusta POB I
|
Augusta
|
GA
|
—
|
|
233
|
|
7,894
|
|
502
|
|
233
|
|
8,396
|
|
8,629
|
|
2,176
|
|
6,453
|
|
1978
|
2012
|
14 years
|
|||||||||
Augusta POB II
|
Augusta
|
GA
|
—
|
|
735
|
|
13,717
|
|
1
|
|
735
|
|
13,718
|
|
14,453
|
|
2,569
|
|
11,884
|
|
1987
|
2012
|
23 years
|
|||||||||
Augusta POB III
|
Augusta
|
GA
|
—
|
|
535
|
|
3,857
|
|
144
|
|
535
|
|
4,001
|
|
4,536
|
|
865
|
|
3,671
|
|
1994
|
2012
|
22 years
|
|||||||||
Augusta POB IV
|
Augusta
|
GA
|
—
|
|
675
|
|
2,182
|
|
827
|
|
675
|
|
3,009
|
|
3,684
|
|
621
|
|
3,063
|
|
1995
|
2012
|
23 years
|
|||||||||
Cobb Physicians Center
|
Austell
|
GA
|
—
|
|
1,145
|
|
16,805
|
|
867
|
|
1,145
|
|
17,672
|
|
18,817
|
|
2,896
|
|
15,921
|
|
1992
|
2011
|
35 years
|
|||||||||
Columbia Medical Plaza
|
Evans
|
GA
|
—
|
|
268
|
|
1,497
|
|
131
|
|
268
|
|
1,628
|
|
1,896
|
|
482
|
|
1,414
|
|
1940
|
2011
|
23 years
|
|||||||||
Parkway Physicians Center
|
Ringgold
|
GA
|
—
|
|
476
|
|
10,017
|
|
366
|
|
476
|
|
10,383
|
|
10,859
|
|
1,601
|
|
9,258
|
|
2004
|
2011
|
35 years
|
|||||||||
Eastside Physicians Center
|
Snellville
|
GA
|
—
|
|
1,289
|
|
25,019
|
|
1,814
|
|
1,296
|
|
26,826
|
|
28,122
|
|
6,163
|
|
21,959
|
|
1994
|
2008
|
35 years
|
|||||||||
Eastside Physicians Plaza
|
Snellville
|
GA
|
6,533
|
|
294
|
|
12,948
|
|
(28
|
)
|
297
|
|
12,917
|
|
13,214
|
|
2,777
|
|
10,437
|
|
2003
|
2008
|
35 years
|
|||||||||
Good Shepherd Physician Office Building I
|
Barrington
|
IL
|
—
|
|
152
|
|
3,224
|
|
59
|
|
152
|
|
3,283
|
|
3,435
|
|
160
|
|
3,275
|
|
1979
|
2013
|
35 years
|
|||||||||
Good Shepherd Physician Office Building II
|
Barrington
|
IL
|
—
|
|
512
|
|
12,977
|
|
106
|
|
512
|
|
13,083
|
|
13,595
|
|
657
|
|
12,938
|
|
1996
|
2013
|
35 years
|
|||||||||
Trinity Hospital Physician Office Building
|
Chicago
|
IL
|
—
|
|
139
|
|
3,329
|
|
11
|
|
139
|
|
3,340
|
|
3,479
|
|
193
|
|
3,286
|
|
1971
|
2013
|
35 years
|
|||||||||
Physicians Plaza East
|
Decatur
|
IL
|
—
|
|
—
|
|
791
|
|
612
|
|
—
|
|
1,403
|
|
1,403
|
|
498
|
|
905
|
|
1976
|
2010
|
35 years
|
|||||||||
Physicians Plaza West
|
Decatur
|
IL
|
—
|
|
—
|
|
1,943
|
|
226
|
|
—
|
|
2,169
|
|
2,169
|
|
656
|
|
1,513
|
|
1987
|
2010
|
35 years
|
|||||||||
Kenwood Medical Center
|
Decatur
|
IL
|
—
|
|
—
|
|
3,900
|
|
39
|
|
—
|
|
3,939
|
|
3,939
|
|
1,156
|
|
2,783
|
|
1996
|
2010
|
35 years
|
|||||||||
304 W Hay Building
|
Decatur
|
IL
|
—
|
|
—
|
|
8,702
|
|
146
|
|
—
|
|
8,848
|
|
8,848
|
|
1,784
|
|
7,064
|
|
2002
|
2010
|
35 years
|
|||||||||
302 W Hay Building
|
Decatur
|
IL
|
—
|
|
—
|
|
3,467
|
|
122
|
|
—
|
|
3,589
|
|
3,589
|
|
990
|
|
2,599
|
|
1993
|
2010
|
35 years
|
|||||||||
ENTA
|
Decatur
|
IL
|
—
|
|
—
|
|
1,150
|
|
—
|
|
—
|
|
1,150
|
|
1,150
|
|
249
|
|
901
|
|
1996
|
2010
|
35 years
|
|||||||||
301 W Hay Building
|
Decatur
|
IL
|
—
|
|
—
|
|
640
|
|
—
|
|
—
|
|
640
|
|
640
|
|
192
|
|
448
|
|
1980
|
2010
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
Oncology Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
470
|
|
5,703
|
|
152
|
|
470
|
|
5,855
|
|
6,325
|
|
735
|
|
5,590
|
|
2003
|
2012
|
35 years
|
|||||||||
St. Francis South Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
—
|
|
20,649
|
|
469
|
|
—
|
|
21,118
|
|
21,118
|
|
1,333
|
|
19,785
|
|
1995
|
2013
|
35 years
|
|||||||||
Methodist Professional Center I
|
Indianapolis
|
IN
|
—
|
|
61
|
|
37,411
|
|
2,142
|
|
61
|
|
39,553
|
|
39,614
|
|
4,993
|
|
34,621
|
|
1985
|
2012
|
25 years
|
|||||||||
LaPorte
|
La Porte
|
IN
|
746
|
|
553
|
|
1,309
|
|
—
|
|
553
|
|
1,309
|
|
1,862
|
|
258
|
|
1,604
|
|
1997
|
2011
|
34 years
|
|||||||||
Mishawaka
|
Mishawaka
|
IN
|
3,440
|
|
3,787
|
|
5,543
|
|
—
|
|
3,787
|
|
5,543
|
|
9,330
|
|
1,746
|
|
7,584
|
|
1993
|
2011
|
35 years
|
|||||||||
South Bend
|
South Bend
|
IN
|
1,416
|
|
792
|
|
2,530
|
|
—
|
|
792
|
|
2,530
|
|
3,322
|
|
412
|
|
2,910
|
|
1996
|
2011
|
34 years
|
|||||||||
OLBH Same Day Surgery Center MOB
|
Ashland
|
KY
|
—
|
|
101
|
|
19,066
|
|
144
|
|
101
|
|
19,210
|
|
19,311
|
|
2,401
|
|
16,910
|
|
1997
|
2012
|
26 years
|
|||||||||
St. Elizabeth Covington
|
Covington
|
KY
|
—
|
|
345
|
|
12,790
|
|
(16
|
)
|
345
|
|
12,774
|
|
13,119
|
|
1,353
|
|
11,766
|
|
2009
|
2012
|
35 years
|
|||||||||
St. Elizabeth Florence MOB
|
Florence
|
KY
|
—
|
|
402
|
|
8,279
|
|
702
|
|
402
|
|
8,981
|
|
9,383
|
|
1,189
|
|
8,194
|
|
2005
|
2012
|
35 years
|
|||||||||
Jefferson Clinic
|
Louisville
|
KY
|
—
|
|
—
|
|
673
|
|
2,018
|
|
—
|
|
2,691
|
|
2,691
|
|
32
|
|
2,659
|
|
2013
|
2013
|
35 years
|
|||||||||
East Jefferson Medical Plaza
|
Metairie
|
LA
|
—
|
|
168
|
|
17,264
|
|
81
|
|
168
|
|
17,345
|
|
17,513
|
|
2,881
|
|
14,632
|
|
1996
|
2012
|
32 years
|
|||||||||
East Jefferson MOB
|
Metairie
|
LA
|
—
|
|
107
|
|
15,137
|
|
154
|
|
107
|
|
15,291
|
|
15,398
|
|
2,528
|
|
12,870
|
|
1985
|
2012
|
28 years
|
|||||||||
Lakeside POB I
|
Metairie
|
LA
|
—
|
|
3,334
|
|
4,974
|
|
1,979
|
|
3,334
|
|
6,953
|
|
10,287
|
|
1,510
|
|
8,777
|
|
1986
|
2011
|
22 years
|
|||||||||
Lakeside POB II
|
Metairie
|
LA
|
—
|
|
1,046
|
|
802
|
|
419
|
|
1,046
|
|
1,221
|
|
2,267
|
|
501
|
|
1,766
|
|
1980
|
2011
|
7 years
|
|||||||||
RTS Berlin
|
Berlin
|
MD
|
—
|
|
—
|
|
2,216
|
|
—
|
|
—
|
|
2,216
|
|
2,216
|
|
294
|
|
1,922
|
|
1994
|
2011
|
29 years
|
|||||||||
Charles O. Fisher Medical Building
|
Westminster
|
MD
|
11,298
|
|
—
|
|
13,795
|
|
1,290
|
|
—
|
|
15,085
|
|
15,085
|
|
3,989
|
|
11,096
|
|
2009
|
2009
|
35 years
|
|||||||||
Medical Specialties Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
19,242
|
|
952
|
|
—
|
|
20,194
|
|
20,194
|
|
3,564
|
|
16,630
|
|
1989
|
2010
|
35 years
|
|||||||||
North Professional Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
7,228
|
|
617
|
|
—
|
|
7,845
|
|
7,845
|
|
1,383
|
|
6,462
|
|
1983
|
2010
|
35 years
|
|||||||||
Borgess Navigation Center
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
2,391
|
|
—
|
|
—
|
|
2,391
|
|
2,391
|
|
509
|
|
1,882
|
|
1976
|
2010
|
35 years
|
|||||||||
Borgess Health & Fitness Center
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
11,959
|
|
170
|
|
—
|
|
12,129
|
|
12,129
|
|
2,555
|
|
9,574
|
|
1984
|
2010
|
35 years
|
|||||||||
Heart Center Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
8,420
|
|
345
|
|
—
|
|
8,765
|
|
8,765
|
|
1,805
|
|
6,960
|
|
1980
|
2010
|
35 years
|
|||||||||
Medical Commons Building
|
Kalamazoo Township
|
MI
|
—
|
|
—
|
|
661
|
|
6
|
|
—
|
|
667
|
|
667
|
|
139
|
|
528
|
|
1979
|
2010
|
35 years
|
|||||||||
RTS Madison Heights
|
Madison Heights
|
MI
|
—
|
|
401
|
|
2,946
|
|
—
|
|
401
|
|
2,946
|
|
3,347
|
|
376
|
|
2,971
|
|
2002
|
2011
|
35 years
|
|||||||||
RTS Monroe
|
Monroe
|
MI
|
—
|
|
281
|
|
3,450
|
|
—
|
|
281
|
|
3,450
|
|
3,731
|
|
494
|
|
3,237
|
|
1997
|
2011
|
31 years
|
|||||||||
Pro Med Center Plainwell
|
Plainwell
|
MI
|
—
|
|
—
|
|
697
|
|
—
|
|
—
|
|
697
|
|
697
|
|
166
|
|
531
|
|
1991
|
2010
|
35 years
|
|||||||||
Pro Med Center Richland
|
Richland
|
MI
|
—
|
|
233
|
|
2,267
|
|
30
|
|
233
|
|
2,297
|
|
2,530
|
|
452
|
|
2,078
|
|
1996
|
2010
|
35 years
|
|||||||||
Cogdell Duluth MOB
|
Duluth
|
MN
|
—
|
|
—
|
|
33,406
|
|
(19
|
)
|
—
|
|
33,387
|
|
33,387
|
|
2,300
|
|
31,087
|
|
2012
|
2012
|
35 years
|
|||||||||
HealthPartners Medical & Dental Clinics
|
Sartell
|
MN
|
—
|
|
2,492
|
|
15,694
|
|
46
|
|
2,503
|
|
15,729
|
|
18,232
|
|
1,837
|
|
16,395
|
|
2010
|
2012
|
35 years
|
|||||||||
Arnold Urgent Care
|
Arnold
|
MO
|
—
|
|
1,058
|
|
556
|
|
82
|
|
1,097
|
|
599
|
|
1,696
|
|
282
|
|
1,414
|
|
1999
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
DePaul Health Center North
|
Bridgeton
|
MO
|
—
|
|
996
|
|
10,045
|
|
472
|
|
996
|
|
10,517
|
|
11,513
|
|
1,788
|
|
9,725
|
|
1976
|
2012
|
21 years
|
|||||||||
DePaul Health Center South
|
Bridgeton
|
MO
|
—
|
|
910
|
|
12,169
|
|
358
|
|
910
|
|
12,527
|
|
13,437
|
|
1,652
|
|
11,785
|
|
1992
|
2012
|
30 years
|
|||||||||
St. Mary's Health Center MOB D
|
Clayton
|
MO
|
—
|
|
103
|
|
2,780
|
|
438
|
|
103
|
|
3,218
|
|
3,321
|
|
563
|
|
2,758
|
|
1984
|
2012
|
22 years
|
|||||||||
Fenton Urgent Care Center
|
Fenton
|
MO
|
—
|
|
183
|
|
2,714
|
|
137
|
|
183
|
|
2,851
|
|
3,034
|
|
559
|
|
2,475
|
|
2003
|
2011
|
35 years
|
|||||||||
St. Joseph Medical Building
|
Kansas City
|
MO
|
—
|
|
305
|
|
7,445
|
|
2,154
|
|
305
|
|
9,599
|
|
9,904
|
|
795
|
|
9,109
|
|
1988
|
2012
|
32 years
|
|||||||||
St. Joseph Medical Mall
|
Kansas City
|
MO
|
—
|
|
530
|
|
9,115
|
|
183
|
|
530
|
|
9,298
|
|
9,828
|
|
1,095
|
|
8,733
|
|
1995
|
2012
|
33 years
|
|||||||||
Carondelet Medical Building
|
Kansas City
|
MO
|
—
|
|
745
|
|
12,437
|
|
389
|
|
745
|
|
12,826
|
|
13,571
|
|
1,587
|
|
11,984
|
|
1979
|
2012
|
29 years
|
|||||||||
St. Joseph Hospital West Medical Office Building II
|
Lake Saint Louis
|
MO
|
—
|
|
524
|
|
3,229
|
|
142
|
|
524
|
|
3,371
|
|
3,895
|
|
460
|
|
3,435
|
|
2005
|
2012
|
35 years
|
|||||||||
St. Joseph O'Fallon Medical Office Building
|
O'Fallon
|
MO
|
—
|
|
940
|
|
5,556
|
|
9
|
|
940
|
|
5,565
|
|
6,505
|
|
592
|
|
5,913
|
|
1992
|
2012
|
35 years
|
|||||||||
St. Joseph Health Center Medical Building 1
|
St. Charles
|
MO
|
—
|
|
503
|
|
4,336
|
|
306
|
|
503
|
|
4,642
|
|
5,145
|
|
852
|
|
4,293
|
|
1987
|
2012
|
20 years
|
|||||||||
St. Joseph Health Center Medical Building 2
|
St. Charles
|
MO
|
—
|
|
369
|
|
2,963
|
|
85
|
|
369
|
|
3,048
|
|
3,417
|
|
461
|
|
2,956
|
|
1999
|
2012
|
32 years
|
|||||||||
Physicians Office Center
|
St. Louis
|
MO
|
—
|
|
1,445
|
|
13,825
|
|
278
|
|
1,445
|
|
14,103
|
|
15,548
|
|
2,833
|
|
12,715
|
|
2003
|
2011
|
35 years
|
|||||||||
12700 Southford Road Medical Plaza
|
St. Louis
|
MO
|
—
|
|
595
|
|
12,584
|
|
1,061
|
|
595
|
|
13,645
|
|
14,240
|
|
2,620
|
|
11,620
|
|
1993
|
2011
|
32 years
|
|||||||||
St Anthony's MOB A
|
St. Louis
|
MO
|
—
|
|
409
|
|
4,687
|
|
487
|
|
409
|
|
5,174
|
|
5,583
|
|
1,250
|
|
4,333
|
|
1975
|
2011
|
20 years
|
|||||||||
St Anthony's MOB B
|
St. Louis
|
MO
|
—
|
|
350
|
|
3,942
|
|
235
|
|
350
|
|
4,177
|
|
4,527
|
|
1,202
|
|
3,325
|
|
1980
|
2011
|
21 years
|
|||||||||
Lemay Urgent Care Center
|
St. Louis
|
MO
|
—
|
|
2,317
|
|
3,120
|
|
285
|
|
2,339
|
|
3,383
|
|
5,722
|
|
977
|
|
4,745
|
|
1983
|
2011
|
22 years
|
|||||||||
St. Mary's Health Center MOB B
|
St. Louis
|
MO
|
—
|
|
119
|
|
4,161
|
|
570
|
|
119
|
|
4,731
|
|
4,850
|
|
723
|
|
4,127
|
|
1979
|
2012
|
23 years
|
|||||||||
St. Mary's Health Center MOB C
|
St. Louis
|
MO
|
—
|
|
136
|
|
6,018
|
|
230
|
|
136
|
|
6,248
|
|
6,384
|
|
877
|
|
5,507
|
|
1969
|
2012
|
20 years
|
|||||||||
University Physicians - Grants Ferry
|
Flowood
|
MS
|
9,579
|
|
2,796
|
|
12,125
|
|
(13
|
)
|
2,796
|
|
12,112
|
|
14,908
|
|
1,410
|
|
13,498
|
|
2010
|
2012
|
35 years
|
|||||||||
Randolph
|
Charlotte
|
NC
|
—
|
|
6,370
|
|
2,929
|
|
332
|
|
6,370
|
|
3,261
|
|
9,631
|
|
1,839
|
|
7,792
|
|
1973
|
2012
|
4 years
|
|||||||||
Mallard Crossing I
|
Charlotte
|
NC
|
—
|
|
3,229
|
|
2,072
|
|
351
|
|
3,229
|
|
2,423
|
|
5,652
|
|
834
|
|
4,818
|
|
1997
|
2012
|
25 years
|
|||||||||
Medical Arts Building
|
Concord
|
NC
|
—
|
|
701
|
|
11,734
|
|
170
|
|
701
|
|
11,904
|
|
12,605
|
|
2,016
|
|
10,589
|
|
1997
|
2012
|
31 years
|
|||||||||
Gateway Medical Office Building
|
Concord
|
NC
|
—
|
|
1,100
|
|
9,904
|
|
284
|
|
1,100
|
|
10,188
|
|
11,288
|
|
1,590
|
|
9,698
|
|
2005
|
2012
|
35 years
|
|||||||||
Copperfield Medical Mall
|
Concord
|
NC
|
—
|
|
1,980
|
|
2,846
|
|
256
|
|
1,980
|
|
3,102
|
|
5,082
|
|
684
|
|
4,398
|
|
1989
|
2012
|
25 years
|
|||||||||
Weddington Internal & Pediatric Medicine
|
Concord
|
NC
|
—
|
|
574
|
|
688
|
|
4
|
|
574
|
|
692
|
|
1,266
|
|
171
|
|
1,095
|
|
2000
|
2012
|
27 years
|
|||||||||
Gaston Professional Center
|
Gastonia
|
NC
|
—
|
|
833
|
|
24,885
|
|
593
|
|
833
|
|
25,478
|
|
26,311
|
|
2,923
|
|
23,388
|
|
1997
|
2012
|
35 years
|
|||||||||
Harrisburg Family Physicians
|
Harrisburg
|
NC
|
—
|
|
679
|
|
1,646
|
|
5
|
|
679
|
|
1,651
|
|
2,330
|
|
212
|
|
2,118
|
|
1996
|
2012
|
35 years
|
|||||||||
Harrisburg Medical Mall
|
Harrisburg
|
NC
|
—
|
|
1,339
|
|
2,292
|
|
148
|
|
1,339
|
|
2,440
|
|
3,779
|
|
646
|
|
3,133
|
|
1997
|
2012
|
27 years
|
|||||||||
Northcross
|
Huntersville
|
NC
|
—
|
|
623
|
|
278
|
|
(1
|
)
|
623
|
|
277
|
|
900
|
|
153
|
|
747
|
|
1993
|
2012
|
22 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
REX Knightdale MOB & Wellness Center
|
Knightdale
|
NC
|
—
|
|
—
|
|
22,823
|
|
—
|
|
—
|
|
22,823
|
|
22,823
|
|
1,437
|
|
21,386
|
|
2009
|
2012
|
35 years
|
|||||||||
Alamance Regional Mebane Outpatient Ctr.
|
Mebane
|
NC
|
11,793
|
|
1,963
|
|
14,291
|
|
(9
|
)
|
1,963
|
|
14,282
|
|
16,245
|
|
2,197
|
|
14,048
|
|
2008
|
2012
|
35 years
|
|||||||||
Midland Medical Park
|
Midland
|
NC
|
—
|
|
1,221
|
|
847
|
|
19
|
|
1,221
|
|
866
|
|
2,087
|
|
303
|
|
1,784
|
|
1998
|
2012
|
25 years
|
|||||||||
East Rocky Mount Kidney Center
|
Rocky Mount
|
NC
|
—
|
|
803
|
|
998
|
|
(2
|
)
|
803
|
|
996
|
|
1,799
|
|
220
|
|
1,579
|
|
2000
|
2012
|
33 years
|
|||||||||
Rocky Mount Kidney Center
|
Rocky Mount
|
NC
|
—
|
|
479
|
|
1,297
|
|
39
|
|
479
|
|
1,336
|
|
1,815
|
|
285
|
|
1,530
|
|
1990
|
2012
|
25 years
|
|||||||||
Rocky Mount Medical Park
|
Rocky Mount
|
NC
|
—
|
|
2,552
|
|
7,779
|
|
292
|
|
2,577
|
|
8,046
|
|
10,623
|
|
1,238
|
|
9,385
|
|
1991
|
2012
|
30 years
|
|||||||||
English Road Medical Center
|
Rocky Mount
|
NC
|
4,519
|
|
1,321
|
|
3,747
|
|
4
|
|
1,321
|
|
3,751
|
|
5,072
|
|
717
|
|
4,355
|
|
2002
|
2012
|
35 years
|
|||||||||
Rowan Outpatient Surgery Center
|
Salisbury
|
NC
|
—
|
|
1,039
|
|
5,184
|
|
(5
|
)
|
1,039
|
|
5,179
|
|
6,218
|
|
633
|
|
5,585
|
|
2003
|
2012
|
35 years
|
|||||||||
Del E Webb Medical Plaza
|
Henderson
|
NV
|
—
|
|
1,028
|
|
16,993
|
|
844
|
|
1,028
|
|
17,837
|
|
18,865
|
|
2,786
|
|
16,079
|
|
1999
|
2011
|
35 years
|
|||||||||
The Terrace at South Meadows
|
Reno
|
NV
|
6,835
|
|
504
|
|
9,966
|
|
442
|
|
504
|
|
10,408
|
|
10,912
|
|
1,705
|
|
9,207
|
|
2004
|
2011
|
35 years
|
|||||||||
Central NY Medical Center
|
Syracuse
|
NY
|
24,500
|
|
1,786
|
|
26,101
|
|
1,219
|
|
1,786
|
|
27,320
|
|
29,106
|
|
3,459
|
|
25,647
|
|
1997
|
2012
|
33 years
|
|||||||||
Anderson Medical Arts Building I
|
Cincinnati
|
OH
|
—
|
|
—
|
|
9,632
|
|
1,617
|
|
—
|
|
11,249
|
|
11,249
|
|
3,352
|
|
7,897
|
|
1984
|
2007
|
35 years
|
|||||||||
Anderson Medical Arts Building II
|
Cincinnati
|
OH
|
—
|
|
—
|
|
15,123
|
|
2,247
|
|
—
|
|
17,370
|
|
17,370
|
|
4,772
|
|
12,598
|
|
2007
|
2007
|
35 years
|
|||||||||
Riverside North Medical Office Building
|
Columbus
|
OH
|
8,420
|
|
785
|
|
8,519
|
|
658
|
|
785
|
|
9,177
|
|
9,962
|
|
1,508
|
|
8,454
|
|
1962
|
2012
|
25 years
|
|||||||||
Riverside South Medical Office Building
|
Columbus
|
OH
|
6,311
|
|
586
|
|
7,298
|
|
526
|
|
586
|
|
7,824
|
|
8,410
|
|
1,067
|
|
7,343
|
|
1985
|
2012
|
27 years
|
|||||||||
340 East Town Medical Office Building
|
Columbus
|
OH
|
5,862
|
|
10
|
|
9,443
|
|
443
|
|
10
|
|
9,886
|
|
9,896
|
|
1,178
|
|
8,718
|
|
1984
|
2012
|
29 years
|
|||||||||
393 East Town Medical Office Building
|
Columbus
|
OH
|
3,288
|
|
61
|
|
4,760
|
|
43
|
|
61
|
|
4,803
|
|
4,864
|
|
733
|
|
4,131
|
|
1970
|
2012
|
20 years
|
|||||||||
141 South Sixth Medical Office Building
|
Columbus
|
OH
|
1,544
|
|
80
|
|
1,113
|
|
(1
|
)
|
80
|
|
1,112
|
|
1,192
|
|
268
|
|
924
|
|
1971
|
2012
|
14 years
|
|||||||||
Doctors West Medical Office Building
|
Columbus
|
OH
|
4,705
|
|
414
|
|
5,362
|
|
505
|
|
414
|
|
5,867
|
|
6,281
|
|
750
|
|
5,531
|
|
1998
|
2012
|
35 years
|
|||||||||
Eastside Health Center
|
Columbus
|
OH
|
4,399
|
|
956
|
|
3,472
|
|
(2
|
)
|
956
|
|
3,470
|
|
4,426
|
|
785
|
|
3,641
|
|
1977
|
2012
|
15 years
|
|||||||||
East Main Medical Office Building
|
Columbus
|
OH
|
5,226
|
|
440
|
|
4,771
|
|
47
|
|
440
|
|
4,818
|
|
5,258
|
|
532
|
|
4,726
|
|
2006
|
2012
|
35 years
|
|||||||||
Heart Center Medical Office Building
|
Columbus
|
OH
|
—
|
|
1,063
|
|
12,140
|
|
157
|
|
1,063
|
|
12,297
|
|
13,360
|
|
1,494
|
|
11,866
|
|
2004
|
2012
|
35 years
|
|||||||||
Wilkins Medical Office Building
|
Columbus
|
OH
|
—
|
|
123
|
|
18,062
|
|
26
|
|
123
|
|
18,088
|
|
18,211
|
|
1,766
|
|
16,445
|
|
2002
|
2012
|
35 years
|
|||||||||
Grady Medical Office Building
|
Delaware
|
OH
|
1,824
|
|
239
|
|
2,263
|
|
253
|
|
239
|
|
2,516
|
|
2,755
|
|
430
|
|
2,325
|
|
1991
|
2012
|
25 years
|
|||||||||
Dublin Northwest Medical Office Building
|
Dublin
|
OH
|
3,118
|
|
342
|
|
3,278
|
|
12
|
|
342
|
|
3,290
|
|
3,632
|
|
462
|
|
3,170
|
|
2001
|
2012
|
34 years
|
|||||||||
Preserve III Medical Office Building
|
Dublin
|
OH
|
9,684
|
|
2,449
|
|
7,025
|
|
(66
|
)
|
2,449
|
|
6,959
|
|
9,408
|
|
917
|
|
8,491
|
|
2006
|
2012
|
35 years
|
|||||||||
Zanesville Surgery Center
|
Zanesville
|
OH
|
—
|
|
172
|
|
9,403
|
|
—
|
|
172
|
|
9,403
|
|
9,575
|
|
1,145
|
|
8,430
|
|
2000
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
Dialysis Center
|
Zanesville
|
OH
|
—
|
|
534
|
|
855
|
|
28
|
|
534
|
|
883
|
|
1,417
|
|
284
|
|
1,133
|
|
1960
|
2011
|
21 years
|
|||||||||
Genesis Children's Center
|
Zanesville
|
OH
|
—
|
|
538
|
|
3,781
|
|
—
|
|
538
|
|
3,781
|
|
4,319
|
|
638
|
|
3,681
|
|
2006
|
2011
|
30 years
|
|||||||||
Medical Arts Building I
|
Zanesville
|
OH
|
—
|
|
429
|
|
2,405
|
|
115
|
|
436
|
|
2,513
|
|
2,949
|
|
599
|
|
2,350
|
|
1970
|
2011
|
20 years
|
|||||||||
Medical Arts Building II
|
Zanesville
|
OH
|
—
|
|
485
|
|
6,013
|
|
289
|
|
490
|
|
6,297
|
|
6,787
|
|
1,530
|
|
5,257
|
|
1995
|
2011
|
25 years
|
|||||||||
Medical Arts Building III
|
Zanesville
|
OH
|
—
|
|
94
|
|
1,248
|
|
—
|
|
94
|
|
1,248
|
|
1,342
|
|
289
|
|
1,053
|
|
1970
|
2011
|
25 years
|
|||||||||
Primecare Building
|
Zanesville
|
OH
|
—
|
|
130
|
|
1,344
|
|
79
|
|
130
|
|
1,423
|
|
1,553
|
|
383
|
|
1,170
|
|
1978
|
2011
|
20 years
|
|||||||||
Outpatient Rehabilitation Building
|
Zanesville
|
OH
|
—
|
|
82
|
|
1,541
|
|
—
|
|
82
|
|
1,541
|
|
1,623
|
|
281
|
|
1,342
|
|
1985
|
2011
|
28 years
|
|||||||||
Radiation Oncology Building
|
Zanesville
|
OH
|
—
|
|
105
|
|
1,201
|
|
—
|
|
105
|
|
1,201
|
|
1,306
|
|
257
|
|
1,049
|
|
1988
|
2011
|
25 years
|
|||||||||
Healthplex
|
Zanesville
|
OH
|
—
|
|
2,488
|
|
15,849
|
|
540
|
|
2,488
|
|
16,389
|
|
18,877
|
|
2,787
|
|
16,090
|
|
1990
|
2011
|
32 years
|
|||||||||
Physicians Pavilion
|
Zanesville
|
OH
|
—
|
|
422
|
|
6,297
|
|
292
|
|
422
|
|
6,589
|
|
7,011
|
|
1,396
|
|
5,615
|
|
1990
|
2011
|
25 years
|
|||||||||
Zanesville Northside Pharmacy
|
Zanesville
|
OH
|
—
|
|
42
|
|
635
|
|
—
|
|
42
|
|
635
|
|
677
|
|
120
|
|
557
|
|
1985
|
2011
|
28 years
|
|||||||||
Bethesda Campus MOB III
|
Zanesville
|
OH
|
—
|
|
188
|
|
1,137
|
|
116
|
|
193
|
|
1,248
|
|
1,441
|
|
242
|
|
1,199
|
|
1978
|
2011
|
25 years
|
|||||||||
Tuality 7th Avenue Medical Plaza
|
Hillsboro
|
OR
|
19,054
|
|
1,516
|
|
24,638
|
|
338
|
|
1,516
|
|
24,976
|
|
26,492
|
|
3,616
|
|
22,876
|
|
2003
|
2011
|
35 years
|
|||||||||
Professional Office Building I
|
Chester
|
PA
|
—
|
|
—
|
|
6,283
|
|
1,251
|
|
—
|
|
7,534
|
|
7,534
|
|
3,055
|
|
4,479
|
|
1978
|
2004
|
30 years
|
|||||||||
DCMH Medical Office Building
|
Drexel Hill
|
PA
|
—
|
|
—
|
|
10,424
|
|
1,213
|
|
—
|
|
11,637
|
|
11,637
|
|
4,897
|
|
6,740
|
|
1984
|
2004
|
30 years
|
|||||||||
Penn State University Outpatient Center
|
Hershey
|
PA
|
57,415
|
|
—
|
|
55,439
|
|
—
|
|
—
|
|
55,439
|
|
55,439
|
|
8,768
|
|
46,671
|
|
2008
|
2010
|
35 years
|
|||||||||
Lancaster Rehabilitation Hospital
|
Lancaster
|
PA
|
—
|
|
959
|
|
16,610
|
|
(16
|
)
|
959
|
|
16,594
|
|
17,553
|
|
1,824
|
|
15,729
|
|
2007
|
2012
|
35 years
|
|||||||||
Lancaster ASC MOB
|
Lancaster
|
PA
|
9,272
|
|
593
|
|
17,117
|
|
(4
|
)
|
593
|
|
17,113
|
|
17,706
|
|
2,112
|
|
15,594
|
|
2007
|
2012
|
35 years
|
|||||||||
St. Joseph Medical Office Building
|
Reading
|
PA
|
—
|
|
—
|
|
10,823
|
|
784
|
|
—
|
|
11,607
|
|
11,607
|
|
2,076
|
|
9,531
|
|
2006
|
2010
|
35 years
|
|||||||||
Doylestown Health & Wellness Center
|
Warrington
|
PA
|
—
|
|
4,452
|
|
17,383
|
|
286
|
|
4,497
|
|
17,624
|
|
22,121
|
|
2,426
|
|
19,695
|
|
2001
|
2012
|
34 years
|
|||||||||
Roper Medical Office Building
|
Charleston
|
SC
|
8,571
|
|
127
|
|
14,737
|
|
1,595
|
|
127
|
|
16,332
|
|
16,459
|
|
2,316
|
|
14,143
|
|
1990
|
2012
|
28 years
|
|||||||||
St. Francis Medical Plaza (Charleston)
|
Charleston
|
SC
|
—
|
|
447
|
|
3,946
|
|
298
|
|
447
|
|
4,244
|
|
4,691
|
|
679
|
|
4,012
|
|
2003
|
2012
|
35 years
|
|||||||||
Providence MOB I
|
Columbia
|
SC
|
—
|
|
225
|
|
4,274
|
|
79
|
|
225
|
|
4,353
|
|
4,578
|
|
1,056
|
|
3,522
|
|
1979
|
2012
|
18 years
|
|||||||||
Providence MOB II
|
Columbia
|
SC
|
—
|
|
122
|
|
1,834
|
|
12
|
|
122
|
|
1,846
|
|
1,968
|
|
457
|
|
1,511
|
|
1985
|
2012
|
18 years
|
|||||||||
Providence MOB III
|
Columbia
|
SC
|
—
|
|
766
|
|
4,406
|
|
221
|
|
766
|
|
4,627
|
|
5,393
|
|
832
|
|
4,561
|
|
1990
|
2012
|
23 years
|
|||||||||
One Medical Park
|
Columbia
|
SC
|
—
|
|
210
|
|
7,939
|
|
116
|
|
214
|
|
8,051
|
|
8,265
|
|
1,662
|
|
6,603
|
|
1984
|
2012
|
19 years
|
|||||||||
Three Medical Park
|
Columbia
|
SC
|
—
|
|
40
|
|
10,650
|
|
326
|
|
40
|
|
10,976
|
|
11,016
|
|
1,879
|
|
9,137
|
|
1988
|
2012
|
25 years
|
|||||||||
St. Francis Millennium Medical Office Building
|
Greenville
|
SC
|
15,358
|
|
—
|
|
13,062
|
|
10,495
|
|
30
|
|
23,527
|
|
23,557
|
|
6,124
|
|
17,433
|
|
2009
|
2009
|
35 years
|
|||||||||
200 Andrews
|
Greenville
|
SC
|
—
|
|
789
|
|
2,014
|
|
51
|
|
789
|
|
2,065
|
|
2,854
|
|
622
|
|
2,232
|
|
1994
|
2012
|
29 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
St. Francis CMOB
|
Greenville
|
SC
|
—
|
|
501
|
|
7,661
|
|
528
|
|
501
|
|
8,189
|
|
8,690
|
|
957
|
|
7,733
|
|
2001
|
2012
|
35 years
|
|||||||||
St. Francis Outpatient Surgery Center
|
Greenville
|
SC
|
—
|
|
1,007
|
|
16,538
|
|
(16
|
)
|
1,007
|
|
16,522
|
|
17,529
|
|
2,087
|
|
15,442
|
|
2001
|
2012
|
35 years
|
|||||||||
St. Francis Professional Medical Center
|
Greenville
|
SC
|
—
|
|
342
|
|
6,337
|
|
283
|
|
360
|
|
6,602
|
|
6,962
|
|
1,049
|
|
5,913
|
|
1984
|
2012
|
24 years
|
|||||||||
St. Francis Women's
|
Greenville
|
SC
|
—
|
|
322
|
|
4,877
|
|
70
|
|
322
|
|
4,947
|
|
5,269
|
|
1,078
|
|
4,191
|
|
1991
|
2012
|
24 years
|
|||||||||
St. Francis Medical Plaza (Greenville)
|
Greenville
|
SC
|
—
|
|
88
|
|
5,876
|
|
27
|
|
88
|
|
5,903
|
|
5,991
|
|
966
|
|
5,025
|
|
1998
|
2012
|
24 years
|
|||||||||
Irmo Professional MOB
|
Irmo
|
SC
|
—
|
|
1,726
|
|
5,414
|
|
64
|
|
1,726
|
|
5,478
|
|
7,204
|
|
1,070
|
|
6,134
|
|
2004
|
2011
|
35 years
|
|||||||||
River Hills Medical Plaza
|
Little River
|
SC
|
—
|
|
1,406
|
|
1,813
|
|
19
|
|
1,406
|
|
1,832
|
|
3,238
|
|
404
|
|
2,834
|
|
1999
|
2012
|
27 years
|
|||||||||
Mount Pleasant Medical Office Longpoint
|
Mount Pleasant
|
SC
|
—
|
|
670
|
|
4,455
|
|
72
|
|
670
|
|
4,527
|
|
5,197
|
|
976
|
|
4,221
|
|
2001
|
2012
|
34 years
|
|||||||||
Mary Black Westside Medical Office Bldg
|
Spartanburg
|
SC
|
—
|
|
291
|
|
5,057
|
|
81
|
|
291
|
|
5,138
|
|
5,429
|
|
819
|
|
4,610
|
|
1991
|
2012
|
31 years
|
|||||||||
Health Park Medical Office Building
|
Chattanooga
|
TN
|
6,421
|
|
2,305
|
|
8,949
|
|
26
|
|
2,305
|
|
8,975
|
|
11,280
|
|
1,099
|
|
10,181
|
|
2004
|
2012
|
35 years
|
|||||||||
Peerless Crossing Medical Center
|
Cleveland
|
TN
|
6,781
|
|
1,217
|
|
6,464
|
|
(7
|
)
|
1,217
|
|
6,457
|
|
7,674
|
|
752
|
|
6,922
|
|
2006
|
2012
|
35 years
|
|||||||||
Medical Center Physicians Tower
|
Jackson
|
TN
|
13,575
|
|
549
|
|
27,074
|
|
(7
|
)
|
549
|
|
27,067
|
|
27,616
|
|
3,222
|
|
24,394
|
|
2010
|
2012
|
35 years
|
|||||||||
Seton Medical Park Tower
|
Austin
|
TX
|
—
|
|
805
|
|
41,527
|
|
1,028
|
|
805
|
|
42,555
|
|
43,360
|
|
3,918
|
|
39,442
|
|
1968
|
2012
|
35 years
|
|||||||||
Seton Northwest Health Plaza
|
Austin
|
TX
|
—
|
|
444
|
|
22,632
|
|
1,299
|
|
444
|
|
23,931
|
|
24,375
|
|
2,411
|
|
21,964
|
|
1988
|
2012
|
35 years
|
|||||||||
Seton Southwest Health Plaza
|
Austin
|
TX
|
—
|
|
294
|
|
5,311
|
|
32
|
|
294
|
|
5,343
|
|
5,637
|
|
526
|
|
5,111
|
|
2004
|
2012
|
35 years
|
|||||||||
Seton Southwest Health Plaza II
|
Austin
|
TX
|
—
|
|
447
|
|
10,154
|
|
20
|
|
447
|
|
10,174
|
|
10,621
|
|
946
|
|
9,675
|
|
2009
|
2012
|
35 years
|
|||||||||
East Houston MOB, LLC
|
Houston
|
TX
|
—
|
|
356
|
|
2,877
|
|
(286
|
)
|
328
|
|
2,619
|
|
2,947
|
|
1,010
|
|
1,937
|
|
1982
|
2011
|
15 years
|
|||||||||
East Houston Medical Plaza
|
Houston
|
TX
|
—
|
|
671
|
|
426
|
|
275
|
|
671
|
|
701
|
|
1,372
|
|
413
|
|
959
|
|
1982
|
2011
|
11 years
|
|||||||||
Seton Williamson Medical Plaza
|
Round Rock
|
TX
|
—
|
|
—
|
|
15,074
|
|
428
|
|
—
|
|
15,502
|
|
15,502
|
|
3,155
|
|
12,347
|
|
2008
|
2010
|
35 years
|
|||||||||
251 Medical Center
|
Webster
|
TX
|
—
|
|
1,158
|
|
12,078
|
|
31
|
|
1,158
|
|
12,109
|
|
13,267
|
|
1,363
|
|
11,904
|
|
2006
|
2011
|
35 years
|
|||||||||
253 Medical Center
|
Webster
|
TX
|
—
|
|
1,181
|
|
11,862
|
|
—
|
|
1,181
|
|
11,862
|
|
13,043
|
|
1,279
|
|
11,764
|
|
2009
|
2011
|
35 years
|
|||||||||
MRMC MOB I
|
Mechanicsville
|
VA
|
—
|
|
1,669
|
|
7,024
|
|
307
|
|
1,669
|
|
7,331
|
|
9,000
|
|
1,373
|
|
7,627
|
|
1993
|
2012
|
31 years
|
|||||||||
Henrico MOB
|
Richmond
|
VA
|
—
|
|
968
|
|
6,189
|
|
263
|
|
968
|
|
6,452
|
|
7,420
|
|
1,385
|
|
6,035
|
|
1976
|
2011
|
25 years
|
|||||||||
St. Mary's MOB North (Floors 6 & 7)
|
Richmond
|
VA
|
—
|
|
227
|
|
2,961
|
|
196
|
|
227
|
|
3,157
|
|
3,384
|
|
641
|
|
2,743
|
|
1968
|
2012
|
22 years
|
|||||||||
Bonney Lake Medical Office Building
|
Bonney Lake
|
WA
|
10,943
|
|
5,176
|
|
14,375
|
|
156
|
|
5,176
|
|
14,531
|
|
19,707
|
|
1,806
|
|
17,901
|
|
2011
|
2012
|
35 years
|
|||||||||
Good Samaritan Medical Office Building
|
Puyallup
|
WA
|
14,320
|
|
781
|
|
30,368
|
|
(130
|
)
|
781
|
|
30,238
|
|
31,019
|
|
3,042
|
|
27,977
|
|
2011
|
2012
|
35 years
|
|||||||||
Holy Family Hospital Central MOB
|
Spokane
|
WA
|
—
|
|
—
|
|
19,085
|
|
230
|
|
—
|
|
19,315
|
|
19,315
|
|
1,239
|
|
18,076
|
|
2007
|
2012
|
35 years
|
|||||||||
Physician's Pavilion
|
Vancouver
|
WA
|
—
|
|
1,411
|
|
32,939
|
|
253
|
|
1,411
|
|
33,192
|
|
34,603
|
|
4,842
|
|
29,761
|
|
2001
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
||||||||||||||||||
Administration Building
|
Vancouver
|
WA
|
—
|
|
296
|
|
7,856
|
|
—
|
|
296
|
|
7,856
|
|
8,152
|
|
1,090
|
|
7,062
|
|
1972
|
2011
|
35 years
|
|||||||||
Medical Center Physician's Building
|
Vancouver
|
WA
|
—
|
|
1,225
|
|
31,246
|
|
1,626
|
|
1,225
|
|
32,872
|
|
34,097
|
|
4,222
|
|
29,875
|
|
1980
|
2011
|
35 years
|
|||||||||
Memorial MOB
|
Vancouver
|
WA
|
—
|
|
663
|
|
12,626
|
|
215
|
|
690
|
|
12,814
|
|
13,504
|
|
1,777
|
|
11,727
|
|
1999
|
2011
|
35 years
|
|||||||||
Salmon Creek MOB
|
Vancouver
|
WA
|
—
|
|
1,325
|
|
9,238
|
|
—
|
|
1,325
|
|
9,238
|
|
10,563
|
|
1,267
|
|
9,296
|
|
1994
|
2011
|
35 years
|
|||||||||
Fisher's Landing MOB
|
Vancouver
|
WA
|
—
|
|
1,590
|
|
5,420
|
|
—
|
|
1,590
|
|
5,420
|
|
7,010
|
|
896
|
|
6,114
|
|
1995
|
2011
|
34 years
|
|||||||||
Columbia Medical Plaza
|
Vancouver
|
WA
|
—
|
|
281
|
|
5,266
|
|
131
|
|
281
|
|
5,397
|
|
5,678
|
|
788
|
|
4,890
|
|
1991
|
2011
|
35 years
|
|||||||||
Appleton Heart Institute
|
Appleton
|
WI
|
—
|
|
—
|
|
7,775
|
|
1
|
|
—
|
|
7,776
|
|
7,776
|
|
1,453
|
|
6,323
|
|
2003
|
2010
|
39 years
|
|||||||||
Appleton Medical Offices West
|
Appleton
|
WI
|
—
|
|
—
|
|
5,756
|
|
18
|
|
—
|
|
5,774
|
|
5,774
|
|
1,068
|
|
4,706
|
|
1989
|
2010
|
39 years
|
|||||||||
Appleton Medical Offices South
|
Appleton
|
WI
|
—
|
|
—
|
|
9,058
|
|
167
|
|
—
|
|
9,225
|
|
9,225
|
|
1,727
|
|
7,498
|
|
1983
|
2010
|
39 years
|
|||||||||
Brookfield Clinic
|
Brookfield
|
WI
|
—
|
|
2,638
|
|
4,093
|
|
—
|
|
2,638
|
|
4,093
|
|
6,731
|
|
697
|
|
6,034
|
|
1999
|
2011
|
35 years
|
|||||||||
Hartland Clinic
|
Hartland
|
WI
|
—
|
|
321
|
|
5,050
|
|
—
|
|
321
|
|
5,050
|
|
5,371
|
|
733
|
|
4,638
|
|
1994
|
2011
|
35 years
|
|||||||||
Theda Clark Medical Center Office Pavilion
|
Neenah
|
WI
|
—
|
|
—
|
|
7,080
|
|
96
|
|
—
|
|
7,176
|
|
7,176
|
|
1,267
|
|
5,909
|
|
1993
|
2010
|
39 years
|
|||||||||
Aylward Medical Building Condo Floors 3 & 4
|
Neenah
|
WI
|
—
|
|
—
|
|
4,462
|
|
—
|
|
—
|
|
4,462
|
|
4,462
|
|
807
|
|
3,655
|
|
2006
|
2010
|
39 years
|
|||||||||
New Berlin Clinic
|
New Berlin
|
WI
|
—
|
|
678
|
|
7,121
|
|
—
|
|
678
|
|
7,121
|
|
7,799
|
|
1,110
|
|
6,689
|
|
1999
|
2011
|
35 years
|
|||||||||
WestWood Health & Fitness
|
Pewaukee
|
WI
|
—
|
|
823
|
|
11,649
|
|
—
|
|
823
|
|
11,649
|
|
12,472
|
|
1,832
|
|
10,640
|
|
1997
|
2011
|
35 years
|
|||||||||
Watertown Clinic
|
Watertown
|
WI
|
—
|
|
166
|
|
3,234
|
|
—
|
|
166
|
|
3,234
|
|
3,400
|
|
453
|
|
2,947
|
|
2003
|
2011
|
35 years
|
|||||||||
Southside Clinic
|
Waukesha
|
WI
|
—
|
|
218
|
|
5,273
|
|
—
|
|
218
|
|
5,273
|
|
5,491
|
|
748
|
|
4,743
|
|
1997
|
2011
|
35 years
|
|||||||||
Rehabilitation Hospital
|
Waukesha
|
WI
|
—
|
|
372
|
|
15,636
|
|
—
|
|
372
|
|
15,636
|
|
16,008
|
|
1,943
|
|
14,065
|
|
2008
|
2011
|
35 years
|
|||||||||
TOTAL FOR MEDICAL OFFICE BUILDINGS
|
|
|
561,101
|
|
219,188
|
|
2,925,201
|
|
117,655
|
|
219,950
|
|
3,042,094
|
|
3,262,044
|
|
458,589
|
|
2,803,455
|
|
|
|
|
|||||||||
TOTAL FOR ALL PROPERTIES
|
|
|
$
|
2,284,761
|
|
$
|
1,952,000
|
|
$
|
19,538,444
|
|
$
|
480,850
|
|
$
|
1,956,128
|
|
$
|
20,015,166
|
|
$
|
21,971,294
|
|
$
|
3,493,691
|
|
$
|
18,477,603
|
|
|
|
|
|
Location
|
Number of RE Assets
|
Interest Rate
|
Fixed / Variable
|
Maturity Date
|
Monthly Debt Service
|
Face Value
|
Net Book Value
|
Prior Liens
|
||||||||
|
|
||||||||||||||||
First Mortgages
|
|
|
|
|
|
|
|
||||||||||
|
Florida
|
1
|
9.75%
|
F
|
12/31/2018
|
$
|
50
|
|
$
|
5,564
|
|
$
|
5,249
|
|
$
|
—
|
|
|
Washington
|
1
|
8.00%
|
F
|
8/1/2020
|
167
|
|
25,000
|
|
24,795
|
|
—
|
|
||||
|
Washington
|
1
|
6.00%
|
F
|
7/5/2017
|
44
|
|
6,335
|
|
6,208
|
|
—
|
|
||||
|
Multiple
|
27
|
8.93%
|
V
|
3/31/2017
|
577
|
|
83,107
|
|
83,107
|
|
—
|
|
||||
|
California
|
11
|
9.42%
|
F
|
12/31/2017
|
1,627
|
|
179,495
|
|
174,790
|
|
—
|
|
||||
|
Multiple
|
3
|
9.21%
|
V
|
6/30/2019
|
131
|
|
17,023
|
|
17,023
|
|
—
|
|
||||
|
Texas
|
1
|
9.00%
|
F
|
12/1/2017
|
13
|
|
419
|
|
—
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Second Mortgages
|
|
|
|
|
|
|
|
||||||||||
|
Multiple
|
9
|
10.50%
|
V
|
10/23/2019
|
45
|
|
5,000
|
|
4,959
|
|
*
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||
Mezzanine Loans
|
|
|
|
|
|
|
|
||||||||||
|
Virginia
|
1
|
10.00%
|
F
|
12/10/2019
|
16
|
|
3,131
|
|
3,131
|
|
—
|
|
||||
|
Multiple**
|
217
|
8.14%
|
F/V
|
12/9/2016
|
2,953
|
|
421,268
|
|
421,268
|
|
2,191,230
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Construction Loans
|
|
|
|
|
|
|
|
||||||||||
|
Colorado
|
1
|
8.75%
|
V
|
2/6/2021
|
4
|
|
1,114
|
|
229
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
* The Second Mortgage loan is a $5 million participation in a second lien term loan with an aggregate commitment of $215 million
|
|||||||||||||||||
** The variable portion of this investment has a maturity date of 12/9/2016, with extension options to 12/9/2019.
|
Mortgage Loan Reconciliation
|
|||||||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
2014
|
2013
|
2012
|
|||||||
|
|
|
|
(in thousands)
|
|||||||||
Beginning Balance
|
|
$
|
335,656
|
|
$
|
622,139
|
|
$
|
206,050
|
|
|||
|
Additions:
|
|
|
|
|
||||||||
|
New Loans
|
|
451,269
|
|
3,500
|
|
440,000
|
|
|||||
|
Construction Draws
|
|
—
|
|
694
|
|
12,119
|
|
|||||
|
Total additions
|
|
|
451,269
|
|
4,194
|
|
452,119
|
|
||||
|
|
|
|
|
|
|
|||||||
|
Deductions:
|
|
|
|
|
|
|||||||
|
Principal Repayments
|
(15,548
|
)
|
(75,738
|
)
|
(36,030
|
)
|
||||||
|
Conversions to Real Property
|
(18,310
|
)
|
—
|
|
—
|
|
||||||
|
Sales and Syndications
|
|
(5,611
|
)
|
(214,939
|
)
|
—
|
|
|||||
|
Total deductions
|
(39,469
|
)
|
(290,677
|
)
|
(36,030
|
)
|
||||||
|
|
|
|
|
|
|
|||||||
Ending Balance
|
|
$
|
747,456
|
|
$
|
335,656
|
|
$
|
622,139
|
|
|||
|
|
|
|
|
|
|
|
Page
|
Report of Independent Registered Public Accounting Firm
|
|
Consolidated Balance Sheets as of December 31, 2014 and 2013
|
|
Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statements of Equity for the years ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012
|
|
Notes to Consolidated Financial Statements
|
|
Consolidated Financial Statement Schedules
|
|
Schedule II — Valuation and Qualifying Accounts
|
|
Schedule III — Real Estate and Accumulated Depreciation
|
|
Schedule IV — Mortgage Loans on Real Estate
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
2.1
|
|
Agreement and Plan of Merger dated as of June 1, 2014 by and among Ventas, Inc., Stripe Sub, LLC, Stripe OP, LP, American Realty Capital Healthcare Trust, Inc. and American Realty Capital Healthcare Trust Operating Partnership, L.P.
|
|
Incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K, filed on June 5, 2014.
|
|
|
|
|
|
2.2
|
|
First Amendment to Agreement and Plan of Merger dated as of September 15, 2014 by and among Ventas, Inc., Stripe Sub, LLC, Stripe OP, LP, American Realty Capital Healthcare Trust, Inc. and American Realty Capital Healthcare Trust Operating Partnership, L.P.
|
|
Incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K, filed on September 16, 2014.
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation, as amended, of Ventas, Inc.
|
|
Incorporated by reference to Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.
|
|
|
|
|
|
3.2
|
|
Fourth Amended and Restated Bylaws, as amended, of Ventas, Inc.
|
|
Incorporated by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.
|
|
|
|
|
|
4.1
|
|
Specimen common stock certificate.
|
|
Incorporated by reference to Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2012.
|
|
|
|
|
|
4.2
|
|
Indenture dated as of September 19, 2006 by and among Ventas, Inc., Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuer(s), the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.9 to our Registration Statement on Form S-3, filed on April 7, 2006, File No. 333-133115.
|
|
|
|
|
|
4.3
|
|
Third Supplemental Indenture dated as of November 16, 2010 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.125% Senior Notes due 2015.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on November 18, 2010.
|
|
|
|
|
|
4.4
|
|
Fourth Supplemental Indenture dated as of May 17, 2011 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.750% Senior Notes due 2021.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on May 20, 2011.
|
|
|
|
|
|
4.5
|
|
Fifth Supplemental Indenture dated as of February 10, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.250% Senior Notes due 2022.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on February 14, 2012.
|
|
|
|
|
|
4.6
|
|
Sixth Supplemental Indenture dated as of April 17, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.000% Senior Notes due 2019.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 18, 2012.
|
|
|
|
|
|
4.7
|
|
Seventh Supplemental Indenture dated as of August 3, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.250% Senior Notes due 2022.
|
|
Incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.8
|
|
Eighth Supplemental Indenture dated as of December 13, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 2.000% Senior Notes due 2018.
|
|
Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K, filed on December 13, 2012.
|
|
|
|
|
|
4.9
|
|
Ninth Supplemental Indenture dated as of March 7, 2013 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 5.450% Senior Notes due 2043.
|
|
Incorporated by reference to Exhibit 4.2 to our Registration Statement on Form 8-A, filed on March 7, 2013.
|
|
|
|
|
|
4.10
|
|
Tenth Supplemental Indenture dated as of March 19, 2013 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 2.700% Senior Notes due 2020.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on March 19, 2013.
|
|
|
|
|
|
4.11
|
|
Indenture dated as of September 26, 2013 by and among Ventas, Inc., Ventas Realty, Limited Partnership, as Issuer, the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.7 to our Registration Statement on Form S-3, filed on April 2, 2012, File No. 333-180521.
|
|
|
|
|
|
4.12
|
|
First Supplemental Indenture dated as of September 26, 2013 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 1.550% Senior Notes due 2016.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on September 26, 2013.
|
|
|
|
|
|
4.13
|
|
Second Supplemental Indenture dated as of September 26, 2013 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 5.700% Senior Notes due 2043.
|
|
Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K, filed on September 26, 2013.
|
|
|
|
|
|
4.14
|
|
Third Supplemental Indenture dated as of April 17, 2014 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 1.250% Senior Notes due 2017.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014.
|
|
|
|
|
|
4.15
|
|
Fourth Supplemental Indenture dated as of April 17, 2014 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.750% Senior Notes due 2024.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014.
|
|
|
|
|
|
4.16
|
|
Fifth Supplemental Indenture dated as of January 14, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.500% Senior Notes due 2025.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on January 14, 2015.
|
|
|
|
|
|
4.17
|
|
Sixth Supplemental Indenture dated as of January 14, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.375% Senior Notes due 2045.
|
|
Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K, filed on January 14, 2015.
|
|
|
|
|
|
4.18
|
|
Indenture dated as of August 19, 1997 by and between Nationwide Health Properties, Inc. and The Bank of New York, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to the Nationwide Health Properties, Inc. Registration Statement on Form S-3, filed on July 25, 1997, File No. 333-32135.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.19
|
|
Indenture dated as of January 13, 1999 by and between Nationwide Health Properties, Inc. and Chase Manhattan Bank and Trust Company, National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to the Nationwide Health Properties, Inc. Registration Statement on Form S-3, filed on January 15, 1999, File No. 333-70707.
|
|
|
|
|
|
4.20
|
|
First Supplemental Indenture dated as of May 18, 2005 by and between Nationwide Health Properties, Inc. and J.P. Morgan Trust Company, National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on May 11, 2005, File No. 001-09028.
|
|
|
|
|
|
4.21
|
|
Indenture dated as September 24, 2014 by and among Ventas, Inc., Ventas Canadian Finance Limited, the Guarantors parties thereto from time to time and Computershare Trust Company of Canada, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
|
|
|
|
|
|
4.22
|
|
First Supplemental Indenture dated as of September 24, 2014 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 3.00% Senior Notes, Series A due 2019.
|
|
Incorporated by reference to Exhibit 4.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
|
|
|
|
|
|
4.23
|
|
Second Supplemental Indenture dated as of September 24, 2014 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 4.125% Senior Notes, Series B due 2024.
|
|
Incorporated by reference to Exhibit 4.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
|
|
|
|
|
|
4.24
|
|
Third Supplemental Indenture dated as of January 13, 2015 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 3.30% Senior Notes, Series C due 2022.
|
|
Filed herewith.
|
|
|
|
|
|
10.1
|
|
First Amended and Restated Agreement of Limited Partnership of Ventas Realty, Limited Partnership.
|
|
Incorporated by reference to Exhibit 3.5 to our Registration Statement on Form S-4, as amended, File No. 333-89312.
|
|
|
|
|
|
10.2
|
|
Amended and Restated Credit and Guaranty Agreement, dated as of December 9, 2013, among Ventas Realty, Limited Partnership, Ventas SSL Ontario II, Inc. and Ventas SSL Ontario III, Inc., as Borrowers, Ventas, Inc., as Guarantor, the Lenders identified therein, and Bank of America, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and Alternative Currency Fronting Lender.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on December 9, 2013.
|
|
|
|
|
|
10.3*
|
|
Ventas, Inc. 2004 Stock Plan for Directors, as amended.
|
|
Incorporated by reference to Exhibit 10.16.1 to our Annual Report on Form 10-K for the year ended December 31, 2004.
|
|
|
|
|
|
10.4.1*
|
|
Ventas, Inc. 2006 Incentive Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.10.1 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.4.2*
|
|
Form of Stock Option Agreement—2006 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.15.2 to our Annual Report on Form 10-K for the year ended December 31, 2006.
|
|
|
|
|
|
10.4.3*
|
|
Form of Restricted Stock Agreement—2006 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.15.3 to our Annual Report on Form 10-K for the year ended December 31, 2006.
|
|
|
|
|
|
10.5.1*
|
|
Ventas, Inc. 2006 Stock Plan for Directors, as amended.
|
|
Incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
|
|
|
|
10.5.2*
|
|
Form of Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference to Exhibit 10.11.2 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.5.3*
|
|
Form of Amendment to Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.
|
|
|
|
|
|
10.5.4*
|
|
Form of Restricted Stock Unit Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference to Exhibit 10.11.4 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.6.1*
|
|
Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on May 23, 2012.
|
|
|
|
|
|
10.6.2*
|
|
Form of Stock Option Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Filed herewith.
|
|
|
|
|
|
10.6.3*
|
|
Form of Restricted Stock Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Filed herewith.
|
|
|
|
|
|
10.6.4*
|
|
Form of Stock Option Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.4 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.6.5*
|
|
Form of Restricted Stock Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.5 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.6.6*
|
|
Form of Restricted Stock Unit Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.6 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.7.1*
|
|
Ventas Executive Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.12.1 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.7.2*
|
|
Deferral Election Form under the Ventas Executive Deferred Stock Compensation Plan.
|
|
Incorporated by reference to Exhibit 10.12.2 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.8.1*
|
|
Ventas Nonemployee Directors’ Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.13.1 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.8.2*
|
|
Deferral Election Form under the Ventas Nonemployee Directors’ Deferred Stock Compensation Plan.
|
|
Incorporated by reference to Exhibit 10.13.2 to our Annual Report on Form 10-K fir the year ended December 31, 2008.
|
|
|
|
|
|
10.9.1*
|
|
Nationwide Health Properties, Inc. 2005 Performance Incentive Plan.
|
|
Incorporated by reference to Appendix B to the Nationwide Health Properties, Inc. definitive Proxy Statement for the 2005 Annual Meeting, filed on March 24, 2005, File No. 001-09028.
|
|
|
|
|
|
10.9.2*
|
|
First Amendment to the Nationwide Health Properties, Inc. 2005 Performance Incentive Plan, dated October 28, 2008.
|
|
Incorporated by reference to Exhibit 10.1 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.10.1*
|
|
Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference to Exhibit 10.1 to the Nationwide Health Properties, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, File No. 001-09028.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.10.2*
|
|
Amendment to the Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference to Exhibit 10.9 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.11*
|
|
Second Amended and Restated Employment Agreement dated as of March 22, 2011 between Ventas, Inc. and Debra A. Cafaro.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on March 24, 2011.
|
|
|
|
|
|
10.12.1*
|
|
Employment Agreement dated as of July 31, 1998 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.15.2.1 to our Annual Report on Form 10-K for the year ended December 31, 2002.
|
|
|
|
|
|
10.12.2*
|
|
Amendment dated as of September 30, 1999 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.15.2.2 to our Annual Report on Form 10-K for the year ended December 31, 2002.
|
|
|
|
|
|
10.12.3*
|
|
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on March 23, 2007.
|
|
|
|
|
|
10.12.4*
|
|
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.15.4 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.12.5*
|
|
Amended and Restated Change-in-Control Severance Agreement dated as of March 22, 2011 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on March 24, 2011.
|
|
|
|
|
|
10.13*
|
|
Consulting Agreement dated December 31, 2014 between Ventas, Inc. and Richard A. Schweinhart.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on January 7, 2015.
|
|
|
|
|
|
10.14.1*
|
|
Employment Agreement dated as of September 18, 2002 between Ventas, Inc. and Raymond J. Lewis.
|
|
Incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2002.
|
|
|
|
|
|
10.14.2*
|
|
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and Raymond J. Lewis.
|
|
Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K, filed on March 23, 2007.
|
|
|
|
|
|
10.14.3*
|
|
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and Raymond J. Lewis.
|
|
Incorporated by reference to Exhibit 10.17.3 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.15*
|
|
Employment Agreement dated as of June 22, 2010 between Ventas, Inc. and Todd W. Lillibridge.
|
|
Incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.
|
|
|
|
|
|
10.16*
|
|
Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
|
|
Incorporated by reference to Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2013.
|
|
|
|
|
|
10.17.1*
|
|
Offer Letter dated September 16, 2014 from Ventas, Inc. to Robert F. Probst.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on September 29, 2014.
|
|
|
|
|
|
10.17.2*
|
|
Employee Protection and Noncompetition Agreement dated September 16, 2014 between Ventas, Inc. and Robert F. Probst.
|
|
Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on September 29, 2014.
|
|
|
|
|
|
10.18*
|
|
Ventas Employee and Director Stock Purchase Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
12
|
|
Statement Regarding Computation of Ratios of Earnings to Fixed Charges.
|
|
Filed herewith.
|
|
|
|
|
|
21
|
|
Subsidiaries of Ventas, Inc.
|
|
Filed herewith.
|
|
|
|
|
|
23
|
|
Consent of KPMG LLP.
|
|
Filed herewith.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
31.1
|
|
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
|
|
Filed herewith.
|
|
|
|
|
|
31.2
|
|
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
|
|
Filed herewith.
|
|
|
|
|
|
32.1
|
|
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. 1350.
|
|
Filed herewith.
|
|
|
|
|
|
32.2
|
|
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. 1350.
|
|
Filed herewith.
|
|
|
|
|
|
101
|
|
Interactive Data File.
|
|
Filed herewith.
|
|
|
VENTAS, INC.
|
|
|
|
|
|
|
|
By:
|
/s/ DEBRA A. CAFARO
|
|
|
|
Debra A. Cafaro
Chairman and Chief Executive Officer |
Signature
|
Title
|
Date
|
|
|
|
/s/ DEBRA A. CAFARO
|
Chairman and Chief Executive Officer (Principal Executive Officer)
|
February 13, 2015
|
Debra A. Cafaro
|
|
|
|
|
|
/s/ ROBERT F. PROBST
|
Executive Vice President, Chief Financial Officer and Acting Chief Accounting Officer (Principal Financial and Accounting Officer)
|
February 13, 2015
|
Robert F. Probst
|
|
|
|
|
|
/s/ MELODY C. BARNES
|
Director
|
February 13, 2015
|
Melody C. Barnes
|
|
|
|
|
|
/s/ DOUGLAS CROCKER II
|
Director
|
February 13, 2015
|
Douglas Crocker II
|
|
|
|
|
|
/s/ RONALD G. GEARY
|
Director
|
February 13, 2015
|
Ronald G. Geary
|
|
|
|
|
|
/s/ JAY M. GELLERT
|
Director
|
February 13, 2015
|
Jay M. Gellert
|
|
|
|
|
|
/s/ RICHARD I. GILCHRIST
|
Director
|
February 13, 2015
|
Richard I. Gilchrist
|
|
|
|
|
|
/s/ MATTHEW J. LUSTIG
|
Director
|
February 13, 2015
|
Matthew J. Lustig
|
|
|
|
|
|
/s/ DOUGLAS M. PASQUALE
|
Director
|
February 13, 2015
|
Douglas M. Pasquale
|
|
|
|
|
|
Signature
|
Title
|
Date
|
/s/ ROBERT D. REED
|
Director
|
February 13, 2015
|
Robert D. Reed
|
|
|
|
|
|
/s/ GLENN J. RUFRANO
|
Director
|
February 13, 2015
|
Glenn J. Rufrano
|
|
|
|
|
|
/s/ JAMES D. SHELTON
|
Director
|
February 13, 2015
|
James D. Shelton
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
2.1
|
|
Agreement and Plan of Merger dated as of June 1, 2014 by and among Ventas, Inc., Stripe Sub, LLC, Stripe OP, LP, American Realty Capital Healthcare Trust, Inc. and American Realty Capital Healthcare Trust Operating Partnership, L.P.
|
|
Incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K, filed on June 5, 2014.
|
|
|
|
|
|
2.2
|
|
First Amendment to Agreement and Plan of Merger dated as of September 15, 2014 by and among Ventas, Inc., Stripe Sub, LLC, Stripe OP, LP, American Realty Capital Healthcare Trust, Inc. and American Realty Capital Healthcare Trust Operating Partnership, L.P.
|
|
Incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K, filed on September 16, 2014.
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation, as amended, of Ventas, Inc.
|
|
Incorporated by reference to Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.
|
|
|
|
|
|
3.2
|
|
Fourth Amended and Restated Bylaws, as amended, of Ventas, Inc.
|
|
Incorporated by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.
|
|
|
|
|
|
4.1
|
|
Specimen common stock certificate.
|
|
Incorporated by reference to Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2012.
|
|
|
|
|
|
4.2
|
|
Indenture dated as of September 19, 2006 by and among Ventas, Inc., Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuer(s), the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.9 to our Registration Statement on Form S-3, filed on April 7, 2006, File No. 333-133115.
|
|
|
|
|
|
4.3
|
|
Third Supplemental Indenture dated as of November 16, 2010 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.125% Senior Notes due 2015.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on November 18, 2010.
|
|
|
|
|
|
4.4
|
|
Fourth Supplemental Indenture dated as of May 17, 2011 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.750% Senior Notes due 2021.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on May 20, 2011.
|
|
|
|
|
|
4.5
|
|
Fifth Supplemental Indenture dated as of February 10, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.250% Senior Notes due 2022.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on February 14, 2012.
|
|
|
|
|
|
4.6
|
|
Sixth Supplemental Indenture dated as of April 17, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.000% Senior Notes due 2019.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 18, 2012.
|
|
|
|
|
|
4.7
|
|
Seventh Supplemental Indenture dated as of August 3, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.250% Senior Notes due 2022.
|
|
Incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.8
|
|
Eighth Supplemental Indenture dated as of December 13, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 2.000% Senior Notes due 2018.
|
|
Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K, filed on December 13, 2012.
|
|
|
|
|
|
4.9
|
|
Ninth Supplemental Indenture dated as of March 7, 2013 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 5.450% Senior Notes due 2043.
|
|
Incorporated by reference to Exhibit 4.2 to our Registration Statement on Form 8-A, filed on March 7, 2013.
|
|
|
|
|
|
4.10
|
|
Tenth Supplemental Indenture dated as of March 19, 2013 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 2.700% Senior Notes due 2020.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on March 19, 2013.
|
|
|
|
|
|
4.11
|
|
Indenture dated as of September 26, 2013 by and among Ventas, Inc., Ventas Realty, Limited Partnership, as Issuer, the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.7 to our Registration Statement on Form S-3, filed on April 2, 2012, File No. 333-180521.
|
|
|
|
|
|
4.12
|
|
First Supplemental Indenture dated as of September 26, 2013 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 1.550% Senior Notes due 2016.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on September 26, 2013.
|
|
|
|
|
|
4.13
|
|
Second Supplemental Indenture dated as of September 26, 2013 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 5.700% Senior Notes due 2043.
|
|
Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K, filed on September 26, 2013.
|
|
|
|
|
|
4.14
|
|
Third Supplemental Indenture dated as of April 17, 2014 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 1.250% Senior Notes due 2017.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014.
|
|
|
|
|
|
4.15
|
|
Fourth Supplemental Indenture dated as of April 17, 2014 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.750% Senior Notes due 2024.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014.
|
|
|
|
|
|
4.16
|
|
Fifth Supplemental Indenture dated as of January 14, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.500% Senior Notes due 2025.
|
|
Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on January 14, 2015.
|
|
|
|
|
|
4.17
|
|
Sixth Supplemental Indenture dated as of January 14, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.375% Senior Notes due 2045.
|
|
Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K, filed on January 14, 2015.
|
|
|
|
|
|
4.18
|
|
Indenture dated as of August 19, 1997 by and between Nationwide Health Properties, Inc. and The Bank of New York, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to the Nationwide Health Properties, Inc. Registration Statement on Form S-3, filed on July 25, 1997, File No. 333-32135.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.19
|
|
Indenture dated as of January 13, 1999 by and between Nationwide Health Properties, Inc. and Chase Manhattan Bank and Trust Company, National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to the Nationwide Health Properties, Inc. Registration Statement on Form S-3, filed on January 15, 1999, File No. 333-70707.
|
|
|
|
|
|
4.20
|
|
First Supplemental Indenture dated as of May 18, 2005 by and between Nationwide Health Properties, Inc. and J.P. Morgan Trust Company, National Association, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on May 11, 2005, File No. 001-09028.
|
|
|
|
|
|
4.21
|
|
Indenture dated as September 24, 2014 by and among Ventas, Inc., Ventas Canadian Finance Limited, the Guarantors parties thereto from time to time and Computershare Trust Company of Canada, as Trustee.
|
|
Incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
|
|
|
|
|
|
4.22
|
|
First Supplemental Indenture dated as of September 24, 2014 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 3.00% Senior Notes, Series A due 2019.
|
|
Incorporated by reference to Exhibit 4.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
|
|
|
|
|
|
4.23
|
|
Second Supplemental Indenture dated as of September 24, 2014 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 4.125% Senior Notes, Series B due 2024.
|
|
Incorporated by reference to Exhibit 4.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
|
|
|
|
|
|
4.24
|
|
Third Supplemental Indenture dated as of January 13, 2015 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 3.30% Senior Notes, Series C due 2022.
|
|
Filed herewith.
|
|
|
|
|
|
10.1
|
|
First Amended and Restated Agreement of Limited Partnership of Ventas Realty, Limited Partnership.
|
|
Incorporated by reference to Exhibit 3.5 to our Registration Statement on Form S-4, as amended, File No. 333-89312.
|
|
|
|
|
|
10.2
|
|
Amended and Restated Credit and Guaranty Agreement, dated as of December 9, 2013, among Ventas Realty, Limited Partnership, Ventas SSL Ontario II, Inc. and Ventas SSL Ontario III, Inc., as Borrowers, Ventas, Inc., as Guarantor, the Lenders identified therein, and Bank of America, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and Alternative Currency Fronting Lender.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on December 9, 2013.
|
|
|
|
|
|
10.3*
|
|
Ventas, Inc. 2004 Stock Plan for Directors, as amended.
|
|
Incorporated by reference to Exhibit 10.16.1 to our Annual Report on Form 10-K for the year ended December 31, 2004.
|
|
|
|
|
|
10.4.1*
|
|
Ventas, Inc. 2006 Incentive Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.10.1 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.4.2*
|
|
Form of Stock Option Agreement—2006 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.15.2 to our Annual Report on Form 10-K for the year ended December 31, 2006.
|
|
|
|
|
|
10.4.3*
|
|
Form of Restricted Stock Agreement—2006 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.15.3 to our Annual Report on Form 10-K for the year ended December 31, 2006.
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
|
|
|
|
10.5.1*
|
|
Ventas, Inc. 2006 Stock Plan for Directors, as amended.
|
|
Incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.
|
|
|
|
|
|
10.5.2*
|
|
Form of Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference to Exhibit 10.11.2 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.5.3*
|
|
Form of Amendment to Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.
|
|
|
|
|
|
10.5.4*
|
|
Form of Restricted Stock Unit Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference to Exhibit 10.11.4 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.6.1*
|
|
Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on May 23, 2012.
|
|
|
|
|
|
10.6.2*
|
|
Form of Stock Option Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Filed herewith.
|
|
|
|
|
|
10.6.3*
|
|
Form of Restricted Stock Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Filed herewith.
|
|
|
|
|
|
10.6.4*
|
|
Form of Stock Option Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.4 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.6.5*
|
|
Form of Restricted Stock Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.5 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.6.6*
|
|
Form of Restricted Stock Unit Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference to Exhibit 10.6 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.7.1*
|
|
Ventas Executive Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.12.1 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.7.2*
|
|
Deferral Election Form under the Ventas Executive Deferred Stock Compensation Plan.
|
|
Incorporated by reference to Exhibit 10.12.2 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.8.1*
|
|
Ventas Nonemployee Directors’ Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.13.1 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.8.2*
|
|
Deferral Election Form under the Ventas Nonemployee Directors’ Deferred Stock Compensation Plan.
|
|
Incorporated by reference to Exhibit 10.13.2 to our Annual Report on Form 10-K fir the year ended December 31, 2008.
|
|
|
|
|
|
10.9.1*
|
|
Nationwide Health Properties, Inc. 2005 Performance Incentive Plan.
|
|
Incorporated by reference to Appendix B to the Nationwide Health Properties, Inc. definitive Proxy Statement for the 2005 Annual Meeting, filed on March 24, 2005, File No. 001-09028.
|
|
|
|
|
|
10.9.2*
|
|
First Amendment to the Nationwide Health Properties, Inc. 2005 Performance Incentive Plan, dated October 28, 2008.
|
|
Incorporated by reference to Exhibit 10.1 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.10.1*
|
|
Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference to Exhibit 10.1 to the Nationwide Health Properties, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, File No. 001-09028.
|
|
|
|
|
|
10.10.2*
|
|
Amendment to the Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference to Exhibit 10.9 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.11*
|
|
Second Amended and Restated Employment Agreement dated as of March 22, 2011 between Ventas, Inc. and Debra A. Cafaro.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on March 24, 2011.
|
|
|
|
|
|
10.12.1*
|
|
Employment Agreement dated as of July 31, 1998 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.15.2.1 to our Annual Report on Form 10-K for the year ended December 31, 2002.
|
|
|
|
|
|
10.12.2*
|
|
Amendment dated as of September 30, 1999 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.15.2.2 to our Annual Report on Form 10-K for the year ended December 31, 2002.
|
|
|
|
|
|
10.12.3*
|
|
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on March 23, 2007.
|
|
|
|
|
|
10.12.4*
|
|
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.15.4 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.12.5*
|
|
Amended and Restated Change-in-Control Severance Agreement dated as of March 22, 2011 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on March 24, 2011.
|
|
|
|
|
|
10.13*
|
|
Consulting Agreement dated December 31, 2014 between Ventas, Inc. and Richard A. Schweinhart.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on January 7, 2015.
|
|
|
|
|
|
10.14.1*
|
|
Employment Agreement dated as of September 18, 2002 between Ventas, Inc. and Raymond J. Lewis.
|
|
Incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2002.
|
|
|
|
|
|
10.14.2*
|
|
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and Raymond J. Lewis.
|
|
Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K, filed on March 23, 2007.
|
|
|
|
|
|
10.14.3*
|
|
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and Raymond J. Lewis.
|
|
Incorporated by reference to Exhibit 10.17.3 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
10.15*
|
|
Employment Agreement dated as of June 22, 2010 between Ventas, Inc. and Todd W. Lillibridge.
|
|
Incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.
|
|
|
|
|
|
10.16*
|
|
Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
|
|
Incorporated by reference to Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2013.
|
|
|
|
|
|
10.17.1*
|
|
Offer Letter dated September 16, 2014 from Ventas, Inc. to Robert F. Probst.
|
|
Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on September 29, 2014.
|
|
|
|
|
|
10.18*
|
|
Ventas Employee and Director Stock Purchase Plan, as amended.
|
|
Incorporated by reference to Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2008.
|
|
|
|
|
|
12
|
|
Statement Regarding Computation of Ratios of Earnings to Fixed Charges.
|
|
Filed herewith.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
21
|
|
Subsidiaries of Ventas, Inc.
|
|
Filed herewith.
|
|
|
|
|
|
23
|
|
Consent of KPMG LLP.
|
|
Filed herewith.
|
|
|
|
|
|
31.1
|
|
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
|
|
Filed herewith.
|
|
|
|
|
|
31.2
|
|
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
|
|
Filed herewith.
|
|
|
|
|
|
32.1
|
|
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. 1350.
|
|
Filed herewith.
|
|
|
|
|
|
32.2
|
|
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. 1350.
|
|
Filed herewith.
|
|
|
|
|
|
101
|
|
Interactive Data File.
|
|
Filed herewith.
|
By:
|
/s/ Lisa M. Kudo
Name: Title: |
By:
|
/s/ Raji Sivalingam
Name: Title: |
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the year ended December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
|
$
|
448,517
|
|
|
$
|
479,848
|
|
|
$
|
283,353
|
|
|
$
|
331,060
|
|
|
$
|
221,711
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
|
376,842
|
|
|
334,909
|
|
|
288,717
|
|
|
224,344
|
|
|
170,133
|
|
|||||
Distributions from unconsolidated entities
|
|
6,508
|
|
|
6,641
|
|
|
10,006
|
|
|
3,790
|
|
|
689
|
|
|||||
Earnings
|
|
$
|
831,867
|
|
|
$
|
821,398
|
|
|
$
|
582,076
|
|
|
$
|
559,194
|
|
|
$
|
392,533
|
|
Interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt expense
|
|
$
|
376,842
|
|
|
$
|
334,909
|
|
|
$
|
288,717
|
|
|
$
|
224,344
|
|
|
$
|
170,133
|
|
Interest capitalized
|
|
950
|
|
|
855
|
|
|
1,857
|
|
|
1,233
|
|
|
—
|
|
|||||
Fixed charges
|
|
$
|
377,792
|
|
|
$
|
335,764
|
|
|
$
|
290,574
|
|
|
$
|
225,577
|
|
|
$
|
170,133
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
|
2.20
|
|
|
2.45
|
|
|
2.00
|
|
|
2.48
|
|
|
2.31
|
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
|
|
1425 Hunt Club, LLC
|
Delaware
|
1445 Hunt Club, LLC
|
Delaware
|
14851 Yorba Street, LLC
|
Delaware
|
200 Andrews, LLC
|
South Carolina
|
2010 Union Limited Partnership
|
Washington
|
251 Medical Center, LLC
|
Delaware
|
253 Medical Center, LLC
|
Delaware
|
745 West State Street, LLC
|
Delaware
|
755 Milwaukee MOB, LLC
|
Delaware
|
890 Professional MOB, LLC
|
Delaware
|
AL (AP) Holding LLC
|
Delaware
|
AL (HCN) Holding LLC
|
Delaware
|
AL (MT) Holding LLC
|
Delaware
|
AL I/East Brunswick Senior Housing, LLC
|
Delaware
|
AL I/Glen Ellyn Senior Housing, LLC
|
Delaware
|
AL I/La Costa Senior Housing, LLC
|
Delaware
|
AL I/Naperville Senior Housing, LLC
|
Delaware
|
AL I/North Lynbrook Senior Housing, LLC
|
Delaware
|
AL I/Pinehurst Senior Housing, LLC
|
Delaware
|
AL I/Providence Senior Housing, LLC
|
Delaware
|
AL I/Richmond Senior Housing, LLC
|
Delaware
|
AL I/Stamford Senior Housing Living, LLC
|
Delaware
|
AL I/Woodcliff Lake Senior Housing, LLC
|
Delaware
|
AL III Investments, L.L.C.
|
Virginia
|
AL One Investments, LLC
|
Delaware
|
AL One PA Investments, LLC
|
Delaware
|
AL Subfunding II, LLC
|
Delaware
|
AL Subfunding LLC
|
Delaware
|
Albuquerque AL RE, L.P.
|
Delaware
|
Allison Park Nominee LLC
|
Delaware
|
Allison Park Nominee LP
|
Delaware
|
Amber Meadow Retirement Ltd.
|
British Columbia
|
American Retirement Villas Properties II, LP
|
California
|
American Retirement Villas Properties III, LP
|
California
|
Anchor Cogdell Covington, LLC
|
Kentucky
|
Anchor Cogdell Doylestown GP, LLC
|
Pennsylvania
|
Anchor Cogdell Doylestown LP
|
Pennsylvania
|
Anchor Cogdell Florence, LLC
|
Kentucky
|
Anchor Cogdell, LLC
|
Delaware
|
ARCHCT Cambr Dallas, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
ARHC HNSFDRI01, LLC
|
Delaware
|
ARHC HRCYCA001, LLC
|
Delaware
|
ARHC HRININ001, LLC
|
Delaware
|
ARHC HRONWI001, LLC
|
Delaware
|
ARHC HRWAWI001, LLC
|
Delaware
|
ARHC LHPLNTX01, LLC
|
Delaware
|
ARHC LMFTWIN01, LLC
|
Delaware
|
ARHC LPLLKFL01TRS, LLC
|
Delaware
|
ARHC LPLLKFL01, LLC
|
Delaware
|
ARHC LSSANTX01, LLC
|
Delaware
|
ARHC LVHVSAZ01, LLC
|
Delaware
|
ARHC MHHOUTX01, LLC
|
Delaware
|
ARHC MHMISIN01, LLC
|
Delaware
|
ARHC MHWYOMI01, LLC
|
Delaware
|
ARHC MMMINND01, LLC
|
Delaware
|
ARHC MNPERIL001, LLC
|
Delaware
|
ARHC NCRWDWV01, LLC
|
Delaware
|
ARHC NFTSEFL01, LLC
|
Delaware
|
ARHC NSALBNY01, LLC
|
Delaware
|
ARHC NSMARGA01, LLC
|
Delaware
|
ARHC NSMARGA02, LLC
|
Delaware
|
ARHC NVPHXAZ01, LLC
|
Delaware
|
ARHC OCCOOOR01 TRS, LLC
|
Delaware
|
ARHC OCCOOOR01, LLC
|
Delaware
|
ARHC ORCOOOR01 TRS, LLC
|
Delaware
|
ARHC ORCOOOR01, LLC
|
Delaware
|
ARHC ORODSTX001, LLC
|
Delaware
|
ARHC PCNWNGA01, LLC
|
Delaware
|
ARHC PHHBGPA01, LLC
|
Delaware
|
ARHC PPKLAOR01 TRS, LLC
|
Delaware
|
ARHC PPKLAOR01, LLC
|
Delaware
|
ARHC PPMOLOR01 TRS, LLC
|
Delaware
|
ARHC PPMOLOR01, LLC
|
Delaware
|
ARHC PVCLAOR01 TRS, LLC
|
Delaware
|
ARHC PVCLAOR01, LLC
|
Delaware
|
ARHC RCAURIL01, LLC
|
Delaware
|
ARHC RCAURIL02, LLC
|
Delaware
|
ARHC Restora Participant, LLC
|
Delaware
|
ARHC RGBLMWI01, LLC
|
Delaware
|
ARHC RHGARNC01, LLC
|
Delaware
|
ARHC RHMESAZ01, LLC
|
Delaware
|
ARHC RHSALOR01 TRS, LLC
|
Delaware
|
ARHC RHSALOR01, LLC
|
Delaware
|
ARHC RHSUNAZ01, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
ARHC BPBRMWA01 TRS, LLC
|
Delaware
|
ARHC BPBRMWA01, LLC
|
Delaware
|
ARHC ELEDMWA01 TRS, LLC
|
Delaware
|
ARHC ELEDMWA01, LLC
|
Delaware
|
ARHC VSHOUTX01, LLC
|
Delaware
|
ARHC AMOFLMO01, LLC
|
Delaware
|
ARHC AMOFLMO02, LLC
|
Delaware
|
ARHC LMFKNWI01, LLC
|
Delaware
|
ARHC LMGFDWI01, LLC
|
Delaware
|
ARHC NCWTNNY01, LLC
|
Delaware
|
ARHC WMSUNAZ01, LLC
|
Delaware
|
ARHC WMSUNAZ01 TRS, LLC
|
Delaware
|
ARHC WMABQNM01, LLC
|
Delaware
|
ARHC WMABQNM01 TRS, LLC
|
Delaware
|
ARHC AHKENWI01, LLC
|
Delaware
|
ARHC AHKENWI01 Member, LLC
|
Delaware
|
ASL Leasehold Sub, LLC
|
Delaware
|
Atria Collier Park, LLC
|
Delaware
|
Atria Lynnbrooke (Irvine), L.P.
|
Delaware
|
Atria Lynnbrooke G.P., L.L.C.
|
Delaware
|
Atria Meridian , LLC
|
Delaware
|
Atria Northgate Park, LLC
|
Delaware
|
Atria Shorehaven, LLC
|
Delaware
|
Atria Vista del Rio, LLC
|
Delaware
|
Atrium at Weston Place, LLC
|
Tennessee
|
Augusta Medical Partners, LLC
|
Georgia
|
Augusta Medical Plaza, LLC
|
Delaware
|
Augusta Professional Building, LLC
|
Delaware
|
Barclay Downs Associates, LP
|
North Carolina
|
BCC Altoona Realty GP, LLC
|
Delaware
|
BCC Altoona Realty, LLC
|
Delaware
|
BCC Altoona Realty, LP
|
Delaware
|
BCC Berwick Realty GP, LLC
|
Delaware
|
BCC Berwick Realty, LLC
|
Delaware
|
BCC Berwick Realty, LP
|
Delaware
|
BCC Lewistown Realty GP, LLC
|
Delaware
|
BCC Lewistown Realty, LLC
|
Delaware
|
BCC Lewistown Realty, LP
|
Delaware
|
BCC Martinsburg Realty, LLC
|
Delaware
|
BCC Medina Realty, LLC
|
Delaware
|
BCC Mid Valley Operations, LLC
|
Delaware
|
BCC Ontario Realty, LLC
|
Delaware
|
BCC Reading Realty GP, LLC
|
Delaware
|
BCC Reading Realty, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
BCC Reading Realty, LP
|
Delaware
|
BCC Shippensburg Realty, LLC
|
Delaware
|
BCC State College Realty GP, LLC
|
Delaware
|
BCC State College Realty, LLC
|
Delaware
|
BCC State College Realty, LP
|
Delaware
|
BCC Washington Township Realty, LLC
|
Delaware
|
Beaufort Medical Plaza, LLC
|
South Carolina
|
Bedford AL RE, Ltd.
|
Texas
|
BLC of California – San Marcos, L.P.
|
Delaware
|
Bloomsburg Nominee LLC
|
Delaware
|
Bloomsburg Nominee LP
|
Delaware
|
Bonney Lake MOB Investors LLC
|
Washington
|
Brandon MOB Investors, LLC
|
Mississippi
|
Brandon Retirement Group Ltd.
|
British Columbia
|
Brookdale Holdings, LLC
|
Delaware
|
Brookdale Living Communities of Arizona-EM, LLC
|
Delaware
|
Brookdale Living Communities of California, LLC
|
Delaware
|
Brookdale Living Communities of California-RC, LLC
|
Delaware
|
Brookdale Living Communities of California-San Marcos, LLC
|
Delaware
|
Brookdale Living Communities of Connecticut, LLC
|
Delaware
|
Brookdale Living Communities of Florida-CL, LLC
|
Delaware
|
Brookdale Living Communities of Illinois-2960, LLC
|
Delaware
|
Brookdale Living Communities of Illinois-HV, LLC
|
Delaware
|
Brookdale Living Communities of Illinois-II, LLC
|
Delaware
|
Brookdale Living Communities of Massachusetts-RB, LLC
|
Delaware
|
Brookdale Living Communities of Minnesota, LLC
|
Delaware
|
Brookdale Living Communities of New Jersey, LLC
|
Delaware
|
Brookdale Living Communities of New York-GB, LLC
|
Delaware
|
Brookdale Living Communities of Washington-PP, LLC
|
Delaware
|
Brunswick MOB, LLC
|
Georgia
|
BSG CS, LLC (f/k/a BSG Erdman, LLC)
|
Wisconsin
|
Buffalo Grove ACC, LLC
|
Delaware
|
Burlington Retirement Group Ltd.
|
British Columbia
|
Cabarrus Medical Partners, LP
|
North Carolina
|
Cabarrus POB, LP
|
North Carolina
|
Calgarian Retirement Group II Ltd.
|
British Columbia
|
Cambridge Development, L.L.C.
|
New York
|
Canyon Meadows Retirement Ltd.
|
British Columbia
|
Carolina Forest Plaza, LLC
|
South Carolina
|
Carroll Medical Office Associates, LLC
|
Delaware
|
Carroll Medical Office Holdings, LLC
|
Delaware
|
Carrollwood Assisted Living, Ltd.
|
Texas
|
Casper Wyoming Hospital, LLC
|
Delaware
|
Chippewa Nominee LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Chippewa Nominee LP
|
Delaware
|
Clackamas Woods Assisted Living, LLC
|
Oregon
|
Clayton County AL RE, L.P.
|
Delaware
|
Cobb County AL RE, L.P.
|
Delaware
|
Cogdell Cleveland Rehab, L.P.
|
Ohio
|
Cogdell Duluth MOB, LLC
|
Minnesota
|
Cogdell Health Campus MOB, LP
|
Pennsylvania
|
Cogdell Investors (Birkdale II), LP
|
North Carolina
|
Cogdell Investors (Birkdale), LP
|
North Carolina
|
Cogdell Investors (Mallard), LP
|
North Carolina
|
Cogdell Investors (OSS), LP
|
North Carolina
|
Cogdell Lancaster Rehab, LP
|
Pennsylvania
|
Cogdell Spencer Advisors Management, LLC
|
Delaware
|
Cogdell Spencer Advisors, LLC
|
Delaware
|
Cogdell Spencer LP
|
Delaware
|
Cogdell Spencer TRS Holdings, LLC
|
Delaware
|
Colleton Medical Arts, LLC
|
Delaware
|
Collwood Knolls
|
California
|
Collwood Knolls Acquisition L.L.C.
|
Delaware
|
Columbia Medical Plaza, LLC
|
Delaware
|
Consera BSD, LLC
|
Delaware
|
Consera Healthcare Real Estate LLC
|
South Carolina
|
Copperfield MOB, LP
|
North Carolina
|
CPH MOB, LLC
|
Delaware
|
Cranford Development, LLC
|
Delaware
|
Crimson Dorset Limited
|
United Kingdom
|
Crimson Dorset Properties Limited
|
United Kingdom
|
Crystal View Lodge Ltd.
|
British Columbia
|
CS Business Trust I
|
Maryland
|
CS Business Trust II
|
Maryland
|
CSA Medical Partners Management, LLC
|
Delaware
|
Dillsburg Nominee LLC
|
Delaware
|
Dillsburg Nominee LP
|
Delaware
|
DV Greenville MOB LLC
|
Delaware
|
DV Parker II MOB LLC
|
Delaware
|
EA-BSB 2, L.L.C.
|
Delaware
|
East Houston Medical Plaza, LLC
|
Delaware
|
East Houston MOB, LLC
|
Delaware
|
East Jefferson Medical Office Building Limited Partnership
|
Louisiana
|
East Jefferson Medical Plaza, LLC
|
Louisiana
|
East Jefferson Medical Specialty Building
|
Louisiana
|
East Rocky Mount Kidney Center Associates, LP
|
North Carolina
|
EC Halcyon Realty, LLC
|
Delaware
|
EC Hamilton Place Realty, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
EC Jackson Realty, LLC
|
Delaware
|
EC Knoxville Realty, LLC
|
Delaware
|
EC Lebanon Realty, LLC
|
Delaware
|
EC Martinez Realty, LLC
|
Delaware
|
EC Muncie Realty, LLC
|
Delaware
|
EC Roswell Realty, LLC
|
Delaware
|
EC Timberlin Parc Realty, LLC
|
Delaware
|
Edmonton Retirement Group Ltd.
|
British Columbia
|
Elder Healthcare Developers, LLC
|
Georgia
|
ElderTrust
|
Maryland
|
ESL Holdings, LLC
|
Delaware
|
ET Belvedere Finance, L.L.C.
|
Delaware
|
ET Berkshire, LLC
|
Delaware
|
ET Capital Corp.
|
Delaware
|
ET DCMH Finance, L.L.C.
|
Delaware
|
ET GENPAR, L.L.C
|
Delaware
|
ET Lehigh, LLC
|
Delaware
|
ET Pennsburg Finance, L.L.C.
|
Delaware
|
ET POBI Finance, L.L.C.
|
Delaware
|
ET Sanatoga, LLC
|
Delaware
|
ET Sub-Belvedere Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-Berkshire Limited Partnership
|
Delaware
|
ET Sub-DCMH Limited Partnership, L.L.P
|
Virginia
|
ET Sub-Heritage Woods, L.L.C.
|
Delaware
|
ET Sub-Highgate, L.P.
|
Pennsylvania
|
ET Sub-Lehigh Limited Partnership
|
Delaware
|
ET Sub-Lopatcong, L.L.C.
|
Delaware
|
ET Sub-Pennsburg Manor Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-POB I Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-Sanatoga Limited Partnership
|
Delaware
|
ET Sub-Wayne I Limited Partnership, L.L.P.
|
Virginia
|
ET Wayne Finance, L.L.C.
|
Delaware
|
Facility at Tanasbourne JV1, LLC
|
Delaware
|
Fair Oak Assisted Living L.L.C.
|
Delaware
|
Florence Realty, LLC
|
Delaware
|
Franciscan Development Company, LLC
|
North Carolina
|
Fredericton Retirement Group Ltd.
|
British Columbia
|
Gaston MOB, LP
|
North Carolina
|
Good Sam MOB Investors, LLC
|
Washington
|
Grandview MOB, LLC
|
Delaware
|
Grayslake MOB, LLC
|
Delaware
|
Greenville MOB Owners LLC
|
Delaware
|
Gurnee ACC, LLC
|
Delaware
|
Gurnee Centre Club, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Gurnee Imaging Center, LLC
|
Delaware
|
Hamilton Retirement Group Ltd.
|
British Columbia
|
Hanover MOB, LLC
|
Virginia
|
Harrisburg Medical Clinic, LP
|
North Carolina
|
Health Park MOB, LLC
|
Tennessee
|
Hendersonville Nominee LLC
|
Delaware
|
Hendersonville Nominee LP
|
Delaware
|
Hendersonville Realty, LLC
|
Delaware
|
Henrico MOB, LLC
|
Delaware
|
Hillhaven Properties, LLC (formerly Hillhaven Properties, LTD, an Oregon LTD)
|
Delaware
|
HMOB Associates, L.P.
|
South Carolina
|
HPSMLD Limited Liability Company
|
Wisconsin
|
HRI Coral Springs, LLC
|
Delaware
|
HRI Tamarac, LLC
|
Delaware
|
HVMLD Limited Liability Company
|
Wisconsin
|
Indianapolis MOB, LLC
|
Indiana
|
IPC (AP) Holding LLC
|
Delaware
|
IPC (HCN) Holding LLC
|
Delaware
|
IPC (MT) Holding LLC
|
Delaware
|
J Hal Smith Building POB, LLC
|
Delaware
|
Jensen Construction Management, Inc.
|
California
|
JER/NHP Management Texas, LLC
|
Texas
|
JER/NHP Senior Housing, LLC
|
Delaware
|
JER/NHP Senior Living Acquisition, LLC
|
Delaware
|
JER/NHP Senior Living Kansas, Inc.
|
Kansas
|
JER/NHP Senior Living Kansas, LLC
|
Delaware
|
JER/NHP Senior Living Texas, L.P.
|
Texas
|
JHL Associates, LLC
|
South Carolina
|
JJS Properties, Inc.
|
Delaware
|
Karrington of Park Ridge L.L.C.
|
Ohio
|
Kentwood AL RE Limited Partnership
|
Delaware
|
Kew Gardens Senior Development, LLC
|
New York
|
Kingsport Nominee LLC
|
Delaware
|
Kingsport Nominee LP
|
Delaware
|
Kingston Retirement Group Ltd.
|
British Columbia
|
Knoxville Nominee LLC
|
Delaware
|
Knoxville Nominee LP
|
Delaware
|
KS01 Series B Owner, LLC
|
Delaware
|
KS02 Series B Owner, LLC
|
Delaware
|
Lakeside POB 1, LLC
|
Delaware
|
Lakeside POB 2, LLC
|
Delaware
|
Lakeview Medical Office Building, LLC
|
Delaware
|
Lakeview Medical Plaza, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Lakeview Surgery Center, LLC
|
Delaware
|
Larkfield Gardens Associates, L.P.
|
New York
|
LBS Limited Partnership
|
Wisconsin
|
Lebanon Nominee LLC
|
Delaware
|
Lebanon Nominee LP
|
Delaware
|
Lethbridge Retirement Group Ltd.
|
British Columbia
|
Lewisburg Nominee LLC
|
Delaware
|
Lewisburg Nominee LP
|
Delaware
|
Lexington MOB, LLC
|
South Carolina
|
LHP B LP Partner, LLC
|
Delaware
|
LHP B Trust
|
Maryland
|
LHP B Trust, LLC
|
Delaware
|
LHP B Trust, LP
|
Delaware
|
LHPT Appleton AHI, LLC
|
Delaware
|
LHPT Appleton MO South, LLC
|
Delaware
|
LHPT Appleton MO West, LLC
|
Delaware
|
LHPT Ascension Round Rock GP, LLC
|
Delaware
|
LHPT Ascension Round Rock LP
|
Delaware
|
LHPT Birmingham THE, LLC
|
Delaware
|
LHPT Birmingham, LLC
|
Delaware
|
LHPT Columbus II THE, LLC
|
Delaware
|
LHPT Columbus THE, LLC
|
Delaware
|
LHPT Columbus, LLC
|
Delaware
|
LHPT DC GP, LLC
|
Delaware
|
LHPT DC THE, LP
|
Delaware
|
LHPT Decatur II, LLC
|
Delaware
|
LHPT Decatur, LLC
|
Delaware
|
LHPT Holdings II, LLC
|
Delaware
|
LHPT LilliCal, LLC
|
Delaware
|
LHPT LP Partners, LLC
|
Delaware
|
LHPT TCMC Aylward, LLC
|
Delaware
|
LHPT TCMC Pavilion, LLC
|
Delaware
|
LHRET 191, LLC
|
Delaware
|
LHRET Anderson, LLC
|
Delaware
|
LHRET Ascension Austin II, LP
|
Delaware
|
LHRET Ascension Austin Partner GP, LLC
|
Delaware
|
LHRET Ascension Austin Partner II GP, LLC
|
Delaware
|
LHRET Ascension Austin, L.P.
|
Delaware
|
LHRET Ascension KC, LLC
|
Delaware
|
LHRET Ascension Michigan, LLC
|
Delaware
|
LHRET Ascension SJ, LLC
|
Delaware
|
LHRET Ascension SV, LLC
|
Delaware
|
LHRET Ascension SW Michigan, LLC
|
Delaware
|
LHRET Ascension, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
LHRET CSM, LLC
|
Delaware
|
LHRET Hershey II, LLC
|
Delaware
|
LHRET Hershey, L.P.
|
Delaware
|
LHRET Hershey, LLC
|
Delaware
|
LHRET Lafayette, LLC
|
Delaware
|
LHRET LHT, LLC
|
Delaware
|
LHRET Michigan Land, LLC
|
Delaware
|
LHRET Michigan THE, LLC
|
Delaware
|
LHRET Michigan, LLC
|
Delaware
|
LHRET Partner, LLC
|
Delaware
|
LHRET Reading I, LLC
|
Delaware
|
LHRET Reading II, LLC
|
Delaware
|
LHRET Reading, L.P.
|
Delaware
|
LHRET Reading, LLC
|
Delaware
|
LHRET St. Louis THE, LLC
|
Delaware
|
LHRET St. Louis, LLC
|
Delaware
|
LHRET Wheat Ridge, LLC
|
Delaware
|
LHT Beech Grove LLC
|
Delaware
|
LHT Phoenix, LLC
|
Delaware
|
Libertyville Centre Club, LLC
|
Delaware
|
Lillibridge Facilities Development, Inc.
|
Delaware
|
Lillibridge Healthcare Properties Trust
|
Maryland
|
Lillibridge Healthcare Properties Trust, L.P.
|
Delaware
|
Lillibridge Healthcare Properties Trust, LLC
|
Delaware
|
Lillibridge Healthcare Real Estate Trust
|
Maryland
|
Lillibridge Healthcare Real Estate Trust, L.P.
|
Delaware
|
Lillibridge Healthcare Services II, Inc.(f/k/a Cogdell Spencer Erdman Management Company)
|
North Carolina
|
Lillibridge Healthcare Services, Inc.
|
Illinois
|
LilliCal, LLC
|
Delaware
|
Lima Nominee LLC
|
Delaware
|
Lima Nominee LP
|
Delaware
|
LO Limited Partnership
|
Wisconsin
|
Loyalsock Nominee LLC
|
Delaware
|
Loyalsock Nominee LP
|
Delaware
|
LTMLD Limited Liability Company
|
Wisconsin
|
MAB Parent LLC
|
Delaware
|
Madison MOB Investors, LLC
|
Mississippi
|
Mansfield MOB, LLC
|
Delaware
|
Marland Place Associates Limited Partnership
|
Massachusetts
|
Mary Black Westside Medical Park I Limited Partnership
|
South Carolina
|
McShane/NHP JV, LLC
|
Delaware
|
Medical Arts Courtyard, LLC
|
Delaware
|
Medical Investors I, LP
|
North Carolina
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Medical Investors III, LP
|
South Carolina
|
Medical Park Three Limited Partnership
|
South Carolina
|
Minot Avenue Realty, LLC
|
Maine
|
Missoula Senior Housing Facility, LLC
|
Oregon
|
MLD Banning Investment, LLC
|
California
|
MLD Delaware Trust
|
Delaware
|
MLD Financial Capital Corporation
|
Delaware
|
MLD MOB Indiana, LLC
|
Delaware
|
MLD Properties II, Inc.
|
Delaware
|
MLD Properties Limited Partnership
|
Delaware
|
MLD Properties, Inc.
|
Delaware
|
MLD Properties, LLC
|
Delaware
|
MLD Shelton Investors Partnership
|
California
|
MLD Texas Corporation
|
Texas
|
MLD Wisconsin ALF, Inc.
|
Delaware
|
MLD Wisconsin SNF, Inc.
|
Delaware
|
Montreal Retirement Group Ltd.
|
British Columbia
|
MS Barrington SH, LLC
|
Delaware
|
MS Bon Air SH, LLC
|
Delaware
|
MS Carmichael SH, LP
|
Delaware
|
MS Cascade SH, LLC
|
Delaware
|
MS Chandler SH, LLC
|
Delaware
|
MS Cinco Ranch SH, LLC
|
Delaware
|
MS Fort Worth SH, LLC
|
Delaware
|
MS Frisco SH, LLC
|
Delaware
|
MS Holladay SH, LLC
|
Delaware
|
MS Jackson SH, LLC
|
Delaware
|
MS Jacksonville SH, LLC
|
Delaware
|
MS Leawood SH, LLC
|
Delaware
|
MS Lower Makefield SH, LLC
|
Delaware
|
MS Old Meridian SH, LLC
|
Delaware
|
MS Overland Park SH, LLC
|
Delaware
|
MS River Road SH, LLC
|
Delaware
|
Mulberry Estates Ltd.
|
British Columbia
|
Mulberry Medical Park Limited Partnership
|
North Carolina
|
Nationwide ALF, Inc.
|
Delaware
|
Nationwide ALF-Pensacola, LLC
|
Delaware
|
Nationwide Careage San Jose Partnership
|
California
|
Nationwide Health Properties - Kansas II, Inc.
|
Delaware
|
Nationwide Health Properties Finance Corporation
|
Delaware
|
Nationwide Health Properties, LLC
|
Delaware
|
Nationwide Health Properties-Kansas, Inc.
|
Kansas
|
New Portland Road Realty, LLC
|
Maine
|
NH Texas Properties Limited Partnership
|
Texas
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
NHP Bedford G.P., LLC
|
Texas
|
NHP Brownstown, LLC
|
Delaware
|
NHP Carillon, LLC
|
Delaware
|
NHP Centereach, LLC
|
Delaware
|
NHP GP LLC
|
Delaware
|
NHP Heritage Club, LLC
|
Colorado
|
NHP Houston MOB LLC
|
Delaware
|
NHP HS Holding, Inc.
|
Texas
|
NHP Huntsville MOB LLC
|
Delaware
|
NHP Kingston Business Trust
|
Massachusetts
|
NHP Madison, LLC
|
New York
|
NHP Mass Realty, LLC
|
Delaware
|
NHP Master RE G.P., LLC
|
Delaware
|
NHP McClain, LLC
|
Delaware
|
NHP Operating Partnership L.P.
|
Delaware
|
NHP Properties Business Trust
|
Massachusetts
|
NHP SB 399-401 East Highland, LLC
|
Delaware
|
NHP SCC, LLC
|
Delaware
|
NHP Secured, Inc.
|
California
|
NHP Senior Indiana, LLC
|
Delaware
|
NHP SH Alabama, LLC
|
Delaware
|
NHP SH Florida, LLC
|
Delaware
|
NHP SH Georgia, LLC
|
Delaware
|
NHP SH Mississippi, LLC
|
Delaware
|
NHP SH Oklahoma, LLC
|
Delaware
|
NHP SH Pennsylvania, LLC
|
Delaware
|
NHP SH South Carolina I, LLC
|
Delaware
|
NHP SH Tennessee, LLC
|
Delaware
|
NHP SH Virginia, LLC
|
Delaware
|
NHP Springfield Business Trust
|
Massachusetts
|
NHP St. Francis, LLC
|
Delaware
|
NHP Trisun, LLC
|
Delaware
|
NHP Tucson Health Care Associates Limited Partnership
|
Delaware
|
NHP Veritas FL, LLC
|
Delaware
|
NHP Villas, Inc.
|
California
|
NHP Washington ALF, LLC
|
Delaware
|
NHP WI Denmark, LLC
|
Delaware
|
NHP WI Franklin, LLC
|
Delaware
|
NHP WI Green Bay, LLC
|
Delaware
|
NHP WI Kenosha, LLC
|
Delaware
|
NHP WI Madison, LLC
|
Delaware
|
NHP WI Manitowoc, LLC
|
Delaware
|
NHP WI McFarland, LLC
|
Delaware
|
NHP WI Menomonee Falls, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
NHP WI Racine, LLC
|
Delaware
|
NHP WI Rapids, LLC
|
Delaware
|
NHP WI Sheboygan, LLC
|
Delaware
|
NHP WI Stevens Point, LLC
|
Delaware
|
NHP WI Stoughton, LLC
|
Delaware
|
NHP WI Two Rivers, LLC
|
Delaware
|
NHP WI Wausau, LLC
|
Delaware
|
NHP Wisconsin Development LLC
|
Wisconsin
|
NHP Wisconsin II, LLC
|
Delaware
|
NHP/Broe II, LLC
|
Delaware
|
NHP/Broe, LLC
|
Delaware
|
NHP/McShane SAMC, LLC
|
Delaware
|
NHP/Nexcore Irmo, LLC
|
Delaware
|
NHP/PMB Burbank Medical Plaza I, LLC
|
Delaware
|
NHP/PMB Burbank Medical Plaza II, LLC
|
Delaware
|
NHP/PMB Chula Vista, LLC
|
Delaware
|
NHP/PMB Del E. Webb Medical Plaza, LLC
|
Delaware
|
NHP/PMB Eden Medical Plaza, LLC
|
Delaware
|
NHP/PMB Gilbert LLC
|
Delaware
|
NHP/PMB GP LLC
|
Delaware
|
NHP/PMB Kenneth E. Watts Medical Plaza, LLC
|
Delaware
|
NHP/PMB L.P.
|
Delaware
|
NHP/PMB Mission Viejo, LLC
|
Delaware
|
NHP/PMB Orange, LLC
|
Delaware
|
NHP/PMB Pasadena LLC
|
Delaware
|
NHP/PMB Pomerado, LLC
|
Delaware
|
NHP/PMB Pomona, LLC
|
Delaware
|
NHP/PMB San Gabriel Valley Medical Plaza, LLC
|
Delaware
|
NHP/PMB Santa Clarita Valley Medical Plaza, LLC
|
Delaware
|
NHP/PMB St. Francis Lynwood Medical Plaza, LLC
|
Delaware
|
NHP/PMB Tuality 7th Avenue Medical Plaza, LLC
|
Delaware
|
NHP/PMBRES LLC
|
Delaware
|
NHPCO Wisconsin Lender, LLC
|
Delaware
|
NHPCO Wisconsin, LLC
|
Delaware
|
NHP-Cobb Physicians Center, LLC
|
Delaware
|
NHP-Parkway Physicians Center, LLC
|
Delaware
|
Niagara Falls Retirement Group Ltd.
|
British Columbia
|
North Shore MOB #1, LLC
|
Delaware
|
North Shore MOB #2, LLC
|
Delaware
|
NV Briargate MOB LLC
|
Delaware
|
NV Broadway MOB LLC
|
Delaware
|
NV Gateway MOB LP
|
Delaware
|
NV GVR MOB LLC
|
Delaware
|
NV HFH MOB LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
NV Knightdale MOB LLC
|
Delaware
|
NV NB MOB LP
|
Delaware
|
NV NBHQ LP
|
Delaware
|
NV Potomac MOB LLC
|
Delaware
|
NV Printers Park MOB LLC
|
Delaware
|
NV Solano MOB LP
|
Delaware
|
NV Vaca Valley MOB LP
|
Delaware
|
OHT Limited Partnership
|
Wisconsin
|
Orangeburg Medical Office Building
|
South Carolina
|
Ottawa Retirement Group Ltd.
|
British Columbia
|
Parker II MOB Owners LLC
|
Delaware
|
Parkridge MOB, LLC
|
South Carolina
|
PDP Castro Valley #2 LLC
|
Delaware
|
PDP Mission Hills 1 LLC
|
Delaware
|
Peerless MOB, LLC
|
Tennessee
|
Peterborough Retirement Group Ltd.
|
British Columbia
|
PKR Associates LLC
|
Pennsylvania
|
PMB Real Estate Services LLC
|
Delaware
|
PMB Vancouver 601 Physicians Pavilion LLC
|
Delaware
|
PMB Vancouver 602 Admin LLC
|
Delaware
|
PMB Vancouver 603 MedCtr Physicians LLC
|
Delaware
|
PMB Vancouver 604 Memorial MOB LLC
|
Delaware
|
PMB Vancouver 605 Salmon Creek LLC
|
Delaware
|
PMB Vancouver 606 Fisher's Landing LLC
|
Delaware
|
PMB Vancouver 607 Healthy Steps LLC
|
Delaware
|
PMB/NHP Vancouver Partners LLC
|
Delaware
|
PMOB, LLC
|
South Carolina
|
PPMII Limited Partnership
|
Minnesota
|
Primrose Chateau Retirement Ltd.
|
British Columbia
|
Prince George Retirement Group Ltd.
|
British Columbia
|
Prometheus Fund Alternative Partnership L.P.
|
Delaware
|
Prometheus Fund Coinvestment Partnership I LP
|
Delaware
|
Prometheus Fund II Alternative Partnership L.P.
|
Delaware
|
Prometheus Fund Senior Housing Partners LP
|
Delaware
|
Prometheus Fund Strategic Realty Investors II L.P.
|
Delaware
|
Prometheus Funds GP, LLC
|
Delaware
|
Prometheus Leasehold Parent, LLC
|
Delaware
|
Prometheus Senior Quarters LLC
|
Delaware
|
PSLT GP, LLC
|
Delaware
|
PSLT OP, L.P.
|
Delaware
|
PSLT-ALS Properties Holdings, LLC
|
Delaware
|
PSLT-ALS Properties I, LLC
|
Delaware
|
PSLT-ALS Properties II, LLC
|
Delaware
|
PSLT-ALS Properties III, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
PSLT-ALS Properties IV, LLC
|
Delaware
|
PSLT-BLC Properties Holdings, LLC
|
Delaware
|
Red Deer Retirement Group Ltd.
|
British Columbia
|
Regina Retirement Group Ltd.
|
British Columbia
|
Retirement Inns II, LLC
|
Delaware
|
Retirement Inns III, LLC
|
Delaware
|
River Hills Medical Associates, LLC
|
South Carolina
|
River Oaks Partners
|
Illinois
|
Riverdale Development, LLC
|
New York
|
RLJ Corp.
|
Massachusetts
|
Rocky Mount Kidney Center Associates
|
North Carolina
|
Rocky Mount Medical Park Limited Partnership
|
North Carolina
|
Roper MOB, LLC
|
South Carolina
|
Round Lake ACC, LLC
|
Delaware
|
Rowan OSC Investors, LP
|
North Carolina
|
RSP, Inc.
|
Massachusetts
|
Sagamore Hills Nominee LLC
|
Delaware
|
Sagamore Hills Nominee LP
|
Delaware
|
Saint John Retirement Group Ltd.
|
British Columbia
|
Saxonburg Nominee LLC
|
Delaware
|
Saxonburg Nominee LP
|
Delaware
|
SC EC Master Tenant, LLC
|
Delaware
|
Senior Care, Inc.
|
Delaware
|
Senior Quarters Operating Corp.
|
New York
|
Shippensburg Realty Holdings, LLC
|
Delaware
|
Springs at Clackamas Woods, LLC
|
Oregon
|
St. Albert Retirement Group Ltd.
|
British Columbia
|
St. Catharines Retirement Group Ltd.
|
British Columbia
|
St. Cloud MOB, LLC
|
Minnesota
|
St. Francis Community MOB, LLC
|
South Carolina
|
St. Francis Medical Plaza, LLC
|
South Carolina
|
St. Mary's Investors, LLC
|
Virginia
|
Steger Retirement Group Ltd.
|
British Columbia
|
Stratford Development, LLC
|
New York
|
Stripe II, LLC
|
Delaware
|
Stripe Sub, LLC
|
Delaware
|
SW Louisiana Professional Office Building, LLC
|
Delaware
|
Syracuse MOB SPE, LLC
|
Delaware
|
Syracuse MOB, LLC
|
New York
|
SZR Abington Assisted Living, L.L.C.
|
Pennsylvania
|
SZR Acquisitions, LLC
|
Delaware
|
SZR Arlington, MA Assisted Living, L.L.C.
|
Virginia
|
SZR Aurora GP Inc.
|
Ontario, Canada
|
SZR Aurora Inc.
|
Ontario, Canada
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
SZR Aurora, LP
|
Ontario, Canada
|
SZR Barrington, LLC
|
Delaware
|
SZR Bloomfield Senior Living, LLC
|
Delaware
|
SZR Bloomingdale Assisted Living, L.L.C.
|
Illinois
|
SZR Blue Bell Assisted Living Limited Partnership
|
Pennsylvania
|
SZR Bon Air, LLC
|
Delaware
|
SZR Buffalo Grove Assisted Living, L.L.C.
|
Illinois
|
SZR Burlington Inc.
|
Ontario, Canada
|
SZR Carmichael, LLC
|
Delaware
|
SZR Cascade, LLC
|
Delaware
|
SZR Chandler, LLC
|
Delaware
|
SZR Cherry Creek Senior Living, LLC
|
Delaware
|
SZR Cinco Ranch, LLC
|
Delaware
|
SZR Columbia LLC
|
Delaware
|
SZR Cuyahoga Falls Senior Living, LLC
|
Delaware
|
SZR East Cobb Assisted Living Limited Partnership
|
Georgia
|
SZR Edina Assisted Living, L.L.C.
|
Minnesota
|
SZR Erin Mills GP Inc.
|
Ontario, Canada
|
SZR Erin Mills Inc.
|
Ontario, Canada
|
SZR Erin Mills, LP
|
Ontario, Canada
|
SZR First Assisted Living Holdings, LLC
|
Delaware
|
SZR Fleetwood A.L., L.L.C.
|
New York
|
SZR Fort Worth, LLC
|
Delaware
|
SZR Frisco, LLC
|
Delaware
|
SZR Granite Run Assisted Living, L.L.C.
|
Pennsylvania
|
SZR Haverford Assisted Living, L.L.C.
|
Pennsylvania
|
SZR Hillcrest Senior Living, LLC
|
Delaware
|
SZR Holladay, LLC
|
Delaware
|
SZR Huntcliff Assisted Living Limited Partnership
|
Georgia
|
SZR Ivey Ridge Assisted Living Limited Partnership
|
Georgia
|
SZR Jackson, LLC
|
Delaware
|
SZR Jacksonville, LLC
|
Delaware
|
SZR Leawood, LLC
|
Delaware
|
SZR Lincoln Park LLC
|
Delaware
|
SZR Lower Makefield, LLC
|
Delaware
|
SZR Markham Inc.
|
Ontario, Canada
|
SZR Mission Viejo Assisted Living, L.L.C.
|
Virginia
|
SZR Mississauga Inc.
|
Ontario, Canada
|
SZR Morris Plains Assisted Living, L.L.C.
|
New Jersey
|
SZR New City Senior Living, LLC
|
Delaware
|
SZR North Ann Arbor Senior Living, LLC
|
Delaware
|
SZR North Hills LLC
|
Delaware
|
SZR North York GP Inc.
|
Ontario, Canada
|
SZR North York Inc.
|
Ontario, Canada
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
SZR Northville Assisted Living, L.L.C.
|
Michigan
|
SZR Norwood LLC
|
Delaware
|
SZR Oakville Inc.
|
Ontario, Canada
|
SZR of Alexandria Assisted Living, L.P.
|
Virginia
|
SZR of North York, LP
|
Ontario, Canada
|
SZR Old Meridian, LLC
|
Delaware
|
SZR Old Tappan Assisted Living, L.L.C.
|
New Jersey
|
SZR Orchard AL, L.L.C.
|
Colorado
|
SZR Overland Park, LLC
|
Delaware
|
SZR Pacific Palisades Assisted Living, L.P.
|
California
|
SZR Palos Park, LLC
|
Virginia
|
SZR Parma Assisted Living, L.L.C.
|
Virginia
|
SZR Richmond Hill Inc.
|
Ontario, Canada
|
SZR River Road, LLC
|
Delaware
|
SZR Riverside Assisted Living, L.P.
|
California
|
SZR Rochester Assisted Living, LLC
|
Delaware
|
SZR Rocklin Senior Living, LLC
|
Delaware
|
SZR Rockville LLC
|
Delaware
|
SZR San Mateo LLC
|
Delaware
|
SZR Sandy Senior Living, LLC
|
Delaware
|
SZR Scottsdale, LLC
|
Delaware
|
SZR Second Assisted Living Holdings, LLC
|
Delaware
|
SZR Second Baton Rouge Assisted Living, L.L.C.
|
Louisiana
|
SZR Second Westminister Assisted Living, L.L.C.
|
Colorado
|
SZR Smithtown A.L., L.L.C.
|
New York
|
SZR Springfield Assisted Living, L.L.C.
|
Virginia
|
SZR Staten Island SL, L.L.C.
|
New York
|
SZR Sterling Canyon Assisted Living Limited Partnership
|
California
|
SZR Troy Assisted Living, L.L.C.
|
Michigan
|
SZR US Investments, LLC
|
Delaware
|
SZR US UPREIT Three, LLC
|
Delaware
|
SZR US UPREIT, LLC
|
Delaware
|
SZR Wall Assisted Living, L.L.C.
|
New Jersey
|
SZR Wayne Assisted Living, L.L.C.
|
New Jersey
|
SZR Westfield Assisted Living, L.L.C.
|
New Jersey
|
SZR Westlake Village LLC
|
Delaware
|
SZR Willowbrook Annex LLC
|
Delaware
|
SZR Willowbrook LLC
|
Delaware
|
SZR Windsor Inc.
|
Ontario, Canada
|
SZR Yorba Linda LLC
|
Delaware
|
Tempe AL RE, L.P.
|
Delaware
|
The Arboretum I Limited Partnership
|
Wisconsin
|
The Arboretum II Limited Partnership
|
Wisconsin
|
The Ponds of Pembroke Limited Partnership
|
Illinois
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Ventas Carroll MOB, LLC
|
Delaware
|
Ventas Cascade Valley, LLC
|
Delaware
|
Ventas Casper Holdings, LLC
|
Delaware
|
Ventas Center MOB, LLC
|
Delaware
|
Ventas Cooperatief U.A.
|
The Netherlands
|
Ventas Copperfield Estates, LLC
|
Delaware
|
Ventas Crown Pointe, LLC
|
Delaware
|
Ventas CS, LLC (f/ka TH Merger Company, LLC)
|
Delaware
|
Ventas CW Finance, LLC
|
Delaware
|
Ventas Cypress Pointe, LP
|
Delaware
|
Ventas Dasco MOB Holdings, LLC
|
Delaware
|
Ventas Devonshire (Lenox), LLC
|
Delaware
|
Ventas Eagle Lake, LP
|
Delaware
|
Ventas East Lansing, LLC
|
Delaware
|
Ventas Edgewood, LLC (f/k/a Ventas Paradise Valley, LLC)
|
Delaware
|
Ventas EH Holdings, LLC (f/k/a Ventas Cal Sun LLC)
|
Delaware
|
Ventas Fairwood, LLC
|
Delaware
|
Ventas Finance Holdings I, LLC
|
Delaware
|
Ventas Flagstone, LLC
|
Delaware
|
Ventas Forest Pines, LLC
|
Delaware
|
Ventas Framingham, LLC
|
Delaware
|
Ventas Garden Square of Casper, LLC
|
Delaware
|
Ventas GC Rocky Mount, LP
|
Delaware
|
Ventas GC Zebulon, LP
|
Delaware
|
Ventas Georgetowne, LLC
|
Delaware
|
Ventas Grantor Trust #1
|
Delaware
|
Ventas Grantor Trust #2
|
Delaware
|
Ventas Harrison, LLC
|
Delaware
|
Ventas Hartland Hills, LLC (f/k/a Ventas Millcreek, LLC)
|
Delaware
|
Ventas Healthcare Properties, Inc.
|
Delaware
|
Ventas Healthcare Realty, LLC
|
Delaware
|
Ventas Highland Estates, LLC
|
Delaware
|
Ventas Highland Trail, LLC
|
Delaware
|
Ventas HOL Holdings, LLC
|
Delaware
|
Ventas JCM Holdings, Inc.
|
Delaware
|
Ventas Kittery Estates, LLC
|
Delaware
|
Ventas Lafayette, LLC
|
Delaware
|
Ventas Lakewood Estates, LLC
|
Delaware
|
Ventas Las Palmas, LLC
|
Delaware
|
Ventas LHRET, LLC
|
Delaware
|
Ventas Lincoln, LP
|
Delaware
|
Ventas LP Realty, L.L.C.
|
Delaware
|
Ventas Mansion at Waterford, LLC
|
Delaware
|
Ventas McLoughlin, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Ventas Meadowbrook Place, LLC
|
Delaware
|
Ventas Meadows Elk Grove, LP
|
Delaware
|
Ventas Mezz Finance Leesburg, LLC
|
Delaware
|
Ventas Mezz Lender, LLC
|
Delaware
|
Ventas MO Holdings, LLC
|
Delaware
|
Ventas MOB Holdings II, LLC
|
Delaware
|
Ventas MOB Holdings, LLC
|
Delaware
|
Ventas Monroe, LP
|
Delaware
|
Ventas MS Holdings, LLC
|
Delaware
|
Ventas MS, LLC
|
Delaware
|
Ventas BKD Finance, LLC (f/k/a Ventas Mustang Finance, LLC)
|
Delaware
|
Ventas Naples, LLC
|
Delaware
|
Ventas Nexcore Holdings, LLC
|
Delaware
|
Ventas NSG Finance, LLC
|
Delaware
|
Ventas NV GP LLC
|
Delaware
|
Ventas Oak Terrace, LP
|
Delaware
|
Ventas of Blackpool Limited
|
Jersey
|
Ventas of Farnham Limited
|
Jersey
|
Ventas of Hull Limited
|
Jersey
|
Ventas of Vancouver Limited
|
Jersey
|
Ventas Palms, LP
|
Delaware
|
Ventas Paradise Springs, LLC
|
Delaware
|
Ventas Pettigrew, LP
|
Delaware
|
Ventas Pheasant Ridge, LLC
|
Delaware
|
Ventas Plano, LLC
|
Delaware
|
Ventas Plaza MOB, LLC
|
Delaware
|
Ventas Polo Park, LLC
|
Delaware
|
Ventas Provident, LLC
|
Delaware
|
Ventas Raleigh Rehab, LP
|
Delaware
|
Ventas Raleigh, LLC
|
Delaware
|
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (f/k/a American Realty Capital Healthcare Trust Operating Partnership, L.P.)
|
Delaware
|
Ventas Realty Capital Healthcare Trust Sub REIT, LLC (f/k/a American Realty Capital Healthcare Trust Sub REIT, LLC)
|
Delaware
|
Ventas Realty, Limited Partnership
|
Delaware
|
Ventas Redwood, LP
|
Delaware
|
Ventas REIT US Holdings, LLC
|
Delaware
|
Ventas Rose Arbor, LLC
|
Delaware
|
Ventas Santa Barbara, LLC
|
Delaware
|
Ventas Savannah, LLC
|
Delaware
|
Ventas Senior Housing, LLC
|
Delaware
|
Ventas SH Holdings I, LLC
|
Delaware
|
Ventas Shasta Estates, LP
|
Delaware
|
Ventas Sierra Ridge, LP
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
Ventas Silas Creek, LP
|
Delaware
|
Ventas Skyline Place, LP
|
Delaware
|
Ventas SL Holdings II, LLC
|
Delaware
|
Ventas SL I, LLC
|
Delaware
|
Ventas SL II, LLC
|
Delaware
|
Ventas SL III, LLC
|
Delaware
|
Ventas Springs Holdings, LLC
|
Delaware
|
Ventas Springs JV, LLC
|
Delaware
|
Ventas SSL Beacon Hill, Inc.
|
Ontario, Canada
|
Ventas SSL Holdings, Inc.
|
Delaware
|
Ventas SSL Holdings, LLC
|
Delaware
|
Ventas SSL Lynn Valley, Inc.
|
Ontario, Canada
|
Ventas SSL Nova Scotia I, Corp.
|
Nova Scotia
|
Ventas SSL Ontario II, Inc.
|
Ontario, Canada
|
Ventas SSL Ontario III, Inc.
|
Ontario, Canada
|
Ventas SSL Vancouver, Inc.
|
Ontario, Canada
|
Ventas SSL, Inc.
|
Delaware
|
Ventas Sugar Valley (f/k/a Ventas Tucson, LLC)
|
Delaware
|
Ventas Sunnybrook, LP
|
Delaware
|
Ventas Tanasbourne, LLC
|
Delaware
|
Ventas TRS, LLC
|
Delaware
|
Ventas UK I, LLC
|
Delaware
|
Ventas UK II, LLC
|
Delaware
|
Ventas University MOB, LLC
|
Delaware
|
Ventas Valencia, LP
|
Delaware
|
Ventas Ventures, LLC
|
Delaware
|
Ventas West Shores, LLC
|
Delaware
|
Ventas Western Holdings, LLC (f/k/a Ventas Cottonbloom Holdings, LLC)
|
Delaware
|
Ventas Whispering Chase, LLC (f/k/a Ventas Peoria, LLC)
|
Delaware
|
Ventas White Bear, LLC
|
Delaware
|
Ventas White Oaks, LLC
|
Delaware
|
Ventas Whitehall Estates, LLC
|
Delaware
|
Ventas Willow Gardens, LLC
|
Delaware
|
Ventas Willow Grove, LP
|
Delaware
|
Ventas Woods at Canco, LLC
|
Delaware
|
Ventas, Inc.
|
Delaware
|
Verdugo Management, LLC
|
California
|
Verdugo MOB, LP
|
California
|
Vernon Hills ACC, LLC
|
Delaware
|
VG Aventura MOB, LLC
|
Delaware
|
Victoria Court Realty, LLC
|
Maine
|
Victorian Retirement Group II Ltd.
|
British Columbia
|
Victorian Retirement Group III Ltd.
|
British Columbia
|
Victorian Retirement Group Ltd.
|
British Columbia
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
VSCRE Holdings, LLC
|
Delaware
|
VTCC Carroll MOB, LLC
|
Delaware
|
VTR Alpharetta, LLC
|
Delaware
|
VTR Applewood, LLC
|
Delaware
|
VTR Arboretum, LLC
|
Delaware
|
VTR Ardsley, LLC
|
Delaware
|
VTR Assisted Living Virginia Beach, LLC
|
Delaware
|
VTR Assisted Living, Inc.
|
Delaware
|
VTR Austell, LLC
|
Delaware
|
VTR Avista MOB, LLC
|
Delaware
|
VTR Ballwin, LLC
|
Delaware
|
VTR Bandera Rehab, LLC
|
Delaware
|
VTR Barret Avenue MOB, LLC
|
Delaware
|
VTR Barrington POB Holdings, LLC
|
Delaware
|
VTR Baypoint Village, LLC
|
Delaware
|
VTR Bayshore, LLC
|
Delaware
|
VTR Bay Spring, LLC
|
Delaware
|
VTR Baytown, LLC
|
Delaware
|
VTR Bethlehem, LLC
|
Delaware
|
VTR Briarcliff Manor, LLC
|
Delaware
|
VTR Brodie Ranch, LLC
|
Delaware
|
VTR Buckhead, LLC
|
Georgia
|
VTR Burlingame, LP
|
California
|
VTR CA GP II, LLC
|
Delaware
|
VTR CAGP, LLC
|
Delaware
|
VTR Campana Del Rio, LLC
|
Delaware
|
VTR Canyon Springs, LLC
|
Delaware
|
VTR Carmichael Oaks Land, LLC
|
Delaware
|
VTR Carmichael Oaks, LP
|
Delaware
|
VTR Cedar Bayou, LLC
|
Delaware
|
VTR Center City, LLC
|
Delaware
|
VTR Chandler Villas, LP
|
California
|
VTR Chicago 93
rd
Street POB, LLC
|
Delaware
|
VTR Chico Assisted Living, LP
|
Delaware
|
VTR CO GP, LLC
|
Delaware
|
VTR Cobre Valley MOB, LLC
|
Delaware
|
VTR Countrywood, LP
|
Delaware
|
VTR Covell, LLC
|
California
|
VTR Covell, LP
|
Delaware
|
VTR Crossgate, LLC
|
Delaware
|
VTR Crown Point (Parker) MOB, LLC
|
Delaware
|
VTR Cutter Mill, LLC
|
Delaware
|
VTR CW GP, LLC
|
Delaware
|
VTR Daly City, LP
|
California
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
VTR Darien, LLC
|
Delaware
|
VTR Deer Valley MOB II, LLC
|
Delaware
|
VTR Deer Valley MOB III, LLC
|
Delaware
|
VTR Deer Valley Parking, LLC
|
Delaware
|
VTR Delmar Place, LLC
|
Delaware
|
VTR Desert Samaritan, LLC
|
Delaware
|
VTR DOB III MOB, LLC
|
Delaware
|
VTR Downers Grove POB Holdings, LLC
|
Delaware
|
VTR Durham GP, LLC
|
Delaware
|
VTR Durham, LP
|
Delaware
|
VTR Eberle MOB, LLC
|
Delaware
|
VTR Edwards MOB, LLC
|
Delaware
|
VTR Elizabethtown, LLC
|
Delaware
|
VTR Evergreen Woods, LLC
|
Delaware
|
VTR Falmouth, LLC
|
Delaware
|
VTR FM Texas Holdings GP, LLC
|
Delaware
|
VTR Forest Hills, LLC
|
Delaware
|
VTR Forest Lake, LLC
|
Delaware
|
VTR Forest Trace, LLC
|
Delaware
|
VTR FV, LLC
|
Delaware
|
VTR Garden Park GP, LLC
|
Delaware
|
VTR Garden Park, LP
|
Delaware
|
VTR Glen Cove, LLC
|
Delaware
|
VTR Golden Creek, Inc.
|
Delaware
|
VTR Grand Oaks GP, LLC
|
Delaware
|
VTR Grand Oaks, LP
|
Delaware
|
VTR Great Neck, LLC
|
Delaware
|
VTR Greece, LLC
|
Delaware
|
VTR Green Valley Assisted Living, LLC
|
Delaware
|
VTR Hazel Crest, LLC
|
Delaware
|
VTR Hearthstone East, LLC
|
Delaware
|
VTR Hearthstone West, LLC
|
Delaware
|
VTR Heritage LF, LLC
|
Delaware
|
VTR Hertlin House, LLC
|
Delaware
|
VTR Highland Crossing, LLC
|
Kentucky
|
VTR Hillcrest Inn GP, LLC
|
Delaware
|
VTR Hillcrest Inn, LP
|
Delaware
|
VTR Hillsdale, LLC
|
Delaware
|
VTR Hillsdale, LP
|
Delaware
|
VTR Hudson, LLC
|
Delaware
|
VTR Huntington, LLC
|
Delaware
|
VTR II Acquisition LLC
|
Delaware
|
VTR III Acquisition LLC
|
Delaware
|
VTR Jefferson Clinic MOB, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
VTR Johnson Ferry, LLC
|
Delaware
|
VTR Jupiter, LLC
|
Delaware
|
VTR Kennebunk, LLC
|
Delaware
|
VTR Kew Gardens LLC
|
New York
|
VTR Kinghaven, LLC
|
Delaware
|
VTR Lake Havasu Assisted Living, LLC
|
Delaware
|
VTR Lakewood, LLC
|
Delaware
|
VTR Lancaster Assisted Living, LP
|
Delaware
|
VTR Las Posas, LP
|
California
|
VTR Longmeadow Place, LLC
|
Delaware
|
VTR Lynbrook, LLC
|
Delaware
|
VTR Manresa , LLC
|
Delaware
|
VTR Manresa Business Trust
|
Maryland
|
VTR Marland Place II, LLC
|
Delaware
|
VTR Marland Place III, LLC
|
Delaware
|
VTR Marland Place, LLC
|
Delaware
|
VTR Marysville Assisted Living, LP
|
Delaware
|
VTR Merrywood, LLC
|
Delaware
|
VTR Mezz Guarantee LLC
|
Delaware
|
VTR Mezz II, LLC
|
Delaware
|
VTR Mezz III, LLC
|
Delaware
|
VTR Mezz LLC
|
Delaware
|
VTR Montego Heights, LP
|
California
|
VTR Mystic Park, LLC
|
Delaware
|
VTR NC GP, LLC
|
Delaware
|
VTR Nevada Assisted Living, Inc.
|
Nevada
|
VTR Newburgh, LLC
|
Delaware
|
VTR Northeast Holdings, LLC
|
Delaware
|
VTR Northport Development, LLC
|
New York
|
VTR Oak Knoll Land, LLC
|
Delaware
|
VTR Oak Knoll, LP
|
Delaware
|
VTR Oak Lawn POB, LLC
|
Delaware
|
VTR Oroville Assisted Living, LP
|
Delaware
|
VTR Palm Desert, LLC
|
Delaware
|
VTR Palm Desert, LP
|
Delaware
|
VTR Papago Medical Park, LLC
|
Delaware
|
VTR Paramount Pasadena, LLC
|
Delaware
|
VTR Paramount San Antonio, LLC
|
Delaware
|
VTR Penfield, LLC
|
Delaware
|
VTR Phoenix, LLC
|
Delaware
|
VTR Plainview, LLC
|
Delaware
|
VTR Plano, LLC
|
Delaware
|
VTR Pointe Rehab, LLC
|
Delaware
|
VTR Property Holdings Carrollton GP, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
VTR Property Holdings Carrollton, LP
|
Texas
|
VTR Property Holdings Copeland, LLC
|
Delaware
|
VTR Property Holdings Cypresswood, LLC
|
Delaware
|
VTR Property Holdings Grapevine, LP
|
Texas
|
VTR Property Holdings Richardson, LLC
|
Delaware
|
VTR Property Holdings Westchase GP, LLC
|
Delaware
|
VTR Property Holdings Westchase, LP
|
Texas
|
VTR Quail Ridge, LP
|
Delaware
|
VTR Raleigh GP, LLC
|
Delaware
|
VTR Raleigh, LLC
|
Delaware
|
VTR Raleigh, LP
|
Delaware
|
VTR Regency, LLC
|
Delaware
|
VTR Retirement and Assisted Living Briarcliff, LLC
|
Delaware
|
VTR Richland Hills, LLC
|
Delaware
|
VTR Riverdale LLC
|
New York
|
VTR Riverside Rehab, LLC
|
Delaware
|
VTR Roslyn, LLC
|
Delaware
|
VTR Rye Brook, LLC
|
Delaware
|
VTR Salisbury Business Trust
|
Maryland
|
VTR Salisbury, LLC
|
Delaware
|
VTR Sandy, LLC
|
Delaware
|
VTR SCC Holdings, LLC
|
Delaware
|
VTR Scottsdale, LLC
|
Delaware
|
VTR Senior Living LLC
|
Delaware
|
VTR Shaker, LLC
|
Delaware
|
VTR Sierra Vista Assisted Living, LLC
|
Delaware
|
VTR South Ogden, LLC
|
Delaware
|
VTR Springdale, LLC
|
Delaware
|
VTR SQ Holdings Corp.
|
Delaware
|
VTR SQ Interim Corp.
|
Delaware
|
VTR SQ, LLC
|
Delaware
|
VTR St. Matthews, LLC
|
Delaware
|
VTR Stamford, LLC
|
Delaware
|
VTR Stony Brook, LLC
|
Delaware
|
VTR Stratford LLC
|
Connecticut
|
VTR Summit Hills, LLC
|
Delaware
|
VTR Sunlake, LLC
|
Delaware
|
VTR Sunnyvale, LP
|
California
|
VTR Sutton Terrace, LLC
|
Delaware
|
VTR Swap II, LLC
|
Delaware
|
VTR Swap LLC
|
Delaware
|
VTR Tanglewood LLC
|
Delaware
|
VTR Tarzana GP, LLC
|
Delaware
|
VTR Tarzana, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
VTR Tarzana, LP
|
Delaware
|
VTR Temecula GP, LLC
|
Delaware
|
VTR Temecula Land, LLC
|
Delaware
|
VTR Temecula, LP
|
Delaware
|
VTR Texas Holdings GP II, LLC
|
Delaware
|
VTR Texas Holdings GP, LLC
|
Delaware
|
VTR Texas Holdings II, LP
|
Texas
|
VTR Texas Holdings, LP
|
Texas
|
VTR Thunderbird Paseo Medical Plaza, LLC
|
Delaware
|
VTR Tinton Falls Corp.
|
New Jersey
|
VTR Tucker, LLC
|
Delaware
|
VTR Valley Manor, LLC
|
Delaware
|
VTR Valley View, LP
|
California
|
VTR Villa Campana, LLC
|
Delaware
|
VTR Visalia Assisted Living, LP
|
Delaware
|
VTR Vistas Longmont, LLC
|
Delaware
|
VTR West Oaks Austin, LLC
|
Delaware
|
VTR West Oaks Houston, LLC
|
Delaware
|
VTR Westwood, LLC
|
Delaware
|
VTR Willow Glen, LP
|
Delaware
|
VTR Windsor Woods, LLC
|
Delaware
|
VTR Woodbridge Place, LLC
|
Delaware
|
VTRAZ Manager, LLC
|
Delaware
|
VTR-EMRTS Holdings, LLC
|
Delaware
|
VTRLTH MAB I, LLC
|
Delaware
|
VTRLTH MAB II, LLC
|
Delaware
|
West Medical Office I, LP
|
South Carolina
|
West Tennessee Investors, LLC
|
Tennessee
|
WG 86th Street SH, LLC
|
Delaware
|
WG Alden Place, LLC
|
Delaware
|
WG Alpharetta, LLC
|
Delaware
|
WG Applewood SH, LLC
|
Delaware
|
WG Aquidneck Place SH, LLC
|
Delaware
|
WG Arboretum, LLC
|
Delaware
|
WG Austell, LLC
|
Delaware
|
WG Bay Spring SH, LLC
|
Delaware
|
WG Baypoint Village SH, LLC
|
Delaware
|
WG Bayshore SH, LLC
|
Delaware
|
WG Bayside Landing SH, LP
|
Delaware
|
WG Bethlehem SH, LLC
|
Delaware
|
WG Briarcliff Manor SH, LLC
|
Delaware
|
WG Buckhead SH, LLC
|
Delaware
|
WG Burlingame SH, LP
|
Delaware
|
WG Campana Del Rio SH, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of
Organization or Formation
|
WG Guilderland SH, LLC
|
Delaware
|
WG Hacienda SH, LP
|
Delaware
|
WG Hamilton Heights Place, LLC
|
Delaware
|
WG Harborhill Place SH, LLC
|
Delaware
|
WG Hearthstone East SH, LLC
|
Delaware
|
WG Hearthstone West SH, LLC
|
Delaware
|
WG Heritage LF, LLC
|
Delaware
|
WG Hertlin House, LLC
|
Delaware
|
WG Highland Crossing SH, LLC
|
Delaware
|
WG Hillcrest Inn SH, LP
|
Delaware
|
WG Hillsdale SH, LP
|
Delaware
|
WG Hudson SH, LLC
|
Delaware
|
WG Huntington SH, LLC
|
Delaware
|
WG Johnson Ferry SH, LLC
|
Delaware
|
WG Jupiter, LLC
|
Delaware
|
WG Kennebunk SH, LLC
|
Delaware
|
WG Kew Gardens SH, LLC
|
Delaware
|
WG Kinghaven SH, LLC
|
Delaware
|
WG Kingwood SH, LLC
|
Delaware
|
WG Lakewood SH, LLC
|
Delaware
|
WG Larson Place, LLC
|
Delaware
|
WG Las Posas SH, LP
|
Delaware
|
WG Lincoln Place SH, LLC
|
Delaware
|
WG Longmeadow Place SH, LLC
|
Delaware
|
WG Lynbrook SH, LLC
|
Delaware
|
WG Manresa SH, LLC
|
Delaware
|
WG Marina Place, LLC
|
Delaware
|
WG Marland Place SH, LLC
|
Delaware
|
WG Merrimack Place, LLC
|
Delaware
|
WG Merrywood SH, LLC
|
Delaware
|
WG Montego Heights SH, LP
|
Delaware
|
WG Newburgh SH, LLC
|
Delaware
|
WG Oak Knoll, LP
|
Delaware
|
WG Palm Desert, Inc.
|
California
|
WG Penfield SH, LLC
|
Delaware
|
WG Plainview SH, LLC
|
Delaware
|
WG Plano, LLC
|
Delaware
|
WG Quail Ridge, LP
|
Delaware
|
WG Raleigh, LP
|
Delaware
|
WG Rancho Park SH, LP
|
Delaware
|
WG Regency SH, LLC
|
Delaware
|
WG Richardson SH, LLC
|
Delaware
|
WG Richland Hills, LLC
|
Delaware
|
WG Riverdale SH, LLC
|
Delaware
|
/s/ Debra A. Cafaro
|
|
|
Debra A. Cafaro
Chairman and Chief Executive Officer |
|
|
/s/ Robert F. Probst
|
|
|
Robert F. Probst
Executive Vice President, Chief Financial Officer and Acting Chief Accounting Officer |
|
|
/s/ Debra A. Cafaro
|
|
|
Debra A. Cafaro
Chairman and Chief Executive Officer |
|
|
/s/ Robert F. Probst
|
|
|
Robert F. Probst
Executive Vice President, Chief Financial Officer and Acting Chief Accounting Officer |
|
|