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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, 2016
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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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•
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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;
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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 office buildings are located;
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•
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The extent and effect 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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•
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The ability of our tenants, 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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•
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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 funding sources;
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•
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Our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due;
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•
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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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•
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Final determination of our taxable net income for the year ended
December 31, 2016
and for the year ending December 31,
2017
;
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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, development of new competing properties, 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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•
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Year-over-year changes in the Consumer Price Index (“CPI”) or the U.K. 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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•
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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 office building portfolio and operations, including our ability to successfully design, develop and manage office buildings and to retain key personnel;
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•
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The ability of the hospitals on or near whose campuses our medical office buildings (“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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•
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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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•
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Our ability to obtain the financial results expected from our development and redevelopment projects, including projects undertaken through our joint ventures;
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•
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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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•
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Consolidation in the seniors housing and healthcare 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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•
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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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•
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In September 2016, we completed the acquisition of substantially all of the university affiliated life science and innovation real estate assets of Wexford from Blackstone for total consideration of
$1.5 billion
. The Life Sciences Acquisition added to our portfolio
23
operating properties,
two
development assets and
nine
future development sites.
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•
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In October 2016, we committed to provide secured debt financing in the amount of
$700.0 million
to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc. (“LHP”). The loan (the “Loan”) has a
five
-year term and is LIBOR-based with an initial interest rate of approximately
8.0%
and is guaranteed by Ardent’s parent company. Ardent will also receive an equity contribution from its majority owner, an affiliate of Equity Group Investments. The Loan is subject to the satisfaction of customary closing conditions. Ardent’s acquisition of LHP is expected to close in the first quarter of 2017, but there can be no assurance as to whether, when or on what terms Ardent’s acquisition of LHP or the Loan will be completed.
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•
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During 2016, we made a
$140.0 million
secured mezzanine loan investment relating to Class A life sciences properties in California and Massachusetts, that has an annual interest rate of
9.95%
, and we acquired
two
MOBs,
one
triple-net leased seniors housing asset and other investments for approximately
$42.3 million
.
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•
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During the year ended December 31, 2016, we sold
29
triple-net leased properties,
one
seniors housing community included in our senior living operations reportable business segment and
six
MOBs for aggregate consideration of
$300.8 million
. We recognized a gain on the sales of these assets of
$98.2 million
(net of taxes).
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•
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During 2016, we received aggregate proceeds of
$309.0 million
in final repayment of
three
secured loans receivable and partial repayment of
one
secured loan receivable and recognized gains of
$9.6 million
on the repayment of these loans receivable.
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•
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During 2016, we issued and sold
18.9 million
shares of common stock under our “at-the-market” (“ATM”) equity offering program and public offerings. Aggregate net proceeds for these activities were
$1.3 billion
, after sales agent commissions.
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•
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In May 2016, we repaid
$100.0 million
outstanding on our unsecured term loan due 2019 using cash on hand.
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•
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In May 2016, we issued and sold
$400.0 million
aggregate principal amount of
3.125%
senior notes due 2023 at a public offering price equal to
99.343%
of par, for total proceeds of
$397.4 million
before the underwriting discount and expenses.
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•
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In June 2016, we redeemed
$455.5 million
aggregate principal amount then outstanding of our
1.55%
senior notes due September 2016 at a public offering price of
100.335%
of par, plus accrued and unpaid interest to the redemption date. In July 2016, we repaid the remaining balance then outstanding of our 1.55% senior notes due September 2016.
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•
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In September 2016, we issued and sold
$450.0 million
aggregate principal amount of
3.25%
senior notes due 2026 at a public offering price equal to
99.811%
of par, for total proceeds of
$449.1 million
before the underwriting discount and expenses.
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•
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In 2016, we paid an annual cash dividend on our common stock of
$2.965
per share. In December 2016, our fourth quarter 2016 dividend grew by 6% over third quarter 2016 to $0.775.
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•
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In April 2016, we entered into several agreements with Kindred to improve the quality and productivity of the long term acute care hospital (“LTAC”) portfolio leased by Ventas to Kindred. Certain of the agreements consist of lease amendments to the Kindred master leases, for which we received a
$3.5 million
fee. Under these lease amendments, annual rent on
seven
identified LTACs (the “7 LTACs”), which was approximately
$8 million
, was immediately re-allocated to other more productive post-acute assets subject to the Kindred master leases. Separately, in October 2016, we sold the 7 LTACs to an unrelated third party for
$3.0 million
, and recognized a gain of
$2.9 million
.
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•
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In September 2016, we modified existing agreements with Sunrise related to the management of certain of the seniors housing communities owned by us and operated by Sunrise to reduce management fees payable to Sunrise under such agreements, maintain the existing term of such agreements and provide Sunrise with incentives for future outperformance. We also entered into a new multi-year development pipeline agreement with Sunrise that gives us the option to fund certain future Sunrise developments.
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•
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In November 2016, we entered into agreements with Kindred providing that (i) Kindred will either acquire all
36
SNFs owned by us and operated by Kindred for
$700 million
, in connection with Kindred’s previously announced plan to exit its SNF business, or renew the current lease on all unpurchased SNFs through 2025 at the current rent level; and (ii) Kindred has extended the lease term to 2025 for all of our LTACs operated by Kindred that were scheduled to mature in 2018 and 2020, at the current rent level.
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Real Estate Property Investments
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Revenues
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||||||||||||||||
Asset Type
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# of
Properties
(1)
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# of Units/
Sq. Ft./Beds
(2)
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Real Estate Property Investment, at Cost
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Percent of
Total Real Estate Property Investments
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Real Estate
Property
Investment Per Unit/Bed/Sq. Ft.
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Revenue
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Percent of Total Revenues
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||||||||||
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(Dollars in thousands)
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||||||||||||||||||||||
Seniors housing communities
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744
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65,175
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$
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16,074,611
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61.8
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%
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$
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246.6
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$2,351,473
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68.4
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%
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||
MOBs
(3)
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365
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20,443,999
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5,393,841
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20.7
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0.3
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599,058
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17.4
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Life science and innovation centers
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23
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4,272,185
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1,587,915
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6.1
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0.4
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|
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52,354
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|
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1.5
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|||
Skilled nursing facilities
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53
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6,279
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358,329
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1.4
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57.1
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75,985
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2.2
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Specialty hospitals
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38
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3,282
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453,166
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1.7
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138.1
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|
|
160,009
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4.6
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|||
General acute care hospitals
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12
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2,064
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1,459,353
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5.6
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707.1
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|
|
105,673
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|
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3.1
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|||
Total properties
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1,235
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25,327,215
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|
97.3
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3,344,552
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|
97.2
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|||||
Secured loans receivable and investments, net
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702,021
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|
2.7
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|
|
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|
98,094
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|
|
2.8
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||||||
Interest and other income
|
|
|
|
|
|
|
|
—
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—
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|
|
|
|
|
876
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|
|
0.0
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|||
Total
|
|
|
|
|
|
|
|
$
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26,029,236
|
|
|
100.0
|
%
|
|
|
|
|
$
|
3,443,522
|
|
|
100.0
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%
|
(1)
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As of
December 31, 2016
, we also owned
21
seniors housing communities,
13
skilled nursing facilities and
five
MOBs through investments in unconsolidated entities. 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 Senior Living (
140
properties) (excluding
six
properties owned through investments in unconsolidated entities and
one
property managed by Brookdale Senior Living pursuant to a long-term management agreement); Kindred (
68
properties) (excluding
one
MOB); 21st Century Oncology Holdings, Inc. (
12
properties); Capital Senior Living Corporation (
12
properties); Spire Healthcare plc (
three
properties); and HealthSouth Corp. (
four
properties).
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(2)
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Seniors housing communities are measured in units; MOBs and life science and innovation centers are measured by square footage; and skilled nursing facilities, specialty hospitals and general acute care hospitals are measured by bed count.
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(3)
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As of
December 31, 2016
, we leased
67
of our consolidated MOBs pursuant to triple-net leases, Lillibridge or PMBRES managed
279
of our consolidated MOBs and
19
of our consolidated MOBs were managed by
eight
unaffiliated managers. Through Lillibridge and PMBRES, we also provided management and leasing services for
90
MOBs owned by third parties as of
December 31, 2016
.
|
|
Consolidated
(100% interest)
|
|
Consolidated
(<100% interest)
|
|
Unconsolidated
(5-25% interest)
|
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Total
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||||
Seniors housing communities
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731
|
|
|
13
|
|
|
21
|
|
|
765
|
|
MOBs
|
332
|
|
|
33
|
|
|
5
|
|
|
370
|
|
Life science and innovation centers
|
15
|
|
|
8
|
|
|
—
|
|
|
23
|
|
Skilled nursing facilities
|
53
|
|
|
—
|
|
|
13
|
|
|
66
|
|
Specialty hospitals
|
37
|
|
|
1
|
|
|
—
|
|
|
38
|
|
General acute care hospitals
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
Total
|
1,180
|
|
|
55
|
|
|
39
|
|
|
1,274
|
|
|
Rental Income and
Resident Fees and
Services
(1)
|
|
Percent of Total
Revenues
(1)
|
|
|||
|
(Dollars in thousands)
|
|
|||||
Geographic Location
|
|
|
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|||
California
|
$
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526,388
|
|
|
15.3
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%
|
|
New York
|
302,348
|
|
|
8.8
|
|
|
|
Texas
|
215,370
|
|
|
6.3
|
|
|
|
Illinois
|
167,907
|
|
|
4.9
|
|
|
|
Florida
|
153,566
|
|
|
4.5
|
|
|
|
Pennsylvania
|
128,937
|
|
|
3.7
|
|
|
|
Georgia
|
121,372
|
|
|
3.5
|
|
|
|
Arizona
|
107,160
|
|
|
3.1
|
|
|
|
New Jersey
|
94,678
|
|
|
2.7
|
|
|
|
Connecticut
|
91,712
|
|
|
2.7
|
|
|
|
Other (36 states and the District of Columbia)
|
1,212,893
|
|
|
35.1
|
|
|
|
Total U.S
|
3,122,331
|
|
|
90.6
|
%
|
|
|
Canada (7 provinces)
|
174,813
|
|
|
5.1
|
|
|
|
United Kingdom
|
26,338
|
|
|
0.8
|
|
|
|
Total
|
$
|
3,323,482
|
|
|
96.5
|
%
|
(2)
|
(1)
|
This presentation excludes revenues from properties included in discontinued operations during
2016
.
|
(2)
|
The remainder of our total revenues is office building and other services revenue, income from loans and investments and interest and other income.
|
|
NOI
(1)(2)
|
|
Percent of Total
NOI
(1)
|
|||
|
(Dollars in thousands)
|
|||||
Geographic Location
|
|
|
|
|||
California
|
$
|
276,147
|
|
|
13.8
|
%
|
New York
|
117,120
|
|
|
5.9
|
|
|
Texas
|
140,898
|
|
|
7.0
|
|
|
Illinois
|
106,831
|
|
|
5.3
|
|
|
Florida
|
90,742
|
|
|
4.5
|
|
|
Pennsylvania
|
69,155
|
|
|
3.5
|
|
|
Indiana
|
58,181
|
|
|
2.9
|
|
|
Arizona
|
57,519
|
|
|
2.9
|
|
|
North Carolina
|
54,755
|
|
|
2.7
|
|
|
New Mexico
|
51,744
|
|
|
2.6
|
|
|
Other (36 states and the District of Columbia)
|
867,261
|
|
|
43.4
|
|
|
Total U.S
|
1,890,353
|
|
|
94.5
|
%
|
|
Canada (7 provinces)
|
83,882
|
|
|
4.2
|
|
|
United Kingdom
|
26,338
|
|
|
1.3
|
|
|
Total
|
$
|
2,000,573
|
|
|
100.0
|
%
|
(1)
|
This presentation excludes NOI from properties included in discontinued operations during
2016
. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures—NOI” included in Item 7 of this Annual Report on Form 10-K for a reconciliation of NOI to our GAAP earnings.
|
(2)
|
For a reconciliation of NOI to its most directly comparable GAAP measure, income from continuing operations, see “Non-GAAP Financial Measures.”
|
|
Number of
Properties Leased
or Managed
|
|
Percent of Total Real Estate Investments
(1)
|
|
Percent of Total Revenues
|
|
Percent of NOI
|
||||
Senior living operations
(2)
|
298
|
|
|
33.9
|
%
|
|
53.6
|
%
|
|
30.2
|
%
|
Brookdale Senior Living
(3)
|
140
|
|
|
8.1
|
|
|
4.8
|
|
|
8.3
|
|
Kindred
|
69
|
|
|
1.8
|
|
|
5.4
|
|
|
9.2
|
|
Ardent
|
10
|
|
|
5.1
|
|
|
3.1
|
|
|
5.3
|
|
(1)
|
Based on gross book value.
|
(2)
|
Excludes
one
property owned through investments in unconsolidated entities.
|
(3)
|
Excludes
six
properties owned through investments in unconsolidated entities and
one
property managed by Brookdale Senior Living pursuant to a long-term management agreement.
|
•
|
Federal and state false claims acts, which, among other things, prohibit healthcare providers from filing false claims or making false statements to receive payment from Medicare, Medicaid or other governmental healthcare programs;
|
•
|
Federal and state anti-kickback and fee-splitting statutes, including the Medicare and Medicaid anti-kickback statute, which prohibit the payment, receipt or solicitation of any remuneration to induce referrals of patients for items or services covered by a governmental healthcare program, including Medicare and Medicaid;
|
•
|
Federal and state physician self-referral laws, including the federal Stark Law, which generally prohibits physicians from referring patients enrolled in certain governmental healthcare programs to providers of certain designated health services in which the referring physician or an immediate family member of the referring physician has an ownership or other financial interest;
|
•
|
The federal Civil Monetary Penalties Law, which authorizes the U.S. Department of Health and Human Services (“HHS”) to impose civil penalties administratively for fraudulent acts; and
|
•
|
State and federal data privacy and security laws, including the privacy and security rules of the Health Insurance Portability and Accountability Act of 1996, which provide for the privacy and security of certain individually identifiable health information.
|
•
|
As a result of the ACA, and specifically Medicaid expansion and establishment of health insurance exchanges providing subsidized health insurance, an estimated seventeen million more Americans have health insurance than in 2010. These newly-insured Americans utilize services delivered by providers at medical buildings and other healthcare facilities. The new presidential administration and Republican-controlled Congress are committed to repealing the ACA and replacing it with a less federalized model for providing health insurance to individuals and families unable to purchase health insurance on their own. The details of the replacement model are not yet known, but potential end results could be fewer insured individuals and families or individuals and families maintaining less comprehensive insurance coverage. Either outcome could adversely impact the resources of our operators.
|
•
|
Enabled by the Medicare Modernization Act (2003) and subsequent laws, Medicare and Medicaid have implemented pilot programs (officially termed demonstrations or models) to “divert” elderly from skilled nursing facilitates and promote “aging in place” in “the least restrictive environment.” Several states have implemented home and community-based Medicaid waiver programs that increase the support services available to senior citizens in senior housing, lengthening the time that many seniors can live outside of a skilled nursing facility. These Medicaid waiver programs are subject to re-approval and pilots are time-limited. The new presidential administration may be generally supportive of these programs, but it is nonetheless likely that particular initiatives will gain or lose favor, and certain current initiatives might come to an end or be modified.
|
•
|
CMS is currently in the midst of transitioning Medicare from a traditional fee for service reimbursement model to capitated, value-based, and bundled payment approaches in which the government pays a set amount for each beneficiary for a defined period of time, based on that person’s underlying medical needs, rather than the actual services provided. The result is increasing use of management tools to oversee individual providers and coordinate their services. This puts downward pressure on the number and expense of services provided. Roughly eight million Medicare beneficiaries now receive care via accountable care organizations, and another 18 million are enrolled in Medicare Advantage health plans. The continued trend toward capitated, value-based, and bundled payment approaches has the potential diminish the market for certain healthcare providers, particularly specialist physicians and providers of particular diagnostic technologies such medical resonance imaging services. This could adversely impact the medical properties that house these physicians and medical technology providers.
|
•
|
The majority of Medicare payments continue to be made through traditional Medicare Part A and Part B fee-for-service schedules. Medicare’s payment regulations, particularly with respect to certain hospitals, skilled nursing care, and home health services have resulted in lower net pay increases than providers of those services often desire. In addition, the Medicare and CHIP Reauthorization Act of 2015 establishes a multi-year transition into pay-for-quality approaches for Medicare physicians and other providers. This will include payment reductions for providers who do not meet government quality standards. The implementation of pay-for-quality models is
|
•
|
At least 75% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions and certain foreign currency gains) 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
|
•
|
At least 95% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions and certain foreign currency gains) for each taxable year must be derived from such real property or temporary investments, dividends, interest and gains from the sale or disposition of stock or securities, or from any combination of the foregoing.
|
•
|
The amount of rent is not based in whole or in part on the income or profits of any person. However, an amount we receive or accrue generally will not be excluded from the term “rents from real property” solely because it is based on a fixed percentage or percentages of receipts or sales;
|
•
|
Neither we nor an actual or constructive owner of 10% or more of our stock actually or constructively owns 10% or more of the interests in the assets or net profits of a non-corporate tenant, or, if the tenant is a corporation, 10% or more of the total combined voting power of all classes of stock entitled to vote or 10% or more of the total value of all classes of stock of the tenant, subject to limited exceptions for a tenant that is a taxable REIT subsidiary, or “TRS”;
|
•
|
Rent attributable to personal property, leased in connection with a lease of real property, is not greater than 15% of the total rent received under the lease. If this condition is not met, then the portion of the rent attributable to personal property will not qualify as “rents from real property”; and
|
•
|
We generally may not operate or manage the property or furnish or render services to our tenants, subject to a 1% de minimis exception and certain other exceptions.
|
•
|
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) (for taxable years beginning after December 31, 2015, the term “real estate assets” also includes (i) unsecured debt instruments of REITs that are required to file annual and periodic reports with the SEC under the Exchange Act (“Publicly Offered REITs”) (ii) personal property securing a mortgage secured by both real property and personal property if the fair market value of such personal property does not exceed 15% of the combined fair market value of all such personal and real property and (iii) personal property leased in connection with a lease of real property for which the rent attributable to personal property is not greater than 15% of the total rent received under the lease) or, in cases where we raise new capital through stock or long-term (i.e., having a maturity of at least five years) public 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
|
•
|
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.
|
•
|
No more than 25% (20% for taxable years beginning after December 31, 2017) of the value of our total assets can be represented by securities of taxable REIT subsidiaries (the “25% TRS Test” or after December 31, 2017, the “20% TRS Test”).
|
•
|
For taxable years beginning after December 31, 2015, the aggregate value of all unsecured debt instruments of Publicly Offered REITs that we hold may not exceed 25% of the value of our total assets.”
|
•
|
Risks arising from our business;
|
•
|
Risks arising from our capital structure; and
|
•
|
Risks arising from our status as a REIT.
|
•
|
Interest rates and credit spreads;
|
•
|
The availability of credit, including the price, terms and conditions under which it can be obtained; and
|
•
|
The actual and perceived state of the real estate market, the market for dividend-paying stocks and public capital markets in general.
|
•
|
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;
|
•
|
We may be unable to effectively monitor and manage our expanded portfolio of properties, retain key employees or attract highly qualified new employees;
|
•
|
Projections of estimated future revenues, costs savings or operating metrics that we develop during the due diligence and integration planning process might be inaccurate;
|
•
|
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;
|
•
|
Acquisitions and other new investments could divert management’s attention from our existing assets;
|
•
|
The value of acquired assets or the market price of our common stock may decline; and
|
•
|
We may be unable to continue paying dividends at the current rate.
|
•
|
Liabilities relating to the clean-up or remediation of undisclosed environmental conditions;
|
•
|
Unasserted claims of vendors or other persons dealing with the sellers;
|
•
|
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;
|
•
|
Claims for indemnification by general partners, directors, officers and others indemnified by the sellers; and
|
•
|
Liabilities for taxes relating to periods prior to our acquisition.
|
•
|
Challenges with respect to repatriation of foreign earnings and cash;
|
•
|
Foreign ownership restrictions with respect to operations in countries in which we own properties;
|
•
|
Regional or country-specific business cycles and economic instability;
|
•
|
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;
|
•
|
Differences in lending practices and the willingness of domestic or foreign lenders to provide financing; and
|
•
|
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.
|
•
|
We may be unable to obtain financing for the project on favorable terms or at all;
|
•
|
We may not complete the project on schedule or within budgeted amounts;
|
•
|
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;
|
•
|
Construction or other delays may provide tenants or residents the right to terminate preconstruction leases or cause us to incur additional costs;
|
•
|
Volatility in the price of construction materials or labor may increase our project costs;
|
•
|
In the case of our MOB developments, hospitals or health systems may maintain significant decision-making authority with respect to the development schedule;
|
•
|
Our builders may fail to perform or satisfy the expectations of our clients or prospective clients;
|
•
|
We may incorrectly forecast risks associated with development in new geographic regions;
|
•
|
Tenants may not lease space at the quantity or rental rate levels or on the schedule projected;
|
•
|
Demand for our project may decrease prior to completion, including due to competition from other developments; and
|
•
|
Lease rates and rents at newly developed or redeveloped properties may fluctuate based on factors beyond our control, including market and economic conditions.
|
•
|
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;
|
•
|
For joint ventures in which we have a noncontrolling interest, our joint venture partners may take actions that we oppose;
|
•
|
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;
|
•
|
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;
|
•
|
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
Facilities
|
|
MOBs
|
|
Life Science and Innovation Centers
|
|
Specialty Hospitals
|
|
General Acute Care
|
||||||||||||||||||||||||
Geographic Location
|
# of
Properties
|
|
Units
|
|
# of Properties
|
|
Licensed
Beds
|
|
# of Properties
|
|
Square Feet
(1)
|
|
# of Properties
|
|
Square Feet
(1)
|
|
# of Properties
|
|
Licensed Beds
|
|
# of Properties
|
|
Licensed Beds
|
||||||||||||
Alabama
|
6
|
|
|
382
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
469
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Arizona
|
28
|
|
|
2,562
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
830
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
60
|
|
|
—
|
|
|
—
|
|
Arkansas
|
4
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
California
|
86
|
|
|
9,743
|
|
|
4
|
|
|
483
|
|
|
25
|
|
|
2,034
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
503
|
|
|
—
|
|
|
—
|
|
Colorado
|
19
|
|
|
1,689
|
|
|
2
|
|
|
190
|
|
|
13
|
|
|
891
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
68
|
|
|
—
|
|
|
—
|
|
Connecticut
|
14
|
|
|
1,625
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,032
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
District of Columbia
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Florida
|
49
|
|
|
4,582
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
583
|
|
|
1
|
|
|
259
|
|
|
6
|
|
|
511
|
|
|
—
|
|
|
—
|
|
Georgia
|
20
|
|
|
1,751
|
|
|
1
|
|
|
162
|
|
|
14
|
|
|
1,188
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Idaho
|
1
|
|
|
70
|
|
|
6
|
|
|
513
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Illinois
|
25
|
|
|
2,942
|
|
|
1
|
|
|
82
|
|
|
37
|
|
|
1,547
|
|
|
1
|
|
|
129
|
|
|
4
|
|
|
430
|
|
|
—
|
|
|
—
|
|
Indiana
|
11
|
|
|
921
|
|
|
8
|
|
|
1,109
|
|
|
23
|
|
|
1,603
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
59
|
|
|
—
|
|
|
—
|
|
Kansas
|
9
|
|
|
541
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Kentucky
|
10
|
|
|
911
|
|
|
3
|
|
|
377
|
|
|
4
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
384
|
|
|
—
|
|
|
—
|
|
Louisiana
|
1
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Maine
|
6
|
|
|
445
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Maryland
|
5
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
83
|
|
|
5
|
|
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Massachusetts
|
19
|
|
|
2,104
|
|
|
8
|
|
|
963
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Michigan
|
23
|
|
|
1,457
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
599
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Minnesota
|
18
|
|
|
1,029
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mississippi
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Missouri
|
2
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
1,096
|
|
|
3
|
|
|
465
|
|
|
2
|
|
|
227
|
|
|
—
|
|
|
—
|
|
Montana
|
2
|
|
|
182
|
|
|
2
|
|
|
276
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nebraska
|
1
|
|
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nevada
|
5
|
|
|
589
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
416
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
52
|
|
|
—
|
|
|
—
|
|
New Hampshire
|
1
|
|
|
125
|
|
|
1
|
|
|
290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Jersey
|
13
|
|
|
1,184
|
|
|
1
|
|
|
153
|
|
|
3
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Mexico
|
4
|
|
|
468
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
123
|
|
|
4
|
|
|
544
|
|
New York
|
42
|
|
|
4,638
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
North Carolina
|
23
|
|
|
1,894
|
|
|
3
|
|
|
297
|
|
|
20
|
|
|
832
|
|
|
6
|
|
|
1,141
|
|
|
1
|
|
|
124
|
|
|
—
|
|
|
—
|
|
North Dakota
|
2
|
|
|
115
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
114
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ohio
|
21
|
|
|
1,267
|
|
|
6
|
|
|
907
|
|
|
28
|
|
|
1,225
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
50
|
|
|
—
|
|
|
—
|
|
Oklahoma
|
8
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
954
|
|
Oregon
|
29
|
|
|
2,581
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Pennsylvania
|
32
|
|
|
2,362
|
|
|
4
|
|
|
620
|
|
|
10
|
|
|
878
|
|
|
3
|
|
|
566
|
|
|
1
|
|
|
52
|
|
|
—
|
|
|
—
|
|
Rhode Island
|
6
|
|
|
596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Carolina
|
5
|
|
|
402
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
1,104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Dakota
|
4
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Tennessee
|
18
|
|
|
1,420
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
405
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
49
|
|
|
—
|
|
|
—
|
|
Texas
|
51
|
|
|
3,916
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
1,332
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
590
|
|
|
1
|
|
|
445
|
|
Utah
|
3
|
|
|
321
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Vermont
|
—
|
|
|
—
|
|
|
1
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Virginia
|
8
|
|
|
655
|
|
|
3
|
|
|
432
|
|
|
5
|
|
|
231
|
|
|
2
|
|
|
191
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Washington
|
25
|
|
|
2,417
|
|
|
8
|
|
|
737
|
|
|
10
|
|
|
579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
West Virginia
|
2
|
|
|
124
|
|
|
4
|
|
|
326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wisconsin
|
51
|
|
|
2,256
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
1,105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wyoming
|
2
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total U.S.
|
714
|
|
|
62,071
|
|
|
66
|
|
|
8,061
|
|
|
363
|
|
|
20,496
|
|
|
23
|
|
|
4,272
|
|
|
38
|
|
|
3,282
|
|
|
9
|
|
|
1,943
|
|
Canada
|
41
|
|
|
4,499
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
United Kingdom
|
10
|
|
|
663
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
121
|
|
Total
|
765
|
|
|
67,233
|
|
|
66
|
|
|
8,061
|
|
|
363
|
|
|
20,496
|
|
|
23
|
|
|
4,272
|
|
|
38
|
|
|
3,282
|
|
|
12
|
|
|
2,064
|
|
(1)
|
Square Feet are in thousands
|
|
Sales Price of
Common Stock
|
|
Cash Dividends
Declared
|
||||||||
|
High
|
|
Low
|
|
|||||||
2015
|
|
|
|
|
|
||||||
First Quarter
|
$
|
80.95
|
|
|
$
|
69.12
|
|
|
$
|
0.79
|
|
Second Quarter
|
76.90
|
|
|
61.82
|
|
|
0.79
|
|
|||
Third Quarter
|
68.52
|
|
|
52.66
|
|
|
0.73
|
|
|||
Fourth Quarter
|
58.38
|
|
|
49.68
|
|
|
0.73
|
|
|||
2016
|
|
|
|
|
|
||||||
First Quarter
|
$
|
63.22
|
|
|
$
|
48.43
|
|
|
$
|
0.73
|
|
Second Quarter
|
72.82
|
|
|
59.69
|
|
|
0.73
|
|
|||
Third Quarter
|
76.56
|
|
|
67.33
|
|
|
0.73
|
|
|||
Fourth Quarter
|
69.19
|
|
|
57.86
|
|
|
0.775
|
|
|
Number of Shares
Repurchased
(1)
|
|
Average Price
Per Share
|
|||
October 1 through October 31
|
106
|
|
|
$
|
67.95
|
|
November 1 through November 30
|
—
|
|
|
$
|
—
|
|
December 1 through December 31
|
—
|
|
|
$
|
—
|
|
(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.
|
|
12/31/2011
|
|
12/31/2012
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
Ventas
|
$100
|
|
$122.31
|
|
$112.96
|
|
$147.89
|
|
$139.68
|
|
$162.23
|
NYSE Composite Index
|
$100
|
|
$116.26
|
|
$146.95
|
|
$157.05
|
|
$150.81
|
|
$168.99
|
Composite REIT Index
|
$100
|
|
$119.73
|
|
$122.53
|
|
$155.89
|
|
$159.09
|
|
$174.00
|
S&P 500 Index
|
$100
|
|
$115.99
|
|
$153.55
|
|
$174.55
|
|
$176.95
|
|
$198.10
|
|
As of and For the Years Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
1,476,176
|
|
|
$
|
1,346,046
|
|
|
$
|
1,138,457
|
|
|
$
|
1,036,356
|
|
|
$
|
894,495
|
|
Resident fees and services
|
1,847,306
|
|
|
1,811,255
|
|
|
1,552,951
|
|
|
1,406,005
|
|
|
1,227,124
|
|
|||||
Interest expense
|
419,740
|
|
|
367,114
|
|
|
292,065
|
|
|
249,009
|
|
|
199,801
|
|
|||||
Property-level operating expenses
|
1,434,762
|
|
|
1,383,640
|
|
|
1,195,388
|
|
|
1,109,925
|
|
|
966,812
|
|
|||||
General, administrative and professional fees
|
126,875
|
|
|
128,035
|
|
|
121,738
|
|
|
115,083
|
|
|
98,489
|
|
|||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
650,153
|
|
|
406,740
|
|
|
376,032
|
|
|
374,338
|
|
|
202,159
|
|
|||||
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|
79,171
|
|
|
160,641
|
|
|||||
Net income attributable to common stockholders
|
649,231
|
|
|
417,843
|
|
|
475,767
|
|
|
453,509
|
|
|
362,800
|
|
|||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.88
|
|
|
$
|
1.23
|
|
|
$
|
1.28
|
|
|
$
|
1.28
|
|
|
$
|
0.69
|
|
Diluted
|
$
|
1.86
|
|
|
$
|
1.22
|
|
|
$
|
1.26
|
|
|
$
|
1.27
|
|
|
$
|
0.68
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.88
|
|
|
$
|
1.26
|
|
|
$
|
1.62
|
|
|
$
|
1.55
|
|
|
$
|
1.24
|
|
Diluted
|
$
|
1.86
|
|
|
$
|
1.25
|
|
|
$
|
1.60
|
|
|
$
|
1.54
|
|
|
$
|
1.23
|
|
Dividends declared per common share
|
$
|
2.965
|
|
|
$
|
3.04
|
|
|
$
|
2.965
|
|
|
$
|
2.735
|
|
|
$
|
2.48
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
$
|
1,367,457
|
|
|
$
|
1,391,767
|
|
|
$
|
1,254,845
|
|
|
$
|
1,194,755
|
|
|
$
|
992,816
|
|
Net cash used in investing activities
|
(1,234,643
|
)
|
|
(2,423,692
|
)
|
|
(2,055,040
|
)
|
|
(1,282,760
|
)
|
|
(2,169,689
|
)
|
|||||
Net cash provided by financing activities
|
101,722
|
|
|
1,030,122
|
|
|
758,057
|
|
|
114,996
|
|
|
1,198,914
|
|
|||||
FFO
(1)
|
1,440,544
|
|
|
1,365,408
|
|
|
1,273,680
|
|
|
1,208,458
|
|
|
1,024,567
|
|
|||||
Normalized FFO
(1)
|
1,438,643
|
|
|
1,493,683
|
|
|
1,330,018
|
|
|
1,220,709
|
|
|
1,120,225
|
|
|||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, at cost
|
$
|
25,327,215
|
|
|
$
|
23,802,454
|
|
|
$
|
20,196,770
|
|
|
$
|
21,403,592
|
|
|
$
|
19,745,607
|
|
Cash and cash equivalents
|
286,707
|
|
|
53,023
|
|
|
55,348
|
|
|
94,816
|
|
|
67,908
|
|
|||||
Total assets
|
23,166,600
|
|
|
22,261,918
|
|
|
21,165,913
|
|
|
19,731,494
|
|
|
18,980,000
|
|
|||||
Senior notes payable and other debt
|
11,127,326
|
|
|
11,206,996
|
|
|
10,844,351
|
|
|
9,364,992
|
|
|
8,413,646
|
|
(1)
|
We consider Funds From Operations (“FFO”) and normalized FFO to be useful supplemental measures of our operating performance. In particular, we believe that normalized FFO is useful because it allows investors, analysts and our management to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events such as transactions and litigation. In some cases, we provide information about identified non-cash components of FFO and normalized FFO because it allows investors, analysts and our management to assess the impact of those items on our financial results.
|
•
|
Our company and the environment in which we operate;
|
•
|
Our
2016
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 September 2016, we completed the acquisition of substantially all of the university affiliated life science and innovation real estate assets of Wexford Science & Technology, LLC (“Wexford”) from affiliates of Blackstone Real Estate Partners VIII, L.P. (together with its affiliates, “Blackstone”) (the “Life Sciences Acquisition”) for total consideration of
$1.5 billion
. The Life Sciences Acquisition added to our portfolio
23
operating properties,
two
development assets and
nine
future development sites.
|
•
|
In October 2016, we committed to provide secured debt financing in the amount of
$700.0 million
to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc. (“LHP”). The loan (the “Loan”) has a
five
-year term and is LIBOR-based with an initial interest rate of approximately
8.0%
and is guaranteed by Ardent’s parent company. Ardent will also receive an equity contribution from its majority owner, an affiliate of Equity Group Investments. The Loan is subject to the satisfaction of customary closing conditions. Ardent’s acquisition of LHP is expected to close in the first quarter of 2017, but there can be no assurance as to whether, when or on what terms Ardent’s acquisition of LHP or the Loan will be completed.
|
•
|
During 2016, we made a
$140.0 million
secured mezzanine loan investment relating to Class A life sciences properties in California and Massachusetts, that has an annual interest rate of
9.95%
, and we acquired
two
MOBs,
one
triple-net leased seniors housing asset and other investments for approximately
$42.3 million
.
|
•
|
During the year ended December 31, 2016, we sold
29
triple-net leased properties,
1
seniors housing community included in our senior living operations reportable business segment and
six
MOBs for aggregate consideration of
$300.8 million
. We recognized a gain on the sales of these assets of
$98.2 million
(net of taxes).
|
•
|
During 2016, we received aggregate proceeds of
$309.0 million
in final repayment of
three
secured loans receivable and partial repayment of
one
secured loan receivable and recognized gains of
$9.6 million
on the repayment of these loans receivable.
|
•
|
During 2016, we issued and sold
18.9 million
shares of common stock under our “at-the-market” (“ATM”) equity offering program and public offerings. Aggregate net proceeds for these activities were
$1.3 billion
, after sales agent commissions.
|
•
|
In May 2016, we repaid
$100.0 million
outstanding on our unsecured term loan due 2019 using cash on hand.
|
•
|
In May 2016, we issued and sold
$400.0 million
aggregate principal amount of
3.125%
senior notes due 2023 at a public offering price equal to
99.343%
of par, for total proceeds of
$397.4 million
before the underwriting discount and expenses.
|
•
|
In June 2016, we redeemed
$455.5 million
aggregate principal amount then outstanding of our
1.55%
senior notes due September 2016 at a public offering price of
100.335%
of par, plus accrued and unpaid interest to the redemption date. In July 2016, we repaid the remaining balance then outstanding of our 1.55% senior notes due September 2016.
|
•
|
In September 2016, we issued and sold
$450.0 million
aggregate principal amount of
3.25%
senior notes due 2026 at a public offering price equal to
99.811%
of par, for total proceeds of
$449.1 million
before the underwriting discount and expenses.
|
•
|
In 2016, we paid an annual cash dividend on our common stock of
$2.965
per share. In December 2016, our fourth quarter 2016 dividend grew by 6% over third quarter 2016 to $0.775.
|
•
|
In April 2016, we entered into several agreements with Kindred to improve the quality and productivity of the long term acute care hospital (“LTAC”) portfolio leased by Ventas to Kindred. Certain of the agreements consist of lease amendments to the Kindred master leases, for which we received a
$3.5 million
fee. Under these lease amendments, annual rent on
seven
identified LTACs (the “7 LTACs”), which was approximately
$8 million
, was immediately re-allocated to other more productive post-acute assets subject to the Kindred master leases. Separately, in October 2016, we sold the 7 LTACs to an unrelated third party for
$3.0 million
, and recognized a gain of
$2.9 million
.
|
•
|
In September 2016, we modified existing agreements with Sunrise related to the management of certain of the seniors housing communities owned by us and operated by Sunrise to reduce management fees payable to Sunrise under such agreements, maintain the existing term of such agreements and provide Sunrise with incentives for future outperformance. We also entered into a new multi-year development pipeline agreement with Sunrise that gives us the option to fund certain future Sunrise developments.
|
•
|
In November 2016, we entered into agreements with Kindred providing that (i) Kindred will either acquire all
36
SNFs owned by us and operated by Kindred for
$700 million
, in connection with Kindred’s previously announced plan to exit its SNF business, or renew the current lease on all unpurchased SNFs through 2025 at the current rent level; and (ii) Kindred has extended the lease term to 2025 for all of our LTACs operated by Kindred that were scheduled to mature in 2018 and 2020, at the current rent level.
|
|
For the Year Ended
December 31, |
|
Increase (Decrease) to Net Income
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI:
|
|
|
|
|
|
|
|
|||||||
Triple-Net Leased Properties
|
$
|
850,755
|
|
|
$
|
784,234
|
|
|
$
|
66,521
|
|
|
8.5
|
%
|
Senior Living Operations
|
604,328
|
|
|
601,840
|
|
|
2,488
|
|
|
0.4
|
|
|||
Office Operations
|
444,276
|
|
|
399,891
|
|
|
44,385
|
|
|
11.1
|
|
|||
All Other
|
101,214
|
|
|
89,176
|
|
|
12,038
|
|
|
13.5
|
|
|||
Total segment NOI
|
2,000,573
|
|
|
1,875,141
|
|
|
125,432
|
|
|
6.7
|
|
|||
Interest and other income
|
876
|
|
|
1,052
|
|
|
(176
|
)
|
|
(16.7
|
)
|
|||
Interest expense
|
(419,740
|
)
|
|
(367,114
|
)
|
|
(52,626
|
)
|
|
(14.3
|
)
|
|||
Depreciation and amortization
|
(898,924
|
)
|
|
(894,057
|
)
|
|
(4,867
|
)
|
|
(0.5
|
)
|
|||
General, administrative and professional fees
|
(126,875
|
)
|
|
(128,035
|
)
|
|
1,160
|
|
|
0.9
|
|
|||
Loss on extinguishment of debt, net
|
(2,779
|
)
|
|
(14,411
|
)
|
|
11,632
|
|
|
80.7
|
|
|||
Merger-related expenses and deal costs
|
(24,635
|
)
|
|
(102,944
|
)
|
|
78,309
|
|
|
76.1
|
|
|||
Other
|
(9,988
|
)
|
|
(17,957
|
)
|
|
7,969
|
|
|
44.4
|
|
|||
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
518,508
|
|
|
351,675
|
|
|
166,833
|
|
|
47.4
|
|
|||
Income (loss) from unconsolidated entities
|
4,358
|
|
|
(1,420
|
)
|
|
5,778
|
|
|
nm
|
|
|||
Income tax benefit
|
31,343
|
|
|
39,284
|
|
|
(7,941
|
)
|
|
(20.2
|
)
|
|||
Income from continuing operations
|
554,209
|
|
|
389,539
|
|
|
164,670
|
|
|
42.3
|
|
|||
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
(12,025
|
)
|
|
nm
|
|
|||
Gain on real estate dispositions
|
98,203
|
|
|
18,580
|
|
|
79,623
|
|
|
nm
|
|
|||
Net income
|
651,490
|
|
|
419,222
|
|
|
232,268
|
|
|
55.4
|
|
|||
Net income attributable to noncontrolling interest
|
2,259
|
|
|
1,379
|
|
|
(880
|
)
|
|
(63.8
|
)
|
|||
Net income attributable to common stockholders
|
$
|
649,231
|
|
|
$
|
417,843
|
|
|
231,388
|
|
|
55.4
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
845,834
|
|
|
$
|
779,801
|
|
|
$
|
66,033
|
|
|
8.5
|
%
|
Other services revenue
|
4,921
|
|
|
4,433
|
|
|
488
|
|
|
11.0
|
|
|||
Segment NOI
|
$
|
850,755
|
|
|
$
|
784,234
|
|
|
66,521
|
|
|
8.5
|
|
|
Number of Properties at December 31, 2016
(1)
|
|
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2016
(1)
|
|
|
Number of Properties at December 31, 2015
(1)
|
|
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2015
(1)
|
||||
Seniors Housing Communities
|
431
|
|
|
88.2
|
%
|
|
|
453
|
|
|
88.2
|
%
|
Skilled Nursing Facilities
|
53
|
|
|
79.9
|
|
|
|
53
|
|
|
81.4
|
|
Specialty Hospitals
|
38
|
|
|
59.1
|
|
|
|
46
|
|
|
57.8
|
|
(1)
|
Excludes properties included in discontinued operations during 2015 and properties classified as held for sale as of
December 31, 2016
, 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, 2016
and
2015
, respectively, including properties acquired as part of the 2015 AHS acquisition, 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
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
695,124
|
|
|
$
|
673,706
|
|
|
$
|
21,418
|
|
|
3.2
|
%
|
Other services revenue
|
4,921
|
|
|
4,433
|
|
|
488
|
|
|
11.0
|
|
|||
Segment NOI
|
$
|
700,045
|
|
|
$
|
678,139
|
|
|
21,906
|
|
|
3.2
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,847,306
|
|
|
$
|
1,811,255
|
|
|
$
|
36,051
|
|
|
2.0
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(1,242,978
|
)
|
|
(1,209,415
|
)
|
|
(33,563
|
)
|
|
(2.8
|
)
|
|||
Segment NOI
|
$
|
604,328
|
|
|
$
|
601,840
|
|
|
2,488
|
|
|
0.4
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,667,279
|
|
|
$
|
1,617,757
|
|
|
$
|
49,522
|
|
|
3.1
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(1,116,109
|
)
|
|
(1,077,510
|
)
|
|
(38,599
|
)
|
|
(3.6
|
)
|
|||
Segment NOI
|
$
|
551,170
|
|
|
$
|
540,247
|
|
|
10,923
|
|
|
2.0
|
|
|
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,
|
||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Same-store communities
|
262
|
|
|
262
|
|
|
90.4
|
|
91.1
|
|
5,578
|
|
|
5,379
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Office Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
630,342
|
|
|
$
|
566,245
|
|
|
$
|
64,097
|
|
|
11.3
|
%
|
Office building services revenue
|
13,029
|
|
|
34,436
|
|
|
(21,407
|
)
|
|
(62.2
|
)
|
|||
Total revenues
|
643,371
|
|
|
600,681
|
|
|
42,690
|
|
|
7.1
|
|
|||
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(191,784
|
)
|
|
(174,225
|
)
|
|
(17,559
|
)
|
|
(10.1
|
)
|
|||
Office building services costs
|
(7,311
|
)
|
|
(26,565
|
)
|
|
19,254
|
|
|
72.5
|
|
|||
Segment NOI
|
$
|
444,276
|
|
|
$
|
399,891
|
|
|
44,385
|
|
|
11.1
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended Ended December 31,
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Total office buildings
|
388
|
|
|
369
|
|
|
91.7
|
%
|
|
91.7
|
%
|
|
$
|
31
|
|
|
$
|
29
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Office Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
432,657
|
|
|
$
|
434,022
|
|
|
$
|
(1,365
|
)
|
|
(0.3
|
)%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(142,826
|
)
|
|
(144,218
|
)
|
|
1,392
|
|
|
1.0
|
|
|||
Segment NOI
|
$
|
289,831
|
|
|
$
|
289,804
|
|
|
27
|
|
|
0.0
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended December 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||
Same-store office buildings
|
272
|
|
|
272
|
|
|
90.6
|
|
91.2
|
|
31
|
|
31
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Net Income
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI:
|
|
|
|
|
|
|
|
|||||||
Triple-Net Leased Properties
|
$
|
784,234
|
|
|
$
|
679,112
|
|
|
$
|
105,122
|
|
|
15.5
|
%
|
Senior Living Operations
|
601,840
|
|
|
516,395
|
|
|
85,445
|
|
|
16.5
|
|
|||
Office Operations
|
399,891
|
|
|
310,515
|
|
|
89,376
|
|
|
28.8
|
|
|||
All Other
|
89,176
|
|
|
54,048
|
|
|
35,128
|
|
|
65.0
|
|
|||
Total segment NOI
|
1,875,141
|
|
|
1,560,070
|
|
|
315,071
|
|
|
20.2
|
|
|||
Interest and other income
|
1,052
|
|
|
4,263
|
|
|
(3,211
|
)
|
|
(75.3
|
)
|
|||
Interest expense
|
(367,114
|
)
|
|
(292,065
|
)
|
|
(75,049
|
)
|
|
(25.7
|
)
|
|||
Depreciation and amortization
|
(894,057
|
)
|
|
(725,216
|
)
|
|
(168,841
|
)
|
|
(23.3
|
)
|
|||
General, administrative and professional fees
|
(128,035
|
)
|
|
(121,738
|
)
|
|
(6,297
|
)
|
|
(5.2
|
)
|
|||
Loss on extinguishment of debt, net
|
(14,411
|
)
|
|
(5,564
|
)
|
|
(8,847
|
)
|
|
nm
|
|
|||
Merger-related expenses and deal costs
|
(102,944
|
)
|
|
(43,304
|
)
|
|
(59,640
|
)
|
|
nm
|
|
|||
Other
|
(17,957
|
)
|
|
(25,743
|
)
|
|
7,786
|
|
|
30.2
|
|
|||
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
351,675
|
|
|
350,703
|
|
|
972
|
|
|
0.3
|
|
|||
Loss from unconsolidated entities
|
(1,420
|
)
|
|
(139
|
)
|
|
(1,281
|
)
|
|
nm
|
|
|||
Income tax benefit
|
39,284
|
|
|
8,732
|
|
|
30,552
|
|
|
nm
|
|
|||
Income from continuing operations
|
389,539
|
|
|
359,296
|
|
|
30,243
|
|
|
8.4
|
|
|||
Discontinued operations
|
11,103
|
|
|
99,735
|
|
|
(88,632
|
)
|
|
(88.9
|
)
|
|||
Gain on real estate dispositions
|
18,580
|
|
|
17,970
|
|
|
610
|
|
|
3.4
|
|
|||
Net income
|
419,222
|
|
|
477,001
|
|
|
(57,779
|
)
|
|
(12.1
|
)
|
|||
Net income attributable to noncontrolling interest
|
1,379
|
|
|
1,234
|
|
|
(145
|
)
|
|
(11.8
|
)
|
|||
Net income attributable to common stockholders
|
$
|
417,843
|
|
|
$
|
475,767
|
|
|
(57,924
|
)
|
|
(12.2
|
)
|
|
For the Year Ended
December 31,
|
|
Increase to Segment NOI
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
779,801
|
|
|
$
|
674,547
|
|
|
$
|
105,254
|
|
|
15.6
|
%
|
Other services revenue
|
4,433
|
|
|
4,565
|
|
|
(132
|
)
|
|
(2.9
|
)
|
|||
Segment NOI
|
$
|
784,234
|
|
|
$
|
679,112
|
|
|
105,122
|
|
|
15.5
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
625,711
|
|
|
$
|
598,858
|
|
|
$
|
26,853
|
|
|
4.5
|
%
|
Other services revenue
|
4,433
|
|
|
4,565
|
|
|
(132
|
)
|
|
(2.9
|
)
|
|||
Segment NOI
|
$
|
630,144
|
|
|
$
|
603,423
|
|
|
26,721
|
|
|
4.4
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,811,255
|
|
|
$
|
1,552,951
|
|
|
$
|
258,304
|
|
|
16.6
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(1,209,415
|
)
|
|
(1,036,556
|
)
|
|
(172,859
|
)
|
|
(16.7
|
)
|
|||
Segment NOI
|
$
|
601,840
|
|
|
$
|
516,395
|
|
|
85,445
|
|
|
16.5
|
|
|
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,
|
||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Total communities
|
305
|
|
|
270
|
|
|
91.2
|
%
|
|
91.1
|
%
|
|
$
|
5,255
|
|
|
$
|
5,407
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Total revenues
|
$
|
1,486,751
|
|
|
$
|
1,449,603
|
|
|
$
|
37,148
|
|
|
2.6
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(1,004,126
|
)
|
|
(973,401
|
)
|
|
(30,725
|
)
|
|
(3.2
|
)
|
|||
Segment NOI
|
$
|
482,625
|
|
|
$
|
476,202
|
|
|
6,423
|
|
|
1.3
|
|
|
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,
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||
Same-store communities
|
229
|
|
|
229
|
|
|
91.0
|
|
91.0
|
|
5,800
|
|
5,660
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Office Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
566,245
|
|
|
$
|
463,910
|
|
|
$
|
102,335
|
|
|
22.1
|
%
|
Office building services revenue
|
34,436
|
|
|
22,529
|
|
|
11,907
|
|
|
52.9
|
|
|||
Total revenues
|
600,681
|
|
|
486,439
|
|
|
114,242
|
|
|
23.5
|
|
|||
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(174,225
|
)
|
|
(158,832
|
)
|
|
(15,393
|
)
|
|
(9.7
|
)
|
|||
Office building services costs
|
(26,565
|
)
|
|
(17,092
|
)
|
|
(9,473
|
)
|
|
(55.4
|
)
|
|||
Segment NOI
|
$
|
399,891
|
|
|
$
|
310,515
|
|
|
89,376
|
|
|
28.8
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended December 31,
|
||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Total office buildings
|
369
|
|
|
311
|
|
|
91.4
|
%
|
|
91.7
|
%
|
|
$
|
29
|
|
|
$
|
30
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease)
to Segment NOI
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Office Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
432,652
|
|
|
$
|
429,670
|
|
|
$
|
2,982
|
|
|
0.7
|
%
|
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(144,149
|
)
|
|
(143,763
|
)
|
|
(386
|
)
|
|
(0.3
|
)
|
|||
Segment NOI
|
$
|
288,503
|
|
|
$
|
285,907
|
|
|
2,596
|
|
|
0.9
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended December 31,
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||
Same-store office buildings
|
270
|
|
|
270
|
|
|
91.2
|
|
91.5
|
|
31
|
|
31
|
|
For the Year Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Income from continuing operations
|
$
|
554,209
|
|
|
$
|
389,539
|
|
|
$
|
359,296
|
|
|
$
|
375,498
|
|
|
$
|
200,815
|
|
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|
79,171
|
|
|
160,641
|
|
|||||
Gain on real estate dispositions
|
98,203
|
|
|
18,580
|
|
|
17,970
|
|
|
—
|
|
|
—
|
|
|||||
Net income
|
651,490
|
|
|
419,222
|
|
|
477,001
|
|
|
454,669
|
|
|
361,456
|
|
|||||
Net income attributable to noncontrolling interest
|
2,259
|
|
|
1,379
|
|
|
1,234
|
|
|
1,160
|
|
|
(1,344
|
)
|
|||||
Net income attributable to common stockholders
|
$
|
649,231
|
|
|
$
|
417,843
|
|
|
$
|
475,767
|
|
|
$
|
453,509
|
|
|
$
|
362,800
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate depreciation and amortization
|
891,985
|
|
|
887,126
|
|
|
718,649
|
|
|
624,245
|
|
|
616,095
|
|
|||||
Real estate depreciation related to noncontrolling interest
|
(7,785
|
)
|
|
(7,906
|
)
|
|
(10,314
|
)
|
|
(10,512
|
)
|
|
(8,503
|
)
|
|||||
Real estate depreciation related to unconsolidated entities
|
5,754
|
|
|
7,353
|
|
|
5,792
|
|
|
6,543
|
|
|
7,516
|
|
|||||
(Gain) loss on real estate dispositions related to unconsolidated entities
|
(439
|
)
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss (gain) on re-measurement of equity interest upon acquisition, net
|
—
|
|
|
176
|
|
|
—
|
|
|
(1,241
|
)
|
|
(16,645
|
)
|
|||||
Gain on real estate dispositions
|
(98,203
|
)
|
|
(18,580
|
)
|
|
(17,970
|
)
|
|
—
|
|
|
—
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss (gain) on real estate dispositions
|
1
|
|
|
(231
|
)
|
|
(1,494
|
)
|
|
(4,059
|
)
|
|
(80,952
|
)
|
|||||
Depreciation on real estate assets
|
—
|
|
|
79,608
|
|
|
103,250
|
|
|
139,973
|
|
|
144,256
|
|
|||||
FFO attributable to common stockholders
|
1,440,544
|
|
|
1,365,408
|
|
|
1,273,680
|
|
|
1,208,458
|
|
|
1,024,567
|
|
|||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in fair value of financial instruments
|
62
|
|
|
460
|
|
|
5,121
|
|
|
449
|
|
|
99
|
|
|||||
Non-cash income tax benefit
|
(34,227
|
)
|
|
(42,384
|
)
|
|
(9,431
|
)
|
|
(11,828
|
)
|
|
(6,286
|
)
|
|||||
Loss on extinguishment of debt, net
|
2,779
|
|
|
15,797
|
|
|
5,013
|
|
|
1,048
|
|
|
37,640
|
|
|||||
Gain on non-real estate dispositions related to unconsolidated entities
|
(557
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Merger-related expenses, deal costs and re-audit costs
|
28,290
|
|
|
152,344
|
|
|
54,389
|
|
|
21,560
|
|
|
63,183
|
|
|||||
Amortization of other intangibles
|
1,752
|
|
|
2,058
|
|
|
1,246
|
|
|
1,022
|
|
|
1,022
|
|
|||||
Normalized FFO attributable to common stockholders
|
$
|
1,438,643
|
|
|
$
|
1,493,683
|
|
|
$
|
1,330,018
|
|
|
$
|
1,220,709
|
|
|
$
|
1,120,225
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Income from continuing operations
|
$
|
554,209
|
|
|
$
|
389,539
|
|
|
$
|
359,296
|
|
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|||
Gain on real estate dispositions
|
98,203
|
|
|
18,580
|
|
|
17,970
|
|
|||
Net income
|
651,490
|
|
|
419,222
|
|
|
477,001
|
|
|||
Net income attributable to noncontrolling interest
|
2,259
|
|
|
1,379
|
|
|
1,234
|
|
|||
Net income attributable to common stockholders
|
649,231
|
|
|
417,843
|
|
|
475,767
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Interest
|
419,740
|
|
|
427,542
|
|
|
378,556
|
|
|||
Loss on extinguishment of debt, net
|
2,779
|
|
|
14,411
|
|
|
5,564
|
|
|||
Taxes (including amounts in general, administrative and professional fees)
|
(29,129
|
)
|
|
(37,112
|
)
|
|
(4,770
|
)
|
|||
Depreciation and amortization
|
898,924
|
|
|
973,665
|
|
|
828,466
|
|
|||
Non-cash stock-based compensation expense
|
20,958
|
|
|
19,537
|
|
|
20,994
|
|
|||
Merger-related expenses, deal costs and re-audit costs
|
25,141
|
|
|
150,290
|
|
|
53,847
|
|
|||
Net income (loss) attributable to noncontrolling interest, net of consolidated joint venture partners’ share of EBITDA
|
(12,654
|
)
|
|
(12,722
|
)
|
|
(13,499
|
)
|
|||
(Income) loss from unconsolidated entities, net of Ventas share of EBITDA from unconsolidated entities
|
25,246
|
|
|
18,806
|
|
|
12,469
|
|
|||
Gain on real estate dispositions
|
(98,202
|
)
|
|
(18,811
|
)
|
|
(19,183
|
)
|
|||
Unrealized foreign currency (gains) losses
|
(1,440
|
)
|
|
(1,727
|
)
|
|
75
|
|
|||
Changes in fair value of financial instruments
|
51
|
|
|
460
|
|
|
5,121
|
|
|||
Gain on re-measurement of equity interest upon acquisition, net
|
—
|
|
|
176
|
|
|
—
|
|
|||
Adjusted EBITDA
|
$
|
1,900,645
|
|
|
$
|
1,952,358
|
|
|
$
|
1,743,407
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Income from continuing operations
|
$
|
554,209
|
|
|
$
|
389,539
|
|
|
$
|
359,296
|
|
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|||
Gain on real estate dispositions
|
98,203
|
|
|
18,580
|
|
|
17,970
|
|
|||
Net income
|
651,490
|
|
|
419,222
|
|
|
477,001
|
|
|||
Net income attributable to noncontrolling interest
|
2,259
|
|
|
1,379
|
|
|
1,234
|
|
|||
Net income attributable to common stockholders
|
649,231
|
|
|
417,843
|
|
|
475,767
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Interest and other income
|
(876
|
)
|
|
(1,115
|
)
|
|
(5,017
|
)
|
|||
Interest
|
419,740
|
|
|
427,542
|
|
|
378,556
|
|
|||
Depreciation and amortization
|
898,924
|
|
|
973,665
|
|
|
828,466
|
|
|||
General, administrative and professional fees
|
126,875
|
|
|
128,044
|
|
|
121,746
|
|
|||
Loss on extinguishment of debt, net
|
2,779
|
|
|
14,411
|
|
|
5,564
|
|
|||
Merger-related expenses and deal costs
|
25,556
|
|
|
149,346
|
|
|
45,051
|
|
|||
Other
|
9,988
|
|
|
19,577
|
|
|
39,337
|
|
|||
Net income attributable to noncontrolling interest
|
2,259
|
|
|
1,499
|
|
|
1,419
|
|
|||
(Income) loss from unconsolidated entities
|
(4,358
|
)
|
|
1,420
|
|
|
139
|
|
|||
Income tax benefit
|
(31,343
|
)
|
|
(39,284
|
)
|
|
(8,732
|
)
|
|||
Gain on real estate dispositions
|
(98,202
|
)
|
|
(18,811
|
)
|
|
(19,183
|
)
|
|||
NOI (including amounts in discontinued operations)
|
2,000,573
|
|
|
2,074,137
|
|
|
1,863,113
|
|
|||
Discontinued operations
|
—
|
|
|
(198,996
|
)
|
|
(303,043
|
)
|
|||
NOI (excluding amounts in discontinued operations)
|
$
|
2,000,573
|
|
|
$
|
1,875,141
|
|
|
$
|
1,560,070
|
|
|
As of December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other
|
$
|
7,854,264
|
|
|
$
|
7,534,459
|
|
|
$
|
6,677,875
|
|
Floating to fixed rate swap on term loan
|
200,000
|
|
|
—
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
1,426,837
|
|
|
1,554,062
|
|
|
1,810,716
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Unsecured revolving credit facilities
|
146,538
|
|
|
180,683
|
|
|
919,099
|
|
|||
Unsecured term loans, unhedged portion
|
1,271,215
|
|
|
1,568,477
|
|
|
990,634
|
|
|||
Mortgage loans and other
|
292,060
|
|
|
433,339
|
|
|
474,047
|
|
|||
Total
|
$
|
11,190,914
|
|
|
$
|
11,271,020
|
|
|
$
|
10,872,371
|
|
Percent of total debt:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other
|
70.2
|
%
|
|
66.9
|
%
|
|
61.4
|
%
|
|||
Floating to fixed rate swap on term loan
|
1.8
|
|
|
—
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
12.7
|
|
|
13.8
|
|
|
16.6
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Unsecured revolving credit facilities
|
1.3
|
|
|
1.6
|
|
|
8.5
|
|
|||
Unsecured term loans, unhedged portion
|
11.4
|
|
|
13.9
|
|
|
9.1
|
|
|||
Mortgage loans and other
|
2.6
|
|
|
3.8
|
|
|
4.4
|
|
|||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||
Weighted average interest rate at end of period:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other
|
3.6
|
%
|
|
3.5
|
%
|
|
3.5
|
%
|
|||
Floating to fixed rate swap on term loan
|
2.2
|
|
|
—
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
5.6
|
|
|
5.7
|
|
|
5.9
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Unsecured revolving credit facilities
|
1.9
|
|
|
1.4
|
|
|
1.4
|
|
|||
Unsecured term loans, unhedged portion
|
1.7
|
|
|
1.4
|
|
|
1.3
|
|
|||
Mortgage loans and other
|
2.1
|
|
|
2.0
|
|
|
2.3
|
|
|||
Total
|
3.6
|
|
|
3.5
|
|
|
3.5
|
|
(1)
|
Excludes mortgage debt of
$22.9 million
and
$27.6 million
related to real estate assets classified as held for sale as of
December 31, 2015
and
2014
, respectively. All amounts were included in liabilities related to assets held for sale on our Consolidated Balance Sheets.
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
Gross book value
|
$
|
9,481,101
|
|
|
$
|
9,088,521
|
|
Fair value
(1)
|
9,600,621
|
|
|
9,170,508
|
|
||
Fair value reflecting change in interest rates
(1)
:
|
|
|
|
||||
-100 basis points
|
10,117,238
|
|
|
9,674,423
|
|
||
+100 basis points
|
9,133,292
|
|
|
8,708,963
|
|
(1)
|
The change in fair value of our fixed rate debt from
December 31, 2015
to
December 31, 2016
was due primarily to changes in the fair market value interest rates, 2016 senior note issuances, net of repayments, and 2016 net reduction of fixed rate mortgage debt.
|
|
As of
December 31,
|
||||
|
2016
|
|
2015
|
||
Investment mix by asset type
(1)
:
|
|
|
|
||
Seniors housing communities
|
61.8
|
%
|
|
65.3
|
%
|
Medical office buildings
|
20.7
|
|
|
21.7
|
|
Life science and innovation centers
|
6.1
|
|
|
—
|
|
Skilled nursing facilities
|
1.4
|
|
|
1.5
|
|
Specialty hospitals
|
1.7
|
|
|
2.1
|
|
General acute care hospitals
|
5.6
|
|
|
5.9
|
|
Secured loans receivable and investments, net
|
2.7
|
|
|
3.5
|
|
Investment mix by tenant, operator and manager
(1)
:
|
|
|
|
||
Atria
|
22.6
|
%
|
|
22.6
|
%
|
Sunrise
|
11.3
|
|
|
11.8
|
|
Brookdale Senior Living
|
8.1
|
|
|
8.5
|
|
Kindred
|
1.8
|
|
|
2.2
|
|
Ardent
|
5.1
|
|
|
5.3
|
|
All other
|
51.1
|
|
|
49.6
|
|
(1)
|
Ratios are based on the gross book value of real estate investments (excluding properties classified as held for sale and properties owned through investments in unconsolidated entities) as of each reporting date.
|
|
For the Year Ended
December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Operations mix by tenant and operator and business model:
|
|
|
|
|
|
|||
Revenues
(1)
:
|
|
|
|
|
|
|||
Senior living operations
|
53.6
|
%
|
|
55.1
|
%
|
|
56.0
|
%
|
Kindred
|
5.4
|
|
|
5.7
|
|
|
5.9
|
|
Brookdale Senior Living
(2)
|
4.8
|
|
|
5.3
|
|
|
6.1
|
|
Ardent
|
3.1
|
|
|
1.3
|
|
|
—
|
|
All others
|
33.1
|
|
|
32.6
|
|
|
32.0
|
|
Adjusted EBITDA
(3)
:
|
|
|
|
|
|
|||
Senior living operations
|
30.9
|
%
|
|
29.7
|
%
|
|
28.4
|
%
|
Kindred
|
8.9
|
|
|
8.8
|
|
|
10.2
|
|
Brookdale Senior Living
(2)
|
7.9
|
|
|
8.2
|
|
|
9.2
|
|
Ardent
|
5.1
|
|
|
2.0
|
|
|
—
|
|
All others
|
47.2
|
|
|
51.3
|
|
|
52.2
|
|
NOI
(4)
:
|
|
|
|
|
|
|||
Senior living operations
|
30.2
|
%
|
|
32.1
|
%
|
|
33.1
|
%
|
Kindred
|
9.2
|
|
|
9.9
|
|
|
10.6
|
|
Brookdale Senior Living
(2)
|
8.3
|
|
|
9.3
|
|
|
10.9
|
|
Ardent
|
5.3
|
|
|
2.3
|
|
|
—
|
|
All others
|
47.0
|
|
|
46.4
|
|
|
45.4
|
|
Operations mix by geographic location
(5)
:
|
|
|
|
|
|
|||
California
|
15.3
|
%
|
|
15.4
|
%
|
|
15.0
|
%
|
New York
|
8.8
|
|
|
8.8
|
|
|
9.6
|
|
Texas
|
6.3
|
|
|
6.1
|
|
|
6.9
|
|
Illinois
|
4.9
|
|
|
4.9
|
|
|
4.5
|
|
Florida
|
4.5
|
|
|
4.6
|
|
|
4.0
|
|
All others
|
60.2
|
|
|
60.2
|
|
|
60.0
|
|
(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
|
|
2016 Annual
Rental Income
|
|
% of 2016 Total
Triple-Net Leased Properties Segment
Rental Income
|
||||
|
(Dollars in thousands)
|
||||||||
2017
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
2018
|
2
|
|
|
1,989
|
|
|
0.2
|
|
|
2019
|
73
|
|
|
118,803
|
|
|
14.0
|
|
|
2020
|
47
|
|
|
35,347
|
|
|
4.2
|
|
|
2021
|
77
|
|
|
71,180
|
|
|
8.4
|
|
|
2022
|
35
|
|
|
41,066
|
|
|
4.9
|
|
|
2023
|
12
|
|
|
30,311
|
|
|
3.6
|
|
|
2024
|
36
|
|
|
22,424
|
|
|
2.7
|
|
|
2025
|
101
|
|
|
187,304
|
|
|
22.1
|
|
|
2026
|
30
|
|
|
41,749
|
|
|
4.9
|
|
•
|
$700.0 million
principal amount of 2.000% senior notes due 2018 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$600.0 million
principal amount of 4.000% senior notes due 2019 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$500.0 million
principal amount of 2.700% senior notes due 2020 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$700.0 million
principal amount of 4.750% senior notes due 2021 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$600.0 million
principal amount of 4.250% senior notes due 2022 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$500.0 million
principal amount of 3.250% senior notes due 2022 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$400.0 million
principal amount of 3.750% senior notes due 2024;
|
•
|
$600.0 million
principal amount of 3.50% senior notes due 2025;
|
•
|
$500.0 million
principal amount of 4.125% senior notes due 2026;
|
•
|
$450.0 million
principal amount of 3.25% senior notes due 2026;
|
•
|
$258.8 million
principal amount of 5.45% senior notes due 2043 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$300.0 million
principal amount of 5.70% senior notes due 2043; and
|
•
|
$300.0 million
principal amount of 4.375% senior notes due 2045.
|
•
|
$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).
|
•
|
$297.8 million
(CAD 400.0 million) principal amount of 3.00% senior notes, series A due 2019;
|
•
|
$186.2 million
(CAD 250.0 million) principal amount of 3.300% senior notes due 2022; and
|
•
|
$186.2 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
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Cash and cash equivalents at beginning of period
|
$
|
53,023
|
|
|
$
|
55,348
|
|
|
$
|
(2,325
|
)
|
|
(4.2
|
)%
|
Net cash provided by operating activities
|
1,367,457
|
|
|
1,391,767
|
|
|
(24,310
|
)
|
|
(1.7
|
)
|
|||
Net cash used in investing activities
|
(1,234,643
|
)
|
|
(2,423,692
|
)
|
|
1,189,049
|
|
|
49.1
|
|
|||
Net cash provided by financing activities
|
101,722
|
|
|
1,030,122
|
|
|
(928,400
|
)
|
|
(90.1
|
)
|
|||
Effect of foreign currency translation on cash and cash equivalents
|
(852
|
)
|
|
(522
|
)
|
|
(330
|
)
|
|
(63.2
|
)
|
|||
Cash and cash equivalents at end of period
|
$
|
286,707
|
|
|
$
|
53,023
|
|
|
233,684
|
|
|
nm
|
|
Total
|
|
Less than 1
year
(3)
|
|
1 - 3 years
(4)
|
|
3 - 5 years
(5)
|
|
More than 5
years
(6)
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Long-term debt obligations
(1) (2)
|
$
|
14,438,918
|
|
|
$
|
1,033,670
|
|
|
$
|
3,656,987
|
|
|
$
|
2,721,903
|
|
|
$
|
7,026,358
|
|
Operating obligations, including ground lease obligations
|
743,995
|
|
|
28,146
|
|
|
46,407
|
|
|
40,871
|
|
|
628,571
|
|
|||||
Total
|
$
|
15,182,913
|
|
|
$
|
1,061,816
|
|
|
$
|
3,703,394
|
|
|
$
|
2,762,774
|
|
|
$
|
7,654,929
|
|
(1)
|
Amounts represent contractual amounts due, including interest.
|
(2)
|
Interest on variable rate debt was based on forward rates obtained as of
December 31, 2016
.
|
(3)
|
Includes
$300.0 million
outstanding principal amount of our 1.250% senior notes due 2017.
|
(4)
|
Includes
$146.5 million
of borrowings outstanding on our unsecured revolving credit facility,
$700.0 million
outstanding principal amount of our 2.00% senior notes due 2018 and
$200.0 million
of borrowings under our unsecured term loan due 2018.
|
(5)
|
Includes
$371.2 million
of borrowings under our unsecured term loan due 2019,
$600.0 million
outstanding principal amount of our 4.00% senior notes due 2019,
$297.8 million
outstanding principal amount of our 3.00% senior notes, series A due 2019,
$500.0 million
outstanding principal amount of our 2.700% senior notes due 2020 and
$900.0 million
of borrowings under our unsecured term loan due 2020.
|
(6)
|
Includes
$5.5 billion
aggregate principal amount outstanding of our senior notes maturing between 2021 and 2045.
$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, 2016 and 2015
|
|
Consolidated Statements of Income for the years ended December 31, 2016, 2015 and 2014
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014
|
|
Consolidated Statements of Equity for the years ended December 31, 2016, 2015 and 2014
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Schedule II — Valuation and Qualifying Accounts
|
|
Schedule III — Real Estate and Accumulated Depreciation
|
|
Schedule IV — Mortgage Loans on Real Estate
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In thousands, except per
share amounts)
|
||||||
Assets
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
2,089,591
|
|
|
$
|
2,056,428
|
|
Buildings and improvements
|
21,516,396
|
|
|
20,309,599
|
|
||
Construction in progress
|
210,599
|
|
|
92,005
|
|
||
Acquired lease intangibles
|
1,510,629
|
|
|
1,344,422
|
|
||
|
25,327,215
|
|
|
23,802,454
|
|
||
Accumulated depreciation and amortization
|
(4,932,461
|
)
|
|
(4,177,234
|
)
|
||
Net real estate property
|
20,394,754
|
|
|
19,625,220
|
|
||
Secured loans receivable and investments, net
|
702,021
|
|
|
857,112
|
|
||
Investments in unconsolidated real estate entities
|
95,921
|
|
|
95,707
|
|
||
Net real estate investments
|
21,192,696
|
|
|
20,578,039
|
|
||
Cash and cash equivalents
|
286,707
|
|
|
53,023
|
|
||
Escrow deposits and restricted cash
|
80,647
|
|
|
77,896
|
|
||
Goodwill
|
1,033,225
|
|
|
1,047,497
|
|
||
Assets held for sale
|
54,961
|
|
|
93,060
|
|
||
Other assets
|
518,364
|
|
|
412,403
|
|
||
Total assets
|
$
|
23,166,600
|
|
|
$
|
22,261,918
|
|
Liabilities and equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Senior notes payable and other debt
|
$
|
11,127,326
|
|
|
$
|
11,206,996
|
|
Accrued interest
|
83,762
|
|
|
80,864
|
|
||
Accounts payable and other liabilities
|
907,928
|
|
|
779,380
|
|
||
Liabilities related to assets held for sale
|
1,462
|
|
|
34,340
|
|
||
Deferred income taxes
|
316,641
|
|
|
338,382
|
|
||
Total liabilities
|
12,437,119
|
|
|
12,439,962
|
|
||
Redeemable OP unitholder and noncontrolling interests
|
200,728
|
|
|
196,529
|
|
||
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, 354,125 and 334,386 shares issued at December 31, 2016 and 2015, respectively
|
88,514
|
|
|
83,579
|
|
||
Capital in excess of par value
|
12,917,002
|
|
|
11,602,838
|
|
||
Accumulated other comprehensive loss
|
(57,534
|
)
|
|
(7,565
|
)
|
||
Retained earnings (deficit)
|
(2,487,695
|
)
|
|
(2,111,958
|
)
|
||
Treasury stock, 1 and 44 shares at December 31, 2016 and 2015, respectively
|
(47
|
)
|
|
(2,567
|
)
|
||
Total Ventas stockholders’ equity
|
10,460,240
|
|
|
9,564,327
|
|
||
Noncontrolling interest
|
68,513
|
|
|
61,100
|
|
||
Total equity
|
10,528,753
|
|
|
9,625,427
|
|
||
Total liabilities and equity
|
$
|
23,166,600
|
|
|
$
|
22,261,918
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands, except per share
amounts)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Rental income:
|
|
|
|
|
|
||||||
Triple-net leased
|
$
|
845,834
|
|
|
$
|
779,801
|
|
|
$
|
674,547
|
|
Office
|
630,342
|
|
|
566,245
|
|
|
463,910
|
|
|||
|
1,476,176
|
|
|
1,346,046
|
|
|
1,138,457
|
|
|||
Resident fees and services
|
1,847,306
|
|
|
1,811,255
|
|
|
1,552,951
|
|
|||
Office building and other services revenue
|
21,070
|
|
|
41,492
|
|
|
29,364
|
|
|||
Income from loans and investments
|
98,094
|
|
|
86,553
|
|
|
51,778
|
|
|||
Interest and other income
|
876
|
|
|
1,052
|
|
|
4,263
|
|
|||
Total revenues
|
3,443,522
|
|
|
3,286,398
|
|
|
2,776,813
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest
|
419,740
|
|
|
367,114
|
|
|
292,065
|
|
|||
Depreciation and amortization
|
898,924
|
|
|
894,057
|
|
|
725,216
|
|
|||
Property-level operating expenses:
|
|
|
|
|
|
||||||
Senior living
|
1,242,978
|
|
|
1,209,415
|
|
|
1,036,556
|
|
|||
Office
|
191,784
|
|
|
174,225
|
|
|
158,832
|
|
|||
|
1,434,762
|
|
|
1,383,640
|
|
|
1,195,388
|
|
|||
Office building services costs
|
7,311
|
|
|
26,565
|
|
|
17,092
|
|
|||
General, administrative and professional fees
|
126,875
|
|
|
128,035
|
|
|
121,738
|
|
|||
Loss on extinguishment of debt, net
|
2,779
|
|
|
14,411
|
|
|
5,564
|
|
|||
Merger-related expenses and deal costs
|
24,635
|
|
|
102,944
|
|
|
43,304
|
|
|||
Other
|
9,988
|
|
|
17,957
|
|
|
25,743
|
|
|||
Total expenses
|
2,925,014
|
|
|
2,934,723
|
|
|
2,426,110
|
|
|||
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
518,508
|
|
|
351,675
|
|
|
350,703
|
|
|||
Income (loss) from unconsolidated entities
|
4,358
|
|
|
(1,420
|
)
|
|
(139
|
)
|
|||
Income tax benefit
|
31,343
|
|
|
39,284
|
|
|
8,732
|
|
|||
Income from continuing operations
|
554,209
|
|
|
389,539
|
|
|
359,296
|
|
|||
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|||
Gain on real estate dispositions
|
98,203
|
|
|
18,580
|
|
|
17,970
|
|
|||
Net income
|
651,490
|
|
|
419,222
|
|
|
477,001
|
|
|||
Net income attributable to noncontrolling interest
|
2,259
|
|
|
1,379
|
|
|
1,234
|
|
|||
Net income attributable to common stockholders
|
$
|
649,231
|
|
|
$
|
417,843
|
|
|
$
|
475,767
|
|
Earnings per common share
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.88
|
|
|
$
|
1.23
|
|
|
$
|
1.28
|
|
Discontinued operations
|
0.00
|
|
|
0.03
|
|
|
0.34
|
|
|||
Net income attributable to common stockholders
|
$
|
1.88
|
|
|
$
|
1.26
|
|
|
$
|
1.62
|
|
Diluted:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.86
|
|
|
$
|
1.22
|
|
|
$
|
1.26
|
|
Discontinued operations
|
0.00
|
|
|
0.03
|
|
|
0.34
|
|
|||
Net income attributable to common stockholders
|
$
|
1.86
|
|
|
$
|
1.25
|
|
|
$
|
1.60
|
|
Weighted average shares used in computing earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
344,703
|
|
|
330,311
|
|
|
294,175
|
|
|||
Diluted
|
348,390
|
|
|
334,007
|
|
|
296,677
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
651,490
|
|
|
$
|
419,222
|
|
|
$
|
477,001
|
|
Other comprehensive loss:
|
|
|
|
|
|
||||||
Foreign currency translation
|
(52,266
|
)
|
|
(14,792
|
)
|
|
(17,153
|
)
|
|||
Change in unrealized gain on marketable debt securities
|
(310
|
)
|
|
(5,236
|
)
|
|
7,001
|
|
|||
Other
|
2,607
|
|
|
(658
|
)
|
|
3,614
|
|
|||
Total other comprehensive loss
|
(49,969
|
)
|
|
(20,686
|
)
|
|
(6,538
|
)
|
|||
Comprehensive income
|
601,521
|
|
|
398,536
|
|
|
470,463
|
|
|||
Comprehensive income attributable to noncontrolling interest
|
2,259
|
|
|
1,379
|
|
|
1,234
|
|
|||
Comprehensive income attributable to common stockholders
|
$
|
599,262
|
|
|
$
|
397,157
|
|
|
$
|
469,229
|
|
|
Common
Stock Par
Value
|
|
Capital in
Excess of
Par Value
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
(Deficit)
|
|
Treasury
Stock
|
|
Total Ventas
Stockholders’
Equity
|
|
Non- controlling
Interest
|
|
Total Equity
|
||||||||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2014
|
$
|
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
|
|
|
1,234
|
|
|
477,001
|
|
||||||||
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
|
|
|
(8,477
|
)
|
|
(7,314
|
)
|
||||||||
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
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
417,843
|
|
|
—
|
|
|
417,843
|
|
|
1,379
|
|
|
419,222
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(20,686
|
)
|
|
—
|
|
|
—
|
|
|
(20,686
|
)
|
|
—
|
|
|
(20,686
|
)
|
||||||||
Acquisition-related activity
|
7,103
|
|
|
2,209,202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,216,305
|
|
|
853
|
|
|
2,217,158
|
|
||||||||
Impact of CCP Spin-Off
|
—
|
|
|
(1,247,356
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,247,356
|
)
|
|
(4,717
|
)
|
|
(1,252,073
|
)
|
||||||||
Net change in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,530
|
)
|
|
(12,530
|
)
|
||||||||
Dividends to common stockholders—$3.04 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,003,413
|
)
|
|
—
|
|
|
(1,003,413
|
)
|
|
—
|
|
|
(1,003,413
|
)
|
||||||||
Issuance of common stock
|
1,797
|
|
|
489,227
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
491,024
|
|
|
—
|
|
|
491,024
|
|
||||||||
Issuance of common stock for stock plans
|
23
|
|
|
6,068
|
|
|
—
|
|
|
—
|
|
|
5,945
|
|
|
12,036
|
|
|
—
|
|
|
12,036
|
|
||||||||
Change in redeemable noncontrolling interest
|
—
|
|
|
(374
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(374
|
)
|
|
1,902
|
|
|
1,528
|
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
7,831
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,831
|
|
|
—
|
|
|
7,831
|
|
||||||||
Purchase of OP units
|
—
|
|
|
1,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,719
|
|
|
—
|
|
|
1,719
|
|
||||||||
Grant of restricted stock, net of forfeitures
|
—
|
|
|
17,215
|
|
|
—
|
|
|
—
|
|
|
(8,001
|
)
|
|
9,214
|
|
|
—
|
|
|
9,214
|
|
||||||||
Balance at December 31, 2015
|
83,579
|
|
|
11,602,838
|
|
|
(7,565
|
)
|
|
(2,111,958
|
)
|
|
(2,567
|
)
|
|
9,564,327
|
|
|
61,100
|
|
|
9,625,427
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
649,231
|
|
|
—
|
|
|
649,231
|
|
|
2,259
|
|
|
651,490
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(49,969
|
)
|
|
—
|
|
|
—
|
|
|
(49,969
|
)
|
|
—
|
|
|
(49,969
|
)
|
||||||||
Impact of CCP Spin-Off
|
—
|
|
|
640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
640
|
|
|
—
|
|
|
640
|
|
||||||||
Net change in noncontrolling interest
|
—
|
|
|
(2,179
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,179
|
)
|
|
19,008
|
|
|
16,829
|
|
||||||||
Dividends to common stockholders—$2.965 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,024,968
|
)
|
|
—
|
|
|
(1,024,968
|
)
|
|
—
|
|
|
(1,024,968
|
)
|
||||||||
Issuance of common stock
|
4,716
|
|
|
1,281,947
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
1,286,680
|
|
|
—
|
|
|
1,286,680
|
|
||||||||
Issuance of common stock for stock plans
|
99
|
|
|
26,594
|
|
|
—
|
|
|
—
|
|
|
2,572
|
|
|
29,265
|
|
|
—
|
|
|
29,265
|
|
||||||||
Change in redeemable noncontrolling interest
|
—
|
|
|
(1,714
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,714
|
)
|
|
(13,854
|
)
|
|
(15,568
|
)
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
(21,085
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,085
|
)
|
|
—
|
|
|
(21,085
|
)
|
||||||||
Purchase of OP units
|
92
|
|
|
22,622
|
|
|
—
|
|
|
—
|
|
|
1,098
|
|
|
23,812
|
|
|
—
|
|
|
23,812
|
|
||||||||
Grant of restricted stock, net of forfeitures
|
28
|
|
|
7,339
|
|
|
—
|
|
|
—
|
|
|
(1,167
|
)
|
|
6,200
|
|
|
—
|
|
|
6,200
|
|
||||||||
Balance at December 31, 2016
|
$
|
88,514
|
|
|
$
|
12,917,002
|
|
|
$
|
(57,534
|
)
|
|
$
|
(2,487,695
|
)
|
|
$
|
(47
|
)
|
|
$
|
10,460,240
|
|
|
$
|
68,513
|
|
|
$
|
10,528,753
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
651,490
|
|
|
$
|
419,222
|
|
|
$
|
477,001
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization (including amounts in discontinued operations)
|
898,924
|
|
|
973,663
|
|
|
828,467
|
|
|||
Amortization of deferred revenue and lease intangibles, net
|
(20,336
|
)
|
|
(24,129
|
)
|
|
(18,871
|
)
|
|||
Other non-cash amortization
|
10,357
|
|
|
5,448
|
|
|
(312
|
)
|
|||
Stock-based compensation
|
20,958
|
|
|
19,537
|
|
|
20,994
|
|
|||
Straight-lining of rental income, net
|
(27,988
|
)
|
|
(33,792
|
)
|
|
(38,687
|
)
|
|||
Loss on extinguishment of debt, net
|
2,779
|
|
|
14,411
|
|
|
5,564
|
|
|||
Gain on real estate dispositions (including amounts in discontinued operations)
|
(98,203
|
)
|
|
(18,811
|
)
|
|
(19,183
|
)
|
|||
Gain on real estate loan investments
|
(2,271
|
)
|
|
—
|
|
|
(1,455
|
)
|
|||
Gain on sale of marketable securities
|
—
|
|
|
(5,800
|
)
|
|
—
|
|
|||
Income tax benefit
|
(34,227
|
)
|
|
(42,384
|
)
|
|
(9,431
|
)
|
|||
(Income) loss from unconsolidated entities
|
(4,358
|
)
|
|
1,244
|
|
|
139
|
|
|||
Distributions from unconsolidated entities
|
7,598
|
|
|
23,462
|
|
|
6,508
|
|
|||
Other
|
(1,847
|
)
|
|
6,693
|
|
|
9,416
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Decrease in other assets
|
5,560
|
|
|
42,316
|
|
|
5,317
|
|
|||
Increase in accrued interest
|
2,604
|
|
|
19,995
|
|
|
7,958
|
|
|||
Decrease in accounts payable and other liabilities
|
(43,583
|
)
|
|
(9,308
|
)
|
|
(18,580
|
)
|
|||
Net cash provided by operating activities
|
1,367,457
|
|
|
1,391,767
|
|
|
1,254,845
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net investment in real estate property
|
(1,429,112
|
)
|
|
(2,650,788
|
)
|
|
(1,468,286
|
)
|
|||
Investment in loans receivable and other
|
(158,635
|
)
|
|
(171,144
|
)
|
|
(498,992
|
)
|
|||
Proceeds from real estate disposals
|
300,561
|
|
|
492,408
|
|
|
118,246
|
|
|||
Proceeds from loans receivable
|
320,082
|
|
|
109,176
|
|
|
73,557
|
|
|||
Purchase of marketable securities
|
—
|
|
|
—
|
|
|
(96,689
|
)
|
|||
Proceeds from sale or maturity of marketable securities
|
—
|
|
|
76,800
|
|
|
21,689
|
|
|||
Funds held in escrow for future development expenditures
|
—
|
|
|
4,003
|
|
|
4,590
|
|
|||
Development project expenditures
|
(143,647
|
)
|
|
(119,674
|
)
|
|
(106,988
|
)
|
|||
Capital expenditures
|
(117,456
|
)
|
|
(107,487
|
)
|
|
(87,454
|
)
|
|||
Investment in unconsolidated operating entity
|
—
|
|
|
(26,282
|
)
|
|
—
|
|
|||
Contributions to unconsolidated entities
|
—
|
|
|
(30,704
|
)
|
|
(5,598
|
)
|
|||
Other
|
(6,436
|
)
|
|
—
|
|
|
(9,115
|
)
|
|||
Net cash used in investing activities
|
(1,234,643
|
)
|
|
(2,423,692
|
)
|
|
(2,055,040
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net change in borrowings under credit facilities
|
(35,637
|
)
|
|
(723,457
|
)
|
|
540,203
|
|
|||
Net cash impact of CCP Spin-Off
|
—
|
|
|
(128,749
|
)
|
|
—
|
|
|||
Proceeds from debt
|
893,218
|
|
|
2,512,747
|
|
|
2,007,707
|
|
|||
Proceeds from debt related to CCP Spin-Off
|
—
|
|
|
1,400,000
|
|
|
—
|
|
|||
Repayment of debt
|
(1,022,113
|
)
|
|
(1,435,596
|
)
|
|
(1,151,395
|
)
|
|||
Purchase of noncontrolling interest
|
(2,846
|
)
|
|
(3,819
|
)
|
|
—
|
|
|||
Payment of deferred financing costs
|
(6,555
|
)
|
|
(24,665
|
)
|
|
(14,220
|
)
|
|||
Issuance of common stock, net
|
1,286,680
|
|
|
491,023
|
|
|
242,107
|
|
|||
Cash distribution to common stockholders
|
(1,024,968
|
)
|
|
(1,003,413
|
)
|
|
(875,614
|
)
|
|||
Cash distribution to redeemable OP unitholders
|
(8,640
|
)
|
|
(15,095
|
)
|
|
(5,762
|
)
|
|||
Purchases of redeemable OP units
|
—
|
|
|
(33,188
|
)
|
|
(503
|
)
|
|||
Contributions from noncontrolling interest
|
7,326
|
|
|
—
|
|
|
491
|
|
|||
Distributions to noncontrolling interest
|
(6,879
|
)
|
|
(12,649
|
)
|
|
(9,559
|
)
|
|||
Other
|
22,136
|
|
|
6,983
|
|
|
24,602
|
|
|||
Net cash provided by financing activities
|
101,722
|
|
|
1,030,122
|
|
|
758,057
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
234,536
|
|
|
(1,803
|
)
|
|
(42,138
|
)
|
|||
Effect of foreign currency translation on cash and cash equivalents
|
(852
|
)
|
|
(522
|
)
|
|
2,670
|
|
|||
Cash and cash equivalents at beginning of period
|
53,023
|
|
|
55,348
|
|
|
94,816
|
|
|||
Cash and cash equivalents at end of period
|
$
|
286,707
|
|
|
$
|
53,023
|
|
|
$
|
55,348
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Interest paid including swap payments and receipts
|
$
|
395,138
|
|
|
$
|
391,699
|
|
|
$
|
361,144
|
|
Supplemental schedule of non-cash activities:
|
|
|
|
|
|
||||||
Assets and liabilities assumed from acquisitions:
|
|
|
|
|
|
||||||
Real estate investments
|
$
|
69,092
|
|
|
$
|
2,565,960
|
|
|
$
|
370,741
|
|
Utilization of funds held for an Internal Revenue Code Section 1031 exchange
|
(6,954
|
)
|
|
(8,911
|
)
|
|
—
|
|
|||
Other assets acquired
|
90,037
|
|
|
20,090
|
|
|
15,280
|
|
|||
Debt assumed
|
47,641
|
|
|
177,857
|
|
|
241,076
|
|
|||
Other liabilities
|
72,636
|
|
|
54,459
|
|
|
24,039
|
|
|||
Deferred income tax liability
|
9,381
|
|
|
52,153
|
|
|
110,728
|
|
|||
Noncontrolling interest
|
22,517
|
|
|
88,085
|
|
|
—
|
|
|||
Equity issued
|
—
|
|
|
2,204,585
|
|
|
10,178
|
|
|||
Non-cash impact of CCP Spin-Off
|
—
|
|
|
1,256,404
|
|
|
—
|
|
|||
Equity issued for purchase of OP and Class C units
|
24,318
|
|
|
—
|
|
|
—
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
Total Assets
|
|
Total Liabilities
|
|
Total Assets
|
|
Total Liabilities
|
||||||||
|
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
NHP/PMB L.P.
|
|
$
|
639,763
|
|
|
$
|
199,674
|
|
|
$
|
645,109
|
|
|
$
|
203,235
|
|
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P.
|
|
2,143,139
|
|
|
162,426
|
|
|
2,367,296
|
|
|
233,600
|
|
||||
Other identified VIEs
|
|
1,882,336
|
|
|
354,034
|
|
|
1,582,430
|
|
|
431,582
|
|
||||
Wexford tax credit VIEs
(1)
|
|
981,752
|
|
|
234,109
|
|
|
—
|
|
—
|
(1)
|
Balances relate to the Life Sciences Acquisition.
|
•
|
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.
|
•
|
Escrow deposits and restricted cash
- The carrying amount of escrow deposits and restricted cash 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, if any, 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 and default rates.
|
•
|
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 observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates; and for foreign currency forward contracts, we estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates.
|
•
|
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, similar to those used in determining fair value of loans receivable (above).
|
•
|
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, shares of our common stock, subject to adjustment in certain circumstances.
|
|
Brookdale Senior Living
|
|
Kindred
|
|
Ardent
|
|
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
2017
|
$
|
162,576
|
|
|
$
|
199,798
|
|
|
$
|
109,151
|
|
|
$
|
885,745
|
|
|
$
|
1,357,270
|
|
2018
|
162,089
|
|
|
173,249
|
|
|
109,151
|
|
|
835,173
|
|
|
1,279,662
|
|
|||||
2019
|
151,437
|
|
|
160,730
|
|
|
109,151
|
|
|
783,220
|
|
|
1,204,538
|
|
|||||
2020
|
34,410
|
|
|
160,771
|
|
|
109,151
|
|
|
735,444
|
|
|
1,039,776
|
|
|||||
2021
|
13,133
|
|
|
160,813
|
|
|
109,151
|
|
|
678,048
|
|
|
961,145
|
|
|||||
Thereafter
|
10,703
|
|
|
408,810
|
|
|
1,491,731
|
|
|
3,757,703
|
|
|
5,668,947
|
|
|||||
Total
|
$
|
534,348
|
|
|
$
|
1,264,171
|
|
|
$
|
2,037,486
|
|
|
$
|
7,675,333
|
|
|
$
|
11,511,338
|
|
|
|
Triple-Net Leased Properties
|
|
Office Operations
|
|
Total
|
||||||
|
(In thousands)
|
|||||||||||
Land and improvements
|
|
$
|
1,579
|
|
|
$
|
55,456
|
|
|
$
|
57,035
|
|
Buildings and improvements
|
|
12,558
|
|
|
1,323,678
|
|
|
1,336,236
|
|
|||
Acquired lease intangibles
|
|
163
|
|
|
200,022
|
|
|
200,185
|
|
|||
Other assets
|
|
—
|
|
|
108,607
|
|
|
108,607
|
|
|||
Total assets acquired
|
|
14,300
|
|
|
1,687,763
|
|
|
1,702,063
|
|
|||
Notes payable and other debt
|
|
—
|
|
|
47,641
|
|
|
47,641
|
|
|||
Intangible liabilities
|
|
—
|
|
|
103,769
|
|
|
103,769
|
|
|||
Other liabilities
|
|
380
|
|
|
79,693
|
|
|
80,073
|
|
|||
Total liabilities assumed
|
|
380
|
|
|
231,103
|
|
|
231,483
|
|
|||
Noncontrolling interest assumed
|
|
—
|
|
|
22,517
|
|
|
22,517
|
|
|||
Net assets acquired
|
|
13,920
|
|
|
1,434,143
|
|
|
1,448,063
|
|
|||
Cash acquired
|
|
—
|
|
|
19,119
|
|
|
19,119
|
|
|||
Total cash used
|
|
$
|
13,920
|
|
|
$
|
1,415,024
|
|
|
$
|
1,428,944
|
|
|
Triple-Net Leased Properties
|
|
Senior Living Operations
|
|
Office Operations
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Land and improvements
|
$
|
190,566
|
|
|
$
|
70,713
|
|
|
$
|
173,307
|
|
|
$
|
434,586
|
|
Buildings and improvements
|
1,726,063
|
|
|
703,080
|
|
|
1,214,546
|
|
|
3,643,689
|
|
||||
Acquired lease intangibles
|
169,362
|
|
|
83,867
|
|
|
184,540
|
|
|
437,769
|
|
||||
Other assets
|
174,093
|
|
|
272,888
|
|
|
402,734
|
|
|
849,715
|
|
||||
Total assets acquired
|
2,260,084
|
|
|
1,130,548
|
|
|
1,975,127
|
|
|
5,365,759
|
|
||||
Notes payable and other debt
|
—
|
|
|
77,940
|
|
|
99,917
|
|
|
177,857
|
|
||||
Other liabilities
|
45,924
|
|
|
45,408
|
|
|
46,565
|
|
|
137,897
|
|
||||
Total liabilities assumed
|
45,924
|
|
|
123,348
|
|
|
146,482
|
|
|
315,754
|
|
||||
Net assets acquired
|
2,214,160
|
|
|
1,007,200
|
|
|
1,828,645
|
|
|
5,050,005
|
|
||||
Redeemable OP unitholder interests assumed
|
|
|
|
|
|
|
88,085
|
|
|||||||
Cash acquired
|
|
|
|
|
|
|
59,584
|
|
|||||||
Equity issued
|
|
|
|
|
|
|
2,216,355
|
|
|||||||
Total cash used
|
|
|
|
|
|
|
$
|
2,685,981
|
|
|
For the Years Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands, except per share amounts)
|
||||||
Revenues
|
$
|
3,361,658
|
|
|
$
|
3,164,100
|
|
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
475,017
|
|
|
$
|
465,671
|
|
Earnings per common share:
|
|
|
|
||||
Basic:
|
|
|
|
||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.44
|
|
|
$
|
1.44
|
|
Diluted:
|
|
|
|
||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
1.42
|
|
|
$
|
1.43
|
|
Weighted average shares used in computing earnings per common share:
|
|
|
|
||||
Basic
|
330,311
|
|
|
322,590
|
|
||
Diluted
|
334,007
|
|
|
326,210
|
|
|
Triple-Net Leased Properties
|
|
Senior Living Operations
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Land and improvements
|
$
|
45,586
|
|
|
$
|
100,281
|
|
|
$
|
145,867
|
|
Buildings and improvements
|
546,849
|
|
|
1,081,630
|
|
|
1,628,479
|
|
|||
Acquired lease intangibles
|
28,883
|
|
|
36,452
|
|
|
65,335
|
|
|||
Other assets
|
227
|
|
|
12,394
|
|
|
12,621
|
|
|||
Total assets acquired
|
621,545
|
|
|
1,230,757
|
|
|
1,852,302
|
|
|||
Notes payable and other debt
|
12,927
|
|
|
228,150
|
|
|
241,077
|
|
|||
Other liabilities
|
8,609
|
|
|
124,468
|
|
|
133,077
|
|
|||
Total liabilities assumed
|
21,536
|
|
|
352,618
|
|
|
374,154
|
|
|||
Net assets acquired
|
600,009
|
|
|
878,139
|
|
|
1,478,148
|
|
|||
Cash acquired
|
227
|
|
|
8,704
|
|
|
8,931
|
|
|||
Total cash used
|
$
|
599,782
|
|
|
$
|
869,435
|
|
|
$
|
1,469,217
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||
|
|
Number of Properties Held for Sale
|
|
Assets Held for Sale
|
|
Liabilities Held for Sale
|
|
Number of Properties Held for Sale
|
|
Assets Held for Sale
|
|
Liabilities Held for Sale
|
||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||
Triple-net leased properties
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
4,488
|
|
|
$
|
44
|
|
Office operations
|
|
7
|
|
|
53,151
|
|
|
1,462
|
|
|
8
|
|
|
68,619
|
|
|
24,759
|
|
||||
Seniors living operations
(1)
|
|
—
|
|
|
1,810
|
|
|
—
|
|
|
1
|
|
|
19,953
|
|
|
9,537
|
|
||||
Total
|
|
7
|
|
|
$
|
54,961
|
|
|
$
|
1,462
|
|
|
11
|
|
|
$
|
93,060
|
|
|
$
|
34,340
|
|
(1)
|
As of December 31, 2016, there is
one
vacant land parcel classified as held for sale.
|
|
August 17, 2015
|
|
December 31, 2014
|
||||
|
(In thousands)
|
||||||
Assets
|
|
|
|
||||
Net real estate investments
|
$
|
2,588,255
|
|
|
$
|
2,274,310
|
|
Cash and cash equivalents
|
1,749
|
|
|
2,710
|
|
||
Goodwill
|
135,446
|
|
|
88,959
|
|
||
Assets held for sale
|
7,610
|
|
|
8,435
|
|
||
Other assets
|
15,089
|
|
|
16,596
|
|
||
Total assets
|
2,748,149
|
|
|
2,391,010
|
|
||
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Accounts payable and other liabilities
|
217,760
|
|
|
204,359
|
|
||
Liabilities related to assets held for sale
|
985
|
|
|
1,288
|
|
||
Total liabilities
|
218,745
|
|
|
205,647
|
|
||
|
|
|
|
||||
Net assets
|
$
|
2,529,404
|
|
|
$
|
2,185,363
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Rental income
|
$
|
—
|
|
|
$
|
196,848
|
|
|
$
|
295,767
|
|
Income from loans and investments
|
—
|
|
|
2,148
|
|
|
3,392
|
|
|||
Interest and other income
|
—
|
|
|
63
|
|
|
2
|
|
|||
|
—
|
|
|
199,059
|
|
|
299,161
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest
|
—
|
|
|
61,613
|
|
|
87,648
|
|
|||
Depreciation and amortization
|
—
|
|
|
79,479
|
|
|
101,760
|
|
|||
General, administrative and professional fees
|
—
|
|
|
9
|
|
|
9
|
|
|||
Merger-related expenses and deal costs
|
922
|
|
|
46,402
|
|
|
1,746
|
|
|||
Other
|
—
|
|
|
1,332
|
|
|
13,184
|
|
|||
|
922
|
|
|
188,835
|
|
|
204,347
|
|
|||
Income before real estate dispositions and noncontrolling interest
|
(922
|
)
|
|
10,224
|
|
|
94,814
|
|
|||
Gain (loss) on real estate dispositions
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net income from discontinued operations
|
(922
|
)
|
|
10,224
|
|
|
94,814
|
|
|||
Net income attributable to noncontrolling interest
|
—
|
|
|
120
|
|
|
185
|
|
|||
Net income from discontinued operations attributable to common stockholders
|
$
|
(922
|
)
|
|
$
|
10,104
|
|
|
$
|
94,629
|
|
|
|
December 31, 2016
|
||||||||||||||
|
|
Carrying Amount
|
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized Gain
|
||||||||
|
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Secured mortgage loans and other
|
|
$
|
646,972
|
|
|
$
|
646,972
|
|
|
$
|
655,981
|
|
|
$
|
—
|
|
Government-sponsored pooled loan investments
(1)
|
|
55,049
|
|
|
53,810
|
|
|
55,049
|
|
|
1,239
|
|
||||
Total investments reported as Secured loans receivable and investments, net
|
|
702,021
|
|
|
700,782
|
|
|
711,030
|
|
|
1,239
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-mortgage loans receivable, net
|
|
52,544
|
|
|
52,544
|
|
|
53,626
|
|
|
—
|
|
||||
Total investments reported as Other assets
|
|
52,544
|
|
|
52,544
|
|
|
53,626
|
|
|
—
|
|
||||
Total loans receivable and investments, net
|
|
$
|
754,565
|
|
|
$
|
753,326
|
|
|
$
|
764,656
|
|
|
$
|
1,239
|
|
|
|
December 31, 2015
|
||||||||||||||
|
|
Carrying Amount
|
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized Gain
|
||||||||
|
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Secured mortgage loans and other
|
|
$
|
793,433
|
|
|
$
|
793,433
|
|
|
$
|
816,849
|
|
|
$
|
—
|
|
Government-sponsored pooled loan investments
(1)
|
|
63,679
|
|
|
62,130
|
|
|
63,679
|
|
|
1,549
|
|
||||
Total investments reported as Secured loans receivable and investments, net
|
|
857,112
|
|
|
855,563
|
|
|
880,528
|
|
|
1,549
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-mortgage loans receivable, net
|
|
37,926
|
|
|
37,926
|
|
|
38,806
|
|
|
—
|
|
||||
Total investments reported as Other assets
|
|
37,926
|
|
|
37,926
|
|
|
38,806
|
|
|
—
|
|
||||
Total loans receivable and investments, net
|
|
$
|
895,038
|
|
|
$
|
893,489
|
|
|
$
|
919,334
|
|
|
$
|
1,549
|
|
(1)
|
Investments in government-sponsored pooled loans have contractual maturity dates in 2023.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||
|
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
|
$
|
184,993
|
|
|
6.9
|
|
$
|
155,161
|
|
|
7.0
|
In-place and other lease intangibles
|
1,325,636
|
|
|
23.6
|
|
1,189,261
|
|
|
20.9
|
||
Goodwill
|
1,033,225
|
|
|
N/A
|
|
1,047,497
|
|
|
N/A
|
||
Other intangibles
|
35,783
|
|
|
11.3
|
|
35,792
|
|
|
8.6
|
||
Accumulated amortization
|
(769,558
|
)
|
|
N/A
|
|
(655,176
|
)
|
|
N/A
|
||
Net intangible assets
|
$
|
1,810,079
|
|
|
21.5
|
|
$
|
1,772,535
|
|
|
19.2
|
Intangible liabilities:
|
|
|
|
|
|
|
|
||||
Below market lease intangibles
|
$
|
345,103
|
|
|
14.1
|
|
$
|
256,034
|
|
|
14.2
|
Other lease intangibles
|
40,843
|
|
|
38.5
|
|
35,925
|
|
|
30.1
|
||
Accumulated amortization
|
(133,468
|
)
|
|
N/A
|
|
(113,647
|
)
|
|
N/A
|
||
Purchase option intangibles
|
3,568
|
|
|
N/A
|
|
3,568
|
|
|
N/A
|
||
Net intangible liabilities
|
$
|
256,046
|
|
|
15.9
|
|
$
|
181,880
|
|
|
15.6
|
|
|
Triple-Net Leased Properties
|
|
Senior Living Operations
|
|
Office Operations
|
|
Total
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Goodwill as of December 31, 2015
|
|
$
|
312,315
|
|
|
$
|
260,882
|
|
|
$
|
474,300
|
|
|
$
|
1,047,497
|
|
Partial disposal of reporting unit
|
|
(5,582
|
)
|
|
(1,400
|
)
|
|
(4,402
|
)
|
|
(11,384
|
)
|
||||
Currency translation adjustments and other
|
|
(2,888
|
)
|
|
—
|
|
|
—
|
|
|
(2,888
|
)
|
||||
Goodwill as of December 31, 2016
|
|
$
|
303,845
|
|
|
$
|
259,482
|
|
|
$
|
469,898
|
|
|
$
|
1,033,225
|
|
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
Straight-line rent receivables, net
|
$
|
244,580
|
|
|
$
|
219,064
|
|
Non-mortgage loans receivable, net
|
52,544
|
|
|
37,926
|
|
||
Other intangibles, net
|
8,190
|
|
|
13,224
|
|
||
Investment in unconsolidated operating entities
|
28,431
|
|
|
28,199
|
|
||
Other
|
184,619
|
|
|
113,990
|
|
||
Total other assets
|
$
|
518,364
|
|
|
$
|
412,403
|
|
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
Unsecured revolving credit facility
(1)
|
$
|
146,538
|
|
|
$
|
180,683
|
|
1.55% Senior Notes due 2016
|
—
|
|
|
550,000
|
|
||
1.250% Senior Notes due 2017
|
300,000
|
|
|
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)
|
371,215
|
|
|
468,477
|
|
||
4.00% Senior Notes due 2019
|
600,000
|
|
|
600,000
|
|
||
3.00% Senior Notes, Series A due 2019
(3)
|
297,841
|
|
|
289,038
|
|
||
2.700% Senior Notes due 2020
|
500,000
|
|
|
500,000
|
|
||
Unsecured term loan due 2020
|
900,000
|
|
|
900,000
|
|
||
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
|
|
||
3.300% Senior Notes due 2022
(3)
|
186,150
|
|
|
180,649
|
|
||
3.125% Senior Notes due 2023
|
400,000
|
|
|
—
|
|
||
3.750% Senior Notes due 2024
|
400,000
|
|
|
400,000
|
|
||
4.125% Senior Notes, Series B due 2024
(3)
|
186,150
|
|
|
180,649
|
|
||
3.500% Senior Notes due 2025
|
600,000
|
|
|
600,000
|
|
||
4.125% Senior Notes due 2026
|
500,000
|
|
|
500,000
|
|
||
3.25% Senior Notes due 2026
|
450,000
|
|
|
—
|
|
||
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
|
|
||
4.375% Senior Notes due 2045
|
300,000
|
|
|
300,000
|
|
||
Mortgage loans and other
(4)
|
1,718,897
|
|
|
1,987,401
|
|
||
Total
|
11,190,914
|
|
|
11,271,020
|
|
||
Deferred financing costs, net
|
(61,304
|
)
|
|
(69,121
|
)
|
||
Unamortized fair value adjustment
|
25,224
|
|
|
33,570
|
|
||
Unamortized discounts
|
(27,508
|
)
|
|
(28,473
|
)
|
||
Senior notes payable and other debt
|
$
|
11,127,326
|
|
|
$
|
11,206,996
|
|
(1)
|
$146.5 million
and
$9.7 million
of aggregate borrowings are denominated in Canadian dollars as of
December 31, 2016
and
2015
, respectively.
|
(2)
|
These amounts represent in aggregate the
$571.2 million
of unsecured term loan borrowings under our unsecured credit facility, of which
$92.6 million
included in the 2019 tranche is in the form of Canadian dollars.
|
(3)
|
These borrowings are in the form of Canadian dollars.
|
(4)
|
As of
December 31, 2016
, there was
no
mortgage debt related to real estate assets classified as held for sale. Balance as of December 31,
2015
excludes
$22.9 million
of mortgage debt related to real estate assets classified as held for sale, which is included in liabilities related to assets held for sale on our Consolidated Balance Sheets.
|
|
Principal Amount
Due at Maturity
|
|
Unsecured Revolving
Credit
Facility
(1)
|
|
Scheduled Periodic
Amortization
|
|
Total Maturities
|
||||||||
|
(In thousands)
|
||||||||||||||
2017
|
$
|
614,438
|
|
|
$
|
—
|
|
|
$
|
25,970
|
|
|
$
|
640,408
|
|
2018
|
1,101,879
|
|
|
146,538
|
|
|
21,085
|
|
|
1,269,502
|
|
||||
2019
|
1,693,640
|
|
|
—
|
|
|
14,607
|
|
|
1,708,247
|
|
||||
2020
|
1,416,913
|
|
|
—
|
|
|
11,620
|
|
|
1,428,533
|
|
||||
2021
|
774,318
|
|
|
—
|
|
|
10,127
|
|
|
784,445
|
|
||||
Thereafter
(2)
|
5,242,559
|
|
|
—
|
|
|
117,220
|
|
|
5,359,779
|
|
||||
Total maturities
|
$
|
10,843,747
|
|
|
$
|
146,538
|
|
|
$
|
200,629
|
|
|
$
|
11,190,914
|
|
(1)
|
At
December 31, 2016
, we had
$286.7 million
of unrestricted cash and cash equivalents, for
$140.2 million
of net available cash.
|
(2)
|
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.
|
|
2016
|
|
2015
|
||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
286,707
|
|
|
$
|
286,707
|
|
|
$
|
53,023
|
|
|
$
|
53,023
|
|
Secured mortgage loans and other
|
646,972
|
|
|
655,981
|
|
|
793,433
|
|
|
816,849
|
|
||||
Non-mortgage loans receivable, net
|
52,544
|
|
|
53,626
|
|
|
37,926
|
|
|
38,806
|
|
||||
Government-sponsored pooled loan investments
|
55,049
|
|
|
55,049
|
|
|
63,679
|
|
|
63,679
|
|
||||
Derivative instruments
|
3,302
|
|
|
3,302
|
|
|
—
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Senior notes payable and other debt, gross
|
11,190,914
|
|
|
11,369,440
|
|
|
11,271,020
|
|
|
11,384,880
|
|
||||
Derivative instruments
|
2,316
|
|
|
2,316
|
|
|
2,696
|
|
|
2,696
|
|
||||
Redeemable OP unitholder interests
|
177,177
|
|
|
177,177
|
|
|
188,546
|
|
|
188,546
|
|
•
|
Executive Deferred Stock Compensation Plan—
0.6 million
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
0.6 million
shares were available for future issuance as of
December 31, 2016
.
|
•
|
Nonemployee Directors’ Deferred Stock Compensation Plan—
0.6 million
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
0.5 million
shares were available for future issuance as of
December 31, 2016
.
|
•
|
2012 Incentive Plan—
10.5 million
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
6.5 million
shares (plus the number of shares or options outstanding under the 2006 Plans as of
December 31, 2016
that were or are subsequently forfeited or expire unexercised) were available for future issuance as of
December 31, 2016
.
|
|
2016
|
|
2015
|
|
2014
|
|||
Risk-free interest rate
|
0.93 - 1.27%
|
|
|
1.02 - 1.38%
|
|
|
1.3 - 1.4%
|
|
Dividend yield
|
5.50
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Volatility factors of the expected market price for our common stock
|
19.1 - 20.6%
|
|
|
19.0 - 20.0%
|
|
|
17.8 - 18.0%
|
|
Weighted average expected life of options
|
4.0 years
|
|
|
4.0 years
|
|
|
4.17 years
|
|
|
Shares (000’s)
|
|
Weighted Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Life (years)
|
|
Intrinsic
Value
($000’s)
|
|||||
Outstanding as of December 31, 2015
|
3,052
|
|
|
$
|
52.62
|
|
|
|
|
|
|
|
Options granted
|
1,165
|
|
|
62.82
|
|
|
|
|
|
|
||
Options exercised
|
409
|
|
|
49.77
|
|
|
|
|
|
|
||
Options forfeited
|
2
|
|
|
58.84
|
|
|
|
|
|
|||
Options expired
|
1
|
|
|
46.62
|
|
|
|
|
|
|||
Outstanding as of December 31, 2016
|
3,805
|
|
|
56.05
|
|
|
7.2
|
|
$
|
30,379
|
|
|
Exercisable as of December 31, 2016
|
2,629
|
|
|
$
|
53.23
|
|
|
6.4
|
|
$
|
27,075
|
|
|
Restricted
Stock
(000’s)
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Restricted
Stock Units (000’s)
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Nonvested at December 31, 2015
|
363
|
|
|
$
|
57.65
|
|
|
14
|
|
|
$
|
58.02
|
|
Granted
|
181
|
|
|
55.25
|
|
|
13
|
|
|
57.06
|
|
||
Vested
|
226
|
|
|
56.21
|
|
|
12
|
|
|
56.19
|
|
||
Forfeited
|
6
|
|
|
58.18
|
|
|
0
|
|
|
0.00
|
|
||
Nonvested at December 31, 2016
|
312
|
|
|
$
|
57.29
|
|
|
15
|
|
|
$
|
58.70
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Tax treatment of distributions:
|
|
|
|
|
|
||||||
Ordinary income
|
$
|
2.68216
|
|
|
$
|
3.02368
|
|
|
$
|
2.61271
|
|
Qualified ordinary income
|
0.05794
|
|
|
0.01632
|
|
|
0.10474
|
|
|||
Long-term capital gain
|
0.11613
|
|
|
—
|
|
|
0.16224
|
|
|||
Unrecaptured Section 1250 gain
|
0.10877
|
|
|
—
|
|
|
0.08531
|
|
|||
Distribution reported for 1099-DIV purposes
|
$
|
2.96500
|
|
|
$
|
3.04000
|
|
|
$
|
2.96500
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Current - Federal
|
$
|
(2,991
|
)
|
|
$
|
138
|
|
|
$
|
878
|
|
Current - State
|
1,241
|
|
|
1,453
|
|
|
—
|
|
|||
Deferred - Federal
|
(19,539
|
)
|
|
(25,962
|
)
|
|
(3,338
|
)
|
|||
Deferred - State
|
(3,634
|
)
|
|
(3,054
|
)
|
|
(1,772
|
)
|
|||
Current - Foreign
|
1,067
|
|
|
953
|
|
|
327
|
|
|||
Deferred - Foreign
|
(7,487
|
)
|
|
(12,812
|
)
|
|
(4,827
|
)
|
|||
Total
|
$
|
(31,343
|
)
|
|
$
|
(39,284
|
)
|
|
$
|
(8,732
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
|
$
|
181,478
|
|
|
$
|
123,086
|
|
|
$
|
122,746
|
|
State income taxes, net of federal benefit
|
(1,022
|
)
|
|
(657
|
)
|
|
(1,152
|
)
|
|||
Increase in valuation allowance
|
3,921
|
|
|
20,978
|
|
|
23,122
|
|
|||
(Decrease) increase in ASC 740 income tax liability
|
(3,582
|
)
|
|
(462
|
)
|
|
878
|
|
|||
Tax at statutory rate on earnings not subject to federal income taxes
|
(209,204
|
)
|
|
(185,648
|
)
|
|
(151,055
|
)
|
|||
Foreign rate differential and foreign taxes
|
2,094
|
|
|
3,095
|
|
|
3,230
|
|
|||
Change in tax status of TRS
|
(5,629
|
)
|
|
—
|
|
|
(7,380
|
)
|
|||
Other differences
|
601
|
|
|
324
|
|
|
879
|
|
|||
Income tax benefit
|
$
|
(31,343
|
)
|
|
$
|
(39,284
|
)
|
|
$
|
(8,732
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
|
$
|
(409,803
|
)
|
|
$
|
(413,566
|
)
|
|
$
|
(406,023
|
)
|
Operating loss and interest deduction carryforwards
|
589,326
|
|
|
564,091
|
|
|
398,859
|
|
|||
Expense accruals and other
|
18,185
|
|
|
14,624
|
|
|
15,355
|
|
|||
Valuation allowance
|
(514,349
|
)
|
|
(503,531
|
)
|
|
(352,528
|
)
|
|||
Net deferred tax liabilities
|
$
|
(316,641
|
)
|
|
$
|
(338,382
|
)
|
|
$
|
(344,337
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Beginning Balance
|
$
|
503,531
|
|
|
$
|
352,528
|
|
|
$
|
331,458
|
|
Additions:
|
|
|
|
|
|
||||||
Purchase accounting
|
—
|
|
|
172,932
|
|
|
—
|
|
|||
Expenses
(1)
|
6,589
|
|
|
21,375
|
|
|
25,199
|
|
|||
Subtractions:
|
|
|
|
|
|
||||||
Purchase accounting
|
(15,671
|
)
|
|
—
|
|
|
—
|
|
|||
Deductions
(1)
|
(2,668
|
)
|
|
(397
|
)
|
|
(2,077
|
)
|
|||
State income tax, net of Federal impact
|
536
|
|
|
529
|
|
|
2,998
|
|
|||
REIT activity
(2)
|
22,840
|
|
|
(45,781
|
)
|
|
(3,583
|
)
|
|||
Other activity (not resulting in expense or deduction)
|
(808
|
)
|
|
2,345
|
|
|
(1,467
|
)
|
|||
Ending balance
|
$
|
514,349
|
|
|
$
|
503,531
|
|
|
$
|
352,528
|
|
(1)
|
Generally, Expenses and Deductions are increases and decreases, respectively, in TRS valuation allowances, the latter being through utilization or release. Net amount equals increase in valuation allowance on reconciliation of income tax expense and benefit schedule above.
|
(2)
|
Includes primarily the increase and decrease of REIT Federal income tax attributes due to utilization, expiration and adjustments other than purchase accounting.
|
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
Balance as of January 1
|
$
|
24,135
|
|
|
$
|
25,446
|
|
Additions to tax positions related to the current year
|
—
|
|
|
—
|
|
||
Additions to tax positions related to prior years
|
222
|
|
|
248
|
|
||
Subtractions to tax positions related to prior years
|
—
|
|
|
(677
|
)
|
||
Subtractions to tax positions related to settlements
|
—
|
|
|
—
|
|
||
Subtractions to tax positions as a result of the lapse of the statute of limitations
|
(3,407
|
)
|
|
(882
|
)
|
||
Balance as of December 31
|
$
|
20,950
|
|
|
$
|
24,135
|
|
|
Lease Payments
|
||
|
(In thousands)
|
||
2017
|
$
|
28,146
|
|
2018
|
24,814
|
|
|
2019
|
21,593
|
|
|
2020
|
20,766
|
|
|
2021
|
20,105
|
|
|
Thereafter
|
628,571
|
|
|
Total
|
$
|
743,995
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands, except per share amounts)
|
||||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
650,153
|
|
|
$
|
406,740
|
|
|
$
|
376,032
|
|
Discontinued operations
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|||
Net income attributable to common stockholders
|
$
|
649,231
|
|
|
$
|
417,843
|
|
|
$
|
475,767
|
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic earnings per share—weighted average shares
|
344,703
|
|
|
330,311
|
|
|
294,175
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options
|
569
|
|
|
360
|
|
|
495
|
|
|||
Restricted stock awards
|
176
|
|
|
41
|
|
|
55
|
|
|||
OP units
|
2,942
|
|
|
3,295
|
|
|
1,952
|
|
|||
Denominator for diluted earnings per share—adjusted weighted average shares
|
348,390
|
|
|
334,007
|
|
|
296,677
|
|
|||
Basic earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
1.88
|
|
|
$
|
1.23
|
|
|
$
|
1.28
|
|
Discontinued operations
|
0.00
|
|
|
0.03
|
|
|
0.34
|
|
|||
Net income attributable to common stockholders
|
$
|
1.88
|
|
|
$
|
1.26
|
|
|
$
|
1.62
|
|
Diluted earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
1.86
|
|
|
$
|
1.22
|
|
|
$
|
1.26
|
|
Discontinued operations
|
0.00
|
|
|
0.03
|
|
|
0.34
|
|
|||
Net income attributable to common stockholders
|
$
|
1.86
|
|
|
$
|
1.25
|
|
|
$
|
1.60
|
|
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
Foreign currency translation
|
$
|
(66,192
|
)
|
|
$
|
(13,926
|
)
|
Unrealized gain on marketable securities
|
1,239
|
|
|
1,549
|
|
||
Other
|
7,419
|
|
|
4,812
|
|
||
Total accumulated other comprehensive loss
|
$
|
(57,534
|
)
|
|
$
|
(7,565
|
)
|
|
|
Redeemable OP Unitholder Interest
|
|
Redeemable Noncontrolling Interest
|
|
Total Redeemable OP Unitholder and Noncontrolling Interests
|
||||||
|
|
(In thousands)
|
||||||||||
Balance as of December 31, 2015
|
|
$
|
188,546
|
|
|
$
|
7,983
|
|
|
$
|
196,529
|
|
New issuances
(1)
|
|
—
|
|
|
14,851
|
|
|
14,851
|
|
|||
Change in valuation
|
|
21,085
|
|
|
717
|
|
|
21,802
|
|
|||
Distributions and other
|
|
(8,640
|
)
|
|
—
|
|
|
(8,640
|
)
|
|||
Redemptions
|
|
(23,814
|
)
|
|
—
|
|
|
(23,814
|
)
|
|||
Balance as of December 31, 2016
|
|
$
|
177,177
|
|
|
$
|
23,551
|
|
|
$
|
200,728
|
|
(1)
|
New issuances of redeemable noncontrolling interests relate to joint venture arrangements from the Life Sciences Acquisition.
|
|
For the Year Ended December 31, 2016
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues
|
$
|
852,289
|
|
|
$
|
848,404
|
|
|
$
|
867,116
|
|
|
$
|
875,713
|
|
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
149,469
|
|
|
$
|
143,310
|
|
|
$
|
149,570
|
|
|
$
|
207,804
|
|
Discontinued operations
|
(489
|
)
|
|
(148
|
)
|
|
(118
|
)
|
|
(167
|
)
|
||||
Net income attributable to common stockholders
|
$
|
148,980
|
|
|
$
|
143,162
|
|
|
$
|
149,452
|
|
|
$
|
207,637
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
0.59
|
|
Discontinued operations
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
||||
Net income attributable to common stockholders
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
0.59
|
|
Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
0.42
|
|
|
$
|
0.58
|
|
Discontinued operations
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
||||
Net income attributable to common stockholders
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
0.42
|
|
|
$
|
0.58
|
|
Dividends declared per share
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
$
|
0.775
|
|
|
For the Year Ended December 31, 2015
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues
|
$
|
805,598
|
|
|
$
|
811,920
|
|
|
$
|
827,606
|
|
|
$
|
841,274
|
|
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
102,868
|
|
|
$
|
131,578
|
|
|
$
|
45,235
|
|
|
$
|
127,059
|
|
Discontinued operations
|
17,574
|
|
|
18,243
|
|
|
(22,383
|
)
|
|
(2,331
|
)
|
||||
Net income attributable to common stockholders
|
$
|
120,442
|
|
|
$
|
149,821
|
|
|
$
|
22,852
|
|
|
$
|
124,728
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
0.32
|
|
|
$
|
0.39
|
|
|
$
|
0.14
|
|
|
$
|
0.38
|
|
Discontinued operations
|
0.05
|
|
|
0.06
|
|
|
(0.07
|
)
|
|
(0.01
|
)
|
||||
Net income attributable to common stockholders
|
$
|
0.37
|
|
|
$
|
0.45
|
|
|
$
|
0.07
|
|
|
$
|
0.37
|
|
Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders, including real estate dispositions
|
$
|
0.32
|
|
|
$
|
0.40
|
|
|
$
|
0.14
|
|
|
$
|
0.38
|
|
Discontinued operations
|
0.05
|
|
|
0.05
|
|
|
(0.07
|
)
|
|
(0.01
|
)
|
||||
Net income attributable to common stockholders
|
$
|
0.37
|
|
|
$
|
0.45
|
|
|
$
|
0.07
|
|
|
$
|
0.37
|
|
Dividends declared per share
|
$
|
0.79
|
|
|
$
|
0.79
|
|
|
$
|
0.73
|
|
|
$
|
0.73
|
|
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
Office
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
845,834
|
|
|
$
|
—
|
|
|
$
|
630,342
|
|
|
$
|
—
|
|
|
$
|
1,476,176
|
|
Resident fees and services
|
—
|
|
|
1,847,306
|
|
|
—
|
|
|
—
|
|
|
1,847,306
|
|
|||||
Office building and other services revenue
|
4,921
|
|
|
—
|
|
|
13,029
|
|
|
3,120
|
|
|
21,070
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
98,094
|
|
|
98,094
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
876
|
|
|
876
|
|
|||||
Total revenues
|
$
|
850,755
|
|
|
$
|
1,847,306
|
|
|
$
|
643,371
|
|
|
$
|
102,090
|
|
|
$
|
3,443,522
|
|
Total revenues
|
$
|
850,755
|
|
|
$
|
1,847,306
|
|
|
$
|
643,371
|
|
|
$
|
102,090
|
|
|
$
|
3,443,522
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
876
|
|
|
876
|
|
|||||
Property-level operating expenses
|
—
|
|
|
1,242,978
|
|
|
191,784
|
|
|
—
|
|
|
1,434,762
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
7,311
|
|
|
—
|
|
|
7,311
|
|
|||||
Segment NOI
|
850,755
|
|
|
604,328
|
|
|
444,276
|
|
|
101,214
|
|
|
2,000,573
|
|
|||||
Income from unconsolidated entities
|
2,363
|
|
|
1,265
|
|
|
590
|
|
|
140
|
|
|
4,358
|
|
|||||
Segment profit
|
$
|
853,118
|
|
|
$
|
605,593
|
|
|
$
|
444,866
|
|
|
$
|
101,354
|
|
|
2,004,931
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
876
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(419,740
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(898,924
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(126,875
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,779
|
)
|
|||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(24,635
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,988
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
31,343
|
|
|||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
554,209
|
|
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
Office
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
779,801
|
|
|
$
|
—
|
|
|
$
|
566,245
|
|
|
$
|
—
|
|
|
$
|
1,346,046
|
|
Resident fees and services
|
—
|
|
|
1,811,255
|
|
|
—
|
|
|
—
|
|
|
1,811,255
|
|
|||||
Office building and other services revenue
|
4,433
|
|
|
—
|
|
|
34,436
|
|
|
2,623
|
|
|
41,492
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
86,553
|
|
|
86,553
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,052
|
|
|
1,052
|
|
|||||
Total revenues
|
$
|
784,234
|
|
|
$
|
1,811,255
|
|
|
$
|
600,681
|
|
|
$
|
90,228
|
|
|
$
|
3,286,398
|
|
Total revenues
|
$
|
784,234
|
|
|
$
|
1,811,255
|
|
|
$
|
600,681
|
|
|
$
|
90,228
|
|
|
$
|
3,286,398
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,052
|
|
|
1,052
|
|
|||||
Property-level operating expenses
|
—
|
|
|
1,209,415
|
|
|
174,225
|
|
|
—
|
|
|
1,383,640
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
26,565
|
|
|
—
|
|
|
26,565
|
|
|||||
Segment NOI
|
784,234
|
|
|
601,840
|
|
|
399,891
|
|
|
89,176
|
|
|
1,875,141
|
|
|||||
(Loss) income from unconsolidated entities
|
(813
|
)
|
|
(526
|
)
|
|
369
|
|
|
(450
|
)
|
|
(1,420
|
)
|
|||||
Segment profit
|
$
|
783,421
|
|
|
$
|
601,314
|
|
|
$
|
400,260
|
|
|
$
|
88,726
|
|
|
1,873,721
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
1,052
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(367,114
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(894,057
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(128,035
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,411
|
)
|
|||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(102,944
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(17,957
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
39,284
|
|
|||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
389,539
|
|
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
Office
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
674,547
|
|
|
$
|
—
|
|
|
$
|
463,910
|
|
|
$
|
—
|
|
|
$
|
1,138,457
|
|
Resident fees and services
|
—
|
|
|
1,552,951
|
|
|
—
|
|
|
—
|
|
|
1,552,951
|
|
|||||
Office building and other services revenue
|
4,565
|
|
|
—
|
|
|
22,529
|
|
|
2,270
|
|
|
29,364
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
51,778
|
|
|
51,778
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,263
|
|
|
4,263
|
|
|||||
Total revenues
|
$
|
679,112
|
|
|
$
|
1,552,951
|
|
|
$
|
486,439
|
|
|
$
|
58,311
|
|
|
$
|
2,776,813
|
|
Total revenues
|
$
|
679,112
|
|
|
$
|
1,552,951
|
|
|
$
|
486,439
|
|
|
$
|
58,311
|
|
|
$
|
2,776,813
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,263
|
|
|
4,263
|
|
|||||
Property-level operating expenses
|
—
|
|
|
1,036,556
|
|
|
158,832
|
|
|
—
|
|
|
1,195,388
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
17,092
|
|
|
—
|
|
|
17,092
|
|
|||||
Segment NOI
|
679,112
|
|
|
516,395
|
|
|
310,515
|
|
|
54,048
|
|
|
1,560,070
|
|
|||||
Income (loss) from unconsolidated entities
|
859
|
|
|
(658
|
)
|
|
398
|
|
|
(738
|
)
|
|
(139
|
)
|
|||||
Segment profit
|
$
|
679,971
|
|
|
$
|
515,737
|
|
|
$
|
310,913
|
|
|
$
|
53,310
|
|
|
1,559,931
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
4,263
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(292,065
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(725,216
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(121,738
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
(5,564
|
)
|
|||||||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(43,304
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(25,743
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
8,732
|
|
|||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
359,296
|
|
|
As of December 31,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||
Triple-net leased properties
|
$
|
7,627,792
|
|
|
32.9
|
%
|
|
$
|
7,996,645
|
|
|
35.9
|
%
|
Senior living operations
|
7,826,262
|
|
|
33.8
|
|
|
8,022,206
|
|
|
36.0
|
|
||
Office operations
|
6,614,454
|
|
|
28.6
|
|
|
5,209,751
|
|
|
23.4
|
|
||
All other assets
|
1,098,092
|
|
|
4.7
|
|
|
1,033,316
|
|
|
4.7
|
|
||
Total assets
|
$
|
23,166,600
|
|
|
100.0
|
%
|
|
$
|
22,261,918
|
|
|
100.0
|
%
|
|
For the Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Triple-net leased properties
|
$
|
74,192
|
|
|
$
|
1,890,245
|
|
|
$
|
647,870
|
|
Senior living operations
|
105,614
|
|
|
382,877
|
|
|
977,997
|
|
|||
Office operations
|
1,503,304
|
|
|
604,827
|
|
|
36,861
|
|
|||
Total capital expenditures
|
$
|
1,683,110
|
|
|
$
|
2,877,949
|
|
|
$
|
1,662,728
|
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
Net real estate property:
|
|
|
|
||||
United States
|
$
|
19,105,939
|
|
|
$
|
18,271,829
|
|
Canada
|
1,037,105
|
|
|
1,039,561
|
|
||
United Kingdom
|
251,710
|
|
|
313,830
|
|
||
Total net real estate property
|
$
|
20,394,754
|
|
|
$
|
19,625,220
|
|
|
As of December 31, 2016
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Net real estate investments
|
$
|
2,007
|
|
|
$
|
173,259
|
|
|
$
|
21,017,430
|
|
|
$
|
—
|
|
|
$
|
21,192,696
|
|
Cash and cash equivalents
|
210,303
|
|
|
—
|
|
|
76,404
|
|
|
—
|
|
|
286,707
|
|
|||||
Escrow deposits and restricted cash
|
198
|
|
|
1,504
|
|
|
78,945
|
|
|
—
|
|
|
80,647
|
|
|||||
Investment in and advances to affiliates
|
14,258,162
|
|
|
2,938,442
|
|
|
—
|
|
|
(17,196,604
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
—
|
|
|
1,033,225
|
|
|
—
|
|
|
1,033,225
|
|
|||||
Assets held for sale
|
—
|
|
|
—
|
|
|
54,961
|
|
|
—
|
|
|
54,961
|
|
|||||
Other assets
|
35,468
|
|
|
6,792
|
|
|
476,104
|
|
|
—
|
|
|
518,364
|
|
|||||
Total assets
|
$
|
14,506,138
|
|
|
$
|
3,119,997
|
|
|
$
|
22,737,069
|
|
|
$
|
(17,196,604
|
)
|
|
$
|
23,166,600
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
$
|
—
|
|
|
$
|
8,406,979
|
|
|
$
|
2,720,347
|
|
|
$
|
—
|
|
|
$
|
11,127,326
|
|
Intercompany loans
|
7,087,902
|
|
|
(6,209,707
|
)
|
|
(878,195
|
)
|
|
—
|
|
|
—
|
|
|||||
Accrued interest
|
—
|
|
|
65,403
|
|
|
18,359
|
|
|
—
|
|
|
83,762
|
|
|||||
Accounts payable and other liabilities
|
89,284
|
|
|
35,587
|
|
|
783,057
|
|
|
—
|
|
|
907,928
|
|
|||||
Liabilities held for sale
|
—
|
|
|
(1
|
)
|
|
1,463
|
|
|
—
|
|
|
1,462
|
|
|||||
Deferred income taxes
|
316,641
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
316,641
|
|
|||||
Total liabilities
|
7,493,827
|
|
|
2,298,261
|
|
|
2,645,031
|
|
|
—
|
|
|
12,437,119
|
|
|||||
Redeemable OP unitholder and noncontrolling interests
|
—
|
|
|
—
|
|
|
200,728
|
|
|
—
|
|
|
200,728
|
|
|||||
Total equity
|
7,012,311
|
|
|
821,736
|
|
|
19,891,310
|
|
|
(17,196,604
|
)
|
|
10,528,753
|
|
|||||
Total liabilities and equity
|
$
|
14,506,138
|
|
|
$
|
3,119,997
|
|
|
$
|
22,737,069
|
|
|
$
|
(17,196,604
|
)
|
|
$
|
23,166,600
|
|
|
As of December 31, 2015
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas
Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Net real estate investments
|
$
|
5,798
|
|
|
$
|
195,015
|
|
|
$
|
20,377,226
|
|
|
$
|
—
|
|
|
$
|
20,578,039
|
|
Cash and cash equivalents
|
11,733
|
|
|
—
|
|
|
41,290
|
|
|
—
|
|
|
53,023
|
|
|||||
Escrow deposits and restricted cash
|
7,154
|
|
|
1,644
|
|
|
69,098
|
|
|
—
|
|
|
77,896
|
|
|||||
Investment in and advances to affiliates
|
12,989,643
|
|
|
3,545,183
|
|
|
—
|
|
|
(16,534,826
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
—
|
|
|
1,047,497
|
|
|
—
|
|
|
1,047,497
|
|
|||||
Assets held for sale
|
—
|
|
|
4,488
|
|
|
88,572
|
|
|
—
|
|
|
93,060
|
|
|||||
Other assets
|
17,869
|
|
|
4,182
|
|
|
390,352
|
|
|
—
|
|
|
412,403
|
|
|||||
Total assets
|
$
|
13,032,197
|
|
|
$
|
3,750,512
|
|
|
$
|
22,014,035
|
|
|
$
|
(16,534,826
|
)
|
|
$
|
22,261,918
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
$
|
—
|
|
|
$
|
8,370,670
|
|
|
$
|
2,836,326
|
|
|
$
|
—
|
|
|
$
|
11,206,996
|
|
Intercompany loans
|
7,294,158
|
|
|
(6,571,512
|
)
|
|
(722,646
|
)
|
|
—
|
|
|
—
|
|
|||||
Accrued interest
|
—
|
|
|
64,561
|
|
|
16,303
|
|
|
—
|
|
|
80,864
|
|
|||||
Accounts payable and other liabilities
|
68,604
|
|
|
45,226
|
|
|
665,550
|
|
|
—
|
|
|
779,380
|
|
|||||
Liabilities held for sale
|
—
|
|
|
44
|
|
|
34,296
|
|
|
—
|
|
|
34,340
|
|
|||||
Deferred income taxes
|
338,382
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
338,382
|
|
|||||
Total liabilities
|
7,701,144
|
|
|
1,908,989
|
|
|
2,829,829
|
|
|
—
|
|
|
12,439,962
|
|
|||||
Redeemable OP unitholder and noncontrolling interests
|
—
|
|
|
—
|
|
|
196,529
|
|
|
—
|
|
|
196,529
|
|
|||||
Total equity
|
5,331,053
|
|
|
1,841,523
|
|
|
18,987,677
|
|
|
(16,534,826
|
)
|
|
9,625,427
|
|
|||||
Total liabilities and equity
|
$
|
13,032,197
|
|
|
$
|
3,750,512
|
|
|
$
|
22,014,035
|
|
|
$
|
(16,534,826
|
)
|
|
$
|
22,261,918
|
|
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
2,670
|
|
|
$
|
196,991
|
|
|
$
|
1,276,515
|
|
|
$
|
—
|
|
|
$
|
1,476,176
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,847,306
|
|
|
—
|
|
|
1,847,306
|
|
|||||
Office building and other services revenues
|
1,605
|
|
|
—
|
|
|
19,465
|
|
|
—
|
|
|
21,070
|
|
|||||
Income from loans and investments
|
341
|
|
|
—
|
|
|
97,753
|
|
|
—
|
|
|
98,094
|
|
|||||
Equity earnings in affiliates
|
500,515
|
|
|
—
|
|
|
(1,223
|
)
|
|
(499,292
|
)
|
|
—
|
|
|||||
Interest and other income
|
666
|
|
|
—
|
|
|
210
|
|
|
—
|
|
|
876
|
|
|||||
Total revenues
|
505,797
|
|
|
196,991
|
|
|
3,240,026
|
|
|
(499,292
|
)
|
|
3,443,522
|
|
|||||
Expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(46,650
|
)
|
|
281,458
|
|
|
184,932
|
|
|
—
|
|
|
419,740
|
|
|||||
Depreciation and amortization
|
8,968
|
|
|
18,297
|
|
|
871,659
|
|
|
—
|
|
|
898,924
|
|
|||||
Property-level operating expenses
|
—
|
|
|
317
|
|
|
1,434,445
|
|
|
—
|
|
|
1,434,762
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
7,311
|
|
|
—
|
|
|
7,311
|
|
|||||
General, administrative and professional fees
|
509
|
|
|
18,320
|
|
|
108,046
|
|
|
—
|
|
|
126,875
|
|
|||||
Loss on extinguishment of debt, net
|
—
|
|
|
2,770
|
|
|
9
|
|
|
—
|
|
|
2,779
|
|
|||||
Merger-related expenses and deal costs
|
23,068
|
|
|
—
|
|
|
1,567
|
|
|
—
|
|
|
24,635
|
|
|||||
Other
|
(705
|
)
|
|
41
|
|
|
10,652
|
|
|
—
|
|
|
9,988
|
|
|||||
Total expenses
|
(14,810
|
)
|
|
321,203
|
|
|
2,618,621
|
|
|
—
|
|
|
2,925,014
|
|
|||||
Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
520,607
|
|
|
(124,212
|
)
|
|
621,405
|
|
|
(499,292
|
)
|
|
518,508
|
|
|||||
Income from unconsolidated entities
|
—
|
|
|
1,840
|
|
|
2,518
|
|
|
—
|
|
|
4,358
|
|
|||||
Income tax benefit
|
31,343
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,343
|
|
|||||
Income (loss) from continuing operations
|
551,950
|
|
|
(122,372
|
)
|
|
623,923
|
|
|
(499,292
|
)
|
|
554,209
|
|
|||||
Discontinued operations
|
(922
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(922
|
)
|
|||||
Gain on real estate dispositions
|
98,203
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,203
|
|
|||||
Net income (loss)
|
649,231
|
|
|
(122,372
|
)
|
|
623,923
|
|
|
(499,292
|
)
|
|
651,490
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
2,259
|
|
|
—
|
|
|
2,259
|
|
|||||
Net income (loss) attributable to common stockholders
|
$
|
649,231
|
|
|
$
|
(122,372
|
)
|
|
$
|
621,664
|
|
|
$
|
(499,292
|
)
|
|
$
|
649,231
|
|
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
3,663
|
|
|
$
|
198,017
|
|
|
$
|
1,144,366
|
|
|
$
|
—
|
|
|
$
|
1,346,046
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,811,255
|
|
|
—
|
|
|
1,811,255
|
|
|||||
Office building and other services revenues
|
895
|
|
|
—
|
|
|
40,597
|
|
|
—
|
|
|
41,492
|
|
|||||
Income from loans and investments
|
8,605
|
|
|
534
|
|
|
77,414
|
|
|
—
|
|
|
86,553
|
|
|||||
Equity earnings in affiliates
|
458,213
|
|
|
—
|
|
|
(649
|
)
|
|
(457,564
|
)
|
|
—
|
|
|||||
Interest and other income
|
495
|
|
|
(6
|
)
|
|
563
|
|
|
—
|
|
|
1,052
|
|
|||||
Total revenues
|
471,871
|
|
|
198,545
|
|
|
3,073,546
|
|
|
(457,564
|
)
|
|
3,286,398
|
|
|||||
Expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(38,393
|
)
|
|
257,503
|
|
|
148,004
|
|
|
—
|
|
|
367,114
|
|
|||||
Depreciation and amortization
|
5,443
|
|
|
14,679
|
|
|
873,935
|
|
|
—
|
|
|
894,057
|
|
|||||
Property-level operating expenses
|
—
|
|
|
367
|
|
|
1,383,273
|
|
|
—
|
|
|
1,383,640
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
26,565
|
|
|
—
|
|
|
26,565
|
|
|||||
General, administrative and professional fees
|
(321
|
)
|
|
20,777
|
|
|
107,579
|
|
|
—
|
|
|
128,035
|
|
|||||
Loss on extinguishment of debt, net
|
—
|
|
|
4,523
|
|
|
9,888
|
|
|
—
|
|
|
14,411
|
|
|||||
Merger-related expenses and deal costs
|
98,644
|
|
|
75
|
|
|
4,225
|
|
|
—
|
|
|
102,944
|
|
|||||
Other
|
(358
|
)
|
|
45
|
|
|
18,270
|
|
|
—
|
|
|
17,957
|
|
|||||
Total expenses
|
65,015
|
|
|
297,969
|
|
|
2,571,739
|
|
|
—
|
|
|
2,934,723
|
|
|||||
Income (loss) before unconsolidated entities, income taxes, discontinued operations and noncontrolling interest
|
406,856
|
|
|
(99,424
|
)
|
|
501,807
|
|
|
(457,564
|
)
|
|
351,675
|
|
|||||
Loss from unconsolidated entities
|
—
|
|
|
(183
|
)
|
|
(1,237
|
)
|
|
—
|
|
|
(1,420
|
)
|
|||||
Income tax benefit
|
39,284
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,284
|
|
|||||
Income (loss) from continuing operations
|
446,140
|
|
|
(99,607
|
)
|
|
500,570
|
|
|
(457,564
|
)
|
|
389,539
|
|
|||||
Discontinued operations
|
(46,877
|
)
|
|
34,748
|
|
|
23,232
|
|
|
—
|
|
|
11,103
|
|
|||||
Gain on real estate dispositions
|
18,580
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,580
|
|
|||||
Net income (loss)
|
417,843
|
|
|
(64,859
|
)
|
|
523,802
|
|
|
(457,564
|
)
|
|
419,222
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,379
|
|
|
—
|
|
|
1,379
|
|
|||||
Net income (loss) attributable to common stockholders
|
$
|
417,843
|
|
|
$
|
(64,859
|
)
|
|
$
|
522,423
|
|
|
$
|
(457,564
|
)
|
|
$
|
417,843
|
|
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
2,789
|
|
|
$
|
180,907
|
|
|
$
|
954,761
|
|
|
$
|
—
|
|
|
$
|
1,138,457
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,552,951
|
|
|
—
|
|
|
1,552,951
|
|
|||||
Office building and other services revenues
|
—
|
|
|
—
|
|
|
29,364
|
|
|
—
|
|
|
29,364
|
|
|||||
Income from loans and investments
|
3,052
|
|
|
—
|
|
|
48,726
|
|
|
—
|
|
|
51,778
|
|
|||||
Equity earnings in affiliates
|
480,267
|
|
|
—
|
|
|
199
|
|
|
(480,466
|
)
|
|
—
|
|
|||||
Interest and other income
|
3,314
|
|
|
26
|
|
|
923
|
|
|
—
|
|
|
4,263
|
|
|||||
Total revenues
|
489,422
|
|
|
180,933
|
|
|
2,586,924
|
|
|
(480,466
|
)
|
|
2,776,813
|
|
|||||
Expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(18,210
|
)
|
|
185,983
|
|
|
124,292
|
|
|
—
|
|
|
292,065
|
|
|||||
Depreciation and amortization
|
5,860
|
|
|
15,743
|
|
|
703,613
|
|
|
—
|
|
|
725,216
|
|
|||||
Property-level operating expenses
|
1
|
|
|
481
|
|
|
1,194,906
|
|
|
—
|
|
|
1,195,388
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
17,092
|
|
|
—
|
|
|
17,092
|
|
|||||
General, administrative and professional fees
|
3,910
|
|
|
19,792
|
|
|
98,036
|
|
|
—
|
|
|
121,738
|
|
|||||
(Gain) loss on extinguishment of debt, net
|
(3
|
)
|
|
3
|
|
|
5,564
|
|
|
—
|
|
|
5,564
|
|
|||||
Merger-related expenses and deal costs
|
26,209
|
|
|
2,110
|
|
|
14,985
|
|
|
—
|
|
|
43,304
|
|
|||||
Other
|
9,732
|
|
|
—
|
|
|
16,011
|
|
|
—
|
|
|
25,743
|
|
|||||
Total expenses
|
27,499
|
|
|
224,112
|
|
|
2,174,499
|
|
|
—
|
|
|
2,426,110
|
|
|||||
Income (loss) before unconsolidated entities, income taxes, discontinued operations, and noncontrolling interest
|
461,923
|
|
|
(43,179
|
)
|
|
412,425
|
|
|
(480,466
|
)
|
|
350,703
|
|
|||||
Income (loss) from unconsolidated entities
|
—
|
|
|
1,250
|
|
|
(1,389
|
)
|
|
—
|
|
|
(139
|
)
|
|||||
Income tax benefit
|
8,732
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,732
|
|
|||||
Income (loss) from continuing operations
|
470,655
|
|
|
(41,929
|
)
|
|
411,036
|
|
|
(480,466
|
)
|
|
359,296
|
|
|||||
Discontinued operations
|
(12,858
|
)
|
|
61,755
|
|
|
50,838
|
|
|
—
|
|
|
99,735
|
|
|||||
Gain on real estate dispositions
|
17,970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,970
|
|
|||||
Net income
|
475,767
|
|
|
19,826
|
|
|
461,874
|
|
|
(480,466
|
)
|
|
477,001
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,234
|
|
|
—
|
|
|
1,234
|
|
|||||
Net income attributable to common stockholders
|
$
|
475,767
|
|
|
$
|
19,826
|
|
|
$
|
460,640
|
|
|
$
|
(480,466
|
)
|
|
$
|
475,767
|
|
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income (loss)
|
$
|
649,231
|
|
|
$
|
(122,372
|
)
|
|
$
|
623,923
|
|
|
$
|
(499,292
|
)
|
|
$
|
651,490
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(52,266
|
)
|
|
—
|
|
|
(52,266
|
)
|
|||||
Change in unrealized gain on marketable debt securities
|
(310
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(310
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
2,607
|
|
|
—
|
|
|
2,607
|
|
|||||
Total other comprehensive loss
|
(310
|
)
|
|
—
|
|
|
(49,659
|
)
|
|
—
|
|
|
(49,969
|
)
|
|||||
Comprehensive income (loss)
|
648,921
|
|
|
(122,372
|
)
|
|
574,264
|
|
|
(499,292
|
)
|
|
601,521
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
2,259
|
|
|
—
|
|
|
2,259
|
|
|||||
Comprehensive income (loss) attributable to common stockholders
|
$
|
648,921
|
|
|
$
|
(122,372
|
)
|
|
$
|
572,005
|
|
|
$
|
(499,292
|
)
|
|
$
|
599,262
|
|
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income
|
$
|
417,843
|
|
|
$
|
(64,859
|
)
|
|
$
|
523,802
|
|
|
$
|
(457,564
|
)
|
|
$
|
419,222
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(14,792
|
)
|
|
—
|
|
|
(14,792
|
)
|
|||||
Change in unrealized gain on marketable debt securities
|
(5,236
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,236
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
(658
|
)
|
|
—
|
|
|
(658
|
)
|
|||||
Total other comprehensive loss
|
(5,236
|
)
|
|
—
|
|
|
(15,450
|
)
|
|
—
|
|
|
(20,686
|
)
|
|||||
Comprehensive income (loss)
|
412,607
|
|
|
(64,859
|
)
|
|
508,352
|
|
|
(457,564
|
)
|
|
398,536
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,379
|
|
|
—
|
|
|
1,379
|
|
|||||
Comprehensive income (loss) attributable to common stockholders
|
$
|
412,607
|
|
|
$
|
(64,859
|
)
|
|
$
|
506,973
|
|
|
$
|
(457,564
|
)
|
|
$
|
397,157
|
|
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income
|
$
|
475,767
|
|
|
$
|
19,826
|
|
|
$
|
461,874
|
|
|
$
|
(480,466
|
)
|
|
$
|
477,001
|
|
Other comprehensive income (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 income (loss)
|
7,001
|
|
|
—
|
|
|
(13,539
|
)
|
|
—
|
|
|
(6,538
|
)
|
|||||
Comprehensive income
|
482,768
|
|
|
19,826
|
|
|
448,335
|
|
|
(480,466
|
)
|
|
470,463
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1,234
|
|
|
—
|
|
|
1,234
|
|
|||||
Comprehensive income attributable to common stockholders
|
$
|
482,768
|
|
|
$
|
19,826
|
|
|
$
|
447,101
|
|
|
$
|
(480,466
|
)
|
|
$
|
469,229
|
|
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
65,121
|
|
|
$
|
(93,432
|
)
|
|
$
|
1,395,768
|
|
|
$
|
—
|
|
|
$
|
1,367,457
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment in real estate property
|
(1,448,230
|
)
|
|
—
|
|
|
19,118
|
|
|
—
|
|
|
$
|
(1,429,112
|
)
|
||||
Investment in loans receivable and other
|
—
|
|
|
—
|
|
|
(158,635
|
)
|
|
|
|
$
|
(158,635
|
)
|
|||||
Proceeds from real estate disposals
|
257,441
|
|
|
—
|
|
|
43,120
|
|
|
—
|
|
|
$
|
300,561
|
|
||||
Proceeds from loans receivable
|
—
|
|
|
—
|
|
|
320,082
|
|
|
—
|
|
|
$
|
320,082
|
|
||||
Development project expenditures
|
—
|
|
|
—
|
|
|
(143,647
|
)
|
|
—
|
|
|
$
|
(143,647
|
)
|
||||
Capital expenditures
|
—
|
|
|
(314
|
)
|
|
(117,142
|
)
|
|
—
|
|
|
$
|
(117,456
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
(6,436
|
)
|
|
—
|
|
|
(6,436
|
)
|
|||||
Net cash used in investing activities
|
(1,190,789
|
)
|
|
(314
|
)
|
|
(43,540
|
)
|
|
—
|
|
|
(1,234,643
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under credit facilities
|
—
|
|
|
(171,000
|
)
|
|
135,363
|
|
|
—
|
|
|
(35,637
|
)
|
|||||
Proceeds from debt
|
—
|
|
|
846,521
|
|
|
46,697
|
|
|
—
|
|
|
893,218
|
|
|||||
Repayment of debt
|
—
|
|
|
(651,820
|
)
|
|
(370,293
|
)
|
|
—
|
|
|
(1,022,113
|
)
|
|||||
Net change in intercompany debt
|
990,056
|
|
|
82,266
|
|
|
(1,072,322
|
)
|
|
—
|
|
|
—
|
|
|||||
Purchase of noncontrolling interest
|
—
|
|
|
—
|
|
|
(2,846
|
)
|
|
—
|
|
|
(2,846
|
)
|
|||||
Payment of deferred financing costs
|
—
|
|
|
(5,787
|
)
|
|
(768
|
)
|
|
—
|
|
|
(6,555
|
)
|
|||||
Issuance of common stock, net
|
1,286,680
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,286,680
|
|
|||||
Cash distribution from (to) affiliates
|
106,723
|
|
|
(6,434
|
)
|
|
(100,289
|
)
|
|
—
|
|
|
—
|
|
|||||
Cash distribution to common stockholders
|
(1,024,968
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,024,968
|
)
|
|||||
Cash distribution to redeemable OP unitholders
|
—
|
|
|
—
|
|
|
(8,640
|
)
|
|
—
|
|
|
(8,640
|
)
|
|||||
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
7,326
|
|
|
—
|
|
|
7,326
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(6,879
|
)
|
|
—
|
|
|
(6,879
|
)
|
|||||
Other
|
22,136
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,136
|
|
|||||
Net cash provided by (used in) financing activities
|
1,380,627
|
|
|
93,746
|
|
|
(1,372,651
|
)
|
|
—
|
|
|
101,722
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
254,959
|
|
|
—
|
|
|
(20,423
|
)
|
|
—
|
|
|
234,536
|
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
(56,389
|
)
|
|
—
|
|
|
55,537
|
|
|
—
|
|
|
(852
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
11,733
|
|
|
—
|
|
|
41,290
|
|
|
—
|
|
|
53,023
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
210,303
|
|
|
$
|
—
|
|
|
$
|
76,404
|
|
|
$
|
—
|
|
|
$
|
286,707
|
|
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities
|
$
|
(123,041
|
)
|
|
$
|
16,528
|
|
|
$
|
1,498,280
|
|
|
$
|
—
|
|
|
$
|
1,391,767
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment in real estate property
|
(2,650,788
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,650,788
|
)
|
|||||
Investment in loans receivable and other
|
—
|
|
|
—
|
|
|
(171,144
|
)
|
|
—
|
|
|
(171,144
|
)
|
|||||
Proceeds from real estate disposals
|
492,408
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
492,408
|
|
|||||
Proceeds from loans receivable
|
—
|
|
|
—
|
|
|
109,176
|
|
|
—
|
|
|
109,176
|
|
|||||
Proceeds from sale or maturity of marketable securities
|
76,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,800
|
|
|||||
Funds held in escrow for future development expenditures
|
—
|
|
|
—
|
|
|
4,003
|
|
|
—
|
|
|
4,003
|
|
|||||
Development project expenditures
|
—
|
|
|
—
|
|
|
(119,674
|
)
|
|
—
|
|
|
(119,674
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(15,733
|
)
|
|
(91,754
|
)
|
|
—
|
|
|
(107,487
|
)
|
|||||
Investment in unconsolidated operating entity
|
(26,282
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,282
|
)
|
|||||
Contributions to unconsolidated entities
|
—
|
|
|
—
|
|
|
(30,704
|
)
|
|
—
|
|
|
(30,704
|
)
|
|||||
Net cash used in investing activities
|
(2,107,862
|
)
|
|
(15,733
|
)
|
|
(300,097
|
)
|
|
—
|
|
|
(2,423,692
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under revolving credit facility
|
—
|
|
|
(584,000
|
)
|
|
(139,457
|
)
|
|
—
|
|
|
(723,457
|
)
|
|||||
Net cash impact of CCP spin-off
|
1,273,000
|
|
|
—
|
|
|
(1,401,749
|
)
|
|
—
|
|
|
(128,749
|
)
|
|||||
Proceeds from debt
|
—
|
|
|
2,292,568
|
|
|
220,179
|
|
|
—
|
|
|
2,512,747
|
|
|||||
Issuance of debt related to CCP spin-off
|
—
|
|
|
—
|
|
|
1,400,000
|
|
|
|
|
1,400,000
|
|
||||||
Repayment of debt
|
—
|
|
|
(705,000
|
)
|
|
(730,596
|
)
|
|
—
|
|
|
(1,435,596
|
)
|
|||||
Net change in intercompany debt
|
1,782,954
|
|
|
(1,008,773
|
)
|
|
(774,181
|
)
|
|
—
|
|
|
—
|
|
|||||
Purchase of noncontrolling interest
|
—
|
|
|
—
|
|
|
(3,819
|
)
|
|
—
|
|
|
(3,819
|
)
|
|||||
Payment of deferred financing costs
|
—
|
|
|
(22,297
|
)
|
|
(2,368
|
)
|
|
—
|
|
|
(24,665
|
)
|
|||||
Issuance of common stock, net
|
491,023
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
491,023
|
|
|||||
Cash distribution (to) from affiliates
|
(315,466
|
)
|
|
26,707
|
|
|
288,759
|
|
|
—
|
|
|
—
|
|
|||||
Cash distribution to common stockholders
|
(1,003,413
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,003,413
|
)
|
|||||
Cash distribution to redeemable OP unitholders
|
—
|
|
|
—
|
|
|
(15,095
|
)
|
|
—
|
|
|
(15,095
|
)
|
|||||
Purchases of redeemable OP units
|
—
|
|
|
—
|
|
|
(33,188
|
)
|
|
—
|
|
|
(33,188
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(12,649
|
)
|
|
—
|
|
|
(12,649
|
)
|
|||||
Other
|
6,983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,983
|
|
|||||
Net cash provided by (used in) financing activities
|
2,235,081
|
|
|
(795
|
)
|
|
(1,204,164
|
)
|
|
—
|
|
|
1,030,122
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
4,178
|
|
|
—
|
|
|
(5,981
|
)
|
|
—
|
|
|
(1,803
|
)
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
(17,302
|
)
|
|
—
|
|
|
16,780
|
|
|
—
|
|
|
(522
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
24,857
|
|
|
—
|
|
|
30,491
|
|
|
—
|
|
|
55,348
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
11,733
|
|
|
$
|
—
|
|
|
$
|
41,290
|
|
|
$
|
—
|
|
|
$
|
53,023
|
|
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities
|
$
|
(95,331
|
)
|
|
$
|
80,263
|
|
|
$
|
1,269,913
|
|
|
$
|
—
|
|
|
$
|
1,254,845
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment in real estate property
|
(1,468,286
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,468,286
|
)
|
|||||
Investment in loans receivable and other
|
—
|
|
|
—
|
|
|
(498,992
|
)
|
|
—
|
|
|
(498,992
|
)
|
|||||
Proceeds from real estate disposals
|
118,246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118,246
|
|
|||||
Proceeds from loans receivable
|
—
|
|
|
—
|
|
|
73,557
|
|
|
—
|
|
|
73,557
|
|
|||||
Purchase of marketable securities
|
—
|
|
|
—
|
|
|
(96,689
|
)
|
|
—
|
|
|
(96,689
|
)
|
|||||
Proceeds from sale or maturity of marketable securities
|
—
|
|
|
—
|
|
|
21,689
|
|
|
—
|
|
|
21,689
|
|
|||||
Funds held in escrow for future development expenditures
|
—
|
|
|
—
|
|
|
4,590
|
|
|
—
|
|
|
4,590
|
|
|||||
Development project expenditures
|
—
|
|
|
—
|
|
|
(106,988
|
)
|
|
—
|
|
|
(106,988
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(7,749
|
)
|
|
(79,705
|
)
|
|
—
|
|
|
(87,454
|
)
|
|||||
Contributions to unconsolidated entities
|
(5,527
|
)
|
|
—
|
|
|
(71
|
)
|
|
—
|
|
|
(5,598
|
)
|
|||||
Other
|
(2,689
|
)
|
|
—
|
|
|
(6,426
|
)
|
|
—
|
|
|
(9,115
|
)
|
|||||
Net cash used in investing activities
|
(1,358,256
|
)
|
|
(7,749
|
)
|
|
(689,035
|
)
|
|
—
|
|
|
(2,055,040
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under revolving 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
|
1,300,790
|
|
|
(895,961
|
)
|
|
(404,829
|
)
|
|
—
|
|
|
—
|
|
|||||
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
|
776,497
|
|
|
(252,611
|
)
|
|
(523,886
|
)
|
|
—
|
|
|
—
|
|
|||||
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
|
1,462,112
|
|
|
(72,514
|
)
|
|
(631,541
|
)
|
|
—
|
|
|
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
|
|
Allowance Accounts
|
|
|
|
Additions
|
|
Deductions
|
|
|
|||||||||||
|
|
(In Thousands)
|
|||||||||||||||||
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
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
13,546
|
|
|
5,093
|
|
|
—
|
|
|
(7,111
|
)
|
|
108
|
|
|
$
|
11,636
|
|
Straight-line rent receivable allowance
|
|
101,418
|
|
|
9,682
|
|
|
—
|
|
|
—
|
|
|
(1,264
|
)
|
|
$
|
109,836
|
|
|
|
114,964
|
|
|
14,775
|
|
|
—
|
|
|
(7,111
|
)
|
|
(1,156
|
)
|
|
121,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
11,460
|
|
|
10,937
|
|
|
753
|
|
|
(12,977
|
)
|
|
3,373
|
|
|
$
|
13,546
|
|
Straight-line rent receivable allowance
|
|
83,461
|
|
|
35,448
|
|
|
—
|
|
|
—
|
|
|
(17,491
|
)
|
|
$
|
101,418
|
|
|
|
94,921
|
|
|
46,385
|
|
|
753
|
|
|
(12,977
|
)
|
|
(14,118
|
)
|
|
114,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
9,624
|
|
|
8,204
|
|
|
—
|
|
|
(4,272
|
)
|
|
(2,096
|
)
|
|
$
|
11,460
|
|
Straight-line rent receivable allowance
|
|
60,787
|
|
|
46,503
|
|
|
—
|
|
|
462
|
|
|
(24,291
|
)
|
|
$
|
83,461
|
|
|
|
70,411
|
|
|
54,707
|
|
|
—
|
|
|
(3,810
|
)
|
|
(26,387
|
)
|
|
94,921
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In thousands)
|
||||||||||
Reconciliation of real estate:
|
|
|
|
|
|
||||||
Carrying cost:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
22,458,032
|
|
|
$
|
19,241,735
|
|
|
$
|
20,393,411
|
|
Additions during period:
|
|
|
|
|
|
||||||
Acquisitions
|
1,380,044
|
|
|
4,063,355
|
|
|
1,769,790
|
|
|||
Capital expenditures
|
270,664
|
|
|
229,560
|
|
|
189,711
|
|
|||
Deductions during period:
|
|
|
|
|
|
||||||
Foreign currency translation
|
(6,252
|
)
|
|
(209,460
|
)
|
|
(87,776
|
)
|
|||
Other
(1)
|
(285,902
|
)
|
|
(867,158
|
)
|
|
(3,023,401
|
)
|
|||
Balance at end of period
|
$
|
23,816,586
|
|
|
$
|
22,458,032
|
|
|
$
|
19,241,735
|
|
|
|
|
|
|
|
||||||
Accumulated depreciation:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
3,544,625
|
|
|
$
|
2,925,508
|
|
|
$
|
2,881,950
|
|
Additions during period:
|
|
|
|
|
|
||||||
Depreciation expense
|
732,309
|
|
|
778,419
|
|
|
725,485
|
|
|||
Dispositions:
|
|
|
|
|
|
||||||
Sales and/or transfers to assets held for sale
|
(87,431
|
)
|
|
(144,545
|
)
|
|
(675,846
|
)
|
|||
Foreign currency translation
|
993
|
|
|
(14,757
|
)
|
|
(6,081
|
)
|
|||
Balance at end of period
|
$
|
4,190,496
|
|
|
$
|
3,544,625
|
|
|
$
|
2,925,508
|
|
(1)
|
Other may include sales, transfers to assets held for sale and impairments.
|
|
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
|
|
2,834
|
|
412
|
|
1968
|
1990
|
30 years
|
Eagle Pond Rehabilitation and Living Center
|
South Dennis
|
MA
|
—
|
|
296
|
|
6,896
|
|
—
|
|
296
|
|
6,896
|
|
7,192
|
|
4,264
|
|
2,928
|
|
1985
|
1987
|
50 years
|
Harrington House Nursing and Rehabilitation Center
|
Walpole
|
MA
|
—
|
|
4
|
|
4,444
|
|
—
|
|
4
|
|
4,444
|
|
4,448
|
|
2,581
|
|
1,867
|
|
1991
|
1991
|
45 years
|
Parkview Acres Care and Rehabilitation Center
|
Dillon
|
MT
|
—
|
|
207
|
|
2,578
|
|
—
|
|
207
|
|
2,578
|
|
2,785
|
|
2,143
|
|
642
|
|
1965
|
1993
|
29 years
|
Park Place Health Care Center
|
Great Falls
|
MT
|
—
|
|
600
|
|
6,311
|
|
—
|
|
600
|
|
6,311
|
|
6,911
|
|
5,240
|
|
1,671
|
|
1963
|
1993
|
28 years
|
Rose Manor Healthcare Center
|
Nashua
|
NH
|
—
|
|
200
|
|
3,527
|
|
—
|
|
200
|
|
3,527
|
|
3,727
|
|
3,429
|
|
298
|
|
1972
|
1991
|
26 years
|
Guardian Care of Elizabeth City
|
Durham
|
NC
|
—
|
|
71
|
|
561
|
|
—
|
|
71
|
|
561
|
|
632
|
|
632
|
|
—
|
|
1977
|
1982
|
20 years
|
Guardian Care of Henderson
|
Elizabeth City
|
NC
|
—
|
|
206
|
|
1,997
|
|
—
|
|
206
|
|
1,997
|
|
2,203
|
|
1,650
|
|
553
|
|
1957
|
1993
|
29 years
|
Greenbriar Terrace Healthcare
|
Henderson
|
NC
|
—
|
|
776
|
|
6,011
|
|
—
|
|
776
|
|
6,011
|
|
6,787
|
|
5,796
|
|
991
|
|
1963
|
1990
|
25 years
|
Nansemond Pointe Rehabilitation and Healthcare Center
|
Burlington
|
VT
|
—
|
|
534
|
|
6,990
|
|
—
|
|
534
|
|
6,990
|
|
7,524
|
|
5,570
|
|
1,954
|
|
1963
|
1991
|
32 years
|
River Pointe Rehabilitation and Healthcare Center
|
Suffolk
|
VA
|
—
|
|
770
|
|
4,440
|
|
—
|
|
770
|
|
4,440
|
|
5,210
|
|
4,507
|
|
703
|
|
1953
|
1991
|
25 years
|
Bay Pointe Medical and Rehabilitation Center
|
Virginia Beach
|
VA
|
—
|
|
805
|
|
2,886
|
|
(380
|
)
|
425
|
|
2,886
|
|
3,311
|
|
2,325
|
|
986
|
|
1971
|
1993
|
29 years
|
Birchwood Terrace Healthcare
|
Virginia Beach
|
VA
|
—
|
|
15
|
|
4,656
|
|
—
|
|
15
|
|
4,656
|
|
4,671
|
|
4,671
|
|
—
|
|
1965
|
1990
|
27 years
|
Arden Rehabilitation and Healthcare Center
|
Seattle
|
WA
|
—
|
|
1,111
|
|
4,013
|
|
—
|
|
1,111
|
|
4,013
|
|
5,124
|
|
3,323
|
|
1,801
|
|
1950
|
1993
|
28.5 years
|
Lakewood Healthcare Center
|
Tacoma
|
WA
|
—
|
|
504
|
|
3,511
|
|
—
|
|
504
|
|
3,511
|
|
4,015
|
|
2,473
|
|
1,542
|
|
1989
|
1989
|
45 years
|
Vancouver Health & Rehabilitation Center
|
Vancouver
|
WA
|
—
|
|
449
|
|
2,964
|
|
—
|
|
449
|
|
2,964
|
|
3,413
|
|
2,519
|
|
894
|
|
1970
|
1993
|
28 years
|
TOTAL KINDRED SKILLED NURSING FACILITIES
|
|
|
—
|
|
13,584
|
|
140,645
|
|
(388
|
)
|
13,196
|
|
140,645
|
|
153,841
|
|
117,004
|
|
36,837
|
|
|
|
|
NON-KINDRED SKILLED NURSING FACILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cherry Hills Health Care Center
|
Englewood
|
CO
|
—
|
|
241
|
|
2,180
|
|
194
|
|
241
|
|
2,374
|
|
2,615
|
|
1,922
|
|
693
|
|
1960
|
1995
|
30 years
|
Brookdale Lisle SNF
|
Lisle
|
IL
|
—
|
|
730
|
|
9,270
|
|
—
|
|
730
|
|
9,270
|
|
10,000
|
|
2,618
|
|
7,382
|
|
1990
|
2009
|
35 years
|
Lopatcong Center
|
Phillipsburg
|
NJ
|
—
|
|
1,490
|
|
12,336
|
|
—
|
|
1,490
|
|
12,336
|
|
13,826
|
|
5,639
|
|
8,187
|
|
1982
|
2004
|
30 years
|
Marietta Convalescent Center
|
Marietta
|
OH
|
—
|
|
158
|
|
3,266
|
|
75
|
|
158
|
|
3,341
|
|
3,499
|
|
3,207
|
|
292
|
|
1972
|
1993
|
25 years
|
The Belvedere
|
Chester
|
PA
|
—
|
|
822
|
|
7,203
|
|
—
|
|
822
|
|
7,203
|
|
8,025
|
|
3,282
|
|
4,743
|
|
1899
|
2004
|
30 years
|
Pennsburg Manor
|
Pennsburg
|
PA
|
—
|
|
1,091
|
|
7,871
|
|
—
|
|
1,091
|
|
7,871
|
|
8,962
|
|
3,641
|
|
5,321
|
|
1982
|
2004
|
30 years
|
Chapel Manor
|
Philadelphia
|
PA
|
—
|
|
1,595
|
|
13,982
|
|
1,358
|
|
1,595
|
|
15,340
|
|
16,935
|
|
7,190
|
|
9,745
|
|
1948
|
2004
|
30 years
|
Wayne Center
|
Strafford
|
PA
|
—
|
|
662
|
|
6,872
|
|
850
|
|
662
|
|
7,722
|
|
8,384
|
|
3,821
|
|
4,563
|
|
1897
|
2004
|
30 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
|
|||||||||
Everett Rehabilitation & Care
|
Everett
|
WA
|
—
|
|
2,750
|
|
27,337
|
|
—
|
|
2,750
|
|
27,337
|
|
30,087
|
|
4,655
|
|
25,432
|
|
1995
|
2011
|
35 years
|
Northwest Continuum Care Center
|
Longview
|
WA
|
—
|
|
145
|
|
2,563
|
|
171
|
|
145
|
|
2,734
|
|
2,879
|
|
2,262
|
|
617
|
|
1955
|
1992
|
29 years
|
SunRise Care & Rehab Moses Lake
|
Moses Lake
|
WA
|
—
|
|
660
|
|
17,439
|
|
—
|
|
660
|
|
17,439
|
|
18,099
|
|
3,059
|
|
15,040
|
|
1972
|
2011
|
35 years
|
SunRise Care & Rehab Lake Ridge
|
Moses Lake
|
WA
|
—
|
|
660
|
|
8,866
|
|
—
|
|
660
|
|
8,866
|
|
9,526
|
|
1,625
|
|
7,901
|
|
1988
|
2011
|
35 years
|
Rainier Vista Care Center
|
Puyallup
|
WA
|
—
|
|
520
|
|
4,780
|
|
305
|
|
520
|
|
5,085
|
|
5,605
|
|
3,177
|
|
2,428
|
|
1986
|
1991
|
40 years
|
Logan Center
|
Logan
|
WV
|
—
|
|
300
|
|
12,959
|
|
—
|
|
300
|
|
12,959
|
|
13,259
|
|
2,224
|
|
11,035
|
|
1987
|
2011
|
35 years
|
Ravenswood Healthcare Center
|
Ravenswood
|
WV
|
—
|
|
320
|
|
12,710
|
|
—
|
|
320
|
|
12,710
|
|
13,030
|
|
2,187
|
|
10,843
|
|
1987
|
2011
|
35 years
|
Valley Center
|
South Charleston
|
WV
|
—
|
|
750
|
|
24,115
|
|
—
|
|
750
|
|
24,115
|
|
24,865
|
|
4,194
|
|
20,671
|
|
1987
|
2011
|
35 years
|
White Sulphur
|
White Sulphur Springs
|
WV
|
—
|
|
250
|
|
13,055
|
|
—
|
|
250
|
|
13,055
|
|
13,305
|
|
2,261
|
|
11,044
|
|
1987
|
2011
|
35 years
|
TOTAL NON-KINDRED SKILLED NURSING FACILITIES
|
|
|
—
|
|
13,144
|
|
186,804
|
|
2,953
|
|
13,144
|
|
189,757
|
|
202,901
|
|
56,964
|
|
145,937
|
|
|
|
|
TOTAL FOR SKILLED NURSING FACILITIES
|
|
|
—
|
|
26,728
|
|
327,449
|
|
2,565
|
|
26,340
|
|
330,402
|
|
356,742
|
|
173,968
|
|
182,774
|
|
|
|
|
SPECIALTY HOSPITALS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Southern Arizona Rehab
|
Tucson
|
AZ
|
—
|
|
770
|
|
25,589
|
|
—
|
|
770
|
|
25,589
|
|
26,359
|
|
4,186
|
|
22,173
|
|
1992
|
2011
|
35 years
|
Kindred Hospital - Brea
|
Brea
|
CA
|
—
|
|
3,144
|
|
2,611
|
|
—
|
|
3,144
|
|
2,611
|
|
5,755
|
|
1,397
|
|
4,358
|
|
1990
|
1995
|
40 years
|
Kindred Hospital - Ontario
|
Ontario
|
CA
|
—
|
|
523
|
|
2,988
|
|
—
|
|
523
|
|
2,988
|
|
3,511
|
|
2,975
|
|
536
|
|
1950
|
1994
|
25 years
|
Kindred Hospital - San Diego
|
San Diego
|
CA
|
—
|
|
670
|
|
11,764
|
|
—
|
|
670
|
|
11,764
|
|
12,434
|
|
11,564
|
|
870
|
|
1965
|
1994
|
25 years
|
Kindred Hospital - San Francisco Bay Area
|
San Leandro
|
CA
|
—
|
|
2,735
|
|
5,870
|
|
—
|
|
2,735
|
|
5,870
|
|
8,605
|
|
6,119
|
|
2,486
|
|
1962
|
1993
|
25 years
|
HealthSouth Rehabilitation Hospital
|
Tustin
|
CA
|
—
|
|
2,810
|
|
25,248
|
|
—
|
|
2,810
|
|
25,248
|
|
28,058
|
|
4,209
|
|
23,849
|
|
1991
|
2011
|
35 years
|
Kindred Hospital - Westminster
|
Westminster
|
CA
|
—
|
|
727
|
|
7,384
|
|
—
|
|
727
|
|
7,384
|
|
8,111
|
|
7,561
|
|
550
|
|
1973
|
1993
|
20 years
|
Kindred Hospital - Denver
|
Denver
|
CO
|
—
|
|
896
|
|
6,367
|
|
—
|
|
896
|
|
6,367
|
|
7,263
|
|
6,711
|
|
552
|
|
1963
|
1994
|
20 years
|
Kindred Hospital - South Florida - Coral Gables
|
Coral Gables
|
FL
|
—
|
|
1,071
|
|
5,348
|
|
—
|
|
1,071
|
|
5,348
|
|
6,419
|
|
4,915
|
|
1,504
|
|
1956
|
1992
|
30 years
|
Kindred Hospital - South Florida Ft. Lauderdale
|
Fort Lauderdale
|
FL
|
—
|
|
1,758
|
|
14,080
|
|
—
|
|
1,758
|
|
14,080
|
|
15,838
|
|
13,826
|
|
2,012
|
|
1969
|
1989
|
30 years
|
Kindred Hospital - North Florida
|
Green Cove Springs
|
FL
|
—
|
|
145
|
|
4,613
|
|
—
|
|
145
|
|
4,613
|
|
4,758
|
|
4,517
|
|
241
|
|
1956
|
1994
|
20 years
|
Kindred Hospital - South Florida - Hollywood
|
Hollywood
|
FL
|
—
|
|
605
|
|
5,229
|
|
—
|
|
605
|
|
5,229
|
|
5,834
|
|
5,234
|
|
600
|
|
1937
|
1995
|
20 years
|
Kindred Hospital - Bay Area St. Petersburg
|
St. Petersburg
|
FL
|
—
|
|
1,401
|
|
16,706
|
|
—
|
|
1,401
|
|
16,706
|
|
18,107
|
|
14,593
|
|
3,514
|
|
1968
|
1997
|
40 years
|
Kindred Hospital - Central Tampa
|
Tampa
|
FL
|
—
|
|
2,732
|
|
7,676
|
|
—
|
|
2,732
|
|
7,676
|
|
10,408
|
|
5,117
|
|
5,291
|
|
1970
|
1993
|
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 - Chicago (North Campus)
|
Chicago
|
IL
|
—
|
|
1,583
|
|
19,980
|
|
—
|
|
1,583
|
|
19,980
|
|
21,563
|
|
19,499
|
|
2,064
|
|
1949
|
1995
|
25 years
|
Kindred - Chicago - Lakeshore
|
Chicago
|
IL
|
—
|
|
1,513
|
|
9,525
|
|
—
|
|
1,513
|
|
9,525
|
|
11,038
|
|
9,465
|
|
1,573
|
|
1995
|
1976
|
20 years
|
Kindred Hospital - Chicago (Northlake Campus)
|
Northlake
|
IL
|
—
|
|
850
|
|
6,498
|
|
—
|
|
850
|
|
6,498
|
|
7,348
|
|
6,020
|
|
1,328
|
|
1960
|
1991
|
30 years
|
Kindred Hospital - Sycamore
|
Sycamore
|
IL
|
—
|
|
77
|
|
8,549
|
|
—
|
|
77
|
|
8,549
|
|
8,626
|
|
8,245
|
|
381
|
|
1949
|
1993
|
20 years
|
Kindred Hospital - Indianapolis
|
Indianapolis
|
IN
|
—
|
|
985
|
|
3,801
|
|
—
|
|
985
|
|
3,801
|
|
4,786
|
|
3,461
|
|
1,325
|
|
1955
|
1993
|
30 years
|
Kindred Hospital - Louisville
|
Louisville
|
KY
|
—
|
|
3,041
|
|
12,279
|
|
—
|
|
3,041
|
|
12,279
|
|
15,320
|
|
12,475
|
|
2,845
|
|
1964
|
1995
|
20 years
|
Kindred Hospital - Kansas City
|
Kansas City
|
MO
|
—
|
|
277
|
|
2,914
|
|
—
|
|
277
|
|
2,914
|
|
3,191
|
|
2,712
|
|
479
|
|
1958
|
1992
|
30 years
|
Kindred Hospital - St. Louis
|
St. Louis
|
MO
|
—
|
|
1,126
|
|
2,087
|
|
—
|
|
1,126
|
|
2,087
|
|
3,213
|
|
1,911
|
|
1,302
|
|
1984
|
1991
|
40 years
|
Kindred Hospital - Greensboro
|
Greensboro
|
NC
|
—
|
|
1,010
|
|
7,586
|
|
—
|
|
1,010
|
|
7,586
|
|
8,596
|
|
7,649
|
|
947
|
|
1964
|
1994
|
20 years
|
Lovelace Rehabilitation Hospital
|
Albuquerque
|
NM
|
—
|
|
401
|
|
17,186
|
|
1,342
|
|
401
|
|
18,528
|
|
18,929
|
|
747
|
|
18,182
|
|
1989
|
2015
|
36 years
|
Kindred Hospital - Albuquerque
|
Albuquerque
|
NM
|
—
|
|
11
|
|
4,253
|
|
—
|
|
11
|
|
4,253
|
|
4,264
|
|
2,879
|
|
1,385
|
|
1985
|
1993
|
40 years
|
Kindred Hospital - Las Vegas (Sahara)
|
Las Vegas
|
NV
|
—
|
|
1,110
|
|
2,177
|
|
—
|
|
1,110
|
|
2,177
|
|
3,287
|
|
1,400
|
|
1,887
|
|
1980
|
1994
|
40 years
|
University Hospitals Rehabilitation Hospital
|
Beachwood
|
OH
|
—
|
|
1,800
|
|
16,444
|
|
—
|
|
1,800
|
|
16,444
|
|
18,244
|
|
1,767
|
|
16,477
|
|
2013
|
2013
|
35 years
|
Kindred Hospital - Philadelphia
|
Philadelphia
|
PA
|
—
|
|
135
|
|
5,223
|
|
—
|
|
135
|
|
5,223
|
|
5,358
|
|
3,367
|
|
1,991
|
|
1960
|
1995
|
35 years
|
Kindred Hospital - Chattanooga
|
Chattanooga
|
TN
|
—
|
|
756
|
|
4,415
|
|
—
|
|
756
|
|
4,415
|
|
5,171
|
|
4,118
|
|
1,053
|
|
1975
|
1993
|
22 years
|
Kindred Hospital - Tarrant County (Fort Worth Southwest)
|
Fort Worth
|
TX
|
—
|
|
2,342
|
|
7,458
|
|
—
|
|
2,342
|
|
7,458
|
|
9,800
|
|
7,504
|
|
2,296
|
|
1987
|
1986
|
20 years
|
Kindred Hospital (Houston Northwest)
|
Houston
|
TX
|
—
|
|
1,699
|
|
6,788
|
|
—
|
|
1,699
|
|
6,788
|
|
8,487
|
|
5,627
|
|
2,860
|
|
1986
|
1985
|
40 years
|
Kindred Hospital - Houston
|
Houston
|
TX
|
—
|
|
33
|
|
7,062
|
|
—
|
|
33
|
|
7,062
|
|
7,095
|
|
6,637
|
|
458
|
|
1972
|
1994
|
20 years
|
Kindred Hospital - Mansfield
|
Mansfield
|
TX
|
—
|
|
267
|
|
2,462
|
|
—
|
|
267
|
|
2,462
|
|
2,729
|
|
1,960
|
|
769
|
|
1983
|
1990
|
40 years
|
Kindred Hospital - San Antonio
|
San Antonio
|
TX
|
—
|
|
249
|
|
11,413
|
|
—
|
|
249
|
|
11,413
|
|
11,662
|
|
9,179
|
|
2,483
|
|
1981
|
1993
|
30 years
|
Reliant Rehabilitation - Dallas TX
|
Dallas
|
TX
|
—
|
|
2,318
|
|
38,702
|
|
—
|
|
2,318
|
|
38,702
|
|
41,020
|
|
2,360
|
|
38,660
|
|
2009
|
2015
|
35 years
|
Baylor Institute for Rehabilition - Ft. Worth TX
|
Fort Worth
|
TX
|
—
|
|
2,071
|
|
16,018
|
|
—
|
|
2,071
|
|
16,018
|
|
18,089
|
|
1,060
|
|
17,029
|
|
2008
|
2015
|
35 years
|
Reliant Rehabilitation - Houston TX
|
Houston
|
TX
|
—
|
|
1,838
|
|
34,832
|
|
—
|
|
1,838
|
|
34,832
|
|
36,670
|
|
2,228
|
|
34,442
|
|
2012
|
2015
|
35 years
|
Select Rehabilitation - San Antonio TX
|
San Antonio
|
TX
|
—
|
|
1,859
|
|
18,301
|
|
—
|
|
1,859
|
|
18,301
|
|
20,160
|
|
1,187
|
|
18,973
|
|
2010
|
2015
|
35 years
|
TOTAL FOR SPECIALTY HOSPITALS
|
|
|
—
|
|
47,338
|
|
407,426
|
|
1,342
|
|
47,338
|
|
408,768
|
|
456,106
|
|
216,381
|
|
239,725
|
|
|
|
|
|
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
|
|||||||||
Emeritus at South Windsor
|
South Windsor
|
CT
|
—
|
|
2,187
|
|
12,682
|
|
—
|
|
2,187
|
|
12,682
|
|
14,869
|
|
4,648
|
|
10,221
|
|
1999
|
2004
|
35 years
|
Chatfield
|
West Hartford
|
CT
|
—
|
|
2,493
|
|
22,833
|
|
21,919
|
|
2,493
|
|
44,752
|
|
47,245
|
|
9,480
|
|
37,765
|
|
1989
|
2005
|
35 years
|
Sterling House of Salina II
|
Bonita Springs
|
FL
|
8,753
|
|
1,540
|
|
10,783
|
|
—
|
|
1,540
|
|
10,783
|
|
12,323
|
|
4,305
|
|
8,018
|
|
1989
|
2005
|
35 years
|
Emeritus at Boynton Beach
|
Boynton Beach
|
FL
|
13,414
|
|
2,317
|
|
16,218
|
|
—
|
|
2,317
|
|
16,218
|
|
18,535
|
|
6,311
|
|
12,224
|
|
1999
|
2005
|
35 years
|
Emeritus at Deer Creek
|
Deerfield Beach
|
FL
|
—
|
|
1,399
|
|
9,791
|
|
—
|
|
1,399
|
|
9,791
|
|
11,190
|
|
4,129
|
|
7,061
|
|
1999
|
2005
|
35 years
|
Clare Bridge of Ft. Myers
|
Fort Myers
|
FL
|
—
|
|
1,510
|
|
7,862
|
|
—
|
|
1,510
|
|
7,862
|
|
9,372
|
|
1,358
|
|
8,014
|
|
1996
|
2011
|
35 years
|
Sterling House of Merrimac
|
Jacksonville
|
FL
|
—
|
|
860
|
|
16,745
|
|
—
|
|
860
|
|
16,745
|
|
17,605
|
|
2,779
|
|
14,826
|
|
1997
|
2011
|
35 years
|
Clare Bridge of Jacksonville
|
Jacksonville
|
FL
|
—
|
|
1,300
|
|
9,659
|
|
—
|
|
1,300
|
|
9,659
|
|
10,959
|
|
1,646
|
|
9,313
|
|
1997
|
2011
|
35 years
|
Emeritus at Jensen Beach
|
Jensen Beach
|
FL
|
12,037
|
|
1,831
|
|
12,820
|
|
—
|
|
1,831
|
|
12,820
|
|
14,651
|
|
5,104
|
|
9,547
|
|
1999
|
2005
|
35 years
|
Sterling House of Ormond Beach
|
Ormond Beach
|
FL
|
—
|
|
1,660
|
|
9,738
|
|
—
|
|
1,660
|
|
9,738
|
|
11,398
|
|
1,672
|
|
9,726
|
|
1997
|
2011
|
35 years
|
Sterling House of Palm Coast
|
Palm Coast
|
FL
|
—
|
|
470
|
|
9,187
|
|
—
|
|
470
|
|
9,187
|
|
9,657
|
|
1,591
|
|
8,066
|
|
1997
|
2011
|
35 years
|
Sterling House of Pensacola
|
Pensacola
|
FL
|
—
|
|
633
|
|
6,087
|
|
—
|
|
633
|
|
6,087
|
|
6,720
|
|
2,462
|
|
4,258
|
|
1998
|
2005
|
35 years
|
Sterling House of Englewood (FL)
|
Rotonda West
|
FL
|
—
|
|
1,740
|
|
4,331
|
|
—
|
|
1,740
|
|
4,331
|
|
6,071
|
|
900
|
|
5,171
|
|
1997
|
2011
|
35 years
|
Clare Bridge of Tallahassee
|
Tallahassee
|
FL
|
4,314
|
|
667
|
|
6,168
|
|
—
|
|
667
|
|
6,168
|
|
6,835
|
|
2,495
|
|
4,340
|
|
1998
|
2005
|
35 years
|
Sterling House of Tavares
|
Tavares
|
FL
|
—
|
|
280
|
|
15,980
|
|
—
|
|
280
|
|
15,980
|
|
16,260
|
|
2,664
|
|
13,596
|
|
1997
|
2011
|
35 years
|
Clare Bridge of West Melbourne
|
West Melbourne
|
FL
|
6,149
|
|
586
|
|
5,481
|
|
—
|
|
586
|
|
5,481
|
|
6,067
|
|
2,217
|
|
3,850
|
|
2000
|
2005
|
35 years
|
The Classic at West Palm Beach
|
West Palm Beach
|
FL
|
24,828
|
|
3,758
|
|
33,072
|
|
—
|
|
3,758
|
|
33,072
|
|
36,830
|
|
13,567
|
|
23,263
|
|
1990
|
2005
|
35 years
|
Clare Bridge Cottage of Winter Haven
|
Winter Haven
|
FL
|
—
|
|
232
|
|
3,006
|
|
—
|
|
232
|
|
3,006
|
|
3,238
|
|
1,216
|
|
2,022
|
|
1997
|
2005
|
35 years
|
Sterling House of Winter Haven
|
Winter Haven
|
FL
|
—
|
|
438
|
|
5,549
|
|
—
|
|
438
|
|
5,549
|
|
5,987
|
|
2,245
|
|
3,742
|
|
1997
|
2005
|
35 years
|
Wynwood of Twin Falls
|
Twin Falls
|
ID
|
—
|
|
703
|
|
6,153
|
|
—
|
|
703
|
|
6,153
|
|
6,856
|
|
2,489
|
|
4,367
|
|
1997
|
2005
|
35 years
|
The Hallmark
|
Chicago
|
IL
|
—
|
|
11,057
|
|
107,517
|
|
3,266
|
|
11,057
|
|
110,783
|
|
121,840
|
|
44,575
|
|
77,265
|
|
1990
|
2005
|
35 years
|
The Kenwood of Lake View
|
Chicago
|
IL
|
—
|
|
3,072
|
|
26,668
|
|
—
|
|
3,072
|
|
26,668
|
|
29,740
|
|
10,969
|
|
18,771
|
|
1950
|
2005
|
35 years
|
The Heritage
|
Des Plaines
|
IL
|
32,000
|
|
6,871
|
|
60,165
|
|
(66
|
)
|
6,805
|
|
60,165
|
|
66,970
|
|
24,705
|
|
42,265
|
|
1993
|
2005
|
35 years
|
Devonshire of Hoffman Estates
|
Hoffman Estates
|
IL
|
—
|
|
3,886
|
|
44,130
|
|
—
|
|
3,886
|
|
44,130
|
|
48,016
|
|
17,316
|
|
30,700
|
|
1987
|
2005
|
35 years
|
The Devonshire
|
Lisle
|
IL
|
33,000
|
|
7,953
|
|
70,400
|
|
—
|
|
7,953
|
|
70,400
|
|
78,353
|
|
28,846
|
|
49,507
|
|
1990
|
2005
|
35 years
|
Seasons at Glenview
|
Northbrook
|
IL
|
—
|
|
1,988
|
|
39,762
|
|
—
|
|
1,988
|
|
39,762
|
|
41,750
|
|
14,897
|
|
26,853
|
|
1999
|
2004
|
35 years
|
Hawthorn Lakes
|
Vernon Hills
|
IL
|
—
|
|
4,439
|
|
35,044
|
|
—
|
|
4,439
|
|
35,044
|
|
39,483
|
|
14,694
|
|
24,789
|
|
1987
|
2005
|
35 years
|
The Willows
|
Vernon Hills
|
IL
|
—
|
|
1,147
|
|
10,041
|
|
—
|
|
1,147
|
|
10,041
|
|
11,188
|
|
4,123
|
|
7,065
|
|
1999
|
2005
|
35 years
|
Sterling House of Evansville
|
Evansville
|
IN
|
3,461
|
|
357
|
|
3,765
|
|
—
|
|
357
|
|
3,765
|
|
4,122
|
|
1,523
|
|
2,599
|
|
1998
|
2005
|
35 years
|
Berkshire of Castleton
|
Indianapolis
|
IN
|
—
|
|
1,280
|
|
11,515
|
|
—
|
|
1,280
|
|
11,515
|
|
12,795
|
|
4,704
|
|
8,091
|
|
1986
|
2005
|
35 years
|
Sterling House of Marion
|
Marion
|
IN
|
—
|
|
207
|
|
3,570
|
|
—
|
|
207
|
|
3,570
|
|
3,777
|
|
1,444
|
|
2,333
|
|
1998
|
2005
|
35 years
|
Sterling House of Portage
|
Portage
|
IN
|
—
|
|
128
|
|
3,649
|
|
—
|
|
128
|
|
3,649
|
|
3,777
|
|
1,476
|
|
2,301
|
|
1999
|
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
|
|||||||||
Sterling House of Richmond
|
Richmond
|
IN
|
—
|
|
495
|
|
4,124
|
|
—
|
|
495
|
|
4,124
|
|
4,619
|
|
1,668
|
|
2,951
|
|
1998
|
2005
|
35 years
|
Sterling House of Derby
|
Derby
|
KS
|
—
|
|
440
|
|
4,422
|
|
—
|
|
440
|
|
4,422
|
|
4,862
|
|
781
|
|
4,081
|
|
1994
|
2011
|
35 years
|
Clare Bridge of Leawood
|
Leawood
|
KS
|
3,525
|
|
117
|
|
5,127
|
|
—
|
|
117
|
|
5,127
|
|
5,244
|
|
2,074
|
|
3,170
|
|
2000
|
2005
|
35 years
|
Sterling House of Salina II
|
Salina
|
KS
|
—
|
|
300
|
|
5,657
|
|
—
|
|
300
|
|
5,657
|
|
5,957
|
|
1,004
|
|
4,953
|
|
1996
|
2011
|
35 years
|
Clare Bridge Cottage of Topeka
|
Topeka
|
KS
|
4,721
|
|
370
|
|
6,825
|
|
—
|
|
370
|
|
6,825
|
|
7,195
|
|
2,761
|
|
4,434
|
|
2000
|
2005
|
35 years
|
Sterling House of Wellington
|
Wellington
|
KS
|
—
|
|
310
|
|
2,434
|
|
—
|
|
310
|
|
2,434
|
|
2,744
|
|
469
|
|
2,275
|
|
1994
|
2011
|
35 years
|
Emeritus at Farm Pond
|
Framingham
|
MA
|
—
|
|
5,819
|
|
33,361
|
|
2,430
|
|
5,819
|
|
35,791
|
|
41,610
|
|
12,213
|
|
29,397
|
|
1999
|
2004
|
35 years
|
Emeritus at Cape Cod (WhiteHall)
|
Hyannis
|
MA
|
—
|
|
1,277
|
|
9,063
|
|
—
|
|
1,277
|
|
9,063
|
|
10,340
|
|
3,106
|
|
7,234
|
|
1999
|
2005
|
35 years
|
River Bay Club
|
Quincy
|
MA
|
—
|
|
6,101
|
|
57,862
|
|
—
|
|
6,101
|
|
57,862
|
|
63,963
|
|
23,405
|
|
40,558
|
|
1986
|
2005
|
35 years
|
Woven Hearts of Davison
|
Davison
|
MI
|
—
|
|
160
|
|
3,189
|
|
2,543
|
|
160
|
|
5,732
|
|
5,892
|
|
1,386
|
|
4,506
|
|
1997
|
2011
|
35 years
|
Clare Bridge of Delta Charter
|
Delta Township
|
MI
|
—
|
|
730
|
|
11,471
|
|
—
|
|
730
|
|
11,471
|
|
12,201
|
|
1,947
|
|
10,254
|
|
1998
|
2011
|
35 years
|
Woven Hearts of Delta Charter
|
Delta Township
|
MI
|
—
|
|
820
|
|
3,313
|
|
—
|
|
820
|
|
3,313
|
|
4,133
|
|
788
|
|
3,345
|
|
1998
|
2011
|
35 years
|
Clare Bridge of Farmington Hills I
|
Farmington Hills
|
MI
|
—
|
|
580
|
|
10,497
|
|
—
|
|
580
|
|
10,497
|
|
11,077
|
|
2,001
|
|
9,076
|
|
1994
|
2011
|
35 years
|
Clare Bridge of Farmington Hills II
|
Farmington Hills
|
MI
|
—
|
|
700
|
|
10,246
|
|
—
|
|
700
|
|
10,246
|
|
10,946
|
|
2,028
|
|
8,918
|
|
1994
|
2011
|
35 years
|
Wynwood of Meridian Lansing II
|
Haslett
|
MI
|
—
|
|
1,340
|
|
6,134
|
|
—
|
|
1,340
|
|
6,134
|
|
7,474
|
|
1,171
|
|
6,303
|
|
1998
|
2011
|
35 years
|
Clare Bridge of Grand Blanc I
|
Holly
|
MI
|
—
|
|
450
|
|
12,373
|
|
—
|
|
450
|
|
12,373
|
|
12,823
|
|
2,109
|
|
10,714
|
|
1998
|
2011
|
35 years
|
Wynwood of Grand Blanc II
|
Holly
|
MI
|
—
|
|
620
|
|
14,627
|
|
—
|
|
620
|
|
14,627
|
|
15,247
|
|
2,522
|
|
12,725
|
|
1998
|
2011
|
35 years
|
Wynwood of Northville
|
Northville
|
MI
|
6,942
|
|
407
|
|
6,068
|
|
—
|
|
407
|
|
6,068
|
|
6,475
|
|
2,455
|
|
4,020
|
|
1996
|
2005
|
35 years
|
Clare Bridge of Troy I
|
Troy
|
MI
|
—
|
|
630
|
|
17,178
|
|
—
|
|
630
|
|
17,178
|
|
17,808
|
|
2,892
|
|
14,916
|
|
1998
|
2011
|
35 years
|
Wynwood of Troy II
|
Troy
|
MI
|
—
|
|
950
|
|
12,503
|
|
—
|
|
950
|
|
12,503
|
|
13,453
|
|
2,260
|
|
11,193
|
|
1998
|
2011
|
35 years
|
Wynwood of Utica
|
Utica
|
MI
|
—
|
|
1,142
|
|
11,808
|
|
—
|
|
1,142
|
|
11,808
|
|
12,950
|
|
4,777
|
|
8,173
|
|
1996
|
2005
|
35 years
|
Clare Bridge of Utica
|
Utica
|
MI
|
—
|
|
700
|
|
8,657
|
|
—
|
|
700
|
|
8,657
|
|
9,357
|
|
1,568
|
|
7,789
|
|
1995
|
2011
|
35 years
|
Sterling House of Blaine
|
Blaine
|
MN
|
—
|
|
150
|
|
1,675
|
|
—
|
|
150
|
|
1,675
|
|
1,825
|
|
678
|
|
1,147
|
|
1997
|
2005
|
35 years
|
Clare Bridge of Eden Prairie
|
Eden Prairie
|
MN
|
—
|
|
301
|
|
6,228
|
|
—
|
|
301
|
|
6,228
|
|
6,529
|
|
2,520
|
|
4,009
|
|
1998
|
2005
|
35 years
|
Woven Hearts of Faribault
|
Faribault
|
MN
|
—
|
|
530
|
|
1,085
|
|
—
|
|
530
|
|
1,085
|
|
1,615
|
|
240
|
|
1,375
|
|
1997
|
2011
|
35 years
|
Sterling House of Inver Grove Heights
|
Inver Grove Heights
|
MN
|
2,755
|
|
253
|
|
2,655
|
|
—
|
|
253
|
|
2,655
|
|
2,908
|
|
1,074
|
|
1,834
|
|
1997
|
2005
|
35 years
|
Woven Hearts of Mankato
|
Mankato
|
MN
|
—
|
|
490
|
|
410
|
|
—
|
|
490
|
|
410
|
|
900
|
|
173
|
|
727
|
|
1996
|
2011
|
35 years
|
Edina Park Plaza
|
Minneapolis
|
MN
|
15,040
|
|
3,621
|
|
33,141
|
|
22,975
|
|
3,621
|
|
56,116
|
|
59,737
|
|
14,327
|
|
45,410
|
|
1998
|
2005
|
35 years
|
Clare Bridge of North Oaks
|
North Oaks
|
MN
|
—
|
|
1,057
|
|
8,296
|
|
—
|
|
1,057
|
|
8,296
|
|
9,353
|
|
3,356
|
|
5,997
|
|
1998
|
2005
|
35 years
|
Clare Bridge of Plymouth
|
Plymouth
|
MN
|
—
|
|
679
|
|
8,675
|
|
—
|
|
679
|
|
8,675
|
|
9,354
|
|
3,509
|
|
5,845
|
|
1998
|
2005
|
35 years
|
Woven Hearts of Sauk Rapids
|
Sauk Rapids
|
MN
|
—
|
|
480
|
|
3,178
|
|
—
|
|
480
|
|
3,178
|
|
3,658
|
|
575
|
|
3,083
|
|
1997
|
2011
|
35 years
|
Woven Hearts of Wilmar
|
Wilmar
|
MN
|
—
|
|
470
|
|
4,833
|
|
—
|
|
470
|
|
4,833
|
|
5,303
|
|
829
|
|
4,474
|
|
1997
|
2011
|
35 years
|
Woven Hearts of Winona
|
Winona
|
MN
|
—
|
|
800
|
|
1,390
|
|
—
|
|
800
|
|
1,390
|
|
2,190
|
|
486
|
|
1,704
|
|
1997
|
2011
|
35 years
|
The Solana West County
|
Ballwin
|
MO
|
—
|
|
3,100
|
|
35,074
|
|
35
|
|
3,100
|
|
35,109
|
|
38,209
|
|
2,735
|
|
35,474
|
|
2012
|
2014
|
35 years
|
Clare Bridge of Cary
|
Cary
|
NC
|
—
|
|
724
|
|
6,466
|
|
—
|
|
724
|
|
6,466
|
|
7,190
|
|
2,616
|
|
4,574
|
|
1997
|
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
|
|||||||||
Sterling House of Hickory
|
Hickory
|
NC
|
—
|
|
330
|
|
10,981
|
|
—
|
|
330
|
|
10,981
|
|
11,311
|
|
1,868
|
|
9,443
|
|
1997
|
2011
|
35 years
|
Clare Bridge of Winston-Salem
|
Winston-Salem
|
NC
|
—
|
|
368
|
|
3,497
|
|
—
|
|
368
|
|
3,497
|
|
3,865
|
|
1,415
|
|
2,450
|
|
1997
|
2005
|
35 years
|
Brendenwood
|
Voorhees Township
|
NJ
|
17,294
|
|
3,158
|
|
29,909
|
|
—
|
|
3,158
|
|
29,909
|
|
33,067
|
|
12,101
|
|
20,966
|
|
1987
|
2005
|
35 years
|
Clare Bridge of Westampton
|
Westampton
|
NJ
|
—
|
|
881
|
|
4,741
|
|
—
|
|
881
|
|
4,741
|
|
5,622
|
|
1,918
|
|
3,704
|
|
1997
|
2005
|
35 years
|
Sterling House of Deptford
|
Woodbury
|
NJ
|
—
|
|
1,190
|
|
5,482
|
|
—
|
|
1,190
|
|
5,482
|
|
6,672
|
|
1,031
|
|
5,641
|
|
1998
|
2011
|
35 years
|
Ponce de Leon
|
Santa Fe
|
NM
|
—
|
|
—
|
|
28,178
|
|
—
|
|
—
|
|
28,178
|
|
28,178
|
|
11,151
|
|
17,027
|
|
1986
|
2005
|
35 years
|
Wynwood of Kenmore
|
Buffalo
|
NY
|
12,943
|
|
1,487
|
|
15,170
|
|
—
|
|
1,487
|
|
15,170
|
|
16,657
|
|
6,137
|
|
10,520
|
|
1995
|
2005
|
35 years
|
Villas of Sherman Brook
|
Clinton
|
NY
|
—
|
|
947
|
|
7,528
|
|
—
|
|
947
|
|
7,528
|
|
8,475
|
|
3,046
|
|
5,429
|
|
1991
|
2005
|
35 years
|
Wynwood of Liberty (Manlius)
|
Manlius
|
NY
|
—
|
|
890
|
|
28,237
|
|
—
|
|
890
|
|
28,237
|
|
29,127
|
|
4,710
|
|
24,417
|
|
1994
|
2011
|
35 years
|
Clare Bridge of Perinton
|
Pittsford
|
NY
|
—
|
|
611
|
|
4,066
|
|
—
|
|
611
|
|
4,066
|
|
4,677
|
|
1,645
|
|
3,032
|
|
1997
|
2005
|
35 years
|
The Gables at Brighton
|
Rochester
|
NY
|
—
|
|
1,131
|
|
9,498
|
|
—
|
|
1,131
|
|
9,498
|
|
10,629
|
|
3,933
|
|
6,696
|
|
1988
|
2005
|
35 years
|
Clare Bridge of Niskayuna
|
Schenectady
|
NY
|
—
|
|
1,021
|
|
8,333
|
|
—
|
|
1,021
|
|
8,333
|
|
9,354
|
|
3,371
|
|
5,983
|
|
1997
|
2005
|
35 years
|
Wynwood of Niskayuna
|
Schenectady
|
NY
|
16,202
|
|
1,884
|
|
16,103
|
|
—
|
|
1,884
|
|
16,103
|
|
17,987
|
|
6,515
|
|
11,472
|
|
1996
|
2005
|
35 years
|
Villas of Summerfield
|
Syracuse
|
NY
|
—
|
|
1,132
|
|
11,434
|
|
—
|
|
1,132
|
|
11,434
|
|
12,566
|
|
4,626
|
|
7,940
|
|
1991
|
2005
|
35 years
|
Clare Bridge of Williamsville
|
Williamsville
|
NY
|
6,692
|
|
839
|
|
3,841
|
|
—
|
|
839
|
|
3,841
|
|
4,680
|
|
1,554
|
|
3,126
|
|
1997
|
2005
|
35 years
|
Sterling House of Alliance
|
Alliance
|
OH
|
2,178
|
|
392
|
|
6,283
|
|
—
|
|
392
|
|
6,283
|
|
6,675
|
|
2,542
|
|
4,133
|
|
1998
|
2005
|
35 years
|
Clare Bridge Cottage of Austintown
|
Austintown
|
OH
|
—
|
|
151
|
|
3,087
|
|
—
|
|
151
|
|
3,087
|
|
3,238
|
|
1,249
|
|
1,989
|
|
1999
|
2005
|
35 years
|
Sterling House of Barberton
|
Barberton
|
OH
|
—
|
|
440
|
|
10,884
|
|
—
|
|
440
|
|
10,884
|
|
11,324
|
|
1,853
|
|
9,471
|
|
1997
|
2011
|
35 years
|
Sterling House of Beaver Creek
|
Beavercreek
|
OH
|
—
|
|
587
|
|
5,381
|
|
—
|
|
587
|
|
5,381
|
|
5,968
|
|
2,177
|
|
3,791
|
|
1998
|
2005
|
35 years
|
Sterling House of Englewood (OH)
|
Clayton
|
OH
|
—
|
|
630
|
|
6,477
|
|
—
|
|
630
|
|
6,477
|
|
7,107
|
|
1,160
|
|
5,947
|
|
1997
|
2011
|
35 years
|
Sterling House of Westerville
|
Columbus
|
OH
|
1,800
|
|
267
|
|
3,600
|
|
—
|
|
267
|
|
3,600
|
|
3,867
|
|
1,457
|
|
2,410
|
|
1999
|
2005
|
35 years
|
Sterling House of Greenville
|
Greenville
|
OH
|
—
|
|
490
|
|
4,144
|
|
—
|
|
490
|
|
4,144
|
|
4,634
|
|
866
|
|
3,768
|
|
1997
|
2011
|
35 years
|
Sterling House of Lancaster
|
Lancaster
|
OH
|
—
|
|
460
|
|
4,662
|
|
—
|
|
460
|
|
4,662
|
|
5,122
|
|
875
|
|
4,247
|
|
1998
|
2011
|
35 years
|
Sterling House of Marion
|
Marion
|
OH
|
—
|
|
620
|
|
3,306
|
|
—
|
|
620
|
|
3,306
|
|
3,926
|
|
667
|
|
3,259
|
|
1998
|
2011
|
35 years
|
Sterling House of Salem
|
Salem
|
OH
|
—
|
|
634
|
|
4,659
|
|
—
|
|
634
|
|
4,659
|
|
5,293
|
|
1,885
|
|
3,408
|
|
1998
|
2005
|
35 years
|
Sterling House of Springdale
|
Springdale
|
OH
|
—
|
|
1,140
|
|
9,134
|
|
—
|
|
1,140
|
|
9,134
|
|
10,274
|
|
1,578
|
|
8,696
|
|
1997
|
2011
|
35 years
|
Sterling House of Bartlesville
|
Bartlesville
|
OK
|
—
|
|
250
|
|
10,529
|
|
—
|
|
250
|
|
10,529
|
|
10,779
|
|
1,766
|
|
9,013
|
|
1997
|
2011
|
35 years
|
Sterling House of Bethany
|
Bethany
|
OK
|
—
|
|
390
|
|
1,499
|
|
—
|
|
390
|
|
1,499
|
|
1,889
|
|
327
|
|
1,562
|
|
1994
|
2011
|
35 years
|
Sterling House of Broken Arrow
|
Broken Arrow
|
OK
|
—
|
|
940
|
|
6,312
|
|
6,410
|
|
1,873
|
|
11,789
|
|
13,662
|
|
1,965
|
|
11,697
|
|
1996
|
2011
|
35 years
|
Forest Grove Residential Community
|
Forest Grove
|
OR
|
—
|
|
2,320
|
|
9,633
|
|
—
|
|
2,320
|
|
9,633
|
|
11,953
|
|
1,826
|
|
10,127
|
|
1994
|
2011
|
35 years
|
The Heritage at Mt. Hood
|
Gresham
|
OR
|
—
|
|
2,410
|
|
9,093
|
|
—
|
|
2,410
|
|
9,093
|
|
11,503
|
|
1,724
|
|
9,779
|
|
1988
|
2011
|
35 years
|
McMinnville Residential Estates
|
McMinnville
|
OR
|
1,312
|
|
1,230
|
|
7,561
|
|
—
|
|
1,230
|
|
7,561
|
|
8,791
|
|
1,588
|
|
7,203
|
|
1989
|
2011
|
35 years
|
Sterling House of Denton
|
Denton
|
TX
|
—
|
|
1,750
|
|
6,712
|
|
—
|
|
1,750
|
|
6,712
|
|
8,462
|
|
1,175
|
|
7,287
|
|
1996
|
2011
|
35 years
|
Sterling House of Ennis
|
Ennis
|
TX
|
—
|
|
460
|
|
3,284
|
|
—
|
|
460
|
|
3,284
|
|
3,744
|
|
628
|
|
3,116
|
|
1996
|
2011
|
35 years
|
Sterling House of Kerrville
|
Kerrville
|
TX
|
—
|
|
460
|
|
8,548
|
|
—
|
|
460
|
|
8,548
|
|
9,008
|
|
1,458
|
|
7,550
|
|
1997
|
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
|
|||||||||
Sterling House of Lancaster
|
Lancaster
|
TX
|
—
|
|
410
|
|
1,478
|
|
—
|
|
410
|
|
1,478
|
|
1,888
|
|
352
|
|
1,536
|
|
1997
|
2011
|
35 years
|
Sterling House of Paris
|
Paris
|
TX
|
—
|
|
360
|
|
2,411
|
|
—
|
|
360
|
|
2,411
|
|
2,771
|
|
499
|
|
2,272
|
|
1996
|
2011
|
35 years
|
Sterling House of San Antonio
|
San Antonio
|
TX
|
—
|
|
1,400
|
|
10,051
|
|
—
|
|
1,400
|
|
10,051
|
|
11,451
|
|
1,739
|
|
9,712
|
|
1997
|
2011
|
35 years
|
Sterling House of Temple
|
Temple
|
TX
|
—
|
|
330
|
|
5,081
|
|
—
|
|
330
|
|
5,081
|
|
5,411
|
|
930
|
|
4,481
|
|
1997
|
2011
|
35 years
|
Emeritus at Ridgewood Gardens
|
Salem
|
VA
|
—
|
|
1,900
|
|
16,219
|
|
—
|
|
1,900
|
|
16,219
|
|
18,119
|
|
6,229
|
|
11,890
|
|
1998
|
2011
|
35 years
|
Clare Bridge of Lynwood
|
Lynnwood
|
WA
|
—
|
|
1,219
|
|
9,573
|
|
—
|
|
1,219
|
|
9,573
|
|
10,792
|
|
3,873
|
|
6,919
|
|
1999
|
2005
|
35 years
|
Clare Bridge of Puyallup
|
Puyallup
|
WA
|
9,434
|
|
1,055
|
|
8,298
|
|
—
|
|
1,055
|
|
8,298
|
|
9,353
|
|
3,357
|
|
5,996
|
|
1998
|
2005
|
35 years
|
Columbia Edgewater
|
Richland
|
WA
|
—
|
|
960
|
|
23,270
|
|
—
|
|
960
|
|
23,270
|
|
24,230
|
|
4,075
|
|
20,155
|
|
1990
|
2011
|
35 years
|
Park Place
|
Spokane
|
WA
|
—
|
|
1,622
|
|
12,895
|
|
—
|
|
1,622
|
|
12,895
|
|
14,517
|
|
5,399
|
|
9,118
|
|
1915
|
2005
|
35 years
|
Crossings at Allenmore
|
Tacoma
|
WA
|
—
|
|
620
|
|
16,186
|
|
—
|
|
620
|
|
16,186
|
|
16,806
|
|
2,742
|
|
14,064
|
|
1997
|
2011
|
35 years
|
Union Park at Allenmore
|
Tacoma
|
WA
|
—
|
|
1,710
|
|
3,326
|
|
—
|
|
1,710
|
|
3,326
|
|
5,036
|
|
891
|
|
4,145
|
|
1988
|
2011
|
35 years
|
Crossings at Yakima
|
Yakima
|
WA
|
—
|
|
860
|
|
15,276
|
|
—
|
|
860
|
|
15,276
|
|
16,136
|
|
2,668
|
|
13,468
|
|
1998
|
2011
|
35 years
|
Sterling House of Fond du Lac
|
Fond du Lac
|
WI
|
—
|
|
196
|
|
1,603
|
|
—
|
|
196
|
|
1,603
|
|
1,799
|
|
648
|
|
1,151
|
|
2000
|
2005
|
35 years
|
Clare Bridge of Kenosha
|
Kenosha
|
WI
|
—
|
|
551
|
|
5,431
|
|
2,772
|
|
551
|
|
8,203
|
|
8,754
|
|
2,860
|
|
5,894
|
|
2000
|
2005
|
35 years
|
Woven Hearts of Kenosha
|
Kenosha
|
WI
|
—
|
|
630
|
|
1,694
|
|
—
|
|
630
|
|
1,694
|
|
2,324
|
|
341
|
|
1,983
|
|
1997
|
2011
|
35 years
|
Clare Bridge Cottage of La Crosse
|
La Crosse
|
WI
|
—
|
|
621
|
|
4,056
|
|
1,126
|
|
621
|
|
5,182
|
|
5,803
|
|
1,911
|
|
3,892
|
|
2004
|
2005
|
35 years
|
Sterling House of La Crosse
|
La Crosse
|
WI
|
—
|
|
644
|
|
5,831
|
|
2,637
|
|
644
|
|
8,468
|
|
9,112
|
|
2,991
|
|
6,121
|
|
1998
|
2005
|
35 years
|
Sterling House of Middleton
|
Middleton
|
WI
|
—
|
|
360
|
|
5,041
|
|
—
|
|
360
|
|
5,041
|
|
5,401
|
|
867
|
|
4,534
|
|
1997
|
2011
|
35 years
|
Woven Hearts of Neenah
|
Neenah
|
WI
|
—
|
|
340
|
|
1,030
|
|
—
|
|
340
|
|
1,030
|
|
1,370
|
|
232
|
|
1,138
|
|
1996
|
2011
|
35 years
|
Woven Hearts of Onalaska
|
Onalaska
|
WI
|
—
|
|
250
|
|
4,949
|
|
—
|
|
250
|
|
4,949
|
|
5,199
|
|
847
|
|
4,352
|
|
1995
|
2011
|
35 years
|
Woven Hearts of Oshkosh
|
Oshkosh
|
WI
|
—
|
|
160
|
|
1,904
|
|
—
|
|
160
|
|
1,904
|
|
2,064
|
|
374
|
|
1,690
|
|
1996
|
2011
|
35 years
|
Woven Hearts of Sun Prairie
|
Sun Prairie
|
WI
|
—
|
|
350
|
|
1,131
|
|
—
|
|
350
|
|
1,131
|
|
1,481
|
|
247
|
|
1,234
|
|
1994
|
2011
|
35 years
|
TOTAL FOR BROOKDALE SENIORS HOUSING COMMUNITIES
|
|
|
243,653
|
|
190,934
|
|
1,803,345
|
|
78,885
|
|
191,801
|
|
1,881,363
|
|
2,073,164
|
|
614,299
|
|
1,458,865
|
|
|
|
|
SUNRISE SENIORS HOUSING COMMUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sunrise of Chandler
|
Chandler
|
AZ
|
—
|
|
4,344
|
|
14,455
|
|
628
|
|
4,439
|
|
14,988
|
|
19,427
|
|
2,537
|
|
16,890
|
|
2007
|
2012
|
35 years
|
Sunrise of Scottsdale
|
Scottsdale
|
AZ
|
—
|
|
2,229
|
|
27,575
|
|
601
|
|
2,255
|
|
28,150
|
|
30,405
|
|
8,237
|
|
22,168
|
|
2007
|
2007
|
35 years
|
Sunrise of River Road
|
Tucson
|
AZ
|
—
|
|
2,971
|
|
12,399
|
|
221
|
|
2,971
|
|
12,620
|
|
15,591
|
|
1,980
|
|
13,611
|
|
2008
|
2012
|
35 years
|
Sunrise of Lynn Valley
|
Vancouver
|
BC
|
—
|
|
11,759
|
|
37,424
|
|
(11,789
|
)
|
8,702
|
|
28,692
|
|
37,394
|
|
8,301
|
|
29,093
|
|
2002
|
2007
|
35 years
|
Sunrise of Vancouver
|
Vancouver
|
BC
|
—
|
|
6,649
|
|
31,937
|
|
396
|
|
6,661
|
|
32,321
|
|
38,982
|
|
9,701
|
|
29,281
|
|
2005
|
2007
|
35 years
|
Sunrise of Victoria
|
Victoria
|
BC
|
—
|
|
8,332
|
|
29,970
|
|
(8,921
|
)
|
6,220
|
|
23,161
|
|
29,381
|
|
6,803
|
|
22,578
|
|
2001
|
2007
|
35 years
|
Sunrise at La Costa
|
Carlsbad
|
CA
|
—
|
|
4,890
|
|
20,590
|
|
1,385
|
|
4,989
|
|
21,876
|
|
26,865
|
|
6,897
|
|
19,968
|
|
1999
|
2007
|
35 years
|
Sunrise of Carmichael
|
Carmichael
|
CA
|
—
|
|
1,269
|
|
14,598
|
|
437
|
|
1,284
|
|
15,020
|
|
16,304
|
|
2,445
|
|
13,859
|
|
2009
|
2012
|
35 years
|
Sunrise of Fair Oaks
|
Fair Oaks
|
CA
|
—
|
|
1,456
|
|
23,679
|
|
1,830
|
|
2,484
|
|
24,481
|
|
26,965
|
|
7,493
|
|
19,472
|
|
2001
|
2007
|
35 years
|
Sunrise of Mission Viejo
|
Mission Viejo
|
CA
|
—
|
|
3,802
|
|
24,560
|
|
1,330
|
|
3,867
|
|
25,825
|
|
29,692
|
|
7,908
|
|
21,784
|
|
1998
|
2007
|
35 years
|
Sunrise at Canyon Crest
|
Riverside
|
CA
|
—
|
|
5,486
|
|
19,658
|
|
1,646
|
|
5,550
|
|
21,240
|
|
26,790
|
|
6,444
|
|
20,346
|
|
2006
|
2007
|
35 years
|
Sunrise of Rocklin
|
Rocklin
|
CA
|
—
|
|
1,378
|
|
23,565
|
|
870
|
|
1,411
|
|
24,402
|
|
25,813
|
|
7,186
|
|
18,627
|
|
2007
|
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 San Mateo
|
San Mateo
|
CA
|
—
|
|
2,682
|
|
35,335
|
|
1,667
|
|
2,705
|
|
36,979
|
|
39,684
|
|
10,797
|
|
28,887
|
|
1999
|
2007
|
35 years
|
Sunrise of Sunnyvale
|
Sunnyvale
|
CA
|
—
|
|
2,933
|
|
34,361
|
|
1,145
|
|
2,969
|
|
35,470
|
|
38,439
|
|
10,387
|
|
28,052
|
|
2000
|
2007
|
35 years
|
Sunrise at Sterling Canyon
|
Valencia
|
CA
|
—
|
|
3,868
|
|
29,293
|
|
4,733
|
|
4,041
|
|
33,853
|
|
37,894
|
|
10,535
|
|
27,359
|
|
1998
|
2007
|
35 years
|
Sunrise of Westlake Village
|
Westlake Village
|
CA
|
—
|
|
4,935
|
|
30,722
|
|
1,052
|
|
5,026
|
|
31,683
|
|
36,709
|
|
9,340
|
|
27,369
|
|
2004
|
2007
|
35 years
|
Sunrise at Yorba Linda
|
Yorba Linda
|
CA
|
—
|
|
1,689
|
|
25,240
|
|
1,384
|
|
1,765
|
|
26,548
|
|
28,313
|
|
7,745
|
|
20,568
|
|
2002
|
2007
|
35 years
|
Sunrise at Cherry Creek
|
Denver
|
CO
|
—
|
|
1,621
|
|
28,370
|
|
1,250
|
|
1,721
|
|
29,520
|
|
31,241
|
|
8,802
|
|
22,439
|
|
2000
|
2007
|
35 years
|
Sunrise at Pinehurst
|
Denver
|
CO
|
—
|
|
1,417
|
|
30,885
|
|
1,881
|
|
1,596
|
|
32,587
|
|
34,183
|
|
10,083
|
|
24,100
|
|
1998
|
2007
|
35 years
|
Sunrise at Orchard
|
Littleton
|
CO
|
—
|
|
1,813
|
|
22,183
|
|
1,379
|
|
1,846
|
|
23,529
|
|
25,375
|
|
7,287
|
|
18,088
|
|
1997
|
2007
|
35 years
|
Sunrise of Westminster
|
Westminster
|
CO
|
—
|
|
2,649
|
|
16,243
|
|
1,555
|
|
2,686
|
|
17,761
|
|
20,447
|
|
5,433
|
|
15,014
|
|
2000
|
2007
|
35 years
|
Sunrise of Stamford
|
Stamford
|
CT
|
—
|
|
4,612
|
|
28,533
|
|
1,810
|
|
4,648
|
|
30,307
|
|
34,955
|
|
9,237
|
|
25,718
|
|
1999
|
2007
|
35 years
|
Sunrise of Jacksonville
|
Jacksonville
|
FL
|
—
|
|
2,390
|
|
17,671
|
|
165
|
|
2,420
|
|
17,806
|
|
20,226
|
|
2,952
|
|
17,274
|
|
2009
|
2012
|
35 years
|
Sunrise of Ivey Ridge
|
Alpharetta
|
GA
|
—
|
|
1,507
|
|
18,516
|
|
1,234
|
|
1,513
|
|
19,744
|
|
21,257
|
|
6,044
|
|
15,213
|
|
1998
|
2007
|
35 years
|
Sunrise of Huntcliff I
|
Atlanta
|
GA
|
—
|
|
4,232
|
|
66,161
|
|
16,359
|
|
4,185
|
|
82,567
|
|
86,752
|
|
24,677
|
|
62,075
|
|
1987
|
2007
|
35 years
|
Sunrise of Huntcliff II
|
Atlanta
|
GA
|
—
|
|
2,154
|
|
17,137
|
|
1,843
|
|
2,160
|
|
18,974
|
|
21,134
|
|
5,997
|
|
15,137
|
|
1998
|
2007
|
35 years
|
Sunrise at East Cobb
|
Marietta
|
GA
|
—
|
|
1,797
|
|
23,420
|
|
1,376
|
|
1,806
|
|
24,787
|
|
26,593
|
|
7,552
|
|
19,041
|
|
1997
|
2007
|
35 years
|
Sunrise of Barrington
|
Barrington
|
IL
|
—
|
|
859
|
|
15,085
|
|
412
|
|
884
|
|
15,472
|
|
16,356
|
|
2,576
|
|
13,780
|
|
2007
|
2012
|
35 years
|
Sunrise of Bloomingdale
|
Bloomingdale
|
IL
|
—
|
|
1,287
|
|
38,625
|
|
1,534
|
|
1,382
|
|
40,064
|
|
41,446
|
|
11,769
|
|
29,677
|
|
2000
|
2007
|
35 years
|
Sunrise of Buffalo Grove
|
Buffalo Grove
|
IL
|
—
|
|
2,154
|
|
28,021
|
|
1,268
|
|
2,339
|
|
29,104
|
|
31,443
|
|
8,792
|
|
22,651
|
|
1999
|
2007
|
35 years
|
Sunrise of Lincoln Park
|
Chicago
|
IL
|
—
|
|
3,485
|
|
26,687
|
|
1,133
|
|
3,504
|
|
27,801
|
|
31,305
|
|
7,918
|
|
23,387
|
|
2003
|
2007
|
35 years
|
Sunrise of Naperville
|
Naperville
|
IL
|
—
|
|
1,946
|
|
28,538
|
|
2,414
|
|
2,610
|
|
30,288
|
|
32,898
|
|
9,374
|
|
23,524
|
|
1999
|
2007
|
35 years
|
Sunrise of Palos Park
|
Palos Park
|
IL
|
—
|
|
2,363
|
|
42,205
|
|
1,087
|
|
2,394
|
|
43,261
|
|
45,655
|
|
12,773
|
|
32,882
|
|
2001
|
2007
|
35 years
|
Sunrise of Park Ridge
|
Park Ridge
|
IL
|
—
|
|
5,533
|
|
39,557
|
|
2,502
|
|
5,630
|
|
41,962
|
|
47,592
|
|
12,246
|
|
35,346
|
|
1998
|
2007
|
35 years
|
Sunrise of Willowbrook
|
Willowbrook
|
IL
|
—
|
|
1,454
|
|
60,738
|
|
2,185
|
|
2,057
|
|
62,320
|
|
64,377
|
|
16,701
|
|
47,676
|
|
2000
|
2007
|
35 years
|
Sunrise of Old Meridian
|
Carmel
|
IN
|
—
|
|
8,550
|
|
31,746
|
|
344
|
|
8,550
|
|
32,090
|
|
40,640
|
|
5,250
|
|
35,390
|
|
2009
|
2012
|
35 years
|
Sunrise of Leawood
|
Leawood
|
KS
|
—
|
|
651
|
|
16,401
|
|
533
|
|
768
|
|
16,817
|
|
17,585
|
|
2,574
|
|
15,011
|
|
2006
|
2012
|
35 years
|
Sunrise of Overland Park
|
Overland Park
|
KS
|
—
|
|
650
|
|
11,015
|
|
412
|
|
660
|
|
11,417
|
|
12,077
|
|
1,948
|
|
10,129
|
|
2007
|
2012
|
35 years
|
Sunrise of Baton Rouge
|
Baton Rouge
|
LA
|
—
|
|
1,212
|
|
23,547
|
|
1,355
|
|
1,321
|
|
24,793
|
|
26,114
|
|
7,387
|
|
18,727
|
|
2000
|
2007
|
35 years
|
Sunrise of Arlington
|
Arlington
|
MA
|
—
|
|
86
|
|
34,393
|
|
969
|
|
107
|
|
35,341
|
|
35,448
|
|
10,645
|
|
24,803
|
|
2001
|
2007
|
35 years
|
Sunrise of Norwood
|
Norwood
|
MA
|
—
|
|
2,230
|
|
30,968
|
|
1,691
|
|
2,306
|
|
32,583
|
|
34,889
|
|
9,701
|
|
25,188
|
|
1997
|
2007
|
35 years
|
Sunrise of Columbia
|
Columbia
|
MD
|
—
|
|
1,780
|
|
23,083
|
|
2,539
|
|
1,918
|
|
25,484
|
|
27,402
|
|
7,604
|
|
19,798
|
|
1996
|
2007
|
35 years
|
Sunrise of Rockville
|
Rockville
|
MD
|
—
|
|
1,039
|
|
39,216
|
|
1,986
|
|
1,066
|
|
41,175
|
|
42,241
|
|
11,589
|
|
30,652
|
|
1997
|
2007
|
35 years
|
Sunrise of Bloomfield
|
Bloomfield Hills
|
MI
|
—
|
|
3,736
|
|
27,657
|
|
1,768
|
|
3,852
|
|
29,309
|
|
33,161
|
|
8,602
|
|
24,559
|
|
2006
|
2007
|
35 years
|
Sunrise of Cascade
|
Grand Rapids
|
MI
|
—
|
|
1,273
|
|
21,782
|
|
531
|
|
1,358
|
|
22,228
|
|
23,586
|
|
3,513
|
|
20,073
|
|
2007
|
2012
|
35 years
|
Sunrise of Northville
|
Plymouth
|
MI
|
—
|
|
1,445
|
|
26,090
|
|
1,067
|
|
1,525
|
|
27,077
|
|
28,602
|
|
8,264
|
|
20,338
|
|
1999
|
2007
|
35 years
|
Sunrise of Rochester
|
Rochester
|
MI
|
—
|
|
2,774
|
|
38,666
|
|
1,117
|
|
2,846
|
|
39,711
|
|
42,557
|
|
11,715
|
|
30,842
|
|
1998
|
2007
|
35 years
|
Sunrise of Troy
|
Troy
|
MI
|
—
|
|
1,758
|
|
23,727
|
|
750
|
|
1,860
|
|
24,375
|
|
26,235
|
|
7,422
|
|
18,813
|
|
2001
|
2007
|
35 years
|
Sunrise of Edina
|
Edina
|
MN
|
—
|
|
3,181
|
|
24,224
|
|
2,646
|
|
3,270
|
|
26,781
|
|
30,051
|
|
8,169
|
|
21,882
|
|
1999
|
2007
|
35 years
|
Sunrise on Providence
|
Charlotte
|
NC
|
—
|
|
1,976
|
|
19,472
|
|
2,095
|
|
1,988
|
|
21,555
|
|
23,543
|
|
6,440
|
|
17,103
|
|
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 Richmond
|
Richmond
|
VA
|
—
|
|
1,120
|
|
17,446
|
|
1,141
|
|
1,151
|
|
18,556
|
|
19,707
|
|
5,890
|
|
13,817
|
|
1999
|
2007
|
35 years
|
Sunrise of Bon Air
|
Richmond
|
VA
|
—
|
|
2,047
|
|
22,079
|
|
543
|
|
2,032
|
|
22,637
|
|
24,669
|
|
3,739
|
|
20,930
|
|
2008
|
2012
|
35 years
|
Sunrise of Springfield
|
Springfield
|
VA
|
8,051
|
|
4,440
|
|
18,834
|
|
2,287
|
|
4,466
|
|
21,095
|
|
25,561
|
|
6,439
|
|
19,122
|
|
1997
|
2007
|
35 years
|
TOTAL FOR SUNRISE SENIORS HOUSING COMMUNITIES
|
|
|
113,317
|
|
245,515
|
|
2,532,176
|
|
57,499
|
|
243,561
|
|
2,591,629
|
|
2,835,190
|
|
731,157
|
|
2,104,033
|
|
|
|
|
ATRIA SENIORS HOUSING COMMUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Arbour Lake
|
Calgary
|
AB
|
—
|
|
2,512
|
|
39,188
|
|
(5,230
|
)
|
2,184
|
|
34,286
|
|
36,470
|
|
2,834
|
|
33,636
|
|
2003
|
2014
|
35 years
|
Canyon Meadows
|
Calgary
|
AB
|
—
|
|
1,617
|
|
30,803
|
|
(3,633
|
)
|
1,399
|
|
27,388
|
|
28,787
|
|
2,329
|
|
26,458
|
|
1995
|
2014
|
35 years
|
Churchill Manor
|
Edmonton
|
AB
|
—
|
|
2,865
|
|
30,482
|
|
(3,938
|
)
|
2,479
|
|
26,930
|
|
29,409
|
|
2,335
|
|
27,074
|
|
1999
|
2014
|
35 years
|
View at Lethbridge
|
Lethbridge
|
AB
|
—
|
|
2,503
|
|
24,770
|
|
(3,338
|
)
|
2,166
|
|
21,769
|
|
23,935
|
|
2,031
|
|
21,904
|
|
2007
|
2014
|
35 years
|
Victoria Park
|
Red Deer
|
AB
|
—
|
|
1,188
|
|
22,554
|
|
(2,503
|
)
|
1,028
|
|
20,211
|
|
21,239
|
|
1,893
|
|
19,346
|
|
1999
|
2014
|
35 years
|
Ironwood Estates
|
St. Albert
|
AB
|
—
|
|
3,639
|
|
22,519
|
|
(2,928
|
)
|
3,154
|
|
20,076
|
|
23,230
|
|
1,875
|
|
21,355
|
|
1998
|
2014
|
35 years
|
Atria Regency
|
Mobile
|
AL
|
—
|
|
950
|
|
11,897
|
|
1,136
|
|
953
|
|
13,030
|
|
13,983
|
|
3,143
|
|
10,840
|
|
1996
|
2011
|
35 years
|
Atria Chandler Villas
|
Chandler
|
AZ
|
—
|
|
3,650
|
|
8,450
|
|
1,334
|
|
3,715
|
|
9,719
|
|
13,434
|
|
3,086
|
|
10,348
|
|
1988
|
2011
|
35 years
|
Atria Sierra Pointe
|
Scottsdale
|
AZ
|
—
|
|
10,930
|
|
65,372
|
|
1,898
|
|
10,962
|
|
67,238
|
|
78,200
|
|
5,595
|
|
72,605
|
|
2000
|
2014
|
35 years
|
Atria Campana Del Rio
|
Tucson
|
AZ
|
—
|
|
5,861
|
|
37,284
|
|
1,864
|
|
5,972
|
|
39,037
|
|
45,009
|
|
8,792
|
|
36,217
|
|
1964
|
2011
|
35 years
|
Atria Valley Manor
|
Tucson
|
AZ
|
—
|
|
1,709
|
|
60
|
|
732
|
|
1,768
|
|
733
|
|
2,501
|
|
311
|
|
2,190
|
|
1963
|
2011
|
35 years
|
Atria Bell Court Gardens
|
Tucson
|
AZ
|
—
|
|
3,010
|
|
30,969
|
|
1,565
|
|
3,020
|
|
32,524
|
|
35,544
|
|
6,495
|
|
29,049
|
|
1964
|
2011
|
35 years
|
Longlake Chateau
|
Nanaimo
|
BC
|
—
|
|
1,874
|
|
22,910
|
|
(2,810
|
)
|
1,622
|
|
20,352
|
|
21,974
|
|
1,930
|
|
20,044
|
|
1990
|
2014
|
35 years
|
Prince George
|
Prince George
|
BC
|
—
|
|
2,066
|
|
22,761
|
|
(3,150
|
)
|
1,787
|
|
19,890
|
|
21,677
|
|
1,879
|
|
19,798
|
|
2005
|
2014
|
35 years
|
The Victorian
|
Victoria
|
BC
|
—
|
|
3,419
|
|
16,351
|
|
(2,329
|
)
|
2,967
|
|
14,474
|
|
17,441
|
|
1,451
|
|
15,990
|
|
1988
|
2014
|
35 years
|
Victorian at McKenzie
|
Victoria
|
BC
|
—
|
|
4,801
|
|
25,712
|
|
(3,700
|
)
|
4,158
|
|
22,655
|
|
26,813
|
|
2,071
|
|
24,742
|
|
2003
|
2014
|
35 years
|
Atria Burlingame
|
Burlingame
|
CA
|
7,005
|
|
2,494
|
|
12,373
|
|
1,228
|
|
2,523
|
|
13,572
|
|
16,095
|
|
3,018
|
|
13,077
|
|
1977
|
2011
|
35 years
|
Atria Las Posas
|
Camarillo
|
CA
|
—
|
|
4,500
|
|
28,436
|
|
941
|
|
4,518
|
|
29,359
|
|
33,877
|
|
5,857
|
|
28,020
|
|
1997
|
2011
|
35 years
|
Atria Carmichael Oaks
|
Carmichael
|
CA
|
18,360
|
|
2,118
|
|
49,694
|
|
1,399
|
|
2,144
|
|
51,067
|
|
53,211
|
|
6,753
|
|
46,458
|
|
1992
|
2013
|
35 years
|
Atria El Camino Gardens
|
Carmichael
|
CA
|
—
|
|
6,930
|
|
32,318
|
|
12,929
|
|
7,123
|
|
45,054
|
|
52,177
|
|
7,552
|
|
44,625
|
|
1984
|
2011
|
35 years
|
Atria Covina
|
Covina
|
CA
|
—
|
|
170
|
|
4,131
|
|
588
|
|
250
|
|
4,639
|
|
4,889
|
|
1,304
|
|
3,585
|
|
1977
|
2011
|
35 years
|
Atria Daly City
|
Daly City
|
CA
|
7,149
|
|
3,090
|
|
13,448
|
|
1,025
|
|
3,102
|
|
14,461
|
|
17,563
|
|
3,120
|
|
14,443
|
|
1975
|
2011
|
35 years
|
Atria Covell Gardens
|
Davis
|
CA
|
—
|
|
2,163
|
|
39,657
|
|
10,538
|
|
2,382
|
|
49,976
|
|
52,358
|
|
10,564
|
|
41,794
|
|
1987
|
2011
|
35 years
|
Atria Encinitas
|
Encinitas
|
CA
|
—
|
|
5,880
|
|
9,212
|
|
1,288
|
|
5,930
|
|
10,450
|
|
16,380
|
|
2,494
|
|
13,886
|
|
1984
|
2011
|
35 years
|
Atria Escondido
|
Escondido
|
CA
|
—
|
|
1,196
|
|
7,155
|
|
363
|
|
1,199
|
|
7,515
|
|
8,714
|
|
875
|
|
7,839
|
|
2002
|
2014
|
35 years
|
Atria Grass Valley
|
Grass Valley
|
CA
|
11,438
|
|
1,965
|
|
28,414
|
|
660
|
|
2,010
|
|
29,029
|
|
31,039
|
|
3,998
|
|
27,041
|
|
2000
|
2013
|
35 years
|
Atria Golden Creek
|
Irvine
|
CA
|
—
|
|
6,900
|
|
23,544
|
|
1,130
|
|
6,926
|
|
24,648
|
|
31,574
|
|
5,464
|
|
26,110
|
|
1985
|
2011
|
35 years
|
Atria Lafayette
|
Lafayette
|
CA
|
19,278
|
|
5,679
|
|
56,922
|
|
731
|
|
5,697
|
|
57,635
|
|
63,332
|
|
7,159
|
|
56,173
|
|
2007
|
2013
|
35 years
|
Atria Del Sol
|
Mission Viejo
|
CA
|
—
|
|
3,500
|
|
12,458
|
|
8,379
|
|
3,781
|
|
20,556
|
|
24,337
|
|
4,107
|
|
20,230
|
|
1985
|
2011
|
35 years
|
Atria Tamalpais Creek
|
Novato
|
CA
|
—
|
|
5,812
|
|
24,703
|
|
585
|
|
5,827
|
|
25,273
|
|
31,100
|
|
5,186
|
|
25,914
|
|
1978
|
2011
|
35 years
|
Atria Pacific Palisades
|
Pacific Palisades
|
CA
|
—
|
|
4,458
|
|
17,064
|
|
1,302
|
|
4,489
|
|
18,335
|
|
22,824
|
|
5,961
|
|
16,863
|
|
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
|
|
1,134
|
|
3,112
|
|
10,752
|
|
13,864
|
|
4,056
|
|
9,808
|
|
1988
|
2011
|
35 years
|
Atria Hacienda
|
Palm Desert
|
CA
|
—
|
|
6,680
|
|
85,900
|
|
2,959
|
|
6,860
|
|
88,679
|
|
95,539
|
|
16,494
|
|
79,045
|
|
1989
|
2011
|
35 years
|
Atria Paradise
|
Paradise
|
CA
|
4,702
|
|
2,265
|
|
28,262
|
|
946
|
|
2,309
|
|
29,164
|
|
31,473
|
|
3,898
|
|
27,575
|
|
1999
|
2013
|
35 years
|
Atria Del Rey
|
Rancho Cucamonga
|
CA
|
—
|
|
3,290
|
|
17,427
|
|
4,704
|
|
3,464
|
|
21,957
|
|
25,421
|
|
6,137
|
|
19,284
|
|
1987
|
2011
|
35 years
|
Atria Rocklin
|
Rocklin
|
CA
|
19,633
|
|
4,427
|
|
52,064
|
|
497
|
|
4,427
|
|
52,561
|
|
56,988
|
|
3,415
|
|
53,573
|
|
2001
|
2015
|
35 years
|
Atria Collwood
|
San Diego
|
CA
|
—
|
|
290
|
|
10,650
|
|
989
|
|
338
|
|
11,591
|
|
11,929
|
|
2,753
|
|
9,176
|
|
1976
|
2011
|
35 years
|
Atria Rancho Park
|
San Dimas
|
CA
|
—
|
|
4,066
|
|
14,306
|
|
1,227
|
|
4,602
|
|
14,997
|
|
19,599
|
|
3,936
|
|
15,663
|
|
1975
|
2011
|
35 years
|
Atria Chateau Gardens
|
San Jose
|
CA
|
—
|
|
39
|
|
487
|
|
601
|
|
49
|
|
1,078
|
|
1,127
|
|
928
|
|
199
|
|
1977
|
2011
|
35 years
|
Atria Willow Glen
|
San Jose
|
CA
|
—
|
|
8,521
|
|
43,168
|
|
2,485
|
|
8,576
|
|
45,598
|
|
54,174
|
|
8,113
|
|
46,061
|
|
1976
|
2011
|
35 years
|
Atria Chateau San Juan
|
San Juan Capistrano
|
CA
|
—
|
|
5,110
|
|
29,436
|
|
8,193
|
|
5,314
|
|
37,425
|
|
42,739
|
|
10,122
|
|
32,617
|
|
1985
|
2011
|
35 years
|
Atria Hillsdale
|
San Mateo
|
CA
|
—
|
|
5,240
|
|
15,956
|
|
1,820
|
|
5,253
|
|
17,763
|
|
23,016
|
|
3,593
|
|
19,423
|
|
1986
|
2011
|
35 years
|
Atria Santa Clarita
|
Santa Clarita
|
CA
|
—
|
|
3,880
|
|
38,366
|
|
473
|
|
3,880
|
|
38,839
|
|
42,719
|
|
2,571
|
|
40,148
|
|
2001
|
2015
|
35 years
|
Atria Bayside Landing
|
Stockton
|
CA
|
—
|
|
—
|
|
467
|
|
482
|
|
—
|
|
949
|
|
949
|
|
769
|
|
180
|
|
1998
|
2011
|
35 years
|
Atria Sunnyvale
|
Sunnyvale
|
CA
|
—
|
|
6,120
|
|
30,068
|
|
4,555
|
|
6,226
|
|
34,517
|
|
40,743
|
|
7,010
|
|
33,733
|
|
1977
|
2011
|
35 years
|
Atria Tarzana
|
Tarzana
|
CA
|
—
|
|
960
|
|
47,547
|
|
642
|
|
974
|
|
48,175
|
|
49,149
|
|
5,878
|
|
43,271
|
|
2008
|
2013
|
35 years
|
Atria Vintage Hills
|
Temecula
|
CA
|
—
|
|
4,674
|
|
44,341
|
|
1,517
|
|
4,879
|
|
45,653
|
|
50,532
|
|
6,351
|
|
44,181
|
|
2000
|
2013
|
35 years
|
Atria Grand Oaks
|
Thousand Oaks
|
CA
|
22,297
|
|
5,994
|
|
50,309
|
|
679
|
|
6,049
|
|
50,933
|
|
56,982
|
|
6,824
|
|
50,158
|
|
2002
|
2013
|
35 years
|
Atria Hillcrest
|
Thousand Oaks
|
CA
|
—
|
|
6,020
|
|
25,635
|
|
9,675
|
|
6,612
|
|
34,718
|
|
41,330
|
|
9,097
|
|
32,233
|
|
1987
|
2011
|
35 years
|
Atria Montego Heights
|
Walnut Creek
|
CA
|
—
|
|
6,910
|
|
15,797
|
|
15,684
|
|
7,626
|
|
30,765
|
|
38,391
|
|
7,215
|
|
31,176
|
|
1978
|
2011
|
35 years
|
Atria Valley View
|
Walnut Creek
|
CA
|
—
|
|
7,139
|
|
53,914
|
|
2,446
|
|
7,171
|
|
56,328
|
|
63,499
|
|
16,380
|
|
47,119
|
|
1977
|
2011
|
35 years
|
Atria Applewood
|
Lakewood
|
CO
|
—
|
|
3,656
|
|
48,657
|
|
595
|
|
3,686
|
|
49,222
|
|
52,908
|
|
6,741
|
|
46,167
|
|
2008
|
2013
|
35 years
|
Atria Inn at Lakewood
|
Lakewood
|
CO
|
—
|
|
6,281
|
|
50,095
|
|
1,404
|
|
6,323
|
|
51,457
|
|
57,780
|
|
9,512
|
|
48,268
|
|
1999
|
2011
|
35 years
|
Atria Vistas in Longmont
|
Longmont
|
CO
|
—
|
|
2,807
|
|
24,877
|
|
712
|
|
2,831
|
|
25,565
|
|
28,396
|
|
4,226
|
|
24,170
|
|
2009
|
2012
|
35 years
|
Atria Darien
|
Darien
|
CT
|
18,972
|
|
653
|
|
37,587
|
|
7,271
|
|
829
|
|
44,682
|
|
45,511
|
|
8,551
|
|
36,960
|
|
1997
|
2011
|
35 years
|
Atria Larson Place
|
Hamden
|
CT
|
—
|
|
1,850
|
|
16,098
|
|
1,267
|
|
1,873
|
|
17,342
|
|
19,215
|
|
3,956
|
|
15,259
|
|
1999
|
2011
|
35 years
|
Atria Greenridge Place
|
Rocky Hill
|
CT
|
—
|
|
2,170
|
|
32,553
|
|
1,642
|
|
2,388
|
|
33,977
|
|
36,365
|
|
6,585
|
|
29,780
|
|
1998
|
2011
|
35 years
|
Atria Stamford
|
Stamford
|
CT
|
35,300
|
|
1,200
|
|
62,432
|
|
4,630
|
|
1,373
|
|
66,889
|
|
68,262
|
|
13,060
|
|
55,202
|
|
1975
|
2011
|
35 years
|
Atria Stratford
|
Stratford
|
CT
|
—
|
|
3,210
|
|
27,865
|
|
1,403
|
|
3,210
|
|
29,268
|
|
32,478
|
|
6,193
|
|
26,285
|
|
1999
|
2011
|
35 years
|
Atria Crossroads Place
|
Waterford
|
CT
|
—
|
|
2,401
|
|
36,495
|
|
7,462
|
|
2,553
|
|
43,805
|
|
46,358
|
|
8,819
|
|
37,539
|
|
2000
|
2011
|
35 years
|
Atria Hamilton Heights
|
West Hartford
|
CT
|
—
|
|
3,120
|
|
14,674
|
|
2,798
|
|
3,154
|
|
17,438
|
|
20,592
|
|
4,563
|
|
16,029
|
|
1904
|
2011
|
35 years
|
Atria Windsor Woods
|
Hudson
|
FL
|
—
|
|
1,610
|
|
32,432
|
|
1,725
|
|
1,663
|
|
34,104
|
|
35,767
|
|
7,409
|
|
28,358
|
|
1988
|
2011
|
35 years
|
Atria Baypoint Village
|
Hudson
|
FL
|
14,932
|
|
2,083
|
|
28,841
|
|
5,418
|
|
2,298
|
|
34,044
|
|
36,342
|
|
8,065
|
|
28,277
|
|
1986
|
2011
|
35 years
|
Atria San Pablo
|
Jacksonville
|
FL
|
5,496
|
|
1,620
|
|
14,920
|
|
794
|
|
1,648
|
|
15,686
|
|
17,334
|
|
3,193
|
|
14,141
|
|
1999
|
2011
|
35 years
|
Atria at St. Joseph's
|
Jupiter
|
FL
|
15,859
|
|
5,520
|
|
30,720
|
|
775
|
|
5,555
|
|
31,460
|
|
37,015
|
|
4,298
|
|
32,717
|
|
2007
|
2013
|
35 years
|
Atria Lady Lake
|
Lady Lake
|
FL
|
—
|
|
3,752
|
|
26,265
|
|
224
|
|
3,752
|
|
26,489
|
|
30,241
|
|
1,737
|
|
28,504
|
|
2010
|
2015
|
35 years
|
Atria Heritage at Lake Forest
|
Sanford
|
FL
|
—
|
|
3,589
|
|
32,586
|
|
3,307
|
|
3,864
|
|
35,618
|
|
39,482
|
|
6,973
|
|
32,509
|
|
2002
|
2011
|
35 years
|
Atria Evergreen Woods
|
Spring Hill
|
FL
|
—
|
|
2,370
|
|
28,371
|
|
3,163
|
|
2,529
|
|
31,375
|
|
33,904
|
|
7,613
|
|
26,291
|
|
1981
|
2011
|
35 years
|
Atria North Point
|
Alpharetta
|
GA
|
40,991
|
|
4,830
|
|
78,318
|
|
1,328
|
|
4,853
|
|
79,623
|
|
84,476
|
|
7,837
|
|
76,639
|
|
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
|
|
839
|
|
3,688
|
|
6,085
|
|
9,773
|
|
1,773
|
|
8,000
|
|
1996
|
2011
|
35 years
|
Atria Mableton
|
Austell
|
GA
|
—
|
|
1,911
|
|
18,879
|
|
355
|
|
1,942
|
|
19,203
|
|
21,145
|
|
2,661
|
|
18,484
|
|
2000
|
2013
|
35 years
|
Atria Johnson Ferry
|
Marietta
|
GA
|
—
|
|
990
|
|
6,453
|
|
452
|
|
995
|
|
6,900
|
|
7,895
|
|
1,613
|
|
6,282
|
|
1995
|
2011
|
35 years
|
Atria Tucker
|
Tucker
|
GA
|
—
|
|
1,103
|
|
20,679
|
|
423
|
|
1,120
|
|
21,085
|
|
22,205
|
|
2,889
|
|
19,316
|
|
2000
|
2013
|
35 years
|
Atria Glen Ellyn
|
Glen Ellyn
|
IL
|
—
|
|
2,455
|
|
34,064
|
|
2,159
|
|
2,602
|
|
36,076
|
|
38,678
|
|
11,008
|
|
27,670
|
|
2000
|
2007
|
35 years
|
Atria Newburgh
|
Newburgh
|
IN
|
—
|
|
1,150
|
|
22,880
|
|
540
|
|
1,150
|
|
23,420
|
|
24,570
|
|
4,571
|
|
19,999
|
|
1998
|
2011
|
35 years
|
Atria Hearthstone East
|
Topeka
|
KS
|
—
|
|
1,150
|
|
20,544
|
|
908
|
|
1,215
|
|
21,387
|
|
22,602
|
|
4,535
|
|
18,067
|
|
1998
|
2011
|
35 years
|
Atria Hearthstone West
|
Topeka
|
KS
|
—
|
|
1,230
|
|
28,379
|
|
2,002
|
|
1,245
|
|
30,366
|
|
31,611
|
|
6,747
|
|
24,864
|
|
1987
|
2011
|
35 years
|
Atria Highland Crossing
|
Covington
|
KY
|
—
|
|
1,677
|
|
14,393
|
|
1,329
|
|
1,689
|
|
15,710
|
|
17,399
|
|
3,929
|
|
13,470
|
|
1988
|
2011
|
35 years
|
Atria Summit Hills
|
Crestview Hills
|
KY
|
—
|
|
1,780
|
|
15,769
|
|
806
|
|
1,789
|
|
16,566
|
|
18,355
|
|
3,648
|
|
14,707
|
|
1998
|
2011
|
35 years
|
Atria Elizabethtown
|
Elizabethtown
|
KY
|
—
|
|
850
|
|
12,510
|
|
545
|
|
869
|
|
13,036
|
|
13,905
|
|
2,711
|
|
11,194
|
|
1996
|
2011
|
35 years
|
Atria St. Matthews
|
Louisville
|
KY
|
—
|
|
939
|
|
9,274
|
|
709
|
|
953
|
|
9,969
|
|
10,922
|
|
2,895
|
|
8,027
|
|
1998
|
2011
|
35 years
|
Atria Stony Brook
|
Louisville
|
KY
|
—
|
|
1,860
|
|
17,561
|
|
961
|
|
1,953
|
|
18,429
|
|
20,382
|
|
3,910
|
|
16,472
|
|
1999
|
2011
|
35 years
|
Atria Springdale
|
Louisville
|
KY
|
—
|
|
1,410
|
|
16,702
|
|
1,112
|
|
1,410
|
|
17,814
|
|
19,224
|
|
3,813
|
|
15,411
|
|
1999
|
2011
|
35 years
|
Atria Marland Place
|
Andover
|
MA
|
—
|
|
1,831
|
|
34,592
|
|
19,191
|
|
1,996
|
|
53,618
|
|
55,614
|
|
11,194
|
|
44,420
|
|
1996
|
2011
|
35 years
|
Atria Longmeadow Place
|
Burlington
|
MA
|
—
|
|
5,310
|
|
58,021
|
|
1,332
|
|
5,383
|
|
59,280
|
|
64,663
|
|
10,853
|
|
53,810
|
|
1998
|
2011
|
35 years
|
Atria Fairhaven (Alden)
|
Fairhaven
|
MA
|
—
|
|
1,100
|
|
16,093
|
|
779
|
|
1,148
|
|
16,824
|
|
17,972
|
|
3,299
|
|
14,673
|
|
1999
|
2011
|
35 years
|
Atria Woodbriar Place
|
Falmouth
|
MA
|
18,440
|
|
4,630
|
|
27,314
|
|
5,793
|
|
6,433
|
|
31,304
|
|
37,737
|
|
4,880
|
|
32,857
|
|
2013
|
2013
|
35 years
|
Atria Woodbriar
|
Falmouth
|
MA
|
—
|
|
1,970
|
|
43,693
|
|
20,043
|
|
1,974
|
|
63,732
|
|
65,706
|
|
8,007
|
|
57,699
|
|
1975
|
2011
|
35 years
|
Atria Draper Place
|
Hopedale
|
MA
|
—
|
|
1,140
|
|
17,794
|
|
1,309
|
|
1,226
|
|
19,017
|
|
20,243
|
|
3,866
|
|
16,377
|
|
1998
|
2011
|
35 years
|
Atria Merrimack Place
|
Newburyport
|
MA
|
—
|
|
2,774
|
|
40,645
|
|
1,313
|
|
2,809
|
|
41,923
|
|
44,732
|
|
7,656
|
|
37,076
|
|
2000
|
2011
|
35 years
|
Atria Marina Place
|
Quincy
|
MA
|
—
|
|
2,590
|
|
33,899
|
|
1,481
|
|
2,755
|
|
35,215
|
|
37,970
|
|
6,963
|
|
31,007
|
|
1999
|
2011
|
35 years
|
Riverheights Terrace
|
Brandon
|
MB
|
—
|
|
799
|
|
27,708
|
|
(3,497
|
)
|
692
|
|
24,318
|
|
25,010
|
|
2,178
|
|
22,832
|
|
2001
|
2014
|
35 years
|
Amber Meadow
|
Winnipeg
|
MB
|
—
|
|
3,047
|
|
17,821
|
|
(1,879
|
)
|
2,638
|
|
16,351
|
|
18,989
|
|
1,681
|
|
17,308
|
|
2000
|
2014
|
35 years
|
The Westhaven
|
Winnipeg
|
MB
|
—
|
|
871
|
|
23,162
|
|
(2,829
|
)
|
765
|
|
20,439
|
|
21,204
|
|
1,909
|
|
19,295
|
|
1988
|
2014
|
35 years
|
Atria Manresa
|
Annapolis
|
MD
|
—
|
|
4,193
|
|
19,000
|
|
1,696
|
|
4,465
|
|
20,424
|
|
24,889
|
|
4,256
|
|
20,633
|
|
1920
|
2011
|
35 years
|
Atria Salisbury
|
Salisbury
|
MD
|
—
|
|
1,940
|
|
24,500
|
|
699
|
|
1,959
|
|
25,180
|
|
27,139
|
|
4,740
|
|
22,399
|
|
1995
|
2011
|
35 years
|
Atria Kennebunk
|
Kennebunk
|
ME
|
—
|
|
1,090
|
|
23,496
|
|
793
|
|
1,104
|
|
24,275
|
|
25,379
|
|
4,946
|
|
20,433
|
|
1998
|
2011
|
35 years
|
Atria Ann Arbor
|
Ann Arbor
|
MI
|
—
|
|
1,703
|
|
15,857
|
|
1,898
|
|
1,795
|
|
17,663
|
|
19,458
|
|
5,718
|
|
13,740
|
|
2001
|
2007
|
35 years
|
Atria Kinghaven
|
Riverview
|
MI
|
13,296
|
|
1,440
|
|
26,260
|
|
1,575
|
|
1,591
|
|
27,684
|
|
29,275
|
|
5,953
|
|
23,322
|
|
1987
|
2011
|
35 years
|
Ste. Anne’s Court
|
Fredericton
|
NB
|
—
|
|
1,221
|
|
29,626
|
|
(3,561
|
)
|
1,056
|
|
26,230
|
|
27,286
|
|
2,304
|
|
24,982
|
|
2002
|
2014
|
35 years
|
Chateau De Champlain
|
St. John
|
NB
|
—
|
|
796
|
|
24,577
|
|
(2,588
|
)
|
699
|
|
22,086
|
|
22,785
|
|
2,024
|
|
20,761
|
|
2002
|
2014
|
35 years
|
Atria Merrywood
|
Charlotte
|
NC
|
—
|
|
1,678
|
|
36,892
|
|
2,391
|
|
1,724
|
|
39,237
|
|
40,961
|
|
8,450
|
|
32,511
|
|
1991
|
2011
|
35 years
|
Atria Southpoint
|
Durham
|
NC
|
16,272
|
|
2,130
|
|
25,920
|
|
661
|
|
2,135
|
|
26,576
|
|
28,711
|
|
3,742
|
|
24,969
|
|
2009
|
2013
|
35 years
|
Atria Oakridge
|
Raleigh
|
NC
|
15,093
|
|
1,482
|
|
28,838
|
|
591
|
|
1,514
|
|
29,397
|
|
30,911
|
|
4,159
|
|
26,752
|
|
2009
|
2013
|
35 years
|
Atria Cranford
|
Cranford
|
NJ
|
25,562
|
|
8,260
|
|
61,411
|
|
3,755
|
|
8,382
|
|
65,044
|
|
73,426
|
|
13,167
|
|
60,259
|
|
1993
|
2011
|
35 years
|
Atria Tinton Falls
|
Tinton Falls
|
NJ
|
—
|
|
6,580
|
|
13,258
|
|
1,160
|
|
6,593
|
|
14,405
|
|
20,998
|
|
3,703
|
|
17,295
|
|
1999
|
2011
|
35 years
|
Atria Sunlake
|
Las Vegas
|
NV
|
—
|
|
7
|
|
732
|
|
822
|
|
7
|
|
1,554
|
|
1,561
|
|
1,268
|
|
293
|
|
1998
|
2011
|
35 years
|
Atria Sutton
|
Las Vegas
|
NV
|
—
|
|
—
|
|
863
|
|
989
|
|
39
|
|
1,813
|
|
1,852
|
|
1,422
|
|
430
|
|
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
|
|||||||||
Atria Seville
|
Las Vegas
|
NV
|
—
|
|
—
|
|
796
|
|
1,287
|
|
11
|
|
2,072
|
|
2,083
|
|
1,196
|
|
887
|
|
1999
|
2011
|
35 years
|
Atria Summit Ridge
|
Reno
|
NV
|
—
|
|
4
|
|
407
|
|
421
|
|
9
|
|
823
|
|
832
|
|
768
|
|
64
|
|
1997
|
2011
|
35 years
|
Atria Shaker
|
Albany
|
NY
|
—
|
|
1,520
|
|
29,667
|
|
1,056
|
|
1,626
|
|
30,617
|
|
32,243
|
|
6,061
|
|
26,182
|
|
1997
|
2011
|
35 years
|
Atria Crossgate
|
Albany
|
NY
|
—
|
|
1,080
|
|
20,599
|
|
948
|
|
1,100
|
|
21,527
|
|
22,627
|
|
4,441
|
|
18,186
|
|
1980
|
2011
|
35 years
|
Atria Woodlands
|
Ardsley
|
NY
|
45,991
|
|
7,660
|
|
65,581
|
|
2,105
|
|
7,693
|
|
67,653
|
|
75,346
|
|
13,060
|
|
62,286
|
|
2005
|
2011
|
35 years
|
Atria Bay Shore
|
Bay Shore
|
NY
|
15,275
|
|
4,440
|
|
31,983
|
|
1,421
|
|
4,448
|
|
33,396
|
|
37,844
|
|
6,697
|
|
31,147
|
|
1900
|
2011
|
35 years
|
Atria Briarcliff Manor
|
Briarcliff Manor
|
NY
|
—
|
|
6,560
|
|
33,885
|
|
1,726
|
|
6,613
|
|
35,558
|
|
42,171
|
|
7,358
|
|
34,813
|
|
1997
|
2011
|
35 years
|
Atria Riverdale
|
Bronx
|
NY
|
—
|
|
1,020
|
|
24,149
|
|
13,612
|
|
1,065
|
|
37,716
|
|
38,781
|
|
7,903
|
|
30,878
|
|
1999
|
2011
|
35 years
|
Atria Delmar Place
|
Delmar
|
NY
|
—
|
|
1,201
|
|
24,850
|
|
585
|
|
1,219
|
|
25,417
|
|
26,636
|
|
2,759
|
|
23,877
|
|
2004
|
2013
|
35 years
|
Atria East Northport
|
East Northport
|
NY
|
—
|
|
9,960
|
|
34,467
|
|
18,618
|
|
10,018
|
|
53,027
|
|
63,045
|
|
8,747
|
|
54,298
|
|
1996
|
2011
|
35 years
|
Atria Glen Cove
|
Glen Cove
|
NY
|
—
|
|
2,035
|
|
25,190
|
|
1,028
|
|
2,049
|
|
26,204
|
|
28,253
|
|
10,009
|
|
18,244
|
|
1997
|
2011
|
35 years
|
Atria Great Neck
|
Great Neck
|
NY
|
—
|
|
3,390
|
|
54,051
|
|
4,993
|
|
3,390
|
|
59,044
|
|
62,434
|
|
10,096
|
|
52,338
|
|
1998
|
2011
|
35 years
|
Atria Cutter Mill
|
Great Neck
|
NY
|
33,628
|
|
2,750
|
|
47,919
|
|
2,050
|
|
2,756
|
|
49,963
|
|
52,719
|
|
9,322
|
|
43,397
|
|
1999
|
2011
|
35 years
|
Atria Huntington
|
Huntington Station
|
NY
|
—
|
|
8,190
|
|
1,169
|
|
1,927
|
|
8,232
|
|
3,054
|
|
11,286
|
|
1,715
|
|
9,571
|
|
1987
|
2011
|
35 years
|
Atria Hertlin House
|
Lake Ronkonkoma
|
NY
|
—
|
|
7,886
|
|
16,391
|
|
1,465
|
|
7,886
|
|
17,856
|
|
25,742
|
|
2,911
|
|
22,831
|
|
2002
|
2012
|
35 years
|
Atria Lynbrook
|
Lynbrook
|
NY
|
—
|
|
3,145
|
|
5,489
|
|
914
|
|
3,172
|
|
6,376
|
|
9,548
|
|
2,054
|
|
7,494
|
|
1996
|
2011
|
35 years
|
Atria Tanglewood
|
Lynbrook
|
NY
|
24,575
|
|
4,120
|
|
37,348
|
|
845
|
|
4,145
|
|
38,168
|
|
42,313
|
|
7,179
|
|
35,134
|
|
2005
|
2011
|
35 years
|
Atria 86th Street
|
New York
|
NY
|
—
|
|
80
|
|
73,685
|
|
5,392
|
|
167
|
|
78,990
|
|
79,157
|
|
15,648
|
|
63,509
|
|
1998
|
2011
|
35 years
|
Atria on the Hudson
|
Ossining
|
NY
|
—
|
|
8,123
|
|
63,089
|
|
3,115
|
|
8,157
|
|
66,170
|
|
74,327
|
|
13,720
|
|
60,607
|
|
1972
|
2011
|
35 years
|
Atria Penfield
|
Penfield
|
NY
|
—
|
|
620
|
|
22,036
|
|
822
|
|
723
|
|
22,755
|
|
23,478
|
|
4,617
|
|
18,861
|
|
1972
|
2011
|
35 years
|
Atria Plainview
|
Plainview
|
NY
|
12,748
|
|
2,480
|
|
16,060
|
|
1,033
|
|
2,630
|
|
16,943
|
|
19,573
|
|
3,785
|
|
15,788
|
|
2000
|
2011
|
35 years
|
Atria Rye Brook
|
Port Chester
|
NY
|
42,312
|
|
9,660
|
|
74,936
|
|
1,499
|
|
9,716
|
|
76,379
|
|
86,095
|
|
14,357
|
|
71,738
|
|
2004
|
2011
|
35 years
|
Atria Kew Gardens
|
Queens
|
NY
|
—
|
|
3,051
|
|
66,013
|
|
8,034
|
|
3,074
|
|
74,024
|
|
77,098
|
|
13,332
|
|
63,766
|
|
1999
|
2011
|
35 years
|
Atria Forest Hills
|
Queens
|
NY
|
—
|
|
2,050
|
|
16,680
|
|
777
|
|
2,050
|
|
17,457
|
|
19,507
|
|
3,714
|
|
15,793
|
|
2001
|
2011
|
35 years
|
Atria Greece
|
Rochester
|
NY
|
—
|
|
410
|
|
14,967
|
|
945
|
|
639
|
|
15,683
|
|
16,322
|
|
3,324
|
|
12,998
|
|
1970
|
2011
|
35 years
|
Atria on Roslyn Harbor
|
Roslyn
|
NY
|
65,000
|
|
12,909
|
|
72,720
|
|
1,863
|
|
12,974
|
|
74,518
|
|
87,492
|
|
13,834
|
|
73,658
|
|
2006
|
2011
|
35 years
|
Atria Guilderland
|
Slingerlands
|
NY
|
—
|
|
1,170
|
|
22,414
|
|
454
|
|
1,171
|
|
22,867
|
|
24,038
|
|
4,487
|
|
19,551
|
|
1950
|
2011
|
35 years
|
Atria South Setauket
|
South Setauket
|
NY
|
—
|
|
8,450
|
|
14,534
|
|
1,397
|
|
8,832
|
|
15,549
|
|
24,381
|
|
4,680
|
|
19,701
|
|
1967
|
2011
|
35 years
|
The Court at Brooklin
|
Brooklin
|
ON
|
—
|
|
2,515
|
|
35,602
|
|
(4,263
|
)
|
2,197
|
|
31,657
|
|
33,854
|
|
2,655
|
|
31,199
|
|
2004
|
2014
|
35 years
|
Burlington Gardens
|
Burlington
|
ON
|
—
|
|
7,560
|
|
50,744
|
|
(7,312
|
)
|
6,542
|
|
44,450
|
|
50,992
|
|
3,616
|
|
47,376
|
|
2008
|
2014
|
35 years
|
The Court at Rushdale
|
Hamilton
|
ON
|
—
|
|
1,799
|
|
34,633
|
|
(4,155
|
)
|
1,557
|
|
30,720
|
|
32,277
|
|
2,591
|
|
29,686
|
|
2004
|
2014
|
35 years
|
Kingsdale Chateau
|
Kingston
|
ON
|
—
|
|
2,221
|
|
36,272
|
|
(4,373
|
)
|
1,924
|
|
32,196
|
|
34,120
|
|
2,715
|
|
31,405
|
|
2000
|
2014
|
35 years
|
Crystal View Lodge
|
Nepean
|
ON
|
—
|
|
1,587
|
|
37,243
|
|
(4,493
|
)
|
1,546
|
|
32,791
|
|
34,337
|
|
2,810
|
|
31,527
|
|
2000
|
2014
|
35 years
|
The Court at Barrhaven
|
Nepean
|
ON
|
—
|
|
1,778
|
|
33,922
|
|
(3,679
|
)
|
1,562
|
|
30,459
|
|
32,021
|
|
2,610
|
|
29,411
|
|
2004
|
2014
|
35 years
|
Stamford Estates
|
Niagara Falls
|
ON
|
—
|
|
1,414
|
|
29,439
|
|
(3,800
|
)
|
1,224
|
|
25,829
|
|
27,053
|
|
2,280
|
|
24,773
|
|
2005
|
2014
|
35 years
|
Sherbrooke Heights
|
Peterborough
|
ON
|
—
|
|
2,485
|
|
33,747
|
|
(3,642
|
)
|
2,154
|
|
30,436
|
|
32,590
|
|
2,618
|
|
29,972
|
|
2001
|
2014
|
35 years
|
Anchor Pointe
|
St. Catharines
|
ON
|
—
|
|
8,214
|
|
24,056
|
|
(3,910
|
)
|
7,108
|
|
21,252
|
|
28,360
|
|
2,094
|
|
26,266
|
|
2000
|
2014
|
35 years
|
The Court at Pringle Creek
|
Whitby
|
ON
|
—
|
|
2,965
|
|
39,206
|
|
(4,859
|
)
|
2,619
|
|
34,693
|
|
37,312
|
|
2,969
|
|
34,343
|
|
2002
|
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 Bethlehem
|
Bethlehem
|
PA
|
—
|
|
2,479
|
|
22,870
|
|
766
|
|
2,492
|
|
23,623
|
|
26,115
|
|
5,065
|
|
21,050
|
|
CIP
|
CIP
|
CIP
|
Atria Center City
|
Philadelphia
|
PA
|
22,055
|
|
3,460
|
|
18,291
|
|
2,650
|
|
3,475
|
|
20,926
|
|
24,401
|
|
4,648
|
|
19,753
|
|
1964
|
2011
|
35 years
|
Atria Squire’s Ridge
|
Philadelphia
|
PA
|
—
|
|
—
|
|
1,877
|
|
—
|
|
—
|
|
1,877
|
|
1,877
|
|
—
|
|
1,877
|
|
1964
|
2011
|
35 years
|
Atria Woodbridge Place
|
Phoenixville
|
PA
|
—
|
|
1,510
|
|
19,130
|
|
881
|
|
1,510
|
|
20,011
|
|
21,521
|
|
4,200
|
|
17,321
|
|
1996
|
2011
|
35 years
|
Atria South Hills
|
Pittsburgh
|
PA
|
—
|
|
880
|
|
10,884
|
|
617
|
|
895
|
|
11,486
|
|
12,381
|
|
2,792
|
|
9,589
|
|
1998
|
2011
|
35 years
|
La Residence Steger
|
Saint-Laurent
|
QC
|
—
|
|
1,995
|
|
10,926
|
|
(1,021
|
)
|
1,764
|
|
10,136
|
|
11,900
|
|
1,191
|
|
10,709
|
|
1999
|
2014
|
35 years
|
Atria Bay Spring Village
|
Barrington
|
RI
|
—
|
|
2,000
|
|
33,400
|
|
2,240
|
|
2,076
|
|
35,564
|
|
37,640
|
|
7,831
|
|
29,809
|
|
2000
|
2011
|
35 years
|
Atria Harborhill Place
|
East Greenwich
|
RI
|
—
|
|
2,089
|
|
21,702
|
|
1,176
|
|
2,115
|
|
22,852
|
|
24,967
|
|
4,699
|
|
20,268
|
|
1835
|
2011
|
35 years
|
Atria Lincoln Place
|
Lincoln
|
RI
|
—
|
|
1,440
|
|
12,686
|
|
779
|
|
1,470
|
|
13,435
|
|
14,905
|
|
3,207
|
|
11,698
|
|
2000
|
2011
|
35 years
|
Atria Aquidneck Place
|
Portsmouth
|
RI
|
—
|
|
2,810
|
|
31,623
|
|
559
|
|
2,810
|
|
32,182
|
|
34,992
|
|
5,967
|
|
29,025
|
|
1999
|
2011
|
35 years
|
Atria Forest Lake
|
Columbia
|
SC
|
—
|
|
670
|
|
13,946
|
|
714
|
|
684
|
|
14,646
|
|
15,330
|
|
2,938
|
|
12,392
|
|
1999
|
2011
|
35 years
|
Primrose Chateau
|
Saskatoon
|
SK
|
—
|
|
2,611
|
|
32,729
|
|
(3,984
|
)
|
2,278
|
|
29,078
|
|
31,356
|
|
2,490
|
|
28,866
|
|
1996
|
2014
|
35 years
|
Mulberry Estates
|
Moose Jaw
|
SK
|
—
|
|
2,173
|
|
31,791
|
|
(3,891
|
)
|
1,965
|
|
28,108
|
|
30,073
|
|
2,458
|
|
27,615
|
|
2003
|
2014
|
35 years
|
Queen Victoria
|
Regina
|
SK
|
—
|
|
3,018
|
|
34,109
|
|
(4,063
|
)
|
2,611
|
|
30,453
|
|
33,064
|
|
2,555
|
|
30,509
|
|
2000
|
2014
|
35 years
|
Atria Weston Place
|
Knoxville
|
TN
|
9,352
|
|
793
|
|
7,961
|
|
1,016
|
|
967
|
|
8,803
|
|
9,770
|
|
2,149
|
|
7,621
|
|
1993
|
2011
|
35 years
|
Atria Village at Arboretum
|
Austin
|
TX
|
—
|
|
8,280
|
|
61,764
|
|
667
|
|
8,322
|
|
62,389
|
|
70,711
|
|
9,249
|
|
61,462
|
|
2009
|
2012
|
35 years
|
Atria Carrollton
|
Carrollton
|
TX
|
6,592
|
|
360
|
|
20,465
|
|
1,147
|
|
370
|
|
21,602
|
|
21,972
|
|
4,464
|
|
17,508
|
|
1998
|
2011
|
35 years
|
Atria Grapevine
|
Grapevine
|
TX
|
—
|
|
2,070
|
|
23,104
|
|
671
|
|
2,076
|
|
23,769
|
|
25,845
|
|
4,708
|
|
21,137
|
|
1999
|
2011
|
35 years
|
Atria Westchase
|
Houston
|
TX
|
—
|
|
2,318
|
|
22,278
|
|
884
|
|
2,322
|
|
23,158
|
|
25,480
|
|
4,733
|
|
20,747
|
|
1999
|
2011
|
35 years
|
Atria Cinco Ranch
|
Katy
|
TX
|
—
|
|
3,171
|
|
73,287
|
|
570
|
|
3,174
|
|
73,854
|
|
77,028
|
|
4,511
|
|
72,517
|
|
2010
|
2015
|
35 years
|
Atria Kingwood
|
Kingwood
|
TX
|
—
|
|
1,170
|
|
4,518
|
|
542
|
|
1,189
|
|
5,041
|
|
6,230
|
|
1,405
|
|
4,825
|
|
1998
|
2011
|
35 years
|
Atria at Hometown
|
North Richland Hills
|
TX
|
—
|
|
1,932
|
|
30,382
|
|
998
|
|
1,963
|
|
31,349
|
|
33,312
|
|
4,534
|
|
28,778
|
|
2007
|
2013
|
35 years
|
Atria Canyon Creek
|
Plano
|
TX
|
—
|
|
3,110
|
|
45,999
|
|
2,477
|
|
3,148
|
|
48,438
|
|
51,586
|
|
6,639
|
|
44,947
|
|
2009
|
2013
|
35 years
|
Atria Richardson
|
Richardson
|
TX
|
—
|
|
1,590
|
|
23,662
|
|
847
|
|
1,600
|
|
24,499
|
|
26,099
|
|
4,857
|
|
21,242
|
|
1998
|
2011
|
35 years
|
Atria Cypresswood
|
Spring
|
TX
|
—
|
|
880
|
|
9,192
|
|
956
|
|
897
|
|
10,131
|
|
11,028
|
|
2,147
|
|
8,881
|
|
1996
|
2011
|
35 years
|
Atria Sugar Land
|
Sugar Land
|
TX
|
—
|
|
970
|
|
17,542
|
|
774
|
|
980
|
|
18,306
|
|
19,286
|
|
3,695
|
|
15,591
|
|
1999
|
2011
|
35 years
|
Atria Copeland
|
Tyler
|
TX
|
—
|
|
1,879
|
|
17,901
|
|
759
|
|
1,886
|
|
18,653
|
|
20,539
|
|
3,941
|
|
16,598
|
|
1997
|
2011
|
35 years
|
Atria Willow Park
|
Tyler
|
TX
|
—
|
|
920
|
|
31,271
|
|
899
|
|
928
|
|
32,162
|
|
33,090
|
|
6,729
|
|
26,361
|
|
1985
|
2011
|
35 years
|
Atria Virginia Beach (Hilltop)
|
Virginia Beach
|
VA
|
—
|
|
1,749
|
|
33,004
|
|
639
|
|
1,754
|
|
33,638
|
|
35,392
|
|
6,829
|
|
28,563
|
|
1998
|
2011
|
35 years
|
Amberwood
|
Port Richey
|
FL
|
—
|
|
1,320
|
|
—
|
|
—
|
|
1,320
|
|
—
|
|
1,320
|
|
—
|
|
1,320
|
|
N/A
|
2011
|
N/A
|
Other Projects
|
|
|
—
|
|
—
|
|
2,419
|
|
—
|
|
—
|
|
2,419
|
|
2,419
|
|
—
|
|
2,419
|
|
CIP
|
CIP
|
35 years
|
TOTAL FOR ATRIA SENIORS HOUSING COMMUNITIES
|
|
|
607,603
|
|
533,579
|
|
4,911,325
|
|
239,854
|
|
535,879
|
|
5,148,879
|
|
5,684,758
|
|
896,737
|
|
4,788,021
|
|
|
|
|
OTHER SENIORS HOUSING COMMUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elmcroft of Grayson Valley
|
Birmingham
|
AL
|
—
|
|
1,040
|
|
19,145
|
|
486
|
|
1,046
|
|
19,625
|
|
20,671
|
|
3,556
|
|
17,115
|
|
2000
|
2011
|
35 years
|
Elmcroft of Byrd Springs
|
Hunstville
|
AL
|
—
|
|
1,720
|
|
11,270
|
|
463
|
|
1,723
|
|
11,730
|
|
13,453
|
|
2,338
|
|
11,115
|
|
1999
|
2011
|
35 years
|
Elmcroft of Heritage Woods
|
Mobile
|
AL
|
—
|
|
1,020
|
|
10,241
|
|
489
|
|
1,020
|
|
10,730
|
|
11,750
|
|
2,161
|
|
9,589
|
|
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
|
|||||||||
Elmcroft of Halcyon
|
Montgomery
|
AL
|
—
|
|
220
|
|
5,476
|
|
—
|
|
220
|
|
5,476
|
|
5,696
|
|
1,591
|
|
4,105
|
|
1999
|
2006
|
35 years
|
Rosewood Manor (AL)
|
Scottsboro
|
AL
|
—
|
|
680
|
|
4,038
|
|
—
|
|
680
|
|
4,038
|
|
4,718
|
|
729
|
|
3,989
|
|
1998
|
2011
|
35 years
|
West Shores
|
Hot Springs
|
AR
|
—
|
|
1,326
|
|
10,904
|
|
996
|
|
1,326
|
|
11,900
|
|
13,226
|
|
3,622
|
|
9,604
|
|
1988
|
2005
|
35 years
|
Elmcroft of Maumelle
|
Maumelle
|
AR
|
—
|
|
1,252
|
|
7,601
|
|
—
|
|
1,252
|
|
7,601
|
|
8,853
|
|
2,208
|
|
6,645
|
|
1997
|
2006
|
35 years
|
Elmcroft of Mountain Home
|
Mountain Home
|
AR
|
—
|
|
204
|
|
8,971
|
|
—
|
|
204
|
|
8,971
|
|
9,175
|
|
2,606
|
|
6,569
|
|
1997
|
2006
|
35 years
|
Elmcroft of Sherwood
|
Sherwood
|
AR
|
—
|
|
1,320
|
|
5,693
|
|
—
|
|
1,320
|
|
5,693
|
|
7,013
|
|
1,654
|
|
5,359
|
|
1997
|
2006
|
35 years
|
Chandler Memory Care Community
|
Chandler
|
AZ
|
—
|
|
2,910
|
|
8,882
|
|
184
|
|
3,094
|
|
8,882
|
|
11,976
|
|
1,628
|
|
10,348
|
|
2012
|
2012
|
35 years
|
Cottonwood Village
|
Cottonwood
|
AZ
|
—
|
|
1,200
|
|
15,124
|
|
—
|
|
1,200
|
|
15,124
|
|
16,324
|
|
4,997
|
|
11,327
|
|
1986
|
2005
|
35 years
|
Silver Creek Inn Memory Care Community
|
Gilbert
|
AZ
|
—
|
|
890
|
|
5,918
|
|
—
|
|
890
|
|
5,918
|
|
6,808
|
|
958
|
|
5,850
|
|
2012
|
2012
|
35 years
|
Prestige Assisted Living at Green Valley
|
Green Valley
|
AZ
|
—
|
|
1,227
|
|
13,977
|
|
—
|
|
1,227
|
|
13,977
|
|
15,204
|
|
975
|
|
14,229
|
|
1998
|
2014
|
35 years
|
Prestige Assisted Living at Lake Havasu City
|
Lake Havasu
|
AZ
|
—
|
|
594
|
|
14,792
|
|
—
|
|
594
|
|
14,792
|
|
15,386
|
|
1,025
|
|
14,361
|
|
1999
|
2014
|
35 years
|
Lakeview Terrace
|
Lake Havasu City
|
AZ
|
—
|
|
706
|
|
7,810
|
|
—
|
|
706
|
|
7,810
|
|
8,516
|
|
552
|
|
7,964
|
|
2009
|
2015
|
35 years
|
Arbor Rose
|
Mesa
|
AZ
|
—
|
|
1,100
|
|
11,880
|
|
2,434
|
|
1,100
|
|
14,314
|
|
15,414
|
|
3,521
|
|
11,893
|
|
1999
|
2011
|
35 years
|
The Stratford
|
Phoenix
|
AZ
|
—
|
|
1,931
|
|
33,576
|
|
—
|
|
1,931
|
|
33,576
|
|
35,507
|
|
2,333
|
|
33,174
|
|
2001
|
2014
|
35 years
|
Amber Creek Inn Memory Care
|
Scottsdale
|
AZ
|
—
|
|
2,310
|
|
6,322
|
|
677
|
|
2,185
|
|
7,124
|
|
9,309
|
|
289
|
|
9,020
|
|
1986
|
2011
|
35 years
|
Prestige Assisted Living at Sierra Vista
|
Sierra Vista
|
AZ
|
—
|
|
295
|
|
13,224
|
|
—
|
|
295
|
|
13,224
|
|
13,519
|
|
914
|
|
12,605
|
|
1999
|
2014
|
35 years
|
The Woodmark at Sun City
|
Sun City
|
NM
|
—
|
|
964
|
|
35,093
|
|
302
|
|
985
|
|
35,374
|
|
36,359
|
|
2,188
|
|
34,171
|
|
2000
|
2015
|
35 years
|
Elmcroft of Tempe
|
Tempe
|
AZ
|
—
|
|
1,090
|
|
12,942
|
|
855
|
|
1,090
|
|
13,797
|
|
14,887
|
|
2,664
|
|
12,223
|
|
1999
|
2011
|
35 years
|
Elmcroft of River Centre
|
Tucson
|
AZ
|
—
|
|
1,940
|
|
5,195
|
|
448
|
|
1,940
|
|
5,643
|
|
7,583
|
|
1,315
|
|
6,268
|
|
1999
|
2011
|
35 years
|
Sierra Ridge Memory Care
|
Auburn
|
CA
|
—
|
|
681
|
|
6,071
|
|
—
|
|
681
|
|
6,071
|
|
6,752
|
|
445
|
|
6,307
|
|
2011
|
2014
|
35 years
|
Careage Banning
|
Banning
|
CA
|
—
|
|
2,970
|
|
16,037
|
|
—
|
|
2,970
|
|
16,037
|
|
19,007
|
|
3,077
|
|
15,930
|
|
2004
|
2011
|
35 years
|
Las Villas Del Carlsbad
|
Carlsbad
|
CA
|
—
|
|
1,760
|
|
30,469
|
|
—
|
|
1,760
|
|
30,469
|
|
32,229
|
|
8,851
|
|
23,378
|
|
1987
|
2006
|
35 years
|
Prestige Assisted Living at Chico
|
Chico
|
CA
|
—
|
|
1,069
|
|
14,929
|
|
—
|
|
1,069
|
|
14,929
|
|
15,998
|
|
1,039
|
|
14,959
|
|
1998
|
2014
|
35 years
|
Villa Bonita
|
Chula Vista
|
CA
|
—
|
|
1,610
|
|
9,169
|
|
—
|
|
1,610
|
|
9,169
|
|
10,779
|
|
1,859
|
|
8,920
|
|
1989
|
2011
|
35 years
|
The Meadows Senior Living
|
Elk Grove
|
CA
|
—
|
|
1,308
|
|
19,667
|
|
—
|
|
1,308
|
|
19,667
|
|
20,975
|
|
1,417
|
|
19,558
|
|
2003
|
2014
|
35 years
|
Las Villas Del Norte
|
Escondido
|
CA
|
—
|
|
2,791
|
|
32,632
|
|
—
|
|
2,791
|
|
32,632
|
|
35,423
|
|
9,479
|
|
25,944
|
|
1986
|
2006
|
35 years
|
Alder Bay Assisted Living
|
Eureka
|
CA
|
—
|
|
1,170
|
|
5,228
|
|
(70
|
)
|
1,170
|
|
5,158
|
|
6,328
|
|
1,043
|
|
5,285
|
|
1997
|
2011
|
35 years
|
Elmcroft of La Mesa
|
La Mesa
|
CA
|
—
|
|
2,431
|
|
6,101
|
|
—
|
|
2,431
|
|
6,101
|
|
8,532
|
|
1,772
|
|
6,760
|
|
1997
|
2006
|
35 years
|
Grossmont Gardens
|
La Mesa
|
CA
|
—
|
|
9,104
|
|
59,349
|
|
—
|
|
9,104
|
|
59,349
|
|
68,453
|
|
17,240
|
|
51,213
|
|
1964
|
2006
|
35 years
|
Palms, The
|
La Mirada
|
CA
|
—
|
|
2,700
|
|
43,919
|
|
—
|
|
2,700
|
|
43,919
|
|
46,619
|
|
4,774
|
|
41,845
|
|
1990
|
2013
|
35 years
|
Prestige Assisted Living at Lancaster
|
Lancaster
|
CA
|
—
|
|
718
|
|
10,459
|
|
—
|
|
718
|
|
10,459
|
|
11,177
|
|
728
|
|
10,449
|
|
1999
|
2014
|
35 years
|
Prestige Assisted Living at Marysville
|
Marysville
|
CA
|
—
|
|
741
|
|
7,467
|
|
—
|
|
741
|
|
7,467
|
|
8,208
|
|
522
|
|
7,686
|
|
1999
|
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
|
|||||||||
Mountview Retirement Residence
|
Montrose
|
CA
|
—
|
|
1,089
|
|
15,449
|
|
—
|
|
1,089
|
|
15,449
|
|
16,538
|
|
4,488
|
|
12,050
|
|
1974
|
2006
|
35 years
|
Redwood Retirement
|
Napa
|
CA
|
—
|
|
2,798
|
|
12,639
|
|
—
|
|
2,798
|
|
12,639
|
|
15,437
|
|
1,404
|
|
14,033
|
|
1986
|
2013
|
35 years
|
Prestige Assisted Living at Oroville
|
Oroville
|
CA
|
—
|
|
638
|
|
8,079
|
|
—
|
|
638
|
|
8,079
|
|
8,717
|
|
563
|
|
8,154
|
|
1999
|
2014
|
35 years
|
Valencia Commons
|
Rancho Cucamonga
|
CA
|
—
|
|
1,439
|
|
36,363
|
|
—
|
|
1,439
|
|
36,363
|
|
37,802
|
|
3,941
|
|
33,861
|
|
2002
|
2013
|
35 years
|
Mission Hills
|
Rancho Mirage
|
CA
|
—
|
|
6,800
|
|
3,637
|
|
—
|
|
6,800
|
|
3,637
|
|
10,437
|
|
1,150
|
|
9,287
|
|
1999
|
2011
|
35 years
|
Shasta Estates
|
Redding
|
CA
|
—
|
|
1,180
|
|
23,463
|
|
—
|
|
1,180
|
|
23,463
|
|
24,643
|
|
2,547
|
|
22,096
|
|
2009
|
2013
|
35 years
|
The Vistas
|
Redding
|
CA
|
—
|
|
1,290
|
|
22,033
|
|
—
|
|
1,290
|
|
22,033
|
|
23,323
|
|
3,887
|
|
19,436
|
|
2007
|
2011
|
35 years
|
Elmcroft of Point Loma
|
San Diego
|
CA
|
—
|
|
2,117
|
|
6,865
|
|
—
|
|
2,117
|
|
6,865
|
|
8,982
|
|
1,994
|
|
6,988
|
|
1999
|
2006
|
35 years
|
Regency of Evergreen Valley
|
San Jose
|
CA
|
—
|
|
2,700
|
|
7,994
|
|
—
|
|
2,700
|
|
7,994
|
|
10,694
|
|
1,916
|
|
8,778
|
|
1998
|
2011
|
35 years
|
Villa del Obispo
|
San Juan Capistrano
|
CA
|
—
|
|
2,660
|
|
9,560
|
|
71
|
|
2,660
|
|
9,631
|
|
12,291
|
|
1,848
|
|
10,443
|
|
1985
|
2011
|
35 years
|
Villa Santa Barbara
|
Santa Barbara
|
CA
|
—
|
|
1,219
|
|
12,426
|
|
1,189
|
|
1,219
|
|
13,615
|
|
14,834
|
|
4,118
|
|
10,716
|
|
1977
|
2005
|
35 years
|
Skyline Place Senior Living
|
Sonora
|
CA
|
—
|
|
1,815
|
|
28,472
|
|
—
|
|
1,815
|
|
28,472
|
|
30,287
|
|
2,061
|
|
28,226
|
|
1996
|
2014
|
35 years
|
Oak Terrace Memory Care
|
Soulsbyville
|
CA
|
—
|
|
1,146
|
|
5,275
|
|
—
|
|
1,146
|
|
5,275
|
|
6,421
|
|
393
|
|
6,028
|
|
1999
|
2014
|
35 years
|
Eagle Lake Village
|
Susanville
|
CA
|
—
|
|
1,165
|
|
6,719
|
|
—
|
|
1,165
|
|
6,719
|
|
7,884
|
|
992
|
|
6,892
|
|
2006
|
2012
|
35 years
|
Bonaventure, The
|
Ventura
|
CA
|
—
|
|
5,294
|
|
32,747
|
|
—
|
|
5,294
|
|
32,747
|
|
38,041
|
|
3,609
|
|
34,432
|
|
2005
|
2013
|
35 years
|
Prestige Assisted Living at Visalia
|
Visalia
|
CA
|
—
|
|
1,300
|
|
8,378
|
|
—
|
|
1,300
|
|
8,378
|
|
9,678
|
|
590
|
|
9,088
|
|
1998
|
2014
|
35 years
|
Vista Village
|
Vista
|
CA
|
—
|
|
1,630
|
|
5,640
|
|
61
|
|
1,630
|
|
5,701
|
|
7,331
|
|
1,264
|
|
6,067
|
|
1980
|
2011
|
35 years
|
Rancho Vista
|
Vista
|
CA
|
—
|
|
6,730
|
|
21,828
|
|
—
|
|
6,730
|
|
21,828
|
|
28,558
|
|
6,341
|
|
22,217
|
|
1982
|
2006
|
35 years
|
Westminster Terrace
|
Westminster
|
CA
|
—
|
|
1,700
|
|
11,514
|
|
20
|
|
1,700
|
|
11,534
|
|
13,234
|
|
2,057
|
|
11,177
|
|
2001
|
2011
|
35 years
|
Highland Trail
|
Broomfield
|
CO
|
—
|
|
2,511
|
|
26,431
|
|
—
|
|
2,511
|
|
26,431
|
|
28,942
|
|
2,886
|
|
26,056
|
|
2009
|
2013
|
35 years
|
Caley Ridge
|
Englewood
|
CO
|
—
|
|
1,157
|
|
13,133
|
|
—
|
|
1,157
|
|
13,133
|
|
14,290
|
|
1,939
|
|
12,351
|
|
1999
|
2012
|
35 years
|
Garden Square at Westlake
|
Greeley
|
CO
|
—
|
|
630
|
|
8,211
|
|
—
|
|
630
|
|
8,211
|
|
8,841
|
|
1,524
|
|
7,317
|
|
1998
|
2011
|
35 years
|
Garden Square of Greeley
|
Greeley
|
CO
|
—
|
|
330
|
|
2,735
|
|
—
|
|
330
|
|
2,735
|
|
3,065
|
|
525
|
|
2,540
|
|
1995
|
2011
|
35 years
|
Lakewood Estates
|
Lakewood
|
CO
|
—
|
|
1,306
|
|
21,137
|
|
—
|
|
1,306
|
|
21,137
|
|
22,443
|
|
2,298
|
|
20,145
|
|
1988
|
2013
|
35 years
|
Sugar Valley Estates
|
Loveland
|
CO
|
—
|
|
1,255
|
|
21,837
|
|
—
|
|
1,255
|
|
21,837
|
|
23,092
|
|
2,373
|
|
20,719
|
|
2009
|
2013
|
35 years
|
Devonshire Acres
|
Sterling
|
CO
|
—
|
|
950
|
|
13,569
|
|
(2,922
|
)
|
965
|
|
10,632
|
|
11,597
|
|
1,947
|
|
9,650
|
|
1979
|
2011
|
35 years
|
Gardenside Terrace
|
Branford
|
CT
|
—
|
|
7,000
|
|
31,518
|
|
—
|
|
7,000
|
|
31,518
|
|
38,518
|
|
5,564
|
|
32,954
|
|
1999
|
2011
|
35 years
|
Hearth at Tuxis Pond
|
Madison
|
CT
|
—
|
|
1,610
|
|
44,322
|
|
—
|
|
1,610
|
|
44,322
|
|
45,932
|
|
7,459
|
|
38,473
|
|
2002
|
2011
|
35 years
|
White Oaks
|
Manchester
|
CT
|
—
|
|
2,584
|
|
34,507
|
|
—
|
|
2,584
|
|
34,507
|
|
37,091
|
|
3,758
|
|
33,333
|
|
2014
|
2015
|
40 years
|
Willows Care Home
|
Canford
|
ESX
|
—
|
|
4,695
|
|
6,983
|
|
(1,901
|
)
|
3,931
|
|
5,846
|
|
9,777
|
|
347
|
|
9,430
|
|
1986
|
2015
|
40 years
|
Cedars Care Home
|
Canford
|
ESX
|
—
|
|
2,649
|
|
4,925
|
|
(1,233
|
)
|
2,217
|
|
4,124
|
|
6,341
|
|
252
|
|
6,089
|
|
1999
|
2011
|
35 years
|
Hampton Manor Belleview
|
Belleview
|
FL
|
—
|
|
390
|
|
8,337
|
|
—
|
|
390
|
|
8,337
|
|
8,727
|
|
1,536
|
|
7,191
|
|
1988
|
2011
|
35 years
|
Sabal House
|
Cantonment
|
FL
|
—
|
|
430
|
|
5,902
|
|
—
|
|
430
|
|
5,902
|
|
6,332
|
|
1,061
|
|
5,271
|
|
1999
|
2011
|
35 years
|
Bristol Park of Coral Springs
|
Coral Springs
|
FL
|
—
|
|
3,280
|
|
11,877
|
|
—
|
|
3,280
|
|
11,877
|
|
15,157
|
|
2,257
|
|
12,900
|
|
1999
|
2011
|
35 years
|
Stanley House
|
Defuniak Springs
|
FL
|
—
|
|
410
|
|
5,659
|
|
—
|
|
410
|
|
5,659
|
|
6,069
|
|
1,018
|
|
5,051
|
|
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
|
|||||||||
The Peninsula
|
Hollywood
|
FL
|
—
|
|
3,660
|
|
9,122
|
|
62
|
|
3,660
|
|
9,184
|
|
12,844
|
|
1,991
|
|
10,853
|
|
1972
|
2011
|
35 years
|
Elmcroft of Timberlin Parc
|
Jacksonville
|
FL
|
—
|
|
455
|
|
5,905
|
|
—
|
|
455
|
|
5,905
|
|
6,360
|
|
1,715
|
|
4,645
|
|
1998
|
2006
|
35 years
|
Forsyth House
|
Milton
|
FL
|
—
|
|
610
|
|
6,503
|
|
—
|
|
610
|
|
6,503
|
|
7,113
|
|
1,156
|
|
5,957
|
|
1999
|
2011
|
35 years
|
Princeton Village of Largo
|
Largo
|
FL
|
—
|
|
1,718
|
|
10,438
|
|
116
|
|
1,718
|
|
10,554
|
|
12,272
|
|
871
|
|
11,401
|
|
1992
|
2015
|
35 years
|
Barrington Terrace of Fort Myers
|
Fort Myers
|
FL
|
—
|
|
2,105
|
|
18,190
|
|
244
|
|
2,110
|
|
18,429
|
|
20,539
|
|
1,390
|
|
19,149
|
|
2001
|
2015
|
35 years
|
Barrington Terrace of Naples
|
Naples
|
FL
|
—
|
|
2,596
|
|
18,716
|
|
328
|
|
2,606
|
|
19,034
|
|
21,640
|
|
1,464
|
|
20,176
|
|
2004
|
2015
|
35 years
|
The Carlisle Naples
|
Naples
|
FL
|
—
|
|
8,406
|
|
78,091
|
|
—
|
|
8,406
|
|
78,091
|
|
86,497
|
|
13,474
|
|
73,023
|
|
1998
|
2011
|
35 years
|
Naples ALZ Development
|
Naples
|
FL
|
—
|
|
2,983
|
|
—
|
|
—
|
|
2,983
|
|
—
|
|
2,983
|
|
—
|
|
2,983
|
|
CIP
|
CIP
|
CIP
|
Hampton Manor at 24th Road
|
Ocala
|
FL
|
—
|
|
690
|
|
8,767
|
|
—
|
|
690
|
|
8,767
|
|
9,457
|
|
1,559
|
|
7,898
|
|
1996
|
2011
|
35 years
|
Hampton Manor at Deerwood
|
Ocala
|
FL
|
—
|
|
790
|
|
5,605
|
|
3,648
|
|
983
|
|
9,060
|
|
10,043
|
|
1,162
|
|
8,881
|
|
2005
|
2011
|
35 years
|
Las Palmas
|
Palm Coast
|
FL
|
—
|
|
984
|
|
30,009
|
|
—
|
|
984
|
|
30,009
|
|
30,993
|
|
3,249
|
|
27,744
|
|
2009
|
2013
|
35 years
|
Princeton Village of Palm Coast
|
Palm Coast
|
FL
|
—
|
|
1,958
|
|
24,525
|
|
11
|
|
1,958
|
|
24,536
|
|
26,494
|
|
1,692
|
|
24,802
|
|
2007
|
2015
|
35 years
|
Outlook Pointe at Pensacola
|
Pensacola
|
FL
|
—
|
|
2,230
|
|
2,362
|
|
152
|
|
2,230
|
|
2,514
|
|
4,744
|
|
693
|
|
4,051
|
|
1999
|
2011
|
35 years
|
Magnolia House
|
Quincy
|
FL
|
—
|
|
400
|
|
5,190
|
|
—
|
|
400
|
|
5,190
|
|
5,590
|
|
949
|
|
4,641
|
|
1999
|
2011
|
35 years
|
Outlook Pointe at Tallahassee
|
Tallahassee
|
FL
|
—
|
|
2,430
|
|
17,745
|
|
443
|
|
2,430
|
|
18,188
|
|
20,618
|
|
3,322
|
|
17,296
|
|
1999
|
2011
|
35 years
|
Magnolia Place
|
Tallahassee
|
FL
|
—
|
|
640
|
|
8,013
|
|
79
|
|
640
|
|
8,092
|
|
8,732
|
|
1,396
|
|
7,336
|
|
1999
|
2011
|
35 years
|
Bristol Park of Tamarac
|
Tamarac
|
FL
|
—
|
|
3,920
|
|
14,130
|
|
—
|
|
3,920
|
|
14,130
|
|
18,050
|
|
2,602
|
|
15,448
|
|
2000
|
2011
|
35 years
|
Elmcroft of Carrolwood
|
Tampa
|
FL
|
—
|
|
5,410
|
|
20,944
|
|
616
|
|
5,410
|
|
21,560
|
|
26,970
|
|
4,000
|
|
22,970
|
|
2001
|
2011
|
35 years
|
Arbor Terrace of Athens
|
Athens
|
GA
|
—
|
|
1,767
|
|
16,442
|
|
237
|
|
1,770
|
|
16,676
|
|
18,446
|
|
1,122
|
|
17,324
|
|
1998
|
2015
|
35 years
|
Arbor Terrace at Cascade
|
Atlanta
|
GA
|
—
|
|
3,052
|
|
9,040
|
|
236
|
|
3,057
|
|
9,271
|
|
12,328
|
|
910
|
|
11,418
|
|
1999
|
2015
|
35 years
|
Augusta Gardens
|
Augusta
|
GA
|
—
|
|
530
|
|
10,262
|
|
308
|
|
543
|
|
10,557
|
|
11,100
|
|
1,890
|
|
9,210
|
|
1997
|
2011
|
35 years
|
Benton House of Covington
|
Covington
|
GA
|
7,736
|
|
1,297
|
|
11,397
|
|
64
|
|
1,297
|
|
11,461
|
|
12,758
|
|
821
|
|
11,937
|
|
2009
|
2015
|
35 years
|
Arbor Terrace of Decatur
|
Decatur
|
GA
|
10,500
|
|
3,102
|
|
19,599
|
|
(1,639
|
)
|
1,292
|
|
19,770
|
|
21,062
|
|
1,321
|
|
19,741
|
|
1990
|
2015
|
35 years
|
Benton House of Douglasville
|
Douglasville
|
GA
|
—
|
|
1,697
|
|
15,542
|
|
16
|
|
1,697
|
|
15,558
|
|
17,255
|
|
1,094
|
|
16,161
|
|
2010
|
2015
|
35 years
|
Elmcroft of Martinez
|
Martinez
|
GA
|
—
|
|
408
|
|
6,764
|
|
—
|
|
408
|
|
6,764
|
|
7,172
|
|
1,836
|
|
5,336
|
|
1997
|
2007
|
35 years
|
Benton House of Newnan
|
Newnan
|
GA
|
—
|
|
1,474
|
|
17,487
|
|
76
|
|
1,474
|
|
17,563
|
|
19,037
|
|
1,196
|
|
17,841
|
|
2010
|
2015
|
35 years
|
Elmcroft of Roswell
|
Roswell
|
GA
|
—
|
|
1,867
|
|
15,835
|
|
—
|
|
1,867
|
|
15,835
|
|
17,702
|
|
1,062
|
|
16,640
|
|
1997
|
2014
|
35 years
|
Benton Village of Stockbridge
|
Stockbridge
|
GA
|
—
|
|
2,221
|
|
21,989
|
|
182
|
|
2,221
|
|
22,171
|
|
24,392
|
|
1,552
|
|
22,840
|
|
2008
|
2015
|
35 years
|
Benton House of Sugar Hill
|
Sugar Hill
|
GA
|
—
|
|
2,173
|
|
14,937
|
|
73
|
|
2,173
|
|
15,010
|
|
17,183
|
|
1,105
|
|
16,078
|
|
2010
|
2015
|
35 years
|
Mayflower Care Home
|
Northfleet
|
GS
|
—
|
|
4,330
|
|
7,519
|
|
(1,929
|
)
|
3,625
|
|
6,295
|
|
9,920
|
|
381
|
|
9,539
|
|
2012
|
2015
|
40 years
|
Villas of St. James - Breese
|
Breese
|
IL
|
—
|
|
671
|
|
6,849
|
|
—
|
|
671
|
|
6,849
|
|
7,520
|
|
560
|
|
6,960
|
|
2009
|
2015
|
35 years
|
Villas of Holly Brook - Chatham
|
Chatham
|
IL
|
—
|
|
1,185
|
|
8,910
|
|
—
|
|
1,185
|
|
8,910
|
|
10,095
|
|
749
|
|
9,346
|
|
2012
|
2015
|
35 years
|
Villas of Holly Brook - Effingham
|
Effingham
|
IL
|
—
|
|
508
|
|
6,624
|
|
—
|
|
508
|
|
6,624
|
|
7,132
|
|
526
|
|
6,606
|
|
2011
|
2015
|
35 years
|
Villas of Holly Brook - Herrin
|
Herrin
|
IL
|
—
|
|
2,175
|
|
9,605
|
|
—
|
|
2,175
|
|
9,605
|
|
11,780
|
|
930
|
|
10,850
|
|
2012
|
2015
|
35 years
|
Villas of Holly Brook - Marshall
|
Marshall
|
IL
|
—
|
|
1,461
|
|
4,881
|
|
—
|
|
1,461
|
|
4,881
|
|
6,342
|
|
550
|
|
5,792
|
|
2012
|
2015
|
35 years
|
Villas of Holly Brook
|
Newton
|
IL
|
—
|
|
458
|
|
4,590
|
|
—
|
|
458
|
|
4,590
|
|
5,048
|
|
405
|
|
4,643
|
|
2011
|
2015
|
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
|
|||||||||
Wyndcrest Assisted Living
|
Rochester
|
IL
|
—
|
|
570
|
|
6,536
|
|
79
|
|
570
|
|
6,615
|
|
7,185
|
|
504
|
|
6,681
|
|
2005
|
2015
|
35 years
|
Villas of Holly Brook, Shelbyville
|
Shelbyville
|
IL
|
—
|
|
2,292
|
|
3,351
|
|
—
|
|
2,292
|
|
3,351
|
|
5,643
|
|
605
|
|
5,038
|
|
2011
|
2015
|
35 years
|
Georgetowne Place
|
Fort Wayne
|
IN
|
—
|
|
1,315
|
|
18,185
|
|
238
|
|
1,315
|
|
18,423
|
|
19,738
|
|
5,888
|
|
13,850
|
|
1987
|
2005
|
35 years
|
The Harrison
|
Indianapolis
|
IN
|
—
|
|
1,200
|
|
5,740
|
|
—
|
|
1,200
|
|
5,740
|
|
6,940
|
|
1,981
|
|
4,959
|
|
1985
|
2005
|
35 years
|
Elmcroft of Muncie
|
Muncie
|
IN
|
—
|
|
244
|
|
11,218
|
|
—
|
|
244
|
|
11,218
|
|
11,462
|
|
3,045
|
|
8,417
|
|
1998
|
2007
|
35 years
|
Wood Ridge
|
South Bend
|
IN
|
—
|
|
590
|
|
4,850
|
|
(35
|
)
|
590
|
|
4,815
|
|
5,405
|
|
922
|
|
4,483
|
|
1990
|
2011
|
35 years
|
Canford Healthcare Limited
|
Bexleyheath
|
KNT
|
—
|
|
5,042
|
|
7,525
|
|
(2,045
|
)
|
4,222
|
|
6,300
|
|
10,522
|
|
377
|
|
10,145
|
|
2007
|
2015
|
40 years
|
Canford Healthcare Limited
|
Maidstone
|
KNT
|
—
|
|
3,769
|
|
3,089
|
|
(1,116
|
)
|
3,155
|
|
2,587
|
|
5,742
|
|
244
|
|
5,498
|
|
2013
|
2015
|
40 years
|
Canford Healthcare Limited
|
Tunbridge Wells
|
KNT
|
—
|
|
4,323
|
|
5,869
|
|
(1,660
|
)
|
3,619
|
|
4,913
|
|
8,532
|
|
356
|
|
8,176
|
|
2010
|
2015
|
40 years
|
Elmcroft of Florence
|
Florence
|
KY
|
—
|
|
1,535
|
|
21,826
|
|
—
|
|
1,535
|
|
21,826
|
|
23,361
|
|
1,455
|
|
21,906
|
|
2010
|
2014
|
35 years
|
Hartland Hills
|
Lexington
|
KY
|
—
|
|
1,468
|
|
23,929
|
|
—
|
|
1,468
|
|
23,929
|
|
25,397
|
|
2,601
|
|
22,796
|
|
2001
|
2013
|
35 years
|
Elmcroft of Mount Washington
|
Mount Washington
|
KY
|
—
|
|
758
|
|
12,048
|
|
—
|
|
758
|
|
12,048
|
|
12,806
|
|
802
|
|
12,004
|
|
2005
|
2014
|
35 years
|
Heathlands Care Home
|
Chingford
|
LON
|
—
|
|
5,398
|
|
7,967
|
|
(2,176
|
)
|
4,519
|
|
6,670
|
|
11,189
|
|
408
|
|
10,781
|
|
1980
|
2015
|
40 years
|
Heritage Woods
|
Agawam
|
MA
|
—
|
|
1,249
|
|
4,625
|
|
—
|
|
1,249
|
|
4,625
|
|
5,874
|
|
2,266
|
|
3,608
|
|
1997
|
2004
|
30 years
|
Devonshire Estates
|
Lenox
|
MA
|
—
|
|
1,832
|
|
31,124
|
|
—
|
|
1,832
|
|
31,124
|
|
32,956
|
|
3,382
|
|
29,574
|
|
1998
|
2013
|
35 years
|
Outlook Pointe at Hagerstown
|
Hagerstown
|
MD
|
—
|
|
2,010
|
|
1,293
|
|
271
|
|
2,010
|
|
1,564
|
|
3,574
|
|
481
|
|
3,093
|
|
1999
|
2011
|
35 years
|
Clover Healthcare
|
Auburn
|
ME
|
—
|
|
1,400
|
|
26,895
|
|
876
|
|
1,400
|
|
27,771
|
|
29,171
|
|
5,108
|
|
24,063
|
|
1982
|
2011
|
35 years
|
Gorham House
|
Gorham
|
ME
|
—
|
|
1,360
|
|
33,147
|
|
1,472
|
|
1,527
|
|
34,452
|
|
35,979
|
|
5,809
|
|
30,170
|
|
1990
|
2011
|
35 years
|
Kittery Estates
|
Kittery
|
ME
|
—
|
|
1,531
|
|
30,811
|
|
—
|
|
1,531
|
|
30,811
|
|
32,342
|
|
3,344
|
|
28,998
|
|
2009
|
2013
|
35 years
|
Woods at Canco
|
Portland
|
ME
|
—
|
|
1,441
|
|
45,578
|
|
—
|
|
1,441
|
|
45,578
|
|
47,019
|
|
4,934
|
|
42,085
|
|
2000
|
2013
|
35 years
|
Sentry Hill
|
York Harbor
|
ME
|
—
|
|
3,490
|
|
19,869
|
|
—
|
|
3,490
|
|
19,869
|
|
23,359
|
|
3,479
|
|
19,880
|
|
2000
|
2011
|
35 years
|
Elmcroft of Downriver
|
Brownstown Charter Township
|
MI
|
—
|
|
320
|
|
32,652
|
|
429
|
|
371
|
|
33,030
|
|
33,401
|
|
5,678
|
|
27,723
|
|
2000
|
2011
|
35 years
|
Independence Village of East Lansing
|
East Lansing
|
MI
|
—
|
|
1,956
|
|
18,122
|
|
398
|
|
1,956
|
|
18,520
|
|
20,476
|
|
2,532
|
|
17,944
|
|
1989
|
2012
|
35 years
|
Elmcroft of Kentwood
|
Kentwood
|
MI
|
—
|
|
510
|
|
13,976
|
|
521
|
|
510
|
|
14,497
|
|
15,007
|
|
2,876
|
|
12,131
|
|
2001
|
2011
|
35 years
|
Primrose Austin
|
Austin
|
MN
|
—
|
|
2,540
|
|
11,707
|
|
443
|
|
2,540
|
|
12,150
|
|
14,690
|
|
2,002
|
|
12,688
|
|
2002
|
2011
|
35 years
|
Primrose Duluth
|
Duluth
|
MN
|
—
|
|
6,190
|
|
8,296
|
|
202
|
|
6,190
|
|
8,498
|
|
14,688
|
|
1,625
|
|
13,063
|
|
2003
|
2011
|
35 years
|
Primrose Mankato
|
Mankato
|
MN
|
—
|
|
1,860
|
|
8,920
|
|
223
|
|
1,860
|
|
9,143
|
|
11,003
|
|
1,670
|
|
9,333
|
|
1999
|
2011
|
35 years
|
Rose Arbor
|
Maple Grove
|
MN
|
—
|
|
1,140
|
|
12,421
|
|
—
|
|
1,140
|
|
12,421
|
|
13,561
|
|
5,165
|
|
8,396
|
|
2000
|
2006
|
35 years
|
Wildflower Lodge
|
Maple Grove
|
MN
|
—
|
|
504
|
|
5,035
|
|
—
|
|
504
|
|
5,035
|
|
5,539
|
|
2,098
|
|
3,441
|
|
1981
|
2006
|
35 years
|
Lodge at White Bear
|
White Bear Lake
|
MN
|
—
|
|
732
|
|
24,999
|
|
—
|
|
732
|
|
24,999
|
|
25,731
|
|
2,706
|
|
23,025
|
|
2002
|
2013
|
35 years
|
Assisted Living at the Meadowlands - O'Fallon
|
O'Fallon
|
MO
|
—
|
|
2,326
|
|
14,158
|
|
—
|
|
2,326
|
|
14,158
|
|
16,484
|
|
1,157
|
|
15,327
|
|
1999
|
2015
|
35 years
|
Canyon Creek Inn Memory Care
|
Billings
|
MT
|
—
|
|
420
|
|
11,217
|
|
7
|
|
420
|
|
11,224
|
|
11,644
|
|
1,877
|
|
9,767
|
|
2011
|
2011
|
35 years
|
Springs at Missoula
|
Missoula
|
MT
|
15,684
|
|
1,975
|
|
34,390
|
|
—
|
|
1,975
|
|
34,390
|
|
36,365
|
|
4,898
|
|
31,467
|
|
2004
|
2012
|
35 years
|
Carillon ALF of Asheboro
|
Asheboro
|
NC
|
—
|
|
680
|
|
15,370
|
|
—
|
|
680
|
|
15,370
|
|
16,050
|
|
2,667
|
|
13,383
|
|
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
|
|||||||||
Arbor Terrace of Asheville
|
Asheville
|
NC
|
9,093
|
|
1,365
|
|
15,679
|
|
303
|
|
1,365
|
|
15,982
|
|
17,347
|
|
1,115
|
|
16,232
|
|
1998
|
2015
|
35 years
|
Elmcroft of Little Avenue
|
Charlotte
|
NC
|
—
|
|
250
|
|
5,077
|
|
—
|
|
250
|
|
5,077
|
|
5,327
|
|
1,475
|
|
3,852
|
|
1997
|
2006
|
35 years
|
Carillon ALF of Cramer Mt.
|
Cramerton
|
NC
|
—
|
|
530
|
|
18,225
|
|
—
|
|
530
|
|
18,225
|
|
18,755
|
|
3,189
|
|
15,566
|
|
1999
|
2011
|
35 years
|
Carillon ALF of Harrisburg
|
Harrisburg
|
NC
|
—
|
|
1,660
|
|
15,130
|
|
—
|
|
1,660
|
|
15,130
|
|
16,790
|
|
2,635
|
|
14,155
|
|
1997
|
2011
|
35 years
|
Carillon ALF of Hendersonville
|
Hendersonville
|
NC
|
—
|
|
2,210
|
|
7,372
|
|
—
|
|
2,210
|
|
7,372
|
|
9,582
|
|
1,449
|
|
8,133
|
|
2005
|
2011
|
35 years
|
Carillon ALF of Hillsborough
|
Hillsborough
|
NC
|
—
|
|
1,450
|
|
19,754
|
|
—
|
|
1,450
|
|
19,754
|
|
21,204
|
|
3,389
|
|
17,815
|
|
2005
|
2011
|
35 years
|
Willow Grove
|
Matthews
|
NC
|
—
|
|
763
|
|
27,544
|
|
—
|
|
763
|
|
27,544
|
|
28,307
|
|
2,980
|
|
25,327
|
|
2009
|
2013
|
35 years
|
Carillon ALF of Newton
|
Newton
|
NC
|
—
|
|
540
|
|
14,935
|
|
—
|
|
540
|
|
14,935
|
|
15,475
|
|
2,593
|
|
12,882
|
|
2000
|
2011
|
35 years
|
Independence Village of Olde Raleigh
|
Raleigh
|
NC
|
—
|
|
1,989
|
|
18,648
|
|
—
|
|
1,989
|
|
18,648
|
|
20,637
|
|
2,635
|
|
18,002
|
|
1991
|
2012
|
35 years
|
Elmcroft of Northridge
|
Raleigh
|
NC
|
—
|
|
184
|
|
3,592
|
|
—
|
|
184
|
|
3,592
|
|
3,776
|
|
1,043
|
|
2,733
|
|
1984
|
2006
|
35 years
|
Carillon ALF of Salisbury
|
Salisbury
|
NC
|
—
|
|
1,580
|
|
25,026
|
|
—
|
|
1,580
|
|
25,026
|
|
26,606
|
|
4,257
|
|
22,349
|
|
1999
|
2011
|
35 years
|
Carillon ALF of Shelby
|
Shelby
|
NC
|
—
|
|
660
|
|
15,471
|
|
—
|
|
660
|
|
15,471
|
|
16,131
|
|
2,694
|
|
13,437
|
|
2000
|
2011
|
35 years
|
Elmcroft of Southern Pines
|
Southern Pines
|
NC
|
—
|
|
1,196
|
|
10,766
|
|
—
|
|
1,196
|
|
10,766
|
|
11,962
|
|
2,076
|
|
9,886
|
|
1998
|
2010
|
35 years
|
Carillon ALF of Southport
|
Southport
|
NC
|
—
|
|
1,330
|
|
10,356
|
|
—
|
|
1,330
|
|
10,356
|
|
11,686
|
|
1,918
|
|
9,768
|
|
2005
|
2011
|
35 years
|
Primrose Bismarck
|
Bismarck
|
ND
|
—
|
|
1,210
|
|
9,768
|
|
130
|
|
1,210
|
|
9,898
|
|
11,108
|
|
1,731
|
|
9,377
|
|
1994
|
2011
|
35 years
|
Wellington ALF - Minot ND
|
Minot
|
ND
|
—
|
|
3,241
|
|
9,509
|
|
—
|
|
3,241
|
|
9,509
|
|
12,750
|
|
961
|
|
11,789
|
|
2005
|
2015
|
35 years
|
Crown Pointe
|
Omaha
|
NE
|
—
|
|
1,316
|
|
11,950
|
|
—
|
|
1,316
|
|
11,950
|
|
13,266
|
|
3,982
|
|
9,284
|
|
1985
|
2005
|
35 years
|
Birch Heights
|
Derry
|
NH
|
—
|
|
1,413
|
|
30,267
|
|
—
|
|
1,413
|
|
30,267
|
|
31,680
|
|
3,284
|
|
28,396
|
|
2009
|
2013
|
35 years
|
Bear Canyon Estates
|
Albuquerque
|
NM
|
—
|
|
1,879
|
|
36,223
|
|
—
|
|
1,879
|
|
36,223
|
|
38,102
|
|
3,932
|
|
34,170
|
|
1997
|
2013
|
35 years
|
The Woodmark at Uptown
|
Albuquerque
|
NM
|
—
|
|
2,439
|
|
33,276
|
|
203
|
|
2,445
|
|
33,473
|
|
35,918
|
|
2,237
|
|
33,681
|
|
2000
|
2015
|
35 years
|
Elmcroft of Quintessence
|
Albuquerque
|
NM
|
—
|
|
1,150
|
|
26,527
|
|
422
|
|
1,165
|
|
26,934
|
|
28,099
|
|
4,665
|
|
23,434
|
|
1998
|
2011
|
35 years
|
Prestige Assisted Living at Mira Loma
|
Henderson
|
NV
|
—
|
|
1,279
|
|
12,558
|
|
—
|
|
1,279
|
|
12,558
|
|
13,837
|
|
317
|
|
13,520
|
|
1998
|
2016
|
35 years
|
The Amberleigh
|
Buffalo
|
NY
|
—
|
|
3,498
|
|
19,097
|
|
5,059
|
|
3,498
|
|
24,156
|
|
27,654
|
|
6,529
|
|
21,125
|
|
1988
|
2005
|
35 years
|
Castle Gardens
|
Vestal
|
NY
|
—
|
|
1,830
|
|
20,312
|
|
2,230
|
|
1,885
|
|
22,487
|
|
24,372
|
|
4,793
|
|
19,579
|
|
1994
|
2011
|
35 years
|
Elmcroft of Lima
|
Lima
|
OH
|
—
|
|
490
|
|
3,368
|
|
—
|
|
490
|
|
3,368
|
|
3,858
|
|
978
|
|
2,880
|
|
1998
|
2006
|
35 years
|
Elmcroft of Ontario
|
Mansfield
|
OH
|
—
|
|
523
|
|
7,968
|
|
—
|
|
523
|
|
7,968
|
|
8,491
|
|
2,314
|
|
6,177
|
|
1998
|
2006
|
35 years
|
Elmcroft of Medina
|
Medina
|
OH
|
—
|
|
661
|
|
9,788
|
|
—
|
|
661
|
|
9,788
|
|
10,449
|
|
2,843
|
|
7,606
|
|
1999
|
2006
|
35 years
|
Elmcroft of Washington Township
|
Miamisburg
|
OH
|
—
|
|
1,235
|
|
12,611
|
|
—
|
|
1,235
|
|
12,611
|
|
13,846
|
|
3,663
|
|
10,183
|
|
1998
|
2006
|
35 years
|
Elmcroft of Sagamore Hills
|
Northfield
|
OH
|
—
|
|
980
|
|
12,604
|
|
—
|
|
980
|
|
12,604
|
|
13,584
|
|
3,661
|
|
9,923
|
|
2000
|
2006
|
35 years
|
Elmcroft of Lorain
|
Vermilion
|
OH
|
—
|
|
500
|
|
15,461
|
|
528
|
|
557
|
|
15,932
|
|
16,489
|
|
3,042
|
|
13,447
|
|
2000
|
2011
|
35 years
|
Gardens at Westlake - Westlake OH
|
Westlake
|
OH
|
—
|
|
2,401
|
|
20,640
|
|
65
|
|
2,401
|
|
20,705
|
|
23,106
|
|
1,537
|
|
21,569
|
|
1987
|
2015
|
35 years
|
Elmcroft of Xenia
|
Xenia
|
OH
|
—
|
|
653
|
|
2,801
|
|
—
|
|
653
|
|
2,801
|
|
3,454
|
|
814
|
|
2,640
|
|
1999
|
2006
|
35 years
|
Arbor House of Mustang
|
Mustang
|
OK
|
—
|
|
372
|
|
3,587
|
|
—
|
|
372
|
|
3,587
|
|
3,959
|
|
480
|
|
3,479
|
|
1999
|
2012
|
35 years
|
Arbor House of Norman
|
Norman
|
OK
|
—
|
|
444
|
|
7,525
|
|
—
|
|
444
|
|
7,525
|
|
7,969
|
|
1,001
|
|
6,968
|
|
2000
|
2012
|
35 years
|
Arbor House Reminisce Center
|
Norman
|
OK
|
—
|
|
438
|
|
3,028
|
|
—
|
|
438
|
|
3,028
|
|
3,466
|
|
407
|
|
3,059
|
|
2004
|
2012
|
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
|
|||||||||
Arbor House of Midwest City
|
Oklahoma City
|
OK
|
—
|
|
544
|
|
9,133
|
|
—
|
|
544
|
|
9,133
|
|
9,677
|
|
1,215
|
|
8,462
|
|
2004
|
2012
|
25 years
|
Mansion at Waterford
|
Oklahoma City
|
OK
|
—
|
|
2,077
|
|
14,184
|
|
—
|
|
2,077
|
|
14,184
|
|
16,261
|
|
2,094
|
|
14,167
|
|
1999
|
2012
|
35 years
|
Meadowbrook Place
|
Baker City
|
OR
|
—
|
|
1,430
|
|
5,311
|
|
—
|
|
1,430
|
|
5,311
|
|
6,741
|
|
392
|
|
6,349
|
|
1965
|
2014
|
35 years
|
Edgewood Downs
|
Beaverton
|
OR
|
—
|
|
2,356
|
|
15,476
|
|
—
|
|
2,356
|
|
15,476
|
|
17,832
|
|
1,703
|
|
16,129
|
|
1978
|
2013
|
35 years
|
Princeton Village
|
Clackamas
|
OR
|
2,808
|
|
1,126
|
|
10,283
|
|
34
|
|
1,126
|
|
10,317
|
|
11,443
|
|
743
|
|
10,700
|
|
1999
|
2015
|
35 years
|
Bayside Terrace
|
Coos Bay
|
OR
|
—
|
|
498
|
|
2,795
|
|
590
|
|
498
|
|
3,385
|
|
3,883
|
|
323
|
|
3,560
|
|
2006
|
2015
|
35 years
|
Ocean Ridge
|
Coos Bay
|
OR
|
—
|
|
2,681
|
|
10,941
|
|
75
|
|
2,681
|
|
11,016
|
|
13,697
|
|
1,108
|
|
12,589
|
|
2006
|
2015
|
35 years
|
Avamere at Hillsboro
|
Hillsboro
|
OR
|
—
|
|
4,400
|
|
8,353
|
|
1,145
|
|
4,400
|
|
9,498
|
|
13,898
|
|
1,894
|
|
12,004
|
|
2000
|
2011
|
35 years
|
The Springs at Tanasbourne
|
Hillsboro
|
OR
|
34,002
|
|
4,689
|
|
55,035
|
|
—
|
|
4,689
|
|
55,035
|
|
59,724
|
|
7,766
|
|
51,958
|
|
2009
|
2013
|
35 years
|
Keizer River ALZ Facility
|
Keizer
|
OR
|
—
|
|
922
|
|
6,460
|
|
96
|
|
1,135
|
|
6,343
|
|
7,478
|
|
545
|
|
6,933
|
|
2012
|
2014
|
35 years
|
Pelican Pointe
|
Klamath Falls
|
OR
|
11,839
|
|
943
|
|
26,237
|
|
23
|
|
943
|
|
26,260
|
|
27,203
|
|
1,759
|
|
25,444
|
|
2011
|
2015
|
35 years
|
The Stafford
|
Lake Oswego
|
OR
|
—
|
|
1,800
|
|
16,122
|
|
180
|
|
1,806
|
|
16,296
|
|
18,102
|
|
3,002
|
|
15,100
|
|
2008
|
2011
|
35 years
|
The Springs at Clackamas Woods (ILF)
|
Milwaukie
|
OR
|
10,374
|
|
1,264
|
|
22,429
|
|
—
|
|
1,264
|
|
22,429
|
|
23,693
|
|
3,195
|
|
20,498
|
|
1999
|
2012
|
35 years
|
Clackamas Woods Assisted Living
|
Milwaukie
|
OR
|
5,550
|
|
681
|
|
12,077
|
|
—
|
|
681
|
|
12,077
|
|
12,758
|
|
1,721
|
|
11,037
|
|
1999
|
2012
|
35 years
|
Pheasant Pointe
|
Molalla
|
OR
|
—
|
|
904
|
|
7,433
|
|
6
|
|
904
|
|
7,439
|
|
8,343
|
|
579
|
|
7,764
|
|
1998
|
2015
|
35 years
|
Avamere at Newberg
|
Newberg
|
OR
|
—
|
|
1,320
|
|
4,664
|
|
485
|
|
1,320
|
|
5,149
|
|
6,469
|
|
1,106
|
|
5,363
|
|
1999
|
2011
|
35 years
|
Avamere Living at Berry Park
|
Oregon City
|
OR
|
—
|
|
1,910
|
|
4,249
|
|
2,224
|
|
1,910
|
|
6,473
|
|
8,383
|
|
1,399
|
|
6,984
|
|
1972
|
2011
|
35 years
|
McLoughlin Place Senior Living
|
Oregon City
|
OR
|
—
|
|
2,418
|
|
26,819
|
|
—
|
|
2,418
|
|
26,819
|
|
29,237
|
|
1,953
|
|
27,284
|
|
1997
|
2014
|
35 years
|
Avamere at Bethany
|
Portland
|
OR
|
—
|
|
3,150
|
|
16,740
|
|
95
|
|
3,150
|
|
16,835
|
|
19,985
|
|
3,076
|
|
16,909
|
|
2002
|
2011
|
35 years
|
Cedar Village
|
Salem
|
OR
|
—
|
|
868
|
|
12,652
|
|
159
|
|
868
|
|
12,811
|
|
13,679
|
|
885
|
|
12,794
|
|
1999
|
2015
|
35 years
|
Redwood Heights
|
Salem
|
OR
|
—
|
|
1,513
|
|
16,774
|
|
6
|
|
1,513
|
|
16,780
|
|
18,293
|
|
1,163
|
|
17,130
|
|
1999
|
2015
|
35 years
|
Avamere at Sandy
|
Sandy
|
OR
|
—
|
|
1,000
|
|
7,309
|
|
263
|
|
1,000
|
|
7,572
|
|
8,572
|
|
1,500
|
|
7,072
|
|
1999
|
2011
|
35 years
|
Suzanne Elise ALF
|
Seaside
|
OR
|
—
|
|
1,940
|
|
4,027
|
|
47
|
|
1,940
|
|
4,074
|
|
6,014
|
|
1,005
|
|
5,009
|
|
1998
|
2011
|
35 years
|
Necanicum Village
|
Seaside
|
OR
|
—
|
|
2,212
|
|
7,311
|
|
40
|
|
2,212
|
|
7,351
|
|
9,563
|
|
470
|
|
9,093
|
|
2001
|
2015
|
35 years
|
Avamere at Sherwood
|
Sherwood
|
OR
|
—
|
|
1,010
|
|
7,051
|
|
258
|
|
1,010
|
|
7,309
|
|
8,319
|
|
1,454
|
|
6,865
|
|
2000
|
2011
|
35 years
|
Chateau Gardens
|
Springfield
|
OR
|
—
|
|
1,550
|
|
4,197
|
|
—
|
|
1,550
|
|
4,197
|
|
5,747
|
|
751
|
|
4,996
|
|
1991
|
2011
|
35 years
|
Avamere at St Helens
|
St. Helens
|
OR
|
—
|
|
1,410
|
|
10,496
|
|
433
|
|
1,410
|
|
10,929
|
|
12,339
|
|
2,050
|
|
10,289
|
|
2000
|
2011
|
35 years
|
Flagstone Senior Living
|
The Dalles
|
OR
|
—
|
|
1,631
|
|
17,786
|
|
—
|
|
1,631
|
|
17,786
|
|
19,417
|
|
1,293
|
|
18,124
|
|
1991
|
2014
|
35 years
|
Elmcroft of Allison Park
|
Allison Park
|
PA
|
—
|
|
1,171
|
|
5,686
|
|
—
|
|
1,171
|
|
5,686
|
|
6,857
|
|
1,652
|
|
5,205
|
|
1986
|
2006
|
35 years
|
Elmcroft of Chippewa
|
Beaver Falls
|
PA
|
—
|
|
1,394
|
|
8,586
|
|
—
|
|
1,394
|
|
8,586
|
|
9,980
|
|
2,494
|
|
7,486
|
|
1998
|
2006
|
35 years
|
Elmcroft of Berwick
|
Berwick
|
PA
|
—
|
|
111
|
|
6,741
|
|
—
|
|
111
|
|
6,741
|
|
6,852
|
|
1,958
|
|
4,894
|
|
1998
|
2006
|
35 years
|
Outlook Pointe at Lakemont
|
Bridgeville
|
PA
|
—
|
|
1,660
|
|
12,624
|
|
203
|
|
1,660
|
|
12,827
|
|
14,487
|
|
2,408
|
|
12,079
|
|
1999
|
2011
|
35 years
|
Elmcroft of Dillsburg
|
Dillsburg
|
PA
|
—
|
|
432
|
|
7,797
|
|
—
|
|
432
|
|
7,797
|
|
8,229
|
|
2,265
|
|
5,964
|
|
1998
|
2006
|
35 years
|
Elmcroft of Altoona
|
Hollidaysburg
|
PA
|
—
|
|
331
|
|
4,729
|
|
—
|
|
331
|
|
4,729
|
|
5,060
|
|
1,374
|
|
3,686
|
|
1997
|
2006
|
35 years
|
Elmcroft of Lebanon
|
Lebanon
|
PA
|
—
|
|
240
|
|
7,336
|
|
—
|
|
240
|
|
7,336
|
|
7,576
|
|
2,131
|
|
5,445
|
|
1999
|
2006
|
35 years
|
Elmcroft of Lewisburg
|
Lewisburg
|
PA
|
—
|
|
232
|
|
5,666
|
|
—
|
|
232
|
|
5,666
|
|
5,898
|
|
1,646
|
|
4,252
|
|
1999
|
2006
|
35 years
|
Lehigh Commons
|
Macungie
|
PA
|
—
|
|
420
|
|
4,406
|
|
450
|
|
420
|
|
4,856
|
|
5,276
|
|
2,308
|
|
2,968
|
|
1997
|
2004
|
30 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 Loyalsock
|
Montoursville
|
PA
|
—
|
|
413
|
|
3,412
|
|
—
|
|
413
|
|
3,412
|
|
3,825
|
|
894
|
|
2,931
|
|
1999
|
2006
|
35 years
|
Highgate at Paoli Pointe
|
Paoli
|
PA
|
—
|
|
1,151
|
|
9,079
|
|
—
|
|
1,151
|
|
9,079
|
|
10,230
|
|
3,755
|
|
6,475
|
|
1997
|
2004
|
30 years
|
Elmcroft of Mid Valley
|
Peckville
|
PA
|
—
|
|
619
|
|
11,662
|
|
—
|
|
619
|
|
11,662
|
|
12,281
|
|
388
|
|
11,893
|
|
1998
|
2014
|
35 years
|
Sanatoga Court
|
Pottstown
|
PA
|
—
|
|
360
|
|
3,233
|
|
—
|
|
360
|
|
3,233
|
|
3,593
|
|
1,402
|
|
2,191
|
|
1997
|
2004
|
30 years
|
Berkshire Commons
|
Reading
|
PA
|
—
|
|
470
|
|
4,301
|
|
—
|
|
470
|
|
4,301
|
|
4,771
|
|
1,862
|
|
2,909
|
|
1997
|
2004
|
30 years
|
Mifflin Court
|
Reading
|
PA
|
—
|
|
689
|
|
4,265
|
|
351
|
|
689
|
|
4,616
|
|
5,305
|
|
1,728
|
|
3,577
|
|
1997
|
2004
|
35 years
|
Elmcroft of Reading
|
Reading
|
PA
|
—
|
|
638
|
|
4,942
|
|
—
|
|
638
|
|
4,942
|
|
5,580
|
|
1,294
|
|
4,286
|
|
1998
|
2006
|
35 years
|
Elmcroft of Reedsville
|
Reedsville
|
PA
|
—
|
|
189
|
|
5,170
|
|
—
|
|
189
|
|
5,170
|
|
5,359
|
|
1,354
|
|
4,005
|
|
1998
|
2006
|
35 years
|
Elmcroft of Saxonburg
|
Saxonburg
|
PA
|
—
|
|
770
|
|
5,949
|
|
—
|
|
770
|
|
5,949
|
|
6,719
|
|
1,558
|
|
5,161
|
|
1994
|
2006
|
35 years
|
Elmcroft of Shippensburg
|
Shippensburg
|
PA
|
—
|
|
203
|
|
7,634
|
|
—
|
|
203
|
|
7,634
|
|
7,837
|
|
1,999
|
|
5,838
|
|
1999
|
2006
|
35 years
|
Elmcroft of State College
|
State College
|
PA
|
—
|
|
320
|
|
7,407
|
|
—
|
|
320
|
|
7,407
|
|
7,727
|
|
1,940
|
|
5,787
|
|
1997
|
2006
|
35 years
|
Outlook Pointe at York
|
York
|
PA
|
—
|
|
1,260
|
|
6,923
|
|
85
|
|
1,260
|
|
7,008
|
|
8,268
|
|
1,092
|
|
7,176
|
|
1999
|
2011
|
35 years
|
Garden House of Anderson SC
|
Anderson
|
SC
|
7,871
|
|
969
|
|
15,613
|
|
—
|
|
969
|
|
15,613
|
|
16,582
|
|
510
|
|
16,072
|
|
2000
|
2015
|
35 years
|
Forest Pines
|
Columbia
|
SC
|
—
|
|
1,058
|
|
27,471
|
|
—
|
|
1,058
|
|
27,471
|
|
28,529
|
|
2,061
|
|
26,468
|
|
1998
|
2013
|
35 years
|
Elmcroft of Florence SC
|
Florence
|
SC
|
—
|
|
108
|
|
7,620
|
|
—
|
|
108
|
|
7,620
|
|
7,728
|
|
1,996
|
|
5,732
|
|
1998
|
2006
|
35 years
|
Primrose Aberdeen
|
Aberdeen
|
SD
|
—
|
|
850
|
|
659
|
|
72
|
|
850
|
|
731
|
|
1,581
|
|
231
|
|
1,350
|
|
1991
|
2011
|
35 years
|
Primrose Place
|
Aberdeen
|
SD
|
—
|
|
310
|
|
3,242
|
|
12
|
|
310
|
|
3,254
|
|
3,564
|
|
495
|
|
3,069
|
|
2000
|
2011
|
35 years
|
Primrose Rapid City
|
Rapid City
|
SD
|
—
|
|
860
|
|
8,722
|
|
—
|
|
860
|
|
8,722
|
|
9,582
|
|
1,322
|
|
8,260
|
|
1997
|
2011
|
35 years
|
Primrose Sioux Falls
|
Sioux Falls
|
SD
|
—
|
|
2,180
|
|
12,936
|
|
99
|
|
2,180
|
|
13,035
|
|
15,215
|
|
1,985
|
|
13,230
|
|
2002
|
2011
|
35 years
|
Ashridge Court
|
Bexhill-on-Sea
|
East Sussex
|
—
|
|
2,274
|
|
4,791
|
|
—
|
|
2,274
|
|
4,791
|
|
7,065
|
|
173
|
|
6,892
|
|
2010
|
2015
|
40 years
|
Inglewood Nursing Home
|
Eastbourne
|
East Sussex
|
—
|
|
1,908
|
|
3,021
|
|
—
|
|
1,908
|
|
3,021
|
|
4,929
|
|
126
|
|
4,803
|
|
2010
|
2015
|
40 years
|
Pentlow Nursing Home
|
Eastbourne
|
East Sussex
|
—
|
|
1,964
|
|
2,462
|
|
—
|
|
1,964
|
|
2,462
|
|
4,426
|
|
109
|
|
4,317
|
|
2007
|
2015
|
40 years
|
Outlook Pointe of Bristol
|
Bristol
|
TN
|
—
|
|
470
|
|
16,006
|
|
134
|
|
470
|
|
16,140
|
|
16,610
|
|
2,274
|
|
14,336
|
|
1999
|
2011
|
35 years
|
Elmcroft of Hamilton Place
|
Chattanooga
|
TN
|
—
|
|
87
|
|
4,248
|
|
—
|
|
87
|
|
4,248
|
|
4,335
|
|
1,112
|
|
3,223
|
|
1998
|
2006
|
35 years
|
Elmcroft of Shallowford
|
Chattanooga
|
TN
|
—
|
|
580
|
|
7,568
|
|
455
|
|
582
|
|
8,021
|
|
8,603
|
|
1,442
|
|
7,161
|
|
1999
|
2011
|
35 years
|
Elmcroft of Hendersonville
|
Hendersonville
|
TN
|
—
|
|
600
|
|
5,304
|
|
—
|
|
600
|
|
5,304
|
|
5,904
|
|
178
|
|
5,726
|
|
1999
|
2014
|
35 years
|
Regency House
|
Hixson
|
TN
|
—
|
|
140
|
|
6,611
|
|
—
|
|
140
|
|
6,611
|
|
6,751
|
|
982
|
|
5,769
|
|
2000
|
2011
|
35 years
|
Elmcroft of Jackson
|
Jackson
|
TN
|
—
|
|
768
|
|
16,840
|
|
—
|
|
768
|
|
16,840
|
|
17,608
|
|
559
|
|
17,049
|
|
1998
|
2014
|
35 years
|
Outlook Pointe at Johnson City
|
Johnson City
|
TN
|
—
|
|
590
|
|
10,043
|
|
222
|
|
590
|
|
10,265
|
|
10,855
|
|
1,472
|
|
9,383
|
|
1999
|
2011
|
35 years
|
Elmcroft of Kingsport
|
Kingsport
|
TN
|
—
|
|
22
|
|
7,815
|
|
—
|
|
22
|
|
7,815
|
|
7,837
|
|
2,047
|
|
5,790
|
|
2000
|
2006
|
35 years
|
Arbor Terrace of Knoxville
|
Knoxville
|
TN
|
—
|
|
590
|
|
15,862
|
|
—
|
|
590
|
|
15,862
|
|
16,452
|
|
527
|
|
15,925
|
|
1997
|
2015
|
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 Halls
|
Knoxville
|
TN
|
—
|
|
387
|
|
4,948
|
|
—
|
|
387
|
|
4,948
|
|
5,335
|
|
165
|
|
5,170
|
|
1998
|
2014
|
35 years
|
Elmcroft of West Knoxville
|
Knoxville
|
TN
|
—
|
|
439
|
|
10,697
|
|
—
|
|
439
|
|
10,697
|
|
11,136
|
|
2,802
|
|
8,334
|
|
2000
|
2006
|
35 years
|
Elmcroft of Lebanon
|
Lebanon
|
TN
|
—
|
|
180
|
|
7,086
|
|
—
|
|
180
|
|
7,086
|
|
7,266
|
|
1,856
|
|
5,410
|
|
2000
|
2006
|
35 years
|
Elmcroft of Bartlett
|
Memphis
|
TN
|
—
|
|
570
|
|
25,552
|
|
343
|
|
570
|
|
25,895
|
|
26,465
|
|
3,703
|
|
22,762
|
|
1999
|
2011
|
35 years
|
Kennington Place
|
Memphis
|
TN
|
—
|
|
1,820
|
|
4,748
|
|
815
|
|
1,820
|
|
5,563
|
|
7,383
|
|
1,276
|
|
6,107
|
|
1989
|
2011
|
35 years
|
Glenmary Senior Manor
|
Memphis
|
TN
|
—
|
|
510
|
|
5,860
|
|
224
|
|
510
|
|
6,084
|
|
6,594
|
|
1,245
|
|
5,349
|
|
1964
|
2011
|
35 years
|
Outlook Pointe at Murfreesboro
|
Murfreesboro
|
TN
|
—
|
|
940
|
|
8,030
|
|
259
|
|
940
|
|
8,289
|
|
9,229
|
|
1,233
|
|
7,996
|
|
1999
|
2011
|
35 years
|
Elmcroft of Brentwood
|
Nashville
|
TN
|
—
|
|
960
|
|
22,020
|
|
603
|
|
960
|
|
22,623
|
|
23,583
|
|
3,392
|
|
20,191
|
|
1998
|
2011
|
35 years
|
Elmcroft of Arlington
|
Arlington
|
TX
|
—
|
|
2,650
|
|
14,060
|
|
473
|
|
2,650
|
|
14,533
|
|
17,183
|
|
2,309
|
|
14,874
|
|
1998
|
2011
|
35 years
|
Meadowbrook ALZ
|
Arlington
|
TX
|
—
|
|
755
|
|
4,677
|
|
940
|
|
755
|
|
5,617
|
|
6,372
|
|
557
|
|
5,815
|
|
2012
|
2012
|
35 years
|
Elmcroft of Austin
|
Austin
|
TX
|
—
|
|
2,770
|
|
25,820
|
|
534
|
|
2,770
|
|
26,354
|
|
29,124
|
|
3,856
|
|
25,268
|
|
2000
|
2011
|
35 years
|
Elmcroft of Bedford
|
Bedford
|
TX
|
—
|
|
770
|
|
19,691
|
|
493
|
|
770
|
|
20,184
|
|
20,954
|
|
3,009
|
|
17,945
|
|
1999
|
2011
|
35 years
|
Highland Estates
|
Cedar Park
|
TX
|
—
|
|
1,679
|
|
28,943
|
|
—
|
|
1,679
|
|
28,943
|
|
30,622
|
|
2,177
|
|
28,445
|
|
2009
|
2013
|
35 years
|
Elmcroft of Rivershire
|
Conroe
|
TX
|
—
|
|
860
|
|
32,671
|
|
689
|
|
860
|
|
33,360
|
|
34,220
|
|
4,785
|
|
29,435
|
|
1997
|
2011
|
35 years
|
Flower Mound
|
Flower Mound
|
TX
|
—
|
|
900
|
|
5,512
|
|
—
|
|
900
|
|
5,512
|
|
6,412
|
|
831
|
|
5,581
|
|
1995
|
2011
|
35 years
|
Arbor House Granbury
|
Granbury
|
TX
|
—
|
|
390
|
|
8,186
|
|
—
|
|
390
|
|
8,186
|
|
8,576
|
|
816
|
|
7,760
|
|
2007
|
2012
|
35 years
|
Copperfield Estates
|
Houston
|
TX
|
—
|
|
1,216
|
|
21,135
|
|
—
|
|
1,216
|
|
21,135
|
|
22,351
|
|
1,590
|
|
20,761
|
|
2009
|
2013
|
35 years
|
Elmcroft of Braeswood
|
Houston
|
TX
|
—
|
|
3,970
|
|
15,919
|
|
626
|
|
3,970
|
|
16,545
|
|
20,515
|
|
2,586
|
|
17,929
|
|
1999
|
2011
|
35 years
|
Elmcroft of Cy-Fair
|
Houston
|
TX
|
—
|
|
1,580
|
|
21,801
|
|
419
|
|
1,593
|
|
22,207
|
|
23,800
|
|
3,250
|
|
20,550
|
|
1998
|
2011
|
35 years
|
Elmcroft of Irving
|
Irving
|
TX
|
—
|
|
1,620
|
|
18,755
|
|
455
|
|
1,620
|
|
19,210
|
|
20,830
|
|
2,874
|
|
17,956
|
|
1999
|
2011
|
35 years
|
Whitley Place
|
Keller
|
TX
|
—
|
|
—
|
|
5,100
|
|
—
|
|
—
|
|
5,100
|
|
5,100
|
|
1,154
|
|
3,946
|
|
1998
|
2008
|
35 years
|
Elmcroft of Lake Jackson
|
Lake Jackson
|
TX
|
—
|
|
710
|
|
14,765
|
|
417
|
|
710
|
|
15,182
|
|
15,892
|
|
2,318
|
|
13,574
|
|
1998
|
2011
|
35 years
|
Arbor House Lewisville
|
Lewisville
|
TX
|
—
|
|
824
|
|
10,308
|
|
—
|
|
824
|
|
10,308
|
|
11,132
|
|
1,031
|
|
10,101
|
|
2007
|
2012
|
35 years
|
Elmcroft of Vista Ridge
|
Lewisville
|
TX
|
—
|
|
6,280
|
|
10,548
|
|
(10,254
|
)
|
1,934
|
|
4,640
|
|
6,574
|
|
1,901
|
|
4,673
|
|
1998
|
2011
|
35 years
|
Polo Park Estates
|
Midland
|
TX
|
—
|
|
765
|
|
29,447
|
|
—
|
|
765
|
|
29,447
|
|
30,212
|
|
2,205
|
|
28,007
|
|
1996
|
2013
|
35 years
|
Arbor Hills Memory Care Community
|
Plano
|
TX
|
—
|
|
1,014
|
|
5,719
|
|
—
|
|
1,014
|
|
5,719
|
|
6,733
|
|
476
|
|
6,257
|
|
2013
|
2013
|
35 years
|
Arbor House of Rockwall
|
Rockwall
|
TX
|
—
|
|
1,537
|
|
12,883
|
|
—
|
|
1,537
|
|
12,883
|
|
14,420
|
|
1,296
|
|
13,124
|
|
2009
|
2012
|
35 years
|
Elmcroft of Windcrest
|
San Antonio
|
TX
|
—
|
|
920
|
|
13,011
|
|
526
|
|
920
|
|
13,537
|
|
14,457
|
|
2,176
|
|
12,281
|
|
1999
|
2011
|
35 years
|
Paradise Springs
|
Spring
|
TX
|
—
|
|
1,488
|
|
24,556
|
|
—
|
|
1,488
|
|
24,556
|
|
26,044
|
|
1,848
|
|
24,196
|
|
2008
|
2013
|
35 years
|
Arbor House of Temple
|
Temple
|
TX
|
—
|
|
473
|
|
6,750
|
|
—
|
|
473
|
|
6,750
|
|
7,223
|
|
675
|
|
6,548
|
|
2008
|
2012
|
35 years
|
Elmcroft of Cottonwood
|
Temple
|
TX
|
—
|
|
630
|
|
17,515
|
|
405
|
|
630
|
|
17,920
|
|
18,550
|
|
2,659
|
|
15,891
|
|
1997
|
2011
|
35 years
|
Elmcroft of Mainland
|
Texas City
|
TX
|
—
|
|
520
|
|
14,849
|
|
504
|
|
520
|
|
15,353
|
|
15,873
|
|
2,335
|
|
13,538
|
|
1996
|
2011
|
35 years
|
Elmcroft of Victoria
|
Victoria
|
TX
|
—
|
|
440
|
|
13,040
|
|
425
|
|
440
|
|
13,465
|
|
13,905
|
|
2,061
|
|
11,844
|
|
1997
|
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
|
|||||||||
Arbor House of Weatherford
|
Weatherford
|
TX
|
—
|
|
233
|
|
3,347
|
|
—
|
|
233
|
|
3,347
|
|
3,580
|
|
334
|
|
3,246
|
|
1994
|
2012
|
35 years
|
Elmcroft of Wharton
|
Wharton
|
TX
|
—
|
|
320
|
|
13,799
|
|
658
|
|
320
|
|
14,457
|
|
14,777
|
|
2,248
|
|
12,529
|
|
1996
|
2011
|
35 years
|
Mountain Ridge
|
South Ogden
|
UT
|
11,644
|
|
1,243
|
|
24,659
|
|
—
|
|
1,243
|
|
24,659
|
|
25,902
|
|
884
|
|
25,018
|
|
2001
|
2014
|
35 years
|
Elmcroft of Chesterfield
|
Richmond
|
VA
|
—
|
|
829
|
|
6,534
|
|
—
|
|
829
|
|
6,534
|
|
7,363
|
|
1,711
|
|
5,652
|
|
1999
|
2006
|
35 years
|
Pheasant Ridge
|
Roanoke
|
VA
|
—
|
|
1,813
|
|
9,027
|
|
—
|
|
1,813
|
|
9,027
|
|
10,840
|
|
1,037
|
|
9,803
|
|
1999
|
2012
|
35 years
|
Cascade Valley Senior Living
|
Arlington
|
WA
|
—
|
|
1,413
|
|
6,294
|
|
—
|
|
1,413
|
|
6,294
|
|
7,707
|
|
240
|
|
7,467
|
|
1995
|
2014
|
35 years
|
The Bellingham at Orchard
|
Bellingham
|
WA
|
—
|
|
3,383
|
|
17,553
|
|
—
|
|
3,383
|
|
17,553
|
|
20,936
|
|
543
|
|
20,393
|
|
1999
|
2015
|
35 years
|
Bay Pointe
|
Bremerton
|
WA
|
—
|
|
2,114
|
|
21,006
|
|
—
|
|
2,114
|
|
21,006
|
|
23,120
|
|
667
|
|
22,453
|
|
1999
|
2015
|
35 years
|
Cooks Hill Manor
|
Centralia
|
WA
|
—
|
|
520
|
|
6,144
|
|
21
|
|
520
|
|
6,165
|
|
6,685
|
|
996
|
|
5,689
|
|
1993
|
2011
|
35 years
|
Edmonds Landing
|
Edmonds
|
WA
|
—
|
|
4,273
|
|
27,852
|
|
—
|
|
4,273
|
|
27,852
|
|
32,125
|
|
815
|
|
31,310
|
|
2001
|
2015
|
35 years
|
Terrace at Beverly Lake
|
Everett
|
WA
|
—
|
|
1,515
|
|
12,520
|
|
—
|
|
1,515
|
|
12,520
|
|
14,035
|
|
380
|
|
13,655
|
|
1998
|
2015
|
35 years
|
The Sequoia
|
Olympia
|
WA
|
—
|
|
1,490
|
|
13,724
|
|
80
|
|
1,490
|
|
13,804
|
|
15,294
|
|
2,077
|
|
13,217
|
|
1995
|
2011
|
35 years
|
Bishop Place Senior Living
|
Pullman
|
WA
|
—
|
|
1,780
|
|
33,608
|
|
—
|
|
1,780
|
|
33,608
|
|
35,388
|
|
1,258
|
|
34,130
|
|
1998
|
2014
|
35 years
|
Willow Gardens
|
Puyallup
|
WA
|
—
|
|
1,959
|
|
35,492
|
|
—
|
|
1,959
|
|
35,492
|
|
37,451
|
|
2,669
|
|
34,782
|
|
1996
|
2013
|
35 years
|
Birchview
|
Sedro-Woolley
|
WA
|
—
|
|
210
|
|
14,145
|
|
95
|
|
210
|
|
14,240
|
|
14,450
|
|
1,957
|
|
12,493
|
|
1996
|
2011
|
35 years
|
Discovery Memory Care
|
Sequim
|
WA
|
—
|
|
320
|
|
10,544
|
|
45
|
|
320
|
|
10,589
|
|
10,909
|
|
1,534
|
|
9,375
|
|
1961
|
2011
|
35 years
|
The Village Retirement & Assisted Living
|
Tacoma
|
WA
|
—
|
|
2,200
|
|
5,938
|
|
90
|
|
2,200
|
|
6,028
|
|
8,228
|
|
1,193
|
|
7,035
|
|
1976
|
2011
|
35 years
|
Clearwater Springs
|
Vancouver
|
WA
|
—
|
|
1,269
|
|
9,840
|
|
—
|
|
1,269
|
|
9,840
|
|
11,109
|
|
369
|
|
10,740
|
|
2003
|
2015
|
35 years
|
Matthews of Appleton I
|
Appleton
|
WI
|
—
|
|
130
|
|
1,834
|
|
(41
|
)
|
130
|
|
1,793
|
|
1,923
|
|
291
|
|
1,632
|
|
1996
|
2011
|
35 years
|
Matthews of Appleton II
|
Appleton
|
WI
|
—
|
|
140
|
|
2,016
|
|
100
|
|
140
|
|
2,116
|
|
2,256
|
|
316
|
|
1,940
|
|
1997
|
2011
|
35 years
|
Hunters Ridge
|
Beaver Dam
|
WI
|
—
|
|
260
|
|
2,380
|
|
—
|
|
260
|
|
2,380
|
|
2,640
|
|
372
|
|
2,268
|
|
1998
|
2011
|
35 years
|
Harbor House Beloit
|
Beloit
|
WI
|
—
|
|
150
|
|
4,356
|
|
411
|
|
191
|
|
4,726
|
|
4,917
|
|
628
|
|
4,289
|
|
1990
|
2011
|
35 years
|
Harbor House Clinton
|
Clinton
|
WI
|
—
|
|
290
|
|
4,390
|
|
—
|
|
290
|
|
4,390
|
|
4,680
|
|
626
|
|
4,054
|
|
1991
|
2011
|
35 years
|
Creekside
|
Cudahy
|
WI
|
—
|
|
760
|
|
1,693
|
|
—
|
|
760
|
|
1,693
|
|
2,453
|
|
288
|
|
2,165
|
|
2001
|
2011
|
35 years
|
Harbor House Eau Claire
|
Eau Claire
|
WI
|
—
|
|
210
|
|
6,259
|
|
—
|
|
210
|
|
6,259
|
|
6,469
|
|
870
|
|
5,599
|
|
1996
|
2011
|
35 years
|
Chapel Valley
|
Fitchburg
|
WI
|
—
|
|
450
|
|
2,372
|
|
—
|
|
450
|
|
2,372
|
|
2,822
|
|
375
|
|
2,447
|
|
1998
|
2011
|
35 years
|
Matthews of Milwaukee II
|
Fox Point
|
WI
|
—
|
|
1,810
|
|
943
|
|
37
|
|
1,820
|
|
970
|
|
2,790
|
|
218
|
|
2,572
|
|
1999
|
2011
|
35 years
|
Laurel Oaks
|
Glendale
|
WI
|
—
|
|
2,390
|
|
43,587
|
|
594
|
|
2,390
|
|
44,181
|
|
46,571
|
|
6,199
|
|
40,372
|
|
1988
|
2011
|
35 years
|
Layton Terrace
|
Greenfield
|
WI
|
6,845
|
|
3,490
|
|
39,201
|
|
—
|
|
3,490
|
|
39,201
|
|
42,691
|
|
5,690
|
|
37,001
|
|
1999
|
2011
|
35 years
|
Matthews of Hartland
|
Hartland
|
WI
|
—
|
|
640
|
|
1,663
|
|
43
|
|
652
|
|
1,694
|
|
2,346
|
|
322
|
|
2,024
|
|
1985
|
2011
|
35 years
|
Matthews of Horicon
|
Horicon
|
WI
|
—
|
|
340
|
|
3,327
|
|
(95
|
)
|
345
|
|
3,227
|
|
3,572
|
|
564
|
|
3,008
|
|
2002
|
2011
|
35 years
|
Jefferson
|
Jefferson
|
WI
|
—
|
|
330
|
|
2,384
|
|
—
|
|
330
|
|
2,384
|
|
2,714
|
|
372
|
|
2,342
|
|
1997
|
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
|
|||||||||
Elmcroft of Martinsburg
|
Martinsburg
|
WV
|
—
|
|
248
|
|
8,320
|
|
—
|
|
248
|
|
8,320
|
|
8,568
|
|
2,179
|
|
6,389
|
|
1999
|
2006
|
35 years
|
Garden Square Assisted Living of Casper
|
Casper
|
WY
|
—
|
|
355
|
|
3,197
|
|
—
|
|
355
|
|
3,197
|
|
3,552
|
|
428
|
|
3,124
|
|
1996
|
2011
|
35 years
|
Whispering Chase
|
Cheyenne
|
WY
|
—
|
|
1,800
|
|
20,354
|
|
—
|
|
1,800
|
|
20,354
|
|
22,154
|
|
1,537
|
|
20,617
|
|
2008
|
2013
|
35 years
|
TOTAL FOR OTHER SENIORS HOUSING COMMUNITIES
|
|
|
151,722
|
|
498,781
|
|
4,419,361
|
|
33,810
|
|
488,490
|
|
4,463,462
|
|
4,951,952
|
|
700,909
|
|
4,251,043
|
|
|
|
|
TOTAL FOR SENIORS HOUSING COMMUNITIES
|
|
|
1,116,295
|
|
1,468,809
|
|
13,666,207
|
|
410,048
|
|
1,459,731
|
|
14,085,333
|
|
15,545,064
|
|
2,943,102
|
|
12,601,962
|
|
|
|
|
MEDICAL OFFICE BUILDINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Vincent's Medical Center East #46
|
Birmingham
|
AL
|
—
|
|
—
|
|
25,298
|
|
3,892
|
|
—
|
|
29,190
|
|
29,190
|
|
6,094
|
|
23,096
|
|
2005
|
2010
|
35 years
|
St. Vincent's Medical Center East #48
|
Birmingham
|
AL
|
—
|
|
—
|
|
12,698
|
|
418
|
|
—
|
|
13,116
|
|
13,116
|
|
2,801
|
|
10,315
|
|
1989
|
2010
|
35 years
|
St. Vincent's Medical Center East #52
|
Birmingham
|
AL
|
—
|
|
—
|
|
7,608
|
|
1,064
|
|
—
|
|
8,672
|
|
8,672
|
|
2,213
|
|
6,459
|
|
1985
|
2010
|
35 years
|
Crestwood Medical Pavilion
|
Huntsville
|
AL
|
4,134
|
|
625
|
|
16,178
|
|
76
|
|
625
|
|
16,254
|
|
16,879
|
|
2,626
|
|
14,253
|
|
1994
|
2011
|
35 years
|
Davita Dialysis - Marked Tree
|
Marked Tree
|
AR
|
—
|
|
179
|
|
1,580
|
|
—
|
|
179
|
|
1,580
|
|
1,759
|
|
60
|
|
1,699
|
|
2009
|
2015
|
35 years
|
West Valley Medical Center
|
Buckeye
|
AZ
|
—
|
|
3,348
|
|
5,233
|
|
—
|
|
3,348
|
|
5,233
|
|
8,581
|
|
243
|
|
8,338
|
|
2011
|
2015
|
31 years
|
Canyon Springs Medical Plaza
|
Gilbert
|
AZ
|
15,322
|
|
—
|
|
27,497
|
|
66
|
|
—
|
|
27,563
|
|
27,563
|
|
3,941
|
|
23,622
|
|
2007
|
2012
|
35 years
|
Mercy Gilbert Medical Plaza
|
Gilbert
|
AZ
|
7,620
|
|
720
|
|
11,277
|
|
559
|
|
720
|
|
11,836
|
|
12,556
|
|
2,207
|
|
10,349
|
|
2007
|
2011
|
35 years
|
Thunderbird Paseo Medical Plaza
|
Glendale
|
AZ
|
—
|
|
—
|
|
12,904
|
|
615
|
|
20
|
|
13,499
|
|
13,519
|
|
1,929
|
|
11,590
|
|
1997
|
2011
|
35 years
|
Thunderbird Paseo Medical Plaza II
|
Glendale
|
AZ
|
—
|
|
—
|
|
8,100
|
|
472
|
|
20
|
|
8,552
|
|
8,572
|
|
1,320
|
|
7,252
|
|
2001
|
2011
|
35 years
|
Desert Medical Pavilion
|
Mesa
|
AZ
|
—
|
|
—
|
|
32,768
|
|
129
|
|
—
|
|
32,897
|
|
32,897
|
|
2,905
|
|
29,992
|
|
2003
|
2013
|
35 years
|
Desert Samaritan Medical Building I
|
Mesa
|
AZ
|
—
|
|
—
|
|
11,923
|
|
516
|
|
—
|
|
12,439
|
|
12,439
|
|
1,758
|
|
10,681
|
|
1977
|
2011
|
35 years
|
Desert Samaritan Medical Building II
|
Mesa
|
AZ
|
—
|
|
—
|
|
7,395
|
|
101
|
|
—
|
|
7,496
|
|
7,496
|
|
1,179
|
|
6,317
|
|
1980
|
2011
|
35 years
|
Desert Samaritan Medical Building III
|
Mesa
|
AZ
|
—
|
|
—
|
|
13,665
|
|
1,043
|
|
—
|
|
14,708
|
|
14,708
|
|
2,093
|
|
12,615
|
|
1986
|
2011
|
35 years
|
Deer Valley Medical Office Building II
|
Phoenix
|
AZ
|
12,919
|
|
—
|
|
22,663
|
|
589
|
|
14
|
|
23,238
|
|
23,252
|
|
3,323
|
|
19,929
|
|
2002
|
2011
|
35 years
|
Deer Valley Medical Office Building III
|
Phoenix
|
AZ
|
10,649
|
|
—
|
|
19,521
|
|
30
|
|
12
|
|
19,539
|
|
19,551
|
|
2,813
|
|
16,738
|
|
2009
|
2011
|
35 years
|
Papago Medical Park
|
Phoenix
|
AZ
|
—
|
|
—
|
|
12,172
|
|
826
|
|
—
|
|
12,998
|
|
12,998
|
|
2,070
|
|
10,928
|
|
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
|
|||||||||
North Valley Orthopedic Surgery Center
|
Phoenix
|
AZ
|
—
|
|
2,800
|
|
10,150
|
|
—
|
|
2,800
|
|
10,150
|
|
12,950
|
|
354
|
|
12,596
|
|
2006
|
2015
|
35 years
|
Burbank Medical Plaza
|
Burbank
|
CA
|
—
|
|
1,241
|
|
23,322
|
|
1,037
|
|
1,241
|
|
24,359
|
|
25,600
|
|
4,242
|
|
21,358
|
|
2004
|
2011
|
35 years
|
Burbank Medical Plaza II
|
Burbank
|
CA
|
34,380
|
|
491
|
|
45,641
|
|
482
|
|
491
|
|
46,123
|
|
46,614
|
|
6,767
|
|
39,847
|
|
2008
|
2011
|
35 years
|
Eden Medical Plaza
|
Castro Valley
|
CA
|
—
|
|
258
|
|
2,455
|
|
315
|
|
258
|
|
2,770
|
|
3,028
|
|
758
|
|
2,270
|
|
1998
|
2011
|
25 years
|
Sutter Medical Center
|
San Diego
|
CA
|
—
|
|
—
|
|
25,088
|
|
1,382
|
|
—
|
|
26,470
|
|
26,459
|
|
2,301
|
|
24,158
|
|
2012
|
2012
|
35 years
|
United Healthcare - Cypress
|
Cypress
|
CA
|
—
|
|
12,883
|
|
38,309
|
|
—
|
|
12,883
|
|
38,309
|
|
51,192
|
|
1,701
|
|
49,491
|
|
1985
|
2015
|
29 years
|
NorthBay Corporate Headquarters
|
Fairfield
|
CA
|
—
|
|
—
|
|
19,187
|
|
—
|
|
—
|
|
19,187
|
|
19,187
|
|
1,837
|
|
17,350
|
|
2008
|
2012
|
35 years
|
Gateway Medical Plaza
|
Fairfield
|
CA
|
—
|
|
—
|
|
12,872
|
|
47
|
|
—
|
|
12,919
|
|
12,919
|
|
1,230
|
|
11,689
|
|
1986
|
2012
|
35 years
|
Solano NorthBay Health Plaza
|
Fairfield
|
CA
|
—
|
|
—
|
|
8,880
|
|
22
|
|
—
|
|
8,902
|
|
8,902
|
|
843
|
|
8,059
|
|
1990
|
2012
|
35 years
|
NorthBay Healthcare MOB
|
Fairfield
|
CA
|
—
|
|
—
|
|
8,507
|
|
2,280
|
|
—
|
|
10,787
|
|
10,787
|
|
997
|
|
9,790
|
|
2014
|
2013
|
35 years
|
UC Davis Medical
|
Folsom
|
CA
|
—
|
|
1,873
|
|
10,156
|
|
—
|
|
1,873
|
|
10,156
|
|
12,029
|
|
385
|
|
11,644
|
|
1995
|
2015
|
35 years
|
Verdugo Hills Professional Bldg I
|
Glendale
|
CA
|
—
|
|
6,683
|
|
9,589
|
|
849
|
|
6,683
|
|
10,438
|
|
17,121
|
|
2,305
|
|
14,816
|
|
1972
|
2012
|
23 years
|
Verdugo Hills Professional Bldg II
|
Glendale
|
CA
|
—
|
|
4,464
|
|
3,731
|
|
1,839
|
|
4,464
|
|
5,570
|
|
10,034
|
|
1,270
|
|
8,764
|
|
1987
|
2012
|
19 years
|
Grossmont Medical Terrace
|
La Mesa
|
CA
|
—
|
|
88
|
|
14,192
|
|
—
|
|
88
|
|
14,192
|
|
14,280
|
|
2,346
|
|
11,934
|
|
2008
|
2016
|
35 years
|
St. Francis Lynwood Medical
|
Lynwood
|
CA
|
—
|
|
688
|
|
8,385
|
|
1,272
|
|
688
|
|
9,657
|
|
10,345
|
|
2,346
|
|
7,999
|
|
1993
|
2011
|
32 years
|
PMB Mission Hills
|
Mission Hills
|
CA
|
—
|
|
15,468
|
|
30,116
|
|
4,729
|
|
15,468
|
|
34,845
|
|
50,313
|
|
3,095
|
|
47,218
|
|
2012
|
2012
|
35 years
|
PDP Mission Viejo
|
Mission Viejo
|
CA
|
57,439
|
|
1,916
|
|
77,022
|
|
665
|
|
1,916
|
|
77,687
|
|
79,603
|
|
11,775
|
|
67,828
|
|
2007
|
2011
|
35 years
|
PDP Orange
|
Orange
|
CA
|
45,723
|
|
1,752
|
|
61,647
|
|
335
|
|
1,761
|
|
61,973
|
|
63,734
|
|
9,680
|
|
54,054
|
|
2008
|
2011
|
35 years
|
NHP/PMB Pasadena
|
Pasadena
|
CA
|
—
|
|
3,138
|
|
83,412
|
|
9,026
|
|
3,138
|
|
92,438
|
|
95,576
|
|
16,041
|
|
79,535
|
|
2009
|
2011
|
35 years
|
Western University of Health Sciences Medical Pavilion
|
Pomona
|
CA
|
—
|
|
91
|
|
31,523
|
|
—
|
|
91
|
|
31,523
|
|
31,614
|
|
4,532
|
|
27,082
|
|
2009
|
2011
|
35 years
|
Pomerado Outpatient Pavilion
|
Poway
|
CA
|
—
|
|
3,233
|
|
71,435
|
|
2,964
|
|
3,233
|
|
74,399
|
|
77,632
|
|
12,439
|
|
65,193
|
|
2007
|
2011
|
35 years
|
Sutter Van Ness
|
San Francisco
|
CA
|
—
|
|
—
|
|
18,334
|
|
—
|
|
—
|
|
18,334
|
|
18,334
|
|
2,301
|
|
16,033
|
|
2012
|
2012
|
35 years
|
San Gabriel Valley Medical
|
San Gabriel
|
CA
|
—
|
|
914
|
|
5,510
|
|
671
|
|
914
|
|
6,181
|
|
7,095
|
|
1,467
|
|
5,628
|
|
2004
|
2011
|
35 years
|
Santa Clarita Valley Medical
|
Santa Clarita
|
CA
|
22,642
|
|
9,708
|
|
20,020
|
|
592
|
|
9,726
|
|
20,594
|
|
30,320
|
|
3,496
|
|
26,824
|
|
2005
|
2011
|
35 years
|
Kenneth E Watts Medical Plaza
|
Torrance
|
CA
|
—
|
|
262
|
|
6,945
|
|
1,915
|
|
291
|
|
8,831
|
|
9,122
|
|
2,095
|
|
7,027
|
|
1989
|
2011
|
23 years
|
Vaca Valley Health Plaza
|
Vacaville
|
CA
|
—
|
|
—
|
|
9,634
|
|
18
|
|
—
|
|
9,652
|
|
9,652
|
|
912
|
|
8,740
|
|
1988
|
2012
|
35 years
|
Potomac Medical Plaza
|
Aurora
|
CO
|
—
|
|
2,401
|
|
9,118
|
|
2,650
|
|
2,530
|
|
11,639
|
|
14,169
|
|
4,720
|
|
9,449
|
|
1986
|
2007
|
35 years
|
Briargate Medical Campus
|
Colorado Springs
|
CO
|
—
|
|
1,238
|
|
12,301
|
|
358
|
|
1,244
|
|
12,653
|
|
13,897
|
|
3,987
|
|
9,910
|
|
2002
|
2007
|
35 years
|
Printers Park Medical Plaza
|
Colorado Springs
|
CO
|
—
|
|
2,641
|
|
47,507
|
|
1,634
|
|
2,641
|
|
49,141
|
|
51,782
|
|
15,033
|
|
36,749
|
|
1999
|
2007
|
35 years
|
Green Valley Ranch MOB
|
Denver
|
CO
|
5,646
|
|
—
|
|
12,139
|
|
263
|
|
235
|
|
12,167
|
|
12,402
|
|
1,110
|
|
11,292
|
|
2007
|
2012
|
35 years
|
Community Physicians Pavilion
|
Lafayette
|
CO
|
—
|
|
—
|
|
10,436
|
|
1,729
|
|
—
|
|
12,165
|
|
12,165
|
|
2,517
|
|
9,648
|
|
2004
|
2010
|
35 years
|
Exempla Good Samaritan Medical Center
|
Lafayette
|
CO
|
—
|
|
—
|
|
4,393
|
|
(75
|
)
|
—
|
|
4,318
|
|
4,318
|
|
257
|
|
4,061
|
|
2013
|
2013
|
35 years
|
Dakota Ridge
|
Littleton
|
CO
|
—
|
|
2,540
|
|
12,901
|
|
55
|
|
2,540
|
|
12,956
|
|
15,496
|
|
458
|
|
15,038
|
|
2007
|
2015
|
35 years
|
Avista Two Medical Plaza
|
Louisville
|
CO
|
—
|
|
—
|
|
17,330
|
|
1,793
|
|
—
|
|
19,123
|
|
19,123
|
|
4,813
|
|
14,310
|
|
2003
|
2009
|
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
|
|||||||||
Doctors Office Building III ("DOB III")
|
Hoffman Estates
|
IL
|
—
|
|
—
|
|
24,550
|
|
140
|
|
—
|
|
24,690
|
|
24,690
|
|
7,117
|
|
17,573
|
|
2005
|
2009
|
35 years
|
755 Milwaukee MOB
|
Libertyville
|
IL
|
—
|
|
421
|
|
3,716
|
|
1,248
|
|
630
|
|
4,755
|
|
5,385
|
|
1,822
|
|
3,563
|
|
1990
|
2011
|
18 years
|
890 Professional MOB
|
Libertyville
|
IL
|
—
|
|
214
|
|
2,630
|
|
194
|
|
214
|
|
2,824
|
|
3,038
|
|
707
|
|
2,331
|
|
1980
|
2011
|
26 years
|
Libertyville Center Club
|
Libertyville
|
IL
|
—
|
|
1,020
|
|
17,176
|
|
—
|
|
1,020
|
|
17,176
|
|
18,196
|
|
3,077
|
|
15,119
|
|
1988
|
2011
|
35 years
|
Christ Medical Center Physician Office Building
|
Oak Lawn
|
IL
|
—
|
|
658
|
|
16,421
|
|
634
|
|
658
|
|
17,055
|
|
17,713
|
|
1,374
|
|
16,339
|
|
1986
|
2013
|
35 years
|
Methodist North MOB
|
Peoria
|
IL
|
—
|
|
1,025
|
|
29,493
|
|
—
|
|
1,025
|
|
29,493
|
|
30,518
|
|
964
|
|
29,554
|
|
2010
|
2015
|
35 years
|
Davita Dialysis - Rockford
|
Rockford
|
IL
|
—
|
|
256
|
|
2,543
|
|
—
|
|
256
|
|
2,543
|
|
2,799
|
|
98
|
|
2,701
|
|
2009
|
2015
|
35 years
|
Round Lake ACC
|
Round Lake
|
IL
|
—
|
|
758
|
|
370
|
|
378
|
|
799
|
|
707
|
|
1,506
|
|
373
|
|
1,133
|
|
1984
|
2011
|
13 years
|
Vernon Hills Acute Care Center
|
Vernon Hills
|
IL
|
—
|
|
3,376
|
|
694
|
|
252
|
|
3,413
|
|
909
|
|
4,322
|
|
469
|
|
3,853
|
|
1986
|
2011
|
15 years
|
Wilbur S. Roby Building
|
Anderson
|
IN
|
—
|
|
—
|
|
2,653
|
|
875
|
|
—
|
|
3,528
|
|
3,528
|
|
971
|
|
2,557
|
|
1992
|
2010
|
35 years
|
Ambulatory Services Building
|
Anderson
|
IN
|
—
|
|
—
|
|
4,266
|
|
1,371
|
|
—
|
|
5,637
|
|
5,637
|
|
1,664
|
|
3,973
|
|
1995
|
2010
|
35 years
|
St. John's Medical Arts Building
|
Anderson
|
IN
|
—
|
|
—
|
|
2,281
|
|
835
|
|
—
|
|
3,116
|
|
3,116
|
|
823
|
|
2,293
|
|
1973
|
2010
|
35 years
|
Carmel I
|
Carmel
|
IN
|
—
|
|
466
|
|
5,954
|
|
258
|
|
466
|
|
6,212
|
|
6,678
|
|
1,149
|
|
5,529
|
|
1985
|
2012
|
30 years
|
Carmel II
|
Carmel
|
IN
|
—
|
|
455
|
|
5,976
|
|
597
|
|
455
|
|
6,573
|
|
7,028
|
|
1,042
|
|
5,986
|
|
1989
|
2012
|
33 years
|
Carmel III
|
Carmel
|
IN
|
—
|
|
422
|
|
6,194
|
|
424
|
|
422
|
|
6,618
|
|
7,040
|
|
960
|
|
6,080
|
|
2001
|
2012
|
35 years
|
Elkhart
|
Elkhart
|
IN
|
—
|
|
1,256
|
|
1,973
|
|
—
|
|
1,256
|
|
1,973
|
|
3,229
|
|
769
|
|
2,460
|
|
1994
|
2011
|
32 years
|
Lutheran Medical Arts
|
Fort Wayne
|
IN
|
—
|
|
702
|
|
13,576
|
|
30
|
|
702
|
|
13,606
|
|
14,308
|
|
469
|
|
13,839
|
|
2000
|
2015
|
35 years
|
Dupont Road MOB
|
Fort Wayne
|
IN
|
—
|
|
633
|
|
13,479
|
|
39
|
|
633
|
|
13,518
|
|
14,151
|
|
501
|
|
13,650
|
|
2001
|
2015
|
35 years
|
Harcourt Professional Office Building
|
Indianapolis
|
IN
|
—
|
|
519
|
|
28,951
|
|
1,527
|
|
519
|
|
30,478
|
|
30,997
|
|
5,209
|
|
25,788
|
|
1973
|
2012
|
28 years
|
Cardiac Professional Office Building
|
Indianapolis
|
IN
|
—
|
|
498
|
|
27,430
|
|
810
|
|
498
|
|
28,240
|
|
28,738
|
|
3,939
|
|
24,799
|
|
1995
|
2012
|
35 years
|
Oncology Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
470
|
|
5,703
|
|
230
|
|
470
|
|
5,933
|
|
6,403
|
|
1,053
|
|
5,350
|
|
2003
|
2012
|
35 years
|
CorVasc Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
514
|
|
9,617
|
|
—
|
|
514
|
|
9,617
|
|
10,131
|
|
1,053
|
|
9,078
|
|
2004
|
2016
|
36 years
|
St. Francis South Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
—
|
|
20,649
|
|
831
|
|
—
|
|
21,480
|
|
21,480
|
|
2,081
|
|
19,399
|
|
1995
|
2013
|
35 years
|
Methodist Professional Center I
|
Indianapolis
|
IN
|
—
|
|
61
|
|
37,411
|
|
3,679
|
|
61
|
|
41,090
|
|
41,151
|
|
6,795
|
|
34,356
|
|
1985
|
2012
|
25 years
|
Indiana Orthopedic Center of Excellence
|
Indianapolis
|
IN
|
—
|
|
967
|
|
83,746
|
|
1,049
|
|
967
|
|
84,795
|
|
85,762
|
|
1,273
|
|
84,489
|
|
1997
|
2015
|
35 years
|
United Healthcare - Indy
|
Indianapolis
|
IN
|
—
|
|
5,737
|
|
32,116
|
|
—
|
|
5,737
|
|
32,116
|
|
37,853
|
|
1,131
|
|
36,722
|
|
1988
|
2015
|
35 years
|
LaPorte
|
La Porte
|
IN
|
—
|
|
553
|
|
1,309
|
|
—
|
|
553
|
|
1,309
|
|
1,862
|
|
331
|
|
1,531
|
|
1997
|
2011
|
34 years
|
Mishawaka
|
Mishawaka
|
IN
|
—
|
|
3,787
|
|
5,543
|
|
—
|
|
3,787
|
|
5,543
|
|
9,330
|
|
2,244
|
|
7,086
|
|
1993
|
2011
|
35 years
|
Cancer Care Partners
|
Mishawaka
|
IN
|
—
|
|
3,162
|
|
28,633
|
|
—
|
|
3,162
|
|
28,633
|
|
31,795
|
|
914
|
|
30,881
|
|
2010
|
2015
|
35 years
|
Michiana Oncology
|
Mishawaka
|
IN
|
—
|
|
4,577
|
|
20,939
|
|
—
|
|
4,577
|
|
20,939
|
|
25,516
|
|
700
|
|
24,816
|
|
2010
|
2015
|
35 years
|
DaVita Dialysis - Paoli
|
Paoli
|
IN
|
—
|
|
396
|
|
2,056
|
|
—
|
|
396
|
|
2,056
|
|
2,452
|
|
81
|
|
2,371
|
|
2011
|
2015
|
35 years
|
South Bend
|
South Bend
|
IN
|
—
|
|
792
|
|
2,530
|
|
—
|
|
792
|
|
2,530
|
|
3,322
|
|
530
|
|
2,792
|
|
1996
|
2011
|
34 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
|
|||||||||
Via Christi Clinic
|
Wichita
|
KS
|
—
|
|
1,883
|
|
7,428
|
|
—
|
|
1,883
|
|
7,428
|
|
9,311
|
|
290
|
|
9,021
|
|
2006
|
2015
|
35 years
|
OLBH Same Day Surgery Center MOB
|
Ashland
|
KY
|
—
|
|
101
|
|
19,066
|
|
469
|
|
101
|
|
19,535
|
|
19,636
|
|
3,262
|
|
16,374
|
|
1997
|
2012
|
26 years
|
St. Elizabeth Covington
|
Covington
|
KY
|
—
|
|
345
|
|
12,790
|
|
(16
|
)
|
345
|
|
12,774
|
|
13,119
|
|
1,865
|
|
11,254
|
|
2009
|
2012
|
35 years
|
St. Elizabeth Florence MOB
|
Florence
|
KY
|
—
|
|
402
|
|
8,279
|
|
1,402
|
|
402
|
|
9,681
|
|
10,083
|
|
1,713
|
|
8,370
|
|
2005
|
2012
|
35 years
|
Jefferson Clinic
|
Louisville
|
KY
|
—
|
|
—
|
|
673
|
|
2,018
|
|
—
|
|
2,691
|
|
2,691
|
|
109
|
|
2,582
|
|
2013
|
2013
|
35 years
|
East Jefferson Medical Plaza
|
Metairie
|
LA
|
—
|
|
168
|
|
17,264
|
|
684
|
|
168
|
|
17,948
|
|
18,116
|
|
3,974
|
|
14,142
|
|
1996
|
2012
|
32 years
|
East Jefferson MOB
|
Metairie
|
LA
|
—
|
|
107
|
|
15,137
|
|
714
|
|
107
|
|
15,851
|
|
15,958
|
|
3,341
|
|
12,617
|
|
1985
|
2012
|
28 years
|
Lakeside POB I
|
Metairie
|
LA
|
—
|
|
3,334
|
|
4,974
|
|
2,939
|
|
3,334
|
|
7,913
|
|
11,247
|
|
2,090
|
|
9,157
|
|
1986
|
2011
|
22 years
|
Lakeside POB II
|
Metairie
|
LA
|
—
|
|
1,046
|
|
802
|
|
749
|
|
1,046
|
|
1,551
|
|
2,597
|
|
642
|
|
1,955
|
|
1980
|
2011
|
7 years
|
Fresenius Medical
|
Metairie
|
LA
|
—
|
|
1,195
|
|
3,797
|
|
—
|
|
1,195
|
|
3,797
|
|
4,992
|
|
134
|
|
4,858
|
|
2012
|
2015
|
35 years
|
RTS Berlin
|
Berlin
|
MD
|
—
|
|
—
|
|
2,216
|
|
—
|
|
—
|
|
2,216
|
|
2,216
|
|
378
|
|
1,838
|
|
1994
|
2011
|
29 years
|
Charles O. Fisher Medical Building
|
Westminster
|
MD
|
11,175
|
|
—
|
|
13,795
|
|
1,768
|
|
—
|
|
15,563
|
|
15,563
|
|
4,786
|
|
10,777
|
|
2009
|
2009
|
35 years
|
Medical Specialties Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
19,242
|
|
1,481
|
|
—
|
|
20,723
|
|
20,723
|
|
4,234
|
|
16,489
|
|
1989
|
2010
|
35 years
|
North Professional Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
7,228
|
|
1,622
|
|
—
|
|
8,850
|
|
8,850
|
|
1,786
|
|
7,064
|
|
1983
|
2010
|
35 years
|
Borgess Navigation Center
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
2,391
|
|
—
|
|
—
|
|
2,391
|
|
2,391
|
|
570
|
|
1,821
|
|
1976
|
2010
|
35 years
|
Borgess Health & Fitness Center
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
11,959
|
|
603
|
|
—
|
|
12,562
|
|
12,562
|
|
2,887
|
|
9,675
|
|
1984
|
2010
|
35 years
|
Heart Center Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
8,420
|
|
421
|
|
10
|
|
8,831
|
|
8,841
|
|
2,207
|
|
6,634
|
|
1980
|
2010
|
35 years
|
Medical Commons Building
|
Kalamazoo Township
|
MI
|
—
|
|
—
|
|
661
|
|
574
|
|
—
|
|
1,235
|
|
1,235
|
|
199
|
|
1,036
|
|
1979
|
2010
|
35 years
|
RTS Madison Heights
|
Madison Heights
|
MI
|
—
|
|
401
|
|
2,946
|
|
—
|
|
401
|
|
2,946
|
|
3,347
|
|
483
|
|
2,864
|
|
2002
|
2011
|
35 years
|
RTS Monroe
|
Monroe
|
MI
|
—
|
|
281
|
|
3,450
|
|
—
|
|
281
|
|
3,450
|
|
3,731
|
|
635
|
|
3,096
|
|
1997
|
2011
|
31 years
|
Bronson Lakeview OPC
|
Paw Paw
|
MI
|
—
|
|
3,835
|
|
31,564
|
|
—
|
|
3,835
|
|
31,564
|
|
35,399
|
|
1,141
|
|
34,258
|
|
2006
|
2015
|
35 years
|
Pro Med Center Plainwell
|
Plainwell
|
MI
|
—
|
|
—
|
|
697
|
|
7
|
|
—
|
|
704
|
|
704
|
|
185
|
|
519
|
|
1991
|
2010
|
35 years
|
Pro Med Center Richland
|
Richland
|
MI
|
—
|
|
233
|
|
2,267
|
|
77
|
|
233
|
|
2,344
|
|
2,577
|
|
520
|
|
2,057
|
|
1996
|
2010
|
35 years
|
Henry Ford Dialysis Center
|
Southfield
|
MI
|
—
|
|
589
|
|
3,350
|
|
—
|
|
589
|
|
3,350
|
|
3,939
|
|
120
|
|
3,819
|
|
2002
|
2015
|
35 years
|
Metro Health
|
Wyoming
|
MI
|
—
|
|
1,325
|
|
5,479
|
|
—
|
|
1,325
|
|
5,479
|
|
6,804
|
|
207
|
|
6,597
|
|
2008
|
2015
|
35 years
|
Spectrum Health
|
Wyoming
|
MI
|
—
|
|
2,463
|
|
14,353
|
|
—
|
|
2,463
|
|
14,353
|
|
16,816
|
|
543
|
|
16,273
|
|
2006
|
2015
|
35 years
|
Cogdell Duluth MOB
|
Duluth
|
MN
|
—
|
|
—
|
|
33,406
|
|
(19
|
)
|
—
|
|
33,387
|
|
33,387
|
|
3,254
|
|
30,133
|
|
2012
|
2012
|
35 years
|
Allina Health
|
Elk River
|
MN
|
—
|
|
1,442
|
|
7,742
|
|
54
|
|
1,442
|
|
7,796
|
|
9,238
|
|
267
|
|
8,971
|
|
2002
|
2015
|
35 years
|
Unitron Hearing
|
Plymouth
|
MN
|
4,000
|
|
2,646
|
|
8,962
|
|
—
|
|
2,646
|
|
8,962
|
|
11,608
|
|
475
|
|
11,133
|
|
2011
|
2015
|
29 years
|
HealthPartners Medical & Dental Clinics
|
Sartell
|
MN
|
—
|
|
2,492
|
|
15,694
|
|
49
|
|
2,503
|
|
15,732
|
|
18,235
|
|
2,493
|
|
15,742
|
|
2010
|
2012
|
35 years
|
Arnold Urgent Care
|
Arnold
|
MO
|
—
|
|
1,058
|
|
556
|
|
95
|
|
1,097
|
|
612
|
|
1,709
|
|
365
|
|
1,344
|
|
1999
|
2011
|
35 years
|
DePaul Health Center North
|
Bridgeton
|
MO
|
—
|
|
996
|
|
10,045
|
|
1,651
|
|
996
|
|
11,696
|
|
12,692
|
|
2,542
|
|
10,150
|
|
1976
|
2012
|
21 years
|
DePaul Health Center South
|
Bridgeton
|
MO
|
—
|
|
910
|
|
12,169
|
|
1,135
|
|
910
|
|
13,304
|
|
14,214
|
|
2,374
|
|
11,840
|
|
1992
|
2012
|
30 years
|
St. Mary's Health Center MOB D
|
Clayton
|
MO
|
—
|
|
103
|
|
2,780
|
|
826
|
|
103
|
|
3,606
|
|
3,709
|
|
852
|
|
2,857
|
|
1984
|
2012
|
22 years
|
Fenton Urgent Care Center
|
Fenton
|
MO
|
—
|
|
183
|
|
2,714
|
|
245
|
|
189
|
|
2,953
|
|
3,142
|
|
738
|
|
2,404
|
|
2003
|
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
|
|||||||||
St. Joseph Medical Building
|
Kansas City
|
MO
|
—
|
|
305
|
|
7,445
|
|
2,209
|
|
305
|
|
9,654
|
|
9,959
|
|
1,212
|
|
8,747
|
|
1988
|
2012
|
32 years
|
St. Joseph Medical Mall
|
Kansas City
|
MO
|
—
|
|
530
|
|
9,115
|
|
430
|
|
530
|
|
9,545
|
|
10,075
|
|
1,516
|
|
8,559
|
|
1995
|
2012
|
33 years
|
Carondelet Medical Building
|
Kansas City
|
MO
|
—
|
|
745
|
|
12,437
|
|
956
|
|
745
|
|
13,393
|
|
14,138
|
|
2,256
|
|
11,882
|
|
1979
|
2012
|
29 years
|
St. Joseph Hospital West Medical Office Building II
|
Lake Saint Louis
|
MO
|
—
|
|
524
|
|
3,229
|
|
294
|
|
524
|
|
3,523
|
|
4,047
|
|
659
|
|
3,388
|
|
2005
|
2012
|
35 years
|
St. Joseph O'Fallon Medical Office Building
|
O'Fallon
|
MO
|
—
|
|
940
|
|
5,556
|
|
16
|
|
945
|
|
5,567
|
|
6,512
|
|
839
|
|
5,673
|
|
1992
|
2012
|
35 years
|
Sisters of Mercy Building
|
Springfield
|
MO
|
5,500
|
|
3,427
|
|
8,697
|
|
—
|
|
3,427
|
|
8,697
|
|
12,124
|
|
350
|
|
11,774
|
|
2008
|
2015
|
35 years
|
St. Joseph Health Center Medical Building 1
|
St. Charles
|
MO
|
—
|
|
503
|
|
4,336
|
|
654
|
|
503
|
|
4,990
|
|
5,493
|
|
1,227
|
|
4,266
|
|
1987
|
2012
|
20 years
|
St. Joseph Health Center Medical Building 2
|
St. Charles
|
MO
|
—
|
|
369
|
|
2,963
|
|
538
|
|
369
|
|
3,501
|
|
3,870
|
|
650
|
|
3,220
|
|
1999
|
2012
|
32 years
|
Physicians Office Center
|
St. Louis
|
MO
|
—
|
|
1,445
|
|
13,825
|
|
911
|
|
1,445
|
|
14,736
|
|
16,181
|
|
3,678
|
|
12,503
|
|
2003
|
2011
|
35 years
|
12700 Southford Road Medical Plaza
|
St. Louis
|
MO
|
—
|
|
595
|
|
12,584
|
|
1,213
|
|
595
|
|
13,797
|
|
14,392
|
|
3,392
|
|
11,000
|
|
1993
|
2011
|
32 years
|
St Anthony's MOB A
|
St. Louis
|
MO
|
—
|
|
409
|
|
4,687
|
|
1,045
|
|
409
|
|
5,732
|
|
6,141
|
|
1,592
|
|
4,549
|
|
1975
|
2011
|
20 years
|
St Anthony's MOB B
|
St. Louis
|
MO
|
—
|
|
350
|
|
3,942
|
|
622
|
|
350
|
|
4,564
|
|
4,914
|
|
1,515
|
|
3,399
|
|
1980
|
2011
|
21 years
|
Lemay Urgent Care Center
|
St. Louis
|
MO
|
—
|
|
2,317
|
|
3,120
|
|
460
|
|
2,351
|
|
3,546
|
|
5,897
|
|
1,261
|
|
4,636
|
|
1983
|
2011
|
22 years
|
St. Mary's Health Center MOB B
|
St. Louis
|
MO
|
—
|
|
119
|
|
4,161
|
|
8,750
|
|
119
|
|
12,911
|
|
13,030
|
|
1,046
|
|
11,984
|
|
1979
|
2012
|
23 years
|
St. Mary's Health Center MOB C
|
St. Louis
|
MO
|
—
|
|
136
|
|
6,018
|
|
647
|
|
136
|
|
6,665
|
|
6,801
|
|
1,263
|
|
5,538
|
|
1969
|
2012
|
20 years
|
University Physicians - Grants Ferry
|
Flowood
|
MS
|
9,085
|
|
2,796
|
|
12,125
|
|
(13
|
)
|
2,796
|
|
12,112
|
|
14,908
|
|
1,922
|
|
12,986
|
|
2010
|
2012
|
35 years
|
Randolph
|
Charlotte
|
NC
|
—
|
|
6,370
|
|
2,929
|
|
1,196
|
|
6,370
|
|
4,125
|
|
10,495
|
|
2,550
|
|
7,945
|
|
1973
|
2012
|
4 years
|
Mallard Crossing I
|
Charlotte
|
NC
|
—
|
|
3,229
|
|
2,072
|
|
532
|
|
3,269
|
|
2,564
|
|
5,833
|
|
1,140
|
|
4,693
|
|
1997
|
2012
|
25 years
|
Medical Arts Building
|
Concord
|
NC
|
—
|
|
701
|
|
11,734
|
|
772
|
|
701
|
|
12,506
|
|
13,207
|
|
2,689
|
|
10,518
|
|
1997
|
2012
|
31 years
|
Gateway Medical Office Building
|
Concord
|
NC
|
—
|
|
1,100
|
|
9,904
|
|
622
|
|
1,100
|
|
10,526
|
|
11,626
|
|
2,249
|
|
9,377
|
|
2005
|
2012
|
35 years
|
Copperfield Medical Mall
|
Concord
|
NC
|
—
|
|
1,980
|
|
2,846
|
|
310
|
|
1,998
|
|
3,138
|
|
5,136
|
|
919
|
|
4,217
|
|
1989
|
2012
|
25 years
|
Weddington Internal & Pediatric Medicine
|
Concord
|
NC
|
—
|
|
574
|
|
688
|
|
22
|
|
574
|
|
710
|
|
1,284
|
|
213
|
|
1,071
|
|
2000
|
2012
|
27 years
|
Rex Wellness Center
|
Garner
|
NC
|
—
|
|
1,348
|
|
5,330
|
|
34
|
|
1,348
|
|
5,364
|
|
6,712
|
|
249
|
|
6,463
|
|
2003
|
2015
|
34 years
|
Gaston Professional Center
|
Gastonia
|
NC
|
—
|
|
833
|
|
24,885
|
|
752
|
|
833
|
|
25,637
|
|
26,470
|
|
3,993
|
|
22,477
|
|
1997
|
2012
|
35 years
|
Harrisburg Family Physicians
|
Harrisburg
|
NC
|
—
|
|
679
|
|
1,646
|
|
48
|
|
679
|
|
1,694
|
|
2,373
|
|
290
|
|
2,083
|
|
1996
|
2012
|
35 years
|
Harrisburg Medical Mall
|
Harrisburg
|
NC
|
—
|
|
1,339
|
|
2,292
|
|
237
|
|
1,339
|
|
2,529
|
|
3,868
|
|
749
|
|
3,119
|
|
1997
|
2012
|
27 years
|
Birkdale
|
Huntersville
|
NC
|
—
|
|
4,271
|
|
7,206
|
|
326
|
|
4,303
|
|
7,500
|
|
11,803
|
|
1,774
|
|
10,029
|
|
1997
|
2012
|
35 years
|
Birkdale II
|
Huntersville
|
NC
|
—
|
|
—
|
|
—
|
|
31
|
|
4
|
|
27
|
|
31
|
|
5
|
|
26
|
|
2001
|
2012
|
35 years
|
Northcross
|
Huntersville
|
NC
|
—
|
|
623
|
|
278
|
|
57
|
|
623
|
|
335
|
|
958
|
|
177
|
|
781
|
|
1993
|
2012
|
22 years
|
REX Knightdale MOB & Wellness Center
|
Knightdale
|
NC
|
—
|
|
—
|
|
22,823
|
|
467
|
|
—
|
|
23,290
|
|
23,290
|
|
2,156
|
|
21,134
|
|
2009
|
2012
|
35 years
|
Midland Medical Park
|
Midland
|
NC
|
—
|
|
1,221
|
|
847
|
|
71
|
|
1,221
|
|
918
|
|
2,139
|
|
370
|
|
1,769
|
|
1998
|
2012
|
25 years
|
East Rocky Mount Kidney Center
|
Rocky Mount
|
NC
|
—
|
|
803
|
|
998
|
|
(2
|
)
|
803
|
|
996
|
|
1,799
|
|
274
|
|
1,525
|
|
2000
|
2012
|
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
|
||||||||||||||||||
Rocky Mount Kidney Center
|
Rocky Mount
|
NC
|
—
|
|
479
|
|
1,297
|
|
39
|
|
479
|
|
1,336
|
|
1,815
|
|
446
|
|
1,369
|
|
1990
|
2012
|
25 years
|
|||||||||
Rocky Mount Medical Park
|
Rocky Mount
|
NC
|
—
|
|
2,552
|
|
7,779
|
|
1,409
|
|
2,652
|
|
9,088
|
|
11,740
|
|
2,219
|
|
9,521
|
|
1991
|
2012
|
30 years
|
|||||||||
English Road Medical Center
|
Rocky Mount
|
NC
|
4,097
|
|
1,321
|
|
3,747
|
|
8
|
|
1,321
|
|
3,755
|
|
5,076
|
|
1,179
|
|
3,897
|
|
2002
|
2012
|
35 years
|
|||||||||
Rowan Outpatient Surgery Center
|
Salisbury
|
NC
|
—
|
|
1,039
|
|
5,184
|
|
(5
|
)
|
1,039
|
|
5,179
|
|
6,218
|
|
1,093
|
|
5,125
|
|
2003
|
2012
|
35 years
|
|||||||||
Trinity Health Medical Arts Clinic
|
Minot
|
ND
|
—
|
|
935
|
|
15,482
|
|
49
|
|
951
|
|
15,515
|
|
16,466
|
|
1,507
|
|
14,959
|
|
1995
|
2015
|
26 years
|
|||||||||
Cooper Health MOB I
|
Willingboro
|
NJ
|
—
|
|
1,389
|
|
2,742
|
|
(13
|
)
|
1,389
|
|
2,729
|
|
4,118
|
|
272
|
|
3,846
|
|
2010
|
2015
|
35 years
|
|||||||||
Cooper Health MOB II
|
Willingboro
|
NJ
|
—
|
|
594
|
|
5,638
|
|
—
|
|
594
|
|
5,638
|
|
6,232
|
|
397
|
|
5,835
|
|
2012
|
2015
|
35 years
|
|||||||||
Salem Medical
|
Woodstown
|
NJ
|
—
|
|
275
|
|
4,132
|
|
3
|
|
275
|
|
4,135
|
|
4,410
|
|
289
|
|
4,121
|
|
2010
|
2015
|
35 years
|
|||||||||
Carson Tahoe Specialty Medical Center
|
Carson City
|
NV
|
—
|
|
688
|
|
11,346
|
|
124
|
|
688
|
|
11,470
|
|
12,158
|
|
871
|
|
11,287
|
|
1981
|
2015
|
35 years
|
|||||||||
Carson Tahoe MOB West
|
Carson City
|
NV
|
—
|
|
2,862
|
|
27,519
|
|
66
|
|
2,862
|
|
27,585
|
|
30,447
|
|
2,510
|
|
27,937
|
|
2007
|
2015
|
29 years
|
|||||||||
Del E Webb Medical Plaza
|
Henderson
|
NV
|
—
|
|
1,028
|
|
16,993
|
|
1,463
|
|
1,028
|
|
18,456
|
|
19,484
|
|
4,320
|
|
15,164
|
|
1999
|
2011
|
35 years
|
|||||||||
Durango Medical Plaza
|
Las Vegas
|
NV
|
—
|
|
3,787
|
|
27,738
|
|
(3,679
|
)
|
3,660
|
|
24,186
|
|
27,846
|
|
1,906
|
|
25,940
|
|
2008
|
2015
|
35 years
|
|||||||||
The Terrace at South Meadows
|
Reno
|
NV
|
6,831
|
|
504
|
|
9,966
|
|
609
|
|
504
|
|
10,575
|
|
11,079
|
|
2,696
|
|
8,383
|
|
2004
|
2011
|
35 years
|
|||||||||
Albany Medical Center MOB
|
Albany
|
NY
|
—
|
|
321
|
|
18,389
|
|
—
|
|
321
|
|
18,389
|
|
18,710
|
|
1,107
|
|
17,603
|
|
2010
|
2015
|
35 years
|
|||||||||
St. Peter's Recovery Center
|
Guilderland
|
NY
|
—
|
|
1,059
|
|
9,156
|
|
—
|
|
1,059
|
|
9,156
|
|
10,215
|
|
741
|
|
9,474
|
|
1990
|
2015
|
35 years
|
|||||||||
Central NY Medical Center
|
Syracuse
|
NY
|
24,500
|
|
1,786
|
|
26,101
|
|
2,620
|
|
1,792
|
|
28,715
|
|
30,507
|
|
5,783
|
|
24,724
|
|
1997
|
2012
|
33 years
|
|||||||||
Northcountry MOB
|
Watertown
|
NY
|
—
|
|
1,320
|
|
10,799
|
|
6
|
|
1,320
|
|
10,805
|
|
12,125
|
|
890
|
|
11,235
|
|
2001
|
2015
|
35 years
|
|||||||||
Anderson Medical Arts Building I
|
Cincinnati
|
OH
|
—
|
|
—
|
|
9,632
|
|
1,892
|
|
—
|
|
11,524
|
|
11,524
|
|
4,181
|
|
7,343
|
|
1984
|
2007
|
35 years
|
|||||||||
Anderson Medical Arts Building II
|
Cincinnati
|
OH
|
—
|
|
—
|
|
15,123
|
|
2,285
|
|
—
|
|
17,408
|
|
17,408
|
|
6,280
|
|
11,128
|
|
2007
|
2007
|
35 years
|
|||||||||
Riverside North Medical Office Building
|
Columbus
|
OH
|
8,420
|
|
785
|
|
8,519
|
|
1,350
|
|
785
|
|
9,869
|
|
10,654
|
|
2,821
|
|
7,833
|
|
1962
|
2012
|
25 years
|
|||||||||
Riverside South Medical Office Building
|
Columbus
|
OH
|
6,311
|
|
586
|
|
7,298
|
|
807
|
|
610
|
|
8,081
|
|
8,691
|
|
2,073
|
|
6,618
|
|
1985
|
2012
|
27 years
|
|||||||||
340 East Town Medical Office Building
|
Columbus
|
OH
|
5,862
|
|
10
|
|
9,443
|
|
864
|
|
10
|
|
10,307
|
|
10,317
|
|
2,221
|
|
8,096
|
|
1984
|
2012
|
29 years
|
|||||||||
393 East Town Medical Office Building
|
Columbus
|
OH
|
3,288
|
|
61
|
|
4,760
|
|
252
|
|
61
|
|
5,012
|
|
5,073
|
|
1,332
|
|
3,741
|
|
1970
|
2012
|
20 years
|
|||||||||
141 South Sixth Medical Office Building
|
Columbus
|
OH
|
1,544
|
|
80
|
|
1,113
|
|
4
|
|
80
|
|
1,117
|
|
1,197
|
|
470
|
|
727
|
|
1971
|
2012
|
14 years
|
|||||||||
Doctors West Medical Office Building
|
Columbus
|
OH
|
4,705
|
|
414
|
|
5,362
|
|
711
|
|
414
|
|
6,073
|
|
6,487
|
|
1,344
|
|
5,143
|
|
1998
|
2012
|
35 years
|
|||||||||
Eastside Health Center
|
Columbus
|
OH
|
4,399
|
|
956
|
|
3,472
|
|
(2
|
)
|
956
|
|
3,470
|
|
4,426
|
|
1,412
|
|
3,014
|
|
1977
|
2012
|
15 years
|
|||||||||
East Main Medical Office Building
|
Columbus
|
OH
|
5,226
|
|
440
|
|
4,771
|
|
63
|
|
440
|
|
4,834
|
|
5,274
|
|
1,037
|
|
4,237
|
|
2006
|
2012
|
35 years
|
|||||||||
Heart Center Medical Office Building
|
Columbus
|
OH
|
—
|
|
1,063
|
|
12,140
|
|
280
|
|
1,063
|
|
12,420
|
|
13,483
|
|
2,775
|
|
10,708
|
|
2004
|
2012
|
35 years
|
|||||||||
Wilkins Medical Office Building
|
Columbus
|
OH
|
—
|
|
123
|
|
18,062
|
|
344
|
|
123
|
|
18,406
|
|
18,529
|
|
3,224
|
|
15,305
|
|
2002
|
2012
|
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
|
||||||||||||||||||
Grady Medical Office Building
|
Delaware
|
OH
|
1,824
|
|
239
|
|
2,263
|
|
333
|
|
239
|
|
2,596
|
|
2,835
|
|
790
|
|
2,045
|
|
1991
|
2012
|
25 years
|
|||||||||
Dublin Northwest Medical Office Building
|
Dublin
|
OH
|
3,118
|
|
342
|
|
3,278
|
|
234
|
|
342
|
|
3,512
|
|
3,854
|
|
889
|
|
2,965
|
|
2001
|
2012
|
34 years
|
|||||||||
Preserve III Medical Office Building
|
Dublin
|
OH
|
9,684
|
|
2,449
|
|
7,025
|
|
(66
|
)
|
2,449
|
|
6,959
|
|
9,408
|
|
1,633
|
|
7,775
|
|
2006
|
2012
|
35 years
|
|||||||||
Zanesville Surgery Center
|
Zanesville
|
OH
|
—
|
|
172
|
|
9,403
|
|
—
|
|
172
|
|
9,403
|
|
9,575
|
|
1,799
|
|
7,776
|
|
2000
|
2011
|
35 years
|
|||||||||
Dialysis Center
|
Zanesville
|
OH
|
—
|
|
534
|
|
855
|
|
71
|
|
534
|
|
926
|
|
1,460
|
|
463
|
|
997
|
|
1960
|
2011
|
21 years
|
|||||||||
Genesis Children's Center
|
Zanesville
|
OH
|
—
|
|
538
|
|
3,781
|
|
—
|
|
538
|
|
3,781
|
|
4,319
|
|
1,002
|
|
3,317
|
|
2006
|
2011
|
30 years
|
|||||||||
Medical Arts Building I
|
Zanesville
|
OH
|
—
|
|
429
|
|
2,405
|
|
500
|
|
436
|
|
2,898
|
|
3,334
|
|
989
|
|
2,345
|
|
1970
|
2011
|
20 years
|
|||||||||
Medical Arts Building II
|
Zanesville
|
OH
|
—
|
|
485
|
|
6,013
|
|
807
|
|
510
|
|
6,795
|
|
7,305
|
|
2,386
|
|
4,919
|
|
1995
|
2011
|
25 years
|
|||||||||
Medical Arts Building III
|
Zanesville
|
OH
|
—
|
|
94
|
|
1,248
|
|
—
|
|
94
|
|
1,248
|
|
1,342
|
|
438
|
|
904
|
|
1970
|
2011
|
25 years
|
|||||||||
Primecare Building
|
Zanesville
|
OH
|
—
|
|
130
|
|
1,344
|
|
648
|
|
130
|
|
1,992
|
|
2,122
|
|
620
|
|
1,502
|
|
1978
|
2011
|
20 years
|
|||||||||
Outpatient Rehabilitation Building
|
Zanesville
|
OH
|
—
|
|
82
|
|
1,541
|
|
—
|
|
82
|
|
1,541
|
|
1,623
|
|
441
|
|
1,182
|
|
1985
|
2011
|
28 years
|
|||||||||
Radiation Oncology Building
|
Zanesville
|
OH
|
—
|
|
105
|
|
1,201
|
|
—
|
|
105
|
|
1,201
|
|
1,306
|
|
404
|
|
902
|
|
1988
|
2011
|
25 years
|
|||||||||
Healthplex
|
Zanesville
|
OH
|
—
|
|
2,488
|
|
15,849
|
|
578
|
|
2,508
|
|
16,407
|
|
18,915
|
|
4,405
|
|
14,510
|
|
1990
|
2011
|
32 years
|
|||||||||
Physicians Pavilion
|
Zanesville
|
OH
|
—
|
|
422
|
|
6,297
|
|
1,368
|
|
422
|
|
7,665
|
|
8,087
|
|
2,254
|
|
5,833
|
|
1990
|
2011
|
25 years
|
|||||||||
Zanesville Northside Pharmacy
|
Zanesville
|
OH
|
—
|
|
42
|
|
635
|
|
—
|
|
42
|
|
635
|
|
677
|
|
189
|
|
488
|
|
1985
|
2011
|
28 years
|
|||||||||
Bethesda Campus MOB III
|
Zanesville
|
OH
|
—
|
|
188
|
|
1,137
|
|
135
|
|
199
|
|
1,261
|
|
1,460
|
|
401
|
|
1,059
|
|
1978
|
2011
|
25 years
|
|||||||||
Tuality 7th Avenue Medical Plaza
|
Hillsboro
|
OR
|
18,547
|
|
1,516
|
|
24,638
|
|
463
|
|
1,533
|
|
25,084
|
|
26,617
|
|
5,689
|
|
20,928
|
|
2003
|
2011
|
35 years
|
|||||||||
Professional Office Building I
|
Chester
|
PA
|
—
|
|
—
|
|
6,283
|
|
1,737
|
|
—
|
|
8,020
|
|
8,020
|
|
3,780
|
|
4,240
|
|
1978
|
2004
|
30 years
|
|||||||||
DCMH Medical Office Building
|
Drexel Hill
|
PA
|
—
|
|
—
|
|
10,424
|
|
1,540
|
|
—
|
|
11,964
|
|
11,964
|
|
5,780
|
|
6,184
|
|
1984
|
2004
|
30 years
|
|||||||||
Pinnacle Health
|
Harrisburg
|
PA
|
—
|
|
2,574
|
|
16,767
|
|
235
|
|
2,674
|
|
16,902
|
|
19,576
|
|
1,350
|
|
18,226
|
|
2002
|
2015
|
35 years
|
|||||||||
Penn State University Outpatient Center
|
Hershey
|
PA
|
57,415
|
|
—
|
|
55,439
|
|
—
|
|
—
|
|
55,439
|
|
55,439
|
|
12,665
|
|
42,774
|
|
2008
|
2010
|
35 years
|
|||||||||
Lancaster Rehabilitation Hospital
|
Lancaster
|
PA
|
—
|
|
959
|
|
16,610
|
|
(16
|
)
|
959
|
|
16,594
|
|
17,553
|
|
3,151
|
|
14,402
|
|
2007
|
2012
|
35 years
|
|||||||||
Lancaster ASC MOB
|
Lancaster
|
PA
|
—
|
|
593
|
|
17,117
|
|
30
|
|
593
|
|
17,147
|
|
17,740
|
|
3,694
|
|
14,046
|
|
2007
|
2012
|
35 years
|
|||||||||
St. Joseph Medical Office Building
|
Reading
|
PA
|
—
|
|
—
|
|
10,823
|
|
811
|
|
—
|
|
11,634
|
|
11,634
|
|
3,219
|
|
8,415
|
|
2006
|
2010
|
35 years
|
|||||||||
Crozer - Keystone MOB I
|
Springfield
|
PA
|
—
|
|
9,130
|
|
47,078
|
|
—
|
|
9,130
|
|
47,078
|
|
56,208
|
|
4,113
|
|
52,095
|
|
1996
|
2015
|
35 years
|
|||||||||
Crozer-Keystone MOB II
|
Springfield
|
PA
|
—
|
|
5,178
|
|
6,523
|
|
—
|
|
5,178
|
|
6,523
|
|
11,701
|
|
606
|
|
11,095
|
|
1998
|
2015
|
25 years
|
|||||||||
Doylestown Health & Wellness Center
|
Warrington
|
PA
|
—
|
|
4,452
|
|
17,383
|
|
910
|
|
4,497
|
|
18,248
|
|
22,745
|
|
4,068
|
|
18,677
|
|
2001
|
2012
|
34 years
|
|||||||||
Roper Medical Office Building
|
Charleston
|
SC
|
8,133
|
|
127
|
|
14,737
|
|
2,949
|
|
127
|
|
17,686
|
|
17,813
|
|
4,053
|
|
13,760
|
|
1990
|
2012
|
28 years
|
|||||||||
St. Francis Medical Plaza (Charleston)
|
Charleston
|
SC
|
—
|
|
447
|
|
3,946
|
|
418
|
|
447
|
|
4,364
|
|
4,811
|
|
1,154
|
|
3,657
|
|
2003
|
2012
|
35 years
|
|||||||||
Providence MOB I
|
Columbia
|
SC
|
—
|
|
225
|
|
4,274
|
|
587
|
|
225
|
|
4,861
|
|
5,086
|
|
1,751
|
|
3,335
|
|
1979
|
2012
|
18 years
|
|||||||||
Providence MOB II
|
Columbia
|
SC
|
—
|
|
122
|
|
1,834
|
|
85
|
|
122
|
|
1,919
|
|
2,041
|
|
747
|
|
1,294
|
|
1985
|
2012
|
18 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
|
||||||||||||||||||
Providence MOB III
|
Columbia
|
SC
|
—
|
|
766
|
|
4,406
|
|
524
|
|
766
|
|
4,930
|
|
5,696
|
|
1,385
|
|
4,311
|
|
1990
|
2012
|
23 years
|
|||||||||
One Medical Park
|
Columbia
|
SC
|
—
|
|
210
|
|
7,939
|
|
843
|
|
214
|
|
8,778
|
|
8,992
|
|
2,856
|
|
6,136
|
|
1984
|
2012
|
19 years
|
|||||||||
Three Medical Park
|
Columbia
|
SC
|
—
|
|
40
|
|
10,650
|
|
924
|
|
40
|
|
11,574
|
|
11,614
|
|
3,237
|
|
8,377
|
|
1988
|
2012
|
25 years
|
|||||||||
St. Francis Millennium Medical Office Building
|
Greenville
|
SC
|
14,754
|
|
—
|
|
13,062
|
|
10,581
|
|
30
|
|
23,613
|
|
23,643
|
|
8,573
|
|
15,070
|
|
2009
|
2009
|
35 years
|
|||||||||
200 Andrews
|
Greenville
|
SC
|
—
|
|
789
|
|
2,014
|
|
220
|
|
789
|
|
2,234
|
|
3,023
|
|
1,042
|
|
1,981
|
|
1994
|
2012
|
29 years
|
|||||||||
St. Francis CMOB
|
Greenville
|
SC
|
—
|
|
501
|
|
7,661
|
|
725
|
|
501
|
|
8,386
|
|
8,887
|
|
1,711
|
|
7,176
|
|
2001
|
2012
|
35 years
|
|||||||||
St. Francis Outpatient Surgery Center
|
Greenville
|
SC
|
—
|
|
1,007
|
|
16,538
|
|
485
|
|
1,007
|
|
17,023
|
|
18,030
|
|
3,620
|
|
14,410
|
|
2001
|
2012
|
35 years
|
|||||||||
St. Francis Professional Medical Center
|
Greenville
|
SC
|
—
|
|
342
|
|
6,337
|
|
763
|
|
362
|
|
7,080
|
|
7,442
|
|
1,766
|
|
5,676
|
|
1984
|
2012
|
24 years
|
|||||||||
St. Francis Women's
|
Greenville
|
SC
|
—
|
|
322
|
|
4,877
|
|
285
|
|
322
|
|
5,162
|
|
5,484
|
|
1,820
|
|
3,664
|
|
1991
|
2012
|
24 years
|
|||||||||
St. Francis Medical Plaza (Greenville)
|
Greenville
|
SC
|
—
|
|
88
|
|
5,876
|
|
526
|
|
88
|
|
6,402
|
|
6,490
|
|
1,660
|
|
4,830
|
|
1998
|
2012
|
24 years
|
|||||||||
Irmo Professional MOB
|
Irmo
|
SC
|
—
|
|
1,726
|
|
5,414
|
|
139
|
|
1,726
|
|
5,553
|
|
7,279
|
|
1,657
|
|
5,622
|
|
2004
|
2011
|
35 years
|
|||||||||
River Hills Medical Plaza
|
Little River
|
SC
|
—
|
|
1,406
|
|
1,813
|
|
107
|
|
1,406
|
|
1,920
|
|
3,326
|
|
615
|
|
2,711
|
|
1999
|
2012
|
27 years
|
|||||||||
Mount Pleasant Medical Office Longpoint
|
Mount Pleasant
|
SC
|
—
|
|
670
|
|
4,455
|
|
122
|
|
692
|
|
4,555
|
|
5,247
|
|
1,730
|
|
3,517
|
|
2001
|
2012
|
34 years
|
|||||||||
Mary Black Westside Medical Office Bldg
|
Spartanburg
|
SC
|
—
|
|
291
|
|
5,057
|
|
425
|
|
300
|
|
5,473
|
|
5,773
|
|
1,365
|
|
4,408
|
|
1991
|
2012
|
31 years
|
|||||||||
Spartanburg ASC
|
Spartanburg
|
SC
|
—
|
|
1,333
|
|
15,756
|
|
—
|
|
1,333
|
|
15,756
|
|
17,089
|
|
999
|
|
16,090
|
|
2002
|
2015
|
35 years
|
|||||||||
Spartanburg Regional MOB
|
Spartanburg
|
SC
|
—
|
|
207
|
|
17,963
|
|
253
|
|
286
|
|
18,137
|
|
18,423
|
|
1,293
|
|
17,130
|
|
1986
|
2015
|
35 years
|
|||||||||
Wellmont Blue Ridge MOB
|
Bristol
|
TN
|
—
|
|
999
|
|
5,027
|
|
—
|
|
999
|
|
5,027
|
|
6,026
|
|
413
|
|
5,613
|
|
2001
|
2015
|
35 years
|
|||||||||
Health Park Medical Office Building
|
Chattanooga
|
TN
|
6,122
|
|
2,305
|
|
8,949
|
|
37
|
|
2,305
|
|
8,986
|
|
11,291
|
|
1,917
|
|
9,374
|
|
2004
|
2012
|
35 years
|
|||||||||
Peerless Crossing Medical Center
|
Cleveland
|
TN
|
—
|
|
1,217
|
|
6,464
|
|
10
|
|
1,217
|
|
6,474
|
|
7,691
|
|
1,302
|
|
6,389
|
|
2006
|
2012
|
35 years
|
|||||||||
St. Mary's Clinton Professional Office Building
|
Clinton
|
TN
|
—
|
|
298
|
|
618
|
|
6
|
|
298
|
|
624
|
|
922
|
|
78
|
|
844
|
|
1988
|
2015
|
39 years
|
|||||||||
St. Mary's Farragut MOB
|
Farragut
|
TN
|
—
|
|
221
|
|
2,719
|
|
49
|
|
221
|
|
2,768
|
|
2,989
|
|
194
|
|
2,795
|
|
1997
|
2015
|
39 years
|
|||||||||
Medical Center Physicians Tower
|
Jackson
|
TN
|
12,894
|
|
549
|
|
27,074
|
|
44
|
|
549
|
|
27,118
|
|
27,667
|
|
5,568
|
|
22,099
|
|
2010
|
2012
|
35 years
|
|||||||||
St. Mary's Physical Therapy & Rehabilitation Center East
|
Jefferson City
|
TN
|
—
|
|
120
|
|
160
|
|
—
|
|
120
|
|
160
|
|
280
|
|
43
|
|
237
|
|
1985
|
2015
|
39 years
|
|||||||||
St. Mary's Physician Professional Office Building
|
Knoxville
|
TN
|
—
|
|
138
|
|
3,144
|
|
—
|
|
138
|
|
3,144
|
|
3,282
|
|
275
|
|
3,007
|
|
1981
|
2015
|
39 years
|
|||||||||
St. Mary's Magdalene Clarke Tower
|
Knoxville
|
TN
|
—
|
|
69
|
|
4,153
|
|
4
|
|
69
|
|
4,157
|
|
4,226
|
|
320
|
|
3,906
|
|
1972
|
2015
|
39 years
|
|||||||||
St. Mary's Medical Office Building
|
Knoxville
|
TN
|
—
|
|
136
|
|
359
|
|
—
|
|
136
|
|
359
|
|
495
|
|
67
|
|
428
|
|
1976
|
2015
|
39 years
|
|||||||||
St. Mary's Ambulatory Surgery Center
|
Knoxville
|
TN
|
—
|
|
129
|
|
1,012
|
|
—
|
|
129
|
|
1,012
|
|
1,141
|
|
119
|
|
1,022
|
|
1999
|
2015
|
24 years
|
|||||||||
Texas Clinic at Arlington
|
Arlington
|
TX
|
—
|
|
2,781
|
|
24,515
|
|
4
|
|
2,781
|
|
24,519
|
|
27,300
|
|
1,769
|
|
25,531
|
|
2010
|
2015
|
35 years
|
|||||||||
Seton Medical Park Tower
|
Austin
|
TX
|
—
|
|
805
|
|
41,527
|
|
1,954
|
|
1,061
|
|
43,225
|
|
44,286
|
|
7,136
|
|
37,150
|
|
1968
|
2012
|
35 years
|
|||||||||
Seton Northwest Health Plaza
|
Austin
|
TX
|
—
|
|
444
|
|
22,632
|
|
1,676
|
|
444
|
|
24,308
|
|
24,752
|
|
4,264
|
|
20,488
|
|
1988
|
2012
|
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
|
||||||||||||||||||
Seton Southwest Health Plaza
|
Austin
|
TX
|
—
|
|
294
|
|
5,311
|
|
133
|
|
294
|
|
5,444
|
|
5,738
|
|
930
|
|
4,808
|
|
2004
|
2012
|
35 years
|
|||||||||
Seton Southwest Health Plaza II
|
Austin
|
TX
|
—
|
|
447
|
|
10,154
|
|
20
|
|
447
|
|
10,174
|
|
10,621
|
|
1,730
|
|
8,891
|
|
2009
|
2012
|
35 years
|
|||||||||
BioLife Sciences Building
|
Denton
|
TX
|
—
|
|
1,036
|
|
6,576
|
|
—
|
|
1,036
|
|
6,576
|
|
7,612
|
|
537
|
|
7,075
|
|
2010
|
2015
|
35 years
|
|||||||||
East Houston MOB, LLC
|
Houston
|
TX
|
—
|
|
356
|
|
2,877
|
|
431
|
|
328
|
|
3,336
|
|
3,664
|
|
1,746
|
|
1,918
|
|
1982
|
2011
|
15 years
|
|||||||||
East Houston Medical Plaza
|
Houston
|
TX
|
—
|
|
671
|
|
426
|
|
513
|
|
671
|
|
939
|
|
1,610
|
|
668
|
|
942
|
|
1982
|
2011
|
11 years
|
|||||||||
Memorial Hermann
|
Houston
|
TX
|
—
|
|
822
|
|
14,307
|
|
—
|
|
822
|
|
14,307
|
|
15,129
|
|
953
|
|
14,176
|
|
2012
|
2015
|
35 years
|
|||||||||
Scott & White Healthcare
|
Kingsland
|
TX
|
—
|
|
534
|
|
5,104
|
|
—
|
|
534
|
|
5,104
|
|
5,638
|
|
390
|
|
5,248
|
|
2012
|
2015
|
35 years
|
|||||||||
Odessa Regional MOB
|
Odessa
|
TX
|
—
|
|
121
|
|
8,935
|
|
—
|
|
121
|
|
8,935
|
|
9,056
|
|
619
|
|
8,437
|
|
2008
|
2015
|
35 years
|
|||||||||
Legacy Heart Center
|
Plano
|
TX
|
—
|
|
3,081
|
|
8,890
|
|
8
|
|
3,081
|
|
8,898
|
|
11,979
|
|
750
|
|
11,229
|
|
2005
|
2015
|
35 years
|
|||||||||
Seton Williamson Medical Plaza
|
Round Rock
|
TX
|
—
|
|
—
|
|
15,074
|
|
448
|
|
—
|
|
15,522
|
|
15,522
|
|
4,296
|
|
11,226
|
|
2008
|
2010
|
35 years
|
|||||||||
Sunnyvale Medical Plaza
|
Sunnyvale
|
TX
|
—
|
|
1,186
|
|
15,397
|
|
4
|
|
1,186
|
|
15,401
|
|
16,587
|
|
1,218
|
|
15,369
|
|
2009
|
2015
|
35 years
|
|||||||||
Texarkana ASC
|
Texarkana
|
TX
|
—
|
|
814
|
|
5,903
|
|
—
|
|
814
|
|
5,903
|
|
6,717
|
|
516
|
|
6,201
|
|
1994
|
2015
|
30 years
|
|||||||||
Spring Creek Medical Plaza
|
Tomball
|
TX
|
—
|
|
2,165
|
|
8,212
|
|
—
|
|
2,165
|
|
8,212
|
|
10,377
|
|
589
|
|
9,788
|
|
2006
|
2015
|
35 years
|
|||||||||
251 Medical Center
|
Webster
|
TX
|
—
|
|
1,158
|
|
12,078
|
|
178
|
|
1,158
|
|
12,256
|
|
13,414
|
|
2,208
|
|
11,206
|
|
2006
|
2011
|
35 years
|
|||||||||
253 Medical Center
|
Webster
|
TX
|
—
|
|
1,181
|
|
11,862
|
|
3
|
|
1,181
|
|
11,865
|
|
13,046
|
|
2,066
|
|
10,980
|
|
2009
|
2011
|
35 years
|
|||||||||
MRMC MOB I
|
Mechanicsville
|
VA
|
—
|
|
1,669
|
|
7,024
|
|
418
|
|
1,669
|
|
7,442
|
|
9,111
|
|
2,302
|
|
6,809
|
|
1993
|
2012
|
31 years
|
|||||||||
Henrico MOB
|
Richmond
|
VA
|
—
|
|
968
|
|
6,189
|
|
841
|
|
968
|
|
7,030
|
|
7,998
|
|
2,241
|
|
5,757
|
|
1976
|
2011
|
25 years
|
|||||||||
St. Mary's MOB North (Floors 6 & 7)
|
Richmond
|
VA
|
—
|
|
227
|
|
2,961
|
|
301
|
|
227
|
|
3,262
|
|
3,489
|
|
1,054
|
|
2,435
|
|
1968
|
2012
|
22 years
|
|||||||||
Virginia Urology Center
|
Richmond
|
VA
|
—
|
|
3,822
|
|
16,127
|
|
—
|
|
3,822
|
|
16,127
|
|
19,949
|
|
1,248
|
|
18,701
|
|
2004
|
2015
|
35 years
|
|||||||||
St. Francis Cancer Center
|
Richmond
|
VA
|
—
|
|
654
|
|
18,331
|
|
3
|
|
657
|
|
18,331
|
|
18,988
|
|
1,324
|
|
17,664
|
|
2006
|
2015
|
35 years
|
|||||||||
Bonney Lake Medical Office Building
|
Bonney Lake
|
WA
|
10,467
|
|
5,176
|
|
14,375
|
|
170
|
|
5,176
|
|
14,545
|
|
19,721
|
|
3,151
|
|
16,570
|
|
2011
|
2012
|
35 years
|
|||||||||
Good Samaritan Medical Office Building
|
Puyallup
|
WA
|
13,648
|
|
781
|
|
30,368
|
|
588
|
|
781
|
|
30,956
|
|
31,737
|
|
5,403
|
|
26,334
|
|
2011
|
2012
|
35 years
|
|||||||||
Holy Family Hospital Central MOB
|
Spokane
|
WA
|
—
|
|
—
|
|
19,085
|
|
260
|
|
—
|
|
19,345
|
|
19,345
|
|
2,540
|
|
16,805
|
|
2007
|
2012
|
35 years
|
|||||||||
Physician's Pavilion
|
Vancouver
|
WA
|
—
|
|
1,411
|
|
32,939
|
|
914
|
|
1,424
|
|
33,840
|
|
35,264
|
|
7,427
|
|
27,837
|
|
2001
|
2011
|
35 years
|
|||||||||
Administration Building
|
Vancouver
|
WA
|
—
|
|
296
|
|
7,856
|
|
—
|
|
296
|
|
7,856
|
|
8,152
|
|
1,712
|
|
6,440
|
|
1972
|
2011
|
35 years
|
|||||||||
Medical Center Physician's Building
|
Vancouver
|
WA
|
—
|
|
1,225
|
|
31,246
|
|
2,480
|
|
1,246
|
|
33,705
|
|
34,951
|
|
6,822
|
|
28,129
|
|
1980
|
2011
|
35 years
|
|||||||||
Memorial MOB
|
Vancouver
|
WA
|
—
|
|
663
|
|
12,626
|
|
339
|
|
690
|
|
12,938
|
|
13,628
|
|
2,793
|
|
10,835
|
|
1999
|
2011
|
35 years
|
|||||||||
Salmon Creek MOB
|
Vancouver
|
WA
|
—
|
|
1,325
|
|
9,238
|
|
—
|
|
1,325
|
|
9,238
|
|
10,563
|
|
1,991
|
|
8,572
|
|
1994
|
2011
|
35 years
|
|||||||||
Fisher's Landing MOB
|
Vancouver
|
WA
|
—
|
|
1,590
|
|
5,420
|
|
—
|
|
1,590
|
|
5,420
|
|
7,010
|
|
1,408
|
|
5,602
|
|
1995
|
2011
|
34 years
|
|||||||||
Columbia Medical Plaza
|
Vancouver
|
WA
|
—
|
|
281
|
|
5,266
|
|
228
|
|
331
|
|
5,444
|
|
5,775
|
|
1,235
|
|
4,540
|
|
1991
|
2011
|
35 years
|
|||||||||
Appleton Heart Institute
|
Appleton
|
WI
|
—
|
|
—
|
|
7,775
|
|
38
|
|
—
|
|
7,813
|
|
7,813
|
|
1,901
|
|
5,912
|
|
2003
|
2010
|
39 years
|
|||||||||
Appleton Medical Offices West
|
Appleton
|
WI
|
—
|
|
—
|
|
5,756
|
|
82
|
|
—
|
|
5,838
|
|
5,838
|
|
1,435
|
|
4,403
|
|
1989
|
2010
|
39 years
|
|||||||||
Appleton Medical Offices South
|
Appleton
|
WI
|
—
|
|
—
|
|
9,058
|
|
185
|
|
—
|
|
9,243
|
|
9,243
|
|
2,358
|
|
6,885
|
|
1983
|
2010
|
39 years
|
|||||||||
Brookfield Clinic
|
Brookfield
|
WI
|
—
|
|
2,638
|
|
4,093
|
|
—
|
|
2,638
|
|
4,093
|
|
6,731
|
|
1,095
|
|
5,636
|
|
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
|
||||||||||||||||||
Lakeshore Medical Clinic - Franklin
|
Franklin
|
WI
|
—
|
|
1,973
|
|
7,579
|
|
56
|
|
2,029
|
|
7,579
|
|
9,608
|
|
619
|
|
8,989
|
|
2008
|
2015
|
34 years
|
|||||||||
Lakeshore Medical Clinic - Greenfield
|
Greenfield
|
WI
|
—
|
|
1,223
|
|
13,387
|
|
9
|
|
1,223
|
|
13,396
|
|
14,619
|
|
902
|
|
13,717
|
|
2010
|
2015
|
35 years
|
|||||||||
Aurora Health Care - Hartford
|
Hartford
|
WI
|
—
|
|
3,706
|
|
22,019
|
|
—
|
|
3,706
|
|
22,019
|
|
25,725
|
|
1,673
|
|
24,052
|
|
2006
|
2015
|
35 years
|
|||||||||
Hartland Clinic
|
Hartland
|
WI
|
—
|
|
321
|
|
5,050
|
|
—
|
|
321
|
|
5,050
|
|
5,371
|
|
1,151
|
|
4,220
|
|
1994
|
2011
|
35 years
|
|||||||||
Aurora Healthcare - Kenosha
|
Kenosha
|
WI
|
—
|
|
7,546
|
|
19,155
|
|
—
|
|
7,546
|
|
19,155
|
|
26,701
|
|
1,487
|
|
25,214
|
|
2014
|
2015
|
35 years
|
|||||||||
Univ of Wisconsin Health
|
Monona
|
WI
|
5,039
|
|
678
|
|
8,017
|
|
—
|
|
678
|
|
8,017
|
|
8,695
|
|
664
|
|
8,031
|
|
2011
|
2015
|
35 years
|
|||||||||
Theda Clark Medical Center Office Pavilion
|
Neenah
|
WI
|
—
|
|
—
|
|
7,080
|
|
286
|
|
—
|
|
7,366
|
|
7,366
|
|
1,785
|
|
5,581
|
|
1993
|
2010
|
39 years
|
|||||||||
Aylward Medical Building Condo Floors 3 & 4
|
Neenah
|
WI
|
—
|
|
—
|
|
4,462
|
|
7
|
|
—
|
|
4,469
|
|
4,469
|
|
1,195
|
|
3,274
|
|
2006
|
2010
|
39 years
|
|||||||||
Aurora Health Care - Neenah
|
Neenah
|
WI
|
—
|
|
2,033
|
|
9,072
|
|
—
|
|
2,033
|
|
9,072
|
|
11,105
|
|
740
|
|
10,365
|
|
2006
|
2015
|
35 years
|
|||||||||
New Berlin Clinic
|
New Berlin
|
WI
|
—
|
|
678
|
|
7,121
|
|
—
|
|
678
|
|
7,121
|
|
7,799
|
|
1,745
|
|
6,054
|
|
1999
|
2011
|
35 years
|
|||||||||
United Healthcare - Onalaska
|
Onalaska
|
WI
|
—
|
|
4,623
|
|
5,527
|
|
—
|
|
4,623
|
|
5,527
|
|
10,150
|
|
585
|
|
9,565
|
|
1995
|
2015
|
35 years
|
|||||||||
WestWood Health & Fitness
|
Pewaukee
|
WI
|
—
|
|
823
|
|
11,649
|
|
—
|
|
823
|
|
11,649
|
|
12,472
|
|
2,880
|
|
9,592
|
|
1997
|
2011
|
35 years
|
|||||||||
Aurora Health Care - Two Rivers
|
Two Rivers
|
WI
|
—
|
|
5,638
|
|
25,308
|
|
—
|
|
5,638
|
|
25,308
|
|
30,946
|
|
1,938
|
|
29,008
|
|
2006
|
2015
|
35 years
|
|||||||||
Watertown Clinic
|
Watertown
|
WI
|
—
|
|
166
|
|
3,234
|
|
—
|
|
166
|
|
3,234
|
|
3,400
|
|
711
|
|
2,689
|
|
2003
|
2011
|
35 years
|
|||||||||
Southside Clinic
|
Waukesha
|
WI
|
—
|
|
218
|
|
5,273
|
|
—
|
|
218
|
|
5,273
|
|
5,491
|
|
1,176
|
|
4,315
|
|
1997
|
2011
|
35 years
|
|||||||||
Rehabilitation Hospital
|
Waukesha
|
WI
|
—
|
|
372
|
|
15,636
|
|
—
|
|
372
|
|
15,636
|
|
16,008
|
|
3,053
|
|
12,955
|
|
2008
|
2011
|
35 years
|
|||||||||
United Healthcare - Wauwatosa
|
Wawatosa
|
WI
|
—
|
|
8,012
|
|
15,992
|
|
—
|
|
8,012
|
|
15,992
|
|
24,004
|
|
1,501
|
|
22,503
|
|
1995
|
2015
|
35 years
|
|||||||||
BSG CS, LLC
|
Waunakee
|
WI
|
—
|
|
1,060
|
|
—
|
|
—
|
|
1,060
|
|
—
|
|
1,060
|
|
—
|
|
1,060
|
|
N/A
|
2012
|
35 years
|
|||||||||
TOTAL FOR MEDICAL OFFICE BUILDINGS
|
|
|
551,416
|
|
393,203
|
|
4,123,987
|
|
194,963
|
|
395,122
|
|
4,317,031
|
|
4,712,153
|
|
797,015
|
|
3,915,138
|
|
|
|
|
|||||||||
LIFE SCIENCES OFFICE BUILDINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
100 College Street
|
New Haven
|
CT
|
—
|
|
2,706
|
|
186,570
|
|
—
|
|
2,706
|
|
186,570
|
|
189,276
|
|
1,286
|
|
187,990
|
|
2013
|
2016
|
59 years
|
|||||||||
300 George Street
|
New Haven
|
CT
|
—
|
|
2,262
|
|
122,144
|
|
—
|
|
2,262
|
|
122,144
|
|
124,406
|
|
922
|
|
123,484
|
|
2014
|
2016
|
50 years
|
|||||||||
Univ. of Miami Life Science and Technology Park
|
Miami
|
FL
|
—
|
|
2,249
|
|
87,019
|
|
—
|
|
2,249
|
|
87,019
|
|
89,268
|
|
660
|
|
88,608
|
|
2014
|
2016
|
53 years
|
|||||||||
IIT
|
Chicago
|
IL
|
—
|
|
30
|
|
55,620
|
|
—
|
|
30
|
|
55,620
|
|
55,650
|
|
454
|
|
55,196
|
|
2006
|
2016
|
46 years
|
|||||||||
University of Maryland BioPark I Unit 1
|
Baltimore
|
MD
|
—
|
|
113
|
|
25,199
|
|
—
|
|
113
|
|
25,199
|
|
25,312
|
|
200
|
|
25,112
|
|
2005
|
2016
|
50 years
|
|||||||||
University of Maryland BioPark II
|
Baltimore
|
MD
|
—
|
|
61
|
|
91,764
|
|
—
|
|
61
|
|
91,764
|
|
91,825
|
|
833
|
|
90,992
|
|
2007
|
2016
|
50 years
|
|||||||||
University of Maryland BioPark Garage
|
Baltimore
|
MD
|
—
|
|
77
|
|
4,677
|
|
—
|
|
77
|
|
4,677
|
|
4,754
|
|
66
|
|
4,688
|
|
2007
|
2016
|
29 years
|
|||||||||
Tributary Street
|
Baltimore
|
MD
|
—
|
|
4,015
|
|
15,905
|
|
—
|
|
4,015
|
|
15,905
|
|
19,920
|
|
188
|
|
19,732
|
|
1998
|
2016
|
45 years
|
|||||||||
Beckley Street
|
Baltimore
|
MD
|
—
|
|
2,813
|
|
13,481
|
|
—
|
|
2,813
|
|
13,481
|
|
16,294
|
|
164
|
|
16,130
|
|
1999
|
2016
|
45 years
|
|||||||||
873 West Baltimore Street
|
Baltimore
|
MD
|
—
|
|
980
|
|
8
|
|
—
|
|
980
|
|
8
|
|
988
|
|
—
|
|
988
|
|
CIP
|
CIP
|
CIP
|
|||||||||
Heritage at 4240
|
Saint Louis
|
MO
|
—
|
|
403
|
|
47,125
|
|
—
|
|
403
|
|
47,125
|
|
47,528
|
|
529
|
|
46,999
|
|
2013
|
2016
|
45 years
|
|||||||||
Cortex 1
|
Saint Louis
|
MO
|
—
|
|
631
|
|
26,543
|
|
—
|
|
631
|
|
26,543
|
|
27,174
|
|
319
|
|
26,855
|
|
2005
|
2016
|
50 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
|
||||||||||||||||||
BRDG Park
|
Saint Louis
|
MO
|
—
|
|
606
|
|
37,083
|
|
—
|
|
606
|
|
37,083
|
|
37,689
|
|
295
|
|
37,394
|
|
2009
|
2016
|
52 years
|
|||||||||
311 South Sarah Street
|
St. Louis
|
MO
|
—
|
|
7,113
|
|
133
|
|
—
|
|
7,113
|
|
133
|
|
7,246
|
|
—
|
|
7,246
|
|
CIP
|
CIP
|
CIP
|
|||||||||
Weston Parkway
|
Cary
|
NC
|
—
|
|
1,372
|
|
6,535
|
|
—
|
|
1,372
|
|
6,535
|
|
7,907
|
|
68
|
|
7,839
|
|
1990
|
2016
|
50 years
|
|||||||||
Patriot Drive
|
Durham
|
NC
|
—
|
|
1,960
|
|
10,749
|
|
—
|
|
1,960
|
|
10,749
|
|
12,709
|
|
124
|
|
12,585
|
|
2010
|
2016
|
50 years
|
|||||||||
701 W. Main Street
|
Durham
|
NC
|
36,187
|
|
2,190
|
|
65,599
|
|
—
|
|
2,190
|
|
65,599
|
|
67,789
|
|
—
|
|
67,789
|
|
CIP
|
CIP
|
CIP
|
|||||||||
Paramount Parkway
|
Morrisville
|
NC
|
—
|
|
1,016
|
|
19,794
|
|
—
|
|
1,016
|
|
19,794
|
|
20,810
|
|
212
|
|
20,598
|
|
1999
|
2016
|
45 years
|
|||||||||
Wake 90
|
Winston-Salem
|
NC
|
—
|
|
2,752
|
|
79,949
|
|
—
|
|
2,752
|
|
79,949
|
|
82,701
|
|
799
|
|
81,902
|
|
2013
|
2016
|
40 years
|
|||||||||
Wake 91
|
Winston-Salem
|
NC
|
—
|
|
1,729
|
|
73,690
|
|
—
|
|
1,729
|
|
73,690
|
|
75,419
|
|
599
|
|
74,820
|
|
2011
|
2016
|
50 years
|
|||||||||
Wake 60
|
Winston-Salem
|
NC
|
15,000
|
|
1,243
|
|
83,414
|
|
—
|
|
1,243
|
|
83,414
|
|
84,657
|
|
399
|
|
84,258
|
|
2016
|
2016
|
35 years
|
|||||||||
450 North Patterson Avenue
|
Winston-Salem
|
NC
|
—
|
|
1,930
|
|
5,513
|
|
—
|
|
1,930
|
|
5,513
|
|
7,443
|
|
—
|
|
7,443
|
|
CIP
|
CIP
|
CIP
|
|||||||||
Hershey Center Unit 1
|
Hummelstown
|
PA
|
—
|
|
813
|
|
23,699
|
|
—
|
|
813
|
|
23,699
|
|
24,512
|
|
225
|
|
24,287
|
|
2007
|
2016
|
50 years
|
|||||||||
3737 Market Street
|
Philadelphia
|
PA
|
—
|
|
40
|
|
141,981
|
|
—
|
|
40
|
|
141,981
|
|
142,021
|
|
945
|
|
141,076
|
|
2014
|
2016
|
54 years
|
|||||||||
3711 Market Street
|
Philadelphia
|
PA
|
—
|
|
12,320
|
|
69,278
|
|
—
|
|
12,320
|
|
69,278
|
|
81,598
|
|
565
|
|
81,033
|
|
2008
|
2016
|
48 years
|
|||||||||
3750 Lancaster Avenue
|
Philadelphia
|
PA
|
—
|
|
—
|
|
88
|
|
—
|
|
—
|
|
88
|
|
88
|
|
—
|
|
88
|
|
CIP
|
CIP
|
CIP
|
|||||||||
3675 Market Street
|
Philadelphia
|
PA
|
—
|
|
3,300
|
|
1,931
|
|
—
|
|
3,300
|
|
1,931
|
|
5,231
|
|
—
|
|
5,231
|
|
CIP
|
CIP
|
CIP
|
|||||||||
3701 Filbert Street
|
Philadelphia
|
PA
|
—
|
|
—
|
|
(205
|
)
|
—
|
|
—
|
|
(205
|
)
|
(205
|
)
|
—
|
|
(205
|
)
|
CIP
|
CIP
|
CIP
|
|||||||||
115 North 38th Street
|
Philadelphia
|
PA
|
—
|
|
—
|
|
2
|
|
—
|
|
—
|
|
2
|
|
2
|
|
—
|
|
2
|
|
CIP
|
CIP
|
CIP
|
|||||||||
225 North 38th Street
|
Philadelphia
|
PA
|
—
|
|
—
|
|
19
|
|
—
|
|
—
|
|
19
|
|
19
|
|
—
|
|
19
|
|
CIP
|
CIP
|
CIP
|
|||||||||
IRP I
|
Norfolk
|
VA
|
—
|
|
60
|
|
20,084
|
|
—
|
|
60
|
|
20,084
|
|
20,144
|
|
179
|
|
19,965
|
|
2007
|
2016
|
55 years
|
|||||||||
IRP II
|
Norfolk
|
VA
|
—
|
|
69
|
|
21,255
|
|
—
|
|
69
|
|
21,255
|
|
21,324
|
|
174
|
|
21,150
|
|
2007
|
2016
|
55 years
|
|||||||||
TOTAL LIFE SCIENCES OFFICE BUILDINGS
|
|
|
51,187
|
|
54,853
|
|
1,336,646
|
|
—
|
|
54,853
|
|
1,336,646
|
|
1,391,499
|
|
10,205
|
|
1,381,294
|
|
|
|
|
|||||||||
TOTAL FOR ALL OFFICE BUILDINGS
|
|
|
602,603
|
|
448,056
|
|
5,460,633
|
|
194,963
|
|
449,975
|
|
5,653,677
|
|
6,103,652
|
|
807,220
|
|
5,296,432
|
|
|
|
|
|||||||||
TOTAL FOR ALL PROPERTIES
|
|
|
$
|
1,718,898
|
|
$
|
2,100,288
|
|
$
|
21,115,857
|
|
$
|
600,441
|
|
$
|
2,089,591
|
|
$
|
21,726,995
|
|
$
|
23,816,586
|
|
$
|
4,190,496
|
|
$
|
19,626,090
|
|
|
|
|
|
Location
|
Number of RE Assets
|
Interest Rate
|
Fixed / Variable
|
Maturity Date
|
Monthly Debt Service
|
Face Value
|
Net Book Value
|
Prior Liens
|
||||
|
|
||||||||||||
First Mortgages
|
|
|
|
|
|
|
|
||||||
|
Washington
|
1
|
8.00%
|
F
|
8/1/2020
|
172
|
|
25,000
|
|
24,854
|
|
—
|
|
|
Washington
|
1
|
6.00%
|
F
|
7/5/2017
|
70
|
|
6,030
|
|
6,000
|
|
—
|
|
|
Multiple
|
3
|
9.21%
|
V
|
6/30/2019
|
136
|
|
17,023
|
|
17,023
|
|
—
|
|
|
Ohio
|
5
|
7.89%
|
V
|
10/1/2021
|
531
|
|
78,448
|
|
78,448
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mezzanine Loans
|
|
|
|
|
|
|
|
||||||
|
Multiple
|
31
|
9.95%
|
F/V
|
2/6/2021
|
1,200
|
|
140,000
|
|
140,000
|
|
1,636,400
|
|
|
Multiple*
|
179
|
8.27%
|
F/V
|
12/9/2019
|
2,132
|
|
309,423
|
|
309,423
|
|
1,600,242
|
|
|
|
|
|
|
|
|
|
|
|
||||
Construction Loans
|
|
|
|
|
|
|
|
||||||
|
Colorado
|
1
|
8.75%
|
V
|
2/6/2021
|
445
|
|
59,044
|
|
58,453
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||
* The variable portion of this investment has a maturity date of 12/9/2017, with extension options to 12/9/2019.
|
Mortgage Loan Reconciliation
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|||||||
|
|
2016
|
|
2015
|
|
2014
|
|||||||
Beginning Balance
|
|
$
|
784,821
|
|
|
$
|
747,456
|
|
|
$
|
335,656
|
|
|
Additions:
|
|
|
|
|
|
|
|||||||
New Loans
|
|
140,000
|
|
|
88,648
|
|
|
451,269
|
|
||||
Construction Draws
|
|
13,403
|
|
|
53,708
|
|
|
—
|
|
||||
Total additions
|
|
153,403
|
|
|
142,356
|
|
|
451,269
|
|
||||
Deductions:
|
|
|
|
|
|
|
|||||||
Principal Repayments
|
(303,255
|
)
|
|
(99,467
|
)
|
|
(21,159
|
)
|
|||||
Conversions to Real Property
|
—
|
|
|
—
|
|
|
(18,310
|
)
|
|||||
Sales and Syndications
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Spin Off
|
|
—
|
|
|
(5,524
|
)
|
|
—
|
|
||||
Total deductions
|
(303,255
|
)
|
|
(104,991
|
)
|
|
(39,469
|
)
|
|||||
Ending Balance
|
|
$
|
634,969
|
|
|
$
|
784,821
|
|
|
$
|
747,456
|
|
|
Page
|
Report of Independent Registered Public Accounting Firm
|
|
Consolidated Financial Statement Schedules
|
|
Schedule II — Valuation and Qualifying Accounts
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
2.1
|
|
Separation and Distribution Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 2.1 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation, as amended, of Ventas, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed on August 5, 2011, File No. 001-10989.
|
|
|
|
|
|
3.2
|
|
Fifth Amended and Restated Bylaws, as amended, of Ventas, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 3.2 to our Current Report on Form 8-K, filed on January 11, 2017, File No. 001-10989.
|
|
|
|
|
|
4.1
|
|
Specimen common stock certificate.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed on February 12, 2016, File No. 001-10989.
|
|
|
|
|
|
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 herein. Previously filed as Exhibit 4.9 to our Registration Statement on Form S-3, filed on April 7, 2006, File No. 333-133115.
|
|
|
|
|
|
4.3
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on May 20, 2011, File No. 001-10989.
|
|
|
|
|
|
4.4
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on February 14, 2012, File No. 001-10989.
|
|
|
|
|
|
4.5
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on April 18, 2012, File No. 001-10989.
|
|
|
|
|
|
4.6
|
|
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 herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed on October 26, 2012, File No. 001-10989.
|
|
|
|
|
|
4.7
|
|
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 herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on December 13, 2012, File No. 001-10989.
|
|
|
|
|
|
4.8
|
|
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 herein. Previously filed as Exhibit 4.2 to our Registration Statement on Form 8-A, filed on March 7, 2013, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.9
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on March 19, 2013, File No. 001-10989.
|
|
|
|
|
|
4.10
|
|
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.
|
|
Filed herewith.
|
|
|
|
|
|
4.11
|
|
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 herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on September 26, 2013, File No. 001-10989.
|
|
|
|
|
|
4.12
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014, File No. 001-10989.
|
|
|
|
|
|
4.13
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014, File No. 001-10989.
|
|
|
|
|
|
4.14
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on January 14, 2015, File No. 001-10989.
|
|
|
|
|
|
4.15
|
|
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 herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on January 14, 2015, File No. 001-10989.
|
|
|
|
|
|
4.16
|
|
Indenture dated as of August 19, 1997 by and between Nationwide Health Properties, Inc. and The Bank of New York, as Trustee, relating to the 6.90% Series C Medium-Term Notes due 2037 and the 6.59% Series C Medium-Term Notes due 2038.
|
|
Incorporated by reference herein. Previously filed as Exhibit 1.2 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on August 19, 1997, File No. 001-09028.
|
|
|
|
|
|
4.17
|
|
Supplemental Indenture dated July 1, 2011 among Nationwide Health Properties, Inc., Needles Acquisition LLC, and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, relating to the 6.90% Series C Medium-Term Notes due 2037 and the 6.59% Series C Medium-Term Notes due 2038.
|
|
Filed herewith.
|
|
|
|
|
|
4.18
|
|
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 herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.19
|
|
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 herein. Previously filed as Exhibit 4.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
|
|
|
|
|
|
4.20
|
|
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 herein. Previously filed as Exhibit 4.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
|
|
|
|
|
|
4.21
|
|
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.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.24 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 13, 2015, File No. 001-10989.
|
|
|
|
|
|
4.22
|
|
Indenture dated as of July 16, 2015 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 herein. Previously filed as Exhibit 4.1 to our Current Report on Form 8-K, filed on July 16, 2015, File No. 001-10989.
|
|
|
|
|
|
4.23
|
|
First Supplemental Indenture dated as of July 16, 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 4.125% Senior Notes due 2026.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on July 16, 2015, File No. 001-10989.
|
|
|
|
|
|
4.24
|
|
Second Supplemental Indenture dated as of June 2, 2016 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.125% Senior Notes due 2023.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on June 2, 2016, File No. 001-10989.
|
|
|
|
|
|
4.25
|
|
Third Supplemental Indenture dated as of September 21, 2016 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.250% Senior Notes due 2026.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on September 21, 2016, File No. 001-10989.
|
|
|
|
|
|
10.1
|
|
First Amended and Restated Agreement of Limited Partnership of Ventas Realty, Limited Partnership.
|
|
Incorporated by reference herein. Previously filed as Exhibit 3.5 to our Registration Statement on Form S-4, as amended, filed on May 29, 2002, 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 herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on December 11, 2013, File No. 001-10989.
|
|
|
|
|
|
10.3
|
|
First Amendment dated as of July 28, 2015 to that certain Amended and Restated Credit and Guaranty Agreement by and among Ventas Realty, Limited Partnership, Ventas Canada Finance Limited, Ventas UK Finance, Inc., Ventas Euro Finance, LLC, 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 herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on July 31, 2015, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.4
|
|
Second Amendment and Joinder dated as of October 14, 2015 to that certain Amended and Restated Credit and Guaranty Agreement by and among Ventas Realty, Limited Partnership, Ventas Canada Finance Limited, Ventas UK Finance, Inc., Ventas Euro Finance, LLC, 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 herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on October 19, 2015, File No. 001-10989.
|
|
|
|
|
|
10.5
|
|
Tax Matters Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
|
|
|
|
|
|
10.6
|
|
Employee Matters Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.3 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
|
|
|
|
|
|
10.7*
|
|
Ventas, Inc. 2004 Stock Plan for Directors, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.16.1 to our Annual Report on Form 10-K for the year ended December 31, 2004, filed on March 1, 2005, File No. 33-107942.
|
|
|
|
|
|
10.8.1*
|
|
Ventas, Inc. 2006 Incentive Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.8.2*
|
|
Form of Stock Option Agreement—2006 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.2 to our Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 22, 2007, File No. 001-10989.
|
|
|
|
|
|
10.8.3*
|
|
Form of Restricted Stock Agreement—2006 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.3 to our Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 22, 2007, File No. 001-10989.
|
|
|
|
|
|
10.9.1*
|
|
Ventas, Inc. 2006 Stock Plan for Directors, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed on April 27, 2012, File No. 001-10989.
|
|
|
|
|
|
10.9.2*
|
|
Form of Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.11.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.9.3*
|
|
Form of Amendment to Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed on April 27, 2012, File No. 001-10989.
|
|
|
|
|
|
10.9.4*
|
|
Form of Restricted Stock Unit Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.11.4 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.10.1*
|
|
Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on May 23, 2012, File No. 001-10989.
|
|
|
|
|
|
10.10.2*
|
|
Form of Stock Option Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.6.2 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed February 13, 2015, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.10.3*
|
|
Form of Restricted Stock Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.6.3 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 13, 2015, File No. 001-10989.
|
|
|
|
|
|
10.10.4*
|
|
Form of Stock Option Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.4 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.10.5*
|
|
Form of Restricted Stock Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.5 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.10.6*
|
|
Form of Restricted Stock Unit Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.6 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.11.1*
|
|
Ventas Executive Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.12.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.11.2*
|
|
Deferral Election Form under the Ventas Executive Deferred Stock Compensation Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.12.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.12.1*
|
|
Ventas Nonemployee Directors’ Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.13.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.12.2*
|
|
Deferral Election Form under the Ventas Nonemployee Directors’ Deferred Stock Compensation Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.13.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.13.1*
|
|
Nationwide Health Properties, Inc. 2005 Performance Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as 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.
|
|
|
|
|
|
10.13.2*
|
|
First Amendment to the Nationwide Health Properties, Inc. 2005 Performance Incentive Plan, dated October 28, 2008.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.14.1*
|
|
Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to the Nationwide Health Properties, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, filed on May 4, 2006, File No. 001-09028.
|
|
|
|
|
|
10.14.2*
|
|
Amendment dated October 28, 2008 to the Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.9 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.15*
|
|
Second Amended and Restated Employment Agreement dated as of March 22, 2011 between Ventas, Inc. and Debra A. Cafaro.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on March 24, 2011, File No. 001-10989.
|
|
|
|
|
|
10.16.1*
|
|
Employment Agreement dated as of July 31, 1998 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.2.1 to our Annual Report on Form 10-K for the year ended December 31, 2002, filed on February 26, 2003, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.16.2*
|
|
Amendment dated as of September 30, 1999 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.2.2 to our Annual Report on Form 10-K for the year ended December 31, 2002, filed on February 26, 2003, File No. 001-10989.
|
|
|
|
|
|
10.16.3*
|
|
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on March 23, 2007, File No. 001-10989.
|
|
|
|
|
|
10.16.4*
|
|
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.4 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.16.5*
|
|
Amended and Restated Change-in-Control Severance Agreement dated as of March 22, 2011 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on March 24, 2011, File No. 001-10989.
|
|
|
|
|
|
10.17*
|
|
Employment Agreement dated as of June 22, 2010 between Ventas, Inc. and Todd W. Lillibridge.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed on July 30, 2010, File No. 001-10989.
|
|
|
|
|
|
10.18*
|
|
Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 18, 2014, File No. 001-10989.
|
|
|
|
|
|
10.19.1*
|
|
Offer Letter dated September 16, 2014 from Ventas, Inc. to Robert F. Probst.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on September 29, 2014, File No. 001-10989.
|
|
|
|
|
|
10.19.2*
|
|
Employee Protection and Noncompetition Agreement dated September 16, 2014 between Ventas, Inc. and Robert F. Probst.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on September 29, 2014, File No. 001-10989.
|
|
|
|
|
|
10.20*
|
|
Employee Protection and Noncompetition Agreement dated June 17, 2015 between Ventas, Inc. and Todd W. Lillibridge.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on June 23, 2015, File No. 001-10989.
|
|
|
|
|
|
10.21*
|
|
Ventas Employee and Director Stock Purchase Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
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.
|
|
|
|
|
|
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, 2017
|
Debra A. Cafaro
|
|
|
|
|
|
/s/ ROBERT F. PROBST
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
February 13, 2017
|
Robert F. Probst
|
|
|
|
|
|
/s/ GREGORY R. LIEBBE
|
Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)
|
February 13, 2017
|
Gregory R. Liebbe
|
|
|
|
|
|
/s/ MELODY C. BARNES
|
Director
|
February 13, 2017
|
Melody C. Barnes
|
|
|
|
|
|
/s/ JAY M. GELLERT
|
Director
|
February 13, 2017
|
Jay M. Gellert
|
|
|
|
|
|
/s/ RICHARD I. GILCHRIST
|
Director
|
February 13, 2017
|
Richard I. Gilchrist
|
|
|
|
|
|
/s/ MATTHEW J. LUSTIG
|
Director
|
February 13, 2017
|
Matthew J. Lustig
|
|
|
|
|
|
/s/ ROXANNE M. MARTINO
|
Director
|
February 13, 2017
|
Roxanne M. Martino
|
|
|
|
|
|
/s/ DOUGLAS M. PASQUALE
|
Director
|
February 13, 2017
|
Douglas M. Pasquale
|
|
|
|
|
|
/s/WALTER C. RAKOWICH
|
Director
|
February 13, 2017
|
Walter C. Rakowich
|
|
|
|
|
|
/s/ ROBERT D. REED
|
Director
|
February 13, 2017
|
Robert D. Reed
|
|
|
|
|
|
/s/ GLENN J. RUFRANO
|
Director
|
February 13, 2017
|
Glenn J. Rufrano
|
|
|
|
|
|
/s/ JAMES D. SHELTON
|
Director
|
February 13, 2017
|
James D. Shelton
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
2.1
|
|
Separation and Distribution Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 2.1 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation, as amended, of Ventas, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed on August 5, 2011, File No. 001-10989.
|
|
|
|
|
|
3.2
|
|
Fifth Amended and Restated Bylaws, as amended, of Ventas, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 3.2 to our Current Report on Form 8-K, filed on January 11, 2017, File No. 001-10989.
|
|
|
|
|
|
4.1
|
|
Specimen common stock certificate.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed on February 12, 2016, File No. 001-10989.
|
|
|
|
|
|
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 herein. Previously filed as Exhibit 4.9 to our Registration Statement on Form S-3, filed on April 7, 2006, File No. 333-133115.
|
|
|
|
|
|
4.3
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on May 20, 2011, File No. 001-10989.
|
|
|
|
|
|
4.4
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on February 14, 2012, File No. 001-10989.
|
|
|
|
|
|
4.5
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on April 18, 2012, File No. 001-10989.
|
|
|
|
|
|
4.6
|
|
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 herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed on October 26, 2012, File No. 001-10989.
|
|
|
|
|
|
4.7
|
|
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 herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on December 13, 2012, File No. 001-10989.
|
|
|
|
|
|
4.8
|
|
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 herein. Previously filed as Exhibit 4.2 to our Registration Statement on Form 8-A, filed on March 7, 2013, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.9
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on March 19, 2013, File No. 001-10989.
|
|
|
|
|
|
4.10
|
|
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.
|
|
Filed herewith.
|
|
|
|
|
|
4.11
|
|
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 herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on September 26, 2013, File No. 001-10989.
|
|
|
|
|
|
4.12
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014, File No. 001-10989.
|
|
|
|
|
|
4.13
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on April 17, 2014, File No. 001-10989.
|
|
|
|
|
|
4.14
|
|
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 herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on January 14, 2015, File No. 001-10989.
|
|
|
|
|
|
4.15
|
|
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 herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on January 14, 2015, File No. 001-10989.
|
|
|
|
|
|
4.16
|
|
Indenture dated as of August 19, 1997 by and between Nationwide Health Properties, Inc. and The Bank of New York, as Trustee, relating to the 6.90% Series C Medium-Term Notes due 2037 and the 6.59% Series C Medium-Term Notes due 2038.
|
|
Incorporated by reference herein. Previously filed as Exhibit 1.2 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on August 19, 1997, File No. 001-09028.
|
|
|
|
|
|
4.17
|
|
Supplemental Indenture dated July 1, 2011 among Nationwide Health Properties, Inc., Needles Acquisition LLC, and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, relating to the 6.90% Series C Medium-Term Notes due 2037 and the 6.59% Series C Medium-Term Notes due 2038.
|
|
Filed herewith.
|
|
|
|
|
|
4.18
|
|
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 herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
|
|
|
|
|
|
4.19
|
|
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 herein. Previously filed as Exhibit 4.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
4.20
|
|
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 herein. Previously filed as Exhibit 4.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
|
|
|
|
|
|
4.21
|
|
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.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.24 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 13, 2015, File No. 001-10989.
|
|
|
|
|
|
4.22
|
|
Indenture dated as of July 16, 2015 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 herein. Previously filed as Exhibit 4.1 to our Current Report on Form 8-K, filed on July 16, 2015, File No. 001-10989.
|
|
|
|
|
|
4.23
|
|
First Supplemental Indenture dated as of July 16, 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 4.125% Senior Notes due 2026.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on July 16, 2015, File No. 001-10989.
|
|
|
|
|
|
4.24
|
|
Second Supplemental Indenture dated as of June 2, 2016 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.125% Senior Notes due 2023.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on June 2, 2016, File No. 001-10989.
|
|
|
|
|
|
4.25
|
|
Third Supplemental Indenture dated as of September 21, 2016 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.250% Senior Notes due 2026.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on September 21, 2016, File No. 001-10989.
|
|
|
|
|
|
10.1
|
|
First Amended and Restated Agreement of Limited Partnership of Ventas Realty, Limited Partnership.
|
|
Incorporated by reference herein. Previously filed as Exhibit 3.5 to our Registration Statement on Form S-4, as amended, filed on May 29, 2002, 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 herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on December 11, 2013, File No. 001-10989.
|
|
|
|
|
|
10.4
|
|
Second Amendment and Joinder dated as of October 14, 2015 to that certain Amended and Restated Credit and Guaranty Agreement by and among Ventas Realty, Limited Partnership, Ventas Canada Finance Limited, Ventas UK Finance, Inc., Ventas Euro Finance, LLC, 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 herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on October 19, 2015, File No. 001-10989.
|
|
|
|
|
|
10.5
|
|
Tax Matters Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.6
|
|
Employee Matters Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.3 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
|
|
|
|
|
|
10.7*
|
|
Ventas, Inc. 2004 Stock Plan for Directors, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.16.1 to our Annual Report on Form 10-K for the year ended December 31, 2004, filed on March 1, 2005, File No. 33-107942.
|
|
|
|
|
|
10.8.1*
|
|
Ventas, Inc. 2006 Incentive Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.8.2*
|
|
Form of Stock Option Agreement—2006 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.2 to our Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 22, 2007, File No. 001-10989.
|
|
|
|
|
|
10.8.3*
|
|
Form of Restricted Stock Agreement—2006 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.3 to our Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 22, 2007, File No. 001-10989.
|
|
|
|
|
|
10.9.1*
|
|
Ventas, Inc. 2006 Stock Plan for Directors, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed on April 27, 2012, File No. 001-10989.
|
|
|
|
|
|
10.9.2*
|
|
Form of Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.11.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.9.3*
|
|
Form of Amendment to Stock Option Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed on April 27, 2012, File No. 001-10989.
|
|
|
|
|
|
10.9.4*
|
|
Form of Restricted Stock Unit Agreement—2006 Stock Plan for Directors.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.11.4 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.10.1*
|
|
Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on May 23, 2012, File No. 001-10989.
|
|
|
|
|
|
10.10.2*
|
|
Form of Stock Option Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.6.2 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed February 13, 2015, File No. 001-10989.
|
|
|
|
|
|
10.10.3*
|
|
Form of Restricted Stock Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.6.3 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 13, 2015, File No. 001-10989.
|
|
|
|
|
|
10.10.4*
|
|
Form of Stock Option Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.4 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.10.5*
|
|
Form of Restricted Stock Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.5 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
10.10.6*
|
|
Form of Restricted Stock Unit Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.6 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.11.1*
|
|
Ventas Executive Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.12.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.11.2*
|
|
Deferral Election Form under the Ventas Executive Deferred Stock Compensation Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.12.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.12.1*
|
|
Ventas Nonemployee Directors’ Deferred Stock Compensation Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.13.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.12.2*
|
|
Deferral Election Form under the Ventas Nonemployee Directors’ Deferred Stock Compensation Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.13.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.13.1*
|
|
Nationwide Health Properties, Inc. 2005 Performance Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as 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.
|
|
|
|
|
|
10.13.2*
|
|
First Amendment to the Nationwide Health Properties, Inc. 2005 Performance Incentive Plan, dated October 28, 2008.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.14.1*
|
|
Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to the Nationwide Health Properties, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, filed on May 4, 2006, File No. 001-09028.
|
|
|
|
|
|
10.14.2*
|
|
Amendment dated October 28, 2008 to the Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.9 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
|
|
|
|
|
|
10.15*
|
|
Second Amended and Restated Employment Agreement dated as of March 22, 2011 between Ventas, Inc. and Debra A. Cafaro.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on March 24, 2011, File No. 001-10989.
|
|
|
|
|
|
10.16.1*
|
|
Employment Agreement dated as of July 31, 1998 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.2.1 to our Annual Report on Form 10-K for the year ended December 31, 2002, filed on February 26, 2003, File No. 001-10989.
|
|
|
|
|
|
10.16.2*
|
|
Amendment dated as of September 30, 1999 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.2.2 to our Annual Report on Form 10-K for the year ended December 31, 2002, filed on February 26, 2003, File No. 001-10989.
|
|
|
|
|
|
10.16.3*
|
|
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on March 23, 2007, File No. 001-10989.
|
|
|
|
|
|
10.16.4*
|
|
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.15.4 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
10.16.5*
|
|
Amended and Restated Change-in-Control Severance Agreement dated as of March 22, 2011 between Ventas, Inc. and T. Richard Riney.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on March 24, 2011, File No. 001-10989.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
10.17*
|
|
Employment Agreement dated as of June 22, 2010 between Ventas, Inc. and Todd W. Lillibridge.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed on July 30, 2010, File No. 001-10989.
|
|
|
|
|
|
10.18*
|
|
Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 18, 2014, File No. 001-10989.
|
|
|
|
|
|
10.19.1*
|
|
Offer Letter dated September 16, 2014 from Ventas, Inc. to Robert F. Probst.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on September 29, 2014, File No. 001-10989.
|
|
|
|
|
|
10.19.2*
|
|
Employee Protection and Noncompetition Agreement dated September 16, 2014 between Ventas, Inc. and Robert F. Probst.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on September 29, 2014, File No. 001-10989.
|
|
|
|
|
|
10.20*
|
|
Employee Protection and Noncompetition Agreement dated June 17, 2015 between Ventas, Inc. and Todd W. Lillibridge.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on June 23, 2015, File No. 001-10989.
|
|
|
|
|
|
10.21*
|
|
Ventas Employee and Director Stock Purchase Plan, as amended.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
|
|
|
|
|
|
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.
|
|
|
|
|
|
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.
|
Trust Indenture
Act Section |
Indenture Section
|
310(a)(1)
|
7.10
|
(a)(2)
|
7.10
|
(a)(3)
|
N.A.
|
(a)(4)
|
N.A.
|
(a)(5)
|
7.10
|
(b)
|
7.10
|
(c)
|
N.A.
|
311(a)
|
7.11
|
(b)
|
7.11
|
(c)
|
N.A.
|
312(a)
|
2.06
|
(b)
|
13.03
|
(c)
|
13.03
|
313(a)
|
2.06, 7.06
|
(b)(2)
|
7.06; 7.07
|
(c)
|
4.03, 7.06; 13.02
|
(d)
|
7.06
|
314(a)(4)
|
13.05
|
(c)(1)
|
N.A.
|
(c)(2)
|
N.A.
|
(c)(3)
|
N.A.
|
(e)
|
13.05
|
(f)
|
N.A.
|
315(a)
|
2.03
|
(b)
|
2.03
|
(c)
|
2.03
|
(d)
|
2.03
|
(e)
|
N.A.
|
316(a) (last sentence)
|
N.A.
|
(a)(1)(A)
|
N.A.
|
(a)(1)(B)
|
N.A.
|
(a)(2)
|
N.A.
|
(b)
|
N.A.
|
(c)
|
13.16
|
317(a)(1)
|
N.A.
|
(a)(2)
|
N.A.
|
(b)
|
N.A.
|
318(a)
|
N.A.
|
(b)
|
N.A.
|
(c)
|
13.01
|
|
|
Page
|
|
ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
|
1
|
|
|
Section 1.01
|
Definitions
|
1
|
|
Section 1.02
|
Other Definitions
|
9
|
|
Section 1.03
|
Incorporation by Reference of Trust Indenture Act
|
9
|
|
Section 1.04
|
Rules of Construction
|
9
|
|
|
|
|
|
ARTICLE 2 THE SECURITIES
|
10
|
|
|
Section 2.01
|
Form, Dating and Denominations.
|
10
|
|
Section 2.02
|
Amount Unlimited; Issuable in Series.
|
11
|
|
Section 2.03
|
Execution and Authentication.
|
14
|
|
Section 2.04
|
Registrar and Paying Agent.
|
15
|
|
Section 2.05
|
Paying Agent to Hold Money in Trust.
|
16
|
|
Section 2.06
|
Holder Lists.
|
16
|
|
Section 2.07
|
Transfer and Exchange.
|
16
|
|
Section 2.08
|
Replacement Securities.
|
21
|
|
Section 2.09
|
Outstanding Securities.
|
21
|
|
Section 2.10
|
Treasury Securities.
|
22
|
|
Section 2.11
|
Temporary Securities.
|
23
|
|
Section 2.12
|
Cancellation.
|
23
|
|
Section 2.13
|
Defaulted Interest.
|
23
|
|
|
|
|
|
ARTICLE 3 REDEMPTION AND PREPAYMENT
|
24
|
|
|
Section 3.01
|
Applicability of Article.
|
24
|
|
Section 3.02
|
Notices to Trustee.
|
24
|
|
Section 3.03
|
Selection of Securities to Be Redeemed.
|
24
|
|
Section 3.04
|
Notice of Redemption.
|
25
|
|
Section 3.05
|
Effect of Notice of Redemption.
|
26
|
|
Section 3.06
|
Deposit of Redemption or Purchase Price.
|
26
|
|
Section 3.07
|
Securities Redeemed or Purchased in Part.
|
27
|
|
Section 3.08
|
Conversion Arrangement on Call for Redemption.
|
27
|
|
|
|
|
|
ARTICLE 4 COVENANTS
|
28
|
|
|
Section 4.01
|
Payment of Securities.
|
28
|
|
Section 4.02
|
Maintenance of Office or Agency.
|
28
|
|
Section 4.03
|
Reports.
|
29
|
|
Section 4.04
|
Compliance Certificate.
|
29
|
|
Section 4.05
|
Additional Amounts.
|
30
|
|
Section 4.06
|
Corporate Existence.
|
31
|
|
|
|
|
|
|
|
|
ARTICLE 5 SUCCESSORS
|
31
|
|
|
Section 5.01
|
Merger, Consolidation, or Sale of Assets.
|
31
|
|
Section 5.02
|
Successor Substituted.
|
32
|
|
|
|
|
|
ARTICLE 6 DEFAULTS AND REMEDIES
|
33
|
|
|
Section 6.01
|
Events of Default.
|
33
|
|
Section 6.02
|
Acceleration.
|
34
|
|
Section 6.03
|
Other Remedies.
|
35
|
|
Section 6.04
|
Waiver of Past Defaults.
|
35
|
|
Section 6.05
|
Control by Majority.
|
35
|
|
Section 6.06
|
Limitation on Suits.
|
35
|
|
Section 6.07
|
Rights of Holders of Securities to Receive Payment.
|
36
|
|
Section 6.08
|
Collection Suit by Trustee.
|
36
|
|
Section 6.09
|
Trustee May File Proofs of Claim.
|
36
|
|
Section 6.10
|
Priorities.
|
37
|
|
Section 6.11
|
Undertaking for Costs.
|
37
|
|
|
|
|
|
ARTICLE 7 TRUSTEE
|
38
|
|
|
Section 7.01
|
Duties of Trustee.
|
38
|
|
Section 7.02
|
Rights of Trustee.
|
39
|
|
Section 7.03
|
Individual Rights of Trustee.
|
39
|
|
Section 7.04
|
Trustee’s Disclaimer.
|
40
|
|
Section 7.05
|
Notice of Defaults.
|
40
|
|
Section 7.06
|
Reports by Trustee to Holders of the Securities.
|
40
|
|
Section 7.07
|
Compensation and Indemnity.
|
40
|
|
Section 7.08
|
Replacement of Trustee.
|
41
|
|
Section 7.09
|
Successor Trustee by Merger, etc.
|
43
|
|
Section 7.10
|
Eligibility; Disqualification.
|
43
|
|
Section 7.11
|
Preferential Collection of Claims Against Issuer.
|
44
|
|
|
|
|
|
ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
|
44
|
|
|
Section 8.01
|
Applicability of Article; Option to Effect Legal Defeasance or Covenant Defeasance.
|
44
|
|
Section 8.02
|
Legal Defeasance and Discharge.
|
44
|
|
Section 8.03
|
Covenant Defeasance.
|
45
|
|
Section 8.04
|
Conditions to Legal or Covenant Defeasance.
|
45
|
|
Section 8.05
|
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
|
47
|
|
Section 8.06
|
Repayment to Issuer.
|
47
|
|
Section 8.07
|
Reinstatement.
|
48
|
|
|
|
|
|
ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
|
49
|
|
|
Section 9.01
|
Without Consent of Holders of Securities.
|
49
|
|
Section 9.02
|
With Consent of Holders of Securities.
|
50
|
|
Section 9.03
|
Compliance with Trust Indenture Act.
|
52
|
|
Section 9.04
|
Revocation and Effect of Consents.
|
52
|
|
Section 9.05
|
Notation on or Exchange of Securities.
|
52
|
|
Section 9.06
|
Trustee to Sign Amendments, etc.
|
52
|
|
|
|
|
|
ARTICLE 10 SECURITIES GUARANTEES
|
53
|
|
|
Section 10.01
|
Applicability of Article; Securities Guarantee.
|
53
|
|
Section 10.02
|
Limitation on Guarantor Liability.
|
54
|
|
Section 10.03
|
Execution and Delivery of Securities Guarantee.
|
54
|
|
Section 10.04
|
Guarantors May Consolidate, etc., on Certain Terms.
|
55
|
|
|
|
|
|
ARTICLE 11 SATISFACTION AND DISCHARGE
|
56
|
|
|
Section 11.01
|
Satisfaction and Discharge.
|
56
|
|
Section 11.02
|
Application of Trust Money.
|
57
|
|
|
|
|
|
ARTICLE 12 CONVERSION OF SECURITIES
|
57
|
|
|
Section 12.01
|
Applicability of Article.
|
57
|
|
Section 12.02
|
Right of Holders to Convert Securities into Common Stock.
|
58
|
|
Section 12.03
|
Issuance of Shares of Common Stock on Conversions.
|
58
|
|
Section 12.04
|
No Payment or Adjustment for Interest or Dividends.
|
59
|
|
Section 12.05
|
Adjustment of Conversion Price.
|
60
|
|
Section 12.06
|
No Fractional Shares to be Issued.
|
63
|
|
Section 12.07
|
Preservation of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance.
|
63
|
|
Section 12.08
|
Notice to Holders of the Securities of a Series Prior to Taking Certain Types of Action.
|
64
|
|
Section 12.09
|
Covenants to Reserve Shares for Issuance on Conversion of Securities.
|
65
|
|
Section 12.10
|
Compliance with Governmental Requirements.
|
65
|
|
Section 12.11
|
Payment of Taxes upon Certificates for Shares Issued upon Conversion.
|
65
|
|
Section 12.12
|
Trustee’s Duties with Respect to Conversion Provisions.
|
66
|
|
|
|
|
|
ARTICLE 13 MISCELLANEOUS
|
66
|
|
|
Section 13.01
|
Trust Indenture Act Controls.
|
66
|
|
Section 13.02
|
Notices.
|
66
|
|
Section 13.03
|
Communication by Holders of Securities with Other Holders of Securities.
|
67
|
|
Section 13.04
|
Certificate and Opinion as to Conditions Precedent.
|
68
|
|
Section 13.05
|
Statements Required in Certificate or Opinion.
|
68
|
|
Section 13.06
|
Rules by Trustee and Agents.
|
68
|
|
Section 13.07
|
No Personal Liability of Directors, Officers, Employees and Stockholders.
|
69
|
|
Section 13.08
|
Governing Law.
|
69
|
|
Section 13.09
|
No Adverse Interpretation of Other Agreements.
|
69
|
|
Section 13.10
|
Successors.
|
69
|
|
Section 13.11
|
Severability.
|
69
|
|
Section 13.12
|
Counterpart Originals.
|
69
|
|
Section 13.13
|
Table of Contents, Headings, etc.
|
69
|
|
Section 13.14
|
Benefits of Indenture.
|
70
|
|
Section 13.15
|
Legal Holidays.
|
70
|
|
Section 13.16
|
Acts of Holders.
|
70
|
|
|
|
|
|
|
|
|
|
SCHEDULES
|
|||
Schedule I
|
GUARANTORS
|
|
Term
|
Defined in
Section
|
“
Authentication Order
”
|
2.03
|
“
Covenant Defeasance
”
|
8.03
|
“
DTC
”
|
2.04
|
“
Event of Default
”
|
6.01
|
“
Legal Defeasance
”
|
8.02
|
“
NASDAQ
”
|
12.05(e)
|
“
Paying Agent
”
|
2.04
|
“
Registrar
”
|
2.04
|
“
Special Securities
”
|
12.05(c)
|
“
Trading Day
”
|
12.05(e)
|
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:
Authorized Signatory |
Section 8.01
|
Applicability of Article; Option to Effect Legal Defeasance or Covenant Defeasance.
|
Section 8.05
|
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
|
Section 12.07
|
Preservation of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance.
|
Section 12.08
|
Notice to Holders of the Securities of a Series Prior to Taking Certain
Types of Action. |
By:
|
Ventas, Inc., its General Partner
By: /s/ T. Richard Riney Name: T. Richard Riney Title: Executive Vice President, Chief |
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the year ended December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
|
|
$
|
518,508
|
|
|
$
|
351,675
|
|
|
$
|
350,703
|
|
|
$
|
364,178
|
|
|
$
|
176,379
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
|
419,740
|
|
|
367,114
|
|
|
292,065
|
|
|
249,009
|
|
|
199,801
|
|
|||||
Distributions from unconsolidated entities
|
|
7,598
|
|
|
23,462
|
|
|
6,508
|
|
|
6,641
|
|
|
10,006
|
|
|||||
Earnings
|
|
$
|
945,846
|
|
|
$
|
742,251
|
|
|
$
|
649,276
|
|
|
$
|
619,828
|
|
|
$
|
386,186
|
|
Interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt expense
|
|
$
|
419,740
|
|
|
$
|
367,114
|
|
|
$
|
292,065
|
|
|
$
|
249,009
|
|
|
$
|
199,801
|
|
Interest capitalized
|
|
2,355
|
|
|
1,671
|
|
|
950
|
|
|
855
|
|
|
1,857
|
|
|||||
Fixed charges
|
|
$
|
422,095
|
|
|
$
|
368,785
|
|
|
$
|
293,015
|
|
|
$
|
249,864
|
|
|
$
|
201,658
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
|
2.24
|
|
|
2.01
|
|
|
2.22
|
|
|
2.48
|
|
|
1.92
|
|
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
|
311 South Sarah, LLC
|
Delaware
|
745 West State Street, LLC
|
Delaware
|
755 Milwaukee MOB, LLC
|
Delaware
|
890 Professional MOB, LLC
|
Delaware
|
AHS Oklahoma Health System, LLP
|
Delaware
|
AHS Oklahoma Holdings, Inc.
|
Delaware
|
AHS Oklahoma Hospitals, Inc.
|
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
|
ALH Holdings, LLC
|
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
|
ARCHCT Cambr UWSC, LLC
|
Delaware
|
ARCHCT Dasco Odessa, LLC
|
Delaware
|
ARCHCT Dasco Peoria, LLC
|
Delaware
|
ARHC 80NEWNY01, LLC
|
Delaware
|
ARHC ADCRYIL01, LLC
|
Delaware
|
ARHC AHKENWI01 Member, LLC
|
Delaware
|
ARHC AHKENWI01, LLC
|
Delaware
|
ARHC AMATHGA01, LLC
|
Delaware
|
ARHC AMAVTFL01, LLC
|
Delaware
|
ARHC AMHTDWI01, LLC
|
Delaware
|
ARHC AMNNHWI01, LLC
|
Delaware
|
ARHC AMOFLMO01, LLC
|
Delaware
|
ARHC AMOFLMO02, LLC
|
Delaware
|
ARHC AMTRVWI01, LLC
|
Delaware
|
ARHC ASSTBSC01, LLC
|
Delaware
|
ARHC ATASHNC01 TRS, LLC
|
Delaware
|
ARHC ATASHNC01, LLC
|
Delaware
|
ARHC ATATHGA01 TRS, LLC
|
Delaware
|
ARHC ATATHGA01, LLC
|
Delaware
|
ARHC ATATLGA01 TRS, LLC
|
Delaware
|
ARHC ATATLGA01, LLC
|
Delaware
|
ARHC ATDECGA01 TRS, LLC
|
Delaware
|
ARHC ATDECGA01, LLC
|
Delaware
|
ARHC ATDECGA02 TRS, LLC
|
Delaware
|
ARHC ATDECGA02, LLC
|
Delaware
|
ARHC ATKNOTN01 TRS, LLC
|
Delaware
|
ARHC ATKNOTN01, LLC
|
Delaware
|
ARHC ATLARFL01 TRS, LLC
|
Delaware
|
ARHC ATLARFL01, LLC
|
Delaware
|
ARHC BCCHIIL01, LLC
|
Delaware
|
ARHC BHCOVGA01 TRS, LLC
|
Delaware
|
ARHC BHCOVGA01, LLC
|
Delaware
|
ARHC BHDOUGA01 TRS LLC
|
Delaware
|
ARHC BHDOUGA01, LLC
|
Delaware
|
ARHC BHNEWGA01 TRS LLC
|
Delaware
|
ARHC BHNEWGA01, LLC
|
Delaware
|
ARHC BHPALFL01 TRS LLC
|
Delaware
|
ARHC BHPALFL01, LLC
|
Delaware
|
ARHC BHPAWMI01, LLC
|
Delaware
|
ARHC BHSTOGA01 TRS LLC
|
Delaware
|
ARHC BHSTOGA01, LLC
|
Delaware
|
ARHC BHSUGGA01 TRS LLC
|
Delaware
|
ARHC BHSUGGA01, LLC
|
Delaware
|
ARHC BLDTNTX001, LLC
|
Delaware
|
ARHC BMBUCAZ01, LLC
|
Delaware
|
ARHC BMPCYFL01, LLC
|
Delaware
|
ARHC BMPCYFL02, LLC
|
Delaware
|
ARHC BPBRMWA01 TRS, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
ARHC LPLLKFL01, LLC
|
Delaware
|
ARHC LPLLKFL01TRS, 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 NCWTNNY01, 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 RHGARNC01, LLC
|
Delaware
|
ARHC RHSALOR01 TRS, LLC
|
Delaware
|
ARHC RHSALOR01, LLC
|
Delaware
|
ARHC RMRIVGA01, LLC
|
Delaware
|
ARHC RRDALTX001 LLC
|
Delaware
|
ARHC RRHUSTX001, LLC
|
Delaware
|
ARHC SCTMBTX001 LLC
|
Delaware
|
ARHC SCTXRTX001, LLC
|
Delaware
|
ARHC SCWDSNJ01, LLC
|
Delaware
|
ARHC SFMIDVA01, LLC
|
Delaware
|
ARHC SHWYOMI01, LLC
|
Delaware
|
ARHC SMSFDMO01, LLC
|
Delaware
|
ARHC SMSTBSC01, LLC
|
Delaware
|
ARHC SMSVLTX01, LLC
|
Delaware
|
ARHC SOKTYTX01 TRS, LLC
|
Delaware
|
ARHC SOKTYTX01, LLC
|
Delaware
|
ARHC SPGUINY01, LLC
|
Delaware
|
ARHC SSBHMWA01 TRS, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
ARHC SSBHMWA01, LLC
|
Delaware
|
ARHC SSEVTWA01 TRS, LLC
|
Delaware
|
ARHC SSEVTWA01, LLC
|
Delaware
|
ARHC SVSCLCA01 TRS, LLC
|
Delaware
|
ARHC SVSCLCA01, LLC
|
Delaware
|
ARHC SWKLDTX01, LLC
|
Delaware
|
ARHC TCARLTX01, LLC
|
Delaware
|
ARHC TRS Holdco, LLC
|
Delaware
|
ARHC UCFOLCA01, LLC
|
Delaware
|
ARHC UCFOLCA02, LLC
|
Delaware
|
ARHC UHPTHMN01, LLC
|
Delaware
|
ARHC UWMNAWI001, LLC
|
Delaware
|
ARHC VCWICKS01, LLC
|
Delaware
|
ARHC VHCTMIL01, LLC
|
Delaware
|
ARHC VHEFFIL01, LLC
|
Delaware
|
ARHC VHHERIL01, LLC
|
Delaware
|
ARHC VHMSLIL01, LLC
|
Delaware
|
ARHC VHNWTIL01, LLC
|
Delaware
|
ARHC VHSVLIL01, LLC
|
Delaware
|
ARHC VSHOUTX01, LLC
|
Delaware
|
ARHC VSJBREIL01, LLC
|
Delaware
|
ARHC VURMDVA01, LLC
|
Delaware
|
ARHC WCROCIL01 TRS, LLC
|
Delaware
|
ARHC WCROCIL01, LLC
|
Delaware
|
ARHC WEMINND01, LLC
|
Delaware
|
ARHC WMABQNM01 TRS, LLC
|
Delaware
|
ARHC WMABQNM01, LLC
|
Delaware
|
ARHC WMSUNAZ01 TRS, LLC
|
Delaware
|
ARHC WMSUNAZ01, 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
|
Baltimore Garage Funding, LLC
|
Maryland
|
Baltimore Life Sciences Research Park, LLC
|
Delaware
|
Baltimore LSRP One, Business Trust
|
Maryland
|
Baltimore LSRP Two, Business Trust
|
Maryland
|
Barclay Downs Associates, LP
|
North Carolina
|
BCC Altoona Realty GP, LLC
|
Delaware
|
BCC Altoona Realty, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
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
|
Bedford AL RE, Ltd.
|
Texas
|
BioPark Fremont, LLC
|
Delaware
|
BLC of California - San Marcos, L.P.
|
Delaware
|
BLSRP Funding I, LLC
|
Delaware
|
Bonney Lake MOB Investors LLC
|
Washington
|
Brandon MOB Investors, LLC
|
Mississippi
|
Brandon Retirement Group Ltd.
|
British Columbia
|
BRDG Park at Danforth Center, LLC
|
Missouri
|
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
|
BSP Holding, LLC
|
Maryland
|
BSP Three Holding, LLC
|
Delaware
|
Buffalo Grove ACC, LLC
|
Delaware
|
Building Two Cafe, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
Chippewa Nominee LP
|
Delaware
|
Clackamas Woods Assisted Living, LLC
|
Oregon
|
Clayton County AL RE, L.P.
|
Delaware
|
Coast to Coast Assisted Living Realty, LLC
|
New York
|
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
|
CRB Investors, 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
|
Cutter Mill, LLC
|
Delaware
|
Dillsburg Nominee LLC
|
Delaware
|
Dillsburg Nominee LP
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Drexel University City Development, LLC
|
Pennsylvania
|
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 Northport, LLC
|
Delaware
|
East Rocky Mount Kidney Center Associates, LP
|
North Carolina
|
EC Halcyon Realty, LLC
|
Delaware
|
EC Hamilton Place Realty, LLC
|
Delaware
|
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
|
Eglise Properties Limited
|
United Kingdom
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
Grayslake MOB, LLC
|
Delaware
|
Greenville MOB Owners LLC
|
Delaware
|
Gurnee ACC, LLC
|
Delaware
|
Gurnee Centre Club, LLC
|
Delaware
|
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
|
Hershey Research One, LLC
|
Delaware
|
Hershey Research Two, 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
|
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
|
JSL Autumn Hills, LLC
|
Delaware
|
JSL Blossom Grove, LP
|
Delaware
|
JSL Caleo Bay, LP
|
Delaware
|
JSL Copper Canyon, LLC
|
Delaware
|
JSL Glen Oaks, LLC
|
Delaware
|
JSL High Plains, LLC
|
Delaware
|
JSL Maple Wood, LLC
|
Delaware
|
JSL North Ridge, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
JSL Prairie Meadows, LLC
|
Delaware
|
JSL Rock Creek, LLC
|
Delaware
|
Karrington of Park Ridge L.L.C.
|
Ohio
|
Kentwood AL RE Limited Partnership
|
Delaware
|
Kew Gardens Senior Development, LLC
|
New York
|
Kingsport Nominee I LLC (f/k/a Kingsport Nominee LP)
|
Delaware
|
Kingsport Nominee LLC
|
Delaware
|
Kingston Retirement Group Ltd.
|
British Columbia
|
Knoxville Nominee I LLC (f/k/a Knoxville Nominee LP)
|
Delaware
|
Knoxville Nominee LLC
|
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
|
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
|
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, L.P.
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
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 Knoxville II, LLC
|
Delaware
|
LHT Knoxville Properties, LLC
|
Delaware
|
LHT North Atlanta, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Loyalsock Nominee LP
|
Delaware
|
LS 3675 Market Street JV, LLC
|
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
|
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 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
|
Mustang Holdings, LLC (f/k/a Ventas Mustang Holdings, LLC, f/k/a Ventas Casper Holdings, LLC)
|
Delaware
|
Nationwide ALF, Inc.
|
Delaware
|
Nationwide ALF-Pensacola, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Nationwide Careage San Jose Partnership
|
California
|
Nationwide Health Properties, LLC
|
Delaware
|
New Portland Road Realty, LLC
|
Maine
|
NH Texas Properties Limited Partnership
|
Texas
|
NHP Bedford G.P., LLC
|
Texas
|
NHP Brownstown, LLC
|
Delaware
|
NHP Carillon, LLC
|
Delaware
|
NHP Centereach, LLC
|
Delaware
|
NHP GP LLC
|
Delaware
|
NHP Houston MOB LLC
|
Delaware
|
NHP HS Holding, Inc.
|
Texas
|
NHP Huntsville MOB LLC
|
Delaware
|
NHP Madison, LLC
|
New York
|
NHP Master RE G.P., LLC
|
Delaware
|
NHP McClain, LLC
|
Delaware
|
NHP Operating Partnership L.P.
|
Delaware
|
NHP SB 399-401 East Highland, LLC
|
Delaware
|
NHP Secured, Inc.
|
California
|
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 Tennessee, 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
|
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 Wood Ridge LLC
|
Delaware
|
NHP/Broe II, LLC
|
Delaware
|
NHP/Broe, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
PDP Mission Hills 1 LLC
|
Delaware
|
Peerless MOB, LLC
|
Tennessee
|
Peterborough Retirement Group Ltd.
|
British Columbia
|
Phase 1 Ventures LLC
|
Delaware
|
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
|
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
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 AL, L.L.C.
|
Pennsylvania
|
SZR Haverford AL, 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
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
The Terrace at South Meadows, LLC
|
Delaware
|
THL 191 JV, LLC
|
Delaware
|
TLQ, Inc.
|
Massachusetts
|
Townsend Chicago, LLC
|
Delaware
|
Townsend CRB Development, LLC
|
Delaware
|
Tucson AL RE, L.P.
|
Delaware
|
University Medical Center Tamarac, LLC
|
Delaware
|
VB Ballwin SH, LLC
|
Delaware
|
VB Opco Holdings, LLC
|
Delaware
|
VB Propco Holdings, LLC
|
Delaware
|
VCC Healthcare Fund, LLC (f/k/a Ventas Healthcare Capital, LLC, f/k/a Ventas Sun LLC)
|
Delaware
|
Ventas AH Granbury, LLC
|
Delaware
|
Ventas AH Lewisville, LLC
|
Delaware
|
Ventas AH Midwest, LLC
|
Delaware
|
Ventas AH Mustang, LLC
|
Delaware
|
Ventas AH Norman, LLC
|
Delaware
|
Ventas AH Reminisce, LLC
|
Delaware
|
Ventas AH Rockwall, LLC
|
Delaware
|
Ventas AH Temple, LLC
|
Delaware
|
Ventas AH Weatherford, LLC
|
Delaware
|
Ventas Amberleigh, LLC
|
Delaware
|
Ventas AOC Operating Holdings, Inc.
|
Delaware
|
Ventas AOC Operating Holdings, LLC
|
Delaware
|
Ventas Arlington, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Ventas Bayshore Medical, LLC
|
Delaware
|
Ventas Bear Canyon, LLC
|
Delaware
|
Ventas Birch Heights, LLC
|
Delaware
|
Ventas Bishop Place, LLC
|
Delaware
|
Ventas Bonaventure, LP
|
Delaware
|
Ventas Broadway MOB, LLC
|
Delaware
|
Ventas CA GP Holdings I, LLC
|
Delaware
|
Ventas Caley Ridge Holding, LLC
|
Delaware
|
Ventas Caley Ridge, LLC
|
Delaware
|
Ventas Canada Finance Limited (f/k/a 3280986 Nova Scotia Limited)
|
Nova Scotia
|
Ventas Canada Retirement I GP ULC (f/k/a Holiday Canada Retirement I GP ULC)
|
Nova Scotia
|
Ventas Canada Retirement I LP (f/k/a Holiday Canada Retirement I LP)
|
Ontario
|
Ventas Canada Retirement II GP ULC (f/k/a Holiday Canada Retirement II GP ULC)
|
Nova Scotia
|
Ventas Canada Retirement II LP (f/k/a Holiday Canada Retirement II LP)
|
Ontario
|
Ventas Canada Retirement III GP ULC (f/k/a Holiday Canada Retirement III GP ULC)
|
Nova Scotia
|
Ventas Canada Retirement III LP (f/k/a Holiday Canada Retirement III LP)
|
Ontario
|
Ventas Capital Corporation
|
Delaware
|
Ventas Carlisle, LLC
|
Delaware
|
Ventas Carroll MOB, LLC
|
Delaware
|
Ventas Cascade Valley, LLC
|
Delaware
|
Ventas Center MOB, LLC
|
Delaware
|
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 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 Euro Finance, 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 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Ventas HOL Holdings, LLC
|
Delaware
|
Ventas JCM Holdings, Inc.
|
Delaware
|
Ventas JSL Holdings, LLC
|
Delaware
|
Ventas JSL Property Holdings, LLC
|
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 Life Sciences, LLC
|
Delaware
|
Ventas LP Realty, L.L.C.
|
Delaware
|
Ventas LS LP (f/k/a BMR-Wexford LP)
|
Delaware
|
Ventas LS MD, LLC
|
Delaware
|
Ventas LS TRS, LLC
|
Delaware
|
Ventas Luxembourg I S.à.r.l.
|
Luxembourg
|
Ventas Luxembourg II S.à.r.l.
|
Luxembourg
|
Ventas Mansion at Waterford, LLC
|
Delaware
|
Ventas McLoughlin, LLC
|
Delaware
|
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 MS Holdings, LLC
|
Delaware
|
Ventas MS, 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 Ontario OC, LLC
|
Delaware
|
Ventas Palms, LP
|
Delaware
|
Ventas Paradise Springs, LLC
|
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, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 Senior Housing, LLC
|
Delaware
|
Ventas SH Holdings I, LLC
|
Delaware
|
Ventas Shasta Estates, LP
|
Delaware
|
Ventas Sierra Ridge, 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 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 Tanasbourne, LLC
|
Delaware
|
Ventas Trinity Finance, LP (f/k/a Ventas BKD Finance, LLC, f/k/a Ventas Mustang Finance, LLC)
|
Delaware
|
Ventas TRS, LLC
|
Delaware
|
Ventas UK Finance, Inc.
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
VSCRE Holdings, LLC
|
Delaware
|
VTCC Carroll MOB, LLC
|
Delaware
|
VTR Alpharetta, LLC
|
Delaware
|
VTR AMS, Inc. (f/k/a Ardent Medical Services, Inc.)
|
Delaware
|
VTR Applewood, LLC
|
Delaware
|
VTR Arboretum, LLC
|
Delaware
|
VTR Ardsley, LLC
|
Delaware
|
VTR Ascension SV, LLC
|
Delaware
|
VTR Assisted Living Virginia Beach, LLC
|
Delaware
|
VTR Assisted Living, Inc.
|
Delaware
|
VTR Austell, LLC
|
Delaware
|
VTR Autumn Hills, LLC
|
Delaware
|
VTR Avista MOB, LLC
|
Delaware
|
VTR Bailey MC, LLC
|
Delaware
|
VTR Ballwin, LLC
|
Delaware
|
VTR Baptist SA, LLC
|
Delaware
|
VTR Barret Avenue MOB, LLC
|
Delaware
|
VTR Barrington POB Holdings, LLC
|
Delaware
|
VTR Bay Spring, LLC
|
Delaware
|
VTR Baypoint Village, LLC
|
Delaware
|
VTR Bayshore, LLC
|
Delaware
|
VTR Bethlehem, LLC
|
Delaware
|
VTR Blossom Grove, LP
|
Delaware
|
VTR Briarcliff Manor, LLC
|
Delaware
|
VTR Buckhead, LLC
|
Georgia
|
VTR Burlingame, LP
|
California
|
VTR CA GP II, LLC
|
Delaware
|
VTR CAGP, LLC
|
Delaware
|
VTR Caleo Bay, LP
|
Delaware
|
VTR Campana Del Rio, LLC
|
Delaware
|
VTR Canyon Springs, LLC
|
Delaware
|
VTR Carmichael Oaks Land, LLC
|
Delaware
|
VTR Carmichael Oaks, LP
|
Delaware
|
VTR Center City, LLC
|
Delaware
|
VTR Chandler Villas, LP
|
California
|
VTR Chicago 93rd Street POB, LLC
|
Delaware
|
VTR Chico Assisted Living, LP
|
Delaware
|
VTR CO GP, LLC
|
Delaware
|
VTR Cobre Valley MOB, LLC
|
Delaware
|
VTR Copper Canyon, LLC
|
Delaware
|
VTR Countrywood, LP
|
Delaware
|
VTR Covell, LLC
|
California
|
VTR Covell, LP
|
Delaware
|
VTR Crossgate, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
VTR Crown Point (Parker) MOB, LLC
|
Delaware
|
VTR Cutter Mill, LLC
|
Delaware
|
VTR CW GP, LLC
|
Delaware
|
VTR Daly City, LP
|
California
|
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 Glen Oaks, 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 Hancock GP Holdings, LLC
|
Delaware
|
VTR Hancock MOB, LP
|
Delaware
|
VTR Hazel Crest, LLC
|
Delaware
|
VTR Heart Hospital Bondco, LLC
|
Delaware
|
VTR Heart Hospital, LLC
|
Delaware
|
VTR Hearthstone East, LLC
|
Delaware
|
VTR Hearthstone West, LLC
|
Delaware
|
VTR Henderson Assisted Living, LLC
|
Delaware
|
VTR Heritage LF, LLC
|
Delaware
|
VTR Hertlin House, LLC
|
Delaware
|
VTR High Plains, LLC
|
Delaware
|
VTR Highland Crossing, LLC
|
Kentucky
|
VTR Hillcrest Claremore, LLC
|
Delaware
|
VTR Hillcrest HS Tulsa, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
VTR LS Danforth, LLC (f/k/a Wexford Danforth, LLC)
|
Delaware
|
VTR LS Development, LLC (f/k/a Wexford Development, LLC)
|
Maryland
|
VTR LS Finance, LLC (f/k/a Wexford Finance, LLC)
|
Maryland
|
VTR LS Heritage Development, LLC (f/k/a Wexford Heritage Development, LLC)
|
Delaware
|
VTR LS Heritage Manager, LLC (f/k/a Wexford Heritage Manager, LLC)
|
Delaware
|
VTR LS Hershey Holdings One, LLC (f/k/a Wexford Hershey Holdings One, LLC)
|
Delaware
|
VTR LS Hershey Holdings Two, LLC (f/k/a Wexford Hershey Holdings Two, LLC)
|
Delaware
|
VTR LS Hershey, LLC (f/k/a Wexford Hershey, LLC)
|
Delaware
|
VTR LS Management, LLC (f/k/a Wexford Management, LLC)
|
Delaware
|
VTR LS Maryland BioPark 3, LLC (f/k/a Wexford Maryland BioPark 3, LLC)
|
Delaware
|
VTR LS Maryland BioPark One, LLC (f/k/a Wexford Maryland BioPark One, LLC)
|
Delaware
|
VTR LS Miami Property Acquisitions, LLC (f/k/a Wexford Miami Property Acquisitions, LLC)
|
Delaware
|
VTR LS ODU 2, LLC (f/k/a Wexford ODU 2, LLC)
|
Delaware
|
VTR LS ODU, LLC (f/k/a Wexford ODU, LLC)
|
Delaware
|
VTR LS Realty Holdings II, Inc. (f/k/a BioMed Realty Holdings II, Inc.)
|
Maryland
|
VTR LS Science Center 2, LLC (f/k/a Wexford Science Center 2, LLC)
|
Maryland
|
VTR LS Science Center 3, LLC (f/k/a Wexford Science Center 3, LLC)
|
Delaware
|
VTR LS University City HS, LLC (f/k/a Wexford University City HS, LLC)
|
Delaware
|
VTR LS-College Member LLC (f/k/a BMR-College Member LLC)
|
Delaware
|
VTR LS-George Member LLC (f/k/a BMR-George Member LLC)
|
Delaware
|
VTR LS-UCSC II GP, LLC (f/k/a Wexford-UCSC II GP, LLC)
|
Delaware
|
VTR Lynbrook, LLC
|
Delaware
|
VTR Manresa Business Trust
|
Maryland
|
VTR Manresa, LLC
|
Delaware
|
VTR Maple Wood, LLC
|
Delaware
|
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 Nevada Assisted Living, Inc.
|
Nevada
|
VTR Newburgh, LLC
|
Delaware
|
VTR North Ridge, 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 OCE Indy, LLC
|
Delaware
|
VTR Oroville Assisted Living, LP
|
Delaware
|
VTR Palm Desert, LLC
|
Delaware
|
VTR Palm Desert, LP
|
Delaware
|
VTR Papago Medical Park, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
VTR Penfield, LLC
|
Delaware
|
VTR Phoenix, LLC
|
Delaware
|
VTR Plainview, LLC
|
Delaware
|
VTR Plano, LLC
|
Delaware
|
VTR Pointe Rehab, LLC
|
Delaware
|
VTR Prairie Meadows, LLC
|
Delaware
|
VTR Property Holdings Carrollton GP, LLC
|
Delaware
|
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 Rancho Springs GP Holdings, LLC
|
Delaware
|
VTR Rancho Springs MOB, 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 Rock Creek, LLC
|
Delaware
|
VTR Roslyn, LLC
|
Delaware
|
VTR Rye Brook, LLC
|
Delaware
|
VTR Salisbury Business Trust
|
Maryland
|
VTR Salisbury, LLC
|
Delaware
|
VTR San Francisco MOB, LLC
|
Delaware
|
VTR Sandy, LLC
|
Delaware
|
VTR Science & Technology, LLC (f/k/a Wexford Science & Technology, LLC)
|
Maryland
|
VTR Scottsdale, LLC
|
Delaware
|
VTR Seaside, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
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 II, LLC
|
Delaware
|
VTR Visalia Assisted Living, LP
|
Delaware
|
VTR Vistas Longmont, 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
|
WE 100 College Street LLC
|
Delaware
|
WE BP Holdings II LLC
|
Delaware
|
WE George Street Holding LLC
|
Delaware
|
WE George Street, L.L.C.
|
Delaware
|
West Medical Office I, LP
|
South Carolina
|
West Tennessee Investors, LLC
|
Tennessee
|
Wexford Heritage Holding, LLC
|
Delaware
|
Wexford Heritage, LLC
|
Delaware
|
Wexford Miami Holding, LLC
|
Delaware
|
Wexford Miami, LLC
|
Delaware
|
Wexford UMB 2, LLC
|
Maryland
|
Wexford Winston-Salem Building 91, LLC
|
Delaware
|
Wexford Winston-Salem Holding, LLC
|
Delaware
|
Wexford-SCEC 3675 Market Street JV, LLC
|
Delaware
|
Wexford-SCEC 3675 Market Street UT, LLC
|
Delaware
|
Wexford-SCEC 3675 Market Street, LLC
|
Delaware
|
Wexford-UCSC 3737 Joint Venture, LLC
|
Delaware
|
Wexford-UCSC 3737 Member, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
WG Evergreen Woods SH, LLC
|
Delaware
|
WG Falmouth SH II, LLC
|
Delaware
|
WG Falmouth SH, LLC
|
Delaware
|
WG Forest Hills SH, LLC
|
Delaware
|
WG Forest Lake SH, LLC
|
Delaware
|
WG Garden Park, LP
|
Delaware
|
WG Glen Cove SH, LLC
|
Delaware
|
WG GO GP, LLC
|
Delaware
|
WG Golden Creek SH, LP
|
Delaware
|
WG Grand Oaks, LP
|
Delaware
|
WG Grapevine SH, LLC
|
Delaware
|
WG Great Neck SH, LLC
|
Delaware
|
WG Greece SH, LLC
|
Delaware
|
WG Greenridge Place, LLC
|
Delaware
|
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
|
•
|
the Registration Statement (Form S-4 No. 333-198789) pertaining to shares of Ventas, Inc. common stock issued in connection with the merger with American Realty Capital Healthcare Trust, Inc.;
|
•
|
the Registration Statements (Form S-3 No. 333-200781, 333-209016 and 333-209017) pertaining to the common stock of Ventas, Inc.;
|
•
|
the Registration Statement (Form S-3 No. 333-202586) pertaining to common stock, preferred stock, depository shares, warrants, debt securities and guarantees of debt securities of Ventas, Inc. and debt securities and guarantees of debt securities of Ventas Realty, Limited Partnership;
|
•
|
the Registration Statement (Form S-8 No. 333-183121) pertaining to the Ventas, Inc. 2012 Incentive Plan;
|
•
|
the Registration Statement (Form S-8 No. 333-173434) pertaining to the Nationwide Health Properties, Inc. 2005 Performance Incentive Plan, as Amended;
|
•
|
the Registration Statement (Form S-8 No. 333-136175) pertaining to the Ventas, Inc. 2006 Incentive Plan and Ventas, Inc. 2006 Stock Plan for Directors;
|
•
|
the Registration Statement (Form S-8 No. 333-126639) pertaining to the Ventas Employee and Director Stock Purchase Plan;
|
•
|
the Registration Statement (Form S-8 No. 333-118944) pertaining to the Ventas Executive Deferred Stock Compensation Plan and Ventas Nonemployee Director Deferred Stock Compensation Plan;
|
•
|
the Registration Statement (Form S-8 No. 333-61552) pertaining to the Ventas, Inc. Common Stock Purchase Plan for Directors,
|
/s/ Debra A. Cafaro
|
|
|
Debra A. Cafaro
Chairman and Chief Executive Officer |
|
|
/s/ Robert F. Probst
|
|
|
Robert F. Probst
Executive Vice President and Chief Financial Officer |
|
|
/s/ Debra A. Cafaro
|
|
|
Debra A. Cafaro
Chairman and Chief Executive Officer |
|
|
/s/ Robert F. Probst
|
|
|
Robert F. Probst
Executive Vice President and Chief Financial Officer |
|
|