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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, 2017
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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, 2017
and for the year ending December 31,
2018
;
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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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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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•
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In March 2017, we provided secured debt financing to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc., which included a
$700.0 million
term loan and a
$60.0 million
revolving line of credit feature (of which
$28.0 million
was outstanding at
December 31, 2017
). The LIBOR-based debt financing has a five-year term, a
one
-year lock out feature and a weighted average interest rate of approximately
9.3%
as of
December 31, 2017
and is guaranteed by Ardent’s parent company.
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•
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During the year ended
December 31, 2017
, we acquired
15
triple-net leased properties (including
six
assets previously owned by an equity method investee),
four
properties reported within our office operations reportable business segment (
three
life science, research and medical assets and
one
MOB) and
three
seniors housing communities (reported within our senior living operations reportable business segment) for an aggregate purchase price of
$691.3 million
.
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•
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During the year ended
December 31, 2017
, we sold
53
triple-net leased properties,
five
MOBs and certain vacant land parcels for aggregate consideration of
$870.8 million
, and we recognized a gain on the sale of these assets of
$717.3 million
, net of taxes.
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•
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During the year ended
December 31, 2017
, we received aggregate proceeds of
$37.6 million
for the partial prepayment and
$35.5 million
for the full repayment of loans receivable, which resulted in total gains of
$0.6 million
.
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•
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In March 2017, we issued and sold
$400.0 million
aggregate principal amount of
3.100%
senior notes due 2023 at a public offering price equal to
99.280%
of par, for total proceeds of
$397.1 million
before the underwriting discount and expenses, and
$400.0 million
aggregate principal amount of
3.850%
senior notes due 2027 at a public offering price equal to
99.196%
of par, for total proceeds of
$396.8 million
before the underwriting discount and expenses.
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•
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In April 2017, we entered into an unsecured credit facility comprised of a
$3.0 billion
unsecured revolving credit facility, priced at LIBOR plus
0.875%
, that replaced our previous
$2.0 billion
unsecured revolving credit facility priced at LIBOR plus
1.0%
.
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•
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In April 2017, we repaid in full, at par,
$300.0 million
aggregate principal amount then outstanding of our
1.250%
senior notes due 2017 upon maturity.
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•
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In June 2017, we issued and sold
C$275.0 million
aggregate principal amount of
2.55%
senior notes, Series D due 2023 at a price equal to
99.954%
of par, for total proceeds of
C$274.9 million
before the agent fees and expenses. We used part of the proceeds to repay
C$124.4 million
on our unsecured term loan due 2019.
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•
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In August 2017, we used most of the proceeds from the sale of
22
SNFs to repay the balances then outstanding on the 2018 and 2019 term loans.
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•
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In September 2017, we entered into a new
$400.0 million
secured revolving construction credit facility which matures in 2022 and will be primarily used to finance life science and innovation center and other construction projects.
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•
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During the year ended
December 31, 2017
, we issued and sold
1.1 million
shares of common stock under our “at-the-market” (“ATM”) equity offering program. Aggregate net proceeds for these activities were
$73.9 million
, after sales agent commissions.
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•
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During the year ended
December 31, 2017
, we paid the first three quarterly installments of our 2017 dividend of
$0.775
per share. In December 2017, we declared the fourth quarter cash dividend on our common stock of
$0.79
per share, which grew by
2%
over third quarter
2017
and was paid in January 2018.
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•
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The sale of the triple-net leased properties above included
36
SNFs, owned by us and operated by Kindred. These assets were sold for aggregate consideration of approximately
$700 million
and we recognized a gain on the sale of
$657.6 million
, net of taxes.
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•
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In January 2018, we transitioned the management of 76 private pay seniors housing communities to Eclipse Senior Living (“ESL”). These assets, substantially all of which were previously leased by Elmcroft Senior Living (“Elmcroft”), are now operated by ESL under a management contract with us. We acquired a 34% ownership stake in ESL with customary rights and protections. ESL management owns the remaining 66% stake. We also intend to form a new joint venture with an institutional partner related to the assets previously leased by Elmcroft. However, there can be no assurance whether, when or on what terms the joint venture will be completed.
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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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747
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65,428
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$16,616,501
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63.4
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%
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$
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254.0
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$2,342,247
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65.5
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%
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MOBs
(3)
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354
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19,221,003
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5,332,817
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20.3
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0.3
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579,363
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16.2
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Life science and innovation centers
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29
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5,156,868
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1,940,099
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7.4
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0.4
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174,391
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4.9
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IRFs and LTACs
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37
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3,115
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459,753
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1.8
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147.6
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154,094
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4.3
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Health systems
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12
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2,064
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1,475,975
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5.6
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715.1
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109,546
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3.1
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SNFs
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17
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1,882
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204,488
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0.8
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108.7
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64,086
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1.8
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Development properties and other
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10
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176,200
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0.7
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|||||||
Total real estate investments, at cost
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1,206
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$
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26,205,833
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|
100.0
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%
|
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|
|
|
|
|
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||||
Income from loans and investments
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|
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|
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117,608
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3.3
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||||||||
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
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6,034
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|
|
0.2
|
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||||
Revenues related to assets classified as held for sale
|
|
8
|
|
|
|
|
|
|
|
|
|
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26,780
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|
|
0.7
|
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|||||||
Total revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$
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3,574,149
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|
|
100.0
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%
|
(1)
|
As of
December 31, 2017
, we also owned
17
seniors housing communities,
13
SNFs and
one
MOB
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 were operated or managed by
91
unaffiliated healthcare operating companies, including the following publicly traded companies or their subsidiaries: Brookdale Senior Living (
129
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 and included in the senior living operations reportable business segment); Kindred (
31
properties) (excluding
one
MOB included in the office operations reportable business segment); 21st Century Oncology Holdings, Inc. (
12
properties); Capital Senior Living Corporation (
seven
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 IRFs and LTACs, health systems and SNFs are measured by bed count.
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(3)
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As of
December 31, 2017
, we leased
65
of our consolidated MOBs pursuant to triple-net leases, Lillibridge or PMBRES managed
270
of our consolidated MOBs and
19
of our consolidated MOBs were managed by
seven
unaffiliated managers. Through Lillibridge and PMBRES, we also provided management and leasing services for
105
MOBs owned by third parties as of
December 31, 2017
.
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Consolidated
(100% interest)
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|
Consolidated
(<100% interest)
|
|
Unconsolidated
(5-25% interest)
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Total
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||||
Seniors housing communities
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738
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|
|
9
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|
|
17
|
|
|
764
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MOBs
|
314
|
|
|
48
|
|
|
1
|
|
|
363
|
|
Life science and innovation centers
|
18
|
|
|
11
|
|
|
—
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|
|
29
|
|
IRFs and LTACs
|
36
|
|
|
1
|
|
|
—
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|
|
37
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|
Health systems
|
12
|
|
|
—
|
|
|
—
|
|
|
12
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|
SNFs
|
17
|
|
|
—
|
|
|
13
|
|
|
30
|
|
Total
|
1,135
|
|
|
69
|
|
|
31
|
|
|
1,235
|
|
|
Rental Income and
Resident Fees and
Services
|
|
Percent of Total
Revenues
|
|||
|
(Dollars in thousands)
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|||||
Geographic Location
|
|
|
|
|||
California
|
$
|
546,184
|
|
|
15.3
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%
|
New York
|
308,366
|
|
|
8.6
|
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|
Texas
|
206,709
|
|
|
5.8
|
|
|
Illinois
|
170,846
|
|
|
4.8
|
|
|
Florida
|
158,889
|
|
|
4.4
|
|
|
Pennsylvania
|
148,882
|
|
|
4.2
|
|
|
Connecticut
|
114,040
|
|
|
3.2
|
|
|
Georgia
|
114,038
|
|
|
3.2
|
|
|
North Carolina
|
112,137
|
|
|
3.1
|
|
|
Arizona
|
104,684
|
|
|
2.9
|
|
|
Other (36 states and the District of Columbia)
|
1,239,588
|
|
|
34.8
|
|
|
Total U.S
|
3,224,363
|
|
|
90.3
|
%
|
|
Canada (7 provinces)
|
186,049
|
|
|
5.2
|
|
|
United Kingdom
|
26,418
|
|
|
0.7
|
|
|
Total
(1)
|
$
|
3,436,830
|
|
|
96.2
|
%
|
(1)
|
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)
|
|
Percent of Total
NOI
|
|||
|
(Dollars in thousands)
|
|||||
Geographic Location
|
|
|
|
|||
California
|
$
|
288,435
|
|
|
13.9
|
%
|
Texas
|
132,305
|
|
|
6.4
|
|
|
New York
|
119,123
|
|
|
5.7
|
|
|
Illinois
|
107,034
|
|
|
5.1
|
|
|
Florida
|
93,746
|
|
|
4.5
|
|
|
Pennsylvania
|
82,900
|
|
|
4.0
|
|
|
Connecticut
|
73,121
|
|
|
3.5
|
|
|
North Carolina
|
60,188
|
|
|
2.9
|
|
|
Washington
|
42,816
|
|
|
2.1
|
|
|
Indiana
|
43,992
|
|
|
2.1
|
|
|
Other (36 states and the District of Columbia)
|
801,854
|
|
|
38.5
|
|
|
Total U.S
|
1,845,514
|
|
|
88.7
|
%
|
|
Canada (7 provinces)
|
92,112
|
|
|
4.4
|
|
|
United Kingdom
|
26,418
|
|
|
1.3
|
|
|
Total
(2)
|
$
|
1,964,044
|
|
|
94.4
|
%
|
(1)
|
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 its most directly comparable GAAP measure, income from continuing operations.
|
(2)
|
The remainder of our total NOI is income from loans and investments.
|
|
Number of
Properties Leased
or Managed
|
|
Percent of Total Real Estate Investments
(1)
|
|
Percent of Total Revenues
|
|
Percent of NOI
|
||||
Senior living operations
(2)
|
293
|
|
|
35.1
|
%
|
|
51.9
|
%
|
|
29.0
|
%
|
Brookdale Senior Living
(3)
|
129
|
|
|
7.5
|
|
|
4.9
|
|
|
8.3
|
|
Ardent
|
10
|
|
|
4.9
|
|
|
3.1
|
|
|
5.4
|
|
Kindred
(4)
|
32
|
|
|
1.1
|
|
|
4.3
|
|
|
7.5
|
|
(1)
|
Based on gross book value.
|
(2)
|
Excludes
four
properties 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 and included in the senior living operations reportable business segment.
|
(4)
|
Includes
one
MOB included in the office operations reportable business segment.
|
•
|
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 current presidential administration and Republican-controlled Congress nearly repealed the ACA in 2017 and remain 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. Outside of ACA repeal, Republicans leaders, particularly in the House of Representatives, are committed to pursuing entitlement reforms in 2018 that could lower funding to major federal programs, particularly Medicaid and lessen the number of people covered by these programs. Even without legislation, the current presidential administration has issued regulations that may lessen the number of people who purchase ACA-compliant health insurance, which has the potential to provide less protection to people coping with expensive health conditions. Any of these outcomes 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 SNFs 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 SNF. These Medicaid waiver programs are subject to re-approval and pilots are time-limited. The current presidential administration is not necessarily opposed to these efforts, but is committed to giving states greater control of their Medicaid programs. The result could be the modification or curtailment of a number of existing pilots.
|
•
|
CMS is currently in the midst of transitioning Medicare from a traditional fee-for-service reimbursement model to capitated and value-based 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 10 million Medicare beneficiaries now receive care via accountable care organizations, and another 19 million are enrolled in Medicare
|
•
|
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 (MACRA) 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 expected to produce funding disparities that could adversely impact some provider tenants in MOBs and other health care properties. The current presidential administration has made public comments about protecting Medicare generally and improving Medicare and MACRA for healthcare providers, but few specifics are known at this time. A negative payment update in 2017 for home health reimbursement demonstrates that the current presidential administration, regardless of public statements, may take actions adverse to certain provider types.
|
•
|
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, 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.
|
•
|
Some of our tenants require significant outlays of funds for the research and development and clinical testing of their products and technologies. The economic environment in recent years has significantly impacted the ability of these companies to access the capital markets and venture capital funding. In addition, state and federal government and university budgets have been negatively impacted by the recent economic environment and, as a result certain
|
•
|
The research and development, clinical testing, manufacture and marketing of some of our tenants’ products require federal, state and foreign regulatory approvals. The approval process is typically long, expensive and uncertain. Even if our tenants have sufficient funds to seek approvals, one or all of their products may fail to obtain the required regulatory approvals on a timely basis or at all. Furthermore, our tenants may only have a small number of products under development. If one product fails to receive the required approvals at any stage of development, it could significantly adversely affect our tenant’s entire business and its ability to pay rent.
|
•
|
Our tenants may be unable to adequately protect their intellectual property under patent, copyright or trade secret laws. Failure to do so could jeopardize their ability to profit from their efforts and to protect their products from competition.
|
•
|
Collaborative relationships with other life science entities may be crucial to the development, manufacturing, distribution or marketing of our tenants’ products. If these other entities fail to fulfill their obligations under these collaborative arrangements, our tenants’ businesses will suffer.
|
•
|
Legislation to reform the U.S. healthcare system, including regulations and legislation relating to the ACA, may include government intervention in product pricing and other changes that adversely affect reimbursement for our tenants’ marketable products. In addition, sales of many of our tenants’ marketable products are dependent, in large part, on the availability and extent of reimbursement from government health administration authorities, private health insurers and other organizations. Changes in government regulations, price controls or third-party payors’ reimbursement policies may reduce reimbursement for our tenants’ marketable products and adversely impact our tenants’ businesses.
|
•
|
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 regular U.S. federal corporate income tax;
|
•
|
We could be subject to 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.
|
•
|
temporarily reducing individual U.S. federal income tax rates on ordinary income; the highest individual U.S. federal income tax rate has been reduced from 39.6% to 37% for taxable years beginning after December 31, 2017 and before January 1, 2026;
|
•
|
permanently eliminating the progressive corporate tax rate structure, which previously imposed a maximum corporate tax rate of 35%, and replacing it with a flat corporate tax rate of 21%;
|
•
|
permitting a deduction for certain pass-through business income, including dividends received by our stockholders from us that are not designated by us as capital gain dividends or qualified dividend income, which will allow individuals, trusts, and estates to deduct up to 20% of such amounts for taxable years beginning after December 31, 2017 and before January 1, 2026;
|
•
|
reducing the highest rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;
|
•
|
limiting our deduction for net operating losses arising in taxable years beginning after December 31, 2017 to 80% of REIT taxable income (prior to the application of the dividends paid deduction);
|
•
|
generally limiting the deduction for net business interest expense in excess of 30% of a business’s “adjusted taxable income,” except for taxpayers (including most equity REITs) that engage in certain real estate businesses
|
•
|
eliminating the corporate alternative minimum tax.
|
|
Seniors Housing
Communities
|
|
SNFs
|
|
MOBs
|
|
Life Science and Innovation Centers
|
|
IRFs and LTACs
|
|
Health Systems
|
||||||||||||||||||||||||
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
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
469
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Arizona
|
28
|
|
|
2,394
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
830
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
60
|
|
|
—
|
|
|
—
|
|
Arkansas
|
4
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
California
|
92
|
|
|
9,633
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
2,058
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
503
|
|
|
—
|
|
|
—
|
|
Colorado
|
19
|
|
|
1,689
|
|
|
1
|
|
|
82
|
|
|
13
|
|
|
769
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
68
|
|
|
—
|
|
|
—
|
|
Connecticut
|
14
|
|
|
1,631
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,032
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
District of Columbia
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Florida
|
50
|
|
|
4,582
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
404
|
|
|
1
|
|
|
259
|
|
|
6
|
|
|
511
|
|
|
—
|
|
|
—
|
|
Georgia
|
20
|
|
|
1,751
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
1,201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Idaho
|
1
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Illinois
|
25
|
|
|
2,953
|
|
|
1
|
|
|
82
|
|
|
36
|
|
|
1,448
|
|
|
1
|
|
|
129
|
|
|
4
|
|
|
430
|
|
|
—
|
|
|
—
|
|
Indiana
|
9
|
|
|
680
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
1,603
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
59
|
|
|
—
|
|
|
—
|
|
Kansas
|
9
|
|
|
541
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Kentucky
|
10
|
|
|
911
|
|
|
2
|
|
|
280
|
|
|
4
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
384
|
|
|
—
|
|
|
—
|
|
Louisiana
|
1
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Maine
|
6
|
|
|
445
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Maryland
|
5
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
83
|
|
|
5
|
|
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Massachusetts
|
19
|
|
|
2,100
|
|
|
6
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Michigan
|
23
|
|
|
1,457
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
599
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Minnesota
|
14
|
|
|
855
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mississippi
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Missouri
|
2
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
1,096
|
|
|
4
|
|
|
636
|
|
|
1
|
|
|
60
|
|
|
—
|
|
|
—
|
|
Montana
|
3
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nebraska
|
1
|
|
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nevada
|
5
|
|
|
589
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
416
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
52
|
|
|
—
|
|
|
—
|
|
New Hampshire
|
1
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Jersey
|
12
|
|
|
1,136
|
|
|
1
|
|
|
153
|
|
|
3
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Mexico
|
4
|
|
|
450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
123
|
|
|
4
|
|
|
544
|
|
New York
|
41
|
|
|
4,538
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
North Carolina
|
23
|
|
|
1,894
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
759
|
|
|
8
|
|
|
1,371
|
|
|
1
|
|
|
124
|
|
|
—
|
|
|
—
|
|
North Dakota
|
2
|
|
|
115
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
114
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ohio
|
20
|
|
|
1,225
|
|
|
6
|
|
|
907
|
|
|
28
|
|
|
1,225
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
50
|
|
|
—
|
|
|
—
|
|
Oklahoma
|
8
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
954
|
|
Oregon
|
29
|
|
|
2,584
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Pennsylvania
|
32
|
|
|
2,362
|
|
|
4
|
|
|
620
|
|
|
9
|
|
|
713
|
|
|
3
|
|
|
566
|
|
|
1
|
|
|
52
|
|
|
—
|
|
|
—
|
|
Rhode Island
|
6
|
|
|
596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Carolina
|
5
|
|
|
402
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
1,104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Dakota
|
4
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Tennessee
|
18
|
|
|
1,420
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
395
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
49
|
|
|
—
|
|
|
—
|
|
Texas
|
49
|
|
|
3,786
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
814
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
590
|
|
|
1
|
|
|
445
|
|
Utah
|
3
|
|
|
321
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Virginia
|
8
|
|
|
655
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
231
|
|
|
3
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Washington
|
28
|
|
|
2,357
|
|
|
5
|
|
|
469
|
|
|
10
|
|
|
579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
West Virginia
|
2
|
|
|
124
|
|
|
4
|
|
|
326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wisconsin
|
48
|
|
|
2,219
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
1,105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wyoming
|
2
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total U.S.
|
711
|
|
|
60,699
|
|
|
30
|
|
|
3,664
|
|
|
355
|
|
|
19,367
|
|
|
29
|
|
|
5,157
|
|
|
37
|
|
|
3,115
|
|
|
9
|
|
|
1,943
|
|
Canada
|
41
|
|
|
4,499
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
United Kingdom
|
12
|
|
|
779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
121
|
|
Total
|
764
|
|
|
65,977
|
|
|
30
|
|
|
3,664
|
|
|
355
|
|
|
19,367
|
|
|
29
|
|
|
5,157
|
|
|
37
|
|
|
3,115
|
|
|
12
|
|
|
2,064
|
|
(1)
|
Square Feet are in thousands
|
|
Sales Price of
Common Stock
|
|
Cash Dividends
Declared
|
||||||||
|
High
|
|
Low
|
|
|||||||
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
|
|
|||
2017
|
|
|
|
|
|
||||||
First Quarter
|
$
|
65.41
|
|
|
$
|
59.36
|
|
|
$
|
0.775
|
|
Second Quarter
|
71.93
|
|
|
62.63
|
|
|
0.775
|
|
|||
Third Quarter
|
69.98
|
|
|
64.80
|
|
|
0.775
|
|
|||
Fourth Quarter
|
65.39
|
|
|
59.84
|
|
|
0.79
|
|
|
Number of Shares
Repurchased
(1)
|
|
Average Price
Per Share
|
|||
October 1 through October 31
|
8,378
|
|
|
$
|
62.51
|
|
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.
|
|
12/31/2012
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
Ventas
|
$100
|
|
$92.36
|
|
$120.92
|
|
$114.20
|
|
$132.64
|
|
$133.54
|
NYSE Composite Index
|
$100
|
|
$126.40
|
|
$135.09
|
|
$129.72
|
|
$145.38
|
|
$172.83
|
Composite REIT Index
|
$100
|
|
$102.34
|
|
$130.21
|
|
$132.88
|
|
$145.33
|
|
$158.84
|
S&P 500 Index
|
$100
|
|
$132.37
|
|
$150.48
|
|
$152.55
|
|
$170.78
|
|
$208.05
|
|
As of and For the Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
1,593,598
|
|
|
$
|
1,476,176
|
|
|
$
|
1,346,046
|
|
|
$
|
1,138,457
|
|
|
$
|
1,036,356
|
|
Resident fees and services
|
1,843,232
|
|
|
1,847,306
|
|
|
1,811,255
|
|
|
1,552,951
|
|
|
1,406,005
|
|
|||||
Interest expense
|
448,196
|
|
|
419,740
|
|
|
367,114
|
|
|
292,065
|
|
|
249,009
|
|
|||||
Property-level operating expenses
|
1,483,072
|
|
|
1,434,762
|
|
|
1,383,640
|
|
|
1,195,388
|
|
|
1,109,925
|
|
|||||
General, administrative and professional fees
|
135,490
|
|
|
126,875
|
|
|
128,035
|
|
|
121,738
|
|
|
115,083
|
|
|||||
Income from continuing operations
|
643,949
|
|
|
554,209
|
|
|
389,539
|
|
|
359,296
|
|
|
375,498
|
|
|||||
Net income attributable to common stockholders
|
1,356,470
|
|
|
649,231
|
|
|
417,843
|
|
|
475,767
|
|
|
453,509
|
|
|||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.81
|
|
|
$
|
1.61
|
|
|
$
|
1.18
|
|
|
$
|
1.22
|
|
|
$
|
1.28
|
|
Diluted
|
$
|
1.80
|
|
|
$
|
1.59
|
|
|
$
|
1.17
|
|
|
$
|
1.21
|
|
|
$
|
1.27
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
3.82
|
|
|
$
|
1.88
|
|
|
$
|
1.26
|
|
|
$
|
1.62
|
|
|
$
|
1.55
|
|
Diluted
|
$
|
3.78
|
|
|
$
|
1.86
|
|
|
$
|
1.25
|
|
|
$
|
1.60
|
|
|
$
|
1.54
|
|
Dividends declared per common share
|
$
|
3.115
|
|
|
$
|
2.965
|
|
|
$
|
3.04
|
|
|
$
|
2.965
|
|
|
$
|
2.735
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
$
|
1,442,180
|
|
|
$
|
1,372,341
|
|
|
$
|
1,398,831
|
|
|
$
|
1,261,281
|
|
|
$
|
1,201,706
|
|
Net cash used in investing activities
|
(976,517
|
)
|
|
(1,234,643
|
)
|
|
(2,423,692
|
)
|
|
(2,055,040
|
)
|
|
(1,282,760
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(671,327
|
)
|
|
96,838
|
|
|
1,023,058
|
|
|
751,621
|
|
|
108,045
|
|
|||||
FFO
(1)
|
1,512,885
|
|
|
1,440,544
|
|
|
1,365,408
|
|
|
1,273,680
|
|
|
1,208,458
|
|
|||||
Normalized FFO
(1)
|
1,491,241
|
|
|
1,438,643
|
|
|
1,493,683
|
|
|
1,330,018
|
|
|
1,220,709
|
|
|||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, at cost
|
$
|
26,205,833
|
|
|
$
|
25,327,215
|
|
|
$
|
23,802,454
|
|
|
$
|
20,196,770
|
|
|
$
|
21,403,592
|
|
Cash and cash equivalents
|
81,355
|
|
|
286,707
|
|
|
53,023
|
|
|
55,348
|
|
|
94,816
|
|
|||||
Total assets
|
23,954,541
|
|
|
23,166,600
|
|
|
22,261,918
|
|
|
21,165,913
|
|
|
19,731,494
|
|
|||||
Senior notes payable and other debt
|
11,276,062
|
|
|
11,127,326
|
|
|
11,206,996
|
|
|
10,844,351
|
|
|
9,364,992
|
|
(1)
|
We consider Funds From Operations (“FFO”) and normalized FFO to be useful supplemental measures of operating performance of an equity REIT. 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 non-recurring items and other non-operational 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
2017
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 March 2017, we provided secured debt financing to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc., which included a
$700.0 million
term loan and a
$60.0 million
revolving line of credit feature (of which
$28.0 million
was outstanding at
December 31, 2017
). The LIBOR-based debt financing has a
five
-year term, a
one
-year lock out feature and a weighted average interest rate of approximately
9.3%
as of
December 31, 2017
and is guaranteed by Ardent’s parent company.
|
•
|
During the year ended
December 31, 2017
, we acquired
15
triple-net leased properties (including
six
assets previously owned by an equity method investee),
four
properties reported within our office operations reportable business segment (
three
life science, research and medical assets and
one
medical office building) and
three
seniors housing communities (reported within our senior living operations reportable business segment) for an aggregate purchase price of
$691.3 million
.
|
•
|
During the year ended
December 31, 2017
, we sold
53
triple-net leased properties,
five
MOBs and certain vacant land parcels for aggregate consideration of
$870.8 million
, and we recognized a gain on the sale of these assets of
$717.3 million
, net of taxes.
|
•
|
During the year ended
December 31, 2017
, we received aggregate proceeds of
$37.6 million
for the partial prepayment and
$35.5 million
for the full repayment of loans receivable, which resulted in total gains of
$0.6 million
.
|
•
|
In March 2017, we issued and sold
$400.0 million
aggregate principal amount of
3.100%
senior notes due 2023 at a public offering price equal to
99.280%
of par, for total proceeds of
$397.1 million
before the underwriting discount and expenses, and
$400.0 million
aggregate principal amount of
3.850%
senior notes due 2027 at a public offering price equal to
99.196%
of par, for total proceeds of
$396.8 million
before the underwriting discount and expenses.
|
•
|
In April 2017, we entered into an unsecured credit facility comprised of a
$3.0 billion
unsecured revolving credit facility, priced at LIBOR plus
0.875%
, that replaced our previous
$2.0 billion
unsecured revolving credit facility priced at LIBOR plus
1.0%
.
|
•
|
In April 2017, we repaid in full, at par,
$300.0 million
aggregate principal amount then outstanding of our
1.250%
senior notes due 2017 upon maturity.
|
•
|
In June 2017, we issued and sold
C$275.0 million
aggregate principal amount of
2.55%
senior notes, Series D due 2023 at a price equal to
99.954%
of par, for total proceeds of
C$274.9 million
before the agent fees and expenses. We used part of the proceeds to repay
C$124.4 million
on our unsecured term loan due 2019.
|
•
|
In August 2017, we used most of the proceeds from the sale of
22
SNFs to repay the balances then outstanding on the 2018 and 2019 term loans.
|
•
|
In September 2017, we entered into a new
$400.0 million
secured revolving construction credit facility which matures in 2022 and will be primarily used to finance life science and innovation center and other construction projects.
|
•
|
During the year ended
December 31, 2017
, we issued and sold
1.1 million
shares of common stock under our “at-the-market” (“ATM”) equity offering program. Aggregate net proceeds for these activities were
$73.9 million
, after sales agent commissions.
|
•
|
During the year ended
December 31, 2017
, we paid the first three quarterly installments of our 2017 dividend of
$0.775
per share. In December 2017, we declared the fourth quarter cash dividend on our common stock of
$0.79
per share, which grew by
2%
over third quarter
2017
and was paid in January 2018.
|
•
|
The sale of the triple-net leased properties above included
36
SNFs, owned by us and operated by Kindred. These assets were sold for aggregate consideration of approximately
$700 million
and we recognized a gain on the sale of
$657.6 million
, net of taxes.
|
•
|
In January 2018, we transitioned the management of 76 private pay seniors housing communities to Eclipse Senior Living (“ESL”). These assets, substantially all of which were previously leased by Elmcroft Senior Living (“Elmcroft”), are now operated by ESL under a management contract with us. We acquired a 34% ownership stake in ESL with customary rights and protections. ESL management owns the remaining 66% stake. We also intend to form a new joint venture with an institutional partner related to the assets previously leased by Elmcroft. However, there can be no assurance whether, when or on what terms the joint venture will be completed.
|
|
For the Year Ended
December 31, |
|
(Decrease) Increase to Net Income
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI:
|
|
|
|
|
|
|
|
|||||||
Triple-net leased properties
|
$
|
844,711
|
|
|
$
|
850,755
|
|
|
$
|
(6,044
|
)
|
|
(0.7
|
)%
|
Senior living operations
|
593,167
|
|
|
604,328
|
|
|
(11,161
|
)
|
|
(1.8
|
)
|
|||
Office operations
|
524,566
|
|
|
444,276
|
|
|
80,290
|
|
|
18.1
|
|
|||
All other
|
119,208
|
|
|
101,214
|
|
|
17,994
|
|
|
17.8
|
|
|||
Total segment NOI
|
2,081,652
|
|
|
2,000,573
|
|
|
81,079
|
|
|
4.1
|
|
|||
Interest and other income
|
6,034
|
|
|
876
|
|
|
5,158
|
|
|
nm
|
|
|||
Interest expense
|
(448,196
|
)
|
|
(419,740
|
)
|
|
(28,456
|
)
|
|
(6.8
|
)
|
|||
Depreciation and amortization
|
(887,948
|
)
|
|
(898,924
|
)
|
|
10,976
|
|
|
1.2
|
|
|||
General, administrative and professional fees
|
(135,490
|
)
|
|
(126,875
|
)
|
|
(8,615
|
)
|
|
(6.8
|
)
|
|||
Loss on extinguishment of debt, net
|
(754
|
)
|
|
(2,779
|
)
|
|
2,025
|
|
|
72.9
|
|
|||
Merger-related expenses and deal costs
|
(10,535
|
)
|
|
(24,635
|
)
|
|
14,100
|
|
|
57.2
|
|
|||
Other
|
(20,052
|
)
|
|
(9,988
|
)
|
|
(10,064
|
)
|
|
nm
|
|
|||
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests
|
584,711
|
|
|
518,508
|
|
|
66,203
|
|
|
12.8
|
|
|||
(Loss) income from unconsolidated entities
|
(561
|
)
|
|
4,358
|
|
|
(4,919
|
)
|
|
nm
|
|
|||
Income tax benefit
|
59,799
|
|
|
31,343
|
|
|
28,456
|
|
|
nm
|
|
|||
Income from continuing operations
|
643,949
|
|
|
554,209
|
|
|
89,740
|
|
|
16.2
|
|
|||
Discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
812
|
|
|
nm
|
|
|||
Gain on real estate dispositions
|
717,273
|
|
|
98,203
|
|
|
619,070
|
|
|
nm
|
|
|||
Net income
|
1,361,112
|
|
|
651,490
|
|
|
709,622
|
|
|
nm
|
|
|||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
(2,383
|
)
|
|
nm
|
|
|||
Net income attributable to common stockholders
|
$
|
1,356,470
|
|
|
$
|
649,231
|
|
|
707,239
|
|
|
nm
|
|
|
For the Year Ended
December 31,
|
|
Decrease to Segment NOI
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
840,131
|
|
|
$
|
845,834
|
|
|
$
|
(5,703
|
)
|
|
(0.7
|
)%
|
Other services revenue
|
4,580
|
|
|
4,921
|
|
|
(341
|
)
|
|
(6.9
|
)
|
|||
Segment NOI
|
$
|
844,711
|
|
|
$
|
850,755
|
|
|
(6,044
|
)
|
|
(0.7
|
)
|
|
Number of Properties at December 31, 2017
(1)
|
|
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2017
(1)
|
|
|
Number of Properties at December 31, 2016
(1)
|
|
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2016
(1)
|
||||
Seniors housing communities
|
418
|
|
|
86.6
|
%
|
|
|
431
|
|
|
88.2
|
%
|
SNFs
|
17
|
|
|
86.4
|
|
|
|
53
|
|
|
79.9
|
|
IRFs and LTACs
|
36
|
|
|
60.4
|
|
|
|
38
|
|
|
59.1
|
|
(1)
|
Excludes properties included in discontinued operations and properties classified as held for sale, 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, 2017
and
2016
, respectively, and properties that transitioned operators for which we do not have eight full quarters of results subsequent to the transition.
|
|
For the Year Ended
December 31,
|
|
Increase to Segment NOI
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Triple-Net Leased Properties:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
769,063
|
|
|
$
|
760,848
|
|
|
$
|
8,215
|
|
|
1.1
|
%
|
Segment NOI
|
$
|
769,063
|
|
|
$
|
760,848
|
|
|
8,215
|
|
|
1.1
|
|
|
For the Year Ended
December 31,
|
|
Decrease to Segment NOI
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Resident fees and services
|
$
|
1,843,232
|
|
|
$
|
1,847,306
|
|
|
$
|
(4,074
|
)
|
|
(0.2
|
)%
|
Less: Property-level operating expenses
|
(1,250,065
|
)
|
|
(1,242,978
|
)
|
|
(7,087
|
)
|
|
(0.6
|
)
|
|||
Segment NOI
|
$
|
593,167
|
|
|
$
|
604,328
|
|
|
(11,161
|
)
|
|
(1.8
|
)
|
|
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,
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total communities
|
293
|
|
|
298
|
|
|
88.3
|
%
|
|
90.3
|
%
|
|
$
|
5,725
|
|
|
$
|
5,474
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Resident fees and services
|
$
|
1,791,843
|
|
|
$
|
1,765,183
|
|
|
$
|
26,660
|
|
|
1.5
|
%
|
Less: Property-level operating expenses
|
(1,215,440
|
)
|
|
(1,187,351
|
)
|
|
(28,089
|
)
|
|
(2.4
|
)
|
|||
Segment NOI
|
$
|
576,403
|
|
|
$
|
577,832
|
|
|
(1,429
|
)
|
|
(0.2
|
)
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Office Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
753,467
|
|
|
$
|
630,342
|
|
|
$
|
123,125
|
|
|
19.5
|
%
|
Office building services revenue
|
7,497
|
|
|
13,029
|
|
|
(5,532
|
)
|
|
(42.5
|
)
|
|||
Total revenues
|
760,964
|
|
|
643,371
|
|
|
117,593
|
|
|
18.3
|
|
|||
Less:
|
|
|
|
|
|
|
|
|||||||
Property-level operating expenses
|
(233,007
|
)
|
|
(191,784
|
)
|
|
(41,223
|
)
|
|
(21.5
|
)
|
|||
Office building services costs
|
(3,391
|
)
|
|
(7,311
|
)
|
|
3,920
|
|
|
53.6
|
|
|||
Segment NOI
|
$
|
524,566
|
|
|
$
|
444,276
|
|
|
80,290
|
|
|
18.1
|
|
|
Number of
Properties at
December 31,
|
|
Occupancy at
December 31,
|
|
Annualized Average Rent Per Occupied Square Foot for the Year Ended December 31,
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total office buildings
|
391
|
|
|
388
|
|
|
92.0
|
%
|
|
91.7
|
%
|
|
$
|
32
|
|
|
$
|
31
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Same-Store Segment NOI—Office Operations:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
558,575
|
|
|
$
|
552,045
|
|
|
$
|
6,530
|
|
|
1.2
|
%
|
Less: Property-level operating expenses
|
(169,583
|
)
|
|
(164,987
|
)
|
|
(4,596
|
)
|
|
(2.8
|
)
|
|||
Segment NOI
|
$
|
388,992
|
|
|
$
|
387,058
|
|
|
1,934
|
|
|
0.5
|
|
|
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 interests
|
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 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
|
|
|
For the Year Ended
December 31,
|
|
Increase 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
|
%
|
Segment NOI
|
$
|
695,124
|
|
|
$
|
673,706
|
|
|
21,418
|
|
|
3.2
|
|
|
For the Year Ended
December 31,
|
|
Increase (Decrease) to Segment NOI
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Segment NOI—Senior Living Operations:
|
|
|
|
|
|
|
|
|||||||
Resident fees and services
|
$
|
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
|
|
|
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
|
||||||||
Total communities
|
298
|
|
|
305
|
|
|
90.3
|
%
|
|
91.2
|
%
|
|
$
|
5,474
|
|
|
$
|
5,255
|
|
|
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 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,
|
|
(Decrease) Increase
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 Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Income from continuing operations
|
$
|
643,949
|
|
|
$
|
554,209
|
|
|
$
|
389,539
|
|
|
$
|
359,296
|
|
|
$
|
375,498
|
|
Discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
11,103
|
|
|
99,735
|
|
|
79,171
|
|
|||||
Gain on real estate dispositions
|
717,273
|
|
|
98,203
|
|
|
18,580
|
|
|
17,970
|
|
|
—
|
|
|||||
Net income
|
1,361,112
|
|
|
651,490
|
|
|
419,222
|
|
|
477,001
|
|
|
454,669
|
|
|||||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,379
|
|
|
1,234
|
|
|
1,160
|
|
|||||
Net income attributable to common stockholders
|
1,356,470
|
|
|
649,231
|
|
|
417,843
|
|
|
475,767
|
|
|
453,509
|
|
|||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate depreciation and amortization
|
881,088
|
|
|
891,985
|
|
|
887,126
|
|
|
718,649
|
|
|
624,245
|
|
|||||
Real estate depreciation related to noncontrolling interests
|
(7,565
|
)
|
|
(7,785
|
)
|
|
(7,906
|
)
|
|
(10,314
|
)
|
|
(10,512
|
)
|
|||||
Real estate depreciation related to unconsolidated entities
|
4,231
|
|
|
5,754
|
|
|
7,353
|
|
|
5,792
|
|
|
6,543
|
|
|||||
(Gain) loss on real estate dispositions related to unconsolidated entities
|
(1,057
|
)
|
|
(439
|
)
|
|
19
|
|
|
—
|
|
|
—
|
|
|||||
(Gain) loss on re-measurement of equity interest upon acquisition, net
|
(3,027
|
)
|
|
—
|
|
|
176
|
|
|
—
|
|
|
(1,241
|
)
|
|||||
Gain on real estate dispositions related to noncontrolling interests
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on real estate dispositions
|
(717,273
|
)
|
|
(98,203
|
)
|
|
(18,580
|
)
|
|
(17,970
|
)
|
|
—
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss (gain) on real estate dispositions
|
—
|
|
|
1
|
|
|
(231
|
)
|
|
(1,494
|
)
|
|
(4,059
|
)
|
|||||
Depreciation on real estate assets
|
—
|
|
|
—
|
|
|
79,608
|
|
|
103,250
|
|
|
139,973
|
|
|||||
FFO attributable to common stockholders
|
1,512,885
|
|
|
1,440,544
|
|
|
1,365,408
|
|
|
1,273,680
|
|
|
1,208,458
|
|
|||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in fair value of financial instruments
|
(41
|
)
|
|
62
|
|
|
460
|
|
|
5,121
|
|
|
449
|
|
|||||
Non-cash income tax benefit
|
(22,387
|
)
|
|
(34,227
|
)
|
|
(42,384
|
)
|
|
(9,431
|
)
|
|
(11,828
|
)
|
|||||
Effect of the 2017 Tax Act
|
(36,539
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on extinguishment of debt, net
|
839
|
|
|
2,779
|
|
|
15,797
|
|
|
5,013
|
|
|
1,048
|
|
|||||
Gain on non-real estate dispositions related to unconsolidated entities
|
(39
|
)
|
|
(557
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Merger-related expenses, deal costs and re-audit costs
|
14,823
|
|
|
28,290
|
|
|
152,344
|
|
|
54,389
|
|
|
21,560
|
|
|||||
Amortization of other intangibles
|
1,458
|
|
|
1,752
|
|
|
2,058
|
|
|
1,246
|
|
|
1,022
|
|
|||||
Other items related to unconsolidated entities
|
3,188
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Non-cash impact of changes to equity plan
|
5,453
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Natural disaster expenses (recoveries), net
|
11,601
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Normalized FFO attributable to common stockholders
|
$
|
1,491,241
|
|
|
$
|
1,438,643
|
|
|
$
|
1,493,683
|
|
|
$
|
1,330,018
|
|
|
$
|
1,220,709
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Income from continuing operations
|
$
|
643,949
|
|
|
$
|
554,209
|
|
|
$
|
389,539
|
|
Discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
11,103
|
|
|||
Gain on real estate dispositions
|
717,273
|
|
|
98,203
|
|
|
18,580
|
|
|||
Net income
|
1,361,112
|
|
|
651,490
|
|
|
419,222
|
|
|||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,379
|
|
|||
Net income attributable to common stockholders
|
1,356,470
|
|
|
649,231
|
|
|
417,843
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Interest
|
448,196
|
|
|
419,740
|
|
|
427,542
|
|
|||
Loss on extinguishment of debt, net
|
754
|
|
|
2,779
|
|
|
14,411
|
|
|||
Taxes (including amounts in general, administrative and professional fees)
|
(57,307
|
)
|
|
(29,129
|
)
|
|
(37,112
|
)
|
|||
Depreciation and amortization
|
887,948
|
|
|
898,924
|
|
|
973,665
|
|
|||
Non-cash stock-based compensation expense
|
26,543
|
|
|
20,958
|
|
|
19,537
|
|
|||
Merger-related expenses, deal costs and re-audit costs
|
12,653
|
|
|
25,141
|
|
|
150,290
|
|
|||
Net income (loss) attributable to noncontrolling interests, net of consolidated joint venture partners’ share of EBITDA
|
(12,975
|
)
|
|
(12,654
|
)
|
|
(12,722
|
)
|
|||
(Income) loss from unconsolidated entities, net of Ventas share of EBITDA from unconsolidated entities
|
32,219
|
|
|
25,246
|
|
|
18,806
|
|
|||
Gain on real estate dispositions
|
(717,273
|
)
|
|
(98,202
|
)
|
|
(18,811
|
)
|
|||
Unrealized foreign currency gains
|
(612
|
)
|
|
(1,440
|
)
|
|
(1,727
|
)
|
|||
Changes in fair value of financial instruments
|
(61
|
)
|
|
51
|
|
|
460
|
|
|||
(Gain) loss on re-measurement of equity interest upon acquisition, net
|
(3,027
|
)
|
|
—
|
|
|
176
|
|
|||
Natural disaster expenses (recoveries), net
|
11,601
|
|
|
—
|
|
|
—
|
|
|||
Adjusted EBITDA
|
$
|
1,985,129
|
|
|
$
|
1,900,645
|
|
|
$
|
1,952,358
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Income from continuing operations
|
$
|
643,949
|
|
|
$
|
554,209
|
|
|
$
|
389,539
|
|
Discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
11,103
|
|
|||
Gain on real estate dispositions
|
717,273
|
|
|
98,203
|
|
|
18,580
|
|
|||
Net income
|
1,361,112
|
|
|
651,490
|
|
|
419,222
|
|
|||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,379
|
|
|||
Net income attributable to common stockholders
|
1,356,470
|
|
|
649,231
|
|
|
417,843
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Interest and other income
|
(6,034
|
)
|
|
(876
|
)
|
|
(1,115
|
)
|
|||
Interest
|
448,196
|
|
|
419,740
|
|
|
427,542
|
|
|||
Depreciation and amortization
|
887,948
|
|
|
898,924
|
|
|
973,665
|
|
|||
General, administrative and professional fees
|
135,490
|
|
|
126,875
|
|
|
128,044
|
|
|||
Loss on extinguishment of debt, net
|
754
|
|
|
2,779
|
|
|
14,411
|
|
|||
Merger-related expenses and deal costs
|
10,645
|
|
|
25,556
|
|
|
149,346
|
|
|||
Other
|
20,052
|
|
|
9,988
|
|
|
19,577
|
|
|||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,499
|
|
|||
Loss (income) from unconsolidated entities
|
561
|
|
|
(4,358
|
)
|
|
1,420
|
|
|||
Income tax benefit
|
(59,799
|
)
|
|
(31,343
|
)
|
|
(39,284
|
)
|
|||
Gain on real estate dispositions
|
(717,273
|
)
|
|
(98,202
|
)
|
|
(18,811
|
)
|
|||
NOI (including amounts in discontinued operations)
|
2,081,652
|
|
|
2,000,573
|
|
|
2,074,137
|
|
|||
Discontinued operations
|
—
|
|
|
—
|
|
|
(198,996
|
)
|
|||
NOI (excluding amounts in discontinued operations)
|
$
|
2,081,652
|
|
|
$
|
2,000,573
|
|
|
$
|
1,875,141
|
|
|
As of December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other, unhedged portion
|
$
|
8,218,369
|
|
|
$
|
7,854,264
|
|
|
$
|
7,534,459
|
|
Floating to fixed rate swap on term loan
|
200,000
|
|
|
200,000
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
1,010,517
|
|
|
1,426,837
|
|
|
1,554,062
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Fixed to floating rate swap on senior notes
|
400,000
|
|
|
—
|
|
|
—
|
|
|||
Unsecured revolving credit facility
|
535,832
|
|
|
146,538
|
|
|
180,683
|
|
|||
Unsecured term loans, unhedged portion
|
700,000
|
|
|
1,271,215
|
|
|
1,568,477
|
|
|||
Secured revolving construction credit facility
|
2,868
|
|
|
—
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
298,047
|
|
|
292,060
|
|
|
433,339
|
|
|||
Total
|
$
|
11,365,633
|
|
|
$
|
11,190,914
|
|
|
$
|
11,271,020
|
|
Percent of total debt:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other, unhedged portion
|
72.3
|
%
|
|
70.2
|
%
|
|
66.9
|
%
|
|||
Floating to fixed rate swap on term loan
|
1.8
|
|
|
1.8
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
8.9
|
|
|
12.7
|
|
|
13.8
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Fixed to floating rate swap on senior notes
|
3.5
|
|
|
—
|
|
|
—
|
|
|||
Unsecured revolving credit facility
|
4.7
|
|
|
1.3
|
|
|
1.6
|
|
|||
Unsecured term loans, unhedged portion
|
6.2
|
|
|
11.4
|
|
|
13.9
|
|
|||
Secured revolving construction credit facility
|
0.0
|
|
|
—
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
2.6
|
|
|
2.6
|
|
|
3.8
|
|
|||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||
Weighted average interest rate at end of period:
|
|
|
|
|
|
||||||
Fixed rate:
|
|
|
|
|
|
||||||
Senior notes and other, unhedged portion
|
3.7
|
%
|
|
3.6
|
%
|
|
3.5
|
%
|
|||
Floating to fixed rate swap on term loan
|
2.1
|
|
|
2.2
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
5.2
|
|
|
5.6
|
|
|
5.7
|
|
|||
Variable rate:
|
|
|
|
|
|
||||||
Fixed to floating rate swap on senior notes
|
2.3
|
|
|
—
|
|
|
—
|
|
|||
Unsecured revolving credit facility
|
2.3
|
|
|
1.9
|
|
|
1.4
|
|
|||
Unsecured term loans, unhedged portion
|
2.3
|
|
|
1.7
|
|
|
1.4
|
|
|||
Secured revolving construction credit facility
|
3.1
|
|
|
—
|
|
|
—
|
|
|||
Mortgage loans and other
(1)
|
2.9
|
|
|
2.1
|
|
|
2.0
|
|
|||
Total
|
3.6
|
|
|
3.6
|
|
|
3.5
|
|
(1)
|
Excludes mortgage debt of
$57.4 million
and
$22.9 million
related to real estate assets classified as held for sale as of
December 31, 2017
and
2015
, respectively. All amounts were included in liabilities related to assets held for sale on our Consolidated Balance Sheets.
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Gross book value
|
$
|
9,428,886
|
|
|
$
|
9,481,101
|
|
Fair value
(1)
|
9,640,893
|
|
|
9,600,621
|
|
||
Fair value reflecting change in interest rates
(1)
:
|
|
|
|
||||
-100 basis points
|
10,148,313
|
|
|
10,117,238
|
|
||
+100 basis points
|
9,184,409
|
|
|
9,133,292
|
|
(1)
|
The change in fair value of our fixed rate debt from
December 31, 2016
to
December 31, 2017
was due primarily to changes in the fair market value interest rates and 2017 senior note issuances, partially offset by repayments of senior notes and fixed rate mortgage debt.
|
|
As of
December 31,
|
||||
|
2017
|
|
2016
|
||
Investment mix by asset type
(1)
:
|
|
|
|
||
Seniors housing communities
|
60.2
|
%
|
|
61.8
|
%
|
MOBs
|
19.7
|
|
|
20.7
|
|
Life science and innovation centers
|
7.4
|
|
|
6.1
|
|
Health systems
|
5.4
|
|
|
5.6
|
|
IRFs and LTACs
|
1.7
|
|
|
1.7
|
|
SNFs
|
0.7
|
|
|
1.4
|
|
Secured loans receivable and investments, net
|
4.9
|
|
|
2.7
|
|
Investment mix by tenant, operator and manager
(1)
:
|
|
|
|
||
Atria
|
22.3
|
%
|
|
22.6
|
%
|
Sunrise
|
10.8
|
|
|
11.3
|
|
Brookdale Senior Living
|
7.5
|
|
|
8.1
|
|
Ardent
|
4.9
|
|
|
5.1
|
|
Kindred
|
1.1
|
|
|
1.8
|
|
All other
|
53.4
|
|
|
51.1
|
|
(1)
|
Ratios are based on the gross book value of consolidated real estate investments (excluding properties classified as held for sale) as of each reporting date.
|
|
For the Year Ended
December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Operations mix by tenant and operator and business model:
|
|
|
|
|
|
|||
Revenues
(1)
:
|
|
|
|
|
|
|||
Senior living operations
|
51.6
|
%
|
|
53.6
|
%
|
|
55.1
|
%
|
Brookdale Senior Living
(2)
|
4.7
|
|
|
4.8
|
|
|
5.3
|
|
Ardent
|
3.1
|
|
|
3.1
|
|
|
1.3
|
|
Kindred
|
4.7
|
|
|
5.4
|
|
|
5.7
|
|
All others
|
35.7
|
|
|
33.1
|
|
|
32.6
|
|
Adjusted EBITDA
(3)
:
|
|
|
|
|
|
|||
Senior living operations
|
28.7
|
%
|
|
30.9
|
%
|
|
29.7
|
%
|
Brookdale Senior Living
(2)
|
7.6
|
|
|
7.9
|
|
|
8.2
|
|
Ardent
|
5.1
|
|
|
5.1
|
|
|
2.0
|
|
Kindred
|
7.7
|
|
|
8.9
|
|
|
8.8
|
|
All others
|
50.9
|
|
|
47.2
|
|
|
51.3
|
|
NOI
(4)
:
|
|
|
|
|
|
|||
Senior living operations
|
28.5
|
%
|
|
30.2
|
%
|
|
32.1
|
%
|
Brookdale Senior Living
(2)
|
8.0
|
|
|
8.3
|
|
|
9.3
|
|
Ardent
|
5.3
|
|
|
5.3
|
|
|
2.3
|
|
Kindred
|
8.1
|
|
|
9.2
|
|
|
9.9
|
|
All others
|
49.9
|
|
|
47.0
|
|
|
46.4
|
|
Operations mix by geographic location
(5)
:
|
|
|
|
|
|
|||
California
|
15.3
|
%
|
|
15.3
|
%
|
|
15.4
|
%
|
New York
|
8.6
|
|
|
8.8
|
|
|
8.8
|
|
Texas
|
5.8
|
|
|
6.3
|
|
|
6.1
|
|
Illinois
|
4.8
|
|
|
4.9
|
|
|
4.9
|
|
Florida
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
All others
|
61.1
|
|
|
60.2
|
|
|
60.2
|
|
(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 and including amounts related to assets classified as held for sale).
|
(2)
|
Excludes one seniors housing community included in the senior living operations reportable business segment.
|
(3)
|
Includes amounts in discontinued operations.
|
(4)
|
Excludes amounts in discontinued operations.
|
(5)
|
Ratios are based on total revenues (excluding amounts in discontinued operations and including amounts related to assets classified as held for sale) for each period presented.
|
|
Number of
Properties
|
|
2017 Annual Rental Income
|
|
% of 2017 Total Triple-Net Leased Properties Segment Rental Income
|
||||
|
(Dollars in thousands)
|
||||||||
2018
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
2019
|
70
|
|
|
120,625
|
|
|
14.4
|
|
|
2020
|
42
|
|
|
36,129
|
|
|
4.3
|
|
|
2021
|
53
|
|
|
52,509
|
|
|
6.3
|
|
|
2022
|
26
|
|
|
18,536
|
|
|
2.2
|
|
|
2023
|
10
|
|
|
30,542
|
|
|
3.6
|
|
|
2024
|
36
|
|
|
22,487
|
|
|
2.7
|
|
|
2025
|
59
|
|
|
128,433
|
|
|
15.3
|
|
|
2026
|
47
|
|
|
42,632
|
|
|
5.1
|
|
|
2027
|
7
|
|
|
8,625
|
|
|
1.0
|
|
•
|
$700.0 million
principal amount of 2.00% senior notes due 2018 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$600.0 million
principal amount of 4.00% 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 4.25% senior notes due 2022 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);
|
•
|
$500.0 million
principal amount of 3.25% 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 3.500% 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;
|
•
|
$400.0 million
principal amount of 3.850% senior notes due 2027;
|
•
|
$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).
|
•
|
$318.0 million
(C$400.0 million) principal amount of 3.00% senior notes, series A due 2019;
|
•
|
$198.8 million
(C$250.0 million) principal amount of 3.300% senior notes, Series C due 2022;
|
•
|
$218.7 million
(C$275.0 million) principal amount of 2.55% senior notes, series D due 2023; and
|
•
|
$198.8 million
(C$250.0 million) principal amount of 4.125% senior notes, series B due 2024.
|
|
For the Years Ended
December 31,
|
|
Increase (Decrease)
to Cash
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Cash and cash equivalents at beginning of period
|
$
|
286,707
|
|
|
$
|
53,023
|
|
|
$
|
233,684
|
|
|
nm
|
|
Net cash provided by operating activities
|
1,442,180
|
|
|
1,372,341
|
|
|
69,839
|
|
|
5.1
|
%
|
|||
Net cash used in investing activities
|
(976,517
|
)
|
|
(1,234,643
|
)
|
|
258,126
|
|
|
20.9
|
|
|||
Net cash (used in) provided by financing activities
|
(671,327
|
)
|
|
96,838
|
|
|
(768,165
|
)
|
|
nm
|
|
|||
Effect of foreign currency translation on cash and cash equivalents
|
312
|
|
|
(852
|
)
|
|
1,164
|
|
|
nm
|
|
|||
Cash and cash equivalents at end of period
|
$
|
81,355
|
|
|
$
|
286,707
|
|
|
(205,352
|
)
|
|
(71.6)
|
|
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)
|
$
|
14,444,492
|
|
|
$
|
1,214,444
|
|
|
$
|
3,499,792
|
|
|
$
|
3,252,070
|
|
|
$
|
6,478,186
|
|
Operating obligations, including ground lease obligations
|
738,508
|
|
|
27,498
|
|
|
47,159
|
|
|
40,389
|
|
|
623,462
|
|
|||||
Total
|
$
|
15,183,000
|
|
|
$
|
1,241,942
|
|
|
$
|
3,546,951
|
|
|
$
|
3,292,459
|
|
|
$
|
7,101,648
|
|
(1)
|
Amounts represent contractual amounts due, including interest.
|
(2)
|
Interest on variable rate debt was based on forward rates obtained as of
December 31, 2017
.
|
(3)
|
Includes
$700.0 million
outstanding principal amount of our 2.00% senior notes due 2018.
|
(4)
|
Includes
$600.0 million
outstanding principal amount of our 4.00% senior notes due 2019,
$318.0 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.
|
(5)
|
Includes
$535.8 million
of borrowings outstanding on our unsecured revolving credit facility,
$2.9 million
of borrowings outstanding on our secured revolving construction credit facility,
$700.0 million
outstanding principal amount of our 4.750% senior notes due 2021,
$600.0 million
outstanding principal amount of our 4.25% senior notes due 2022,
$500.0 million
outstanding principal amount of our 3.250% senior notes due 2022 and
$198.8 million
outstanding principal amount of our 3.300% senior notes, Series C due 2022.
|
(6)
|
Includes
$4.4 billion
aggregate principal amount outstanding of our senior notes maturing between 2023 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, 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, 2017 and 2016
|
|
Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015
|
|
Consolidated Statements of Equity for the years ended December 31, 2017, 2016 and 2015
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015
|
|
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,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands, except per
share amounts)
|
||||||
Assets
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
2,147,621
|
|
|
$
|
2,089,591
|
|
Buildings and improvements
|
22,177,088
|
|
|
21,516,396
|
|
||
Construction in progress
|
343,129
|
|
|
210,599
|
|
||
Acquired lease intangibles
|
1,537,995
|
|
|
1,510,629
|
|
||
|
26,205,833
|
|
|
25,327,215
|
|
||
Accumulated depreciation and amortization
|
(5,617,453
|
)
|
|
(4,932,461
|
)
|
||
Net real estate property
|
20,588,380
|
|
|
20,394,754
|
|
||
Secured loans receivable and investments, net
|
1,346,359
|
|
|
702,021
|
|
||
Investments in unconsolidated real estate entities
|
123,639
|
|
|
95,921
|
|
||
Net real estate investments
|
22,058,378
|
|
|
21,192,696
|
|
||
Cash and cash equivalents
|
81,355
|
|
|
286,707
|
|
||
Escrow deposits and restricted cash
|
106,898
|
|
|
80,647
|
|
||
Goodwill
|
1,034,641
|
|
|
1,033,225
|
|
||
Assets held for sale
|
100,324
|
|
|
54,961
|
|
||
Other assets
|
572,945
|
|
|
518,364
|
|
||
Total assets
|
$
|
23,954,541
|
|
|
$
|
23,166,600
|
|
Liabilities and equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Senior notes payable and other debt
|
$
|
11,276,062
|
|
|
$
|
11,127,326
|
|
Accrued interest
|
93,958
|
|
|
83,762
|
|
||
Accounts payable and other liabilities
|
1,182,552
|
|
|
907,928
|
|
||
Liabilities related to assets held for sale
|
61,202
|
|
|
1,462
|
|
||
Deferred income taxes
|
250,092
|
|
|
316,641
|
|
||
Total liabilities
|
12,863,866
|
|
|
12,437,119
|
|
||
Redeemable OP unitholder and noncontrolling interests
|
158,490
|
|
|
200,728
|
|
||
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, 356,187 and 354,125 shares issued at December 31, 2017 and 2016, respectively
|
89,029
|
|
|
88,514
|
|
||
Capital in excess of par value
|
13,053,057
|
|
|
12,917,002
|
|
||
Accumulated other comprehensive loss
|
(35,120
|
)
|
|
(57,534
|
)
|
||
Retained earnings (deficit)
|
(2,240,698
|
)
|
|
(2,487,695
|
)
|
||
Treasury stock, 1 share at December 31, 2017 and 2016, respectively
|
(42
|
)
|
|
(47
|
)
|
||
Total Ventas stockholders’ equity
|
10,866,226
|
|
|
10,460,240
|
|
||
Noncontrolling interests
|
65,959
|
|
|
68,513
|
|
||
Total equity
|
10,932,185
|
|
|
10,528,753
|
|
||
Total liabilities and equity
|
$
|
23,954,541
|
|
|
$
|
23,166,600
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands, except per share
amounts)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Rental income:
|
|
|
|
|
|
||||||
Triple-net leased
|
$
|
840,131
|
|
|
$
|
845,834
|
|
|
$
|
779,801
|
|
Office
|
753,467
|
|
|
630,342
|
|
|
566,245
|
|
|||
|
1,593,598
|
|
|
1,476,176
|
|
|
1,346,046
|
|
|||
Resident fees and services
|
1,843,232
|
|
|
1,847,306
|
|
|
1,811,255
|
|
|||
Office building and other services revenue
|
13,677
|
|
|
21,070
|
|
|
41,492
|
|
|||
Income from loans and investments
|
117,608
|
|
|
98,094
|
|
|
86,553
|
|
|||
Interest and other income
|
6,034
|
|
|
876
|
|
|
1,052
|
|
|||
Total revenues
|
3,574,149
|
|
|
3,443,522
|
|
|
3,286,398
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest
|
448,196
|
|
|
419,740
|
|
|
367,114
|
|
|||
Depreciation and amortization
|
887,948
|
|
|
898,924
|
|
|
894,057
|
|
|||
Property-level operating expenses:
|
|
|
|
|
|
||||||
Senior living
|
1,250,065
|
|
|
1,242,978
|
|
|
1,209,415
|
|
|||
Office
|
233,007
|
|
|
191,784
|
|
|
174,225
|
|
|||
|
1,483,072
|
|
|
1,434,762
|
|
|
1,383,640
|
|
|||
Office building services costs
|
3,391
|
|
|
7,311
|
|
|
26,565
|
|
|||
General, administrative and professional fees
|
135,490
|
|
|
126,875
|
|
|
128,035
|
|
|||
Loss on extinguishment of debt, net
|
754
|
|
|
2,779
|
|
|
14,411
|
|
|||
Merger-related expenses and deal costs
|
10,535
|
|
|
24,635
|
|
|
102,944
|
|
|||
Other
|
20,052
|
|
|
9,988
|
|
|
17,957
|
|
|||
Total expenses
|
2,989,438
|
|
|
2,925,014
|
|
|
2,934,723
|
|
|||
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests
|
584,711
|
|
|
518,508
|
|
|
351,675
|
|
|||
(Loss) income from unconsolidated entities
|
(561
|
)
|
|
4,358
|
|
|
(1,420
|
)
|
|||
Income tax benefit
|
59,799
|
|
|
31,343
|
|
|
39,284
|
|
|||
Income from continuing operations
|
643,949
|
|
|
554,209
|
|
|
389,539
|
|
|||
Discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
11,103
|
|
|||
Gain on real estate dispositions
|
717,273
|
|
|
98,203
|
|
|
18,580
|
|
|||
Net income
|
1,361,112
|
|
|
651,490
|
|
|
419,222
|
|
|||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,379
|
|
|||
Net income attributable to common stockholders
|
$
|
1,356,470
|
|
|
$
|
649,231
|
|
|
$
|
417,843
|
|
Earnings per common share
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1.81
|
|
|
$
|
1.61
|
|
|
$
|
1.18
|
|
Net income attributable to common stockholders
|
3.82
|
|
|
1.88
|
|
|
1.26
|
|
|||
Diluted:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1.80
|
|
|
$
|
1.59
|
|
|
$
|
1.17
|
|
Net income attributable to common stockholders
|
3.78
|
|
|
1.86
|
|
|
1.25
|
|
|||
Weighted average shares used in computing earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
355,326
|
|
|
344,703
|
|
|
330,311
|
|
|||
Diluted
|
358,566
|
|
|
348,390
|
|
|
334,007
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Net income
|
$
|
1,361,112
|
|
|
$
|
651,490
|
|
|
$
|
419,222
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation
|
20,612
|
|
|
(52,266
|
)
|
|
(14,792
|
)
|
|||
Unrealized loss on government-sponsored pooled loan investments
|
(437
|
)
|
|
(310
|
)
|
|
(5,236
|
)
|
|||
Other
|
2,239
|
|
|
2,607
|
|
|
(658
|
)
|
|||
Total other comprehensive income (loss)
|
22,414
|
|
|
(49,969
|
)
|
|
(20,686
|
)
|
|||
Comprehensive income
|
1,383,526
|
|
|
601,521
|
|
|
398,536
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,379
|
|
|||
Comprehensive income attributable to common stockholders
|
$
|
1,378,884
|
|
|
$
|
599,262
|
|
|
$
|
397,157
|
|
|
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
Interests
|
|
Total Equity
|
||||||||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2015
|
$
|
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 interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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 interests
|
—
|
|
|
(374
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(374
|
)
|
|
1,902
|
|
|
1,528
|
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
7,831
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,831
|
|
|
—
|
|
|
7,831
|
|
||||||||
Redemption 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 interests
|
—
|
|
|
(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 interests
|
—
|
|
|
(1,714
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,714
|
)
|
|
(13,854
|
)
|
|
(15,568
|
)
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
(21,085
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,085
|
)
|
|
—
|
|
|
(21,085
|
)
|
||||||||
Redemption 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
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,356,470
|
|
|
—
|
|
|
1,356,470
|
|
|
4,642
|
|
|
1,361,112
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
22,414
|
|
|
—
|
|
|
—
|
|
|
22,414
|
|
|
—
|
|
|
22,414
|
|
||||||||
Impact of CCP Spin-Off
|
—
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
107
|
|
||||||||
Net change in noncontrolling interests
|
—
|
|
|
(1,427
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,427
|
)
|
|
(13,292
|
)
|
|
(14,719
|
)
|
||||||||
Dividends to common stockholders—$3.115 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,109,473
|
)
|
|
—
|
|
|
(1,109,473
|
)
|
|
—
|
|
|
(1,109,473
|
)
|
||||||||
Issuance of common stock
|
276
|
|
|
72,618
|
|
|
—
|
|
|
—
|
|
|
553
|
|
|
73,447
|
|
|
—
|
|
|
73,447
|
|
||||||||
Issuance of common stock for stock plans
|
87
|
|
|
21,723
|
|
|
—
|
|
|
—
|
|
|
796
|
|
|
22,606
|
|
|
—
|
|
|
22,606
|
|
||||||||
Change in redeemable noncontrolling interests
|
—
|
|
|
(850
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(850
|
)
|
|
6,096
|
|
|
5,246
|
|
||||||||
Adjust redeemable OP unitholder interests to current fair value
|
—
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
253
|
|
|
—
|
|
|
253
|
|
||||||||
Redemption of OP units
|
84
|
|
|
19,845
|
|
|
—
|
|
|
—
|
|
|
3,207
|
|
|
23,136
|
|
|
—
|
|
|
23,136
|
|
||||||||
Grant of restricted stock, net of forfeitures
|
68
|
|
|
23,786
|
|
|
—
|
|
|
—
|
|
|
(4,551
|
)
|
|
19,303
|
|
|
—
|
|
|
19,303
|
|
||||||||
Balance at December 31, 2017
|
$
|
89,029
|
|
|
$
|
13,053,057
|
|
|
$
|
(35,120
|
)
|
|
$
|
(2,240,698
|
)
|
|
$
|
(42
|
)
|
|
$
|
10,866,226
|
|
|
$
|
65,959
|
|
|
$
|
10,932,185
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
1,361,112
|
|
|
$
|
651,490
|
|
|
$
|
419,222
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization (including amounts in discontinued operations)
|
887,948
|
|
|
898,924
|
|
|
973,663
|
|
|||
Amortization of deferred revenue and lease intangibles, net
|
(20,537
|
)
|
|
(20,336
|
)
|
|
(24,129
|
)
|
|||
Other non-cash amortization
|
16,058
|
|
|
10,357
|
|
|
5,448
|
|
|||
Stock-based compensation
|
26,543
|
|
|
20,958
|
|
|
19,537
|
|
|||
Straight-lining of rental income, net
|
(23,134
|
)
|
|
(27,988
|
)
|
|
(33,792
|
)
|
|||
Loss on extinguishment of debt, net
|
754
|
|
|
2,779
|
|
|
14,411
|
|
|||
Gain on real estate dispositions
|
(717,273
|
)
|
|
(98,203
|
)
|
|
(18,811
|
)
|
|||
Gain on real estate loan investments
|
(124
|
)
|
|
(2,271
|
)
|
|
—
|
|
|||
Gain on sale of marketable securities
|
—
|
|
|
—
|
|
|
(5,800
|
)
|
|||
Income tax benefit
|
(63,599
|
)
|
|
(34,227
|
)
|
|
(42,384
|
)
|
|||
Loss (income) from unconsolidated entities
|
3,588
|
|
|
(4,358
|
)
|
|
1,244
|
|
|||
(Gain) loss on re-measurement of equity interests upon acquisition, net
|
(3,027
|
)
|
|
—
|
|
|
176
|
|
|||
Distributions from unconsolidated entities
|
4,676
|
|
|
7,598
|
|
|
23,462
|
|
|||
Other
|
9,240
|
|
|
(1,847
|
)
|
|
6,517
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
(Increase) decrease in other assets
|
(15,854
|
)
|
|
5,560
|
|
|
42,316
|
|
|||
Increase in accrued interest
|
11,068
|
|
|
2,604
|
|
|
19,995
|
|
|||
Decrease in accounts payable and other liabilities
|
(35,259
|
)
|
|
(38,699
|
)
|
|
(2,244
|
)
|
|||
Net cash provided by operating activities
|
1,442,180
|
|
|
1,372,341
|
|
|
1,398,831
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net investment in real estate property
|
(380,232
|
)
|
|
(1,429,112
|
)
|
|
(2,650,788
|
)
|
|||
Investment in loans receivable and other
|
(748,119
|
)
|
|
(158,635
|
)
|
|
(171,144
|
)
|
|||
Proceeds from real estate disposals
|
537,431
|
|
|
300,561
|
|
|
492,408
|
|
|||
Proceeds from loans receivable
|
101,097
|
|
|
320,082
|
|
|
109,176
|
|
|||
Proceeds from sale or maturity of marketable securities
|
—
|
|
|
—
|
|
|
76,800
|
|
|||
Funds held in escrow for future development expenditures
|
—
|
|
|
—
|
|
|
4,003
|
|
|||
Development project expenditures
|
(299,085
|
)
|
|
(143,647
|
)
|
|
(119,674
|
)
|
|||
Capital expenditures
|
(132,558
|
)
|
|
(117,456
|
)
|
|
(107,487
|
)
|
|||
Distributions from unconsolidated entities
|
6,169
|
|
|
—
|
|
|
—
|
|
|||
Investment in unconsolidated entities
|
(61,220
|
)
|
|
(6,436
|
)
|
|
(56,986
|
)
|
|||
Net cash used in investing activities
|
(976,517
|
)
|
|
(1,234,643
|
)
|
|
(2,423,692
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net change in borrowings under revolving credit facilities
|
384,783
|
|
|
(35,637
|
)
|
|
(723,457
|
)
|
|||
Net cash impact of CCP Spin-Off
|
—
|
|
|
—
|
|
|
(128,749
|
)
|
|||
Proceeds from debt
|
1,111,649
|
|
|
893,218
|
|
|
2,512,747
|
|
|||
Proceeds from debt related to CCP Spin-Off
|
—
|
|
|
—
|
|
|
1,400,000
|
|
|||
Repayment of debt
|
(1,369,084
|
)
|
|
(1,022,113
|
)
|
|
(1,435,596
|
)
|
|||
Purchase of noncontrolling interests
|
(15,809
|
)
|
|
(2,846
|
)
|
|
(3,819
|
)
|
|||
Payment of deferred financing costs
|
(27,297
|
)
|
|
(6,555
|
)
|
|
(24,665
|
)
|
|||
Issuance of common stock, net
|
73,596
|
|
|
1,286,680
|
|
|
491,023
|
|
|||
Cash distribution to common stockholders
|
(827,285
|
)
|
|
(1,024,968
|
)
|
|
(1,003,413
|
)
|
|||
Cash distribution to redeemable OP unitholders
|
(5,677
|
)
|
|
(8,640
|
)
|
|
(15,095
|
)
|
|||
Purchases of redeemable OP units
|
—
|
|
|
—
|
|
|
(33,188
|
)
|
|||
Contributions from noncontrolling interests
|
4,402
|
|
|
7,326
|
|
|
—
|
|
|||
Distributions to noncontrolling interests
|
(11,187
|
)
|
|
(6,879
|
)
|
|
(12,649
|
)
|
|||
Other
|
10,582
|
|
|
17,252
|
|
|
(81
|
)
|
|||
Net cash (used in) provided by financing activities
|
(671,327
|
)
|
|
96,838
|
|
|
1,023,058
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
(205,664
|
)
|
|
234,536
|
|
|
(1,803
|
)
|
|||
Effect of foreign currency translation on cash and cash equivalents
|
312
|
|
|
(852
|
)
|
|
(522
|
)
|
|||
Cash and cash equivalents at beginning of period
|
286,707
|
|
|
53,023
|
|
|
55,348
|
|
|||
Cash and cash equivalents at end of period
|
$
|
81,355
|
|
|
$
|
286,707
|
|
|
$
|
53,023
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Interest paid including swap payments and receipts
|
$
|
409,890
|
|
|
$
|
395,138
|
|
|
$
|
391,699
|
|
Supplemental schedule of non-cash activities:
|
|
|
|
|
|
||||||
Assets acquired and liabilities assumed from acquisitions:
|
|
|
|
|
|
||||||
Real estate investments
|
$
|
425,906
|
|
|
$
|
69,092
|
|
|
$
|
2,565,960
|
|
Utilization of funds held for an Internal Revenue Code Section 1031 exchange
|
(286,748
|
)
|
|
(6,954
|
)
|
|
(8,911
|
)
|
|||
Other assets
|
(3,716
|
)
|
|
90,037
|
|
|
20,090
|
|
|||
Debt
|
75,231
|
|
|
47,641
|
|
|
177,857
|
|
|||
Other liabilities
|
70,878
|
|
|
72,636
|
|
|
54,459
|
|
|||
Deferred income tax liability
|
(14,869
|
)
|
|
9,381
|
|
|
52,153
|
|
|||
Noncontrolling interests
|
4,202
|
|
|
22,517
|
|
|
88,085
|
|
|||
Equity issued
|
—
|
|
|
—
|
|
|
2,204,585
|
|
|||
Non-cash impact of CCP Spin-Off
|
—
|
|
|
—
|
|
|
1,256,404
|
|
|||
Equity issued for redemption of OP Units and Class C Units
|
24,002
|
|
|
24,318
|
|
|
—
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Total Assets
|
|
Total Liabilities
|
|
Total Assets
|
|
Total Liabilities
|
||||||||
|
|
(In thousands)
|
||||||||||||||
NHP/PMB L.P.
|
|
$
|
605,150
|
|
|
$
|
199,958
|
|
|
$
|
639,763
|
|
|
$
|
199,674
|
|
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P.
|
|
—
|
|
|
—
|
|
|
2,143,139
|
|
|
162,426
|
|
||||
Other identified VIEs
|
|
1,983,124
|
|
|
349,961
|
|
|
1,882,336
|
|
|
354,034
|
|
||||
Tax credit VIEs
|
|
988,598
|
|
|
221,908
|
|
|
981,752
|
|
|
234,109
|
|
•
|
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.
|
◦
|
Interest rate caps - We observe forward yield curves and other relevant information;
|
◦
|
Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates; and
|
◦
|
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 (and previously Class C 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.
|
|
For the Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Revenues
(1)
:
|
|
|
|
|
|
|||
Brookdale Senior Living
(2)
|
4.7
|
%
|
|
4.8
|
%
|
|
5.3
|
%
|
Ardent
|
3.1
|
|
|
3.1
|
|
|
1.3
|
|
Kindred
(3)
|
4.6
|
|
|
5.4
|
|
|
5.7
|
|
NOI:
|
|
|
|
|
|
|||
Brookdale Senior Living
(2)
|
8.0
|
%
|
|
8.3
|
%
|
|
9.3
|
%
|
Ardent
|
5.3
|
|
|
5.3
|
|
|
2.3
|
|
Kindred
(3)
|
7.9
|
|
|
9.2
|
|
|
9.9
|
|
(1)
|
Total revenues include office building and other services revenue, income from loans and investments and interest and other income.
|
(2)
|
Excludes
one
seniors housing community included in the senior living operations reportable business segment at
December 31, 2017
.
|
(3)
|
Excludes
one
MOB included in the office operations reportable business segment.
|
|
Brookdale Senior Living
|
|
Ardent
|
|
Kindred
|
|
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
2018
|
$
|
162,346
|
|
|
$
|
113,361
|
|
|
$
|
126,087
|
|
|
$
|
966,445
|
|
|
$
|
1,368,239
|
|
2019
|
151,999
|
|
|
113,361
|
|
|
126,127
|
|
|
912,556
|
|
|
1,304,043
|
|
|||||
2020
|
35,192
|
|
|
113,361
|
|
|
126,169
|
|
|
860,246
|
|
|
1,134,968
|
|
|||||
2021
|
14,071
|
|
|
113,361
|
|
|
126,211
|
|
|
799,658
|
|
|
1,053,301
|
|
|||||
2022
|
3,339
|
|
|
113,361
|
|
|
126,254
|
|
|
699,060
|
|
|
942,014
|
|
|||||
Thereafter
|
7,498
|
|
|
1,435,906
|
|
|
247,566
|
|
|
3,580,776
|
|
|
5,271,746
|
|
|||||
Total
|
$
|
374,445
|
|
|
$
|
2,002,711
|
|
|
$
|
878,414
|
|
|
$
|
7,818,741
|
|
|
$
|
11,074,311
|
|
|
|
Triple-Net Leased Properties
|
|
Office Operations
|
|
Total
|
||||||
|
(In thousands)
|
|||||||||||
Land and improvements
|
|
$
|
1,579
|
|
|
$
|
63,526
|
|
|
$
|
65,105
|
|
Buildings and improvements
|
|
12,558
|
|
|
1,311,676
|
|
|
1,324,234
|
|
|||
Acquired lease intangibles
|
|
163
|
|
|
200,022
|
|
|
200,185
|
|
|||
Other assets
|
|
—
|
|
|
99,777
|
|
|
99,777
|
|
|||
Total assets acquired
|
|
14,300
|
|
|
1,675,001
|
|
|
1,689,301
|
|
|||
Notes payable and other debt
|
|
—
|
|
|
47,641
|
|
|
47,641
|
|
|||
Intangible liabilities
|
|
—
|
|
|
103,769
|
|
|
103,769
|
|
|||
Other liabilities
|
|
380
|
|
|
64,792
|
|
|
65,172
|
|
|||
Total liabilities assumed
|
|
380
|
|
|
216,202
|
|
|
216,582
|
|
|||
Noncontrolling interest assumed
|
|
—
|
|
|
24,656
|
|
|
24,656
|
|
|||
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
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||
|
|
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
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Office operations
|
|
8
|
|
|
100,324
|
|
|
61,202
|
|
|
7
|
|
|
53,151
|
|
|
1,462
|
|
||||
Senior living operations
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
—
|
|
||||
Total
|
|
8
|
|
|
$
|
100,324
|
|
|
$
|
61,202
|
|
|
7
|
|
|
$
|
54,961
|
|
|
$
|
1,462
|
|
(1)
|
Includes
one
vacant land parcel classified as held for sale as
December 31, 2016
, which was sold during 2017.
|
|
August 17, 2015
|
||
|
(In thousands)
|
||
Assets
|
|
||
Net real estate investments
|
$
|
2,588,255
|
|
Cash and cash equivalents
|
1,749
|
|
|
Goodwill
|
135,446
|
|
|
Assets held for sale
|
7,610
|
|
|
Other assets
|
15,089
|
|
|
Total assets
|
2,748,149
|
|
|
|
|
||
Liabilities
|
|
||
Accounts payable and other liabilities
|
217,760
|
|
|
Liabilities related to assets held for sale
|
985
|
|
|
Total liabilities
|
218,745
|
|
|
|
|
||
Net assets
|
$
|
2,529,404
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Rental income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
196,848
|
|
Income from loans and investments
|
—
|
|
|
—
|
|
|
2,148
|
|
|||
Interest and other income
|
—
|
|
|
—
|
|
|
63
|
|
|||
|
—
|
|
|
—
|
|
|
199,059
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest
|
—
|
|
|
—
|
|
|
61,613
|
|
|||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
79,479
|
|
|||
General, administrative and professional fees
|
—
|
|
|
—
|
|
|
9
|
|
|||
Merger-related expenses and deal costs
|
110
|
|
|
922
|
|
|
46,402
|
|
|||
Other
|
—
|
|
|
—
|
|
|
1,332
|
|
|||
|
110
|
|
|
922
|
|
|
188,835
|
|
|||
Net (loss) income from discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
10,224
|
|
|||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
120
|
|
|||
Net (loss) income from discontinued operations attributable to common stockholders
|
$
|
(110
|
)
|
|
$
|
(922
|
)
|
|
$
|
10,104
|
|
|
|
Carrying Amount
|
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized Gain
|
||||||||
|
|
(In thousands)
|
||||||||||||||
As of December 31, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Secured/mortgage loans and other
|
|
$
|
1,291,694
|
|
|
$
|
1,291,694
|
|
|
$
|
1,286,322
|
|
|
$
|
—
|
|
Government-sponsored pooled loan investments
(1)
|
|
54,665
|
|
|
53,863
|
|
|
54,665
|
|
|
802
|
|
||||
Total investments reported as Secured loans receivable and investments, net
|
|
1,346,359
|
|
|
1,345,557
|
|
|
1,340,987
|
|
|
802
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-mortgage loans receivable, net
|
|
59,857
|
|
|
59,857
|
|
|
58,849
|
|
|
—
|
|
||||
Total investments reported as Other assets
|
|
59,857
|
|
|
59,857
|
|
|
58,849
|
|
|
—
|
|
||||
Total loans receivable and investments, net
|
|
$
|
1,406,216
|
|
|
$
|
1,405,414
|
|
|
$
|
1,399,836
|
|
|
$
|
802
|
|
|
|
Carrying Amount
|
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized Gain
|
||||||||
|
|
(In thousands)
|
||||||||||||||
As of December 31, 2016:
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
(1)
|
Investments in government-sponsored pooled loans have contractual maturity dates in 2023.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
|
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
|
$
|
184,775
|
|
|
7.0
|
|
$
|
184,993
|
|
|
6.9
|
In-place and other lease intangibles
|
1,353,220
|
|
|
23.6
|
|
1,325,636
|
|
|
23.6
|
||
Goodwill
|
1,034,641
|
|
|
N/A
|
|
1,033,225
|
|
|
N/A
|
||
Other intangibles
|
35,890
|
|
|
12.3
|
|
35,783
|
|
|
11.3
|
||
Accumulated amortization
|
(861,452
|
)
|
|
N/A
|
|
(769,558
|
)
|
|
N/A
|
||
Net intangible assets
|
$
|
1,747,074
|
|
|
21.7
|
|
$
|
1,810,079
|
|
|
21.5
|
Intangible liabilities:
|
|
|
|
|
|
|
|
||||
Below market lease intangibles
|
$
|
359,099
|
|
|
13.7
|
|
$
|
345,103
|
|
|
14.1
|
Other lease intangibles
|
40,141
|
|
|
40.8
|
|
40,843
|
|
|
38.5
|
||
Accumulated amortization
|
(160,965
|
)
|
|
N/A
|
|
(133,468
|
)
|
|
N/A
|
||
Purchase option intangibles
|
3,568
|
|
|
N/A
|
|
3,568
|
|
|
N/A
|
||
Net intangible liabilities
|
$
|
241,843
|
|
|
15.6
|
|
$
|
256,046
|
|
|
15.9
|
|
Estimated Net Amortization
|
||
|
(In thousands)
|
||
2018
|
$
|
55,591
|
|
2019
|
46,137
|
|
|
2020
|
40,085
|
|
|
2021
|
37,180
|
|
|
2022
|
30,580
|
|
|
|
Goodwill
|
||
|
|
(In thousands)
|
||
Triple-net Leased Properties
|
|
$
|
305,261
|
|
Senior Living Operations
|
|
259,482
|
|
|
Office Operations
|
|
469,898
|
|
|
Total Goodwill
|
|
$
|
1,034,641
|
|
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Straight-line rent receivables, net
|
$
|
267,579
|
|
|
$
|
244,580
|
|
Non-mortgage loans receivable, net
|
59,857
|
|
|
52,544
|
|
||
Other intangibles, net
|
6,496
|
|
|
8,190
|
|
||
Investment in unconsolidated operating entities
|
49,738
|
|
|
28,431
|
|
||
Other
|
189,275
|
|
|
184,619
|
|
||
Total other assets
|
$
|
572,945
|
|
|
$
|
518,364
|
|
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Unsecured revolving credit facility
(1)
|
$
|
535,832
|
|
|
$
|
146,538
|
|
Secured revolving construction credit facility due 2022
|
2,868
|
|
|
—
|
|
||
1.250% Senior Notes due 2017
|
—
|
|
|
300,000
|
|
||
2.00% Senior Notes due 2018
|
700,000
|
|
|
700,000
|
|
||
Unsecured term loan due 2018
(2)
|
—
|
|
|
200,000
|
|
||
Unsecured term loan due 2019
(2)
|
—
|
|
|
371,215
|
|
||
4.00% Senior Notes due 2019
|
600,000
|
|
|
600,000
|
|
||
3.00% Senior Notes, Series A due 2019
(3)
|
318,041
|
|
|
297,841
|
|
||
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, Series C due 2022
(3)
|
198,776
|
|
|
186,150
|
|
||
3.125% Senior Notes due 2023
|
400,000
|
|
|
400,000
|
|
||
3.100% Senior Notes due 2023
|
400,000
|
|
|
—
|
|
||
2.55% Senior Notes, Series D due 2023
(3)
|
218,653
|
|
|
—
|
|
||
3.750% Senior Notes due 2024
|
400,000
|
|
|
400,000
|
|
||
4.125% Senior Notes, Series B due 2024
(3)
|
198,776
|
|
|
186,150
|
|
||
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
|
|
|
450,000
|
|
||
3.850% Senior Notes due 2027
|
400,000
|
|
|
—
|
|
||
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
|
1,308,564
|
|
|
1,718,897
|
|
||
Total
|
11,365,633
|
|
|
11,190,914
|
|
||
Deferred financing costs, net
|
(73,093
|
)
|
|
(61,304
|
)
|
||
Unamortized fair value adjustment
|
12,139
|
|
|
25,224
|
|
||
Unamortized discounts
|
(28,617
|
)
|
|
(27,508
|
)
|
||
Senior notes payable and other debt
|
$
|
11,276,062
|
|
|
$
|
11,127,326
|
|
(1)
|
As of
December 31, 2017
and
2016
, respectively,
$28.7 million
and
$146.5 million
of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of
$31.1 million
were denominated in British pounds as of
December 31, 2017
. There were
no
aggregate borrowings denominated in British pounds as of
December 31, 2016
.
|
(2)
|
As of
December 31, 2016
, there was
$571.2 million
of unsecured term loan borrowings under our unsecured credit facility, of which
$92.6 million
was in the form of Canadian dollars. In August 2017, we repaid the balances then outstanding on the term loans.
|
(3)
|
These borrowings are in the form of Canadian dollars.
|
|
Principal Amount
Due at Maturity
|
|
Unsecured Revolving
Credit
Facility
(1)
|
|
Scheduled Periodic
Amortization
|
|
Total Maturities
|
||||||||
|
(In thousands)
|
||||||||||||||
2018
|
$
|
785,871
|
|
|
$
|
—
|
|
|
$
|
21,576
|
|
|
$
|
807,447
|
|
2019
|
1,330,572
|
|
|
—
|
|
|
15,759
|
|
|
1,346,331
|
|
||||
2020
|
1,451,587
|
|
|
—
|
|
|
12,910
|
|
|
1,464,497
|
|
||||
2021
|
772,838
|
|
|
535,832
|
|
|
11,505
|
|
|
1,320,175
|
|
||||
2022
|
1,419,392
|
|
|
—
|
|
|
9,878
|
|
|
1,429,270
|
|
||||
Thereafter
(2)
|
4,910,954
|
|
|
—
|
|
|
86,959
|
|
|
4,997,913
|
|
||||
Total maturities
|
$
|
10,671,214
|
|
|
$
|
535,832
|
|
|
$
|
158,587
|
|
|
$
|
11,365,633
|
|
(1)
|
At
December 31, 2017
, we had
$81.4 million
of unrestricted cash and cash equivalents, for
$454.5 million
of net borrowings outstanding under our unsecured revolving credit facility.
|
(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, 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.
|
|
2017
|
|
2016
|
||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
81,355
|
|
|
$
|
81,355
|
|
|
$
|
286,707
|
|
|
$
|
286,707
|
|
Secured mortgage loans and other, net
|
1,291,694
|
|
|
1,286,322
|
|
|
646,972
|
|
|
655,981
|
|
||||
Non-mortgage loans receivable, net
|
59,857
|
|
|
58,849
|
|
|
52,544
|
|
|
53,626
|
|
||||
Government-sponsored pooled loan investments
|
54,665
|
|
|
54,665
|
|
|
55,049
|
|
|
55,049
|
|
||||
Derivative instruments
|
7,248
|
|
|
7,248
|
|
|
3,302
|
|
|
3,302
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Senior notes payable and other debt, gross
|
11,365,633
|
|
|
11,600,750
|
|
|
11,190,914
|
|
|
11,369,440
|
|
||||
Derivative instruments
|
5,435
|
|
|
5,435
|
|
|
2,316
|
|
|
2,316
|
|
||||
Redeemable OP Unitholder Interests
|
146,252
|
|
|
146,252
|
|
|
177,177
|
|
|
177,177
|
|
•
|
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, 2017
.
|
•
|
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, 2017
.
|
•
|
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
4.1 million
shares (plus the number of shares or options outstanding under the 2006 Plans as of
December 31, 2017
that were or are subsequently forfeited or expire unexercised) were available for future issuance as of
December 31, 2017
.
|
|
2017
|
|
2016
|
|
2015
|
|||
Risk-free interest rate
|
1.69-1.87%
|
|
|
0.93-1.27%
|
|
|
1.02 - 1.38%
|
|
Dividend yield
|
6.00
|
%
|
|
5.50
|
%
|
|
5.00
|
%
|
Volatility factors of the expected market price for our common stock
|
21.5-21.6%
|
|
|
19.1-20.6%
|
|
|
19.0 - 20.0%
|
|
Weighted average expected life of options
|
4.0 years
|
|
|
4.0 years
|
|
|
4.0 years
|
|
|
Shares (000’s)
|
|
Weighted Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Life (years)
|
|
Intrinsic
Value
($000’s)
|
|||||
Outstanding as of December 31, 2016
|
3,805
|
|
|
$
|
56.05
|
|
|
|
|
|
|
|
Options granted
|
1,626
|
|
|
61.93
|
|
|
|
|
|
|
||
Options exercised
|
(349
|
)
|
|
46.70
|
|
|
|
|
|
|
||
Options forfeited
|
(57
|
)
|
|
58.87
|
|
|
|
|
|
|||
Outstanding as of December 31, 2017
|
5,025
|
|
|
58.57
|
|
|
7.2
|
|
$
|
19,522
|
|
|
Exercisable as of December 31, 2017
|
3,407
|
|
|
$
|
57.01
|
|
|
6.5
|
|
$
|
18,602
|
|
|
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, 2016
|
312
|
|
|
$
|
57.29
|
|
|
15
|
|
|
$
|
58.70
|
|
Granted
|
283
|
|
|
59.99
|
|
|
409
|
|
|
62.07
|
|
||
Vested
|
(258
|
)
|
|
58.82
|
|
|
(10
|
)
|
|
59.59
|
|
||
Forfeited
|
(18
|
)
|
|
58.95
|
|
|
—
|
|
|
—
|
|
||
Nonvested at December 31, 2017
|
319
|
|
|
$
|
58.36
|
|
|
414
|
|
|
$
|
62.01
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Tax treatment of distributions:
|
|
|
|
|
|
||||||
Ordinary income
|
$
|
1.02814
|
|
|
$
|
2.68216
|
|
|
$
|
3.02368
|
|
Qualified ordinary income
|
0.00337
|
|
|
0.05794
|
|
|
0.01632
|
|
|||
Long-term capital gain
|
1.07836
|
|
|
0.11613
|
|
|
—
|
|
|||
Unrecaptured Section 1250 gain
|
0.21513
|
|
|
0.10877
|
|
|
—
|
|
|||
Distribution reported for 1099-DIV purposes
|
$
|
2.32500
|
|
|
$
|
2.96500
|
|
|
$
|
3.04000
|
|
Add: Dividend declared in current year and taxable in following year
|
0.79000
|
|
|
—
|
|
|
—
|
|
|||
Distribution declared per common share outstanding
|
$
|
3.11500
|
|
|
$
|
2.96500
|
|
|
$
|
3.04000
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Current - Federal
|
$
|
(5,672
|
)
|
|
$
|
(2,991
|
)
|
|
$
|
138
|
|
Current - State
|
1,119
|
|
|
1,241
|
|
|
1,453
|
|
|||
Deferred - Federal
|
(54,396
|
)
|
|
(19,539
|
)
|
|
(25,962
|
)
|
|||
Deferred - State
|
3,237
|
|
|
(3,634
|
)
|
|
(3,054
|
)
|
|||
Current - Foreign
|
2,307
|
|
|
1,067
|
|
|
953
|
|
|||
Deferred - Foreign
|
(6,394
|
)
|
|
(7,487
|
)
|
|
(12,812
|
)
|
|||
Total
|
$
|
(59,799
|
)
|
|
$
|
(31,343
|
)
|
|
$
|
(39,284
|
)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
|
$
|
204,742
|
|
|
$
|
181,478
|
|
|
$
|
123,086
|
|
State income taxes, net of federal benefit
|
(1,115
|
)
|
|
(1,022
|
)
|
|
(657
|
)
|
|||
Increase in valuation allowance from ordinary operations
|
8,237
|
|
|
3,921
|
|
|
20,978
|
|
|||
Decrease in ASC 740 income tax liability
|
(4,750
|
)
|
|
(3,582
|
)
|
|
(462
|
)
|
|||
Tax at statutory rate on earnings not subject to federal income taxes
|
(231,379
|
)
|
|
(209,204
|
)
|
|
(185,648
|
)
|
|||
Foreign rate differential and foreign taxes
|
6,407
|
|
|
2,094
|
|
|
3,095
|
|
|||
Change in tax status of TRS
|
(690
|
)
|
|
(5,629
|
)
|
|
—
|
|
|||
Effect of the 2017 Tax Act
|
(41,212
|
)
|
|
—
|
|
|
—
|
|
|||
Other differences
|
(39
|
)
|
|
601
|
|
|
324
|
|
|||
Income tax benefit
|
$
|
(59,799
|
)
|
|
$
|
(31,343
|
)
|
|
$
|
(39,284
|
)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
|
$
|
(300,395
|
)
|
|
$
|
(409,803
|
)
|
|
$
|
(413,566
|
)
|
Operating loss and interest deduction carryforwards
|
146,732
|
|
|
195,415
|
|
|
180,575
|
|
|||
Expense accruals and other
|
12,890
|
|
|
18,185
|
|
|
14,624
|
|
|||
Valuation allowance
|
(109,319
|
)
|
|
(120,438
|
)
|
|
(120,015
|
)
|
|||
Net deferred tax liabilities
|
$
|
(250,092
|
)
|
|
$
|
(316,641
|
)
|
|
$
|
(338,382
|
)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
2015 HCT acquisition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(32,336
|
)
|
2015 UK acquisition
|
—
|
|
|
—
|
|
|
(18,569
|
)
|
|||
2016 Life Sciences Acquisition
|
19,262
|
|
|
(9,446
|
)
|
|
—
|
|
|||
2017 miscellaneous acquisitions
|
(4,510
|
)
|
|
—
|
|
|
—
|
|
|||
Established beginning deferred tax assets or liabilities
|
$
|
14,752
|
|
|
$
|
(9,446
|
)
|
|
$
|
(50,905
|
)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Beginning Balance
|
$
|
120,438
|
|
|
$
|
120,015
|
|
|
$
|
97,550
|
|
Additions:
|
|
|
|
|
|
||||||
Purchase accounting
|
—
|
|
|
—
|
|
|
1,002
|
|
|||
Expenses
(1)
|
9,277
|
|
|
6,589
|
|
|
21,375
|
|
|||
Subtractions:
|
|
|
|
|
|
||||||
Deductions
(1)
|
(1,040
|
)
|
|
(2,668
|
)
|
|
(397
|
)
|
|||
Effect of the 2017 Tax Act
|
(21,321
|
)
|
|
—
|
|
|
—
|
|
|||
State income tax, net of federal impact
|
956
|
|
|
536
|
|
|
529
|
|
|||
Other activity (not resulting in expense or deduction)
|
1,009
|
|
|
(4,034
|
)
|
|
(44
|
)
|
|||
Ending balance
|
$
|
109,319
|
|
|
$
|
120,438
|
|
|
$
|
120,015
|
|
(1)
|
Generally, Expenses and Deductions are increases and decreases, respectively, in TRS valuation allowances, the latter being through utilization or release. The net amount equals the increase in valuation allowance on the reconciliation of income tax expense and benefit schedule above.
|
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Balance as of January 1
|
$
|
20,950
|
|
|
$
|
24,135
|
|
Additions to tax positions related to prior years
|
648
|
|
|
222
|
|
||
Subtractions to tax positions related to prior years
|
(497
|
)
|
|
—
|
|
||
Subtractions to tax positions as a result of the lapse of the statute of limitations
|
(4,336
|
)
|
|
(3,407
|
)
|
||
Balance as of December 31
|
$
|
16,765
|
|
|
$
|
20,950
|
|
|
Lease Payments
|
||
|
(In thousands)
|
||
2018
|
$
|
27,498
|
|
2019
|
23,953
|
|
|
2020
|
23,206
|
|
|
2021
|
22,651
|
|
|
2022
|
17,738
|
|
|
Thereafter
|
623,462
|
|
|
Total
|
$
|
738,508
|
|
|
For the Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands, except per share amounts)
|
||||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
643,949
|
|
|
$
|
554,209
|
|
|
$
|
389,539
|
|
Discontinued operations
|
(110
|
)
|
|
(922
|
)
|
|
11,103
|
|
|||
Gain on real estate dispositions
|
717,273
|
|
|
98,203
|
|
|
18,580
|
|
|||
Net income
|
1,361,112
|
|
|
651,490
|
|
|
419,222
|
|
|||
Net income attributable to noncontrolling interests
|
4,642
|
|
|
2,259
|
|
|
1,379
|
|
|||
Net income attributable to common stockholders
|
$
|
1,356,470
|
|
|
$
|
649,231
|
|
|
$
|
417,843
|
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic earnings per share—weighted average shares
|
355,326
|
|
|
344,703
|
|
|
330,311
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options
|
494
|
|
|
569
|
|
|
360
|
|
|||
Restricted stock awards
|
265
|
|
|
176
|
|
|
41
|
|
|||
OP Unitholder interests
|
2,481
|
|
|
2,942
|
|
|
3,295
|
|
|||
Denominator for diluted earnings per share—adjusted weighted average shares
|
358,566
|
|
|
348,390
|
|
|
334,007
|
|
|||
Basic earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1.81
|
|
|
$
|
1.61
|
|
|
$
|
1.18
|
|
Net income attributable to common stockholders
|
3.82
|
|
|
1.88
|
|
|
1.26
|
|
|||
Diluted earnings per share:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1.80
|
|
|
$
|
1.59
|
|
|
$
|
1.17
|
|
Net income attributable to common stockholders
|
3.78
|
|
|
1.86
|
|
1.25
|
|
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Foreign currency translation
|
$
|
(45,580
|
)
|
|
$
|
(66,192
|
)
|
Accumulated unrealized gain on government-sponsored pooled loan investments
|
802
|
|
|
1,239
|
|
||
Other
|
9,658
|
|
|
7,419
|
|
||
Total accumulated other comprehensive loss
|
$
|
(35,120
|
)
|
|
$
|
(57,534
|
)
|
|
|
Redeemable OP Unitholder Interests
|
|
Redeemable Noncontrolling Interests
|
|
Total Redeemable OP Unitholder and Noncontrolling Interests
|
||||||
|
|
(In thousands)
|
||||||||||
Balance as of December 31, 2016
|
|
$
|
177,177
|
|
|
$
|
23,551
|
|
|
$
|
200,728
|
|
New issuances
|
|
—
|
|
|
2,143
|
|
|
2,143
|
|
|||
Change in valuation
|
|
(2,112
|
)
|
|
2,353
|
|
|
241
|
|
|||
Distributions and other
|
|
(5,677
|
)
|
|
—
|
|
|
(5,677
|
)
|
|||
Redemptions
|
|
(23,136
|
)
|
|
(15,809
|
)
|
|
(38,945
|
)
|
|||
Balance as of December 31, 2017
|
|
$
|
146,252
|
|
|
$
|
12,238
|
|
|
$
|
158,490
|
|
|
For the Year Ended December 31, 2017
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues
|
$
|
883,443
|
|
|
$
|
895,490
|
|
|
$
|
899,928
|
|
|
$
|
895,288
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
155,912
|
|
|
$
|
152,272
|
|
|
$
|
156,930
|
|
|
$
|
178,835
|
|
Discontinued operations
|
(53
|
)
|
|
(23
|
)
|
|
(19
|
)
|
|
(15
|
)
|
||||
Gain on real estate dispositions
|
43,289
|
|
|
719
|
|
|
458,280
|
|
|
214,985
|
|
||||
Net income
|
199,148
|
|
|
152,968
|
|
|
615,191
|
|
|
393,805
|
|
||||
Net income attributable to noncontrolling interests
|
1,021
|
|
|
1,137
|
|
|
1,233
|
|
|
1,251
|
|
||||
Net income attributable to common stockholders
|
$
|
198,127
|
|
|
$
|
151,831
|
|
|
$
|
613,958
|
|
|
$
|
392,554
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
$
|
0.44
|
|
|
$
|
0.50
|
|
Net income attributable to common stockholders
|
0.56
|
|
|
0.43
|
|
|
1.72
|
|
|
1.10
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
0.44
|
|
|
$
|
0.50
|
|
Net income attributable to common stockholders
|
0.55
|
|
|
0.42
|
|
|
1.71
|
|
|
1.09
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.775
|
|
|
$
|
0.775
|
|
|
$
|
0.775
|
|
|
$
|
0.79
|
|
|
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
|
$
|
123,339
|
|
|
$
|
137,849
|
|
|
$
|
150,446
|
|
|
$
|
142,575
|
|
Discontinued operations
|
(489
|
)
|
|
(148
|
)
|
|
(118
|
)
|
|
(167
|
)
|
||||
Gain (loss) on real estate dispositions
|
26,184
|
|
|
5,739
|
|
|
(144
|
)
|
|
66,424
|
|
||||
Net income
|
149,034
|
|
|
143,440
|
|
|
150,184
|
|
|
208,832
|
|
||||
Net income attributable to noncontrolling interests
|
54
|
|
|
278
|
|
|
732
|
|
|
1,195
|
|
||||
Net income attributable to common stockholders
|
$
|
148,980
|
|
|
$
|
143,162
|
|
|
$
|
149,452
|
|
|
$
|
207,637
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.37
|
|
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
0.40
|
|
Net income attributable to common stockholders
|
0.44
|
|
|
0.42
|
|
|
0.43
|
|
|
0.59
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.36
|
|
|
$
|
0.40
|
|
|
$
|
0.42
|
|
|
$
|
0.40
|
|
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, 2017
|
||||||||||||||||||
|
Triple-Net
Leased
Properties
|
|
Senior
Living
Operations
|
|
Office
Operations
|
|
All
Other
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
840,131
|
|
|
$
|
—
|
|
|
$
|
753,467
|
|
|
$
|
—
|
|
|
$
|
1,593,598
|
|
Resident fees and services
|
—
|
|
|
1,843,232
|
|
|
—
|
|
|
—
|
|
|
1,843,232
|
|
|||||
Office building and other services revenue
|
4,580
|
|
|
—
|
|
|
7,497
|
|
|
1,600
|
|
|
13,677
|
|
|||||
Income from loans and investments
|
—
|
|
|
—
|
|
|
—
|
|
|
117,608
|
|
|
117,608
|
|
|||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
6,034
|
|
|
6,034
|
|
|||||
Total revenues
|
$
|
844,711
|
|
|
$
|
1,843,232
|
|
|
$
|
760,964
|
|
|
$
|
125,242
|
|
|
$
|
3,574,149
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
844,711
|
|
|
$
|
1,843,232
|
|
|
$
|
760,964
|
|
|
$
|
125,242
|
|
|
$
|
3,574,149
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
—
|
|
|
—
|
|
|
—
|
|
|
6,034
|
|
|
6,034
|
|
|||||
Property-level operating expenses
|
—
|
|
|
1,250,065
|
|
|
233,007
|
|
|
—
|
|
|
1,483,072
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
3,391
|
|
|
—
|
|
|
3,391
|
|
|||||
Segment NOI
|
844,711
|
|
|
593,167
|
|
|
524,566
|
|
|
119,208
|
|
|
2,081,652
|
|
|||||
Income (loss) from unconsolidated entities
|
845
|
|
|
(61
|
)
|
|
503
|
|
|
(1,848
|
)
|
|
(561
|
)
|
|||||
Segment profit
|
$
|
845,556
|
|
|
$
|
593,106
|
|
|
$
|
525,069
|
|
|
$
|
117,360
|
|
|
2,081,091
|
|
|
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
6,034
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(448,196
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
(887,948
|
)
|
|||||
General, administrative and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
(135,490
|
)
|
|||||
Loss on extinguishment of debt, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(754
|
)
|
|||||
Merger-related expenses and deal costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,535
|
)
|
|||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,052
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
59,799
|
|
|||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
643,949
|
|
|
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
|
|
|
As of December 31,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||
Triple-net leased properties
|
$
|
7,778,064
|
|
|
32.4
|
%
|
|
$
|
7,627,792
|
|
|
32.9
|
%
|
Senior living operations
|
7,654,609
|
|
|
32.0
|
|
|
7,826,262
|
|
|
33.8
|
|
||
Office operations
|
6,897,696
|
|
|
28.8
|
|
|
6,614,454
|
|
|
28.6
|
|
||
All other assets
|
1,624,172
|
|
|
6.8
|
|
|
1,098,092
|
|
|
4.7
|
|
||
Total assets
|
$
|
23,954,541
|
|
|
100.0
|
%
|
|
$
|
23,166,600
|
|
|
100.0
|
%
|
|
For the Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Triple-net leased properties
|
$
|
169,661
|
|
|
$
|
74,192
|
|
|
$
|
1,890,245
|
|
Senior living operations
|
149,449
|
|
|
105,614
|
|
|
382,877
|
|
|||
Office operations
|
492,765
|
|
|
1,503,304
|
|
|
604,827
|
|
|||
Total capital expenditures
|
$
|
811,875
|
|
|
$
|
1,683,110
|
|
|
$
|
2,877,949
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Net real estate property:
|
|
|
|
||||
United States
|
$
|
19,219,650
|
|
|
$
|
19,105,939
|
|
Canada
|
1,070,903
|
|
|
1,037,105
|
|
||
United Kingdom
|
297,827
|
|
|
251,710
|
|
||
Total net real estate property
|
$
|
20,588,380
|
|
|
$
|
20,394,754
|
|
|
As of December 31, 2017
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Net real estate investments
|
$
|
1,844
|
|
|
$
|
119,508
|
|
|
$
|
21,937,026
|
|
|
$
|
—
|
|
|
$
|
22,058,378
|
|
Cash and cash equivalents
|
9,828
|
|
|
—
|
|
|
71,527
|
|
|
—
|
|
|
81,355
|
|
|||||
Escrow deposits and restricted cash
|
39,816
|
|
|
128
|
|
|
66,954
|
|
|
—
|
|
|
106,898
|
|
|||||
Investment in and advances to affiliates
|
14,786,086
|
|
|
2,916,060
|
|
|
—
|
|
|
(17,702,146
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
—
|
|
|
1,034,641
|
|
|
—
|
|
|
1,034,641
|
|
|||||
Assets held for sale
|
—
|
|
|
—
|
|
|
100,324
|
|
|
—
|
|
|
100,324
|
|
|||||
Other assets
|
55,936
|
|
|
9,458
|
|
|
507,551
|
|
|
—
|
|
|
572,945
|
|
|||||
Total assets
|
$
|
14,893,510
|
|
|
$
|
3,045,154
|
|
|
$
|
23,718,023
|
|
|
$
|
(17,702,146
|
)
|
|
$
|
23,954,541
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
$
|
—
|
|
|
$
|
8,895,641
|
|
|
$
|
2,380,421
|
|
|
$
|
—
|
|
|
$
|
11,276,062
|
|
Intercompany loans
|
7,835,266
|
|
|
(7,127,624
|
)
|
|
(707,642
|
)
|
|
—
|
|
|
—
|
|
|||||
Accrued interest
|
(6,410
|
)
|
|
77,691
|
|
|
22,677
|
|
|
—
|
|
|
93,958
|
|
|||||
Accounts payable and other liabilities
|
381,512
|
|
|
24,635
|
|
|
776,405
|
|
|
—
|
|
|
1,182,552
|
|
|||||
Liabilities related to assets held for sale
|
—
|
|
|
—
|
|
|
61,202
|
|
|
—
|
|
|
61,202
|
|
|||||
Deferred income taxes
|
250,092
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,092
|
|
|||||
Total liabilities
|
8,460,460
|
|
|
1,870,343
|
|
|
2,533,063
|
|
|
—
|
|
|
12,863,866
|
|
|||||
Redeemable OP unitholder and noncontrolling interests
|
—
|
|
|
—
|
|
|
158,490
|
|
|
—
|
|
|
158,490
|
|
|||||
Total equity
|
6,433,050
|
|
|
1,174,811
|
|
|
21,026,470
|
|
|
(17,702,146
|
)
|
|
10,932,185
|
|
|||||
Total liabilities and equity
|
$
|
14,893,510
|
|
|
$
|
3,045,154
|
|
|
$
|
23,718,023
|
|
|
$
|
(17,702,146
|
)
|
|
$
|
23,954,541
|
|
|
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
|
14,166,255
|
|
|
2,938,442
|
|
|
—
|
|
|
(17,104,697
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
—
|
|
|
1,033,225
|
|
|
—
|
|
|
1,033,225
|
|
|||||
Assets held for sale
|
—
|
|
|
—
|
|
|
54,961
|
|
|
—
|
|
|
54,961
|
|
|||||
Other assets
|
35,468
|
|
|
6,791
|
|
|
476,105
|
|
|
—
|
|
|
518,364
|
|
|||||
Total assets
|
$
|
14,414,231
|
|
|
$
|
3,119,996
|
|
|
$
|
22,737,070
|
|
|
$
|
(17,104,697
|
)
|
|
$
|
23,166,600
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
$
|
—
|
|
|
$
|
8,406,979
|
|
|
$
|
2,720,347
|
|
|
$
|
—
|
|
|
$
|
11,127,326
|
|
Intercompany loans
|
6,996,162
|
|
|
(6,209,706
|
)
|
|
(786,456
|
)
|
|
—
|
|
|
—
|
|
|||||
Accrued interest
|
(1,753
|
)
|
|
67,156
|
|
|
18,359
|
|
|
—
|
|
|
83,762
|
|
|||||
Accounts payable and other liabilities
|
89,115
|
|
|
35,587
|
|
|
783,226
|
|
|
—
|
|
|
907,928
|
|
|||||
Liabilities related to assets held for sale
|
—
|
|
|
(1
|
)
|
|
1,463
|
|
|
—
|
|
|
1,462
|
|
|||||
Deferred income taxes
|
316,641
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
316,641
|
|
|||||
Total liabilities
|
7,400,165
|
|
|
2,300,015
|
|
|
2,736,939
|
|
|
—
|
|
|
12,437,119
|
|
|||||
Redeemable OP unitholder and noncontrolling interests
|
—
|
|
|
—
|
|
|
200,728
|
|
|
—
|
|
|
200,728
|
|
|||||
Total equity
|
7,014,066
|
|
|
819,981
|
|
|
19,799,403
|
|
|
(17,104,697
|
)
|
|
10,528,753
|
|
|||||
Total liabilities and equity
|
$
|
14,414,231
|
|
|
$
|
3,119,996
|
|
|
$
|
22,737,070
|
|
|
$
|
(17,104,697
|
)
|
|
$
|
23,166,600
|
|
|
For the Year Ended December 31, 2017
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental income
|
$
|
2,383
|
|
|
$
|
178,165
|
|
|
$
|
1,413,050
|
|
|
$
|
—
|
|
|
$
|
1,593,598
|
|
Resident fees and services
|
—
|
|
|
—
|
|
|
1,843,232
|
|
|
—
|
|
|
1,843,232
|
|
|||||
Office building and other services revenues
|
—
|
|
|
—
|
|
|
13,677
|
|
|
—
|
|
|
13,677
|
|
|||||
Income from loans and investments
|
1,236
|
|
|
—
|
|
|
116,372
|
|
|
—
|
|
|
117,608
|
|
|||||
Equity earnings in affiliates
|
488,862
|
|
|
—
|
|
|
(1,620
|
)
|
|
(487,242
|
)
|
|
—
|
|
|||||
Interest and other income
|
5,388
|
|
|
—
|
|
|
646
|
|
|
—
|
|
|
6,034
|
|
|||||
Total revenues
|
497,869
|
|
|
178,165
|
|
|
3,385,357
|
|
|
(487,242
|
)
|
|
3,574,149
|
|
|||||
Expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest
|
(101,222
|
)
|
|
319,630
|
|
|
229,788
|
|
|
—
|
|
|
448,196
|
|
|||||
Depreciation and amortization
|
5,483
|
|
|
7,510
|
|
|
874,955
|
|
|
—
|
|
|
887,948
|
|
|||||
Property-level operating expenses
|
—
|
|
|
329
|
|
|
1,482,743
|
|
|
—
|
|
|
1,483,072
|
|
|||||
Office building services costs
|
—
|
|
|
—
|
|
|
3,391
|
|
|
—
|
|
|
3,391
|
|
|||||
General, administrative and professional fees
|
2,056
|
|
|
16,976
|
|
|
116,458
|
|
|
—
|
|
|
135,490
|
|
|||||
Loss (gain) on extinguishment of debt, net
|
—
|
|
|
943
|
|
|
(189
|
)
|
|
—
|
|
|
754
|
|
|||||
Merger-related expenses and deal costs
|
9,797
|
|
|
—
|
|
|
738
|
|
|
—
|
|
|
10,535
|
|
|||||
Other
|
2,247
|
|
|
1
|
|
|
17,804
|
|
|
—
|
|
|
20,052
|
|
|||||
Total expenses
|
(81,639
|
)
|
|
345,389
|
|
|
2,725,688
|
|
|
—
|
|
|
2,989,438
|
|
|||||
Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests
|
579,508
|
|
|
(167,224
|
)
|
|
659,669
|
|
|
(487,242
|
)
|
|
584,711
|
|
|||||
Income (loss) from unconsolidated entities
|
—
|
|
|
5,306
|
|
|
(5,867
|
)
|
|
—
|
|
|
(561
|
)
|
|||||
Income tax benefit
|
59,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,799
|
|
|||||
Income (loss) from continuing operations
|
639,307
|
|
|
(161,918
|
)
|
|
653,802
|
|
|
(487,242
|
)
|
|
643,949
|
|
|||||
Discontinued operations
|
(110
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(110
|
)
|
|||||
Gain on real estate dispositions
|
717,273
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
717,273
|
|
|||||
Net income (loss)
|
1,356,470
|
|
|
(161,918
|
)
|
|
653,802
|
|
|
(487,242
|
)
|
|
1,361,112
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
4,642
|
|
|
—
|
|
|
4,642
|
|
|||||
Net income (loss) attributable to common stockholders
|
$
|
1,356,470
|
|
|
$
|
(161,918
|
)
|
|
$
|
649,160
|
|
|
$
|
(487,242
|
)
|
|
$
|
1,356,470
|
|
|
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 and noncontrolling interests
|
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 interests
|
—
|
|
|
—
|
|
|
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 interests
|
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 interests
|
—
|
|
|
—
|
|
|
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, 2017
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net income (loss)
|
$
|
1,356,470
|
|
|
$
|
(161,918
|
)
|
|
$
|
653,802
|
|
|
$
|
(487,242
|
)
|
|
$
|
1,361,112
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
20,612
|
|
|
—
|
|
|
20,612
|
|
|||||
Unrealized loss on government-sponsored pooled loan investments
|
(437
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(437
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
2,239
|
|
|
—
|
|
|
2,239
|
|
|||||
Total other comprehensive (loss) income
|
(437
|
)
|
|
—
|
|
|
22,851
|
|
|
—
|
|
|
22,414
|
|
|||||
Comprehensive income (loss)
|
1,356,033
|
|
|
(161,918
|
)
|
|
676,653
|
|
|
(487,242
|
)
|
|
1,383,526
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
4,642
|
|
|
—
|
|
|
4,642
|
|
|||||
Comprehensive income (loss) attributable to common stockholders
|
$
|
1,356,033
|
|
|
$
|
(161,918
|
)
|
|
$
|
672,011
|
|
|
$
|
(487,242
|
)
|
|
$
|
1,378,884
|
|
|
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
|
)
|
|||||
Unrealized loss on government-sponsored pooled loan investments
|
(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 interests
|
—
|
|
|
—
|
|
|
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 (loss)
|
$
|
417,843
|
|
|
$
|
(64,859
|
)
|
|
$
|
523,802
|
|
|
$
|
(457,564
|
)
|
|
$
|
419,222
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
(14,792
|
)
|
|
—
|
|
|
(14,792
|
)
|
|||||
Unrealized loss on government-sponsored pooled loan investments
|
(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 interests
|
—
|
|
|
—
|
|
|
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, 2017
|
||||||||||||||||||
|
Ventas, Inc.
|
|
Ventas Realty
|
|
Ventas Subsidiaries
|
|
Consolidated
Elimination
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
150,548
|
|
|
$
|
(142,584
|
)
|
|
$
|
1,434,216
|
|
|
$
|
—
|
|
|
$
|
1,442,180
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment in real estate property
|
(350,900
|
)
|
|
—
|
|
|
(29,332
|
)
|
|
—
|
|
|
(380,232
|
)
|
|||||
Investment in loans receivable and other
|
(4,633
|
)
|
|
—
|
|
|
(743,486
|
)
|
|
—
|
|
|
(748,119
|
)
|
|||||
Proceeds from real estate disposals
|
537,144
|
|
|
—
|
|
|
287
|
|
|
—
|
|
|
537,431
|
|
|||||
Proceeds from loans receivable
|
47
|
|
|
—
|
|
|
101,050
|
|
|
—
|
|
|
101,097
|
|
|||||
Development project expenditures
|
—
|
|
|
—
|
|
|
(299,085
|
)
|
|
—
|
|
|
(299,085
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(726
|
)
|
|
(131,832
|
)
|
|
—
|
|
|
(132,558
|
)
|
|||||
Distributions from unconsolidated entities
|
—
|
|
|
—
|
|
|
6,169
|
|
|
—
|
|
|
6,169
|
|
|||||
Investment in unconsolidated entities
|
—
|
|
|
—
|
|
|
(61,220
|
)
|
|
—
|
|
|
(61,220
|
)
|
|||||
Net cash provided by (used in) investing activities
|
181,658
|
|
|
(726
|
)
|
|
(1,157,449
|
)
|
|
—
|
|
|
(976,517
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in borrowings under revolving credit facilities
|
—
|
|
|
478,868
|
|
|
(94,085
|
)
|
|
—
|
|
|
384,783
|
|
|||||
Proceeds from debt
|
—
|
|
|
793,904
|
|
|
317,745
|
|
|
—
|
|
|
1,111,649
|
|
|||||
Repayment of debt
|
—
|
|
|
(778,606
|
)
|
|
(590,478
|
)
|
|
—
|
|
|
(1,369,084
|
)
|
|||||
Purchase of noncontrolling interests
|
(15,809
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
(15,809
|
)
|
|||||
Net change in intercompany debt
|
1,002,694
|
|
|
(917,917
|
)
|
|
(84,777
|
)
|
|
—
|
|
|
—
|
|
|||||
Payment of deferred financing costs
|
—
|
|
|
(20,450
|
)
|
|
(6,847
|
)
|
|
—
|
|
|
(27,297
|
)
|
|||||
Issuance of common stock, net
|
73,596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,596
|
|
|||||
Cash distribution (to) from affiliates
|
(804,901
|
)
|
|
587,511
|
|
|
217,390
|
|
|
—
|
|
|
—
|
|
|||||
Cash distribution to common stockholders
|
(827,285
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(827,285
|
)
|
|||||
Cash distribution to redeemable OP unitholders
|
—
|
|
|
—
|
|
|
(5,677
|
)
|
|
—
|
|
|
(5,677
|
)
|
|||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
4,402
|
|
|
—
|
|
|
4,402
|
|
|||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
(11,187
|
)
|
|
—
|
|
|
(11,187
|
)
|
|||||
Other
|
10,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,582
|
|
|||||
Net cash (used in) provided by financing activities
|
(561,123
|
)
|
|
143,310
|
|
|
(253,514
|
)
|
|
—
|
|
|
(671,327
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(228,917
|
)
|
|
—
|
|
|
23,253
|
|
|
—
|
|
|
(205,664
|
)
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
28,442
|
|
|
—
|
|
|
(28,130
|
)
|
|
—
|
|
|
312
|
|
|||||
Cash and cash equivalents at beginning of period
|
210,303
|
|
|
—
|
|
|
76,404
|
|
|
—
|
|
|
286,707
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
9,828
|
|
|
$
|
—
|
|
|
$
|
71,527
|
|
|
$
|
—
|
|
|
$
|
81,355
|
|
|
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
|
$
|
69,496
|
|
|
$
|
(92,923
|
)
|
|
$
|
1,395,768
|
|
|
$
|
—
|
|
|
$
|
1,372,341
|
|
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
|
)
|
|||||
Investment in unconsolidated entities
|
—
|
|
|
—
|
|
|
(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 unsecured revolving credit facility
|
—
|
|
|
(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 interests
|
—
|
|
|
—
|
|
|
(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
|
107,232
|
|
|
(6,943
|
)
|
|
(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 interests
|
—
|
|
|
—
|
|
|
7,326
|
|
|
—
|
|
|
7,326
|
|
|||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
(6,879
|
)
|
|
—
|
|
|
(6,879
|
)
|
|||||
Other
|
17,252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,252
|
|
|||||
Net cash provided by (used in) financing activities
|
1,376,252
|
|
|
93,237
|
|
|
(1,372,651
|
)
|
|
—
|
|
|
96,838
|
|
|||||
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
|
$
|
(115,977
|
)
|
|
$
|
16,528
|
|
|
$
|
1,498,280
|
|
|
$
|
—
|
|
|
$
|
1,398,831
|
|
|
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 entities
|
(26,282
|
)
|
|
—
|
|
|
(30,704
|
)
|
|
—
|
|
|
(56,986
|
)
|
||||||
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 unsecured 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 interests
|
—
|
|
|
—
|
|
|
(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 interests
|
—
|
|
|
—
|
|
|
(12,649
|
)
|
|
—
|
|
|
(12,649
|
)
|
||||||
Other
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
||||||
Net cash provided by (used in) financing activities
|
2,228,017
|
|
|
(795
|
)
|
|
(1,204,164
|
)
|
|
—
|
|
|
1,023,058
|
|
||||||
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
|
|
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
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for doubtful accounts
|
|
11,636
|
|
|
7,207
|
|
|
—
|
|
|
(3,237
|
)
|
|
(443
|
)
|
|
$
|
15,163
|
|
Straight-line rent receivable allowance
|
|
109,836
|
|
|
8,540
|
|
|
—
|
|
|
—
|
|
|
(612
|
)
|
|
$
|
117,764
|
|
|
|
121,472
|
|
|
15,747
|
|
|
—
|
|
|
(3,237
|
)
|
|
(1,055
|
)
|
|
$
|
132,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
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
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Reconciliation of real estate:
|
|
|
|
|
|
||||||
Carrying cost:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
23,816,586
|
|
|
$
|
22,458,032
|
|
|
$
|
19,241,735
|
|
Additions during period:
|
|
|
|
|
|
||||||
Acquisitions
|
702,501
|
|
|
1,380,044
|
|
|
4,063,355
|
|
|||
Capital expenditures
|
452,419
|
|
|
270,664
|
|
|
229,560
|
|
|||
Deductions during period:
|
|
|
|
|
|
||||||
Foreign currency translation
|
93,490
|
|
|
(6,252
|
)
|
|
(209,460
|
)
|
|||
Other
(1)
|
(397,158
|
)
|
|
(285,902
|
)
|
|
(867,158
|
)
|
|||
Balance at end of period
|
$
|
24,667,838
|
|
|
$
|
23,816,586
|
|
|
$
|
22,458,032
|
|
|
|
|
|
|
|
||||||
Accumulated depreciation:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
4,190,496
|
|
|
$
|
3,544,625
|
|
|
$
|
2,925,508
|
|
Additions during period:
|
|
|
|
|
|
||||||
Depreciation expense
|
760,314
|
|
|
732,309
|
|
|
778,419
|
|
|||
Dispositions:
|
|
|
|
|
|
||||||
Sales and/or transfers to assets held for sale
|
(176,926
|
)
|
|
(87,431
|
)
|
|
(144,545
|
)
|
|||
Foreign currency translation
|
11,511
|
|
|
993
|
|
|
(14,757
|
)
|
|||
Balance at end of period
|
$
|
4,785,395
|
|
|
$
|
4,190,496
|
|
|
$
|
3,544,625
|
|
(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
|
||||||||||||||||||
Lovelace Medical Center Downtown
|
Albuquerque
|
NM
|
—
|
|
9,840
|
|
156,535
|
|
5,319
|
|
9,928
|
|
161,766
|
|
171,694
|
|
12,499
|
|
159,195
|
|
1968
|
2015
|
33 years
|
|||||||||
Lovelace Westside Hospital
|
Albuquerque
|
NM
|
—
|
|
10,107
|
|
18,501
|
|
(3,873
|
)
|
10,107
|
|
14,628
|
|
24,735
|
|
2,879
|
|
21,856
|
|
1984
|
2015
|
20 years
|
|||||||||
Lovelace Women's Hospital
|
Albuquerque
|
NM
|
—
|
|
7,236
|
|
183,866
|
|
10,317
|
|
7,236
|
|
194,183
|
|
201,419
|
|
10,423
|
|
190,996
|
|
1983
|
2015
|
47 years
|
|||||||||
Roswell Regional Hospital
|
Roswell
|
NM
|
—
|
|
2,560
|
|
41,164
|
|
1,509
|
|
2,560
|
|
42,673
|
|
45,233
|
|
2,380
|
|
42,853
|
|
2007
|
2015
|
47 years
|
|||||||||
Hillcrest Hospital Claremore
|
Claremore
|
OK
|
—
|
|
3,623
|
|
34,359
|
|
(10,268
|
)
|
3,623
|
|
24,091
|
|
27,714
|
|
1,716
|
|
25,998
|
|
1955
|
2015
|
40 years
|
|||||||||
Bailey Medical Center
|
Owasso
|
OK
|
—
|
|
4,964
|
|
8,969
|
|
(1,782
|
)
|
4,964
|
|
7,187
|
|
12,151
|
|
799
|
|
11,352
|
|
2006
|
2015
|
32 years
|
|||||||||
Hillcrest Medical Center
|
Tulsa
|
OK
|
—
|
|
28,319
|
|
215,199
|
|
8,605
|
|
28,319
|
|
223,804
|
|
252,123
|
|
16,487
|
|
235,636
|
|
1928
|
2015
|
34 years
|
|||||||||
Hillcrest Hospital South
|
Tulsa
|
OK
|
—
|
|
17,026
|
|
100,892
|
|
12,243
|
|
17,026
|
|
113,135
|
|
130,161
|
|
7,535
|
|
122,626
|
|
1999
|
2015
|
40 years
|
|||||||||
Baptist St. Anthony's Hospital
|
Amarillo
|
TX
|
—
|
|
13,779
|
|
358,029
|
|
13,713
|
|
13,015
|
|
372,506
|
|
385,521
|
|
20,940
|
|
364,581
|
|
1967
|
2015
|
44 years
|
|||||||||
Spire Hull and East Riding Hospital
|
Anlaby
|
UK
|
—
|
|
3,194
|
|
81,613
|
|
(11,223
|
)
|
2,771
|
|
70,813
|
|
73,584
|
|
5,425
|
|
68,159
|
|
2010
|
2014
|
50 years
|
|||||||||
Spire Fylde Coast Hospital
|
Blackpool
|
UK
|
—
|
|
2,446
|
|
28,896
|
|
(4,148
|
)
|
2,122
|
|
25,072
|
|
27,194
|
|
1,949
|
|
25,245
|
|
1980
|
2014
|
50 years
|
|||||||||
Spire Clare Park Hospital
|
Farnham
|
UK
|
—
|
|
6,263
|
|
26,119
|
|
(4,286
|
)
|
5,434
|
|
22,662
|
|
28,096
|
|
1,831
|
|
26,265
|
|
2009
|
2014
|
50 years
|
|||||||||
TOTAL FOR HEALTH SYSTEMS
|
|
|
—
|
|
109,357
|
|
1,254,142
|
|
16,126
|
|
107,105
|
|
1,272,520
|
|
1,379,625
|
|
84,863
|
|
1,294,762
|
|
|
|
|
|||||||||
BROOKDALE SENIORS HOUSING COMMUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Brookdale Chandler Ray Road
|
Chandler
|
AZ
|
—
|
|
2,000
|
|
6,538
|
|
—
|
|
2,000
|
|
6,538
|
|
8,538
|
|
1,418
|
|
7,120
|
|
1998
|
2011
|
35 years
|
|||||||||
Brookdale Springs Mesa
|
Mesa
|
AZ
|
—
|
|
2,747
|
|
24,918
|
|
—
|
|
2,747
|
|
24,918
|
|
27,665
|
|
10,793
|
|
16,872
|
|
1986
|
2005
|
35 years
|
|||||||||
Brookdale East Arbor
|
Mesa
|
AZ
|
—
|
|
655
|
|
6,998
|
|
—
|
|
655
|
|
6,998
|
|
7,653
|
|
3,009
|
|
4,644
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Oro Valley
|
Oro Valley
|
AZ
|
—
|
|
666
|
|
6,169
|
|
—
|
|
666
|
|
6,169
|
|
6,835
|
|
2,653
|
|
4,182
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Peoria
|
Peoria
|
AZ
|
—
|
|
598
|
|
4,872
|
|
—
|
|
598
|
|
4,872
|
|
5,470
|
|
2,095
|
|
3,375
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Tempe
|
Tempe
|
AZ
|
—
|
|
611
|
|
4,066
|
|
—
|
|
611
|
|
4,066
|
|
4,677
|
|
1,748
|
|
2,929
|
|
1997
|
2005
|
35 years
|
|||||||||
Brookdale East Tucson
|
Tucson
|
AZ
|
—
|
|
506
|
|
4,745
|
|
—
|
|
506
|
|
4,745
|
|
5,251
|
|
2,040
|
|
3,211
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Anaheim
|
Anaheim
|
CA
|
—
|
|
2,464
|
|
7,908
|
|
—
|
|
2,464
|
|
7,908
|
|
10,372
|
|
3,148
|
|
7,224
|
|
1977
|
2005
|
35 years
|
|||||||||
Brookdale Redwood City
|
Redwood City
|
CA
|
—
|
|
7,669
|
|
66,691
|
|
—
|
|
7,669
|
|
66,691
|
|
74,360
|
|
29,097
|
|
45,263
|
|
1988
|
2005
|
35 years
|
|||||||||
Brookdale San Jose
|
San Jose
|
CA
|
—
|
|
6,240
|
|
66,329
|
|
12,838
|
|
6,240
|
|
79,167
|
|
85,407
|
|
29,510
|
|
55,897
|
|
1987
|
2005
|
35 years
|
|||||||||
Brookdale San Marcos
|
San Marcos
|
CA
|
—
|
|
4,288
|
|
36,204
|
|
—
|
|
4,288
|
|
36,204
|
|
40,492
|
|
15,879
|
|
24,613
|
|
1987
|
2005
|
35 years
|
|||||||||
Brookdale Tracy
|
Tracy
|
CA
|
—
|
|
1,110
|
|
13,296
|
|
—
|
|
1,110
|
|
13,296
|
|
14,406
|
|
4,974
|
|
9,432
|
|
1986
|
2005
|
35 years
|
|||||||||
Brookdale Boulder Creek
|
Boulder
|
CO
|
—
|
|
1,290
|
|
20,683
|
|
—
|
|
1,290
|
|
20,683
|
|
21,973
|
|
4,217
|
|
17,756
|
|
1985
|
2011
|
35 years
|
|||||||||
Brookdale Vista Grande
|
Colorado Springs
|
CO
|
—
|
|
715
|
|
9,279
|
|
—
|
|
715
|
|
9,279
|
|
9,994
|
|
3,990
|
|
6,004
|
|
1997
|
2005
|
35 years
|
|||||||||
Brookdale El Camino
|
Pueblo
|
CO
|
4,773
|
|
840
|
|
9,403
|
|
—
|
|
840
|
|
9,403
|
|
10,243
|
|
4,043
|
|
6,200
|
|
1997
|
2005
|
35 years
|
|||||||||
Brookdale Farmington
|
Farmington
|
CT
|
—
|
|
3,995
|
|
36,310
|
|
—
|
|
3,995
|
|
36,310
|
|
40,305
|
|
15,722
|
|
24,583
|
|
1984
|
2005
|
35 years
|
|||||||||
Brookdale South Windsor
|
South Windsor
|
CT
|
—
|
|
2,187
|
|
12,682
|
|
—
|
|
2,187
|
|
12,682
|
|
14,869
|
|
5,004
|
|
9,865
|
|
1999
|
2004
|
35 years
|
|||||||||
Brookdale Chatfield
|
West Hartford
|
CT
|
—
|
|
2,493
|
|
22,833
|
|
22,296
|
|
2,493
|
|
45,129
|
|
47,622
|
|
10,806
|
|
36,816
|
|
1989
|
2005
|
35 years
|
|||||||||
Brookdale Bonita Springs
|
Bonita Springs
|
FL
|
8,599
|
|
1,540
|
|
10,783
|
|
—
|
|
1,540
|
|
10,783
|
|
12,323
|
|
4,580
|
|
7,743
|
|
1989
|
2005
|
35 years
|
|||||||||
Brookdale West Boynton Beach
|
Boynton Beach
|
FL
|
13,178
|
|
2,317
|
|
16,218
|
|
—
|
|
2,317
|
|
16,218
|
|
18,535
|
|
6,731
|
|
11,804
|
|
1999
|
2005
|
35 years
|
|||||||||
Brookdale Deer Creek AL/MC
|
Deerfield Beach
|
FL
|
—
|
|
1,399
|
|
9,791
|
|
—
|
|
1,399
|
|
9,791
|
|
11,190
|
|
4,369
|
|
6,821
|
|
1999
|
2005
|
35 years
|
|||||||||
Brookdale Fort Myers The Colony
|
Fort Myers
|
FL
|
—
|
|
1,510
|
|
7,862
|
|
—
|
|
1,510
|
|
7,862
|
|
9,372
|
|
1,587
|
|
7,785
|
|
1996
|
2011
|
35 years
|
|||||||||
Brookdale Avondale
|
Jacksonville
|
FL
|
—
|
|
860
|
|
16,745
|
|
—
|
|
860
|
|
16,745
|
|
17,605
|
|
3,264
|
|
14,341
|
|
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
|
||||||||||||||||||
Brookdale Crown Point
|
Jacksonville
|
FL
|
—
|
|
1,300
|
|
9,659
|
|
—
|
|
1,300
|
|
9,659
|
|
10,959
|
|
1,927
|
|
9,032
|
|
1997
|
2011
|
35 years
|
|||||||||
Brookdale Jensen Beach
|
Jensen Beach
|
FL
|
11,825
|
|
1,831
|
|
12,820
|
|
—
|
|
1,831
|
|
12,820
|
|
14,651
|
|
5,431
|
|
9,220
|
|
1999
|
2005
|
35 years
|
|||||||||
Brookdale Ormond Beach West
|
Ormond Beach
|
FL
|
—
|
|
1,660
|
|
9,738
|
|
—
|
|
1,660
|
|
9,738
|
|
11,398
|
|
1,957
|
|
9,441
|
|
1997
|
2011
|
35 years
|
|||||||||
Brookdale Palm Coast
|
Palm Coast
|
FL
|
—
|
|
470
|
|
9,187
|
|
—
|
|
470
|
|
9,187
|
|
9,657
|
|
1,861
|
|
7,796
|
|
1997
|
2011
|
35 years
|
|||||||||
Brookdale Pensacola
|
Pensacola
|
FL
|
—
|
|
633
|
|
6,087
|
|
—
|
|
633
|
|
6,087
|
|
6,720
|
|
2,617
|
|
4,103
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Rotonda
|
Rotonda West
|
FL
|
—
|
|
1,740
|
|
4,331
|
|
—
|
|
1,740
|
|
4,331
|
|
6,071
|
|
1,043
|
|
5,028
|
|
1997
|
2011
|
35 years
|
|||||||||
Brookdale Centre Pointe Boulevard
|
Tallahassee
|
FL
|
4,239
|
|
667
|
|
6,168
|
|
—
|
|
667
|
|
6,168
|
|
6,835
|
|
2,652
|
|
4,183
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Tavares
|
Tavares
|
FL
|
—
|
|
280
|
|
15,980
|
|
—
|
|
280
|
|
15,980
|
|
16,260
|
|
3,129
|
|
13,131
|
|
1997
|
2011
|
35 years
|
|||||||||
Brookdale West Melbourne MC
|
West Melbourne
|
FL
|
6,041
|
|
586
|
|
5,481
|
|
—
|
|
586
|
|
5,481
|
|
6,067
|
|
2,357
|
|
3,710
|
|
2000
|
2005
|
35 years
|
|||||||||
Brookdale West Palm Beach
|
West Palm Beach
|
FL
|
—
|
|
3,758
|
|
33,072
|
|
—
|
|
3,758
|
|
33,072
|
|
36,830
|
|
14,400
|
|
22,430
|
|
1990
|
2005
|
35 years
|
|||||||||
Brookdale Winter Haven MC
|
Winter Haven
|
FL
|
—
|
|
232
|
|
3,006
|
|
—
|
|
232
|
|
3,006
|
|
3,238
|
|
1,293
|
|
1,945
|
|
1997
|
2005
|
35 years
|
|||||||||
Brookdale Winter Haven AL
|
Winter Haven
|
FL
|
—
|
|
438
|
|
5,549
|
|
—
|
|
438
|
|
5,549
|
|
5,987
|
|
2,386
|
|
3,601
|
|
1997
|
2005
|
35 years
|
|||||||||
Brookdale Twin Falls
|
Twin Falls
|
ID
|
—
|
|
703
|
|
6,153
|
|
—
|
|
703
|
|
6,153
|
|
6,856
|
|
2,646
|
|
4,210
|
|
1997
|
2005
|
35 years
|
|||||||||
Brookdale Lake Shore Drive
|
Chicago
|
IL
|
—
|
|
11,057
|
|
107,517
|
|
3,266
|
|
11,057
|
|
110,783
|
|
121,840
|
|
47,637
|
|
74,203
|
|
1990
|
2005
|
35 years
|
|||||||||
Brookdale Lake View
|
Chicago
|
IL
|
—
|
|
3,072
|
|
26,668
|
|
—
|
|
3,072
|
|
26,668
|
|
29,740
|
|
11,639
|
|
18,101
|
|
1950
|
2005
|
35 years
|
|||||||||
Brookdale Des Plaines
|
Des Plaines
|
IL
|
32,000
|
|
6,871
|
|
60,165
|
|
(41
|
)
|
6,805
|
|
60,190
|
|
66,995
|
|
26,219
|
|
40,776
|
|
1993
|
2005
|
35 years
|
|||||||||
Brookdale Hoffman Estates
|
Hoffman Estates
|
IL
|
—
|
|
3,886
|
|
44,130
|
|
—
|
|
3,886
|
|
44,130
|
|
48,016
|
|
18,461
|
|
29,555
|
|
1987
|
2005
|
35 years
|
|||||||||
Brookdale Lisle IL/AL
|
Lisle
|
IL
|
33,000
|
|
7,953
|
|
70,400
|
|
—
|
|
7,953
|
|
70,400
|
|
78,353
|
|
30,621
|
|
47,732
|
|
1990
|
2005
|
35 years
|
|||||||||
Brookdale Northbrook
|
Northbrook
|
IL
|
—
|
|
1,988
|
|
39,762
|
|
—
|
|
1,988
|
|
39,762
|
|
41,750
|
|
16,011
|
|
25,739
|
|
1999
|
2004
|
35 years
|
|||||||||
Brookdale Hawthorn Lakes IL/AL
|
Vernon Hills
|
IL
|
—
|
|
4,439
|
|
35,044
|
|
—
|
|
4,439
|
|
35,044
|
|
39,483
|
|
15,563
|
|
23,920
|
|
1987
|
2005
|
35 years
|
|||||||||
Brookdale Hawthorn Lakes AL
|
Vernon Hills
|
IL
|
—
|
|
1,147
|
|
10,041
|
|
—
|
|
1,147
|
|
10,041
|
|
11,188
|
|
4,376
|
|
6,812
|
|
1999
|
2005
|
35 years
|
|||||||||
Brookdale Evansville
|
Evansville
|
IN
|
3,401
|
|
357
|
|
3,765
|
|
—
|
|
357
|
|
3,765
|
|
4,122
|
|
1,619
|
|
2,503
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Castleton
|
Indianapolis
|
IN
|
—
|
|
1,280
|
|
11,515
|
|
—
|
|
1,280
|
|
11,515
|
|
12,795
|
|
4,994
|
|
7,801
|
|
1986
|
2005
|
35 years
|
|||||||||
Brookdale Marion AL (IN)
|
Marion
|
IN
|
—
|
|
207
|
|
3,570
|
|
—
|
|
207
|
|
3,570
|
|
3,777
|
|
1,535
|
|
2,242
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Portage AL
|
Portage
|
IN
|
—
|
|
128
|
|
3,649
|
|
—
|
|
128
|
|
3,649
|
|
3,777
|
|
1,569
|
|
2,208
|
|
1999
|
2005
|
35 years
|
|||||||||
Brookdale Richmond
|
Richmond
|
IN
|
—
|
|
495
|
|
4,124
|
|
—
|
|
495
|
|
4,124
|
|
4,619
|
|
1,773
|
|
2,846
|
|
1998
|
2005
|
35 years
|
|||||||||
Brookdale Derby
|
Derby
|
KS
|
—
|
|
440
|
|
4,422
|
|
—
|
|
440
|
|
4,422
|
|
4,862
|
|
911
|
|
3,951
|
|
1994
|
2011
|
35 years
|
|||||||||
Brookdale Leawood State Line
|
Leawood
|
KS
|
3,463
|
|
117
|
|
5,127
|
|
—
|
|
117
|
|
5,127
|
|
5,244
|
|
2,205
|
|
3,039
|
|
2000
|
2005
|
35 years
|
|||||||||
Brookdale Salina Fairdale
|
Salina
|
KS
|
—
|
|
300
|
|
5,657
|
|
—
|
|
300
|
|
5,657
|
|
5,957
|
|
1,166
|
|
4,791
|
|
1996
|
2011
|
35 years
|
|||||||||
Brookdale Topeka
|
Topeka
|
KS
|
4,638
|
|
370
|
|
6,825
|
|
—
|
|
370
|
|
6,825
|
|
7,195
|
|
2,935
|
|
4,260
|
|
2000
|
2005
|
35 years
|
|||||||||
Brookdale Wellington
|
Wellington
|
KS
|
—
|
|
310
|
|
2,434
|
|
—
|
|
310
|
|
2,434
|
|
2,744
|
|
542
|
|
2,202
|
|
1994
|
2011
|
35 years
|
|||||||||
Brookdale Cushing Park
|
Framingham
|
MA
|
—
|
|
5,819
|
|
33,361
|
|
2,430
|
|
5,819
|
|
35,791
|
|
41,610
|
|
13,440
|
|
28,170
|
|
1999
|
2004
|
35 years
|
|||||||||
Brookdale Cape Cod
|
Hyannis
|
MA
|
—
|
|
1,277
|
|
9,063
|
|
—
|
|
1,277
|
|
9,063
|
|
10,340
|
|
3,363
|
|
6,977
|
|
1999
|
2005
|
35 years
|
|||||||||
Brookdale Quincy Bay
|
Quincy
|
MA
|
—
|
|
6,101
|
|
57,862
|
|
—
|
|
6,101
|
|
57,862
|
|
63,963
|
|
24,877
|
|
39,086
|
|
1986
|
2005
|
35 years
|
|||||||||
Brookdale Davison
|
Davison
|
MI
|
—
|
|
160
|
|
3,189
|
|
2,543
|
|
160
|
|
5,732
|
|
5,892
|
|
1,630
|
|
4,262
|
|
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
|
|||||||||
Brookdale Delta MC
|
Delta Township
|
MI
|
—
|
|
730
|
|
11,471
|
|
—
|
|
730
|
|
11,471
|
|
12,201
|
|
2,283
|
|
9,918
|
|
1998
|
2011
|
35 years
|
Brookdale Delta AL
|
Delta Township
|
MI
|
—
|
|
820
|
|
3,313
|
|
—
|
|
820
|
|
3,313
|
|
4,133
|
|
922
|
|
3,211
|
|
1998
|
2011
|
35 years
|
Brookdale Farmington Hills North
|
Farmington Hills
|
MI
|
—
|
|
580
|
|
10,497
|
|
—
|
|
580
|
|
10,497
|
|
11,077
|
|
2,338
|
|
8,739
|
|
1994
|
2011
|
35 years
|
Brookdale Farmington Hills North II
|
Farmington Hills
|
MI
|
—
|
|
700
|
|
10,246
|
|
—
|
|
700
|
|
10,246
|
|
10,946
|
|
2,370
|
|
8,576
|
|
1994
|
2011
|
35 years
|
Brookdale Meridian AL
|
Haslett
|
MI
|
—
|
|
1,340
|
|
6,134
|
|
—
|
|
1,340
|
|
6,134
|
|
7,474
|
|
1,351
|
|
6,123
|
|
1998
|
2011
|
35 years
|
Brookdale Grand Blanc MC
|
Holly
|
MI
|
—
|
|
450
|
|
12,373
|
|
—
|
|
450
|
|
12,373
|
|
12,823
|
|
2,469
|
|
10,354
|
|
1998
|
2011
|
35 years
|
Brookdale Grand Blanc AL
|
Holly
|
MI
|
—
|
|
620
|
|
14,627
|
|
—
|
|
620
|
|
14,627
|
|
15,247
|
|
2,944
|
|
12,303
|
|
1998
|
2011
|
35 years
|
Brookdale Northville
|
Northville
|
MI
|
6,820
|
|
407
|
|
6,068
|
|
—
|
|
407
|
|
6,068
|
|
6,475
|
|
2,609
|
|
3,866
|
|
1996
|
2005
|
35 years
|
Brookdale Troy MC
|
Troy
|
MI
|
—
|
|
630
|
|
17,178
|
|
—
|
|
630
|
|
17,178
|
|
17,808
|
|
3,394
|
|
14,414
|
|
1998
|
2011
|
35 years
|
Brookdale Troy AL
|
Troy
|
MI
|
—
|
|
950
|
|
12,503
|
|
—
|
|
950
|
|
12,503
|
|
13,453
|
|
2,634
|
|
10,819
|
|
1998
|
2011
|
35 years
|
Brookdale Utica AL
|
Utica
|
MI
|
—
|
|
1,142
|
|
11,808
|
|
—
|
|
1,142
|
|
11,808
|
|
12,950
|
|
5,077
|
|
7,873
|
|
1996
|
2005
|
35 years
|
Brookdale Utica MC
|
Utica
|
MI
|
—
|
|
700
|
|
8,657
|
|
—
|
|
700
|
|
8,657
|
|
9,357
|
|
1,837
|
|
7,520
|
|
1995
|
2011
|
35 years
|
Brookdale Eden Prairie
|
Eden Prairie
|
MN
|
—
|
|
301
|
|
6,228
|
|
—
|
|
301
|
|
6,228
|
|
6,529
|
|
2,678
|
|
3,851
|
|
1998
|
2005
|
35 years
|
Brookdale Faribault
|
Faribault
|
MN
|
—
|
|
530
|
|
1,085
|
|
—
|
|
530
|
|
1,085
|
|
1,615
|
|
275
|
|
1,340
|
|
1997
|
2011
|
35 years
|
Brookdale Inver Grove Heights
|
Inver Grove Heights
|
MN
|
2,716
|
|
253
|
|
2,655
|
|
—
|
|
253
|
|
2,655
|
|
2,908
|
|
1,142
|
|
1,766
|
|
1997
|
2005
|
35 years
|
Brookdale Mankato
|
Mankato
|
MN
|
—
|
|
490
|
|
410
|
|
—
|
|
490
|
|
410
|
|
900
|
|
195
|
|
705
|
|
1996
|
2011
|
35 years
|
Brookdale Edina
|
Minneapolis
|
MN
|
15,040
|
|
3,621
|
|
33,141
|
|
22,975
|
|
3,621
|
|
56,116
|
|
59,737
|
|
16,010
|
|
43,727
|
|
1998
|
2005
|
35 years
|
Brookdale North Oaks
|
North Oaks
|
MN
|
—
|
|
1,057
|
|
8,296
|
|
—
|
|
1,057
|
|
8,296
|
|
9,353
|
|
3,567
|
|
5,786
|
|
1998
|
2005
|
35 years
|
Brookdale Plymouth
|
Plymouth
|
MN
|
—
|
|
679
|
|
8,675
|
|
—
|
|
679
|
|
8,675
|
|
9,354
|
|
3,730
|
|
5,624
|
|
1998
|
2005
|
35 years
|
Brookdale Willmar
|
Wilmar
|
MN
|
—
|
|
470
|
|
4,833
|
|
—
|
|
470
|
|
4,833
|
|
5,303
|
|
971
|
|
4,332
|
|
1997
|
2011
|
35 years
|
Brookdale Winona
|
Winona
|
MN
|
—
|
|
800
|
|
1,390
|
|
—
|
|
800
|
|
1,390
|
|
2,190
|
|
565
|
|
1,625
|
|
1997
|
2011
|
35 years
|
Brookdale West County
|
Ballwin
|
MO
|
—
|
|
3,100
|
|
35,074
|
|
51
|
|
3,104
|
|
35,121
|
|
38,225
|
|
3,873
|
|
34,352
|
|
2012
|
2014
|
35 years
|
Brookdale Evesham
|
Voorhees Township
|
NJ
|
—
|
|
3,158
|
|
29,909
|
|
—
|
|
3,158
|
|
29,909
|
|
33,067
|
|
12,861
|
|
20,206
|
|
1987
|
2005
|
35 years
|
Brookdale Westampton
|
Westampton
|
NJ
|
—
|
|
881
|
|
4,741
|
|
—
|
|
881
|
|
4,741
|
|
5,622
|
|
2,039
|
|
3,583
|
|
1997
|
2005
|
35 years
|
Brookdale Santa Fe
|
Santa Fe
|
NM
|
—
|
|
—
|
|
28,178
|
|
—
|
|
—
|
|
28,178
|
|
28,178
|
|
11,878
|
|
16,300
|
|
1986
|
2005
|
35 years
|
Brookdale Kenmore
|
Buffalo
|
NY
|
12,716
|
|
1,487
|
|
15,170
|
|
—
|
|
1,487
|
|
15,170
|
|
16,657
|
|
6,523
|
|
10,134
|
|
1995
|
2005
|
35 years
|
Brookdale Clinton IL
|
Clinton
|
NY
|
—
|
|
947
|
|
7,528
|
|
—
|
|
947
|
|
7,528
|
|
8,475
|
|
3,237
|
|
5,238
|
|
1991
|
2005
|
35 years
|
Brookdale Manlius
|
Manlius
|
NY
|
—
|
|
890
|
|
28,237
|
|
—
|
|
890
|
|
28,237
|
|
29,127
|
|
5,530
|
|
23,597
|
|
1994
|
2011
|
35 years
|
Brookdale Pittsford
|
Pittsford
|
NY
|
—
|
|
611
|
|
4,066
|
|
—
|
|
611
|
|
4,066
|
|
4,677
|
|
1,748
|
|
2,929
|
|
1997
|
2005
|
35 years
|
Brookdale East Niskayuna
|
Schenectady
|
NY
|
—
|
|
1,021
|
|
8,333
|
|
—
|
|
1,021
|
|
8,333
|
|
9,354
|
|
3,583
|
|
5,771
|
|
1997
|
2005
|
35 years
|
Brookdale Niskayuna
|
Schenectady
|
NY
|
15,895
|
|
1,884
|
|
16,103
|
|
—
|
|
1,884
|
|
16,103
|
|
17,987
|
|
6,924
|
|
11,063
|
|
1996
|
2005
|
35 years
|
Brookdale Summerfield
|
Syracuse
|
NY
|
—
|
|
1,132
|
|
11,434
|
|
—
|
|
1,132
|
|
11,434
|
|
12,566
|
|
4,916
|
|
7,650
|
|
1991
|
2005
|
35 years
|
Brookdale Williamsville
|
Williamsville
|
NY
|
6,574
|
|
839
|
|
3,841
|
|
—
|
|
839
|
|
3,841
|
|
4,680
|
|
1,652
|
|
3,028
|
|
1997
|
2005
|
35 years
|
Brookdale Cary
|
Cary
|
NC
|
—
|
|
724
|
|
6,466
|
|
—
|
|
724
|
|
6,466
|
|
7,190
|
|
2,780
|
|
4,410
|
|
1997
|
2005
|
35 years
|
Brookdale Falling Creek
|
Hickory
|
NC
|
—
|
|
330
|
|
10,981
|
|
—
|
|
330
|
|
10,981
|
|
11,311
|
|
2,187
|
|
9,124
|
|
1997
|
2011
|
35 years
|
Brookdale Winston-Salem
|
Winston-Salem
|
NC
|
—
|
|
368
|
|
3,497
|
|
—
|
|
368
|
|
3,497
|
|
3,865
|
|
1,504
|
|
2,361
|
|
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
|
|||||||||
Sunrise of Baton Rouge
|
Baton Rouge
|
LA
|
—
|
|
1,212
|
|
23,547
|
|
1,606
|
|
1,382
|
|
24,983
|
|
26,365
|
|
8,192
|
|
18,173
|
|
2000
|
2007
|
35 years
|
Sunrise of Arlington
|
Arlington
|
MA
|
—
|
|
86
|
|
34,393
|
|
1,059
|
|
107
|
|
35,431
|
|
35,538
|
|
11,655
|
|
23,883
|
|
2001
|
2007
|
35 years
|
Sunrise of Norwood
|
Norwood
|
MA
|
—
|
|
2,230
|
|
30,968
|
|
2,053
|
|
2,306
|
|
32,945
|
|
35,251
|
|
10,707
|
|
24,544
|
|
1997
|
2007
|
35 years
|
Sunrise of Columbia
|
Columbia
|
MD
|
—
|
|
1,780
|
|
23,083
|
|
2,923
|
|
1,918
|
|
25,868
|
|
27,786
|
|
8,298
|
|
19,488
|
|
1996
|
2007
|
35 years
|
Sunrise of Rockville
|
Rockville
|
MD
|
—
|
|
1,039
|
|
39,216
|
|
2,660
|
|
1,066
|
|
41,849
|
|
42,915
|
|
12,915
|
|
30,000
|
|
1997
|
2007
|
35 years
|
Sunrise of Bloomfield
|
Bloomfield Hills
|
MI
|
—
|
|
3,736
|
|
27,657
|
|
1,981
|
|
3,860
|
|
29,514
|
|
33,374
|
|
9,478
|
|
23,896
|
|
2006
|
2007
|
35 years
|
Sunrise of Cascade
|
Grand Rapids
|
MI
|
—
|
|
1,273
|
|
21,782
|
|
609
|
|
1,364
|
|
22,300
|
|
23,664
|
|
4,256
|
|
19,408
|
|
2007
|
2012
|
35 years
|
Sunrise of Northville
|
Plymouth
|
MI
|
—
|
|
1,445
|
|
26,090
|
|
1,365
|
|
1,525
|
|
27,375
|
|
28,900
|
|
9,061
|
|
19,839
|
|
1999
|
2007
|
35 years
|
Sunrise of Rochester
|
Rochester
|
MI
|
—
|
|
2,774
|
|
38,666
|
|
1,284
|
|
2,846
|
|
39,878
|
|
42,724
|
|
12,877
|
|
29,847
|
|
1998
|
2007
|
35 years
|
Sunrise of Troy
|
Troy
|
MI
|
—
|
|
1,758
|
|
23,727
|
|
928
|
|
1,860
|
|
24,553
|
|
26,413
|
|
8,168
|
|
18,245
|
|
2001
|
2007
|
35 years
|
Sunrise of Edina
|
Edina
|
MN
|
—
|
|
3,181
|
|
24,224
|
|
2,915
|
|
3,270
|
|
27,050
|
|
30,320
|
|
9,050
|
|
21,270
|
|
1999
|
2007
|
35 years
|
Sunrise on Providence
|
Charlotte
|
NC
|
—
|
|
1,976
|
|
19,472
|
|
2,340
|
|
1,988
|
|
21,800
|
|
23,788
|
|
7,128
|
|
16,660
|
|
1999
|
2007
|
35 years
|
Sunrise of East Brunswick
|
East Brunswick
|
NJ
|
—
|
|
2,784
|
|
26,173
|
|
2,252
|
|
3,030
|
|
28,179
|
|
31,209
|
|
9,680
|
|
21,529
|
|
1999
|
2007
|
35 years
|
Sunrise of Jackson
|
Jackson
|
NJ
|
—
|
|
4,009
|
|
15,029
|
|
587
|
|
4,013
|
|
15,612
|
|
19,625
|
|
3,218
|
|
16,407
|
|
2008
|
2012
|
35 years
|
Sunrise of Morris Plains
|
Morris Plains
|
NJ
|
17,488
|
|
1,492
|
|
32,052
|
|
2,003
|
|
1,569
|
|
33,978
|
|
35,547
|
|
11,078
|
|
24,469
|
|
1997
|
2007
|
35 years
|
Sunrise of Old Tappan
|
Old Tappan
|
NJ
|
16,241
|
|
2,985
|
|
36,795
|
|
2,032
|
|
3,106
|
|
38,706
|
|
41,812
|
|
12,611
|
|
29,201
|
|
1997
|
2007
|
35 years
|
Sunrise of Wall
|
Wall Township
|
NJ
|
—
|
|
1,053
|
|
19,101
|
|
2,022
|
|
1,088
|
|
21,088
|
|
22,176
|
|
6,657
|
|
15,519
|
|
1999
|
2007
|
35 years
|
Sunrise of Wayne
|
Wayne
|
NJ
|
12,901
|
|
1,288
|
|
24,990
|
|
2,475
|
|
1,304
|
|
27,449
|
|
28,753
|
|
8,907
|
|
19,846
|
|
1996
|
2007
|
35 years
|
Sunrise of Westfield
|
Westfield
|
NJ
|
17,095
|
|
5,057
|
|
23,803
|
|
2,119
|
|
5,136
|
|
25,843
|
|
30,979
|
|
8,666
|
|
22,313
|
|
1996
|
2007
|
35 years
|
Sunrise of Woodcliff Lake
|
Woodcliff Lake
|
NJ
|
—
|
|
3,493
|
|
30,801
|
|
1,368
|
|
3,537
|
|
32,125
|
|
35,662
|
|
10,744
|
|
24,918
|
|
2000
|
2007
|
35 years
|
Sunrise of North Lynbrook
|
Lynbrook
|
NY
|
—
|
|
4,622
|
|
38,087
|
|
1,985
|
|
4,700
|
|
39,994
|
|
44,694
|
|
13,556
|
|
31,138
|
|
1999
|
2007
|
35 years
|
Sunrise at Fleetwood
|
Mount Vernon
|
NY
|
—
|
|
4,381
|
|
28,434
|
|
2,393
|
|
4,531
|
|
30,677
|
|
35,208
|
|
10,289
|
|
24,919
|
|
1999
|
2007
|
35 years
|
Sunrise of New City
|
New City
|
NY
|
—
|
|
1,906
|
|
27,323
|
|
1,764
|
|
1,950
|
|
29,043
|
|
30,993
|
|
9,584
|
|
21,409
|
|
1999
|
2007
|
35 years
|
Sunrise of Smithtown
|
Smithtown
|
NY
|
—
|
|
2,853
|
|
25,621
|
|
2,467
|
|
3,040
|
|
27,901
|
|
30,941
|
|
9,703
|
|
21,238
|
|
1999
|
2007
|
35 years
|
Sunrise of Staten Island
|
Staten Island
|
NY
|
—
|
|
7,237
|
|
23,910
|
|
438
|
|
7,288
|
|
24,297
|
|
31,585
|
|
10,408
|
|
21,177
|
|
2006
|
2007
|
35 years
|
Sunrise at North Hills
|
Raleigh
|
NC
|
—
|
|
749
|
|
37,091
|
|
5,417
|
|
849
|
|
42,408
|
|
43,257
|
|
13,895
|
|
29,362
|
|
2000
|
2007
|
35 years
|
Sunrise at Parma
|
Cleveland
|
OH
|
—
|
|
695
|
|
16,641
|
|
1,214
|
|
890
|
|
17,660
|
|
18,550
|
|
5,944
|
|
12,606
|
|
2000
|
2007
|
35 years
|
Sunrise of Cuyahoga Falls
|
Cuyahoga Falls
|
OH
|
—
|
|
626
|
|
10,239
|
|
1,542
|
|
783
|
|
11,624
|
|
12,407
|
|
4,064
|
|
8,343
|
|
2000
|
2007
|
35 years
|
Sunrise of Aurora
|
Aurora
|
ON
|
—
|
|
1,570
|
|
36,113
|
|
(6,664
|
)
|
1,274
|
|
29,745
|
|
31,019
|
|
9,530
|
|
21,489
|
|
2002
|
2007
|
35 years
|
Sunrise of Burlington
|
Burlington
|
ON
|
—
|
|
1,173
|
|
24,448
|
|
832
|
|
1,192
|
|
25,261
|
|
26,453
|
|
7,976
|
|
18,477
|
|
2001
|
2007
|
35 years
|
Sunrise of Unionville
|
Markham
|
ON
|
—
|
|
2,322
|
|
41,140
|
|
(7,621
|
)
|
1,908
|
|
33,933
|
|
35,841
|
|
10,824
|
|
25,017
|
|
2000
|
2007
|
35 years
|
Sunrise of Mississauga
|
Mississauga
|
ON
|
—
|
|
3,554
|
|
33,631
|
|
(6,495
|
)
|
2,915
|
|
27,775
|
|
30,690
|
|
8,905
|
|
21,785
|
|
2000
|
2007
|
35 years
|
Sunrise of Erin Mills
|
Mississauga
|
ON
|
—
|
|
1,957
|
|
27,020
|
|
(5,045
|
)
|
1,593
|
|
22,339
|
|
23,932
|
|
7,338
|
|
16,594
|
|
2007
|
2007
|
35 years
|
Sunrise of Oakville
|
Oakville
|
ON
|
—
|
|
2,753
|
|
37,489
|
|
1,331
|
|
2,759
|
|
38,814
|
|
41,573
|
|
12,186
|
|
29,387
|
|
2002
|
2007
|
35 years
|
Sunrise of Richmond Hill
|
Richmond Hill
|
ON
|
—
|
|
2,155
|
|
41,254
|
|
(7,840
|
)
|
1,733
|
|
33,836
|
|
35,569
|
|
10,658
|
|
24,911
|
|
2002
|
2007
|
35 years
|
Sunrise of Thornhill
|
Vaughan
|
ON
|
—
|
|
2,563
|
|
57,513
|
|
(8,758
|
)
|
1,420
|
|
49,898
|
|
51,318
|
|
14,898
|
|
36,420
|
|
2003
|
2007
|
35 years
|
Sunrise of Windsor
|
Windsor
|
ON
|
—
|
|
1,813
|
|
20,882
|
|
838
|
|
1,834
|
|
21,699
|
|
23,533
|
|
6,944
|
|
16,589
|
|
2001
|
2007
|
35 years
|
Sunrise of Abington
|
Abington
|
PA
|
22
|
|
1,838
|
|
53,660
|
|
5,116
|
|
2,015
|
|
58,599
|
|
60,614
|
|
18,706
|
|
41,908
|
|
1997
|
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 Covina
|
Covina
|
CA
|
—
|
|
170
|
|
4,131
|
|
693
|
|
250
|
|
4,744
|
|
4,994
|
|
1,509
|
|
3,485
|
|
1977
|
2011
|
35 years
|
Atria Daly City
|
Daly City
|
CA
|
—
|
|
3,090
|
|
13,448
|
|
1,113
|
|
3,102
|
|
14,549
|
|
17,651
|
|
3,660
|
|
13,991
|
|
1975
|
2011
|
35 years
|
Atria Covell Gardens
|
Davis
|
CA
|
—
|
|
2,163
|
|
39,657
|
|
11,064
|
|
2,382
|
|
50,502
|
|
52,884
|
|
13,083
|
|
39,801
|
|
1987
|
2011
|
35 years
|
Atria Encinitas
|
Encinitas
|
CA
|
—
|
|
5,880
|
|
9,212
|
|
1,785
|
|
5,942
|
|
10,935
|
|
16,877
|
|
2,917
|
|
13,960
|
|
1984
|
2011
|
35 years
|
Atria North Escondido
|
Escondido
|
CA
|
—
|
|
1,196
|
|
7,155
|
|
469
|
|
1,207
|
|
7,613
|
|
8,820
|
|
1,261
|
|
7,559
|
|
2002
|
2014
|
35 years
|
Atria Grass Valley
|
Grass Valley
|
CA
|
11,218
|
|
1,965
|
|
28,414
|
|
825
|
|
2,016
|
|
29,188
|
|
31,204
|
|
5,232
|
|
25,972
|
|
2000
|
2013
|
35 years
|
Atria Golden Creek
|
Irvine
|
CA
|
—
|
|
6,900
|
|
23,544
|
|
1,385
|
|
6,930
|
|
24,899
|
|
31,829
|
|
6,383
|
|
25,446
|
|
1985
|
2011
|
35 years
|
Atria Park of Lafayette
|
Lafayette
|
CA
|
18,916
|
|
5,679
|
|
56,922
|
|
1,137
|
|
5,886
|
|
57,852
|
|
63,738
|
|
9,403
|
|
54,335
|
|
2007
|
2013
|
35 years
|
Atria Del Sol
|
Mission Viejo
|
CA
|
—
|
|
3,500
|
|
12,458
|
|
8,590
|
|
3,781
|
|
20,767
|
|
24,548
|
|
5,623
|
|
18,925
|
|
1985
|
2011
|
35 years
|
Atria Newport Plaza
|
Newport Beach
|
CA
|
—
|
|
4,534
|
|
32,881
|
|
—
|
|
4,534
|
|
32,881
|
|
37,415
|
|
—
|
|
37,415
|
|
1989
|
2017
|
35 years
|
Atria Tamalpais Creek
|
Novato
|
CA
|
—
|
|
5,812
|
|
24,703
|
|
876
|
|
5,831
|
|
25,560
|
|
31,391
|
|
6,040
|
|
25,351
|
|
1978
|
2011
|
35 years
|
Atria Park of Pacific Palisades
|
Pacific Palisades
|
CA
|
—
|
|
4,458
|
|
17,064
|
|
1,705
|
|
4,489
|
|
18,738
|
|
23,227
|
|
6,607
|
|
16,620
|
|
2001
|
2007
|
35 years
|
Atria Palm Desert
|
Palm Desert
|
CA
|
—
|
|
2,887
|
|
9,843
|
|
1,239
|
|
3,115
|
|
10,854
|
|
13,969
|
|
4,663
|
|
9,306
|
|
1988
|
2011
|
35 years
|
Atria Hacienda
|
Palm Desert
|
CA
|
—
|
|
6,680
|
|
85,900
|
|
3,291
|
|
6,873
|
|
88,998
|
|
95,871
|
|
19,449
|
|
76,422
|
|
1989
|
2011
|
35 years
|
Atria Paradise
|
Paradise
|
CA
|
—
|
|
2,265
|
|
28,262
|
|
1,090
|
|
2,309
|
|
29,308
|
|
31,617
|
|
5,184
|
|
26,433
|
|
1999
|
2013
|
35 years
|
Atria Del Rey
|
Rancho Cucamonga
|
CA
|
—
|
|
3,290
|
|
17,427
|
|
5,470
|
|
3,464
|
|
22,723
|
|
26,187
|
|
7,237
|
|
18,950
|
|
1987
|
2011
|
35 years
|
Atria Rocklin
|
Rocklin
|
CA
|
19,221
|
|
4,427
|
|
52,064
|
|
872
|
|
4,439
|
|
52,924
|
|
57,363
|
|
5,339
|
|
52,024
|
|
2001
|
2015
|
35 years
|
Atria La Jolla
|
San Diego
|
CA
|
—
|
|
8,210
|
|
46,289
|
|
—
|
|
8,210
|
|
46,289
|
|
54,499
|
|
—
|
|
54,499
|
|
1984
|
2017
|
35 years
|
Atria Penasquitos
|
San Diego
|
CA
|
—
|
|
2,649
|
|
23,993
|
|
—
|
|
2,649
|
|
23,993
|
|
26,642
|
|
—
|
|
26,642
|
|
1991
|
2017
|
35 years
|
Atria Collwood
|
San Diego
|
CA
|
—
|
|
290
|
|
10,650
|
|
1,174
|
|
338
|
|
11,776
|
|
12,114
|
|
3,218
|
|
8,896
|
|
1976
|
2011
|
35 years
|
Atria Rancho Park
|
San Dimas
|
CA
|
—
|
|
4,066
|
|
14,306
|
|
1,628
|
|
4,613
|
|
15,387
|
|
20,000
|
|
4,566
|
|
15,434
|
|
1975
|
2011
|
35 years
|
Atria Chateau Gardens
|
San Jose
|
CA
|
—
|
|
39
|
|
487
|
|
644
|
|
49
|
|
1,121
|
|
1,170
|
|
1,159
|
|
11
|
|
1977
|
2011
|
35 years
|
Atria Willow Glen
|
San Jose
|
CA
|
—
|
|
8,521
|
|
43,168
|
|
2,931
|
|
8,590
|
|
46,030
|
|
54,620
|
|
9,642
|
|
44,978
|
|
1976
|
2011
|
35 years
|
Atria San Juan
|
San Juan Capistrano
|
CA
|
—
|
|
5,110
|
|
29,436
|
|
8,373
|
|
5,318
|
|
37,601
|
|
42,919
|
|
11,978
|
|
30,941
|
|
1985
|
2011
|
35 years
|
Atria Hillsdale
|
San Mateo
|
CA
|
—
|
|
5,240
|
|
15,956
|
|
4,441
|
|
5,253
|
|
20,384
|
|
25,637
|
|
4,146
|
|
21,491
|
|
1986
|
2011
|
35 years
|
Atria Santa Clarita
|
Santa Clarita
|
CA
|
—
|
|
3,880
|
|
38,366
|
|
932
|
|
3,890
|
|
39,288
|
|
43,178
|
|
4,024
|
|
39,154
|
|
2001
|
2015
|
35 years
|
Atria Bayside Landing
|
Stockton
|
CA
|
—
|
|
—
|
|
467
|
|
660
|
|
—
|
|
1,127
|
|
1,127
|
|
963
|
|
164
|
|
1998
|
2011
|
35 years
|
Atria Sunnyvale
|
Sunnyvale
|
CA
|
—
|
|
6,120
|
|
30,068
|
|
4,920
|
|
6,228
|
|
34,880
|
|
41,108
|
|
8,508
|
|
32,600
|
|
1977
|
2011
|
35 years
|
Atria Park of Tarzana
|
Tarzana
|
CA
|
—
|
|
960
|
|
47,547
|
|
889
|
|
974
|
|
48,422
|
|
49,396
|
|
7,718
|
|
41,678
|
|
2008
|
2013
|
35 years
|
Atria Park of Vintage Hills
|
Temecula
|
CA
|
—
|
|
4,674
|
|
44,341
|
|
2,068
|
|
4,879
|
|
46,204
|
|
51,083
|
|
8,308
|
|
42,775
|
|
2000
|
2013
|
35 years
|
Atria Park of Grand Oaks
|
Thousand Oaks
|
CA
|
21,965
|
|
5,994
|
|
50,309
|
|
916
|
|
6,055
|
|
51,164
|
|
57,219
|
|
8,886
|
|
48,333
|
|
2002
|
2013
|
35 years
|
Atria Hillcrest
|
Thousand Oaks
|
CA
|
—
|
|
6,020
|
|
25,635
|
|
10,103
|
|
6,624
|
|
35,134
|
|
41,758
|
|
11,103
|
|
30,655
|
|
1987
|
2011
|
35 years
|
Atria Walnut Creek
|
Walnut Creek
|
CA
|
—
|
|
6,910
|
|
15,797
|
|
16,728
|
|
7,626
|
|
31,809
|
|
39,435
|
|
9,916
|
|
29,519
|
|
1978
|
2011
|
35 years
|
Atria Valley View
|
Walnut Creek
|
CA
|
—
|
|
7,139
|
|
53,914
|
|
2,554
|
|
7,175
|
|
56,432
|
|
63,607
|
|
19,157
|
|
44,450
|
|
1977
|
2011
|
35 years
|
Atria Park of Applewood
|
Lakewood
|
CO
|
—
|
|
3,656
|
|
48,657
|
|
419
|
|
3,686
|
|
49,046
|
|
52,732
|
|
8,747
|
|
43,985
|
|
2008
|
2013
|
35 years
|
Atria Inn at Lakewood
|
Lakewood
|
CO
|
—
|
|
6,281
|
|
50,095
|
|
1,593
|
|
6,378
|
|
51,591
|
|
57,969
|
|
11,172
|
|
46,797
|
|
1999
|
2011
|
35 years
|
Atria Longmont
|
Longmont
|
CO
|
—
|
|
2,807
|
|
24,877
|
|
994
|
|
2,834
|
|
25,844
|
|
28,678
|
|
5,139
|
|
23,539
|
|
2009
|
2012
|
35 years
|
Atria Darien
|
Darien
|
CT
|
—
|
|
653
|
|
37,587
|
|
11,428
|
|
1,156
|
|
48,512
|
|
49,668
|
|
10,803
|
|
38,865
|
|
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
|
|||||||||
Atria Larson Place
|
Hamden
|
CT
|
—
|
|
1,850
|
|
16,098
|
|
1,778
|
|
1,885
|
|
17,841
|
|
19,726
|
|
4,628
|
|
15,098
|
|
1999
|
2011
|
35 years
|
Atria Greenridge Place
|
Rocky Hill
|
CT
|
—
|
|
2,170
|
|
32,553
|
|
2,352
|
|
2,388
|
|
34,687
|
|
37,075
|
|
7,751
|
|
29,324
|
|
1998
|
2011
|
35 years
|
Atria Stamford
|
Stamford
|
CT
|
—
|
|
1,200
|
|
62,432
|
|
12,331
|
|
1,378
|
|
74,585
|
|
75,963
|
|
15,259
|
|
60,704
|
|
1975
|
2011
|
35 years
|
Atria Stratford
|
Stratford
|
CT
|
—
|
|
3,210
|
|
27,865
|
|
1,828
|
|
3,210
|
|
29,693
|
|
32,903
|
|
7,264
|
|
25,639
|
|
1999
|
2011
|
35 years
|
Atria Crossroads Place
|
Waterford
|
CT
|
—
|
|
2,401
|
|
36,495
|
|
7,789
|
|
2,577
|
|
44,108
|
|
46,685
|
|
10,926
|
|
35,759
|
|
2000
|
2011
|
35 years
|
Atria Hamilton Heights
|
West Hartford
|
CT
|
—
|
|
3,120
|
|
14,674
|
|
3,463
|
|
3,158
|
|
18,099
|
|
21,257
|
|
5,434
|
|
15,823
|
|
1904
|
2011
|
35 years
|
Atria Windsor Woods
|
Hudson
|
FL
|
—
|
|
1,610
|
|
32,432
|
|
2,048
|
|
1,687
|
|
34,403
|
|
36,090
|
|
8,650
|
|
27,440
|
|
1988
|
2011
|
35 years
|
Atria Park of Baypoint Village
|
Hudson
|
FL
|
—
|
|
2,083
|
|
28,841
|
|
8,612
|
|
2,350
|
|
37,186
|
|
39,536
|
|
9,753
|
|
29,783
|
|
1986
|
2011
|
35 years
|
Atria Park of San Pablo
|
Jacksonville
|
FL
|
5,388
|
|
1,620
|
|
14,920
|
|
921
|
|
1,660
|
|
15,801
|
|
17,461
|
|
3,764
|
|
13,697
|
|
1999
|
2011
|
35 years
|
Atria Park of St. Joseph's
|
Jupiter
|
FL
|
15,588
|
|
5,520
|
|
30,720
|
|
1,142
|
|
5,557
|
|
31,825
|
|
37,382
|
|
5,675
|
|
31,707
|
|
2007
|
2013
|
35 years
|
Atria Lady Lake
|
Lady Lake
|
FL
|
—
|
|
3,752
|
|
26,265
|
|
588
|
|
3,766
|
|
26,839
|
|
30,605
|
|
2,708
|
|
27,897
|
|
2010
|
2015
|
35 years
|
Atria Park of Lake Forest
|
Sanford
|
FL
|
—
|
|
3,589
|
|
32,586
|
|
4,027
|
|
3,886
|
|
36,316
|
|
40,202
|
|
8,356
|
|
31,846
|
|
2002
|
2011
|
35 years
|
Atria Evergreen Woods
|
Spring Hill
|
FL
|
—
|
|
2,370
|
|
28,371
|
|
3,510
|
|
2,533
|
|
31,718
|
|
34,251
|
|
8,911
|
|
25,340
|
|
1981
|
2011
|
35 years
|
Atria North Point
|
Alpharetta
|
GA
|
40,221
|
|
4,830
|
|
78,318
|
|
1,700
|
|
4,856
|
|
79,992
|
|
84,848
|
|
10,973
|
|
73,875
|
|
2007
|
2014
|
35 years
|
Atria Buckhead
|
Atlanta
|
GA
|
—
|
|
3,660
|
|
5,274
|
|
969
|
|
3,688
|
|
6,215
|
|
9,903
|
|
2,091
|
|
7,812
|
|
1996
|
2011
|
35 years
|
Atria Mableton
|
Austell
|
GA
|
—
|
|
1,911
|
|
18,879
|
|
479
|
|
1,946
|
|
19,323
|
|
21,269
|
|
3,447
|
|
17,822
|
|
2000
|
2013
|
35 years
|
Atria Johnson Ferry
|
Marietta
|
GA
|
—
|
|
990
|
|
6,453
|
|
657
|
|
995
|
|
7,105
|
|
8,100
|
|
1,895
|
|
6,205
|
|
1995
|
2011
|
35 years
|
Atria Park of Tucker
|
Tucker
|
GA
|
—
|
|
1,103
|
|
20,679
|
|
605
|
|
1,120
|
|
21,267
|
|
22,387
|
|
3,756
|
|
18,631
|
|
2000
|
2013
|
35 years
|
Atria Park of Glen Ellyn
|
Glen Ellyn
|
IL
|
—
|
|
2,455
|
|
34,064
|
|
3,060
|
|
2,634
|
|
36,945
|
|
39,579
|
|
12,230
|
|
27,349
|
|
2000
|
2007
|
35 years
|
Atria Newburgh
|
Newburgh
|
IN
|
—
|
|
1,150
|
|
22,880
|
|
748
|
|
1,150
|
|
23,628
|
|
24,778
|
|
5,335
|
|
19,443
|
|
1998
|
2011
|
35 years
|
Atria Hearthstone East
|
Topeka
|
KS
|
—
|
|
1,150
|
|
20,544
|
|
1,018
|
|
1,215
|
|
21,497
|
|
22,712
|
|
5,306
|
|
17,406
|
|
1998
|
2011
|
35 years
|
Atria Hearthstone West
|
Topeka
|
KS
|
—
|
|
1,230
|
|
28,379
|
|
2,322
|
|
1,245
|
|
30,686
|
|
31,931
|
|
7,885
|
|
24,046
|
|
1987
|
2011
|
35 years
|
Atria Highland Crossing
|
Covington
|
KY
|
—
|
|
1,677
|
|
14,393
|
|
1,440
|
|
1,689
|
|
15,821
|
|
17,510
|
|
4,554
|
|
12,956
|
|
1988
|
2011
|
35 years
|
Atria Summit Hills
|
Crestview Hills
|
KY
|
—
|
|
1,780
|
|
15,769
|
|
884
|
|
1,789
|
|
16,644
|
|
18,433
|
|
4,255
|
|
14,178
|
|
1998
|
2011
|
35 years
|
Atria Elizabethtown
|
Elizabethtown
|
KY
|
—
|
|
850
|
|
12,510
|
|
658
|
|
869
|
|
13,149
|
|
14,018
|
|
3,175
|
|
10,843
|
|
1996
|
2011
|
35 years
|
Atria St. Matthews
|
Louisville
|
KY
|
—
|
|
939
|
|
9,274
|
|
1,147
|
|
953
|
|
10,407
|
|
11,360
|
|
3,347
|
|
8,013
|
|
1998
|
2011
|
35 years
|
Atria Stony Brook
|
Louisville
|
KY
|
—
|
|
1,860
|
|
17,561
|
|
1,177
|
|
1,953
|
|
18,645
|
|
20,598
|
|
4,581
|
|
16,017
|
|
1999
|
2011
|
35 years
|
Atria Springdale
|
Louisville
|
KY
|
—
|
|
1,410
|
|
16,702
|
|
1,255
|
|
1,410
|
|
17,957
|
|
19,367
|
|
4,463
|
|
14,904
|
|
1999
|
2011
|
35 years
|
Atria Marland Place
|
Andover
|
MA
|
—
|
|
1,831
|
|
34,592
|
|
19,314
|
|
1,996
|
|
53,741
|
|
55,737
|
|
14,791
|
|
40,946
|
|
1996
|
2011
|
35 years
|
Atria Longmeadow Place
|
Burlington
|
MA
|
—
|
|
5,310
|
|
58,021
|
|
1,483
|
|
5,383
|
|
59,431
|
|
64,814
|
|
12,734
|
|
52,080
|
|
1998
|
2011
|
35 years
|
Atria Fairhaven
|
Fairhaven
|
MA
|
—
|
|
1,100
|
|
16,093
|
|
861
|
|
1,148
|
|
16,906
|
|
18,054
|
|
3,868
|
|
14,186
|
|
1999
|
2011
|
35 years
|
Atria Woodbriar Place
|
Falmouth
|
MA
|
15,940
|
|
4,630
|
|
27,314
|
|
5,566
|
|
6,433
|
|
31,077
|
|
37,510
|
|
6,341
|
|
31,169
|
|
2013
|
2013
|
35 years
|
Atria Woodbriar Park
|
Falmouth
|
MA
|
—
|
|
1,970
|
|
43,693
|
|
21,194
|
|
2,599
|
|
64,258
|
|
66,857
|
|
11,987
|
|
54,870
|
|
1975
|
2011
|
35 years
|
Atria Draper Place
|
Hopedale
|
MA
|
—
|
|
1,140
|
|
17,794
|
|
1,533
|
|
1,234
|
|
19,233
|
|
20,467
|
|
4,575
|
|
15,892
|
|
1998
|
2011
|
35 years
|
Atria Merrimack Place
|
Newburyport
|
MA
|
—
|
|
2,774
|
|
40,645
|
|
1,896
|
|
2,822
|
|
42,493
|
|
45,315
|
|
9,006
|
|
36,309
|
|
2000
|
2011
|
35 years
|
Atria Marina Place
|
Quincy
|
MA
|
—
|
|
2,590
|
|
33,899
|
|
1,589
|
|
2,755
|
|
35,323
|
|
38,078
|
|
8,150
|
|
29,928
|
|
1999
|
2011
|
35 years
|
Riverheights Terrace
|
Brandon
|
MB
|
—
|
|
799
|
|
27,708
|
|
(1,193
|
)
|
739
|
|
26,575
|
|
27,314
|
|
3,385
|
|
23,929
|
|
2001
|
2014
|
35 years
|
Amber Meadow
|
Winnipeg
|
MB
|
—
|
|
3,047
|
|
17,821
|
|
(431
|
)
|
2,817
|
|
17,620
|
|
20,437
|
|
2,685
|
|
17,752
|
|
2000
|
2014
|
35 years
|
The Westhaven
|
Winnipeg
|
MB
|
—
|
|
871
|
|
23,162
|
|
(1,222
|
)
|
816
|
|
21,995
|
|
22,811
|
|
2,959
|
|
19,852
|
|
1988
|
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 Manresa
|
Annapolis
|
MD
|
—
|
|
4,193
|
|
19,000
|
|
1,822
|
|
4,465
|
|
20,550
|
|
25,015
|
|
5,052
|
|
19,963
|
|
1920
|
2011
|
35 years
|
Atria Salisbury
|
Salisbury
|
MD
|
—
|
|
1,940
|
|
24,500
|
|
780
|
|
1,959
|
|
25,261
|
|
27,220
|
|
5,557
|
|
21,663
|
|
1995
|
2011
|
35 years
|
Atria Kennebunk
|
Kennebunk
|
ME
|
—
|
|
1,090
|
|
23,496
|
|
1,127
|
|
1,117
|
|
24,596
|
|
25,713
|
|
5,806
|
|
19,907
|
|
1998
|
2011
|
35 years
|
Atria Park of Ann Arbor
|
Ann Arbor
|
MI
|
—
|
|
1,703
|
|
15,857
|
|
2,055
|
|
1,806
|
|
17,809
|
|
19,615
|
|
6,437
|
|
13,178
|
|
2001
|
2007
|
35 years
|
Atria Kinghaven
|
Riverview
|
MI
|
13,029
|
|
1,440
|
|
26,260
|
|
1,911
|
|
1,598
|
|
28,013
|
|
29,611
|
|
6,994
|
|
22,617
|
|
1987
|
2011
|
35 years
|
Ste. Anne's Court
|
Fredericton
|
NB
|
—
|
|
1,221
|
|
29,626
|
|
(1,214
|
)
|
1,131
|
|
28,502
|
|
29,633
|
|
3,580
|
|
26,053
|
|
2002
|
2014
|
35 years
|
Chateau de Champlain
|
St. John
|
NB
|
—
|
|
796
|
|
24,577
|
|
(854
|
)
|
747
|
|
23,772
|
|
24,519
|
|
3,174
|
|
21,345
|
|
2002
|
2014
|
35 years
|
Atria MerryWood
|
Charlotte
|
NC
|
—
|
|
1,678
|
|
36,892
|
|
2,487
|
|
1,724
|
|
39,333
|
|
41,057
|
|
9,919
|
|
31,138
|
|
1991
|
2011
|
35 years
|
Atria Southpoint Walk
|
Durham
|
NC
|
15,921
|
|
2,130
|
|
25,920
|
|
912
|
|
2,135
|
|
26,827
|
|
28,962
|
|
4,921
|
|
24,041
|
|
2009
|
2013
|
35 years
|
Atria Oakridge
|
Raleigh
|
NC
|
14,768
|
|
1,482
|
|
28,838
|
|
1,017
|
|
1,519
|
|
29,818
|
|
31,337
|
|
5,435
|
|
25,902
|
|
2009
|
2013
|
35 years
|
Atria Cranford
|
Cranford
|
NJ
|
25,067
|
|
8,260
|
|
61,411
|
|
4,730
|
|
8,382
|
|
66,019
|
|
74,401
|
|
15,581
|
|
58,820
|
|
1993
|
2011
|
35 years
|
Atria Tinton Falls
|
Tinton Falls
|
NJ
|
—
|
|
6,580
|
|
13,258
|
|
1,257
|
|
6,756
|
|
14,339
|
|
21,095
|
|
4,324
|
|
16,771
|
|
1999
|
2011
|
35 years
|
Atria Sunlake
|
Las Vegas
|
NV
|
—
|
|
7
|
|
732
|
|
958
|
|
15
|
|
1,682
|
|
1,697
|
|
1,664
|
|
33
|
|
1998
|
2011
|
35 years
|
Atria Sutton
|
Las Vegas
|
NV
|
—
|
|
—
|
|
863
|
|
1,130
|
|
48
|
|
1,945
|
|
1,993
|
|
1,697
|
|
296
|
|
1998
|
2011
|
35 years
|
Atria Seville
|
Las Vegas
|
NV
|
—
|
|
—
|
|
796
|
|
1,452
|
|
11
|
|
2,237
|
|
2,248
|
|
1,427
|
|
821
|
|
1999
|
2011
|
35 years
|
Atria Summit Ridge
|
Reno
|
NV
|
—
|
|
4
|
|
407
|
|
546
|
|
20
|
|
937
|
|
957
|
|
802
|
|
155
|
|
1997
|
2011
|
35 years
|
Atria Shaker
|
Albany
|
NY
|
—
|
|
1,520
|
|
29,667
|
|
1,217
|
|
1,626
|
|
30,778
|
|
32,404
|
|
7,071
|
|
25,333
|
|
1997
|
2011
|
35 years
|
Atria Crossgate
|
Albany
|
NY
|
—
|
|
1,080
|
|
20,599
|
|
1,089
|
|
1,100
|
|
21,668
|
|
22,768
|
|
5,221
|
|
17,547
|
|
1980
|
2011
|
35 years
|
Atria Woodlands
|
Ardsley
|
NY
|
45,490
|
|
7,660
|
|
65,581
|
|
2,397
|
|
7,718
|
|
67,920
|
|
75,638
|
|
15,345
|
|
60,293
|
|
2005
|
2011
|
35 years
|
Atria Bay Shore
|
Bay Shore
|
NY
|
15,275
|
|
4,440
|
|
31,983
|
|
1,853
|
|
4,448
|
|
33,828
|
|
38,276
|
|
7,914
|
|
30,362
|
|
1900
|
2011
|
35 years
|
Atria Briarcliff Manor
|
Briarcliff Manor
|
NY
|
—
|
|
6,560
|
|
33,885
|
|
2,003
|
|
6,725
|
|
35,723
|
|
42,448
|
|
8,673
|
|
33,775
|
|
1997
|
2011
|
35 years
|
Atria Riverdale
|
Bronx
|
NY
|
—
|
|
1,020
|
|
24,149
|
|
14,480
|
|
1,069
|
|
38,580
|
|
39,649
|
|
10,524
|
|
29,125
|
|
1999
|
2011
|
35 years
|
Atria Delmar Place
|
Delmar
|
NY
|
—
|
|
1,201
|
|
24,850
|
|
719
|
|
1,219
|
|
25,551
|
|
26,770
|
|
3,733
|
|
23,037
|
|
2004
|
2013
|
35 years
|
Atria East Northport
|
East Northport
|
NY
|
—
|
|
9,960
|
|
34,467
|
|
19,448
|
|
10,211
|
|
53,664
|
|
63,875
|
|
11,420
|
|
52,455
|
|
1996
|
2011
|
35 years
|
Atria Glen Cove
|
Glen Cove
|
NY
|
—
|
|
2,035
|
|
25,190
|
|
1,123
|
|
2,057
|
|
26,291
|
|
28,348
|
|
11,551
|
|
16,797
|
|
1997
|
2011
|
35 years
|
Atria Great Neck
|
Great Neck
|
NY
|
—
|
|
3,390
|
|
54,051
|
|
19,217
|
|
3,390
|
|
73,268
|
|
76,658
|
|
11,785
|
|
64,873
|
|
1998
|
2011
|
35 years
|
Atria Cutter Mill
|
Great Neck
|
NY
|
—
|
|
2,750
|
|
47,919
|
|
2,867
|
|
2,761
|
|
50,775
|
|
53,536
|
|
10,914
|
|
42,622
|
|
1999
|
2011
|
35 years
|
Atria Huntington
|
Huntington Station
|
NY
|
—
|
|
8,190
|
|
1,169
|
|
2,491
|
|
8,232
|
|
3,618
|
|
11,850
|
|
2,056
|
|
9,794
|
|
1987
|
2011
|
35 years
|
Atria Hertlin Place
|
Lake Ronkonkoma
|
NY
|
—
|
|
7,886
|
|
16,391
|
|
1,944
|
|
7,886
|
|
18,335
|
|
26,221
|
|
3,768
|
|
22,453
|
|
2002
|
2012
|
35 years
|
Atria Lynbrook
|
Lynbrook
|
NY
|
—
|
|
3,145
|
|
5,489
|
|
1,187
|
|
3,176
|
|
6,645
|
|
9,821
|
|
2,344
|
|
7,477
|
|
1996
|
2011
|
35 years
|
Atria Tanglewood
|
Lynbrook
|
NY
|
24,095
|
|
4,120
|
|
37,348
|
|
935
|
|
4,145
|
|
38,258
|
|
42,403
|
|
8,408
|
|
33,995
|
|
2005
|
2011
|
35 years
|
Atria West 86
|
New York
|
NY
|
—
|
|
80
|
|
73,685
|
|
5,856
|
|
167
|
|
79,454
|
|
79,621
|
|
18,543
|
|
61,078
|
|
1998
|
2011
|
35 years
|
Atria on the Hudson
|
Ossining
|
NY
|
—
|
|
8,123
|
|
63,089
|
|
4,114
|
|
8,191
|
|
67,135
|
|
75,326
|
|
16,163
|
|
59,163
|
|
1972
|
2011
|
35 years
|
Atria Penfield
|
Penfield
|
NY
|
—
|
|
620
|
|
22,036
|
|
967
|
|
723
|
|
22,900
|
|
23,623
|
|
5,383
|
|
18,240
|
|
1972
|
2011
|
35 years
|
Atria Plainview
|
Plainview
|
NY
|
—
|
|
2,480
|
|
16,060
|
|
1,590
|
|
2,630
|
|
17,500
|
|
20,130
|
|
4,446
|
|
15,684
|
|
2000
|
2011
|
35 years
|
Atria Rye Brook
|
Port Chester
|
NY
|
41,514
|
|
9,660
|
|
74,936
|
|
1,944
|
|
9,726
|
|
76,814
|
|
86,540
|
|
16,836
|
|
69,704
|
|
2004
|
2011
|
35 years
|
Atria Kew Gardens
|
Queens
|
NY
|
—
|
|
3,051
|
|
66,013
|
|
8,272
|
|
3,079
|
|
74,257
|
|
77,336
|
|
16,232
|
|
61,104
|
|
1999
|
2011
|
35 years
|
Atria Forest Hills
|
Queens
|
NY
|
—
|
|
2,050
|
|
16,680
|
|
1,244
|
|
2,074
|
|
17,900
|
|
19,974
|
|
4,360
|
|
15,614
|
|
2001
|
2011
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Atria Greece
|
Rochester
|
NY
|
—
|
|
410
|
|
14,967
|
|
1,041
|
|
639
|
|
15,779
|
|
16,418
|
|
3,893
|
|
12,525
|
|
1970
|
2011
|
35 years
|
Atria on Roslyn Harbor
|
Roslyn
|
NY
|
65,000
|
|
12,909
|
|
72,720
|
|
2,231
|
|
12,974
|
|
74,886
|
|
87,860
|
|
16,287
|
|
71,573
|
|
2006
|
2011
|
35 years
|
Atria Guilderland
|
Slingerlands
|
NY
|
—
|
|
1,170
|
|
22,414
|
|
601
|
|
1,171
|
|
23,014
|
|
24,185
|
|
5,225
|
|
18,960
|
|
1950
|
2011
|
35 years
|
Atria South Setauket
|
South Setauket
|
NY
|
—
|
|
8,450
|
|
14,534
|
|
1,514
|
|
8,832
|
|
15,666
|
|
24,498
|
|
5,403
|
|
19,095
|
|
1967
|
2011
|
35 years
|
The Court at Brooklin
|
Brooklin
|
ON
|
—
|
|
2,515
|
|
35,602
|
|
(1,674
|
)
|
2,346
|
|
34,097
|
|
36,443
|
|
4,141
|
|
32,302
|
|
2004
|
2014
|
35 years
|
Burlington Gardens
|
Burlington
|
ON
|
—
|
|
7,560
|
|
50,744
|
|
(3,614
|
)
|
7,009
|
|
47,681
|
|
54,690
|
|
5,602
|
|
49,088
|
|
2008
|
2014
|
35 years
|
The Court at Rushdale
|
Hamilton
|
ON
|
—
|
|
1,799
|
|
34,633
|
|
(1,379
|
)
|
1,663
|
|
33,390
|
|
35,053
|
|
4,040
|
|
31,013
|
|
2004
|
2014
|
35 years
|
Kingsdale Chateau
|
Kingston
|
ON
|
—
|
|
2,221
|
|
36,272
|
|
(1,383
|
)
|
2,059
|
|
35,051
|
|
37,110
|
|
4,247
|
|
32,863
|
|
2000
|
2014
|
35 years
|
Crystal View Lodge
|
Nepean
|
ON
|
—
|
|
1,587
|
|
37,243
|
|
(1,274
|
)
|
1,657
|
|
35,899
|
|
37,556
|
|
4,354
|
|
33,202
|
|
2000
|
2014
|
35 years
|
The Court at Barrhaven
|
Nepean
|
ON
|
—
|
|
1,778
|
|
33,922
|
|
(1,218
|
)
|
1,667
|
|
32,815
|
|
34,482
|
|
4,110
|
|
30,372
|
|
2004
|
2014
|
35 years
|
Stamford Estates
|
Niagara Falls
|
ON
|
—
|
|
1,414
|
|
29,439
|
|
(1,744
|
)
|
1,307
|
|
27,802
|
|
29,109
|
|
3,525
|
|
25,584
|
|
2005
|
2014
|
35 years
|
Sherbrooke Heights
|
Peterborough
|
ON
|
—
|
|
2,485
|
|
33,747
|
|
(1,280
|
)
|
2,300
|
|
32,652
|
|
34,952
|
|
4,122
|
|
30,830
|
|
2001
|
2014
|
35 years
|
Anchor Pointe
|
St. Catharines
|
ON
|
—
|
|
8,214
|
|
24,056
|
|
(1,790
|
)
|
7,593
|
|
22,887
|
|
30,480
|
|
3,259
|
|
27,221
|
|
2000
|
2014
|
35 years
|
The Court at Pringle Creek
|
Whitby
|
ON
|
—
|
|
2,965
|
|
39,206
|
|
(2,173
|
)
|
2,796
|
|
37,202
|
|
39,998
|
|
4,599
|
|
35,399
|
|
2002
|
2014
|
35 years
|
Atria Bethlehem
|
Bethlehem
|
PA
|
—
|
|
2,479
|
|
22,870
|
|
872
|
|
2,492
|
|
23,729
|
|
26,221
|
|
5,905
|
|
20,316
|
|
1998
|
2011
|
35 years
|
Atria Center City
|
Philadelphia
|
PA
|
—
|
|
3,460
|
|
18,291
|
|
15,109
|
|
3,475
|
|
33,385
|
|
36,860
|
|
5,427
|
|
31,433
|
|
1964
|
2011
|
35 years
|
Atria Woodbridge Place
|
Phoenixville
|
PA
|
—
|
|
1,510
|
|
19,130
|
|
990
|
|
1,526
|
|
20,104
|
|
21,630
|
|
4,941
|
|
16,689
|
|
1996
|
2011
|
35 years
|
Atria South Hills
|
Pittsburgh
|
PA
|
—
|
|
880
|
|
10,884
|
|
764
|
|
913
|
|
11,615
|
|
12,528
|
|
3,221
|
|
9,307
|
|
1998
|
2011
|
35 years
|
La Residence Steger
|
Saint-Laurent
|
QC
|
—
|
|
1,995
|
|
10,926
|
|
425
|
|
1,884
|
|
11,462
|
|
13,346
|
|
1,912
|
|
11,434
|
|
1999
|
2014
|
35 years
|
Atria Bay Spring Village
|
Barrington
|
RI
|
—
|
|
2,000
|
|
33,400
|
|
2,613
|
|
2,080
|
|
35,933
|
|
38,013
|
|
9,137
|
|
28,876
|
|
2000
|
2011
|
35 years
|
Atria Harborhill
|
East Greenwich
|
RI
|
—
|
|
2,089
|
|
21,702
|
|
1,519
|
|
2,179
|
|
23,131
|
|
25,310
|
|
5,562
|
|
19,748
|
|
1835
|
2011
|
35 years
|
Atria Lincoln Place
|
Lincoln
|
RI
|
—
|
|
1,440
|
|
12,686
|
|
1,027
|
|
1,475
|
|
13,678
|
|
15,153
|
|
3,755
|
|
11,398
|
|
2000
|
2011
|
35 years
|
Atria Aquidneck Place
|
Portsmouth
|
RI
|
—
|
|
2,810
|
|
31,623
|
|
865
|
|
2,814
|
|
32,484
|
|
35,298
|
|
7,007
|
|
28,291
|
|
1999
|
2011
|
35 years
|
Atria Forest Lake
|
Columbia
|
SC
|
—
|
|
670
|
|
13,946
|
|
837
|
|
684
|
|
14,769
|
|
15,453
|
|
3,451
|
|
12,002
|
|
1999
|
2011
|
35 years
|
Primrose Chateau
|
Saskatoon
|
SK
|
—
|
|
2,611
|
|
32,729
|
|
(1,634
|
)
|
2,484
|
|
31,222
|
|
33,706
|
|
3,885
|
|
29,821
|
|
1996
|
2014
|
35 years
|
Mulberry Estates
|
Moose Jaw
|
SK
|
—
|
|
2,173
|
|
31,791
|
|
(1,381
|
)
|
2,103
|
|
30,480
|
|
32,583
|
|
3,829
|
|
28,754
|
|
2003
|
2014
|
35 years
|
Queen Victoria Estates
|
Regina
|
SK
|
—
|
|
3,018
|
|
34,109
|
|
(1,596
|
)
|
2,789
|
|
32,742
|
|
35,531
|
|
4,019
|
|
31,512
|
|
2000
|
2014
|
35 years
|
Atria Weston Place
|
Knoxville
|
TN
|
9,158
|
|
793
|
|
7,961
|
|
1,113
|
|
967
|
|
8,900
|
|
9,867
|
|
2,482
|
|
7,385
|
|
1993
|
2011
|
35 years
|
Atria at the Arboretum
|
Austin
|
TX
|
—
|
|
8,280
|
|
61,764
|
|
923
|
|
8,342
|
|
62,625
|
|
70,967
|
|
11,628
|
|
59,339
|
|
2009
|
2012
|
35 years
|
Atria Carrollton
|
Carrollton
|
TX
|
6,259
|
|
360
|
|
20,465
|
|
1,270
|
|
370
|
|
21,725
|
|
22,095
|
|
5,247
|
|
16,848
|
|
1998
|
2011
|
35 years
|
Atria Grapevine
|
Grapevine
|
TX
|
—
|
|
2,070
|
|
23,104
|
|
789
|
|
2,080
|
|
23,883
|
|
25,963
|
|
5,523
|
|
20,440
|
|
1999
|
2011
|
35 years
|
Atria Westchase
|
Houston
|
TX
|
—
|
|
2,318
|
|
22,278
|
|
1,075
|
|
2,322
|
|
23,349
|
|
25,671
|
|
5,578
|
|
20,093
|
|
1999
|
2011
|
35 years
|
Atria Cinco Ranch
|
Katy
|
TX
|
—
|
|
3,171
|
|
73,287
|
|
967
|
|
3,176
|
|
74,249
|
|
77,425
|
|
6,972
|
|
70,453
|
|
2010
|
2015
|
35 years
|
Atria Kingwood
|
Kingwood
|
TX
|
—
|
|
1,170
|
|
4,518
|
|
697
|
|
1,192
|
|
5,193
|
|
6,385
|
|
1,644
|
|
4,741
|
|
1998
|
2011
|
35 years
|
Atria at Hometown
|
North Richland Hills
|
TX
|
—
|
|
1,932
|
|
30,382
|
|
1,294
|
|
1,963
|
|
31,645
|
|
33,608
|
|
5,945
|
|
27,663
|
|
2007
|
2013
|
35 years
|
Atria Canyon Creek
|
Plano
|
TX
|
—
|
|
3,110
|
|
45,999
|
|
1,360
|
|
3,148
|
|
47,321
|
|
50,469
|
|
8,528
|
|
41,941
|
|
2009
|
2013
|
35 years
|
Atria Richardson
|
Richardson
|
TX
|
—
|
|
1,590
|
|
23,662
|
|
1,178
|
|
1,600
|
|
24,830
|
|
26,430
|
|
5,570
|
|
20,860
|
|
1998
|
2011
|
35 years
|
Atria Cypresswood
|
Spring
|
TX
|
—
|
|
880
|
|
9,192
|
|
(2,884
|
)
|
897
|
|
6,291
|
|
7,188
|
|
2,466
|
|
4,722
|
|
1996
|
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
|
|||||||||
Villa Bonita
|
Chula Vista
|
CA
|
—
|
|
1,610
|
|
9,169
|
|
—
|
|
1,610
|
|
9,169
|
|
10,779
|
|
2,137
|
|
8,642
|
|
1989
|
2011
|
35 years
|
The Meadows Senior Living
|
Elk Grove
|
CA
|
—
|
|
1,308
|
|
19,667
|
|
—
|
|
1,308
|
|
19,667
|
|
20,975
|
|
2,047
|
|
18,928
|
|
2003
|
2014
|
35 years
|
Las Villas Del Norte
|
Escondido
|
CA
|
—
|
|
2,791
|
|
32,632
|
|
17
|
|
2,791
|
|
32,649
|
|
35,440
|
|
10,412
|
|
25,028
|
|
1986
|
2006
|
35 years
|
Alder Bay Assisted Living
|
Eureka
|
CA
|
—
|
|
1,170
|
|
5,228
|
|
(70
|
)
|
1,170
|
|
5,158
|
|
6,328
|
|
1,215
|
|
5,113
|
|
1997
|
2011
|
35 years
|
Cedarbrook
|
Fresno
|
CA
|
—
|
|
1,652
|
|
12,613
|
|
—
|
|
1,652
|
|
12,613
|
|
14,265
|
|
353
|
|
13,912
|
|
2014
|
2017
|
35 years
|
Elmcroft of La Mesa
|
La Mesa
|
CA
|
—
|
|
2,431
|
|
6,101
|
|
—
|
|
2,431
|
|
6,101
|
|
8,532
|
|
1,946
|
|
6,586
|
|
1997
|
2006
|
35 years
|
Grossmont Gardens
|
La Mesa
|
CA
|
—
|
|
9,104
|
|
59,349
|
|
71
|
|
9,104
|
|
59,420
|
|
68,524
|
|
18,939
|
|
49,585
|
|
1964
|
2006
|
35 years
|
Palms, The
|
La Mirada
|
CA
|
—
|
|
2,700
|
|
43,919
|
|
—
|
|
2,700
|
|
43,919
|
|
46,619
|
|
6,243
|
|
40,376
|
|
1990
|
2013
|
35 years
|
Prestige Assisted Living at Lancaster
|
Lancaster
|
CA
|
—
|
|
718
|
|
10,459
|
|
—
|
|
718
|
|
10,459
|
|
11,177
|
|
1,077
|
|
10,100
|
|
1999
|
2014
|
35 years
|
Prestige Assisted Living at Marysville
|
Marysville
|
CA
|
—
|
|
741
|
|
7,467
|
|
—
|
|
741
|
|
7,467
|
|
8,208
|
|
772
|
|
7,436
|
|
1999
|
2014
|
35 years
|
Mountview Retirement Residence
|
Montrose
|
CA
|
—
|
|
1,089
|
|
15,449
|
|
77
|
|
1,089
|
|
15,526
|
|
16,615
|
|
4,933
|
|
11,682
|
|
1974
|
2006
|
35 years
|
Redwood Retirement
|
Napa
|
CA
|
—
|
|
2,798
|
|
12,639
|
|
—
|
|
2,798
|
|
12,639
|
|
15,437
|
|
1,836
|
|
13,601
|
|
1986
|
2013
|
35 years
|
Prestige Assisted Living at Oroville
|
Oroville
|
CA
|
—
|
|
638
|
|
8,079
|
|
—
|
|
638
|
|
8,079
|
|
8,717
|
|
833
|
|
7,884
|
|
1999
|
2014
|
35 years
|
Valencia Commons
|
Rancho Cucamonga
|
CA
|
—
|
|
1,439
|
|
36,363
|
|
—
|
|
1,439
|
|
36,363
|
|
37,802
|
|
5,154
|
|
32,648
|
|
2002
|
2013
|
35 years
|
Mission Hills
|
Rancho Mirage
|
CA
|
—
|
|
6,800
|
|
3,637
|
|
—
|
|
6,800
|
|
3,637
|
|
10,437
|
|
1,297
|
|
9,140
|
|
1999
|
2011
|
35 years
|
Shasta Estates
|
Redding
|
CA
|
—
|
|
1,180
|
|
23,463
|
|
—
|
|
1,180
|
|
23,463
|
|
24,643
|
|
3,330
|
|
21,313
|
|
2009
|
2013
|
35 years
|
The Vistas
|
Redding
|
CA
|
—
|
|
1,290
|
|
22,033
|
|
—
|
|
1,290
|
|
22,033
|
|
23,323
|
|
4,555
|
|
18,768
|
|
2007
|
2011
|
35 years
|
Elmcroft of Point Loma
|
San Diego
|
CA
|
—
|
|
2,117
|
|
6,865
|
|
—
|
|
2,117
|
|
6,865
|
|
8,982
|
|
2,190
|
|
6,792
|
|
1999
|
2006
|
35 years
|
Regency of Evergreen Valley
|
San Jose
|
CA
|
—
|
|
2,700
|
|
7,994
|
|
—
|
|
2,700
|
|
7,994
|
|
10,694
|
|
2,222
|
|
8,472
|
|
1998
|
2011
|
35 years
|
Villa del Obispo
|
San Juan Capistrano
|
CA
|
—
|
|
2,660
|
|
9,560
|
|
331
|
|
2,660
|
|
9,891
|
|
12,551
|
|
2,140
|
|
10,411
|
|
1985
|
2011
|
35 years
|
Villa Santa Barbara
|
Santa Barbara
|
CA
|
—
|
|
1,219
|
|
12,426
|
|
3,645
|
|
1,219
|
|
16,071
|
|
17,290
|
|
4,468
|
|
12,822
|
|
1977
|
2005
|
35 years
|
Skyline Place Senior Living
|
Sonora
|
CA
|
—
|
|
1,815
|
|
28,472
|
|
—
|
|
1,815
|
|
28,472
|
|
30,287
|
|
2,977
|
|
27,310
|
|
1996
|
2014
|
35 years
|
Oak Terrace Memory Care
|
Soulsbyville
|
CA
|
—
|
|
1,146
|
|
5,275
|
|
—
|
|
1,146
|
|
5,275
|
|
6,421
|
|
568
|
|
5,853
|
|
1999
|
2014
|
35 years
|
Eagle Lake Village
|
Susanville
|
CA
|
—
|
|
1,165
|
|
6,719
|
|
—
|
|
1,165
|
|
6,719
|
|
7,884
|
|
1,199
|
|
6,685
|
|
2006
|
2012
|
35 years
|
Bonaventure, The
|
Ventura
|
CA
|
—
|
|
5,294
|
|
32,747
|
|
—
|
|
5,294
|
|
32,747
|
|
38,041
|
|
4,719
|
|
33,322
|
|
2005
|
2013
|
35 years
|
Sterling Inn
|
Victorville
|
CA
|
12,558
|
|
733
|
|
18,539
|
|
—
|
|
733
|
|
18,539
|
|
19,272
|
|
499
|
|
18,773
|
|
1992
|
2017
|
35 years
|
Sterling Commons
|
Victorville
|
CA
|
5,850
|
|
768
|
|
13,124
|
|
—
|
|
768
|
|
13,124
|
|
13,892
|
|
355
|
|
13,537
|
|
1994
|
2017
|
35 years
|
Prestige Assisted Living at Visalia
|
Visalia
|
CA
|
—
|
|
1,300
|
|
8,378
|
|
—
|
|
1,300
|
|
8,378
|
|
9,678
|
|
873
|
|
8,805
|
|
1998
|
2014
|
35 years
|
Vista Village
|
Vista
|
CA
|
—
|
|
1,630
|
|
5,640
|
|
61
|
|
1,630
|
|
5,701
|
|
7,331
|
|
1,454
|
|
5,877
|
|
1980
|
2011
|
35 years
|
Rancho Vista
|
Vista
|
CA
|
—
|
|
6,730
|
|
21,828
|
|
42
|
|
6,730
|
|
21,870
|
|
28,600
|
|
6,966
|
|
21,634
|
|
1982
|
2006
|
35 years
|
Westminster Terrace
|
Westminster
|
CA
|
—
|
|
1,700
|
|
11,514
|
|
22
|
|
1,700
|
|
11,536
|
|
13,236
|
|
2,397
|
|
10,839
|
|
2001
|
2011
|
35 years
|
Highland Trail
|
Broomfield
|
CO
|
—
|
|
2,511
|
|
26,431
|
|
—
|
|
2,511
|
|
26,431
|
|
28,942
|
|
3,774
|
|
25,168
|
|
2009
|
2013
|
35 years
|
Caley Ridge
|
Englewood
|
CO
|
—
|
|
1,157
|
|
13,133
|
|
—
|
|
1,157
|
|
13,133
|
|
14,290
|
|
2,343
|
|
11,947
|
|
1999
|
2012
|
35 years
|
Garden Square at Westlake
|
Greeley
|
CO
|
—
|
|
630
|
|
8,211
|
|
—
|
|
630
|
|
8,211
|
|
8,841
|
|
1,775
|
|
7,066
|
|
1998
|
2011
|
35 years
|
Garden Square of Greeley
|
Greeley
|
CO
|
—
|
|
330
|
|
2,735
|
|
—
|
|
330
|
|
2,735
|
|
3,065
|
|
606
|
|
2,459
|
|
1995
|
2011
|
35 years
|
Lakewood Estates
|
Lakewood
|
CO
|
—
|
|
1,306
|
|
21,137
|
|
—
|
|
1,306
|
|
21,137
|
|
22,443
|
|
3,005
|
|
19,438
|
|
1988
|
2013
|
35 years
|
Sugar Valley Estates
|
Loveland
|
CO
|
—
|
|
1,255
|
|
21,837
|
|
—
|
|
1,255
|
|
21,837
|
|
23,092
|
|
3,103
|
|
19,989
|
|
2009
|
2013
|
35 years
|
Devonshire Acres
|
Sterling
|
CO
|
—
|
|
950
|
|
13,569
|
|
(2,922
|
)
|
965
|
|
10,632
|
|
11,597
|
|
2,330
|
|
9,267
|
|
1979
|
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 Hearth at Gardenside
|
Branford
|
CT
|
—
|
|
7,000
|
|
31,518
|
|
—
|
|
7,000
|
|
31,518
|
|
38,518
|
|
6,517
|
|
32,001
|
|
1999
|
2011
|
35 years
|
The Hearth at Tuxis Pond
|
Madison
|
CT
|
—
|
|
1,610
|
|
44,322
|
|
—
|
|
1,610
|
|
44,322
|
|
45,932
|
|
8,768
|
|
37,164
|
|
2002
|
2011
|
35 years
|
White Oaks
|
Manchester
|
CT
|
—
|
|
2,584
|
|
34,507
|
|
—
|
|
2,584
|
|
34,507
|
|
37,091
|
|
4,914
|
|
32,177
|
|
2007
|
2013
|
35 years
|
Willows Care Home
|
Romford
|
UK
|
—
|
|
4,695
|
|
6,983
|
|
(970
|
)
|
4,305
|
|
6,403
|
|
10,708
|
|
633
|
|
10,075
|
|
1986
|
2015
|
40 years
|
Cedars Care Home
|
Southend-on-Sea
|
UK
|
—
|
|
2,649
|
|
4,925
|
|
(628
|
)
|
2,429
|
|
4,517
|
|
6,946
|
|
460
|
|
6,486
|
|
2014
|
2015
|
40 years
|
Hampton Manor Belleview
|
Belleview
|
FL
|
—
|
|
390
|
|
8,337
|
|
—
|
|
390
|
|
8,337
|
|
8,727
|
|
1,781
|
|
6,946
|
|
1988
|
2011
|
35 years
|
Sabal House
|
Cantonment
|
FL
|
—
|
|
430
|
|
5,902
|
|
—
|
|
430
|
|
5,902
|
|
6,332
|
|
1,236
|
|
5,096
|
|
1999
|
2011
|
35 years
|
Bristol Park of Coral Springs
|
Coral Springs
|
FL
|
—
|
|
3,280
|
|
11,877
|
|
689
|
|
3,280
|
|
12,566
|
|
15,846
|
|
2,613
|
|
13,233
|
|
1999
|
2011
|
35 years
|
Stanley House
|
Defuniak Springs
|
FL
|
—
|
|
410
|
|
5,659
|
|
—
|
|
410
|
|
5,659
|
|
6,069
|
|
1,184
|
|
4,885
|
|
1999
|
2011
|
35 years
|
The Peninsula
|
Hollywood
|
FL
|
—
|
|
3,660
|
|
9,122
|
|
1,307
|
|
3,660
|
|
10,429
|
|
14,089
|
|
2,277
|
|
11,812
|
|
1972
|
2011
|
35 years
|
Elmcroft of Timberlin Parc
|
Jacksonville
|
FL
|
—
|
|
455
|
|
5,905
|
|
5
|
|
455
|
|
5,910
|
|
6,365
|
|
1,884
|
|
4,481
|
|
1998
|
2006
|
35 years
|
Forsyth House
|
Milton
|
FL
|
—
|
|
610
|
|
6,503
|
|
—
|
|
610
|
|
6,503
|
|
7,113
|
|
1,348
|
|
5,765
|
|
1999
|
2011
|
35 years
|
Princeton Village of Largo
|
Largo
|
FL
|
—
|
|
1,718
|
|
10,438
|
|
153
|
|
1,718
|
|
10,591
|
|
12,309
|
|
1,344
|
|
10,965
|
|
1992
|
2015
|
35 years
|
Barrington Terrace of Ft. Myers
|
Fort Myers
|
FL
|
—
|
|
2,105
|
|
18,190
|
|
615
|
|
2,110
|
|
18,800
|
|
20,910
|
|
2,167
|
|
18,743
|
|
2001
|
2015
|
35 years
|
Barrington Terrace of Naples
|
Naples
|
FL
|
—
|
|
2,596
|
|
18,716
|
|
571
|
|
2,608
|
|
19,275
|
|
21,883
|
|
2,188
|
|
19,695
|
|
2004
|
2015
|
35 years
|
The Carlisle Naples
|
Naples
|
FL
|
—
|
|
8,406
|
|
78,091
|
|
—
|
|
8,406
|
|
78,091
|
|
86,497
|
|
15,720
|
|
70,777
|
|
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
|
|
1,815
|
|
7,642
|
|
1996
|
2011
|
35 years
|
Hampton Manor at Deerwood
|
Ocala
|
FL
|
—
|
|
790
|
|
5,605
|
|
3,648
|
|
983
|
|
9,060
|
|
10,043
|
|
1,499
|
|
8,544
|
|
2005
|
2011
|
35 years
|
Las Palmas
|
Palm Coast
|
FL
|
—
|
|
984
|
|
30,009
|
|
—
|
|
984
|
|
30,009
|
|
30,993
|
|
4,249
|
|
26,744
|
|
2009
|
2013
|
35 years
|
Princeton Village of Palm Coast
|
Palm Coast
|
FL
|
—
|
|
1,958
|
|
24,525
|
|
42
|
|
1,958
|
|
24,567
|
|
26,525
|
|
2,578
|
|
23,947
|
|
2007
|
2015
|
35 years
|
Outlook Pointe at Pensacola
|
Pensacola
|
FL
|
—
|
|
2,230
|
|
2,362
|
|
154
|
|
2,230
|
|
2,516
|
|
4,746
|
|
790
|
|
3,956
|
|
1999
|
2011
|
35 years
|
Magnolia House
|
Quincy
|
FL
|
—
|
|
400
|
|
5,190
|
|
—
|
|
400
|
|
5,190
|
|
5,590
|
|
1,104
|
|
4,486
|
|
1999
|
2011
|
35 years
|
Outlook Pointe at Tallahassee
|
Tallahassee
|
FL
|
—
|
|
2,430
|
|
17,745
|
|
460
|
|
2,430
|
|
18,205
|
|
20,635
|
|
3,871
|
|
16,764
|
|
1999
|
2011
|
35 years
|
Magnolia Place
|
Tallahassee
|
FL
|
—
|
|
640
|
|
8,013
|
|
81
|
|
640
|
|
8,094
|
|
8,734
|
|
1,627
|
|
7,107
|
|
1999
|
2011
|
35 years
|
Bristol Park of Tamarac
|
Tamarac
|
FL
|
—
|
|
3,920
|
|
14,130
|
|
718
|
|
3,920
|
|
14,848
|
|
18,768
|
|
3,023
|
|
15,745
|
|
2000
|
2011
|
35 years
|
Elmcroft of Carrolwood
|
Tampa
|
FL
|
—
|
|
5,410
|
|
20,944
|
|
634
|
|
5,410
|
|
21,578
|
|
26,988
|
|
4,692
|
|
22,296
|
|
2001
|
2011
|
35 years
|
Arbor Terrace of Athens
|
Athens
|
GA
|
—
|
|
1,767
|
|
16,442
|
|
439
|
|
1,770
|
|
16,878
|
|
18,648
|
|
1,759
|
|
16,889
|
|
1998
|
2015
|
35 years
|
Arbor Terrace at Cascade
|
Atlanta
|
GA
|
—
|
|
3,052
|
|
9,040
|
|
662
|
|
3,057
|
|
9,697
|
|
12,754
|
|
1,440
|
|
11,314
|
|
1999
|
2015
|
35 years
|
Augusta Gardens
|
Augusta
|
GA
|
—
|
|
530
|
|
10,262
|
|
308
|
|
543
|
|
10,557
|
|
11,100
|
|
2,239
|
|
8,861
|
|
1997
|
2011
|
35 years
|
Benton House of Covington
|
Covington
|
GA
|
7,594
|
|
1,297
|
|
11,397
|
|
142
|
|
1,297
|
|
11,539
|
|
12,836
|
|
1,271
|
|
11,565
|
|
2009
|
2015
|
35 years
|
Arbor Terrace of Decatur
|
Decatur
|
GA
|
—
|
|
3,102
|
|
19,599
|
|
(1,371
|
)
|
1,292
|
|
20,038
|
|
21,330
|
|
2,053
|
|
19,277
|
|
1990
|
2015
|
35 years
|
Benton House of Douglasville
|
Douglasville
|
GA
|
—
|
|
1,697
|
|
15,542
|
|
78
|
|
1,697
|
|
15,620
|
|
17,317
|
|
1,673
|
|
15,644
|
|
2010
|
2015
|
35 years
|
Elmcroft of Martinez
|
Martinez
|
GA
|
—
|
|
408
|
|
6,764
|
|
5
|
|
408
|
|
6,769
|
|
7,177
|
|
2,029
|
|
5,148
|
|
1997
|
2007
|
35 years
|
Benton House of Newnan
|
Newnan
|
GA
|
—
|
|
1,474
|
|
17,487
|
|
157
|
|
1,474
|
|
17,644
|
|
19,118
|
|
1,839
|
|
17,279
|
|
2010
|
2015
|
35 years
|
Elmcroft of Roswell
|
Roswell
|
GA
|
—
|
|
1,867
|
|
15,835
|
|
24
|
|
1,867
|
|
15,859
|
|
17,726
|
|
1,595
|
|
16,131
|
|
1997
|
2014
|
35 years
|
Benton Village of Stockbridge
|
Stockbridge
|
GA
|
—
|
|
2,221
|
|
21,989
|
|
456
|
|
2,227
|
|
22,439
|
|
24,666
|
|
2,411
|
|
22,255
|
|
2008
|
2015
|
35 years
|
Benton House of Sugar Hill
|
Sugar Hill
|
GA
|
—
|
|
2,173
|
|
14,937
|
|
101
|
|
2,173
|
|
15,038
|
|
17,211
|
|
1,698
|
|
15,513
|
|
2010
|
2015
|
35 years
|
Mayflower Care Home
|
Northfleet
|
UK
|
—
|
|
4,330
|
|
7,519
|
|
(983
|
)
|
3,971
|
|
6,895
|
|
10,866
|
|
695
|
|
10,171
|
|
2012
|
2015
|
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
|
|||||||||
Elmcroft of Little Avenue
|
Charlotte
|
NC
|
—
|
|
250
|
|
5,077
|
|
7
|
|
250
|
|
5,084
|
|
5,334
|
|
1,620
|
|
3,714
|
|
1997
|
2006
|
35 years
|
Carillon ALF of Cramer Mountain
|
Cramerton
|
NC
|
—
|
|
530
|
|
18,225
|
|
—
|
|
530
|
|
18,225
|
|
18,755
|
|
3,710
|
|
15,045
|
|
1999
|
2011
|
35 years
|
Carillon ALF of Harrisburg
|
Harrisburg
|
NC
|
—
|
|
1,660
|
|
15,130
|
|
—
|
|
1,660
|
|
15,130
|
|
16,790
|
|
3,070
|
|
13,720
|
|
1997
|
2011
|
35 years
|
Carillon ALF of Hendersonville
|
Hendersonville
|
NC
|
—
|
|
2,210
|
|
7,372
|
|
—
|
|
2,210
|
|
7,372
|
|
9,582
|
|
1,669
|
|
7,913
|
|
2005
|
2011
|
35 years
|
Carillon ALF of Hillsborough
|
Hillsborough
|
NC
|
—
|
|
1,450
|
|
19,754
|
|
—
|
|
1,450
|
|
19,754
|
|
21,204
|
|
3,962
|
|
17,242
|
|
2005
|
2011
|
35 years
|
Willow Grove
|
Matthews
|
NC
|
—
|
|
763
|
|
27,544
|
|
—
|
|
763
|
|
27,544
|
|
28,307
|
|
3,897
|
|
24,410
|
|
2009
|
2013
|
35 years
|
Carillon ALF of Newton
|
Newton
|
NC
|
—
|
|
540
|
|
14,935
|
|
—
|
|
540
|
|
14,935
|
|
15,475
|
|
3,021
|
|
12,454
|
|
2000
|
2011
|
35 years
|
Independence Village of Olde Raleigh
|
Raleigh
|
NC
|
—
|
|
1,989
|
|
18,648
|
|
—
|
|
1,989
|
|
18,648
|
|
20,637
|
|
3,201
|
|
17,436
|
|
1991
|
2012
|
35 years
|
Elmcroft of Northridge
|
Raleigh
|
NC
|
—
|
|
184
|
|
3,592
|
|
16
|
|
184
|
|
3,608
|
|
3,792
|
|
1,147
|
|
2,645
|
|
1984
|
2006
|
35 years
|
Carillon ALF of Salisbury
|
Salisbury
|
NC
|
—
|
|
1,580
|
|
25,026
|
|
—
|
|
1,580
|
|
25,026
|
|
26,606
|
|
4,973
|
|
21,633
|
|
1999
|
2011
|
35 years
|
Carillon ALF of Shelby
|
Shelby
|
NC
|
—
|
|
660
|
|
15,471
|
|
—
|
|
660
|
|
15,471
|
|
16,131
|
|
3,140
|
|
12,991
|
|
2000
|
2011
|
35 years
|
Elmcroft of Southern Pines
|
Southern Pines
|
NC
|
—
|
|
1,196
|
|
10,766
|
|
14
|
|
1,196
|
|
10,780
|
|
11,976
|
|
2,385
|
|
9,591
|
|
1998
|
2010
|
35 years
|
Carillon ALF of Southport
|
Southport
|
NC
|
—
|
|
1,330
|
|
10,356
|
|
—
|
|
1,330
|
|
10,356
|
|
11,686
|
|
2,223
|
|
9,463
|
|
2005
|
2011
|
35 years
|
Primrose Bismarck
|
Bismarck
|
ND
|
—
|
|
1,210
|
|
9,768
|
|
255
|
|
1,210
|
|
10,023
|
|
11,233
|
|
2,041
|
|
9,192
|
|
1994
|
2011
|
35 years
|
Wellington ALF - Minot ND
|
Minot
|
ND
|
—
|
|
3,241
|
|
9,509
|
|
—
|
|
3,241
|
|
9,509
|
|
12,750
|
|
1,462
|
|
11,288
|
|
2005
|
2015
|
35 years
|
Crown Pointe
|
Omaha
|
NE
|
—
|
|
1,316
|
|
11,950
|
|
1,700
|
|
1,316
|
|
13,650
|
|
14,966
|
|
4,318
|
|
10,648
|
|
1985
|
2005
|
35 years
|
Birch Heights
|
Derry
|
NH
|
—
|
|
1,413
|
|
30,267
|
|
—
|
|
1,413
|
|
30,267
|
|
31,680
|
|
4,294
|
|
27,386
|
|
2009
|
2013
|
35 years
|
Bear Canyon Estates
|
Albuquerque
|
NM
|
—
|
|
1,879
|
|
36,223
|
|
—
|
|
1,879
|
|
36,223
|
|
38,102
|
|
5,142
|
|
32,960
|
|
1997
|
2013
|
35 years
|
The Woodmark at Uptown
|
Albuquerque
|
NM
|
—
|
|
2,439
|
|
33,276
|
|
451
|
|
2,451
|
|
33,715
|
|
36,166
|
|
3,404
|
|
32,762
|
|
2000
|
2015
|
35 years
|
Elmcroft of Quintessence
|
Albuquerque
|
NM
|
—
|
|
1,150
|
|
26,527
|
|
426
|
|
1,165
|
|
26,938
|
|
28,103
|
|
5,483
|
|
22,620
|
|
1998
|
2011
|
35 years
|
Prestige Assisted Living at Mira Loma
|
Henderson
|
NV
|
—
|
|
1,279
|
|
12,558
|
|
—
|
|
1,279
|
|
12,558
|
|
13,837
|
|
739
|
|
13,098
|
|
1998
|
2016
|
35 years
|
The Amberleigh
|
Buffalo
|
NY
|
—
|
|
3,498
|
|
19,097
|
|
5,836
|
|
3,498
|
|
24,933
|
|
28,431
|
|
7,058
|
|
21,373
|
|
1988
|
2005
|
35 years
|
The Hearth at Castle Gardens
|
Vestal
|
NY
|
—
|
|
1,830
|
|
20,312
|
|
2,230
|
|
1,885
|
|
22,487
|
|
24,372
|
|
5,685
|
|
18,687
|
|
1994
|
2011
|
35 years
|
Elmcroft of Lima
|
Lima
|
OH
|
—
|
|
490
|
|
3,368
|
|
11
|
|
490
|
|
3,379
|
|
3,869
|
|
1,075
|
|
2,794
|
|
1998
|
2006
|
35 years
|
Elmcroft of Ontario
|
Mansfield
|
OH
|
—
|
|
523
|
|
7,968
|
|
12
|
|
523
|
|
7,980
|
|
8,503
|
|
2,543
|
|
5,960
|
|
1998
|
2006
|
35 years
|
Elmcroft of Medina
|
Medina
|
OH
|
—
|
|
661
|
|
9,788
|
|
7
|
|
661
|
|
9,795
|
|
10,456
|
|
3,123
|
|
7,333
|
|
1999
|
2006
|
35 years
|
Elmcroft of Washington Township
|
Miamisburg
|
OH
|
—
|
|
1,235
|
|
12,611
|
|
6
|
|
1,235
|
|
12,617
|
|
13,852
|
|
4,024
|
|
9,828
|
|
1998
|
2006
|
35 years
|
Elmcroft of Sagamore Hills
|
Sagamore Hills
|
OH
|
—
|
|
980
|
|
12,604
|
|
29
|
|
980
|
|
12,633
|
|
13,613
|
|
4,023
|
|
9,590
|
|
2000
|
2006
|
35 years
|
Elmcroft of Lorain
|
Vermilion
|
OH
|
—
|
|
500
|
|
15,461
|
|
532
|
|
557
|
|
15,936
|
|
16,493
|
|
3,562
|
|
12,931
|
|
2000
|
2011
|
35 years
|
Gardens at Westlake Senior Living
|
Westlake
|
OH
|
—
|
|
2,401
|
|
20,640
|
|
128
|
|
2,401
|
|
20,768
|
|
23,169
|
|
2,352
|
|
20,817
|
|
1987
|
2015
|
35 years
|
Elmcroft of Xenia
|
Xenia
|
OH
|
—
|
|
653
|
|
2,801
|
|
1
|
|
653
|
|
2,802
|
|
3,455
|
|
894
|
|
2,561
|
|
1999
|
2006
|
35 years
|
Arbor House of Mustang
|
Mustang
|
OK
|
—
|
|
372
|
|
3,587
|
|
—
|
|
372
|
|
3,587
|
|
3,959
|
|
600
|
|
3,359
|
|
1999
|
2012
|
35 years
|
Arbor House of Norman
|
Norman
|
OK
|
—
|
|
444
|
|
7,525
|
|
—
|
|
444
|
|
7,525
|
|
7,969
|
|
1,252
|
|
6,717
|
|
2000
|
2012
|
35 years
|
Arbor House Reminisce Center
|
Norman
|
OK
|
—
|
|
438
|
|
3,028
|
|
—
|
|
438
|
|
3,028
|
|
3,466
|
|
509
|
|
2,957
|
|
2004
|
2012
|
35 years
|
Arbor House of Midwest City
|
Oklahoma City
|
OK
|
—
|
|
544
|
|
9,133
|
|
—
|
|
544
|
|
9,133
|
|
9,677
|
|
1,519
|
|
8,158
|
|
2004
|
2012
|
35 years
|
Mansion at Waterford
|
Oklahoma City
|
OK
|
—
|
|
2,077
|
|
14,184
|
|
—
|
|
2,077
|
|
14,184
|
|
16,261
|
|
2,531
|
|
13,730
|
|
1999
|
2012
|
35 years
|
Meadowbrook Place
|
Baker City
|
OR
|
—
|
|
1,430
|
|
5,311
|
|
—
|
|
1,430
|
|
5,311
|
|
6,741
|
|
566
|
|
6,175
|
|
1965
|
2014
|
35 years
|
Edgewood Downs
|
Beaverton
|
OR
|
—
|
|
2,356
|
|
15,476
|
|
—
|
|
2,356
|
|
15,476
|
|
17,832
|
|
2,227
|
|
15,605
|
|
1978
|
2013
|
35 years
|
Princeton Village Assisted Living
|
Clackamas
|
OR
|
2,691
|
|
1,126
|
|
10,283
|
|
56
|
|
1,126
|
|
10,339
|
|
11,465
|
|
1,137
|
|
10,328
|
|
1999
|
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
|
|||||||||
Bayside Terrace Assisted Living
|
Coos Bay
|
OR
|
—
|
|
498
|
|
2,795
|
|
423
|
|
498
|
|
3,218
|
|
3,716
|
|
317
|
|
3,399
|
|
2006
|
2015
|
35 years
|
Ocean Ridge Assisted Living
|
Coos Bay
|
OR
|
—
|
|
2,681
|
|
10,941
|
|
(94
|
)
|
2,681
|
|
10,847
|
|
13,528
|
|
1,414
|
|
12,114
|
|
2006
|
2015
|
35 years
|
Avamere at Hillsboro
|
Hillsboro
|
OR
|
—
|
|
4,400
|
|
8,353
|
|
1,209
|
|
4,400
|
|
9,562
|
|
13,962
|
|
2,232
|
|
11,730
|
|
2000
|
2011
|
35 years
|
The Springs at Tanasbourne
|
Hillsboro
|
OR
|
33,282
|
|
4,689
|
|
55,035
|
|
—
|
|
4,689
|
|
55,035
|
|
59,724
|
|
9,933
|
|
49,791
|
|
2009
|
2013
|
35 years
|
The Arbor at Avamere Court
|
Keizer
|
OR
|
—
|
|
922
|
|
6,460
|
|
108
|
|
1,135
|
|
6,355
|
|
7,490
|
|
808
|
|
6,682
|
|
2012
|
2014
|
35 years
|
Pelican Pointe
|
Klamath Falls
|
OR
|
11,614
|
|
943
|
|
26,237
|
|
113
|
|
943
|
|
26,350
|
|
27,293
|
|
2,691
|
|
24,602
|
|
2011
|
2015
|
35 years
|
The Stafford
|
Lake Oswego
|
OR
|
—
|
|
1,800
|
|
16,122
|
|
644
|
|
1,806
|
|
16,760
|
|
18,566
|
|
3,542
|
|
15,024
|
|
2008
|
2011
|
35 years
|
The Springs at Clackamas Woods
|
Milwaukie
|
OR
|
14,755
|
|
1,264
|
|
22,429
|
|
—
|
|
1,264
|
|
22,429
|
|
23,693
|
|
3,944
|
|
19,749
|
|
1999
|
2012
|
35 years
|
Clackamas Woods Assisted Living
|
Milwaukie
|
OR
|
7,945
|
|
681
|
|
12,077
|
|
—
|
|
681
|
|
12,077
|
|
12,758
|
|
2,123
|
|
10,635
|
|
1999
|
2012
|
35 years
|
Pheasant Pointe Assisted Living
|
Molalla
|
OR
|
—
|
|
904
|
|
7,433
|
|
(107
|
)
|
904
|
|
7,326
|
|
8,230
|
|
701
|
|
7,529
|
|
1998
|
2015
|
35 years
|
Avamere at Newberg
|
Newberg
|
OR
|
—
|
|
1,320
|
|
4,664
|
|
588
|
|
1,342
|
|
5,230
|
|
6,572
|
|
1,323
|
|
5,249
|
|
1999
|
2011
|
35 years
|
Avamere Living at Berry Park
|
Oregon City
|
OR
|
—
|
|
1,910
|
|
4,249
|
|
2,298
|
|
1,910
|
|
6,547
|
|
8,457
|
|
1,666
|
|
6,791
|
|
1972
|
2011
|
35 years
|
McLoughlin Place Senior Living
|
Oregon City
|
OR
|
—
|
|
2,418
|
|
26,819
|
|
—
|
|
2,418
|
|
26,819
|
|
29,237
|
|
2,822
|
|
26,415
|
|
1997
|
2014
|
35 years
|
Avamere at Bethany
|
Portland
|
OR
|
—
|
|
3,150
|
|
16,740
|
|
227
|
|
3,150
|
|
16,967
|
|
20,117
|
|
3,605
|
|
16,512
|
|
2002
|
2011
|
35 years
|
Cedar Village Assisted Living
|
Salem
|
OR
|
—
|
|
868
|
|
12,652
|
|
—
|
|
868
|
|
12,652
|
|
13,520
|
|
1,115
|
|
12,405
|
|
1999
|
2015
|
35 years
|
Redwood Heights Assisted Living
|
Salem
|
OR
|
—
|
|
1,513
|
|
16,774
|
|
(175
|
)
|
1,513
|
|
16,599
|
|
18,112
|
|
1,513
|
|
16,599
|
|
1999
|
2015
|
35 years
|
Avamere at Sandy
|
Sandy
|
OR
|
—
|
|
1,000
|
|
7,309
|
|
276
|
|
1,000
|
|
7,585
|
|
8,585
|
|
1,760
|
|
6,825
|
|
1999
|
2011
|
35 years
|
Suzanne Elise ALF
|
Seaside
|
OR
|
—
|
|
1,940
|
|
4,027
|
|
66
|
|
1,940
|
|
4,093
|
|
6,033
|
|
1,160
|
|
4,873
|
|
1998
|
2011
|
35 years
|
Necanicum Village
|
Seaside
|
OR
|
—
|
|
2,212
|
|
7,311
|
|
52
|
|
2,212
|
|
7,363
|
|
9,575
|
|
767
|
|
8,808
|
|
2001
|
2015
|
35 years
|
Avamere at Sherwood
|
Sherwood
|
OR
|
—
|
|
1,010
|
|
7,051
|
|
259
|
|
1,010
|
|
7,310
|
|
8,320
|
|
1,707
|
|
6,613
|
|
2000
|
2011
|
35 years
|
Chateau Gardens
|
Springfield
|
OR
|
—
|
|
1,550
|
|
4,197
|
|
—
|
|
1,550
|
|
4,197
|
|
5,747
|
|
875
|
|
4,872
|
|
1991
|
2011
|
35 years
|
Avamere at St Helens
|
St. Helens
|
OR
|
—
|
|
1,410
|
|
10,496
|
|
488
|
|
1,410
|
|
10,984
|
|
12,394
|
|
2,428
|
|
9,966
|
|
2000
|
2011
|
35 years
|
Flagstone Senior Living
|
The Dalles
|
OR
|
—
|
|
1,631
|
|
17,786
|
|
—
|
|
1,631
|
|
17,786
|
|
19,417
|
|
1,867
|
|
17,550
|
|
1991
|
2014
|
35 years
|
Elmcroft of Allison Park
|
Allison Park
|
PA
|
—
|
|
1,171
|
|
5,686
|
|
8
|
|
1,171
|
|
5,694
|
|
6,865
|
|
1,814
|
|
5,051
|
|
1986
|
2006
|
35 years
|
Elmcroft of Chippewa
|
Beaver Falls
|
PA
|
—
|
|
1,394
|
|
8,586
|
|
5
|
|
1,394
|
|
8,591
|
|
9,985
|
|
2,740
|
|
7,245
|
|
1998
|
2006
|
35 years
|
Elmcroft of Berwick
|
Berwick
|
PA
|
—
|
|
111
|
|
6,741
|
|
4
|
|
111
|
|
6,745
|
|
6,856
|
|
2,151
|
|
4,705
|
|
1998
|
2006
|
35 years
|
Outlook Pointe at Lakemont
|
Bridgeville
|
PA
|
—
|
|
1,660
|
|
12,624
|
|
205
|
|
1,660
|
|
12,829
|
|
14,489
|
|
2,787
|
|
11,702
|
|
1999
|
2011
|
35 years
|
Elmcroft of Dillsburg
|
Dillsburg
|
PA
|
—
|
|
432
|
|
7,797
|
|
—
|
|
432
|
|
7,797
|
|
8,229
|
|
2,488
|
|
5,741
|
|
1998
|
2006
|
35 years
|
Elmcroft of Altoona
|
Duncansville
|
PA
|
—
|
|
331
|
|
4,729
|
|
4
|
|
331
|
|
4,733
|
|
5,064
|
|
1,509
|
|
3,555
|
|
1997
|
2006
|
35 years
|
Elmcroft of Lebanon
|
Lebanon
|
PA
|
—
|
|
240
|
|
7,336
|
|
4
|
|
240
|
|
7,340
|
|
7,580
|
|
2,341
|
|
5,239
|
|
1999
|
2006
|
35 years
|
Elmcroft of Lewisburg
|
Lewisburg
|
PA
|
—
|
|
232
|
|
5,666
|
|
—
|
|
232
|
|
5,666
|
|
5,898
|
|
1,808
|
|
4,090
|
|
1999
|
2006
|
35 years
|
Lehigh Commons
|
Macungie
|
PA
|
—
|
|
420
|
|
4,406
|
|
450
|
|
420
|
|
4,856
|
|
5,276
|
|
2,504
|
|
2,772
|
|
1997
|
2004
|
30 years
|
Elmcroft of Loyalsock
|
Montoursville
|
PA
|
—
|
|
413
|
|
3,412
|
|
—
|
|
413
|
|
3,412
|
|
3,825
|
|
1,089
|
|
2,736
|
|
1999
|
2006
|
35 years
|
Highgate at Paoli Pointe
|
Paoli
|
PA
|
—
|
|
1,151
|
|
9,079
|
|
—
|
|
1,151
|
|
9,079
|
|
10,230
|
|
4,344
|
|
5,886
|
|
1997
|
2004
|
30 years
|
Elmcroft of Mid Valley
|
Peckville
|
PA
|
—
|
|
619
|
|
11,662
|
|
3
|
|
619
|
|
11,665
|
|
12,284
|
|
1,163
|
|
11,121
|
|
1998
|
2014
|
35 years
|
Sanatoga Court
|
Pottstown
|
PA
|
—
|
|
360
|
|
3,233
|
|
—
|
|
360
|
|
3,233
|
|
3,593
|
|
1,604
|
|
1,989
|
|
1997
|
2004
|
30 years
|
Berkshire Commons
|
Reading
|
PA
|
—
|
|
470
|
|
4,301
|
|
—
|
|
470
|
|
4,301
|
|
4,771
|
|
2,132
|
|
2,639
|
|
1997
|
2004
|
30 years
|
Mifflin Court
|
Reading
|
PA
|
—
|
|
689
|
|
4,265
|
|
351
|
|
689
|
|
4,616
|
|
5,305
|
|
2,048
|
|
3,257
|
|
1997
|
2004
|
35 years
|
Elmcroft of Reading
|
Reading
|
PA
|
—
|
|
638
|
|
4,942
|
|
3
|
|
638
|
|
4,945
|
|
5,583
|
|
1,577
|
|
4,006
|
|
1998
|
2006
|
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 Reedsville
|
Reedsville
|
PA
|
—
|
|
189
|
|
5,170
|
|
8
|
|
189
|
|
5,178
|
|
5,367
|
|
1,650
|
|
3,717
|
|
1998
|
2006
|
35 years
|
Elmcroft of Saxonburg
|
Saxonburg
|
PA
|
—
|
|
770
|
|
5,949
|
|
17
|
|
770
|
|
5,966
|
|
6,736
|
|
1,899
|
|
4,837
|
|
1994
|
2006
|
35 years
|
Elmcroft of Shippensburg
|
Shippensburg
|
PA
|
—
|
|
203
|
|
7,634
|
|
—
|
|
203
|
|
7,634
|
|
7,837
|
|
2,436
|
|
5,401
|
|
1999
|
2006
|
35 years
|
Elmcroft of State College
|
State College
|
PA
|
—
|
|
320
|
|
7,407
|
|
6
|
|
320
|
|
7,413
|
|
7,733
|
|
2,364
|
|
5,369
|
|
1997
|
2006
|
35 years
|
Outlook Pointe at York
|
York
|
PA
|
—
|
|
1,260
|
|
6,923
|
|
216
|
|
1,260
|
|
7,139
|
|
8,399
|
|
1,523
|
|
6,876
|
|
1999
|
2011
|
35 years
|
The Garden House
|
Anderson
|
SC
|
7,566
|
|
969
|
|
15,613
|
|
85
|
|
969
|
|
15,698
|
|
16,667
|
|
1,705
|
|
14,962
|
|
2000
|
2015
|
35 years
|
Forest Pines
|
Columbia
|
SC
|
—
|
|
1,058
|
|
27,471
|
|
—
|
|
1,058
|
|
27,471
|
|
28,529
|
|
3,893
|
|
24,636
|
|
1998
|
2013
|
35 years
|
Elmcroft of Florence SC
|
Florence
|
SC
|
—
|
|
108
|
|
7,620
|
|
230
|
|
108
|
|
7,850
|
|
7,958
|
|
2,441
|
|
5,517
|
|
1998
|
2006
|
35 years
|
Primrose Aberdeen
|
Aberdeen
|
SD
|
—
|
|
850
|
|
659
|
|
235
|
|
850
|
|
894
|
|
1,744
|
|
339
|
|
1,405
|
|
1991
|
2011
|
35 years
|
Primrose Place
|
Aberdeen
|
SD
|
—
|
|
310
|
|
3,242
|
|
53
|
|
310
|
|
3,295
|
|
3,605
|
|
701
|
|
2,904
|
|
2000
|
2011
|
35 years
|
Primrose Rapid City
|
Rapid City
|
SD
|
—
|
|
860
|
|
8,722
|
|
88
|
|
860
|
|
8,810
|
|
9,670
|
|
1,880
|
|
7,790
|
|
1997
|
2011
|
35 years
|
Primrose Sioux Falls
|
Sioux Falls
|
SD
|
—
|
|
2,180
|
|
12,936
|
|
315
|
|
2,180
|
|
13,251
|
|
15,431
|
|
2,848
|
|
12,583
|
|
2002
|
2011
|
35 years
|
Ashridge Court
|
Bexhill-on-Sea
|
UK
|
—
|
|
2,274
|
|
4,791
|
|
(587
|
)
|
2,085
|
|
4,393
|
|
6,478
|
|
506
|
|
5,972
|
|
2010
|
2015
|
40 years
|
Inglewood Nursing Home
|
Eastbourne
|
UK
|
—
|
|
1,908
|
|
3,021
|
|
(409
|
)
|
1,750
|
|
2,770
|
|
4,520
|
|
368
|
|
4,152
|
|
2010
|
2015
|
40 years
|
Pentlow Nursing Home
|
Eastbourne
|
UK
|
—
|
|
1,964
|
|
2,462
|
|
(367
|
)
|
1,801
|
|
2,258
|
|
4,059
|
|
318
|
|
3,741
|
|
2007
|
2015
|
40 years
|
Outlook Pointe of Bristol
|
Bristol
|
TN
|
—
|
|
470
|
|
16,006
|
|
315
|
|
470
|
|
16,321
|
|
16,791
|
|
3,222
|
|
13,569
|
|
1999
|
2011
|
35 years
|
Elmcroft of Hamilton Place
|
Chattanooga
|
TN
|
—
|
|
87
|
|
4,248
|
|
9
|
|
87
|
|
4,257
|
|
4,344
|
|
1,356
|
|
2,988
|
|
1998
|
2006
|
35 years
|
Elmcroft of Shallowford
|
Chattanooga
|
TN
|
—
|
|
580
|
|
7,568
|
|
523
|
|
582
|
|
8,089
|
|
8,671
|
|
2,047
|
|
6,624
|
|
1999
|
2011
|
35 years
|
Elmcroft of Hendersonville
|
Hendersonville
|
TN
|
—
|
|
600
|
|
5,304
|
|
52
|
|
600
|
|
5,356
|
|
5,956
|
|
536
|
|
5,420
|
|
1999
|
2014
|
35 years
|
Regency House
|
Hixson
|
TN
|
—
|
|
140
|
|
6,611
|
|
—
|
|
140
|
|
6,611
|
|
6,751
|
|
1,379
|
|
5,372
|
|
2000
|
2011
|
35 years
|
Elmcroft of Jackson
|
Jackson
|
TN
|
—
|
|
768
|
|
16,840
|
|
8
|
|
768
|
|
16,848
|
|
17,616
|
|
1,679
|
|
15,937
|
|
1998
|
2014
|
35 years
|
Outlook Pointe at Johnson City
|
Johnson City
|
TN
|
—
|
|
590
|
|
10,043
|
|
400
|
|
590
|
|
10,443
|
|
11,033
|
|
2,075
|
|
8,958
|
|
1999
|
2011
|
35 years
|
Elmcroft of Kingsport
|
Kingsport
|
TN
|
—
|
|
22
|
|
7,815
|
|
7
|
|
22
|
|
7,822
|
|
7,844
|
|
2,494
|
|
5,350
|
|
2000
|
2006
|
35 years
|
Arbor Terrace of Knoxville
|
Knoxville
|
TN
|
—
|
|
590
|
|
15,862
|
|
533
|
|
590
|
|
16,395
|
|
16,985
|
|
1,778
|
|
15,207
|
|
1997
|
2015
|
35 years
|
Elmcroft of Halls
|
Knoxville
|
TN
|
—
|
|
387
|
|
4,948
|
|
10
|
|
387
|
|
4,958
|
|
5,345
|
|
496
|
|
4,849
|
|
1998
|
2014
|
35 years
|
Elmcroft of West Knoxville
|
Knoxville
|
TN
|
—
|
|
439
|
|
10,697
|
|
26
|
|
439
|
|
10,723
|
|
11,162
|
|
3,414
|
|
7,748
|
|
2000
|
2006
|
35 years
|
Elmcroft of Lebanon
|
Lebanon
|
TN
|
—
|
|
180
|
|
7,086
|
|
391
|
|
180
|
|
7,477
|
|
7,657
|
|
2,277
|
|
5,380
|
|
2000
|
2006
|
35 years
|
Elmcroft of Bartlett
|
Memphis
|
TN
|
—
|
|
570
|
|
25,552
|
|
377
|
|
570
|
|
25,929
|
|
26,499
|
|
5,302
|
|
21,197
|
|
1999
|
2011
|
35 years
|
Kennington Place
|
Memphis
|
TN
|
—
|
|
1,820
|
|
4,748
|
|
815
|
|
1,820
|
|
5,563
|
|
7,383
|
|
1,895
|
|
5,488
|
|
1989
|
2011
|
35 years
|
The Glenmary
|
Memphis
|
TN
|
—
|
|
510
|
|
5,860
|
|
477
|
|
510
|
|
6,337
|
|
6,847
|
|
1,692
|
|
5,155
|
|
1964
|
2011
|
35 years
|
Outlook Pointe at Murfreesboro
|
Murfreesboro
|
TN
|
—
|
|
940
|
|
8,030
|
|
316
|
|
940
|
|
8,346
|
|
9,286
|
|
1,724
|
|
7,562
|
|
1999
|
2011
|
35 years
|
Elmcroft of Brentwood
|
Nashville
|
TN
|
—
|
|
960
|
|
22,020
|
|
654
|
|
960
|
|
22,674
|
|
23,634
|
|
4,862
|
|
18,772
|
|
1998
|
2011
|
35 years
|
Elmcroft of Arlington
|
Arlington
|
TX
|
—
|
|
2,650
|
|
14,060
|
|
539
|
|
2,650
|
|
14,599
|
|
17,249
|
|
3,304
|
|
13,945
|
|
1998
|
2011
|
35 years
|
Meadowbrook ALZ
|
Arlington
|
TX
|
—
|
|
755
|
|
4,677
|
|
940
|
|
755
|
|
5,617
|
|
6,372
|
|
922
|
|
5,450
|
|
2012
|
2012
|
35 years
|
Elmcroft of Austin
|
Austin
|
TX
|
—
|
|
2,770
|
|
25,820
|
|
610
|
|
2,770
|
|
26,430
|
|
29,200
|
|
5,536
|
|
23,664
|
|
2000
|
2011
|
35 years
|
Elmcroft of Bedford
|
Bedford
|
TX
|
—
|
|
770
|
|
19,691
|
|
699
|
|
770
|
|
20,390
|
|
21,160
|
|
4,351
|
|
16,809
|
|
1999
|
2011
|
35 years
|
Highland Estates
|
Cedar Park
|
TX
|
—
|
|
1,679
|
|
28,943
|
|
—
|
|
1,679
|
|
28,943
|
|
30,622
|
|
4,112
|
|
26,510
|
|
2009
|
2013
|
35 years
|
Elmcroft of Rivershire
|
Conroe
|
TX
|
—
|
|
860
|
|
32,671
|
|
714
|
|
860
|
|
33,385
|
|
34,245
|
|
6,892
|
|
27,353
|
|
1997
|
2011
|
35 years
|
Flower Mound
|
Flower Mound
|
TX
|
—
|
|
900
|
|
5,512
|
|
—
|
|
900
|
|
5,512
|
|
6,412
|
|
1,170
|
|
5,242
|
|
1995
|
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 Granbury
|
Granbury
|
TX
|
—
|
|
390
|
|
8,186
|
|
—
|
|
390
|
|
8,186
|
|
8,576
|
|
1,359
|
|
7,217
|
|
2007
|
2012
|
35 years
|
Copperfield Estates
|
Houston
|
TX
|
—
|
|
1,216
|
|
21,135
|
|
—
|
|
1,216
|
|
21,135
|
|
22,351
|
|
3,003
|
|
19,348
|
|
2009
|
2013
|
35 years
|
Elmcroft of Braeswood
|
Houston
|
TX
|
—
|
|
3,970
|
|
15,919
|
|
646
|
|
3,970
|
|
16,565
|
|
20,535
|
|
3,707
|
|
16,828
|
|
1999
|
2011
|
35 years
|
Elmcroft of Cy-Fair
|
Houston
|
TX
|
—
|
|
1,580
|
|
21,801
|
|
437
|
|
1,593
|
|
22,225
|
|
23,818
|
|
4,653
|
|
19,165
|
|
1998
|
2011
|
35 years
|
Elmcroft of Irving
|
Irving
|
TX
|
—
|
|
1,620
|
|
18,755
|
|
469
|
|
1,620
|
|
19,224
|
|
20,844
|
|
4,119
|
|
16,725
|
|
1999
|
2011
|
35 years
|
Whitley Place
|
Keller
|
TX
|
—
|
|
—
|
|
5,100
|
|
773
|
|
—
|
|
5,873
|
|
5,873
|
|
1,452
|
|
4,421
|
|
1998
|
2008
|
35 years
|
Elmcroft of Lake Jackson
|
Lake Jackson
|
TX
|
—
|
|
710
|
|
14,765
|
|
443
|
|
710
|
|
15,208
|
|
15,918
|
|
3,316
|
|
12,602
|
|
1998
|
2011
|
35 years
|
Arbor House Lewisville
|
Lewisville
|
TX
|
—
|
|
824
|
|
10,308
|
|
—
|
|
824
|
|
10,308
|
|
11,132
|
|
1,719
|
|
9,413
|
|
2007
|
2012
|
35 years
|
Elmcroft of Vista Ridge
|
Lewisville
|
TX
|
—
|
|
6,280
|
|
10,548
|
|
(12,221
|
)
|
1,921
|
|
2,686
|
|
4,607
|
|
2,150
|
|
2,457
|
|
1998
|
2011
|
35 years
|
Polo Park Estates
|
Midland
|
TX
|
—
|
|
765
|
|
29,447
|
|
—
|
|
765
|
|
29,447
|
|
30,212
|
|
4,166
|
|
26,046
|
|
1996
|
2013
|
35 years
|
Arbor Hills Memory Care Community
|
Plano
|
TX
|
—
|
|
1,014
|
|
5,719
|
|
—
|
|
1,014
|
|
5,719
|
|
6,733
|
|
858
|
|
5,875
|
|
2013
|
2013
|
35 years
|
Arbor House of Rockwall
|
Rockwall
|
TX
|
—
|
|
1,537
|
|
12,883
|
|
—
|
|
1,537
|
|
12,883
|
|
14,420
|
|
2,160
|
|
12,260
|
|
2009
|
2012
|
35 years
|
Elmcroft of Windcrest
|
San Antonio
|
TX
|
—
|
|
920
|
|
13,011
|
|
586
|
|
920
|
|
13,597
|
|
14,517
|
|
3,113
|
|
11,404
|
|
1999
|
2011
|
35 years
|
Paradise Springs
|
Spring
|
TX
|
—
|
|
1,488
|
|
24,556
|
|
—
|
|
1,488
|
|
24,556
|
|
26,044
|
|
3,490
|
|
22,554
|
|
2008
|
2013
|
35 years
|
Arbor House of Temple
|
Temple
|
TX
|
—
|
|
473
|
|
6,750
|
|
—
|
|
473
|
|
6,750
|
|
7,223
|
|
1,124
|
|
6,099
|
|
2008
|
2012
|
35 years
|
Elmcroft of Cottonwood
|
Temple
|
TX
|
—
|
|
630
|
|
17,515
|
|
439
|
|
630
|
|
17,954
|
|
18,584
|
|
3,810
|
|
14,774
|
|
1997
|
2011
|
35 years
|
Elmcroft of Mainland
|
Texas City
|
TX
|
—
|
|
520
|
|
14,849
|
|
547
|
|
520
|
|
15,396
|
|
15,916
|
|
3,355
|
|
12,561
|
|
1996
|
2011
|
35 years
|
Elmcroft of Victoria
|
Victoria
|
TX
|
—
|
|
440
|
|
13,040
|
|
445
|
|
440
|
|
13,485
|
|
13,925
|
|
2,959
|
|
10,966
|
|
1997
|
2011
|
35 years
|
Arbor House of Weatherford
|
Weatherford
|
TX
|
—
|
|
233
|
|
3,347
|
|
—
|
|
233
|
|
3,347
|
|
3,580
|
|
557
|
|
3,023
|
|
1994
|
2012
|
35 years
|
Elmcroft of Wharton
|
Wharton
|
TX
|
—
|
|
320
|
|
13,799
|
|
674
|
|
320
|
|
14,473
|
|
14,793
|
|
3,254
|
|
11,539
|
|
1996
|
2011
|
35 years
|
Mountain Ridge
|
South Ogden
|
UT
|
11,218
|
|
1,243
|
|
24,659
|
|
—
|
|
1,243
|
|
24,659
|
|
25,902
|
|
2,516
|
|
23,386
|
|
2001
|
2014
|
35 years
|
Elmcroft of Chesterfield
|
Richmond
|
VA
|
—
|
|
829
|
|
6,534
|
|
8
|
|
829
|
|
6,542
|
|
7,371
|
|
2,085
|
|
5,286
|
|
1999
|
2006
|
35 years
|
Pheasant Ridge
|
Roanoke
|
VA
|
—
|
|
1,813
|
|
9,027
|
|
—
|
|
1,813
|
|
9,027
|
|
10,840
|
|
1,611
|
|
9,229
|
|
1999
|
2012
|
35 years
|
Cascade Valley Senior Living
|
Arlington
|
WA
|
—
|
|
1,413
|
|
6,294
|
|
—
|
|
1,413
|
|
6,294
|
|
7,707
|
|
651
|
|
7,056
|
|
1995
|
2014
|
35 years
|
The Bellingham at Orchard
|
Bellingham
|
WA
|
—
|
|
3,383
|
|
17,553
|
|
(81
|
)
|
3,381
|
|
17,474
|
|
20,855
|
|
1,516
|
|
19,339
|
|
1999
|
2015
|
35 years
|
Bay Pointe Retirement
|
Bremerton
|
WA
|
—
|
|
2,114
|
|
21,006
|
|
360
|
|
2,114
|
|
21,366
|
|
23,480
|
|
2,161
|
|
21,319
|
|
1999
|
2015
|
35 years
|
Cooks Hill Manor
|
Centralia
|
WA
|
—
|
|
520
|
|
6,144
|
|
35
|
|
520
|
|
6,179
|
|
6,699
|
|
1,385
|
|
5,314
|
|
1993
|
2011
|
35 years
|
Edmonds Landing
|
Edmonds
|
WA
|
—
|
|
4,273
|
|
27,852
|
|
(218
|
)
|
4,273
|
|
27,634
|
|
31,907
|
|
2,310
|
|
29,597
|
|
2001
|
2015
|
35 years
|
The Terrace at Beverly Lake
|
Everett
|
WA
|
—
|
|
1,515
|
|
12,520
|
|
(25
|
)
|
1,514
|
|
12,496
|
|
14,010
|
|
1,069
|
|
12,941
|
|
1998
|
2015
|
35 years
|
The Sequoia
|
Olympia
|
WA
|
—
|
|
1,490
|
|
13,724
|
|
108
|
|
1,490
|
|
13,832
|
|
15,322
|
|
2,931
|
|
12,391
|
|
1995
|
2011
|
35 years
|
Bishop Place Senior Living
|
Pullman
|
WA
|
—
|
|
1,780
|
|
33,608
|
|
—
|
|
1,780
|
|
33,608
|
|
35,388
|
|
3,415
|
|
31,973
|
|
1998
|
2014
|
35 years
|
Willow Gardens
|
Puyallup
|
WA
|
—
|
|
1,959
|
|
35,492
|
|
—
|
|
1,959
|
|
35,492
|
|
37,451
|
|
5,041
|
|
32,410
|
|
1996
|
2013
|
35 years
|
Birchview
|
Sedro-Woolley
|
WA
|
—
|
|
210
|
|
14,145
|
|
98
|
|
210
|
|
14,243
|
|
14,453
|
|
2,782
|
|
11,671
|
|
1996
|
2011
|
35 years
|
Discovery Memory care
|
Sequim
|
WA
|
—
|
|
320
|
|
10,544
|
|
132
|
|
320
|
|
10,676
|
|
10,996
|
|
2,171
|
|
8,825
|
|
1961
|
2011
|
35 years
|
The Village Retirement & Assisted Living
|
Tacoma
|
WA
|
—
|
|
2,200
|
|
5,938
|
|
637
|
|
2,200
|
|
6,575
|
|
8,775
|
|
1,618
|
|
7,157
|
|
1976
|
2011
|
35 years
|
Clearwater Springs
|
Vancouver
|
WA
|
—
|
|
1,269
|
|
9,840
|
|
193
|
|
1,269
|
|
10,033
|
|
11,302
|
|
1,188
|
|
10,114
|
|
2003
|
2015
|
35 years
|
Matthews of Appleton I
|
Appleton
|
WI
|
—
|
|
130
|
|
1,834
|
|
(41
|
)
|
130
|
|
1,793
|
|
1,923
|
|
411
|
|
1,512
|
|
1996
|
2011
|
35 years
|
Matthews of Appleton II
|
Appleton
|
WI
|
—
|
|
140
|
|
2,016
|
|
301
|
|
140
|
|
2,317
|
|
2,457
|
|
484
|
|
1,973
|
|
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
|
|||||||||
Hunters Ridge
|
Beaver Dam
|
WI
|
—
|
|
260
|
|
2,380
|
|
—
|
|
260
|
|
2,380
|
|
2,640
|
|
522
|
|
2,118
|
|
1998
|
2011
|
35 years
|
Harbor House Beloit
|
Beloit
|
WI
|
—
|
|
150
|
|
4,356
|
|
427
|
|
191
|
|
4,742
|
|
4,933
|
|
916
|
|
4,017
|
|
1990
|
2011
|
35 years
|
Harbor House Clinton
|
Clinton
|
WI
|
—
|
|
290
|
|
4,390
|
|
—
|
|
290
|
|
4,390
|
|
4,680
|
|
889
|
|
3,791
|
|
1991
|
2011
|
35 years
|
Creekside
|
Cudahy
|
WI
|
—
|
|
760
|
|
1,693
|
|
—
|
|
760
|
|
1,693
|
|
2,453
|
|
401
|
|
2,052
|
|
2001
|
2011
|
35 years
|
Harbor House Eau Claire
|
Eau Claire
|
WI
|
—
|
|
210
|
|
6,259
|
|
—
|
|
210
|
|
6,259
|
|
6,469
|
|
1,242
|
|
5,227
|
|
1996
|
2011
|
35 years
|
Chapel Valley
|
Fitchburg
|
WI
|
—
|
|
450
|
|
2,372
|
|
—
|
|
450
|
|
2,372
|
|
2,822
|
|
527
|
|
2,295
|
|
1998
|
2011
|
35 years
|
Matthews of Milwaukee II
|
Fox Point
|
WI
|
—
|
|
1,810
|
|
943
|
|
37
|
|
1,820
|
|
970
|
|
2,790
|
|
310
|
|
2,480
|
|
1999
|
2011
|
35 years
|
Laurel Oaks
|
Glendale
|
WI
|
—
|
|
2,390
|
|
43,587
|
|
3,556
|
|
2,510
|
|
47,023
|
|
49,533
|
|
9,097
|
|
40,436
|
|
1988
|
2011
|
35 years
|
Layton Terrace
|
Greenfield
|
WI
|
—
|
|
3,490
|
|
39,201
|
|
382
|
|
3,480
|
|
39,593
|
|
43,073
|
|
8,084
|
|
34,989
|
|
1999
|
2011
|
35 years
|
Matthews of Hartland
|
Hartland
|
WI
|
—
|
|
640
|
|
1,663
|
|
43
|
|
652
|
|
1,694
|
|
2,346
|
|
467
|
|
1,879
|
|
1985
|
2011
|
35 years
|
Matthews of Horicon
|
Horicon
|
WI
|
—
|
|
340
|
|
3,327
|
|
(95
|
)
|
345
|
|
3,227
|
|
3,572
|
|
801
|
|
2,771
|
|
2002
|
2011
|
35 years
|
Jefferson
|
Jefferson
|
WI
|
—
|
|
330
|
|
2,384
|
|
—
|
|
330
|
|
2,384
|
|
2,714
|
|
523
|
|
2,191
|
|
1997
|
2011
|
35 years
|
Harbor House Kenosha
|
Kenosha
|
WI
|
—
|
|
710
|
|
3,254
|
|
3,641
|
|
1,156
|
|
6,449
|
|
7,605
|
|
1,031
|
|
6,574
|
|
1996
|
2011
|
35 years
|
Harbor House Manitowoc
|
Manitowoc
|
WI
|
—
|
|
140
|
|
1,520
|
|
—
|
|
140
|
|
1,520
|
|
1,660
|
|
324
|
|
1,336
|
|
1997
|
2011
|
35 years
|
Adare II
|
Menasha
|
WI
|
—
|
|
110
|
|
537
|
|
(493
|
)
|
94
|
|
60
|
|
154
|
|
154
|
|
—
|
|
1994
|
2011
|
35 years
|
Adare IV
|
Menasha
|
WI
|
—
|
|
110
|
|
537
|
|
(503
|
)
|
94
|
|
50
|
|
144
|
|
144
|
|
—
|
|
1994
|
2011
|
35 years
|
Adare III
|
Menasha
|
WI
|
—
|
|
90
|
|
557
|
|
(493
|
)
|
65
|
|
89
|
|
154
|
|
154
|
|
—
|
|
1993
|
2011
|
35 years
|
Adare I
|
Menasha
|
WI
|
—
|
|
90
|
|
557
|
|
(500
|
)
|
74
|
|
73
|
|
147
|
|
147
|
|
—
|
|
1993
|
2011
|
35 years
|
The Arboretum
|
Menomonee Falls
|
WI
|
—
|
|
5,640
|
|
49,083
|
|
1,813
|
|
5,640
|
|
50,896
|
|
56,536
|
|
10,640
|
|
45,896
|
|
1989
|
2011
|
35 years
|
Matthews of Milwaukee I
|
Milwaukee
|
WI
|
—
|
|
1,800
|
|
935
|
|
119
|
|
1,800
|
|
1,054
|
|
2,854
|
|
323
|
|
2,531
|
|
1999
|
2011
|
35 years
|
Hart Park Square
|
Milwaukee
|
WI
|
—
|
|
1,900
|
|
21,628
|
|
34
|
|
1,900
|
|
21,662
|
|
23,562
|
|
4,462
|
|
19,100
|
|
2005
|
2011
|
35 years
|
Harbor House Monroe
|
Monroe
|
WI
|
—
|
|
490
|
|
4,964
|
|
—
|
|
490
|
|
4,964
|
|
5,454
|
|
1,018
|
|
4,436
|
|
1990
|
2011
|
35 years
|
Matthews of Neenah I
|
Neenah
|
WI
|
—
|
|
710
|
|
1,157
|
|
64
|
|
713
|
|
1,218
|
|
1,931
|
|
342
|
|
1,589
|
|
2006
|
2011
|
35 years
|
Matthews of Neenah II
|
Neenah
|
WI
|
—
|
|
720
|
|
2,339
|
|
(50
|
)
|
720
|
|
2,289
|
|
3,009
|
|
583
|
|
2,426
|
|
2007
|
2011
|
35 years
|
Matthews of Irish Road
|
Neenah
|
WI
|
—
|
|
320
|
|
1,036
|
|
87
|
|
320
|
|
1,123
|
|
1,443
|
|
322
|
|
1,121
|
|
2001
|
2011
|
35 years
|
Matthews of Oak Creek
|
Oak Creek
|
WI
|
—
|
|
800
|
|
2,167
|
|
(2
|
)
|
812
|
|
2,153
|
|
2,965
|
|
515
|
|
2,450
|
|
1997
|
2011
|
35 years
|
Azura Memory Care of Oak Creek
|
Oak Creek
|
WI
|
—
|
|
727
|
|
6,254
|
|
—
|
|
727
|
|
6,254
|
|
6,981
|
|
120
|
|
6,861
|
|
2017
|
2017
|
35 years
|
Harbor House Oconomowoc
|
Oconomowoc
|
WI
|
—
|
|
400
|
|
1,596
|
|
4,674
|
|
709
|
|
5,961
|
|
6,670
|
|
497
|
|
6,173
|
|
2016
|
2015
|
35 years
|
Wilkinson Woods of Oconomowoc
|
Oconomowoc
|
WI
|
—
|
|
1,100
|
|
12,436
|
|
157
|
|
1,100
|
|
12,593
|
|
13,693
|
|
2,557
|
|
11,136
|
|
1992
|
2011
|
35 years
|
Harbor House Oshkosh
|
Oshkosh
|
WI
|
—
|
|
190
|
|
949
|
|
—
|
|
190
|
|
949
|
|
1,139
|
|
256
|
|
883
|
|
1993
|
2011
|
35 years
|
Matthews of Pewaukee
|
Pewaukee
|
WI
|
—
|
|
1,180
|
|
4,124
|
|
206
|
|
1,197
|
|
4,313
|
|
5,510
|
|
1,060
|
|
4,450
|
|
2001
|
2011
|
35 years
|
Harbor House Sheboygan
|
Sheboygan
|
WI
|
—
|
|
1,060
|
|
6,208
|
|
—
|
|
1,060
|
|
6,208
|
|
7,268
|
|
1,249
|
|
6,019
|
|
1995
|
2011
|
35 years
|
Matthews of St. Francis I
|
St. Francis
|
WI
|
—
|
|
1,370
|
|
1,428
|
|
(113
|
)
|
1,389
|
|
1,296
|
|
2,685
|
|
369
|
|
2,316
|
|
2000
|
2011
|
35 years
|
Matthews of St. Francis II
|
St. Francis
|
WI
|
—
|
|
1,370
|
|
1,666
|
|
15
|
|
1,377
|
|
1,674
|
|
3,051
|
|
428
|
|
2,623
|
|
2000
|
2011
|
35 years
|
Howard Village of St. Francis
|
St. Francis
|
WI
|
—
|
|
2,320
|
|
17,232
|
|
—
|
|
2,320
|
|
17,232
|
|
19,552
|
|
3,628
|
|
15,924
|
|
2001
|
2011
|
35 years
|
Harbor House Stoughton
|
Stoughton
|
WI
|
—
|
|
450
|
|
3,191
|
|
—
|
|
450
|
|
3,191
|
|
3,641
|
|
702
|
|
2,939
|
|
1992
|
2011
|
35 years
|
Oak Hill Terrace
|
Waukesha
|
WI
|
—
|
|
2,040
|
|
40,298
|
|
440
|
|
2,040
|
|
40,738
|
|
42,778
|
|
8,320
|
|
34,458
|
|
1985
|
2011
|
35 years
|
Harbor House Rib Mountain
|
Wausau
|
WI
|
—
|
|
350
|
|
3,413
|
|
—
|
|
350
|
|
3,413
|
|
3,763
|
|
707
|
|
3,056
|
|
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
|
|||||||||
Library Square
|
West Allis
|
WI
|
—
|
|
1,160
|
|
23,714
|
|
—
|
|
1,160
|
|
23,714
|
|
24,874
|
|
4,868
|
|
20,006
|
|
1996
|
2011
|
35 years
|
Matthews of Wrightstown
|
Wrightstown
|
WI
|
—
|
|
140
|
|
376
|
|
12
|
|
140
|
|
388
|
|
528
|
|
148
|
|
380
|
|
1999
|
2011
|
35 years
|
Madison House
|
Kirkland
|
WA
|
—
|
|
4,291
|
|
26,787
|
|
—
|
|
4,291
|
|
26,787
|
|
31,078
|
|
755
|
|
30,323
|
|
1978
|
2017
|
35 years
|
Delaware Plaza
|
Longview
|
WA
|
4,189
|
|
620
|
|
5,116
|
|
—
|
|
620
|
|
5,116
|
|
5,736
|
|
142
|
|
5,594
|
|
1972
|
2017
|
35 years
|
Canterbury Gardens
|
Longview
|
WA
|
5,586
|
|
444
|
|
13,698
|
|
—
|
|
444
|
|
13,698
|
|
14,142
|
|
364
|
|
13,778
|
|
1998
|
2017
|
35 years
|
Canterbury Inn
|
Longview
|
WA
|
14,568
|
|
1,462
|
|
34,507
|
|
—
|
|
1,462
|
|
34,507
|
|
35,969
|
|
893
|
|
35,076
|
|
1989
|
2017
|
35 years
|
Canterbury Park
|
Longview
|
WA
|
—
|
|
969
|
|
30,109
|
|
—
|
|
969
|
|
30,109
|
|
31,078
|
|
834
|
|
30,244
|
|
2000
|
2017
|
35 years
|
Cascade Inn
|
Vancouver
|
WA
|
12,378
|
|
3,201
|
|
18,996
|
|
—
|
|
3,201
|
|
18,996
|
|
22,197
|
|
535
|
|
21,662
|
|
1979
|
2017
|
35 years
|
The Hampton & Ashley Inn
|
Vancouver
|
WA
|
—
|
|
1,855
|
|
21,047
|
|
—
|
|
1,855
|
|
21,047
|
|
22,902
|
|
581
|
|
22,321
|
|
1992
|
2017
|
35 years
|
The Hampton at Salmon Creek
|
Vancouver
|
WA
|
11,872
|
|
1,256
|
|
21,686
|
|
—
|
|
1,256
|
|
21,686
|
|
22,942
|
|
418
|
|
22,524
|
|
2013
|
2017
|
35 years
|
Outlook Pointe at Teays Valley
|
Hurricane
|
WV
|
—
|
|
1,950
|
|
14,489
|
|
300
|
|
1,950
|
|
14,789
|
|
16,739
|
|
2,912
|
|
13,827
|
|
1999
|
2011
|
35 years
|
Elmcroft of Martinsburg
|
Martinsburg
|
WV
|
—
|
|
248
|
|
8,320
|
|
9
|
|
248
|
|
8,329
|
|
8,577
|
|
2,655
|
|
5,922
|
|
1999
|
2006
|
35 years
|
Garden Square Assisted Living of Casper
|
Casper
|
WY
|
—
|
|
355
|
|
3,197
|
|
—
|
|
355
|
|
3,197
|
|
3,552
|
|
628
|
|
2,924
|
|
1996
|
2011
|
35 years
|
Whispering Chase
|
Cheyenne
|
WY
|
—
|
|
1,800
|
|
20,354
|
|
—
|
|
1,800
|
|
20,354
|
|
22,154
|
|
2,904
|
|
19,250
|
|
2008
|
2013
|
35 years
|
Hampton Care
|
Hampton
|
UK
|
—
|
|
3,923
|
|
27,637
|
|
—
|
|
3,923
|
|
27,637
|
|
31,560
|
|
485
|
|
31,075
|
|
2007
|
2017
|
40 years
|
Parkfield House Nursing Home
|
Uxbridge
|
UK
|
—
|
|
1,880
|
|
960
|
|
—
|
|
1,880
|
|
960
|
|
2,840
|
|
21
|
|
2,819
|
|
2000
|
2017
|
40 years
|
TOTAL FOR OTHER SENIORS HOUSING COMMUNITIES
|
|
|
190,394
|
|
519,074
|
|
4,646,262
|
|
52,129
|
|
511,585
|
|
4,705,880
|
|
5,217,465
|
|
831,359
|
|
4,386,106
|
|
|
|
|
TOTAL FOR SENIORS HOUSING COMMUNITIES
|
|
|
942,667
|
|
1,498,988
|
|
13,957,788
|
|
618,741
|
|
1,502,949
|
|
14,572,568
|
|
16,075,517
|
|
3,417,584
|
|
12,657,933
|
|
|
|
|
MEDICAL OFFICE BUILDINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
St. Vincent's Medical Center East #46
|
Birmingham
|
AL
|
—
|
|
—
|
|
25,298
|
|
4,061
|
|
—
|
|
29,359
|
|
29,359
|
|
8,989
|
|
20,370
|
|
2005
|
2010
|
35 years
|
St. Vincent's Medical Center East #48
|
Birmingham
|
AL
|
—
|
|
—
|
|
12,698
|
|
509
|
|
—
|
|
13,207
|
|
13,207
|
|
3,641
|
|
9,566
|
|
1989
|
2010
|
35 years
|
St. Vincent's Medical Center East #52
|
Birmingham
|
AL
|
—
|
|
—
|
|
7,608
|
|
1,461
|
|
—
|
|
9,069
|
|
9,069
|
|
3,071
|
|
5,998
|
|
1985
|
2010
|
35 years
|
Crestwood Medical Pavilion
|
Huntsville
|
AL
|
3,226
|
|
625
|
|
16,178
|
|
159
|
|
625
|
|
16,337
|
|
16,962
|
|
3,804
|
|
13,158
|
|
1994
|
2011
|
35 years
|
Davita Dialysis - Marked Tree
|
Marked Tree
|
AR
|
—
|
|
179
|
|
1,580
|
|
—
|
|
179
|
|
1,580
|
|
1,759
|
|
190
|
|
1,569
|
|
2009
|
2015
|
35 years
|
West Valley Medical Center
|
Buckeye
|
AZ
|
—
|
|
3,348
|
|
5,233
|
|
—
|
|
3,348
|
|
5,233
|
|
8,581
|
|
775
|
|
7,806
|
|
2011
|
2015
|
31 years
|
Canyon Springs Medical Plaza
|
Gilbert
|
AZ
|
—
|
|
—
|
|
27,497
|
|
532
|
|
—
|
|
28,029
|
|
28,029
|
|
5,939
|
|
22,090
|
|
2007
|
2012
|
35 years
|
Mercy Gilbert Medical Plaza
|
Gilbert
|
AZ
|
7,330
|
|
720
|
|
11,277
|
|
1,068
|
|
720
|
|
12,345
|
|
13,065
|
|
3,281
|
|
9,784
|
|
2007
|
2011
|
35 years
|
Thunderbird Paseo Medical Plaza
|
Glendale
|
AZ
|
—
|
|
—
|
|
12,904
|
|
871
|
|
20
|
|
13,755
|
|
13,775
|
|
2,927
|
|
10,848
|
|
1997
|
2011
|
35 years
|
Thunderbird Paseo Medical Plaza II
|
Glendale
|
AZ
|
—
|
|
—
|
|
8,100
|
|
516
|
|
20
|
|
8,596
|
|
8,616
|
|
1,972
|
|
6,644
|
|
2001
|
2011
|
35 years
|
Desert Medical Pavilion
|
Mesa
|
AZ
|
—
|
|
—
|
|
32,768
|
|
501
|
|
—
|
|
33,269
|
|
33,269
|
|
4,933
|
|
28,336
|
|
2003
|
2013
|
35 years
|
Desert Samaritan Medical Building I
|
Mesa
|
AZ
|
—
|
|
—
|
|
11,923
|
|
677
|
|
4
|
|
12,596
|
|
12,600
|
|
2,630
|
|
9,970
|
|
1977
|
2011
|
35 years
|
Desert Samaritan Medical Building II
|
Mesa
|
AZ
|
—
|
|
—
|
|
7,395
|
|
405
|
|
4
|
|
7,796
|
|
7,800
|
|
1,800
|
|
6,000
|
|
1980
|
2011
|
35 years
|
Desert Samaritan Medical Building III
|
Mesa
|
AZ
|
—
|
|
—
|
|
13,665
|
|
1,203
|
|
—
|
|
14,868
|
|
14,868
|
|
3,219
|
|
11,649
|
|
1986
|
2011
|
35 years
|
Deer Valley Medical Office Building II
|
Phoenix
|
AZ
|
—
|
|
—
|
|
22,663
|
|
626
|
|
14
|
|
23,275
|
|
23,289
|
|
4,866
|
|
18,423
|
|
2002
|
2011
|
35 years
|
Deer Valley Medical Office Building III
|
Phoenix
|
AZ
|
—
|
|
—
|
|
19,521
|
|
287
|
|
12
|
|
19,796
|
|
19,808
|
|
4,239
|
|
15,569
|
|
2009
|
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
|
|||||||||
Lutheran Medical Office Building II
|
Wheat Ridge
|
CO
|
—
|
|
—
|
|
2,655
|
|
1,253
|
|
—
|
|
3,908
|
|
3,908
|
|
1,365
|
|
2,543
|
|
1976
|
2010
|
35 years
|
Lutheran Medical Office Building IV
|
Wheat Ridge
|
CO
|
—
|
|
—
|
|
7,266
|
|
1,947
|
|
—
|
|
9,213
|
|
9,213
|
|
2,553
|
|
6,660
|
|
1991
|
2010
|
35 years
|
Lutheran Medical Office Building III
|
Wheat Ridge
|
CO
|
—
|
|
—
|
|
11,947
|
|
1,094
|
|
—
|
|
13,041
|
|
13,041
|
|
3,328
|
|
9,713
|
|
2004
|
2010
|
35 years
|
DePaul Professional Office Building
|
Washington
|
DC
|
—
|
|
—
|
|
6,424
|
|
2,297
|
|
—
|
|
8,721
|
|
8,721
|
|
3,376
|
|
5,345
|
|
1987
|
2010
|
35 years
|
Providence Medical Office Building
|
Washington
|
DC
|
—
|
|
—
|
|
2,473
|
|
970
|
|
—
|
|
3,443
|
|
3,443
|
|
1,452
|
|
1,991
|
|
1975
|
2010
|
35 years
|
RTS Arcadia
|
Arcadia
|
FL
|
—
|
|
345
|
|
2,884
|
|
—
|
|
345
|
|
2,884
|
|
3,229
|
|
770
|
|
2,459
|
|
1993
|
2011
|
30 years
|
NorthBay Center For Primary Care - Vacaville
|
Vacaville
|
CA
|
—
|
|
777
|
|
5,632
|
|
—
|
|
777
|
|
5,632
|
|
6,409
|
|
47
|
|
6,362
|
|
1998
|
2017
|
35 years
|
Aventura Medical Plaza
|
Aventura
|
FL
|
—
|
|
401
|
|
3,338
|
|
49
|
|
401
|
|
3,387
|
|
3,788
|
|
675
|
|
3,113
|
|
1996
|
2015
|
26 years
|
RTS Cape Coral
|
Cape Coral
|
FL
|
—
|
|
368
|
|
5,448
|
|
—
|
|
368
|
|
5,448
|
|
5,816
|
|
1,229
|
|
4,587
|
|
1984
|
2011
|
34 years
|
RTS Englewood
|
Englewood
|
FL
|
—
|
|
1,071
|
|
3,516
|
|
—
|
|
1,071
|
|
3,516
|
|
4,587
|
|
851
|
|
3,736
|
|
1992
|
2011
|
35 years
|
RTS Ft. Myers
|
Fort Myers
|
FL
|
—
|
|
1,153
|
|
4,127
|
|
—
|
|
1,153
|
|
4,127
|
|
5,280
|
|
1,117
|
|
4,163
|
|
1989
|
2011
|
31 years
|
RTS Key West
|
Key West
|
FL
|
—
|
|
486
|
|
4,380
|
|
—
|
|
486
|
|
4,380
|
|
4,866
|
|
880
|
|
3,986
|
|
1987
|
2011
|
35 years
|
JFK Medical Plaza
|
Lake Worth
|
FL
|
—
|
|
453
|
|
1,711
|
|
303
|
|
453
|
|
2,014
|
|
2,467
|
|
799
|
|
1,668
|
|
1999
|
2004
|
35 years
|
East Pointe Medical Plaza
|
Lehigh Acres
|
FL
|
—
|
|
327
|
|
11,816
|
|
—
|
|
327
|
|
11,816
|
|
12,143
|
|
1,210
|
|
10,933
|
|
1994
|
2015
|
35 years
|
Palms West Building 6
|
Loxahatchee
|
FL
|
—
|
|
965
|
|
2,678
|
|
156
|
|
965
|
|
2,834
|
|
3,799
|
|
1,094
|
|
2,705
|
|
2000
|
2004
|
35 years
|
Bay Medical Plaza
|
Lynn Haven
|
FL
|
—
|
|
4,215
|
|
15,041
|
|
3
|
|
4,215
|
|
15,044
|
|
19,259
|
|
1,771
|
|
17,488
|
|
2003
|
2015
|
35 years
|
Aventura Heart & Health
|
Miami
|
FL
|
15,023
|
|
—
|
|
25,361
|
|
3,030
|
|
—
|
|
28,391
|
|
28,391
|
|
11,656
|
|
16,735
|
|
2006
|
2007
|
35 years
|
RTS Naples
|
Naples
|
FL
|
—
|
|
1,152
|
|
3,726
|
|
—
|
|
1,152
|
|
3,726
|
|
4,878
|
|
851
|
|
4,027
|
|
1999
|
2011
|
35 years
|
Bay Medical Center
|
Panama City
|
FL
|
—
|
|
82
|
|
17,400
|
|
3
|
|
82
|
|
17,403
|
|
17,485
|
|
1,779
|
|
15,706
|
|
1987
|
2015
|
35 years
|
Woodlands Center for Specialized Med
|
Pensacola
|
FL
|
14,073
|
|
2,518
|
|
24,006
|
|
30
|
|
2,518
|
|
24,036
|
|
26,554
|
|
5,399
|
|
21,155
|
|
2009
|
2012
|
35 years
|
RTS Pt. Charlotte
|
Pt Charlotte
|
FL
|
—
|
|
966
|
|
4,581
|
|
—
|
|
966
|
|
4,581
|
|
5,547
|
|
1,097
|
|
4,450
|
|
1985
|
2011
|
34 years
|
RTS Sarasota
|
Sarasota
|
FL
|
—
|
|
1,914
|
|
3,889
|
|
—
|
|
1,914
|
|
3,889
|
|
5,803
|
|
982
|
|
4,821
|
|
1996
|
2011
|
35 years
|
Capital Regional MOB I
|
Tallahassee
|
FL
|
—
|
|
590
|
|
8,773
|
|
59
|
|
590
|
|
8,832
|
|
9,422
|
|
812
|
|
8,610
|
|
1998
|
2015
|
35 years
|
University Medical Office Building
|
Tamarac
|
FL
|
—
|
|
—
|
|
6,690
|
|
393
|
|
5
|
|
7,078
|
|
7,083
|
|
2,755
|
|
4,328
|
|
2006
|
2007
|
35 years
|
RTS Venice
|
Venice
|
FL
|
—
|
|
1,536
|
|
4,104
|
|
—
|
|
1,536
|
|
4,104
|
|
5,640
|
|
997
|
|
4,643
|
|
1997
|
2011
|
35 years
|
Athens Medical Complex
|
Athens
|
GA
|
—
|
|
2,826
|
|
18,339
|
|
7
|
|
2,826
|
|
18,346
|
|
21,172
|
|
1,957
|
|
19,215
|
|
2011
|
2015
|
35 years
|
Doctors Center at St. Joseph's Hospital
|
Atlanta
|
GA
|
—
|
|
545
|
|
80,152
|
|
4,735
|
|
545
|
|
84,887
|
|
85,432
|
|
10,025
|
|
75,407
|
|
1978
|
2015
|
20 years
|
Augusta POB I
|
Augusta
|
GA
|
—
|
|
233
|
|
7,894
|
|
1,479
|
|
233
|
|
9,373
|
|
9,606
|
|
4,403
|
|
5,203
|
|
1978
|
2012
|
14 years
|
Augusta POB II
|
Augusta
|
GA
|
—
|
|
735
|
|
13,717
|
|
1,049
|
|
735
|
|
14,766
|
|
15,501
|
|
5,024
|
|
10,477
|
|
1987
|
2012
|
23 years
|
Augusta POB III
|
Augusta
|
GA
|
—
|
|
535
|
|
3,857
|
|
664
|
|
535
|
|
4,521
|
|
5,056
|
|
1,845
|
|
3,211
|
|
1994
|
2012
|
22 years
|
Augusta POB IV
|
Augusta
|
GA
|
—
|
|
675
|
|
2,182
|
|
2,115
|
|
691
|
|
4,281
|
|
4,972
|
|
1,519
|
|
3,453
|
|
1995
|
2012
|
23 years
|
Cobb Physicians Center
|
Austell
|
GA
|
—
|
|
1,145
|
|
16,805
|
|
1,228
|
|
1,145
|
|
18,033
|
|
19,178
|
|
5,249
|
|
13,929
|
|
1992
|
2011
|
35 years
|
Summit Professional Plaza I
|
Brunswick
|
GA
|
—
|
|
1,821
|
|
2,974
|
|
124
|
|
1,821
|
|
3,098
|
|
4,919
|
|
3,016
|
|
1,903
|
|
2004
|
2012
|
31 years
|
Summit Professional Plaza II
|
Brunswick
|
GA
|
—
|
|
981
|
|
13,818
|
|
33
|
|
981
|
|
13,851
|
|
14,832
|
|
3,380
|
|
11,452
|
|
1998
|
2012
|
35 years
|
Fayette MOB
|
Fayetteville
|
GA
|
—
|
|
895
|
|
20,669
|
|
372
|
|
895
|
|
21,041
|
|
21,936
|
|
2,164
|
|
19,772
|
|
2004
|
2015
|
35 years
|
Woodlawn Commons 1121/1163
|
Marietta
|
GA
|
—
|
|
5,495
|
|
16,028
|
|
1,150
|
|
5,540
|
|
17,133
|
|
22,673
|
|
1,872
|
|
20,801
|
|
1991
|
2015
|
35 years
|
PAPP Clinic
|
Newnan
|
GA
|
—
|
|
2,167
|
|
5,477
|
|
68
|
|
2,167
|
|
5,545
|
|
7,712
|
|
851
|
|
6,861
|
|
1994
|
2015
|
30 years
|
Parkway Physicians Center
|
Ringgold
|
GA
|
—
|
|
476
|
|
10,017
|
|
668
|
|
476
|
|
10,685
|
|
11,161
|
|
3,018
|
|
8,143
|
|
2004
|
2011
|
35 years
|
Riverdale MOB
|
Riverdale
|
GA
|
—
|
|
1,025
|
|
9,783
|
|
15
|
|
1,025
|
|
9,798
|
|
10,823
|
|
1,161
|
|
9,662
|
|
2005
|
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
|
|||||||||
Rush Copley POB I
|
Aurora
|
IL
|
—
|
|
120
|
|
27,882
|
|
449
|
|
120
|
|
28,331
|
|
28,451
|
|
2,927
|
|
25,524
|
|
1996
|
2015
|
34 years
|
Rush Copley POB II
|
Aurora
|
IL
|
—
|
|
49
|
|
27,217
|
|
457
|
|
49
|
|
27,674
|
|
27,723
|
|
2,785
|
|
24,938
|
|
2009
|
2015
|
35 years
|
Good Shepherd Physician Office Building I
|
Barrington
|
IL
|
—
|
|
152
|
|
3,224
|
|
227
|
|
152
|
|
3,451
|
|
3,603
|
|
521
|
|
3,082
|
|
1979
|
2013
|
35 years
|
Good Shepherd Physician Office Building II
|
Barrington
|
IL
|
—
|
|
512
|
|
12,977
|
|
438
|
|
512
|
|
13,415
|
|
13,927
|
|
2,092
|
|
11,835
|
|
1996
|
2013
|
35 years
|
Trinity Hospital Physician Office Building
|
Chicago
|
IL
|
—
|
|
139
|
|
3,329
|
|
1,121
|
|
139
|
|
4,450
|
|
4,589
|
|
656
|
|
3,933
|
|
1971
|
2013
|
35 years
|
Advocate Beverly Center
|
Chicago
|
IL
|
—
|
|
2,227
|
|
10,140
|
|
14
|
|
2,231
|
|
10,150
|
|
12,381
|
|
1,578
|
|
10,803
|
|
1986
|
2015
|
25 years
|
Crystal Lakes Medical Arts
|
Crystal Lake
|
IL
|
—
|
|
2,490
|
|
19,504
|
|
42
|
|
2,523
|
|
19,513
|
|
22,036
|
|
2,237
|
|
19,799
|
|
2007
|
2015
|
35 years
|
Advocate Good Shepherd
|
Crystal Lake
|
IL
|
—
|
|
2,444
|
|
10,953
|
|
112
|
|
2,444
|
|
11,065
|
|
13,509
|
|
1,452
|
|
12,057
|
|
2008
|
2015
|
33 years
|
Physicians Plaza East
|
Decatur
|
IL
|
—
|
|
—
|
|
791
|
|
1,894
|
|
—
|
|
2,685
|
|
2,685
|
|
756
|
|
1,929
|
|
1976
|
2010
|
35 years
|
Physicians Plaza West
|
Decatur
|
IL
|
—
|
|
—
|
|
1,943
|
|
597
|
|
—
|
|
2,540
|
|
2,540
|
|
938
|
|
1,602
|
|
1987
|
2010
|
35 years
|
SIU Family Practice
|
Decatur
|
IL
|
—
|
|
—
|
|
3,900
|
|
3,773
|
|
—
|
|
7,673
|
|
7,673
|
|
1,951
|
|
5,722
|
|
1996
|
2010
|
35 years
|
304 W Hay Building
|
Decatur
|
IL
|
—
|
|
—
|
|
8,702
|
|
615
|
|
29
|
|
9,288
|
|
9,317
|
|
2,753
|
|
6,564
|
|
2002
|
2010
|
35 years
|
302 W Hay Building
|
Decatur
|
IL
|
—
|
|
—
|
|
3,467
|
|
444
|
|
—
|
|
3,911
|
|
3,911
|
|
1,384
|
|
2,527
|
|
1993
|
2010
|
35 years
|
ENTA
|
Decatur
|
IL
|
—
|
|
—
|
|
1,150
|
|
16
|
|
—
|
|
1,166
|
|
1,166
|
|
415
|
|
751
|
|
1996
|
2010
|
35 years
|
301 W Hay Building
|
Decatur
|
IL
|
—
|
|
—
|
|
640
|
|
—
|
|
—
|
|
640
|
|
640
|
|
319
|
|
321
|
|
1980
|
2010
|
35 years
|
South Shore Medical Building
|
Decatur
|
IL
|
—
|
|
902
|
|
129
|
|
56
|
|
958
|
|
129
|
|
1,087
|
|
198
|
|
889
|
|
1991
|
2010
|
35 years
|
Kenwood Medical Center
|
Decatur
|
IL
|
—
|
|
—
|
|
1,689
|
|
1,505
|
|
—
|
|
3,194
|
|
3,194
|
|
661
|
|
2,533
|
|
1997
|
2010
|
35 years
|
Corporate Health Services
|
Decatur
|
IL
|
—
|
|
934
|
|
1,386
|
|
—
|
|
934
|
|
1,386
|
|
2,320
|
|
614
|
|
1,706
|
|
1996
|
2010
|
35 years
|
Rock Springs Medical
|
Decatur
|
IL
|
—
|
|
399
|
|
495
|
|
—
|
|
399
|
|
495
|
|
894
|
|
234
|
|
660
|
|
1990
|
2010
|
35 years
|
575 W Hay Building
|
Decatur
|
IL
|
—
|
|
111
|
|
739
|
|
24
|
|
111
|
|
763
|
|
874
|
|
293
|
|
581
|
|
1984
|
2010
|
35 years
|
Good Samaritan Physician Office Building I
|
Downers Grove
|
IL
|
—
|
|
407
|
|
10,337
|
|
791
|
|
407
|
|
11,128
|
|
11,535
|
|
1,645
|
|
9,890
|
|
1976
|
2013
|
35 years
|
Good Samaritan Physician Office Building II
|
Downers Grove
|
IL
|
—
|
|
1,013
|
|
25,370
|
|
785
|
|
1,013
|
|
26,155
|
|
27,168
|
|
3,922
|
|
23,246
|
|
1995
|
2013
|
35 years
|
Eberle Medical Office Building ("Eberle MOB")
|
Elk Grove Village
|
IL
|
—
|
|
—
|
|
16,315
|
|
404
|
|
—
|
|
16,719
|
|
16,719
|
|
6,415
|
|
10,304
|
|
2005
|
2009
|
35 years
|
1425 Hunt Club Road MOB
|
Gurnee
|
IL
|
—
|
|
249
|
|
1,452
|
|
824
|
|
249
|
|
2,276
|
|
2,525
|
|
592
|
|
1,933
|
|
2005
|
2011
|
34 years
|
1445 Hunt Club Drive
|
Gurnee
|
IL
|
—
|
|
216
|
|
1,405
|
|
353
|
|
216
|
|
1,758
|
|
1,974
|
|
783
|
|
1,191
|
|
2002
|
2011
|
31 years
|
Gurnee Imaging Center
|
Gurnee
|
IL
|
—
|
|
82
|
|
2,731
|
|
—
|
|
82
|
|
2,731
|
|
2,813
|
|
655
|
|
2,158
|
|
2002
|
2011
|
35 years
|
Gurnee Center Club
|
Gurnee
|
IL
|
—
|
|
627
|
|
17,851
|
|
—
|
|
627
|
|
17,851
|
|
18,478
|
|
4,497
|
|
13,981
|
|
2001
|
2011
|
35 years
|
South Suburban Hospital Physician Office Building
|
Hazel Crest
|
IL
|
—
|
|
191
|
|
4,370
|
|
225
|
|
191
|
|
4,595
|
|
4,786
|
|
779
|
|
4,007
|
|
1989
|
2013
|
35 years
|
755 Milwaukee MOB
|
Libertyville
|
IL
|
—
|
|
421
|
|
3,716
|
|
1,665
|
|
630
|
|
5,172
|
|
5,802
|
|
2,672
|
|
3,130
|
|
1990
|
2011
|
18 years
|
890 Professional MOB
|
Libertyville
|
IL
|
—
|
|
214
|
|
2,630
|
|
276
|
|
214
|
|
2,906
|
|
3,120
|
|
1,018
|
|
2,102
|
|
1980
|
2011
|
26 years
|
Libertyville Center Club
|
Libertyville
|
IL
|
—
|
|
1,020
|
|
17,176
|
|
—
|
|
1,020
|
|
17,176
|
|
18,196
|
|
4,445
|
|
13,751
|
|
1988
|
2011
|
35 years
|
Christ Medical Center Physician Office Building
|
Oak Lawn
|
IL
|
—
|
|
658
|
|
16,421
|
|
1,066
|
|
658
|
|
17,487
|
|
18,145
|
|
2,487
|
|
15,658
|
|
1986
|
2013
|
35 years
|
Methodist North MOB
|
Peoria
|
IL
|
—
|
|
1,025
|
|
29,493
|
|
—
|
|
1,025
|
|
29,493
|
|
30,518
|
|
3,071
|
|
27,447
|
|
2010
|
2015
|
35 years
|
Davita Dialysis - Rockford
|
Rockford
|
IL
|
—
|
|
256
|
|
2,543
|
|
—
|
|
256
|
|
2,543
|
|
2,799
|
|
312
|
|
2,487
|
|
2009
|
2015
|
35 years
|
Round Lake ACC
|
Round Lake
|
IL
|
—
|
|
758
|
|
370
|
|
378
|
|
799
|
|
707
|
|
1,506
|
|
551
|
|
955
|
|
1984
|
2011
|
13 years
|
Vernon Hills Acute Care Center
|
Vernon Hills
|
IL
|
—
|
|
3,376
|
|
694
|
|
264
|
|
3,413
|
|
921
|
|
4,334
|
|
668
|
|
3,666
|
|
1986
|
2011
|
15 years
|
Wilbur S. Roby Building
|
Anderson
|
IN
|
—
|
|
—
|
|
2,653
|
|
870
|
|
—
|
|
3,523
|
|
3,523
|
|
1,397
|
|
2,126
|
|
1992
|
2010
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Ambulatory Services Building
|
Anderson
|
IN
|
—
|
|
—
|
|
4,266
|
|
1,733
|
|
—
|
|
5,999
|
|
5,999
|
|
2,271
|
|
3,728
|
|
1995
|
2010
|
35 years
|
St. John's Medical Arts Building
|
Anderson
|
IN
|
—
|
|
—
|
|
2,281
|
|
1,450
|
|
—
|
|
3,731
|
|
3,731
|
|
1,148
|
|
2,583
|
|
1973
|
2010
|
35 years
|
Carmel I
|
Carmel
|
IN
|
—
|
|
466
|
|
5,954
|
|
610
|
|
466
|
|
6,564
|
|
7,030
|
|
1,831
|
|
5,199
|
|
1985
|
2012
|
30 years
|
Carmel II
|
Carmel
|
IN
|
—
|
|
455
|
|
5,976
|
|
704
|
|
455
|
|
6,680
|
|
7,135
|
|
1,644
|
|
5,491
|
|
1989
|
2012
|
33 years
|
Carmel III
|
Carmel
|
IN
|
—
|
|
422
|
|
6,194
|
|
662
|
|
422
|
|
6,856
|
|
7,278
|
|
1,551
|
|
5,727
|
|
2001
|
2012
|
35 years
|
Elkhart
|
Elkhart
|
IN
|
—
|
|
1,256
|
|
1,973
|
|
—
|
|
1,256
|
|
1,973
|
|
3,229
|
|
1,111
|
|
2,118
|
|
1994
|
2011
|
32 years
|
Lutheran Medical Arts
|
Fort Wayne
|
IN
|
—
|
|
702
|
|
13,576
|
|
47
|
|
702
|
|
13,623
|
|
14,325
|
|
1,481
|
|
12,844
|
|
2000
|
2015
|
35 years
|
Dupont Road MOB
|
Fort Wayne
|
IN
|
—
|
|
633
|
|
13,479
|
|
154
|
|
672
|
|
13,594
|
|
14,266
|
|
1,583
|
|
12,683
|
|
2001
|
2015
|
35 years
|
Harcourt Professional Office Building
|
Indianapolis
|
IN
|
—
|
|
519
|
|
28,951
|
|
2,419
|
|
519
|
|
31,370
|
|
31,889
|
|
8,030
|
|
23,859
|
|
1973
|
2012
|
28 years
|
Cardiac Professional Office Building
|
Indianapolis
|
IN
|
—
|
|
498
|
|
27,430
|
|
1,128
|
|
498
|
|
28,558
|
|
29,056
|
|
5,919
|
|
23,137
|
|
1995
|
2012
|
35 years
|
Oncology Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
470
|
|
5,703
|
|
230
|
|
470
|
|
5,933
|
|
6,403
|
|
1,642
|
|
4,761
|
|
2003
|
2012
|
35 years
|
CorVasc Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
514
|
|
9,617
|
|
14
|
|
514
|
|
9,631
|
|
10,145
|
|
562
|
|
9,583
|
|
2004
|
2016
|
36 years
|
St. Francis South Medical Office Building
|
Indianapolis
|
IN
|
—
|
|
—
|
|
20,649
|
|
1,121
|
|
—
|
|
21,770
|
|
21,770
|
|
3,602
|
|
18,168
|
|
1995
|
2013
|
35 years
|
Methodist Professional Center I
|
Indianapolis
|
IN
|
—
|
|
61
|
|
37,411
|
|
5,219
|
|
61
|
|
42,630
|
|
42,691
|
|
10,467
|
|
32,224
|
|
1985
|
2012
|
25 years
|
Indiana Orthopedic Center of Excellence
|
Indianapolis
|
IN
|
—
|
|
967
|
|
83,746
|
|
3,106
|
|
967
|
|
86,852
|
|
87,819
|
|
6,453
|
|
81,366
|
|
1997
|
2015
|
35 years
|
United Healthcare - Indy
|
Indianapolis
|
IN
|
—
|
|
5,737
|
|
32,116
|
|
—
|
|
5,737
|
|
32,116
|
|
37,853
|
|
3,599
|
|
34,254
|
|
1988
|
2015
|
35 years
|
LaPorte
|
La Porte
|
IN
|
—
|
|
553
|
|
1,309
|
|
—
|
|
553
|
|
1,309
|
|
1,862
|
|
479
|
|
1,383
|
|
1997
|
2011
|
34 years
|
Mishawaka
|
Mishawaka
|
IN
|
—
|
|
3,787
|
|
5,543
|
|
—
|
|
3,787
|
|
5,543
|
|
9,330
|
|
3,242
|
|
6,088
|
|
1993
|
2011
|
35 years
|
Cancer Care Partners
|
Mishawaka
|
IN
|
—
|
|
3,162
|
|
28,633
|
|
—
|
|
3,162
|
|
28,633
|
|
31,795
|
|
2,909
|
|
28,886
|
|
2010
|
2015
|
35 years
|
Michiana Oncology
|
Mishawaka
|
IN
|
—
|
|
4,577
|
|
20,939
|
|
4
|
|
4,581
|
|
20,939
|
|
25,520
|
|
2,228
|
|
23,292
|
|
2010
|
2015
|
35 years
|
DaVita Dialysis - Paoli
|
Paoli
|
IN
|
—
|
|
396
|
|
2,056
|
|
—
|
|
396
|
|
2,056
|
|
2,452
|
|
258
|
|
2,194
|
|
2011
|
2015
|
35 years
|
South Bend
|
South Bend
|
IN
|
—
|
|
792
|
|
2,530
|
|
—
|
|
792
|
|
2,530
|
|
3,322
|
|
766
|
|
2,556
|
|
1996
|
2011
|
34 years
|
Via Christi Clinic
|
Wichita
|
KS
|
—
|
|
1,883
|
|
7,428
|
|
—
|
|
1,883
|
|
7,428
|
|
9,311
|
|
922
|
|
8,389
|
|
2006
|
2015
|
35 years
|
OLBH Same Day Surgery Center MOB
|
Ashland
|
KY
|
—
|
|
101
|
|
19,066
|
|
608
|
|
101
|
|
19,674
|
|
19,775
|
|
4,819
|
|
14,956
|
|
1997
|
2012
|
26 years
|
St. Elizabeth Covington
|
Covington
|
KY
|
—
|
|
345
|
|
12,790
|
|
33
|
|
345
|
|
12,823
|
|
13,168
|
|
2,887
|
|
10,281
|
|
2009
|
2012
|
35 years
|
St. Elizabeth Florence MOB
|
Florence
|
KY
|
—
|
|
402
|
|
8,279
|
|
1,439
|
|
402
|
|
9,718
|
|
10,120
|
|
2,640
|
|
7,480
|
|
2005
|
2012
|
35 years
|
Jefferson Clinic
|
Louisville
|
KY
|
—
|
|
—
|
|
673
|
|
2,018
|
|
—
|
|
2,691
|
|
2,691
|
|
263
|
|
2,428
|
|
2013
|
2013
|
35 years
|
East Jefferson Medical Plaza
|
Metairie
|
LA
|
—
|
|
168
|
|
17,264
|
|
2,197
|
|
168
|
|
19,461
|
|
19,629
|
|
6,008
|
|
13,621
|
|
1996
|
2012
|
32 years
|
East Jefferson MOB
|
Metairie
|
LA
|
—
|
|
107
|
|
15,137
|
|
2,283
|
|
107
|
|
17,420
|
|
17,527
|
|
4,758
|
|
12,769
|
|
1985
|
2012
|
28 years
|
Lakeside POB I
|
Metairie
|
LA
|
—
|
|
3,334
|
|
4,974
|
|
3,198
|
|
3,334
|
|
8,172
|
|
11,506
|
|
3,279
|
|
8,227
|
|
1986
|
2011
|
22 years
|
Lakeside POB II
|
Metairie
|
LA
|
—
|
|
1,046
|
|
802
|
|
547
|
|
1,046
|
|
1,349
|
|
2,395
|
|
931
|
|
1,464
|
|
1980
|
2011
|
7 years
|
Fresenius Medical
|
Metairie
|
LA
|
—
|
|
1,195
|
|
3,797
|
|
—
|
|
1,195
|
|
3,797
|
|
4,992
|
|
427
|
|
4,565
|
|
2012
|
2015
|
35 years
|
RTS Berlin
|
Berlin
|
MD
|
—
|
|
—
|
|
2,216
|
|
—
|
|
—
|
|
2,216
|
|
2,216
|
|
546
|
|
1,670
|
|
1994
|
2011
|
29 years
|
Charles O. Fisher Medical Building
|
Westminster
|
MD
|
10,943
|
|
—
|
|
13,795
|
|
1,768
|
|
—
|
|
15,563
|
|
15,563
|
|
6,459
|
|
9,104
|
|
2009
|
2009
|
35 years
|
Medical Specialties Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
19,242
|
|
1,508
|
|
—
|
|
20,750
|
|
20,750
|
|
5,621
|
|
15,129
|
|
1989
|
2010
|
35 years
|
North Professional Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
7,228
|
|
1,633
|
|
—
|
|
8,861
|
|
8,861
|
|
3,001
|
|
5,860
|
|
1983
|
2010
|
35 years
|
Borgess Navigation Center
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
2,391
|
|
—
|
|
—
|
|
2,391
|
|
2,391
|
|
694
|
|
1,697
|
|
1976
|
2010
|
35 years
|
Borgess Health & Fitness Center
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
11,959
|
|
603
|
|
—
|
|
12,562
|
|
12,562
|
|
3,594
|
|
8,968
|
|
1984
|
2010
|
35 years
|
Heart Center Building
|
Kalamazoo
|
MI
|
—
|
|
—
|
|
8,420
|
|
440
|
|
10
|
|
8,850
|
|
8,860
|
|
2,876
|
|
5,984
|
|
1980
|
2010
|
35 years
|
|
Location
|
|
Initial Cost to Company
|
|
Gross Amount Carried at Close of Period
|
|
|
|
|
|
|
||||||||||||
Property Name
|
City
|
State /
Province
|
Encumbrances
|
Land and
Improvements
|
Buildings and
Improvements
|
Costs
Capitalized
Subsequent
to Acquisition
|
Land and
Improvements
|
Buildings and
Improvements
|
Total
|
Accumulated
Depreciation
|
NBV
|
Year of
Construction
|
Year
Acquired
|
Life on
Which
Depreciation
in Income
Statement
is Computed
|
|||||||||
Medical Commons Building
|
Kalamazoo Township
|
MI
|
—
|
|
—
|
|
661
|
|
644
|
|
—
|
|
1,305
|
|
1,305
|
|
445
|
|
860
|
|
1979
|
2010
|
35 years
|
RTS Madison Heights
|
Madison Heights
|
MI
|
—
|
|
401
|
|
2,946
|
|
—
|
|
401
|
|
2,946
|
|
3,347
|
|
698
|
|
2,649
|
|
2002
|
2011
|
35 years
|
RTS Monroe
|
Monroe
|
MI
|
—
|
|
281
|
|
3,450
|
|
—
|
|
281
|
|
3,450
|
|
3,731
|
|
917
|
|
2,814
|
|
1997
|
2011
|
31 years
|
Bronson Lakeview OPC
|
Paw Paw
|
MI
|
—
|
|
3,835
|
|
31,564
|
|
—
|
|
3,835
|
|
31,564
|
|
35,399
|
|
3,629
|
|
31,770
|
|
2006
|
2015
|
35 years
|
Pro Med Center Plainwell
|
Plainwell
|
MI
|
—
|
|
—
|
|
697
|
|
7
|
|
—
|
|
704
|
|
704
|
|
223
|
|
481
|
|
1991
|
2010
|
35 years
|
Pro Med Center Richland
|
Richland
|
MI
|
—
|
|
233
|
|
2,267
|
|
77
|
|
233
|
|
2,344
|
|
2,577
|
|
658
|
|
1,919
|
|
1996
|
2010
|
35 years
|
Henry Ford Dialysis Center
|
Southfield
|
MI
|
—
|
|
589
|
|
3,350
|
|
—
|
|
589
|
|
3,350
|
|
3,939
|
|
381
|
|
3,558
|
|
2002
|
2015
|
35 years
|
Metro Health
|
Wyoming
|
MI
|
—
|
|
1,325
|
|
5,479
|
|
—
|
|
1,325
|
|
5,479
|
|
6,804
|
|
659
|
|
6,145
|
|
2008
|
2015
|
35 years
|
Spectrum Health
|
Wyoming
|
MI
|
—
|
|
2,463
|
|
14,353
|
|
—
|
|
2,463
|
|
14,353
|
|
16,816
|
|
1,727
|
|
15,089
|
|
2006
|
2015
|
35 years
|
Cogdell Duluth MOB
|
Duluth
|
MN
|
—
|
|
—
|
|
33,406
|
|
(19
|
)
|
—
|
|
33,387
|
|
33,387
|
|
5,162
|
|
28,225
|
|
2012
|
2012
|
35 years
|
Allina Health
|
Elk River
|
MN
|
—
|
|
1,442
|
|
7,742
|
|
54
|
|
1,442
|
|
7,796
|
|
9,238
|
|
1,058
|
|
8,180
|
|
2002
|
2015
|
35 years
|
Unitron Hearing
|
Plymouth
|
MN
|
—
|
|
2,646
|
|
8,962
|
|
5
|
|
2,646
|
|
8,967
|
|
11,613
|
|
1,511
|
|
10,102
|
|
2011
|
2015
|
29 years
|
HealthPartners Medical & Dental Clinics
|
Sartell
|
MN
|
—
|
|
2,492
|
|
15,694
|
|
49
|
|
2,503
|
|
15,732
|
|
18,235
|
|
3,787
|
|
14,448
|
|
2010
|
2012
|
35 years
|
Arnold Urgent Care
|
Arnold
|
MO
|
—
|
|
1,058
|
|
556
|
|
155
|
|
1,097
|
|
672
|
|
1,769
|
|
520
|
|
1,249
|
|
1999
|
2011
|
35 years
|
DePaul Health Center North
|
Bridgeton
|
MO
|
—
|
|
996
|
|
10,045
|
|
2,189
|
|
996
|
|
12,234
|
|
13,230
|
|
4,310
|
|
8,920
|
|
1976
|
2012
|
21 years
|
DePaul Health Center South
|
Bridgeton
|
MO
|
—
|
|
910
|
|
12,169
|
|
1,403
|
|
910
|
|
13,572
|
|
14,482
|
|
3,757
|
|
10,725
|
|
1992
|
2012
|
30 years
|
St. Mary's Health Center MOB D
|
Clayton
|
MO
|
—
|
|
103
|
|
2,780
|
|
925
|
|
103
|
|
3,705
|
|
3,808
|
|
1,415
|
|
2,393
|
|
1984
|
2012
|
22 years
|
Fenton Urgent Care Center
|
Fenton
|
MO
|
—
|
|
183
|
|
2,714
|
|
364
|
|
189
|
|
3,072
|
|
3,261
|
|
1,091
|
|
2,170
|
|
2003
|
2011
|
35 years
|
St. Joseph Medical Building
|
Kansas City
|
MO
|
—
|
|
305
|
|
7,445
|
|
2,286
|
|
305
|
|
9,731
|
|
10,036
|
|
2,005
|
|
8,031
|
|
1988
|
2012
|
32 years
|
St. Joseph Medical Mall
|
Kansas City
|
MO
|
—
|
|
530
|
|
9,115
|
|
608
|
|
530
|
|
9,723
|
|
10,253
|
|
2,327
|
|
7,926
|
|
1995
|
2012
|
33 years
|
Carondelet Medical Building
|
Kansas City
|
MO
|
—
|
|
745
|
|
12,437
|
|
1,800
|
|
745
|
|
14,237
|
|
14,982
|
|
3,698
|
|
11,284
|
|
1979
|
2012
|
29 years
|
St. Joseph Hospital West Medical Office Building II
|
Lake Saint Louis
|
MO
|
—
|
|
524
|
|
3,229
|
|
779
|
|
524
|
|
4,008
|
|
4,532
|
|
1,046
|
|
3,486
|
|
2005
|
2012
|
35 years
|
St. Joseph O'Fallon Medical Office Building
|
O'Fallon
|
MO
|
—
|
|
940
|
|
5,556
|
|
114
|
|
960
|
|
5,650
|
|
6,610
|
|
1,336
|
|
5,274
|
|
1992
|
2012
|
35 years
|
Sisters of Mercy Building
|
Springfield
|
MO
|
—
|
|
3,427
|
|
8,697
|
|
—
|
|
3,427
|
|
8,697
|
|
12,124
|
|
1,113
|
|
11,011
|
|
2008
|
2015
|
35 years
|
St. Joseph Health Center Medical Building 1
|
St. Charles
|
MO
|
—
|
|
503
|
|
4,336
|
|
1,220
|
|
503
|
|
5,556
|
|
6,059
|
|
2,010
|
|
4,049
|
|
1987
|
2012
|
20 years
|
St. Joseph Health Center Medical Building 2
|
St. Charles
|
MO
|
—
|
|
369
|
|
2,963
|
|
1,256
|
|
369
|
|
4,219
|
|
4,588
|
|
1,111
|
|
3,477
|
|
1999
|
2012
|
32 years
|
Physicians Office Center
|
St. Louis
|
MO
|
—
|
|
1,445
|
|
13,825
|
|
858
|
|
1,445
|
|
14,683
|
|
16,128
|
|
5,147
|
|
10,981
|
|
2003
|
2011
|
35 years
|
12700 Southford Road Medical Plaza
|
St. Louis
|
MO
|
—
|
|
595
|
|
12,584
|
|
1,607
|
|
595
|
|
14,191
|
|
14,786
|
|
4,800
|
|
9,986
|
|
1993
|
2011
|
32 years
|
St Anthony's MOB A
|
St. Louis
|
MO
|
—
|
|
409
|
|
4,687
|
|
1,369
|
|
409
|
|
6,056
|
|
6,465
|
|
2,447
|
|
4,018
|
|
1975
|
2011
|
20 years
|
St Anthony's MOB B
|
St. Louis
|
MO
|
—
|
|
350
|
|
3,942
|
|
923
|
|
350
|
|
4,865
|
|
5,215
|
|
2,159
|
|
3,056
|
|
1980
|
2011
|
21 years
|
Lemay Urgent Care Center
|
St. Louis
|
MO
|
—
|
|
2,317
|
|
3,120
|
|
635
|
|
2,351
|
|
3,721
|
|
6,072
|
|
1,820
|
|
4,252
|
|
1983
|
2011
|
22 years
|
St. Mary's Health Center MOB B
|
St. Louis
|
MO
|
—
|
|
119
|
|
4,161
|
|
11,075
|
|
119
|
|
15,236
|
|
15,355
|
|
1,654
|
|
13,701
|
|
1979
|
2012
|
23 years
|
St. Mary's Health Center MOB C
|
St. Louis
|
MO
|
—
|
|
136
|
|
6,018
|
|
992
|
|
136
|
|
7,010
|
|
7,146
|
|
2,127
|
|
5,019
|
|
1969
|
2012
|
20 years
|
University Physicians - Grants Ferry
|
Flowood
|
MS
|
8,815
|
|
2,796
|
|
12,125
|
|
(12
|
)
|
2,796
|
|
12,113
|
|
14,909
|
|
2,947
|
|
11,962
|
|
2010
|
2012
|
35 years
|
Randolph
|
Charlotte
|
NC
|
—
|
|
6,370
|
|
2,929
|
|
1,893
|
|
6,418
|
|
4,774
|
|
11,192
|
|
3,434
|
|
7,758
|
|
1973
|
2012
|
4 years
|
Mallard Crossing I
|
Charlotte
|
NC
|
—
|
|
3,229
|
|
2,072
|
|
673
|
|
3,269
|
|
2,705
|
|
5,974
|
|
1,703
|
|
4,271
|
|
1997
|
2012
|
25 years
|
Medical Arts Building
|
Concord
|
NC
|
—
|
|
701
|
|
11,734
|
|
1,051
|
|
701
|
|
12,785
|
|
13,486
|
|
3,924
|
|
9,562
|
|
1997
|
2012
|
31 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
|
||||||||||||||||||
Wilkins Medical Office Building
|
Columbus
|
OH
|
—
|
|
123
|
|
18,062
|
|
343
|
|
123
|
|
18,405
|
|
18,528
|
|
3,968
|
|
14,560
|
|
2002
|
2012
|
35 years
|
|||||||||
Grady Medical Office Building
|
Delaware
|
OH
|
—
|
|
239
|
|
2,263
|
|
370
|
|
239
|
|
2,633
|
|
2,872
|
|
940
|
|
1,932
|
|
1991
|
2012
|
25 years
|
|||||||||
Dublin Northwest Medical Office Building
|
Dublin
|
OH
|
—
|
|
342
|
|
3,278
|
|
234
|
|
342
|
|
3,512
|
|
3,854
|
|
1,093
|
|
2,761
|
|
2001
|
2012
|
34 years
|
|||||||||
Preserve III Medical Office Building
|
Dublin
|
OH
|
—
|
|
2,449
|
|
7,025
|
|
(66
|
)
|
2,449
|
|
6,959
|
|
9,408
|
|
1,883
|
|
7,525
|
|
2006
|
2012
|
35 years
|
|||||||||
Zanesville Surgery Center
|
Zanesville
|
OH
|
—
|
|
172
|
|
9,403
|
|
—
|
|
172
|
|
9,403
|
|
9,575
|
|
2,126
|
|
7,449
|
|
2000
|
2011
|
35 years
|
|||||||||
Dialysis Center
|
Zanesville
|
OH
|
—
|
|
534
|
|
855
|
|
81
|
|
534
|
|
936
|
|
1,470
|
|
541
|
|
929
|
|
1960
|
2011
|
21 years
|
|||||||||
Genesis Children's Center
|
Zanesville
|
OH
|
—
|
|
538
|
|
3,781
|
|
—
|
|
538
|
|
3,781
|
|
4,319
|
|
1,184
|
|
3,135
|
|
2006
|
2011
|
30 years
|
|||||||||
Medical Arts Building I
|
Zanesville
|
OH
|
—
|
|
429
|
|
2,405
|
|
520
|
|
436
|
|
2,918
|
|
3,354
|
|
1,200
|
|
2,154
|
|
1970
|
2011
|
20 years
|
|||||||||
Medical Arts Building II
|
Zanesville
|
OH
|
—
|
|
485
|
|
6,013
|
|
835
|
|
510
|
|
6,823
|
|
7,333
|
|
2,780
|
|
4,553
|
|
1995
|
2011
|
25 years
|
|||||||||
Medical Arts Building III
|
Zanesville
|
OH
|
—
|
|
94
|
|
1,248
|
|
—
|
|
94
|
|
1,248
|
|
1,342
|
|
505
|
|
837
|
|
1970
|
2011
|
25 years
|
|||||||||
Primecare Building
|
Zanesville
|
OH
|
—
|
|
130
|
|
1,344
|
|
648
|
|
130
|
|
1,992
|
|
2,122
|
|
776
|
|
1,346
|
|
1978
|
2011
|
20 years
|
|||||||||
Outpatient Rehabilitation Building
|
Zanesville
|
OH
|
—
|
|
82
|
|
1,541
|
|
—
|
|
82
|
|
1,541
|
|
1,623
|
|
521
|
|
1,102
|
|
1985
|
2011
|
28 years
|
|||||||||
Radiation Oncology Building
|
Zanesville
|
OH
|
—
|
|
105
|
|
1,201
|
|
—
|
|
105
|
|
1,201
|
|
1,306
|
|
477
|
|
829
|
|
1988
|
2011
|
25 years
|
|||||||||
Healthplex
|
Zanesville
|
OH
|
—
|
|
2,488
|
|
15,849
|
|
648
|
|
2,508
|
|
16,477
|
|
18,985
|
|
5,213
|
|
13,772
|
|
1990
|
2011
|
32 years
|
|||||||||
Physicians Pavilion
|
Zanesville
|
OH
|
—
|
|
422
|
|
6,297
|
|
1,425
|
|
422
|
|
7,722
|
|
8,144
|
|
2,746
|
|
5,398
|
|
1990
|
2011
|
25 years
|
|||||||||
Zanesville Northside Pharmacy
|
Zanesville
|
OH
|
—
|
|
42
|
|
635
|
|
—
|
|
42
|
|
635
|
|
677
|
|
223
|
|
454
|
|
1985
|
2011
|
28 years
|
|||||||||
Bethesda Campus MOB III
|
Zanesville
|
OH
|
—
|
|
188
|
|
1,137
|
|
141
|
|
199
|
|
1,267
|
|
1,466
|
|
482
|
|
984
|
|
1978
|
2011
|
25 years
|
|||||||||
Tuality 7th Avenue Medical Plaza
|
Hillsboro
|
OR
|
18,230
|
|
1,516
|
|
24,638
|
|
1,387
|
|
1,533
|
|
26,008
|
|
27,541
|
|
6,694
|
|
20,847
|
|
2003
|
2011
|
35 years
|
|||||||||
Professional Office Building I
|
Chester
|
PA
|
—
|
|
—
|
|
6,283
|
|
2,410
|
|
—
|
|
8,693
|
|
8,693
|
|
4,178
|
|
4,515
|
|
1978
|
2004
|
30 years
|
|||||||||
DCMH Medical Office Building
|
Drexel Hill
|
PA
|
—
|
|
—
|
|
10,424
|
|
1,599
|
|
—
|
|
12,023
|
|
12,023
|
|
6,223
|
|
5,800
|
|
1984
|
2004
|
30 years
|
|||||||||
Pinnacle Health
|
Harrisburg
|
PA
|
—
|
|
2,574
|
|
16,767
|
|
407
|
|
2,674
|
|
17,074
|
|
19,748
|
|
2,050
|
|
17,698
|
|
2002
|
2015
|
35 years
|
|||||||||
Lancaster Rehabilitation Hospital
|
Lancaster
|
PA
|
—
|
|
959
|
|
16,610
|
|
(16
|
)
|
959
|
|
16,594
|
|
17,553
|
|
3,815
|
|
13,738
|
|
2007
|
2012
|
35 years
|
|||||||||
Lancaster ASC MOB
|
Lancaster
|
PA
|
—
|
|
593
|
|
17,117
|
|
433
|
|
593
|
|
17,550
|
|
18,143
|
|
4,469
|
|
13,674
|
|
2007
|
2012
|
35 years
|
|||||||||
St. Joseph Medical Office Building
|
Reading
|
PA
|
—
|
|
—
|
|
10,823
|
|
811
|
|
—
|
|
11,634
|
|
11,634
|
|
3,689
|
|
7,945
|
|
2006
|
2010
|
35 years
|
|||||||||
Crozer - Keystone MOB I
|
Springfield
|
PA
|
—
|
|
9,130
|
|
47,078
|
|
—
|
|
9,130
|
|
47,078
|
|
56,208
|
|
6,259
|
|
49,949
|
|
1996
|
2015
|
35 years
|
|||||||||
Crozer-Keystone MOB II
|
Springfield
|
PA
|
—
|
|
5,178
|
|
6,523
|
|
—
|
|
5,178
|
|
6,523
|
|
11,701
|
|
922
|
|
10,779
|
|
1998
|
2015
|
25 years
|
|||||||||
Doylestown Health & Wellness Center
|
Warrington
|
PA
|
—
|
|
4,452
|
|
17,383
|
|
960
|
|
4,497
|
|
18,298
|
|
22,795
|
|
4,799
|
|
17,996
|
|
2001
|
2012
|
34 years
|
|||||||||
Roper Medical Office Building
|
Charleston
|
SC
|
7,890
|
|
127
|
|
14,737
|
|
3,582
|
|
127
|
|
18,319
|
|
18,446
|
|
4,913
|
|
13,533
|
|
1990
|
2012
|
28 years
|
|||||||||
St. Francis Medical Plaza (Charleston)
|
Charleston
|
SC
|
—
|
|
447
|
|
3,946
|
|
621
|
|
447
|
|
4,567
|
|
5,014
|
|
1,369
|
|
3,645
|
|
2003
|
2012
|
35 years
|
|||||||||
Providence MOB I
|
Columbia
|
SC
|
—
|
|
225
|
|
4,274
|
|
869
|
|
225
|
|
5,143
|
|
5,368
|
|
2,105
|
|
3,263
|
|
1979
|
2012
|
18 years
|
|||||||||
Providence MOB II
|
Columbia
|
SC
|
—
|
|
122
|
|
1,834
|
|
172
|
|
150
|
|
1,978
|
|
2,128
|
|
854
|
|
1,274
|
|
1985
|
2012
|
18 years
|
|||||||||
Providence MOB III
|
Columbia
|
SC
|
—
|
|
766
|
|
4,406
|
|
797
|
|
766
|
|
5,203
|
|
5,969
|
|
1,635
|
|
4,334
|
|
1990
|
2012
|
23 years
|
|||||||||
One Medical Park
|
Columbia
|
SC
|
—
|
|
210
|
|
7,939
|
|
1,152
|
|
214
|
|
9,087
|
|
9,301
|
|
3,422
|
|
5,879
|
|
1984
|
2012
|
19 years
|
|||||||||
Three Medical Park
|
Columbia
|
SC
|
—
|
|
40
|
|
10,650
|
|
1,411
|
|
40
|
|
12,061
|
|
12,101
|
|
3,840
|
|
8,261
|
|
1988
|
2012
|
25 years
|
|||||||||
St. Francis Millennium Medical Office Building
|
Greenville
|
SC
|
14,707
|
|
—
|
|
13,062
|
|
10,618
|
|
30
|
|
23,650
|
|
23,680
|
|
9,808
|
|
13,872
|
|
2009
|
2009
|
35 years
|
|||||||||
200 Andrews
|
Greenville
|
SC
|
—
|
|
789
|
|
2,014
|
|
362
|
|
803
|
|
2,362
|
|
3,165
|
|
1,242
|
|
1,923
|
|
1994
|
2012
|
29 years
|
|||||||||
St. Francis CMOB
|
Greenville
|
SC
|
—
|
|
501
|
|
7,661
|
|
895
|
|
501
|
|
8,556
|
|
9,057
|
|
2,083
|
|
6,974
|
|
2001
|
2012
|
35 years
|
|||||||||
St. Francis Outpatient Surgery Center
|
Greenville
|
SC
|
—
|
|
1,007
|
|
16,538
|
|
889
|
|
1,007
|
|
17,427
|
|
18,434
|
|
4,449
|
|
13,985
|
|
2001
|
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
|
||||||||||||||||||
St. Francis Professional Medical Center
|
Greenville
|
SC
|
—
|
|
342
|
|
6,337
|
|
1,336
|
|
371
|
|
7,644
|
|
8,015
|
|
2,211
|
|
5,804
|
|
1984
|
2012
|
24 years
|
|||||||||
St. Francis Women's
|
Greenville
|
SC
|
—
|
|
322
|
|
4,877
|
|
611
|
|
322
|
|
5,488
|
|
5,810
|
|
2,186
|
|
3,624
|
|
1991
|
2012
|
24 years
|
|||||||||
St. Francis Medical Plaza (Greenville)
|
Greenville
|
SC
|
—
|
|
88
|
|
5,876
|
|
1,028
|
|
98
|
|
6,894
|
|
6,992
|
|
1,995
|
|
4,997
|
|
1998
|
2012
|
24 years
|
|||||||||
Irmo Professional MOB
|
Irmo
|
SC
|
—
|
|
1,726
|
|
5,414
|
|
258
|
|
1,726
|
|
5,672
|
|
7,398
|
|
1,945
|
|
5,453
|
|
2004
|
2011
|
35 years
|
|||||||||
River Hills Medical Plaza
|
Little River
|
SC
|
—
|
|
1,406
|
|
1,813
|
|
187
|
|
1,406
|
|
2,000
|
|
3,406
|
|
736
|
|
2,670
|
|
1999
|
2012
|
27 years
|
|||||||||
Mount Pleasant Medical Office Longpoint
|
Mount Pleasant
|
SC
|
—
|
|
670
|
|
4,455
|
|
186
|
|
632
|
|
4,679
|
|
5,311
|
|
1,952
|
|
3,359
|
|
2001
|
2012
|
34 years
|
|||||||||
Mary Black Westside Medical Office Bldg
|
Spartanburg
|
SC
|
—
|
|
291
|
|
5,057
|
|
516
|
|
300
|
|
5,564
|
|
5,864
|
|
1,618
|
|
4,246
|
|
1991
|
2012
|
31 years
|
|||||||||
Spartanburg ASC
|
Spartanburg
|
SC
|
—
|
|
1,333
|
|
15,756
|
|
—
|
|
1,333
|
|
15,756
|
|
17,089
|
|
1,521
|
|
15,568
|
|
2002
|
2015
|
35 years
|
|||||||||
Spartanburg Regional MOB
|
Spartanburg
|
SC
|
—
|
|
207
|
|
17,963
|
|
550
|
|
286
|
|
18,434
|
|
18,720
|
|
1,995
|
|
16,725
|
|
1986
|
2015
|
35 years
|
|||||||||
Wellmont Blue Ridge MOB
|
Bristol
|
TN
|
—
|
|
999
|
|
5,027
|
|
32
|
|
999
|
|
5,059
|
|
6,058
|
|
628
|
|
5,430
|
|
2001
|
2015
|
35 years
|
|||||||||
Health Park Medical Office Building
|
Chattanooga
|
TN
|
5,955
|
|
2,305
|
|
8,949
|
|
51
|
|
2,305
|
|
9,000
|
|
11,305
|
|
2,317
|
|
8,988
|
|
2004
|
2012
|
35 years
|
|||||||||
Peerless Crossing Medical Center
|
Cleveland
|
TN
|
—
|
|
1,217
|
|
6,464
|
|
13
|
|
1,217
|
|
6,477
|
|
7,694
|
|
1,577
|
|
6,117
|
|
2006
|
2012
|
35 years
|
|||||||||
St. Mary's Clinton Professional Office Building
|
Clinton
|
TN
|
—
|
|
298
|
|
618
|
|
6
|
|
298
|
|
624
|
|
922
|
|
145
|
|
777
|
|
1988
|
2015
|
39 years
|
|||||||||
St. Mary's Farragut MOB
|
Farragut
|
TN
|
—
|
|
221
|
|
2,719
|
|
137
|
|
221
|
|
2,856
|
|
3,077
|
|
351
|
|
2,726
|
|
1997
|
2015
|
39 years
|
|||||||||
Medical Center Physicians Tower
|
Jackson
|
TN
|
13,344
|
|
549
|
|
27,074
|
|
50
|
|
598
|
|
27,075
|
|
27,673
|
|
6,744
|
|
20,929
|
|
2010
|
2012
|
35 years
|
|||||||||
St. Mary's Physician Professional Office Building
|
Knoxville
|
TN
|
—
|
|
138
|
|
3,144
|
|
129
|
|
138
|
|
3,273
|
|
3,411
|
|
509
|
|
2,902
|
|
1981
|
2015
|
39 years
|
|||||||||
St. Mary's Magdalene Clarke Tower
|
Knoxville
|
TN
|
—
|
|
69
|
|
4,153
|
|
11
|
|
69
|
|
4,164
|
|
4,233
|
|
583
|
|
3,650
|
|
1972
|
2015
|
39 years
|
|||||||||
St. Mary's Medical Office Building
|
Knoxville
|
TN
|
—
|
|
136
|
|
359
|
|
31
|
|
136
|
|
390
|
|
526
|
|
124
|
|
402
|
|
1976
|
2015
|
39 years
|
|||||||||
St. Mary's Ambulatory Surgery Center
|
Knoxville
|
TN
|
—
|
|
129
|
|
1,012
|
|
—
|
|
129
|
|
1,012
|
|
1,141
|
|
221
|
|
920
|
|
1999
|
2015
|
24 years
|
|||||||||
Texas Clinic at Arlington
|
Arlington
|
TX
|
—
|
|
2,781
|
|
24,515
|
|
91
|
|
2,781
|
|
24,606
|
|
27,387
|
|
2,680
|
|
24,707
|
|
2010
|
2015
|
35 years
|
|||||||||
Seton Medical Park Tower
|
Austin
|
TX
|
—
|
|
805
|
|
41,527
|
|
2,803
|
|
1,329
|
|
43,806
|
|
45,135
|
|
8,799
|
|
36,336
|
|
1968
|
2012
|
35 years
|
|||||||||
Seton Northwest Health Plaza
|
Austin
|
TX
|
—
|
|
444
|
|
22,632
|
|
2,809
|
|
444
|
|
25,441
|
|
25,885
|
|
5,188
|
|
20,697
|
|
1988
|
2012
|
35 years
|
|||||||||
Seton Southwest Health Plaza
|
Austin
|
TX
|
—
|
|
294
|
|
5,311
|
|
241
|
|
294
|
|
5,552
|
|
5,846
|
|
1,133
|
|
4,713
|
|
2004
|
2012
|
35 years
|
|||||||||
Seton Southwest Health Plaza II
|
Austin
|
TX
|
—
|
|
447
|
|
10,154
|
|
84
|
|
447
|
|
10,238
|
|
10,685
|
|
2,124
|
|
8,561
|
|
2009
|
2012
|
35 years
|
|||||||||
BioLife Sciences Building
|
Denton
|
TX
|
—
|
|
1,036
|
|
6,576
|
|
—
|
|
1,036
|
|
6,576
|
|
7,612
|
|
817
|
|
6,795
|
|
2010
|
2015
|
35 years
|
|||||||||
East Houston MOB, LLC
|
Houston
|
TX
|
—
|
|
356
|
|
2,877
|
|
702
|
|
328
|
|
3,607
|
|
3,935
|
|
2,084
|
|
1,851
|
|
1982
|
2011
|
15 years
|
|||||||||
East Houston Medical Plaza
|
Houston
|
TX
|
—
|
|
671
|
|
426
|
|
535
|
|
671
|
|
961
|
|
1,632
|
|
847
|
|
785
|
|
1982
|
2011
|
11 years
|
|||||||||
Memorial Hermann
|
Houston
|
TX
|
—
|
|
822
|
|
14,307
|
|
—
|
|
822
|
|
14,307
|
|
15,129
|
|
1,451
|
|
13,678
|
|
2012
|
2015
|
35 years
|
|||||||||
Scott & White Healthcare
|
Kingsland
|
TX
|
—
|
|
534
|
|
5,104
|
|
—
|
|
534
|
|
5,104
|
|
5,638
|
|
593
|
|
5,045
|
|
2012
|
2015
|
35 years
|
|||||||||
Odessa Regional MOB
|
Odessa
|
TX
|
—
|
|
121
|
|
8,935
|
|
—
|
|
121
|
|
8,935
|
|
9,056
|
|
942
|
|
8,114
|
|
2008
|
2015
|
35 years
|
|||||||||
Legacy Heart Center
|
Plano
|
TX
|
—
|
|
3,081
|
|
8,890
|
|
8
|
|
3,081
|
|
8,898
|
|
11,979
|
|
1,148
|
|
10,831
|
|
2005
|
2015
|
35 years
|
|||||||||
Seton Williamson Medical Plaza
|
Round Rock
|
TX
|
—
|
|
—
|
|
15,074
|
|
586
|
|
—
|
|
15,660
|
|
15,660
|
|
4,849
|
|
10,811
|
|
2008
|
2010
|
35 years
|
|||||||||
Sunnyvale Medical Plaza
|
Sunnyvale
|
TX
|
—
|
|
1,186
|
|
15,397
|
|
397
|
|
1,215
|
|
15,765
|
|
16,980
|
|
1,834
|
|
15,146
|
|
2009
|
2015
|
35 years
|
|||||||||
Texarkana ASC
|
Texarkana
|
TX
|
—
|
|
814
|
|
5,903
|
|
—
|
|
814
|
|
5,903
|
|
6,717
|
|
785
|
|
5,932
|
|
1994
|
2015
|
30 years
|
|||||||||
Spring Creek Medical Plaza
|
Tomball
|
TX
|
—
|
|
2,165
|
|
8,212
|
|
16
|
|
2,165
|
|
8,228
|
|
10,393
|
|
888
|
|
9,505
|
|
2006
|
2015
|
35 years
|
|||||||||
251 Medical Center
|
Webster
|
TX
|
—
|
|
1,158
|
|
12,078
|
|
(3,777
|
)
|
1,163
|
|
8,296
|
|
9,459
|
|
2,616
|
|
6,843
|
|
2006
|
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
|
||||||||||||||||||
253 Medical Center
|
Webster
|
TX
|
—
|
|
1,181
|
|
11,862
|
|
(3,820
|
)
|
1,181
|
|
8,042
|
|
9,223
|
|
2,460
|
|
6,763
|
|
2009
|
2011
|
35 years
|
|||||||||
MRMC MOB I
|
Mechanicsville
|
VA
|
—
|
|
1,669
|
|
7,024
|
|
433
|
|
1,669
|
|
7,457
|
|
9,126
|
|
2,694
|
|
6,432
|
|
1993
|
2012
|
31 years
|
|||||||||
Henrico MOB
|
Richmond
|
VA
|
—
|
|
968
|
|
6,189
|
|
1,209
|
|
968
|
|
7,398
|
|
8,366
|
|
2,677
|
|
5,689
|
|
1976
|
2011
|
25 years
|
|||||||||
St. Mary's MOB North (Floors 6 & 7)
|
Richmond
|
VA
|
—
|
|
227
|
|
2,961
|
|
633
|
|
227
|
|
3,594
|
|
3,821
|
|
1,257
|
|
2,564
|
|
1968
|
2012
|
22 years
|
|||||||||
Virginia Urology Center
|
Richmond
|
VA
|
—
|
|
3,822
|
|
16,127
|
|
—
|
|
3,822
|
|
16,127
|
|
19,949
|
|
1,899
|
|
18,050
|
|
2004
|
2015
|
35 years
|
|||||||||
St. Francis Cancer Center
|
Richmond
|
VA
|
—
|
|
654
|
|
18,331
|
|
23
|
|
657
|
|
18,351
|
|
19,008
|
|
1,956
|
|
17,052
|
|
2006
|
2015
|
35 years
|
|||||||||
Bonney Lake Medical Office Building
|
Bonney Lake
|
WA
|
10,203
|
|
5,176
|
|
14,375
|
|
165
|
|
5,176
|
|
14,540
|
|
19,716
|
|
3,820
|
|
15,896
|
|
2011
|
2012
|
35 years
|
|||||||||
Good Samaritan Medical Office Building
|
Puyallup
|
WA
|
13,220
|
|
781
|
|
30,368
|
|
692
|
|
801
|
|
31,040
|
|
31,841
|
|
6,620
|
|
25,221
|
|
2011
|
2012
|
35 years
|
|||||||||
Holy Family Hospital Central MOB
|
Spokane
|
WA
|
—
|
|
—
|
|
19,085
|
|
260
|
|
—
|
|
19,345
|
|
19,345
|
|
3,181
|
|
16,164
|
|
2007
|
2012
|
35 years
|
|||||||||
Physician's Pavilion
|
Vancouver
|
WA
|
—
|
|
1,411
|
|
32,939
|
|
957
|
|
1,431
|
|
33,876
|
|
35,307
|
|
8,662
|
|
26,645
|
|
2001
|
2011
|
35 years
|
|||||||||
Administration Building
|
Vancouver
|
WA
|
—
|
|
296
|
|
7,856
|
|
—
|
|
296
|
|
7,856
|
|
8,152
|
|
2,013
|
|
6,139
|
|
1972
|
2011
|
35 years
|
|||||||||
Medical Center Physician's Building
|
Vancouver
|
WA
|
—
|
|
1,225
|
|
31,246
|
|
2,791
|
|
1,251
|
|
34,011
|
|
35,262
|
|
8,191
|
|
27,071
|
|
1980
|
2011
|
35 years
|
|||||||||
Memorial MOB
|
Vancouver
|
WA
|
—
|
|
663
|
|
12,626
|
|
750
|
|
690
|
|
13,349
|
|
14,039
|
|
3,307
|
|
10,732
|
|
1999
|
2011
|
35 years
|
|||||||||
Salmon Creek MOB
|
Vancouver
|
WA
|
—
|
|
1,325
|
|
9,238
|
|
—
|
|
1,325
|
|
9,238
|
|
10,563
|
|
2,340
|
|
8,223
|
|
1994
|
2011
|
35 years
|
|||||||||
Fisher's Landing MOB
|
Vancouver
|
WA
|
—
|
|
1,590
|
|
5,420
|
|
—
|
|
1,590
|
|
5,420
|
|
7,010
|
|
1,654
|
|
5,356
|
|
1995
|
2011
|
34 years
|
|||||||||
Columbia Medical Plaza Vancouver
|
Vancouver
|
WA
|
—
|
|
281
|
|
5,266
|
|
323
|
|
331
|
|
5,539
|
|
5,870
|
|
1,465
|
|
4,405
|
|
1991
|
2011
|
35 years
|
|||||||||
Appleton Heart Institute
|
Appleton
|
WI
|
—
|
|
—
|
|
7,775
|
|
31
|
|
—
|
|
7,806
|
|
7,806
|
|
2,126
|
|
5,680
|
|
2003
|
2010
|
39 years
|
|||||||||
Appleton Medical Offices West
|
Appleton
|
WI
|
—
|
|
—
|
|
5,756
|
|
85
|
|
—
|
|
5,841
|
|
5,841
|
|
1,602
|
|
4,239
|
|
1989
|
2010
|
39 years
|
|||||||||
Appleton Medical Offices South
|
Appleton
|
WI
|
—
|
|
—
|
|
9,058
|
|
185
|
|
—
|
|
9,243
|
|
9,243
|
|
2,671
|
|
6,572
|
|
1983
|
2010
|
39 years
|
|||||||||
Brookfield Clinic
|
Brookfield
|
WI
|
—
|
|
2,638
|
|
4,093
|
|
—
|
|
2,638
|
|
4,093
|
|
6,731
|
|
1,295
|
|
5,436
|
|
1999
|
2011
|
35 years
|
|||||||||
Lakeshore Medical Clinic - Franklin
|
Franklin
|
WI
|
—
|
|
1,973
|
|
7,579
|
|
65
|
|
2,029
|
|
7,588
|
|
9,617
|
|
940
|
|
8,677
|
|
2008
|
2015
|
34 years
|
|||||||||
Lakeshore Medical Clinic - Greenfield
|
Greenfield
|
WI
|
—
|
|
1,223
|
|
13,387
|
|
10
|
|
1,223
|
|
13,397
|
|
14,620
|
|
1,373
|
|
13,247
|
|
2010
|
2015
|
35 years
|
|||||||||
Aurora Health Care - Hartford
|
Hartford
|
WI
|
—
|
|
3,706
|
|
22,019
|
|
—
|
|
3,706
|
|
22,019
|
|
25,725
|
|
2,546
|
|
23,179
|
|
2006
|
2015
|
35 years
|
|||||||||
Hartland Clinic
|
Hartland
|
WI
|
—
|
|
321
|
|
5,050
|
|
—
|
|
321
|
|
5,050
|
|
5,371
|
|
1,361
|
|
4,010
|
|
1994
|
2011
|
35 years
|
|||||||||
Aurora Healthcare - Kenosha
|
Kenosha
|
WI
|
—
|
|
7,546
|
|
19,155
|
|
—
|
|
7,546
|
|
19,155
|
|
26,701
|
|
2,263
|
|
24,438
|
|
2014
|
2015
|
35 years
|
|||||||||
Univ of Wisconsin Health
|
Monona
|
WI
|
—
|
|
678
|
|
8,017
|
|
—
|
|
678
|
|
8,017
|
|
8,695
|
|
1,011
|
|
7,684
|
|
2011
|
2015
|
35 years
|
|||||||||
Theda Clark Medical Center Office Pavilion
|
Neenah
|
WI
|
—
|
|
—
|
|
7,080
|
|
747
|
|
—
|
|
7,827
|
|
7,827
|
|
2,008
|
|
5,819
|
|
1993
|
2010
|
39 years
|
|||||||||
Aylward Medical Building Condo Floors 3 & 4
|
Neenah
|
WI
|
—
|
|
—
|
|
4,462
|
|
95
|
|
—
|
|
4,557
|
|
4,557
|
|
1,330
|
|
3,227
|
|
2006
|
2010
|
39 years
|
|||||||||
Aurora Health Care - Neenah
|
Neenah
|
WI
|
—
|
|
2,033
|
|
9,072
|
|
—
|
|
2,033
|
|
9,072
|
|
11,105
|
|
1,126
|
|
9,979
|
|
2006
|
2015
|
35 years
|
|||||||||
New Berlin Clinic
|
New Berlin
|
WI
|
—
|
|
678
|
|
7,121
|
|
—
|
|
678
|
|
7,121
|
|
7,799
|
|
2,062
|
|
5,737
|
|
1999
|
2011
|
35 years
|
|||||||||
United Healthcare - Onalaska
|
Onalaska
|
WI
|
—
|
|
4,623
|
|
5,527
|
|
—
|
|
4,623
|
|
5,527
|
|
10,150
|
|
891
|
|
9,259
|
|
1995
|
2015
|
35 years
|
|||||||||
WestWood Health & Fitness
|
Pewaukee
|
WI
|
—
|
|
823
|
|
11,649
|
|
—
|
|
823
|
|
11,649
|
|
12,472
|
|
3,403
|
|
9,069
|
|
1997
|
2011
|
35 years
|
|||||||||
Aurora Health Care - Two Rivers
|
Two Rivers
|
WI
|
—
|
|
5,638
|
|
25,308
|
|
—
|
|
5,638
|
|
25,308
|
|
30,946
|
|
2,950
|
|
27,996
|
|
2006
|
2015
|
35 years
|
|||||||||
Watertown Clinic
|
Watertown
|
WI
|
—
|
|
166
|
|
3,234
|
|
—
|
|
166
|
|
3,234
|
|
3,400
|
|
841
|
|
2,559
|
|
2003
|
2011
|
35 years
|
|||||||||
Southside Clinic
|
Waukesha
|
WI
|
—
|
|
218
|
|
5,273
|
|
—
|
|
218
|
|
5,273
|
|
5,491
|
|
1,389
|
|
4,102
|
|
1997
|
2011
|
35 years
|
|||||||||
Rehabilitation Hospital
|
Waukesha
|
WI
|
—
|
|
372
|
|
15,636
|
|
—
|
|
372
|
|
15,636
|
|
16,008
|
|
3,608
|
|
12,400
|
|
2008
|
2011
|
35 years
|
|||||||||
United Healthcare - Wauwatosa
|
Wawatosa
|
WI
|
—
|
|
8,012
|
|
15,992
|
|
—
|
|
8,012
|
|
15,992
|
|
24,004
|
|
2,284
|
|
21,720
|
|
1995
|
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
|
||||||||||||||||||
BSG CS, LLC
|
Waunakee
|
WI
|
—
|
|
1,060
|
|
—
|
|
(134
|
)
|
926
|
|
—
|
|
926
|
|
—
|
|
926
|
|
N/A
|
2012
|
N/A
|
|||||||||
TOTAL FOR MEDICAL OFFICE BUILDINGS
|
|
|
350,898
|
|
389,589
|
|
4,108,450
|
|
249,979
|
|
392,718
|
|
4,355,300
|
|
4,748,018
|
|
950,558
|
|
3,797,460
|
|
|
|
|
|||||||||
LIFE SCIENCE AND INNOVATION CENTERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
100 College Street
|
New Haven
|
CT
|
—
|
|
2,706
|
|
186,570
|
|
5,985
|
|
2,706
|
|
192,555
|
|
195,261
|
|
5,311
|
|
189,950
|
|
2013
|
2016
|
59 years
|
|||||||||
300 George Street
|
New Haven
|
CT
|
—
|
|
2,262
|
|
122,144
|
|
3,972
|
|
2,262
|
|
126,116
|
|
128,378
|
|
3,805
|
|
124,573
|
|
2014
|
2016
|
50 years
|
|||||||||
Univ. of Miami Life Science and Technology Park
|
Miami
|
FL
|
—
|
|
2,249
|
|
87,019
|
|
4,603
|
|
2,249
|
|
91,622
|
|
93,871
|
|
3,204
|
|
90,667
|
|
2014
|
2016
|
53 years
|
|||||||||
IIT
|
Chicago
|
IL
|
—
|
|
30
|
|
55,620
|
|
67
|
|
30
|
|
55,687
|
|
55,717
|
|
1,784
|
|
53,933
|
|
2006
|
2016
|
46 years
|
|||||||||
University of Maryland BioPark I Unit 1
|
Baltimore
|
MD
|
—
|
|
113
|
|
25,199
|
|
789
|
|
113
|
|
25,988
|
|
26,101
|
|
813
|
|
25,288
|
|
2005
|
2016
|
50 years
|
|||||||||
University of Maryland BioPark II
|
Baltimore
|
MD
|
—
|
|
61
|
|
91,764
|
|
3,243
|
|
61
|
|
95,007
|
|
95,068
|
|
3,446
|
|
91,622
|
|
2007
|
2016
|
50 years
|
|||||||||
University of Maryland BioPark Garage
|
Baltimore
|
MD
|
—
|
|
77
|
|
4,677
|
|
345
|
|
77
|
|
5,022
|
|
5,099
|
|
267
|
|
4,832
|
|
2007
|
2016
|
29 years
|
|||||||||
Tributary Street
|
Baltimore
|
MD
|
—
|
|
4,015
|
|
15,905
|
|
597
|
|
4,015
|
|
16,502
|
|
20,517
|
|
770
|
|
19,747
|
|
1998
|
2016
|
45 years
|
|||||||||
Beckley Street
|
Baltimore
|
MD
|
—
|
|
2,813
|
|
13,481
|
|
574
|
|
2,813
|
|
14,055
|
|
16,868
|
|
675
|
|
16,193
|
|
1999
|
2016
|
45 years
|
|||||||||
University of Maryland BioPark III
|
Baltimore
|
MD
|
—
|
|
980
|
|
34
|
|
—
|
|
980
|
|
34
|
|
1,014
|
|
—
|
|
1,014
|
|
CIP
|
CIP
|
CIP
|
|||||||||
Heritage at 4240
|
Saint Louis
|
MO
|
—
|
|
403
|
|
47,125
|
|
325
|
|
452
|
|
47,401
|
|
47,853
|
|
2,104
|
|
45,749
|
|
2013
|
2016
|
45 years
|
|||||||||
Cortex 1
|
Saint Louis
|
MO
|
—
|
|
631
|
|
26,543
|
|
1,094
|
|
631
|
|
27,637
|
|
28,268
|
|
1,301
|
|
26,967
|
|
2005
|
2016
|
50 years
|
|||||||||
BRDG Park
|
Saint Louis
|
MO
|
—
|
|
606
|
|
37,083
|
|
1,580
|
|
606
|
|
38,663
|
|
39,269
|
|
1,208
|
|
38,061
|
|
2009
|
2016
|
52 years
|
|||||||||
4220 Duncan Avenue
|
St Louis
|
MO
|
—
|
|
—
|
|
—
|
|
14,921
|
|
1,871
|
|
13,050
|
|
14,921
|
|
—
|
|
14,921
|
|
N/A
|
2016
|
N/A
|
|||||||||
311 South Sarah Street
|
St. Louis
|
MO
|
—
|
|
7,567
|
|
(1,775
|
)
|
—
|
|
7,567
|
|
(1,775
|
)
|
5,792
|
|
6
|
|
5,786
|
|
CIP
|
CIP
|
CIP
|
|||||||||
4300 Duncan
|
St. Louis
|
MO
|
—
|
|
2,818
|
|
46,749
|
|
—
|
|
2,818
|
|
46,749
|
|
49,567
|
|
130
|
|
49,437
|
|
2008
|
2017
|
35 years
|
|||||||||
Weston Parkway
|
Cary
|
NC
|
—
|
|
1,372
|
|
6,535
|
|
1,018
|
|
1,372
|
|
7,553
|
|
8,925
|
|
285
|
|
8,640
|
|
1990
|
2016
|
50 years
|
|||||||||
Patriot Drive
|
Durham
|
NC
|
—
|
|
1,960
|
|
10,749
|
|
373
|
|
1,960
|
|
11,122
|
|
13,082
|
|
465
|
|
12,617
|
|
2010
|
2016
|
50 years
|
|||||||||
Chesterfield
|
Durham
|
NC
|
—
|
|
3,266
|
|
58,020
|
|
—
|
|
3,266
|
|
58,020
|
|
61,286
|
|
841
|
|
60,445
|
|
2017
|
2017
|
60 years
|
|||||||||
Paramount Parkway
|
Morrisville
|
NC
|
—
|
|
1,016
|
|
19,794
|
|
617
|
|
1,016
|
|
20,411
|
|
21,427
|
|
869
|
|
20,558
|
|
1999
|
2016
|
45 years
|
|||||||||
Wake 90
|
Winston-Salem
|
NC
|
—
|
|
2,752
|
|
79,949
|
|
105
|
|
2,752
|
|
80,054
|
|
82,806
|
|
3,196
|
|
79,610
|
|
2013
|
2016
|
40 years
|
|||||||||
Wake 91
|
Winston-Salem
|
NC
|
—
|
|
1,729
|
|
73,690
|
|
—
|
|
1,729
|
|
73,690
|
|
75,419
|
|
2,395
|
|
73,024
|
|
2011
|
2016
|
50 years
|
|||||||||
Wake 60
|
Winston-Salem
|
NC
|
15,000
|
|
1,243
|
|
83,414
|
|
1,868
|
|
1,243
|
|
85,282
|
|
86,525
|
|
3,320
|
|
83,205
|
|
2016
|
2016
|
35 years
|
|||||||||
Bailey Power Plant
|
Winston-Salem
|
NC
|
—
|
|
1,930
|
|
33,395
|
|
—
|
|
1,930
|
|
33,395
|
|
35,325
|
|
—
|
|
35,325
|
|
2017
|
2017
|
35 years
|
|||||||||
Hershey Center Unit 1
|
Hummelstown
|
PA
|
—
|
|
813
|
|
23,699
|
|
786
|
|
813
|
|
24,485
|
|
25,298
|
|
918
|
|
24,380
|
|
2007
|
2016
|
50 years
|
|||||||||
3737 Market Street
|
Philadelphia
|
PA
|
—
|
|
40
|
|
141,981
|
|
5,711
|
|
40
|
|
147,692
|
|
147,732
|
|
3,950
|
|
143,782
|
|
2014
|
2016
|
54 years
|
|||||||||
3711 Market Street
|
Philadelphia
|
PA
|
—
|
|
12,320
|
|
69,278
|
|
2,597
|
|
12,320
|
|
71,875
|
|
84,195
|
|
2,342
|
|
81,853
|
|
2008
|
2016
|
48 years
|
|||||||||
3750 Lancaster Avenue
|
Philadelphia
|
PA
|
—
|
|
—
|
|
205
|
|
—
|
|
—
|
|
205
|
|
205
|
|
—
|
|
205
|
|
CIP
|
CIP
|
CIP
|
|||||||||
3675 Market Street
|
Philadelphia
|
PA
|
—
|
|
11,370
|
|
53,539
|
|
—
|
|
11,370
|
|
53,539
|
|
64,909
|
|
—
|
|
64,909
|
|
CIP
|
CIP
|
CIP
|
|||||||||
3701 Filbert Street
|
Philadelphia
|
PA
|
—
|
|
—
|
|
1,080
|
|
—
|
|
—
|
|
1,080
|
|
1,080
|
|
—
|
|
1,080
|
|
CIP
|
CIP
|
CIP
|
|||||||||
115 North 38th Street
|
Philadelphia
|
PA
|
—
|
|
—
|
|
289
|
|
—
|
|
—
|
|
289
|
|
289
|
|
—
|
|
289
|
|
CIP
|
CIP
|
CIP
|
|||||||||
225 North 38th Street
|
Philadelphia
|
PA
|
—
|
|
—
|
|
2,460
|
|
—
|
|
—
|
|
2,460
|
|
2,460
|
|
—
|
|
2,460
|
|
CIP
|
CIP
|
CIP
|
|||||||||
South Street Landing
|
Providence
|
RI
|
—
|
|
6,358
|
|
112,036
|
|
—
|
|
6,358
|
|
112,036
|
|
118,394
|
|
997
|
|
117,397
|
|
2017
|
2017
|
45 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
|
||||||||||||||||||
2/3 Davol Square
|
Providence
|
RI
|
—
|
|
4,537
|
|
6,886
|
|
—
|
|
4,537
|
|
6,886
|
|
11,423
|
|
660
|
|
10,763
|
|
2005
|
2017
|
15 years
|
|||||||||
One Ship Street
|
Providence
|
RI
|
—
|
|
1,943
|
|
1,734
|
|
—
|
|
1,943
|
|
1,734
|
|
3,677
|
|
58
|
|
3,619
|
|
1980
|
2017
|
25 years
|
|||||||||
Brown Academic/R&D Building
|
Providence
|
RI
|
—
|
|
—
|
|
—
|
|
9,834
|
|
—
|
|
9,834
|
|
9,834
|
|
—
|
|
9,834
|
|
2007
|
2016
|
55 years
|
|||||||||
IRP I
|
Norfolk
|
VA
|
—
|
|
60
|
|
20,084
|
|
607
|
|
60
|
|
20,691
|
|
20,751
|
|
720
|
|
20,031
|
|
2007
|
2016
|
55 years
|
|||||||||
IRP II
|
Norfolk
|
VA
|
—
|
|
69
|
|
21,255
|
|
748
|
|
69
|
|
22,003
|
|
22,072
|
|
715
|
|
21,357
|
|
2007
|
2016
|
55 years
|
|||||||||
Wexford Biotech 8
|
Richmond
|
VA
|
—
|
|
2,615
|
|
85,496
|
|
—
|
|
2,615
|
|
85,496
|
|
88,111
|
|
474
|
|
87,637
|
|
2012
|
2017
|
35 years
|
|||||||||
TOTAL FOR LIFE SCIENCE AND INNOVATION CENTERS
|
|
|
14,999
|
|
82,724
|
|
1,663,706
|
|
62,359
|
|
84,644
|
|
1,724,145
|
|
1,808,789
|
|
47,029
|
|
1,761,760
|
|
|
|
|
|||||||||
TOTAL OFFICE BUILDINGS
|
|
|
365,897
|
|
472,313
|
|
5,772,156
|
|
312,338
|
|
477,362
|
|
6,079,445
|
|
6,556,807
|
|
997,587
|
|
5,559,220
|
|
|
|
|
|||||||||
TOTAL FOR ALL PROPERTIES
|
|
|
$
|
1,308,564
|
|
$
|
2,140,863
|
|
$
|
21,575,402
|
|
$
|
951,573
|
|
$
|
2,147,621
|
|
$
|
22,520,217
|
|
$
|
24,667,838
|
|
$
|
4,785,395
|
|
$
|
19,882,443
|
|
|
|
|
|
Location
|
Number of RE Assets
|
Interest Rate
|
Fixed / Variable
|
Maturity Date
|
Monthly Debt Service
|
Face Value
|
Net Book Value
|
Prior Liens
|
||||||||
|
|
|
|
|
|
(In thousands)
|
|||||||||||
First Mortgages
|
|
|
|
|
|
|
|
||||||||||
|
Multiple
|
3
|
9.77%
|
V
|
6/30/2019
|
$
|
137
|
|
$
|
17,023
|
|
$
|
17,023
|
|
$
|
—
|
|
|
Ohio
|
5
|
8.13%
|
V
|
10/1/2021
|
535
|
|
78,448
|
|
78,448
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Mezzanine Loans
|
|
|
|
|
|
|
|
||||||||||
|
Multiple
|
31
|
9.95%
|
F/V
|
2/6/2021
|
1,091
|
|
121,699
|
|
121,699
|
|
1,420,844
|
|
||||
|
Multiple*
|
179
|
8.27%
|
F/V
|
12/9/2019
|
2,138
|
|
290,099
|
|
290,099
|
|
1,560,415
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Construction Loans
|
|
|
|
|
|
|
|
||||||||||
|
Colorado
|
1
|
8.75%
|
V
|
2/6/2021
|
437
|
|
59,045
|
|
58,606
|
|
—
|
|
||||
Total
|
|
|
|
|
$
|
4,338
|
|
$
|
566,314
|
|
$
|
565,875
|
|
$
|
2,981,259
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
* The variable portion of this investment has a maturity date of 12/9/2018, with extension options to 12/9/2019.
|
|
Page
|
Reports of Independent Registered Public Accounting Firm
|
|
|
|
Consolidated Financial Statement Schedules
|
|
|
|
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 9, 2018
|
Debra A. Cafaro
|
|
|
|
|
|
/s/ ROBERT F. PROBST
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
February 9, 2018
|
Robert F. Probst
|
|
|
|
|
|
/s/ GREGORY R. LIEBBE
|
Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)
|
February 9, 2018
|
Gregory R. Liebbe
|
|
|
|
|
|
/s/ MELODY C. BARNES
|
Director
|
February 9, 2018
|
Melody C. Barnes
|
|
|
|
|
|
/s/ JAY M. GELLERT
|
Director
|
February 9, 2018
|
Jay M. Gellert
|
|
|
|
|
|
/s/ RICHARD I. GILCHRIST
|
Director
|
February 9, 2018
|
Richard I. Gilchrist
|
|
|
|
|
|
/s/ MATTHEW J. LUSTIG
|
Director
|
February 9, 2018
|
Matthew J. Lustig
|
|
|
|
|
|
/s/ ROXANNE M. MARTINO
|
Director
|
February 9, 2018
|
Roxanne M. Martino
|
|
|
|
|
|
/s/WALTER C. RAKOWICH
|
Director
|
February 9, 2018
|
Walter C. Rakowich
|
|
|
|
|
|
/s/ ROBERT D. REED
|
Director
|
February 9, 2018
|
Robert D. Reed
|
|
|
|
|
|
/s/ GLENN J. RUFRANO
|
Director
|
February 9, 2018
|
Glenn J. Rufrano
|
|
|
|
|
|
/s/ JAMES D. SHELTON
|
Director
|
February 9, 2018
|
James D. Shelton
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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
|
|
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.
|
|
|
|
|
|
|
|
Indenture dated as of September 26, 2013 by and among Ventas, Inc., Ventas Realty, Limited Partnership, as Issuer, the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.10 to our Annual Report on Form 10-K for the year ended December 31, 2016, filed on February 14, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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 4.3 to our Current Report on Form 8-K, filed on April 17, 2014, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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 (see Exhibit 1.2 of complete submission text file).
|
|
|
|
|
|
|
|
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.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.17 to our Annual Report on Form 10-K for the year ended December 31, 2016, filed on February 14, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Fourth Supplemental Indenture dated as of June 1, 2017 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 2.55% Senior Notes, Series D due 2023.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed on July 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Fourth Supplemental Indenture dated as of March 29, 2017 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.100% Senior Notes due 2023 and the 3.850% Senior Notes due 2027.
|
|
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on March 29, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Second Amended and Restated Credit and Guaranty Agreement, dated as of April 25, 2017, among Ventas Realty, Limited Partnership, Ventas SSL Ontario II, Inc., Ventas SSL Ontario III, Inc., Ventas Canada Finance Limited, Ventas UK Finance, Inc., and Ventas Euro Finance, LLC, as Borrowers, Ventas, Inc., as Guarantor, the Lenders identified therein, and Bank of America, N.A., as Administrative Agent, and Alternative Currency Fronting Lender, Bank of America, N.A. and JP Morgan Chase Bank, N.A., as Swing Line Lenders and L/C Issuers.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.3.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
First Amendment to the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.7 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Form of Performance-Based Restricted Stock Unit Agreement (CEO) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.8 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
Form of Restricted Stock Unit Agreement (CEO) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.9 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
Form of Transition Restricted Stock Unit Agreement (CEO) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.10 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
Form of Performance-Based Restricted Stock Unit Agreement (Non-CEO) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.11 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
Form of Restricted Stock Unit Agreement (Non-CEO) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.12 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
Form of Transition Restricted Stock Unit Agreement (Non-CEO) under the Ventas, Inc. 2012 Incentive Plan.
|
|
Incorporated by reference herein. Previously filed as Exhibit 10.10.13 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
Ventas Executive Deferred Stock Compensation Plan, as amended and restated on December 7, 2017.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
Deferral Election Form under the Ventas Executive Deferred Stock Compensation Plan, as amended and restated on December 7, 2017.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Employment Transition Agreement dated as of July 25, 2017 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 September 30, 2017, filed on October 27, 2017, File No. 001-10989.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Amendment dated December 8, 2017 to Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Location of Document
|
|
Amendment dated December 8, 2017 to Employee Protection and Noncompetition Agreement dated as of September 16, 2014 between Ventas, Inc. and Robert F. Probst.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
Statement Regarding Computation of Ratios of Earnings to Fixed Charges.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
Subsidiaries of Ventas, Inc.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
Consent of KPMG LLP.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
|
|
Filed herewith.
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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.
|
I.
|
DEFERRAL AMOUNT
|
|
|
|
|
|
¨
|
|
________
|
|
percent ( %)
|
¨
|
|
$ _________________dollars
|
|
|
|
¨
|
|
[____] base salary per pay period (units to be credited quarterly, in arrears)
|
¨
|
|
[____] Bonus (otherwise payable in [____])
|
II.
|
DIVIDEND CHOICE
|
|
|
|
¨
|
|
paid to me in cash as soon as practicable after dividends are paid on shares of Ventas, Inc.
|
¨
|
|
converted to additional Stock Units and distributed at the time and in the manner selected for my Stock Unit Account.
|
III.
|
PAYMENT OPTIONS
|
|
|
|
¨
|
|
a lump sum.
|
¨
|
|
a series of annual payments over _____ years (10 or less, not to extend more than 10 years after my Termination of Employment).
|
|
|
|
¨
|
|
my Termination of Employment occurs.
|
¨
|
|
January 1 of the calendar year immediately following my Termination of Employment.
|
¨
|
|
seven months following my Termination of Employment.
|
¨
|
|
______________ (select date)
|
|
|
|
|
|
|
¨
|
|
Notwithstanding my elections above, I direct that distribution of Stock Units in my Stock Unit Account attributable to this [____] Deferral Election Form be accelerated and occur in a lump sum upon a Change in Control that qualifies under Code Section 409A.
|
IV.
|
DESIGNATION OF BENEFICIARY
|
|
|
|
|
|
Name
|
|
Address
|
|
Percentage
|
|
||||
|
V.
|
ACKNOWLEDGEMENT
|
1.
|
Irrevocable Election.
This election is irrevocable. I understand that I may not revoke or modify this election (except as provided in the Plan or in such limited circumstances as the Compensation Committee may permit in accordance with law). I do not expect to be able to make any changes to the manner of timing of distributions set forth in this Deferral Election.
|
2.
|
Company Right to Terminate Election and Early Transfer.
The Company reserves the right to terminate this Deferral Election and/or the Plan at any time. In such case, Stock Units which are subject to the Deferral Election may be converted into Shares and such Shares may be transferred to me at such times permitted by Code Section 409A, notwithstanding any election made herein.
|
3.
|
Withholding.
The Company and its affiliates shall have the right to deduct from all deferrals or payments hereunder, any federal, state, or local tax required by law to be withheld.
|
4.
|
Tax Code Section 409A Dealing with Deferred Compensation
. I understand that this election shall be construed in accordance with the terms and provisions set forth in this Deferral Election, as well as the Plan and the requirements of Code Section 409A. To the extent Code Section 409A is applicable to any Stock Unit, it is intended that such Stock Unit complies with the deferral, payout and other limitations and restrictions imposed under Code Section 409A. Notwithstanding any other provision in this Deferral Election, the Company, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify this election to help distributions qualify for exemption from or compliance with Code Section 409A; provided, however, that the Company makes no representation that Stock Units under the Plan shall be exempt from or comply with Code Section 409A. I understand that Code Section 409A is complex, that any additional taxes and other liabilities under Code Section 409A are my responsibility and that the Company encourages me to consult a tax advisor regarding the potential impact of Code Section 409A.
|
|
|
|
|
||
_______________________________________
Participant’s Signature
|
||
|
||
|
||
|
||
Print Participant’s Name
|
|
|
|
|
||
|
|
VENTAS, INC.
|
|
|
|
|
|
By:
|
/s/ T. Richard Riney
|
|
Title:
|
Executive Vice President, Chief Administrative Officer and General Counsel
|
|
|
|
|
/s/ John D. Cobb John D. Cobb |
|
VENTAS, INC.
|
|
|
|
|
|
By:
|
/s/ T. Richard Riney
|
|
Title:
|
Executive Vice President, Chief Administrative Officer and General Counsel
|
|
|
|
|
/s/ Robert F. Probst __ Robert F. Probst |
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the year ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
(dollars in thousands)
|
||||||||||||||||||
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests
|
|
$
|
584,711
|
|
|
$
|
518,508
|
|
|
$
|
351,675
|
|
|
$
|
350,703
|
|
|
$
|
364,178
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt
|
|
448,196
|
|
|
419,740
|
|
|
367,114
|
|
|
292,065
|
|
|
249,009
|
|
|||||
Distributions from unconsolidated entities
|
|
10,845
|
|
|
7,598
|
|
|
23,462
|
|
|
6,508
|
|
|
6,641
|
|
|||||
Earnings
|
|
$
|
1,043,752
|
|
|
$
|
945,846
|
|
|
$
|
742,251
|
|
|
$
|
649,276
|
|
|
$
|
619,828
|
|
Interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior notes payable and other debt expense
|
|
$
|
448,196
|
|
|
$
|
419,740
|
|
|
$
|
367,114
|
|
|
$
|
292,065
|
|
|
$
|
249,009
|
|
Interest capitalized
|
|
4,844
|
|
|
2,355
|
|
|
1,671
|
|
|
950
|
|
|
855
|
|
|||||
Fixed charges
|
|
$
|
453,040
|
|
|
$
|
422,095
|
|
|
$
|
368,785
|
|
|
$
|
293,015
|
|
|
$
|
249,864
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
|
2.30
|
|
|
2.24
|
|
|
2.01
|
|
|
2.22
|
|
|
2.48
|
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
|
|
1425 Hunt Club, LLC
|
Delaware
|
1445 Hunt Club, LLC
|
Delaware
|
14851 Yorba Street, LLC
|
Delaware
|
1951 7th Avenue, 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
|
4220 Duncan Holding, LLC
|
Delaware
|
4220 Duncan JV, LLC
|
Delaware
|
4220 Duncan, LLC
|
Delaware
|
755 Milwaukee MOB, LLC
|
Delaware
|
890 Professional MOB, LLC
|
Delaware
|
AHP Health Partners, Inc.
|
Delaware
|
AHS Legacy Operations, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
ARCHCT Cambr UWSC, LLC
|
Delaware
|
ARCHCT Dasco Odessa, LLC
|
Delaware
|
ARCHCT Dasco Peoria, LLC
|
Delaware
|
Ardent Health Partners, LLC (f/k/a EGI-AM Holdings, LLC)
|
Delaware
|
Ardent Legacy Acquisitions, Inc
|
Delaware
|
Ardent Legacy Holdings, LLC
|
Delaware
|
Ardent LHP Hospital Group, Inc
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
ARHC HFSFDMI01, LLC
|
Delaware
|
ARHC HRCYCA001, LLC
|
Delaware
|
ARHC HRININ001, LLC
|
Delaware
|
ARHC HRONWI001, LLC
|
Delaware
|
ARHC HRWAWI001, LLC
|
Delaware
|
ARHC LHPLNTX01, LLC
|
Delaware
|
ARHC LMFKNWI01, LLC
|
Delaware
|
ARHC LMFTWIN01, LLC
|
Delaware
|
ARHC LMGEDWI01, LLC
|
Delaware
|
ARHC LPLLKFL01 TRS, LLC
|
Delaware
|
ARHC LPLLKFL01, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Atria Lynnbrooke G.P., LLC
|
Delaware
|
Atria Management Canada, ULC
|
British Columbia
|
Atria Management Company, LLC
|
Delaware
|
Atria Meridian, LLC
|
Delaware
|
Atria Northgate Park, LLC
|
Delaware
|
Atria Real Property Investor, LLC
|
Delaware
|
Atria Senior Living, Inc.
|
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
|
Austin Propco, 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
|
Bartlett Propco, LLC
|
Delaware
|
BCC Altoona Realty GP, LLC
|
Delaware
|
BCC Altoona Realty, LLC
|
Delaware
|
BCC Altoona Realty, LP
|
Delaware
|
BCC Berwick Realty GP, LLC
|
Delaware
|
BCC Berwick Realty, LLC
|
Delaware
|
BCC Berwick Realty, LP
|
Delaware
|
BCC Lewistown Realty GP, LLC
|
Delaware
|
BCC Lewistown Realty, LLC
|
Delaware
|
BCC Lewistown Realty, LP
|
Delaware
|
BCC Martinsburg Realty, LLC
|
Delaware
|
BCC Medina Realty, LLC
|
Delaware
|
BCC Mid Valley Operations, LLC
|
Delaware
|
BCC Ontario Realty, LLC
|
Delaware
|
BCC Reading Realty GP, LLC
|
Delaware
|
BCC Reading Realty, LLC
|
Delaware
|
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, LLC
|
Delaware
|
BioPark Fremont, LLC
|
Delaware
|
BLC of California – San Marcos, L.P.
|
Delaware
|
BLSRP Funding I, LLC
|
Delaware
|
BMR-3500 Paramount Parkway LLC
|
Delaware
|
Bonney Lake MOB Investors, LLC
|
Washington
|
Braeswood Propco, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Brandon MOB Investors, LLC
|
Mississippi
|
Brandon Retirement Group Ltd.
|
British Columbia
|
BRDG Park at Danforth Center, LLC
|
Missouri
|
Brentwood Propco, LLC
|
Delaware
|
Bridgewater OpCo, LLC
|
Delaware
|
Bridgewater PropCo, LLC
|
Delaware
|
Broadway/Browne, LLC
|
Massachusetts
|
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
|
BRP Senior Housing, LLC
|
Delaware
|
BRP SH Opco, LLC
|
Delaware
|
Brunswick MOB, LLC
|
Georgia
|
BSB Health/MOB Limited Partnership No. 2
|
Delaware
|
BSG CS, LLC (f/k/a BSG Erdman, LLC)
|
Wisconsin
|
BSP Holding, LLC
|
Maryland
|
BSP Three Holding, LLC
|
Delaware
|
Building Two Cafe, LLC
|
Delaware
|
Burlington Retirement Group Ltd.
|
British Columbia
|
Byrd Springs Propco, LLC
|
Delaware
|
Cabarrus Medical Partners, LP
|
North Carolina
|
Cabarrus POB, LP
|
North Carolina
|
Calgarian Retirement Group II Ltd.
|
British Columbia
|
Calgarian Retirement Group 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, LLC
|
Delaware
|
Chesterfield Propco, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
East Rocky Mount Kidney Center Associates, LP
|
North Carolina
|
EC Opco Allison Park, LLC
|
Delaware
|
EC Opco Altoona, LLC
|
Delaware
|
EC Opco Arlington, LLC
|
Delaware
|
EC Opco Austin, LLC
|
Delaware
|
EC Opco Bartlett, LLC
|
Delaware
|
EC Opco Bedford, LLC
|
Delaware
|
EC Opco Berwick, LLC
|
Delaware
|
EC Opco Braeswood, LLC
|
Delaware
|
EC Opco Brentwood, LLC
|
Delaware
|
EC Opco Byrd Springs, LLC
|
Delaware
|
EC Opco CA Partner I, LLC
|
Delaware
|
EC Opco CA Partner II, LLC
|
Delaware
|
EC Opco CA Partner III, LLC
|
Delaware
|
EC Opco CA Partner IV, LLC
|
Delaware
|
EC Opco CA Partner V, LLC
|
Delaware
|
EC Opco CA Partner VI, LLC
|
Delaware
|
EC Opco Carrollwood, LLC
|
Delaware
|
EC Opco Chesterfield, LLC
|
Delaware
|
EC Opco Chippewa, LLC
|
Delaware
|
EC Opco Cottonwood, LLC
|
Delaware
|
EC Opco Cy-Fair, LLC
|
Delaware
|
EC Opco Dillsburg, LLC
|
Delaware
|
EC Opco Downriver, LLC
|
Delaware
|
EC Opco Florence KY, LLC
|
Delaware
|
EC Opco Florence SC, LLC
|
Delaware
|
EC Opco Grayson Valley, LLC
|
Delaware
|
EC Opco Grossmont Gardens, LP
|
Delaware
|
EC Opco Halcyon, LLC
|
Delaware
|
EC Opco Halls, LLC
|
Delaware
|
EC Opco Hamilton Place, LLC
|
Delaware
|
EC Opco Hendersonville, LLC
|
Delaware
|
EC Opco Heritage Woods, LLC
|
Delaware
|
EC Opco Holdco I, LLC
|
Delaware
|
EC Opco Holdco II, LLC
|
Delaware
|
EC Opco Irving, LLC
|
Delaware
|
EC Opco Jackson, LLC
|
Delaware
|
EC Opco Kingsport, LLC
|
Delaware
|
EC Opco La Mesa, LP
|
Delaware
|
EC Opco Lake Jackson, LLC
|
Delaware
|
EC Opco Las Villas Del Carlsbad, LP
|
Delaware
|
EC Opco Las Villas Del Norte, LP
|
Delaware
|
EC Opco Lebanon PA, LLC
|
Delaware
|
EC Opco Lebanon TN, LLC
|
Delaware
|
EC Opco Lewisburg, LLC
|
Delaware
|
EC Opco Lima, LLC
|
Delaware
|
EC Opco Little Avenue, LP
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
EC Opco Lorain, LLC
|
Delaware
|
EC Opco Loyalsock, LLC
|
Delaware
|
EC Opco Mainland, LLC
|
Delaware
|
EC Opco Martinez, LLC
|
Delaware
|
EC Opco Martinsburg, LLC
|
Delaware
|
EC Opco Maumelle, LLC
|
Delaware
|
EC Opco Medina, LLC
|
Delaware
|
EC Opco Mid Valley, LLC
|
Delaware
|
EC Opco Mount Washington, LLC
|
Delaware
|
EC Opco Mountain Home, LLC
|
Delaware
|
EC Opco Mountview, LP
|
Delaware
|
EC Opco Muncie, LLC
|
Delaware
|
EC Opco NC Partner I, LLC
|
Delaware
|
EC Opco NC Partner II, LLC
|
Delaware
|
EC Opco NC Partner III, LLC
|
Delaware
|
EC Opco Northridge, LP
|
Delaware
|
EC Opco Ontario, LLC
|
Delaware
|
EC Opco Point Loma, LP
|
Delaware
|
EC Opco Quintessence, LLC
|
Delaware
|
EC Opco Reading, LLC
|
Delaware
|
EC Opco Reedsville, LLC
|
Delaware
|
EC Opco River Centre, LLC
|
Delaware
|
EC Opco Rivershire, LLC
|
Delaware
|
EC Opco Roswell, LLC
|
Delaware
|
EC Opco Sagamore Hills, LLC
|
Delaware
|
EC Opco Saxonburg, LLC
|
Delaware
|
EC Opco SC, LLC
|
Delaware
|
EC Opco Shallowford, LLC
|
Delaware
|
EC Opco Sherwood, LLC
|
Delaware
|
EC Opco Shippensburg, LLC
|
Delaware
|
EC Opco Southern Pines, LP
|
Delaware
|
EC Opco Tempe, LLC
|
Delaware
|
EC Opco Timberlin Parc, LLC
|
Delaware
|
EC Opco Victoria, LLC
|
Delaware
|
EC Opco Washington Township, LLC
|
Delaware
|
EC Opco West Knoxville, LLC
|
Delaware
|
EC Opco Wharton, LLC
|
Delaware
|
EC Opco Windcrest, LLC
|
Delaware
|
EC Opco Xenia, LLC
|
Delaware
|
Eclipse Finance, LLC
|
Delaware
|
Edmonton Retirement Group Ltd.
|
British Columbia
|
Eglise Properties Limited
|
United Kingdom
|
Elder Healthcare Developers, LLC
|
Georgia
|
ElderTrust
|
Maryland
|
Encino Hills Opco, LP
|
Delaware
|
Encino Hills Partners II, LP
|
Delaware
|
Encino Hills Partners, LP
|
Delaware
|
Encino Hills Propco, LP
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
ESL Holdings, LLC
|
Delaware
|
ET Belvedere Finance, L.L.C.
|
Delaware
|
ET Berkshire, LLC
|
Delaware
|
ET Capital Corp.
|
Delaware
|
ET DCMH Finance, L.L.C.
|
Delaware
|
ET GENPAR, L.L.C.
|
Delaware
|
ET Lehigh, LLC
|
Delaware
|
ET Pennsburg Finance, L.L.C.
|
Delaware
|
ET POBI Finance, L.L.C.
|
Delaware
|
ET Sanatoga, LLC
|
Delaware
|
ET Sub-Belvedere Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-Berkshire Limited Partnership
|
Delaware
|
ET Sub-DCMH Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-Heritage Woods, L.L.C.
|
Delaware
|
ET Sub-Highgate, L.P.
|
Pennsylvania
|
ET Sub-Lehigh Limited Partnership
|
Delaware
|
ET Sub-Lopatcong, L.L.C.
|
Delaware
|
ET Sub-Pennsburg Manor Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-POB I Limited Partnership, L.L.P.
|
Virginia
|
ET Sub-Sanatoga Limited Partnership
|
Delaware
|
ET Sub-Wayne I Limited Partnership, L.L.P.
|
Virginia
|
ET Wayne Finance, L.L.C.
|
Delaware
|
Facility at Tanasbourne JV1, LLC
|
Delaware
|
Fair Oak Assisted Living L.L.C.
|
Delaware
|
Florence Realty, LLC
|
Delaware
|
Florence SC Propco, LLC
|
Delaware
|
Foster City Opco, LP
|
Delaware
|
Foster City Partners, LP
|
Delaware
|
Foster City Propco, LP
|
Delaware
|
Franciscan Development Company, LLC
|
North Carolina
|
Fredericton Retirement Group Ltd.
|
British Columbia
|
Gaston MOB, LP
|
North Carolina
|
Generator Ventures, L.P.
|
Delaware
|
Genesis Property Holding, LLC
|
Florida
|
Good Sam MOB Investors, LLC
|
Washington
|
Grayson Valley Propco, LLC
|
Delaware
|
Great Neck, LLC
|
Delaware
|
Greenville MOB Owners LLC
|
Delaware
|
Grossmont Gardens Propco, LP
|
Delaware
|
Gurnee Centre Club, LLC
|
Delaware
|
Gurnee Imaging Center, LLC
|
Delaware
|
Halcyon Realty Propco, LLC (fka EC Halcyon Realty, LLC)
|
Delaware
|
Hamilton Place Realty Propco, LLC (fka EC Hamilton Place Realty, LLC)
|
Delaware
|
Hamilton Retirement Group Ltd.
|
British Columbia
|
Hanover MOB, LLC
|
Virginia
|
Harrisburg Medical Clinic, LP
|
North Carolina
|
Health Park MOB, LLC
|
Tennessee
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Hendersonville Nominee LLC
|
Delaware
|
Hendersonville Nominee LP
|
Delaware
|
Hendersonville Realty, LLC
|
Delaware
|
Henrico MOB, LLC
|
Delaware
|
Heritage Woods Propco, LLC
|
Delaware
|
Hershey Research One, LLC
|
Delaware
|
Hershey Research Two, LLC
|
Delaware
|
Hillhaven Properties, LLC
|
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
|
Issaquah OpCo, LLC
|
Delaware
|
Issaquah PropCo, LLC
|
Delaware
|
Jackson Realty Propco, LLC (fka EC Jackson Realty, 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 Copper Canyon, LLC
|
Delaware
|
JSL Glen Oaks, LLC
|
Delaware
|
JSL High Plains, LLC
|
Delaware
|
JSL Maple Wood, LLC
|
Delaware
|
JSL North Ridge, LLC
|
Delaware
|
JSL Prairie Meadows, LLC
|
Delaware
|
JSL Rock Creek, LLC
|
Delaware
|
Kapson Chestnut Hill Corp.
|
Pennsylvania
|
Kapson Glen Riddle Development, LLC
|
Pennsylvania
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Knoxville Realty Propco, LLC (fka EC Knoxville Realty, LLC)
|
Delaware
|
KS01 Series B Owner, LLC
|
Delaware
|
KS02 Series B Owner, LLC
|
Delaware
|
La Mesa Propco, LP
|
Delaware
|
Lake Jackson Propco, LLC
|
Delaware
|
Lakeside POB 1, LLC
|
Delaware
|
Lakeside POB 2, LLC
|
Delaware
|
Lamar Senior Living, LLC
|
Delaware
|
Larkfield Gardens Associates, L.P.
|
New York
|
Las Villas Del Carlsbad Propco, LP
|
Delaware
|
Las Villas Del Norte Propco, LP
|
Delaware
|
LBS Limited Partnership
|
Wisconsin
|
Lebanon Nominee LLC
|
Delaware
|
Lebanon Nominee LP
|
Delaware
|
Lebanon Realty Propco, LLC (fka EC Lebanon Realty, LLC)
|
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
|
LHP Hospital Group, Inc.
|
Delaware
|
LHP Operations Co., LLC
|
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
|
LHRET Anderson, LLC
|
Delaware
|
LHRET Ascension Austin II, L.P.
|
Delaware
|
LHRET Ascension Austin Partner GP, LLC
|
Delaware
|
LHRET Ascension Austin Partner II GP, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 KP, Inc.
|
Delaware
|
LHT Miami, LLC
|
Delaware
|
LHT Minneapolis, LLC
|
Delaware
|
LHT North Atlanta, LLC
|
Delaware
|
LHT Phoenix, LLC
|
Delaware
|
LHT Saddleback, LLC
|
Delaware
|
LHT San Antonio Partner, LLC
|
Delaware
|
LHT San Antonio Realty, L.P.
|
Delaware
|
LHT SH, LLC
|
Delaware
|
LHTLP Partner, LLC
|
Delaware
|
Libertyville Centre Club, LLC
|
Delaware
|
Lillibridge Facilities Development, Inc.
|
Delaware
|
Lillibridge Health Trust
|
Maryland
|
Lillibridge Health Trust, L.P.
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
LilliCal, LLC
|
Delaware
|
Lima Nominee LLC
|
Delaware
|
Lima Nominee LP
|
Delaware
|
Little Avenue Propco, LP
|
Delaware
|
LO Limited Partnership
|
Wisconsin
|
Lorain Propco, LLC
|
Delaware
|
Loyalsock Nominee LLC
|
Delaware
|
Loyalsock Nominee LP
|
Delaware
|
LS 3675 Market Street JV, LLC
|
Delaware
|
LS BioTech Eight, LLC
|
Delaware
|
LS Davol Square, LLC
|
Delaware
|
LS Developer, LLC (f/k/a Wexford-CV SSL Developer, LLC)
|
Delaware
|
LS One Ship, LLC (f/k/a Wexford One Ship, LLC)
|
Delaware
|
LS River House II, LLC (f/k/a Wexford-CV River House Joint Venture, LLC)
|
Delaware
|
LS River House III, LLC (f/k/a CV River House LLC)
|
Rhode Island
|
LS River House, LLC
|
Delaware
|
LS SSL Garage II, LLC (f/k/a Wexford-CV SSL Garage Joint Venture, LLC)
|
Delaware
|
LS SSL Garage, LLC (f/k/a CV SSL Garage LLC)
|
Rhode Island
|
LTMLD Limited Liability Company
|
Wisconsin
|
MAB Parent LLC
|
Delaware
|
Madison MOB Investors, LLC
|
Mississippi
|
Mainland Propco, LLC
|
Delaware
|
Maplewood Place Associates, LLC
|
Delaware
|
Marland Place Associates Limited Partnership
|
Massachusetts
|
Martinez Realty Propco, LLC (fka EC Martinez Realty, LLC)
|
Delaware
|
Mary Black Westside Medical park I Limited Partnership
|
South Carolina
|
Maumelle Propco, LLC
|
Delaware
|
McLeod Medical Partners, LLC
|
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 Kentucky, LLC
|
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
|
Mountain Home Propco, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Mountview Propco, LP
|
Delaware
|
MS Barrington SH, LLC
|
Delaware
|
MS Bon Air SH, LLC
|
Delaware
|
MS Carmichael SH, LLC
|
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 NHP Fund, LLC
|
Delaware
|
MS NHP Mass, 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
|
Muncie Realty Propco, LLC (fka EC Muncie Realty, LLC)
|
Delaware
|
Mustang Holdings, LLC (f/k/a Ventas Mustang, LLC; f/k/a Ventas Casper Holdings, LLC)
|
Delaware
|
Nationwide ALF, Inc.
|
Delaware
|
Nationwide ALF-Pensacola, LLC
|
Delaware
|
Nationwide Careage San Jose Partnership
|
California
|
Nationwide Health Properties, LLC
|
Delaware
|
NB Partners I, LP
|
Delaware
|
NB Partners II, LP
|
Delaware
|
New Portland Road Realty, LLC
|
Maine
|
Newport Beach Opco, LP
|
Delaware
|
Newport Beach Propco, LP
|
Delaware
|
NH Texas Properties Limited Partnership
|
Texas
|
NHP Bedford G.P., LLC
|
Texas
|
NHP Blackstone LLC
|
Delaware
|
NHP Brewster LLC
|
Delaware
|
NHP Brownstown, LLC
|
Delaware
|
NHP Canterbury Gardens, LLC
|
Delaware
|
NHP Canterbury, LLC
|
Delaware
|
NHP Carillon, LLC
|
Delaware
|
NHP Cascade Inn, LLC
|
Delaware
|
NHP Centereach, LLC
|
Delaware
|
NHP Chestnut Hill LLC
|
Delaware
|
NHP East Side LLC
|
Delaware
|
NHP GP LLC
|
Delaware
|
NHP Harwich LLC
|
Delaware
|
NHP Houston MOB LLC
|
Delaware
|
NHP HS Holding, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
NHP Huntsville MOB LLC
|
Delaware
|
NHP Madison, LLC
|
New York
|
NHP Master RE G.P., LLC
|
Delaware
|
NHP McClain, LLC
|
Delaware
|
NHP Melbourne LLC
|
Delaware
|
NHP Melrose LLC
|
Delaware
|
NHP MS Northgate, LLC
|
Delaware
|
NHP Norton LLC
|
Delaware
|
NHP Ohio, LLC
|
Delaware
|
NHP Operating Partnership L.P.
|
Delaware
|
NHP SB 399-401 East Highland, LLC
|
Delaware
|
NHP Secured, Inc.
|
California
|
NHP Senior Investments, LLC
|
Delaware
|
NHP SH Alabama, LLC
|
Delaware
|
NHP SH Florida, LLC
|
Delaware
|
NHP SH Georgia, LLC
|
Delaware
|
NHP SH Mississippi, LLC
|
Delaware
|
NHP SH Oklahoma, LLC
|
Delaware
|
NHP SH Tennessee, LLC
|
Delaware
|
NHP Sharon LLC
|
Delaware
|
NHP Sterling II, LLC
|
Delaware
|
NHP Sterling, 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 Weston 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
|
NHP/McShane SAMC, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
Rivershire Propco, LLC
|
Delaware
|
RLJ Corp.
|
Massachusetts
|
Rocky Mount Kidney Center Associates
|
North Carolina
|
Rocky Mount Medical Park Limited Partnership
|
North Carolina
|
Rocky Mount MOB, LLC
|
North Carolina
|
Roper MOB, LLC
|
South Carolina
|
Roswell Realty Propco, LLC (fka EC Roswell Realty, LLC)
|
Delaware
|
Round Lake ACC, LLC
|
Delaware
|
Rowan OSC Investors, LP
|
North Carolina
|
RSP, Inc.
|
Massachusetts
|
Sagamore Hills Nominee LLC
|
Delaware
|
Sagamore Hills Nominee LP
|
Delaware
|
Saint John Retirement Group Ltd.
|
British Columbia
|
Saxonburg Nominee LLC
|
Delaware
|
Saxonburg Nominee LP
|
Delaware
|
SC EC Master Tenant, LLC
|
Delaware
|
Senior Care, Inc.
|
Delaware
|
Senior Quarters Operating Corp.
|
New York
|
Shallowford Propco, LLC
|
Delaware
|
Sherwood Propco, LLC
|
Delaware
|
Shippensburg Realty Holdings, LLC
|
Delaware
|
Southern Pines Propco, LP
|
Delaware
|
Springs at Clackamas Woods, LLC
|
Oregon
|
SQR Investors, LLC
|
Delaware
|
SQR Opco, LLC
|
Delaware
|
SQR Propco, LLC
|
Delaware
|
SSL Developer LLC
|
Delaware
|
SSL Holdco LLC
|
Delaware
|
SSL Partner LLC
|
Delaware
|
St. Albert Retirement Group Ltd.
|
British Columbia
|
St. Catharines Retirement Group Ltd.
|
British Columbia
|
St. Cloud MOB, LLC
|
Minnesota
|
St. Francis Community MOB, LLC
|
South Carolina
|
St. Francis Medical Plaza, LLC
|
South Carolina
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
St. Mary's Investors, LLC
|
Virginia
|
Steger Retirement Group Ltd.
|
British Columbia
|
Stratford Development, LLC
|
New York
|
Stripe II, LLC
|
Delaware
|
Stripe Sub, LLC
|
Delaware
|
Summit OpCo, LLC
|
Delaware
|
Summit PropCo, LLC
|
Delaware
|
SW Louisiana Professional Office Building, LLC
|
Delaware
|
Syracuse MOB SPE, LLC
|
Delaware
|
Syracuse MOB, LLC
|
New York
|
SZR Abington AL, L.L.C.
|
Pennsylvania
|
SZR Acquisitions, LLC
|
Delaware
|
SZR Arlington, MA Assisted Living, L.L.C.
|
Virginia
|
SZR Aurora GP Inc.
|
Ontario, Canada
|
SZR Aurora Inc.
|
Ontario, Canada
|
SZR Aurora, LP
|
Ontario, Canada
|
SZR Barrington, LLC
|
Delaware
|
SZR Bloomfield Senior Living, LLC
|
Delaware
|
SZR Bloomingdale Assisted Living, L.L.C.
|
Illinois
|
SZR Blue Bell AL Limited Partnership
|
Pennsylvania
|
SZR Bon Air, LLC
|
Delaware
|
SZR Buffalo Grove Assisted Living, L.L.C.
|
Illinois
|
SZR Burlington Inc.
|
Ontario, Canada
|
SZR Carmichael, LLC
|
Delaware
|
SZR Cascade, LLC
|
Delaware
|
SZR Chandler, LLC
|
Delaware
|
SZR Cherry Creek Senior Living, LLC
|
Delaware
|
SZR Cinco Ranch, LLC
|
Delaware
|
SZR Columbia LLC
|
Delaware
|
SZR Cuyahoga Falls Senior Living, LLC
|
Delaware
|
SZR East Cobb Assisted Living Limited Partnership
|
Georgia
|
SZR Edina Assisted Living, L.L.C.
|
Minnesota
|
SZR Erin Mills GP Inc.
|
Ontario, Canada
|
SZR Erin Mills Inc.
|
Ontario, Canada
|
SZR Erin Mills, LP
|
Ontario, Canada
|
SZR First Assisted Living Holdings, LLC
|
Delaware
|
SZR Fleetwood A.L., L.L.C.
|
New York
|
SZR Fort Worth, LLC
|
Delaware
|
SZR Frisco, LLC
|
Delaware
|
SZR Granite Run 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
SZR Second Baton Rouge Assisted Living, L.L.C.
|
Louisiana
|
SZR Second Westminster 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
Timberlin Parc Realty Propco, LLC) (fka EC Timberlin Parc Realty, LLC)
|
Delaware
|
TLQ, Inc.
|
Massachusetts
|
Townsend CRB Development, LLC
|
Delaware
|
Tucson AL RE, L.P.
|
Delaware
|
VAOC Newport Plaza, LP (fka JSL Blossom Grove, LP)
|
Delaware
|
VAOC Patrician, LP (fka JSL Caleo Bay, LP)
|
Delaware
|
VAOC Penasquitos, LP
|
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
|
Ventas Bear Canyon, LLC
|
Delaware
|
Ventas Beckley, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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/k/a 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 Grantor Trust #1
|
Delaware
|
Ventas Grantor Trust #2
|
Delaware
|
Ventas Hartland Hills, LLC (f/k/a Ventas Millcreek, LLC)
|
Delaware
|
Ventas Healthcare Properties, Inc.
|
Delaware
|
Ventas Healthcare Realty, LLC
|
Delaware
|
Ventas Highland Estates, LLC
|
Delaware
|
Ventas Highland Trail, LLC
|
Delaware
|
Ventas HOL Holdings, LLC
|
Delaware
|
Ventas JCM Holdings, Inc.
|
Delaware
|
Ventas Kittery Estates, LLC
|
Delaware
|
Ventas Lafayette, LLC
|
Delaware
|
Ventas Lakewood Estates, LLC
|
Delaware
|
Ventas Las Palmas, LLC
|
Delaware
|
Ventas LHRET, LLC
|
Delaware
|
Ventas 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 Patriot, 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
|
Ventas Realty, Limited Partnership
|
Delaware
|
Ventas Redwood, LP
|
Delaware
|
Ventas REIT US Holdings, 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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
Ventas SSL Ontario III, Inc.
|
Ontario, Canada
|
Ventas SSL Vancouver, Inc.
|
Ontario, Canada
|
Ventas SSL, Inc.
|
Delaware
|
Ventas Sugar Valley, LLC (f/k/a Ventas Tucson, LLC)
|
Delaware
|
Ventas Tanasbourne, LLC
|
Delaware
|
Ventas Tributary, 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 Weston, 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
|
Venture Principal, LLC
|
Delaware
|
Venture Sub, LLC
|
Delaware
|
Verdugo Management, LLC
|
California
|
Verdugo MOB, LP
|
California
|
Vernon Hills ACC, LLC
|
Delaware
|
VG Aventura MOB, LLC
|
Delaware
|
Victoria Court Realty, LLC
|
Maine
|
Victorian Retirement Group II Ltd.
|
British Columbia
|
Victorian Retirement Group III Ltd.
|
British Columbia
|
Victorian Retirement Group Ltd.
|
British Columbia
|
VSCRE Holdings, LLC
|
Delaware
|
VSL GP II, LLC (fka VTR JSL GP II, LLC)
|
Delaware
|
VSL GP, LLC (fka VTR JSL GP, LLC)
|
Delaware
|
VSL Holdings II, LLC (fka Ventas JSL Holdings, LLC)
|
Delaware
|
VSL Holdings, LLC (fka Ventas JSL Property Holdings, LLC)
|
Delaware
|
VSL Newport Plaza, LP (fka VTR Blossom Grove, LP)
|
Delaware
|
VSL Patrician GP, LLC
|
Delaware
|
VSL Patrician, LP (fka VTR Caleo Bay, LP)
|
Delaware
|
VSL Penasquitos GP, LLC
|
Delaware
|
VSL Penasquitos, LP
|
Delaware
|
VTCC Carroll MOB, LLC
|
Delaware
|
VTR Alpharetta, LLC
|
Delaware
|
VTR AMS, Inc. (f/k/a Ardent Medical Services, Inc.)
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
VTR Applewood, LLC
|
Delaware
|
VTR Arboretum, LLC
|
Delaware
|
VTR Ardsley, LLC
|
Delaware
|
VTR ARPI Partner, LLC
|
Delaware
|
VTR Ascension SV, LLC
|
Delaware
|
VTR Ashley Inn, 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 Barrington POB Holdings, LLC
|
Delaware
|
VTR Bay Spring, LLC
|
Delaware
|
VTR Baypoint Village, LLC
|
Delaware
|
VTR Bayshore, LLC
|
Delaware
|
VTR Bethlehem, LLC
|
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 Campana Del Rio, LLC
|
Delaware
|
VTR Canterbury Park, LLC
|
Delaware
|
VTR Canyon Springs, LLC
|
Delaware
|
VTR Carmichael Oaks Land, LLC
|
Delaware
|
VTR Carmichael Oaks, LP
|
Delaware
|
VTR Cedarbrook, LLC
|
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 Copper Canyon
|
Delaware
|
VTR Countrywood, LP
|
Delaware
|
VTR Covell, LLC
|
California
|
VTR Covell, LP
|
Delaware
|
VTR Crossgate, LLC
|
Delaware
|
VTR Crown Point (Parker) MOB, LLC
|
Delaware
|
VTR Cutter Mill, LLC
|
Delaware
|
VTR CW GP, LLC
|
Delaware
|
VTR Daly City, LP
|
California
|
VTR Darien, LLC
|
Delaware
|
VTR Deer Valley MOB II, LLC
|
Delaware
|
VTR Deer Valley MOB III, LLC
|
Delaware
|
VTR Deer Valley Parking, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 POB, 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
|
VTR Hillcrest Inn GP, LLC
|
Delaware
|
VTR Hillcrest Inn, LP
|
Delaware
|
VTR Hillcrest MC Tulsa, LLC
|
Delaware
|
VTR Hillsdale, LLC
|
Delaware
|
VTR Hillsdale, LP
|
Delaware
|
VTR Hudson, LLC
|
Delaware
|
VTR Huntington, LLC
|
Delaware
|
VTR II Acquisition LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
VTR III Acquisition LLC
|
Delaware
|
VTR Jefferson Clinic MOB, LLC
|
Delaware
|
VTR Johnson Ferry, LLC
|
Delaware
|
VTR Jupiter, LLC
|
Delaware
|
VTR Kennebunk, LLC
|
Delaware
|
VTR Kew Gardens LLC
|
New York
|
VTR Kinghaven, LLC
|
Delaware
|
VTR Lake Havasu Assisted Living, LLC
|
Delaware
|
VTR Lakewood, LLC
|
Delaware
|
VTR Lancaster Assisted Living, LP
|
Delaware
|
VTR Las Posas, LP
|
California
|
VTR Lonestar, LLC
|
Delaware
|
VTR Longmeadow Place, LLC
|
Delaware
|
VTR Lovelace MC & Rehab, LLC
|
Delaware
|
VTR Lovelace Roswell Bondco, LLC
|
Delaware
|
VTR Lovelace Roswell, LLC
|
Delaware
|
VTR Lovelace Westside, LLC
|
Delaware
|
VTR Lovelace WH Bondco, LLC
|
Delaware
|
VTR Lovelace WH, LLC
|
Delaware
|
VTR LS 115 N. 38th Street, LLC (f/k/a Wexford 115 N. 38th Street, LLC)
|
Delaware
|
VTR LS 225 N. 38th Street UT, LLC (f/k/a Wexford 225 N. 38th Street UT, LLC)
|
Delaware
|
VTR LS 225 N. 38th Street, LLC (f/k/a Wexford 225 N. 38th Street, LLC)
|
Delaware
|
VTR LS 3701 Filbert Street UT, LLC (f/k/a Wexford 3701 Filbert Street UT, LLC)
|
Delaware
|
VTR LS 3701 Filbert Street, LLC (f/k/a Wexford 3701 Filbert Street, LLC)
|
Delaware
|
VTR LS 3750 Lancaster Avenue UT, LLC (f/k/a Wexford 3750 Lancaster Avenue UT, LLC
|
Delaware
|
VTR LS 3750 Lancaster Avenue, LLC (f/k/a Wexford 3750 Lancaster Avenue, LLC)
|
Delaware
|
VTR LS 4300 Duncan, LLC
|
Delaware
|
VTR LS 4320 Forest Park, LLC (f/k/a Wexford 4320 Forest Park, LLC)
|
Delaware
|
VTR LS Bailey Developer, LLC (f/k/a Wexford Bailey Developer, LLC)
|
Delaware
|
VTR LS Baltimore Garage, LLC (f/k/a Wexford Baltimore Garage, LLC)
|
Maryland
|
VTR LS Baltimore-Poppleton, LLC (f/k/a Wexford Baltimore-Poppleton, LLC)
|
Maryland
|
VTR LS BioPark Land Acquisition I, LLC (f/k/a Wexford BioPark Land Acquisition I, LLC)
|
Maryland
|
VTR LS BSP Funding, LLC (f/k/a Wexford BSP Funding, LLC)
|
Maryland
|
VTR LS BSP Partners, LLC (f/k/a Wexford BSP Partners, LLC)
|
Maryland
|
VTR LS Building 60 Developer, LLC (f/k/a Wexford Building 60 Developer, LLC)
|
Delaware
|
VTR LS Building 90 Developer, LLC (f/k/a Wexford Building 90 Developer, LLC)
|
Delaware
|
VTR LS Building 91 Developer, LLC (f/k/a Wexford Building 91 Developer, LLC)
|
Delaware
|
VTR LS Building 91 Manager, LLC (f/k/a Wexford Building 91 Manager, LLC)
|
Delaware
|
VTR LS Chesterfield Developer, LLC (f/k/a Wexford Chesterfield Developer, LLC)
|
Delaware
|
VTR LS Chesterfield Parking, LLC (f/k/a Wexford Chesterfield Parking, LLC)
|
Delaware
|
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
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 Tech Park, LLC (f/k/a Townsend Chicago, 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 Madison House, 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, LLC
|
Delaware
|
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
|
VTR Penfield, LLC
|
Delaware
|
VTR Phoenix, LLC
|
Delaware
|
VTR Plainview, LLC
|
Delaware
|
VTR Plano, LLC
|
Delaware
|
VTR Prairie Meadows, LLC
|
Delaware
|
VTR Property Holdings Carrollton GP, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
VTR Property Holdings Carrollton, LP
|
Texas
|
VTR Property Holdings Copeland, LLC
|
Delaware
|
VTR Property Holdings Cypresswood, LLC
|
Delaware
|
VTR Property Holdings Grapevine, LP
|
Texas
|
VTR Property Holdings Richardson, LLC
|
Delaware
|
VTR Property Holdings Westchase GP, LLC
|
Delaware
|
VTR Property Holdings Westchase, LP
|
Texas
|
VTR Quail Ridge, LP
|
Delaware
|
VTR Raleigh GP, LLC
|
Delaware
|
VTR Raleigh, LLC
|
Delaware
|
VTR Raleigh, LP
|
Delaware
|
VTR 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 Salmon Creek, 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 Spring Creek Inn, LLC
|
Delaware
|
VTR Springdale, LLC
|
Delaware
|
VTR SQ Holdings Corp.
|
Delaware
|
VTR SQ Interim Corp.
|
Delaware
|
VTR SQ, LLC
|
Delaware
|
VTR St. Matthews, LLC
|
Delaware
|
VTR Stamford, LLC
|
Delaware
|
VTR Stony Brook, LLC
|
Delaware
|
VTR Stratford, LLC
|
Connecticut
|
VTR Summit Hills, LLC
|
Delaware
|
VTR Sunlake, LLC
|
Delaware
|
VTR Sunnyvale, LP
|
California
|
VTR Sutton Terrace, LLC
|
Delaware
|
VTR Swap II LLC
|
Delaware
|
VTR Swap LLC
|
Delaware
|
VTR Tanglewood, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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 GP Holdings II, LLC
|
Delaware
|
VTRAZ GP Holdings III, LLC
|
Delaware
|
VTRAZ GP Holdings IV, LLC
|
Delaware
|
VTRAZ GP Holdings V, LLC
|
Delaware
|
VTRAZ GP Holdings VI, LLC
|
Delaware
|
VTRAZ GP Holdings VII, LLC
|
Delaware
|
VTRAZ GP Holdings, LLC
|
Delaware
|
VTRAZ Holdings, LLC
|
Delaware
|
VTRAZ Manager, LLC
|
Delaware
|
VTRAZ Sacramento, LP
|
Delaware
|
VTRAZ TRS, Inc.
|
Delaware
|
VTR-EMRTS Holdings, LLC
|
Delaware
|
VTRLTH MAB I, LLC
|
Delaware
|
VTRLTH MAB II, LLC
|
Delaware
|
VTRSZR OpCo II JV, LLC
|
Delaware
|
VTRSZR OpCo II Manager, LLC
|
Delaware
|
VTRSZR OpCo JV, LLC
|
Delaware
|
VTRSZR OpCo Manager, LLC
|
Delaware
|
VTRSZR PropCo II JV, LLC
|
Delaware
|
VTRSZR PropCo II Manager, LLC
|
Delaware
|
VTRSZR PropCo JV, LLC
|
Delaware
|
VTRSZR PropCo Manager, 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 Hills OpCo, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
West Hills PropCo, LLC
|
Delaware
|
West Medical Office I, LP
|
South Carolina
|
West Tennessee Investors, LLC
|
Tennessee
|
Wexford Bailey Manager, LLC
|
Delaware
|
Wexford Bailey MT, LLC
|
Delaware
|
Wexford Building 60 Manager, LLC
|
Delaware
|
Wexford Building 60 MT, LLC
|
Delaware
|
Wexford Building 90 Manager, LLC
|
Delaware
|
Wexford Building 90 MT, LLC
|
Delaware
|
Wexford Building 91 MT, LLC
|
Delaware
|
Wexford Chesterfield Building Manager, LLC
|
Delaware
|
Wexford Chesterfield Holding, LLC
|
Delaware
|
Wexford Chesterfield MT, LLC
|
Delaware
|
Wexford Durham Chesterfield, LLC
|
Delaware
|
Wexford Heritage Holding, LLC
|
Delaware
|
Wexford Heritage MT, LLC
|
Delaware
|
Wexford Heritage, LLC
|
Delaware
|
Wexford Miami Holding, LLC
|
Delaware
|
Wexford Miami, LLC
|
Delaware
|
Wexford UCSC II Investment Fund, LLC
|
Missouri
|
Wexford UMB 2, LLC
|
Maryland
|
Wexford Winston-Salem Bailey Holding, LLC
|
Delaware
|
Wexford Winston-Salem Bailey, LLC
|
Delaware
|
Wexford Winston-Salem Building 60, LLC
|
Delaware
|
Wexford Winston-Salem Building 90, LLC
|
Delaware
|
Wexford Winston-Salem Building 91, LLC
|
Delaware
|
Wexford Winston-Salem Holding 60, LLC
|
Delaware
|
Wexford Winston-Salem Holding 90, LLC
|
Delaware
|
Wexford Winston-Salem Holding, LLC
|
Delaware
|
Wexford-CV SSL Joint Venture, LLC
|
Delaware
|
Wexford-CV SSL Manager, 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
|
Wexford-UCSC 3737, LLC
|
Delaware
|
Wexford-UCSC II, LP
|
Delaware
|
WG 86th Street SH, LLC
|
Delaware
|
WG Alden Place, LLC
|
Delaware
|
WG Alpharetta, LLC
|
Delaware
|
WG Applewood SH, LLC
|
Delaware
|
WG Aquidneck Place SH, LLC
|
Delaware
|
WG Arboretum, LLC
|
Delaware
|
WG Austell, LLC
|
Delaware
|
WG Bay Spring SH, LLC
|
Delaware
|
WG Baypoint Village SH, LLC
|
Delaware
|
WG Bayshore SH, LLC
|
Delaware
|
Entity Name
|
Jurisdiction of Organization
or Formation
|
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
|
WG Penfield SH, LLC
|
Delaware
|
WG Plainview SH, LLC
|
Delaware
|
WG Plano, LLC
|
Delaware
|
WG Quail Ridge, LP
|
Delaware
|
WG Raleigh, LP
|
Delaware
|
WG Rancho Park SH, LP
|
Delaware
|
WG Regency SH, LLC
|
Delaware
|
WG Richardson SH, LLC
|
Delaware
|
WG Richland Hills, LLC
|
Delaware
|
WG Riverdale SH, LLC
|
Delaware
|
WG Roslyn, LLC
|
Delaware
|
WG Rye Brook SH, LLC
|
Delaware
|
•
|
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,
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report, any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ DEBRA A. CAFARO
|
Debra A. Cafaro
Chairman and Chief Executive Officer
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report, any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/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
|