
	For the Year Ended December 31, 2014
	Triple Net		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated
Revenues:
Rental income	$	230,718	$	—	$	278,041	$	17,944	$	526,703
Residents fees and services		—		318,184		—		—		318,184
Total revenues		230,718		318,184		278,041		17,944		844,887
Expenses:
Property operating expenses		—		245,093		79,471		—		324,564
Depreciation		61,825		32,462		87,312		3,792		185,391
General and administrative		—		—		—		38,946		38,946
Acquisition related costs		—		—		—		4,607		4,607
Impairment of assets		(10)		—		—		—		(10)
Total expenses		61,815		277,555		166,783		47,345		553,498
Operating income (loss)		168,903		40,629		111,258		(29,401)		291,389
Interest and other income		—		—		—		425		425
Interest expense		(25,473)		(10,599)		(5,844)		(93,198)		(135,114)
Gain (loss) on early extinguishment of debt		128		(140)		—		—		(12)
Income (loss) before income tax expense and equity in earnings of an investee		143,558		29,890		105,414		(122,174)		156,688
Income tax expense		—		—		—		(576)		(576)
Equity in earnings of an investee		—		—		—		87		87
Income (loss) from continuing operations		143,558		29,890		105,414		(122,663)		156,199
Discontinued Operations:
Income from discontinued operations		—		—		1,362		—		1,362
Impairment of assets from discontinued operations		—		—		(4,377)		—		(4,377)
Income before gain on sale of properties		143,558		29,890		102,399		(122,663)		153,184
Gain on sale of properties		5,453		—		—		—		5,453
Net income (loss)	$	149,011	$	29,890	$	102,399	$	(122,663)	$	158,637
Total assets	$	1,777,684	$	961,618	$	2,922,623	$	306,344	$	5,968,269


	For the Year Ended December 31, 2013
	Triple Net		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated
Revenues:
Rental income	$	237,209	$	—	$	204,594	$	17,577	$	459,380
Residents fees and services		—		302,058		—		—		302,058
Total revenues		237,209		302,058		204,594		17,577		761,438
Expenses:
Property operating expenses		—		233,711		66,167		—		299,878
Depreciation		66,854		28,972		53,408		3,792		153,026
General and administrative		—		—		—		32,657		32,657
Acquisition related costs		—		—		—		3,378		3,378
Impairment of assets		6,685		—		—		1,304		7,989
Total expenses		73,539		262,683		119,575		41,131		496,928
Operating income (loss)		163,670		39,375		85,019		(23,554)		264,510
Interest and other income		—		—		—		711		711
Interest expense		(26,501)		(12,217)		(5,466)		(73,635)		(117,819)
Loss on early extinguishment of debt		—		—		—		(797)		(797)
Income (loss) before income tax expense and equity in earnings of an investee		137,169		27,158		79,553		(97,275)		146,605
Income tax expense		—		—		—		(600)		(600)
Equity in earnings of an investee		—		—		—		334		334
Income (loss) from continuing operations		137,169		27,158		79,553		(97,541)		146,339
Discontinued Operations:
Income from discontinued operations		—		—		5,043		—		5,043
Impairment of assets from discontinued operations		—		—		(37,610)		—		(37,610)
Income before loss on sale of properties		137,169		27,158		46,986		(97,541)		113,772
Gain on sale of properties		37,392		—		—		—		37,392
Net income (loss)	$	174,561	$	27,158	$	46,986	$	(97,541)	$	151,164
Total assets	$	1,778,591	$	979,152	$	1,727,497	$	279,426	$	4,764,666


	For the Year Ended December 31, 2012
	Triple Net		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated
Revenues:
Rental income	$	246,948	$	—	$	186,065	$	17,756	$	450,769
Residents fees and services		—		184,031		—		—		184,031
Total revenues		246,948		184,031		186,065		17,756		634,800
Expenses:
Property operating expenses		—		138,819		58,877		—		197,696
Depreciation		68,419		19,437		47,394		3,792		139,042
General and administrative		—		—		—		31,517		31,517
Acquisition related costs		—		—		—		9,394		9,394
Impairment of assets		—		—		3,071		—		3,071
Total expenses		68,419		158,256		109,342		44,703		380,720
Operating income (loss)		178,529		25,775		76,723		(26,947)		254,080
Interest and other income		—		—		—		1,117		1,117
Interest expense		(35,530)		(11,769)		(3,255)		(66,686)		(117,240)
Loss on early extinguishment of debt		—		—		—		(6,349)		(6,349)
Gain on lease terminations		375		—		—		—		375
Income (loss) before income tax expense and equity in earnings of an investee		143,374		14,006		73,468		(98,865)		131,983
Income tax expense		—		—		—		(375)		(375)
Equity in earnings of an investee		—		—		—		316		316
Income (loss) from continuing operations		143,374		14,006		73,468		(98,924)		131,924
Discontinued Operations:
Income from discontinued operations		—		—		4,061		—		4,061
Income before gain on sale of properties		143,374		14,006		77,529		(98,924)		135,985
Loss on sale of properties		—		—		(101)		—		(101)
Net income (loss)	$	143,374	$	14,006	$	77,428	$	(98,924)	$	135,884
Total assets	$	1,817,253	$	949,974	$	1,684,434	$	296,341	$	4,748,002