- Definition

NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate. The Company defines NOI as rental revenues, including tenant recoveries, resident fees and services, and income from direct financing leases, less property level operating expenses. NOI excludes interest income, investment management fee income, depreciation and amortization, interest expense, general and administrative expenses, impairments, impairment recoveries, other income, net, income taxes, equity income from and impairments of investments in unconsolidated joint ventures, and discontinued operations. The Company believes NOI provides relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. The Company uses NOI to make decisions about resource allocations and to assess and compare property level performance. The Company believes that net income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income as defined by GAAP because it does not reflect the aforementioned excluded items. Further, the Company's definition of NOI may not be comparable to the definition used by other REITs, as those companies may use different methodologies for calculating NOI.

+ References+ Details

Segment Disclosures (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013 item	Dec. 31, 2012	Dec. 31, 2011
Segment reporting information, revenues
Number of reportable segments									5
Rental Revenues									$ 1,865,584	$ 1,714,466	$ 1,543,390
Resident Fees and Services									146,288	139,073	49,091
Interest Income									86,159	24,536	99,864
Investment Management Fee Income									1,847	1,895	2,073
Total revenues	530,297	546,158	512,239	511,184	503,233	469,999	456,130	450,608	2,099,878	1,879,970	1,694,418
NOI									1,713,590	1,572,823	1,373,780
Adjusted NOI (Cash NOI)									1,581,038	1,429,989	1,232,546
Senior housing
Segment reporting information, revenues
Rental Revenues									602,506	481,559	469,251
Resident Fees and Services									146,288	139,073	49,091
Interest Income									11,621	3,503	178
Investment Management Fee Income											70
Total revenues									760,415	624,135	518,590
NOI									653,191	529,209	484,970
Adjusted NOI (Cash NOI)									594,492	478,671	432,047
Post-acute/skilled nursing
Segment reporting information, revenues
Rental Revenues									541,805	530,037	388,633
Interest Income									73,595	19,993	98,450
Total revenues									615,400	550,030	487,083
NOI									539,320	529,562	388,214
Adjusted NOI (Cash NOI)									467,508	453,456	331,134
Life science
Segment reporting information, revenues
Rental Revenues									296,879	289,664	288,151
Investment Management Fee Income									4	4	4
Total revenues									296,883	289,668	288,155
NOI									239,923	236,491	235,355
Adjusted NOI (Cash NOI)									228,475	226,997	212,250
Medical office
Segment reporting information, revenues
Rental Revenues									352,334	333,008	318,368
Investment Management Fee Income									1,843	1,891	1,999
Total revenues									354,177	334,899	320,367
NOI									212,958	200,876	190,584
Adjusted NOI (Cash NOI)									210,811	195,761	184,408
Hospital
Segment reporting information, revenues
Rental Revenues									72,060	80,198	78,987
Interest Income									943	1,040	1,236
Total revenues									73,003	81,238	80,223
NOI									68,198	76,685	74,657
Adjusted NOI (Cash NOI)									$ 79,752	$ 75,104	$ 72,707