Real Property Acquisitions and Development (Tables)

12 Months Ended

Dec. 31, 2011

Real Property Acquisitions and Development (Tables) [Abstract]

Unaudited pro forma consolidated results of operations

The following unaudited pro forma consolidated results of operations have been prepared as if the Genesis acquisition had occurred as of January 1, 2010 based on the preliminary purchase price allocations discussed above. Amounts are in thousands, except per share data:

		Year Ended December 31,
			2011		2010
Revenues		$	1,437,368	$	841,250
Income from continuing operations attributable to common stockholders		$	99,758	$	72,134
Income from continuing operations attributable to common stockholders per share:
	Basic	$	0.54	$	0.46
	Diluted	$	0.54	$	0.46

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

The following table presents the final allocation of the purchase price to assets and liabilities assumed, based on their estimated fair values (in thousands

Land and land improvements		$	10,240
Buildings and improvements			170,886
Acquired lease intangibles			41,519
Investment in unconsolidated entity			21,321
Goodwill			68,321
Other acquired intangibles			36,439
Cash and cash equivalents			3,873
Restricted cash			107
Receivables and other assets			5,390
	Total assets acquired		358,096
Secured debt			61,664
Below market lease intangibles			4,188
Accrued expenses and other liabilities			36,835
	Total liabilities assumed		102,687
Redeemable noncontrolling interests			10,848
Preferred stock			16,667
Capital in excess of par			2,721
	Net assets acquired	$	225,173

The following table presents the aggregated final purchase price allocations of the assets acquired and liabilities assumed for all seniors housing operating partnership transactions for the periods presented (in thousands):

		Year Ended December 31,
			2011		2010
Land and land improvements		$	112,350	$	75,620
Buildings and improvements			1,512,764		686,911
Acquired lease intangibles			122,371		63,757
Investment in unconsolidated entities			14,960		0
Cash and cash equivalents			38,952		8,532
Restricted cash			20,699		5,899
Receivables and other assets			901		14,399
	Total assets acquired		1,822,997		855,118
Secured debt			796,273		305,167
Accrued expenses and other liabilities			44,483		8,270
	Total liabilities assumed		840,756		313,437
Capital in excess of par			6,017		43,641
Noncontrolling interests			69,984		107,774
	Net assets acquired	$	906,240	$	390,266

Summary of real property investment activity

The following is a summary of our real property investment activity for the periods presented (in thousands):

		Year Ended
		December 31, 2011		December 31, 2010		December 31, 2009
Real property acquisitions:
	Seniors housing triple-net	$	3,320,664	$	1,028,529	$	11,650
	Seniors housing operating		1,747,485		816,000		0
	Medical facilities⁽¹⁾		610,843		626,414		56,023
	Land parcels		19,084		4,300		0
	Total acquisitions		5,698,076		2,475,243		67,673
Less: Assumed debt			(961,928)		(559,508)		0
	Assumed other items, net		(210,411)		(208,314)		0
Cash disbursed for acquisitions			4,525,737		1,707,421		67,673
Construction in progress additions:
	Seniors housing triple-net		182,626		85,993		333,572
	Medical facilities		165,593		252,594		221,760
	Total construction in progress additions		348,219		338,587		555,332
Less: Capitalized interest			(13,164)		(20,320)		(40,969)
	Accruals⁽²⁾		(33,451)		(11,435)		(21,466)
Cash disbursed for construction in progress			301,604		306,832		492,897
Capital improvements to existing properties			77,781		59,923		38,389
Total cash invested in real property		$	4,905,122	$	2,074,176	$	598,959


(1)	Includes $318,608,000 relating to acquisitions of 12 medical facilities that closed in the fourth quarter of 2011. The allocation of the purchase price consideration is preliminary and subject to change.
(2)	Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the period noted above.

Summary of construction projects placed into service and generating revenues

The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented

			Year Ended
			December 31, 2011		December 31, 2010		December 31, 2009
	Development projects:
		Seniors housing triple-net	$	114,161	$	273,034	$	550,504
		Medical facilities		355,935		162,376		183,127
		Total development projects		470,096		435,410		733,631
	Expansion projects			45,414		3,216		4,288
Total construction in progress conversions			$	515,510	$	438,626	$	737,919

Future minimum lease payments receivable under operating leases

At December 31, 2011, future minimum lease payments receivable under operating leases (excluding properties in our seniors housing operating partnerships and excluding any operating expense reimbursements) are as follows (in thousands):

2012	$	931,680
2013		923,885
2014		876,401
2015		846,878
2016		836,858
Thereafter		6,163,444
Totals	$	10,579,146

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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