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Credit Concentration

3 Months Ended

Mar. 31, 2013

8. Credit Concentration

The following table summarizes certain information about our credit concentration as of March 31, 2013 (dollars in thousands):

		Number of	Total		Percent of
Concentration by investment:⁽¹⁾		Properties⁽²⁾	Investment⁽²⁾		Investment⁽³⁾
	Sunrise Senior Living	71	$	2,664,285	14%
	Genesis HealthCare	175		2,662,118	14%
	Merrill Gardens	48		1,075,791	6%
	Belmont Village	19		883,126	5%
	Benchmark Senior Living	36		836,346	4%
	Remaining portfolio	678		10,757,586	57%
	Totals	1,027	$	18,879,252	100%

_____________________

Genesis is in our seniors housing triple-net segment whereas the other top five relationships are in our seniors housing operating segment.
Excludes our share of investments in unconsolidated entities. Please see Note 7 for additional information.
Investments with our top five relationships comprised 37% of total investments at December 31, 2012.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Position (SOP)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

+ Details