Real Property Acquisitions and Development (Tables)

3 Months Ended

Mar. 31, 2013

Real property acquisitions and development [Line Items]

Pro forma consolidated results of operations

		Three Months Ended
		March 31,		March 31,
		2013		2012
Revenues		$	647,269	$	531,936
Income (loss) from continuing operations attributable to common stockholders		$	(30,479)	$	23,164
Income (loss) from continuing operations attributable to common stockholders per share:
	Basic	$	(0.12)	$	0.12
	Diluted	$	(0.12)	$	0.11

Estimated fair value of allocated updated purchase price calculation of asset and liabilities

		Three Months Ended
		March 31, 2013(1)			March 31, 2012
			(in thousands)
Land and land improvements			$	8,533		$	5,950
Buildings and improvements				47,993			89,333
	Total assets acquired			56,526			95,283
Accrued expenses and other liabilities				-			(232)
	Cash disbursed for acquisitions			56,526			95,051
Construction in progress additions				23,946			38,467
Less:	Capitalized interest			(1,227)			(1,242)
Cash disbursed for construction in progress				22,719			37,225
Capital improvements to existing properties				8,336			9,948
	Total cash invested in real property, net of cash acquired		$	87,581		$	142,224
(1) Includes acquisitions with an aggregate purchase price of $56,526,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

		Three Months Ended
		March 31, 2013(2)			March 31, 2012
			(In thousands)
Land and land improvements			$	216,949		$	18,980
Building and improvements				2,074,770			174,467
Acquired lease intangibles				142,054			16,656
Restricted cash				22,863			-
Receivables and other assets				3,225			1,182
	Total assets acquired(1)			2,459,861			211,285
Secured debt				(138,259)			-
Accrued expenses and other liabilities				(31,302)			(1,649)
	Total liabilities assumed			(169,561)			(1,649)
Noncontrolling interests				(4,868)			(2,054)
Non-cash acquisition related activity(3)				(555,562)			-
	Cash disbursed for acquisitions			1,729,870			207,582
Construction in progress additions				235			-
Less:	Capitalized interest			(2)			-
Cash disbursed for construction in progress				233			-
Capital improvements to existing properties				10,604			3,040
	Total cash invested in real property, net of cash acquired		$	1,740,707		$	210,622
(1) Excludes $51,803,000 and $1,619,000 of cash acquired during the three months ended March 31, 2013 and 2012, respectively.
(2) Includes acquisitions with an aggregate purchase price of $2,819,436,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(3) Represents Sunrise loan and noncontrolling interests acquisitions.

		Three Months Ended
		March 31, 2013			March 31, 2012
			(In thousands)
Land and land improvements			$	-	$	9,509
Buildings and improvements				-		320,481
Acquired lease intangibles				-		39,619
Receivables and other assets				-		4,158
	Total assets acquired			-		373,767
Secured debt				-		(172,856)
Accrued expenses and other liabilities				-		(9,255)
	Total liabilities assumed			0		(182,111)
	Cash disbursed for acquisitions			0		191,656
Construction in progress additions				35,139		40,557
Less:	Capitalized interest			(377)		(1,178)
	Accruals(1)			(17,661)		(20,752)
Cash disbursed for construction in progress				17,101		18,627
Capital improvements to existing properties				5,189		7,071
	Total cash invested in real property		$	22,290	$	217,354
(1) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.

Summary of construction projects placed into service and generating revenues

			Three Months Ended
			March 31, 2013			March 31, 2012
	Development projects:
		Seniors housing triple-net		$	67,317		$	23,859
		Medical facilities			60,536			93,676
		Total development projects			127,853			117,535
	Expansion projects				7,631			240
Total construction in progress conversions				$	135,484		$	117,775