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Customer Concentration

12 Months Ended

Dec. 31, 2012

8. Customer Concentration

The following table summarizes certain information about our customer concentration as of December 31, 2012 (dollars in thousands):


		Number of	Total		Percent of
Concentration by investment:⁽¹⁾		Properties	Investment⁽²⁾		Investment⁽³⁾
	Genesis HealthCare	177	$	2,682,822	15%
	Sunrise Senior Living	10		1,087,357	6%
	Merrill Gardens	48		1,084,536	6%
	Belmont Village	19		896,692	5%
	Benchmark Senior Living	35		842,760	5%
	Remaining portfolio	684		10,828,842	63%
	Totals	973	$	17,423,009	100%

_____________________

Genesis is in our seniors housing triple-net segment whereas the other top five customers 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 customers comprised 41% of total investments at December 31, 2011.

- 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.

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+ Details