8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 9, 2011

HEALTH CARE REIT, INC.

(Exact name of registrant as specified in its charter)

Delaware	34-1096634
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
4500 Dorr Street, Toledo, Ohio	43615
(Address of principal executive office)	(Zip Code)

(419) 247-2800

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 8.01 Other Events.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURE
EX-23
EX-99.1
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

Item 8.01 Other Events.

     Pursuant to ASC 205-20, “Presentation of Financial Statements — Discontinued Operations”, certain assets of Health Care REIT, Inc. (the “Company”) are now classified as discontinued operations due to their sale during the six months ended June 30, 2011 or their classification as held for sale at June 30, 2011. As a result, the Company is reclassifying in this Current Report its operations, including rental income, interest expense and provision for depreciation and amortization related to those assets for prior periods. The application of ASC 205-20 had no effect on net income attributable to common stockholders for any period presented therein.

     During the three months ended March 31, 2011, we changed our reportable business segments to (i) senior housing triple-net, (ii) senior housing operating and (iii) medical facilities and reclassified certain assets and related revenues. Senior housing triple-net and senior housing operating were formerly combined and classified as senior housing and care. Accordingly, we have reclassified the relevant amounts and certain assets and revenues to be included in the related business segments in this Current Report to be consistent with the new classification.

     This Current Report also includes changes we have made to address certain comments received from the Securities and Exchange Commission regarding our Form 10-K for the year ended December 31, 2010. Those changes include expanded disclosure regarding lease expirations in “Item 2 - Properties” and expanded disclosures in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding senior housing operating partnerships, anticipated sources and uses of cash, capitalization rates of acquisitions and dispositions, off balance sheet debt and leasing activities.

     As a result of the changes mentioned above, the Company is updating portions of “Item 1 - Business,” “Item 2 — Properties,” “Item 6 — Selected Financial Data,” “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8 — Financial Statements and Supplementary Data.” All other information contained in the Form 10-K for the year ended December 31, 2010 and the other portions of Items 1, 2, 6, 7 and 8 have not been updated or modified (with the exception of certain minor changes to Items 1, 7 and 8 to reflect proper cross-references). For more recent information regarding the Company, please see the Company’s Quarterly Report on Form 10-Q, Current Reports on Form 8-K and other reports and information filed with or furnished to the Securities and Exchange Commission since February 25, 2011. Additionally, the Company is including, for information purposes, Financial Statement Schedules III and IV, which are unchanged from Item 15 of the Form 10-K for the year ended December 31, 2010. The foregoing items are attached as Exhibit 99.1 to this Current Report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

23	Consent of Ernst & Young LLP, independent registered public accounting firm
99.1	Business
	Properties
	Selected Financial Data
	Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Financial Statements and Supplementary Data
	Schedule III
	Schedule IV

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

HEALTH CARE REIT, INC.
By:	/s/ GEORGE L. CHAPMAN
	George L. Chapman
	Its: Chairman of the Board, Chief Executive Officer and President

Dated: August 9, 2011

EX-23

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following registration statements:

• Registration Statement (Form S-8 No. 333-01239) dated February 27, 1996 pertaining to the Health Care REIT, Inc. 1995 Stock Incentive Plan;

• Registration Statement (Form S-8 No. 333-40769) dated November 21, 1997 pertaining to the Health Care REIT, Inc. Stock Plan for Non-Employee Directors;

• Registration Statement (Form S-8 No. 333-40771) dated November 21, 1997 pertaining to the Health Care REIT, Inc. 1995 Stock Incentive Plan;

• Registration Statement (Form S-8 No. 333-73916) dated November 21, 2001 pertaining to the Health Care REIT, Inc. 1995 Stock Incentive Plan;

• Registration Statement (Form S-3 No. 333-107280) dated July 23, 2003, as amended on August 1, 2003, pertaining to $937,557,819 of securities of Health Care REIT, Inc.;

• Registration Statement (Form S-3 No. 333-110877) dated December 2, 2003 pertaining to 811,335 shares of common stock of Health Care REIT, Inc. with respect to the resale of shares of common stock received in connection with the conversion of shares of the 6% Series E Cumulative Convertible and Redeemable Preferred Stock;

• Registration Statement (Form S-3 No. 333-110902) dated December 3, 2003, as amended on December 11, 2003, pertaining to the Health Care REIT, Inc. Amended and Restated Dividend Reinvestment and Stock Purchase Plan;

• Registration Statement (Form S-8 No. 333-120915) dated December 1, 2004 pertaining to the Health Care REIT, Inc. Stock Plan for Non-Employee Directors;

• Registration Statement (Form S-3 No. 333-120917) dated December 1, 2004, as amended on May 19, 2005, pertaining to $831,794,619 of securities of Health Care REIT, Inc.;

• Registration Statement (Form S-8 No. 333-126195) dated June 28, 2005 pertaining to the Health Care REIT, Inc. 2005 Long-Term Incentive Plan;

• Registration Statement (Form S-3 No. 333-134082) dated May 12, 2006 pertaining to an indeterminate amount of debt securities, common stock, preferred stock, depositary shares, warrants and units of Health Care REIT, Inc.;

• Registration Statement (Form S-4 No. 333-138006) dated October 13, 2006 pertaining to shares of common stock and 7.5% Series G Cumulative Convertible Preferred Stock of Health Care REIT, Inc. issued in connection with the merger between Health Care REIT, Inc. and Windrose Medical Properties Trust, as amended by Amendment No. 1 to the Registration Statement dated November 6, 2006, and Post-Effective Amendment No. 1 on Form S-8 to the Registration Statement dated December 21, 2006 pertaining to the Windrose Medical Properties Trust 2002 Stock Incentive Plan;

• Registration Statement (Form S-3 No. 333-142987) dated May 15, 2007 pertaining to the Health Care REIT, Inc. Second Amended and Restated Dividend Reinvestment and Stock Purchase Plan;

• Registration Statement (Form S-3 No. 333-159040) dated May 7, 2009 pertaining to an indeterminate amount of debt securities, common stock, preferred stock, depositary shares, warrants and units of Health Care REIT, Inc.;

• Registration Statement (Form S-8 No. 333-161131) dated August 6, 2009 pertaining to the Amended and Restated Health Care REIT, Inc. 2005 Long-Term Incentive Plan; and

• Registration Statement (Form S-3 No. 333-166705) dated May 10, 2010 pertaining to the Health Care REIT, Inc. Third Amended and Restated Dividend Reinvestment and Stock Purchase Plan;

of our report dated February 25, 2011 (except for Notes 5 and 17, as to which the date is August 9, 2011), with respect to the consolidated financial statements and schedules of Health Care REIT, Inc. included in this Current Report (Form 8-K) of Health Care REIT, Inc.

/s/ Ernst & Young LLP

Toledo, Ohio
August 9, 2011

EX-99.1

EXHIBIT 99.1

PART I

Item 1. Business

General

     Health Care REIT, Inc. is a real estate investment trust (“REIT”) that has been at the forefront of senior housing and health care real estate since the company was founded in 1970. We are an S&P 500 company headquartered in Toledo, Ohio and our portfolio spans the full spectrum of senior housing and health care real estate, including senior housing communities, skilled nursing facilities, medical office buildings, inpatient and outpatient medical centers and life science facilities. Our capital programs, when combined with comprehensive planning, development and property management services, make us a single-source solution for acquiring, planning, developing, managing, repositioning and monetizing real estate assets. More information is available on the Internet at www.hcreit.com.

     Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in rental and interest income and portfolio growth. To meet these objectives, we invest in the full spectrum of senior housing and health care real estate and diversify our investment portfolio by property type, operator/tenant and geographic location.

     Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund operations, meet debt service obligations (both principal and interest), make dividend distributions and complete construction projects in process. We also continue to evaluate opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured line of credit arrangement, internally generated cash and the proceeds from sales of real property. Our investments generate cash from rent and interest receipts and principal payments on loans receivable. Permanent capital for future investments, which replaces funds drawn under the unsecured line of credit arrangement, has historically been provided through a combination of public and private offerings of debt and equity securities and the incurrence or assumption of secured debt.

     References herein to “we,” “us,” “our” or the “Company” refer to Health Care REIT, Inc. and its subsidiaries unless specifically noted otherwise.

Portfolio of Properties

     The following table summarizes our portfolio as of December 31, 2010:

	Investments		Percentage of			Number of		# Beds/Units			Investment per
Type of Property	(in thousands)		Investments			Properties		or Sq. Ft.			metric(1)			States
Senior housing triple-net	$	3,322,792		37.0	%		256		21,788	units	$	$157,850	per unit		34
Skilled nursing facilities		1,257,719		14.0	%		180		24,064	beds		52,266	per bed		26
Senior housing operating		1,080,416		12.0	%		47		6,075	units		177,846	per bed		14
Hospitals		782,879		8.7	%		31		1,857	beds		446,846	per bed		13
Medical office buildings(2)		2,195,435		24.4	%		162		9,047,167	sq. ft.		254	per sq. ft.		28
Life science buildings(2)		346,562		3.9	%		7					n/a			1
Totals	$	8,985,803		100.0	%		683								41

(1)	Investment per metric was computed by using the total investment amount of $8,860,164,000, which includes net real estate investments and unfunded construction commitments for which initial funding has commenced which amounted to $8,592,109,000 and $268,055,000, respectively.
(2)	Includes our share of unconsolidated joint venture investments. Please see Note 7 to our consolidated financial statements for additional information.

Property Types

     We invest in senior housing and health care real estate. We evaluate our business and make resource allocations on our three business segments — senior housing triple-net, senior housing operating and medical facilities. For additional information regarding business segments, see Note 17 to our consolidated financial statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to our consolidated financial statements). The following is a summary of our various property types.

Senior Housing Triple-net

     Our senior housing triple-net properties include skilled nursing facilities, assisted living facilities, independent living/continuing care retirement communities and combinations thereof. We invest in senior housing and care real estate primarily through acquisition and development. Excluding our operating partnerships (see Note 3 to our consolidated financial statements), properties are primarily leased under triple-net leases and we are not involved in property management. Our properties include stand-alone facilities that provide one level of service, combination facilities that provide multiple levels of service, and communities or campuses that provide a wide range of services.

     Independent Living Facilities. Independent living facilities are age-restricted, multifamily properties with central dining facilities that provide residents access to meals and other services such as housekeeping, linen service, transportation and social and recreational activities.

     Continuing Care Retirement Communities. Continuing care retirement communities include a combination of detached homes, an independent living facility, an assisted living facility and/or a skilled nursing facility on one campus. These communities are appealing to residents because there is no need for relocating when health and medical needs change. Resident payment plans vary, but can include entrance fees, condominium fees and rental fees. Many of these communities also charge monthly maintenance fees in exchange for a living unit, meals and some health services.

     Early Stage Senior Housing. Early stage senior housing communities contain primarily for-sale single-family homes, townhomes, cluster homes, mobile homes and/or condominiums with no specialized services. These communities are typically restricted or targeted to adults at least 55 years of age or older. Residents generally lead an independent lifestyle. Communities may include amenities such as a clubhouse, golf course and recreational spaces.

     Assisted Living Facilities. Assisted living facilities are state regulated rental properties that provide the same services as independent living facilities, but also provide supportive care from trained employees to residents who require assistance with activities of daily living, including management of medications, bathing, dressing, toileting, ambulating and eating.

     Alzheimer’s/Dementia Care Facilities. Certain assisted living facilities may include state licensed settings that specialize in caring for those afflicted with Alzheimer’s disease and/or other types of dementia.

     Skilled Nursing Facilities. Skilled nursing facilities are licensed daily rate or rental properties where the majority of individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement.

Senior Housing Operating

     Our senior housing operating property types include the same as those in our senior housing triple-net segment. However, these investments are made through partnerships which are involved in property management. The senior housing operating partnerships are formed using the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). When considering new partnerships utilizing the RIDEA structure, we look for opportunities with best-in-class operators with a strong seasoned leadership team, high-quality real estate in attractive markets, growth potential above the rent escalators in our triple-net lease senior housing portfolio, and alignment of economic interests with our operating partner. Our senior housing operating partnerships offer us the opportunity for external growth because we have the right to fund future senior housing investment opportunities sourced by our operating partners.

Medical Facilities

     Our medical facilities include medical office buildings, hospitals and life science buildings. Our medical office buildings are typically leased to multiple tenants and generally require a certain level of property management. Our hospital investments are typically structured similar to our senior housing triple-net investments. Our life science investments represent investments in an unconsolidated joint venture (see Note 7 to our consolidated financial statements).

     Medical Office Buildings. The medical office building portfolio consists of health care related buildings that include physician offices, ambulatory surgery centers, diagnostic facilities, outpatient services and/or labs. Our portfolio has a strong affiliation with health systems: approximately 80% of the buildings are either located on campus or affiliated with hospitals through a satellite location.

     Hospitals. Our hospitals generally include acute care hospitals, inpatient rehabilitation hospitals, and long-term acute care hospitals. Acute care hospitals provide a wide range of inpatient and outpatient services, including, but not limited to, surgery, rehabilitation, therapy and clinical laboratories. Inpatient rehabilitation hospitals provide inpatient services for patients with intensive rehabilitation needs. Long-term acute care hospitals provide inpatient services for patients with complex medical conditions that require more intensive care, monitoring or emergency support than is available in most skilled nursing facilities.

Investments

     We invest in senior housing and health care real estate primarily through acquisitions and developments. We diversify our investment portfolio by property type, operator/tenant and geographic location. In determining whether to invest in a property, we focus on the following: (1) the experience of the obligor’s management team; (2) the historical and projected financial and operational performance of the property; (3) the credit of the obligor; (4) the security for the lease or loan; (5) the real estate attributes of the building and its location; and (6) the capital committed to the property by the obligor. We conduct market research and analysis for all potential investments. In addition, we review the value of all properties, the interest rates and covenant requirements of any facility-level debt to be assumed by us at the time of the acquisition and the anticipated sources of repayment of any of the obligor’s existing debt that is not to be assumed by us at the time of the acquisition.

     We monitor our investments through a variety of methods determined by the type of property. Our asset management process for senior housing triple-net properties generally includes review of monthly financial statements and other operating data for each property, periodic review of obligor creditworthiness, periodic property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division actively manages and monitors the medical office building portfolio with a comprehensive process including tenant relations, tenant lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs and market conditions among other things. In monitoring our portfolio, our personnel use a proprietary database to collect and analyze property-specific data. Additionally, we conduct extensive research to ascertain industry trends and risks.

     Through asset management and research, we evaluate the operating environment in each property’s market to determine whether payment risk is likely to increase. When we identify unacceptable levels of payment risk, we seek to mitigate, eliminate or transfer the risk. We categorize the risk as obligor, property or market risk. For obligor risk, we typically find a substitute operator/tenant to run the property. For property risk, we usually work with the operator/tenant to institute property-level management changes to address the risk. Finally, for market risk, we often encourage an obligor to change its capital structure, including refinancing the property or raising additional equity. Through these asset management and research efforts, we are generally able to intervene at an early stage to address payment risk, and in so doing, support both the collectability of revenue and the value of our investment.

     Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders.

Investment Types

     Real Property. Our hospitals and senior housing properties are primarily comprised of land, building, improvements and related rights. Excluding properties in our senior housing operating partnerships (see Note 3 to our consolidated financial statements), these properties are generally leased to operators under long-term operating leases. The leases generally have a fixed contractual term of 12 to 15 years and contain one or more five to 15-year renewal options. Certain of our leases also contain purchase options. Most of our rents are received under triple-net leases requiring the operator to pay rent and all additional charges incurred in the operation of the leased property. The tenants are required to repair, rebuild and maintain the leased properties. Substantially all of these operating leases are designed with either fixed or contingent escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period.

     At December 31, 2010, approximately 91% of our hospitals and senior housing triple-net properties were subject to master leases. A master lease is a lease of multiple properties to one tenant entity under a single lease agreement. From time to time, we may acquire additional properties that are then leased to the tenant under the master lease. The tenant is required to make one monthly payment that represents rent on all the properties that are subject to the master lease. Typically, the master lease tenant can exercise its right to purchase the properties or to renew the master lease only with respect to all leased properties at the same time. This bundling feature benefits us because the tenant cannot limit the purchase or renewal to the better performing properties and terminate the leasing arrangement with respect to the poorer performing properties. This spreads our risk among the entire group of properties within the master lease. The bundling feature should provide a similar advantage if the master lease tenant is in bankruptcy. Subject to certain restrictions, a debtor in bankruptcy has the right to assume or reject each of its leases. It is our intent that a tenant in bankruptcy would be required to assume or reject the master lease as a whole, rather than deciding on a property by property basis.

     Our medical office building portfolio is primarily self-managed and consists principally of multi-tenant properties leased to health care providers. Our leases have favorable lease terms that typically include fixed increasers and some form of operating expense reimbursement by the tenant. As of December 31, 2010, 88% of our portfolio included leases with full pass through, 10% with a partial expense reimbursement (modified gross) and 2% with no expense reimbursement (gross). Our medical office building leases are non-cancellable operating leases that have a weighted average remaining term of 8.5 years at December 31, 2010 and are normally credit enhanced by guaranties and/or letters of credit.

     Construction. We currently provide for the construction of properties for tenants generally as part of long-term operating leases. We capitalize certain interest costs associated with funds used to pay for the construction of properties owned by us. The amount capitalized is based upon the amount advanced during the construction period using the rate of interest that approximates our cost of financing. Our interest expense is reduced by the amount capitalized. We also typically charge a transaction fee at the commencement of construction which we defer and amortize to income over the term of the resulting lease. The construction period commences upon

funding and terminates upon the earlier of the completion of the applicable property or the end of a specified period. During the construction period, we advance funds to the tenants in accordance with agreed upon terms and conditions which require, among other things, periodic site visits by a Company representative. During the construction period, we generally require an additional credit enhancement in the form of payment and performance bonds and/or completion guaranties. At December 31, 2010, we had outstanding construction investments of $356,793,000 and were committed to providing additional funds of approximately $268,055,000 to complete construction for investment properties.

     Real Estate Loans. Our real estate loans are typically structured to provide us with interest income, principal amortization and transaction fees and are generally secured by a first, second or third mortgage lien, leasehold mortgage, corporate guaranties and/or personal guaranties. At December 31, 2010, we had outstanding real estate loans of $436,580,000. The interest yield averaged approximately 9.1% per annum on our outstanding real estate loan balances. Our yield on real estate loans depends upon a number of factors, including the stated interest rate, average principal amount outstanding during the term of the loan and any interest rate adjustments. The real estate loans outstanding at December 31, 2010 are generally subject to three to 20-year terms with principal amortization schedules and/or balloon payments of the outstanding principal balances at the end of the term. Typically, real estate loans are cross-defaulted and cross-collateralized with other real estate loans, operating leases or agreements between us and the obligor and its affiliates.

Principles of Consolidation

     The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint ventures that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation.

     At inception of the joint venture transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A variable interest entity is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. ASC 810 requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated on a continuous basis. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact that entity’s economic performance.

     For investments in joint ventures, we evaluate the type of rights held by the limited partner(s), which may preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership. The assessment of limited partners’ rights and their impact on the presumption of control over a limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the rights of the limited partners, (ii) the sole general partner increases or decreases its ownership in the limited partnership interests, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.

Equity Investments

     Equity investments at December 31, 2010 and 2009 include an investment in a public company that has a readily determinable fair market value. We classify this equity investment as available-for-sale and, accordingly, record this investment at its fair market value with unrealized gains and losses included in accumulated other comprehensive income, a separate component of stockholders’ equity. Equity investments at December 31, 2010 and 2009 also include an investment in a private company. We do not have the ability to exercise influence over the company, so the investment is accounted for under the cost method. Under the cost method of accounting, investments in private companies are carried at cost and are adjusted only for other-than-temporary declines in fair value, return of capital and additional investments. These equity investments represent a minimal ownership interest in these companies. Additionally, equity investments at December 31, 2010 include investments in unconsolidated joint ventures.

     Investments in Unconsolidated Joint Ventures. Investments in less than majority owned entities where our interests represent a general partnership interest but substantive participating rights or substantive kick-out rights have been granted to the limited partners or when our interests do not represent the general partnership interest and we do not control the major operating and financial policies of the entity are reported under the equity method of accounting. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the estimated fair value of the assets prior to the sale of interests in the joint venture. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.

Borrowing Policies

     We utilize a combination of debt and equity to fund investments. Our debt and equity levels are determined by management to maintain a conservative credit profile. Generally, we intend to issue unsecured, fixed rate public debt with long-term maturities to approximate the maturities on our leases and loans. For short-term purposes, we may borrow on our unsecured line of credit

arrangement. We replace these borrowings with long-term capital such as senior unsecured notes, common stock or preferred stock. When terms are deemed favorable, we may invest in properties subject to existing mortgage indebtedness. In addition, we may obtain secured financing for unleveraged properties in which we have invested or may refinance properties acquired on a leveraged basis. In our agreements with our lenders, we are subject to restrictions with respect to secured and unsecured indebtedness.

Competition

     We compete with other real estate investment trusts, real estate partnerships, private equity and hedge fund investors, banks, insurance companies, finance/investment companies, government-sponsored agencies, taxable and tax-exempt bond funds, health care operators, developers and other investors in the acquisition, development, leasing and financing of health care and senior housing properties. Some of our competitors are larger with greater resources and lower costs of capital than us. Increased competition inhibits our ability to identify and successfully complete investments. We compete for investments based on a number of factors including rates, financings offered, underwriting criteria and reputation. Our ability to successfully compete is also impacted by economic and population trends, availability of acceptable investment opportunities, our ability to negotiate beneficial investment terms, availability and cost of capital, construction and renovation costs and new and existing laws and regulations.

     The operators/tenants of our properties compete on a local and regional basis with operators/tenants of properties that provide comparable services. Operators/tenants compete for patients and residents based on a number of factors including quality of care, reputation, physical appearance of properties, services offered, family preferences, physicians, staff and price. We also face competition from other health care facilities for tenants, such as physicians and other health care providers that provide comparable facilities and services.

     For additional information on the risks associated with our business, please see “Item 1A — Risk Factors” of the Annual Report on Form 10-K for the year ended December 31, 2010.

Employees

     As of December 31, 2010, we had 263 employees.

Customer Concentrations

     The following table summarizes certain information about our customer concentrations as of December 31, 2010 (dollars in thousands):

	Number of		Total		Percent of
	Properties		Investment(2)		Investment(3)
Concentration by investment:(1)
Merrill Gardens LLC		38	$	732,211		9	%
Brandywine Senior Living, LLC		19		612,598		7	%
Senior Living Communities, LLC		12		595,223		7	%
Senior Star Living		10		464,062		5	%
Brookdale Senior Living, Inc.		86		334,946		4	%
Remaining portfolio		518		5,853,069		68	%
Totals		683	$	8,592,109		100	%

(1)	All of our top five customers are in our senior housing triple-net segment, except Merrill Gardens and Senior Star which are in our senior housing operating segment.
(2)	Excludes our share of unconsolidated joint venture investments. Please see Note 7 for additional information.
(3)	Investments with our top five customers comprised 24% of total investments at December 31, 2009.

Certain Government Regulations

Health Law Matters — Generally

     Typically, operators of senior housing facilities do not receive significant funding from government programs and are largely subject to state laws, as opposed to federal laws. Operators of skilled nursing facilities and hospitals do receive significant funding from government programs, and these facilities are subject to the federal and state laws that regulate the type and quality of the medical and/or nursing care provided, ancillary services (e.g., respiratory, occupational, physical and infusion therapies), qualifications of the administrative personnel and nursing staff, the adequacy of the physical plant and equipment, reimbursement and rate setting and operating policies. In addition, as described below, operators of these facilities are subject to extensive laws and regulations pertaining to health care fraud and abuse, including, but not limited to, the Federal Anti-kickback Statute, the Federal Stark Law, and the Federal False Claims Act, as well as comparable state law counterparts. Hospitals, physician group practice clinics, and other health care providers that operate in our portfolio are subject to extensive federal, state, and local licensure, registration, certification, and inspection laws, regulations, and industry standards. Our tenants’ failure to comply with any of these, and other, laws

could result in loss of accreditation; denial of reimbursement; imposition of fines; suspension, decertification, or exclusion from federal and state health care programs; loss of license; or closure of the facility.

Licensing and Certification

     The primary regulations that affect senior housing facilities with assisted living are state licensing and registration laws. In granting and renewing these licenses, the state regulatory agencies consider numerous factors relating to a property’s physical plant and operations including, but not limited to, admission and discharge standards, staffing, and training. A decision to grant or renew a license is also affected by a property owner’s record with respect to patient and consumer rights, medication guidelines, and rules. Certain of the senior housing facilities mortgaged to or owned by us may require the resident to pay an entrance or upfront fee, a portion of which may be refundable. These entrance fee communities are subject to significant state regulatory oversight, including, for example, oversight of each facility’s financial condition; establishment and monitoring of reserve requirements, and other financial restrictions; the right of residents to cancel their contracts within a specified period of time; lien rights in favor of residents; restrictions on change of ownership; and similar matters. Such oversight, and the rights of residents within these entrance fee communities, may have an effect on the revenue or operations of the operators of such facilities, and, therefore, may adversely affect us.

     Certain health care facilities are subject to a variety of licensure and certificate of need (“CON”) laws and regulations. Where applicable, CON laws generally require, among other requirements, that a facility demonstrate the need for (1) constructing a new facility, (2) adding beds or expanding an existing facility, (3) investing in major capital equipment or adding new services, (4) changing the ownership or control of an existing licensed facility, or (5) terminating services that have been previously approved through the CON process. Certain state CON laws and regulations may restrict the ability of operators to add new properties or expand an existing facility’s size or services. In addition, CON laws may constrain the ability of an operator to transfer responsibility for operating a particular facility to a new operator. If we have to replace a property operator who is excluded from participating in a federal or state health care program (as discussed below), our ability to replace the operator may be affected by a particular state’s CON laws, regulations, and applicable guidance governing changes in provider control.

     With respect to licensure, generally our skilled nursing facilities and acute care facilities are required to be licensed and certified for participation in Medicare, Medicaid, and other federal health care programs. This generally requires license renewals and compliance surveys on an annual or bi-annual basis. The failure of our operators to maintain or renew any required license or regulatory approval, as well as the failure of our operators to correct serious deficiencies identified in a compliance survey could require those operators to discontinue operations at a property. In addition, if a property is found to be out of compliance with the Medicare, Medicaid, or other health care program conditions of participation in, the property operator may be excluded from participating in those government health care programs. Any such occurrence may impair an operators’ ability to meet their financial obligations to us. If we have to replace an excluded property operator, our ability to replace the operator may be affected by federal and state laws, regulations, and applicable guidance governing changes in provider control. This may result in payment delays, an inability to find a replacement operator, a significant working capital commitment from us to a new operator or other difficulties.

Reimbursement

     Senior Housing Facilities. Approximately 37% of our rental revenues for the year ended December 31, 2010 were attributable to senior housing facilities. The majority of the revenues received by the operators of our senior housing facilities are from private pay sources. The remaining revenue source is primarily Medicaid under certain waiver programs. As a part of the Omnibus Budget Reconciliation Act (“OBRA”) of 1981, Congress established a waiver program enabling some states to offer Medicaid reimbursement to assisted living providers as an alternative to institutional long-term care services. The provisions of OBRA and the subsequent OBRA Acts of 1987 and 1990 permit states to seek a waiver from typical Medicaid requirements to develop cost-effective alternatives to long-term care, including Medicaid payments for assisted living and home health. As of December 31, 2010, four of our 41 senior housing operators received Medicaid reimbursement pursuant to Medicaid waiver programs. For the twelve months ended September 30, 2010, approximately 9% of the revenues at our senior housing facilities were from Medicaid reimbursement. There can be no guarantee that a state Medicaid program operating pursuant to a waiver will be able to maintain its waiver status.

     Rates paid by self-pay residents are set by the facilities and are determined by local market conditions and operating costs. Generally, facilities receive a higher payment per day for a private pay resident than for a Medicaid beneficiary who requires a comparable level of care. The level of Medicaid reimbursement varies from state to state. Thus, the revenues generated by operators of our assisted living facilities may be adversely affected by payor mix, acuity level, changes in Medicaid eligibility, and reimbursement levels. In addition, a state could lose its Medicaid waiver and no longer be permitted to utilize Medicaid dollars to reimburse for assisted living services. Changes in revenues could in turn have a material adverse effect on an operator’s ability to meet its obligations to us.

     Skilled Nursing Facilities and Hospitals. Skilled nursing facilities and hospitals typically receive most of their revenues from the Medicare and Medicaid programs, with the balance representing reimbursement payments from private payors, including private insurers. Consequently, changes in federal or state reimbursement policies may also adversely affect an operator’s ability to cover its

expenses, including our rent or debt service. Skilled nursing facilities and hospitals are subject to periodic pre- and post-payment reviews, and other audits by federal and state authorities. A review or audit of a property operator’s claims could result in recoupments, denials, or delay of payments in the future, which could have a material adverse effect on the operator’s ability to meet its financial obligations to us. Due to the significant judgments and estimates inherent in payor settlement accounting, no assurance can be given as to the adequacy of any reserves maintained by our property operators to cover potential adjustments to reimbursements, or to cover settlements made to payors. In fact, in December 2010, the Department of Health and Human Services Office of Inspector General (“OIG”) released a report focusing on skilled nursing facilities’ billing practices for Medicare Part A payments, and found that between 2006-2008 skilled nursing facilities increasingly billed for higher paying Resource Utilization Groups (“RUGs”), the payment classification mechanism for the Medicare program, even though beneficiary characteristics remained largely unchanged. In particular, from 2006 to 2008, OIG found that the percentage of RUGs for ultra high therapy increased from 17% to 28%, despite the fact that beneficiaries’ ages and diagnoses at admission were largely unchanged during that time period. As a result of the recent attention on skilled nursing billing practices and ongoing government pressure to reduce spending by government health care programs, government health care programs may limit or reduce payments to skilled nursing facilities and hospitals, and, as a result, an operator’s ability to meet its financial obligations to us may be significantly impaired.

     Medicare Reimbursement and Skilled Nursing Facilities. For the twelve months ended September 30, 2010, approximately 30% of the revenues at our skilled nursing facilities (which comprised 27% of our rental revenues for the year ended December 31, 2010) were paid by Medicare. Skilled nursing facilities are reimbursed under the Medicare Skilled Nursing Facility Prospective Payment System (“SNF PPS”). There is a risk that some skilled nursing facilities’ costs will exceed the fixed payments under the SNF PPS, and there is also a risk that payments under the SNF PPS may be set below the costs to provide certain items and services, which could result in immediate financial difficulties for skilled nursing facilities, and could cause operators to seek bankruptcy protection. Skilled nursing facilities have faced these types of difficulties since the implementation of the SNF PPS.

     Skilled nursing facilities received a net 1.1% Medicare payment rate decrease for federal fiscal year 2010. This 1.1% net decrease is the result of a 3.3% decrease in payments due to recalibration of the case-mix indexes combined with a 2.2% increase in payments through “market basket” changes for fiscal year 2010. The Centers for Medicare & Medicaid Services (“CMS”), an agency of the U.S. Department of Health and Human Services (“HHS”), has announced its intention to make a positive payment update for skilled nursing facilities for fiscal year 2011 — a net 1.7% increase resulting from a 2.3% market basket update less a 0.6% forecasting error adjustment. Section 5008 of the Deficit Reduction Act of 2005 directs the Secretary of HHS to conduct a demonstration program, for a three year period, beginning January 1, 2008, assessing the costs and outcomes of patients discharged from hospitals in a variety of post-acute care settings, including skilled nursing facilities. The outcome of that demonstration program could lead to changes in Medicare coverage and reimbursement for post-acute care. Because the results of the demonstration have not yet been finalized, we cannot predict the potential financial implications those results, or any other proposed changes to the Medicare program, may have on our operators or tenants.

     The Balanced Budget Act of 1997 mandated caps on Medicare reimbursement for certain therapy services. However, Congress imposed various moratoriums on the implementation of those caps. For 2011, the annual payment cap of $1,870 per patient applies to occupational therapy and a separate $1,870 cap applies to speech and physical therapy. Congress has permitted patients exceeding the cap to obtain additional Medicare coverage through a waiver program if the therapy is deemed medically necessary. The waiver program was historically extended, most recently, on December 15, 2010, by the Medicare and Medicaid Extenders Act (HR 4994), which extended the waiver program through December 31, 2011. Prior to the recent legislation, the program was scheduled to expire December 31, 2010. If the exception expires, patients will need to use private funds to pay for the cost of therapy above the caps. If patients are unable to satisfy their out-of-pocket cost responsibility to reimburse an operator for services rendered, the operator’s ability to meet its financial obligations to us could be adversely impacted.

     Medicare Reimbursement and Hospitals. For the twelve months ended September 30, 2010, approximately 56% of the revenues at our hospitals (which comprised 8% of our rental revenues for the year ended December 31, 2010) were from Medicare reimbursements. Hospitals, generally, are reimbursed by Medicare under the Hospital Inpatient Prospective Payment System (“PPS”), the Hospital Outpatient Prospective Payment System (“OPPS”), the Long Term Care Hospital Prospective Payment System (“LTCH PPS”), or the Inpatient Rehabilitation Facility Prospective Payment System (“IRF PPS”). Acute care hospitals provide a wide range of inpatient and outpatient services including, but not limited to, surgery, rehabilitation, therapy, and clinical laboratory services. Long-term acute care hospitals provide inpatient services for patients with medical conditions that are often complex and that require more intensive care, monitoring or emergency support than that available in most skilled nursing facilities. Inpatient rehabilitation facilities provide intensive rehabilitation services in an inpatient setting for patients requiring at least three hours of rehabilitation services a day.

     With respect to Medicare’s PPS for regular hospitals, reimbursement for inpatient services is made on the basis of a fixed, prospective rate, based on the principal diagnosis of the patient. Hospitals may be at risk to the extent that their costs in treating a specific case exceed the fixed payment amount. The diagnosis related group (“DRG”) reimbursement system was updated in 2008 to expand the number of DRGs from 538 to 745 in order to better distinguish more severe conditions. One additional DRG was added in 2009, for a new total of 746. In some cases, a hospital might be able to qualify for an outlier payment if the hospital’s losses exceed a threshold.

     Medicaid Reimbursement. Medicaid is a major payor source for residents in our skilled nursing facilities and hospitals. For the twelve months ended September 30, 2010, approximately 51% of the revenues of our skilled nursing facilities and 4% of the revenues

of our hospitals were attributable to Medicaid reimbursement payments. The federal and state governments share responsibility for financing Medicaid. The federal matching rate, known as the Federal Medical Assistance Percentage (“FMAP”), varies by state based on relative per capita income, but is at least 50% in all states. On average, Medicaid is the largest component of total state spending, representing approximately 21% of total state spending. The percentage of Medicaid dollars used for long-term care varies from state to state, due in part to different ratios of elderly population and eligibility requirements. Within certain federal guidelines, states have a fairly wide range of discretion to determine eligibility and reimbursement methodology. Many states reimburse long-term care facilities using fixed daily rates, which are applied prospectively based on patient acuity and the historical costs incurred in providing patient care. Reasonable costs typically include allowances for staffing, administrative and general expenses, property, and equipment (e.g., real estate taxes, depreciation and fair rental).

     In most states, Medicaid does not fully reimburse the cost of providing skilled nursing services. Certain states are attempting to slow the rate of growth in Medicaid expenditures by freezing rates or restricting eligibility and benefits. As of the beginning of state fiscal year 2011, states in which we have skilled nursing property investments held rates flat on average for the year. Our skilled nursing portfolio’s average Medicaid rate will likely vary throughout the year as states continue to make interim changes to their budgets and Medicaid funding. In addition, Medicaid reimbursement rates may decline if revenues in a particular state are not sufficient to fund budgeted expenditures. President Obama’s proposed fiscal year budget for 2012, released on February 14, 2011, has the potential to further impact Medicaid reimbursement rates. The President’s budget includes a proposal to phase down the Medicaid provider tax, a tax paid by health care providers to help fund state Medicaid programs, beginning with a reduction of 4.5% in fiscal year 2015. If the President’s proposal is implemented, the various state Medicaid programs will receive less funds, which could adversely affect our operators and tenants.

     The Medicare Part D drug benefit became effective January 1, 2006. Since that date, low-income Medicare beneficiaries (eligible for both Medicare and full Medicaid benefits), including those nursing home residents who are dually eligible for both programs, may enroll and receive outpatient prescription drugs under Medicare, not Medicaid. Medicare Part D has resulted in increased administrative responsibilities for nursing home operators because enrollment in Medicare Part D is voluntary and residents must choose between multiple prescription drug plans. Operators may also experience increased expenses to the extent that a particular drug prescribed to a patient is not listed on the Medicare Part D drug plan formulary for the plan in which the patient is enrolled.

     The reimbursement methodologies applied to health care facilities continue to evolve. Federal and state authorities have considered and may seek to implement new or modified reimbursement methodologies that may negatively impact health care property operations. The impact of any such changes, if implemented, may result in a material adverse effect on our skilled nursing and hospital property operations. No assurance can be given that current revenue sources or levels will be maintained. Accordingly, there can be no assurance that payments under a government health care program are currently, or will be in the future, sufficient to fully reimburse the property operators for their operating and capital expenses. As a result, an operator’s ability to meet its financial obligations to us could be adversely impacted.

     Finally, the Patient Protection and Affordable Care Act (“PPACA”) and the Health Care and Education Reconciliation Act of 2010, which amends the PPACA (collectively, the “Health Reform Laws”) (further discussed below).may have a significant impact on Medicare, Medicaid, other federal health care programs, and private insurers, which impact the reimbursement amounts received by skilled nursing facilities and other health care providers. The Health Reform Laws could have a substantial and material adverse effect on all parties directly or indirectly involved in the health care system.

Other Related Laws

     Skilled nursing facilities and hospitals (and senior housing facilities that receive Medicaid payments) are subject to federal, state, and local laws, regulations, and applicable guidance that govern the operations and financial and other arrangements that may be entered into by health care providers. Certain of these laws prohibit direct or indirect payments of any kind for the purpose of inducing or encouraging the referral of patients for medical products or services reimbursable by government health care programs. Other laws require providers to furnish only medically necessary services and submit to the government valid and accurate statements for each service. Still, other laws require providers to comply with a variety of safety, health and other requirements relating to the condition of the licensed property and the quality of care provided. Sanctions for violations of these laws, regulations, and other applicable guidance may include, but are not limited to, criminal and/or civil penalties and fines, loss of licensure, immediate termination of government payments, and exclusion from any government health care program. In certain circumstances, violation of these rules (such as those prohibiting abusive and fraudulent behavior) with respect to one property may subject other facilities under common control or ownership to sanctions, including exclusion from participation in the Medicare and Medicaid programs, as well as other government health care programs. In the ordinary course of its business, a property operator is regularly subjected to inquiries, investigations, and audits by the federal and state agencies that oversee these laws and regulations.

     All health care providers, including, but not limited to skilled nursing facilities and hospitals (and senior housing facilities that receives Medicaid payments) are also subject to the Federal Anti-kickback Statute, which generally prohibits persons from offering, providing, soliciting, or receiving remuneration to induce either the referral of an individual or the furnishing of a good or service for which payment may be made under a federal health care program, such as Medicare or Medicaid. Skilled nursing facilities and

hospitals are also subject to the Federal Ethics in Patient Referral Act of 1989, commonly referred to as the Stark Law. The Stark Law generally prohibits the submission of claims to Medicare for payment if the claim results from a physician referral for certain designated services and the physician has a financial relationship with the health service provider that does not qualify under one of the exceptions for a financial relationship under the Stark Law. Similar prohibitions on physician self-referrals and submission of claims apply to state Medicaid programs. Further, health care providers, including, but not limited to, skilled nursing facilities and hospitals (and senior housing facilities that receive Medicaid payments), are subject to substantial financial penalties under the Civil Monetary Penalties Act and the Federal False Claims Act and, in particular, actions under the Federal False Claims Act’s “whistleblower” provisions. Private enforcement of health care fraud has increased due in large part to amendments to the Federal False Claims Act that encourage private individuals to sue on behalf of the government. These whistleblower suits brought by private individuals, known as qui tam actions, may be filed by almost anyone, including present and former patients, nurses and other employees. Such whistleblower actions have been brought against nursing facilities on the basis of the alleged failure of the nursing facility to meet applicable regulations relating to its operations. Significantly, if a claim is successfully adjudicated, the Federal False Claims Act provides for treble damages up to $11,000 per claim.

     Prosecutions, investigations, or whistleblower actions could have a material adverse effect on a property operator’s liquidity, financial condition, and operations, which could adversely affect the ability of the operator to meet its financial obligations to us. Finally, various state false claim act and anti-kickback laws may also apply to each property operator. Violation of any of the foregoing statutes can result in criminal and/or civil penalties that could have a material adverse effect on the ability of an operator to meet its financial obligations to us.

     Other legislative developments over the past several years, including the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), have greatly expanded the definition of health care fraud and related offenses and broadened its scope to include private health care plans in addition to government payors. Congress also has greatly increased funding for the Department of Justice, Federal Bureau of Investigation and the Office of the Inspector General of the Department of Health and Human Services to audit, investigate and prosecute suspected health care fraud. Moreover, a significant portion of the billions in health care fraud recoveries over the past several years has also been returned to government agencies to further fund their fraud investigation and prosecution efforts.

     Additionally, other HIPAA provisions and regulations provide for communication of health information through standard electronic transaction formats and for the privacy and security of health information. In order to comply with the regulations, health care providers often must undertake significant operational and technical implementation efforts. Operators also may face significant financial exposure if they fail to maintain the privacy and security of medical records and other personal health information about individuals. The Health Information Technology for Economic and Clinical Health (“HITECH”) Act, passed in February 2009, strengthened the HHS Secretary’s authority to impose civil money penalties for HIPAA violations occurring after February 18, 2009. HITECH directs the HHS Secretary to provide for periodic audits to ensure covered entities and their business associates (as that term is defined under HIPAA) comply with the applicable HITECH requirements, increasing the likelihood that a HIPAA violation will result in an enforcement action. CMS issued an interim Final Rule which conformed HIPAA enforcement regulations to the HITECH Act, increasing the maximum penalty for multiple violations of a single requirement or prohibition to $1.5 million. Higher penalties may accrue for violations of multiple requirements or prohibitions. HIPAA violations are also potentially subject to criminal penalties.

     In November 2002, CMS began an ongoing national Nursing Home Quality Initiative (NHQI). Under this initiative, historical survey information, the NHQI Pilot Evaluation Report and the NHQI Overview is made available to the public on-line. The NHQI website provides consumer and provider information regarding the quality of care in nursing homes. The data allows consumers, providers, states, and researchers to compare quality information that shows how well nursing homes are caring for their residents’ physical and clinical needs. The posted nursing home quality measures come from resident assessment data that nursing homes routinely collect on the residents at specified intervals during their stay. If the operators of nursing facilities are unable to achieve quality of care ratings that are comparable or superior to those of their competitors, they may lose market share to other facilities, reducing their revenues and adversely impacting their ability to make rental payments.

     Finally, government investigations and enforcement actions brought against the health care industry have increased dramatically over the past several years and are expected to continue. Some of these enforcement actions represent novel legal theories and expansions in the application of the Federal False Claims Act. The costs for an operator of a health care property associated with both defending such enforcement actions and the undertakings in settling these actions can be substantial and could have a material adverse effect on the ability of an operator to meet its obligations to us.

Taxation

Federal Income Tax Considerations

     The following summary of the taxation of the Company and the material federal tax consequences to the holders of our debt and equity securities is for general information only and is not tax advice. This summary does not address all aspects of taxation that may

be relevant to certain types of holders of stock or securities (including, but not limited to, insurance companies, tax-exempt entities, financial institutions or broker-dealers, persons holding shares of common stock as part of a hedging, integrated conversion, or constructive sale transaction or a straddle, traders in securities that use a mark-to-market method of accounting for their securities, investors in pass-through entities and foreign corporations and persons who are not citizens or residents of the United States).

     This summary does not discuss all of the aspects of U.S. federal income taxation that may be relevant to you in light of your particular investment or other circumstances. In addition, this summary does not discuss any state or local income taxation or foreign income taxation or other tax consequences. This summary is based on current U.S. federal income tax law. Subsequent developments in U.S. federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences of purchasing, owning and disposing of our securities as set forth in this summary. Before you purchase our securities, you should consult your own tax advisor regarding the particular U.S. federal, state, local, foreign and other tax consequences of acquiring, owning and selling our securities.

General

     We elected to be taxed as a real estate investment trust (a “REIT”) commencing with our first taxable year. We intend to continue to operate in such a manner as to qualify as a REIT, but there is no guarantee that we will qualify or remain qualified as a REIT for subsequent years. Qualification and taxation as a REIT depends upon our ability to meet a variety of qualification tests imposed under federal income tax law with respect to income, assets, distribution level and diversity of share ownership as discussed below under “— Qualification as a REIT.” There can be no assurance that we will be owned and organized and will operate in a manner so as to qualify or remain qualified.

     In any year in which we qualify as a REIT, in general, we will not be subject to federal income tax on that portion of our REIT taxable income or capital gain that is distributed to stockholders. We may, however, be subject to tax at normal corporate rates on any taxable income or capital gain not distributed. If we elect to retain and pay income tax on our net long-term capital gain, stockholders are required to include their proportionate share of our undistributed long-term capital gain in income, but they will receive a refundable credit for their share of any taxes paid by us on such gain.

     Despite the REIT election, we may be subject to federal income and excise tax as follows:

• To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates;

• We may be subject to the “alternative minimum tax” (the “AMT”) on certain tax preference items to the extent that the AMT exceeds our regular tax;

• If we have net income from the sale or other disposition of “foreclosure property” that is held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, such income will be taxed at the highest corporate rate;

• Any net income from prohibited transactions (which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than dispositions of foreclosure property and dispositions of property due to an involuntary conversion) will be subject to a 100% tax;

• If we fail to satisfy either the 75% or 95% gross income tests (as discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements are met, we will be subject to a 100% tax on an amount equal to (1) the gross income attributable to the greater of (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% gross income test (discussed below) or (ii) 95% of our gross income (90% of our gross income for taxable years beginning on or before October 22, 2004) over the amount of qualifying gross income for purposes of the 95% gross income test (discussed below) multiplied by (2) a fraction intended to reflect our profitability;

• If we fail to distribute during each year at least the sum of (1) 85% of our REIT ordinary income for the year, (2) 95% of our REIT capital gain net income for such year (other than capital gain that we elect to retain and pay tax on) and (3) any undistributed taxable income from preceding periods, we will be subject to a 4% excise tax on the excess of such required distribution over amounts actually distributed; and

• We will be subject to a 100% tax on the amount of any rents from real property, deductions or excess interest paid to us by any of our “taxable REIT subsidiaries” that would be reduced through reallocation under certain federal income tax principles in order to more clearly reflect income of the taxable REIT subsidiary. See “— Qualification as a REIT — Investments in Taxable REIT Subsidiaries.”

     If we acquire any assets from a corporation, which is or has been a “C” corporation, in a carryover basis transaction, we could be liable for specified liabilities that are inherited from the “C” corporation. A “C” corporation is generally defined as a corporation that is required to pay full corporate level federal income tax. If we recognize gain on the disposition of the assets during the ten-year

period beginning on the date on which the assets were acquired by us, then, to the extent of the assets’ “built-in gain” (i.e., the excess of the fair market value of the asset over the adjusted tax basis in the asset, in each case determined as of the beginning of the ten-year period), we will be subject to tax on the gain at the highest regular corporate rate applicable. The results described in this paragraph with respect to the recognition of built-in gain assume that the built-in gain assets, at the time the built-in gain assets were subject to a conversion transaction (either where a “C” corporation elected REIT status or a REIT acquired the assets from a “C” corporation), were not treated as sold to an unrelated party and gain recognized. Effective December 30, 2010, we acquired 19 assets that are subject to built-in gains tax until December 2020. See Note 18 to our consolidated financial statements for additional information regarding the built-in gains tax.

Qualification as a REIT

     A REIT is defined as a corporation, trust or association:

(1)	which is managed by one or more trustees or directors;
(2)	the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;
(3)	which would be taxable as a domestic corporation but for the federal income tax law relating to REITs;
(4)	which is neither a financial institution nor an insurance company;
(5)	the beneficial ownership of which is held by 100 or more persons in each taxable year of the REIT except for its first taxable year;
(6)	not more than 50% in value of the outstanding stock of which is owned during the last half of each taxable year, excluding its first taxable year, directly or indirectly, by or for five or fewer individuals (which includes certain entities) (the “Five or Fewer Requirement”); and
(7)	which meets certain income and asset tests described below.

     Conditions (1) to (4), inclusive, must be met during the entire taxable year and condition (5) must be met during at least 335 days of a taxable year of 12 months or during a proportionate part of a taxable year of less than 12 months. For purposes of conditions (5) and (6), pension funds and certain other tax-exempt entities are treated as individuals, subject to a “look-through” exception in the case of condition (6).

     Based on publicly available information, we believe we have satisfied the share ownership requirements set forth in (5) and (6) above. In addition, Article VI of our Amended and Restated By-Laws provides for restrictions regarding ownership and transfer of shares. These restrictions are intended to assist us in continuing to satisfy the share ownership requirements described in (5) and (6) above. These restrictions, however, may not ensure that we will, in all cases, be able to satisfy the share ownership requirements described in (5) and (6) above.

     We have complied with, and will continue to comply with, regulatory rules to send annual letters to certain of our stockholders requesting information regarding the actual ownership of our stock. If, despite sending the annual letters, we do not know, or after exercising reasonable diligence would not have known, whether we failed to meet the Five or Fewer Requirement, we will be treated as having met the Five or Fewer Requirement. If we fail to comply with these regulatory rules, we will be subject to a monetary penalty. If our failure to comply was due to intentional disregard of the requirement, the penalty would be increased. However, if our failure to comply were due to reasonable cause and not willful neglect, no penalty would be imposed.

     We may own a number of properties through wholly owned subsidiaries. A corporation will qualify as a “qualified REIT subsidiary” if 100% of its stock is owned by a REIT, and the REIT does not elect to treat the subsidiary as a taxable REIT subsidiary. A “qualified REIT subsidiary” will not be treated as a separate corporation, and all assets, liabilities and items of income, deductions and credits of a “qualified REIT subsidiary” will be treated as assets, liabilities and items (as the case may be) of the REIT. A “qualified REIT subsidiary” is not subject to federal income tax, and our ownership of the voting stock of a qualified REIT subsidiary will not violate the restrictions against ownership of securities of any one issuer which constitute more than 10% of the value or total voting power of such issuer or more than 5% of the value of our total assets, as described below under “— Asset Tests.”

     If we invest in a partnership, a limited liability company or a trust taxed as a partnership or as a disregarded entity, we will be deemed to own a proportionate share of the partnership’s, limited liability company’s or trust’s assets. Likewise, we will be treated as receiving our share of the income and loss of the partnership, limited liability company or trust, and the gross income will retain the same character in our hands as it has in the hands of the partnership, limited liability company or trust. These “look-through” rules apply for purposes of the income tests and assets tests described below.

     Income Tests. There are two separate percentage tests relating to our sources of gross income that we must satisfy for each taxable year.

• At least 75% of our gross income (excluding gross income from certain sales of property held primarily for sale) must be directly or indirectly derived each taxable year from “rents from real property,” other income from investments relating to real property or mortgages on real property or certain income from qualified temporary investments.

• At least 95% of our gross income (excluding gross income from certain sales of property held primarily for sale) must be directly or indirectly derived each taxable year from any of the sources qualifying for the 75% gross income test and from dividends (including dividends from taxable REIT subsidiaries) and interest.

     For taxable years beginning on or before October 22, 2004, (1) payments to us under an interest rate swap or cap agreement, option, futures contract, forward rate agreement or any similar financial instrument entered into by us to reduce interest rate risk on indebtedness incurred or to be incurred and (2) gain from the sale or other disposition of any such investment are treated as income qualifying under the 95% gross income test. As to transactions entered into in taxable years beginning after October 22, 2004, any of our income from a “clearly identified” hedging transaction that is entered into by us in the normal course of business, directly or indirectly, to manage the risk of interest rate movements, price changes or currency fluctuations with respect to borrowings or obligations incurred or to be incurred by us, or such other risks that are prescribed by the Internal Revenue Service, is excluded from the 95% gross income test.

     For transactions entered into after July 30, 2008, any of our income from a “clearly identified” hedging transaction that is entered into by us in the normal course of business, directly or indirectly, to manage the risk of interest rate movements, price changes or currency fluctuations with respect to borrowings or obligations incurred or to be incurred by us is excluded from the 95% and 75% gross income tests.

     For transactions entered into after July 30, 2008, any of our income from a “clearly identified” hedging transaction entered into by us primarily to manage risk of currency fluctuations with respect to any item of income or gain that is included in gross income in the 95% and 75% gross income tests is excluded from the 95% and 75% gross income tests.

     In general, a hedging transaction is “clearly identified” if (1) the transaction is identified as a hedging transaction before the end of the day on which it is entered into and (2) the items or risks being hedged are identified “substantially contemporaneously” with the hedging transaction. An identification is not substantially contemporaneous if it is made more than 35 days after entering into the hedging transaction.

     As to gains and items of income recognized after July 30, 2008, “passive foreign exchange gain” for any taxable year will not constitute gross income for purposes of the 95% gross income test and “real estate foreign exchange gain” for any taxable year will not constitute gross income for purposes of the 75% gross income test. Real estate foreign exchange gain is foreign currency gain (as defined in Internal Revenue Code section 988(b)(1)) which is attributable to: (i) any qualifying item of income or gain for purposes of the 75% gross income test; (ii) the acquisition or ownership of obligations secured by mortgages on real property or interests in real property; or (iii) becoming or being the obligor under obligations secured by mortgages on real property or on interests in real property. Real estate foreign exchange gain also includes Internal Revenue Code section 987 gain attributable to a qualified business unit (a “QBU”) of a REIT if the QBU itself meets the 75% income test for the taxable year and the 75% asset test at the close of each quarter that the REIT has directly or indirectly held the QBU. Real estate foreign exchange gain also includes any other foreign currency gain as determined by the Secretary of the Treasury. Passive foreign exchange gain includes all real estate foreign exchange gain and foreign currency gain which is attributable to: (i) any qualifying item of income or gain for purposes of the 95% gross income test; (ii) the acquisition or ownership of obligations; (iii) becoming or being the obligor under obligations; and (iv) any other foreign currency gain as determined by the Secretary of the Treasury.

     Generally, other than income from “clearly identified” hedging transactions entered into by us in the normal course of business, any foreign currency gain derived by us from dealing, or engaging in substantial and regular trading, in securities will constitute gross income which does not qualify under the 95% or 75% gross income tests.

     Rents received by us will qualify as “rents from real property” for purposes of satisfying the gross income tests for a REIT only if several conditions are met:

• The amount of rent must not be based in whole or in part on the income or profits of any person, although rents generally will not be excluded merely because they are based on a fixed percentage or percentages of receipts or sales.

• Rents received from a tenant will not qualify as rents from real property if the REIT, or an owner of 10% or more of the REIT, also directly or constructively owns 10% or more of the tenant, unless the tenant is our taxable REIT subsidiary and certain other requirements are met with respect to the real property being rented.

• If rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as “rents from real property.”

• For rents to qualify as rents from real property, we generally must not furnish or render services to tenants, other than through a taxable REIT subsidiary or an “independent contractor” from whom we derive no income, except that we may directly provide services that are “usually or customarily rendered” in the geographic area in which the property is located in connection with the rental of real property for occupancy only, or are not otherwise considered “rendered to the occupant for his convenience.”

• For taxable years beginning after July 30, 2008, the REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary if the property is operated on behalf of such subsidiary by a person who qualifies as an “independent contractor” and who is, or is related to a person who is, actively engaged in the trade or business of operating health care facilities for any person unrelated to us or our taxable REIT subsidiary, an “eligible independent contractor.” Generally, the rent that the REIT receives from the taxable REIT subsidiary will be treated as “rents from real property.” A “qualified health care property” includes any real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients and which is operated by a provider of such services which is eligible for participation in the Medicare program with respect to such facility.

     For taxable years beginning after August 5, 1997, a REIT has been permitted to render a de minimis amount of impermissible services to tenants and still treat amounts received with respect to that property as rent from real property. The amount received or accrued by the REIT during the taxable year for the impermissible services with respect to a property may not exceed 1% of all amounts received or accrued by the REIT directly or indirectly from the property. The amount received for any service or management operation for this purpose shall be deemed to be not less than 150% of the direct cost of the REIT in furnishing or rendering the service or providing the management or operation. Furthermore, impermissible services may be furnished to tenants by a taxable REIT subsidiary subject to certain conditions, and we may still treat rents received with respect to the property as rent from real property.

     The term “interest” generally does not include any amount if the determination of the amount depends in whole or in part on the income or profits of any person, although an amount generally will not be excluded from the term “interest” solely by reason of being based on a fixed percentage of receipts or sales.

     If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if we are eligible for relief. For taxable years beginning on or before October 22, 2004, these relief provisions generally will be available if: (1) our failure to meet such tests was due to reasonable cause and not due to willful neglect; (2) we attach a schedule of the sources of our income to our return; and (3) any incorrect information on the schedule was not due to fraud with intent to evade tax. For taxable years beginning after October 22, 2004, these relief provisions generally will be available if (1) following our identification of the failure, we file a schedule for such taxable year describing each item of our gross income, and (2) the failure to meet such tests was due to reasonable cause and not due to willful neglect.

     It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions. If these relief provisions apply, a 100% tax is imposed on an amount equal to (a) the gross income attributable to (1) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% income test and (2) 95% of our gross income (90% of our gross income for taxable years beginning on or before October 22, 2004) over the amount of qualifying gross income for purposes of the 95% income test, multiplied by (b) a fraction intended to reflect our profitability.

     The Secretary of the Treasury is given broad authority to determine whether particular items of income or gain qualify or not under the 75% and 95% gross income tests, or are to be excluded from the measure of gross income for such purposes.

     Asset Tests. Within 30 days after the close of each quarter of our taxable year, we must also satisfy several tests relating to the nature and diversification of our assets determined in accordance with generally accepted accounting principles. At least 75% of the value of our total assets must be represented by real estate assets, cash, cash items (including receivables arising in the ordinary course of our operation), government securities and qualified temporary investments. Although the remaining 25% of our assets generally may be invested without restriction, we are prohibited from owning securities representing more than 10% of either the vote (the “10% vote test”) or value (the “10% value test”) of the outstanding securities of any issuer other than a qualified REIT subsidiary, another REIT or a taxable REIT subsidiary. Further, no more than 25% of the total assets may be represented by securities of one or more taxable REIT subsidiaries (the “25% asset test”) and no more than 5% of the value of our total assets may be represented by securities of any non-governmental issuer other than a qualified REIT subsidiary (the “5% asset test”), another REIT or a taxable REIT subsidiary. Each of the 10% vote test, the 10% value test and the 25% and 5% asset tests must be satisfied at the end of each quarter. There are special rules which provide relief if the value related tests are not satisfied due to changes in the value of the assets of a REIT.

     For taxable years beginning after December 31, 2000, certain items are excluded from the 10% value test, including: (1) straight debt securities of an issuer (including straight debt that provides certain contingent payments); (2) any loan to an individual or an

estate; (3) any rental agreement described in Section 467 of the Internal Revenue Code, other than with a “related person”; (4) any obligation to pay rents from real property; (5) certain securities issued by a state or any subdivision thereof, the District of Columbia, a foreign government, or any political subdivision thereof, or the Commonwealth of Puerto Rico; (6) any security issued by a REIT; and (7) any other arrangement that, as determined by the Secretary of the Treasury, is excepted from the definition of security (“excluded securities”). Special rules apply to straight debt securities issued by corporations and entities taxable as partnerships for federal income tax purposes. If a REIT, or its taxable REIT subsidiary, holds (1) straight debt securities of a corporate or partnership issuer and (2) securities of such issuer that are not excluded securities and have an aggregate value greater than 1% of such issuer’s outstanding securities, the straight debt securities will be included in the 10% value test.

     For taxable years beginning after December 31, 2000, a REIT’s interest as a partner in a partnership is not treated as a security for purposes of applying the 10% value test to securities issued by the partnership. Further, any debt instrument issued by a partnership will not be a security for purposes of applying the 10% value test (1) to the extent of the REIT’s interest as a partner in the partnership and (2) if at least 75% of the partnership’s gross income (excluding gross income from prohibited transactions) would qualify for the 75% gross income test. For taxable years beginning after October 22, 2004, for purposes of the 10% value test, a REIT’s interest in a partnership’s assets is determined by the REIT’s proportionate interest in any securities issued by the partnership (other than the excluded securities described in the preceding paragraph).

     For taxable years beginning after July 30, 2008, if the REIT or its QBU uses a foreign currency as its functional currency, the term “cash” includes such foreign currency, but only to the extent such foreign currency is (i) held for use in the normal course of the activities of the REIT or QBU which give rise to items of income or gain that are included in the 95% and 75% gross income tests or are directly related to acquiring or holding assets qualifying under the 75% asset test, and (ii) not held in connection with dealing or engaging in substantial and regular trading in securities.

     With respect to corrections of failures for which the requirements for corrections are satisfied after October 22, 2004, regardless of whether such failures occurred in taxable years beginning on, before or after such date, as to violations of the 10% vote test, the 10% value test or the 5% asset test, a REIT may avoid disqualification as a REIT by disposing of sufficient assets to cure a violation that does not exceed the lesser of 1% of the REIT’s assets at the end of the relevant quarter or $10,000,000, provided that the disposition occurs within six months following the last day of the quarter in which the REIT first identified the assets. For violations of any of the REIT asset tests due to reasonable cause and not willful neglect that exceed the thresholds described in the preceding sentence, a REIT can avoid disqualification as a REIT after the close of a taxable quarter by taking certain steps, including disposition of sufficient assets within the six month period described above to meet the applicable asset test, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets during the period of time that the assets were held as non-qualifying assets and filing a schedule with the Internal Revenue Service that describes the non-qualifying assets.

     Investments in Taxable REIT Subsidiaries. For taxable years beginning after December 31, 2000, REITs may own more than 10% of the voting power and value of securities in taxable REIT subsidiaries. We and any taxable corporate entity in which we own an interest are allowed to jointly elect to treat such entity as a “taxable REIT subsidiary.”

     Certain of our subsidiaries have elected to be treated as a taxable REIT subsidiary. Taxable REIT subsidiaries are subject to full corporate level federal taxation on their earnings but are permitted to engage in certain types of activities that cannot be performed directly by REITs without jeopardizing their REIT status. Our taxable REIT subsidiaries will attempt to minimize the amount of these taxes, but there can be no assurance whether or the extent to which measures taken to minimize taxes will be successful. To the extent our taxable REIT subsidiaries are required to pay federal, state or local taxes, the cash available for distribution as dividends to us from our taxable REIT subsidiaries will be reduced.

     The amount of interest on related-party debt that a taxable REIT subsidiary may deduct is limited. Further, a 100% tax applies to any interest payments by a taxable REIT subsidiary to its affiliated REIT to the extent the interest rate is not commercially reasonable. A taxable REIT subsidiary is permitted to deduct interest payments to unrelated parties without any of these restrictions.

     The Internal Revenue Service may reallocate costs between a REIT and its taxable REIT subsidiary where there is a lack of arm’s-length dealing between the parties. Any deductible expenses allocated away from a taxable REIT subsidiary would increase its tax liability. Further, any amount by which a REIT understates its deductions and overstates those of its taxable REIT subsidiary will, subject to certain exceptions, be subject to a 100% tax. Additional taxable REIT subsidiary elections may be made in the future for additional entities in which we own an interest.

     Annual Distribution Requirements. In order to avoid being taxed as a regular corporation, we are required to make distributions (other than capital gain distributions) to our stockholders which qualify for the dividends paid deduction in an amount at least equal to (1) the sum of (i) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain) and (ii) 90% of the after-tax net income, if any, from foreclosure property, minus (2) a portion of certain items of non-cash income. These distributions must be paid in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for that year and if paid on or before the first regular distribution payment after such declaration. The amount distributed must not be preferential. This means that every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated otherwise than in accordance with its dividend rights as a class. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax

rates. Finally, as discussed above, we may be subject to an excise tax if we fail to meet certain other distribution requirements. We intend to make timely distributions sufficient to satisfy these annual distribution requirements.

     It is possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement, or to distribute such greater amount as may be necessary to avoid income and excise taxation, due to, among other things, (1) timing differences between (i) the actual receipt of income and actual payment of deductible expenses and (ii) the inclusion of income and deduction of expenses in arriving at our taxable income, or (2) the payment of severance benefits that may not be deductible to us. In the event that timing differences occur, we may find it necessary to arrange for borrowings or, if possible, pay dividends in the form of taxable stock dividends in order to meet the distribution requirement.

     Under certain circumstances, in the event of a deficiency determined by the Internal Revenue Service, we may be able to rectify a resulting failure to meet the distribution requirement for a year by paying “deficiency dividends” to stockholders in a later year, which may be included in our deduction for distributions paid for the earlier year. Thus, we may be able to avoid being taxed on amounts distributed as deficiency dividends; however, we will be required to pay applicable penalties and interest based upon the amount of any deduction taken for deficiency dividend distributions.

     The Internal Revenue Service issued Revenue Procedure 2008-68, which provided temporary relief to publicly traded REITs seeking to preserve liquidity by electing cash/stock dividends. Under Revenue Procedure 2008-68, a REIT may treat the entire dividend, including the stock portion, as a taxable dividend distribution, thereby qualifying for the dividends-paid deduction, provided certain requirements are satisfied. The cash portion of the dividend may be as low as 10%. Revenue Procedure 2008-68, as amplified by Revenue Procedure 2010-12, applies to dividends declared on or before December 31, 2012, and with respect to a taxable year ending on or before December 31, 2011.

Failure to Qualify as a REIT

     If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to federal income tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible nor will any particular amount of distributions be required to be made in any year. All distributions to stockholders will be taxable as ordinary income to the extent of current and accumulated earnings and profits allocable to these distributions and, subject to certain limitations, will be eligible for the dividends received deduction for corporate stockholders. Unless entitled to relief under specific statutory provisions, we also will be disqualified from taxation as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether in all circumstances we would be entitled to statutory relief. Failure to qualify for even one year could result in our need to incur indebtedness or liquidate investments in order to pay potentially significant resulting tax liabilities.

     In addition to the relief described above under “— Income Tests” and “— Asset Tests,” relief is available in the event that we violate a provision of the Internal Revenue Code that would result in our failure to qualify as a REIT if: (1) the violation is due to reasonable cause and not due to willful neglect; (2) we pay a penalty of $50,000 for each failure to satisfy the provision; and (3) the violation does not include a violation described under “— Income Tests” or “— Asset Tests” above. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions.

Federal Income Taxation of Holders of Our Stock

     Treatment of Taxable U.S. Stockholders. The following summary applies to you only if you are a “U.S. stockholder.” A “U.S. stockholder” is a holder of shares of stock who, for United States federal income tax purposes, is:

• a citizen or resident of the United States;

• a corporation, partnership or other entity classified as a corporation or partnership for these purposes, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state;

• an estate, the income of which is subject to United States federal income taxation regardless of its source; or

• a trust, if, in general, a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trust’s substantial decisions.

     So long as we qualify for taxation as a REIT, distributions on shares of our stock made out of the current or accumulated earnings and profits allocable to these distributions (and not designated as capital gain dividends) will be includable as ordinary income for federal income tax purposes. None of these distributions will be eligible for the dividends received deduction for U.S. corporate stockholders.

     Generally, for taxable years ending after May 6, 2003 through December 31, 2012, the maximum marginal rate of tax payable by individuals on dividends received from corporations that are subject to a corporate level of tax is 15%. Except in limited circumstances, this tax rate will not apply to dividends paid to you by us on our shares, because generally we are not subject to federal income tax on the portion of our REIT taxable income or capital gains distributed to our stockholders. The reduced maximum federal income tax rate will apply to that portion, if any, of dividends received by you with respect to our shares that are attributable to: (1) dividends received by us from non-REIT corporations or other taxable REIT subsidiaries; (2) income from the prior year with respect to which we were required to pay federal corporate income tax during the prior year (if, for example, we did not distribute 100% of our REIT taxable income for the prior year); or (3) the amount of any earnings and profits that were distributed by us and accumulated in a non-REIT year.

     Distributions that are designated as capital gain dividends will be taxed as long-term capital gains (to the extent they do not exceed our actual net capital gain for the taxable year), without regard to the period for which you held our stock. However, if you are a corporation, you may be required to treat a portion of some capital gain dividends as ordinary income.

     If we elect to retain and pay income tax on any net long-term capital gain, you would include in income, as long-term capital gain, your proportionate share of this net long-term capital gain. You would also receive a refundable tax credit for your proportionate share of the tax paid by us on such retained capital gains, and you would have an increase in the basis of your shares of our stock in an amount equal to your includable capital gains less your share of the tax deemed paid.

     You may not include in your federal income tax return any of our net operating losses or capital losses. Federal income tax rules may also require that certain minimum tax adjustments and preferences be apportioned to you. In addition, any distribution declared by us in October, November or December of any year on a specified date in any such month shall be treated as both paid by us and received by you on December 31 of that year, provided that the distribution is actually paid by us no later than January 31 of the following year.

     We will be treated as having sufficient earnings and profits to treat as a dividend any distribution up to the amount required to be distributed in order to avoid imposition of the 4% excise tax discussed under “— General” and “— Qualification as a REIT — Annual Distribution Requirements” above. As a result, you may be required to treat as taxable dividends certain distributions that would otherwise result in a tax-free return of capital. Moreover, any “deficiency dividend” will be treated as a dividend (an ordinary dividend or a capital gain dividend, as the case may be), regardless of our earnings and profits. Any other distributions in excess of current or accumulated earnings and profits will not be taxable to you to the extent these distributions do not exceed the adjusted tax basis of your shares of our stock. You will be required to reduce the tax basis of your shares of our stock by the amount of these distributions until the basis has been reduced to zero, after which these distributions will be taxable as capital gain, if the shares of our stock are held as capital assets. The tax basis as so reduced will be used in computing the capital gain or loss, if any, realized upon sale of the shares of our stock. Any loss upon a sale or exchange of shares of our stock which were held for six months or less (after application of certain holding period rules) will generally be treated as a long-term capital loss to the extent you previously received capital gain distributions with respect to these shares of our stock.

     Upon the sale or exchange of any shares of our stock to or with a person other than us or a sale or exchange of all shares of our stock (whether actually or constructively owned) with us, you will generally recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your adjusted tax basis in these shares of our stock. This gain will be capital gain if you held these shares of our stock as a capital asset.

     If we redeem any of your shares in us, the treatment can only be determined on the basis of particular facts at the time of redemption. In general, you will recognize gain or loss (as opposed to dividend income) equal to the difference between the amount received by you in the redemption and your adjusted tax basis in your shares redeemed if such redemption: (1) results in a “complete termination” of your interest in all classes of our equity securities; (2) is a “substantially disproportionate redemption”; or (3) is “not essentially equivalent to a dividend” with respect to you. In applying these tests, you must take into account your ownership of all classes of our equity securities (e.g., common stock, preferred stock, depositary shares and warrants). You also must take into account any equity securities that are considered to be constructively owned by you.

     If, as a result of a redemption by us of your shares, you no longer own (either actually or constructively) any of our equity securities or only own (actually and constructively) an insubstantial percentage of our equity securities, then it is probable that the redemption of your shares would be considered “not essentially equivalent to a dividend” and, thus, would result in gain or loss to you. However, whether a distribution is “not essentially equivalent to a dividend” depends on all of the facts and circumstances, and if you rely on any of these tests at the time of redemption, you should consult your tax advisor to determine their application to the particular situation.

     Generally, if the redemption does not meet the tests described above, then the proceeds received by you from the redemption of your shares will be treated as a distribution taxable as a dividend to the extent of the allocable portion of current or accumulated earnings and profits. If the redemption is taxed as a dividend, your adjusted tax basis in the redeemed shares will be transferred to any

other shareholdings in us that you own. If you own no other shareholdings in us, under certain circumstances, such basis may be transferred to a related person, or it may be lost entirely.

     Gain from the sale or exchange of our shares held for more than one year is taxed at a maximum long-term capital gain rate, which is currently 15%. Pursuant to Internal Revenue Service guidance, we may classify portions of our capital gain dividends as gains eligible for the long-term capital gains rate or as gain taxable to individual stockholders at a maximum rate of 25%.

     On March 30, 2010, the President signed into law the Health Care and Education Reconciliation Act of 2010, which requires U.S. stockholders who meet certain requirements and are individuals, estates or certain trusts to pay an additional 3.8% tax on, among other things, dividends on and capital gains from the sale or other disposition of stock for taxable years beginning after December 31, 2012. U.S. stockholders should consult their tax advisors regarding the effect, if any, of this legislation on their ownership and disposition of shares of our stock.

     Treatment of Tax-Exempt U.S. Stockholders. Tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts (“Exempt Organizations”), generally are exempt from federal income taxation. However, they are subject to taxation on their unrelated business taxable income (“UBTI”). The Internal Revenue Service has issued a published revenue ruling that dividend distributions from a REIT to an exempt employee pension trust do not constitute UBTI, provided that the shares of the REIT are not otherwise used in an unrelated trade or business of the exempt employee pension trust. Based on this ruling, amounts distributed by us to Exempt Organizations generally should not constitute UBTI. However, if an Exempt Organization finances its acquisition of the shares of our stock with debt, a portion of its income from us will constitute UBTI pursuant to the “debt financed property” rules. Likewise, a portion of the Exempt Organization’s income from us would constitute UBTI if we held a residual interest in a real estate mortgage investment conduit.

     In addition, in certain circumstances, a pension trust that owns more than 10% of our stock is required to treat a percentage of our dividends as UBTI. This rule applies to a pension trust holding more than 10% of our stock only if: (1) the percentage of our income that is UBTI (determined as if we were a pension trust) is at least 5%; (2) we qualify as a REIT by reason of the modification of the Five or Fewer Requirement that allows beneficiaries of the pension trust to be treated as holding shares in proportion to their actuarial interests in the pension trust; and (3) either (i) one pension trust owns more than 25% of the value of our stock, or (ii) a group of pension trusts individually holding more than 10% of the value of our stock collectively own more than 50% of the value of our stock.

     Backup Withholding and Information Reporting. Under certain circumstances, you may be subject to backup withholding at applicable rates on payments made with respect to, or cash proceeds of a sale or exchange of, shares of our stock. Backup withholding will apply only if you: (1) fail to provide a correct taxpayer identification number, which if you are an individual, is ordinarily your social security number; (2) furnish an incorrect taxpayer identification number; (3) are notified by the Internal Revenue Service that you have failed to properly report payments of interest or dividends; or (4) fail to certify, under penalties of perjury, that you have furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified you that you are subject to backup withholding.

     Backup withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. You should consult with a tax advisor regarding qualification for exemption from backup withholding, and the procedure for obtaining an exemption. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a payment to a stockholder will be allowed as a credit against such stockholder’s United States federal income tax liability and may entitle such stockholder to a refund, provided that the required information is provided to the Internal Revenue Service. In addition, withholding a portion of capital gain distributions made to stockholders may be required for stockholders who fail to certify their non-foreign status.

     Taxation of Foreign Stockholders. The following summary applies to you only if you are a foreign person. The federal taxation of foreign persons is a highly complex matter that may be affected by many considerations.

     Except as discussed below, distributions to you of cash generated by our real estate operations in the form of ordinary dividends, but not by the sale or exchange of our capital assets, generally will be subject to U.S. withholding tax at a rate of 30%, unless an applicable tax treaty reduces that tax and you file with us the required form evidencing the lower rate.

     In general, you will be subject to United States federal income tax on a graduated rate basis rather than withholding with respect to your investment in our stock if such investment is “effectively connected” with your conduct of a trade or business in the United States. A corporate foreign stockholder that receives income that is, or is treated as, effectively connected with a United States trade or business may also be subject to the branch profits tax, which is payable in addition to regular United States corporate income tax. The following discussion will apply to foreign stockholders whose investment in us is not so effectively connected. We expect to withhold United States income tax, as described below, on the gross amount of any distributions paid to you unless (1) you file an Internal Revenue Service Form W-8ECI with us claiming that the distribution is “effectively connected” or (2) certain other exceptions apply.

     Distributions by us that are attributable to gain from the sale or exchange of a United States real property interest will be taxed to you under the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) as if these distributions were gains “effectively connected” with a United States trade or business. Accordingly, you will be taxed at the normal capital gain rates applicable to a U.S. stockholder on these amounts, subject to any applicable alternative minimum tax and a special alternative minimum tax in the

case of nonresident alien individuals. Distributions subject to FIRPTA may also be subject to a branch profits tax in the hands of a corporate foreign stockholder that is not entitled to treaty exemption.

     We will be required to withhold from distributions subject to FIRPTA, and remit to the Internal Revenue Service, 35% of designated capital gain dividends, or, if greater, 35% of the amount of any distributions that could be designated as capital gain dividends. In addition, if we designate prior distributions as capital gain dividends, subsequent distributions, up to the amount of the prior distributions not withheld against, will be treated as capital gain dividends for purposes of withholding.

     For taxable years beginning after October 22, 2004, any capital gain dividend with respect to any class of stock that is “regularly traded” on an established securities market will be treated as an ordinary dividend if the foreign stockholder did not own more than 5% of such class of stock at any time during the taxable year. Once this provision takes effect, foreign stockholders generally will not be required to report distributions received from us on U.S. federal income tax returns and all distributions treated as dividends for U.S. federal income tax purposes including any capital gain dividend will be subject to a 30% U.S. withholding tax (unless reduced under an applicable income tax treaty) as discussed above. In addition, the branch profits tax will no longer apply to such distributions.

     Unless our shares constitute a “United States real property interest” within the meaning of FIRPTA or are effectively connected with a U.S. trade or business, a sale of our shares by you generally will not be subject to United States taxation. Our shares will not constitute a United States real property interest if we qualify as a “domestically controlled REIT.” We believe that we, and expect to continue to, qualify as a domestically controlled REIT. A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its shares is held directly or indirectly by foreign stockholders. However, if you are a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions apply, you will be subject to a 30% tax on such capital gains. In any event, a purchaser of our shares from you will not be required under FIRPTA to withhold on the purchase price if the purchased shares are “regularly traded” on an established securities market or if we are a domestically controlled REIT. Otherwise, under FIRPTA, the purchaser may be required to withhold 10% of the purchase price and remit such amount to the Internal Revenue Service.

     Backup withholding tax and information reporting will generally not apply to distributions paid to you outside the United States that are treated as: (1) dividends to which the 30% or lower treaty rate withholding tax discussed above applies; (2) capital gains dividends; or (3) distributions attributable to gain from the sale or exchange by us of U.S. real property interests. Payment of the proceeds of a sale of stock within the United States or conducted through certain U.S. related financial intermediaries is subject to both backup withholding and information reporting unless the beneficial owner certifies under penalties of perjury that he or she is not a U.S. person (and the payor does not have actual knowledge that the beneficial owner is a U.S. person) or otherwise established an exemption. You may obtain a refund of any amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the Internal Revenue Service.

     Recently enacted legislation will require, after December 31, 2012, withholding at a rate of 30% on dividends in respect of, and gross proceeds from the sale of, shares of our stock held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Secretary of the Treasury to report, on an annual basis, information with respect to shares in the institution held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons, and to withhold on certain payments. Accordingly, the entity through which shares of stock is held will affect the determination of whether such withholding is required. Similarly, dividends in respect of, and gross proceeds from the sale of, shares of our stock held by an investor that is a non-financial non-U.S. entity will be subject to withholding at a rate of 30%, unless such entity either (i) certifies to us that such entity does not have any “substantial United States owners” or (ii) provides certain information regarding the entity’s “substantial United States owners,” which we will in turn provide to the Secretary of the Treasury. We will not pay any additional amounts to any stockholders in respect of any amounts withheld. Foreign persons are encouraged to consult with their tax advisors regarding the possible implications of the legislation on their investment in shares of our stock.

U.S. Federal Income Taxation of Holders of Depositary Shares

     Owners of our depositary shares will be treated as if you were owners of the series of preferred stock represented by the depositary shares. Thus, you will be required to take into account the income and deductions to which you would be entitled if you were a holder of the underlying series of preferred stock.

     Conversion or Exchange of Shares for Preferred Stock. No gain or loss will be recognized upon the withdrawal of preferred stock in exchange for depositary shares and the tax basis of each share of preferred stock will, upon exchange, be the same as the aggregate tax basis of the depositary shares exchanged. If you held your depositary shares as a capital asset at the time of the exchange for shares of preferred stock, the holding period for your shares of preferred stock will include the period during which you owned the depositary shares.

U.S. Federal Income and Estate Taxation of Holders of Our Debt Securities

     The following is a general summary of the United States federal income tax consequences and, in the case that you are a holder that is a non-U.S. holder, as defined below, the United States federal estate tax consequences, of purchasing, owning and disposing of debt securities periodically offered under one or more indentures (the “notes”). This summary assumes that you hold the notes as capital assets. This summary applies to you only if you are the initial holder of the notes and you acquire the notes for a price equal to the issue price of the notes. The issue price of the notes is the first price at which a substantial amount of the notes is sold other than to bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers. In addition, this summary does not consider any foreign, state, local or other tax laws that may be applicable to us or a purchaser of the notes.

U.S. Holders

     The following summary applies to you only if you are a U.S. holder, as defined below.

     Definition of a U.S. Holder. A “U.S. holder” is a beneficial owner of a note or notes that is for United States federal income tax purposes:

• a citizen or resident of the United States;

• a corporation, partnership or other entity classified as a corporation or partnership for these purposes, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state;

• an estate, the income of which is subject to United States federal income taxation regardless of its source; or

• a trust, if, in general, a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trust’s substantial decisions.

     Payments of Interest. Stated interest on the notes generally will be taxed as ordinary interest income from domestic sources at the time it is paid or accrues in accordance with your method of accounting for tax purposes.

     Sale, Exchange or Other Disposition of Notes. The adjusted tax basis in your note acquired at a premium will generally be your cost. You generally will recognize taxable gain or loss when you sell or otherwise dispose of your notes equal to the difference, if any, between:

• the amount realized on the sale or other disposition, less any amount attributable to any accrued interest, which will be taxable in the manner described under “— Payments of Interest” above; and

• your adjusted tax basis in the notes.

     Your gain or loss generally will be capital gain or loss. This capital gain or loss will be long-term capital gain or loss if at the time of the sale or other disposition you have held the notes for more than one year. Subject to limited exceptions, your capital losses cannot be used to offset your ordinary income.

     Backup Withholding and Information Reporting. In general, “backup withholding” may apply to any payments made to you of principal and interest on your note, and to payment of the proceeds of a sale or other disposition of your note before maturity, if you are a non-corporate U.S. holder and: (1) fail to provide a correct taxpayer identification number, which if you are an individual, is ordinarily your social security number; (2) furnish an incorrect taxpayer identification number; (3) are notified by the Internal Revenue Service that you have failed to properly report payments of interest or dividends; or (4) fail to certify, under penalties of perjury, that you have furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified you that you are subject to backup withholding.

     The amount of any reportable payments, including interest, made to you (unless you are an exempt recipient) and the amount of tax withheld, if any, with respect to such payments will be reported to you and to the Internal Revenue Service for each calendar year. You should consult your tax advisor regarding your qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. The backup withholding tax is not an additional tax and will be credited against your U.S. federal income tax liability, provided that correct information is provided to the Internal Revenue Service.

Non-U.S. Holders

     The following summary applies to you if you are a beneficial owner of a note and are not a U.S. holder, as defined above (a “non-U.S. holder”).

     Special rules may apply to certain non-U.S. holders such as “controlled foreign corporations,” “passive foreign investment companies” and “foreign personal holding companies.” Such entities are encouraged to consult their tax advisors to determine the United States federal, state, local and other tax consequences that may be relevant to them.

     U.S. Federal Withholding Tax. Subject to the discussion below, U.S. federal withholding tax will not apply to payments by us or our paying agent, in its capacity as such, of principal and interest on your notes under the “portfolio interest” exception of the Internal Revenue Code, provided that:

• you do not, directly or indirectly, actually or constructively, own 10% or more of the total combined voting power of all classes of our stock entitled to vote;

• you are not (1) a controlled foreign corporation for U.S. federal income tax purposes that is related, directly or indirectly, to us through sufficient stock ownership, as provided in the Internal Revenue Code, or (2) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code;

• such interest is not effectively connected with your conduct of a U.S. trade or business; and

• you provide a signed written statement, under penalties of perjury, which can reliably be related to you, certifying that you are not a U.S. person within the meaning of the Internal Revenue Code and providing your name and address to:

• us or our paying agent; or

• a securities clearing organization, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business and holds your notes on your behalf and that certifies to us or our paying agent under penalties of perjury that it, or the bank or financial institution between it and you, has received from you your signed, written statement and provides us or our paying agent with a copy of such statement.

     Treasury regulations provide that:

• if you are a foreign partnership, the certification requirement will generally apply to your partners, and you will be required to provide certain information;

• if you are a foreign trust, the certification requirement will generally be applied to you or your beneficial owners depending on whether you are a “foreign complex trust,” “foreign simple trust,” or “foreign grantor trust” as defined in the Treasury regulations; and

• look-through rules will apply for tiered partnerships, foreign simple trusts and foreign grantor trusts.

     If you are a foreign partnership or a foreign trust, you should consult your own tax advisor regarding your status under these Treasury regulations and the certification requirements applicable to you.

     If you cannot satisfy the portfolio interest requirements described above, payments of interest will be subject to the 30% United States withholding tax, unless you provide us with a properly executed (1) Internal Revenue Service Form W-8BEN claiming an exemption from or reduction in withholding under the benefit of an applicable treaty or (2) Internal Revenue Service Form W-8ECI stating that interest paid on the note is not subject to withholding tax because it is effectively connected with your conduct of a trade or business in the United States. Alternative documentation may be applicable in certain circumstances.

     If you are engaged in a trade or business in the United States and interest on a note is effectively connected with the conduct of that trade or business, you will be required to pay United States federal income tax on that interest on a net income basis (although you will be exempt from the 30% withholding tax provided the certification requirement described above is met) in the same manner as if you were a U.S. person, except as otherwise provided by an applicable tax treaty. If you are a foreign corporation, you may be required to pay a branch profits tax on the earnings and profits that are effectively connected to the conduct of your trade or business in the United States.

     Recent legislation generally will impose U.S. withholding tax at a 30% rate on payments of interest (including original issue discount) and proceeds of sale in respect of debt instruments to certain non-U.S. holders if certain additional disclosure requirements related to U.S. ownership of such non-U.S. holders or U.S. accounts maintained by such non-U.S. holders are not satisfied. However, the withholding tax will not be imposed on payments pursuant to debt or other obligations outstanding as of March 18, 2012. If payment of withholding taxes is required, non-U.S. holders that are otherwise eligible for an exemption from, or reduction of, U.S. withholding taxes with respect to such distributions and proceeds of a sale of such notes will be entitled to seek a refund from the Internal Revenue Service (“IRS”) to obtain the benefit of such exemption or reduction. We will not pay any additional amounts to

non-U.S. holders in respect of any amounts withheld. These new withholding rules are generally effective for payments made after December 31, 2012.

     Sale, Exchange or other Disposition of Notes. You generally will not have to pay U.S. federal income tax on any gain or income realized from the sale, redemption, retirement at maturity or other disposition of your notes, unless:

• in the case of gain, you are an individual who is present in the United States for 183 days or more during the taxable year of the sale or other disposition of your notes, and specific other conditions are met;

• you are subject to tax provisions applicable to certain United States expatriates; or

• the gain is effectively connected with your conduct of a U.S. trade or business.

     If you are engaged in a trade or business in the United States, and gain with respect to your notes is effectively connected with the conduct of that trade or business, you generally will be subject to U.S. income tax on a net basis on the gain. In addition, if you are a foreign corporation, you may be subject to a branch profits tax on your effectively connected earnings and profits for the taxable year, as adjusted for certain items.

     U.S. Federal Estate Tax. If you are an individual and are not a U.S. citizen or a resident of the United States, as specially defined for U.S. federal estate tax purposes, at the time of your death, your notes will generally not be subject to the U.S. federal estate tax, unless, at the time of your death (1) you owned actually or constructively 10% or more of the total combined voting power of all our classes of stock entitled to vote, or (2) interest on the notes is effectively connected with your conduct of a U.S. trade or business.

     Backup Withholding and Information Reporting. Backup withholding will not apply to payments of principal or interest made by us or our paying agent, in its capacity as such, to you if you have provided the required certification that you are a non-U.S. holder as described in “— U.S. Federal Withholding Tax” above, and provided that neither we nor our paying agent have actual knowledge that you are a U.S. holder, as described in “— U.S. Holders” above. We or our paying agent may, however, report payments of interest on the notes.

     The gross proceeds from the disposition of your notes may be subject to information reporting and backup withholding tax. If you sell your notes outside the United States through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you outside the United States, then the U.S. backup withholding and information reporting requirements generally will not apply to that payment. However, U.S. information reporting, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made outside the United States, if you sell your notes through a non-U.S. office of a broker that:

• is a U.S. person, as defined in the Internal Revenue Code;

• derives 50% or more of its gross income in specific periods from the conduct of a trade or business in the United States;

• is a “controlled foreign corporation” for U.S. federal income tax purposes; or

• is a foreign partnership, if at any time during its tax year, one or more of its partners are U.S. persons who in the aggregate hold more than 50% of the income or capital interests in the partnership, or the foreign partnership is engaged in a U.S. trade or business, unless the broker has documentary evidence in its files that you are a non-U.S. person and certain other conditions are met or you otherwise establish an exemption. If you receive payments of the proceeds of a sale of your notes to or through a U.S. office of a broker, the payment is subject to both U.S. backup withholding and information reporting unless you provide a Form W-8BEN certifying that you are a non-U.S. person or you otherwise establish an exemption.

     You should consult your own tax advisor regarding application of backup withholding in your particular circumstance and the availability of and procedure for obtaining an exemption from backup withholding. Any amounts withheld under the backup withholding rules from a payment to you will be allowed as a refund or credit against your U.S. federal income tax liability, provided the required information is furnished to the Internal Revenue Service.

U.S. Federal Income and Estate Taxation of Holders of Our Warrants

     Exercise of Warrants. You will not generally recognize gain or loss upon the exercise of a warrant. Your basis in the debt securities, preferred stock, depositary shares or common stock, as the case may be, received upon the exercise of the warrant will be equal to the sum of your adjusted tax basis in the warrant and the exercise price paid. Your holding period in the debt securities, preferred stock, depositary shares or common stock, as the case may be, received upon the exercise of the warrant will not include the period during which the warrant was held by you.

     Expiration of Warrants. Upon the expiration of a warrant, you will recognize a capital loss in an amount equal to your adjusted tax basis in the warrant.

     Sale or Exchange of Warrants. Upon the sale or exchange of a warrant to a person other than us, you will recognize gain or loss in an amount equal to the difference between the amount realized on the sale or exchange and your adjusted tax basis in the warrant. Such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the warrant was held for more than one year. Upon the sale of the warrant to us, the Internal Revenue Service may argue that you should recognize ordinary income on the sale. You are advised to consult your own tax advisors as to the consequences of a sale of a warrant to us.

Potential Legislation or Other Actions Affecting Tax Consequences

     Current and prospective securities holders should recognize that the present federal income tax treatment of an investment in us may be modified by legislative, judicial or administrative action at any time and that any such action may affect investments and commitments previously made. The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the Treasury Department, resulting in revisions of regulations and revised interpretations of established concepts as well as statutory changes. Revisions in federal tax laws and interpretations of these laws could adversely affect the tax consequences of an investment in us.

Internet Access to Our SEC Filings

     Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, as well as our proxy statements and other materials that are filed with, or furnished to, the Securities and Exchange Commission are made available, free of charge, on the Internet at www.hcreit.com, as soon as reasonably practicable after they are filed with, or furnished to, the Securities and Exchange Commission.

Item 2. Properties

     We own our corporate headquarters located at 4500 Dorr Street, Toledo, Ohio 43615. We also own corporate offices in Tennessee, lease corporate offices in Florida and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated real property and real estate loan investments as of December 31, 2010 (dollars in thousands):

	Senior Housing and Care(1)						Medical Facilities
	Number of				Annualized		Number of				Annualized
Property Location	Properties		Total Investment		Income(2)		Properties		Total Investment		Income(2)
Alabama		3	$	23,717	$	6,914		5	$	39,620	$	3,621
Alaska		—		—		—		1		26,612		2,464
Arizona		6		37,427		7,592		5		89,527		7,763
California		26		423,882		101,957		16		464,923		23,688
Colorado		6		100,713		10,659		1		6,552		590
Connecticut		12		77,259		8,865		—		—		—
Delaware		3		70,198		6,161		—		—		—
Florida		53		513,736		52,119		30		401,991		23,881
Georgia		8		89,563		15,938		7		67,885		5,049
Idaho		4		39,506		5,394		1		22,711		2,522
Illinois		13		174,681		22,688		2		9,235		329
Indiana		18		256,614		22,617		3		44,017		4,682
Iowa		2		47,060		7,295		—		—		—
Kansas		4		92,753		7,245		1		16,553		1,122
Kentucky		10		55,818		7,831		2		39,092		3,553
Louisiana		5		25,709		3,161		1		10,807		744
Maryland		2		13,636		1,537		—		—		—
Massachusetts		19		289,816		33,613		2		11,120		—
Michigan		6		93,677		5,653		—		—		—
Minnesota		—		—		—		3		45,956		3,246
Mississippi		6		53,029		5,623		—		—		—
Missouri		7		114,580		12,098		4		83,905		7,099
Montana		3		12,939		1,970		—		—		—
Nebraska		4		39,260		3,252		3		155,597		13,143
Nevada		5		83,854		14,598		9		106,722		7,627
New Hampshire		1		4,178		531		—		—		—
New Jersey		13		301,232		21,487		7		165,805		13,220
New Mexico		1		22,107		1,430		—		—		—
New York		6		187,852		13,076		7		56,366		4,922
North Carolina		44		204,050		25,148		10		23,889		1,670
Ohio		30		426,483		37,978		4		53,480		4,780
Oklahoma		23		102,575		11,850		3		22,535		2,201
Oregon		2		7,420		1,358		—		—		—
Pennsylvania		11		192,047		15,752		1		21,609		2,028
South Carolina		8		241,233		14,782		1		16,103		917
Tennessee		25		233,041		29,334		8		95,318		7,006
Texas		46		309,060		42,716		26		396,230		33,796
Utah		1		5,916		944		—		—		—
Virginia		14		89,092		10,359		2		22,939		2,454
Washington		20		466,642		91,082		3		88,091		1,753
Wisconsin		13		138,572		13,168		19		325,992		27,844
Total		483	$	5,660,927	$	695,775		187	$	2,931,182	$	213,714

(1)	Includes senior housing triple-net and senior housing operating properties.
(2)	Reflects annualized recent month of resident fees and services, contract rate of interest for loans, annual straight-line rent for leases with fixed escalators or annual cash rent for leases with contingent escalators, net of collectibility reserves if applicable.

     The following table sets forth occupancy and average annualized income for these property types:

	Occupancy(1)						Average Annualized Income(2)
	2010			2009			2010		2009
Senior housing operating		91.9	%		n/a		$	30,458	$	n/a	per unit
Senior housing triple-net		88.9	%		89.2	%		16,241		12,351	per unit
Skilled nursing facilities		84.9	%		84.2	%		6,519		6,244	per bed
Medical office buildings		93.1	%		91.3	%		20		20	per sq. ft.
Hospitals		62.9	%		56.5	%		30,951		26,063	per bed

(1)

Medical office building occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations and discontinued operations) as of December 31, 2010 and 2009. Occupancy for other properties represents average quarterly operating occupancy based on the quarters ended September 30, 2010 and 2009 and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The Company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than medical office buildings and has not independently verified the information.

(2)

Average annualized income represents annualized income divided by total beds, units or square feet.

     The following table sets forth information regarding lease expirations for certain portions of our portfolio as of December 31, 2010 (dollars in thousands):

	Expiration Year
	2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			Thereafter
Senior housing triple-net:
Properties		3			16			21			11			2			2			49			68			33			48			206
Base rent(1)	$	9,499		$	12,436		$	42,678		$	8,498		$	2,014		$	3,367		$	16,563		$	45,543		$	27,928		$	51,092		$	251,750
% of base rent		2.0	%		2.6	%		9.1	%		1.8	%		0.4	%		0.7	%		3.5	%		9.7	%		5.9	%		10.8	%		53.4	%
Hospitals:
Properties		—			—			—			—			—			—			3			—			—			5			16
Base rent(1)	$	—		$	—		$	—		$	—		$	—		$	—		$	2,350		$	—		$	—		$	5,980		$	45,165
% of base rent		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		4.4	%		0.0	%		0.0	%		11.2	%		84.4	%
Medical office buildings:
Square feet		460,591			586,504			498,004			501,570			507,313			594,131			431,477			211,325			400,912			349,099			7,913,290
Base rent(1)	$	9,631		$	11,903		$	10,222		$	10,718		$	11,410		$	13,602		$	9,927		$	4,498		$	10,262		$	8,651		$	55,412
% of base rent		6.2	%		7.6	%		6.5	%		6.9	%		7.3	%		8.7	%		6.4	%		2.9	%		6.6	%		5.5	%		35.5	%

(1) The most recent monthly base rent including straight line for leases with fixed escalators or annual cash rents with contingent escalators. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles.

Item 6. Selected Financial Data

     The following selected financial data for the five years ended December 31, 2010 are derived from our audited consolidated financial statements (in thousands, except per share data):

	Year Ended December 31,
	2006			2007			2008			2009			2010
Operating Data
Revenues(1)	$	236,704		$	398,366		$	489,852		$	529,280		$	663,763
Expenses:
Interest expense(1)		73,856			122,257			121,375			98,596			153,181
Depreciation and amortization(1)		60,106			112,080			131,334			143,295			189,255
Property operating expenses(1)		1,003			33,410			41,063			44,001			80,803
General and administrative(1)		25,922			37,465			47,193			49,691			54,626
Transaction costs		—			—			—			—			46,660
Provision for loan losses		1,000			—			94			23,261			29,684
Realized loss on derivatives		—			—			23,393			—			—
Loss (gain) on extinguishment of debt		—			(1,081	)		(2,094	)		25,107			34,171
Total expenses		161,887			304,131			362,358			383,951			588,380
Income from continuing operations before income taxes and income from unconsolidated joint ventures		74,817			94,235			127,494			145,329			75,383
Income tax expense		(82	)		(188	)		(1,306	)		(168	)		(364	)
Income from unconsolidated joint ventures		—			—			—			—			6,673
Income from continuing operations		74,735			94,047			126,188			145,161			81,692
Income from discontinued operations, net(1)		27,921			44,546			157,237			47,766			47,192
Net income		102,656			138,593			283,425			192,927			128,884
Preferred stock dividends		21,463			25,130			23,201			22,079			21,645
Net income (loss) attributable to noncontrolling interests		13			238			126			(342	)		357
Net income attributable to common stockholders	$	81,180		$	113,225		$	260,098		$	171,190		$	106,882
Other Data
Average number of common shares outstanding:
Basic		61,661			78,861			93,732			114,207			127,656
Diluted		62,045			79,409			94,309			114,612			128,208
Per Share Data
Basic:
Income from continuing operations attributable to common stockholders	$	0.86		$	0.87		$	1.10		$	1.08		$	0.47
Discontinued operations, net		0.45			0.56			1.68			0.42			0.37
Net income attributable to common stockholders *	$	1.32		$	1.44		$	2.77		$	1.50		$	0.84
Diluted:
Income from continuing operations attributable to common stockholders	$	0.86		$	0.86		$	1.09		$	1.08		$	0.47
Discontinued operations, net		0.45			0.56			1.67			0.42			0.37
Net income attributable to common stockholders *	$	1.31		$	1.43		$	2.76		$	1.49		$	0.83
Cash distributions per common share	$	2.8809		$	2.2791		$	2.70		$	2.72		$	2.74

*	Amounts may not sum due to rounding
(1)	We have reclassified the income and expenses attributable to properties sold prior to or held for sale at March 31, 2011, to discontinued operations for all periods presented. See Note 5 to our audited consolidated financial statements.

	December 31,
Balance Sheet Data	2006		2007		2008		2009		2010
Net real estate investments	$	4,122,893	$	5,012,620	$	5,854,179	$	6,080,620	$	8,590,833
Total assets		4,282,885		5,219,240		6,215,031		6,367,186		9,451,734
Total long-term obligations		2,191,698		2,683,760		2,847,676		2,414,022		4,469,736
Total liabilities		2,295,561		2,784,289		2,976,746		2,559,735		4,714,081
Total preferred stock		338,993		330,243		289,929		288,683		291,667
Total equity		1,987,324		2,434,951		3,238,285		3,807,451		4,733,100

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     The following discussion and analysis is based primarily on the consolidated financial statements of Health Care REIT, Inc. for the periods presented and should be read together with the notes thereto contained in this Current Report on Form 8-K. Other important factors are identified in “Item 1 — Business” above and “Item 1A — Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2010.

Executive Summary

Company Overview

     Health Care REIT, Inc. is a real estate investment trust (“REIT”) that has been at the forefront of senior housing and health care real estate since the company was founded in 1970. We are an S&P 500 company headquartered in Toledo, Ohio and our portfolio spans the full spectrum of senior housing and health care real estate, including senior housing communities, skilled nursing facilities, medical office buildings, inpatient and outpatient medical centers and life science facilities. Our capital programs, when combined with comprehensive planning, development and property management services, make us a single-source solution for acquiring, planning, developing, managing, repositioning and monetizing real estate assets. The following table summarizes our portfolio as of December 31, 2010:

	Investments		Percentage of			Number of		# Beds/Units			Investment per
Type of Property	(in thousands)		Investments			Properties		or Sq. Ft.			metric(1)			States
Senior housing triple-net	$	3,322,792		37.0	%		256		21,788	units	$	157,850	per unit		34
Skilled nursing facilities		1,257,719		14.0	%		180		24,064	beds		52,266	per bed		26
Senior housing operating		1,080,416		12.0	%		47		6,075	units		177,846	per bed		14
Hospitals		782,879		8.7	%		31		1,857	beds		446,846	per bed		13
Medical office buildings(2)		2,195,435		24.4	%		162		9,047,167	sq. ft.		254	per sq. ft.		28
Life science buildings(2)		346,562		3.9	%		7					n/a			1
Totals	$	8,985,803		100.0	%		683								41

(1)	Investment per metric was computed by using the total investment amount of $8,860,164,000, which includes net real estate investments and unfunded construction commitments for which initial funding has commenced which amounted to $8,592,109,000 and $268,055,000, respectively.
(2)	Includes our share of unconsolidated joint venture investments. Please see Note 7 to our consolidated financial statements for additional information.

Health Care Industry

     The demand for health care services, and consequently health care properties, is projected to reach unprecedented levels in the near future. The Centers for Medicare and Medicaid Services (“CMS”) projects that national health expenditures will rise to $3.5 trillion in 2015 or 18.2% of gross domestic product (“GDP”). The average annual growth in national health expenditures for 2009 through 2019 is expected to be 6.3%, which is 0.2% faster than pre-health care reform estimates.

     While demographics are the primary driver of demand, economic conditions and availability of services contribute to health care service utilization rates. We believe the health care property market may be less susceptible to fluctuations and economic downturns relative to other property sectors. Investor interest in the market remains strong, especially in specific sectors such as medical office buildings, regardless of the current stringent lending environment. As a REIT, we believe we are situated to benefit from any turbulence in the capital markets due to our access to capital.

     The total U.S. population is projected to increase by 20.4% through 2030. The elderly population aged 65 and over is projected to increase by 79.2% through 2030. The elderly are an important component of health care utilization, especially independent living services, assisted living services, skilled nursing services, inpatient and outpatient hospital services and physician ambulatory care. Most health care services are provided within a health care facility such as a hospital, a physician’s office or a senior housing facility. Therefore, we believe there will be continued demand for companies, such as ours, with expertise in health care real estate.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     The following chart illustrates the projected increase in the elderly population aged 65 and over:

     Source: U.S. Census Bureau

     Health care real estate investment opportunities tend to increase as demand for health care services increases. We recognize the need for health care real estate as it correlates to health care service demand. Health care providers require real estate to house their businesses and expand their services. We believe that investment opportunities in health care real estate will continue to be present due to:

• The specialized nature of the industry, which enhances the credibility and experience of our company;

• The projected population growth combined with stable or increasing health care utilization rates, which ensures demand; and

• The on-going merger and acquisition activity.

Health Reform Laws

     On March 23, 2010, the President signed into law the Patient Protection and Affordable Care Act (“PPACA”) and the Health Care and Education Reconciliation Act of 2010, which amends the PPACA (collectively, the “Health Reform Laws”). The Health Reform Laws contain various provisions that may directly impact us or the operators and tenants of our properties. Some provisions of the Health Reform Laws may have a positive impact on our operators’ or tenants’ revenues, by, for example, increasing coverage of uninsured individuals, while others may have a negative impact on the reimbursement of our operators or tenants by, for example, altering the market basket adjustments for certain types of health care facilities. The Health Reform Laws also enhance certain fraud and abuse penalty provisions that could apply to our operators and tenants, in the event of one or more violations of the federal health care regulatory laws. In addition, there are provisions that impact the health coverage that we and our operators and tenants provide to our respective employees. We cannot predict whether the existing Health Reform Laws, or future health care reform legislation or regulatory changes, will have a material impact on our operators’ or tenants’ property or business. If the operations, cash flows or financial condition of our operators and tenants are materially adversely impacted by the Health Reform Laws or future legislation, our revenue and operations may be adversely affected as well. Further, on February 2, 2011, the U.S. Senate refused to pass an overhaul repeal of the Health Reform Laws, and the focus has now shifted to attempts to repeal or amend individual sections of the Health Reform Laws. Further, federal courts are also considering, and in some cases have ruled on, the legality of the Health Reform Laws. We cannot predict whether any of these attempts to repeal or amend the Health Reform Laws will be successful, nor can we predict the impact that such a repeal or amendment would have on our operators and tenants.

     Impact to Reimbursement of the Operators and Tenants of Our Properties. The Health Reform Laws provide for various changes to the reimbursement that our operators and tenants may receive. One such change is a reduction to the market basket adjustments for inpatient acute hospitals, long-term care hospitals, inpatient rehabilitation facilities, home health agencies, psychiatric hospitals, hospice care and outpatient hospitals. Beginning in 2010, the otherwise applicable percentage increase to the market basket for inpatient acute hospitals will decrease. Beginning in 2012, inpatient acute hospitals will also face a downward adjustment of the annual percentage increase to the market basket rate by a “productivity adjustment.” The productivity adjustment may cause the annual percentage increase to be less than zero, which would mean that inpatient acute hospitals could face payment rates for a fiscal year that are less than the payment rates for the preceding year.

     A similar productivity adjustment also applies to skilled nursing facilities beginning in 2012, which means that the payment rates for skilled nursing facilities may decrease from one year to the next. Long-term care hospitals will face a specified percentage decrease in their annual update for discharges beginning in 2010. Additionally, beginning in 2012, long-term care hospitals will be subject to the productivity adjustments, which may decrease the federal payment rates for long-term care hospitals. Similar productivity adjustments and other adjustments to payment rates will apply to inpatient rehabilitation facilities, psychiatric hospitals and outpatient hospitals beginning in 2010.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     The Health Reform Laws revise other reimbursement provisions that may affect our business. For example, the Health Reform Laws mandate a one-year extension of the exceptions for medical therapy caps, which will be applicable though December 31, 2010. The Health Reform Laws also reduce states’ Medicaid disproportionate share hospital (“DSH”) allotments, starting in 2014 through 2020. These allotments would have provided additional funding for DSH hospitals that are operators or tenants of our properties, and thus, any reduction might negatively impact these operators or tenants.

     Additionally, beginning in fiscal year 2015, Medicare payments will decrease to hospitals for treatment associated with hospital acquired conditions. This decreased payment rate may negatively impact our operators or tenants. The Health Reform Laws also call for reductions in payments for discharges beginning October 1, 2012, in order to account for excess readmissions. While the exact amount of the reduction is not yet known, a reduction in payments to our operators or tenants may affect their ability to make payments to us.

     PPACA additionally calls for the creation of the Independent Payment Advisory Board (the “Board”), which will be responsible for establishing payment polices, including recommendations in the event that Medicare costs exceed a certain threshold. Proposals for recommendations submitted by the Board prior to December 31, 2018 may not include recommendations that would reduce payments for hospitals, skilled nursing facilities, and physicians, among other providers, prior to December 31, 2019. The Health Reform Laws also create other mechanisms that could permit significant changes to payment. For example, PPACA establishes the Center for Medicare and Medicaid Innovation to test innovative payment and service delivery models to reduce program expenditures through the use of demonstration programs that can waive existing reimbursement methodologies. The Health Reform Laws also provide additional Medicaid funding to allow states to carry out mandated expansion of Medicaid coverage to certain financially-eligible individuals beginning in 2014, and also permits states to expand their Medicaid coverage to these individuals as early as April 1, 2010, if certain conditions are met.

     Additionally, although the Health Reform Laws delayed until at least October 1, 2011, the implementation of the Resource Utilization Group, Version Four (“RUG-IV”), which revises the payment classification system for skilled nursing facilities, the recently enacted Medicare and Medicaid Extenders Act of 2010 repealed this delay retroactively to October 1, 2010. The Health Reform Laws also extend certain payment rules related to long-term acute care hospitals found in the Medicare, Medicaid, and SCHIP Extension Act of 2007.

     Finally, many other changes resulting from the Health Reform Laws, or implementing regulations, or guidance may negatively impact our operators and tenants. We will continue to monitor and evaluate the Health Reform Laws and implementing regulations and guidance to determine other potential effects of the reform.

     Impact of Fraud and Abuse Provisions. The Health Reform Laws revise health care fraud and abuse provisions that will affect our operators and tenants. Specifically, PPACA allows for up to treble damages under the Federal False Claims Act for violations related to state-based health insurance exchanges authorized by the Health Reform Laws, which will be implemented beginning in 2014. The Health Reform Laws also impose new civil monetary penalties for false statements or actions that lead to delayed inspections, with penalties of up to $15,000 per day for failure to grant timely access and up to $50,000 for a knowing violation. The Health Reform laws also provide for additional funding to investigate and prosecute health care fraud and abuse. Accordingly, the increased penalties under PPACA for fraud and abuse violations may have a negative impact on our operators and tenants in the event that the government brings an enforcement action or subjects them to penalties.

     Further, as recently as February 2, 2011, CMS published final rulemaking to implement the enhanced provider and supplier screening provisions called for in the Health Reform Laws. Under the final rule, beginning March 25, 2011, all enrolling and participating providers and suppliers will be assessed an annual administrative fee and be placed in one of three risk levels (limited, moderate, and high) based on an assessment of the individual’s or entity’s overall risk of fraud, waste and abuse. This rule also allows for the temporary suspension of Medicare payments to providers or suppliers in the event CMS receives credible information that an overpayment, fraud, or willful misrepresentation has occurred. The Health Reform Laws granted the Secretary of the Department of Health and Human Services significant discretionary authority to suspend, exclude, or impose fines on providers and suppliers based on the agency’s determination that such a provider or supplier is “high-risk,” and, as a result, this final rulemaking has the potential to materially adversely affect our operators and tenants who may be evaluated under the enhanced screening process.

     Additionally, provisions of Title VI of PPACA are designed to increase transparency and program integrity by skilled nursing facilities, other nursing facilities and similar providers. Specifically, skilled nursing facilities and other providers and suppliers will be required to institute compliance and ethics programs. Additionally, PPACA makes it easier for consumers to file complaints against nursing homes by mandating that states establish complaint websites. The provisions calling for enhanced transparency will increase the administrative burden and costs on these providers.

     Impact to the Health Care Plans Offered to Our Employees. The Health Reform Laws will affect employers that provide health

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

plans to their employees. The new laws will change the tax treatment of the Medicare Part D retiree drug subsidy and extend dependent coverage for dependents up to age 26, among other changes. We are evaluating our health care plans in light of these changes. These changes may affect our operators and tenants as well.

Medicare Program Reimbursement Changes

     In recent months, CMS released a number of rulemakings that may potentially increase or decrease the government reimbursement of our operators and tenants. To the extent that any of these rulemakings decrease government reimbursement to our operators and tenants, our revenue and operations may be indirectly, adversely affected.

     On August 16, 2010, CMS issued a final rule updating the long-term acute care hospital prospective payment system for fiscal year 2011. Among other things, the final rule updates payment rates for acute care and long-term care hospitals and implements certain provisions of the Health Reform Laws. In the rule, CMS finalized an update of 2.5% for inflation with a cut of 0.5% as required by the Health Reform Laws and a negative 2.5% documentation and coding adjustment for long-term care hospitals. CMS also released a notice and comment rulemaking for the prospective payment system and consolidated billing for skilled nursing facilities for fiscal year 2011 on July 22, 2010. CMS adjusts the nursing home payment rates for fiscal year 2011 by including a market basket increase factor of 2.3% and a negative 0.6 percentage point forecast error adjustment, which would result in a net increase update of 1.7% for nursing home rates.

     CMS annually adjusts the Medicare Physician Fee Schedule payment rates based on an update formula that includes application of the Sustainable Growth Rate (“SGR”). On November 29, 2010, CMS published the calendar year 2011 Physician Fee Schedule final rule. Among other things, CMS preliminary estimates in the final rule that the calendar year 2011 SGR formula will be negative 13.4%. This measure is a significant change from the figure provided in the proposed rule, and will replace the 21.3% reduction in physician Medicare reimbursement in 2010 required by the SGR formula. Additionally, in the final rule, CMS has eliminated certain CPT consultation codes, which could negatively impact the reimbursement levels received by our operators and tenants.

     Finally, on November 24, 2010, CMS published the calendar year 2011 Hospital Outpatient Prospective Payment System (“OPPS”) final rule. CMS estimates that the cumulative effect of all changes to payment rates for calendar year 2011 will have a positive effect, resulting in a 2.5% estimated increase in Medicare payments to providers paid under the HOPPS.

Economic Outlook

     The serious economic recession affecting the national and global economy has continued to impact all sectors, including, to a somewhat lesser degree, health care. Continuing mixed economic signals have made it difficult to predict when there might be a return to more normal and stable growth rates, employment levels and overall economic performance.

     Banks have remained cautious in their lending, but significant liquidity has been injected into the senior housing and care markets by various Government-Sponsored Enterprises. In addition, there is significant equity investment capital available for certain health care sectors, particularly medical office buildings. This has had the effect of keeping capitalization rates in these segments generally in line with or even below historic rates. Debt costs for REITs have generally declined over the past 12 months, and equity markets for health care REITs have remained open for the most part.

     As a consequence, while liquidity remained an important consideration in 2010, we have been more aggressive in pursuing attractive investment opportunities that meet our strategic and underwriting criteria. We have also been more active in accessing capital markets during this time. We believe the markets in which we invest will continue to offer stable returns during the economic downturn and significant growth potential as and when the economy begins to rebound.

Business Strategy

     Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in rental and interest income and portfolio growth. To meet these objectives, we invest across the full spectrum of senior housing and health care real estate and diversify our investment portfolio by property type, customer and geographic location.

     Substantially all of our revenues and sources of cash flows from operations are derived from operating lease rentals and interest earned on outstanding loans receivable. These items represent our primary source of liquidity to fund distributions and are dependent upon our obligors’ continued ability to make contractual rent and interest payments to us. To the extent that our obligors experience operating difficulties and are unable to generate sufficient cash to make payments to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property and operator/tenant. Our asset management process includes review of monthly financial statements for each property, periodic review of obligor credit, periodic property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. In monitoring our portfolio, our personnel use a

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

proprietary database to collect and analyze property-specific data. Additionally, we conduct extensive research to ascertain industry trends and risks. Through these asset management and research efforts, we are typically able to intervene at an early stage to address payment risk, and in so doing, support both the collectability of revenue and the value of our investment.

     In addition to our asset management and research efforts, we also structure our investments to help mitigate payment risk. Operating leases and loans are normally credit enhanced by guaranties and/or letters of credit. In addition, operating leases are typically structured as master leases and loans are generally cross-defaulted and cross-collateralized with other loans, operating leases or agreements between us and the obligor and its affiliates.

     For the year ended December 31, 2010, rental income and interest income represented 86% and 6% respectively, of total gross revenues (including revenues from discontinued operations). Substantially all of our operating leases are designed with either fixed or contingent escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Our yield on loans receivable depends upon a number of factors, including the stated interest rate, the average principal amount outstanding during the term of the loan and any interest rate adjustments.

     Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund operations, meet debt service obligations (both principal and interest), make dividend distributions and complete construction projects in process. We also anticipate evaluating opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured line of credit arrangement, internally generated cash and the proceeds from sales of real property. Our investments generate cash from rent and interest receipts and principal payments on loans receivable. Permanent capital for future investments, which replaces funds drawn under the unsecured line of credit arrangement, has historically been provided through a combination of public and private offerings of debt and equity securities and the incurrence or assumption of secured debt.

     Our primary sources of cash include rent and interest receipts, resident fees and services, borrowings under the unsecured line of credit arrangement, public and private offerings of debt and equity securities, proceeds from the sales of real property and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including construction advances), loan advances, property operating expenses and general and administrative expenses. Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders. We expect to complete gross new investments of approximately $1.5 billion in 2011, comprised of acquisitions/joint ventures totaling $1.3 billion and funded new development of $212 million. We anticipate the sale of real property and the repayment of loans receivable totaling $300 million during 2011. It is possible that additional loan repayments or sales of real property may occur in the future. To the extent that loan repayments and real property sales exceed new investments, our revenues and cash flows from operations could be adversely affected. We expect to reinvest the proceeds from any loan repayments and real property sales in new investments. To the extent that new investment requirements exceed our available cash on-hand, we expect to borrow under our unsecured line of credit arrangement. At December 31, 2010, we had $131,570,000 of cash and cash equivalents, $79,069,000 of restricted cash and $850,000,000 of available borrowing capacity under our unsecured line of credit arrangement.

Key Transactions in 2010

     We completed the following key transactions during the year ended December 31, 2010:

• our Board of Directors increased the quarterly cash dividend to $0.69 per common share, as compared to $0.68 per common share for 2009, beginning in August 2010. The dividend declared for the quarter ended December 31, 2010 represents the 159^th consecutive quarterly dividend payment;

• we completed $3,150,613,000 of gross investments and had $196,232,000 of investment payoffs;

• we issued $494,403,000 of 3.00% convertible senior unsecured notes due 2029 and repurchased $441,326,000 of 4.75% convertible senior unsecured notes due 2026 and 2027 in March and June;

• we issued $450,000,000 of 6.125% senior unsecured notes due 2020 with net proceeds of $446,328,000 in April and June;

• we raised $81,977,000 of HUD mortgage loans at an average rate of 5.10% in June;

• we issued $450,000,000 of 4.70% senior unsecured notes due 2017 with net proceeds of $445,768,000 in September;

• we completed a public offering of 9,200,000 shares of common stock with net proceeds of $403,921,000 in September;

• we issued $450,000,000 of 4.95% senior unsecured notes due 2021 with net proceeds of $443,502,000 in November; and

• we completed a public offering of 11,500,000 shares of common stock with net proceeds of $482,448,000 in December.

Key Performance Indicators, Trends and Uncertainties

     We utilize several key performance indicators to evaluate the various aspects of our business. These indicators are discussed below and relate to operating performance, concentration risk and credit strength. Management uses these key performance indicators to facilitate internal and external comparisons to our historical operating results, in making operating decisions and for budget planning purposes.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     Operating Performance. We believe that net income attributable to common stockholders (“NICS”) is the most appropriate earnings measure. Other useful supplemental measures of our operating performance include funds from operations (“FFO”) and net operating income (“NOI”); however, these supplemental measures are not defined by U.S. generally accepted accounting principles (“U.S. GAAP”). Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliations of FFO and NOI. These earnings measures and their relative per share amounts are widely used by investors and analysts in the valuation, comparison and investment recommendations of companies. The following table reflects the recent historical trends of our operating performance measures for the periods presented (in thousands, except per share data):

	Year Ended December 31,
	2008		2009		2010
Net income attributable to common stockholders	$	260,098	$	171,190	$	106,882
Funds from operations		258,868		291,754		279,075
Net operating income(1)		526,136		547,678		640,346
Per share data (fully diluted):
Net income attributable to common stockholders	$	2.76	$	1.49	$	0.83
Funds from operations		2.74		2.55		2.18

(1) Includes our share of net operating income from unconsolidated joint ventures.

     Credit Strength. We measure our credit strength both in terms of leverage ratios and coverage ratios. Our leverage ratios include debt to book capitalization and debt to market capitalization. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt. The coverage ratios indicate our ability to service interest and fixed charges (interest, secured debt principal amortization and preferred dividends). We expect to maintain capitalization ratios and coverage ratios sufficient to maintain compliance with our debt covenants. The coverage ratios are based on adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) which is discussed in further detail, and reconciled to net income, below in “Non-GAAP Financial Measures.” Leverage ratios and coverage ratios are widely used by investors, analysts and rating agencies in the valuation, comparison, investment recommendations and rating of companies. The following table reflects the recent historical trends for our credit strength measures for the periods presented:

	Year Ended December 31,
	2008			2009			2010
Debt to book capitalization ratio		47	%		39	%		49	%
Debt to undepreciated book capitalization ratio		43	%		35	%		45	%
Debt to market capitalization ratio		38	%		30	%		38	%
Adjusted interest coverage ratio		3.84	x		3.78	x		3.39	x
Adjusted fixed charge coverage ratio		3.20	x		3.09	x		2.76	x

     Concentration Risk. We evaluate our concentration risk in terms of asset mix, investment mix, customer mix and geographic mix. Concentration risk is a valuable measure in understanding what portion of our investments could be at risk if certain sectors were to experience downturns. Asset mix measures the portion of our investments that are real property. In order to qualify as an equity REIT, at least 75% of our real estate investments must be real property whereby each property, which includes the land, buildings, improvements, intangibles and related rights, is owned by us and leased to a tenant pursuant to a long-term operating lease. Investment mix measures the portion of our investments that relate to our various property types. Customer mix measures the portion of our investments that relate to our top five customers. Geographic mix measures the portion of our investments that relate to our top five states. The following table reflects our recent historical trends of concentration risk for the periods presented:

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

	December 31,
	2008			2009			2010
Asset mix:
Real property		92	%		93	%		91	%
Real estate loans receivable		8	%		7	%		5	%
Joint venture investments								4	%
Investment mix:(1)
Senior housing triple-net		39	%		42	%		37	%
Skilled nursing facilities		27	%		25	%		14	%
Senior housing operating		0	%		0	%		12	%
Hospitals		11	%		10	%		9	%
Medical office buildings		23	%		23	%		24	%
Life science buildings								4	%
Customer mix:(1)
Merrill Gardens LLC								8	%
Brandywine Senior Living, LLC								7	%
Senior Living Communities, LLC		6	%		7	%		7	%
Senior Star Living								5	%
Brookdale Senior Living, Inc.		5	%		5	%		4	%
Signature Healthcare LLC		5	%		5	%
Emeritus Corporation		4	%		4	%
Life Care Centers of America, Inc.		5	%		3	%
Remaining customers		75	%		76	%		69	%
Geographic mix:(1)
Florida		14	%		12	%		10	%
California		8	%		9	%		10	%
Texas		11	%		11	%		8	%
Massachusetts		7	%		7	%		7	%
Washington								6	%
Ohio					6	%
Tennessee		6	%
Remaining states		54	%		55	%		59	%

(1) Includes our share of unconsolidated joint venture investments.

     We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved and actual results may differ materially from our expectations. Factors that may cause actual results to differ from expected results are described in more detail in “Risk Factors” and other sections of the Annual Report on Form 10-K for the year ended December 31, 2010. Management regularly monitors economic and other factors to develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends. Please refer to “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein and “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2010 for further discussion of these risk factors.

Portfolio Update

     Net operating income. The primary performance measure for our properties is net operating income (“NOI”) as discussed below in “Non-GAAP Financial Measures.” The following table summarizes our net operating income for the periods indicated (in thousands):

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Year Ended December 31,
	2008		2009		2010
Net operating income:
Senior housing triple-net	$	386,190	$	399,363	$	422,466
Senior housing operating		—		—		18,385
Medical facilities(1)		138,254		147,145		196,621
Non-segment/corporate		1,692		1,170		2,874
Net operating income	$	526,136	$	547,678	$	640,346

(1) Includes our share of net operating income from unconsolidated joint ventures.

     Payment coverage. Payment coverage of our operators continues to remain strong. Our overall payment coverage is at 2.12 times. The table below reflects our recent historical trends of portfolio coverage. Coverage data reflects the 12 months ended for the periods presented. CBMF represents the ratio of our customers’ earnings before interest, taxes, depreciation, amortization, rent and management fees to contractual rent or interest due us. CAMF represents the ratio of our customers’ earnings before interest, taxes, depreciation, amortization and rent (but after imputed management fees) to contractual rent or interest due us.

September 30, 2008

September 30, 2009

September 30, 2010

CBMF

CAMF

CBMF

CAMF

CBMF

CAMF

Senior housing triple-net

1.49

x

1.27

x

1.51

x

1.30

x

1.54

x

1.32

x

Skilled nursing facilities

2.26

x

1.66

x

2.29

x

1.69

x

2.42

x

1.79

x

Hospitals

2.26

x

1.83

x

2.47

x

2.14

x

2.66

x

2.33

x

Weighted averages

1.96

x

1.52

x

2.01

x

1.59

x

2.12

x

1.68

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Corporate Governance

     Maintaining investor confidence and trust has become increasingly important in today’s business environment. Our Board of Directors and management are strongly committed to policies and procedures that reflect the highest level of ethical business practices. Our corporate governance guidelines provide the framework for our business operations and emphasize our commitment to increase stockholder value while meeting all applicable legal requirements. The Board of Directors adopted and annually reviews its Corporate Governance Guidelines. These guidelines meet the listing standards adopted by the New York Stock Exchange and are available on the Internet at www.hcreit.com.

Liquidity and Capital Resources

Sources and Uses of Cash

     Our primary sources of cash include rent and interest receipts, resident fees and services, borrowings under the unsecured line of credit arrangement, public and private offerings of debt and equity securities, proceeds from the sales of real property and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including construction advances), loan advances, property operating expenses and general and administrative expenses. These sources and uses of cash are reflected in our Consolidated Statements of Cash Flows and are discussed in further detail below.

     The following is a summary of our sources and uses of cash flows (dollars in thousands):

	Year Ended						One Year Change						Year Ended			One Year Change						Two Year Change
	December 31,			December 31,									December 31,
	2008			2009			$			%			2010			$			%			$			%
Cash and cash equivalents at beginning of period	$	30,269		$	23,370		$	(6,899	)		-23	%	$	35,476		$	12,106			52	%	$	5,207			17	%
Cash provided from operating activities		360,683			381,259			20,576			6	%		364,741			(16,518	)		-4	%		4,058			1	%
Cash used in investing activities		(1,035,525	)		(270,060	)		765,465			-74	%		(2,312,039	)		(2,041,979	)		756	%		(1,276,514	)		123	%
Cash provided from (used in) financing activities		667,943			(99,093	)		(767,036	)		n/a			2,043,392			2,142,485			n/a			1,375,449			206	%
Cash and cash equivalents at end of period	$	23,370		$	35,476		$	12,106			52	%	$	131,570		$	96,094			271	%	$	108,200			463	%

     Operating Activities. The change in net cash provided from operating activities is primarily attributable to an increase in net income, excluding gains/losses on sales of properties, depreciation and amortization, transaction costs and debt extinguishment charges. These items are discussed below in “Results of Operations.” The following is a summary of our straight-line rent and

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

above/below market lease amortization (dollars in thousands):

	Year Ended												Year Ended
	December 31,			December 31,			One Year Change						December 31,			One Year Change						Two Year Change
	2008			2009			$			%			2010			$			%			$			%
Gross straight-line rental income	$	20,489		$	19,415		$	(1,074	)		-5	%	$	14,717		$	(4,698	)		-24	%	$	(5,772	)		-28	%
Cash receipts due to real property sales		(2,187	)		(4,422	)		(2,235	)		102	%		(1,341	)		3,081			-70	%		846			-39	%
Prepaid rent receipts		(26,095	)		(26,252	)		(157	)		1	%		(7,196	)		19,056			-73	%		18,899			-72	%
Amortization related to above (below) market leases, net		1,039			1,713			674			65	%		2,856			1,143			67	%		1,817			175	%
	$	(6,754	)	$	(9,546	)	$	(2,792	)		41	%	$	9,036		$	18,582			n/a		$	15,790			n/a

     Gross straight-line rental income represents the non-cash difference between contractual cash rent due and the average rent recognized pursuant to U.S. GAAP for leases with fixed rental escalators, net of collectability reserves. This amount is positive in the first half of a lease term (but declining every year due to annual increases in cash rent due) and is negative in the second half of a lease term. The fluctuation in cash receipts due to real property sales is attributable to less significant straight-line rent receivable balances on properties sold during the current year. The fluctuation in prepaid rent receipts is primarily due to changes in prepaid rent received at certain construction projects.

     Investing Activities. The changes in net cash used in investing activities are primarily attributable to net changes in real property and real estate loans receivable. The following is a summary of our investment and disposition activities (dollars in thousands):

	Year Ended
	December 31, 2008						December 31, 2009						December 31, 2010
	Properties			Amount			Properties			Amount			Properties		Amount
Real property acquisitions:
Senior housing operating														32	$	816,000
Senior housing triple-net		5		$	113,790									44		1,011,229
Skilled nursing facilities		1			11,360			1		$	11,650			2		17,300
Hospitals		7			196,303			1			20,500
Medical office buildings		7			121,809			1			35,523			36		626,414
Land parcels		1			10,000									1		4,300
Total acquisitions		21			453,262			3			67,673			115		2,475,243
Less: Assumed debt					—						—					(559,508	)
Assumed other items, net					(1,899	)					—					(208,314	)
Cash disbursed for acquisitions					451,363						67,673					1,707,421
Construction in progress additions					595,452						492,897					306,832
Capital improvements to existing properties					25,561						38,389					59,923
Total cash invested in real property					1,072,376						598,959					2,074,176
Real property dispositions:
Senior housing triple-net		32			163,622			12			55,320			1		3,438
Skilled nursing facilities		4			6,290			9			45,835			30		166,852
Hospitals		1			8,735			2			40,841			—		—
Medical office buildings		1			6,781			13			44,717			7		14,092
Land parcels					73						—			—		—
Total dispositions		38			185,501			36			186,713			38		184,382
Less: Gains (losses) on sales of real property					163,933						43,394					36,115
LandAmerica settlement					2,500						—					—
Extinguishment of other assets (liabilities)					(116	)					—					—
Seller financing on sales of real property					(64,771	)					(6,100	)				(1,470	)
Proceeds from real property sales					287,047						224,007					219,027
Net cash investments in real property		(17	)	$	785,329			(33	)	$	374,952			77	$	1,855,149

Capitalization Rates

Capitalization rates for acquisitions represent annualized contractual income to be received in cash at date of investment divided by investment amounts. Capitalization rates for dispositions represent annualized contractual income that was being received in cash at

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

date of disposition divided by cash proceeds. Capitalization rates for acquisitions and dispositions by our three segments are as follows:

	Acquisitions			Dispositions
Senior Housing Triple-net		7.4	%		10.1	%
Senior Housing Operating		7.0	%		n/a
Medical Facilities		8.2	%		5.3	%

	Year Ended
	December 31, 2008								December 31, 2009									December 31, 2010
	Senior								Senior									Senior
	Housing			Medical					Housing			Medical						Housing		Medical
	Triple-net			Facilities		Totals			Triple-net			Facilities			Totals			Triple-net		Facilities			Totals
Advances on real estate loans receivable:
Investments in new loans	$	121,493		$	—	$	121,493		$	20,036		$	—		$	20,036		$	9,742	$	41,644		$	51,386
Draws on existing loans		21,265			—		21,265			52,910			1,471			54,381			46,113		1,236			47,349
Sub-total		142,758			—		142,758			72,946			1,471			74,417			55,855		42,880			98,735
Less: Seller financing on property sales		(59,649	)		—		(59,649	)		—			—			—			—		(1,470	)		(1,470	)
Net cash advances on real estate loans		83,109			—		83,109			72,946			1,471			74,417			55,855		41,410			97,265
Receipts on real estate loans receivable:
Loan payoffs		8,815			—		8,815			61,659			32,197			93,856			5,619		6,233			11,852
Principal payments on loans		9,354			—		9,354			15,890			2,033			17,923			24,203		7,440			31,643
Total receipts on real estate loans		18,169			—		18,169			77,549			34,230			111,779			29,822		13,673			43,495
Net advances (receipts) on real estate loans	$	64,940		$	—	$	64,940		$	(4,603	)	$	(32,759	)	$	(37,362	)	$	26,033	$	27,737		$	53,770

     The contributions to unconsolidated joint ventures primarily represent $174,692,000 and $21,321,000 of cash invested by us in the joint ventures with Forest City Enterprises and a national medical office building company, respectively. Please see Note 7 to our consolidated financial statements for additional information.

     Financing Activities. The changes in net cash provided from or used in financing activities are primarily attributable to changes related to our long-term debt arrangements, proceeds from the issuance of common stock and dividend payments.

     The changes in our senior unsecured notes are due to (i) the issuance of $494,403,000 of convertible senior unsecured notes in March and June 2010; (ii) the repurchase of $441,326,000 of convertible senior unsecured notes in March and June 2010; (iii) the issuance of $450,000,000 of senior unsecured notes in April and June 2010; (iv) the issuance of $450,000,000 of senior unsecured notes in September 2010; (v) the issuance of $450,000,000 of senior unsecured notes in November 2010; (vi) the extinguishment of $183,147,000 of various senior unsecured notes in March and September 2009; and (vii) the extinguishment of $42,330,000 of 7.625% senior unsecured notes in March 2008. We recognized losses of $25,072,000 and $19,269,000 during the years ended December 31, 2010 and 2009, respectively, in connection with the aforementioned extinguishments.

     During the year ended December 31, 2010, we extinguished 35 secured debt loans totaling $194,493,000 with a weighted-average interest rate of 6.07% and recognized extinguishment losses of $9,099,000. Also during the year ended December 31, 2010, we issued $81,977,000 of secured debt loans at an average interest rate of 5.10%. During the year ended December 31, 2009, we extinguished 20 secured debt loans totaling $81,715,000 with a weighted-average interest rate of 7.21% and recognized extinguishment losses of $5,838,000. During the year ended December 31, 2008, we extinguished eight secured debt loans totaling $50,475,000 with a weighted-average interest rate of 6.67% and recognized extinguishment gains of $2,094,000.

     We may repurchase, redeem or refinance convertible and non-convertible senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The non-convertible senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. We cannot redeem the 3.00% convertible senior unsecured notes due 2029 prior to December 1,

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

2014 unless such redemption is necessary to preserve our status as a REIT. However, on or after December 1, 2014, we may from time to time at our option redeem those notes, in whole or in part, for cash, at a redemption price equal to 100% of the principal amount of the notes we redeem, plus any accrued and unpaid interest to, but excluding, the redemption date. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

     The following is a summary of our common stock issuances for the years indicated (dollars in thousands, except average price):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
March 2008 public issuance		3,000,000	$	41.44	$	124,320	$	118,555
July 2008 public issuance		4,600,000		44.50		204,700		193,157
September 2008 public issuance		8,050,000		48.00		386,400		369,699
2008 Dividend reinvestment plan issuances		1,546,074		43.37		67,055		67,055
2008 Equity shelf program issuances		794,221		39.28		31,196		30,272
2008 Option exercises		118,895		29.83		3,547		3,547
2008 Totals		18,109,190			$	817,218	$	782,285
February 2009 public issuance		5,816,870	$	36.85	$	214,352	$	210,880
September 2009 public issuance		9,200,000		40.40		371,680		356,554
2009 Dividend reinvestment plan issuances		1,499,497		37.22		55,818		55,818
2009 Equity shelf program issuances		1,952,600		40.69		79,447		77,605
2009 Option exercises		96,166		38.23		3,676		3,676
2009 Totals		18,565,133			$	724,973	$	704,533
September 2010 public issuance		9,200,000	$	45.75	$	420,900	$	403,921
December 2010 public issuance		11,500,000		43.75		503,125		482,448
2010 Dividend reinvestment plan issuances		1,957,364		43.95		86,034		86,034
2010 Equity shelf program issuances		431,082		44.94		19,371		19,013
2010 Option exercises		129,054		31.17		4,022		4,022
2010 Totals		23,217,500			$	1,033,452	$	995,438

     In order to qualify as a REIT for federal income tax purposes, we must distribute at least 90% of our taxable income (including 100% of capital gains) to our stockholders. The increase in dividends is primarily attributable to an increase in our common shares outstanding. The following is a summary of our dividend payments (in thousands, except per share amounts):

	Year Ended
	December 31, 2008				December 31, 2009				December 31, 2010
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.70000	$	253,659	$	2.72000	$	311,760	$	2.74000	$	348,578
Series D Preferred Stock		1.96875		7,875		1.96875		7,875		1.96875		7,875
Series E Preferred Stock		1.50000		112		1.50000		112		1.12500		94
Series F Preferred Stock		1.90625		13,344		1.90625		13,344		1.90625		13,344
Series G Preferred Stock		1.87500		1,870		1.87500		748		1.40640		332
Totals			$	276,860			$	333,839			$	370,223

Off-Balance Sheet Arrangements

     During the year ended December 31, 2010, we entered into a joint venture investment with Forest City Enterprises (NYSE:FCE.A and FCE.B). The portfolio is 100% leased and includes affiliates of investment grade pharmaceutical and research tenants such as Novartis, Genzyme, Millennium (a subsidiary of Takeda Pharmaceuticals), and Brigham and Women’s Hospital. Forest City Enterprises self-developed the portfolio and will continue to manage it on behalf of the joint venture. The life science campus is part of a mixed-use project that includes a 210-room hotel, 674 residential units, a grocery store, restaurants and retail. In connection with this transaction, we invested $174,692,000 of cash which is recorded as an equity investment on the balance sheet. Our share of the non-recourse secured debt assumed by the joint venture was approximately $156,729,000 with weighted-average interest rates of 7.1%. Also, during the year ended December 31, 2010, we entered into a joint venture investment with a national medical office building company. In connection with this transaction, we invested $21,321,000 of cash which is recorded as an equity investment on the balance sheet. Our share of the non-recourse secured debt assumed by the joint venture was approximately $24,609,000 with weighted-average interest rates of 6.06%. Please see Note 7 to our consolidated financial statements for additional information.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates. We may or may not elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on the general trend in interest rates at the applicable dates, our perception of the future volatility of interest rates and our relative levels of variable rate debt and variable rate investments. Please see Note 11 to our consolidated financial statements for additional information.

     At December 31, 2010, we had five outstanding letter of credit obligations totaling $5,482,932 and expiring between 2011 and 2013. Please see Note 12 to our consolidated financial statements for additional information.

Contractual Obligations

     The following table summarizes our payment requirements under contractual obligations as of December 31, 2010 (in thousands):

	Payments Due by Period
Contractual Obligations	Total		2011		2012-2013		2014-2015		Thereafter
Unsecured line of credit arrangement	$	300,000	$	—	$	300,000	$	—	$	—
Senior unsecured notes(1)		3,064,930		—		376,853		250,000		2,438,077
Secured debt(1)		1,312,479		50,264		244,456		370,673		647,086
Contractual interest obligations		1,876,682		233,369		441,781		354,380		847,152
Capital lease obligations		10,951		604		1,262		9,085		—
Operating lease obligations		230,189		5,380		10,612		10,370		203,827
Purchase obligations		301,668		199,172		84,450		18,046		—
Other long-term liabilities		4,890		1,614		—		866		2,410
Total contractual obligations	$	7,101,789	$	490,403	$	1,459,414	$	1,013,420	$	4,138,552

(1) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

     At December 31, 2010, we had an unsecured line of credit arrangement with a consortium of sixteen banks in the amount of $1.15 billion, which is scheduled to expire on August 6, 2012. Borrowings under the agreement are subject to interest payable in periods no longer than three months at either the agent bank’s prime rate of interest or the applicable margin over LIBOR interest rate, at our option (0.87% at December 31, 2010). The applicable margin is based on certain of our debt ratings and was 0.6% at December 31, 2010. In addition, we pay a facility fee annually to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.15% at December 31, 2010. We also pay an annual agent’s fee of $50,000. Principal is due upon expiration of the agreement. At December 31, 2010, we had $300,000,000 outstanding under the unsecured line of credit arrangement and estimated contractual interest obligations of $4,133,000. Contractual interest obligations are estimated based on the assumption that the balance of $300,000,000 at December 31, 2010 is constant until maturity at interest rates in effect at December 31, 2010.

     We have $3,064,930,000 of senior unsecured notes principal outstanding with fixed annual interest rates ranging from 3.00% to 8.00%, payable semi-annually. Total contractual interest obligations on senior unsecured notes totaled $1,391,673,000 at December 31, 2010. A total of $788,077,000 of our senior unsecured notes are convertible notes that also contain put features. Please see Note 10 to our consolidated financial statements for additional information.

     Additionally, we have consolidated secured debt with total outstanding principal of $1,133,715,000, collateralized by owned properties, with annual interest rates ranging from 3.01% to 8.74%, payable monthly. The carrying values of the properties securing the debt totaled $2,054,820,000 at December 31, 2010. Total contractual interest obligations on secured debt totaled $436,955,000 at December 31, 2010. Additionally, our share of non-recourse debt associated with unconsolidated joint ventures (as reflected in the contractual obligations table above) is $178,764,000 at December 31, 2010. Our share of contractual interest obligations on our unconsolidated joint venture secured debt is $43,921,000 at December 31, 2010.

     At December 31, 2010, we had operating lease obligations of $230,189,000 relating primarily to ground leases at certain of our properties and office space leases.

     Purchase obligations are comprised of unfunded construction commitments and contingent purchase obligations. At December 31, 2010, we had outstanding construction financings of $356,793,000 for leased properties and were committed to providing additional financing of approximately $268,055,000 to complete construction. At December 31, 2010, we had contingent purchase obligations totaling $33,613,000. These contingent purchase obligations relate to unfunded capital improvement obligations. Upon funding, amounts due from the tenant are increased to reflect the additional investment in the property.

     Other long-term liabilities relate to our Supplemental Executive Retirement Plan (“SERP”) and certain non-compete agreements. We have a SERP, a non-qualified defined benefit pension plan, which provides certain executive officers with supplemental deferred retirement benefits. The SERP provides an opportunity for participants to receive retirement benefits that cannot be paid under our tax-qualified plans because of the restrictions imposed by ERISA and the Internal Revenue Code of 1986, as amended. Benefits are

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

based on compensation and length of service and the SERP is unfunded. We expect to contribute $1,500,000 to the SERP during the 2011 fiscal year. Benefit payments are expected to total $2,367,000 during the next five fiscal years and $2,410,000 thereafter. We use a December 31 measurement date for the SERP. The accrued liability on our balance sheet for the SERP was $4,066,000 and $3,287,000 at December 31, 2010 and December 31, 2009, respectively.

     In connection with the Windrose merger, we entered into a consulting agreement with Frederick L. Farrar, which expired in December 2008. We entered into a new consulting agreement with Mr. Farrar in December 2008, which expired in December 2009. Mr. Farrar agreed not to compete with us for a period of two years following the expiration of the agreement. In exchange for complying with the covenant not to compete, Mr. Farrar receives eight quarterly payments of $37,500, with the first payment to be made on the date of expiration of the agreement. The first payment to Mr. Farrar was made in January 2010 and the final payment will be made in September 2011.

Capital Structure

     As of December 31, 2010, we had total equity of $4,733,100,000 and a total outstanding debt balance of $4,460,855,000, which represents a debt to total book capitalization ratio of 49%. Our ratio of debt to market capitalization was 38% at December 31, 2010. For the year ended December 31, 2010, our adjusted interest coverage ratio was 3.39x and our adjusted fixed charge coverage ratio was 2.76x. Also, at December 31, 2010, we had $131,570,000 of cash and cash equivalents, $79,069,000 of restricted cash and $850,000,000 of available borrowing capacity under our unsecured line of credit arrangement.

     Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2010, we were in compliance with all of the covenants under our debt agreements. Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion. None of our debt agreements contain provisions for acceleration which could be triggered by our debt ratings. However, under our unsecured line of credit arrangement, the ratings on our senior unsecured notes are used to determine the fees and interest charged.

     We plan to manage the company to maintain compliance with our debt covenants and with a capital structure consistent with our current profile. Any downgrades in terms of ratings or outlook by any or all of the rating agencies could have a material adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition.

     On May 7, 2009, we filed an open-ended automatic or “universal” shelf registration statement with the Securities and Exchange Commission covering an indeterminate amount of future offerings of debt securities, common stock, preferred stock, depositary shares, warrants and units. As of January 31, 2011, we had an effective registration statement on file in connection with our enhanced dividend reinvestment plan under which we may issue up to 10,000,000 shares of common stock. As of January 31, 2011, 8,397,408 shares of common stock remained available for issuance under this registration statement. We have entered into separate Equity Distribution Agreements with each of UBS Securities LLC, RBS Securities Inc., KeyBanc Capital Markets Inc. and Credit Agricole Securities (USA) Inc. relating to the offer and sale from time to time of up to $250,000,000 aggregate amount of our common stock (“Equity Shelf Program”). As of January 31, 2011, we had $119,985,000 of remaining capacity under the Equity Shelf Program. Depending upon market conditions, we anticipate issuing securities under our registration statements to invest in additional properties and to repay borrowings under our unsecured line of credit arrangement.

Results of Operations

     Our primary sources of revenue include rent and interest. Our primary expenses include interest expense, depreciation and amortization, property operating expenses and general and administrative expenses. These revenues and expenses are reflected in our Consolidated Statements of Income and are discussed in further detail below. The following is a summary of our results of operations (dollars in thousands, except per share amounts):

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation

	Year Ended												Year Ended
	December 31,			December 31,			One Year Change						December 31,			One Year Change						Two Year Change
	2008			2009			Amount			%			2010			Amount			%			Amount			%
Net income attributable to common stockholders	$	260,098		$	171,190		$	(88,908	)		-34	%	$	106,882		$	(64,308	)		-38	%	$	(153,216	)		-59	%
Funds from operations		258,868			291,754			32,886			13	%		279,075			(12,679	)		-4	%		20,207			8	%
Adjusted EBITDA		595,365			525,791			(69,574	)		-12	%		568,429			42,638			8	%		(26,936	)		-5	%
Net operating income		526,136			547,678			21,542			4	%		640,346			92,668			17	%		114,210			22	%
Per share data (fully diluted):
Net income attributable to common stockholders	$	2.76		$	1.49		$	(1.27	)		-46	%	$	0.83		$	(0.66	)		-44	%	$	(1.93	)		-70	%
Funds from operations		2.74			2.55			(0.19	)		-7	%		2.18			(0.37	)		-15	%		(0.56	)		-20	%
Adjusted interest coverage ratio		3.84	x		3.78	x		-0.06	x		-2	%		3.39x			-0.39	x		-10	%		-0.45	x		-12	%
Adjusted fixed charge coverage ratio		3.20	x		3.09	x		-0.11x			-3	%		2.76	x		-0.33	x		-11	%		-0.44	x		-14	%

     The components of the changes in revenues, expenses and other items are discussed in detail below. The following is a summary of certain items that impact the results of operations for the year ended December 31, 2010:

• $3,853,000 ($0.03 per diluted share) of special stock compensation grants recognized as general and administrative expenses;

• $34,171,000 ($0.27 per diluted share) of net losses on extinguishments of debt;

• $947,000 ($0.01 per diluted share) of impairment charges;

• $29,684,000 ($0.23 per diluted share) of provisions for loan losses;

• $46,660,000 ($0.36 per diluted share) of transaction costs;

• $1,753,000 ($0.01 per diluted share) of held for sale hospital operating expenses;

• $1,000,000 ($0.01 per diluted share) of additional other income related to a lease termination; and

• $36,115,000 ($0.28 per diluted share) of gains on the sales of real property.

     The components of the changes in revenues, expenses and other items are discussed in detail below. The following is a summary of certain items that impact the results of operations for the year ended December 31, 2009:

• $3,909,000 ($0.03 per diluted share) of non-recurring general and administrative expenses;

• $25,107,000 ($0.22 per diluted share) of net losses on extinguishments of debt;

• $25,223,000 ($0.22 per diluted share) of impairment charges;

• $23,261,000 ($0.20 per diluted share) of provisions for loan losses;

• $8,059,000 ($0.07 per diluted share) of additional other income related to a lease termination;

• $2,400,000 ($0.02 per diluted share) of prepayment fees; and

• $43,394,000 ($0.38 per diluted share) of gains on the sales of real property.

     The following is a summary of certain items that impact the results of operations for the year ended December 31, 2008:

• $2,291,000 ($0.02 per diluted share) of non-recurring terminated transaction costs in general and administrative expenses;

• $1,325,000 ($0.01 per diluted share) of non-recurring income tax expense;

• $23,393,000 ($0.25 per diluted share) of realized loss on derivatives;

• $32,648,000 ($0.35 per diluted share) of impairment charges;

• $2,094,000 ($0.02 per diluted share) of net gains on extinguishments of debt;

• $2,500,000 ($0.03 per diluted share) of additional other income related to a lease termination; and

• $163,933,000 ($1.74 per diluted share) of gains on the sales of real property.

     The increase in fully diluted average common shares outstanding is primarily the result of public common stock offerings and common stock issuances pursuant to our DRIP and equity shelf program (“ESP”). The following table represents the changes in outstanding common stock for the period from January 1, 2008 to December 31, 2010 (in thousands):

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Year Ended
	December 31, 2008		December 31, 2009		December 31, 2010		Totals
Beginning balance		85,496		104,704		123,385		85,496
Public offerings		15,650		15,017		20,700		51,367
DRIP issuances		1,546		1,499		1,957		5,002
ESP issuances		794		1,953		431		3,178
Preferred stock conversions		975		30		339		1,344
Option exercises		119		96		129		344
Other, net		124		86		156		366
Ending balance		104,704		123,385		147,097		147,097
Average number of shares outstanding:
Basic		93,732		114,207		127,656
Diluted		94,309		114,612		128,208

     We evaluate our business and make resource allocations on our three business segments — senior housing triple-net, senior housing operating and medical facilities. Please see Note 17 to our consolidated financial statements for additional information.

Senior Housing Properties

     The following is a summary of our results of operations for the senior housing properties (dollars in thousands):

	Year Ended												Year Ended
	December			December			One Year Change						December			One Year Change						Two Year Change
	31, 2008			31, 2009			$			%			31, 2010			$			%			$			%
Revenues:
Rental income	$	281,570		$	310,447		$	28,877			10	%	$	350,189		$	39,742			13	%	$	68,619			24	%
Resident fees and services		—			—			—			n/a			51,006			51,006			n/a			51,006			n/a
Interest income		35,143			35,945			802			2	%		36,176			231			1	%		1,033			3	%
Other income		5,994			2,909			(3,085	)		-51	%		3,386			477			16	%		(2,608	)		-44	%
Prepayment fees		—			2,400			2,400			n/a			—			(2,400	)		-100	%		—			n/a
		322,707			351,701			28,994			9	%		440,757			89,056			25	%		118,050			37	%
Expenses:
Interest expense		(7,694	)		3,502			11,196			n/a			16,246			12,744			364	%		23,940			-311	%
Property operating expenses		—			—			—			n/a			32,621			32,621			n/a			32,621			n/a
Depreciation and amortization		76,061			83,771			7,710			10	%		114,788			31,017			37	%		38,727			51	%
Transaction costs		—			—			—			n/a			41,549			41,549			n/a			41,549			n/a
Loss (gain) on extinguishment of debt		(808	)		2,057			2,865			n/a			7,791			5,734			279	%		8,599			-1064	%
Provision for loan losses		94			23,261			23,167			24646	%		29,684			6,423			28	%		29,590			31479	%
		67,653			112,591			44,938			66	%		242,679			130,088			116	%		175,026			259	%
Income from continuing operations before income taxes		255,054			239,110			(15,944	)		-6	%		198,078			(41,032	)		-17	%		(56,976	)		-22	%
Income tax expense		(1,693	)		(607	)		1,086			-64	%		(229	)		378			-62	%		1,464			-86	%
Income from continuing operations		253,361			238,503			(14,858	)		-6	%		197,849			(40,654	)		-17	%		(55,512	)		-22	%
Discontinued operations:
Gain (loss) on sales of properties		151,457			32,084			(119,373	)		-79	%		36,274			4,190			13	%		(115,183	)		-76	%
Income from discontinued operations, net		25,999			21,013			(4,986	)		-19	%		14,127			(6,886	)		-33	%		(11,872	)		-46	%
Discontinued operations, net		177,456			53,097			(124,359	)		-70	%		50,401			(2,696	)		-5	%		(127,055	)		-72	%
Net income		430,817			291,600			(139,217	)		-32	%		248,250			(43,350	)		-15	%		(182,567	)		-42	%
Less: Net income attributable to noncontrolling interests		—			—			—			n/a			(1,674	)		(1,674	)		n/a			(1,674	)		n/a
Net income attributable to common stockholders	$	430,817		$	291,600		$	(139,217	)		-32	%	$	249,924		$	(41,676	)		-14	%	$	(180,893	)		-42	%

     The increase in rental income is primarily attributable to the acquisitions of new properties and the conversion of newly

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

constructed senior housing triple-net properties from which we receive rent. Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index and/or changes in the gross operating revenues of the tenant’s properties. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If gross operating revenues at our facilities and/or the Consumer Price Index do not increase, a portion of our revenues may not continue to increase. Sales of real property would offset revenue increases and, to the extent that they exceed new acquisitions, could result in decreased revenues. Our leases could renew above or below current rent rates, resulting in an increase or decrease in rental income. For the three months ended December 31, 2010, we had no lease renewals but we had 18 leases with rental rate increasers ranging from 0.14% to 0.60% in our senior housing triple-net portfolio.

     As discussed in Note 3 to our consolidated financial statements, we completed two senior housing operating partnerships in 2010. The results of operations for these partnerships have been included in our consolidated results of operations from the dates of acquisition. The senior housing operating partnerships were formed using the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). When considering new partnerships utilizing the RIDEA structure, we look for opportunities with best-in-class operators with a strong seasoned leadership team, high-quality real estate in attractive markets, growth potential above the rent escalators in our triple-net lease senior housing portfolio, and alignment of economic interests with our operating partner. Our senior housing operating partnerships offer us the opportunity for external growth because we have the right to fund future senior housing investment opportunities sourced by our operating partners.

     As discussed in Note 17 to our consolidated financial statements, during the three months ended March 31, 2011, we changed the name of our senior housing and care segment to senior housing triple-net. Additionally, we added a new senior housing operating segment. The following amounts previously reported in senior housing and care and included in the results of operations above for the year ended December 31, 2010 have been reclassified to senior housing operating in the current year (in thousands):

Resident fees and services	$	51,006
Interest expense		6,321
Property operating expenses		32,621
Depreciation and amortization		15,405
Transaction costs		25,857
Net loss		(29,198	)
Less: Net income attributable to noncontrolling interests		(1,674	)
Net loss attributable to common stockholders	$	(27,524	)

     Interest expense for the years ended December 31, 2010, 2009 and 2008 represents $22,905,000, $12,622,000 and $7,176,000, respectively, of secured debt interest expense offset by interest allocated to discontinued operations. The change in secured debt interest expense is due to the net effect and timing of assumptions, extinguishments and principal amortizations. The following is a summary of our senior housing triple-net and operating property secured debt principal activity (dollars in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2008						December 31, 2009						December 31, 2010
				Weighted Avg.						Weighted Avg.						Weighted Avg.
	Amount			Interest Rate			Amount			Interest Rate			Amount			Interest Rate
Beginning balance	$	114,543			7.000	%	$	94,234			6.996	%	$	298,492			5.998	%
Debt issued		—						265,527			5.982	%		157,156			5.454	%
Debt assumed		—												396,919			5.858	%
Debt extinguished		(17,821	)		7.022	%		(47,502	)		7.414	%		(185,999	)		6.075	%
Principal payments		(2,488	)		6.974	%		(13,767	)		7.640	%		(6,000	)		5.962	%
Ending balance	$	94,234			6.996	%	$	298,492			5.998	%	$	660,568			5.763	%
Monthly averages	$	103,927			6.996	%	$	205,549			6.309	%	$	592,892			5.837	%

     Depreciation and amortization increased primarily as a result of new property acquisitions and the conversions of newly constructed investment properties. To the extent that we acquire or dispose of additional properties in the future, our provision for depreciation and amortization will change accordingly.

     Transaction costs for the year ended December 31, 2010 primarily represent costs incurred with the senior housing operating partnerships (including due diligence costs, fees for legal and valuation services, and termination of pre-existing relationships computed based on the fair value of the assets acquired), lease termination fees and costs incurred in connection with other new property acquisitions.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     During the six months ended June 30, 2011, we sold 34 senior housing triple-net facilities. At June 30, 2011, we had three senior housing triple-net facilities that satisfied the requirements for held for sale treatment and such properties were properly recorded at the lesser of their estimated fair values less costs to sell or carrying values. During the three months ended March 31, 2011, we recorded an impairment charge of $202,000 related to two of the held for sale senior housing triple-net facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. During the year ended December 31, 2010, we sold 31 senior housing triple-net properties for net gains of $36,274,000 as compared to 21 properties for net gains of $32,084,000 in 2009 and 36 properties for net gains of $151,457,000 in 2008. Additionally, at December 31, 2010, we had 16 senior housing triple-net facilities that satisfied the requirements for held for sale treatment. We did not recognize an impairment loss on these facilities as the fair value less estimated costs to sell exceeded our carrying value. The following illustrates the reclassification impact as a result of classifying the properties sold prior to or held for sale at June 30, 2011 as discontinued operations for the periods presented. Please refer to Note 5 to our consolidated financial statements for further discussion.

	Year Ended December 31,
	2008		2009		2010
Rental income	$	63,483	$	47,662	$	32,715
Expenses:
Interest expense		14,870		9,120		6,659
Provision for depreciation		22,614		17,529		11,929
Income (loss) from discontinued operations, net	$	25,999	$	21,013	$	14,127

     We recorded $23,261,000 of provision for loan losses during the year ended December 31, 2009. This amount includes the write-off of loans totaling $25,578,000 primarily relating to certain early stage senior housing operators offset by a net reduction in the allowance for loan losses of $2,457,000. We recorded $29,684,000 of provision for loan losses during the year ended December 31, 2010. This amount includes the write-off of loans totaling $33,591,000 primarily related to certain early stage senior housing and CCRC development projects. This was offset by a net reduction of the allowance balance by $3,907,000, resulting in an allowance for loan losses of $1,276,000 relating to real estate loans with outstanding balances of $9,691,000, all of which were on non-accrual status at December 31, 2010. The provision for loan losses is related to our critical accounting estimate for the allowance for loan losses and is discussed in “Critical Accounting Policies.”

     Medical Facilities

     The following is a summary of our results of operations for the medical facilities segment (dollars in thousands):

	Year Ended						One Year Change						Year Ended			One Year Change						Two Year Change
	December			December									December
	31, 2008			31, 2009			$			%			31, 2010			$			%			$			%
Revenues:
Rental income	$	157,698		$	170,160		$	12,462			8	%	$	214,468		$	44,308			26	%	$	56,770			36	%
Interest income		4,920			4,940			20			0	%		4,679			(261	)		-5	%		(241	)		-5	%
Other income		2,835			1,309			(1,526	)		-54	%		985			(324	)		-25	%		(1,850	)		-65	%
		165,453			176,409			10,956			7	%		220,132			43,723			25	%		54,679			33	%
Expenses:
Interest expense		17,014			18,528			1,514			9	%		23,806			5,278			28	%		6,792			40	%
Property operating expenses		41,063			44,001			2,938			7	%		48,182			4,181			10	%		7,119			17	%
Depreciation and amortization		55,273			59,524			4,251			8	%		74,467			14,943			25	%		19,194			35	%
Transaction costs		—			—			—			n/a			5,112			5,112			n/a			5,112			n/a
Loss (gain) on extinguishment of debt		(1,286	)		3,781			5,067			n/a			1,308			(2,473	)		-65	%		2,594			-202	%
		112,064			125,834			13,770			12	%		152,875			27,041			21	%		40,811			36	%
Income from continuing operations before income taxes and income from unconsolidated joint ventures		53,389			50,575			(2,814	)		-5	%		67,257			16,682			33	%		13,868			26	%
Income tax expense		(51	)		(233	)		(182	)		357	%		(77	)		156			-67	%		(26	)		51	%
Income from unconsolidated joint ventures		—			—			—			n/a			6,673			6,673			n/a			6,673			n/a
Income from continuing operations		53,338			50,342			(2,996	)		-6	%		73,853			23,511			47	%		20,515			38	%
Discontinued operations:

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Year Ended						One Year Change						Year Ended			One Year Change						Two Year Change
	December			December									December
	31, 2008			31, 2009			$			%			31, 2010			$			%			$			%
Gain (loss) on sales of properties		12,476			11,310			(1,166	)		-9	%		(159	)		(11,469	)		-101	%		(12,635	)		-101	%
Impairment of assets		(32,648	)		(25,223	)		7,425			-23	%		(947	)		24,276			-96	%		31,701			-97	%
Income (loss) from discontinued operations, net		(47	)		8,582			8,629			n/a			(2,103	)		(10,685	)		-125	%		(2,056	)		4374	%
Discontinued operations, net		(20,219	)		(5,331	)		14,888			-74	%		(3,209	)		2,122			-40	%		17,010			-84	%
Net income (loss)		33,119			45,011			11,892			36	%		70,644			25,633			57	%		37,525			113	%
Less: Net income (loss) attributable to noncontrolling interests		126			(342	)		(468	)		n/a			2,031			2,373			-694	%		1,905			1512	%
Net income (loss) attributable to common stockholders	$	32,993		$	45,353		$	12,360			37	%	$	68,613		$	23,260			51	%	$	35,620			108	%

     The increase in rental income is primarily attributable to the acquisitions of new properties and the construction conversions of medical facilities from which we receive rent. Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If the Consumer Price Index does not increase, a portion of our revenues may not continue to increase. Sales of real property would offset revenue increases and, to the extent that they exceed new acquisitions, could result in decreased revenues. Our leases could renew above or below current rent rates, resulting in an increase or decrease in rental income. For the three months ended December 31, 2010, our consolidated medical office building portfolio signed 62,391 square feet of new leases and 127,069 square feet of renewals. The weighted average term of these leases was five years, with a rate of $20.24 per square foot and tenant improvement and lease commission costs of $12.85 per square foot. Substantially all of these leases during the referenced quarter contain an annual fixed or contingent escalation rent structure ranging from the change in CPI to 3%. For the three months ended December 31, 2010, we had no lease renewals but we had two leases with rental rate increasers ranging from 0.25% to 0.50% in our hospital portfolio.

     Interest income decreased from the prior period primarily due to a decline in outstanding balances for medical facility real estate loans. Other income is attributable to third party management fee income.

     Interest expense for the years ended December 31, 2010, 2009 and 2008 represents $24,926,000, $20,584,000 and $21,828,000, respectively, of secured debt interest expense offset by interest allocated to discontinued operations. The change in secured debt interest expense is primarily due to the net effect and timing of assumptions, extinguishments and principal amortizations. The following is a summary of our medical facilities secured debt principal activity (dollars in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2008						December 31, 2009						December 31, 2010
				Weighted Avg.						Weighted Avg.						Weighted Avg.
	Amount			Interest Rate			Amount			Interest Rate			Amount			Interest Rate
Beginning balance	$	392,430			5.854	%	$	354,146			5.799	%	$	314,065			5.677	%
Debt assumed		—												167,737			6.637	%
Debt extinguished		(32,653	)		6.473	%		(34,213	)		6.933	%		(8,494	)		6.045	%
Principal payments		(5,631	)		5.741	%		(5,868	)		5.721	%		(9,831	)		6.279	%
Ending balance	$	354,146			5.799	%	$	314,065			5.677	%	$	463,477			5.286	%
Monthly averages	$	365,661			5.802	%	$	341,103			5.764	%	$	458,196			5.961	%

     The increase in property operating expenses and depreciation and amortization is primarily attributable to acquisitions and construction conversions of new medical facilities for which we incur certain property operating expenses offset by property operating expenses associated with discontinued operations.

     Transaction costs for the year ended December 31, 2010 represent costs incurred in connection with the acquisition of new properties. Income tax expense is primarily related to third party management fee income.

     Income from unconsolidated joint ventures represents our share of net income related to our joint venture investment with Forest City Enterprises. See Note 7 to our consolidated financial statements for additional information. The following is a summary of our net income from this investment for the year ended December 31, 2010 (in thousands):

Revenues	$	34,002
Operating expenses		9,707

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Net operating income		24,295
Depreciation and amortization		8,514
Interest expense		7,759
Asset management fee		1,349
Net income	$	6,673

     During the year ended December 31, 2008, we sold two medical facilities for net gains of $12,476,000. At December 31, 2008, we had 15 medical facilities that were held for sale and we recorded an impairment charge of $32,648,000 to reduce the carrying values of certain properties to their estimated fair values less costs to sell. During the year ended December 31, 2009, we sold 15 medical facilities for net gains of $11,310,000. At December 31, 2009, we had eight medical facilities held for sale and recorded an impairment charge of $25,223,000 to reduce the properties to their estimated fair values less costs to sell. In determining the fair value of the held for sale properties, we used a combination of third party appraisals based on market comparable transactions, other market listings and asset quality as well as management calculations based on projected operating income and published capitalization rates. During the three months ended September 30, 2010, we recorded an impairment charge of $947,000 related to two of the held for sale medical facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. During the year ended December 31, 2010, we sold seven of the held for sale medical facilities for net losses of $159,000. At December 31, 2010, we had one medical facility held for sale. During the six months ended June 30, 2011, we sold four medical facilities. Additionally, at June 30, 2011, we had one medical facility that satisfied the requirements for held for sale treatment. The following illustrates the reclassification impact as a result of classifying medical facilities sold prior to or held for sale at June 30, 2011 as discontinued operations for the periods presented. Please refer to Note 5 to our consolidated financial statements for further discussion.

	Year Ended December 31,
	2008			2009		2010
Rental income	$	19,430		$	11,642	$	6,038
Other income		—			8,059		—
Expenses:
Interest expense		4,814			2,056		1,120
Property operating expenses		5,566			4,964		5,662
Provision for depreciation		9,097			4,099		1,359
Income (loss) from discontinued operations, net	$	(47	)	$	8,582	$	(2,103	)

     Net income attributable to non-controlling interests primarily relates to certain properties that are consolidated in our operating results but where we have less than a 100% ownership interest.

Non-Segment/Corporate

     The following is a summary of our results of operations for the non-segment/corporate activities (dollars in thousands):

	Year Ended												Year Ended
	December			December			One Year Change						December			One Year Change						Two Year Change
	31, 2008			31, 2009			$			%			31, 2010			$			%			$			%
Revenues:
Other income	$	1,692		$	1,170		$	(522	)		-31	%	$	2,874		$	1,704			146	%	$	1,182			70	%
Expenses:
Interest expense		112,055			76,566			(35,489	)		-32	%		113,129			36,563			48	%		1,074			1	%
Realized loss on derivatives		23,393			—			(23,393	)		-100	%		—			—			n/a			(23,393	)		-100	%
General and administrative		47,193			49,691			2,498			5	%		54,626			4,935			10	%		7,433			16	%
Loss (gain) on extinguishments of debt		—			19,269			19,269			n/a			25,072			5,803			30	%		25,072			n/a
		182,641			145,526			(37,115	)		-20	%		192,827			47,301			33	%		10,186			6	%
Loss from continuing operations before income taxes		(180,949	)		(144,356	)		36,593			-20	%		(189,953	)		(45,597	)		32	%		(9,004	)		5	%
Income tax benefit (expense)		438			672			234			53	%		(58	)		(730	)		-109	%		(496	)		-113	%
Net loss		(180,511	)		(143,684	)		36,827			-20	%		(190,011	)		(46,327	)		32	%		(9,500	)		5	%
Preferred stock dividends		23,201			22,079			(1,122	)		-5	%		21,645			(434	)		-2	%		(1,556	)		-7	%
Net loss attributable to common stockholders	$	(203,712	)	$	(165,763	)	$	37,949			-19	%	$	(211,656	)	$	(45,893	)		28	%	$	(7,944	)		4	%

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     Other income primarily represents income from non-real estate activities such as interest earned on temporary investments of cash reserves.

     The following is a summary of our non-segment/corporate interest expense (dollars in thousands):

	Year Ended												Year Ended
	December 31,			December 31,			One Year Change						December 31,			One Year Change						Two Year Change
	2008			2009			$			%			2010			$			%			$			%
Senior unsecured notes	$	111,544		$	106,347		$	(5,197	)		-5	%	$	122,492		$	16,145			15	%	$	10,948			10	%
Secured debt		—			265			265			n/a			645			380			143	%		645			n/a
Unsecured lines of credit		18,878			4,629			(14,249	)		-75	%		3,974			(655	)		-14	%		(14,904	)		-79	%
Capitalized interest		(25,029	)		(41,170	)		(16,141	)		64	%		(20,792	)		20,378			-49	%		4,237			-17	%
Interest SWAP savings		(161	)		(161	)		—			0	%		(161	)		—			0	%		—			0	%
Loan expense		6,823			6,656			(167	)		-2	%		6,971			315			5	%		148			2	%
Totals	$	112,055		$	76,566		$	(35,489	)		-32	%	$	113,129		$	36,563			48	%	$	1,074			1	%

     The change in interest expense on senior unsecured notes is due to the net effect of issuances and extinguishments. The following is a summary of our senior unsecured note principal activity (dollars in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2008						December 31, 2009						December 31, 2010
				Weighted Avg.						Weighted Avg.						Weighted Avg.
	Amount			Interest Rate			Amount			Interest Rate			Amount			Interest Rate
Beginning balance	$	1,887,330			5.823	%	$	1,845,000			5.782	%	$	1,661,853			5.557	%
Debt issued														1,844,403			4.653	%
Debt extinguished(1)		(42,330	)		7.625	%		(183,147	)		7.823	%		(441,326	)		4.750	%
Ending balance	$	1,845,000			5.782	%	$	1,661,853			5.557	%	$	3,064,930			5.129	%
Monthly averages	$	1,854,768			5.792	%	$	1,778,621			5.713	%	$	2,221,056			5.263	%

(1) We recognized losses of $0, $19,269,000 and $25,072,000 in connection with the extinguishments for the years ended December 31, 2008, 2009 and 2010, respectively.

     During the three months ended September 30, 2009, we completed a $10,750,000 first mortgage loan secured by a commercial real estate campus. The 10-year debt has a fixed interest rate of 6.37%.

     The change in interest expense on the unsecured line of credit arrangement is due primarily to the net effect and timing of draws, paydowns and variable interest rate changes. The following is a summary of our unsecured line of credit arrangement (dollars in thousands):

	Year Ended December 31,
	2008			2009			2010
Balance outstanding at quarter end	$	570,000		$	140,000		$	300,000
Maximum amount outstanding at any month end	$	744,000		$	559,000		$	560,000
Average amount outstanding (total of daily principal balances divided by days in period)	$	500,561		$	241,463		$	268,762
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)		3.77	%		1.92	%		1.48	%

     We capitalize certain interest costs associated with funds used to finance the construction of properties owned directly by us. The amount capitalized is based upon the balances outstanding during the construction period using the rate of interest that approximates our cost of financing. Our interest expense is reduced by the amount capitalized.

     Please see Note 11 to our consolidated financial statements for a discussion of our interest rate swap agreements and their impact on interest expense. Loan expense represents the amortization of deferred loan costs incurred in connection with the issuance and amendments of debt. Loan expense is consistent for all years presented.

     During the year ended December 31, 2008, we recognized a realized loss on derivatives of $23,393,000 related to forward-starting interest rate swaps that were in place to hedge future debt issuances when the timing of those issuances was revised.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     General and administrative expenses as a percentage of consolidated revenues (including revenues from discontinued operations) for the years ended December 31, 2010, 2009 and 2008 were 7.78%, 8.33% and 8.24%, respectively. The change from prior year is primarily related to (i) the recognition of $2,853,000 of expenses in connection with a performance-based stock grant, (ii) the recognition of $1,000,000 for the immediate vesting of a stock grant in conjunction with the CEO’s new employment agreement, and (iii) additional salary and benefits to attract and retain appropriate personnel to support our business growth. This was partially offset by $3,909,000 of non-recurring expenses recognized during the year ended December 31, 2009 in connection with the departure of Raymond W. Braun who formerly served as President of the company.

     The change in preferred dividends is primarily attributable to preferred stock conversions into common stock. The following is a summary of our preferred stock activity (dollars in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2008						December 31, 2009						December 31, 2010
				Weighted Avg.						Weighted Avg.						Weighted Avg.
	Shares			Dividend Rate			Shares			Dividend Rate			Shares			Dividend Rate
Beginning balance		12,879,189			7.676	%		11,516,302			7.696	%		11,474,093			7.697	%
Shares issued														349,854			6.000	%
Shares redeemed														(5,513	)		7.500	%
Shares converted		(1,362,887	)		7.500	%		(42,209	)		7.478	%		(468,580	)		7.262	%
Ending balance		11,516,302			7.696	%		11,474,093			7.697	%		11,349,854			7.663	%
Monthly averages		12,138,161			7.686	%		11,482,557			7.697	%		11,321,886			7.699	%

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Non-GAAP Financial Measures

     We believe that net income, as defined by U.S. GAAP, is the most appropriate earnings measurement. However, we consider FFO to be a useful supplemental measure of our operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (“NAREIT”) created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means net income, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

     Net operating income (“NOI”) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property level operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.

     EBITDA stands for earnings before interest, taxes, depreciation and amortization. We believe that EBITDA, along with net income and cash flow provided from operating activities, is an important supplemental measure because it provides additional information to assess and evaluate the performance of our operations. A covenant in our line of credit arrangement contains a financial ratio based on a definition of EBITDA that is specific to that agreement. Failure to satisfy this covenant could result in an event of default that could have a material adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. Due to the materiality of this debt agreement and the financial covenant, we have disclosed Adjusted EBITDA, which represents EBITDA as defined above and adjusted for stock-based compensation expense, provision for loan losses and gain/loss on extinguishment of debt. We primarily utilize Adjusted EBITDA to measure our adjusted interest coverage ratio, which represents Adjusted EBITDA divided by total interest, and our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges. Fixed charges include total interest, secured debt principal amortization and preferred dividends. Our covenant requires an adjusted fixed charge ratio of at least 1.75 times.

     Other than Adjusted EBITDA, our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Management uses these financial measures to facilitate internal and external comparisons to our historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. Adjusted EBITDA is used solely to determine our compliance with a financial covenant of our line of credit arrangement and is not being presented for use by investors for any other purpose. None of our supplemental measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies.

     The tables below reflect the reconciliation of FFO to net income attributable to common stockholders, the most directly comparable U.S. GAAP measure, for the periods presented. The provisions for depreciation and amortization include provisions for depreciation and amortization from discontinued operations. Noncontrolling interest amounts represent the noncontrolling interests’ share of transaction costs and depreciation and amortization. Unconsolidated joint venture amounts represent our share of unconsolidated joint ventures’ depreciation and amortization. Amounts are in thousands except for per share data.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Year Ended December 31,
	2008			2009			2010
FFO Reconciliation:
Net income attributable to common stockholders	$	260,098		$	171,190		$	106,882
Depreciation and amortization		163,045			164,923			202,543
Loss (gain) on sales of properties		(163,933	)		(43,394	)		(36,115	)
Noncontrolling interests		(342	)		(965	)		(2,749	)
Unconsolidated joint ventures		—			—			8,514
Funds from operations	$	258,868		$	291,754		$	279,075
Average common shares outstanding:
Basic		93,732			114,207			127,656
Diluted		94,309			114,612			128,208
Per share data:
Net income attributable to common stockholders
Basic	$	2.77		$	1.50		$	0.84
Diluted		2.76			1.49			0.83
Funds from operations
Basic	$	2.76		$	2.55		$	2.19
Diluted		2.74			2.55			2.18

     The table below reflects the reconciliation of Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure, for the periods presented. Interest expense and the provisions for depreciation and amortization include discontinued operations. Dollars are in thousands.

	Year Ended December 31,
	2008			2009			2010
Adjusted EBITDA Reconciliation:
Net income	$	283,425		$	192,927		$	128,884
Interest expense		141,059			109,772			160,960
Income tax expense (benefit)		1,306			168			364
Depreciation and amortization		163,045			164,923			202,543
Stock-based compensation expense		8,530			9,633			11,823
Provision for loan losses		94			23,261			29,684
Loss (gain) on extinguishment of debt		(2,094	)		25,107			34,171
Adjusted EBITDA	$	595,365		$	525,791		$	568,429
Interest Coverage Ratio:
Interest expense	$	141,059		$	109,772		$	160,960
Capitalized interest		25,029			41,170			20,792
Non-cash interest expense		(11,231	)		(11,898	)		(13,945	)
Total interest		154,857			139,044			167,807
Adjusted EBITDA	$	595,365		$	525,791		$	568,429
Adjusted interest coverage ratio		3.84x			3.78x			3.39x
Adjusted Fixed Charge Coverage Ratio:
Interest expense	$	141,059		$	109,772		$	160,960
Capitalized interest		25,029			41,170			20,792
Non-cash interest expense		(11,231	)		(11,898	)		(13,945	)
Secured debt principal payments		8,119			9,292			16,652
Preferred dividends		23,201			22,079			21,645
Total fixed charges		186,177			170,415			206,104
Adjusted EBITDA	$	595,365		$	525,791		$	568,429
Adjusted fixed charge coverage ratio		3.20x			3.09x			2.76x

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     The following tables reflect the reconciliation of NOI for the periods presented. All amounts include amounts from discontinued operations, if applicable. Our share of revenues and expenses from unconsolidated joint ventures for life science buildings are included in medical facilities. Amounts are in thousands.

	Year Ended December 31,
	2008		2009		2010
NOI Reconciliation:
Total revenues:
Senior housing triple-net:
Rental income:
Senior housing facilities	$	183,411	$	190,684	$	220,383
Skilled nursing facilities		161,642		167,426		162,521
Sub-total		345,053		358,110		382,904
Interest income		35,143		35,944		36,176
Other income		5,994		5,308		3,386
Total senior housing triple-net revenues		386,190		399,362		422,466
Senior housing operating: Resident fees and services		—		—		51,006
Medical facilities:
Rental income
Medical office buildings		133,332		136,834		170,435
Hospitals		43,796		44,967		50,071
Life science buildings		—		—		34,002
Sub-total		177,128		181,801		254,508
Interest income		4,920		4,941		4,679
Other income		2,835		9,369		985
Total medical facilities revenues		184,883		196,111		260,172
Corporate other income		1,692		1,170		2,874
Total revenues		572,765		596,643		685,512
Property operating expenses:
Senior housing triple-net		—		—		—
Senior housing operating		—		—		32,621
Medical facilities:
Medical office buildings		46,629		48,965		52,091
Hospitals		—		—		1,753
Life science buildings		—		—		9,707
Sub-total		46,629		48,965		63,551
Total property operating expenses		46,629		48,965		96,172
Net operating income:
Senior housing triple-net		386,190		399,362		422,466
Senior housing operating		—		—		18,385
Medical facilities		138,254		147,146		196,621
Non-segment/corporate		1,692		1,170		2,874
Net operating income	$	526,136	$	547,678	$	640,346

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Critical Accounting Policies

     Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions. Management considers accounting estimates or assumptions critical if:

• the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and

• the impact of the estimates and assumptions on financial condition or operating performance is material.

     Management has discussed the development and selection of its critical accounting policies with the Audit Committee of the Board of Directors and the Audit Committee has reviewed the disclosure presented below relating to them. Management believes the current assumptions and other considerations used to estimate amounts reflected in our consolidated financial statements are appropriate and are not reasonably likely to change in the future. However, since these estimates require assumptions to be made that were uncertain at the time the estimate was made, they bear the risk of change. If actual experience differs from the assumptions and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated results of operations, liquidity and/or financial condition. Please refer to Note 1 of our audited consolidated financial statements for further information on significant accounting policies that impact us. There were no material changes to these policies in 2010.

     The following table presents information about our critical accounting policies, as well as the material assumptions used to develop each estimate:

Nature of Critical	Assumptions/Approach
Accounting Estimate	Used
Principles of Consolidation
The consolidated financial statements include our accounts, the accounts of our wholly-owned subsidiaries and the accounts of joint ventures in which we own a majority voting interest with the ability to control operations and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation.	We make judgments about which entities are VIEs based on an assessment of whether (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We make judgments with respect to our level of influence or control of an entity and whether we are (or are not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, our ability to direct the activities that most significantly impact the entity’s economic performance, our form of ownership interest, our representation on the entity’s governing body, the size and seniority of our investment, our ability and the rights of other investors to participate in policy making decisions, replace the manager and/or liquidate the entity, if applicable. Our ability to correctly assess our influence or control over an entity at inception of our involvement or on a continuous basis when determining the primary beneficiary of a VIE affects the presentation of these entities in our consolidated financial statements. If we perform a primary beneficiary analysis at a date other than at inception of the variable interest entity, our assumptions may be different and may result in the identification of a different primary beneficiary.
Income Taxes
As part of the process of preparing our consolidated financial statements, significant management judgment is required to evaluate our compliance with REIT requirements.	Our determinations are based on interpretation of tax laws, and our conclusions may have an impact on the income tax expense recognized. Adjustments to income tax expense may be required as a result of: (i) audits conducted by federal and state tax authorities, (ii) our ability to qualify as a REIT, (iii) the potential for built-in-gain recognized related to prior-tax-free acquisitions of C corporations, and (iv) changes in tax laws. Adjustments required in any given period are included in income.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Nature of Critical	Assumptions/Approach
Accounting Estimate	Used
Impairment of Long-Lived Assets
We review our long-lived assets for potential impairment in accordance with U.S. GAAP. An impairment charge must be recognized when the carrying value of a long-lived asset is not recoverable. The carrying value is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that a permanent impairment of a long-lived asset has occurred, the carrying value of the asset is reduced to its fair value and an impairment charge is recognized for the difference between the carrying value and the fair value.	The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if there are indicators of impairment. These indicators may include anticipated operating losses at the property level, the tenant’s inability to make rent payments, a decision to dispose of an asset before the end of its estimated useful life and changes in the market that may permanently reduce the value of the property. If indicators of impairment exist, then the undiscounted future cash flows from the most likely use of the property are compared to the current net book value. This analysis requires us to determine if indicators of impairment exist and to estimate the most likely stream of cash flows to be generated from the property during the period the property is expected to be held.
	During the year ended December 31, 2009, an impairment charge of $25,223,000 was recorded to reduce the carrying value of eight medical facilities to their estimated fair value less costs to sell. In determining the fair value of the properties, we used a combination of third party appraisals based on market comparable transactions, other market listings and asset quality as well as management calculations based on projected operating income and published capitalization rates. During the year ended December 31, 2010, we sold 38 properties, including seven of the held for sale medical facilities, for net gains of $36,115,000. At December 31, 2010, we had one medical facility and 16 senior housing facilities that satisfied the requirements for held for sale treatment. During the three months ended September 30, 2010, we recorded an impairment charge of $947,000 related to two of the held for sale medical facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations.
Allowance for Loan Losses
We maintain an allowance for loan losses in accordance with U.S. GAAP. The allowance for loan losses is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of all outstanding loans. If this evaluation indicates that there is a greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement. Consistent with this definition, all loans on non-accrual are deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status.	The determination of the allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments and principal. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors and value of the underlying property. As a result of our quarterly evaluations, we recorded $29,684,000 of provision for loan losses during the year ended December 31, 2010. This amount includes the write-off of loans totaling $33,591,000 primarily related to certain early stage senior housing and CCRC development projects. These related to three separate borrowers where new factors arose that, under the circumstances, resulted in the determination to record the write-offs. This was offset by a net reduction of the allowance balance by $3,907,000, resulting in an allowance for loan losses of $1,276,000 relating to real estate loans with outstanding balances of $9,691,000, all of which were on non-accrual status at December 31, 2010.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Nature of Critical	Assumptions/Approach
Accounting Estimate	Used
Revenue Recognition
Revenue is recorded in accordance with U.S. GAAP, which requires that revenue be recognized after four basic criteria are met. These four criteria include persuasive evidence of an arrangement, the rendering of service, fixed and determinable income and reasonably assured collectability. If the collectability of revenue is determined incorrectly, the amount and timing of our reported revenue could be significantly affected. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risk. Substantially all of our operating leases contain fixed and/or contingent escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. We recognize resident fees and services, other than move in fees, monthly as services are provided. Move in fees, which are a component of resident fees and services, are recognized on a straight-line basis over the term of the applicable lease agreement. Lease agreements with residents generally have a term of one year and are cancelable by the resident with 30 days’ notice.	We evaluate the collectability of our revenues and related receivables on an on-going basis. We evaluate collectability based on assumptions and other considerations including, but not limited to, the certainty of payment, payment history, the financial strength of the investment’s underlying operations as measured by cash flows and payment coverages, the value of the underlying collateral and guaranties and current economic conditions. If our evaluation indicates that collectability is not reasonably assured, we may place an investment on non-accrual or reserve against all or a portion of current income as an offset to revenue. For the year ended December 31, 2010, we recognized $40,855,000 of interest income, $51,006,000 of resident fees and services, and $603,410,000 of rental income, including discontinued operations. For the year ended December 31, 2010, cash receipts on leases with deferred revenue provisions equaled $8,537,000 as compared to gross straight-line rental income recognized of $14,717,000. At December 31, 2010, our straight-line receivable balance was $86,669,000, net of reserves totaling $265,000. Also at December 31, 2010, we had real estate loans with outstanding balances of $9,691,000 on non-accrual status.
Fair Value of Derivative Instruments
The valuation of derivative instruments is accounted for in accordance with U.S. GAAP, which requires companies to record derivatives at fair market value on the balance sheet as assets or liabilities.	The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values for our derivatives are estimated by utilizing pricing models that consider forward yield curves and discount rates. Such amounts and their recognition are subject to significant estimates which may change in the future. At December 31, 2010, we participated in one interest rate swap agreement which is reported at its fair value of $482,000 in other liabilities.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Nature of Critical	Assumptions/Approach
Accounting Estimate	Used
Business Combinations
Real property developed by us is recorded at cost, including the capitalization of construction period interest. The cost of real property acquired is allocated to net tangible and identifiable intangible assets based on their respective fair values. Tangible assets primarily consist of land, buildings and improvements. The remaining purchase price is allocated among identifiable intangible assets primarily consisting of the above or below market component of in-place leases and the value of in-place leases. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant.	We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the relative fair value of each component. The most significant components of our allocations are typically the allocation of fair value to the buildings as-if-vacant, land and in-place leases. In the case of the fair value of buildings and the allocation of value to land and other intangibles, our estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make our best estimates based on our evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. Our assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases
	We compute depreciation and amortization on our properties using the straight-line method based on their estimated useful lives which range from 15 to 40 years for buildings and five to 15 years for improvements. Lives for intangibles are based on the remaining term of the underlying leases. For the year ended December 31, 2010, we recorded $144,098,000, $40,147,000 and $18,298,000 as provisions for depreciation and amortization relating to buildings, improvements and intangibles, respectively, including amounts reclassified as discontinued operations. The average useful life of our buildings, improvements and intangibles was 38.2 years, 11.6 years and 6.0 years, respectively, for the year ended December 31, 2010.

Impact of Inflation

     During the past three years, inflation has not significantly affected our earnings because of the moderate inflation rate. Additionally, our earnings are primarily long-term investments with fixed rates of return. These investments are mainly financed with a combination of equity, senior unsecured notes and borrowings under our unsecured line of credit arrangement. During inflationary periods, which generally are accompanied by rising interest rates, our ability to grow may be adversely affected because the yield on new investments may increase at a slower rate than new borrowing costs. Presuming the current inflation rate remains moderate and long-term interest rates do not increase significantly, we believe that inflation will not impact the availability of equity and debt financing for us.

Item 8. Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of Health Care REIT, Inc.

     We have audited the accompanying consolidated balance sheets of Health Care REIT, Inc. as of December 31, 2010 and 2009, and the related consolidated statements of income, equity, and cash flows for each of the three years in the period ended December 31, 2010. Our audits also included the financial statement schedules listed in Item 9.01 of this Form 8-K. These financial statements and schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Health Care REIT, Inc. at December 31, 2010 and 2009, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2010, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedules, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein.

     We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Health Care REIT, Inc.’s internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2011 (not included herein) expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP  

Toledo, Ohio
February 25, 2011,
except for Notes 5 and 17,
as to which the date is August 9, 2011.

CONSOLIDATED BALANCE SHEETS
HEALTH CARE REIT, INC. AND SUBSIDIARIES

	December 31,			December 31,
	2010			2009
	(In thousands)
Assets
Real estate investments:
Real property owned:
Land and land improvements	$	727,050		$	521,055
Buildings and improvements		7,627,132			5,185,328
Acquired lease intangibles		258,079			127,390
Real property held for sale, net of accumulated depreciation		23,441			45,686
Construction in progress		356,793			456,832
Gross real property owned		8,992,495			6,336,291
Less accumulated depreciation and amortization		(836,966	)		(677,851	)
Net real property owned		8,155,529			5,658,440
Real estate loans receivable:
Real estate loans receivable		436,580			427,363
Less allowance for losses on loans receivable		(1,276	)		(5,183	)
Net real estate loans receivable		435,304			422,180
Net real estate investments		8,590,833			6,080,620
Other assets:
Equity investments		237,107			5,816
Goodwill		51,207			—
Deferred loan expenses		32,960			22,698
Cash and cash equivalents		131,570			35,476
Restricted cash		79,069			23,237
Receivables and other assets		328,988			199,339
Total other assets		860,901			286,566
Total assets	$	9,451,734		$	6,367,186
Liabilities and equity
Liabilities:
Borrowings under unsecured line of credit arrangement	$	300,000		$	140,000
Senior unsecured notes		3,034,949			1,653,027
Secured debt		1,125,906			620,995
Capital lease obligations		8,881			—
Accrued expenses and other liabilities		244,345			145,713
Total liabilities		4,714,081			2,559,735
Redeemable noncontrolling interests		4,553			—
Equity:
Preferred stock		291,667			288,683
Common stock		147,155			123,385
Capital in excess of par value		4,932,468			3,900,666
Treasury stock		(11,352	)		(7,619	)
Cumulative net income		1,676,196			1,547,669
Cumulative dividends		(2,427,881	)		(2,057,658	)
Accumulated other comprehensive income		(11,099	)		(2,891	)
Other equity		5,697			4,804
Total Health Care REIT, Inc. stockholders’ equity		4,602,851			3,797,039
Noncontrolling interests		130,249			10,412
Total equity		4,733,100			3,807,451
Total liabilities and equity	$	9,451,734		$	6,367,186

See accompanying notes

CONSOLIDATED STATEMENTS OF INCOME
HEALTH CARE REIT, INC. AND SUBSIDIARIES

	Year Ended December 31,
	2010			2009			2008
Revenues:
Rental income	$	564,657		$	480,607		$	439,268
Resident fees and services		51,006			—			—
Interest income		40,855			40,885			40,063
Other income		7,245			7,788			10,521
Total revenues		663,763			529,280			489,852
Expenses:
Interest expense		153,181			98,596			121,375
Property operating expenses		80,803			44,001			41,063
Depreciation and amortization		189,255			143,295			131,334
General and administrative		54,626			49,691			47,193
Transaction costs		46,660			—			—
Realized loss of derivatives		—			—			23,393
Loss (gain) on extinguishment of debt		34,171			25,107			(2,094	)
Provision for loan losses		29,684			23,261			94
Total expenses		588,380			383,951			362,358
Income from continuing operations before income taxes and income from unconsolidated joint ventures		75,383			145,329			127,494
Income tax (expense) benefit		(364	)		(168	)		(1,306	)
Income from unconsolidated joint ventures		6,673			—			—
Income from continuing operations		81,692			145,161			126,188
Discontinued operations:
Gain (loss) on sales of properties		36,115			43,394			163,933
Impairment of assets		(947	)		(25,223	)		(32,648	)
Income (loss) from discontinued operations, net		12,024			29,595			25,952
Discontinued operations, net		47,192			47,766			157,237
Net income		128,884			192,927			283,425
Less: Preferred stock dividends		21,645			22,079			23,201
Net income (loss) attributable to noncontrolling interests		357			(342	)		126
Net income attributable to common stockholders	$	106,882		$	171,190		$	260,098
Average number of common shares outstanding:
Basic		127,656			114,207			93,732
Diluted		128,208			114,612			94,309
Earnings per share:
Basic:
Income from continuing operations attributable to common stockholders	$	0.47		$	1.08		$	1.10
Discontinued operations, net		0.37			0.42			1.68
Net income attributable to common stockholders*	$	0.84		$	1.50		$	2.77
Diluted:
Income from continuing operations attributable to common stockholders	$	0.47		$	1.08		$	1.09
Discontinued operations, net		0.37			0.42			1.67
Net income attributable to common stockholders*	$	0.83		$	1.49		$	2.76

* Amounts may not sum due to rounding

See accompanying notes

CONSOLIDATED STATEMENTS OF EQUITY
HEALTH CARE REIT, INC. AND SUBSIDIARIES

																	Accumulated
						Capital in											Other
	Preferred			Common		Excess of			Treasury			Cumulative		Cumulative			Comprehensive			Other			Noncontrolling
(in thousands)	Stock			Stock		Par Value			Stock			Net Income		Dividends			Income			Equity			Interests			Total
Balances at December 31, 2007	$	330,243		$	85,412	$	2,394,099		$	(3,952	)	$	1,071,101	$	(1,446,959	)	$	(7,381	)	$	2,701		$	9,687		$	2,434,951
Comprehensive income:
Net income													283,299											126			283,425
Other comprehensive income:
Unrealized gain (loss) on equity investments																		(846	)								(846	)
Unrecognized SERP actuarial gain (loss)																		(715	)								(715	)
Cash flow hedge activity																		7,829									7,829
Total comprehensive income																											289,693
Contributions by noncontrolling interests																								3,556			3,556
Distributions to noncontrolling interests																								(2,766	)		(2,766	)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures					1,804		76,013			(1,193	)										(99	)					76,525
Net proceeds from sale of common stock					16,444		695,239																				711,683
Conversion of preferred stock		(40,314	)		975		39,339																				—
Option compensation expense																					1,503						1,503
Cash dividends paid:
Common stock cash dividends															(253,659	)											(253,659	)
Preferred stock cash dividends															(23,201	)											(23,201	)
Balances at December 31, 2008		289,929			104,635		3,204,690			(5,145	)		1,354,400		(1,723,819	)		(1,113	)		4,105			10,603			3,238,285
Comprehensive income:
Net income													193,269											(342	)		192,927
Other comprehensive income:
Unrealized gain (loss) on equity investments																		487									487
Unrecognized SERP actuarial gain (loss)																		277									277
Cash flow hedge activity																		(2,542	)								(2,542	)
Total comprehensive income																											191,149
Contributions by noncontrolling interests																								2,255			2,255
Distributions to noncontrolling interests																								(2,104	)		(2,104	)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures					1,751		66,690			(2,474	)										(930	)					65,037
Proceeds from issuance of common shares					16,969		628,070																				645,039
Conversion of preferred stock		(1,246	)		30		1,216																				—
Option compensation expense																					1,629						1,629
Cash dividends paid:
Common stock cash dividends															(311,760	)											(311,760	)
Preferred stock cash dividends															(22,079	)											(22,079	)
Balances at December 31, 2009		288,683			123,385		3,900,666			(7,619	)		1,547,669		(2,057,658	)		(2,891	)		4,804			10,412			3,807,451
Comprehensive income:
Net income													128,527											357			128,884
Other comprehensive income:
Unrealized gain (loss) on equity investments																		54									54
Unrecognized SERP actuarial gain (loss)																		(199	)								(199	)
Cash flow hedge activity																		(8,063	)								(8,063	)
Total comprehensive income																											120,676
Contributions by noncontrolling interests							43,640																	122,781			166,421
Distributions to noncontrolling interests																								(3,301	)		(3,301	)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures					2,300		97,696			(3,733	)										(741	)					95,522
Proceeds from issuance of common shares					21,131		884,255																				905,386
Equity component of convertible debt							(9,689	)																			(9,689	)
Equity consideration in business combinations		16,667					2,721																				19,388
Redemption of preferred stock		(165	)																								(165	)
Conversion of preferred stock		(13,518	)		339		13,179																				—
Option compensation expense																					1,634						1,634
Cash dividends paid:
Common stock cash dividends															(348,578	)											(348,578	)
Preferred stock cash dividends															(21,645	)											(21,645	)
Balances at December 31, 2010	$	291,667		$	147,155	$	4,932,468		$	(11,352	)	$	1,676,196	$	(2,427,881	)	$	(11,099	)	$	5,697		$	130,249		$	4,733,100

See accompanying notes

CONSOLIDATED STATEMENTS OF CASH FLOWS
HEALTH CARE REIT, INC. AND SUBSIDIARIES

	Year Ended December 31,
	2010			2009			2008
			(In thousands)
Operating activities
Net income	$	128,884		$	192,927		$	283,425
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		202,543			164,923			163,045
Other amortization expenses		17,169			15,412			14,837
Provision for loan losses		29,684			23,261			94
Impairment of assets		947			25,223			32,648
Stock-based compensation expense		11,823			9,633			8,530
Loss (gain) on extinguishment of debt		34,171			25,107			(2,094	)
Income from unconsolidated joint ventures		(6,673	)		—			—
Rental income less than (in excess of) cash received		(6,594	)		11,259			7,793
Amortization related to above (below) market leases, net		(2,856	)		(1,713	)		(1,039	)
Loss (gain) on sales of properties		(36,115	)		(43,394	)		(163,933	)
Other income less than (in excess of) cash received		—			(5,000	)		—
Deferred gain on sales of properties		—			—			3,708
Increase (decrease) in accrued expenses and other liabilities		12,293			(311	)		17,363
Decrease (increase) in receivables and other assets		(20,535	)		(36,068	)		(3,694	)
Net cash provided from (used in) operating activities		364,741			381,259			360,683
Investing activities
Investment in real property, net of cash acquired		(2,074,176	)		(598,959	)		(1,072,376	)
Capitalized interest		(20,792	)		(41,170	)		(25,029	)
Investment in real estate loans receivable		(97,265	)		(74,417	)		(83,109	)
Other investments, net of payments		(133,894	)		(22,133	)		(21,725	)
Principal collected on real estate loans receivable		43,495			111,779			18,169
Contributions to unconsolidated joint ventures		(196,413	)		—			—
Distributions by unconsolidated joint ventures		103			—			—
Decrease (increase) in restricted cash		(52,124	)		130,833			(138,502	)
Proceeds from sales of real property		219,027			224,007			287,047
Net cash provided from (used in) investing activities		(2,312,039	)		(270,060	)		(1,035,525	)
Financing activities
Net increase (decrease) under unsecured lines of credit arrangements		160,000			(430,000	)		263,000
Proceeds from issuance of senior unsecured notes		1,821,683			—			—
Payments to extinguish senior unsecured notes		(495,542	)		(201,048	)		(42,330	)
Net proceeds from the issuance of secured debt		154,306			276,277			—
Payments on secured debt		(217,711	)		(107,736	)		(58,594	)
Net proceeds from the issuance of common stock		995,438			704,533			782,285
Decrease (increase) in deferred loan expenses		(3,869	)		(7,431	)		(348	)
Contributions by noncontrolling interests		2,611			2,255			3,556
Distributions to noncontrolling interests		(3,301	)		(2,104	)		(2,766	)
Cash distributions to stockholders		(370,223	)		(333,839	)		(276,860	)
Net cash provided from (used in) financing activities		2,043,392			(99,093	)		667,943
Increase (decrease) in cash and cash equivalents		96,094			12,106			(6,899	)
Cash and cash equivalents at beginning of period		35,476			23,370			30,269
Cash and cash equivalents at end of period	$	131,570		$	35,476		$	23,370
Supplemental cash flow information:
Interest paid	$	156,207		$	143,697		$	156,914
Income taxes paid		319			854			1,789

See accompanying notes

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business

     Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is an equity real estate investment trust (“REIT”) that invests in senior housing and health care real estate. Our full service platform also offers property management and development services to our customers. As of December 31, 2010, our diversified portfolio consisted of 683 properties in 41 states. Founded in 1970, we were the first real estate investment trust to invest exclusively in health care facilities. More information is available on our website at www.hcreit.com.

2. Accounting Policies and Related Matters

Principles of Consolidation

     The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint ventures that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation.

     At inception of joint venture transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A variable interest entity is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. ASC 810, Consolidations, requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated on a continuous basis. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact that entity’s economic performance.

     For investments in joint ventures, we evaluate the type of rights held by the limited partner(s), which may preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership. The assessment of limited partners’ rights and their impact on the presumption of control over a limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the rights of the limited partners, (ii) the sole general partner increases or decreases its ownership in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.

Use of Estimates

     The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

     Revenue is recorded in accordance with U.S. GAAP, which requires that revenue be recognized after four basic criteria are met. These four criteria include persuasive evidence of an arrangement, the rendering of service, fixed and determinable income and reasonably assured collectability. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risk. Substantially all of our operating leases contain either fixed or contingent escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. We recognize resident fees and services, other than move in fees, monthly as services are provided. Move in fees, which are a component of resident fees and services, are recognized on a straight-line basis over the term of the applicable lease agreement. Lease agreements with residents generally have a term of one year and are cancelable by the resident with 30 days’ notice.

Cash and Cash Equivalents

     Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less.

Restricted Cash

     Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements and amounts held in escrow relating to acquisitions we are entitled to receive over a period of time as outlined in the escrow agreement.

Deferred Loan Expenses

     Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

interest method.

Equity Investments

     Equity investments at December 31, 2010 and 2009 include an investment in a public company that has a readily determinable fair market value. We classify this equity investment as available-for-sale and, accordingly, record this investment at its fair market value with unrealized gains and losses included in accumulated other comprehensive income, a separate component of stockholders’ equity. Equity investments at December 31, 2010 and 2009 also include an investment in a private company. We do not have the ability to exercise influence over the company, so the investment is accounted for under the cost method. Under the cost method of accounting, investments in private companies are carried at cost and are adjusted only for other-than-temporary declines in fair value, return of capital and additional investments. These equity investments represented a minimal ownership interest in these companies. Additionally, equity investments include investments in unconsolidated joint ventures.

Investments in Unconsolidated Joint Ventures

     Investments in less than majority owned entities where our interests represent a general partnership interest but substantive participating rights or substantive kick-out rights have been granted to the limited partners, or where our interests do not represent the general partnership interest and we do not control the major operating and financial policies of the entity, are reported under the equity method of accounting. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the estimated fair value of the assets prior to the sale of interests in the joint venture. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.

Redeemable Noncontrolling Interests

     Certain noncontrolling interests are redeemable at fair value at December 31, 2010. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss and dividends or (ii) the redemption value. In accordance with ASC 810, the redeemable noncontrolling interests were classified outside of permanent equity, as a mezzanine item, in the balance sheet.

Real Property Owned

     Real property developed by us is recorded at cost, including the capitalization of construction period interest. The cost of real property acquired is allocated to net tangible and identifiable intangible assets based on their respective fair values. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and five to 15 years for improvements. Tangible assets primarily consist of land, buildings and improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our statement of cash flows.

     The remaining purchase price is allocated among identifiable intangible assets primarily consisting of the above or below market component of in-place leases and the value of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities in the balance sheet and are amortized to rental income over the remaining terms of the respective leases.

     The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The estimated aggregate amortization expense for acquired lease intangibles is expected to be recognized over a weighted average period of 18.2 years and is as follows for the periods indicated (in thousands):

2011	$	48,613
2012		30,828
2013		14,194

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2014		9,831
2015		8,618
Thereafter		96,851
Totals	$	208,935

     The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that the assets may be impaired or that the depreciable life may need to be changed. We consider external factors relating to each asset and the existence of a master lease which may link the cash flows of an individual asset to a larger portfolio of assets leased to the same tenant. If these factors and the projected undiscounted cash flows of the asset over the remaining depreciation period indicate that the asset will not be recoverable, the carrying value is reduced to the estimated fair market value. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the senior housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us.

Capitalization of Construction Period Interest

     We capitalize interest costs associated with funds used to finance the construction of properties owned directly by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our cost of financing. We capitalized interest costs of $20,792,000, $41,170,000, and $25,029,000 during 2010, 2009 and 2008, respectively, related to construction of real property owned by us. Our interest expense reflected in the consolidated statements of income has been reduced by the amounts capitalized.

Gain on Sale of Assets

     We recognize sales of assets only upon the closing of the transaction with the purchaser. Payments received from purchasers prior to closing are recorded as deposits and classified as other assets on our Consolidated Balance Sheets. Gains on assets sold are recognized using the full accrual method upon closing when (i) the collectability of the sales price is reasonably assured, (ii) we are not obligated to perform significant activities after the sale to earn the profit, (iii) we have received adequate initial investment from the buyer and (iv) other profit recognition criteria have been satisfied. Gains may be deferred in whole or in part until the sales satisfy the requirements of gain recognition on sales of real estate.

Real Estate Loans Receivable

     Real estate loans receivable consist of mortgage loans and other real estate loans. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risks. The loans are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, corporate guaranties and/or personal guaranties.

Allowance for Losses on Loans Receivable

     The allowance for losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors and value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement. Consistent with this definition, all loans on non-accrual are deemed impaired. At December 31, 2010, we had loans with outstanding balances of $9,691,000 on non-accrual status ($67,126,000 at December 31, 2009). To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.

Goodwill

     We account for goodwill in accordance with U.S. GAAP. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill.

Fair Value of Derivative Instruments

     The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values for our derivatives are estimated by utilizing pricing models that consider forward yield curves and discount rates. Such

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

amounts and the recognition of such amounts are subject to significant estimates that may change in the future. See Note 11 for additional information.

Federal Income Tax

     No provision has been made for federal income taxes since we have elected to be treated as a real estate investment trust under the applicable provisions of the Internal Revenue Code, and we believe that we have met the requirements for qualification as such for each taxable year. Our taxable REIT subsidiaries are subject to federal, state and local income taxes. See Note 18 for additional information.

Earnings Per Share

     Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.

New Accounting Standards

     In June 2009, the Financial Accounting Standards Board (“FASB”) amended the consolidation guidance for variable interest entities. The new guidance, to be applied on a continuous basis, requires enterprises to perform a qualitative approach to determining whether or not a variable interest entity will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact its economic performance. This amendment became effective as of January 1, 2010. The adoption of this guidance did not have a material impact on our consolidated financial position or results of operations.

     In July 2010, the FASB issued Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (“ASU 2010-20”). This update expands the required disclosures regarding the credit quality of our financing receivables, how risk is analyzed and assessed in arriving at the allowance for credit losses, and the changes (and reasons for the changes) in the allowance for credit losses. Both new and existing disclosures must be disaggregated by portfolio segment and class. The disaggregation of information is based on the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. This update is effective for interim periods and fiscal years ending after December 15, 2010. The adoption of this guidance did not have a material impact on our consolidated financial position or results of operations.

Reclassifications

     Certain amounts in prior years have been reclassified to conform to current year presentation.

3. Real Property Acquisitions and Development

Senior Housing Operating Partnerships

Merrill Gardens Partnership

     During the three months ended September 30, 2010, we completed the formation of our partnership with Merrill Gardens LLC to own and operate a portfolio of 38 combination senior housing and care communities located primarily in West Coast markets. We own an 80% partnership interest and Merrill Gardens owns the remaining 20% interest and continues to manage the communities. The partnership owns and operates 13 communities previously owned by us and 25 additional communities previously owned by Merrill Gardens. The transaction took advantage of the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). (See Note 18 for additional discussion of RIDEA.) The results of operations for this partnership have been included in our consolidated results of operations beginning as of September 1, 2010 and are a component of our senior housing operating segment. Consolidation is based on a combination of ownership interest and control of operational decision-making authority.

     In conjunction with the formation of the partnership, we contributed $254,885,000 of cash and the 13 properties previously owned by us, and the partnership assumed the secured debt relating to these properties. Merrill Gardens contributed the remaining 25 properties to the partnership and the secured debt relating to these properties in exchange for their 20% interest in the partnership. The 13 properties are recorded at their historical carrying values and the noncontrolling interest was established based on such values. The difference between the fair value of the consideration received relating to these properties and the historical allocation of the 20% noncontrolling interest was recorded in capital in excess of par value. The total purchase price for the 25 communities acquired have been allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values in accordance with the Company’s accounting policies. Such allocations have not been finalized as we await final asset valuations and, as such, the allocation of the purchase consideration included in the accompanying Consolidated Balance Sheet at December 31, 2010 is

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

preliminary and subject to adjustment. The 20% noncontrolling interest relating to the acquired 25 properties is also reflected at estimated fair value. The weighted average useful life of the acquired intangibles was 1.9 years. The following table presents the preliminary allocation of the purchase price to assets and liabilities assumed, based on their estimated fair values (in thousands):

Land and land improvements	$	64,050
Buildings and improvements		476,817
Acquired lease intangibles		45,036
Cash and cash equivalents		4,777
Restricted cash		3,707
Receivables and other assets		13,459
Total assets acquired		607,846
Secured debt		234,431
Accrued expenses and other liabilities		3,316
Total liabilities assumed		237,747
Capital in excess of par		41,423
Noncontrolling interests		79,775
Net assets acquired	$	248,901

Senior Star Partnership

     During the three months ended December 31, 2010, we completed the formation of our partnership with Senior Star Living to own and operate a portfolio of nine combination senior housing and care communities located primarily in six states. We own a 90% partnership interest and Senior Star owns the remaining 10% interest and continues to manage the communities. The partnership owns and operates two communities previously owned by us and seven additional communities previously owned by Senior Star. The transaction took advantage of the structure authorized by RIDEA. (See Note 18 for additional discussion of RIDEA.) The results of operations for this partnership have been included in our consolidated results of operations beginning as of December 30, 2010 and are a component of our senior housing operating segment. Consolidation is based on a combination of ownership interest and control of operational decision-making authority.

     In conjunction with the formation of the partnership, we contributed $152,270,000 of cash and the two properties previously owned by us. Senior Star contributed the remaining seven properties to the partnership and the secured debt relating to these properties in exchange for their 10% interest in the partnership. The two properties are recorded at their historical carrying values and the noncontrolling interest was established based on such values. The difference between the fair value of the consideration received relating to these properties and the historical allocation of the 10% noncontrolling interest was recorded in capital in excess of par value. The total purchase price for the seven communities acquired has been allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values in accordance with the Company’s accounting policies. Such allocations have not been finalized as we await final asset valuations and, as such, the allocation of the purchase consideration included in the accompanying Consolidated Balance Sheet at December 31, 2010 is preliminary and subject to adjustment. The 10% noncontrolling interest relating to the acquired seven properties is also reflected at estimated fair value. The weighted average useful life of the acquired intangibles was 2.08 years. The following table presents the preliminary allocation of the purchase price to assets and liabilities assumed, based on their estimated fair values (in thousands):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Land and land improvements	$	11,570
Buildings and improvements		210,094
Acquired lease intangibles		18,721
Cash and cash equivalents		3,756
Restricted cash		391
Receivables and other assets		940
Total assets acquired		245,472
Secured debt		70,736
Accrued expenses and other liabilities		3,533
Total liabilities assumed		74,269
Capital in excess of par		2,218
Noncontrolling interests		27,902
Net assets acquired	$	141,083

     The following unaudited pro forma consolidated results of operations have been prepared as if the senior housing operating partnerships had occurred as of January 1, 2009 based on the preliminary purchase price allocations discussed above. The pro forma results reflect the significant impact of the aforementioned RIDEA transactions on the Company’s consolidated revenues. Amounts are in thousands, except per share data:

	Year Ended December 31,
	2010		2009
Revenues	$	777,725	$	681,905
Income from continuing operations attributable to common stockholders	$	53,371	$	95,253
Income from continuing operations attributable to common stockholders per share:
Basic	$	0.42	$	0.83
Diluted	$	0.42	$	0.83

Strategic Medical Office Partnership

     On December 31, 2010, we formed a strategic partnership with a national medical office building company (“MOBJV”) whereby the partnership invested in 17 medical office properties. We own a controlling interest in 11 properties and consolidate them. Consolidation is based on a combination of ownership interest and control of operational decision-making authority. We do not own a controlling interest in six properties and account for them under the equity method. Our investment in the strategic partnership provides us access to health systems and includes development and property management resources. The results of operations for this partnership have been included in our consolidated results of operations beginning as of December 31, 2010 and are a component of our medical facilities segment.

     In conjunction with the formation of the partnership, we contributed $225,173,000 of cash, convertible preferred stock valued at $16,667,000, options valued at $2,721,000 and a note payable of $8,333,000 with an interest rate of 6%. MOBJV contributed the properties to the partnership and the secured debt relating to these properties in exchange for their ownership interest in the partnership. The partnership contains certain contingent consideration arrangements ranging from $0 to $35,008,000. Amounts to be paid are contingent upon certain occupancy and development project performance thresholds. Of this amount, we recognized $19,453,000 as an estimate of additional purchase consideration based on the probability amounts will be paid by the expiration date of the commitments. Of the remaining $15,555,000 that was not recognized, $12,500,000 would be required to be settled in the Company’s common stock if certain performance thresholds, which we did not deem probable, are met. The total purchase price for the assets acquired by the partnership has been allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values in accordance with the Company’s accounting policies. Goodwill represents the future development pipeline expected to be generated by the principles. Cash flows from this future pipeline are expected to come from development activities and the ability to perform the management functions at the assets after the properties are developed. Such allocations have not been finalized as we await final asset valuations and, as such, the allocation of the purchase consideration included in the accompanying Consolidated Balance Sheet at December 31, 2010 is preliminary and subject to adjustment. The noncontrolling interest relating to the properties is also reflected at estimated fair value. The weighted average useful life of the acquired intangibles was 26.2 years. The following table presents the preliminary allocation of the purchase price to assets and liabilities assumed, based on their estimated fair values (in thousands):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Land and land improvements	$	10,240
Buildings and improvements		171,014
Acquired lease intangibles		41,519
Investment in unconcolidated joint venture		21,321
Goodwill		51,207
Other acquired intangibles		43,439
Cash and cash equivalents		3,873
Restricted cash		107
Receivables and other assets		5,390
Total assets acquired		348,110
Secured debt		61,664
Below market lease intangibles		4,189
Accrued expenses and other liabilities		26,848
Total liabilities assumed		92,701
Redeemable noncontrolling interests		4,553
Preferred stock		16,667
Capital in excess of par		2,721
Noncontrolling interests		6,295
Net assets acquired	$	225,173

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, 2010									December 31, 2009									December 31, 2008
	Senior									Senior									Senior
	Housing			Medical						Housing			Medical						Housing			Medical
	and Care(1)			Facilities			Totals			and Care(1)			Facilities			Totals			and Care(1)			Facilities			Totals
Real property acquisitions:
Senior housing operating	$	816,000					$	816,000								$	—								$	—
Senior housing triple-net(2)		1,011,229						1,011,229									—		$	113,790						113,790
Skilled nursing facilities		17,300						17,300		$	11,650						11,650			11,360						11,360
Hospitals								—					$	20,500			20,500					$	196,303			196,303
Medical office buildings				$	626,414			626,414						35,523			35,523						121,809			121,809
Land parcels					4,300			4,300									—			10,000						10,000
Total acquisitions		1,844,529			630,714			2,475,243			11,650			56,023			67,673			135,150			318,112			453,262
Less: Assumed debt		(389,253	)		(170,255	)		(559,508	)								—									—
Assumed other items, net		(171,389	)		(36,925	)		(208,314	)								—						(1,899	)		(1,899	)
Cash disbursed for acquisitions		1,283,887			423,534			1,707,421			11,650			56,023			67,673			135,150			316,213			451,363
Construction in progress additions:
Senior housing triple-net		85,993						85,993			310,310						310,310			419,622						419,622
Skilled nursing facilities		—						—			23,262						23,262			29,429						29,429
Hospitals					123,033			123,033						113,907			113,907						77,642			77,642
Medical office buildings					129,561			129,561						107,853			107,853						93,907			93,907
Total construction in progress additions		85,993			252,594			338,587			333,572			221,760			555,332			449,051			171,549			620,600
Less: Capitalized interest		(6,396	)		(13,924	)		(20,320	)		(28,474	)		(12,495	)		(40,969	)		(20,312	)		(4,717	)		(25,029	)
Capitalized other		—			—			—									—			(119	)					(119	)
Accruals(3)		—			(11,435	)		(11,435	)					(21,466	)		(21,466	)								—
Cash disbursed for construction in progress		79,597			227,235			306,832			305,098			187,799			492,897			428,620			166,832			595,452
Capital improvements to existing properties		23,568			36,355			59,923			18,326			20,063			38,389			13,329			12,232			25,561
Total cash invested in real property	$	1,387,052		$	687,124		$	2,074,176		$	335,074		$	263,885		$	598,959		$	577,099		$	495,277		$	1,072,376

(1)	Includes amounts relating to both the senior housing triple-net and senior housing operating segments (all activity for the years ended December 31, 2009 and 2008 related to the senior housing treiple-net segment)
(2)	Includes $612,598,000 acquisition of a portfolio of 19 senior housing facilities that closed in December 2010. The allocation of the purchase consideration is preliminary and subject to change.
(3)	Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the period noted above.

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     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, 2010						December 31, 2009						December 31, 2008
	Senior						Senior						Senior
	Housing		Medical				Housing		Medical				Housing		Medical
	and Care(1)		Facilities		Totals		and Care(1)		Facilities		Totals		and Care(1)		Facilities		Totals
Development projects:
Senior housing facilities	$	273,034			$	273,034	$	505,137			$	505,137	$	190,044			$	190,044
Skilled nursing facilities		—				—		45,367				45,367		16,918				16,918
Hospitals			$	96,829		96,829						—			$	35,151		35,151
Medical office buildings				65,547		65,547			$	183,127		183,127				11,823		11,823
Total development projects		273,034		162,376		435,410		550,504		183,127		733,631		206,962		46,974		253,936
Expansion projects		3,216		—		3,216		4,288		—		4,288		40,954		—		40,954
Total construction in progress conversions	$	276,250	$	162,376	$	438,626	$	554,792	$	183,127	$	737,919	$	247,916	$	46,974	$	294,890

(1) Represents activity for the senior housing triple-net segment.

     Transaction costs for the year ended December 31, 2010 primarily represent costs incurred with the senior housing operating partnerships (including due diligence costs, fees for legal and valuation services, and termination of pre-existing relationships computed based on the fair value of the assets acquired), lease termination fees and costs incurred in connection with the new property acquisitions.

     We purchased $23,097,000 of real property that had previously been financed by the Company with loans in 2008. This non-cash activity is appropriately not reflected in the accompanying statements of cash flows.

     At December 31, 2010, future minimum lease payments receivable under operating leases (excluding properties in our senior housing operating partnerships) are as follows (in thousands):

2011	$	610,295
2012		604,731
2013		591,676
2014		538,787
2015		526,783
Thereafter		3,403,370
Totals	$	6,275,642

4. Real Estate Intangibles

     The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	December 31, 2010			December 31, 2009
Assets:
In place lease intangibles	$	182,030		$	74,198
Above market tenant leases		24,089			10,232
Below market ground leases		46,992			39,806
Lease commissions		4,968			3,154
Gross historical cost		258,079			127,390
Accumulated amortization		(49,145	)		(29,698	)
Net book value	$	208,934		$	97,692
Weighted-average amortization period in years		18.2			30.0
Liabilities:
Below market tenant leases	$	57,261		$	22,961
Above market ground leases		5,020			4,084
Gross historical cost		62,281			27,045
Accumulated amortization		(15,992	)		(10,478	)
Net book value	$	46,289		$	16,567
Weighted-average amortization period in years		14.0			12.1

5. Dispositions, Assets Held for Sale and Discontinued Operations

     During the six months ended June 30, 2011, we sold 38 properties for net gains of $56,380,000. At June 30, 2011, we had one medical facility and three senior housing triple-net facilities that satisfied the requirements for held for sale treatment and such properties were properly recorded at the lesser of their estimated fair values less costs to sell or carrying values. During the three months ended March 31, 2011, we recorded an impairment charge of $202,000 related to two of the held for sale senior housing triple-net facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. During the year ended December 31, 2008, we sold 38 properties for net gains of $163,933,000. At December 31, 2008, we had 15 medical facilities that were held for sale and we recorded an impairment charge of $32,648,000 to reduce the carrying values of certain properties to their estimated fair values less costs to sell. During the year ended December 31, 2009, we sold 36 properties for net gains of $43,394,000. At December 31, 2009, we had two senior housing triple-net facilities and eight medical facilities held for sale and recorded an impairment charge of $25,223,000 to reduce the medical office buildings to their estimated fair values less costs to sell. In determining the fair value of the held for sale properties, we used a combination of third party appraisals based on market comparable transactions, other market listings and asset quality as well as management calculations based on projected operating income and published capitalization rates. During the year ended December 31, 2010, we sold 38 properties, including seven of the held for sale medical facilities, for net gains of $36,115,000. At December 31, 2010, we had one medical facility and 16 senior housing triple-net facilities that satisfied the requirements for held for sale treatment and such properties were properly recorded at the lesser of their estimated fair values less costs to sell or carrying values. During the year ended December 31, 2010, we recorded an impairment charge of $947,000 related to two of the held for sale medical facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. The following is a summary of our real property disposition activity for the periods presented (in thousands):

	Year Ended
	December 31, 2010								December 31, 2009								December 31, 2008
	Senior								Senior								Senior
	Housing		Medical						Housing		Medical						Housing			Medical
	and Care(1)		Facilities			Totals			and Care(1)		Facilities			Totals			and Care(1)			Facilities			Totals
Real property dispositions:
Senior housing facilities	$	3,438	$			$	3,438		$	55,320	$			$	55,320		$	163,622		$			$	163,622
Skilled nursing facilities		166,852					166,852			45,835					45,835			6,290						6,290
Hospitals				—			—					40,841			40,841						8,735			8,735
Medical office buildings				14,092			14,092					44,717			44,717						6,781			6,781
Land parcels				—			—								—			73						73
Total dispositions		170,290		14,092			184,382			101,155		85,558			186,713			169,985			15,516			185,501
Add: Gain (loss) on sales of real property		36,274		(159	)		36,115			32,084		11,310			43,394			151,457			12,476			163,933
LandAmerica settlement		—		—			—								—			2,500						2,500
Extinguishment of other assets (liabilities)		—		—			—								—						(116	)		(116	)
Seller financing on sales of real property		—		(1,470	)		(1,470	)				(6,100	)		(6,100	)		(59,649	)		(5,122	)		(64,771	)
Proceeds from real property sales	$	206,564	$	12,463		$	219,027		$	133,239	$	90,768		$	224,007		$	264,293		$	22,754		$	287,047

(1) Represents activity for the senior housing triple-net segment.

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     During the year ended December 31, 2008, we completed the sale of 29 properties to Emeritus Corporation for $299,413,000, consisting of $249,413,000 in cash proceeds and $50,000,000 of seller financing, and we recognized a gain on sale of $145,646,000. Total funds of $299,413,000 were held in escrow for use in an Internal Revenue Code Section 1031 exchange, of which $162,558,000 was utilized during the year ended December 31, 2008. We had retained LandAmerica 1031 Exchange Services, Inc. (“LES”) to act as a qualified intermediary. On November 26, 2008, LES and its parent, LandAmerica Financial Group, filed for bankruptcy protection. At that time, we had approximately $136,855,000 in two segregated escrow accounts (the “Exchange Funds”) held by Centennial Bank, an affiliate of LES. Although the terms of our agreements with LES required that the Exchange Funds be returned to us, the return of the Exchange Funds was stayed by the bankruptcy proceedings. On February 23, 2009, the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division, entered an order approving the stipulation and settlement agreement among LES, the unsecured creditors committees and us. Pursuant to the terms of that settlement agreement, the Exchange Funds plus $918,000 of interest were returned to us on February 23, 2009, and we made a settlement payment of $2,000,000 to the LES bankruptcy estate. In connection with these proceedings, we incurred approximately $500,000 in expenses. The settlement payment and expenses were recorded as reductions of gains on sales in 2008.

     We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at June 30, 2011 to discontinued operations. Expenses include an allocation of interest expense based on property carrying values and our weighted average cost of debt. The following illustrates the reclassification impact as a result of classifying properties as discontinued operations for the periods presented (in thousands):

	Year Ended December 31,
	2010		2009		2008
Revenues:
Rental income	$	38,753	$	59,304	$	82,913
Other income		—		8,059		—
Expenses:
Interest expense		7,779		11,176		19,684
Property operating expenses		5,662		4,964		5,566
Provision for depreciation		13,288		21,628		31,711
Income (loss) from discontinued operations, net	$	12,024	$	29,595	$	25,952

6. Real Estate Loans Receivable

     The following is a summary of our real estate loans receivable (in thousands):

	December 31,
	2010		2009
Mortgage loans	$	109,283	$	74,517
Other real estate loans		327,297		352,846
Totals	$	436,580	$	427,363

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	Year Ended
	December 31, 2010								December 31, 2009									December 31, 2008
	Senior								Senior									Senior
	Housing		Medical						Housing			Medical						Housing			Medical
	and Care(1)		Facilities			Totals			and Care(1)			Facilities			Totals			and Care(1)			Facilities		Totals
Advances on real estate loans receivable:
Investments in new loans	$	9,742	$	41,644		$	51,386		$	20,036		$	—		$	20,036		$	121,493		$	—	$	121,493
Draws on existing loans		46,113		1,236			47,349			52,910			1,471			54,381			21,265			—		21,265
Sub-total		55,855		42,880			98,735			72,946			1,471			74,417			142,758			—		142,758
Less: Seller financing on property sales		—		(1,470	)		(1,470	)		—			—			—			(59,649	)		—		(59,649	)
Net cash advances on real estate loans		55,855		41,410			97,265			72,946			1,471			74,417			83,109			—		83,109
Receipts on real estate loans receivable:
Loan payoffs		5,619		6,233			11,852			61,659			32,197			93,856			8,815			—		8,815
Principal payments on loans		24,203		7,440			31,643			15,890			2,033			17,923			9,354			—		9,354
Total receipts on real estate loans		29,822		13,673			43,495			77,549			34,230			111,779			18,169			—		18,169
Net advances (receipts) on real estate loans	$	26,033	$	27,737		$	53,770		$	(4,603	)	$	(32,759	)	$	(37,362	)	$	64,940		$	—	$	64,940

(1) Represents activity for the senior housing triple-net segment.

     The following is a summary of the allowance for losses on loans receivable for the periods presented (in thousands):

	Year Ended December 31,
	2010			2009			2008
Balance at beginning of year	$	5,183		$	7,500		$	7,406
Provision for loan losses		29,684			23,261			94
Charge-offs		(33,591	)		(25,578	)		—
Balance at end of year	$	1,276		$	5,183		$	7,500

     As a result of our quarterly evaluations, we recorded $29,684,000 of provision for loan losses during the year ended December 31, 2010. This amount includes the write-off of loans totaling $33,591,000 primarily related to certain early stage senior housing and CCRC development projects. These related to three separate borrowers where new factors arose that, under the circumstances, resulted in the determination to record the write-offs. This was offset by a net reduction of the allowance balance by $3,907,000, resulting in an allowance for loan losses of $1,276,000 relating to real estate loans with outstanding balances of $9,691,000, all of which were on non-accrual status at December 31, 2010.

     During the quarter ended September 30, 2010, we received title to a parcel of land and an equity interest in satisfaction of certain loans outstanding with a combined balance of $38,848,000. For balance sheet purposes, the land parcel is recorded as land and the equity interest is accounted for as an equity method investment (in our senior housing triple-net segment), the amounts of which were recorded at their estimated fair values at the transaction dates. The equity interest is in an entity deemed to be a VIE, however, we have determined that we are not the primary beneficiary as we do not have the ability to direct and influence the activities that most significantly impact the entity’s economic performance. Our exposure to loss is limited to the recorded equity investment balance of $29,578,000.

     The following is a summary of our loan impairments (in thousands):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Year Ended December 31,
	2010		2009		2008
Balance of impaired loans at end of year	$	9,691	$	67,126	$	72,770
Allowance for loan losses		1,276		5,183		7,500
Balance of impaired loans not reserved	$	8,415	$	61,943	$	65,270
Average impaired loans for the year	$	38,409	$	69,948	$	36,785
Interest recognized on impaired loans(1)		103		530		3,288

(1) Represents interest recognized prior to placement on non-accrual status.

7. Investments in Unconsolidated Joint Ventures

     During the six months ended June 30, 2010, we entered into a joint venture investment with Forest City Enterprises (NYSE:FCE.A and FCE.B). We acquired a 49% interest in a seven-building life science campus located in University Park in Cambridge, MA, which is immediately adjacent to the campus of the Massachusetts Institute of Technology. Six buildings closed on February 22, 2010 and the seventh closed on June 30, 2010. The portfolio is 100% leased.

     In connection with these transactions, we invested $174,692,000 of cash which is recorded as an equity investment on the balance sheet. Our share of the non-recourse secured debt assumed by the joint venture was approximately $156,729,000 with weighted-average interest rates of 7.1%. The results of operations for these properties have been included in our consolidated results of operations from the date of acquisition by the joint venture and are reflected in our income statement as income from unconsolidated joint ventures. The aggregate remaining unamortized basis difference of our investment in this joint venture of $15,141,000 at December 31, 2010 is primarily attributable to real estate and related intangible assets and will be amortized over the life of the related properties and included in the reported amount of income from unconsolidated joint ventures.

     In addition, on December 31, 2010, we entered into a strategic joint venture relationship with a national medical office building company. See Note 3 for additional information.

8. Customer Concentration

     The following table summarizes certain information about our customer concentration as of December 31, 2010 (dollars in thousands):

	Number of		Total		Percent of
	Properties		Investment(2)		Investment(3)
Concentration by investment:(1)
Merrill Gardens LLC		38	$	732,211		9	%
Brandywine Senior Living, LLC		19		612,598		7	%
Senior Living Communities, LLC		12		595,223		7	%
Senior Star Living		10		464,062		5	%
Brookdale Senior Living, Inc.		86		334,946		4	%
Remaining portfolio		518		5,853,069		68	%
Totals		683	$	8,592,109		100	%

(1)	All of our top five customers are in our senior housing triple-net segment, except Merrill Gardens and Senior Star which are in our senior housing operating segment.
(2)	Excludes our share of unconsolidated joint venture investments. Please see Note 7 for additional information.
(3)	Investments with our top five customers comprised 24% of total investments at December 31, 2009.

9. Borrowings Under Line of Credit Arrangement and Related Items

     At December 31, 2010, we had an unsecured line of credit arrangement with a consortium of sixteen banks in the amount of $1,150,000,000, which is scheduled to expire on August 6, 2012. Borrowings under the agreement are subject to interest payable in periods no longer than three months at either the agent bank’s prime rate of interest or the applicable margin over LIBOR interest rate, at our option (0.87% at December 31, 2010). The applicable margin is based on certain of our debt ratings and was 0.6% at December 31, 2010. In addition, we pay a facility fee annually to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.15% at December 31, 2010. We also pay an annual agent’s fee of $50,000. Principal is due upon expiration of the agreement.

     The following information relates to aggregate borrowings under the unsecured line of credit arrangement for the periods presented (dollars in thousands):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Year Ended December 31,
	2010			2009			2008
Balance outstanding at quarter end	$	300,000		$	140,000		$	570,000
Maximum amount outstanding at any month end	$	560,000		$	559,000		$	744,000
Average amount outstanding (total of daily principal balances divided by days in period)	$	268,762		$	241,463		$	500,561
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)		1.48	%		1.92	%		3.77	%

10. Senior Unsecured Notes and Secured Debt

     We have $3,034,949,000 of senior unsecured notes with annual stated interest rates ranging from 3.00% to 8.00%. The carrying amounts of the senior unsecured notes represent the par value of $3,064,930,000 adjusted for any unamortized premiums or discounts and other basis adjustments related to hedging the debt with derivative instruments. See Note 11 for further discussion regarding derivative instruments.

     During the three months ended December 31, 2006, we issued $345,000,000 of 4.75% senior unsecured convertible notes due December 2026, generating net proceeds of $337,517,000. The notes are convertible, in certain circumstances, into cash and, if applicable, shares of common stock at an initial conversion rate of 20.8833 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $47.89 per share. In general, upon conversion, the holder of each note would receive, in respect of the conversion value of such note, cash up to the principal amount of such note and common stock for the note’s conversion value in excess of such principal amount. In addition, on each of December 1, 2011, December 1, 2016 and December 1, 2021, holders may require us to purchase all or a portion of their notes at a purchase price in cash equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. During the three months ended March 31, 2009, we extinguished $5,000,000 of these notes and recognized a gain of $446,000. During the six months ended June 30, 2010, we extinguished $214,412,000 of these notes, recognized a loss of $8,837,000 and paid $18,552,000 to reacquire the equity component of convertible debt. As of December 31, 2010, we had $125,588,000 of these notes outstanding.

     In July 2007, we issued $400,000,000 of 4.75% senior unsecured convertible notes due July 2027, generating net proceeds of $388,943,000. The notes are convertible, in certain circumstances, into cash and, if applicable, shares of our common stock at an initial conversion rate of 20.0000 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $50.00 per share. In general, upon conversion, the holder of each note would receive, in respect of the conversion value of such note, cash up to the principal amount of such note and common stock for the note’s conversion value in excess of such principal amount. In addition, on each of July 15, 2012, July 15, 2017 and July 15, 2022, holders may require us to purchase all or a portion of their notes at a purchase price in cash equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. During the three months ended March 31, 2009, we extinguished $5,000,000 of these notes and recognized a gain of $594,000. During the six months ended June 30, 2010, we extinguished $226,914,000 of these notes, recognized a loss of $16,235,000 and paid $21,062,000 to reacquire the equity component of convertible debt. As of December 31, 2010, we had $168,086,000 of these notes outstanding.

     During the twelve months ended December 31, 2010, we issued $494,403,000 of 3.00% senior unsecured convertible notes due December 2029, generating net proceeds of $486,084,000. The notes are convertible, in certain circumstances, into cash and, if applicable, shares of common stock at an initial conversion rate of 19.5064 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $51.27 per share. In general, upon conversion, the holder of each note would receive, in respect of the conversion value of such note, cash up to the principal amount of such note and common stock for the note’s conversion value in excess of such principal amount. In addition, on each of December 1, 2014, December 1, 2019 and December 1, 2024, holders may require us to purchase all or a portion of their notes at a purchase price in cash equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. In connection with this issuance, we recognized $29,925,000 of equity component of convertible debt.

     During the year ended December 31, 2009, we extinguished $183,147,000 of senior unsecured notes with a weighted-average interest rate of 7.82% and recognized losses of $19,269,000. During the three months ended June 30, 2010, we issued $450,000,000 of 6.125% senior unsecured notes due 2020 with net proceeds of $446,328,000. During the three months ended September 30, 2010, we issued $450,000,000 of 4.70% senior unsecured notes due 2017 with net proceeds of $445,768,000. During the three months ended December 31, 2010, we issued $450,000,000 of 4.95% senior unsecured notes due 2021 with net proceeds of $443,502,000.

     We have secured debt totaling $1,125,906,000, collateralized by owned properties, with annual interest rates ranging from 3.01% to 8.74%. The carrying amounts of the secured debt represent the par value of $1,133,715,000 adjusted for any unamortized fair value adjustments. The carrying values of the properties securing the debt totaled $2,054,820,000 at December 31, 2010. During the year ended December 31, 2010, we issued $157,156,000 of first mortgage loans principal with a rate of 5.45% secured by 15 properties.

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the year ended December 31, 2010, we assumed $564,657,000 of first mortgage loans principal with an average rate of 6.06% secured by 60 properties. During the year ended December 31, 2010, we extinguished $194,493,000 of first mortgage loans principal with an average rate of 6.07% and recognized a loss of $9,099,000. During the year ended December 31, 2009, we extinguished 20 secured debt loans totaling $81,715,000 with a weighted-average interest rate of 7.21% and recognized extinguishment losses of $5,838,000. During the year ended December 31, 2008, we extinguished eight secured debt loans totaling $50,475,000 with a weighted-average interest rate of 6.67% and recognized extinguishment gains of $2,094,000.

     We adopted FASB Accounting Standards Codification (“ASC”) topic for Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (“Convertible Debt Guidance”), effective January 1, 2009. It provides guidance on accounting for convertible debt that may be settled in cash upon conversion. It requires bifurcation of the convertible debt instrument into a debt component and an equity component. The value of the debt component is based upon the estimated fair value of a similar debt instrument without the conversion feature. The difference between the contractual principal on the debt and the value allocated to the debt is recorded as an equity component and represents the conversion feature of the instrument. The excess of the contractual principal amount of the debt over its estimated fair value is amortized to interest expense using the effective interest method over the period used to estimate the fair value.

     Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2010, we were in compliance with all of the covenants under our debt agreements.

     At December 31, 2010, the annual principal payments due on these debt obligations are as follows (in thousands):

	Senior		Secured
	Unsecured Notes(1)		Debt (1)		Totals
2011	$	—	$	24,048	$	24,048
2012		76,853		91,979		168,832
2013		300,000		85,508		385,508
2014		—		188,009		188,009
2015		250,000		150,311		400,311
Thereafter		2,438,077		593,860		3,031,937
Totals	$	3,064,930	$	1,133,715	$	4,198,645

(1)  Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

11. Derivative Instruments

     We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates. We may elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to manage the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future.

     The following is a summary of the fair value of our derivative instruments (dollars in thousands):

	Balance Sheet	Fair Value
	Location	December 31, 2010		December 31, 2009
Cash flow hedge interest rate swaps	Other liabilities		$482		$2,381

Cash Flow Hedges

     For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period, or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Approximately $1,643,000 of losses, which are included in accumulated other comprehensive income (“AOCI”), are expected to be reclassified into earnings in the next 12 months.

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     The following presents the impact of derivative instruments on the statement of operations and OCI for the periods presented (dollars in thousands):

			Year Ended
	Location		December 31, 2010			December 31, 2009			December 31, 2008
Gain (loss) on interest rate swap recognized in OCI (effective portion)		n/a	$	(10,307	)	$	(3,513	)	$	7,669
Gain (loss) reclassified from AOCI into income (effective portion)	Interest expense			(2,244	)		(971	)		(160	)
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Realized loss			—			—			(23,393	)

     On August 7, 2009, we entered into an interest rate swap (the “August 2009 Swap”) for a total notional amount of $52,198,000 to hedge seven years of interest payments associated with long-term LIBOR based borrowings. This swap was terminated on September 30, 2010 for a cash payment of $6,645,000 which has been deferred and included as a component of accumulated other comprehensive income. The effective portion is being amortized over the remaining term of the original swap as an adjustment to the yield on our LIBOR-based debt. The August 2009 Swap had an effective date of August 12, 2009 and a maturity date of September 1, 2016. The August 2009 Swap had the economic effect of fixing $52,198,000 at 3.93% plus a credit spread for seven years. The August 2009 Swap had been designated as a cash flow hedge and we expected it to be highly effective at offsetting changes in cash flows of interest payments on $52,198,000 of long-term debt due to changes in the LIBOR swap rate.

     On September 28, 2009, we entered into an interest rate swap (the “September 2009 Swap”) for a total notional amount of $48,155,000 to hedge seven years of interest payments associated with long-term LIBOR based borrowings. This swap was terminated on September 30, 2010 for a cash payment of $4,365,000 which has been deferred and included as a component of accumulated other comprehensive income. The effective portion is being amortized over the remaining term of the original swap as an adjustment to the yield on our LIBOR-based debt. The September 2009 Swap had an effective date of September 30, 2009 and a maturity date of October 1, 2016. The September 2009 Swap had the economic effect of fixing $48,155,000 at 3.2675% plus a credit spread for seven years. The September 2009 Swap had been designated as a cash flow hedge and we expected it to be highly effective at offsetting changes in cash flows of interest payments on $48,155,000 of long-term debt due to changes in the LIBOR swap rate.

     On December 31, 2010, we assumed an interest rate swap (the “December 2010 Swap”) for a total notional amount of $12,650,000 to hedge interest payments associated with long-term LIBOR based borrowings. The December 2010 Swap has an effective date of December 31, 2010 and a maturity date of December 31, 2013. The December 2010 Swap has the economic effect of fixing $12,650,000 at 5.50% plus a credit spread through the swap’s maturity. In January 2011, the December 2010 Swap was designated as a cash flow hedge and we expect it to be highly effective at offsetting changes in cash flows of interest payments on $12,650,000 of long-term debt due to changes in the LIBOR swap rate.

     During the year ended December 31, 2008, we recognized a realized loss on derivatives of $23,393,000 related to forward-starting interest rate swaps that were in place to hedge future debt issuances when the timing of those issuances was revised.

Fair Value Hedges

     For derivative instruments that are designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged risk are recognized in current earnings. There were no outstanding fair value hedges at December 31, 2010 or December 31, 2009.

12. Commitments and Contingencies

     We have two outstanding letters of credit issued for the benefit of certain insurance companies that provide workers’ compensation insurance to one of our tenants. Our obligation to provide the letters of credit terminates in 2013. At December 31, 2010, our obligation under the letters of credit was $4,200,000.

     We have an outstanding letter of credit issued for the benefit of certain insurance companies that provide liability and property insurance to one of our tenants. Our obligation to provide the letter of credit terminates in 2013. At December 31, 2010, our obligation under the letter of credit was $1,000,000.

     We have an outstanding letter of credit issued for the benefit of a city in Wisconsin that secures the completion and installation of certain public improvements by one of our tenants in connection with the development of a property. Our obligation to provide the letter of credit terminates in October 2013. At December 31, 2010, we had an obligation to provide a letter of credit in the amount of $215,000.

     We have an outstanding letter of credit issued for the benefit of a village in Illinois that secures the completion, installation and

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

maintenance of certain public improvements by one of our partnerships in connection with the development of a property. Our obligation to provide the letter of credit terminates in August 2011. At December 31, 2010, our obligation under the letter of credit was $67,932.

     At December 31, 2010, we had outstanding construction in process of $356,793,000 for leased properties and were committed to providing additional funds of approximately $268,055,000 to complete construction. At December 31, 2010, we had contingent purchase obligations totaling $33,613,000. These contingent purchase obligations relate to unfunded capital improvement obligations. Rents due from the tenant are increased to reflect the additional investment in the property.

     We evaluate our leases for operating versus capital lease treatment in accordance with ASC Topic 840 “Leases.” A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90% of the fair value of the leased asset. One lease related to a senior housing facility contains a bargain purchase option and has been classified as a capital lease. At December 31, 2010, we had operating lease obligations of $230,189,000 relating to certain ground leases and company office space. We incurred rental expense relating to company office space of $1,280,000, $1,138,000 and $1,452,000 for the years ended December 31, 2010, 2009 and 2008, respectively. Regarding the ground leases, we have sublease agreements with certain of our operators that require the operators to reimburse us for our monthly operating lease obligations. At December 31, 2010, aggregate future minimum rentals to be received under these noncancelable subleases totaled $32,329,000.

     At December 31, 2010, future minimum lease payments due under operating and capital leases are as follows (in thousands):

	Operating Leases		Capital Leases(1)
2011	$	5,380	$	604
2012		5,454		622
2013		5,158		640
2014		5,181		660
2015		5,189		8,425
Thereafter		203,827		—
Totals	$	230,189	$	10,951

(1) Related assets of $17,815,000 recorded in real property.

13. Stockholders’ Equity

     The following is a summary of our stockholder’s equity capital accounts as of the dates indicated:

	December 31, 2010		December 31, 2009
Preferred Stock, $1.00 par value:
Authorized shares		50,000,000		50,000,000
Issued shares		11,349,854		11,474,093
Outstanding shares		11,349,854		11,474,093
Common Stock, $1.00 par value:
Authorized shares		225,000,000		225,000,000
Issued shares		147,381,191		123,583,242
Outstanding shares		147,097,381		123,385,317

     Preferred Stock. During the year ended December 31, 2008, certain holders of our Series G Cumulative Convertible Preferred Stock converted 1,362,887 shares into 975,397 shares of our common stock, leaving 441,313 of such shares outstanding at December 31, 2008. During the year ended December 31, 2009, certain holders of our Series G Cumulative Convertible Preferred Stock converted 41,600 shares into 29,771 shares of our common stock, leaving 399,713 of such shares outstanding at December 31, 2009. During the nine months ended September 30, 2010, certain holders of our Series G Cumulative Convertible Preferred Stock converted 394,200 shares into 282,078 shares of our common stock, leaving 5,513 of such shares outstanding which were redeemed by us on September 30, 2010. During the three months ended September 30, 2010, the holder of our Series E Cumulative Convertible and Redeemable Preferred Stock converted 74,380 shares into 56,935 shares of our common stock, leaving no such shares outstanding at December 31, 2010.

     In July 2003, we closed a public offering of 4,000,000 shares of 7.875% Series D Cumulative Redeemable Preferred Stock. These

23

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after July 9, 2008.

     In September 2004, we closed a public offering of 7,000,000 shares of 7.625% Series F Cumulative Redeemable Preferred Stock. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after September 14, 2009.

     During the three months ended December 31, 2010, we issued 349,854 shares of 6.00% Series H Cumulative Convertible and Redeemable Preferred Stock in connection with a business combination. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after December 31, 2015. See Note 3 for additional information.

     Common Stock. The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except per share amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
March 2008 public issuance		3,000,000	$	41.44	$	124,320	$	118,555
July 2008 public issuance		4,600,000		44.50		204,700		193,157
September 2008 public issuance		8,050,000		48.00		386,400		369,699
2008 Dividend reinvestment plan issuances		1,546,074		43.37		67,055		67,055
2008 Equity shelf program issuances		794,221		39.28		31,196		30,272
2008 Option exercises		118,895		29.83		3,547		3,547
2008 Totals		18,109,190			$	817,218	$	782,285
February 2009 public issuance		5,816,870	$	36.85	$	214,352	$	210,880
September 2009 public issuance		9,200,000		40.40		371,680		356,554
2009 Dividend reinvestment plan issuances		1,499,497		37.22		55,818		55,818
2009 Equity shelf program issuances		1,952,600		40.69		79,447		77,605
2009 Option exercises		96,166		38.23		3,676		3,676
2009 Totals		18,565,133			$	724,973	$	704,533
September 2010 public issuance		9,200,000	$	45.75	$	420,900	$	403,921
December 2010 public issuance		11,500,000		43.75		503,125		482,448
2010 Dividend reinvestment plan issuances		1,957,364		43.95		86,034		86,034
2010 Equity shelf program issuances		431,082		44.94		19,371		19,013
2010 Option exercises		129,054		31.17		4,022		4,022
2010 Totals		23,217,500			$	1,033,452	$	995,438

     Dividends. The following is a summary of our dividend payments (dollars in thousands, except per share amounts):

	Year Ended
	December 31, 2010				December 31, 2009				December 31, 2008
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.74000	$	348,578	$	2.72000	$	311,760	$	2.70000	$	253,659
Series D Preferred Stock		1.96875		7,875		1.96875		7,875		1.96875		7,875
Series E Preferred Stock		1.12500		94		1.50000		112		1.50000		112
Series F Preferred Stock		1.90625		13,344		1.90625		13,344		1.90625		13,344
Series G Preferred Stock		1.40640		332		1.87500		748		1.87500		1,870
Totals			$	370,223			$	333,839			$	276,860

Comprehensive Income

     The following is a summary of accumulated other comprehensive income/(loss) as of the dates indicated (in thousands):

	December 31, 2010			December 31, 2009
Unrecognized gains (losses) on cash flow hedges	$	(9,969	)	$	(1,907	)
Unrecognized gains (losses) on equity investments		(497	)		(550	)
Unrecognized actuarial gains (losses)		(633	)		(434	)
Totals	$	(11,099	)	$	(2,891	)

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     The following is a summary of comprehensive income/(loss) for the periods indicated (in thousands):

	Year Ended December 31,
	2010			2009			2008
Unrecognized gains (losses) on cash flow hedges	$	(8,063	)	$	(2,542	)	$	7,829
Unrecognized gains (losses) on equity investments		54			487			(846	)
Unrecognized actuarial gains (losses)		(199	)		277			(715	)
Total other comprehensive income (loss)		(8,208	)		(1,778	)		6,268
Net income attributable to controlling interests		128,527			193,269			283,299
Comprehensive income attributable to controlling interests		120,319			191,491			289,567
Net and comprehensive income (loss) attributable to noncontrolling interests		357			(342	)		126
Total comprehensive income	$	120,676		$	191,149		$	289,693

Other Equity

     Other equity consists of accumulated option compensation expense which represents the amount of amortized compensation costs related to stock options awarded to employees and directors. Expense, which is recognized as the options vest based on the market value at the date of the award, totaled $1,634,000, $1,629,000 and $1,503,000 for the year ended December 31, 2010, 2009 and 2008, respectively.

14. Stock Incentive Plans

     Our Amended and Restated 2005 Long-Term Incentive Plan authorizes up to 6,200,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. The 2005 Plan replaced the 1995 Stock Incentive Plan and the Stock Plan for Non-Employee Directors. The options granted to officers and key employees under the 1995 Plan continue to vest through 2010 and expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2005 Plan. The 2005 Plan allows for the issuance of, among other things, stock options, restricted stock, deferred stock units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three years for non-employee directors to five years for officers and key employees. Options expire ten years from the date of grant.

Valuation Assumptions

     The fair value of each option grant is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions:

	Year Ended
	December 31, 2010			December 31, 2009			December 31, 2008
Dividend yield(1)		6.28	%		7.35	%		6.47	%
Expected volatility		34.08	%		29.40	%		20.50	%
Risk-free interest rate		3.23	%		2.33	%		3.42	%
Expected life (in years)		7.0			7.0			6.5
Weighted-average fair value(1)	$	7.82		$	4.38		$	6.25

(1) Certain options granted to employees in 2008 include dividend equivalent rights. The fair value of options with DERs also includes the net present value of projected future dividend payments over the expected life of the option discounted at the dividend yield rate.

     The dividend yield represented the dividend yield of our common stock on the dates of grant. Our computation of expected volatility was based on historical volatility. The risk-free interest rates used were the 7-year U.S. Treasury Notes yield on the date of grant. The expected life was based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules and expectations regarding future employee behavior.

Option Award Activity

     The following table summarizes information about stock option activity for the twelve months ended December 31, 2010:

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Year Ended
	December 31, 2010					December 31, 2009					December 31, 2008
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
Stock Options	(000’s)			Exercise Price		(000’s)			Exercise Price		(000’s)			Exercise Price
Options at beginning of year		1,062		$	$37.71		817		$	38.29		637		$	35.54
Options granted		280			43.29		366			37.00		307			40.83
Options exercised		(129	)		33.58		(96	)		38.22		(119	)		29.83
Options terminated		(6	)		37.82		(25	)		44.50		(8	)		42.00
Options at end of period		1,207		$	$39.45		1,062		$	$37.71		817		$	$38.29
Options exercisable at end of period		440		$	37.76		388		$	35.85		281		$	33.94
Weighted average fair value of options granted during the period				$	$7.82				$	$4.38				$	$6.25

     The following table summarizes information about stock options outstanding at December 31, 2010:

	Options Outstanding						Options Exercisable
					Weighted						Weighted
	Number		Weighted		Average		Number		Weighted		Average
	Outstanding		Average		Remaining		Exercisable		Average		Remaining
Range of Per Share Exercise Prices	(thousands)		Exercise Price		Contract Life		(thousands)		Exercise Price		Contract Life
$20-$30		31	$	25.67		2.7		31	$	25.67		2.7
$30-$40		575		36.70		7.5		264		36.38		5.9
$40+		601		42.80		8.8		145		42.90		7.6
Totals		1,207	$	$39.45		8.0		440	$	$37.76		6.2
Aggregate intrinsic value	$	9,892,000					$	4,344,000

     The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the quoted price of our common stock for the options that were in-the-money at December 31, 2010. During the years ended December 31, 2010, 2009 and 2008, the aggregate intrinsic value of options exercised under our stock incentive plans was $1,798,000, $737,000 and $2,042,000, respectively (determined as of the date of option exercise). Cash received from option exercises under our stock incentive plans was $4,022,000, $3,676,000 and $3,547,000 for the years ended December 31, 2010, 2009 and 2008, respectively.

     As of December 31, 2010, there was approximately $2,935,000 of total unrecognized compensation cost related to unvested stock options granted under our stock incentive plans. That cost is expected to be recognized over a weighted average period of four years. As of December 31, 2010, there was approximately $8,010,000 of total unrecognized compensation cost related to unvested restricted stock granted under our stock incentive plans. That cost is expected to be recognized over a weighted average period of three years.

     The following table summarizes information about non-vested stock incentive awards as of December 31, 2010 and changes for the twelve months ended December 31, 2010:

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Stock Options					Restricted Stock
	Number of			Weighted Average		Number of			Weighted Average
	Shares			Grant Date		Shares			Grant Date
	(000’s)			Fair Value		(000’s)			Fair Value
Non-vested at December 31, 2009		675		$	5.44		405		$	40.26
Vested		(181	)		5.91		(232	)		42.02
Granted		280			7.82		249			43.28
Terminated		(6	)		7.06		(2	)		38.07
Non-vested at December 31, 2010		768		$	6.19		420		$	41.09

     We adopted the fair value-based method of accounting for share-based payments effective January 1, 2003 using the prospective method. Currently, we use the Black-Scholes-Merton option pricing model to estimate the value of stock option grants and expect to continue to use this acceptable option valuation model. We recognize compensation cost for share-based grants on a straight-line basis through the date the awards become fully vested or to the retirement eligible date, if sooner. Compensation cost totaled $11,823,000, $9,633,000 and $8,530,000 for the years ended December 31, 2010, 2009 and 2008, respectively.

15. Earnings Per Share

     The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	Year Ended December 31,
	2010		2009		2008
Numerator for basic and diluted earnings per share — net income attributable to common stockholders	$	106,882	$	171,190	$	260,098
Denominator for basic earnings per share — weighted average shares		127,656		114,207		93,732
Effect of dilutive securities:
Employee stock options		125		—		82
Non-vested restricted shares		420		405		443
Convertible senior unsecured notes		7		—		52
Dilutive potential common shares		552		405		577
Denominator for diluted earnings per share — adjusted weighted average shares		128,208		114,612		94,309
Basic earnings per share	$	0.84	$	1.50	$	2.77
Diluted earnings per share	$	0.83	$	1.49	$	2.76

     The diluted earnings per share calculations exclude the dilutive effect of 280,000, 351,000 and 0 stock options for the years ended December 31, 2010, 2009 and 2008, respectively, because the exercise prices were more than the average market price. The outstanding convertible senior unsecured notes were not included in the 2009 calculations as the effect of the conversions into common stock was anti-dilutive for that period. The Series H Cumulative Convertible and Redeemable Preferred Stock issued in 2010 were excluded from the calculation for 2010 as the effect of the conversions was anti-dilutive.

16. Disclosure about Fair Value of Financial Instruments

     The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Mortgage Loans and Other Real Estate Loans Receivable — The fair value of mortgage loans and other real estate loans receivable is generally estimated by discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Cash and Cash Equivalents — The carrying amount approximates fair value.

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Available-for-sale Equity Investments — Available-for-sale equity investments are recorded at their fair value based on publicly available trading prices.

Borrowings Under Unsecured Lines of Credit Arrangements — The carrying amount of the unsecured line of credit arrangement approximates fair value because the borrowings are interest rate adjustable.

Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on publicly available trading prices.

Secured Debt — The fair value of fixed rate secured debt is estimated by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable.

Interest Rate Swap Agreements — Interest rate swap agreements are recorded as assets or liabilities on the balance sheet at fair market value. Fair market value is estimated by utilizing pricing models that consider forward yield curves and discount rates.

     The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):

	December 31, 2010				December 31, 2009
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial Assets:
Mortgage loans receivable	$	109,283	$	111,255	$	74,517	$	74,765
Other real estate loans receivable		327,297		333,003		352,846		354,429
Available-for-sale equity investments		1,103		1,103		5,816		5,816
Cash and cash equivalents		131,570		131,570		35,476		35,476
Financial Liabilities:
Borrowings under unsecured lines of credit arrangements	$	300,000	$	300,000	$	140,000	$	140,000
Senior unsecured notes		3,034,949		3,267,638		1,653,027		1,762,129
Secured debt		1,125,906		1,178,081		620,995		623,266
Interest rate swap agreements		482		482		2,381		2,381

     U.S. GAAP provides authoritative guidance for measuring and disclosing fair value measurements of assets and liabilities. The guidance for financial assets and liabilities was previously adopted as the standard for those assets and liabilities as of January 1, 2008. Additional guidance for non-financial assets and liabilities is effective for fiscal years beginning after November 15, 2008, and was adopted as the standard for those assets and liabilities as of January 1, 2009. The impact of adoption was not significant. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Interest rate swap agreements are valued using models that assume a hypothetical transaction to sell the asset or transfer the liability in the principal market for the asset or liability based on market data derived from interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment timing, loss severities, credit risks and default rates.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

     Items Measured at Fair Value on a Recurring Basis

     The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Fair Value Measurements as of December 31, 2010
	Total			Level 1		Level 2			Level 3
Available-for-sale equity investments(1)	$	1,103		$	1,103	$	—		$	—
Assets held for sale(2)		23,441			—		23,441			—
Interest rate swap agreements(3)		(482	)		—		(482	)		—
Totals	$	24,062		$	1,103	$	22,959		$	—

(1)	Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
(2)	Please see Note 5 for additional information.
(3)	Please see Note 11 for additional information.

     Items Measured at Fair Value on a Nonrecurring Basis

     In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include assets acquired and liabilities assumed in business combinations (see Note 3) and asset impairments (see Note 5 for impairments of real property and Note 6 for impairments of loans receivable). We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally reside within Level 3 of the fair value hierarchy. We estimate the fair value of real estate using unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value.

17. Segment Reporting

     We invest in senior housing and health care real estate. We evaluate our business and make resource allocations on our three business segments: senior housing triple-net, senior housing operating and medical facilities. Our primary senior housing triple-net properties include skilled nursing facilities, assisted living facilities, independent living/continuing care retirement communities and combinations thereof. Under the senior housing triple-net segment, we invest in senior housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our senior housing operating properties include assisted living facilities and independent living/continuing care retirement communities that our owned and/or operated through RIDEA partnership structures. Our primary medical facility properties include medical office buildings, hospitals and life science buildings. Our medical office buildings are typically leased to multiple tenants and generally require a certain level of property management. Our hospital investments are structured similar to our senior housing triple-net investments. Our life science investments represent investments in an unconsolidated joint venture (see Note 7 for additional information). The accounting policies of the segments are the same as those described in the summary of significant accounting policies (in Note 2 to our audited consolidated financial statements). There are no intersegment sales or transfers. We evaluate performance based upon net operating income of the combined properties in each segment. Non-segment revenue consists mainly of interest income on non-real estate investments and other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining net operating income.

     During the three months ended March 31, 2011, we changed the name of our senior housing and care segment to senior housing triple-net. Additionally, we added a new senior housing operating segment. The following amounts previously reported in senior housing and care for the year ended December 31, 2010 have been reclassified to senior housing operating in the current year: (i) resident fees and services income of $51,006,000; (ii) property operating expenses of $32,621,000; (iii) net operating income of $18,385,000; (iv) real estate depreciation and amortization of $15,405,000; (v) interest expense of $6,321,000; and (vi) total assets of $1,080,416,000. There were no senior housing operating segment investments prior to September 1, 2010.

     Summary information for the reportable segments during the years ended December 31, 2010, 2009 and 2008 is as follows (in thousands and includes amounts from discontinued operations):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

											Property		Net		Real Estate
	Rental		Resident Fees		Interest		Other		Total		Operating		Operating		Depreciation/		Interest		Total
	Income		and Services		Income		Income		Revenues		Expenses		Income(1)		Amortization		Expense		Assets
Year Ended December 31, 2010
Senior housing and care(2)	$	382,904	$	51,006	$	36,176	$	3,386	$	473,472	$	32,621	$	440,851	$	126,717	$	22,905	$	5,837,312
Medical facilities(3)		220,506		—		4,679		985		226,170		53,844		172,326		75,826		24,926		3,389,441
Non-segment/Corporate		—		—		—		2,874		2,874		—		2,874		—		113,129		224,981
	$	603,410	$	51,006	$	40,855	$	7,245	$	702,516	$	86,465	$	616,051	$	202,543	$	160,960	$	9,451,734
Year Ended December 31, 2009
Senior housing and care(2)	$	358,109	$	—	$	35,945	$	5,309	$	399,363	$	—	$	399,363	$	101,300	$	12,622	$	4,135,065
Medical facilities		181,802		—		4,940		9,368		196,110		48,965		147,145		63,623		20,584		2,140,044
Non-segment/Corporate		—		—		—		1,170		1,170		—		1,170		—		76,566		92,077
	$	539,911	$	—	$	40,885	$	15,847	$	596,643	$	48,965	$	547,678	$	164,923	$	109,772	$	6,367,186
Year Ended December 31, 2008
Senior housing and care(2)	$	345,053	$	—	$	35,143	$	5,994	$	386,190	$	—	$	386,190	$	98,675	$	7,176
Medical facilities		177,128		—		4,920		2,835		184,883		46,629		138,254		64,370		21,828
Non-segment/Corporate		—		—		—		1,692		1,692		—		1,692		—		112,055
	$	522,181	$	—	$	40,063	$	10,521	$	572,765	$	46,629	$	526,136	$	163,045	$	141,059

(1)	Net operating income (“NOI”) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property level operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.
(2)	Includes senior housing triple-net and senior housing operating results.
(3)	Excludes income and expense amounts related to our life science buildings held in an unconsolidated joint venture. Please see Note 7 for additional information.

18. Income Taxes and Distributions

     To qualify as a real estate investment trust for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. Real estate investment trusts that do not distribute a certain amount of current year taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes.

     Cash distributions paid to common stockholders, for federal income tax purposes, are as follows:

	Year Ended December 31,
	2010		2009		2008
Per Share:
Ordinary income	$	0.7774	$	1.9865	$	1.6196
Return of capital		1.7408		0.4864		0.8904
Long-term capital gains		0.0190		—		—
1250 gains		0.2028		0.2471		0.1900
Totals	$	2.7400	$	2.7200	$	2.7000

     At December 31, 2010, we had U.S. federal tax losses from our taxable REIT subsidiaries (“TRS”) of $19,812,000, as well as apportioned state tax losses of $17,137,000 available for carryforward. Valuation allowances have been established for these assets based upon our assessment, as it is more likely than not that such assets may not be realized. The U.S. federal and state tax loss carryforwards expire from 2011 through 2030.

     Tax expense reflected in the financial statements represents state and local income taxes.

     As a result of certain acquisitions, we are subject to corporate level taxes for related asset dispositions for the period December 30, 2010 through December 30, 2020 (“built-in gains tax”). The amount of income potentially subject to this special corporate level tax is generally equal to (a) the excess of the fair value of the asset as of December 31, 2010 over its adjusted tax basis as of December 31, 2010, or (b) the actual amount of gain, whichever of (a) and (b) is lower. Some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards. We have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies.

     Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), for taxable years beginning after July 30, 2008, the REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary if the property is operated on behalf of such subsidiary by a person who qualifies as an “eligible independent contractor.”

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property.” A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients.

     We entered into two joint ventures in 2010 that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the consolidated financial statements and are subject to federal taxes as the operations of such facilities are included in a TRS. Certain net operating loss carryforwards could be utilized to offset taxable income in future years.

19. Retirement Arrangements

     Under the retirement plan and trust (the “401(k) Plan”), eligible employees may make contributions, and we may make matching contributions and a profit sharing contribution. Our contributions to the 401(k) Plan totaled $1,341,000, $1,201,000 and $1,013,000 in 2010, 2009 and 2008, respectively.

     We have a Supplemental Executive Retirement Plan (“SERP”), a non-qualified defined benefit pension plan, which provides one executive officer with supplemental deferred retirement benefits. The SERP provides an opportunity for participants to receive retirement benefits that cannot be paid under our tax-qualified plans because of the restrictions imposed by ERISA and the Internal Revenue Code of 1986, as amended. Benefits are based on compensation and length of service and the SERP is unfunded. We expect to contribute $1,500,000 to the SERP during the 2011 fiscal year. Benefit payments are expected to total $2,367,000 during the next five fiscal years and $2,410,000 thereafter. We use a December 31 measurement date for the SERP. The accrued liability on our balance sheet for the SERP was $4,066,000 at December 31, 2010 ($3,287,000 at December 31, 2009).

     The following tables provide a reconciliation of the changes in the SERP’s benefit obligations and a statement of the funded status for the periods indicated (in thousands):

	Year Ended
	December 31,
	2010		2009
Reconciliation of benefit obligation:
Obligation at January 1	$	3,287	$	3,109
Service cost		413		389
Interest cost		115		164
Actuarial (gain) loss		251		434
Benefit Payments		—		(29	)
Curtailments		—		(780	)
Obligation at December 31	$	4,066	$	3,287

	December 31,
	2010		2009
Funded status:
Funded status at December 31	$	4,066	$	(3,287	)
Unrecognized (gain) loss		—		—
Prepaid (accrued) benefit cost	$	4,066	$	(3,287	)

     The following table shows the components of net periodic benefit costs for the periods indicated (in thousands):

	Year Ended
	December 31,
	2010		2009
Service cost	$	413	$	389
Interest cost		115		164
Curtailment income		—		(87	)
Net actuarial (gain) loss		52		16
Net periodic benefit cost	$	580	$	482

     The following table provides information for the SERP, which has an accumulated benefit in excess of plan assets (in thousands):

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	December 31,
	2010		2009
Projected benefit obligation	$	4,066	$	3,287
Accumulated benefit obligation		2,938		2,956
Fair value of assets		n/a		n/a

     The following table reflects the weighted-average assumptions used to determine the benefit obligations and net periodic benefit cost for the SERP:

	Benefit Obligations						Net Periodic Benefit Cost
	December 31,						Year Ended December 31,
	2010			2009			2010			2009
Discount rate		3.50	%		3.50	%		3.50	%		6.25	%
Rate of compensation increase		4.50	%		4.50	%		4.50	%		4.50	%
Expected long-term return on plan assets		n/a			n/a			n/a			n/a

20. Quarterly Results of Operations (Unaudited)

     The following is a summary of our unaudited quarterly results of operations for the years ended December 31, 2010 and 2009 (in thousands, except per share data). The sum of individual quarterly amounts may not agree to the annual amounts included in the consolidated statements of income due to rounding.

	Year Ended December 31, 2010
	1st Quarter			2nd Quarter			3rd Quarter(2)			4th Quarter
Revenues — as reported	$	152,759		$	163,131		$	176,146		$	202,456
Discontinued operations		(9,717	)		(9,382	)		(7,203	)		(4,426	)
Revenues — as adjusted(1)	$	143,042		$	153,749		$	168,943		$	198,030
Net income (loss) attributable to common stockholders	$	25,812		$	45,646		$	(4,563	)	$	39,988
Net income (loss) attributable to common stockholders per share:
Basic	$	0.21		$	0.37		$	(0.04	)	$	0.29
Diluted		0.21			0.37			(0.04	)		0.29

	Year Ended December 31, 2009
	1st Quarter			2nd Quarter			3rd Quarter(3)			4th Quarter
Revenues — as reported	$	144,328		$	141,686		$	145,098		$	147,261
Discontinued operations		(14,678	)		(12,088	)		(12,235	)		(10,092	)
Revenues — as adjusted(1)	$	129,650		$	129,598		$	132,863		$	137,169
Net income attributable to common stockholders	$	61,119		$	59,240		$	19,130		$	31,700
Net income attributable to common stockholders per share:
Basic	$	0.56		$	0.53		$	0.17		$	0.26
Diluted		0.56			0.53			0.17			0.26

(1)	We have reclassified the income attributable to the properties sold subsequent to January 1, 2002 and attributable to the properties held for sale at Macrh 31, 2011 to discontinued operations. See Note 5.
(2)	The decreases in net income and amounts per share are primarily attributable to provisions for loan losses ($28,918,000) and transaction costs ($18,835,000). Additionally, net income differs from amounts previously reported as it includes adjustments for additional expenses attributable to business combination purchase price adjustments that have been retroactively reflected ($5,687,000).
(3)	The decreases in net income and amounts per share are primarily attributable to losses on extinguishment of debt ($26,374,000).

HEALTH CARE REIT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21. Subsequent Events

     Line of credit extension On January 24, 2011, we provided notice to KeyBank National Association, as administrative agent, of our desire to extend the $1.15 billion unsecured line of credit arrangement with a consortium of sixteen banks. Under the terms of the loan agreement, we have the right to extend the revolving line of credit for one year if we are in compliance with all covenants and pay an extension fee of $1,725,000. As a result of the extension, the line of credit will now expire on August 6, 2012. Please see Note 9 for additional information regarding the line of credit.

     Benchmark Senior Living On February 15, 2011, we signed definitive agreements to form an $890 million partnership with Benchmark Senior Living, which will include 34 senior housing communities. Benchmark is a senior housing operator in New England and will become the largest operator in our portfolio by investment balance. This investment is structured as a RIDEA partnership owned 95% by us and 5% by Benchmark. Benchmark will continue to provide management services to the communities under an incentive-based management contract.

Health Care REIT, Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2010

(Dollars in thousands)

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Senior housing and care facilities:(1)
Aboite Twp, IN	$	—	$	1,770	$	19,930	$	—	$	1,770	$	19,930	$	132		2010		2008
Agawam, MA		—		880		16,112		2,135		880		18,247		4,167		2002		1993
Akron, OH		—		290		8,219		492		290		8,711		1,297		2005		1961
Akron, OH		—		630		7,535		185		630		7,720		977		2006		1915
Albertville, AL		2,110		170		6,203		—		170		6,203		207		2010		1999
Albuquerque, NM		5,901		1,270		20,837		—		1,270		20,837		—		2010		1984
Alexandria, VA		—		1,330		7,820		—		1,330		7,820		459		2008		1955
Alliance, OH		4,621		270		7,723		107		270		7,830		1,083		2006		1982
Amarillo, TX		—		540		7,260		—		540		7,260		1,170		2005		1986
Amelia Island, FL		—		3,290		24,310		19,007		3,290		43,317		4,235		2005		1998
Ames, IA		—		330		8,871		—		330		8,871		161		2010		1999
Anderson, SC		—		710		6,290		—		710		6,290		1,402		2003		1986
Apple Valley, CA		8,390		480		16,639		—		480		16,639		449		2010		1999
Arcadia, LA		—		240		5,460		—		240		5,460		882		2006		2006
Asheboro, NC		—		290		5,032		166		290		5,198		1,047		2003		1998
Asheville, NC		—		204		3,489		—		204		3,489		1,208		1999		1999
Asheville, NC		—		280		1,955		352		280		2,307		524		2003		1992
Atlanta, GA		7,997		2,058		14,914		548		2,058		15,462		7,889		1997		1999
Atlanta, GA		—		460		5,540		190		460		5,730		975		2005		1972
Auburndale, FL		—		750		5,950		166		750		6,116		991		2005		1983
Aurora, CO		—		2,600		5,906		7,915		2,600		13,821		1,767		2006		2006
Aurora, CO		—		2,440		28,172		—		2,440		28,172		2,101		2006		2008
Austin, TX		19,819		880		9,520		396		880		9,916		3,249		1999		1998
Austin, TX		10,185		730		18,970		—		730		18,970		1,912		2007		2006
Avon, IN		—		1,830		14,470		—		1,830		14,470		274		2010		2004
Azusa, CA		—		570		3,141		5,936		570		9,077		1,050		1998		1988
Baltic, OH		3,787		50		8,709		189		50		8,898		1,205		2006		1983
Bartlesville, OK		—		100		1,380		—		100		1,380		570		1996		1995
Baytown, TX		9,553		450		6,150		—		450		6,150		1,516		2002		2000
Baytown, TX		—		540		11,110		—		540		11,110		355		2009		2008
Beachwood, OH		—		1,260		23,478		—		1,260		23,478		5,876		2001		1990
Beattyville, KY		—		100		6,900		—		100		6,900		1,068		2005		1972
Bellevue, WI		—		1,740		18,260		571		1,740		18,831		2,206		2006		2004
Bellingham, WA		10,429		1,500		19,861		—		1,500		19,861		497		2010		1996
Bethel Park, PA		—		1,700		16,007		—		1,700		16,007		775		2007		2009
Boise, ID		—		810		5,401		—		810		5,401		2,229		1998		1966
Boonville, IN		—		190		5,510		—		190		5,510		1,344		2002		2000
Boynton Beach, FL		—		980		8,112		—		980		8,112		1,502		2004		1999
Bradenton, FL		—		252		3,298		—		252		3,298		1,378		1996		1995
Braintree, MA		—		170		7,157		1,290		170		8,447		5,916		1997		1968
Brandon, MS		—		1,220		10,241		—		1,220		10,241		47		2010		1999
Bremerton, WA		—		390		2,210		144		390		2,354		241		2006		1999
Bremerton, WA		—		830		10,420		—		830		10,420		—		2010		1984
Brick, NJ		—		1,170		17,372		—		1,170		17,372		—		2010		1998
Brick, NJ(2)		—		690		17,125		—		690		17,125		—		2010		1999
Bridgewater, NJ		—		1,850		3,050		—		1,850		3,050		751		2004		1970
Bridgewater, NJ		—		1,730		48,201		—		1,730		48,201		—		2010		1999
Brighton, MA		—		240		3,859		2,126		240		5,985		959		2005		1982
Broadview Heights, OH		—		920		12,400		2,237		920		14,637		3,135		2001		1984
Bunnell, FL		—		260		7,118		—		260		7,118		1,396		2004		1985
Burlington, NC		—		280		4,297		707		280		5,004		995		2003		2000
Burlington, NC		—		460		5,467		—		460		5,467		1,120		2003		1997
Butler, AL		—		90		3,510		—		90		3,510		750		2004		1960
Butte, MT		—		550		3,957		43		550		4,000		1,112		1998		1999
Byrdstown, TN		—		—		2,414		—		—		2,414		1,086		2004		1982
Canton, MA		—		820		8,201		263		820		8,464		2,221		2002		1993
Canton, OH		—		300		2,098		—		300		2,098		720		1998		1998
Cape Coral, FL		—		530		3,281		—		530		3,281		805		2002		2000
Carmel, IN		—		2,370		57,175		263		2,370		57,438		3,794		2006		2007
Cary, NC		—		1,500		4,350		986		1,500		5,336		1,669		1998		1996
Chapel Hill, NC		—		354		2,646		783		354		3,429		794		2002		1997
Chelmsford, MA		—		1,040		10,951		—		1,040		10,951		2,130		2003		1997
Chickasha, OK		—		85		1,395		—		85		1,395		570		1996		1996
Cincinnati, OH		—		2,060		109,388		—		2,060		109,388		1,404		2007		2010
Citrus Heights, CA		15,578		2,300		31,876		—		2,300		31,876		722		2010		1997
Claremore, OK		—		155		1,428		—		155		1,428		563		1996		1996
Clarksville, TN		—		330		2,292		—		330		2,292		778		1998		1998
Clearwater, FL		—		160		7,218		—		160		7,218		1,281		2004		1961
Clearwater, FL		—		1,260		2,740		200		1,260		2,940		593		2005		1983

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated		Year		Year
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Acquired		Built
Cleburne, TX		—		520		5,369		—		520		5,369		509		2006		2007
Cleveland, TN		—		350		5,000		122		350		5,122		1,379		2001		1987
Coeur d’Alene, ID		—		600		7,878		—		600		7,878		2,865		1998		1996
Colorado Springs, CO		—		310		6,290		—		310		6,290		1,077		2005		1985
Colts Neck, NJ		—		780		14,733		—		780		14,733		—		2010		2002
Columbia, TN		—		341		2,295		—		341		2,295		789		1999		1999
Columbia, TN		—		590		3,787		—		590		3,787		1,019		2003		1974
Columbia, SC		—		2,120		4,860		5,709		2,120		10,569		1,644		2003		2000
Columbus, IN		—		610		3,190		—		610		3,190		59		2010		1998
Columbus, IN		—		530		5,170		1,540		530		6,710		1,492		2002		2001
Columbus, OH		—		1,070		11,726		1,204		1,070		12,930		1,801		2005		1968
Columbus, OH		4,254		1,010		4,931		91		1,010		5,022		763		2006		1983
Columbus, OH		—		1,860		16,624		1,077		1,860		17,701		2,389		2006		1978
Concord, NC		—		550		3,921		55		550		3,976		903		2003		1997
Conroe, TX		—		980		7,771		—		980		7,771		134		2009		2010
Corpus Christi, TX		—		307		443		—		307		443		203		2005		1985
Corpus Christi, TX		—		400		1,916		—		400		1,916		431		2005		1985
Crystal Lake, IL		—		840		7,290		—		840		7,290		456		2007		2008
Dade City, FL		—		250		7,150		—		250		7,150		1,315		2004		1975
Danville, VA		—		410		3,954		722		410		4,676		970		2003		1998
Davenport, IA		—		1,403		35,893		1,781		1,403		37,674		1,055		2006		2009
Daytona Beach, FL		—		470		5,930		—		470		5,930		1,187		2004		1986
Daytona Beach, FL		—		490		5,710		—		490		5,710		1,185		2004		1961
DeBary, FL		—		440		7,460		—		440		7,460		1,365		2004		1965
Dedham, MA		—		1,360		9,830		—		1,360		9,830		2,588		2002		1996
DeForest, WI		—		250		5,350		354		250		5,704		540		2007		2006
Defuniak Springs, FL		—		1,350		10,250		—		1,350		10,250		1,277		2006		1980
DeLand, FL		—		220		7,080		—		220		7,080		1,307		2004		1967
Denton, MD		—		390		4,010		206		390		4,216		1,046		2003		1982
Denver, CO		—		2,530		9,514		—		2,530		9,514		1,404		2005		1986
Denver, CO		—		3,650		14,906		1,585		3,650		16,491		1,704		2006		1987
Denver, CO		—		2,076		13,594		—		2,076		13,594		422		2007		2009
Douglasville, GA		—		1,350		7,471		—		1,350		7,471		1,778		2003		1975
Douglasville, GA		—		90		217		—		90		217		53		2003		1985
Drescher, PA		—		2,060		40,236		—		2,060		40,236		—		2010		2001
Dublin, OH		19,513		1,680		43,423		—		1,680		43,423		—		2010		1990
Durham, NC		—		1,476		10,659		2,196		1,476		12,855		6,977		1997		1999
East Norriston, PA		—		1,200		28,129		—		1,200		28,129		—		2010		1988
Easton, PA		—		285		6,315		—		285		6,315		3,301		1993		1959
Eden, NC		—		390		4,877		—		390		4,877		1,018		2003		1998
El Paso, TX		—		539		8,961		232		539		9,193		1,455		2005		1970
El Paso, TX		—		642		3,958		1,100		642		5,058		831		2005		1969
Elizabeth City, NC		—		200		2,760		2,011		200		4,771		1,359		1998		1999
Elizabethton, TN		—		310		4,604		336		310		4,940		1,370		2001		1980
Encinitas, CA		—		1,460		7,721		—		1,460		7,721		2,346		2000		2000
Englishtown, NJ		—		690		12,520		—		690		12,520		—		2010		1997
Erin, TN		—		440		8,060		134		440		8,194		2,114		2001		1981
Eugene, OR		—		300		5,316		—		300		5,316		2,089		1998		1972
Everett, WA		—		1,400		5,476		—		1,400		5,476		1,768		1999		1999
Fairfield, CA		—		1,460		14,040		—		1,460		14,040		3,510		2002		1998
Fairhaven, MA		—		770		6,230		—		770		6,230		1,117		2004		1999
Fall River, MA		—		620		5,829		4,856		620		10,685		3,445		1996		1973
Fayetteville, NY		—		410		3,962		500		410		4,462		1,071		2001		1997
Findlay, OH		—		200		1,800		—		200		1,800		677		1997		1997
Fishers, IN		—		1,500		14,500		—		1,500		14,500		274		2010		2000
Florence, NJ		—		300		2,978		—		300		2,978		727		2002		1999
Florence, AL		7,420		353		13,049		—		353		13,049		353		2010		1999
Forest City, NC		—		320		4,497		—		320		4,497		947		2003		1999
Fork Union, VA		—		310		2,490		60		310		2,550		163		2008		1990
Fort Pierce, FL		—		440		3,560		117		440		3,677		590		2005		1973
Fredericksburg, VA		—		1,000		20,000		303		1,000		20,303		3,040		2005		1999
Fremont, CA		20,302		3,400		25,300		1,427		3,400		26,727		3,370		2005		1987
Gardnerville, NV		13,121		1,143		10,831		629		1,143		11,460		6,259		1998		1999
Gastonia, NC		—		470		6,129		—		470		6,129		1,247		2003		1998
Gastonia, NC		—		310		3,096		22		310		3,118		679		2003		1994
Gastonia, NC		—		400		5,029		120		400		5,149		1,052		2003		1996
Georgetown, TX		—		200		2,100		—		200		2,100		776		1997		1997
Gig Harbor, WA		6,165		1,560		15,947		—		1,560		15,947		409		2010		1994
Gilroy, CA		—		760		13,880		23,860		760		37,740		3,089		2006		2007
Goochland, VA		—		350		3,697		—		350		3,697		236		2008		1991
Goshen, IN		—		210		6,120		—		210		6,120		864		2005		2006
Graceville, FL		—		150		13,000		—		150		13,000		1,575		2006		1980
Grand Ledge, MI		8,549		1,150		16,286		—		1,150		16,286		—		2010		1999
Grand Prairie, TX		—		574		3,426		—		574		3,426		668		2005		1982
Granger, IN		—		1,670		21,280		—		1,670		21,280		141		2010		2009
Granite City, IL		—		610		7,143		842		610		7,985		4,804		1998		1973
Granite City, IL		—		400		4,303		707		400		5,010		2,949		1999		1964
Greeneville, TN		—		400		8,290		—		400		8,290		1,626		2004		1979

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Greenfield, WI		—		600		6,626		328		600		6,954		620		2006		2006
Greensboro, NC		—		330		2,970		554		330		3,524		749		2003		1996
Greensboro, NC		—		560		5,507		1,013		560		6,520		1,374		2003		1997
Greenville, SC		—		310		4,750		—		310		4,750		873		2004		1997
Greenville, SC		—		5,400		100,523		634		5,400		101,157		2,681		2006		2009
Greenville, NC		—		290		4,393		168		290		4,561		920		2003		1998
Greenwood, IN		—		1,550		22,770		—		1,550		22,770		150		2010		2007
Hamden, CT		—		1,470		4,530		—		1,470		4,530		1,320		2002		1998
Hamilton, NJ		—		440		4,469		—		440		4,469		1,088		2001		1998
Hanover, IN		—		210		4,430		—		210		4,430		847		2004		2000
Hardin, IL		—		50		5,350		135		50		5,485		2,968		2002		1996
Harleysville, PA		—		960		11,355		—		960		11,355		482		2008		2009
Harriman, TN		—		590		8,060		158		590		8,218		2,258		2001		1972
Hattiesburg, MS		13,100		450		15,518		—		450		15,518		—		2010		2009
Haverford, PA		—		1,880		33,993		—		1,880		33,993		—		2010		2000
Hemet, CA		—		870		3,405		—		870		3,405		326		2007		1996
Hemet, CA		13,550		1,890		28,606		—		1,890		28,606		703		2010		1988
Hemet, CA		—		430		9,630		—		430		9,630		258		2010		1988
Henderson, NV		—		380		9,220		65		380		9,285		2,933		1998		1998
Henderson, NV		—		380		4,360		41		380		4,401		1,205		1999		2000
Herculaneum, MO		—		127		10,373		393		127		10,766		5,723		2002		1984
Hickory, NC		—		290		987		232		290		1,219		347		2003		1994
High Point, NC		—		560		4,443		793		560		5,236		1,091		2003		2000
High Point, NC		—		370		2,185		410		370		2,595		579		2003		1999
High Point, NC		—		330		3,395		28		330		3,423		720		2003		1994
High Point, NC		—		430		4,143		—		430		4,143		863		2003		1998
Highlands Ranch, CO		—		940		3,721		—		940		3,721		921		2002		1999
Hilliard, FL		—		150		6,990		—		150		6,990		2,499		1999		1990
Homestead, FL		—		2,750		11,750		—		2,750		11,750		1,456		2006		1994
Hopedale, MA		—		130		8,170		—		130		8,170		1,285		2005		1999
Houston, TX		—		4,790		7,100		—		4,790		7,100		2,114		2003		1974
Houston, TX		10,183		860		18,715		—		860		18,715		1,636		2007		2006
Houston, TX		—		5,090		9,471		—		5,090		9,471		435		2007		2009
Houston, TX		10,549		630		5,970		750		630		6,720		1,597		2002		1995
Howell, NJ		10,741		1,050		21,703		—		1,050		21,703		—		2010		2007
Huron, OH		—		160		6,088		1,452		160		7,540		963		2005		1983
Hutchinson, KS		—		600		10,590		—		600		10,590		1,753		2004		1997
Indianapolis, IN		—		495		6,287		22,565		495		28,852		3,309		2006		1981
Indianapolis, IN		—		255		2,473		12,123		255		14,596		1,461		2006		1981
Irving, TX		—		1,030		6,823		267		1,030		7,090		436		2007		2008
Jamestown, TN		—		—		6,707		—		—		6,707		3,018		2004		1966
Jefferson, OH		—		80		9,120		—		80		9,120		1,321		2006		1984
Jefferson City, MO		—		370		6,730		301		370		7,031		3,727		2002		1982
Jonesboro, GA		—		460		1,304		—		460		1,304		281		2003		1992
Jonesboro, GA		—		840		1,921		—		840		1,921		558		2003		1992
Kalida, OH		—		480		8,173		—		480		8,173		796		2006		2007
Kalispell, MT		—		360		3,282		—		360		3,282		1,096		1998		1998
Kansas City, MO		6,097		1,820		34,898		—		1,820		34,898		—		2010		1980
Kansas City, MO		7,455		1,930		39,997		—		1,930		39,997		—		2010		1986
Kenner, LA		—		1,100		10,036		125		1,100		10,161		5,565		1998		2000
Kennett Square, PA		—		1,050		22,946		—		1,050		22,946		—		2010		2008
Kennewick, WA		9,320		1,820		27,991		—		1,820		27,991		660		2010		1994
Kenosha, WI		—		1,500		9,139		—		1,500		9,139		475		2007		2009
Kent, WA		—		940		20,318		10,381		940		30,699		2,031		2007		2000
Kirkland, WA		—		1,880		4,315		—		1,880		4,315		893		2003		1996
Kissimmee, FL		—		230		3,854		—		230		3,854		710		2004		1972
LaBelle, FL		—		60		4,946		—		60		4,946		989		2004		1986
Lake Havasu City, AZ		—		450		4,223		—		450		4,223		1,343		1998		1999
Lake Havasu City, AZ		—		110		2,244		136		110		2,380		798		1998		1994
Lake Placid, FL		—		150		12,850		—		150		12,850		2,415		2004		1984
Lancaster, CA		10,763		700		15,295		—		700		15,295		405		2010		1999
Lawrenceville, VA		—		170		4,780		—		170		4,780		294		2008		1989
Lecanto, FL		—		200		6,900		—		200		6,900		1,217		2004		1986
Lee, MA		—		290		18,135		926		290		19,061		4,534		2002		1998
Lenoir, NC		—		190		3,748		641		190		4,389		910		2003		1998
Lexington, NC		—		200		3,900		1,015		200		4,915		1,111		2002		1997
Lincoln, NE		5,435		390		13,807		—		390		13,807		233		2010		2000
Linwood, NJ		—		800		21,984		—		800		21,984		—		2010		1997
Litchfield, CT		—		1,240		17,908		—		1,240		17,908		—		2010		1998
Little Neck, NY		—		3,350		38,461		—		3,350		38,461		—		2010		2000
Littleton, MA		—		1,240		2,910		—		1,240		2,910		863		1996		1975
Loma Linda, CA		—		2,214		9,586		—		2,214		9,586		836		2008		1976
Longview, TX		—		293		1,707		—		293		1,707		386		2005		1971
Longview, TX		—		610		5,520		—		610		5,520		534		2006		2007
Longwood, FL		—		480		7,520		—		480		7,520		1,408		2004		1980
Los Angeles, CA		—		—		11,430		—		—		11,430		246		2008		2008
Louisville, KY		—		490		10,010		—		490		10,010		1,943		2005		1978
Louisville, KY		—		430		7,135		163		430		7,298		1,990		2002		1974

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Louisville, KY		—		350		4,675		109		350		4,784		1,334		2002		1975
Lufkin, TX		—		343		1,184		—		343		1,184		389		2005		1919
Manassas, VA		—		750		7,446		—		750		7,446		1,473		2003		1996
Manchester, NH		—		340		4,360		159		340		4,519		681		2005		1984
Mansfield, TX		—		660		5,251		—		660		5,251		513		2006		2007
Manteca, CA		6,445		1,300		12,125		1,309		1,300		13,434		1,677		2005		1985
Margate, FL		—		500		7,303		2,459		500		9,762		6,606		1998		1972
Marianna, FL		—		340		8,910		—		340		8,910		1,076		2006		1997
Martinsville, VA		—		349		—		—		349		—		—		2003
Marysville, CA		—		450		4,172		44		450		4,216		1,176		1998		1999
Marysville, WA		4,775		620		4,780		229		620		5,009		926		2003		1998
Matthews, NC		—		560		4,738		—		560		4,738		1,021		2003		1998
McConnelsville, OH		—		190		7,060		—		190		7,060		40		2010		1946
McHenry, IL		—		1,632		—		—		1,632		—		—		2006
McHenry, IL		—		3,550		15,300		6,718		3,550		22,018		1,962		2006		2004
McKinney, TX		—		1,570		7,389		—		1,570		7,389		162		2009		2010
Melbourne, FL		—		7,070		48,257		970		7,070		49,227		1,934		2007		2009
Melville, NY		—		4,280		73,283		—		4,280		73,283		—		2010		2001
Memphis, TN		—		970		4,246		—		970		4,246		1,084		2003		1981
Memphis, TN		—		480		5,656		—		480		5,656		1,336		2003		1982
Memphis, TN		—		940		5,963		—		940		5,963		1,337		2004		1951
Memphis, TN		—		390		9,660		—		390		9,660		—		2010		1981
Menomonee Falls, WI		—		1,020		6,984		—		1,020		6,984		607		2006		2007
Merrillville, IN		—		643		7,084		3,526		643		10,610		5,090		1997		1999
Mesa, AZ		6,365		950		9,087		232		950		9,319		2,630		1999		2000
Middleburg Heights, OH		—		960		7,780		—		960		7,780		1,314		2004		1998
Middleton, WI		—		420		4,006		600		420		4,606		989		2001		1991
Midland, MI		—		200		11,025		—		200		11,025		—		2010		1994
Midwest City, OK		—		470		5,673		—		470		5,673		3,036		1998		1958
Midwest City, OK		—		484		5,516		—		484		5,516		937		2005		1987
Mill Creek, WA		30,914		10,150		60,274		—		10,150		60,274		1,339		2010		1998
Missoula, MT		—		550		7,490		—		550		7,490		1,084		2005		1998
Monroe, NC		—		470		3,681		648		470		4,329		921		2003		2001
Monroe, NC		—		310		4,799		857		310		5,656		1,133		2003		2000
Monroe, NC		—		450		4,021		114		450		4,135		875		2003		1997
Monroe, WA		14,585		2,560		34,460		—		2,560		34,460		776		2010		1994
Monteagle, TN		—		310		3,318		—		310		3,318		830		2003		1980
Monterey, TN		—		—		4,195		—		—		4,195		1,888		2004		1977
Monticello, FL		—		140		4,471		—		140		4,471		920		2004		1986
Moorestown, NJ		—		2,060		51,628		—		2,060		51,628		—		2010		2000
Morehead City, NC		—		200		3,104		1,648		200		4,752		1,345		1999		1999
Morgantown, KY		—		380		3,705		—		380		3,705		876		2003		1965
Moss Point, MS		—		120		7,280		—		120		7,280		1,392		2004		1933
Mount Airy, NC		—		270		6,430		118		270		6,548		851		2005		1998
Mountain City, TN		—		220		5,896		660		220		6,556		2,958		2001		1976
Mt. Vernon, WA		—		400		2,200		156		400		2,356		249		2006		2001
Myrtle Beach, SC		—		6,890		41,526		283		6,890		41,809		1,681		2007		2009
Nacogdoches, TX		—		390		5,754		—		390		5,754		546		2006		2007
Naples, FL		—		1,716		17,306		923		1,716		18,229		12,497		1997		1999
Naples, FL		—		550		5,450		—		550		5,450		1,024		2004		1968
Nashville, TN		—		4,910		29,590		—		4,910		29,590		1,983		2008		2007
Natchitoches, LA		—		190		4,096		—		190		4,096		717		2005		1975
Needham, MA		—		1,610		13,715		366		1,610		14,081		3,707		2002		1994
Neenah, WI		—		630		15,120		—		630		15,120		234		2010		1991
New Haven, IN		—		176		3,524		—		176		3,524		787		2004		1981
New Haven, CT		—		160		4,778		1,682		160		6,460		1,877		2006		1958
New York, NY		—		1,440		21,460		975		1,440		22,435		2,273		2006		1959
Newark, DE		—		560		21,220		—		560		21,220		3,452		2004		1998
Newburyport, MA		—		960		8,290		—		960		8,290		1,988		2002		1999
Norman, OK		—		55		1,484		—		55		1,484		688		1995		1995
North Augusta, SC		—		332		2,558		—		332		2,558		866		1999		1998
North Miami, FL		—		430		3,918		—		430		3,918		985		2004		1968
North Miami, FL		—		440		4,830		—		440		4,830		992		2004		1963
North Miami Beach, FL		—		300		5,709		2,006		300		7,715		5,145		1998		1987
Norwalk, CT		—		410		2,118		2,973		410		5,091		1,581		2004		1971
Ocala, FL		—		1,340		10,564		—		1,340		10,564		374		2008		2009
Ogden, UT		—		360		6,700		—		360		6,700		1,144		2004		1998
Oklahoma City, OK		—		510		10,694		—		510		10,694		1,463		1998		1979
Oklahoma City, OK		—		590		7,513		—		590		7,513		518		2007		2008
Oklahoma City, OK		—		760		7,017		—		760		7,017		358		2007		2009
Olympia, WA		7,387		550		16,689		—		550		16,689		434		2010		1995
Omaha, NE		—		370		10,230		—		370		10,230		183		2010		1998
Omaha, NE		4,681		380		8,864		—		380		8,864		157		2010		1999
Oneonta, NY		—		80		5,020		—		80		5,020		424		2007		1996
Ormond Beach, FL		—		—		2,739		73		—		2,812		1,213		2002		1983
Oshkosh, WI		—		900		3,800		3,687		900		7,487		872		2006		2005
Oshkosh, WI		—		400		23,237		—		400		23,237		1,212		2007		2008
Oswego, IL		—		900		8,047		—		900		8,047		505		2006		2008

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Overland Park, KS		—		1,120		8,360		—		1,120		8,360		1,259		2005		1970
Overland Park, KS		—		3,730		27,076		340		3,730		27,416		768		2008		2009
Overland Park, KS		—		4,500		29,105		—		4,500		29,105		—		2010		1988
Owasso, OK		—		215		1,380		—		215		1,380		544		1996		1996
Owensboro, KY		—		240		6,760		—		240		6,760		1,134		1993		1966
Owensboro, KY		—		225		13,275		—		225		13,275		2,135		2005		1964
Owenton, KY		—		100		2,400		—		100		2,400		474		2005		1979
Oxford, MI		12,094		1,430		15,791		—		1,430		15,791		—		2010		2001
Palestine, TX		—		180		4,320		1,300		180		5,620		579		2006		2005
Palm Coast, FL		—		870		10,957		—		870		10,957		259		2008		2010
Panama City, FL		—		300		9,200		—		300		9,200		1,734		2004		1992
Paris, TX		—		490		5,452		—		490		5,452		1,513		2005		2006
Pasadena, TX		10,207		720		24,080		—		720		24,080		2,390		2007		2005
Paso Robles, CA		—		1,770		8,630		—		1,770		8,630		2,143		2002		1998
Pawleys Island, SC		—		2,020		32,590		5,249		2,020		37,839		4,609		2005		1997
Pigeon Forge, TN		—		320		4,180		117		320		4,297		1,236		2001		1986
Pikesville, MD		—		450		10,750		—		450		10,750		1,124		2007		1983
Pinehurst, NC		—		290		2,690		484		290		3,174		699		2003		1998
Piqua, OH		—		204		1,885		—		204		1,885		665		1997		1997
Pittsburgh, PA		—		1,750		8,572		115		1,750		8,687		1,408		2005		1998
Plano, TX		—		1,305		9,095		952		1,305		10,047		1,515		2005		1977
Plattsmouth, NE		—		250		5,650		—		250		5,650		107		2010		1999
Plymouth, MI		12,876		1,490		19,990		—		1,490		19,990		—		2010		1972
Port St. Joe, FL		—		370		2,055		—		370		2,055		666		2004		1982
Port St. Lucie, FL		—		8,700		47,230		—		8,700		47,230		932		2008		2010
Post Falls, ID		—		2,700		14,217		2,181		2,700		16,398		920		2007		2008
Prospect, CT		—		820		1,441		2,503		820		3,944		1,356		2004		1970
Pueblo, CO		—		370		6,051		—		370		6,051		2,460		1998		1989
Puyallup, WA		11,830		1,150		20,776		—		1,150		20,776		522		2010		1985
Quincy, FL		—		200		5,333		—		200		5,333		1,105		2004		1983
Quincy, MA		—		2,690		15,410		—		2,690		15,410		2,436		2004		1999
Quitman, MS		—		60		10,340		—		60		10,340		1,861		2004		1976
Raleigh, NC		—		10,000		—		—		10,000		—		—		2008
Raytown, MO		—		510		5,490		—		510		5,490		573		2006		2000
Rehoboth Beach, DE		—		960		24,248		—		960		24,248		—		2010		1999
Reidsville, NC		—		170		3,830		857		170		4,687		1,073		2002		1998
Reno, NV		—		1,060		11,440		—		1,060		11,440		1,931		2004		1998
Richmond, VA		—		1,211		2,889		—		1,211		2,889		897		2003		1995
Richmond, VA		—		760		12,640		—		760		12,640		1,349		2007		1969
Ridgeland, MS		—		520		7,675		—		520		7,675		1,521		2003		1997
Ridgely, TN		—		300		5,700		97		300		5,797		1,534		2001		1990
Ringgold, LA		—		30		4,174		—		30		4,174		705		2005		1984
Rockledge, FL		—		360		4,117		—		360		4,117		1,390		2001		1970
Rockwood, TN		—		500		7,116		741		500		7,857		2,082		2001		1979
Rocky Hill, CT		—		1,460		7,040		—		1,460		7,040		1,857		2002		1998
Rocky Hill, CT		—		1,090		6,710		1,500		1,090		8,210		1,403		2003		1996
Rogersville, TN		—		350		3,278		—		350		3,278		822		2003		1980
Rohnert Park, CA		14,280		6,500		18,700		1,125		6,500		19,825		2,530		2005		1985
Romeoville, IL		—		854		12,646		58,220		6,100		65,620		1,536		2006		2010
Romeoville, IL		—		1,895		—		—		1,895		—		—		2006
Roswell, GA		8,211		1,107		9,627		358		1,107		9,985		5,611		1997		1999
Royal Palm Beach, FL		—		980		8,320		—		980		8,320		1,604		2004		1984
Ruston, LA		—		130		9,403		—		130		9,403		1,407		2005		1965
Sacramento, CA		9,834		940		14,781		—		940		14,781		404		2010		1978
Saint Simons Island, GA		—		6,440		50,060		963		6,440		51,023		3,212		2008		2007
Salem, OR		—		449		5,172		—		449		5,172		1,727		1999		1998
Salisbury, NC		—		370		5,697		168		370		5,865		1,187		2003		1997
San Angelo, TX		—		260		8,800		—		260		8,800		1,456		2004		1997
San Antonio, TX		11,026		560		7,315		—		560		7,315		1,817		2002		2000
San Antonio, TX		10,163		640		13,360		—		640		13,360		1,386		2007		2004
San Juan Capistrano, CA		—		1,390		6,942		—		1,390		6,942		1,839		2000		2001
San Ramon, CA		9,851		2,430		17,488		—		2,430		17,488		467		2010		1989
Sarasota, FL		—		475		3,175		—		475		3,175		1,326		1996		1995
Sarasota, FL		—		560		8,474		—		560		8,474		2,703		1999		2000
Sarasota, FL		—		600		3,400		—		600		3,400		713		2004		1982
Scituate, MA		—		1,740		10,640		—		1,740		10,640		1,484		2005		1976
Scottsdale, AZ		—		2,500		3,890		710		2,500		4,600		291		2008		1999
Seattle, WA		7,921		5,190		9,350		—		5,190		9,350		389		2010		1962
Seattle, WA		8,040		3,420		15,555		—		3,420		15,555		444		2010		2000
Seattle, WA		9,548		2,630		10,257		—		2,630		10,257		328		2010		2003
Seattle, WA		29,655		10,670		37,291		—		10,670		37,291		919		2010		2005
Selbyville, DE		—		750		25,912		—		750		25,912		—		2010		2008
Seven Fields, PA		—		484		4,663		59		484		4,722		1,585		1999		1999
Seville, OH		—		230		1,770		—		230		1,770		387		2005		1981
Shawnee, OK		—		80		1,400		—		80		1,400		574		1996		1995
Sheboygan, WI		—		80		5,320		3,774		80		9,094		663		2006		2006
Shelby, MS		—		60		5,340		—		60		5,340		991		2004		1979
Shelbyville, KY		—		630		3,870		—		630		3,870		630		2005		1965

					Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Sherman, TX		—		700		5,221		—		700		5,221		565		2005		2006
Shrewsbury, NJ		—		2,120		38,116		—		2,120		38,116		—		2010		2000
Silvis, IL		—		880		16,420		—		880		16,420		147		2010		2005
Smithfield, NC		—		290		5,680		—		290		5,680		1,169		2003		1998
Sonoma, CA		15,400		1,100		18,400		869		1,100		19,269		2,467		2005		1988
South Boston, MA		—		385		2,002		5,218		385		7,220		2,460		1995		1961
South Pittsburg, TN		—		430		5,628		—		430		5,628		1,193		2004		1979
Sparks, NV		—		3,700		46,526		—		3,700		46,526		1,789		2007		2009
Spartanburg, SC		—		3,350		15,750		9,028		3,350		24,778		2,498		2005		1997
Spring City, TN		—		420		6,085		2,579		420		8,664		2,179		2001		1987
St. Charles, IL		—		990		15,265		—		990		15,265		647		2006		2009
St. Louis, MO		—		750		6,030		—		750		6,030		1,436		1995		1994
St. Louis, MO		—		1,890		14,430		—		1,890		14,430		—		2010		1963
Stanwood, WA		10,501		2,260		28,474		—		2,260		28,474		689		2010		1998
Starke, FL		—		120		10,180		—		120		10,180		1,903		2004		1990
Statesville, NC		—		150		1,447		266		150		1,713		376		2003		1990
Statesville, NC		—		310		6,183		8		310		6,191		1,228		2003		1996
Statesville, NC		—		140		3,627		—		140		3,627		746		2003		1999
Staunton, VA		—		310		11,090		—		310		11,090		1,196		2007		1959
Stillwater, OK		—		80		1,400		—		80		1,400		577		1995		1995
Stockton, CA		6,773		2,280		5,983		—		2,280		5,983		254		2010		1988
Stuart, FL		—		390		8,110		—		390		8,110		1,503		2004		1985
Swanton, OH		—		330		6,370		—		330		6,370		1,132		2004		1950
Tampa, FL		—		830		6,370		—		830		6,370		1,470		2004		1968
Texarkana, TX		—		192		1,403		—		192		1,403		552		1996		1996
Toledo, OH		16,896		2,040		47,129		—		2,040		47,129		—		2010		1985
Toms River, NJ		—		1,610		34,627		—		1,610		34,627		—		2010		2005
Torrington, CT		—		360		1,261		1,274		360		2,535		767		2004		1966
Troy, OH		—		200		2,000		4,254		200		6,254		832		1997		1997
Troy, OH		—		470		16,730		—		470		16,730		2,862		2004		1971
Tucson, AZ		—		930		13,399		—		930		13,399		1,923		2005		1985
Tulsa, OK		—		1,390		7,110		—		1,390		7,110		127		2010		1998
Tulsa, OK		6,579		1,330		21,285		—		1,330		21,285		—		2010		1986
Tulsa, OK		8,598		1,500		20,861		—		1,500		20,861		—		2010		1984
Twin Falls, ID		—		550		14,740		—		550		14,740		3,557		2002		1991
Tyler, TX		—		650		5,268		—		650		5,268		511		2006		2007
Uhrichsville, OH		—		24		6,716		—		24		6,716		925		2006		1977
Vacaville, CA		14,683		900		17,100		1,127		900		18,227		2,312		2005		1986
Vallejo, CA		22,409		4,000		18,000		1,341		4,000		19,341		2,428		2005		1989
Vallejo, CA		—		2,330		15,407		—		2,330		15,407		444		2010		1990
Valparaiso, IN		—		112		2,558		—		112		2,558		688		2001		1998
Valparaiso, IN		—		108		2,962		—		108		2,962		780		2001		1999
Vancouver, WA		10,000		1,820		19,042		—		1,820		19,042		484		2010		2006
Venice, FL		—		500		6,000		—		500		6,000		1,108		2004		1987
Venice, FL		—		1,150		10,674		—		1,150		10,674		302		2008		2009
Vero Beach, FL		—		263		3,187		—		263		3,187		830		2001		1999
Vero Beach, FL		—		297		3,263		—		297		3,263		858		2001		1996
Vero Beach, FL		—		2,930		40,070		3,202		2,930		43,272		3,677		2007		2003
W. Hartford, CT		—		2,650		5,980		—		2,650		5,980		1,146		2004		1905
Wake Forest, NC		—		200		3,003		1,742		200		4,745		1,417		1998		1999
Wareham, MA		—		875		10,313		1,701		875		12,014		2,917		2002		1989
Warren, OH		—		240		3,810		—		240		3,810		660		2005		1973
Waterbury, CT		—		370		2,166		1,859		370		4,025		1,085		2006		1972
Waterford, CT		—		1,360		12,540		—		1,360		12,540		3,043		2002		2000
Waukesha, WI		—		1,100		14,910		—		1,100		14,910		402		2008		2009
Waxahachie, TX		—		650		5,763		—		650		5,763		410		2007		2008
Weatherford, TX		—		660		5,261		—		660		5,261		514		2006		2007
Webster, TX		9,713		360		5,940		—		360		5,940		1,470		2002		2000
West Haven, CT		—		580		1,620		1,529		580		3,149		1,019		2004		1971
West Worthington, OH		—		510		5,090		—		510		5,090		733		2006		1980
Westerville, OH		—		740		8,287		2,736		740		11,023		5,344		1998		2001
Westlake, OH		—		1,330		17,926		—		1,330		17,926		4,559		2001		1985
Westlake, OH		—		571		5,411		—		571		5,411		2,121		1998		1957
Westmoreland, TN		—		330		1,822		2,634		330		4,456		1,218		2001		1994
White Hall, IL		—		50		5,550		670		50		6,220		3,316		2002		1971
White Lake, MI		11,145		2,920		20,179		—		2,920		20,179		—		2010		2000
Whitemarsh, PA		—		2,310		6,190		1,702		2,310		7,892		1,236		2005		1967
Whittier, CA		12,295		4,470		22,151		—		4,470		22,151		596		2010		1988
Wichita, KS		—		1,400		11,000		—		1,400		11,000		1,289		2006		1997
Williamsburg, VA		—		1,360		7,440		—		1,360		7,440		805		2007		1970
Williamstown, KY		—		70		6,430		—		70		6,430		1,044		2005		1987
Wilmington, NC		—		210		2,991		—		210		2,991		990		1999		1999
Winchester, VA		—		640		1,510		—		640		1,510		112		2008		1964
Winston-Salem, NC		—		360		2,514		459		360		2,973		630		2003		1996
Winston-Salem, NC		—		5,700		13,550		13,154		5,700		26,704		2,730		2005		1997
Woodbridge, VA		—		680		4,423		330		680		4,753		1,155		2002		1977
Worcester, MA		—		3,500		54,099		—		3,500		54,099		1,448		2007		2009
Worcester, MA		—		2,300		9,060		—		2,300		9,060		576		2008		1993

					Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Zionsville, IN		—		1,610		22,400		—		1,610		22,400		148		2010		2009
Total senior housing and care facilities		660,567		479,062		4,993,512		330,111		484,308		5,318,377		599,276
Medical facilities:
Akron, OH		—		300		20,200		—		300		20,200		528		2009		2008
Amarillo, TX		—		72		11,928		1,400		72		13,328		1,793		2005		1986
Arcadia, CA		10,154		5,408		23,219		1,082		5,618		24,091		3,567		2006		1984
Atlanta, GA		—		4,931		18,720		1,481		5,293		19,839		3,691		2006		1992
Austell, GA		—		2,223		7,982		59		2,223		8,041		2,048		2006		1999
Bartlett, TN		8,498		187		15,015		657		187		15,672		2,205		2007		2004
Boynton Beach, FL		4,225		214		6,574		206		214		6,780		978		2007		2004
Boynton Beach, FL		4,603		2,048		7,692		188		2,048		7,880		1,620		2006		1995
Boynton Beach, FL		4,129		2,048		7,403		645		2,048		8,048		1,169		2006		1997
Boynton Beach, FL		6,164		109		11,235		458		117		11,685		1,624		2007		1996
Boardman, OH		—		1,200		12,800		—		1,200		12,800		862		2008		2008
Boardman, OH		—		80		13,619		—		80		13,619		—		2010		2007
Bellaire, TX		—		4,551		45,900		205		4,551		46,105		5,270		2006		2005
Bellaire, TX		—		2,972		33,445		1,238		2,972		34,683		4,462		2006		2005
Birmingham, AL		—		651		39,552		1,157		651		40,709		6,014		2006		1971
Bowling Green, KY		—		3,800		26,700		45		3,800		26,745		1,726		2008		1992
Bellingham, MA		—		9,270		—		—		9,270		—		—		2010
Bellevue, NE		—		4,500		99,186		—		4,500		99,186		1,465		2008		2010
Bellevue, NE		—		—		15,833		—		—		15,833		239		2010		2010
Boca Raton, FL		13,809		109		34,002		934		124		34,921		5,075		2006		1995
Bridgeton, MO		11,972		450		21,221		—		450		21,221		—		2010		2006
Cedar Grove, WI		—		113		618		—		113		618		19		2010		1986
Clarkson Valley, MO		—		—		—		35,592		—		35,592		568		2009		2010
Claremore, OK		8,357		132		12,829		270		132		13,099		1,811		2007		2005
Corpus Christi, TX		—		77		3,923		—		77		3,923		653		2005		1968
Coral Springs, FL		—		1,598		10,627		541		1,635		11,131		1,967		2006		1993
Covington, KY		—		1,290		8,093		1,150		1,290		9,243		261		2008		2009
Dallas, TX		15,533		137		28,690		257		137		28,947		4,174		2006		1995
Denton, TX		12,327		—		19,407		395		—		19,802		2,180		2007		2005
Delray Beach, FL		—		1,882		34,767		3,333		1,941		38,041		6,299		2006		1985
Durham, NC		—		6,814		10,825		1,838		7,007		12,470		3,451		2006		1980
Durham, NC		—		—		—		157		13		144		52		2006		1980
Edina, MN		6,033		310		15,132		—		310		15,132		—		2010		2003
El Paso, TX		—		112		15,888		44		112		15,932		2,259		2005		1994
El Paso, TX		10,405		677		17,075		516		677		17,591		2,794		2006		1997
El Paso, TX		—		2,400		32,800		424		2,400		33,224		2,886		2008		2003
El Paso, TX		—		600		6,700		—		600		6,700		511		2008		2003
Fayetteville, GA		3,327		959		7,540		388		959		7,928		1,282		2006		1999
Fresno, CA		—		2,500		35,800		73		2,500		35,873		2,314		2008		1991
Franklin, TN		—		2,338		12,138		267		2,338		12,405		1,933		2007		1988
Franklin, WI		8,122		6,872		7,550		—		6,872		7,550		242		2010		1984
Frisco, TX		9,253		—		18,635		48		—		18,683		2,458		2007		2004
Frisco, TX		—		—		15,309		1,023		—		16,332		2,185		2007		2004
Fort Wayne, IN		—		170		8,232		—		170		8,232		722		2006		2006
Green Bay, WI		10,223		—		14,891		—		—		14,891		422		2010		2002
Green Bay, WI		—		—		31,794		—		—		31,794		1,010		2010		2002
Glendale, CA		8,311		37		18,398		—		37		18,398		2,421		2007		2002
Gallatin, TN		—		20		19,480		—		20		19,480		—		2010		1997
Greeley, CO		—		877		6,707		—		877		6,707		1,031		2007		1997
Germantown, TN		—		3,049		12,456		561		3,049		13,017		1,808		2006		2002
Greeneville, TN		—		970		10,032		—		970		10,032		—		2010		2005
Jupiter, FL		7,255		2,252		11,415		69		2,252		11,484		1,952		2006		2001
Jupiter, FL		4,518		—		5,858		2,868		2,825		5,901		943		2007		2004
Killeen, TX		—		760		22,977		—		760		22,977		—		2010		2010
Kenosha, WI		10,528		—		18,058		—		—		18,058		501		2010		1993
Lafayette, LA		—		1,928		10,483		26		1,928		10,509		1,629		2006		1993
Lenexa, KS		12,440		540		16,013		—		540		16,013		—		2010		2008
Los Gatos, CA		—		488		22,386		466		488		22,852		3,644		2006		1993
Lakeway, TX		—		2,801		—		—		2,801		—		—		2007
Lincoln, NE		11,550		1,420		29,692		—		1,420		29,692		—		2010		2003
Loxahatchee, FL		—		1,340		6,509		10		1,340		6,519		1,004		2006		1993
Loxahatchee, FL		2,708		1,553		4,694		466		1,562		5,151		700		2006		1994
Loxahatchee, FL		—		1,637		5,048		762		1,646		5,801		752		2006		1997
Los Alamitos, CA		8,442		—		18,635		158		39		18,754		2,506		2007		2003
Lake St Louis, MO		—		240		11,937		—		240		11,937		—		2010		2008
Las Vegas, NV		—		6,127		—		—		6,127		—		—		2007
Las Vegas, NV		—		6,734		54,886		89		6,734		54,975		7,170		2006		1991
Las Vegas , NV		6,058		74		15,287		250		74		15,537		2,756		2006		2000
Las Vegas, NV		—		2,319		4,612		688		2,319		5,300		785		2006		1991
Las Vegas, NV		3,095		—		6,921		499		433		6,987		998		2007		1997
Lakewood, CA		—		146		14,885		483		146		15,368		2,145		2006		1993
Lawrenceville, GA		—		2,279		10,732		49		2,298		10,762		1,706		2006		2001

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Lawrenceville, GA		—		1,054		4,974		25		1,070		4,983		822		2006		2002
Marinette, WI		8,391		—		13,538		—		—		13,538		452		2010		2002
Malabar, FL		—		5,000		12,000		—		5,000		12,000		—		2010		2008
Middletown, NY		—		1,756		20,364		465		1,756		20,829		4,247		2006		1998
Midwest City, OK		—		146		3,854		—		146		3,854		625		2005		1996
Melbourne, FL		—		600		9,400		—		600		9,400		—		2010		1986
Melbourne, FL		—		1,400		24,400		—		1,400		24,400		—		2010		2003
Melbourne, FL		—		7,000		69,000		—		7,000		69,000		—		2010		2009
Merced, CA		—		—		13,772		—		—		13,772		417		2009		2010
Mesa, AZ		—		1,558		9,561		225		1,558		9,786		1,469		2008		1989
Meridian, ID		—		3,600		20,802		251		3,600		21,053		1,941		2006		2008
Marlton, NJ		—		—		38,300		36		—		38,336		2,475		2008		1994
Merrillville, IN		—		700		11,699		154		700		11,853		835		2007		2008
Merrillville, IN		—		—		22,134		—		—		22,134		1,623		2008		2006
Morrow, GA		—		818		8,064		151		834		8,199		1,213		2007		1990
Mount Juliet, TN		5,288		1,566		11,697		—		1,566		11,697		1,703		2007		2005
Muskego, WI		1,758		964		2,159		—		964		2,159		60		2010		1993
Milwaukee, WI		25,963		—		44,535		—		—		44,535		1,208		2010		1983
Milwaukee, WI		7,289		1,425		11,520		—		1,425		11,520		451		2010		1962
Milwaukee, WI		5,067		540		8,457		—		540		8,457		254		2010		1930
Milwaukee, WI		1,749		922		2,185		—		922		2,185		107		2010		1958
Niagara Falls, NY		—		1,335		17,702		731		1,524		18,244		2,833		2007		1990
Nashville , TN		—		1,806		7,165		748		1,806		7,913		1,487		2006		1986
Nashville, TN		—		4,300		—		—		4,300		—		—		2010
New Berlin, WI		6,774		3,739		8,290		—		3,739		8,290		249		2010		1993
Okatie, SC		7,983		171		17,791		53		194		17,821		1,913		2007		1998
Orange Village, OH		—		610		7,419		28		610		7,447		1,385		2007		1985
Oshkosh, WI		10,381		—		15,881		—		—		15,881		433		2010		2000
Oshkosh, WI		—		—		18,339		—		—		18,339		505		2010		2000
Palm Springs, CA		—		365		12,396		909		365		13,305		1,989		2006		1998
Phoenix, AZ		29,194		1,149		48,018		5,921		1,149		53,939		6,803		2006		1998
Pineville, NC		—		961		6,974		901		1,069		7,767		1,077		2006		1988
Plantation, FL		9,824		8,563		10,666		1,519		8,575		12,173		2,503		2006		1997
Plantation, FL		9,147		8,848		9,262		—		8,896		9,214		3,563		2006		1996
Plano, TX		—		195		14,805		500		195		15,305		2,133		2005		1995
Plano, TX		—		5,423		20,752		—		5,423		20,752		3,107		2008		2007
Plymouth, WI		1,757		1,250		1,870		—		1,250		1,870		63		2010		1991
Palmer, AK		19,746		—		29,705		630		217		30,118		3,723		2007		2006
Palm Springs, FL		2,774		739		4,066		—		739		4,066		690		2006		1993
Palm Springs, FL		—		1,182		7,765		103		1,182		7,868		1,502		2006		1997
Pearland, TX		—		781		5,517		3		781		5,520		969		2006		2000
Pearland, TX		1,279		948		4,556		74		948		4,630		705		2006		2002
Reno, NV		—		1,117		21,972		260		1,117		22,232		3,404		2010		1991
Sacramento, CA		—		866		12,756		423		866		13,179		1,748		2006		1990
San Bernardino, CA		—		3,700		14,300		326		3,700		14,626		876		2008		1993
San Diego, CA		—		—		22,003		74		—		22,077		1,333		2008		1992
Seattle, WA		—		4,410		39,015		—		4,410		39,015		—		2010		2010
Shakopee, MN		7,266		420		11,360		—		420		11,360		—		2010		1996
Shakopee, MN		12,337		640		18,094		—		640		18,094		—		2010		2007
Sheboygan, WI		1,818		1,012		2,216		—		1,012		2,216		75		2010		1958
Somerville, NJ		—		3,400		22,244		2		3,400		22,246		1,345		2008		2007
San Antonio, TX		—		2,050		16,251		771		2,050		17,022		3,690		2006		1999
San Antonio, TX		—		—		17,303		—		—		17,303		2,387		2007		2007
Stafford, VA		—		—		11,260		—		—		11,260		502		2008		2009
St. Louis, MO		7,602		—		17,247		447		336		17,358		2,662		2007		2001
Suffolk, VA		—		1,530		10,979		—		1,530		10,979		327		2010		2007
Summit, WI		—		2,899		87,666		—		2,899		87,666		4,600		2008		2009
Sewell, NJ		—		—		53,360		3,979		—		57,339		3,100		2007		2009
Oro Valley, AZ		10,363		89		18,339		325		89		18,664		2,424		2007		2004
Tucson, AZ		—		1,302		4,925		146		1,302		5,071		827		2008		1995
Tempe, AZ		5,522		—		9,112		1,864		1,486		9,490		1,486		2007		1996
Tallahassee, FL		—		—		16,404		—		—		16,404		—		2010		2011
Tomball, TX		—		1,404		5,071		560		1,404		5,631		1,242		2006		1982
Trussville, AL		—		1,336		2,177		119		1,336		2,296		828		2006		1990
Tulsa, OK		—		3,003		6,025		20		3,003		6,045		1,307		2006		1992
Viera, FL		—		1,600		10,600		—		1,600		10,600		—		2010		1998
Van Nuys, CA		—		—		36,187		—		—		36,187		1,094		2009		1991
Voorhees, NJ		—		6,404		24,251		1,203		6,404		25,454		3,181		2006		1997
Pewaukee, WI		—		4,700		20,669		—		4,700		20,669		2,308		2007		2007
Webster, TX		—		2,418		12,028		32		2,418		12,060		2,043		2006		1991
Wellington, FL		7,066		107		16,933		129		107		17,062		2,259		2006		2000
Wellington, FL		6,338		—		13,697		351		381		13,667		1,702		2007		2003
Warrington, PA		—		85		23,231		1,653		3,104		21,865		3,360		2008		2001
West Palm Beach, FL		7,061		628		14,740		100		628		14,840		2,217		2006		1993
West Palm Beach, FL		6,518		610		14,618		80		610		14,698		2,691		2006		1991
West Allis, WI		2,486		1,106		3,309		—		1,106		3,309		135		2010		1961
West Seneca, NY		12,698		917		22,435		879		1,296		22,935		3,140		2007		1990
Yorkville, IL		—		1,419		2,816		73		1,419		2,889		623		2006		1980

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated		Year		Year
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Acquired		Built
Total medical facilities		463,478		232,281		2,486,537		90,758		242,742		2,566,834		237,690
Construction in progress		—		—		356,793		—		—		356,793		—
Total continuing operations properties		1,124,045		711,343		7,836,842		420,869		727,050		8,242,004		836,966
Assets held for sale:
Cedar Hill, TX		—		171		894		—		171		894		—		1997		1996
Chicago, IL		—		3,650		1,900		—		3,650		1,900		—		2002		1979
Duncan, OK		—		103		802		—		103		802		—		1995		1996
Desoto, TX		—		205		844		—		205		844		—		1996		1996
Edmond, OK		—		175		940		—		175		940		—		1995		1996
Enid, OK		—		90		817		—		90		817		—		1995		1995
Midwest City, OK		—		95		813		—		95		813		—		1996		1995
Oklahoma City, OK		—		87		919		—		87		919		—		1996		1996
Oklahoma City, OK		—		130		802		—		130		802		—		1995		1996
Palestine, TX		—		173		853		—		173		853		—		1996		1996
Ponca City, OK		—		114		906		—		114		906		—		1995		1995
Waxahachie, TX		—		154		865		—		154		865		—		1996		1996
Houston, TX		—		360		1,999		—		360		1,999		—		2002		1999
Houston, TX		—		360		2,006		—		360		2,006		—		2002		1999
Oklahoma City, OK		—		220		1,994		—		220		1,994		—		1999		1999
Total assets held for sale		—		6,087		17,354		—		6,087		17,354		—
Total investments in real property owned	$	1,124,045	$	717,430	$	7,854,196	$	420,869	$	733,137	$	8,259,358	$	836,966

(1)	Includes senior housing triple-net and senior housing operating properties.
(2)	Represents real property asset associated with a capital lease.

	Year Ended December 31,
	2010			2009			2008
	(in thousands)
Reconciliation of real property:
Investment in real estate:
Balance at beginning of year	$	6,336,291		$	5,979,575		$	5,117,005
Additions:
Acquisitions		1,707,421			67,673			451,363
Improvements		398,510			590,394			646,161
Conversions from loans receivable		10,070			—			23,097
Assumed other items, net		208,314			—			1,899
Assumed debt		559,508			—			—
Purchase price adjustments		—			665			—
Reclassification of lease commissions		—			—			2,359
Total additions		2,883,823			658,732			1,124,879
Deductions:
Cost of real estate sold		(216,300	)		(260,956	)		(219,079	)
Reclassification of accumulated depreciation and amortization for assets held for sale		(10,372	)		(15,837	)		(10,582	)
Impairment of assets		(947	)		(25,223	)		(32,648	)
Total deductions		(227,619	)		(302,016	)		(262,309	)
Balance at end of year(3)	$	8,992,495		$	6,336,291		$	5,979,575
Accumulated depreciation:
Balance at beginning of year	$	677,851		$	600,781		$	478,373
Additions:
Depreciation and amortization expenses		202,543			164,923			163,045
Amortization of above market leases		2,524			2,061			3,477
Reclassification of lease commissions		—			—			423
Total additions		205,067			166,984			166,945
Deductions:
Sale of properties		(31,919	)		(74,244	)		(33,578	)
Reclassification of accumulated depreciation and amortization for assets held for sale		(14,033	)		(15,670	)		(10,959	)
Total deductions		(45,952	)		(89,914	)		(44,537	)
Balance at end of year	$	836,966		$	677,851		$	600,781

(3) The aggregate cost for tax purposes for real property equals $8,802,656,000, $6,378,056,000 and $5,977,346,000 at December 31, 2010, 2009 and 2008, respectively.

Health Care REIT, Inc.
Schedule IV — Mortgage Loans on Real Estate
December 31, 2010

							(in thousands)
													Principal Amount of
													Loans Subject to
													Delinquent
						Periodic Payment			Face Amount of		Carrying Amount of		Principal or
Description	Interest Rate			Final Maturity Date		Terms	Prior Liens		Mortgages		Mortgages		Interest
First mortgage relating to one senior housing facility in New York		7.60	%		06/30/13	Monthly Payments $234,829	$	—	$	40,000	$	37,799	$	—
First mortgage relating to one hospital in California		8.11	%		12/01/17	Monthly Payments $99,373		—		17,500		15,218		—
First mortgage relating to one hospital in California		9.50	%		06/01/20	Monthly Payments $146,191		—		17,500		13,747		—
First mortgage relating to one senior housing facility in North Carolina		7.35	%		04/30/15	Monthly Payments $40,234		—		7,000		6,525		—
First mortgage relating to one medical office building in Georgia		6.50	%		10/01/14	Monthly Payments $33,042		—		6,100		6,100		—
First mortgage relating to one hospital in California		9.63	%		01/14/14	Monthly Payments $140,072		—		18,800		4,888		—
First mortgage relating to one senior housing
facility in Arizona		3.55	%		01/01/13	Monthly Payments $12,511		—		4,151		4,151		4,151
Second mortgage relating to one hospital in California		9.13	%		10/31/13	Monthly Payments $137,558		13,747		13,000		4,107		—
Second mortgage relating to one senior housing facility in Wisconsin		15.21	%		01/15/15	Monthly Payments $42,625		7,792		3,300		3,300		—
Seven first mortgages relating to four senior housing facilities and three medical office buildings	From 3.00% to 10.90%			From 09/01/11 to 06/30/20		Monthly Payments from $739 to 52,811		—		13,605		11,598		—
Second mortgage relating to one hospital in Massachusetts		12.17	%		06/30/10	Monthly Payments $16,900		4,100		2,000		1,850		1,850
Totals							$	25,639	$	142,956	$	109,283	$	6,001

	Year Ended December 31,
	2010			2009			2008
	(in thousands)
Reconciliation of mortgage loans:
Balance at beginning of year	$	74,517		$	137,292		$	143,091
Additions:
New mortgage loans		73,439			9,456			22,142
Total additions		73,439			9,456			22,142
Deductions:
Collections of principal(1)		(10,540	)		(54,696	)		(4,844	)
Conversions to real property		(10,070	)		—			(23,097	)
Charge-offs		(18,063	)		(17,535	)		—
Total deductions		(38,673	)		(72,231	)		(27,941	)
Balance at end of year	$	109,283		$	74,517		$	137,292

(1) Includes collection of negative principal amortization.

XML



Retirement Arrangement (Details) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Reconciliation of benefit obligation:
Obligation at January 1	$ 3,287,000	$ 3,109,000
Service cost	413,000	389,000
Interest cost	115,000	164,000
Actuarial (gain) loss	251,000	434,000
Benefit payments		(29,000)
Curtailments		(780,000)
Obligation at December 31	4,066,000	3,287,000	3,109,000
Funded status:
Funded status at December 31	(4,066,000)	(3,287,000)
Unrecognized (gain)/loss	0	0
Prepaid/(accrued) benefit cost	4,066,000	(3,287,000)
Components of net periodic benefit costs
Service cost	413,000	389,000
Interest cost	115,000	164,000
Curtailment income		(87,000)
Net actuarial (gain) loss	52,000	16,000
Net periodic benefit cost	580,000	482,000
Accumulated benefit in excess of plan assets
Projected benefit obligation	4,066,000	3,287,000
Accumulated benefit obligation	2,938,000	2,956,000
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for SERP
Discount rate benefit obligations	3.50%	3.50%
Rate of compensation increase benefit obligations	4.50%	4.50%
Discount rate net periodic benefit cost	3.50%	6.25%
Rate of compensation increase net periodic benefit cost	4.50%	4.50%
Retirement Arrangements (Textuals) [Abstract]
Defined Contribution Plan Contributions By Employer	1,341,000	1,201,000	1,013,000
Expected benefit payments under SERP for next five fiscal years	1,500,000
Expected benefit payments under SERP after succeeding five fiscal years	2,367,000
Expected Benefit Payments Under SERP Thereafter	2,410,000
Accrued liability for SERP	$ 4,066,000	$ 3,287,000	$ 3,109,000

XML



Real Property Acquisitions and Development (Details) (USD $) In Thousands, except Per Share data	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Redeemable noncontrolling interests	$ 4,553	$ 0
Merrill Gardens Partnership [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements	64,050
Buildings and improvements	476,817
Acquired lease intangibles	45,036
Cash and cash equivalents	4,777
Restricted cash	3,707
Receivables and other assets	13,459
Total assets acquired	607,846
Secured debt	234,431
Accrued expenses and other liabilities	3,316
Total liabilities assumed	237,747
Capital in excess of par	41,423
Noncontrolling interests	79,775
Net assets acquired	248,901
Senior Star Partnership [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements	11,570
Buildings and improvements	210,094
Acquired lease intangibles	18,721
Cash and cash equivalents	3,756
Restricted cash	391
Receivables and other assets	940
Total assets acquired	245,472
Secured debt	70,736
Accrued expenses and other liabilities	3,533
Total liabilities assumed	74,269
Capital in excess of par	2,218
Noncontrolling interests	27,902
Net assets acquired	141,083
Unaudited pro forma consolidated results of operations
Revenues	777,725	681,905
Income from continuing operations attributable to common stockholders	53,371	95,253
Income from continuing operations attributable to common stockholders per share:
Basic	$ 0.42	$ 0.83
Diluted	$ 0.42	$ 0.83
Strategic Medical Office Partnership [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements	10,240
Buildings and improvements	171,014
Acquired lease intangibles	41,519
Investment in unconcolidated joint venture	21,321
Goodwill	51,207
Other acquired intangibles	43,439
Cash and cash equivalents	3,873
Restricted cash	107
Receivables and other assets	5,390
Total assets acquired	348,110
Secured debt	61,664
Below market lease intangibles	4,189
Accrued expenses and other liabilities	26,848
Total liabilities assumed	92,701
Redeemable noncontrolling interests	4,533
Preferred stock	16,667
Capital in excess of par	2,721
Noncontrolling interests	6,295
Net assets acquired	$ 225,173

XML



Consolidated Statements of Income (USD $) Share data in Thousands, except Per Share data	12 Months Ended
	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008
Revenues:
Rental income	$ 564,657,000		$ 480,607,000		$ 439,268,000
Resident fees and services	51,006,000
Interest income	40,855,000		40,885,000		40,063,000
Other income	7,245,000		7,788,000		10,521,000
Total revenues	663,763,000		529,280,000		489,852,000
Expenses:
Interest expense	153,181,000		98,596,000		121,375,000
Property operating expenses	80,803,000		44,001,000		41,063,000
Depreciation and amortization	189,255,000		143,295,000		131,334,000
General and administrative	54,626,000		49,691,000		47,193,000
Transaction costs	46,660,000
Realized loss of derivatives					23,393,000
Loss (gain) on extinguishment of debt	34,171,000		25,107,000		(2,094,000)
Provision for loan losses	29,684,000		23,261,000		94,000
Total expenses	588,380,000		383,951,000		362,358,000
Income from continuing operations before income taxes and income from unconsolidated joint ventures	75,383,000		145,329,000		127,494,000
Income tax (expense) benefit	(364,000)		(168,000)		(1,306,000)
Income from unconsolidated joint ventures	6,673,000
Income from continuing operations	81,692,000		145,161,000		126,188,000
Discontinued operations:
Gain (loss) on sales of properties	36,115,000		43,394,000		163,933,000
Impairment of assets	(947,000)		(25,223,000)		(32,648,000)
Income (loss) from discontinued operations, net	12,024,000		29,595,000		25,952,000
Discontinued operations, net	47,192,000		47,766,000		157,237,000
Net income	128,884,000		192,927,000		283,425,000
Less: Preferred stock dividends	21,645,000		22,079,000		23,201,000
Net income (loss) attributable to noncontrolling interests	357,000		(342,000)		126,000
Net income attributable to common stockholders	$ 106,882,000		$ 171,190,000		$ 260,098,000
Average number of common shares outstanding:
Basic	127,656		114,207		93,732
Diluted	128,208		114,612		94,309
Basic:
Income from continuing operations attributable to common stockholders	$ 0.47		$ 1.08		$ 1.10
Discontinued operations, net	$ 0.37		$ 0.42		$ 1.68
Net income attributable to common stockholders	$ 0.84	[1]	$ 1.50	[1]	$ 2.77	[1]
Diluted:
Income from continuing operations attributable to common stockholders	$ 0.47		$ 1.08		$ 1.09
Discontinued operations, net	$ 0.37		$ 0.42		$ 1.67
Net income attributable to common stockholders	$ 0.83	[1]	$ 1.49	[1]	$ 2.76	[1]

[1] Amounts may not sum due to rounding

XML



Consolidated Statements of Equity (USD $)	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Treasury Stock	Cumulative Net Income	Cumulative Dividends	Accumulated Other Comprehensive Income	Other Equity	Noncontrolling Interests
Balances at beginning of period at Dec. 31, 2007	$ 2,434,951,000	$ 330,243,000	$ 85,412,000	$ 2,394,099,000	$ (3,952,000)	$ 1,071,101,000	$ (1,446,959,000)	$ (7,381,000)	$ 2,701,000	$ 9,687,000
Comprehensive income:
Net income	283,425,000					283,299,000				126,000
Other comprehensive income:
Unrealized gain (loss) on equity investments	(846,000)							(846,000)
Unrecognized SERP actuarial gain (loss)	(715,000)							(715,000)
Cash flow hedge activity	7,829,000							7,829,000
Total comprehensive income	289,693,000
Contributions by noncontrolling interests	3,556,000									3,556,000
Distributions to noncontrolling interests	(2,766,000)									(2,766,000)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures	76,525,000		1,804,000	76,013,000	(1,193,000)				(99,000)
Proceeds from issuance of common shares	711,683,000		16,444,000	695,239,000
Conversion of preferred stock		(40,314,000)	975,000	39,339,000
Option compensation expense	1,503,000								1,503,000
Cash dividends paid:
Common stock cash dividends	(253,659,000)						(253,659,000)
Preferred stock cash dividends	(23,201,000)						(23,201,000)
Balances at end of period at Dec. 31, 2008	3,238,285,000	289,929,000	104,635,000	3,204,690,000	(5,145,000)	1,354,400,000	(1,723,819,000)	(1,113,000)	4,105,000	10,603,000
Comprehensive income:
Net income	192,927,000					193,269,000				(342,000)
Other comprehensive income:
Unrealized gain (loss) on equity investments	487,000							487,000
Unrecognized SERP actuarial gain (loss)	277,000							277,000
Cash flow hedge activity	(2,542,000)							(2,542,000)
Total comprehensive income	191,149,000
Contributions by noncontrolling interests	2,255,000									2,255,000
Distributions to noncontrolling interests	(2,104,000)									(2,104,000)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures	65,037,000		1,751,000	66,690,000	(2,474,000)				(930,000)
Proceeds from issuance of common shares	645,039,000		16,969,000	628,070,000
Conversion of preferred stock		(1,246,000)	30,000	1,216,000
Option compensation expense	1,629,000								1,629,000
Cash dividends paid:
Common stock cash dividends	(311,760,000)						(311,760,000)
Preferred stock cash dividends	(22,079,000)						(22,079,000)
Balances at end of period at Dec. 31, 2009	3,807,451,000	288,683,000	123,385,000	3,900,666,000	(7,619,000)	1,547,669,000	(2,057,658,000)	(2,891,000)	4,804,000	10,412,000
Comprehensive income:
Net income	128,884,000					128,527,000				357,000
Other comprehensive income:
Unrealized gain (loss) on equity investments	54,000							54,000
Unrecognized SERP actuarial gain (loss)	(199,000)							(199,000)
Cash flow hedge activity	(8,063,000)							(8,063,000)
Total comprehensive income	120,676,000
Contributions by noncontrolling interests	166,421,000			43,640,000						122,781,000
Distributions to noncontrolling interests	(3,301,000)									(3,301,000)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures	95,522,000		2,300,000	97,696,000	(3,733,000)				(741,000)
Proceeds from issuance of common shares	905,386,000		21,131,000	884,255,000
Equity component of convertible debt	(9,689,000)			(9,689,000)
Equity consideration in business combinations	19,388,000	16,667,000		2,721,000
Redemption of preferred stock	(165,000)	(165,000)
Conversion of preferred stock		(13,518,000)	339,000	13,179,000
Option compensation expense	1,634,000								1,634,000
Cash dividends paid:
Common stock cash dividends	(348,578,000)						(348,578,000)
Preferred stock cash dividends	(21,645,000)						(21,645,000)
Balances at end of period at Dec. 31, 2010	$ 4,733,100,000	$ 291,667,000	$ 147,155,000	$ 4,932,468,000	$ (11,352,000)	$ 1,676,196,000	$ (2,427,881,000)	$ (11,099,000)	$ 5,697,000	$ 130,249,000

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Stock Incentive Plans (Details) (USD $)	12 Months Ended
	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008
Fair value of each option grant estimated on weighted-average assumptions:
Dividend yield(1)	6.28%	[1]	7.35%	[1]	6.47%	[1]
Expected volatility	34.08%		29.40%		20.50%
Risk-free interest rate	3.23%		2.33%		3.42%
Expected life (in years)	7.0		7.0		6.5
Weighted-average fair value(1)	$ 7.82	[1]	$ 4.38	[1]	$ 6.25	[1]

[1] Certain options granted to employees in 2008 include dividend equivalent right. The fair value of options with DERs also includes the net present value of projected future dividend payments over the expected life of the option discounted at the dividend yield rate.

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Real Estate Intangibles (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009
Assets
Other Finite-Lived Intangible Assets, Gross	$ 258,079	$ 127,390
Accumulated amortization	(49,145)	(29,698)
Net book value	208,934	97,692
Weighted-average amortization period in years	18.2	30
Liabilities
Real estate intangible liabilities, Gross	62,281	27,045
Accumulated amortization	(15,992)	(10,478)
Net book value	46,289	16,567
Weighted-average amortization period in years	14.0	12.1
In place lease intangibles [Member]
Assets
Other Finite-Lived Intangible Assets, Gross	182,030	74,198
Above market tenant leases [Member]
Assets
Other Finite-Lived Intangible Assets, Gross	24,089	10,232
Below market ground leases [Member]
Assets
Other Finite-Lived Intangible Assets, Gross	46,992	39,806
Lease commissions [Member]
Assets
Other Finite-Lived Intangible Assets, Gross	4,968	3,154
Gross historical cost [Member]
Assets
Other Finite-Lived Intangible Assets, Gross	258,079	127,390
Below market tenant leases [Member]
Liabilities
Real estate intangible liabilities, Gross	57,261	22,961
Above market ground leases [Member]
Liabilities
Real estate intangible liabilities, Gross	$ 5,020	$ 4,084

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Subsequent Events (Details) (USD $)	12 Months Ended
	Dec. 31, 2010	Feb. 15, 2011	Jan. 24, 2011
Subsequent Events (Textuals) [Abstract]
Unsecured line of credit	$ 1,150,000,000		$ 1,150,000,000
Extension fee to extend revolving line of credit	50,000		1,725,000
Amount of Definitive Agreements Partnership with Benchmark Senior Living		$ 890,000,000
Number of senior housing communities		34
Investment is structured as a RIDEA partnership owned	95% by us and and 5% by Benchmark

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Income Taxes and Distributions

12 Months Ended

Dec. 31, 2010

Income Taxes and Distributions [Abstract]

Income Taxes and Distributions

18. Income Taxes and Distributions

     To qualify as a real estate investment trust for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. Real estate investment trusts that do not distribute a certain amount of current year taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes.

     Cash distributions paid to common stockholders, for federal income tax purposes, are as follows:

	Year Ended December 31,
	2010		2009		2008
Per Share:
Ordinary income	$	0.7774	$	1.9865	$	1.6196
Return of capital		1.7408		0.4864		0.8904
Long-term capital gains		0.0190		—		—
1250 gains		0.2028		0.2471		0.1900
Totals	$	2.7400	$	2.7200	$	2.7000

     At December 31, 2010, we had U.S. federal tax losses from our taxable REIT subsidiaries (“TRS”) of $19,812,000, as well as apportioned state tax losses of $17,137,000 available for carryforward. Valuation allowances have been established for these assets based upon our assessment, as it is more likely than not that such assets may not be realized. The U.S. federal and state tax loss carryforwards expire from 2011 through 2030.

     Tax expense reflected in the financial statements represents state and local income taxes.

     As a result of certain acquisitions, we are subject to corporate level taxes for related asset dispositions for the period December 30, 2010 through December 30, 2020 (“built-in gains tax”). The amount of income potentially subject to this special corporate level tax is generally equal to (a) the excess of the fair value of the asset as of December 31, 2010 over its adjusted tax basis as of December 31, 2010, or (b) the actual amount of gain, whichever of (a) and (b) is lower. Some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards. We have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies.

     Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), for taxable years beginning after July 30, 2008, the REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary if the property is operated on behalf of such subsidiary by a person who qualifies as an “eligible independent contractor.”

Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property.” A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients.

     We entered into two joint ventures in 2010 that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the consolidated financial statements and are subject to federal taxes as the operations of such facilities are included in a TRS. Certain net operating loss carryforwards could be utilized to offset taxable income in future years.

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Segment Reporting (Details Textuals) (USD $)	6 Months Ended	12 Months Ended						3 Months Ended
	Jun. 30, 2010	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008		Mar. 31, 2011 Senior housing operating segment [Member]
Additional Segment Reporting (Textuals)
Resident fees and services		$ 51,006,000		$ 0		$ 0		$ 51,006,000
Property Operating Expenses		86,465,000		48,965,000	[1]	46,629,000	[1]	32,621,000
Net Operating Income		616,051,000	[1]	547,678,000		526,136,000		18,385,000
Real Estate Depreciation/Amortization		202,543,000		164,923,000	[1]	163,045,000	[1]	15,405,000
Interest Expense		160,960,000		109,772,000	[1]	141,059,000	[1]	6,321,000
Total assets		$ 9,451,734,000		$ 6,367,186,000				$ 1,080,416,000
Segment Reporting (Textuals)
Number of Reportable Business Segment	3

[1]

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2010	Jan. 31, 2011	Jun. 30, 2010
Document And Entity Information [Abstract]
Entity Registrant Name	HEALTH CARE REIT INC /DE/
Entity Central Index Key	0000766704
Document Type	8-K
Document Period End date	Dec. 31, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 5,204,141,431
Entity Common Stock Shares Outstanding		147,381,372

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Business (Details)	Dec. 31, 2010
Business (Textuals) [Abstract]
Number of properties in diversified portfolio	683
Number of states in diversified portfolio	41

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Subsequent Events

12 Months Ended

Dec. 31, 2010

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

     Line of credit extension On January 24, 2011, we provided notice to KeyBank National Association, as administrative agent, of our desire to extend the $1.15 billion unsecured line of credit arrangement with a consortium of sixteen banks. Under the terms of the loan agreement, we have the right to extend the revolving line of credit for one year if we are in compliance with all covenants and pay an extension fee of $1,725,000. As a result of the extension, the line of credit will now expire on August 6, 2012. Please see Note 9 for additional information regarding the line of credit.

     Benchmark Senior Living On February 15, 2011, we signed definitive agreements to form an $890 million partnership with Benchmark Senior Living, which will include 34 senior housing communities. Benchmark is a senior housing operator in New England and will become the largest operator in our portfolio by investment balance. This investment is structured as a RIDEA partnership owned 95% by us and 5% by Benchmark. Benchmark will continue to provide management services to the communities under an incentive-based management contract.

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Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2010

Quarterly Results of Operations (Tables) [Abstract]

Summary of Unaudited Quarterly Results of Operations

	Year Ended December 31, 2010
	1st Quarter			2nd Quarter			3rd Quarter(2)			4th Quarter
Revenues — as reported	$	152,759		$	163,131		$	176,146		$	202,456
Discontinued operations		(9,717	)		(9,382	)		(7,203	)		(4,426	)
Revenues — as adjusted(1)	$	143,042		$	153,749		$	168,943		$	198,030
Net income (loss) attributable to common stockholders	$	25,812		$	45,646		$	(4,563	)	$	39,988
Net income (loss) attributable to common stockholders per share:
Basic	$	0.21		$	0.37		$	(0.04	)	$	0.29
Diluted		0.21			0.37			(0.04	)		0.29

	Year Ended December 31, 2009
	1st Quarter			2nd Quarter			3rd Quarter(3)			4th Quarter
Revenues — as reported	$	144,328		$	141,686		$	145,098		$	147,261
Discontinued operations		(14,678	)		(12,088	)		(12,235	)		(10,092	)
Revenues — as adjusted(1)	$	129,650		$	129,598		$	132,863		$	137,169
Net income attributable to common stockholders	$	61,119		$	59,240		$	19,130		$	31,700
Net income attributable to common stockholders per share:
Basic	$	0.56		$	0.53		$	0.17		$	0.26
Diluted		0.56			0.53			0.17			0.26

(1)	We have reclassified the income attributable to the properties sold subsequent to January 1, 2002 and attributable to the properties held for sale at Macrh 31, 2011 to discontinued operations. See Note 5.
(2)	The decreases in net income and amounts per share are primarily attributable to provisions for loan losses ($28,918,000) and transaction costs ($18,835,000). Additionally, net income differs from amounts previously reported as it includes adjustments for additional expenses attributable to business combination purchase price adjustments that have been retroactively reflected ($5,687,000).
(3)	The decreases in net income and amounts per share are primarily attributable to losses on extinguishment of debt ($26,374,000).

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Disclosure about Fair Value of Financial Instruments (Details) (USD $) In Thousands	Dec. 31, 2010		Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Financial Assets:
Loans receivable, Carrying Amount	$ 436,580		$ 427,363
Available-for-sale equity investments, Carrying Amount	1,103		5,816
Available-for-sale equity investments, Fair Value	1,103		5,816
Cash and cash equivalents, Carrying Amount	131,570		35,476	23,370	30,269
Cash and cash equivalents	131,570		35,476
Financial Liabilities:
Borrowings under unsecured lines of credit arrangements, Carrying Amount	300,000		140,000	570,000
Borrowings under unsecured lines of credit arrangements, Fair Value	300,000		140,000
Senior unsecured notes, Carrying Amount	3,034,949		1,653,027
Senior unsecured notes, Fair Value	3,267,638		1,762,129
Secured debt, Carrying Amount	1,125,906		620,995
Secured debt, Fair Value	1,178,081		623,266
Interest rate swap agreements, Carrying Amount	(482)	[1]	2,381
Interest rate swap agreements, Fair Value	(482)		2,381
Mortgage Loans [Member]
Financial Assets:
Loans receivable, Carrying Amount	109,283		74,517
Loans receivable, Fair value	111,255		74,765
Other Real Estate Loans Receivable [Member]
Financial Assets:
Loans receivable, Carrying Amount	327,297		352,846
Loans receivable, Fair value	$ 333,003		$ 354,429

[1] Please see Note 11 for additional information.

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Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2010

Investments in Unconsolidated Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

7. Investments in Unconsolidated Joint Ventures

     During the six months ended June 30, 2010, we entered into a joint venture investment with Forest City Enterprises (NYSE:FCE.A and FCE.B). We acquired a 49% interest in a seven-building life science campus located in University Park in Cambridge, MA, which is immediately adjacent to the campus of the Massachusetts Institute of Technology. Six buildings closed on February 22, 2010 and the seventh closed on June 30, 2010. The portfolio is 100% leased.

     In connection with these transactions, we invested $174,692,000 of cash which is recorded as an equity investment on the balance sheet. Our share of the non-recourse secured debt assumed by the joint venture was approximately $156,729,000 with weighted-average interest rates of 7.1%. The results of operations for these properties have been included in our consolidated results of operations from the date of acquisition by the joint venture and are reflected in our income statement as income from unconsolidated joint ventures. The aggregate remaining unamortized basis difference of our investment in this joint venture of $15,141,000 at December 31, 2010 is primarily attributable to real estate and related intangible assets and will be amortized over the life of the related properties and included in the reported amount of income from unconsolidated joint ventures.

     In addition, on December 31, 2010, we entered into a strategic joint venture relationship with a national medical office building company. See Note 3 for additional information.

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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2010

Real Estate and Accummulated Depreciation [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

Health Care REIT, Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2010

(Dollars in thousands)

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Senior housing and care facilities:(1)
Aboite Twp, IN	$	—	$	1,770	$	19,930	$	—	$	1,770	$	19,930	$	132		2010		2008
Agawam, MA		—		880		16,112		2,135		880		18,247		4,167		2002		1993
Akron, OH		—		290		8,219		492		290		8,711		1,297		2005		1961
Akron, OH		—		630		7,535		185		630		7,720		977		2006		1915
Albertville, AL		2,110		170		6,203		—		170		6,203		207		2010		1999
Albuquerque, NM		5,901		1,270		20,837		—		1,270		20,837		—		2010		1984
Alexandria, VA		—		1,330		7,820		—		1,330		7,820		459		2008		1955
Alliance, OH		4,621		270		7,723		107		270		7,830		1,083		2006		1982
Amarillo, TX		—		540		7,260		—		540		7,260		1,170		2005		1986
Amelia Island, FL		—		3,290		24,310		19,007		3,290		43,317		4,235		2005		1998
Ames, IA		—		330		8,871		—		330		8,871		161		2010		1999
Anderson, SC		—		710		6,290		—		710		6,290		1,402		2003		1986
Apple Valley, CA		8,390		480		16,639		—		480		16,639		449		2010		1999
Arcadia, LA		—		240		5,460		—		240		5,460		882		2006		2006
Asheboro, NC		—		290		5,032		166		290		5,198		1,047		2003		1998
Asheville, NC		—		204		3,489		—		204		3,489		1,208		1999		1999
Asheville, NC		—		280		1,955		352		280		2,307		524		2003		1992
Atlanta, GA		7,997		2,058		14,914		548		2,058		15,462		7,889		1997		1999
Atlanta, GA		—		460		5,540		190		460		5,730		975		2005		1972
Auburndale, FL		—		750		5,950		166		750		6,116		991		2005		1983
Aurora, CO		—		2,600		5,906		7,915		2,600		13,821		1,767		2006		2006
Aurora, CO		—		2,440		28,172		—		2,440		28,172		2,101		2006		2008
Austin, TX		19,819		880		9,520		396		880		9,916		3,249		1999		1998
Austin, TX		10,185		730		18,970		—		730		18,970		1,912		2007		2006
Avon, IN		—		1,830		14,470		—		1,830		14,470		274		2010		2004
Azusa, CA		—		570		3,141		5,936		570		9,077		1,050		1998		1988
Baltic, OH		3,787		50		8,709		189		50		8,898		1,205		2006		1983
Bartlesville, OK		—		100		1,380		—		100		1,380		570		1996		1995
Baytown, TX		9,553		450		6,150		—		450		6,150		1,516		2002		2000
Baytown, TX		—		540		11,110		—		540		11,110		355		2009		2008
Beachwood, OH		—		1,260		23,478		—		1,260		23,478		5,876		2001		1990
Beattyville, KY		—		100		6,900		—		100		6,900		1,068		2005		1972
Bellevue, WI		—		1,740		18,260		571		1,740		18,831		2,206		2006		2004
Bellingham, WA		10,429		1,500		19,861		—		1,500		19,861		497		2010		1996
Bethel Park, PA		—		1,700		16,007		—		1,700		16,007		775		2007		2009
Boise, ID		—		810		5,401		—		810		5,401		2,229		1998		1966
Boonville, IN		—		190		5,510		—		190		5,510		1,344		2002		2000
Boynton Beach, FL		—		980		8,112		—		980		8,112		1,502		2004		1999
Bradenton, FL		—		252		3,298		—		252		3,298		1,378		1996		1995
Braintree, MA		—		170		7,157		1,290		170		8,447		5,916		1997		1968
Brandon, MS		—		1,220		10,241		—		1,220		10,241		47		2010		1999
Bremerton, WA		—		390		2,210		144		390		2,354		241		2006		1999
Bremerton, WA		—		830		10,420		—		830		10,420		—		2010		1984
Brick, NJ		—		1,170		17,372		—		1,170		17,372		—		2010		1998
Brick, NJ(2)		—		690		17,125		—		690		17,125		—		2010		1999
Bridgewater, NJ		—		1,850		3,050		—		1,850		3,050		751		2004		1970
Bridgewater, NJ		—		1,730		48,201		—		1,730		48,201		—		2010		1999
Brighton, MA		—		240		3,859		2,126		240		5,985		959		2005		1982
Broadview Heights, OH		—		920		12,400		2,237		920		14,637		3,135		2001		1984
Bunnell, FL		—		260		7,118		—		260		7,118		1,396		2004		1985
Burlington, NC		—		280		4,297		707		280		5,004		995		2003		2000
Burlington, NC		—		460		5,467		—		460		5,467		1,120		2003		1997
Butler, AL		—		90		3,510		—		90		3,510		750		2004		1960
Butte, MT		—		550		3,957		43		550		4,000		1,112		1998		1999
Byrdstown, TN		—		—		2,414		—		—		2,414		1,086		2004		1982
Canton, MA		—		820		8,201		263		820		8,464		2,221		2002		1993
Canton, OH		—		300		2,098		—		300		2,098		720		1998		1998
Cape Coral, FL		—		530		3,281		—		530		3,281		805		2002		2000
Carmel, IN		—		2,370		57,175		263		2,370		57,438		3,794		2006		2007
Cary, NC		—		1,500		4,350		986		1,500		5,336		1,669		1998		1996
Chapel Hill, NC		—		354		2,646		783		354		3,429		794		2002		1997
Chelmsford, MA		—		1,040		10,951		—		1,040		10,951		2,130		2003		1997
Chickasha, OK		—		85		1,395		—		85		1,395		570		1996		1996
Cincinnati, OH		—		2,060		109,388		—		2,060		109,388		1,404		2007		2010
Citrus Heights, CA		15,578		2,300		31,876		—		2,300		31,876		722		2010		1997
Claremore, OK		—		155		1,428		—		155		1,428		563		1996		1996
Clarksville, TN		—		330		2,292		—		330		2,292		778		1998		1998
Clearwater, FL		—		160		7,218		—		160		7,218		1,281		2004		1961
Clearwater, FL		—		1,260		2,740		200		1,260		2,940		593		2005		1983

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated		Year		Year
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Acquired		Built
Cleburne, TX		—		520		5,369		—		520		5,369		509		2006		2007
Cleveland, TN		—		350		5,000		122		350		5,122		1,379		2001		1987
Coeur d’Alene, ID		—		600		7,878		—		600		7,878		2,865		1998		1996
Colorado Springs, CO		—		310		6,290		—		310		6,290		1,077		2005		1985
Colts Neck, NJ		—		780		14,733		—		780		14,733		—		2010		2002
Columbia, TN		—		341		2,295		—		341		2,295		789		1999		1999
Columbia, TN		—		590		3,787		—		590		3,787		1,019		2003		1974
Columbia, SC		—		2,120		4,860		5,709		2,120		10,569		1,644		2003		2000
Columbus, IN		—		610		3,190		—		610		3,190		59		2010		1998
Columbus, IN		—		530		5,170		1,540		530		6,710		1,492		2002		2001
Columbus, OH		—		1,070		11,726		1,204		1,070		12,930		1,801		2005		1968
Columbus, OH		4,254		1,010		4,931		91		1,010		5,022		763		2006		1983
Columbus, OH		—		1,860		16,624		1,077		1,860		17,701		2,389		2006		1978
Concord, NC		—		550		3,921		55		550		3,976		903		2003		1997
Conroe, TX		—		980		7,771		—		980		7,771		134		2009		2010
Corpus Christi, TX		—		307		443		—		307		443		203		2005		1985
Corpus Christi, TX		—		400		1,916		—		400		1,916		431		2005		1985
Crystal Lake, IL		—		840		7,290		—		840		7,290		456		2007		2008
Dade City, FL		—		250		7,150		—		250		7,150		1,315		2004		1975
Danville, VA		—		410		3,954		722		410		4,676		970		2003		1998
Davenport, IA		—		1,403		35,893		1,781		1,403		37,674		1,055		2006		2009
Daytona Beach, FL		—		470		5,930		—		470		5,930		1,187		2004		1986
Daytona Beach, FL		—		490		5,710		—		490		5,710		1,185		2004		1961
DeBary, FL		—		440		7,460		—		440		7,460		1,365		2004		1965
Dedham, MA		—		1,360		9,830		—		1,360		9,830		2,588		2002		1996
DeForest, WI		—		250		5,350		354		250		5,704		540		2007		2006
Defuniak Springs, FL		—		1,350		10,250		—		1,350		10,250		1,277		2006		1980
DeLand, FL		—		220		7,080		—		220		7,080		1,307		2004		1967
Denton, MD		—		390		4,010		206		390		4,216		1,046		2003		1982
Denver, CO		—		2,530		9,514		—		2,530		9,514		1,404		2005		1986
Denver, CO		—		3,650		14,906		1,585		3,650		16,491		1,704		2006		1987
Denver, CO		—		2,076		13,594		—		2,076		13,594		422		2007		2009
Douglasville, GA		—		1,350		7,471		—		1,350		7,471		1,778		2003		1975
Douglasville, GA		—		90		217		—		90		217		53		2003		1985
Drescher, PA		—		2,060		40,236		—		2,060		40,236		—		2010		2001
Dublin, OH		19,513		1,680		43,423		—		1,680		43,423		—		2010		1990
Durham, NC		—		1,476		10,659		2,196		1,476		12,855		6,977		1997		1999
East Norriston, PA		—		1,200		28,129		—		1,200		28,129		—		2010		1988
Easton, PA		—		285		6,315		—		285		6,315		3,301		1993		1959
Eden, NC		—		390		4,877		—		390		4,877		1,018		2003		1998
El Paso, TX		—		539		8,961		232		539		9,193		1,455		2005		1970
El Paso, TX		—		642		3,958		1,100		642		5,058		831		2005		1969
Elizabeth City, NC		—		200		2,760		2,011		200		4,771		1,359		1998		1999
Elizabethton, TN		—		310		4,604		336		310		4,940		1,370		2001		1980
Encinitas, CA		—		1,460		7,721		—		1,460		7,721		2,346		2000		2000
Englishtown, NJ		—		690		12,520		—		690		12,520		—		2010		1997
Erin, TN		—		440		8,060		134		440		8,194		2,114		2001		1981
Eugene, OR		—		300		5,316		—		300		5,316		2,089		1998		1972
Everett, WA		—		1,400		5,476		—		1,400		5,476		1,768		1999		1999
Fairfield, CA		—		1,460		14,040		—		1,460		14,040		3,510		2002		1998
Fairhaven, MA		—		770		6,230		—		770		6,230		1,117		2004		1999
Fall River, MA		—		620		5,829		4,856		620		10,685		3,445		1996		1973
Fayetteville, NY		—		410		3,962		500		410		4,462		1,071		2001		1997
Findlay, OH		—		200		1,800		—		200		1,800		677		1997		1997
Fishers, IN		—		1,500		14,500		—		1,500		14,500		274		2010		2000
Florence, NJ		—		300		2,978		—		300		2,978		727		2002		1999
Florence, AL		7,420		353		13,049		—		353		13,049		353		2010		1999
Forest City, NC		—		320		4,497		—		320		4,497		947		2003		1999
Fork Union, VA		—		310		2,490		60		310		2,550		163		2008		1990
Fort Pierce, FL		—		440		3,560		117		440		3,677		590		2005		1973
Fredericksburg, VA		—		1,000		20,000		303		1,000		20,303		3,040		2005		1999
Fremont, CA		20,302		3,400		25,300		1,427		3,400		26,727		3,370		2005		1987
Gardnerville, NV		13,121		1,143		10,831		629		1,143		11,460		6,259		1998		1999
Gastonia, NC		—		470		6,129		—		470		6,129		1,247		2003		1998
Gastonia, NC		—		310		3,096		22		310		3,118		679		2003		1994
Gastonia, NC		—		400		5,029		120		400		5,149		1,052		2003		1996
Georgetown, TX		—		200		2,100		—		200		2,100		776		1997		1997
Gig Harbor, WA		6,165		1,560		15,947		—		1,560		15,947		409		2010		1994
Gilroy, CA		—		760		13,880		23,860		760		37,740		3,089		2006		2007
Goochland, VA		—		350		3,697		—		350		3,697		236		2008		1991
Goshen, IN		—		210		6,120		—		210		6,120		864		2005		2006
Graceville, FL		—		150		13,000		—		150		13,000		1,575		2006		1980
Grand Ledge, MI		8,549		1,150		16,286		—		1,150		16,286		—		2010		1999
Grand Prairie, TX		—		574		3,426		—		574		3,426		668		2005		1982
Granger, IN		—		1,670		21,280		—		1,670		21,280		141		2010		2009
Granite City, IL		—		610		7,143		842		610		7,985		4,804		1998		1973
Granite City, IL		—		400		4,303		707		400		5,010		2,949		1999		1964
Greeneville, TN		—		400		8,290		—		400		8,290		1,626		2004		1979

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Greenfield, WI		—		600		6,626		328		600		6,954		620		2006		2006
Greensboro, NC		—		330		2,970		554		330		3,524		749		2003		1996
Greensboro, NC		—		560		5,507		1,013		560		6,520		1,374		2003		1997
Greenville, SC		—		310		4,750		—		310		4,750		873		2004		1997
Greenville, SC		—		5,400		100,523		634		5,400		101,157		2,681		2006		2009
Greenville, NC		—		290		4,393		168		290		4,561		920		2003		1998
Greenwood, IN		—		1,550		22,770		—		1,550		22,770		150		2010		2007
Hamden, CT		—		1,470		4,530		—		1,470		4,530		1,320		2002		1998
Hamilton, NJ		—		440		4,469		—		440		4,469		1,088		2001		1998
Hanover, IN		—		210		4,430		—		210		4,430		847		2004		2000
Hardin, IL		—		50		5,350		135		50		5,485		2,968		2002		1996
Harleysville, PA		—		960		11,355		—		960		11,355		482		2008		2009
Harriman, TN		—		590		8,060		158		590		8,218		2,258		2001		1972
Hattiesburg, MS		13,100		450		15,518		—		450		15,518		—		2010		2009
Haverford, PA		—		1,880		33,993		—		1,880		33,993		—		2010		2000
Hemet, CA		—		870		3,405		—		870		3,405		326		2007		1996
Hemet, CA		13,550		1,890		28,606		—		1,890		28,606		703		2010		1988
Hemet, CA		—		430		9,630		—		430		9,630		258		2010		1988
Henderson, NV		—		380		9,220		65		380		9,285		2,933		1998		1998
Henderson, NV		—		380		4,360		41		380		4,401		1,205		1999		2000
Herculaneum, MO		—		127		10,373		393		127		10,766		5,723		2002		1984
Hickory, NC		—		290		987		232		290		1,219		347		2003		1994
High Point, NC		—		560		4,443		793		560		5,236		1,091		2003		2000
High Point, NC		—		370		2,185		410		370		2,595		579		2003		1999
High Point, NC		—		330		3,395		28		330		3,423		720		2003		1994
High Point, NC		—		430		4,143		—		430		4,143		863		2003		1998
Highlands Ranch, CO		—		940		3,721		—		940		3,721		921		2002		1999
Hilliard, FL		—		150		6,990		—		150		6,990		2,499		1999		1990
Homestead, FL		—		2,750		11,750		—		2,750		11,750		1,456		2006		1994
Hopedale, MA		—		130		8,170		—		130		8,170		1,285		2005		1999
Houston, TX		—		4,790		7,100		—		4,790		7,100		2,114		2003		1974
Houston, TX		10,183		860		18,715		—		860		18,715		1,636		2007		2006
Houston, TX		—		5,090		9,471		—		5,090		9,471		435		2007		2009
Houston, TX		10,549		630		5,970		750		630		6,720		1,597		2002		1995
Howell, NJ		10,741		1,050		21,703		—		1,050		21,703		—		2010		2007
Huron, OH		—		160		6,088		1,452		160		7,540		963		2005		1983
Hutchinson, KS		—		600		10,590		—		600		10,590		1,753		2004		1997
Indianapolis, IN		—		495		6,287		22,565		495		28,852		3,309		2006		1981
Indianapolis, IN		—		255		2,473		12,123		255		14,596		1,461		2006		1981
Irving, TX		—		1,030		6,823		267		1,030		7,090		436		2007		2008
Jamestown, TN		—		—		6,707		—		—		6,707		3,018		2004		1966
Jefferson, OH		—		80		9,120		—		80		9,120		1,321		2006		1984
Jefferson City, MO		—		370		6,730		301		370		7,031		3,727		2002		1982
Jonesboro, GA		—		460		1,304		—		460		1,304		281		2003		1992
Jonesboro, GA		—		840		1,921		—		840		1,921		558		2003		1992
Kalida, OH		—		480		8,173		—		480		8,173		796		2006		2007
Kalispell, MT		—		360		3,282		—		360		3,282		1,096		1998		1998
Kansas City, MO		6,097		1,820		34,898		—		1,820		34,898		—		2010		1980
Kansas City, MO		7,455		1,930		39,997		—		1,930		39,997		—		2010		1986
Kenner, LA		—		1,100		10,036		125		1,100		10,161		5,565		1998		2000
Kennett Square, PA		—		1,050		22,946		—		1,050		22,946		—		2010		2008
Kennewick, WA		9,320		1,820		27,991		—		1,820		27,991		660		2010		1994
Kenosha, WI		—		1,500		9,139		—		1,500		9,139		475		2007		2009
Kent, WA		—		940		20,318		10,381		940		30,699		2,031		2007		2000
Kirkland, WA		—		1,880		4,315		—		1,880		4,315		893		2003		1996
Kissimmee, FL		—		230		3,854		—		230		3,854		710		2004		1972
LaBelle, FL		—		60		4,946		—		60		4,946		989		2004		1986
Lake Havasu City, AZ		—		450		4,223		—		450		4,223		1,343		1998		1999
Lake Havasu City, AZ		—		110		2,244		136		110		2,380		798		1998		1994
Lake Placid, FL		—		150		12,850		—		150		12,850		2,415		2004		1984
Lancaster, CA		10,763		700		15,295		—		700		15,295		405		2010		1999
Lawrenceville, VA		—		170		4,780		—		170		4,780		294		2008		1989
Lecanto, FL		—		200		6,900		—		200		6,900		1,217		2004		1986
Lee, MA		—		290		18,135		926		290		19,061		4,534		2002		1998
Lenoir, NC		—		190		3,748		641		190		4,389		910		2003		1998
Lexington, NC		—		200		3,900		1,015		200		4,915		1,111		2002		1997
Lincoln, NE		5,435		390		13,807		—		390		13,807		233		2010		2000
Linwood, NJ		—		800		21,984		—		800		21,984		—		2010		1997
Litchfield, CT		—		1,240		17,908		—		1,240		17,908		—		2010		1998
Little Neck, NY		—		3,350		38,461		—		3,350		38,461		—		2010		2000
Littleton, MA		—		1,240		2,910		—		1,240		2,910		863		1996		1975
Loma Linda, CA		—		2,214		9,586		—		2,214		9,586		836		2008		1976
Longview, TX		—		293		1,707		—		293		1,707		386		2005		1971
Longview, TX		—		610		5,520		—		610		5,520		534		2006		2007
Longwood, FL		—		480		7,520		—		480		7,520		1,408		2004		1980
Los Angeles, CA		—		—		11,430		—		—		11,430		246		2008		2008
Louisville, KY		—		490		10,010		—		490		10,010		1,943		2005		1978
Louisville, KY		—		430		7,135		163		430		7,298		1,990		2002		1974

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Louisville, KY		—		350		4,675		109		350		4,784		1,334		2002		1975
Lufkin, TX		—		343		1,184		—		343		1,184		389		2005		1919
Manassas, VA		—		750		7,446		—		750		7,446		1,473		2003		1996
Manchester, NH		—		340		4,360		159		340		4,519		681		2005		1984
Mansfield, TX		—		660		5,251		—		660		5,251		513		2006		2007
Manteca, CA		6,445		1,300		12,125		1,309		1,300		13,434		1,677		2005		1985
Margate, FL		—		500		7,303		2,459		500		9,762		6,606		1998		1972
Marianna, FL		—		340		8,910		—		340		8,910		1,076		2006		1997
Martinsville, VA		—		349		—		—		349		—		—		2003
Marysville, CA		—		450		4,172		44		450		4,216		1,176		1998		1999
Marysville, WA		4,775		620		4,780		229		620		5,009		926		2003		1998
Matthews, NC		—		560		4,738		—		560		4,738		1,021		2003		1998
McConnelsville, OH		—		190		7,060		—		190		7,060		40		2010		1946
McHenry, IL		—		1,632		—		—		1,632		—		—		2006
McHenry, IL		—		3,550		15,300		6,718		3,550		22,018		1,962		2006		2004
McKinney, TX		—		1,570		7,389		—		1,570		7,389		162		2009		2010
Melbourne, FL		—		7,070		48,257		970		7,070		49,227		1,934		2007		2009
Melville, NY		—		4,280		73,283		—		4,280		73,283		—		2010		2001
Memphis, TN		—		970		4,246		—		970		4,246		1,084		2003		1981
Memphis, TN		—		480		5,656		—		480		5,656		1,336		2003		1982
Memphis, TN		—		940		5,963		—		940		5,963		1,337		2004		1951
Memphis, TN		—		390		9,660		—		390		9,660		—		2010		1981
Menomonee Falls, WI		—		1,020		6,984		—		1,020		6,984		607		2006		2007
Merrillville, IN		—		643		7,084		3,526		643		10,610		5,090		1997		1999
Mesa, AZ		6,365		950		9,087		232		950		9,319		2,630		1999		2000
Middleburg Heights, OH		—		960		7,780		—		960		7,780		1,314		2004		1998
Middleton, WI		—		420		4,006		600		420		4,606		989		2001		1991
Midland, MI		—		200		11,025		—		200		11,025		—		2010		1994
Midwest City, OK		—		470		5,673		—		470		5,673		3,036		1998		1958
Midwest City, OK		—		484		5,516		—		484		5,516		937		2005		1987
Mill Creek, WA		30,914		10,150		60,274		—		10,150		60,274		1,339		2010		1998
Missoula, MT		—		550		7,490		—		550		7,490		1,084		2005		1998
Monroe, NC		—		470		3,681		648		470		4,329		921		2003		2001
Monroe, NC		—		310		4,799		857		310		5,656		1,133		2003		2000
Monroe, NC		—		450		4,021		114		450		4,135		875		2003		1997
Monroe, WA		14,585		2,560		34,460		—		2,560		34,460		776		2010		1994
Monteagle, TN		—		310		3,318		—		310		3,318		830		2003		1980
Monterey, TN		—		—		4,195		—		—		4,195		1,888		2004		1977
Monticello, FL		—		140		4,471		—		140		4,471		920		2004		1986
Moorestown, NJ		—		2,060		51,628		—		2,060		51,628		—		2010		2000
Morehead City, NC		—		200		3,104		1,648		200		4,752		1,345		1999		1999
Morgantown, KY		—		380		3,705		—		380		3,705		876		2003		1965
Moss Point, MS		—		120		7,280		—		120		7,280		1,392		2004		1933
Mount Airy, NC		—		270		6,430		118		270		6,548		851		2005		1998
Mountain City, TN		—		220		5,896		660		220		6,556		2,958		2001		1976
Mt. Vernon, WA		—		400		2,200		156		400		2,356		249		2006		2001
Myrtle Beach, SC		—		6,890		41,526		283		6,890		41,809		1,681		2007		2009
Nacogdoches, TX		—		390		5,754		—		390		5,754		546		2006		2007
Naples, FL		—		1,716		17,306		923		1,716		18,229		12,497		1997		1999
Naples, FL		—		550		5,450		—		550		5,450		1,024		2004		1968
Nashville, TN		—		4,910		29,590		—		4,910		29,590		1,983		2008		2007
Natchitoches, LA		—		190		4,096		—		190		4,096		717		2005		1975
Needham, MA		—		1,610		13,715		366		1,610		14,081		3,707		2002		1994
Neenah, WI		—		630		15,120		—		630		15,120		234		2010		1991
New Haven, IN		—		176		3,524		—		176		3,524		787		2004		1981
New Haven, CT		—		160		4,778		1,682		160		6,460		1,877		2006		1958
New York, NY		—		1,440		21,460		975		1,440		22,435		2,273		2006		1959
Newark, DE		—		560		21,220		—		560		21,220		3,452		2004		1998
Newburyport, MA		—		960		8,290		—		960		8,290		1,988		2002		1999
Norman, OK		—		55		1,484		—		55		1,484		688		1995		1995
North Augusta, SC		—		332		2,558		—		332		2,558		866		1999		1998
North Miami, FL		—		430		3,918		—		430		3,918		985		2004		1968
North Miami, FL		—		440		4,830		—		440		4,830		992		2004		1963
North Miami Beach, FL		—		300		5,709		2,006		300		7,715		5,145		1998		1987
Norwalk, CT		—		410		2,118		2,973		410		5,091		1,581		2004		1971
Ocala, FL		—		1,340		10,564		—		1,340		10,564		374		2008		2009
Ogden, UT		—		360		6,700		—		360		6,700		1,144		2004		1998
Oklahoma City, OK		—		510		10,694		—		510		10,694		1,463		1998		1979
Oklahoma City, OK		—		590		7,513		—		590		7,513		518		2007		2008
Oklahoma City, OK		—		760		7,017		—		760		7,017		358		2007		2009
Olympia, WA		7,387		550		16,689		—		550		16,689		434		2010		1995
Omaha, NE		—		370		10,230		—		370		10,230		183		2010		1998
Omaha, NE		4,681		380		8,864		—		380		8,864		157		2010		1999
Oneonta, NY		—		80		5,020		—		80		5,020		424		2007		1996
Ormond Beach, FL		—		—		2,739		73		—		2,812		1,213		2002		1983
Oshkosh, WI		—		900		3,800		3,687		900		7,487		872		2006		2005
Oshkosh, WI		—		400		23,237		—		400		23,237		1,212		2007		2008
Oswego, IL		—		900		8,047		—		900		8,047		505		2006		2008

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Overland Park, KS		—		1,120		8,360		—		1,120		8,360		1,259		2005		1970
Overland Park, KS		—		3,730		27,076		340		3,730		27,416		768		2008		2009
Overland Park, KS		—		4,500		29,105		—		4,500		29,105		—		2010		1988
Owasso, OK		—		215		1,380		—		215		1,380		544		1996		1996
Owensboro, KY		—		240		6,760		—		240		6,760		1,134		1993		1966
Owensboro, KY		—		225		13,275		—		225		13,275		2,135		2005		1964
Owenton, KY		—		100		2,400		—		100		2,400		474		2005		1979
Oxford, MI		12,094		1,430		15,791		—		1,430		15,791		—		2010		2001
Palestine, TX		—		180		4,320		1,300		180		5,620		579		2006		2005
Palm Coast, FL		—		870		10,957		—		870		10,957		259		2008		2010
Panama City, FL		—		300		9,200		—		300		9,200		1,734		2004		1992
Paris, TX		—		490		5,452		—		490		5,452		1,513		2005		2006
Pasadena, TX		10,207		720		24,080		—		720		24,080		2,390		2007		2005
Paso Robles, CA		—		1,770		8,630		—		1,770		8,630		2,143		2002		1998
Pawleys Island, SC		—		2,020		32,590		5,249		2,020		37,839		4,609		2005		1997
Pigeon Forge, TN		—		320		4,180		117		320		4,297		1,236		2001		1986
Pikesville, MD		—		450		10,750		—		450		10,750		1,124		2007		1983
Pinehurst, NC		—		290		2,690		484		290		3,174		699		2003		1998
Piqua, OH		—		204		1,885		—		204		1,885		665		1997		1997
Pittsburgh, PA		—		1,750		8,572		115		1,750		8,687		1,408		2005		1998
Plano, TX		—		1,305		9,095		952		1,305		10,047		1,515		2005		1977
Plattsmouth, NE		—		250		5,650		—		250		5,650		107		2010		1999
Plymouth, MI		12,876		1,490		19,990		—		1,490		19,990		—		2010		1972
Port St. Joe, FL		—		370		2,055		—		370		2,055		666		2004		1982
Port St. Lucie, FL		—		8,700		47,230		—		8,700		47,230		932		2008		2010
Post Falls, ID		—		2,700		14,217		2,181		2,700		16,398		920		2007		2008
Prospect, CT		—		820		1,441		2,503		820		3,944		1,356		2004		1970
Pueblo, CO		—		370		6,051		—		370		6,051		2,460		1998		1989
Puyallup, WA		11,830		1,150		20,776		—		1,150		20,776		522		2010		1985
Quincy, FL		—		200		5,333		—		200		5,333		1,105		2004		1983
Quincy, MA		—		2,690		15,410		—		2,690		15,410		2,436		2004		1999
Quitman, MS		—		60		10,340		—		60		10,340		1,861		2004		1976
Raleigh, NC		—		10,000		—		—		10,000		—		—		2008
Raytown, MO		—		510		5,490		—		510		5,490		573		2006		2000
Rehoboth Beach, DE		—		960		24,248		—		960		24,248		—		2010		1999
Reidsville, NC		—		170		3,830		857		170		4,687		1,073		2002		1998
Reno, NV		—		1,060		11,440		—		1,060		11,440		1,931		2004		1998
Richmond, VA		—		1,211		2,889		—		1,211		2,889		897		2003		1995
Richmond, VA		—		760		12,640		—		760		12,640		1,349		2007		1969
Ridgeland, MS		—		520		7,675		—		520		7,675		1,521		2003		1997
Ridgely, TN		—		300		5,700		97		300		5,797		1,534		2001		1990
Ringgold, LA		—		30		4,174		—		30		4,174		705		2005		1984
Rockledge, FL		—		360		4,117		—		360		4,117		1,390		2001		1970
Rockwood, TN		—		500		7,116		741		500		7,857		2,082		2001		1979
Rocky Hill, CT		—		1,460		7,040		—		1,460		7,040		1,857		2002		1998
Rocky Hill, CT		—		1,090		6,710		1,500		1,090		8,210		1,403		2003		1996
Rogersville, TN		—		350		3,278		—		350		3,278		822		2003		1980
Rohnert Park, CA		14,280		6,500		18,700		1,125		6,500		19,825		2,530		2005		1985
Romeoville, IL		—		854		12,646		58,220		6,100		65,620		1,536		2006		2010
Romeoville, IL		—		1,895		—		—		1,895		—		—		2006
Roswell, GA		8,211		1,107		9,627		358		1,107		9,985		5,611		1997		1999
Royal Palm Beach, FL		—		980		8,320		—		980		8,320		1,604		2004		1984
Ruston, LA		—		130		9,403		—		130		9,403		1,407		2005		1965
Sacramento, CA		9,834		940		14,781		—		940		14,781		404		2010		1978
Saint Simons Island, GA		—		6,440		50,060		963		6,440		51,023		3,212		2008		2007
Salem, OR		—		449		5,172		—		449		5,172		1,727		1999		1998
Salisbury, NC		—		370		5,697		168		370		5,865		1,187		2003		1997
San Angelo, TX		—		260		8,800		—		260		8,800		1,456		2004		1997
San Antonio, TX		11,026		560		7,315		—		560		7,315		1,817		2002		2000
San Antonio, TX		10,163		640		13,360		—		640		13,360		1,386		2007		2004
San Juan Capistrano, CA		—		1,390		6,942		—		1,390		6,942		1,839		2000		2001
San Ramon, CA		9,851		2,430		17,488		—		2,430		17,488		467		2010		1989
Sarasota, FL		—		475		3,175		—		475		3,175		1,326		1996		1995
Sarasota, FL		—		560		8,474		—		560		8,474		2,703		1999		2000
Sarasota, FL		—		600		3,400		—		600		3,400		713		2004		1982
Scituate, MA		—		1,740		10,640		—		1,740		10,640		1,484		2005		1976
Scottsdale, AZ		—		2,500		3,890		710		2,500		4,600		291		2008		1999
Seattle, WA		7,921		5,190		9,350		—		5,190		9,350		389		2010		1962
Seattle, WA		8,040		3,420		15,555		—		3,420		15,555		444		2010		2000
Seattle, WA		9,548		2,630		10,257		—		2,630		10,257		328		2010		2003
Seattle, WA		29,655		10,670		37,291		—		10,670		37,291		919		2010		2005
Selbyville, DE		—		750		25,912		—		750		25,912		—		2010		2008
Seven Fields, PA		—		484		4,663		59		484		4,722		1,585		1999		1999
Seville, OH		—		230		1,770		—		230		1,770		387		2005		1981
Shawnee, OK		—		80		1,400		—		80		1,400		574		1996		1995
Sheboygan, WI		—		80		5,320		3,774		80		9,094		663		2006		2006
Shelby, MS		—		60		5,340		—		60		5,340		991		2004		1979
Shelbyville, KY		—		630		3,870		—		630		3,870		630		2005		1965

					Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Sherman, TX		—		700		5,221		—		700		5,221		565		2005		2006
Shrewsbury, NJ		—		2,120		38,116		—		2,120		38,116		—		2010		2000
Silvis, IL		—		880		16,420		—		880		16,420		147		2010		2005
Smithfield, NC		—		290		5,680		—		290		5,680		1,169		2003		1998
Sonoma, CA		15,400		1,100		18,400		869		1,100		19,269		2,467		2005		1988
South Boston, MA		—		385		2,002		5,218		385		7,220		2,460		1995		1961
South Pittsburg, TN		—		430		5,628		—		430		5,628		1,193		2004		1979
Sparks, NV		—		3,700		46,526		—		3,700		46,526		1,789		2007		2009
Spartanburg, SC		—		3,350		15,750		9,028		3,350		24,778		2,498		2005		1997
Spring City, TN		—		420		6,085		2,579		420		8,664		2,179		2001		1987
St. Charles, IL		—		990		15,265		—		990		15,265		647		2006		2009
St. Louis, MO		—		750		6,030		—		750		6,030		1,436		1995		1994
St. Louis, MO		—		1,890		14,430		—		1,890		14,430		—		2010		1963
Stanwood, WA		10,501		2,260		28,474		—		2,260		28,474		689		2010		1998
Starke, FL		—		120		10,180		—		120		10,180		1,903		2004		1990
Statesville, NC		—		150		1,447		266		150		1,713		376		2003		1990
Statesville, NC		—		310		6,183		8		310		6,191		1,228		2003		1996
Statesville, NC		—		140		3,627		—		140		3,627		746		2003		1999
Staunton, VA		—		310		11,090		—		310		11,090		1,196		2007		1959
Stillwater, OK		—		80		1,400		—		80		1,400		577		1995		1995
Stockton, CA		6,773		2,280		5,983		—		2,280		5,983		254		2010		1988
Stuart, FL		—		390		8,110		—		390		8,110		1,503		2004		1985
Swanton, OH		—		330		6,370		—		330		6,370		1,132		2004		1950
Tampa, FL		—		830		6,370		—		830		6,370		1,470		2004		1968
Texarkana, TX		—		192		1,403		—		192		1,403		552		1996		1996
Toledo, OH		16,896		2,040		47,129		—		2,040		47,129		—		2010		1985
Toms River, NJ		—		1,610		34,627		—		1,610		34,627		—		2010		2005
Torrington, CT		—		360		1,261		1,274		360		2,535		767		2004		1966
Troy, OH		—		200		2,000		4,254		200		6,254		832		1997		1997
Troy, OH		—		470		16,730		—		470		16,730		2,862		2004		1971
Tucson, AZ		—		930		13,399		—		930		13,399		1,923		2005		1985
Tulsa, OK		—		1,390		7,110		—		1,390		7,110		127		2010		1998
Tulsa, OK		6,579		1,330		21,285		—		1,330		21,285		—		2010		1986
Tulsa, OK		8,598		1,500		20,861		—		1,500		20,861		—		2010		1984
Twin Falls, ID		—		550		14,740		—		550		14,740		3,557		2002		1991
Tyler, TX		—		650		5,268		—		650		5,268		511		2006		2007
Uhrichsville, OH		—		24		6,716		—		24		6,716		925		2006		1977
Vacaville, CA		14,683		900		17,100		1,127		900		18,227		2,312		2005		1986
Vallejo, CA		22,409		4,000		18,000		1,341		4,000		19,341		2,428		2005		1989
Vallejo, CA		—		2,330		15,407		—		2,330		15,407		444		2010		1990
Valparaiso, IN		—		112		2,558		—		112		2,558		688		2001		1998
Valparaiso, IN		—		108		2,962		—		108		2,962		780		2001		1999
Vancouver, WA		10,000		1,820		19,042		—		1,820		19,042		484		2010		2006
Venice, FL		—		500		6,000		—		500		6,000		1,108		2004		1987
Venice, FL		—		1,150		10,674		—		1,150		10,674		302		2008		2009
Vero Beach, FL		—		263		3,187		—		263		3,187		830		2001		1999
Vero Beach, FL		—		297		3,263		—		297		3,263		858		2001		1996
Vero Beach, FL		—		2,930		40,070		3,202		2,930		43,272		3,677		2007		2003
W. Hartford, CT		—		2,650		5,980		—		2,650		5,980		1,146		2004		1905
Wake Forest, NC		—		200		3,003		1,742		200		4,745		1,417		1998		1999
Wareham, MA		—		875		10,313		1,701		875		12,014		2,917		2002		1989
Warren, OH		—		240		3,810		—		240		3,810		660		2005		1973
Waterbury, CT		—		370		2,166		1,859		370		4,025		1,085		2006		1972
Waterford, CT		—		1,360		12,540		—		1,360		12,540		3,043		2002		2000
Waukesha, WI		—		1,100		14,910		—		1,100		14,910		402		2008		2009
Waxahachie, TX		—		650		5,763		—		650		5,763		410		2007		2008
Weatherford, TX		—		660		5,261		—		660		5,261		514		2006		2007
Webster, TX		9,713		360		5,940		—		360		5,940		1,470		2002		2000
West Haven, CT		—		580		1,620		1,529		580		3,149		1,019		2004		1971
West Worthington, OH		—		510		5,090		—		510		5,090		733		2006		1980
Westerville, OH		—		740		8,287		2,736		740		11,023		5,344		1998		2001
Westlake, OH		—		1,330		17,926		—		1,330		17,926		4,559		2001		1985
Westlake, OH		—		571		5,411		—		571		5,411		2,121		1998		1957
Westmoreland, TN		—		330		1,822		2,634		330		4,456		1,218		2001		1994
White Hall, IL		—		50		5,550		670		50		6,220		3,316		2002		1971
White Lake, MI		11,145		2,920		20,179		—		2,920		20,179		—		2010		2000
Whitemarsh, PA		—		2,310		6,190		1,702		2,310		7,892		1,236		2005		1967
Whittier, CA		12,295		4,470		22,151		—		4,470		22,151		596		2010		1988
Wichita, KS		—		1,400		11,000		—		1,400		11,000		1,289		2006		1997
Williamsburg, VA		—		1,360		7,440		—		1,360		7,440		805		2007		1970
Williamstown, KY		—		70		6,430		—		70		6,430		1,044		2005		1987
Wilmington, NC		—		210		2,991		—		210		2,991		990		1999		1999
Winchester, VA		—		640		1,510		—		640		1,510		112		2008		1964
Winston-Salem, NC		—		360		2,514		459		360		2,973		630		2003		1996
Winston-Salem, NC		—		5,700		13,550		13,154		5,700		26,704		2,730		2005		1997
Woodbridge, VA		—		680		4,423		330		680		4,753		1,155		2002		1977
Worcester, MA		—		3,500		54,099		—		3,500		54,099		1,448		2007		2009
Worcester, MA		—		2,300		9,060		—		2,300		9,060		576		2008		1993

					Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Zionsville, IN		—		1,610		22,400		—		1,610		22,400		148		2010		2009
Total senior housing and care facilities		660,567		479,062		4,993,512		330,111		484,308		5,318,377		599,276
Medical facilities:
Akron, OH		—		300		20,200		—		300		20,200		528		2009		2008
Amarillo, TX		—		72		11,928		1,400		72		13,328		1,793		2005		1986
Arcadia, CA		10,154		5,408		23,219		1,082		5,618		24,091		3,567		2006		1984
Atlanta, GA		—		4,931		18,720		1,481		5,293		19,839		3,691		2006		1992
Austell, GA		—		2,223		7,982		59		2,223		8,041		2,048		2006		1999
Bartlett, TN		8,498		187		15,015		657		187		15,672		2,205		2007		2004
Boynton Beach, FL		4,225		214		6,574		206		214		6,780		978		2007		2004
Boynton Beach, FL		4,603		2,048		7,692		188		2,048		7,880		1,620		2006		1995
Boynton Beach, FL		4,129		2,048		7,403		645		2,048		8,048		1,169		2006		1997
Boynton Beach, FL		6,164		109		11,235		458		117		11,685		1,624		2007		1996
Boardman, OH		—		1,200		12,800		—		1,200		12,800		862		2008		2008
Boardman, OH		—		80		13,619		—		80		13,619		—		2010		2007
Bellaire, TX		—		4,551		45,900		205		4,551		46,105		5,270		2006		2005
Bellaire, TX		—		2,972		33,445		1,238		2,972		34,683		4,462		2006		2005
Birmingham, AL		—		651		39,552		1,157		651		40,709		6,014		2006		1971
Bowling Green, KY		—		3,800		26,700		45		3,800		26,745		1,726		2008		1992
Bellingham, MA		—		9,270		—		—		9,270		—		—		2010
Bellevue, NE		—		4,500		99,186		—		4,500		99,186		1,465		2008		2010
Bellevue, NE		—		—		15,833		—		—		15,833		239		2010		2010
Boca Raton, FL		13,809		109		34,002		934		124		34,921		5,075		2006		1995
Bridgeton, MO		11,972		450		21,221		—		450		21,221		—		2010		2006
Cedar Grove, WI		—		113		618		—		113		618		19		2010		1986
Clarkson Valley, MO		—		—		—		35,592		—		35,592		568		2009		2010
Claremore, OK		8,357		132		12,829		270		132		13,099		1,811		2007		2005
Corpus Christi, TX		—		77		3,923		—		77		3,923		653		2005		1968
Coral Springs, FL		—		1,598		10,627		541		1,635		11,131		1,967		2006		1993
Covington, KY		—		1,290		8,093		1,150		1,290		9,243		261		2008		2009
Dallas, TX		15,533		137		28,690		257		137		28,947		4,174		2006		1995
Denton, TX		12,327		—		19,407		395		—		19,802		2,180		2007		2005
Delray Beach, FL		—		1,882		34,767		3,333		1,941		38,041		6,299		2006		1985
Durham, NC		—		6,814		10,825		1,838		7,007		12,470		3,451		2006		1980
Durham, NC		—		—		—		157		13		144		52		2006		1980
Edina, MN		6,033		310		15,132		—		310		15,132		—		2010		2003
El Paso, TX		—		112		15,888		44		112		15,932		2,259		2005		1994
El Paso, TX		10,405		677		17,075		516		677		17,591		2,794		2006		1997
El Paso, TX		—		2,400		32,800		424		2,400		33,224		2,886		2008		2003
El Paso, TX		—		600		6,700		—		600		6,700		511		2008		2003
Fayetteville, GA		3,327		959		7,540		388		959		7,928		1,282		2006		1999
Fresno, CA		—		2,500		35,800		73		2,500		35,873		2,314		2008		1991
Franklin, TN		—		2,338		12,138		267		2,338		12,405		1,933		2007		1988
Franklin, WI		8,122		6,872		7,550		—		6,872		7,550		242		2010		1984
Frisco, TX		9,253		—		18,635		48		—		18,683		2,458		2007		2004
Frisco, TX		—		—		15,309		1,023		—		16,332		2,185		2007		2004
Fort Wayne, IN		—		170		8,232		—		170		8,232		722		2006		2006
Green Bay, WI		10,223		—		14,891		—		—		14,891		422		2010		2002
Green Bay, WI		—		—		31,794		—		—		31,794		1,010		2010		2002
Glendale, CA		8,311		37		18,398		—		37		18,398		2,421		2007		2002
Gallatin, TN		—		20		19,480		—		20		19,480		—		2010		1997
Greeley, CO		—		877		6,707		—		877		6,707		1,031		2007		1997
Germantown, TN		—		3,049		12,456		561		3,049		13,017		1,808		2006		2002
Greeneville, TN		—		970		10,032		—		970		10,032		—		2010		2005
Jupiter, FL		7,255		2,252		11,415		69		2,252		11,484		1,952		2006		2001
Jupiter, FL		4,518		—		5,858		2,868		2,825		5,901		943		2007		2004
Killeen, TX		—		760		22,977		—		760		22,977		—		2010		2010
Kenosha, WI		10,528		—		18,058		—		—		18,058		501		2010		1993
Lafayette, LA		—		1,928		10,483		26		1,928		10,509		1,629		2006		1993
Lenexa, KS		12,440		540		16,013		—		540		16,013		—		2010		2008
Los Gatos, CA		—		488		22,386		466		488		22,852		3,644		2006		1993
Lakeway, TX		—		2,801		—		—		2,801		—		—		2007
Lincoln, NE		11,550		1,420		29,692		—		1,420		29,692		—		2010		2003
Loxahatchee, FL		—		1,340		6,509		10		1,340		6,519		1,004		2006		1993
Loxahatchee, FL		2,708		1,553		4,694		466		1,562		5,151		700		2006		1994
Loxahatchee, FL		—		1,637		5,048		762		1,646		5,801		752		2006		1997
Los Alamitos, CA		8,442		—		18,635		158		39		18,754		2,506		2007		2003
Lake St Louis, MO		—		240		11,937		—		240		11,937		—		2010		2008
Las Vegas, NV		—		6,127		—		—		6,127		—		—		2007
Las Vegas, NV		—		6,734		54,886		89		6,734		54,975		7,170		2006		1991
Las Vegas , NV		6,058		74		15,287		250		74		15,537		2,756		2006		2000
Las Vegas, NV		—		2,319		4,612		688		2,319		5,300		785		2006		1991
Las Vegas, NV		3,095		—		6,921		499		433		6,987		998		2007		1997
Lakewood, CA		—		146		14,885		483		146		15,368		2,145		2006		1993
Lawrenceville, GA		—		2,279		10,732		49		2,298		10,762		1,706		2006		2001

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Year Acquired		Year Built
Lawrenceville, GA		—		1,054		4,974		25		1,070		4,983		822		2006		2002
Marinette, WI		8,391		—		13,538		—		—		13,538		452		2010		2002
Malabar, FL		—		5,000		12,000		—		5,000		12,000		—		2010		2008
Middletown, NY		—		1,756		20,364		465		1,756		20,829		4,247		2006		1998
Midwest City, OK		—		146		3,854		—		146		3,854		625		2005		1996
Melbourne, FL		—		600		9,400		—		600		9,400		—		2010		1986
Melbourne, FL		—		1,400		24,400		—		1,400		24,400		—		2010		2003
Melbourne, FL		—		7,000		69,000		—		7,000		69,000		—		2010		2009
Merced, CA		—		—		13,772		—		—		13,772		417		2009		2010
Mesa, AZ		—		1,558		9,561		225		1,558		9,786		1,469		2008		1989
Meridian, ID		—		3,600		20,802		251		3,600		21,053		1,941		2006		2008
Marlton, NJ		—		—		38,300		36		—		38,336		2,475		2008		1994
Merrillville, IN		—		700		11,699		154		700		11,853		835		2007		2008
Merrillville, IN		—		—		22,134		—		—		22,134		1,623		2008		2006
Morrow, GA		—		818		8,064		151		834		8,199		1,213		2007		1990
Mount Juliet, TN		5,288		1,566		11,697		—		1,566		11,697		1,703		2007		2005
Muskego, WI		1,758		964		2,159		—		964		2,159		60		2010		1993
Milwaukee, WI		25,963		—		44,535		—		—		44,535		1,208		2010		1983
Milwaukee, WI		7,289		1,425		11,520		—		1,425		11,520		451		2010		1962
Milwaukee, WI		5,067		540		8,457		—		540		8,457		254		2010		1930
Milwaukee, WI		1,749		922		2,185		—		922		2,185		107		2010		1958
Niagara Falls, NY		—		1,335		17,702		731		1,524		18,244		2,833		2007		1990
Nashville , TN		—		1,806		7,165		748		1,806		7,913		1,487		2006		1986
Nashville, TN		—		4,300		—		—		4,300		—		—		2010
New Berlin, WI		6,774		3,739		8,290		—		3,739		8,290		249		2010		1993
Okatie, SC		7,983		171		17,791		53		194		17,821		1,913		2007		1998
Orange Village, OH		—		610		7,419		28		610		7,447		1,385		2007		1985
Oshkosh, WI		10,381		—		15,881		—		—		15,881		433		2010		2000
Oshkosh, WI		—		—		18,339		—		—		18,339		505		2010		2000
Palm Springs, CA		—		365		12,396		909		365		13,305		1,989		2006		1998
Phoenix, AZ		29,194		1,149		48,018		5,921		1,149		53,939		6,803		2006		1998
Pineville, NC		—		961		6,974		901		1,069		7,767		1,077		2006		1988
Plantation, FL		9,824		8,563		10,666		1,519		8,575		12,173		2,503		2006		1997
Plantation, FL		9,147		8,848		9,262		—		8,896		9,214		3,563		2006		1996
Plano, TX		—		195		14,805		500		195		15,305		2,133		2005		1995
Plano, TX		—		5,423		20,752		—		5,423		20,752		3,107		2008		2007
Plymouth, WI		1,757		1,250		1,870		—		1,250		1,870		63		2010		1991
Palmer, AK		19,746		—		29,705		630		217		30,118		3,723		2007		2006
Palm Springs, FL		2,774		739		4,066		—		739		4,066		690		2006		1993
Palm Springs, FL		—		1,182		7,765		103		1,182		7,868		1,502		2006		1997
Pearland, TX		—		781		5,517		3		781		5,520		969		2006		2000
Pearland, TX		1,279		948		4,556		74		948		4,630		705		2006		2002
Reno, NV		—		1,117		21,972		260		1,117		22,232		3,404		2010		1991
Sacramento, CA		—		866		12,756		423		866		13,179		1,748		2006		1990
San Bernardino, CA		—		3,700		14,300		326		3,700		14,626		876		2008		1993
San Diego, CA		—		—		22,003		74		—		22,077		1,333		2008		1992
Seattle, WA		—		4,410		39,015		—		4,410		39,015		—		2010		2010
Shakopee, MN		7,266		420		11,360		—		420		11,360		—		2010		1996
Shakopee, MN		12,337		640		18,094		—		640		18,094		—		2010		2007
Sheboygan, WI		1,818		1,012		2,216		—		1,012		2,216		75		2010		1958
Somerville, NJ		—		3,400		22,244		2		3,400		22,246		1,345		2008		2007
San Antonio, TX		—		2,050		16,251		771		2,050		17,022		3,690		2006		1999
San Antonio, TX		—		—		17,303		—		—		17,303		2,387		2007		2007
Stafford, VA		—		—		11,260		—		—		11,260		502		2008		2009
St. Louis, MO		7,602		—		17,247		447		336		17,358		2,662		2007		2001
Suffolk, VA		—		1,530		10,979		—		1,530		10,979		327		2010		2007
Summit, WI		—		2,899		87,666		—		2,899		87,666		4,600		2008		2009
Sewell, NJ		—		—		53,360		3,979		—		57,339		3,100		2007		2009
Oro Valley, AZ		10,363		89		18,339		325		89		18,664		2,424		2007		2004
Tucson, AZ		—		1,302		4,925		146		1,302		5,071		827		2008		1995
Tempe, AZ		5,522		—		9,112		1,864		1,486		9,490		1,486		2007		1996
Tallahassee, FL		—		—		16,404		—		—		16,404		—		2010		2011
Tomball, TX		—		1,404		5,071		560		1,404		5,631		1,242		2006		1982
Trussville, AL		—		1,336		2,177		119		1,336		2,296		828		2006		1990
Tulsa, OK		—		3,003		6,025		20		3,003		6,045		1,307		2006		1992
Viera, FL		—		1,600		10,600		—		1,600		10,600		—		2010		1998
Van Nuys, CA		—		—		36,187		—		—		36,187		1,094		2009		1991
Voorhees, NJ		—		6,404		24,251		1,203		6,404		25,454		3,181		2006		1997
Pewaukee, WI		—		4,700		20,669		—		4,700		20,669		2,308		2007		2007
Webster, TX		—		2,418		12,028		32		2,418		12,060		2,043		2006		1991
Wellington, FL		7,066		107		16,933		129		107		17,062		2,259		2006		2000
Wellington, FL		6,338		—		13,697		351		381		13,667		1,702		2007		2003
Warrington, PA		—		85		23,231		1,653		3,104		21,865		3,360		2008		2001
West Palm Beach, FL		7,061		628		14,740		100		628		14,840		2,217		2006		1993
West Palm Beach, FL		6,518		610		14,618		80		610		14,698		2,691		2006		1991
West Allis, WI		2,486		1,106		3,309		—		1,106		3,309		135		2010		1961
West Seneca, NY		12,698		917		22,435		879		1,296		22,935		3,140		2007		1990
Yorkville, IL		—		1,419		2,816		73		1,419		2,889		623		2006		1980

			Initial Cost to Company						Gross Amount at Which Carried at Close of Period
							Cost Capitalized
					Buildings &		Subsequent to				Buildings &		Accumulated		Year		Year
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Depreciation		Acquired		Built
Total medical facilities		463,478		232,281		2,486,537		90,758		242,742		2,566,834		237,690
Construction in progress		—		—		356,793		—		—		356,793		—
Total continuing operations properties		1,124,045		711,343		7,836,842		420,869		727,050		8,242,004		836,966
Assets held for sale:
Cedar Hill, TX		—		171		894		—		171		894		—		1997		1996
Chicago, IL		—		3,650		1,900		—		3,650		1,900		—		2002		1979
Duncan, OK		—		103		802		—		103		802		—		1995		1996
Desoto, TX		—		205		844		—		205		844		—		1996		1996
Edmond, OK		—		175		940		—		175		940		—		1995		1996
Enid, OK		—		90		817		—		90		817		—		1995		1995
Midwest City, OK		—		95		813		—		95		813		—		1996		1995
Oklahoma City, OK		—		87		919		—		87		919		—		1996		1996
Oklahoma City, OK		—		130		802		—		130		802		—		1995		1996
Palestine, TX		—		173		853		—		173		853		—		1996		1996
Ponca City, OK		—		114		906		—		114		906		—		1995		1995
Waxahachie, TX		—		154		865		—		154		865		—		1996		1996
Houston, TX		—		360		1,999		—		360		1,999		—		2002		1999
Houston, TX		—		360		2,006		—		360		2,006		—		2002		1999
Oklahoma City, OK		—		220		1,994		—		220		1,994		—		1999		1999
Total assets held for sale		—		6,087		17,354		—		6,087		17,354		—
Total investments in real property owned	$	1,124,045	$	717,430	$	7,854,196	$	420,869	$	733,137	$	8,259,358	$	836,966

(1)	Includes senior housing triple-net and senior housing operating properties.
(2)	Represents real property asset associated with a capital lease.

	Year Ended December 31,
	2010			2009			2008
	(in thousands)
Reconciliation of real property:
Investment in real estate:
Balance at beginning of year	$	6,336,291		$	5,979,575		$	5,117,005
Additions:
Acquisitions		1,707,421			67,673			451,363
Improvements		398,510			590,394			646,161
Conversions from loans receivable		10,070			—			23,097
Assumed other items, net		208,314			—			1,899
Assumed debt		559,508			—			—
Purchase price adjustments		—			665			—
Reclassification of lease commissions		—			—			2,359
Total additions		2,883,823			658,732			1,124,879
Deductions:
Cost of real estate sold		(216,300	)		(260,956	)		(219,079	)
Reclassification of accumulated depreciation and amortization for assets held for sale		(10,372	)		(15,837	)		(10,582	)
Impairment of assets		(947	)		(25,223	)		(32,648	)
Total deductions		(227,619	)		(302,016	)		(262,309	)
Balance at end of year(3)	$	8,992,495		$	6,336,291		$	5,979,575
Accumulated depreciation:
Balance at beginning of year	$	677,851		$	600,781		$	478,373
Additions:
Depreciation and amortization expenses		202,543			164,923			163,045
Amortization of above market leases		2,524			2,061			3,477
Reclassification of lease commissions		—			—			423
Total additions		205,067			166,984			166,945
Deductions:
Sale of properties		(31,919	)		(74,244	)		(33,578	)
Reclassification of accumulated depreciation and amortization for assets held for sale		(14,033	)		(15,670	)		(10,959	)
Total deductions		(45,952	)		(89,914	)		(44,537	)
Balance at end of year	$	836,966		$	677,851		$	600,781

(3) The aggregate cost for tax purposes for real property equals $8,802,656,000, $6,378,056,000 and $5,977,346,000 at December 31, 2010, 2009 and 2008, respectively.

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Disclosure about Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2010

Disclosure about Fair Value of Financial Instruments (Tables) [Abstract]

Carrying amounts and estimated fair values of financial instruments

	December 31, 2010				December 31, 2009
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial Assets:
Mortgage loans receivable	$	109,283	$	111,255	$	74,517	$	74,765
Other real estate loans receivable		327,297		333,003		352,846		354,429
Available-for-sale equity investments		1,103		1,103		5,816		5,816
Cash and cash equivalents		131,570		131,570		35,476		35,476
Financial Liabilities:
Borrowings under unsecured lines of credit arrangements	$	300,000	$	300,000	$	140,000	$	140,000
Senior unsecured notes		3,034,949		3,267,638		1,653,027		1,762,129
Secured debt		1,125,906		1,178,081		620,995		623,266
Interest rate swap agreements		482		482		2,381		2,381

The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis

	Fair Value Measurements as of December 31, 2010
	Total			Level 1		Level 2			Level 3
Available-for-sale equity investments(1)	$	1,103		$	1,103	$	—		$	—
Assets held for sale(2)		23,441			—		23,441			—
Interest rate swap agreements(3)		(482	)		—		(482	)		—
Totals	$	24,062		$	1,103	$	22,959		$	—

(1)	Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
(2)	Please see Note 5 for additional information.
(3)	Please see Note 11 for additional information.

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2010

Derivative Instruments (Tables) [Abstract]

Fair value of derivative instruments

	Balance Sheet	Fair Value
	Location	December 31, 2010		December 31, 2009
Cash flow hedge interest rate swaps	Other liabilities		$482		$2,381

Impact of derivative instruments on the statement of operations and OCI

			Year Ended
	Location		December 31, 2010			December 31, 2009			December 31, 2008
Gain (loss) on interest rate swap recognized in OCI (effective portion)		n/a	$	(10,307	)	$	(3,513	)	$	7,669
Gain (loss) reclassified from AOCI into income (effective portion)	Interest expense			(2,244	)		(971	)		(160	)
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Realized loss			—			—			(23,393	)

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Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2010

Quarterly Results of Operations [Abstract]

Quarterly Results of Operations (Unaudited)

20. Quarterly Results of Operations (Unaudited)

     The following is a summary of our unaudited quarterly results of operations for the years ended December 31, 2010 and 2009 (in thousands, except per share data). The sum of individual quarterly amounts may not agree to the annual amounts included in the consolidated statements of income due to rounding.

	Year Ended December 31, 2010
	1st Quarter			2nd Quarter			3rd Quarter(2)			4th Quarter
Revenues — as reported	$	152,759		$	163,131		$	176,146		$	202,456
Discontinued operations		(9,717	)		(9,382	)		(7,203	)		(4,426	)
Revenues — as adjusted(1)	$	143,042		$	153,749		$	168,943		$	198,030
Net income (loss) attributable to common stockholders	$	25,812		$	45,646		$	(4,563	)	$	39,988
Net income (loss) attributable to common stockholders per share:
Basic	$	0.21		$	0.37		$	(0.04	)	$	0.29
Diluted		0.21			0.37			(0.04	)		0.29

	Year Ended December 31, 2009
	1st Quarter			2nd Quarter			3rd Quarter(3)			4th Quarter
Revenues — as reported	$	144,328		$	141,686		$	145,098		$	147,261
Discontinued operations		(14,678	)		(12,088	)		(12,235	)		(10,092	)
Revenues — as adjusted(1)	$	129,650		$	129,598		$	132,863		$	137,169
Net income attributable to common stockholders	$	61,119		$	59,240		$	19,130		$	31,700
Net income attributable to common stockholders per share:
Basic	$	0.56		$	0.53		$	0.17		$	0.26
Diluted		0.56			0.53			0.17			0.26

(1)	We have reclassified the income attributable to the properties sold subsequent to January 1, 2002 and attributable to the properties held for sale at Macrh 31, 2011 to discontinued operations. See Note 5.
(2)	The decreases in net income and amounts per share are primarily attributable to provisions for loan losses ($28,918,000) and transaction costs ($18,835,000). Additionally, net income differs from amounts previously reported as it includes adjustments for additional expenses attributable to business combination purchase price adjustments that have been retroactively reflected ($5,687,000).
(3)	The decreases in net income and amounts per share are primarily attributable to losses on extinguishment of debt ($26,374,000).

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2010

Disclosure Commitments and Contingencies [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

     We have two outstanding letters of credit issued for the benefit of certain insurance companies that provide workers’ compensation insurance to one of our tenants. Our obligation to provide the letters of credit terminates in 2013. At December 31, 2010, our obligation under the letters of credit was $4,200,000.

     We have an outstanding letter of credit issued for the benefit of certain insurance companies that provide liability and property insurance to one of our tenants. Our obligation to provide the letter of credit terminates in 2013. At December 31, 2010, our obligation under the letter of credit was $1,000,000.

     We have an outstanding letter of credit issued for the benefit of a city in Wisconsin that secures the completion and installation of certain public improvements by one of our tenants in connection with the development of a property. Our obligation to provide the letter of credit terminates in October 2013. At December 31, 2010, we had an obligation to provide a letter of credit in the amount of $215,000.

     We have an outstanding letter of credit issued for the benefit of a village in Illinois that secures the completion, installation and maintenance of certain public improvements by one of our partnerships in connection with the development of a property. Our obligation to provide the letter of credit terminates in August 2011. At December 31, 2010, our obligation under the letter of credit was $67,932.

     At December 31, 2010, we had outstanding construction in process of $356,793,000 for leased properties and were committed to providing additional funds of approximately $268,055,000 to complete construction. At December 31, 2010, we had contingent purchase obligations totaling $33,613,000. These contingent purchase obligations relate to unfunded capital improvement obligations. Rents due from the tenant are increased to reflect the additional investment in the property.

     We evaluate our leases for operating versus capital lease treatment in accordance with ASC Topic 840 “Leases.” A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90% of the fair value of the leased asset. One lease related to a senior housing facility contains a bargain purchase option and has been classified as a capital lease. At December 31, 2010, we had operating lease obligations of $230,189,000 relating to certain ground leases and company office space. We incurred rental expense relating to company office space of $1,280,000, $1,138,000 and $1,452,000 for the years ended December 31, 2010, 2009 and 2008, respectively. Regarding the ground leases, we have sublease agreements with certain of our operators that require the operators to reimburse us for our monthly operating lease obligations. At December 31, 2010, aggregate future minimum rentals to be received under these noncancelable subleases totaled $32,329,000.

     At December 31, 2010, future minimum lease payments due under operating and capital leases are as follows (in thousands):

	Operating Leases		Capital Leases(1)
2011	$	5,380	$	604
2012		5,454		622
2013		5,158		640
2014		5,181		660
2015		5,189		8,425
Thereafter		203,827		—
Totals	$	230,189	$	10,951

(1) Related assets of $17,815,000 recorded in real property.

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Real Property Acquisitions and Development

12 Months Ended

Dec. 31, 2010

Real Property Acquisitions and Development [Abstract]

Real Property Acquisitions and Development

3. Real Property Acquisitions and Development

Senior Housing Operating Partnerships

Merrill Gardens Partnership

     During the three months ended September 30, 2010, we completed the formation of our partnership with Merrill Gardens LLC to own and operate a portfolio of 38 combination senior housing and care communities located primarily in West Coast markets. We own an 80% partnership interest and Merrill Gardens owns the remaining 20% interest and continues to manage the communities. The partnership owns and operates 13 communities previously owned by us and 25 additional communities previously owned by Merrill Gardens. The transaction took advantage of the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). (See Note 18 for additional discussion of RIDEA.) The results of operations for this partnership have been included in our consolidated results of operations beginning as of September 1, 2010 and are a component of our senior housing operating segment. Consolidation is based on a combination of ownership interest and control of operational decision-making authority.

     In conjunction with the formation of the partnership, we contributed $254,885,000 of cash and the 13 properties previously owned by us, and the partnership assumed the secured debt relating to these properties. Merrill Gardens contributed the remaining 25 properties to the partnership and the secured debt relating to these properties in exchange for their 20% interest in the partnership. The 13 properties are recorded at their historical carrying values and the noncontrolling interest was established based on such values. The difference between the fair value of the consideration received relating to these properties and the historical allocation of the 20% noncontrolling interest was recorded in capital in excess of par value. The total purchase price for the 25 communities acquired have been allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values in accordance with the Company’s accounting policies. Such allocations have not been finalized as we await final asset valuations and, as such, the allocation of the purchase consideration included in the accompanying Consolidated Balance Sheet at December 31, 2010 is preliminary and subject to adjustment. The 20% noncontrolling interest relating to the acquired 25 properties is also reflected at estimated fair value. The weighted average useful life of the acquired intangibles was 1.9 years. The following table presents the preliminary allocation of the purchase price to assets and liabilities assumed, based on their estimated fair values (in thousands):

Land and land improvements	$	64,050
Buildings and improvements		476,817
Acquired lease intangibles		45,036
Cash and cash equivalents		4,777
Restricted cash		3,707
Receivables and other assets		13,459
Total assets acquired		607,846
Secured debt		234,431
Accrued expenses and other liabilities		3,316
Total liabilities assumed		237,747
Capital in excess of par		41,423
Noncontrolling interests		79,775
Net assets acquired	$	248,901

Senior Star Partnership

     During the three months ended December 31, 2010, we completed the formation of our partnership with Senior Star Living to own and operate a portfolio of nine combination senior housing and care communities located primarily in six states. We own a 90% partnership interest and Senior Star owns the remaining 10% interest and continues to manage the communities. The partnership owns and operates two communities previously owned by us and seven additional communities previously owned by Senior Star. The transaction took advantage of the structure authorized by RIDEA. (See Note 18 for additional discussion of RIDEA.) The results of operations for this partnership have been included in our consolidated results of operations beginning as of December 30, 2010 and are a component of our senior housing operating segment. Consolidation is based on a combination of ownership interest and control of operational decision-making authority.

     In conjunction with the formation of the partnership, we contributed $152,270,000 of cash and the two properties previously owned by us. Senior Star contributed the remaining seven properties to the partnership and the secured debt relating to these properties in exchange for their 10% interest in the partnership. The two properties are recorded at their historical carrying values and the noncontrolling interest was established based on such values. The difference between the fair value of the consideration received relating to these properties and the historical allocation of the 10% noncontrolling interest was recorded in capital in excess of par value. The total purchase price for the seven communities acquired has been allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values in accordance with the Company’s accounting policies. Such allocations have not been finalized as we await final asset valuations and, as such, the allocation of the purchase consideration included in the accompanying Consolidated Balance Sheet at December 31, 2010 is preliminary and subject to adjustment. The 10% noncontrolling interest relating to the acquired seven properties is also reflected at estimated fair value. The weighted average useful life of the acquired intangibles was 2.08 years. The following table presents the preliminary allocation of the purchase price to assets and liabilities assumed, based on their estimated fair values (in thousands):

Land and land improvements	$	11,570
Buildings and improvements		210,094
Acquired lease intangibles		18,721
Cash and cash equivalents		3,756
Restricted cash		391
Receivables and other assets		940
Total assets acquired		245,472
Secured debt		70,736
Accrued expenses and other liabilities		3,533
Total liabilities assumed		74,269
Capital in excess of par		2,218
Noncontrolling interests		27,902
Net assets acquired	$	141,083

     The following unaudited pro forma consolidated results of operations have been prepared as if the senior housing operating partnerships had occurred as of January 1, 2009 based on the preliminary purchase price allocations discussed above. The pro forma results reflect the significant impact of the aforementioned RIDEA transactions on the Company’s consolidated revenues. Amounts are in thousands, except per share data:

	Year Ended December 31,
	2010		2009
Revenues	$	777,725	$	681,905
Income from continuing operations attributable to common stockholders	$	53,371	$	95,253
Income from continuing operations attributable to common stockholders per share:
Basic	$	0.42	$	0.83
Diluted	$	0.42	$	0.83

Strategic Medical Office Partnership

     On December 31, 2010, we formed a strategic partnership with a national medical office building company (“MOBJV”) whereby the partnership invested in 17 medical office properties. We own a controlling interest in 11 properties and consolidate them. Consolidation is based on a combination of ownership interest and control of operational decision-making authority. We do not own a controlling interest in six properties and account for them under the equity method. Our investment in the strategic partnership provides us access to health systems and includes development and property management resources. The results of operations for this partnership have been included in our consolidated results of operations beginning as of December 31, 2010 and are a component of our medical facilities segment.

     In conjunction with the formation of the partnership, we contributed $225,173,000 of cash, convertible preferred stock valued at $16,667,000, options valued at $2,721,000 and a note payable of $8,333,000 with an interest rate of 6%. MOBJV contributed the properties to the partnership and the secured debt relating to these properties in exchange for their ownership interest in the partnership. The partnership contains certain contingent consideration arrangements ranging from $0 to $35,008,000. Amounts to be paid are contingent upon certain occupancy and development project performance thresholds. Of this amount, we recognized $19,453,000 as an estimate of additional purchase consideration based on the probability amounts will be paid by the expiration date of the commitments. Of the remaining $15,555,000 that was not recognized, $12,500,000 would be required to be settled in the Company’s common stock if certain performance thresholds, which we did not deem probable, are met. The total purchase price for the assets acquired by the partnership has been allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values in accordance with the Company’s accounting policies. Goodwill represents the future development pipeline expected to be generated by the principles. Cash flows from this future pipeline are expected to come from development activities and the ability to perform the management functions at the assets after the properties are developed. Such allocations have not been finalized as we await final asset valuations and, as such, the allocation of the purchase consideration included in the accompanying Consolidated Balance Sheet at December 31, 2010 is preliminary and subject to adjustment. The noncontrolling interest relating to the properties is also reflected at estimated fair value. The weighted average useful life of the acquired intangibles was 26.2 years. The following table presents the preliminary 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		171,014
Acquired lease intangibles		41,519
Investment in unconcolidated joint venture		21,321
Goodwill		51,207
Other acquired intangibles		43,439
Cash and cash equivalents		3,873
Restricted cash		107
Receivables and other assets		5,390
Total assets acquired		348,110
Secured debt		61,664
Below market lease intangibles		4,189
Accrued expenses and other liabilities		26,848
Total liabilities assumed		92,701
Redeemable noncontrolling interests		4,553
Preferred stock		16,667
Capital in excess of par		2,721
Noncontrolling interests		6,295
Net assets acquired	$	225,173

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, 2010									December 31, 2009									December 31, 2008
	Senior									Senior									Senior
	Housing			Medical						Housing			Medical						Housing			Medical
	and Care(1)			Facilities			Totals			and Care(1)			Facilities			Totals			and Care(1)			Facilities			Totals
Real property acquisitions:
Senior housing operating	$	816,000					$	816,000								$	—								$	—
Senior housing triple-net(2)		1,011,229						1,011,229									—		$	113,790						113,790
Skilled nursing facilities		17,300						17,300		$	11,650						11,650			11,360						11,360
Hospitals								—					$	20,500			20,500					$	196,303			196,303
Medical office buildings				$	626,414			626,414						35,523			35,523						121,809			121,809
Land parcels					4,300			4,300									—			10,000						10,000
Total acquisitions		1,844,529			630,714			2,475,243			11,650			56,023			67,673			135,150			318,112			453,262
Less: Assumed debt		(389,253	)		(170,255	)		(559,508	)								—									—
Assumed other items, net		(171,389	)		(36,925	)		(208,314	)								—						(1,899	)		(1,899	)
Cash disbursed for acquisitions		1,283,887			423,534			1,707,421			11,650			56,023			67,673			135,150			316,213			451,363
Construction in progress additions:
Senior housing triple-net		85,993						85,993			310,310						310,310			419,622						419,622
Skilled nursing facilities		—						—			23,262						23,262			29,429						29,429
Hospitals					123,033			123,033						113,907			113,907						77,642			77,642
Medical office buildings					129,561			129,561						107,853			107,853						93,907			93,907
Total construction in progress additions		85,993			252,594			338,587			333,572			221,760			555,332			449,051			171,549			620,600
Less: Capitalized interest		(6,396	)		(13,924	)		(20,320	)		(28,474	)		(12,495	)		(40,969	)		(20,312	)		(4,717	)		(25,029	)
Capitalized other		—			—			—									—			(119	)					(119	)
Accruals(3)		—			(11,435	)		(11,435	)					(21,466	)		(21,466	)								—
Cash disbursed for construction in progress		79,597			227,235			306,832			305,098			187,799			492,897			428,620			166,832			595,452
Capital improvements to existing properties		23,568			36,355			59,923			18,326			20,063			38,389			13,329			12,232			25,561
Total cash invested in real property	$	1,387,052		$	687,124		$	2,074,176		$	335,074		$	263,885		$	598,959		$	577,099		$	495,277		$	1,072,376

(1)	Includes amounts relating to both the senior housing triple-net and senior housing operating segments (all activity for the years ended December 31, 2009 and 2008 related to the senior housing treiple-net segment)
(2)	Includes $612,598,000 acquisition of a portfolio of 19 senior housing facilities that closed in December 2010. The allocation of the purchase consideration is preliminary and subject to change.
(3)	Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the period noted above.

     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, 2010						December 31, 2009						December 31, 2008
	Senior						Senior						Senior
	Housing		Medical				Housing		Medical				Housing		Medical
	and Care(1)		Facilities		Totals		and Care(1)		Facilities		Totals		and Care(1)		Facilities		Totals
Development projects:
Senior housing facilities	$	273,034			$	273,034	$	505,137			$	505,137	$	190,044			$	190,044
Skilled nursing facilities		—				—		45,367				45,367		16,918				16,918
Hospitals			$	96,829		96,829						—			$	35,151		35,151
Medical office buildings				65,547		65,547			$	183,127		183,127				11,823		11,823
Total development projects		273,034		162,376		435,410		550,504		183,127		733,631		206,962		46,974		253,936
Expansion projects		3,216		—		3,216		4,288		—		4,288		40,954		—		40,954
Total construction in progress conversions	$	276,250	$	162,376	$	438,626	$	554,792	$	183,127	$	737,919	$	247,916	$	46,974	$	294,890

(1) Represents activity for the senior housing triple-net segment.

     Transaction costs for the year ended December 31, 2010 primarily represent costs incurred with the senior housing operating partnerships (including due diligence costs, fees for legal and valuation services, and termination of pre-existing relationships computed based on the fair value of the assets acquired), lease termination fees and costs incurred in connection with the new property acquisitions.

     We purchased $23,097,000 of real property that had previously been financed by the Company with loans in 2008. This non-cash activity is appropriately not reflected in the accompanying statements of cash flows.

     At December 31, 2010, future minimum lease payments receivable under operating leases (excluding properties in our senior housing operating partnerships) are as follows (in thousands):

2011	$	610,295
2012		604,731
2013		591,676
2014		538,787
2015		526,783
Thereafter		3,403,370
Totals	$	6,275,642

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Customer Concentration (Tables)

12 Months Ended

Dec. 31, 2010

Customer Concentration (Tables) [Abstract]

Summary of customer concentration

	Number of		Total		Percent of
	Properties		Investment(2)		Investment(3)
Concentration by investment:(1)
Merrill Gardens LLC		38	$	732,211		9	%
Brandywine Senior Living, LLC		19		612,598		7	%
Senior Living Communities, LLC		12		595,223		7	%
Senior Star Living		10		464,062		5	%
Brookdale Senior Living, Inc.		86		334,946		4	%
Remaining portfolio		518		5,853,069		68	%
Totals		683	$	8,592,109		100	%

(1)	All of our top five customers are in our senior housing triple-net segment, except Merrill Gardens and Senior Star which are in our senior housing operating segment.
(2)	Excludes our share of unconsolidated joint venture investments. Please see Note 7 for additional information.
(3)	Investments with our top five customers comprised 24% of total investments at December 31, 2009.

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Borrowings Under Line of Credit Arrangement and Related Items

12 Months Ended

Dec. 31, 2010

Borrowings Under Line of Credit Arrangement and Related Items [Abstract]

Borrowings Under Line of Credit Arrangement and Related Items

9. Borrowings Under Line of Credit Arrangement and Related Items

     At December 31, 2010, we had an unsecured line of credit arrangement with a consortium of sixteen banks in the amount of $1,150,000,000, which is scheduled to expire on August 6, 2012. Borrowings under the agreement are subject to interest payable in periods no longer than three months at either the agent bank’s prime rate of interest or the applicable margin over LIBOR interest rate, at our option (0.87% at December 31, 2010). The applicable margin is based on certain of our debt ratings and was 0.6% at December 31, 2010. In addition, we pay a facility fee annually to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.15% at December 31, 2010. We also pay an annual agent’s fee of $50,000. Principal is due upon expiration of the agreement.

     The following information relates to aggregate borrowings under the unsecured line of credit arrangement for the periods presented (dollars in thousands):

	Year Ended December 31,
	2010			2009			2008
Balance outstanding at quarter end	$	300,000		$	140,000		$	570,000
Maximum amount outstanding at any month end	$	560,000		$	559,000		$	744,000
Average amount outstanding (total of daily principal balances divided by days in period)	$	268,762		$	241,463		$	500,561
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)		1.48	%		1.92	%		3.77	%

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Stock Incentive Plans

12 Months Ended

Dec. 31, 2010

Stock Incentive Plans [Abstract]

Stock Incentive Plans

14. Stock Incentive Plans

     Our Amended and Restated 2005 Long-Term Incentive Plan authorizes up to 6,200,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. The 2005 Plan replaced the 1995 Stock Incentive Plan and the Stock Plan for Non-Employee Directors. The options granted to officers and key employees under the 1995 Plan continue to vest through 2010 and expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2005 Plan. The 2005 Plan allows for the issuance of, among other things, stock options, restricted stock, deferred stock units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three years for non-employee directors to five years for officers and key employees. Options expire ten years from the date of grant.

Valuation Assumptions

     The fair value of each option grant is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions:

	Year Ended
	December 31, 2010			December 31, 2009			December 31, 2008
Dividend yield(1)		6.28	%		7.35	%		6.47	%
Expected volatility		34.08	%		29.40	%		20.50	%
Risk-free interest rate		3.23	%		2.33	%		3.42	%
Expected life (in years)		7.0			7.0			6.5
Weighted-average fair value(1)	$	7.82		$	4.38		$	6.25

(1) Certain options granted to employees in 2008 include dividend equivalent rights. The fair value of options with DERs also includes the net present value of projected future dividend payments over the expected life of the option discounted at the dividend yield rate.

     The dividend yield represented the dividend yield of our common stock on the dates of grant. Our computation of expected volatility was based on historical volatility. The risk-free interest rates used were the 7-year U.S. Treasury Notes yield on the date of grant. The expected life was based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules and expectations regarding future employee behavior.

Option Award Activity

     The following table summarizes information about stock option activity for the twelve months ended December 31, 2010:

	Year Ended
	December 31, 2010					December 31, 2009					December 31, 2008
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
Stock Options	(000’s)			Exercise Price		(000’s)			Exercise Price		(000’s)			Exercise Price
Options at beginning of year		1,062		$	$37.71		817		$	38.29		637		$	35.54
Options granted		280			43.29		366			37.00		307			40.83
Options exercised		(129	)		33.58		(96	)		38.22		(119	)		29.83
Options terminated		(6	)		37.82		(25	)		44.50		(8	)		42.00
Options at end of period		1,207		$	$39.45		1,062		$	$37.71		817		$	$38.29
Options exercisable at end of period		440		$	37.76		388		$	35.85		281		$	33.94
Weighted average fair value of options granted during the period				$	$7.82				$	$4.38				$	$6.25

     The following table summarizes information about stock options outstanding at December 31, 2010:

	Options Outstanding						Options Exercisable
					Weighted						Weighted
	Number		Weighted		Average		Number		Weighted		Average
	Outstanding		Average		Remaining		Exercisable		Average		Remaining
Range of Per Share Exercise Prices	(thousands)		Exercise Price		Contract Life		(thousands)		Exercise Price		Contract Life
$20-$30		31	$	25.67		2.7		31	$	25.67		2.7
$30-$40		575		36.70		7.5		264		36.38		5.9
$40+		601		42.80		8.8		145		42.90		7.6
Totals		1,207	$	$39.45		8.0		440	$	$37.76		6.2
Aggregate intrinsic value	$	9,892,000					$	4,344,000

     The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the quoted price of our common stock for the options that were in-the-money at December 31, 2010. During the years ended December 31, 2010, 2009 and 2008, the aggregate intrinsic value of options exercised under our stock incentive plans was $1,798,000, $737,000 and $2,042,000, respectively (determined as of the date of option exercise). Cash received from option exercises under our stock incentive plans was $4,022,000, $3,676,000 and $3,547,000 for the years ended December 31, 2010, 2009 and 2008, respectively.

     As of December 31, 2010, there was approximately $2,935,000 of total unrecognized compensation cost related to unvested stock options granted under our stock incentive plans. That cost is expected to be recognized over a weighted average period of four years. As of December 31, 2010, there was approximately $8,010,000 of total unrecognized compensation cost related to unvested restricted stock granted under our stock incentive plans. That cost is expected to be recognized over a weighted average period of three years.

     The following table summarizes information about non-vested stock incentive awards as of December 31, 2010 and changes for the twelve months ended December 31, 2010:

	Stock Options					Restricted Stock
	Number of			Weighted Average		Number of			Weighted Average
	Shares			Grant Date		Shares			Grant Date
	(000’s)			Fair Value		(000’s)			Fair Value
Non-vested at December 31, 2009		675		$	5.44		405		$	40.26
Vested		(181	)		5.91		(232	)		42.02
Granted		280			7.82		249			43.28
Terminated		(6	)		7.06		(2	)		38.07
Non-vested at December 31, 2010		768		$	6.19		420		$	41.09

     We adopted the fair value-based method of accounting for share-based payments effective January 1, 2003 using the prospective method. Currently, we use the Black-Scholes-Merton option pricing model to estimate the value of stock option grants and expect to continue to use this acceptable option valuation model. We recognize compensation cost for share-based grants on a straight-line basis through the date the awards become fully vested or to the retirement eligible date, if sooner. Compensation cost totaled $11,823,000, $9,633,000 and $8,530,000 for the years ended December 31, 2010, 2009 and 2008, respectively.

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Stock Incentive Plans (Details 2) (USD $) Share data in Thousands, except Per Share data	12 Months Ended
	Dec. 31, 2010
Stock Options [Member]
Non-vested stock incentive awards
Beginning Balance, Non-vested, shares	675
Beginning of Period, Non-vested , Weighted Average Grant Date Fair Value	$ 5.44
Vested, shares	(181)
Vested, Weighted Average Grant Date Fair Value	5.91
Granted, shares	280
Granted, Weighted Average Grant Date Fair Value	$ 7.82
Terminated, shares	(6)
Terminated, Weighted Average Grant Date Fair Value	$ 7.06
Ending Balance, Non-vested, shares	768
Ending of Period, Non-vested, Weighted Average Grant Date Fair Value	6.19
Restricted Stock [Member]
Non-vested stock incentive awards
Beginning Balance, Non-vested, shares	405
Beginning of Period, Non-vested , Weighted Average Grant Date Fair Value	40.26
Vested, shares	(232)
Vested, Weighted Average Grant Date Fair Value	42.02
Granted, shares	249
Granted, Weighted Average Grant Date Fair Value	$ 43.28
Terminated, shares	(2)
Terminated, Weighted Average Grant Date Fair Value	$ 38.07
Ending Balance, Non-vested, shares	420
Ending of Period, Non-vested, Weighted Average Grant Date Fair Value	$ 41.09

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Senior Unsecured Notes and Secured Debt

12 Months Ended

Dec. 31, 2010

Senior Unsecured Notes and Secured Debt [Abstract]

Senior Unsecured Notes and Secured Debt

10. Senior Unsecured Notes and Secured Debt

     We have $3,034,949,000 of senior unsecured notes with annual stated interest rates ranging from 3.00% to 8.00%. The carrying amounts of the senior unsecured notes represent the par value of $3,064,930,000 adjusted for any unamortized premiums or discounts and other basis adjustments related to hedging the debt with derivative instruments. See Note 11 for further discussion regarding derivative instruments.

     During the three months ended December 31, 2006, we issued $345,000,000 of 4.75% senior unsecured convertible notes due December 2026, generating net proceeds of $337,517,000. The notes are convertible, in certain circumstances, into cash and, if applicable, shares of common stock at an initial conversion rate of 20.8833 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $47.89 per share. In general, upon conversion, the holder of each note would receive, in respect of the conversion value of such note, cash up to the principal amount of such note and common stock for the note’s conversion value in excess of such principal amount. In addition, on each of December 1, 2011, December 1, 2016 and December 1, 2021, holders may require us to purchase all or a portion of their notes at a purchase price in cash equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. During the three months ended March 31, 2009, we extinguished $5,000,000 of these notes and recognized a gain of $446,000. During the six months ended June 30, 2010, we extinguished $214,412,000 of these notes, recognized a loss of $8,837,000 and paid $18,552,000 to reacquire the equity component of convertible debt. As of December 31, 2010, we had $125,588,000 of these notes outstanding.

     In July 2007, we issued $400,000,000 of 4.75% senior unsecured convertible notes due July 2027, generating net proceeds of $388,943,000. The notes are convertible, in certain circumstances, into cash and, if applicable, shares of our common stock at an initial conversion rate of 20.0000 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $50.00 per share. In general, upon conversion, the holder of each note would receive, in respect of the conversion value of such note, cash up to the principal amount of such note and common stock for the note’s conversion value in excess of such principal amount. In addition, on each of July 15, 2012, July 15, 2017 and July 15, 2022, holders may require us to purchase all or a portion of their notes at a purchase price in cash equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. During the three months ended March 31, 2009, we extinguished $5,000,000 of these notes and recognized a gain of $594,000. During the six months ended June 30, 2010, we extinguished $226,914,000 of these notes, recognized a loss of $16,235,000 and paid $21,062,000 to reacquire the equity component of convertible debt. As of December 31, 2010, we had $168,086,000 of these notes outstanding.

     During the twelve months ended December 31, 2010, we issued $494,403,000 of 3.00% senior unsecured convertible notes due December 2029, generating net proceeds of $486,084,000. The notes are convertible, in certain circumstances, into cash and, if applicable, shares of common stock at an initial conversion rate of 19.5064 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $51.27 per share. In general, upon conversion, the holder of each note would receive, in respect of the conversion value of such note, cash up to the principal amount of such note and common stock for the note’s conversion value in excess of such principal amount. In addition, on each of December 1, 2014, December 1, 2019 and December 1, 2024, holders may require us to purchase all or a portion of their notes at a purchase price in cash equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. In connection with this issuance, we recognized $29,925,000 of equity component of convertible debt.

     During the year ended December 31, 2009, we extinguished $183,147,000 of senior unsecured notes with a weighted-average interest rate of 7.82% and recognized losses of $19,269,000. During the three months ended June 30, 2010, we issued $450,000,000 of 6.125% senior unsecured notes due 2020 with net proceeds of $446,328,000. During the three months ended September 30, 2010, we issued $450,000,000 of 4.70% senior unsecured notes due 2017 with net proceeds of $445,768,000. During the three months ended December 31, 2010, we issued $450,000,000 of 4.95% senior unsecured notes due 2021 with net proceeds of $443,502,000.

     We have secured debt totaling $1,125,906,000, collateralized by owned properties, with annual interest rates ranging from 3.01% to 8.74%. The carrying amounts of the secured debt represent the par value of $1,133,715,000 adjusted for any unamortized fair value adjustments. The carrying values of the properties securing the debt totaled $2,054,820,000 at December 31, 2010. During the year ended December 31, 2010, we issued $157,156,000 of first mortgage loans principal with a rate of 5.45% secured by 15 properties.

During the year ended December 31, 2010, we assumed $564,657,000 of first mortgage loans principal with an average rate of 6.06% secured by 60 properties. During the year ended December 31, 2010, we extinguished $194,493,000 of first mortgage loans principal with an average rate of 6.07% and recognized a loss of $9,099,000. During the year ended December 31, 2009, we extinguished 20 secured debt loans totaling $81,715,000 with a weighted-average interest rate of 7.21% and recognized extinguishment losses of $5,838,000. During the year ended December 31, 2008, we extinguished eight secured debt loans totaling $50,475,000 with a weighted-average interest rate of 6.67% and recognized extinguishment gains of $2,094,000.

     We adopted FASB Accounting Standards Codification (“ASC”) topic for Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (“Convertible Debt Guidance”), effective January 1, 2009. It provides guidance on accounting for convertible debt that may be settled in cash upon conversion. It requires bifurcation of the convertible debt instrument into a debt component and an equity component. The value of the debt component is based upon the estimated fair value of a similar debt instrument without the conversion feature. The difference between the contractual principal on the debt and the value allocated to the debt is recorded as an equity component and represents the conversion feature of the instrument. The excess of the contractual principal amount of the debt over its estimated fair value is amortized to interest expense using the effective interest method over the period used to estimate the fair value.

     Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2010, we were in compliance with all of the covenants under our debt agreements.

     At December 31, 2010, the annual principal payments due on these debt obligations are as follows (in thousands):

	Senior		Secured
	Unsecured Notes(1)		Debt (1)		Totals
2011	$	—	$	24,048	$	24,048
2012		76,853		91,979		168,832
2013		300,000		85,508		385,508
2014		—		188,009		188,009
2015		250,000		150,311		400,311
Thereafter		2,438,077		593,860		3,031,937
Totals	$	3,064,930	$	1,133,715	$	4,198,645

(1)  Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

XML



Real Estate and Accumulated Depreciation (Details) (USD $) In Thousands	12 Months Ended
	Dec. 31, 2010
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	$ 1,124,045
Initial Cost of Land	717,430
Initial Cost of Buildings & Improvements	7,854,196
Cost Capitalized Subsequent to Acquisition	420,869
Carrying Amount of Land	733,137
Carrying Amount of Buildings and Improvements	8,259,358
Accumulated Depreciation	836,966
Assets Held-for-sale [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,087
Initial Cost of Buildings & Improvements	17,354
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	6,087
Carrying Amount of Buildings and Improvements	17,354
Accumulated Depreciation	0
Assets Held-for-sale [Member] | Cedar Hill, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	171
Initial Cost of Buildings & Improvements	894
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	171
Carrying Amount of Buildings and Improvements	894
Accumulated Depreciation	0
Year Acquired	1997
Year Built	1996
Assets Held-for-sale [Member] | Chicago, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,650
Initial Cost of Buildings & Improvements	1,900
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,650
Carrying Amount of Buildings and Improvements	1,900
Accumulated Depreciation	0
Year Acquired	2002
Year Built	1979
Assets Held-for-sale [Member] | Duncan, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	103
Initial Cost of Buildings & Improvements	802
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	103
Carrying Amount of Buildings and Improvements	802
Accumulated Depreciation	0
Year Acquired	1995
Year Built	1996
Assets Held-for-sale [Member] | Desoto, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	205
Initial Cost of Buildings & Improvements	844
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	205
Carrying Amount of Buildings and Improvements	844
Accumulated Depreciation	0
Year Acquired	1996
Year Built	1996
Assets Held-for-sale [Member] | Edmond, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	175
Initial Cost of Buildings & Improvements	940
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	175
Carrying Amount of Buildings and Improvements	940
Accumulated Depreciation	0
Year Acquired	1995
Year Built	1996
Assets Held-for-sale [Member] | Enid, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	90
Initial Cost of Buildings & Improvements	817
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	90
Carrying Amount of Buildings and Improvements	817
Accumulated Depreciation	0
Year Acquired	1995
Year Built	1995
Assets Held-for-sale [Member] | Houston, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	1,999
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	1,999
Accumulated Depreciation	0
Year Acquired	2002
Year Built	1999
Assets Held-for-sale [Member] | Houston, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	2,006
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	2,006
Accumulated Depreciation	0
Year Acquired	2002
Year Built	1999
Assets Held-for-sale [Member] | Midwest City, OK 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	95
Initial Cost of Buildings & Improvements	813
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	95
Carrying Amount of Buildings and Improvements	813
Accumulated Depreciation	0
Year Acquired	1996
Year Built	1995
Assets Held-for-sale [Member] | Oklahoma City, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	87
Initial Cost of Buildings & Improvements	919
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	87
Carrying Amount of Buildings and Improvements	919
Accumulated Depreciation	0
Year Acquired	1996
Year Built	1996
Assets Held-for-sale [Member] | Oklahoma City, OK 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	130
Initial Cost of Buildings & Improvements	802
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	130
Carrying Amount of Buildings and Improvements	802
Accumulated Depreciation	0
Year Acquired	1995
Year Built	1996
Assets Held-for-sale [Member] | Oklahoma City, OK 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	220
Initial Cost of Buildings & Improvements	1,994
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	220
Carrying Amount of Buildings and Improvements	1,994
Accumulated Depreciation	0
Year Acquired	1999
Year Built	1999
Assets Held-for-sale [Member] | Palestine, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	173
Initial Cost of Buildings & Improvements	853
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	173
Carrying Amount of Buildings and Improvements	853
Accumulated Depreciation	0
Year Acquired	1996
Year Built	1996
Assets Held-for-sale [Member] | Ponca City, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	114
Initial Cost of Buildings & Improvements	906
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	114
Carrying Amount of Buildings and Improvements	906
Accumulated Depreciation	0
Year Acquired	1995
Year Built	1995
Assets Held-for-sale [Member] | Waxahachie, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	154
Initial Cost of Buildings & Improvements	865
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	154
Carrying Amount of Buildings and Improvements	865
Accumulated Depreciation	0
Year Acquired	1996
Year Built	1996
Senior housing and care facilities [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	660,567
Initial Cost of Land	479,062
Initial Cost of Buildings & Improvements	4,993,512
Cost Capitalized Subsequent to Acquisition	330,111
Carrying Amount of Land	484,308
Carrying Amount of Buildings and Improvements	5,318,377
Accumulated Depreciation	599,276
Senior housing and care facilities [Member] | Aboite Twp, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,770
Initial Cost of Buildings & Improvements	19,930
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,770
Carrying Amount of Buildings and Improvements	19,930
Accumulated Depreciation	132
Year Acquired	2010
Year Built	2008
Senior housing and care facilities [Member] | Agawam, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	880
Initial Cost of Buildings & Improvements	16,112
Cost Capitalized Subsequent to Acquisition	2,135
Carrying Amount of Land	880
Carrying Amount of Buildings and Improvements	18,247
Accumulated Depreciation	4,167
Year Acquired	2002
Year Built	1993
Senior housing and care facilities [Member] | Akron, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	8,219
Cost Capitalized Subsequent to Acquisition	492
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	8,711
Accumulated Depreciation	1,297
Year Acquired	2005
Year Built	1961
Senior housing and care facilities [Member] | Akron, OH 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	630
Initial Cost of Buildings & Improvements	7,535
Cost Capitalized Subsequent to Acquisition	185
Carrying Amount of Land	630
Carrying Amount of Buildings and Improvements	7,720
Accumulated Depreciation	977
Year Acquired	2006
Year Built	1915
Senior housing and care facilities [Member] | Albertville, AL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	2,110
Initial Cost of Land	170
Initial Cost of Buildings & Improvements	6,203
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	170
Carrying Amount of Buildings and Improvements	6,203
Accumulated Depreciation	207
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Albuquerque, NM [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	5,901
Initial Cost of Land	1,270
Initial Cost of Buildings & Improvements	20,837
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,270
Carrying Amount of Buildings and Improvements	20,837
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1984
Senior housing and care facilities [Member] | Alexandria, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,330
Initial Cost of Buildings & Improvements	7,820
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,330
Carrying Amount of Buildings and Improvements	7,820
Accumulated Depreciation	459
Year Acquired	2008
Year Built	1955
Senior housing and care facilities [Member] | Alliance, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,621
Initial Cost of Land	270
Initial Cost of Buildings & Improvements	7,723
Cost Capitalized Subsequent to Acquisition	107
Carrying Amount of Land	270
Carrying Amount of Buildings and Improvements	7,830
Accumulated Depreciation	1,083
Year Acquired	2006
Year Built	1982
Senior housing and care facilities [Member] | Amarillo, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	540
Initial Cost of Buildings & Improvements	7,260
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	540
Carrying Amount of Buildings and Improvements	7,260
Accumulated Depreciation	1,170
Year Acquired	2005
Year Built	1986
Senior housing and care facilities [Member] | Amelia Island, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,290
Initial Cost of Buildings & Improvements	24,310
Cost Capitalized Subsequent to Acquisition	19,007
Carrying Amount of Land	3,290
Carrying Amount of Buildings and Improvements	43,317
Accumulated Depreciation	4,235
Year Acquired	2005
Year Built	1998
Senior housing and care facilities [Member] | Ames, IA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	330
Initial Cost of Buildings & Improvements	8,871
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	330
Carrying Amount of Buildings and Improvements	8,871
Accumulated Depreciation	161
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Anderson, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	710
Initial Cost of Buildings & Improvements	6,290
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	710
Carrying Amount of Buildings and Improvements	6,290
Accumulated Depreciation	1,402
Year Acquired	2003
Year Built	1986
Senior housing and care facilities [Member] | Apple Valley, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,390
Initial Cost of Land	480
Initial Cost of Buildings & Improvements	16,639
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	480
Carrying Amount of Buildings and Improvements	16,639
Accumulated Depreciation	449
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Arcadia, LA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	240
Initial Cost of Buildings & Improvements	5,460
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	240
Carrying Amount of Buildings and Improvements	5,460
Accumulated Depreciation	882
Year Acquired	2006
Year Built	2006
Senior housing and care facilities [Member] | Asheboro, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	5,032
Cost Capitalized Subsequent to Acquisition	166
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	5,198
Accumulated Depreciation	1,047
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Asheville, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	204
Initial Cost of Buildings & Improvements	3,489
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	204
Carrying Amount of Buildings and Improvements	3,489
Accumulated Depreciation	1,208
Year Acquired	1999
Year Built	1999
Senior housing and care facilities [Member] | Asheville, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	280
Initial Cost of Buildings & Improvements	1,955
Cost Capitalized Subsequent to Acquisition	352
Carrying Amount of Land	280
Carrying Amount of Buildings and Improvements	2,307
Accumulated Depreciation	524
Year Acquired	2003
Year Built	1992
Senior housing and care facilities [Member] | Atlanta, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,997
Initial Cost of Land	2,058
Initial Cost of Buildings & Improvements	14,914
Cost Capitalized Subsequent to Acquisition	548
Carrying Amount of Land	2,058
Carrying Amount of Buildings and Improvements	15,462
Accumulated Depreciation	7,889
Year Acquired	1997
Year Built	1999
Senior housing and care facilities [Member] | Atlanta, GA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	460
Initial Cost of Buildings & Improvements	5,540
Cost Capitalized Subsequent to Acquisition	190
Carrying Amount of Land	460
Carrying Amount of Buildings and Improvements	5,730
Accumulated Depreciation	975
Year Acquired	2005
Year Built	1972
Senior housing and care facilities [Member] | Auburndale, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	750
Initial Cost of Buildings & Improvements	5,950
Cost Capitalized Subsequent to Acquisition	166
Carrying Amount of Land	750
Carrying Amount of Buildings and Improvements	6,116
Accumulated Depreciation	991
Year Acquired	2005
Year Built	1983
Senior housing and care facilities [Member] | Aurora, CO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,600
Initial Cost of Buildings & Improvements	5,906
Cost Capitalized Subsequent to Acquisition	7,915
Carrying Amount of Land	2,600
Carrying Amount of Buildings and Improvements	13,821
Accumulated Depreciation	1,767
Year Acquired	2006
Year Built	2006
Senior housing and care facilities [Member] | Aurora, CO 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,440
Initial Cost of Buildings & Improvements	28,172
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,440
Carrying Amount of Buildings and Improvements	28,172
Accumulated Depreciation	2,101
Year Acquired	2006
Year Built	2008
Senior housing and care facilities [Member] | Austin, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	19,819
Initial Cost of Land	880
Initial Cost of Buildings & Improvements	9,520
Cost Capitalized Subsequent to Acquisition	396
Carrying Amount of Land	880
Carrying Amount of Buildings and Improvements	9,916
Accumulated Depreciation	3,249
Year Acquired	1999
Year Built	1998
Senior housing and care facilities [Member] | Austin, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,185
Initial Cost of Land	730
Initial Cost of Buildings & Improvements	18,970
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	730
Carrying Amount of Buildings and Improvements	18,970
Accumulated Depreciation	1,912
Year Acquired	2007
Year Built	2006
Senior housing and care facilities [Member] | Avon, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,830
Initial Cost of Buildings & Improvements	14,470
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,830
Carrying Amount of Buildings and Improvements	14,470
Accumulated Depreciation	274
Year Acquired	2010
Year Built	2004
Senior housing and care facilities [Member] | Azusa, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	570
Initial Cost of Buildings & Improvements	3,141
Cost Capitalized Subsequent to Acquisition	5,936
Carrying Amount of Land	570
Carrying Amount of Buildings and Improvements	9,077
Accumulated Depreciation	1,050
Year Acquired	1998
Year Built	1988
Senior housing and care facilities [Member] | Baltic, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	3,787
Initial Cost of Land	50
Initial Cost of Buildings & Improvements	8,709
Cost Capitalized Subsequent to Acquisition	189
Carrying Amount of Land	50
Carrying Amount of Buildings and Improvements	8,898
Accumulated Depreciation	1,205
Year Acquired	2006
Year Built	1983
Senior housing and care facilities [Member] | Bartlesville, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	100
Initial Cost of Buildings & Improvements	1,380
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	100
Carrying Amount of Buildings and Improvements	1,380
Accumulated Depreciation	570
Year Acquired	1996
Year Built	1995
Senior housing and care facilities [Member] | Baytown, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,553
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	6,150
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	6,150
Accumulated Depreciation	1,516
Year Acquired	2002
Year Built	2000
Senior housing and care facilities [Member] | Baytown, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	540
Initial Cost of Buildings & Improvements	11,110
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	540
Carrying Amount of Buildings and Improvements	11,110
Accumulated Depreciation	355
Year Acquired	2009
Year Built	2008
Senior housing and care facilities [Member] | Beachwood, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,260
Initial Cost of Buildings & Improvements	23,478
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,260
Carrying Amount of Buildings and Improvements	23,478
Accumulated Depreciation	5,876
Year Acquired	2001
Year Built	1990
Senior housing and care facilities [Member] | Beattyville, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	100
Initial Cost of Buildings & Improvements	6,900
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	100
Carrying Amount of Buildings and Improvements	6,900
Accumulated Depreciation	1,068
Year Acquired	2005
Year Built	1972
Senior housing and care facilities [Member] | Bellevue, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,740
Initial Cost of Buildings & Improvements	18,260
Cost Capitalized Subsequent to Acquisition	571
Carrying Amount of Land	1,740
Carrying Amount of Buildings and Improvements	18,831
Accumulated Depreciation	2,206
Year Acquired	2006
Year Built	2004
Senior housing and care facilities [Member] | Bellingham, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,429
Initial Cost of Land	1,500
Initial Cost of Buildings & Improvements	19,861
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,500
Carrying Amount of Buildings and Improvements	19,861
Accumulated Depreciation	497
Year Acquired	2010
Year Built	1996
Senior housing and care facilities [Member] | Bethel Park, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,700
Initial Cost of Buildings & Improvements	16,007
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,700
Carrying Amount of Buildings and Improvements	16,007
Accumulated Depreciation	775
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Boise, ID [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	810
Initial Cost of Buildings & Improvements	5,401
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	810
Carrying Amount of Buildings and Improvements	5,401
Accumulated Depreciation	2,229
Year Acquired	1998
Year Built	1966
Senior housing and care facilities [Member] | Boonville, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	190
Initial Cost of Buildings & Improvements	5,510
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	190
Carrying Amount of Buildings and Improvements	5,510
Accumulated Depreciation	1,344
Year Acquired	2002
Year Built	2000
Senior housing and care facilities [Member] | Boynton Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	980
Initial Cost of Buildings & Improvements	8,112
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	980
Carrying Amount of Buildings and Improvements	8,112
Accumulated Depreciation	1,502
Year Acquired	2004
Year Built	1999
Senior housing and care facilities [Member] | Bradenton, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	252
Initial Cost of Buildings & Improvements	3,298
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	252
Carrying Amount of Buildings and Improvements	3,298
Accumulated Depreciation	1,378
Year Acquired	1996
Year Built	1995
Senior housing and care facilities [Member] | Braintree, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	170
Initial Cost of Buildings & Improvements	7,157
Cost Capitalized Subsequent to Acquisition	1,290
Carrying Amount of Land	170
Carrying Amount of Buildings and Improvements	8,447
Accumulated Depreciation	5,916
Year Acquired	1997
Year Built	1968
Senior housing and care facilities [Member] | Brandon, MS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,220
Initial Cost of Buildings & Improvements	10,241
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,220
Carrying Amount of Buildings and Improvements	10,241
Accumulated Depreciation	47
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Bremerton, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	2,210
Cost Capitalized Subsequent to Acquisition	144
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	2,354
Accumulated Depreciation	241
Year Acquired	2006
Year Built	1999
Senior housing and care facilities [Member] | Bremerton, WA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	830
Initial Cost of Buildings & Improvements	10,420
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	830
Carrying Amount of Buildings and Improvements	10,420
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1984
Senior housing and care facilities [Member] | Brick, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,170
Initial Cost of Buildings & Improvements	17,372
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,170
Carrying Amount of Buildings and Improvements	17,372
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Brick, NJ (1) [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	690
Initial Cost of Buildings & Improvements	17,125
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	690
Carrying Amount of Buildings and Improvements	17,125
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Bridgewater, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,850
Initial Cost of Buildings & Improvements	3,050
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,850
Carrying Amount of Buildings and Improvements	3,050
Accumulated Depreciation	751
Year Acquired	2004
Year Built	1970
Senior housing and care facilities [Member] | Bridgewater, NJ 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,730
Initial Cost of Buildings & Improvements	48,201
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,730
Carrying Amount of Buildings and Improvements	48,201
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Brighton, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	240
Initial Cost of Buildings & Improvements	3,859
Cost Capitalized Subsequent to Acquisition	2,126
Carrying Amount of Land	240
Carrying Amount of Buildings and Improvements	5,985
Accumulated Depreciation	959
Year Acquired	2005
Year Built	1982
Senior housing and care facilities [Member] | Broadview Heights, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	920
Initial Cost of Buildings & Improvements	12,400
Cost Capitalized Subsequent to Acquisition	2,237
Carrying Amount of Land	920
Carrying Amount of Buildings and Improvements	14,637
Accumulated Depreciation	3,135
Year Acquired	2001
Year Built	1984
Senior housing and care facilities [Member] | Bunnell, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	260
Initial Cost of Buildings & Improvements	7,118
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	260
Carrying Amount of Buildings and Improvements	7,118
Accumulated Depreciation	1,396
Year Acquired	2004
Year Built	1985
Senior housing and care facilities [Member] | Burlington, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	280
Initial Cost of Buildings & Improvements	4,297
Cost Capitalized Subsequent to Acquisition	707
Carrying Amount of Land	280
Carrying Amount of Buildings and Improvements	5,004
Accumulated Depreciation	995
Year Acquired	2003
Year Built	2000
Senior housing and care facilities [Member] | Burlington, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	460
Initial Cost of Buildings & Improvements	5,467
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	460
Carrying Amount of Buildings and Improvements	5,467
Accumulated Depreciation	1,120
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | Butler, AL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	90
Initial Cost of Buildings & Improvements	3,510
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	90
Carrying Amount of Buildings and Improvements	3,510
Accumulated Depreciation	750
Year Acquired	2004
Year Built	1960
Senior housing and care facilities [Member] | Butte, MT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	550
Initial Cost of Buildings & Improvements	3,957
Cost Capitalized Subsequent to Acquisition	43
Carrying Amount of Land	550
Carrying Amount of Buildings and Improvements	4,000
Accumulated Depreciation	1,112
Year Acquired	1998
Year Built	1999
Senior housing and care facilities [Member] | Byrdstown, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	2,414
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	2,414
Accumulated Depreciation	1,086
Year Acquired	2004
Year Built	1982
Senior housing and care facilities [Member] | Canton, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	820
Initial Cost of Buildings & Improvements	8,201
Cost Capitalized Subsequent to Acquisition	263
Carrying Amount of Land	820
Carrying Amount of Buildings and Improvements	8,464
Accumulated Depreciation	2,221
Year Acquired	2002
Year Built	1993
Senior housing and care facilities [Member] | Canton, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	2,098
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	2,098
Accumulated Depreciation	720
Year Acquired	1998
Year Built	1998
Senior housing and care facilities [Member] | Cape Coral, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	530
Initial Cost of Buildings & Improvements	3,281
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	530
Carrying Amount of Buildings and Improvements	3,281
Accumulated Depreciation	805
Year Acquired	2002
Year Built	2000
Senior housing and care facilities [Member] | Carmel, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,370
Initial Cost of Buildings & Improvements	57,175
Cost Capitalized Subsequent to Acquisition	263
Carrying Amount of Land	2,370
Carrying Amount of Buildings and Improvements	57,438
Accumulated Depreciation	3,794
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Cary, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,500
Initial Cost of Buildings & Improvements	4,350
Cost Capitalized Subsequent to Acquisition	986
Carrying Amount of Land	1,500
Carrying Amount of Buildings and Improvements	5,336
Accumulated Depreciation	1,669
Year Acquired	1998
Year Built	1996
Senior housing and care facilities [Member] | Chapel Hill, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	354
Initial Cost of Buildings & Improvements	2,646
Cost Capitalized Subsequent to Acquisition	783
Carrying Amount of Land	354
Carrying Amount of Buildings and Improvements	3,429
Accumulated Depreciation	794
Year Acquired	2002
Year Built	1997
Senior housing and care facilities [Member] | Chelmsford, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,040
Initial Cost of Buildings & Improvements	10,951
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,040
Carrying Amount of Buildings and Improvements	10,951
Accumulated Depreciation	2,130
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | Chickasha, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	85
Initial Cost of Buildings & Improvements	1,395
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	85
Carrying Amount of Buildings and Improvements	1,395
Accumulated Depreciation	570
Year Acquired	1996
Year Built	1996
Senior housing and care facilities [Member] | Cincinnati, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,060
Initial Cost of Buildings & Improvements	109,388
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,060
Carrying Amount of Buildings and Improvements	109,388
Accumulated Depreciation	1,404
Year Acquired	2007
Year Built	2010
Senior housing and care facilities [Member] | Citrus Heights, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	15,578
Initial Cost of Land	2,300
Initial Cost of Buildings & Improvements	31,876
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,300
Carrying Amount of Buildings and Improvements	31,876
Accumulated Depreciation	722
Year Acquired	2010
Year Built	1997
Senior housing and care facilities [Member] | Claremore, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	155
Initial Cost of Buildings & Improvements	1,428
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	155
Carrying Amount of Buildings and Improvements	1,428
Accumulated Depreciation	563
Year Acquired	1996
Year Built	1996
Senior housing and care facilities [Member] | Clarksville, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	330
Initial Cost of Buildings & Improvements	2,292
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	330
Carrying Amount of Buildings and Improvements	2,292
Accumulated Depreciation	778
Year Acquired	1998
Year Built	1998
Senior housing and care facilities [Member] | Clearwater, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	160
Initial Cost of Buildings & Improvements	7,218
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	160
Carrying Amount of Buildings and Improvements	7,218
Accumulated Depreciation	1,281
Year Acquired	2004
Year Built	1961
Senior housing and care facilities [Member] | Clearwater, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,260
Initial Cost of Buildings & Improvements	2,740
Cost Capitalized Subsequent to Acquisition	200
Carrying Amount of Land	1,260
Carrying Amount of Buildings and Improvements	2,940
Accumulated Depreciation	593
Year Acquired	2005
Year Built	1983
Senior housing and care facilities [Member] | Cleburne, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	520
Initial Cost of Buildings & Improvements	5,369
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	520
Carrying Amount of Buildings and Improvements	5,369
Accumulated Depreciation	509
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Cleveland, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	350
Initial Cost of Buildings & Improvements	5,000
Cost Capitalized Subsequent to Acquisition	122
Carrying Amount of Land	350
Carrying Amount of Buildings and Improvements	5,122
Accumulated Depreciation	1,379
Year Acquired	2001
Year Built	1987
Senior housing and care facilities [Member] | Coeur d' Alene, ID [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	600
Initial Cost of Buildings & Improvements	7,878
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	600
Carrying Amount of Buildings and Improvements	7,878
Accumulated Depreciation	2,865
Year Acquired	1998
Year Built	1996
Senior housing and care facilities [Member] | Colorado Springs, CO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	6,290
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	6,290
Accumulated Depreciation	1,077
Year Acquired	2005
Year Built	1985
Senior housing and care facilities [Member] | Colts Neck, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	780
Initial Cost of Buildings & Improvements	14,733
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	780
Carrying Amount of Buildings and Improvements	14,733
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2002
Senior housing and care facilities [Member] | Columbia, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	341
Initial Cost of Buildings & Improvements	2,295
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	341
Carrying Amount of Buildings and Improvements	2,295
Accumulated Depreciation	789
Year Acquired	1999
Year Built	1999
Senior housing and care facilities [Member] | Columbia, TN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	590
Initial Cost of Buildings & Improvements	3,787
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	590
Carrying Amount of Buildings and Improvements	3,787
Accumulated Depreciation	1,019
Year Acquired	2003
Year Built	1974
Senior housing and care facilities [Member] | Columbia, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,120
Initial Cost of Buildings & Improvements	4,860
Cost Capitalized Subsequent to Acquisition	5,709
Carrying Amount of Land	2,120
Carrying Amount of Buildings and Improvements	10,569
Accumulated Depreciation	1,644
Year Acquired	2003
Year Built	2000
Senior housing and care facilities [Member] | Columbus, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	610
Initial Cost of Buildings & Improvements	3,190
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	610
Carrying Amount of Buildings and Improvements	3,190
Accumulated Depreciation	59
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Columbus, IN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	530
Initial Cost of Buildings & Improvements	5,170
Cost Capitalized Subsequent to Acquisition	1,540
Carrying Amount of Land	530
Carrying Amount of Buildings and Improvements	6,710
Accumulated Depreciation	1,492
Year Acquired	2002
Year Built	2001
Senior housing and care facilities [Member] | Columbus, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,070
Initial Cost of Buildings & Improvements	11,726
Cost Capitalized Subsequent to Acquisition	1,204
Carrying Amount of Land	1,070
Carrying Amount of Buildings and Improvements	12,930
Accumulated Depreciation	1,801
Year Acquired	2005
Year Built	1968
Senior housing and care facilities [Member] | Columbus, OH 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,254
Initial Cost of Land	1,010
Initial Cost of Buildings & Improvements	4,931
Cost Capitalized Subsequent to Acquisition	91
Carrying Amount of Land	1,010
Carrying Amount of Buildings and Improvements	5,022
Accumulated Depreciation	763
Year Acquired	2006
Year Built	1983
Senior housing and care facilities [Member] | Columbus, OH 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,860
Initial Cost of Buildings & Improvements	16,624
Cost Capitalized Subsequent to Acquisition	1,077
Carrying Amount of Land	1,860
Carrying Amount of Buildings and Improvements	17,701
Accumulated Depreciation	2,389
Year Acquired	2006
Year Built	1978
Senior housing and care facilities [Member] | Concord, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	550
Initial Cost of Buildings & Improvements	3,921
Cost Capitalized Subsequent to Acquisition	55
Carrying Amount of Land	550
Carrying Amount of Buildings and Improvements	3,976
Accumulated Depreciation	903
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | Conroe, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	980
Initial Cost of Buildings & Improvements	7,771
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	980
Carrying Amount of Buildings and Improvements	7,771
Accumulated Depreciation	134
Year Acquired	2009
Year Built	2010
Senior housing and care facilities [Member] | Corpus Christi, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	307
Initial Cost of Buildings & Improvements	443
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	307
Carrying Amount of Buildings and Improvements	443
Accumulated Depreciation	203
Year Acquired	2005
Year Built	1985
Senior housing and care facilities [Member] | Corpus Christi, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	400
Initial Cost of Buildings & Improvements	1,916
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	400
Carrying Amount of Buildings and Improvements	1,916
Accumulated Depreciation	431
Year Acquired	2005
Year Built	1985
Senior housing and care facilities [Member] | Crystal Lake, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	840
Initial Cost of Buildings & Improvements	7,290
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	840
Carrying Amount of Buildings and Improvements	7,290
Accumulated Depreciation	456
Year Acquired	2007
Year Built	2008
Senior housing and care facilities [Member] | Dade City, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	250
Initial Cost of Buildings & Improvements	7,150
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	250
Carrying Amount of Buildings and Improvements	7,150
Accumulated Depreciation	1,315
Year Acquired	2004
Year Built	1975
Senior housing and care facilities [Member] | Danville, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	410
Initial Cost of Buildings & Improvements	3,954
Cost Capitalized Subsequent to Acquisition	722
Carrying Amount of Land	410
Carrying Amount of Buildings and Improvements	4,676
Accumulated Depreciation	970
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Davenport, IA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,403
Initial Cost of Buildings & Improvements	35,893
Cost Capitalized Subsequent to Acquisition	1,781
Carrying Amount of Land	1,403
Carrying Amount of Buildings and Improvements	37,674
Accumulated Depreciation	1,055
Year Acquired	2006
Year Built	2009
Senior housing and care facilities [Member] | Daytona Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	470
Initial Cost of Buildings & Improvements	5,930
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	470
Carrying Amount of Buildings and Improvements	5,930
Accumulated Depreciation	1,187
Year Acquired	2004
Year Built	1986
Senior housing and care facilities [Member] | Daytona Beach, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	490
Initial Cost of Buildings & Improvements	5,710
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	490
Carrying Amount of Buildings and Improvements	5,710
Accumulated Depreciation	1,185
Year Acquired	2004
Year Built	1961
Senior housing and care facilities [Member] | DeBary, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	440
Initial Cost of Buildings & Improvements	7,460
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	440
Carrying Amount of Buildings and Improvements	7,460
Accumulated Depreciation	1,365
Year Acquired	2004
Year Built	1965
Senior housing and care facilities [Member] | Dedham, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,360
Initial Cost of Buildings & Improvements	9,830
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,360
Carrying Amount of Buildings and Improvements	9,830
Accumulated Depreciation	2,588
Year Acquired	2002
Year Built	1996
Senior housing and care facilities [Member] | DeForest, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	250
Initial Cost of Buildings & Improvements	5,350
Cost Capitalized Subsequent to Acquisition	354
Carrying Amount of Land	250
Carrying Amount of Buildings and Improvements	5,704
Accumulated Depreciation	540
Year Acquired	2007
Year Built	2006
Senior housing and care facilities [Member] | Defuniak Springs, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,350
Initial Cost of Buildings & Improvements	10,250
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,350
Carrying Amount of Buildings and Improvements	10,250
Accumulated Depreciation	1,277
Year Acquired	2006
Year Built	1980
Senior housing and care facilities [Member] | DeLand, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	220
Initial Cost of Buildings & Improvements	7,080
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	220
Carrying Amount of Buildings and Improvements	7,080
Accumulated Depreciation	1,307
Year Acquired	2004
Year Built	1967
Senior housing and care facilities [Member] | Denton, MD [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	4,010
Cost Capitalized Subsequent to Acquisition	206
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	4,216
Accumulated Depreciation	1,046
Year Acquired	2003
Year Built	1982
Senior housing and care facilities [Member] | Denver, CO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,530
Initial Cost of Buildings & Improvements	9,514
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,530
Carrying Amount of Buildings and Improvements	9,514
Accumulated Depreciation	1,404
Year Acquired	2005
Year Built	1986
Senior housing and care facilities [Member] | Denver, CO 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,650
Initial Cost of Buildings & Improvements	14,906
Cost Capitalized Subsequent to Acquisition	1,585
Carrying Amount of Land	3,650
Carrying Amount of Buildings and Improvements	16,491
Accumulated Depreciation	1,704
Year Acquired	2006
Year Built	1987
Senior housing and care facilities [Member] | Denver, CO 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,076
Initial Cost of Buildings & Improvements	13,594
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,076
Carrying Amount of Buildings and Improvements	13,594
Accumulated Depreciation	422
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Douglasville, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,350
Initial Cost of Buildings & Improvements	7,471
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,350
Carrying Amount of Buildings and Improvements	7,471
Accumulated Depreciation	1,778
Year Acquired	2003
Year Built	1975
Senior housing and care facilities [Member] | Douglasville, GA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	90
Initial Cost of Buildings & Improvements	217
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	90
Carrying Amount of Buildings and Improvements	217
Accumulated Depreciation	53
Year Acquired	2003
Year Built	1985
Senior housing and care facilities [Member] | Drescher, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,060
Initial Cost of Buildings & Improvements	40,236
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,060
Carrying Amount of Buildings and Improvements	40,236
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2001
Senior housing and care facilities [Member] | Dublin, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	19,513
Initial Cost of Land	1,680
Initial Cost of Buildings & Improvements	43,423
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,680
Carrying Amount of Buildings and Improvements	43,423
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1990
Senior housing and care facilities [Member] | Durham, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,476
Initial Cost of Buildings & Improvements	10,659
Cost Capitalized Subsequent to Acquisition	2,196
Carrying Amount of Land	1,476
Carrying Amount of Buildings and Improvements	12,855
Accumulated Depreciation	6,977
Year Acquired	1997
Year Built	1999
Senior housing and care facilities [Member] | East Norriston, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,200
Initial Cost of Buildings & Improvements	28,129
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,200
Carrying Amount of Buildings and Improvements	28,129
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1988
Senior housing and care facilities [Member] | Easton, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	285
Initial Cost of Buildings & Improvements	6,315
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	285
Carrying Amount of Buildings and Improvements	6,315
Accumulated Depreciation	3,301
Year Acquired	1993
Year Built	1959
Senior housing and care facilities [Member] | Eden, NC [ember]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	4,877
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	4,877
Accumulated Depreciation	1,018
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | El Paso, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	539
Initial Cost of Buildings & Improvements	8,961
Cost Capitalized Subsequent to Acquisition	232
Carrying Amount of Land	539
Carrying Amount of Buildings and Improvements	9,193
Accumulated Depreciation	1,455
Year Acquired	2005
Year Built	1970
Senior housing and care facilities [Member] | El Paso, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	642
Initial Cost of Buildings & Improvements	3,958
Cost Capitalized Subsequent to Acquisition	1,100
Carrying Amount of Land	642
Carrying Amount of Buildings and Improvements	5,058
Accumulated Depreciation	831
Year Acquired	2005
Year Built	1969
Senior housing and care facilities [Member] | Elizabeth City, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	2,760
Cost Capitalized Subsequent to Acquisition	2,011
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	4,771
Accumulated Depreciation	1,359
Year Acquired	1998
Year Built	1999
Senior housing and care facilities [Member] | Elizabethton, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	4,604
Cost Capitalized Subsequent to Acquisition	336
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	4,940
Accumulated Depreciation	1,370
Year Acquired	2001
Year Built	1980
Senior housing and care facilities [Member] | Encinitas, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,460
Initial Cost of Buildings & Improvements	7,721
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,460
Carrying Amount of Buildings and Improvements	7,721
Accumulated Depreciation	2,346
Year Acquired	2000
Year Built	2000
Senior housing and care facilities [Member] | Englishtown, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	690
Initial Cost of Buildings & Improvements	12,520
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	690
Carrying Amount of Buildings and Improvements	12,520
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1997
Senior housing and care facilities [Member] | Erin, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	440
Initial Cost of Buildings & Improvements	8,060
Cost Capitalized Subsequent to Acquisition	134
Carrying Amount of Land	440
Carrying Amount of Buildings and Improvements	8,194
Accumulated Depreciation	2,114
Year Acquired	2001
Year Built	1981
Senior housing and care facilities [Member] | Eugene, OR [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	5,316
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	5,316
Accumulated Depreciation	2,089
Year Acquired	1998
Year Built	1972
Senior housing and care facilities [Member] | Everett, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,400
Initial Cost of Buildings & Improvements	5,476
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,400
Carrying Amount of Buildings and Improvements	5,476
Accumulated Depreciation	1,768
Year Acquired	1999
Year Built	1999
Senior housing and care facilities [Member] | Fairfield, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,460
Initial Cost of Buildings & Improvements	14,040
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,460
Carrying Amount of Buildings and Improvements	14,040
Accumulated Depreciation	3,510
Year Acquired	2002
Year Built	1998
Senior housing and care facilities [Member] | Fairhaven, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	770
Initial Cost of Buildings & Improvements	6,230
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	770
Carrying Amount of Buildings and Improvements	6,230
Accumulated Depreciation	1,117
Year Acquired	2004
Year Built	1999
Senior housing and care facilities [Member] | Fall River, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	620
Initial Cost of Buildings & Improvements	5,829
Cost Capitalized Subsequent to Acquisition	4,856
Carrying Amount of Land	620
Carrying Amount of Buildings and Improvements	10,685
Accumulated Depreciation	3,445
Year Acquired	1996
Year Built	1973
Senior housing and care facilities [Member] | Fayetteville, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	410
Initial Cost of Buildings & Improvements	3,962
Cost Capitalized Subsequent to Acquisition	500
Carrying Amount of Land	410
Carrying Amount of Buildings and Improvements	4,462
Accumulated Depreciation	1,071
Year Acquired	2001
Year Built	1997
Senior housing and care facilities [Member] | Findlay, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	1,800
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	1,800
Accumulated Depreciation	677
Year Acquired	1997
Year Built	1997
Senior housing and care facilities [Member] | Fishers, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,500
Initial Cost of Buildings & Improvements	14,500
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,500
Carrying Amount of Buildings and Improvements	14,500
Accumulated Depreciation	274
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Florence, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	2,978
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	2,978
Accumulated Depreciation	727
Year Acquired	2002
Year Built	1999
Senior housing and care facilities [Member] | Florence, AL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,420
Initial Cost of Land	353
Initial Cost of Buildings & Improvements	13,049
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	353
Carrying Amount of Buildings and Improvements	13,049
Accumulated Depreciation	353
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Forest City, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	320
Initial Cost of Buildings & Improvements	4,497
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	320
Carrying Amount of Buildings and Improvements	4,497
Accumulated Depreciation	947
Year Acquired	2003
Year Built	1999
Senior housing and care facilities [Member] | Fork Union, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	2,490
Cost Capitalized Subsequent to Acquisition	60
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	2,550
Accumulated Depreciation	163
Year Acquired	2008
Year Built	1990
Senior housing and care facilities [Member] | Fort Pierce, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	440
Initial Cost of Buildings & Improvements	3,560
Cost Capitalized Subsequent to Acquisition	117
Carrying Amount of Land	440
Carrying Amount of Buildings and Improvements	3,677
Accumulated Depreciation	590
Year Acquired	2005
Year Built	1973
Senior housing and care facilities [Member] | Fredericksburg, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,000
Initial Cost of Buildings & Improvements	20,000
Cost Capitalized Subsequent to Acquisition	303
Carrying Amount of Land	1,000
Carrying Amount of Buildings and Improvements	20,303
Accumulated Depreciation	3,040
Year Acquired	2005
Year Built	1999
Senior housing and care facilities [Member] | Fremont, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	20,302
Initial Cost of Land	3,400
Initial Cost of Buildings & Improvements	25,300
Cost Capitalized Subsequent to Acquisition	1,427
Carrying Amount of Land	3,400
Carrying Amount of Buildings and Improvements	26,727
Accumulated Depreciation	3,370
Year Acquired	2005
Year Built	1987
Senior housing and care facilities [Member] | Gardnerville, NV [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	13,121
Initial Cost of Land	1,143
Initial Cost of Buildings & Improvements	10,831
Cost Capitalized Subsequent to Acquisition	629
Carrying Amount of Land	1,143
Carrying Amount of Buildings and Improvements	11,460
Accumulated Depreciation	6,259
Year Acquired	1998
Year Built	1999
Senior housing and care facilities [Member] | Gastonia, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	470
Initial Cost of Buildings & Improvements	6,129
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	470
Carrying Amount of Buildings and Improvements	6,129
Accumulated Depreciation	1,247
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Gastonia, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	3,096
Cost Capitalized Subsequent to Acquisition	22
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	3,118
Accumulated Depreciation	679
Year Acquired	2003
Year Built	1994
Senior housing and care facilities [Member] | Gastonia, NC 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	400
Initial Cost of Buildings & Improvements	5,029
Cost Capitalized Subsequent to Acquisition	120
Carrying Amount of Land	400
Carrying Amount of Buildings and Improvements	5,149
Accumulated Depreciation	1,052
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Georgetown, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	2,100
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	2,100
Accumulated Depreciation	776
Year Acquired	1997
Year Built	1997
Senior housing and care facilities [Member] | Gig Harbor, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,165
Initial Cost of Land	1,560
Initial Cost of Buildings & Improvements	15,947
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,560
Carrying Amount of Buildings and Improvements	15,947
Accumulated Depreciation	409
Year Acquired	2010
Year Built	1994
Senior housing and care facilities [Member] | Gilroy, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	760
Initial Cost of Buildings & Improvements	13,880
Cost Capitalized Subsequent to Acquisition	23,860
Carrying Amount of Land	760
Carrying Amount of Buildings and Improvements	37,740
Accumulated Depreciation	3,089
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Goochland, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	350
Initial Cost of Buildings & Improvements	3,697
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	350
Carrying Amount of Buildings and Improvements	3,697
Accumulated Depreciation	236
Year Acquired	2008
Year Built	1991
Senior housing and care facilities [Member] | Goshen, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	210
Initial Cost of Buildings & Improvements	6,120
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	210
Carrying Amount of Buildings and Improvements	6,120
Accumulated Depreciation	864
Year Acquired	2005
Year Built	2006
Senior housing and care facilities [Member] | Graceville, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	150
Initial Cost of Buildings & Improvements	13,000
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	150
Carrying Amount of Buildings and Improvements	13,000
Accumulated Depreciation	1,575
Year Acquired	2006
Year Built	1980
Senior housing and care facilities [Member] | Grand Ledge, MI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,549
Initial Cost of Land	1,150
Initial Cost of Buildings & Improvements	16,286
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,150
Carrying Amount of Buildings and Improvements	16,286
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Grand Prairie, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	574
Initial Cost of Buildings & Improvements	3,426
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	574
Carrying Amount of Buildings and Improvements	3,426
Accumulated Depreciation	668
Year Acquired	2005
Year Built	1982
Senior housing and care facilities [Member] | Granger, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,670
Initial Cost of Buildings & Improvements	21,280
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,670
Carrying Amount of Buildings and Improvements	21,280
Accumulated Depreciation	141
Year Acquired	2010
Year Built	2009
Senior housing and care facilities [Member] | Granite City, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	610
Initial Cost of Buildings & Improvements	7,143
Cost Capitalized Subsequent to Acquisition	842
Carrying Amount of Land	610
Carrying Amount of Buildings and Improvements	7,985
Accumulated Depreciation	4,804
Year Acquired	1998
Year Built	1973
Senior housing and care facilities [Member] | Granite City, IL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	400
Initial Cost of Buildings & Improvements	4,303
Cost Capitalized Subsequent to Acquisition	707
Carrying Amount of Land	400
Carrying Amount of Buildings and Improvements	5,010
Accumulated Depreciation	2,949
Year Acquired	1999
Year Built	1964
Senior housing and care facilities [Member] | Greeneville, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	400
Initial Cost of Buildings & Improvements	8,290
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	400
Carrying Amount of Buildings and Improvements	8,290
Accumulated Depreciation	1,626
Year Acquired	2004
Year Built	1979
Senior housing and care facilities [Member] | Greenfield, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	600
Initial Cost of Buildings & Improvements	6,626
Cost Capitalized Subsequent to Acquisition	328
Carrying Amount of Land	600
Carrying Amount of Buildings and Improvements	6,954
Accumulated Depreciation	620
Year Acquired	2006
Year Built	2006
Senior housing and care facilities [Member] | Greensboro, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	330
Initial Cost of Buildings & Improvements	2,970
Cost Capitalized Subsequent to Acquisition	554
Carrying Amount of Land	330
Carrying Amount of Buildings and Improvements	3,524
Accumulated Depreciation	749
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Greensboro, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	560
Initial Cost of Buildings & Improvements	5,507
Cost Capitalized Subsequent to Acquisition	1,013
Carrying Amount of Land	560
Carrying Amount of Buildings and Improvements	6,520
Accumulated Depreciation	1,374
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | Greenville, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	4,393
Cost Capitalized Subsequent to Acquisition	168
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	4,561
Accumulated Depreciation	920
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Greenville, SC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	4,750
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	4,750
Accumulated Depreciation	873
Year Acquired	2004
Year Built	1997
Senior housing and care facilities [Member] | Greenville, SC 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	5,400
Initial Cost of Buildings & Improvements	100,523
Cost Capitalized Subsequent to Acquisition	634
Carrying Amount of Land	5,400
Carrying Amount of Buildings and Improvements	101,157
Accumulated Depreciation	2,681
Year Acquired	2006
Year Built	2009
Senior housing and care facilities [Member] | Greenwood, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,550
Initial Cost of Buildings & Improvements	22,770
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,550
Carrying Amount of Buildings and Improvements	22,770
Accumulated Depreciation	150
Year Acquired	2010
Year Built	2007
Senior housing and care facilities [Member] | Hamden, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,470
Initial Cost of Buildings & Improvements	4,530
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,470
Carrying Amount of Buildings and Improvements	4,530
Accumulated Depreciation	1,320
Year Acquired	2002
Year Built	1998
Senior housing and care facilities [Member] | Hamilton, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	440
Initial Cost of Buildings & Improvements	4,469
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	440
Carrying Amount of Buildings and Improvements	4,469
Accumulated Depreciation	1,088
Year Acquired	2001
Year Built	1998
Senior housing and care facilities [Member] | Hanover, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	210
Initial Cost of Buildings & Improvements	4,430
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	210
Carrying Amount of Buildings and Improvements	4,430
Accumulated Depreciation	847
Year Acquired	2004
Year Built	2000
Senior housing and care facilities [Member] | Hardin, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	50
Initial Cost of Buildings & Improvements	5,350
Cost Capitalized Subsequent to Acquisition	135
Carrying Amount of Land	50
Carrying Amount of Buildings and Improvements	5,485
Accumulated Depreciation	2,968
Year Acquired	2002
Year Built	1996
Senior housing and care facilities [Member] | Harleysville, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	960
Initial Cost of Buildings & Improvements	11,355
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	960
Carrying Amount of Buildings and Improvements	11,355
Accumulated Depreciation	482
Year Acquired	2008
Year Built	2009
Senior housing and care facilities [Member] | Harriman, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	590
Initial Cost of Buildings & Improvements	8,060
Cost Capitalized Subsequent to Acquisition	158
Carrying Amount of Land	590
Carrying Amount of Buildings and Improvements	8,218
Accumulated Depreciation	2,258
Year Acquired	2001
Year Built	1972
Senior housing and care facilities [Member] | Hattiesburg, MS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	13,100
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	15,518
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	15,518
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2009
Senior housing and care facilities [Member] | Haverford, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,880
Initial Cost of Buildings & Improvements	33,993
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,880
Carrying Amount of Buildings and Improvements	33,993
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Hemet, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	870
Initial Cost of Buildings & Improvements	3,405
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	870
Carrying Amount of Buildings and Improvements	3,405
Accumulated Depreciation	326
Year Acquired	2007
Year Built	1996
Senior housing and care facilities [Member] | Hemet, CA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	13,550
Initial Cost of Land	1,890
Initial Cost of Buildings & Improvements	28,606
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,890
Carrying Amount of Buildings and Improvements	28,606
Accumulated Depreciation	703
Year Acquired	2010
Year Built	1988
Senior housing and care facilities [Member] | Hemet, CA 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	430
Initial Cost of Buildings & Improvements	9,630
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	430
Carrying Amount of Buildings and Improvements	9,630
Accumulated Depreciation	258
Year Acquired	2010
Year Built	1988
Senior housing and care facilities [Member] | Henderson, NV [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	380
Initial Cost of Buildings & Improvements	9,220
Cost Capitalized Subsequent to Acquisition	65
Carrying Amount of Land	380
Carrying Amount of Buildings and Improvements	9,285
Accumulated Depreciation	2,933
Year Acquired	1998
Year Built	1998
Senior housing and care facilities [Member] | Henderson, NV 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	380
Initial Cost of Buildings & Improvements	4,360
Cost Capitalized Subsequent to Acquisition	41
Carrying Amount of Land	380
Carrying Amount of Buildings and Improvements	4,401
Accumulated Depreciation	1,205
Year Acquired	1999
Year Built	2000
Senior housing and care facilities [Member] | Herculaneum, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	127
Initial Cost of Buildings & Improvements	10,373
Cost Capitalized Subsequent to Acquisition	393
Carrying Amount of Land	127
Carrying Amount of Buildings and Improvements	10,766
Accumulated Depreciation	5,723
Year Acquired	2002
Year Built	1984
Senior housing and care facilities [Member] | Hickory, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	987
Cost Capitalized Subsequent to Acquisition	232
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	1,219
Accumulated Depreciation	347
Year Acquired	2003
Year Built	1994
Senior housing and care facilities [Member] | High Point, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	560
Initial Cost of Buildings & Improvements	4,443
Cost Capitalized Subsequent to Acquisition	793
Carrying Amount of Land	560
Carrying Amount of Buildings and Improvements	5,236
Accumulated Depreciation	1,091
Year Acquired	2003
Year Built	2000
Senior housing and care facilities [Member] | High Point, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	2,185
Cost Capitalized Subsequent to Acquisition	410
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	2,595
Accumulated Depreciation	579
Year Acquired	2003
Year Built	1999
Senior housing and care facilities [Member] | High Point, NC 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	330
Initial Cost of Buildings & Improvements	3,395
Cost Capitalized Subsequent to Acquisition	28
Carrying Amount of Land	330
Carrying Amount of Buildings and Improvements	3,423
Accumulated Depreciation	720
Year Acquired	2003
Year Built	1994
Senior housing and care facilities [Member] | High Point, NC 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	430
Initial Cost of Buildings & Improvements	4,143
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	430
Carrying Amount of Buildings and Improvements	4,143
Accumulated Depreciation	863
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Highlands Ranch, CO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	940
Initial Cost of Buildings & Improvements	3,721
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	940
Carrying Amount of Buildings and Improvements	3,721
Accumulated Depreciation	921
Year Acquired	2002
Year Built	1999
Senior housing and care facilities [Member] | Hilliard, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	150
Initial Cost of Buildings & Improvements	6,990
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	150
Carrying Amount of Buildings and Improvements	6,990
Accumulated Depreciation	2,499
Year Acquired	1999
Year Built	1990
Senior housing and care facilities [Member] | Homestead, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,750
Initial Cost of Buildings & Improvements	11,750
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,750
Carrying Amount of Buildings and Improvements	11,750
Accumulated Depreciation	1,456
Year Acquired	2006
Year Built	1994
Senior housing and care facilities [Member] | Hopedale, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	130
Initial Cost of Buildings & Improvements	8,170
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	130
Carrying Amount of Buildings and Improvements	8,170
Accumulated Depreciation	1,285
Year Acquired	2005
Year Built	1999
Senior housing and care facilities [Member] | Houston, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,790
Initial Cost of Buildings & Improvements	7,100
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,790
Carrying Amount of Buildings and Improvements	7,100
Accumulated Depreciation	2,114
Year Acquired	2003
Year Built	1974
Senior housing and care facilities [Member] | Houston, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,183
Initial Cost of Land	860
Initial Cost of Buildings & Improvements	18,715
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	860
Carrying Amount of Buildings and Improvements	18,715
Accumulated Depreciation	1,636
Year Acquired	2007
Year Built	2006
Senior housing and care facilities [Member] | Houston, TX 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	5,090
Initial Cost of Buildings & Improvements	9,471
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	5,090
Carrying Amount of Buildings and Improvements	9,471
Accumulated Depreciation	435
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Houston, TX 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,549
Initial Cost of Land	630
Initial Cost of Buildings & Improvements	5,970
Cost Capitalized Subsequent to Acquisition	750
Carrying Amount of Land	630
Carrying Amount of Buildings and Improvements	6,720
Accumulated Depreciation	1,597
Year Acquired	2002
Year Built	1995
Senior housing and care facilities [Member] | Howell, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,741
Initial Cost of Land	1,050
Initial Cost of Buildings & Improvements	21,703
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,050
Carrying Amount of Buildings and Improvements	21,703
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2007
Senior housing and care facilities [Member] | Huron, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	160
Initial Cost of Buildings & Improvements	6,088
Cost Capitalized Subsequent to Acquisition	1,452
Carrying Amount of Land	160
Carrying Amount of Buildings and Improvements	7,540
Accumulated Depreciation	963
Year Acquired	2005
Year Built	1983
Senior housing and care facilities [Member] | Hutchinson, KS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	600
Initial Cost of Buildings & Improvements	10,590
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	600
Carrying Amount of Buildings and Improvements	10,590
Accumulated Depreciation	1,753
Year Acquired	2004
Year Built	1997
Senior housing and care facilities [Member] | Indianapolis, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	495
Initial Cost of Buildings & Improvements	6,287
Cost Capitalized Subsequent to Acquisition	22,565
Carrying Amount of Land	495
Carrying Amount of Buildings and Improvements	28,852
Accumulated Depreciation	3,309
Year Acquired	2006
Year Built	1981
Senior housing and care facilities [Member] | Indianapolis, IN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	255
Initial Cost of Buildings & Improvements	2,473
Cost Capitalized Subsequent to Acquisition	12,123
Carrying Amount of Land	255
Carrying Amount of Buildings and Improvements	14,596
Accumulated Depreciation	1,461
Year Acquired	2006
Year Built	1981
Senior housing and care facilities [Member] | Irving, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,030
Initial Cost of Buildings & Improvements	6,823
Cost Capitalized Subsequent to Acquisition	267
Carrying Amount of Land	1,030
Carrying Amount of Buildings and Improvements	7,090
Accumulated Depreciation	436
Year Acquired	2007
Year Built	2008
Senior housing and care facilities [Member] | Jamestown, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	6,707
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	6,707
Accumulated Depreciation	3,018
Year Acquired	2004
Year Built	1966
Senior housing and care facilities [Member] | Jefferson, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	80
Initial Cost of Buildings & Improvements	9,120
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	80
Carrying Amount of Buildings and Improvements	9,120
Accumulated Depreciation	1,321
Year Acquired	2006
Year Built	1984
Senior housing and care facilities [Member] | Jefferson City, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	6,730
Cost Capitalized Subsequent to Acquisition	301
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	7,031
Accumulated Depreciation	3,727
Year Acquired	2002
Year Built	1982
Senior housing and care facilities [Member] | Jonesboro, GA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	460
Initial Cost of Buildings & Improvements	1,304
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	460
Carrying Amount of Buildings and Improvements	1,304
Accumulated Depreciation	281
Year Acquired	2003
Year Built	1992
Senior housing and care facilities [Member] | Jonesboro, GA 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	840
Initial Cost of Buildings & Improvements	1,921
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	840
Carrying Amount of Buildings and Improvements	1,921
Accumulated Depreciation	558
Year Acquired	2003
Year Built	1992
Senior housing and care facilities [Member] | Kalida, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	480
Initial Cost of Buildings & Improvements	8,173
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	480
Carrying Amount of Buildings and Improvements	8,173
Accumulated Depreciation	796
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Kalispell, MT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	3,282
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	3,282
Accumulated Depreciation	1,096
Year Acquired	1998
Year Built	1998
Senior housing and care facilities [Member] | Kansas City, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,097
Initial Cost of Land	1,820
Initial Cost of Buildings & Improvements	34,898
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,820
Carrying Amount of Buildings and Improvements	34,898
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1980
Senior housing and care facilities [Member] | Kansas City, MO 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,455
Initial Cost of Land	1,930
Initial Cost of Buildings & Improvements	39,997
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,930
Carrying Amount of Buildings and Improvements	39,997
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1986
Senior housing and care facilities [Member] | Kenner, LA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,100
Initial Cost of Buildings & Improvements	10,036
Cost Capitalized Subsequent to Acquisition	125
Carrying Amount of Land	1,100
Carrying Amount of Buildings and Improvements	10,161
Accumulated Depreciation	5,565
Year Acquired	1998
Year Built	2000
Senior housing and care facilities [Member] | Kennett Square, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,050
Initial Cost of Buildings & Improvements	22,946
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,050
Carrying Amount of Buildings and Improvements	22,946
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2008
Senior housing and care facilities [Member] | Kennewick, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,320
Initial Cost of Land	1,820
Initial Cost of Buildings & Improvements	27,991
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,820
Carrying Amount of Buildings and Improvements	27,991
Accumulated Depreciation	660
Year Acquired	2010
Year Built	1994
Senior housing and care facilities [Member] | Kenosha, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,500
Initial Cost of Buildings & Improvements	9,139
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,500
Carrying Amount of Buildings and Improvements	9,139
Accumulated Depreciation	475
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Kent, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	940
Initial Cost of Buildings & Improvements	20,318
Cost Capitalized Subsequent to Acquisition	10,381
Carrying Amount of Land	940
Carrying Amount of Buildings and Improvements	30,699
Accumulated Depreciation	2,031
Year Acquired	2007
Year Built	2000
Senior housing and care facilities [Member] | Kirkland, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,880
Initial Cost of Buildings & Improvements	4,315
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,880
Carrying Amount of Buildings and Improvements	4,315
Accumulated Depreciation	893
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Kissimmee, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	230
Initial Cost of Buildings & Improvements	3,854
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	230
Carrying Amount of Buildings and Improvements	3,854
Accumulated Depreciation	710
Year Acquired	2004
Year Built	1972
Senior housing and care facilities [Member] | LaBelle, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	60
Initial Cost of Buildings & Improvements	4,946
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	60
Carrying Amount of Buildings and Improvements	4,946
Accumulated Depreciation	989
Year Acquired	2004
Year Built	1986
Senior housing and care facilities [Member] | Lake Havasu City, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	4,223
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	4,223
Accumulated Depreciation	1,343
Year Acquired	1998
Year Built	1999
Senior housing and care facilities [Member] | Lake Havasu City. AZ 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	110
Initial Cost of Buildings & Improvements	2,244
Cost Capitalized Subsequent to Acquisition	136
Carrying Amount of Land	110
Carrying Amount of Buildings and Improvements	2,380
Accumulated Depreciation	798
Year Acquired	1998
Year Built	1994
Senior housing and care facilities [Member] | Lake Placid, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	150
Initial Cost of Buildings & Improvements	12,850
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	150
Carrying Amount of Buildings and Improvements	12,850
Accumulated Depreciation	2,415
Year Acquired	2004
Year Built	1984
Senior housing and care facilities [Member] | Lancaster, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,763
Initial Cost of Land	700
Initial Cost of Buildings & Improvements	15,295
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	700
Carrying Amount of Buildings and Improvements	15,295
Accumulated Depreciation	405
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Lawrenceville, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	170
Initial Cost of Buildings & Improvements	4,780
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	170
Carrying Amount of Buildings and Improvements	4,780
Accumulated Depreciation	294
Year Acquired	2008
Year Built	1989
Senior housing and care facilities [Member] | Lecanto, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	6,900
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	6,900
Accumulated Depreciation	1,217
Year Acquired	2004
Year Built	1986
Senior housing and care facilities [Member] | Lee, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	18,135
Cost Capitalized Subsequent to Acquisition	926
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	19,061
Accumulated Depreciation	4,534
Year Acquired	2002
Year Built	1998
Senior housing and care facilities [Member] | Lenoir, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	190
Initial Cost of Buildings & Improvements	3,748
Cost Capitalized Subsequent to Acquisition	641
Carrying Amount of Land	190
Carrying Amount of Buildings and Improvements	4,389
Accumulated Depreciation	910
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Lexington, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	3,900
Cost Capitalized Subsequent to Acquisition	1,015
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	4,915
Accumulated Depreciation	1,111
Year Acquired	2002
Year Built	1997
Senior housing and care facilities [Member] | Lincoln, NE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	5,435
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	13,807
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	13,807
Accumulated Depreciation	233
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Linwood, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	800
Initial Cost of Buildings & Improvements	21,984
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	800
Carrying Amount of Buildings and Improvements	21,984
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1997
Senior housing and care facilities [Member] | Litchfield, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,240
Initial Cost of Buildings & Improvements	17,908
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,240
Carrying Amount of Buildings and Improvements	17,908
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Little Neck, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,350
Initial Cost of Buildings & Improvements	38,461
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,350
Carrying Amount of Buildings and Improvements	38,461
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Littleton, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,240
Initial Cost of Buildings & Improvements	2,910
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,240
Carrying Amount of Buildings and Improvements	2,910
Accumulated Depreciation	863
Year Acquired	1996
Year Built	1975
Senior housing and care facilities [Member] | Loma Linda, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,214
Initial Cost of Buildings & Improvements	9,586
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,214
Carrying Amount of Buildings and Improvements	9,586
Accumulated Depreciation	836
Year Acquired	2008
Year Built	1976
Senior housing and care facilities [Member] | Longview, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	293
Initial Cost of Buildings & Improvements	1,707
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	293
Carrying Amount of Buildings and Improvements	1,707
Accumulated Depreciation	386
Year Acquired	2005
Year Built	1971
Senior housing and care facilities [Member] | Longview, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	610
Initial Cost of Buildings & Improvements	5,520
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	610
Carrying Amount of Buildings and Improvements	5,520
Accumulated Depreciation	534
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Longwood, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	480
Initial Cost of Buildings & Improvements	7,520
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	480
Carrying Amount of Buildings and Improvements	7,520
Accumulated Depreciation	1,408
Year Acquired	2004
Year Built	1980
Senior housing and care facilities [Member] | Los Angeles, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	11,430
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	11,430
Accumulated Depreciation	246
Year Acquired	2008
Year Built	2008
Senior housing and care facilities [Member] | Louisville, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	490
Initial Cost of Buildings & Improvements	10,010
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	490
Carrying Amount of Buildings and Improvements	10,010
Accumulated Depreciation	1,943
Year Acquired	2005
Year Built	1978
Senior housing and care facilities [Member] | Louisville, KY 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	430
Initial Cost of Buildings & Improvements	7,135
Cost Capitalized Subsequent to Acquisition	163
Carrying Amount of Land	430
Carrying Amount of Buildings and Improvements	7,298
Accumulated Depreciation	1,990
Year Acquired	2002
Year Built	1974
Senior housing and care facilities [Member] | Louisville, KY 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	350
Initial Cost of Buildings & Improvements	4,675
Cost Capitalized Subsequent to Acquisition	109
Carrying Amount of Land	350
Carrying Amount of Buildings and Improvements	4,784
Accumulated Depreciation	1,334
Year Acquired	2002
Year Built	1975
Senior housing and care facilities [Member] | Lufkin, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	343
Initial Cost of Buildings & Improvements	1,184
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	343
Carrying Amount of Buildings and Improvements	1,184
Accumulated Depreciation	389
Year Acquired	2005
Year Built	1919
Senior housing and care facilities [Member] | Manassas, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	750
Initial Cost of Buildings & Improvements	7,446
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	750
Carrying Amount of Buildings and Improvements	7,446
Accumulated Depreciation	1,473
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Manchester, NH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	340
Initial Cost of Buildings & Improvements	4,360
Cost Capitalized Subsequent to Acquisition	159
Carrying Amount of Land	340
Carrying Amount of Buildings and Improvements	4,519
Accumulated Depreciation	681
Year Acquired	2005
Year Built	1984
Senior housing and care facilities [Member] | Mansfield, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	660
Initial Cost of Buildings & Improvements	5,251
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	660
Carrying Amount of Buildings and Improvements	5,251
Accumulated Depreciation	513
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Manteca, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,445
Initial Cost of Land	1,300
Initial Cost of Buildings & Improvements	12,125
Cost Capitalized Subsequent to Acquisition	1,309
Carrying Amount of Land	1,300
Carrying Amount of Buildings and Improvements	13,434
Accumulated Depreciation	1,677
Year Acquired	2005
Year Built	1985
Senior housing and care facilities [Member] | Margate, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	500
Initial Cost of Buildings & Improvements	7,303
Cost Capitalized Subsequent to Acquisition	2,459
Carrying Amount of Land	500
Carrying Amount of Buildings and Improvements	9,762
Accumulated Depreciation	6,606
Year Acquired	1998
Year Built	1972
Senior housing and care facilities [Member] | Marianna, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	340
Initial Cost of Buildings & Improvements	8,910
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	340
Carrying Amount of Buildings and Improvements	8,910
Accumulated Depreciation	1,076
Year Acquired	2006
Year Built	1997
Senior housing and care facilities [Member] | Martinsville, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	349
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	349
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2003
Senior housing and care facilities [Member] | Marysville, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	4,172
Cost Capitalized Subsequent to Acquisition	44
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	4,216
Accumulated Depreciation	1,176
Year Acquired	1998
Year Built	1999
Senior housing and care facilities [Member] | Marysville, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,775
Initial Cost of Land	620
Initial Cost of Buildings & Improvements	4,780
Cost Capitalized Subsequent to Acquisition	229
Carrying Amount of Land	620
Carrying Amount of Buildings and Improvements	5,009
Accumulated Depreciation	926
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Matthews, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	560
Initial Cost of Buildings & Improvements	4,738
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	560
Carrying Amount of Buildings and Improvements	4,738
Accumulated Depreciation	1,021
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | McConnelsville, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	190
Initial Cost of Buildings & Improvements	7,060
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	190
Carrying Amount of Buildings and Improvements	7,060
Accumulated Depreciation	40
Year Acquired	2010
Year Built	1946
Senior housing and care facilities [Member] | McHenry, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,632
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,632
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2006
Senior housing and care facilities [Member] | McHenry, IL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,550
Initial Cost of Buildings & Improvements	15,300
Cost Capitalized Subsequent to Acquisition	6,718
Carrying Amount of Land	3,550
Carrying Amount of Buildings and Improvements	22,018
Accumulated Depreciation	1,962
Year Acquired	2006
Year Built	2004
Senior housing and care facilities [Member] | McKinney, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,570
Initial Cost of Buildings & Improvements	7,389
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,570
Carrying Amount of Buildings and Improvements	7,389
Accumulated Depreciation	162
Year Acquired	2009
Year Built	2010
Senior housing and care facilities [Member] | Melville, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,280
Initial Cost of Buildings & Improvements	73,283
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,280
Carrying Amount of Buildings and Improvements	73,283
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2001
Senior housing and care facilities [Member] | Memphis, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	970
Initial Cost of Buildings & Improvements	4,246
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	970
Carrying Amount of Buildings and Improvements	4,246
Accumulated Depreciation	1,084
Year Acquired	2003
Year Built	1981
Senior housing and care facilities [Member] | Memphis, TN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	480
Initial Cost of Buildings & Improvements	5,656
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	480
Carrying Amount of Buildings and Improvements	5,656
Accumulated Depreciation	1,336
Year Acquired	2003
Year Built	1982
Senior housing and care facilities [Member] | Memphis, TN 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	940
Initial Cost of Buildings & Improvements	5,963
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	940
Carrying Amount of Buildings and Improvements	5,963
Accumulated Depreciation	1,337
Year Acquired	2004
Year Built	1951
Senior housing and care facilities [Member] | Memphis, TN 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	9,660
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	9,660
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1981
Senior housing and care facilities [Member] | Merrillville, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	643
Initial Cost of Buildings & Improvements	7,084
Cost Capitalized Subsequent to Acquisition	3,526
Carrying Amount of Land	643
Carrying Amount of Buildings and Improvements	10,610
Accumulated Depreciation	5,090
Year Acquired	1997
Year Built	1999
Senior housing and care facilities [Member] | Menomonee Falls, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,020
Initial Cost of Buildings & Improvements	6,984
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,020
Carrying Amount of Buildings and Improvements	6,984
Accumulated Depreciation	607
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Mesa, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,365
Initial Cost of Land	950
Initial Cost of Buildings & Improvements	9,087
Cost Capitalized Subsequent to Acquisition	232
Carrying Amount of Land	950
Carrying Amount of Buildings and Improvements	9,319
Accumulated Depreciation	2,630
Year Acquired	1999
Year Built	2000
Senior housing and care facilities [Member] | Middleburg Heights, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	960
Initial Cost of Buildings & Improvements	7,780
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	960
Carrying Amount of Buildings and Improvements	7,780
Accumulated Depreciation	1,314
Year Acquired	2004
Year Built	1998
Senior housing and care facilities [Member] | Middleton, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	420
Initial Cost of Buildings & Improvements	4,006
Cost Capitalized Subsequent to Acquisition	600
Carrying Amount of Land	420
Carrying Amount of Buildings and Improvements	4,606
Accumulated Depreciation	989
Year Acquired	2001
Year Built	1991
Senior housing and care facilities [Member] | Midland, MI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	11,025
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	11,025
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1994
Senior housing and care facilities [Member] | Midwest City, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	470
Initial Cost of Buildings & Improvements	5,673
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	470
Carrying Amount of Buildings and Improvements	5,673
Accumulated Depreciation	3,036
Year Acquired	1998
Year Built	1958
Senior housing and care facilities [Member] | Midwest City, OK 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	484
Initial Cost of Buildings & Improvements	5,516
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	484
Carrying Amount of Buildings and Improvements	5,516
Accumulated Depreciation	937
Year Acquired	2005
Year Built	1987
Senior housing and care facilities [Member] | Melbourne, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	7,070
Initial Cost of Buildings & Improvements	48,257
Cost Capitalized Subsequent to Acquisition	970
Carrying Amount of Land	7,070
Carrying Amount of Buildings and Improvements	49,227
Accumulated Depreciation	1,934
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Mill Creek, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	30,914
Initial Cost of Land	10,150
Initial Cost of Buildings & Improvements	60,274
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	10,150
Carrying Amount of Buildings and Improvements	60,274
Accumulated Depreciation	1,339
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Missoula, MT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	550
Initial Cost of Buildings & Improvements	7,490
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	550
Carrying Amount of Buildings and Improvements	7,490
Accumulated Depreciation	1,084
Year Acquired	2005
Year Built	1998
Senior housing and care facilities [Member] | Monroe, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	470
Initial Cost of Buildings & Improvements	3,681
Cost Capitalized Subsequent to Acquisition	648
Carrying Amount of Land	470
Carrying Amount of Buildings and Improvements	4,329
Accumulated Depreciation	921
Year Acquired	2003
Year Built	2001
Senior housing and care facilities [Member] | Monroe, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	4,799
Cost Capitalized Subsequent to Acquisition	857
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	5,656
Accumulated Depreciation	1,133
Year Acquired	2003
Year Built	2000
Senior housing and care facilities [Member] | Monroe, NC 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	4,021
Cost Capitalized Subsequent to Acquisition	114
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	4,135
Accumulated Depreciation	875
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | Monroe, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	14,585
Initial Cost of Land	2,560
Initial Cost of Buildings & Improvements	34,460
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,560
Carrying Amount of Buildings and Improvements	34,460
Accumulated Depreciation	776
Year Acquired	2010
Year Built	1994
Senior housing and care facilities [Member] | Monteagle, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	3,318
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	3,318
Accumulated Depreciation	830
Year Acquired	2003
Year Built	1980
Senior housing and care facilities [Member] | Monterey, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	4,195
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	4,195
Accumulated Depreciation	1,888
Year Acquired	2004
Year Built	1977
Senior housing and care facilities [Member] | Monticello, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	140
Initial Cost of Buildings & Improvements	4,471
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	140
Carrying Amount of Buildings and Improvements	4,471
Accumulated Depreciation	920
Year Acquired	2004
Year Built	1986
Senior housing and care facilities [Member] | Moorestown, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,060
Initial Cost of Buildings & Improvements	51,628
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,060
Carrying Amount of Buildings and Improvements	51,628
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Morehead City, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	3,104
Cost Capitalized Subsequent to Acquisition	1,648
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	4,752
Accumulated Depreciation	1,345
Year Acquired	1999
Year Built	1999
Senior housing and care facilities [Member] | Morgantown, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	380
Initial Cost of Buildings & Improvements	3,705
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	380
Carrying Amount of Buildings and Improvements	3,705
Accumulated Depreciation	876
Year Acquired	2003
Year Built	1965
Senior housing and care facilities [Member] | Moss Point, MS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	120
Initial Cost of Buildings & Improvements	7,280
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	120
Carrying Amount of Buildings and Improvements	7,280
Accumulated Depreciation	1,392
Year Acquired	2004
Year Built	1933
Senior housing and care facilities [Member] | Mount Airy, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	270
Initial Cost of Buildings & Improvements	6,430
Cost Capitalized Subsequent to Acquisition	118
Carrying Amount of Land	270
Carrying Amount of Buildings and Improvements	6,548
Accumulated Depreciation	851
Year Acquired	2005
Year Built	1998
Senior housing and care facilities [Member] | Mountain City, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	220
Initial Cost of Buildings & Improvements	5,896
Cost Capitalized Subsequent to Acquisition	660
Carrying Amount of Land	220
Carrying Amount of Buildings and Improvements	6,556
Accumulated Depreciation	2,958
Year Acquired	2001
Year Built	1976
Senior housing and care facilities [Member] | Mt. Vernon, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	400
Initial Cost of Buildings & Improvements	2,200
Cost Capitalized Subsequent to Acquisition	156
Carrying Amount of Land	400
Carrying Amount of Buildings and Improvements	2,356
Accumulated Depreciation	249
Year Acquired	2006
Year Built	2001
Senior housing and care facilities [Member] | Myrtle Beach, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,890
Initial Cost of Buildings & Improvements	41,526
Cost Capitalized Subsequent to Acquisition	283
Carrying Amount of Land	6,890
Carrying Amount of Buildings and Improvements	41,809
Accumulated Depreciation	1,681
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Nacogdoches, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	5,754
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	5,754
Accumulated Depreciation	546
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Naples, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,716
Initial Cost of Buildings & Improvements	17,306
Cost Capitalized Subsequent to Acquisition	923
Carrying Amount of Land	1,716
Carrying Amount of Buildings and Improvements	18,229
Accumulated Depreciation	12,497
Year Acquired	1997
Year Built	1999
Senior housing and care facilities [Member] | Naples, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	550
Initial Cost of Buildings & Improvements	5,450
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	550
Carrying Amount of Buildings and Improvements	5,450
Accumulated Depreciation	1,024
Year Acquired	2004
Year Built	1968
Senior housing and care facilities [Member] | Nashville, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,910
Initial Cost of Buildings & Improvements	29,590
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,910
Carrying Amount of Buildings and Improvements	29,590
Accumulated Depreciation	1,983
Year Acquired	2008
Year Built	2007
Senior housing and care facilities [Member] | Natchitoches, LA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	190
Initial Cost of Buildings & Improvements	4,096
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	190
Carrying Amount of Buildings and Improvements	4,096
Accumulated Depreciation	717
Year Acquired	2005
Year Built	1975
Senior housing and care facilities [Member] | Needham, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,610
Initial Cost of Buildings & Improvements	13,715
Cost Capitalized Subsequent to Acquisition	366
Carrying Amount of Land	1,610
Carrying Amount of Buildings and Improvements	14,081
Accumulated Depreciation	3,707
Year Acquired	2002
Year Built	1994
Senior housing and care facilities [Member] | Neenah, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	630
Initial Cost of Buildings & Improvements	15,120
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	630
Carrying Amount of Buildings and Improvements	15,120
Accumulated Depreciation	234
Year Acquired	2010
Year Built	1991
Senior housing and care facilities [Member] | New Haven, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	176
Initial Cost of Buildings & Improvements	3,524
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	176
Carrying Amount of Buildings and Improvements	3,524
Accumulated Depreciation	787
Year Acquired	2004
Year Built	1981
Senior housing and care facilities [Member] | New Haven, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	160
Initial Cost of Buildings & Improvements	4,778
Cost Capitalized Subsequent to Acquisition	1,682
Carrying Amount of Land	160
Carrying Amount of Buildings and Improvements	6,460
Accumulated Depreciation	1,877
Year Acquired	2006
Year Built	1958
Senior housing and care facilities [Member] | New York, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,440
Initial Cost of Buildings & Improvements	21,460
Cost Capitalized Subsequent to Acquisition	975
Carrying Amount of Land	1,440
Carrying Amount of Buildings and Improvements	22,435
Accumulated Depreciation	2,273
Year Acquired	2006
Year Built	1959
Senior housing and care facilities [Member] | Newark, DE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	560
Initial Cost of Buildings & Improvements	21,220
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	560
Carrying Amount of Buildings and Improvements	21,220
Accumulated Depreciation	3,452
Year Acquired	2004
Year Built	1998
Senior housing and care facilities [Member] | Newburyport, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	960
Initial Cost of Buildings & Improvements	8,290
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	960
Carrying Amount of Buildings and Improvements	8,290
Accumulated Depreciation	1,988
Year Acquired	2002
Year Built	1999
Senior housing and care facilities [Member] | Norman, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	55
Initial Cost of Buildings & Improvements	1,484
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	55
Carrying Amount of Buildings and Improvements	1,484
Accumulated Depreciation	688
Year Acquired	1995
Year Built	1995
Senior housing and care facilities [Member] | North Augusta, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	332
Initial Cost of Buildings & Improvements	2,558
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	332
Carrying Amount of Buildings and Improvements	2,558
Accumulated Depreciation	866
Year Acquired	1999
Year Built	1998
Senior housing and care facilities [Member] | North Miami, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	430
Initial Cost of Buildings & Improvements	3,918
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	430
Carrying Amount of Buildings and Improvements	3,918
Accumulated Depreciation	985
Year Acquired	2004
Year Built	1968
Senior housing and care facilities [Member] | North Miami, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	440
Initial Cost of Buildings & Improvements	4,830
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	440
Carrying Amount of Buildings and Improvements	4,830
Accumulated Depreciation	992
Year Acquired	2004
Year Built	1963
Senior housing and care facilities [Member] | North Miami Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	5,709
Cost Capitalized Subsequent to Acquisition	2,006
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	7,715
Accumulated Depreciation	5,145
Year Acquired	1998
Year Built	1987
Senior housing and care facilities [Member] | Norwalk, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	410
Initial Cost of Buildings & Improvements	2,118
Cost Capitalized Subsequent to Acquisition	2,973
Carrying Amount of Land	410
Carrying Amount of Buildings and Improvements	5,091
Accumulated Depreciation	1,581
Year Acquired	2004
Year Built	1971
Senior housing and care facilities [Member] | Ocala, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,340
Initial Cost of Buildings & Improvements	10,564
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,340
Carrying Amount of Buildings and Improvements	10,564
Accumulated Depreciation	374
Year Acquired	2008
Year Built	2009
Senior housing and care facilities [Member] | Ogden, UT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	6,700
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	6,700
Accumulated Depreciation	1,144
Year Acquired	2004
Year Built	1998
Senior housing and care facilities [Member] | Oklahoma City, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	510
Initial Cost of Buildings & Improvements	10,694
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	510
Carrying Amount of Buildings and Improvements	10,694
Accumulated Depreciation	1,463
Year Acquired	1998
Year Built	1979
Senior housing and care facilities [Member] | Oklahoma City, OK 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	590
Initial Cost of Buildings & Improvements	7,513
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	590
Carrying Amount of Buildings and Improvements	7,513
Accumulated Depreciation	518
Year Acquired	2007
Year Built	2008
Senior housing and care facilities [Member] | Oklahoma City, OK 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	760
Initial Cost of Buildings & Improvements	7,017
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	760
Carrying Amount of Buildings and Improvements	7,017
Accumulated Depreciation	358
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Olympia, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,387
Initial Cost of Land	550
Initial Cost of Buildings & Improvements	16,689
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	550
Carrying Amount of Buildings and Improvements	16,689
Accumulated Depreciation	434
Year Acquired	2010
Year Built	1995
Senior housing and care facilities [Member] | Omaha, NE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	10,230
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	10,230
Accumulated Depreciation	183
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Omaha, NE 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,681
Initial Cost of Land	380
Initial Cost of Buildings & Improvements	8,864
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	380
Carrying Amount of Buildings and Improvements	8,864
Accumulated Depreciation	157
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Oneonta, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	80
Initial Cost of Buildings & Improvements	5,020
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	80
Carrying Amount of Buildings and Improvements	5,020
Accumulated Depreciation	424
Year Acquired	2007
Year Built	1996
Senior housing and care facilities [Member] | Ormond Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	2,739
Cost Capitalized Subsequent to Acquisition	73
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	2,812
Accumulated Depreciation	1,213
Year Acquired	2002
Year Built	1983
Senior housing and care facilities [Member] | Oshkosh, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	900
Initial Cost of Buildings & Improvements	3,800
Cost Capitalized Subsequent to Acquisition	3,687
Carrying Amount of Land	900
Carrying Amount of Buildings and Improvements	7,487
Accumulated Depreciation	872
Year Acquired	2006
Year Built	2005
Senior housing and care facilities [Member] | Oshkosh, WI 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	400
Initial Cost of Buildings & Improvements	23,237
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	400
Carrying Amount of Buildings and Improvements	23,237
Accumulated Depreciation	1,212
Year Acquired	2007
Year Built	2008
Senior housing and care facilities [Member] | Oswego, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	900
Initial Cost of Buildings & Improvements	8,047
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	900
Carrying Amount of Buildings and Improvements	8,047
Accumulated Depreciation	505
Year Acquired	2006
Year Built	2008
Senior housing and care facilities [Member] | Overland Park, KS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,120
Initial Cost of Buildings & Improvements	8,360
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,120
Carrying Amount of Buildings and Improvements	8,360
Accumulated Depreciation	1,259
Year Acquired	2005
Year Built	1970
Senior housing and care facilities [Member] | Overland Park, KS 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,730
Initial Cost of Buildings & Improvements	27,076
Cost Capitalized Subsequent to Acquisition	340
Carrying Amount of Land	3,730
Carrying Amount of Buildings and Improvements	27,416
Accumulated Depreciation	768
Year Acquired	2008
Year Built	2009
Senior housing and care facilities [Member] | Overland Park, KS 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,500
Initial Cost of Buildings & Improvements	29,105
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,500
Carrying Amount of Buildings and Improvements	29,105
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1988
Senior housing and care facilities [Member] | Owasso, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	215
Initial Cost of Buildings & Improvements	1,380
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	215
Carrying Amount of Buildings and Improvements	1,380
Accumulated Depreciation	544
Year Acquired	1996
Year Built	1996
Senior housing and care facilities [Member] | Owensboro, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	240
Initial Cost of Buildings & Improvements	6,760
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	240
Carrying Amount of Buildings and Improvements	6,760
Accumulated Depreciation	1,134
Year Acquired	1993
Year Built	1966
Senior housing and care facilities [Member] | Owensboro, KY 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	225
Initial Cost of Buildings & Improvements	13,275
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	225
Carrying Amount of Buildings and Improvements	13,275
Accumulated Depreciation	2,135
Year Acquired	2005
Year Built	1964
Senior housing and care facilities [Member] | Owenton, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	100
Initial Cost of Buildings & Improvements	2,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	100
Carrying Amount of Buildings and Improvements	2,400
Accumulated Depreciation	474
Year Acquired	2005
Year Built	1979
Senior housing and care facilities [Member] | Oxford, MI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,094
Initial Cost of Land	1,430
Initial Cost of Buildings & Improvements	15,791
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,430
Carrying Amount of Buildings and Improvements	15,791
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2001
Senior housing and care facilities [Member] | Palestine, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	180
Initial Cost of Buildings & Improvements	4,320
Cost Capitalized Subsequent to Acquisition	1,300
Carrying Amount of Land	180
Carrying Amount of Buildings and Improvements	5,620
Accumulated Depreciation	579
Year Acquired	2006
Year Built	2005
Senior housing and care facilities [Member] | Palm Coast, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	870
Initial Cost of Buildings & Improvements	10,957
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	870
Carrying Amount of Buildings and Improvements	10,957
Accumulated Depreciation	259
Year Acquired	2008
Year Built	2010
Senior housing and care facilities [Member] | Panama City, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	9,200
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	9,200
Accumulated Depreciation	1,734
Year Acquired	2004
Year Built	1992
Senior housing and care facilities [Member] | Paris, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	490
Initial Cost of Buildings & Improvements	5,452
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	490
Carrying Amount of Buildings and Improvements	5,452
Accumulated Depreciation	1,513
Year Acquired	2005
Year Built	2006
Senior housing and care facilities [Member] | Pasadena, TX [ Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,207
Initial Cost of Land	720
Initial Cost of Buildings & Improvements	24,080
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	720
Carrying Amount of Buildings and Improvements	24,080
Accumulated Depreciation	2,390
Year Acquired	2007
Year Built	2005
Senior housing and care facilities [Member] | Paso Robles, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,770
Initial Cost of Buildings & Improvements	8,630
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,770
Carrying Amount of Buildings and Improvements	8,630
Accumulated Depreciation	2,143
Year Acquired	2002
Year Built	1998
Senior housing and care facilities [Member] | Pawleys Island, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,020
Initial Cost of Buildings & Improvements	32,590
Cost Capitalized Subsequent to Acquisition	5,249
Carrying Amount of Land	2,020
Carrying Amount of Buildings and Improvements	37,839
Accumulated Depreciation	4,609
Year Acquired	2005
Year Built	1997
Senior housing and care facilities [Member] | Pigeon Forge, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	320
Initial Cost of Buildings & Improvements	4,180
Cost Capitalized Subsequent to Acquisition	117
Carrying Amount of Land	320
Carrying Amount of Buildings and Improvements	4,297
Accumulated Depreciation	1,236
Year Acquired	2001
Year Built	1986
Senior housing and care facilities [Member] | Pikesville, MD [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	10,750
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	10,750
Accumulated Depreciation	1,124
Year Acquired	2007
Year Built	1983
Senior housing and care facilities [Member] | Pinehurst, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	2,690
Cost Capitalized Subsequent to Acquisition	484
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	3,174
Accumulated Depreciation	699
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Piqua, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	204
Initial Cost of Buildings & Improvements	1,885
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	204
Carrying Amount of Buildings and Improvements	1,885
Accumulated Depreciation	665
Year Acquired	1997
Year Built	1997
Senior housing and care facilities [Member] | Pittsburgh, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,750
Initial Cost of Buildings & Improvements	8,572
Cost Capitalized Subsequent to Acquisition	115
Carrying Amount of Land	1,750
Carrying Amount of Buildings and Improvements	8,687
Accumulated Depreciation	1,408
Year Acquired	2005
Year Built	1998
Senior housing and care facilities [Member] | Plano, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,305
Initial Cost of Buildings & Improvements	9,095
Cost Capitalized Subsequent to Acquisition	952
Carrying Amount of Land	1,305
Carrying Amount of Buildings and Improvements	10,047
Accumulated Depreciation	1,515
Year Acquired	2005
Year Built	1977
Senior housing and care facilities [Member] | Plattsmouth, NE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	250
Initial Cost of Buildings & Improvements	5,650
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	250
Carrying Amount of Buildings and Improvements	5,650
Accumulated Depreciation	107
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Plymouth, MI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,876
Initial Cost of Land	1,490
Initial Cost of Buildings & Improvements	19,990
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,490
Carrying Amount of Buildings and Improvements	19,990
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1972
Senior housing and care facilities [Member] | Port St. Joe, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	2,055
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	2,055
Accumulated Depreciation	666
Year Acquired	2004
Year Built	1982
Senior housing and care facilities [Member] | Port St. Lucie, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	8,700
Initial Cost of Buildings & Improvements	47,230
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	8,700
Carrying Amount of Buildings and Improvements	47,230
Accumulated Depreciation	932
Year Acquired	2008
Year Built	2010
Senior housing and care facilities [Member] | Post Falls, ID [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,700
Initial Cost of Buildings & Improvements	14,217
Cost Capitalized Subsequent to Acquisition	2,181
Carrying Amount of Land	2,700
Carrying Amount of Buildings and Improvements	16,398
Accumulated Depreciation	920
Year Acquired	2007
Year Built	2008
Senior housing and care facilities [Member] | Prospect, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	820
Initial Cost of Buildings & Improvements	1,441
Cost Capitalized Subsequent to Acquisition	2,503
Carrying Amount of Land	820
Carrying Amount of Buildings and Improvements	3,944
Accumulated Depreciation	1,356
Year Acquired	2004
Year Built	1970
Senior housing and care facilities [Member] | Pueblo, CO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	6,051
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	6,051
Accumulated Depreciation	2,460
Year Acquired	1998
Year Built	1989
Senior housing and care facilities [Member] | Puyallup, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	11,830
Initial Cost of Land	1,150
Initial Cost of Buildings & Improvements	20,776
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,150
Carrying Amount of Buildings and Improvements	20,776
Accumulated Depreciation	522
Year Acquired	2010
Year Built	1985
Senior housing and care facilities [Member] | Quincy, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	5,333
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	5,333
Accumulated Depreciation	1,105
Year Acquired	2004
Year Built	1983
Senior housing and care facilities [Member] | Quincy, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,690
Initial Cost of Buildings & Improvements	15,410
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,690
Carrying Amount of Buildings and Improvements	15,410
Accumulated Depreciation	2,436
Year Acquired	2004
Year Built	1999
Senior housing and care facilities [Member] | Quitman, MS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	60
Initial Cost of Buildings & Improvements	10,340
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	60
Carrying Amount of Buildings and Improvements	10,340
Accumulated Depreciation	1,861
Year Acquired	2004
Year Built	1976
Senior housing and care facilities [Member] | Raleigh, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	10,000
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	10,000
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2008
Senior housing and care facilities [Member] | Raytown, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	510
Initial Cost of Buildings & Improvements	5,490
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	510
Carrying Amount of Buildings and Improvements	5,490
Accumulated Depreciation	573
Year Acquired	2006
Year Built	2000
Senior housing and care facilities [Member] | Rehoboth Beach, DE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	960
Initial Cost of Buildings & Improvements	24,248
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	960
Carrying Amount of Buildings and Improvements	24,248
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1999
Senior housing and care facilities [Member] | Reidsville, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	170
Initial Cost of Buildings & Improvements	3,830
Cost Capitalized Subsequent to Acquisition	857
Carrying Amount of Land	170
Carrying Amount of Buildings and Improvements	4,687
Accumulated Depreciation	1,073
Year Acquired	2002
Year Built	1998
Senior housing and care facilities [Member] | Reno, NV [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,060
Initial Cost of Buildings & Improvements	11,440
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,060
Carrying Amount of Buildings and Improvements	11,440
Accumulated Depreciation	1,931
Year Acquired	2004
Year Built	1998
Senior housing and care facilities [Member] | Richmond, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,211
Initial Cost of Buildings & Improvements	2,889
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,211
Carrying Amount of Buildings and Improvements	2,889
Accumulated Depreciation	897
Year Acquired	2003
Year Built	1995
Senior housing and care facilities [Member] | Richmond, VA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	760
Initial Cost of Buildings & Improvements	12,640
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	760
Carrying Amount of Buildings and Improvements	12,640
Accumulated Depreciation	1,349
Year Acquired	2007
Year Built	1969
Senior housing and care facilities [Member] | Ridgeland, MS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	520
Initial Cost of Buildings & Improvements	7,675
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	520
Carrying Amount of Buildings and Improvements	7,675
Accumulated Depreciation	1,521
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | Ridgely, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	5,700
Cost Capitalized Subsequent to Acquisition	97
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	5,797
Accumulated Depreciation	1,534
Year Acquired	2001
Year Built	1990
Senior housing and care facilities [Member] | Ringgold, LA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	30
Initial Cost of Buildings & Improvements	4,174
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	30
Carrying Amount of Buildings and Improvements	4,174
Accumulated Depreciation	705
Year Acquired	2005
Year Built	1984
Senior housing and care facilities [Member] | Rockledge, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	4,117
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	4,117
Accumulated Depreciation	1,390
Year Acquired	2001
Year Built	1970
Senior housing and care facilities [Member] | Rockwood, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	500
Initial Cost of Buildings & Improvements	7,116
Cost Capitalized Subsequent to Acquisition	741
Carrying Amount of Land	500
Carrying Amount of Buildings and Improvements	7,857
Accumulated Depreciation	2,082
Year Acquired	2001
Year Built	1979
Senior housing and care facilities [Member] | Rocky Hill, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,460
Initial Cost of Buildings & Improvements	7,040
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,460
Carrying Amount of Buildings and Improvements	7,040
Accumulated Depreciation	1,857
Year Acquired	2002
Year Built	1998
Senior housing and care facilities [Member] | Rocky Hill, CT 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,090
Initial Cost of Buildings & Improvements	6,710
Cost Capitalized Subsequent to Acquisition	1,500
Carrying Amount of Land	1,090
Carrying Amount of Buildings and Improvements	8,210
Accumulated Depreciation	1,403
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Rogersville, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	350
Initial Cost of Buildings & Improvements	3,278
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	350
Carrying Amount of Buildings and Improvements	3,278
Accumulated Depreciation	822
Year Acquired	2003
Year Built	1980
Senior housing and care facilities [Member] | Rohnert Park, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	14,280
Initial Cost of Land	6,500
Initial Cost of Buildings & Improvements	18,700
Cost Capitalized Subsequent to Acquisition	1,125
Carrying Amount of Land	6,500
Carrying Amount of Buildings and Improvements	19,825
Accumulated Depreciation	2,530
Year Acquired	2005
Year Built	1985
Senior housing and care facilities [Member] | Romeoville, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	854
Initial Cost of Buildings & Improvements	12,646
Cost Capitalized Subsequent to Acquisition	58,220
Carrying Amount of Land	6,100
Carrying Amount of Buildings and Improvements	65,620
Accumulated Depreciation	1,536
Year Acquired	2006
Year Built	2010
Senior housing and care facilities [Member] | Romeoville, IL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,895
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,895
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2006
Senior housing and care facilities [Member] | Roswell, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,211
Initial Cost of Land	1,107
Initial Cost of Buildings & Improvements	9,627
Cost Capitalized Subsequent to Acquisition	358
Carrying Amount of Land	1,107
Carrying Amount of Buildings and Improvements	9,985
Accumulated Depreciation	5,611
Year Acquired	1997
Year Built	1999
Senior housing and care facilities [Member] | Royal Palm Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	980
Initial Cost of Buildings & Improvements	8,320
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	980
Carrying Amount of Buildings and Improvements	8,320
Accumulated Depreciation	1,604
Year Acquired	2004
Year Built	1984
Senior housing and care facilities [Member] | Ruston, LA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	130
Initial Cost of Buildings & Improvements	9,403
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	130
Carrying Amount of Buildings and Improvements	9,403
Accumulated Depreciation	1,407
Year Acquired	2005
Year Built	1965
Senior housing and care facilities [Member] | Sacramento, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,834
Initial Cost of Land	940
Initial Cost of Buildings & Improvements	14,781
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	940
Carrying Amount of Buildings and Improvements	14,781
Accumulated Depreciation	404
Year Acquired	2010
Year Built	1978
Senior housing and care facilities [Member] | Saint Simons Island, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,440
Initial Cost of Buildings & Improvements	50,060
Cost Capitalized Subsequent to Acquisition	963
Carrying Amount of Land	6,440
Carrying Amount of Buildings and Improvements	51,023
Accumulated Depreciation	3,212
Year Acquired	2008
Year Built	2007
Senior housing and care facilities [Member] | Salem, OR [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	449
Initial Cost of Buildings & Improvements	5,172
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	449
Carrying Amount of Buildings and Improvements	5,172
Accumulated Depreciation	1,727
Year Acquired	1999
Year Built	1998
Senior housing and care facilities [Member] | Salisbury, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	5,697
Cost Capitalized Subsequent to Acquisition	168
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	5,865
Accumulated Depreciation	1,187
Year Acquired	2003
Year Built	1997
Senior housing and care facilities [Member] | San Angelo, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	260
Initial Cost of Buildings & Improvements	8,800
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	260
Carrying Amount of Buildings and Improvements	8,800
Accumulated Depreciation	1,456
Year Acquired	2004
Year Built	1997
Senior housing and care facilities [Member] | San Antonio, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	11,026
Initial Cost of Land	560
Initial Cost of Buildings & Improvements	7,315
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	560
Carrying Amount of Buildings and Improvements	7,315
Accumulated Depreciation	1,817
Year Acquired	2002
Year Built	2000
Senior housing and care facilities [Member] | San Antonio, TX 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,163
Initial Cost of Land	640
Initial Cost of Buildings & Improvements	13,360
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	640
Carrying Amount of Buildings and Improvements	13,360
Accumulated Depreciation	1,386
Year Acquired	2007
Year Built	2004
Senior housing and care facilities [Member] | San Juan Capistrano, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,390
Initial Cost of Buildings & Improvements	6,942
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,390
Carrying Amount of Buildings and Improvements	6,942
Accumulated Depreciation	1,839
Year Acquired	2000
Year Built	2001
Senior housing and care facilities [Member] | San Ramon, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,851
Initial Cost of Land	2,430
Initial Cost of Buildings & Improvements	17,488
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,430
Carrying Amount of Buildings and Improvements	17,488
Accumulated Depreciation	467
Year Acquired	2010
Year Built	1989
Senior housing and care facilities [Member] | Sarasota, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	475
Initial Cost of Buildings & Improvements	3,175
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	475
Carrying Amount of Buildings and Improvements	3,175
Accumulated Depreciation	1,326
Year Acquired	1996
Year Built	1995
Senior housing and care facilities [Member] | Sarasota, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	560
Initial Cost of Buildings & Improvements	8,474
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	560
Carrying Amount of Buildings and Improvements	8,474
Accumulated Depreciation	2,703
Year Acquired	1999
Year Built	2000
Senior housing and care facilities [Member] | Sarasota, FL 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	600
Initial Cost of Buildings & Improvements	3,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	600
Carrying Amount of Buildings and Improvements	3,400
Accumulated Depreciation	713
Year Acquired	2004
Year Built	1982
Senior housing and care facilities [Member] | Scituate, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,740
Initial Cost of Buildings & Improvements	10,640
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,740
Carrying Amount of Buildings and Improvements	10,640
Accumulated Depreciation	1,484
Year Acquired	2005
Year Built	1976
Senior housing and care facilities [Member] | Scottsdale, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,500
Initial Cost of Buildings & Improvements	3,890
Cost Capitalized Subsequent to Acquisition	710
Carrying Amount of Land	2,500
Carrying Amount of Buildings and Improvements	4,600
Accumulated Depreciation	291
Year Acquired	2008
Year Built	1999
Senior housing and care facilities [Member] | Seattle, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,921
Initial Cost of Land	5,190
Initial Cost of Buildings & Improvements	9,350
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	5,190
Carrying Amount of Buildings and Improvements	9,350
Accumulated Depreciation	389
Year Acquired	2010
Year Built	1962
Senior housing and care facilities [Member] | Seattle, WA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,040
Initial Cost of Land	3,420
Initial Cost of Buildings & Improvements	15,555
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,420
Carrying Amount of Buildings and Improvements	15,555
Accumulated Depreciation	444
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Seattle, WA 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,548
Initial Cost of Land	2,630
Initial Cost of Buildings & Improvements	10,257
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,630
Carrying Amount of Buildings and Improvements	10,257
Accumulated Depreciation	328
Year Acquired	2010
Year Built	2003
Senior housing and care facilities [Member] | Seattle, WA 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	29,655
Initial Cost of Land	10,670
Initial Cost of Buildings & Improvements	37,291
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	10,670
Carrying Amount of Buildings and Improvements	37,291
Accumulated Depreciation	919
Year Acquired	2010
Year Built	2005
Senior housing and care facilities [Member] | Selbyville, DE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	750
Initial Cost of Buildings & Improvements	25,912
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	750
Carrying Amount of Buildings and Improvements	25,912
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2008
Senior housing and care facilities [Member] | Seven Fields, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	484
Initial Cost of Buildings & Improvements	4,663
Cost Capitalized Subsequent to Acquisition	59
Carrying Amount of Land	484
Carrying Amount of Buildings and Improvements	4,722
Accumulated Depreciation	1,585
Year Acquired	1999
Year Built	1999
Senior housing and care facilities [Member] | Seville, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	230
Initial Cost of Buildings & Improvements	1,770
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	230
Carrying Amount of Buildings and Improvements	1,770
Accumulated Depreciation	387
Year Acquired	2005
Year Built	1981
Senior housing and care facilities [Member] | Shawnee, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	80
Initial Cost of Buildings & Improvements	1,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	80
Carrying Amount of Buildings and Improvements	1,400
Accumulated Depreciation	574
Year Acquired	1996
Year Built	1995
Senior housing and care facilities [Member] | Sheboygan, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	80
Initial Cost of Buildings & Improvements	5,320
Cost Capitalized Subsequent to Acquisition	3,774
Carrying Amount of Land	80
Carrying Amount of Buildings and Improvements	9,094
Accumulated Depreciation	663
Year Acquired	2006
Year Built	2006
Senior housing and care facilities [Member] | Shelby, MS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	60
Initial Cost of Buildings & Improvements	5,340
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	60
Carrying Amount of Buildings and Improvements	5,340
Accumulated Depreciation	991
Year Acquired	2004
Year Built	1979
Senior housing and care facilities [Member] | Shelbyville, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	630
Initial Cost of Buildings & Improvements	3,870
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	630
Carrying Amount of Buildings and Improvements	3,870
Accumulated Depreciation	630
Year Acquired	2005
Year Built	1965
Senior housing and care facilities [Member] | Sherman, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	700
Initial Cost of Buildings & Improvements	5,221
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	700
Carrying Amount of Buildings and Improvements	5,221
Accumulated Depreciation	565
Year Acquired	2005
Year Built	2006
Senior housing and care facilities [Member] | Shrewsbury, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,120
Initial Cost of Buildings & Improvements	38,116
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,120
Carrying Amount of Buildings and Improvements	38,116
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Silvis, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	880
Initial Cost of Buildings & Improvements	16,420
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	880
Carrying Amount of Buildings and Improvements	16,420
Accumulated Depreciation	147
Year Acquired	2010
Year Built	2005
Senior housing and care facilities [Member] | Smithfield, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	290
Initial Cost of Buildings & Improvements	5,680
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	290
Carrying Amount of Buildings and Improvements	5,680
Accumulated Depreciation	1,169
Year Acquired	2003
Year Built	1998
Senior housing and care facilities [Member] | Sonoma, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	15,400
Initial Cost of Land	1,100
Initial Cost of Buildings & Improvements	18,400
Cost Capitalized Subsequent to Acquisition	869
Carrying Amount of Land	1,100
Carrying Amount of Buildings and Improvements	19,269
Accumulated Depreciation	2,467
Year Acquired	2005
Year Built	1988
Senior housing and care facilities [Member] | South Boston, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	385
Initial Cost of Buildings & Improvements	2,002
Cost Capitalized Subsequent to Acquisition	5,218
Carrying Amount of Land	385
Carrying Amount of Buildings and Improvements	7,220
Accumulated Depreciation	2,460
Year Acquired	1995
Year Built	1961
Senior housing and care facilities [Member] | South Pittsburg, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	430
Initial Cost of Buildings & Improvements	5,628
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	430
Carrying Amount of Buildings and Improvements	5,628
Accumulated Depreciation	1,193
Year Acquired	2004
Year Built	1979
Senior housing and care facilities [Member] | Sparks, NV [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,700
Initial Cost of Buildings & Improvements	46,526
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,700
Carrying Amount of Buildings and Improvements	46,526
Accumulated Depreciation	1,789
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Spartanburg, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,350
Initial Cost of Buildings & Improvements	15,750
Cost Capitalized Subsequent to Acquisition	9,028
Carrying Amount of Land	3,350
Carrying Amount of Buildings and Improvements	24,778
Accumulated Depreciation	2,498
Year Acquired	2005
Year Built	1997
Senior housing and care facilities [Member] | Spring City, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	420
Initial Cost of Buildings & Improvements	6,085
Cost Capitalized Subsequent to Acquisition	2,579
Carrying Amount of Land	420
Carrying Amount of Buildings and Improvements	8,664
Accumulated Depreciation	2,179
Year Acquired	2001
Year Built	1987
Senior housing and care facilities [Member] | St. Charles, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	990
Initial Cost of Buildings & Improvements	15,265
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	990
Carrying Amount of Buildings and Improvements	15,265
Accumulated Depreciation	647
Year Acquired	2006
Year Built	2009
Senior housing and care facilities [Member] | St. Louis, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	750
Initial Cost of Buildings & Improvements	6,030
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	750
Carrying Amount of Buildings and Improvements	6,030
Accumulated Depreciation	1,436
Year Acquired	1995
Year Built	1994
Senior housing and care facilities [Member] | St. Louis, MO 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,890
Initial Cost of Buildings & Improvements	14,430
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,890
Carrying Amount of Buildings and Improvements	14,430
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1963
Senior housing and care facilities [Member] | Stanwood, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,501
Initial Cost of Land	2,260
Initial Cost of Buildings & Improvements	28,474
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,260
Carrying Amount of Buildings and Improvements	28,474
Accumulated Depreciation	689
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Starke, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	120
Initial Cost of Buildings & Improvements	10,180
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	120
Carrying Amount of Buildings and Improvements	10,180
Accumulated Depreciation	1,903
Year Acquired	2004
Year Built	1990
Senior housing and care facilities [Member] | Statesville, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	150
Initial Cost of Buildings & Improvements	1,447
Cost Capitalized Subsequent to Acquisition	266
Carrying Amount of Land	150
Carrying Amount of Buildings and Improvements	1,713
Accumulated Depreciation	376
Year Acquired	2003
Year Built	1990
Senior housing and care facilities [Member] | Statesville, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	6,183
Cost Capitalized Subsequent to Acquisition	8
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	6,191
Accumulated Depreciation	1,228
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Statesville, NC 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	140
Initial Cost of Buildings & Improvements	3,627
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	140
Carrying Amount of Buildings and Improvements	3,627
Accumulated Depreciation	746
Year Acquired	2003
Year Built	1999
Senior housing and care facilities [Member] | Staunton, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	11,090
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	11,090
Accumulated Depreciation	1,196
Year Acquired	2007
Year Built	1959
Senior housing and care facilities [Member] | Stillwater, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	80
Initial Cost of Buildings & Improvements	1,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	80
Carrying Amount of Buildings and Improvements	1,400
Accumulated Depreciation	577
Year Acquired	1995
Year Built	1995
Senior housing and care facilities [Member] | Stockton, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,773
Initial Cost of Land	2,280
Initial Cost of Buildings & Improvements	5,983
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,280
Carrying Amount of Buildings and Improvements	5,983
Accumulated Depreciation	254
Year Acquired	2010
Year Built	1988
Senior housing and care facilities [Member] | Stuart, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	390
Initial Cost of Buildings & Improvements	8,110
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	390
Carrying Amount of Buildings and Improvements	8,110
Accumulated Depreciation	1,503
Year Acquired	2004
Year Built	1985
Senior housing and care facilities [Member] | Swanton, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	330
Initial Cost of Buildings & Improvements	6,370
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	330
Carrying Amount of Buildings and Improvements	6,370
Accumulated Depreciation	1,132
Year Acquired	2004
Year Built	1950
Senior housing and care facilities [Member] | Tampa, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	830
Initial Cost of Buildings & Improvements	6,370
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	830
Carrying Amount of Buildings and Improvements	6,370
Accumulated Depreciation	1,470
Year Acquired	2004
Year Built	1968
Senior housing and care facilities [Member] | Texarkana, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	192
Initial Cost of Buildings & Improvements	1,403
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	192
Carrying Amount of Buildings and Improvements	1,403
Accumulated Depreciation	552
Year Acquired	1996
Year Built	1996
Senior housing and care facilities [Member] | Toledo, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	16,896
Initial Cost of Land	2,040
Initial Cost of Buildings & Improvements	47,129
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,040
Carrying Amount of Buildings and Improvements	47,129
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1985
Senior housing and care facilities [Member] | Toms River, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,610
Initial Cost of Buildings & Improvements	34,627
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,610
Carrying Amount of Buildings and Improvements	34,627
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2005
Senior housing and care facilities [Member] | Torrington, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	1,261
Cost Capitalized Subsequent to Acquisition	1,274
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	2,535
Accumulated Depreciation	767
Year Acquired	2004
Year Built	1966
Senior housing and care facilities [Member] | Troy, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	2,000
Cost Capitalized Subsequent to Acquisition	4,254
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	6,254
Accumulated Depreciation	832
Year Acquired	1997
Year Built	1997
Senior housing and care facilities [Member] | Troy, OH 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	470
Initial Cost of Buildings & Improvements	16,730
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	470
Carrying Amount of Buildings and Improvements	16,730
Accumulated Depreciation	2,862
Year Acquired	2004
Year Built	1971
Senior housing and care facilities [Member] | Tucson, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	930
Initial Cost of Buildings & Improvements	13,399
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	930
Carrying Amount of Buildings and Improvements	13,399
Accumulated Depreciation	1,923
Year Acquired	2005
Year Built	1985
Senior housing and care facilities [Member] | Tulsa, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,390
Initial Cost of Buildings & Improvements	7,110
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,390
Carrying Amount of Buildings and Improvements	7,110
Accumulated Depreciation	127
Year Acquired	2010
Year Built	1998
Senior housing and care facilities [Member] | Tulsa, OK 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,579
Initial Cost of Land	1,330
Initial Cost of Buildings & Improvements	21,285
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,330
Carrying Amount of Buildings and Improvements	21,285
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1986
Senior housing and care facilities [Member] | Tulsa, OK 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,598
Initial Cost of Land	1,500
Initial Cost of Buildings & Improvements	20,861
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,500
Carrying Amount of Buildings and Improvements	20,861
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1984
Senior housing and care facilities [Member] | Twin Falls, ID [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	550
Initial Cost of Buildings & Improvements	14,740
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	550
Carrying Amount of Buildings and Improvements	14,740
Accumulated Depreciation	3,557
Year Acquired	2002
Year Built	1991
Senior housing and care facilities [Member] | Tyler, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	650
Initial Cost of Buildings & Improvements	5,268
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	650
Carrying Amount of Buildings and Improvements	5,268
Accumulated Depreciation	511
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Uhrichsville, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	24
Initial Cost of Buildings & Improvements	6,716
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	24
Carrying Amount of Buildings and Improvements	6,716
Accumulated Depreciation	925
Year Acquired	2006
Year Built	1977
Senior housing and care facilities [Member] | Vacaville, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	14,683
Initial Cost of Land	900
Initial Cost of Buildings & Improvements	17,100
Cost Capitalized Subsequent to Acquisition	1,127
Carrying Amount of Land	900
Carrying Amount of Buildings and Improvements	18,227
Accumulated Depreciation	2,312
Year Acquired	2005
Year Built	1986
Senior housing and care facilities [Member] | Vallejo, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	22,409
Initial Cost of Land	4,000
Initial Cost of Buildings & Improvements	18,000
Cost Capitalized Subsequent to Acquisition	1,341
Carrying Amount of Land	4,000
Carrying Amount of Buildings and Improvements	19,341
Accumulated Depreciation	2,428
Year Acquired	2005
Year Built	1989
Senior housing and care facilities [Member] | Vallejo, CA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,330
Initial Cost of Buildings & Improvements	15,407
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,330
Carrying Amount of Buildings and Improvements	15,407
Accumulated Depreciation	444
Year Acquired	2010
Year Built	1990
Senior housing and care facilities [Member] | Valparaiso, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	112
Initial Cost of Buildings & Improvements	2,558
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	112
Carrying Amount of Buildings and Improvements	2,558
Accumulated Depreciation	688
Year Acquired	2001
Year Built	1998
Senior housing and care facilities [Member] | Valparaiso, IN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	108
Initial Cost of Buildings & Improvements	2,962
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	108
Carrying Amount of Buildings and Improvements	2,962
Accumulated Depreciation	780
Year Acquired	2001
Year Built	1999
Senior housing and care facilities [Member] | Vancouver, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,000
Initial Cost of Land	1,820
Initial Cost of Buildings & Improvements	19,042
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,820
Carrying Amount of Buildings and Improvements	19,042
Accumulated Depreciation	484
Year Acquired	2010
Year Built	2006
Senior housing and care facilities [Member] | Venice, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	500
Initial Cost of Buildings & Improvements	6,000
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	500
Carrying Amount of Buildings and Improvements	6,000
Accumulated Depreciation	1,108
Year Acquired	2004
Year Built	1987
Senior housing and care facilities [Member] | Venice, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,150
Initial Cost of Buildings & Improvements	10,674
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,150
Carrying Amount of Buildings and Improvements	10,674
Accumulated Depreciation	302
Year Acquired	2008
Year Built	2009
Senior housing and care facilities [Member] | Vero Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	263
Initial Cost of Buildings & Improvements	3,187
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	263
Carrying Amount of Buildings and Improvements	3,187
Accumulated Depreciation	830
Year Acquired	2001
Year Built	1999
Senior housing and care facilities [Member] | Vero Beach, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	297
Initial Cost of Buildings & Improvements	3,263
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	297
Carrying Amount of Buildings and Improvements	3,263
Accumulated Depreciation	858
Year Acquired	2001
Year Built	1996
Senior housing and care facilities [Member] | Vero Beach, FL 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,930
Initial Cost of Buildings & Improvements	40,070
Cost Capitalized Subsequent to Acquisition	3,202
Carrying Amount of Land	2,930
Carrying Amount of Buildings and Improvements	43,272
Accumulated Depreciation	3,677
Year Acquired	2007
Year Built	2003
Senior housing and care facilities [Member] | W. Hartford, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,650
Initial Cost of Buildings & Improvements	5,980
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,650
Carrying Amount of Buildings and Improvements	5,980
Accumulated Depreciation	1,146
Year Acquired	2004
Year Built	1905
Senior housing and care facilities [Member] | Wake Forest, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	200
Initial Cost of Buildings & Improvements	3,003
Cost Capitalized Subsequent to Acquisition	1,742
Carrying Amount of Land	200
Carrying Amount of Buildings and Improvements	4,745
Accumulated Depreciation	1,417
Year Acquired	1998
Year Built	1999
Senior housing and care facilities [Member] | Wareham, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	875
Initial Cost of Buildings & Improvements	10,313
Cost Capitalized Subsequent to Acquisition	1,701
Carrying Amount of Land	875
Carrying Amount of Buildings and Improvements	12,014
Accumulated Depreciation	2,917
Year Acquired	2002
Year Built	1989
Senior housing and care facilities [Member] | Warren, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	240
Initial Cost of Buildings & Improvements	3,810
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	240
Carrying Amount of Buildings and Improvements	3,810
Accumulated Depreciation	660
Year Acquired	2005
Year Built	1973
Senior housing and care facilities [Member] | Waterbury, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	370
Initial Cost of Buildings & Improvements	2,166
Cost Capitalized Subsequent to Acquisition	1,859
Carrying Amount of Land	370
Carrying Amount of Buildings and Improvements	4,025
Accumulated Depreciation	1,085
Year Acquired	2006
Year Built	1972
Senior housing and care facilities [Member] | Waterford, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,360
Initial Cost of Buildings & Improvements	12,540
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,360
Carrying Amount of Buildings and Improvements	12,540
Accumulated Depreciation	3,043
Year Acquired	2002
Year Built	2000
Senior housing and care facilities [Member] | Waukesha, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,100
Initial Cost of Buildings & Improvements	14,910
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,100
Carrying Amount of Buildings and Improvements	14,910
Accumulated Depreciation	402
Year Acquired	2008
Year Built	2009
Senior housing and care facilities [Member] | Waxahachie, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	650
Initial Cost of Buildings & Improvements	5,763
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	650
Carrying Amount of Buildings and Improvements	5,763
Accumulated Depreciation	410
Year Acquired	2007
Year Built	2008
Senior housing and care facilities [Member] | Weatherford, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	660
Initial Cost of Buildings & Improvements	5,261
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	660
Carrying Amount of Buildings and Improvements	5,261
Accumulated Depreciation	514
Year Acquired	2006
Year Built	2007
Senior housing and care facilities [Member] | Webster, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,713
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	5,940
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	5,940
Accumulated Depreciation	1,470
Year Acquired	2002
Year Built	2000
Senior housing and care facilities [Member] | West Haven, CT [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	580
Initial Cost of Buildings & Improvements	1,620
Cost Capitalized Subsequent to Acquisition	1,529
Carrying Amount of Land	580
Carrying Amount of Buildings and Improvements	3,149
Accumulated Depreciation	1,019
Year Acquired	2004
Year Built	1971
Senior housing and care facilities [Member] | West Worthington, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	510
Initial Cost of Buildings & Improvements	5,090
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	510
Carrying Amount of Buildings and Improvements	5,090
Accumulated Depreciation	733
Year Acquired	2006
Year Built	1980
Senior housing and care facilities [Member] | Westerville, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	740
Initial Cost of Buildings & Improvements	8,287
Cost Capitalized Subsequent to Acquisition	2,736
Carrying Amount of Land	740
Carrying Amount of Buildings and Improvements	11,023
Accumulated Depreciation	5,344
Year Acquired	1998
Year Built	2001
Senior housing and care facilities [Member] | Westlake, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,330
Initial Cost of Buildings & Improvements	17,926
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,330
Carrying Amount of Buildings and Improvements	17,926
Accumulated Depreciation	4,559
Year Acquired	2001
Year Built	1985
Senior housing and care facilities [Member] | Westlake, OH 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	571
Initial Cost of Buildings & Improvements	5,411
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	571
Carrying Amount of Buildings and Improvements	5,411
Accumulated Depreciation	2,121
Year Acquired	1998
Year Built	1957
Senior housing and care facilities [Member] | Westmoreland, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	330
Initial Cost of Buildings & Improvements	1,822
Cost Capitalized Subsequent to Acquisition	2,634
Carrying Amount of Land	330
Carrying Amount of Buildings and Improvements	4,456
Accumulated Depreciation	1,218
Year Acquired	2001
Year Built	1994
Senior housing and care facilities [Member] | White Hall, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	50
Initial Cost of Buildings & Improvements	5,550
Cost Capitalized Subsequent to Acquisition	670
Carrying Amount of Land	50
Carrying Amount of Buildings and Improvements	6,220
Accumulated Depreciation	3,316
Year Acquired	2002
Year Built	1971
Senior housing and care facilities [Member] | White Lake, MI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	11,145
Initial Cost of Land	2,920
Initial Cost of Buildings & Improvements	20,179
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,920
Carrying Amount of Buildings and Improvements	20,179
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2000
Senior housing and care facilities [Member] | Whitemarsh, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,310
Initial Cost of Buildings & Improvements	6,190
Cost Capitalized Subsequent to Acquisition	1,702
Carrying Amount of Land	2,310
Carrying Amount of Buildings and Improvements	7,892
Accumulated Depreciation	1,236
Year Acquired	2005
Year Built	1967
Senior housing and care facilities [Member] | Whittier, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,295
Initial Cost of Land	4,470
Initial Cost of Buildings & Improvements	22,151
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,470
Carrying Amount of Buildings and Improvements	22,151
Accumulated Depreciation	596
Year Acquired	2010
Year Built	1988
Senior housing and care facilities [Member] | Wichita, KS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,400
Initial Cost of Buildings & Improvements	11,000
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,400
Carrying Amount of Buildings and Improvements	11,000
Accumulated Depreciation	1,289
Year Acquired	2006
Year Built	1997
Senior housing and care facilities [Member] | Williamsburg, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,360
Initial Cost of Buildings & Improvements	7,440
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,360
Carrying Amount of Buildings and Improvements	7,440
Accumulated Depreciation	805
Year Acquired	2007
Year Built	1970
Senior housing and care facilities [Member] | Williamstown, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	70
Initial Cost of Buildings & Improvements	6,430
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	70
Carrying Amount of Buildings and Improvements	6,430
Accumulated Depreciation	1,044
Year Acquired	2005
Year Built	1987
Senior housing and care facilities [Member] | Wilmington, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	210
Initial Cost of Buildings & Improvements	2,991
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	210
Carrying Amount of Buildings and Improvements	2,991
Accumulated Depreciation	990
Year Acquired	1999
Year Built	1999
Senior housing and care facilities [Member] | Winchester, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	640
Initial Cost of Buildings & Improvements	1,510
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	640
Carrying Amount of Buildings and Improvements	1,510
Accumulated Depreciation	112
Year Acquired	2008
Year Built	1964
Senior housing and care facilities [Member] | Winston-Salem, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	360
Initial Cost of Buildings & Improvements	2,514
Cost Capitalized Subsequent to Acquisition	459
Carrying Amount of Land	360
Carrying Amount of Buildings and Improvements	2,973
Accumulated Depreciation	630
Year Acquired	2003
Year Built	1996
Senior housing and care facilities [Member] | Winston-Salem, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	5,700
Initial Cost of Buildings & Improvements	13,550
Cost Capitalized Subsequent to Acquisition	13,154
Carrying Amount of Land	5,700
Carrying Amount of Buildings and Improvements	26,704
Accumulated Depreciation	2,730
Year Acquired	2005
Year Built	1997
Senior housing and care facilities [Member] | Woodbridge, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	680
Initial Cost of Buildings & Improvements	4,423
Cost Capitalized Subsequent to Acquisition	330
Carrying Amount of Land	680
Carrying Amount of Buildings and Improvements	4,753
Accumulated Depreciation	1,155
Year Acquired	2002
Year Built	1977
Senior housing and care facilities [Member] | Worcester, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,500
Initial Cost of Buildings & Improvements	54,099
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,500
Carrying Amount of Buildings and Improvements	54,099
Accumulated Depreciation	1,448
Year Acquired	2007
Year Built	2009
Senior housing and care facilities [Member] | Worcester, MA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,300
Initial Cost of Buildings & Improvements	9,060
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,300
Carrying Amount of Buildings and Improvements	9,060
Accumulated Depreciation	576
Year Acquired	2008
Year Built	1993
Senior housing and care facilities [Member] | Zionsville, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,610
Initial Cost of Buildings & Improvements	22,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,610
Carrying Amount of Buildings and Improvements	22,400
Accumulated Depreciation	148
Year Acquired	2010
Year Built	2009
Medical facilities [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	463,478
Initial Cost of Land	232,281
Initial Cost of Buildings & Improvements	2,486,537
Cost Capitalized Subsequent to Acquisition	90,758
Carrying Amount of Land	242,742
Carrying Amount of Buildings and Improvements	2,566,834
Accumulated Depreciation	237,690
Medical facilities [Member] | Akron, OH 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	300
Initial Cost of Buildings & Improvements	20,200
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	300
Carrying Amount of Buildings and Improvements	20,200
Accumulated Depreciation	528
Year Acquired	2009
Year Built	2008
Medical facilities [Member] | Amarillo, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	72
Initial Cost of Buildings & Improvements	11,928
Cost Capitalized Subsequent to Acquisition	1,400
Carrying Amount of Land	72
Carrying Amount of Buildings and Improvements	13,328
Accumulated Depreciation	1,793
Year Acquired	2005
Year Built	1986
Medical facilities [Member] | Arcadia, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,154
Initial Cost of Land	5,408
Initial Cost of Buildings & Improvements	23,219
Cost Capitalized Subsequent to Acquisition	1,082
Carrying Amount of Land	5,618
Carrying Amount of Buildings and Improvements	24,091
Accumulated Depreciation	3,567
Year Acquired	2006
Year Built	1984
Medical facilities [Member] | Atlanta, GA 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,931
Initial Cost of Buildings & Improvements	18,720
Cost Capitalized Subsequent to Acquisition	1,481
Carrying Amount of Land	5,293
Carrying Amount of Buildings and Improvements	19,839
Accumulated Depreciation	3,691
Year Acquired	2006
Year Built	1992
Medical facilities [Member] | Austell, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,223
Initial Cost of Buildings & Improvements	7,982
Cost Capitalized Subsequent to Acquisition	59
Carrying Amount of Land	2,223
Carrying Amount of Buildings and Improvements	8,041
Accumulated Depreciation	2,048
Year Acquired	2006
Year Built	1999
Medical facilities [Member] | Bartlett, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,498
Initial Cost of Land	187
Initial Cost of Buildings & Improvements	15,015
Cost Capitalized Subsequent to Acquisition	657
Carrying Amount of Land	187
Carrying Amount of Buildings and Improvements	15,672
Accumulated Depreciation	2,205
Year Acquired	2007
Year Built	2004
Medical facilities [Member] | Boynton Beach, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,225
Initial Cost of Land	214
Initial Cost of Buildings & Improvements	6,574
Cost Capitalized Subsequent to Acquisition	206
Carrying Amount of Land	214
Carrying Amount of Buildings and Improvements	6,780
Accumulated Depreciation	978
Year Acquired	2007
Year Built	2004
Medical facilities [Member] | Boynton Beach, FL 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,603
Initial Cost of Land	2,048
Initial Cost of Buildings & Improvements	7,692
Cost Capitalized Subsequent to Acquisition	188
Carrying Amount of Land	2,048
Carrying Amount of Buildings and Improvements	7,880
Accumulated Depreciation	1,620
Year Acquired	2006
Year Built	1995
Medical facilities [Member] | Boynton Beach, FL 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,129
Initial Cost of Land	2,048
Initial Cost of Buildings & Improvements	7,403
Cost Capitalized Subsequent to Acquisition	645
Carrying Amount of Land	2,048
Carrying Amount of Buildings and Improvements	8,048
Accumulated Depreciation	1,169
Year Acquired	2006
Year Built	1997
Medical facilities [Member] | Boynton Beach, FL 4 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,164
Initial Cost of Land	109
Initial Cost of Buildings & Improvements	11,235
Cost Capitalized Subsequent to Acquisition	458
Carrying Amount of Land	117
Carrying Amount of Buildings and Improvements	11,685
Accumulated Depreciation	1,624
Year Acquired	2007
Year Built	1996
Medical facilities [Member] | Boardman, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,200
Initial Cost of Buildings & Improvements	12,800
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,200
Carrying Amount of Buildings and Improvements	12,800
Accumulated Depreciation	862
Year Acquired	2008
Year Built	2008
Medical facilities [Member] | Boardman, OH 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	80
Initial Cost of Buildings & Improvements	13,619
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	80
Carrying Amount of Buildings and Improvements	13,619
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2007
Medical facilities [Member] | Bellaire, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,551
Initial Cost of Buildings & Improvements	45,900
Cost Capitalized Subsequent to Acquisition	205
Carrying Amount of Land	4,551
Carrying Amount of Buildings and Improvements	46,105
Accumulated Depreciation	5,270
Year Acquired	2006
Year Built	2005
Medical facilities [Member] | Bellaire, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,972
Initial Cost of Buildings & Improvements	33,445
Cost Capitalized Subsequent to Acquisition	1,238
Carrying Amount of Land	2,972
Carrying Amount of Buildings and Improvements	34,683
Accumulated Depreciation	4,462
Year Acquired	2006
Year Built	2005
Medical facilities [Member] | Birmingham, AL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	651
Initial Cost of Buildings & Improvements	39,552
Cost Capitalized Subsequent to Acquisition	1,157
Carrying Amount of Land	651
Carrying Amount of Buildings and Improvements	40,709
Accumulated Depreciation	6,014
Year Acquired	2006
Year Built	1971
Medical facilities [Member] | Bowling Green, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,800
Initial Cost of Buildings & Improvements	26,700
Cost Capitalized Subsequent to Acquisition	45
Carrying Amount of Land	3,800
Carrying Amount of Buildings and Improvements	26,745
Accumulated Depreciation	1,726
Year Acquired	2008
Year Built	1992
Medical facilities [Member] | Bellingham, MA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	9,270
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	9,270
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2010
Medical facilities [Member] | Bellevue, NE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,500
Initial Cost of Buildings & Improvements	99,186
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,500
Carrying Amount of Buildings and Improvements	99,186
Accumulated Depreciation	1,465
Year Acquired	2008
Year Built	2010
Medical facilities [Member] | Bellevue, NE 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	15,833
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	15,833
Accumulated Depreciation	239
Year Acquired	2010
Year Built	2010
Medical facilities [Member] | Boca Raton, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	13,809
Initial Cost of Land	109
Initial Cost of Buildings & Improvements	34,002
Cost Capitalized Subsequent to Acquisition	934
Carrying Amount of Land	124
Carrying Amount of Buildings and Improvements	34,921
Accumulated Depreciation	5,075
Year Acquired	2006
Year Built	1995
Medical facilities [Member] | Bridgeton, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	11,972
Initial Cost of Land	450
Initial Cost of Buildings & Improvements	21,221
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	450
Carrying Amount of Buildings and Improvements	21,221
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2006
Medical facilities [Member] | Cedar Grove, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	113
Initial Cost of Buildings & Improvements	618
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	113
Carrying Amount of Buildings and Improvements	618
Accumulated Depreciation	19
Year Acquired	2010
Year Built	1986
Medical facilities [Member] | Clarkson Valley, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	35,592
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	35,592
Accumulated Depreciation	568
Year Acquired	2009
Year Built	2010
Medical facilities [Member] | Claremore, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,357
Initial Cost of Land	132
Initial Cost of Buildings & Improvements	12,829
Cost Capitalized Subsequent to Acquisition	270
Carrying Amount of Land	132
Carrying Amount of Buildings and Improvements	13,099
Accumulated Depreciation	1,811
Year Acquired	2007
Year Built	2005
Medical facilities [Member] | Corpus Christi, TX 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	77
Initial Cost of Buildings & Improvements	3,923
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	77
Carrying Amount of Buildings and Improvements	3,923
Accumulated Depreciation	653
Year Acquired	2005
Year Built	1968
Medical facilities [Member] | Coral Springs, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,598
Initial Cost of Buildings & Improvements	10,627
Cost Capitalized Subsequent to Acquisition	541
Carrying Amount of Land	1,635
Carrying Amount of Buildings and Improvements	11,131
Accumulated Depreciation	1,967
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | Covington, KY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,290
Initial Cost of Buildings & Improvements	8,093
Cost Capitalized Subsequent to Acquisition	1,150
Carrying Amount of Land	1,290
Carrying Amount of Buildings and Improvements	9,243
Accumulated Depreciation	261
Year Acquired	2008
Year Built	2009
Medical facilities [Member] | Dallas, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	15,533
Initial Cost of Land	137
Initial Cost of Buildings & Improvements	28,690
Cost Capitalized Subsequent to Acquisition	257
Carrying Amount of Land	137
Carrying Amount of Buildings and Improvements	28,947
Accumulated Depreciation	4,174
Year Acquired	2006
Year Built	1995
Medical facilities [Member] | Denton, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,327
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	19,407
Cost Capitalized Subsequent to Acquisition	395
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	19,802
Accumulated Depreciation	2,180
Year Acquired	2007
Year Built	2005
Medical facilities [Member] | Delray Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,882
Initial Cost of Buildings & Improvements	34,767
Cost Capitalized Subsequent to Acquisition	3,333
Carrying Amount of Land	1,941
Carrying Amount of Buildings and Improvements	38,041
Accumulated Depreciation	6,299
Year Acquired	2006
Year Built	1985
Medical facilities [Member] | Durham, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,814
Initial Cost of Buildings & Improvements	10,825
Cost Capitalized Subsequent to Acquisition	1,838
Carrying Amount of Land	7,007
Carrying Amount of Buildings and Improvements	12,470
Accumulated Depreciation	3,451
Year Acquired	2006
Year Built	1980
Medical facilities [Member] | Durham, NC 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	157
Carrying Amount of Land	13
Carrying Amount of Buildings and Improvements	144
Accumulated Depreciation	52
Year Acquired	2006
Year Built	1980
Medical facilities [Member] | Edina, MN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,033
Initial Cost of Land	310
Initial Cost of Buildings & Improvements	15,132
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	310
Carrying Amount of Buildings and Improvements	15,132
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2003
Medical facilities [Member] | El Paso, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	112
Initial Cost of Buildings & Improvements	15,888
Cost Capitalized Subsequent to Acquisition	44
Carrying Amount of Land	112
Carrying Amount of Buildings and Improvements	15,932
Accumulated Depreciation	2,259
Year Acquired	2005
Year Built	1994
Medical facilities [Member] | El Paso, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,405
Initial Cost of Land	677
Initial Cost of Buildings & Improvements	17,075
Cost Capitalized Subsequent to Acquisition	516
Carrying Amount of Land	677
Carrying Amount of Buildings and Improvements	17,591
Accumulated Depreciation	2,794
Year Acquired	2006
Year Built	1997
Medical facilities [Member] | El Paso, TX 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,400
Initial Cost of Buildings & Improvements	32,800
Cost Capitalized Subsequent to Acquisition	424
Carrying Amount of Land	2,400
Carrying Amount of Buildings and Improvements	33,224
Accumulated Depreciation	2,886
Year Acquired	2008
Year Built	2003
Medical facilities [Member] | El Paso, TX 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	600
Initial Cost of Buildings & Improvements	6,700
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	600
Carrying Amount of Buildings and Improvements	6,700
Accumulated Depreciation	511
Year Acquired	2008
Year Built	2003
Medical facilities [Member] | Fayetteville, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	3,327
Initial Cost of Land	959
Initial Cost of Buildings & Improvements	7,540
Cost Capitalized Subsequent to Acquisition	388
Carrying Amount of Land	959
Carrying Amount of Buildings and Improvements	7,928
Accumulated Depreciation	1,282
Year Acquired	2006
Year Built	1999
Medical facilities [Member] | Fresno, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,500
Initial Cost of Buildings & Improvements	35,800
Cost Capitalized Subsequent to Acquisition	73
Carrying Amount of Land	2,500
Carrying Amount of Buildings and Improvements	35,873
Accumulated Depreciation	2,314
Year Acquired	2008
Year Built	1991
Medical facilities [Member] | Franklin, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,338
Initial Cost of Buildings & Improvements	12,138
Cost Capitalized Subsequent to Acquisition	267
Carrying Amount of Land	2,338
Carrying Amount of Buildings and Improvements	12,405
Accumulated Depreciation	1,933
Year Acquired	2007
Year Built	1988
Medical facilities [Member] | Franklin, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,122
Initial Cost of Land	6,872
Initial Cost of Buildings & Improvements	7,550
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	6,872
Carrying Amount of Buildings and Improvements	7,550
Accumulated Depreciation	242
Year Acquired	2010
Year Built	1984
Medical facilities [Member] | Frisco, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,253
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	18,635
Cost Capitalized Subsequent to Acquisition	48
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	18,683
Accumulated Depreciation	2,458
Year Acquired	2007
Year Built	2004
Medical facilities [Member] | Frisco, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	15,309
Cost Capitalized Subsequent to Acquisition	1,023
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	16,332
Accumulated Depreciation	2,185
Year Acquired	2007
Year Built	2004
Medical facilities [Member] | Fort Wayne, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	170
Initial Cost of Buildings & Improvements	8,232
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	170
Carrying Amount of Buildings and Improvements	8,232
Accumulated Depreciation	722
Year Acquired	2006
Year Built	2006
Medical facilities [Member] | Green Bay, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,223
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	14,891
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	14,891
Accumulated Depreciation	422
Year Acquired	2010
Year Built	2002
Medical facilities [Member] | Green Bay, WI 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	31,794
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	31,794
Accumulated Depreciation	1,010
Year Acquired	2010
Year Built	2002
Medical facilities [Member] | Glendale, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,311
Initial Cost of Land	37
Initial Cost of Buildings & Improvements	18,398
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	37
Carrying Amount of Buildings and Improvements	18,398
Accumulated Depreciation	2,421
Year Acquired	2007
Year Built	2002
Medical facilities [Member] | Gallatin, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	20
Initial Cost of Buildings & Improvements	19,480
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	20
Carrying Amount of Buildings and Improvements	19,480
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1997
Medical facilities [Member] | Greeley, CO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	877
Initial Cost of Buildings & Improvements	6,707
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	877
Carrying Amount of Buildings and Improvements	6,707
Accumulated Depreciation	1,031
Year Acquired	2007
Year Built	1997
Medical facilities [Member] | Germantown, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,049
Initial Cost of Buildings & Improvements	12,456
Cost Capitalized Subsequent to Acquisition	561
Carrying Amount of Land	3,049
Carrying Amount of Buildings and Improvements	13,017
Accumulated Depreciation	1,808
Year Acquired	2006
Year Built	2002
Medical facilities [Member] | Greeneville, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	970
Initial Cost of Buildings & Improvements	10,032
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	970
Carrying Amount of Buildings and Improvements	10,032
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2005
Medical facilities [Member] | Jupiter, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,255
Initial Cost of Land	2,252
Initial Cost of Buildings & Improvements	11,415
Cost Capitalized Subsequent to Acquisition	69
Carrying Amount of Land	2,252
Carrying Amount of Buildings and Improvements	11,484
Accumulated Depreciation	1,952
Year Acquired	2006
Year Built	2001
Medical facilities [Member] | Jupiter, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	4,518
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	5,858
Cost Capitalized Subsequent to Acquisition	2,868
Carrying Amount of Land	2,825
Carrying Amount of Buildings and Improvements	5,901
Accumulated Depreciation	943
Year Acquired	2007
Year Built	2004
Medical facilities [Member] | Killeen, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	760
Initial Cost of Buildings & Improvements	22,977
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	760
Carrying Amount of Buildings and Improvements	22,977
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2010
Medical facilities [Member] | Kenosha, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,528
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	18,058
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	18,058
Accumulated Depreciation	501
Year Acquired	2010
Year Built	1993
Medical facilities [Member] | Lafayette, LA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,928
Initial Cost of Buildings & Improvements	10,483
Cost Capitalized Subsequent to Acquisition	26
Carrying Amount of Land	1,928
Carrying Amount of Buildings and Improvements	10,509
Accumulated Depreciation	1,629
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | Lenexa, KS [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,440
Initial Cost of Land	540
Initial Cost of Buildings & Improvements	16,013
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	540
Carrying Amount of Buildings and Improvements	16,013
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2008
Medical facilities [Member] | Los Gatos, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	488
Initial Cost of Buildings & Improvements	22,386
Cost Capitalized Subsequent to Acquisition	466
Carrying Amount of Land	488
Carrying Amount of Buildings and Improvements	22,852
Accumulated Depreciation	3,644
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | Lakeway, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,801
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,801
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2007
Medical facilities [Member] | Lawrenceville, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,279
Initial Cost of Buildings & Improvements	10,732
Cost Capitalized Subsequent to Acquisition	49
Carrying Amount of Land	2,298
Carrying Amount of Buildings and Improvements	10,762
Accumulated Depreciation	1,706
Year Acquired	2006
Year Built	2001
Medical facilities [Member] | Lawrenceville, GA 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,054
Initial Cost of Buildings & Improvements	4,974
Cost Capitalized Subsequent to Acquisition	25
Carrying Amount of Land	1,070
Carrying Amount of Buildings and Improvements	4,983
Accumulated Depreciation	822
Year Acquired	2006
Year Built	2002
Medical facilities [Member] | Lincoln, NE [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	11,550
Initial Cost of Land	1,420
Initial Cost of Buildings & Improvements	29,692
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,420
Carrying Amount of Buildings and Improvements	29,692
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2003
Medical facilities [Member] | Loxahatchee, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,340
Initial Cost of Buildings & Improvements	6,509
Cost Capitalized Subsequent to Acquisition	10
Carrying Amount of Land	1,340
Carrying Amount of Buildings and Improvements	6,519
Accumulated Depreciation	1,004
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | Loxahatchee, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	2,708
Initial Cost of Land	1,553
Initial Cost of Buildings & Improvements	4,694
Cost Capitalized Subsequent to Acquisition	466
Carrying Amount of Land	1,562
Carrying Amount of Buildings and Improvements	5,151
Accumulated Depreciation	700
Year Acquired	2006
Year Built	1994
Medical facilities [Member] | Loxahatchee, FL 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,637
Initial Cost of Buildings & Improvements	5,048
Cost Capitalized Subsequent to Acquisition	762
Carrying Amount of Land	1,646
Carrying Amount of Buildings and Improvements	5,801
Accumulated Depreciation	752
Year Acquired	2006
Year Built	1997
Medical facilities [Member] | Los Alamitos, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,442
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	18,635
Cost Capitalized Subsequent to Acquisition	158
Carrying Amount of Land	39
Carrying Amount of Buildings and Improvements	18,754
Accumulated Depreciation	2,506
Year Acquired	2007
Year Built	2003
Medical facilities [Member] | Lake St Louis, MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	240
Initial Cost of Buildings & Improvements	11,937
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	240
Carrying Amount of Buildings and Improvements	11,937
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2008
Medical facilities [Member] | Las Vegas, NV [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,127
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	6,127
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2007
Medical facilities [Member] | Las Vegas, NV 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,734
Initial Cost of Buildings & Improvements	54,886
Cost Capitalized Subsequent to Acquisition	89
Carrying Amount of Land	6,734
Carrying Amount of Buildings and Improvements	54,975
Accumulated Depreciation	7,170
Year Acquired	2006
Year Built	1991
Medical facilities [Member] | Las Vegas, NV 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,058
Initial Cost of Land	74
Initial Cost of Buildings & Improvements	15,287
Cost Capitalized Subsequent to Acquisition	250
Carrying Amount of Land	74
Carrying Amount of Buildings and Improvements	15,537
Accumulated Depreciation	2,756
Year Acquired	2006
Year Built	2000
Medical facilities [Member] | Las Vegas, NV 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,319
Initial Cost of Buildings & Improvements	4,612
Cost Capitalized Subsequent to Acquisition	688
Carrying Amount of Land	2,319
Carrying Amount of Buildings and Improvements	5,300
Accumulated Depreciation	785
Year Acquired	2006
Year Built	1991
Medical facilities [Member] | Las Vegas, NV 4 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	3,095
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	6,921
Cost Capitalized Subsequent to Acquisition	499
Carrying Amount of Land	433
Carrying Amount of Buildings and Improvements	6,987
Accumulated Depreciation	998
Year Acquired	2007
Year Built	1997
Medical facilities [Member] | Lakewood, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	146
Initial Cost of Buildings & Improvements	14,885
Cost Capitalized Subsequent to Acquisition	483
Carrying Amount of Land	146
Carrying Amount of Buildings and Improvements	15,368
Accumulated Depreciation	2,145
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | Merrillville, IN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	700
Initial Cost of Buildings & Improvements	11,699
Cost Capitalized Subsequent to Acquisition	154
Carrying Amount of Land	700
Carrying Amount of Buildings and Improvements	11,853
Accumulated Depreciation	835
Year Acquired	2007
Year Built	2008
Medical facilities [Member] | Merrillville, IN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	22,134
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	22,134
Accumulated Depreciation	1,623
Year Acquired	2008
Year Built	2006
Medical facilities [Member] | Marinette, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	8,391
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	13,538
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	13,538
Accumulated Depreciation	452
Year Acquired	2010
Year Built	2002
Medical facilities [Member] | Malabar, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	5,000
Initial Cost of Buildings & Improvements	12,000
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	5,000
Carrying Amount of Buildings and Improvements	12,000
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2008
Medical facilities [Member] | Middletown, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,756
Initial Cost of Buildings & Improvements	20,364
Cost Capitalized Subsequent to Acquisition	465
Carrying Amount of Land	1,756
Carrying Amount of Buildings and Improvements	20,829
Accumulated Depreciation	4,247
Year Acquired	2006
Year Built	1998
Medical facilities [Member] | Mesa, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,558
Initial Cost of Buildings & Improvements	9,561
Cost Capitalized Subsequent to Acquisition	225
Carrying Amount of Land	1,558
Carrying Amount of Buildings and Improvements	9,786
Accumulated Depreciation	1,469
Year Acquired	2008
Year Built	1989
Medical facilities [Member] | Meridian, ID [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,600
Initial Cost of Buildings & Improvements	20,802
Cost Capitalized Subsequent to Acquisition	251
Carrying Amount of Land	3,600
Carrying Amount of Buildings and Improvements	21,053
Accumulated Depreciation	1,941
Year Acquired	2006
Year Built	2008
Medical facilities [Member] | Marlton, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	38,300
Cost Capitalized Subsequent to Acquisition	36
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	38,336
Accumulated Depreciation	2,475
Year Acquired	2008
Year Built	1994
Medical facilities [Member] | Morrow, GA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	818
Initial Cost of Buildings & Improvements	8,064
Cost Capitalized Subsequent to Acquisition	151
Carrying Amount of Land	834
Carrying Amount of Buildings and Improvements	8,199
Accumulated Depreciation	1,213
Year Acquired	2007
Year Built	1990
Medical facilities [Member] | Mount Juliet, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	5,288
Initial Cost of Land	1,566
Initial Cost of Buildings & Improvements	11,697
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,566
Carrying Amount of Buildings and Improvements	11,697
Accumulated Depreciation	1,703
Year Acquired	2007
Year Built	2005
Medical facilities [Member] | Muskego, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	1,758
Initial Cost of Land	964
Initial Cost of Buildings & Improvements	2,159
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	964
Carrying Amount of Buildings and Improvements	2,159
Accumulated Depreciation	60
Year Acquired	2010
Year Built	1993
Medical facilities [Member] | Milwaukee, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	25,963
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	44,535
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	44,535
Accumulated Depreciation	1,208
Year Acquired	2010
Year Built	1983
Medical facilities [Member] | Milwaukee, WI 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,289
Initial Cost of Land	1,425
Initial Cost of Buildings & Improvements	11,520
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,425
Carrying Amount of Buildings and Improvements	11,520
Accumulated Depreciation	451
Year Acquired	2010
Year Built	1962
Medical facilities [Member] | Milwaukee, WI 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	5,067
Initial Cost of Land	540
Initial Cost of Buildings & Improvements	8,457
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	540
Carrying Amount of Buildings and Improvements	8,457
Accumulated Depreciation	254
Year Acquired	2010
Year Built	1930
Medical facilities [Member] | Milwaukee, WI 3 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	1,749
Initial Cost of Land	922
Initial Cost of Buildings & Improvements	2,185
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	922
Carrying Amount of Buildings and Improvements	2,185
Accumulated Depreciation	107
Year Acquired	2010
Year Built	1958
Medical facilities [Member] | Midwest City, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	146
Initial Cost of Buildings & Improvements	3,854
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	146
Carrying Amount of Buildings and Improvements	3,854
Accumulated Depreciation	625
Year Acquired	2005
Year Built	1996
Medical facilities [Member] | Melbourne, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	600
Initial Cost of Buildings & Improvements	9,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	600
Carrying Amount of Buildings and Improvements	9,400
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1986
Medical facilities [Member] | Melbourne, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,400
Initial Cost of Buildings & Improvements	24,400
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,400
Carrying Amount of Buildings and Improvements	24,400
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2003
Medical facilities [Member] | Melbourne, FL 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	7,000
Initial Cost of Buildings & Improvements	69,000
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	7,000
Carrying Amount of Buildings and Improvements	69,000
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2009
Medical facilities [Member] | Merced, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	13,772
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	13,772
Accumulated Depreciation	417
Year Acquired	2009
Year Built	2010
Medical facilities [Member] | Nashville, TN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,806
Initial Cost of Buildings & Improvements	7,165
Cost Capitalized Subsequent to Acquisition	748
Carrying Amount of Land	1,806
Carrying Amount of Buildings and Improvements	7,913
Accumulated Depreciation	1,487
Year Acquired	2006
Year Built	1986
Medical facilities [Member] | Nashville, TN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,300
Initial Cost of Buildings & Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,300
Carrying Amount of Buildings and Improvements	0
Accumulated Depreciation	0
Year Acquired	2010
Medical facilities [Member] | New Berlin, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,774
Initial Cost of Land	3,739
Initial Cost of Buildings & Improvements	8,290
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,739
Carrying Amount of Buildings and Improvements	8,290
Accumulated Depreciation	249
Year Acquired	2010
Year Built	1993
Medical facilities [Member] | Niagara Falls, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,335
Initial Cost of Buildings & Improvements	17,702
Cost Capitalized Subsequent to Acquisition	731
Carrying Amount of Land	1,524
Carrying Amount of Buildings and Improvements	18,244
Accumulated Depreciation	2,833
Year Acquired	2007
Year Built	1990
Medical facilities [Member] | Okatie, SC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,983
Initial Cost of Land	171
Initial Cost of Buildings & Improvements	17,791
Cost Capitalized Subsequent to Acquisition	53
Carrying Amount of Land	194
Carrying Amount of Buildings and Improvements	17,821
Accumulated Depreciation	1,913
Year Acquired	2007
Year Built	1998
Medical facilities [Member] | Orange Village, OH [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	610
Initial Cost of Buildings & Improvements	7,419
Cost Capitalized Subsequent to Acquisition	28
Carrying Amount of Land	610
Carrying Amount of Buildings and Improvements	7,447
Accumulated Depreciation	1,385
Year Acquired	2007
Year Built	1985
Medical facilities [Member] | Oshkosh, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,381
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	15,881
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	15,881
Accumulated Depreciation	433
Year Acquired	2010
Year Built	2000
Medical facilities [Member] | Oshkosh, WI 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	18,339
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	18,339
Accumulated Depreciation	505
Year Acquired	2010
Year Built	2000
Medical facilities [Member] | Palm Springs, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	365
Initial Cost of Buildings & Improvements	12,396
Cost Capitalized Subsequent to Acquisition	909
Carrying Amount of Land	365
Carrying Amount of Buildings and Improvements	13,305
Accumulated Depreciation	1,989
Year Acquired	2006
Year Built	1998
Medical facilities [Member] | Palm Springs, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	2,774
Initial Cost of Land	739
Initial Cost of Buildings & Improvements	4,066
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	739
Carrying Amount of Buildings and Improvements	4,066
Accumulated Depreciation	690
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | Palm Springs, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,182
Initial Cost of Buildings & Improvements	7,765
Cost Capitalized Subsequent to Acquisition	103
Carrying Amount of Land	1,182
Carrying Amount of Buildings and Improvements	7,868
Accumulated Depreciation	1,502
Year Acquired	2006
Year Built	1997
Medical facilities [Member] | Pearland, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	781
Initial Cost of Buildings & Improvements	5,517
Cost Capitalized Subsequent to Acquisition	3
Carrying Amount of Land	781
Carrying Amount of Buildings and Improvements	5,520
Accumulated Depreciation	969
Year Acquired	2006
Year Built	2000
Medical facilities [Member] | Pearland, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	1,279
Initial Cost of Land	948
Initial Cost of Buildings & Improvements	4,556
Cost Capitalized Subsequent to Acquisition	74
Carrying Amount of Land	948
Carrying Amount of Buildings and Improvements	4,630
Accumulated Depreciation	705
Year Acquired	2006
Year Built	2002
Medical facilities [Member] | Phoenix, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	29,194
Initial Cost of Land	1,149
Initial Cost of Buildings & Improvements	48,018
Cost Capitalized Subsequent to Acquisition	5,921
Carrying Amount of Land	1,149
Carrying Amount of Buildings and Improvements	53,939
Accumulated Depreciation	6,803
Year Acquired	2006
Year Built	1998
Medical facilities [Member] | Pineville, NC [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	961
Initial Cost of Buildings & Improvements	6,974
Cost Capitalized Subsequent to Acquisition	901
Carrying Amount of Land	1,069
Carrying Amount of Buildings and Improvements	7,767
Accumulated Depreciation	1,077
Year Acquired	2006
Year Built	1988
Medical facilities [Member] | Plantation, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,824
Initial Cost of Land	8,563
Initial Cost of Buildings & Improvements	10,666
Cost Capitalized Subsequent to Acquisition	1,519
Carrying Amount of Land	8,575
Carrying Amount of Buildings and Improvements	12,173
Accumulated Depreciation	2,503
Year Acquired	2006
Year Built	1997
Medical facilities [Member] | Plantation, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	9,147
Initial Cost of Land	8,848
Initial Cost of Buildings & Improvements	9,262
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	8,896
Carrying Amount of Buildings and Improvements	9,214
Accumulated Depreciation	3,563
Year Acquired	2006
Year Built	1996
Medical facilities [Member] | Plano, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	195
Initial Cost of Buildings & Improvements	14,805
Cost Capitalized Subsequent to Acquisition	500
Carrying Amount of Land	195
Carrying Amount of Buildings and Improvements	15,305
Accumulated Depreciation	2,133
Year Acquired	2005
Year Built	1995
Medical facilities [Member] | Plano, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	5,423
Initial Cost of Buildings & Improvements	20,752
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	5,423
Carrying Amount of Buildings and Improvements	20,752
Accumulated Depreciation	3,107
Year Acquired	2008
Year Built	2007
Medical facilities [Member] | Plymouth, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	1,757
Initial Cost of Land	1,250
Initial Cost of Buildings & Improvements	1,870
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,250
Carrying Amount of Buildings and Improvements	1,870
Accumulated Depreciation	63
Year Acquired	2010
Year Built	1991
Medical facilities [Member] | Palmer, AK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	19,746
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	29,705
Cost Capitalized Subsequent to Acquisition	630
Carrying Amount of Land	217
Carrying Amount of Buildings and Improvements	30,118
Accumulated Depreciation	3,723
Year Acquired	2007
Year Built	2006
Medical facilities [Member] | Reno, NV [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,117
Initial Cost of Buildings & Improvements	21,972
Cost Capitalized Subsequent to Acquisition	260
Carrying Amount of Land	1,117
Carrying Amount of Buildings and Improvements	22,232
Accumulated Depreciation	3,404
Year Acquired	2010
Year Built	1991
Medical facilities [Member] | Sacramento, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	866
Initial Cost of Buildings & Improvements	12,756
Cost Capitalized Subsequent to Acquisition	423
Carrying Amount of Land	866
Carrying Amount of Buildings and Improvements	13,179
Accumulated Depreciation	1,748
Year Acquired	2006
Year Built	1990
Medical facilities [Member] | San Antonio, TX 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,050
Initial Cost of Buildings & Improvements	16,251
Cost Capitalized Subsequent to Acquisition	771
Carrying Amount of Land	2,050
Carrying Amount of Buildings and Improvements	17,022
Accumulated Depreciation	3,690
Year Acquired	2006
Year Built	1999
Medical facilities [Member] | San Antonio, TX 2 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	17,303
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	17,303
Accumulated Depreciation	2,387
Year Acquired	2007
Year Built	2007
Medical facilities [Member] | San Bernardino, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,700
Initial Cost of Buildings & Improvements	14,300
Cost Capitalized Subsequent to Acquisition	326
Carrying Amount of Land	3,700
Carrying Amount of Buildings and Improvements	14,626
Accumulated Depreciation	876
Year Acquired	2008
Year Built	1993
Medical facilities [Member] | San Diego, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	22,003
Cost Capitalized Subsequent to Acquisition	74
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	22,077
Accumulated Depreciation	1,333
Year Acquired	2008
Year Built	1992
Medical facilities [Member] | Seattle, WA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,410
Initial Cost of Buildings & Improvements	39,015
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,410
Carrying Amount of Buildings and Improvements	39,015
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2010
Medical facilities [Member] | Shakopee, MN [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,266
Initial Cost of Land	420
Initial Cost of Buildings & Improvements	11,360
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	420
Carrying Amount of Buildings and Improvements	11,360
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1996
Medical facilities [Member] | Shakopee, MN 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,337
Initial Cost of Land	640
Initial Cost of Buildings & Improvements	18,094
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	640
Carrying Amount of Buildings and Improvements	18,094
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2007
Medical facilities [Member] | Sheboygan, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	1,818
Initial Cost of Land	1,012
Initial Cost of Buildings & Improvements	2,216
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,012
Carrying Amount of Buildings and Improvements	2,216
Accumulated Depreciation	75
Year Acquired	2010
Year Built	1958
Medical facilities [Member] | Somerville, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,400
Initial Cost of Buildings & Improvements	22,244
Cost Capitalized Subsequent to Acquisition	2
Carrying Amount of Land	3,400
Carrying Amount of Buildings and Improvements	22,246
Accumulated Depreciation	1,345
Year Acquired	2008
Year Built	2007
Medical facilities [Member] | Suffolk, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,530
Initial Cost of Buildings & Improvements	10,979
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,530
Carrying Amount of Buildings and Improvements	10,979
Accumulated Depreciation	327
Year Acquired	2010
Year Built	2007
Medical facilities [Member] | Summit, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,899
Initial Cost of Buildings & Improvements	87,666
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,899
Carrying Amount of Buildings and Improvements	87,666
Accumulated Depreciation	4,600
Year Acquired	2008
Year Built	2009
Medical facilities [Member] | Sewell, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	53,360
Cost Capitalized Subsequent to Acquisition	3,979
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	57,339
Accumulated Depreciation	3,100
Year Acquired	2007
Year Built	2009
Medical facilities [Member] | St. Louis MO [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,602
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	17,247
Cost Capitalized Subsequent to Acquisition	447
Carrying Amount of Land	336
Carrying Amount of Buildings and Improvements	17,358
Accumulated Depreciation	2,662
Year Acquired	2007
Year Built	2001
Medical facilities [Member] | Stafford, VA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	11,260
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	11,260
Accumulated Depreciation	502
Year Acquired	2008
Year Built	2009
Medical facilities [Member] | Oro Valley, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	10,363
Initial Cost of Land	89
Initial Cost of Buildings & Improvements	18,339
Cost Capitalized Subsequent to Acquisition	325
Carrying Amount of Land	89
Carrying Amount of Buildings and Improvements	18,664
Accumulated Depreciation	2,424
Year Acquired	2007
Year Built	2004
Medical facilities [Member] | Tucson, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,302
Initial Cost of Buildings & Improvements	4,925
Cost Capitalized Subsequent to Acquisition	146
Carrying Amount of Land	1,302
Carrying Amount of Buildings and Improvements	5,071
Accumulated Depreciation	827
Year Acquired	2008
Year Built	1995
Medical facilities [Member] | Tempe, AZ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	5,522
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	9,112
Cost Capitalized Subsequent to Acquisition	1,864
Carrying Amount of Land	1,486
Carrying Amount of Buildings and Improvements	9,490
Accumulated Depreciation	1,486
Year Acquired	2007
Year Built	1996
Medical facilities [Member] | Tallahassee, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	16,404
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	16,404
Accumulated Depreciation	0
Year Acquired	2010
Year Built	2011
Medical facilities [Member] | Tomball, Tx [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,404
Initial Cost of Buildings & Improvements	5,071
Cost Capitalized Subsequent to Acquisition	560
Carrying Amount of Land	1,404
Carrying Amount of Buildings and Improvements	5,631
Accumulated Depreciation	1,242
Year Acquired	2006
Year Built	1982
Medical facilities [Member] | Trussville, AL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,336
Initial Cost of Buildings & Improvements	2,177
Cost Capitalized Subsequent to Acquisition	119
Carrying Amount of Land	1,336
Carrying Amount of Buildings and Improvements	2,296
Accumulated Depreciation	828
Year Acquired	2006
Year Built	1990
Medical facilities [Member] | Tulsa, OK [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	3,003
Initial Cost of Buildings & Improvements	6,025
Cost Capitalized Subsequent to Acquisition	20
Carrying Amount of Land	3,003
Carrying Amount of Buildings and Improvements	6,045
Accumulated Depreciation	1,307
Year Acquired	2006
Year Built	1992
Medical facilities [Member] | Viera, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,600
Initial Cost of Buildings & Improvements	10,600
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,600
Carrying Amount of Buildings and Improvements	10,600
Accumulated Depreciation	0
Year Acquired	2010
Year Built	1998
Medical facilities [Member] | Van Nuys, CA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	36,187
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	36,187
Accumulated Depreciation	1,094
Year Acquired	2009
Year Built	1991
Medical facilities [Member] | Voorhees, NJ [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	6,404
Initial Cost of Buildings & Improvements	24,251
Cost Capitalized Subsequent to Acquisition	1,203
Carrying Amount of Land	6,404
Carrying Amount of Buildings and Improvements	25,454
Accumulated Depreciation	3,181
Year Acquired	2006
Year Built	1997
Medical facilities [Member] | Pewaukee, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	4,700
Initial Cost of Buildings & Improvements	20,669
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,700
Carrying Amount of Buildings and Improvements	20,669
Accumulated Depreciation	2,308
Year Acquired	2007
Year Built	2007
Medical facilities [Member] | Webster, TX [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	2,418
Initial Cost of Buildings & Improvements	12,028
Cost Capitalized Subsequent to Acquisition	32
Carrying Amount of Land	2,418
Carrying Amount of Buildings and Improvements	12,060
Accumulated Depreciation	2,043
Year Acquired	2006
Year Built	1991
Medical facilities [Member] | Wellington, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,066
Initial Cost of Land	107
Initial Cost of Buildings & Improvements	16,933
Cost Capitalized Subsequent to Acquisition	129
Carrying Amount of Land	107
Carrying Amount of Buildings and Improvements	17,062
Accumulated Depreciation	2,259
Year Acquired	2006
Year Built	2000
Medical facilities [Member] | Wellington, FL 1 [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,338
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	13,697
Cost Capitalized Subsequent to Acquisition	351
Carrying Amount of Land	381
Carrying Amount of Buildings and Improvements	13,667
Accumulated Depreciation	1,702
Year Acquired	2007
Year Built	2003
Medical facilities [Member] | Warrington, PA [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	85
Initial Cost of Buildings & Improvements	23,231
Cost Capitalized Subsequent to Acquisition	1,653
Carrying Amount of Land	3,104
Carrying Amount of Buildings and Improvements	21,865
Accumulated Depreciation	3,360
Year Acquired	2008
Year Built	2001
Medical facilities [Member] | West Palm Beach, FL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	7,061
Initial Cost of Land	628
Initial Cost of Buildings & Improvements	14,740
Cost Capitalized Subsequent to Acquisition	100
Carrying Amount of Land	628
Carrying Amount of Buildings and Improvements	14,840
Accumulated Depreciation	2,217
Year Acquired	2006
Year Built	1993
Medical facilities [Member] | West Palm Beach, FL [1 Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	6,518
Initial Cost of Land	610
Initial Cost of Buildings & Improvements	14,618
Cost Capitalized Subsequent to Acquisition	80
Carrying Amount of Land	610
Carrying Amount of Buildings and Improvements	14,698
Accumulated Depreciation	2,691
Year Acquired	2006
Year Built	1991
Medical facilities [Member] | West Allis, WI [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	2,486
Initial Cost of Land	1,106
Initial Cost of Buildings & Improvements	3,309
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,106
Carrying Amount of Buildings and Improvements	3,309
Accumulated Depreciation	135
Year Acquired	2010
Year Built	1961
Medical facilities [Member] | West Seneca, NY [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	12,698
Initial Cost of Land	917
Initial Cost of Buildings & Improvements	22,435
Cost Capitalized Subsequent to Acquisition	879
Carrying Amount of Land	1,296
Carrying Amount of Buildings and Improvements	22,935
Accumulated Depreciation	3,140
Year Acquired	2007
Year Built	1990
Medical facilities [Member] | Yorkville, IL [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	1,419
Initial Cost of Buildings & Improvements	2,816
Cost Capitalized Subsequent to Acquisition	73
Carrying Amount of Land	1,419
Carrying Amount of Buildings and Improvements	2,889
Accumulated Depreciation	623
Year Acquired	2006
Year Built	1980
Senior Housing And Care Facilities Medical Facilities And Construction In Progress [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	1,124,045
Initial Cost of Land	711,343
Initial Cost of Buildings & Improvements	7,836,842
Cost Capitalized Subsequent to Acquisition	420,869
Carrying Amount of Land	727,050
Carrying Amount of Buildings and Improvements	8,242,004
Accumulated Depreciation	836,966
Construction in Progress [Member]
Real Estate and Accumulated Depreciation
Initial Cost of Encumbrances	0
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	356,793
Cost Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	356,793
Accumulated Depreciation	$ 0

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Real Estate Intangibles (Tables)

12 Months Ended

Dec. 31, 2010

Real Estate Intangibles (Tables) [Abstract]

Summary of real estate intangibles excluding those classified as held for sale

	December 31, 2010			December 31, 2009
Assets:
In place lease intangibles	$	182,030		$	74,198
Above market tenant leases		24,089			10,232
Below market ground leases		46,992			39,806
Lease commissions		4,968			3,154
Gross historical cost		258,079			127,390
Accumulated amortization		(49,145	)		(29,698	)
Net book value	$	208,934		$	97,692
Weighted-average amortization period in years		18.2			30.0
Liabilities:
Below market tenant leases	$	57,261		$	22,961
Above market ground leases		5,020			4,084
Gross historical cost		62,281			27,045
Accumulated amortization		(15,992	)		(10,478	)
Net book value	$	46,289		$	16,567
Weighted-average amortization period in years		14.0			12.1

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Customer Concentration

12 Months Ended

Dec. 31, 2010

Customer Concentration [Abstract]

Customer Concentration

8. Customer Concentration

     The following table summarizes certain information about our customer concentration as of December 31, 2010 (dollars in thousands):

	Number of		Total		Percent of
	Properties		Investment(2)		Investment(3)
Concentration by investment:(1)
Merrill Gardens LLC		38	$	732,211		9	%
Brandywine Senior Living, LLC		19		612,598		7	%
Senior Living Communities, LLC		12		595,223		7	%
Senior Star Living		10		464,062		5	%
Brookdale Senior Living, Inc.		86		334,946		4	%
Remaining portfolio		518		5,853,069		68	%
Totals		683	$	8,592,109		100	%

(1)	All of our top five customers are in our senior housing triple-net segment, except Merrill Gardens and Senior Star which are in our senior housing operating segment.
(2)	Excludes our share of unconsolidated joint venture investments. Please see Note 7 for additional information.
(3)	Investments with our top five customers comprised 24% of total investments at December 31, 2009.

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Real Property Acquisitions and Development (Details Textuals) (USD $)	12 Months Ended				12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2010 Merrill Gardens Partnership [Member]	Sep. 30, 2010 Merrill Gardens Partnership [Member]	Dec. 31, 2010 Senior Star Partnership [Member]	Dec. 31, 2010 Strategic Medical Office Partnership [Member]
Real Property Acquisitions and Development (Textuals) [Abstract]
Number of properties in portfolio				38	9	17
Percentage of interest owned by company in partnership			80.00%		90.00%
Percentage of interest owned by minority			20.00%		10.00%
Number of previous facilities under partnership owned by company			13		2
Number of facilities under partnership previous owned by company			25		7
Contribution by the company for the formation of the partnership			$ 254,885,000		$ 152,270,000	$ 225,173,000
Contribution of convertible preferred stock by the company for the formation of the partnership						16,667,000
Value of contribution of options by the company for the formation of the partnership						2,721,000
Value of notes payable contributed by the company for the formation of the partnership						8,333,000
weighted average useful life of the acquired intangibles (in years)	18.2	30	1.9		2.08	26.2
Interest rate on note payable						6.00%
Number of properties with controlling interest of the company						11
Number of properties accounted for under equity method with no controlling interest of company						6
Amount included in senior housing facilities for acquisition of portfolios that are closed						612,598,000
Additional Real Property Acquisitions and Development (Textuals) [Abstract]
Amount of real property purchased previously been financed by Company with loans	23,097,000
joint venture contingent consideration arrangements range	$0 to $35,008,000
Probability amounts paid by the expiration date of the commitments	19,453,000
Remaining part not recognized	15,555,000
Amount settled in the Company's common stock if certain performance thresholds	$ 12,500,000
Term of the applicable lease agreement	One year and are cancelable by the resident with 30 days' notice.

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Business

12 Months Ended

Dec. 31, 2010

Business [Abstract]

Business

1. Business

     Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is an equity real estate investment trust (“REIT”) that invests in senior housing and health care real estate. Our full service platform also offers property management and development services to our customers. As of December 31, 2010, our diversified portfolio consisted of 683 properties in 41 states. Founded in 1970, we were the first real estate investment trust to invest exclusively in health care facilities. More information is available on our website at www.hcreit.com.

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Quarterly Results of Operations (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2009	Sep. 30, 2009	Jun. 30, 2009	Mar. 31, 2009	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008
Summary of Unaudited Quarterly Results of Operations
Revenues as reported and adjusted									$ 663,763,000		$ 529,280,000		$ 489,852,000
Net income (loss) attributable to common stockholders	39,988,000	(4,563,000)	45,646,000	25,812,000	31,700,000	19,130,000	59,240,000	61,119,000	106,882,000		171,190,000		260,098,000
Net income (loss) attributable to common stockholders per share:
Net income attributable to common stockholders	$ 0.29	$ 0.04	$ 0.37	$ 0.21	$ 0.26	$ 0.17	$ 0.53	$ 0.56	$ 0.84	[1]	$ 1.50	[1]	$ 2.77	[1]
Net income attributable to common stockholders	$ 0.29	$ 0.04	$ 0.37	$ 0.21	$ 0.26	$ 0.17	$ 0.53	$ 0.56	$ 0.83	[1]	$ 1.49	[1]	$ 2.76	[1]
Quarterly Results of Operations (Textuals) [Abstract]
Decreases in net income amounts and per share attributable to losses on extinguishment of debt											(26,374,000)
Decreases in net income and amounts per share are primarily attributable to Provisions for loan losses		(28,918,000)							29,684,000		23,261,000		94,000
Decreases in net income and amounts per share are primarily attributable to transaction costs		(18,835,000)							46,660,000
Additional expenses attributable to business combination purchase price adjustments		(5,687,000)
Scenario, Previously Reported [Member]
Summary of Unaudited Quarterly Results of Operations
Revenues as reported and adjusted	202,456,000	176,146,000	163,131,000	152,759,000	147,261,000	145,098,000	141,686,000	144,328,000
Scenario, Adjustment [Member]
Summary of Unaudited Quarterly Results of Operations
Discontinued operations	(4,426,000)	(7,203,000)	(9,382,000)	(9,717,000)	(10,092,000)	(12,235,000)	(12,088,000)	(14,678,000)
Scenario, Actual [Member]
Summary of Unaudited Quarterly Results of Operations
Revenues as reported and adjusted	$ 198,030,000	$ 168,943,000	$ 153,749,000	$ 143,042,000	$ 137,169,000	$ 132,863,000	$ 129,598,000	$ 129,650,000

[1] Amounts may not sum due to rounding

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Real Estate Intangibles

12 Months Ended

Dec. 31, 2010

Real Estate Intangibles [Abstract]

Real Estate Intangibles

4. Real Estate Intangibles

     The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):

	December 31, 2010			December 31, 2009
Assets:
In place lease intangibles	$	182,030		$	74,198
Above market tenant leases		24,089			10,232
Below market ground leases		46,992			39,806
Lease commissions		4,968			3,154
Gross historical cost		258,079			127,390
Accumulated amortization		(49,145	)		(29,698	)
Net book value	$	208,934		$	97,692
Weighted-average amortization period in years		18.2			30.0
Liabilities:
Below market tenant leases	$	57,261		$	22,961
Above market ground leases		5,020			4,084
Gross historical cost		62,281			27,045
Accumulated amortization		(15,992	)		(10,478	)
Net book value	$	46,289		$	16,567
Weighted-average amortization period in years		14.0			12.1

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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2010

Stockholders' Equity (Tables) [Abstract]

Summary of stockholder's equity capital accounts

	December 31, 2010		December 31, 2009
Preferred Stock, $1.00 par value:
Authorized shares		50,000,000		50,000,000
Issued shares		11,349,854		11,474,093
Outstanding shares		11,349,854		11,474,093
Common Stock, $1.00 par value:
Authorized shares		225,000,000		225,000,000
Issued shares		147,381,191		123,583,242
Outstanding shares		147,097,381		123,385,317

Summary of common stock issuances

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
March 2008 public issuance		3,000,000	$	41.44	$	124,320	$	118,555
July 2008 public issuance		4,600,000		44.50		204,700		193,157
September 2008 public issuance		8,050,000		48.00		386,400		369,699
2008 Dividend reinvestment plan issuances		1,546,074		43.37		67,055		67,055
2008 Equity shelf program issuances		794,221		39.28		31,196		30,272
2008 Option exercises		118,895		29.83		3,547		3,547
2008 Totals		18,109,190			$	817,218	$	782,285
February 2009 public issuance		5,816,870	$	36.85	$	214,352	$	210,880
September 2009 public issuance		9,200,000		40.40		371,680		356,554
2009 Dividend reinvestment plan issuances		1,499,497		37.22		55,818		55,818
2009 Equity shelf program issuances		1,952,600		40.69		79,447		77,605
2009 Option exercises		96,166		38.23		3,676		3,676
2009 Totals		18,565,133			$	724,973	$	704,533
September 2010 public issuance		9,200,000	$	45.75	$	420,900	$	403,921
December 2010 public issuance		11,500,000		43.75		503,125		482,448
2010 Dividend reinvestment plan issuances		1,957,364		43.95		86,034		86,034
2010 Equity shelf program issuances		431,082		44.94		19,371		19,013
2010 Option exercises		129,054		31.17		4,022		4,022
2010 Totals		23,217,500			$	1,033,452	$	995,438

Summary of dividend payments

	Year Ended
	December 31, 2010				December 31, 2009				December 31, 2008
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.74000	$	348,578	$	2.72000	$	311,760	$	2.70000	$	253,659
Series D Preferred Stock		1.96875		7,875		1.96875		7,875		1.96875		7,875
Series E Preferred Stock		1.12500		94		1.50000		112		1.50000		112
Series F Preferred Stock		1.90625		13,344		1.90625		13,344		1.90625		13,344
Series G Preferred Stock		1.40640		332		1.87500		748		1.87500		1,870
Totals			$	370,223			$	333,839			$	276,860

Summary of accumulated other comprehensive income/(loss)

	December 31, 2010			December 31, 2009
Unrecognized gains (losses) on cash flow hedges	$	(9,969	)	$	(1,907	)
Unrecognized gains (losses) on equity investments		(497	)		(550	)
Unrecognized actuarial gains (losses)		(633	)		(434	)
Totals	$	(11,099	)	$	(2,891	)

Summary of comprehensive income/(loss)

	Year Ended December 31,
	2010			2009			2008
Unrecognized gains (losses) on cash flow hedges	$	(8,063	)	$	(2,542	)	$	7,829
Unrecognized gains (losses) on equity investments		54			487			(846	)
Unrecognized actuarial gains (losses)		(199	)		277			(715	)
Total other comprehensive income (loss)		(8,208	)		(1,778	)		6,268
Net income attributable to controlling interests		128,527			193,269			283,299
Comprehensive income attributable to controlling interests		120,319			191,491			289,567
Net and comprehensive income (loss) attributable to noncontrolling interests		357			(342	)		126
Total comprehensive income	$	120,676		$	191,149		$	289,693

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Real Property Acquisitions and Development (Tables)

12 Months Ended

Dec. 31, 2010

Real Property Acquisitions and Development (Tables) [Abstract]

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Land and land improvements	$	64,050
Buildings and improvements		476,817
Acquired lease intangibles		45,036
Cash and cash equivalents		4,777
Restricted cash		3,707
Receivables and other assets		13,459
Total assets acquired		607,846
Secured debt		234,431
Accrued expenses and other liabilities		3,316
Total liabilities assumed		237,747
Capital in excess of par		41,423
Noncontrolling interests		79,775
Net assets acquired	$	248,901

Land and land improvements	$	11,570
Buildings and improvements		210,094
Acquired lease intangibles		18,721
Cash and cash equivalents		3,756
Restricted cash		391
Receivables and other assets		940
Total assets acquired		245,472
Secured debt		70,736
Accrued expenses and other liabilities		3,533
Total liabilities assumed		74,269
Capital in excess of par		2,218
Noncontrolling interests		27,902
Net assets acquired	$	141,083

Land and land improvements	$	10,240
Buildings and improvements		171,014
Acquired lease intangibles		41,519
Investment in unconcolidated joint venture		21,321
Goodwill		51,207
Other acquired intangibles		43,439
Cash and cash equivalents		3,873
Restricted cash		107
Receivables and other assets		5,390
Total assets acquired		348,110
Secured debt		61,664
Below market lease intangibles		4,189
Accrued expenses and other liabilities		26,848
Total liabilities assumed		92,701
Redeemable noncontrolling interests		4,553
Preferred stock		16,667
Capital in excess of par		2,721
Noncontrolling interests		6,295
Net assets acquired	$	225,173

Unaudited pro forma consolidated results of operations

	Year Ended December 31,
	2010		2009
Revenues	$	777,725	$	681,905
Income from continuing operations attributable to common stockholders	$	53,371	$	95,253
Income from continuing operations attributable to common stockholders per share:
Basic	$	0.42	$	0.83
Diluted	$	0.42	$	0.83

Summary of real property investment activity

	Year Ended
	December 31, 2010									December 31, 2009									December 31, 2008
	Senior									Senior									Senior
	Housing			Medical						Housing			Medical						Housing			Medical
	and Care(1)			Facilities			Totals			and Care(1)			Facilities			Totals			and Care(1)			Facilities			Totals
Real property acquisitions:
Senior housing operating	$	816,000					$	816,000								$	—								$	—
Senior housing triple-net(2)		1,011,229						1,011,229									—		$	113,790						113,790
Skilled nursing facilities		17,300						17,300		$	11,650						11,650			11,360						11,360
Hospitals								—					$	20,500			20,500					$	196,303			196,303
Medical office buildings				$	626,414			626,414						35,523			35,523						121,809			121,809
Land parcels					4,300			4,300									—			10,000						10,000
Total acquisitions		1,844,529			630,714			2,475,243			11,650			56,023			67,673			135,150			318,112			453,262
Less: Assumed debt		(389,253	)		(170,255	)		(559,508	)								—									—
Assumed other items, net		(171,389	)		(36,925	)		(208,314	)								—						(1,899	)		(1,899	)
Cash disbursed for acquisitions		1,283,887			423,534			1,707,421			11,650			56,023			67,673			135,150			316,213			451,363
Construction in progress additions:
Senior housing triple-net		85,993						85,993			310,310						310,310			419,622						419,622
Skilled nursing facilities		—						—			23,262						23,262			29,429						29,429
Hospitals					123,033			123,033						113,907			113,907						77,642			77,642
Medical office buildings					129,561			129,561						107,853			107,853						93,907			93,907
Total construction in progress additions		85,993			252,594			338,587			333,572			221,760			555,332			449,051			171,549			620,600
Less: Capitalized interest		(6,396	)		(13,924	)		(20,320	)		(28,474	)		(12,495	)		(40,969	)		(20,312	)		(4,717	)		(25,029	)
Capitalized other		—			—			—									—			(119	)					(119	)
Accruals(3)		—			(11,435	)		(11,435	)					(21,466	)		(21,466	)								—
Cash disbursed for construction in progress		79,597			227,235			306,832			305,098			187,799			492,897			428,620			166,832			595,452
Capital improvements to existing properties		23,568			36,355			59,923			18,326			20,063			38,389			13,329			12,232			25,561
Total cash invested in real property	$	1,387,052		$	687,124		$	2,074,176		$	335,074		$	263,885		$	598,959		$	577,099		$	495,277		$	1,072,376

(1)	Includes amounts relating to both the senior housing triple-net and senior housing operating segments (all activity for the years ended December 31, 2009 and 2008 related to the senior housing treiple-net segment)
(2)	Includes $612,598,000 acquisition of a portfolio of 19 senior housing facilities that closed in December 2010. The allocation of the purchase consideration is preliminary and subject to change.
(3)	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

	Year Ended
	December 31, 2010						December 31, 2009						December 31, 2008
	Senior						Senior						Senior
	Housing		Medical				Housing		Medical				Housing		Medical
	and Care(1)		Facilities		Totals		and Care(1)		Facilities		Totals		and Care(1)		Facilities		Totals
Development projects:
Senior housing facilities	$	273,034			$	273,034	$	505,137			$	505,137	$	190,044			$	190,044
Skilled nursing facilities		—				—		45,367				45,367		16,918				16,918
Hospitals			$	96,829		96,829						—			$	35,151		35,151
Medical office buildings				65,547		65,547			$	183,127		183,127				11,823		11,823
Total development projects		273,034		162,376		435,410		550,504		183,127		733,631		206,962		46,974		253,936
Expansion projects		3,216		—		3,216		4,288		—		4,288		40,954		—		40,954
Total construction in progress conversions	$	276,250	$	162,376	$	438,626	$	554,792	$	183,127	$	737,919	$	247,916	$	46,974	$	294,890

(1) Represents activity for the senior housing triple-net segment.

Future minimum lease payments receivable under operating leases

2011	$	610,295
2012		604,731
2013		591,676
2014		538,787
2015		526,783
Thereafter		3,403,370
Totals	$	6,275,642

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Investments in Unconsolidated Joint Ventures (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2010	Dec. 31, 2010	Feb. 22, 2010
Investments In Unconsolidated Joint Ventures (Textuals) [Abstract]
Interest in seven-building joint venture	49.00%
Number of building closed	1		6
Percentage of leased portion of the seven-building joint venture portfolio		100.00%
Number of grocery store, restaurants and retail in joint venture		1
Equity method investments		$ 196,413,000
Approximate share of non-recourse secured debt assumed by the joint venture		156,729,000
Weighted-average interest rates of non-recourse secured debt assumed by joint venture		7.10%
Unamortized investment in joint venture primarily attributable to real estate and related intangible assets		$ 15,141,000

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Borrowings Under Line of Credit Arrangement and Related Items (Details) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Jan. 24, 2011
Aggregate borrowings under the unsecured line of credit arrangement
Borrowings under unsecured line of credit arrangement	$ 300,000,000	$ 140,000,000	$ 570,000,000
Maximum amount outstanding at any month end	560,000,000	559,000,000	744,000,000
Average amount outstanding (total of daily principal balances divided by days in period)	268,762,000	241,463,000	500,561,000
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)	1.48%	1.92%	3.77%
Borrowings Under Line of Credit Arrangement and Related Items (Textuals) [Abstract]
Unsecured line of credit	1,150,000,000			1,150,000,000
Number of banks in consortium	16
Maximum Interest payable period in months	no longer than three months
Libor Rate	0.87%
Applicable margin Over LIBOR, based on certain debt ratings	0.60%
Facility Fee as Percentage of commitment fee	0.15%
Annual agent's fee	$ 50,000			$ 1,725,000

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Real Property Acquisitions and Development (Details 1) (USD $) In Thousands	12 Months Ended
	Dec. 31, 2010		Dec. 31, 2009	Dec. 31, 2008
Real property acquisitions:
Property acquisitions	$ 2,475,243		$ 67,673	$ 453,262
Less: Assumed debt	(559,508)
Assumed other items, net	(208,314)			(1,899)
Cash disbursed for acquisitions	1,707,421		67,673	451,363
Construction in progress additions:
Construction in progress additions	338,587		555,332	620,600
Less: Capitalized interest	(20,320)		(40,969)	(25,029)
Capitalized other				(119)
Accruals	(11,435)		(21,466)
Cash disbursed for construction in progress	306,832		492,897	595,452
Capital improvements to existing properties	59,923		38,389	25,561
Total cash invested in real property	2,074,176		598,959	1,072,376
Development projects:
Development projects	435,410		733,631	253,936
Expansion projects	3,216		4,288	40,954
Total construction in progress conversions	438,626		737,919	294,890
Future minimum lease payments receivable under operating leases
2011	610,295
2012	604,731
2013	591,676
2014	538,787
2015	526,783
Thereafter	3,403,370
Totals	6,275,642
Senior housing facilities [Member]
Development projects:
Development projects	273,034		505,137	190,044
Senior housing facilities [Member] | Senior Housing Triple Net [Member]
Development projects:
Development projects	273,034		505,137	190,044
Senior housing facilities [Member] | Medical Facilities [Member]
Development projects:
Development projects	0		0	0
Senior housing - operating [Member]
Real property acquisitions:
Property acquisitions	816,000
Senior housing - operating [Member] | Senior Housing Triple Net [Member]
Real property acquisitions:
Property acquisitions	816,000
Senior housing - triple net [Member]
Real property acquisitions:
Property acquisitions	1,011,229	[1]		113,790	[1]
Construction in progress additions:
Construction in progress additions	85,993		310,310	419,622
Senior housing - triple net [Member] | Senior Housing Triple Net [Member]
Real property acquisitions:
Property acquisitions	1,011,229	[1]		113,790	[1]
Construction in progress additions:
Construction in progress additions	85,993		310,310	419,622
Skilled nursing facilities [Member]
Real property acquisitions:
Property acquisitions	17,300		11,650	11,360
Construction in progress additions:
Construction in progress additions			23,262	29,429
Development projects:
Development projects	0		45,367	16,918
Skilled nursing facilities [Member] | Senior Housing Triple Net [Member]
Real property acquisitions:
Property acquisitions	17,300		11,650	11,360
Construction in progress additions:
Construction in progress additions			23,262	29,429
Development projects:
Development projects	0		45,367	16,918
Skilled nursing facilities [Member] | Medical Facilities [Member]
Development projects:
Development projects	0		0	0
Hospitals [Member]
Real property acquisitions:
Property acquisitions			20,500	196,303
Construction in progress additions:
Construction in progress additions	123,033		113,907	77,642
Development projects:
Development projects	0		0	35,151
Hospitals [Member] | Senior Housing Triple Net [Member]
Development projects:
Development projects	0		0	0
Hospitals [Member] | Medical Facilities [Member]
Real property acquisitions:
Property acquisitions			20,500	196,303
Construction in progress additions:
Construction in progress additions	123,033		113,907	77,642
Development projects:
Development projects	96,829		0	35,151
Land parcels [Member]
Real property acquisitions:
Property acquisitions	4,300			10,000
Land parcels [Member] | Medical Facilities [Member]
Real property acquisitions:
Property acquisitions	4,300
Medical office buildings [Member]
Real property acquisitions:
Property acquisitions	626,414		35,523	121,809
Construction in progress additions:
Construction in progress additions	129,561		107,853	93,907
Development projects:
Development projects	65,547		183,127	11,823
Medical office buildings [Member] | Senior Housing Triple Net [Member]
Development projects:
Development projects	0		0	0
Medical office buildings [Member] | Medical Facilities [Member]
Real property acquisitions:
Property acquisitions	626,414		35,523	121,809
Construction in progress additions:
Construction in progress additions	129,561		107,853	93,907
Development projects:
Development projects	65,547		183,127	11,823
Senior Housing Triple Net [Member]
Real property acquisitions:
Property acquisitions	1,844,529		11,650	135,150
Less: Assumed debt	(389,253)
Assumed other items, net	(171,389)
Cash disbursed for acquisitions	1,283,887		11,650	135,150
Construction in progress additions:
Construction in progress additions	85,993		333,572	449,051
Less: Capitalized interest	(6,396)		(28,474)	(20,312)
Capitalized other				(119)
Cash disbursed for construction in progress	79,597		305,098	428,620
Capital improvements to existing properties	23,568		18,326	13,329
Total cash invested in real property	1,387,052		335,074	577,099
Development projects:
Development projects	273,034		550,504	206,962
Expansion projects	3,216		4,288	40,954
Total construction in progress conversions	276,250		554,792	247,916
Medical Facilities [Member]
Real property acquisitions:
Property acquisitions	630,714		56,023	318,112
Less: Assumed debt	(170,255)
Assumed other items, net	(36,925)			(1,899)
Cash disbursed for acquisitions	423,534		56,023	316,213
Construction in progress additions:
Construction in progress additions	252,594		221,760	171,549
Less: Capitalized interest	(13,294)		(12,495)	(4,717)
Accruals	(11,435)		(21,466)
Cash disbursed for construction in progress	227,235		187,799	166,832
Capital improvements to existing properties	36,355		20,063	12,232
Total cash invested in real property	7,124		263,885	495,277
Development projects:
Development projects	162,376		183,127	46,974
Expansion projects	0		0	0
Total construction in progress conversions	$ 162,376		$ 183,127	$ 46,974

[1] Includes $ 612,598,000 acquistion of a portfolio of 19 senior housing facilities that closed in December 2010. The allocation of the purchase consideration is preliminary and subject to adjustment.

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Commitments and Contingencies (Details Textuals) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Commitments and Contingencies (Textuals) [Abstract]
Outstanding construction financings for leased properties	$ 356,793,000
Additional financing to complete construction	268,055,000
Total contingent purchase obligations	33,613,000
Operating lease obligations relating to certain ground leases	230,189,000
Rental expense relating to company office space	1,280,000	1,138,000	1,452,000
Aggregate future minimum rentals to be received	32,329,000
Conditions for treating a lease as as capital lease	A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90% of the fair value of the leased asset. One lease related to a senior housing facility contains a bargain purchase option and has been classified as a capital lease
Liability and property insurance [Member]
Commitments and Contingencies (Textuals) [Abstract]
Number of outstanding letters of credit	1
Maturity date of outstanding letters of credit	2013
Outstanding letters of credit	1,000,000
Workers compensation insurance [Member]
Commitments and Contingencies (Textuals) [Abstract]
Number of outstanding letters of credit	2
Maturity date of outstanding letters of credit	2013
Outstanding letters of credit	4,200,000
Completion and Installation of Certain Public Improvements [Member]
Commitments and Contingencies (Textuals) [Abstract]
Number of outstanding letters of credit	1
Maturity date of outstanding letters of credit	November 2011
Outstanding letters of credit	67,932
Letter of credit Related To Wisconsin [Member]
Commitments and Contingencies (Textuals) [Abstract]
Number of outstanding letters of credit	1
Maturity date of outstanding letters of credit	41548
Outstanding letters of credit	$ 215,000

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Dispositions, Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2010

Disclosure Dispositions, Assets Held for Sale and Discontinued Operations [Abstract]

Dispositions, Assets Held for Sale and Discontinued Operations

5. Dispositions, Assets Held for Sale and Discontinued Operations

     During the six months ended June 30, 2011, we sold 38 properties for net gains of $56,380,000. At June 30, 2011, we had one medical facility and three senior housing triple-net facilities that satisfied the requirements for held for sale treatment and such properties were properly recorded at the lesser of their estimated fair values less costs to sell or carrying values. During the three months ended March 31, 2011, we recorded an impairment charge of $202,000 related to two of the held for sale senior housing triple-net facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. During the year ended December 31, 2008, we sold 38 properties for net gains of $163,933,000. At December 31, 2008, we had 15 medical facilities that were held for sale and we recorded an impairment charge of $32,648,000 to reduce the carrying values of certain properties to their estimated fair values less costs to sell. During the year ended December 31, 2009, we sold 36 properties for net gains of $43,394,000. At December 31, 2009, we had two senior housing triple-net facilities and eight medical facilities held for sale and recorded an impairment charge of $25,223,000 to reduce the medical office buildings to their estimated fair values less costs to sell. In determining the fair value of the held for sale properties, we used a combination of third party appraisals based on market comparable transactions, other market listings and asset quality as well as management calculations based on projected operating income and published capitalization rates. During the year ended December 31, 2010, we sold 38 properties, including seven of the held for sale medical facilities, for net gains of $36,115,000. At December 31, 2010, we had one medical facility and 16 senior housing triple-net facilities that satisfied the requirements for held for sale treatment and such properties were properly recorded at the lesser of their estimated fair values less costs to sell or carrying values. During the year ended December 31, 2010, we recorded an impairment charge of $947,000 related to two of the held for sale medical facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. The following is a summary of our real property disposition activity for the periods presented (in thousands):

	Year Ended
	December 31, 2010								December 31, 2009								December 31, 2008
	Senior								Senior								Senior
	Housing		Medical						Housing		Medical						Housing			Medical
	and Care(1)		Facilities			Totals			and Care(1)		Facilities			Totals			and Care(1)			Facilities			Totals
Real property dispositions:
Senior housing facilities	$	3,438	$			$	3,438		$	55,320	$			$	55,320		$	163,622		$			$	163,622
Skilled nursing facilities		166,852					166,852			45,835					45,835			6,290						6,290
Hospitals				—			—					40,841			40,841						8,735			8,735
Medical office buildings				14,092			14,092					44,717			44,717						6,781			6,781
Land parcels				—			—								—			73						73
Total dispositions		170,290		14,092			184,382			101,155		85,558			186,713			169,985			15,516			185,501
Add: Gain (loss) on sales of real property		36,274		(159	)		36,115			32,084		11,310			43,394			151,457			12,476			163,933
LandAmerica settlement		—		—			—								—			2,500						2,500
Extinguishment of other assets (liabilities)		—		—			—								—						(116	)		(116	)
Seller financing on sales of real property		—		(1,470	)		(1,470	)				(6,100	)		(6,100	)		(59,649	)		(5,122	)		(64,771	)
Proceeds from real property sales	$	206,564	$	12,463		$	219,027		$	133,239	$	90,768		$	224,007		$	264,293		$	22,754		$	287,047

(1) Represents activity for the senior housing triple-net segment.

     During the year ended December 31, 2008, we completed the sale of 29 properties to Emeritus Corporation for $299,413,000, consisting of $249,413,000 in cash proceeds and $50,000,000 of seller financing, and we recognized a gain on sale of $145,646,000. Total funds of $299,413,000 were held in escrow for use in an Internal Revenue Code Section 1031 exchange, of which $162,558,000 was utilized during the year ended December 31, 2008. We had retained LandAmerica 1031 Exchange Services, Inc. (“LES”) to act as a qualified intermediary. On November 26, 2008, LES and its parent, LandAmerica Financial Group, filed for bankruptcy protection. At that time, we had approximately $136,855,000 in two segregated escrow accounts (the “Exchange Funds”) held by Centennial Bank, an affiliate of LES. Although the terms of our agreements with LES required that the Exchange Funds be returned to us, the return of the Exchange Funds was stayed by the bankruptcy proceedings. On February 23, 2009, the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division, entered an order approving the stipulation and settlement agreement among LES, the unsecured creditors committees and us. Pursuant to the terms of that settlement agreement, the Exchange Funds plus $918,000 of interest were returned to us on February 23, 2009, and we made a settlement payment of $2,000,000 to the LES bankruptcy estate. In connection with these proceedings, we incurred approximately $500,000 in expenses. The settlement payment and expenses were recorded as reductions of gains on sales in 2008.

     We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at June 30, 2011 to discontinued operations. Expenses include an allocation of interest expense based on property carrying values and our weighted average cost of debt. The following illustrates the reclassification impact as a result of classifying properties as discontinued operations for the periods presented (in thousands):

	Year Ended December 31,
	2010		2009		2008
Revenues:
Rental income	$	38,753	$	59,304	$	82,913
Other income		—		8,059		—
Expenses:
Interest expense		7,779		11,176		19,684
Property operating expenses		5,662		4,964		5,566
Provision for depreciation		13,288		21,628		31,711
Income (loss) from discontinued operations, net	$	12,024	$	29,595	$	25,952

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Earnings Per Share [Details] (USD $) In Thousands, except Share data	3 Months Ended								12 Months Ended
	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2009	Sep. 30, 2009	Jun. 30, 2009	Mar. 31, 2009	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008
Computation of basic and diluted earnings per share
Numerator for basic and diluted earnings per share - net income attributable to common stockholders	$ 39,988	$ (4,563)	$ 45,646	$ 25,812	$ 31,700	$ 19,130	$ 59,240	$ 61,119	$ 106,882		$ 171,190		$ 260,098
Basic									127,656,000		114,207,000		93,732,000
Effect of dilutive securities:
Employee stock options									125,000				82,000
Non-vested restricted shares									420,000		405,000		443,000
Convertible senior unsecured notes									7,000				52,000
Dilutive potential common shares									552,000		405,000		577,000
Diluted									128,208,000		114,612,000		94,309,000
Basic earnings per share	$ 0.29	$ 0.04	$ 0.37	$ 0.21	$ 0.26	$ 0.17	$ 0.53	$ 0.56	$ 0.84	[1]	$ 1.50	[1]	$ 2.77	[1]
Diluted earnings per share	$ 0.29	$ 0.04	$ 0.37	$ 0.21	$ 0.26	$ 0.17	$ 0.53	$ 0.56	$ 0.83	[1]	$ 1.49	[1]	$ 2.76	[1]
Earnings Per Share (Textuals) [Abstract]
Securities Excluded From Computation Of Diluted Earnings Per Share									280,000		351,000		0

[1] Amounts may not sum due to rounding

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2010

Earnings Per Share (Tables) [Abstract]

Computation of basic and diluted earnings per share

	Year Ended December 31,
	2010		2009		2008
Numerator for basic and diluted earnings per share — net income attributable to common stockholders	$	106,882	$	171,190	$	260,098
Denominator for basic earnings per share — weighted average shares		127,656		114,207		93,732
Effect of dilutive securities:
Employee stock options		125		—		82
Non-vested restricted shares		420		405		443
Convertible senior unsecured notes		7		—		52
Dilutive potential common shares		552		405		577
Denominator for diluted earnings per share — adjusted weighted average shares		128,208		114,612		94,309
Basic earnings per share	$	0.84	$	1.50	$	2.77
Diluted earnings per share	$	0.83	$	1.49	$	2.76

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Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2010

Mortgage Loans on Real Estate [Abstract]

MORTGAGE LOANS ON REAL ESTATE

Health Care REIT, Inc.
Schedule IV — Mortgage Loans on Real Estate
December 31, 2010

							(in thousands)
													Principal Amount of
													Loans Subject to
													Delinquent
						Periodic Payment			Face Amount of		Carrying Amount of		Principal or
Description	Interest Rate			Final Maturity Date		Terms	Prior Liens		Mortgages		Mortgages		Interest
First mortgage relating to one senior housing facility in New York		7.60	%		06/30/13	Monthly Payments $234,829	$	—	$	40,000	$	37,799	$	—
First mortgage relating to one hospital in California		8.11	%		12/01/17	Monthly Payments $99,373		—		17,500		15,218		—
First mortgage relating to one hospital in California		9.50	%		06/01/20	Monthly Payments $146,191		—		17,500		13,747		—
First mortgage relating to one senior housing facility in North Carolina		7.35	%		04/30/15	Monthly Payments $40,234		—		7,000		6,525		—
First mortgage relating to one medical office building in Georgia		6.50	%		10/01/14	Monthly Payments $33,042		—		6,100		6,100		—
First mortgage relating to one hospital in California		9.63	%		01/14/14	Monthly Payments $140,072		—		18,800		4,888		—
First mortgage relating to one senior housing
facility in Arizona		3.55	%		01/01/13	Monthly Payments $12,511		—		4,151		4,151		4,151
Second mortgage relating to one hospital in California		9.13	%		10/31/13	Monthly Payments $137,558		13,747		13,000		4,107		—
Second mortgage relating to one senior housing facility in Wisconsin		15.21	%		01/15/15	Monthly Payments $42,625		7,792		3,300		3,300		—
Seven first mortgages relating to four senior housing facilities and three medical office buildings	From 3.00% to 10.90%			From 09/01/11 to 06/30/20		Monthly Payments from $739 to 52,811		—		13,605		11,598		—
Second mortgage relating to one hospital in Massachusetts		12.17	%		06/30/10	Monthly Payments $16,900		4,100		2,000		1,850		1,850
Totals							$	25,639	$	142,956	$	109,283	$	6,001

	Year Ended December 31,
	2010			2009			2008
	(in thousands)
Reconciliation of mortgage loans:
Balance at beginning of year	$	74,517		$	137,292		$	143,091
Additions:
New mortgage loans		73,439			9,456			22,142
Total additions		73,439			9,456			22,142
Deductions:
Collections of principal(1)		(10,540	)		(54,696	)		(4,844	)
Conversions to real property		(10,070	)		—			(23,097	)
Charge-offs		(18,063	)		(17,535	)		—
Total deductions		(38,673	)		(72,231	)		(27,941	)
Balance at end of year	$	109,283		$	74,517		$	137,292

(1) Includes collection of negative principal amortization.

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Stockholder's Equity (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Summary of common stock issuances
Dividend reinvestment plan issuances, Shares Issued	1,957,364	1,499,497	1,546,074
Dividend reinvestment plan issuances, Average Price	$ 43.95	$ 37.22	$ 43.37
Dividend reinvestment plan issuances, Gross Proceeds	86,034,000	55,818,000	67,055,000
Dividend reinvestment plan issuances, Net Proceeds	86,034,000	55,818,000	67,055,000
Equity shelf program issuances, Shares Issued	431,082	1,952,600	794,221
Equity shelf program issuances, Average Price	44.94	40.69	39.28
Equity shelf program issuances, Gross Proceeds	19,371,000	79,447,000	31,196,000
Equity shelf program issuances, Net Proceeds	19,013,000	77,605,000	30,272,000
Option exercises, Shares	129,054	96,166	118,895
Option exercises, Average Price	31.17	38.23	29.83
Option exercises, Gross Proceeds	4,022,000	3,676,000	3,547,000
Option exercises, Net Proceeds	4,022,000	3,676,000	3,547,000
Issuance of Common Stock, Shares	23,217,500	18,565,133	18,109,190
Gross Proceeds From Issuance Of Common Stock	1,033,452,000	724,973,000	817,218,000
Net proceeds from the issuance of common stock	995,438,000	704,533,000	782,285,000
March 2008 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued			3,000,000
Public issuance, Average Price			41.44
Public issuance, Gross Proceeds			124,320,000
Net proceeds from the issuance of common stock			118,555,000
July 2008 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued			4,600,000
Public issuance, Average Price			44.50
Public issuance, Gross Proceeds			204,700,000
Net proceeds from the issuance of common stock			193,157,000
September 2008 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued			8,050,000
Public issuance, Average Price			48.00
Public issuance, Gross Proceeds			386,400,000
Net proceeds from the issuance of common stock			369,699,000
February 2009 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued		5,816,870
Public issuance, Average Price		36.85
Public issuance, Gross Proceeds		214,352,000
Public issuance, Net Proceeds		210,880,000
September 2009 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued		9,200,000
Public issuance, Average Price		40.40
Public issuance, Gross Proceeds		371,680,000
Public issuance, Net Proceeds		356,554,000
September 2010 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued	9,200,000
Public issuance, Average Price	45.75
Public issuance, Gross Proceeds	420,900,000
Public issuance, Net Proceeds	403,921,000
December 2010 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued	11,500,000
Public issuance, Average Price	43.75
Public issuance, Gross Proceeds	503,125,000
Public issuance, Net Proceeds	$ 482,448,000

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Mortgage Loans on Real Estate (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Mortgage Loans on Real Estate
Prior Liens	$ 25,639
Face Amount of Mortgages	142,956
Carrying Amount of Mortgages	109,283
Principal Amount of Loans Subject to Delinquent Principal or Interest	(1,850)
Reconciliation of mortgage loans:
Balance at beginning of year	74,517	137,292	143,091
Additions:
New mortgage loans	73,439	9,456	22,142
Total additions	73,439	9,456	22,142
Deductions:
Collections of principal	(10,540)	(54,696)	(4,844)
Conversions of real property	(10,070)	0	(23,097)
Charge-offs	(18,063)	(17,535)	0
Total deductions	(38,673)	(72,231)	(27,941)
Balance at end of year	109,283	74,517	137,292
7.60 % First mortgage relating to one senior housing facility in New York [Member]
Mortgage Loans on Real Estate
Interest Rate	7.60%
Final Maturity Date	Jun. 30, 2013
Periodic Payment Terms	Monthly Payments 234829
Prior Liens	0
Face Amount of Mortgages	40,000
Carrying Amount of Mortgages	37,799
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
8.11 % First mortgage relating to one hospital in California Interest Rate One [Member]
Mortgage Loans on Real Estate
Interest Rate	8.11%
Final Maturity Date	Dec. 01, 2017
Periodic Payment Terms	Monthly Payments 99373
Prior Liens	0
Face Amount of Mortgages	17,500
Carrying Amount of Mortgages	15,218
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
9.50 % First Mortgage Relating To one Hospital In California Interest Rate Two [Member]
Mortgage Loans on Real Estate
Interest Rate	9.50%
Final Maturity Date	Jun. 01, 2020
Periodic Payment Terms	Monthly Payments 146191
Prior Liens	0
Face Amount of Mortgages	17,500
Carrying Amount of Mortgages	13,747
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
7.35 % First mortgage relating to one senior housing facility in North Carolina Interest Rate Two [Member]
Mortgage Loans on Real Estate
Interest Rate	7.35%
Final Maturity Date	Apr. 30, 2015
Periodic Payment Terms	Monthly Payments 40234
Prior Liens	0
Face Amount of Mortgages	7,000
Carrying Amount of Mortgages	6,525
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
6.50 % First mortgage relating to one medical office building in Georgia [Member]
Mortgage Loans on Real Estate
Interest Rate	6.50%
Final Maturity Date	Oct. 01, 2014
Periodic Payment Terms	Monthly Payments 33042
Prior Liens	0
Face Amount of Mortgages	6,100
Carrying Amount of Mortgages	6,100
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
9.63 % First mortgage relating to one hospital in California Interest Rate Year Three [Member]
Mortgage Loans on Real Estate
Interest Rate	9.63%
Final Maturity Date	Jan. 14, 2014
Periodic Payment Terms	Monthly Payments 140072
Prior Liens	0
Face Amount of Mortgages	18,800
Carrying Amount of Mortgages	4,888
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
3.55 % First mortgage relating to one senior housing facility in Arizona In year One [member]
Mortgage Loans on Real Estate
Interest Rate	3.55%
Final Maturity Date	Jan. 01, 2013
Periodic Payment Terms	Monthly Payments 12511
Prior Liens	0
Face Amount of Mortgages	4,151
Carrying Amount of Mortgages	4,151
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
9.13 % Second mortgage relating to one hospital in California Interest Rate Year One [Member]
Mortgage Loans on Real Estate
Interest Rate	9.13%
Final Maturity Date	Oct. 31, 2013
Periodic Payment Terms	Monthly Payments 137558
Prior Liens	13,747
Face Amount of Mortgages	13,000
Carrying Amount of Mortgages	4,107
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
15.21 % Second mortgage relating to one senior housing facility in Wisconsin Interest Rate Year One [Member]
Mortgage Loans on Real Estate
Interest Rate	15.21%
Final Maturity Date	Jan. 15, 2015
Periodic Payment Terms	Monthly Payments 42625
Prior Liens	7,792
Face Amount of Mortgages	3,300
Carrying Amount of Mortgages	3,300
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Seven first mortgages relating to four senior housing facilities and three medical office buildings Minimum [Member]
Mortgage Loans on Real Estate
Interest Rate	3.00%
Final Maturity Date	Sep. 01, 2011
Periodic Payment Terms	Monthly Payments from $739 to 52,811
Prior Liens	0
Face Amount of Mortgages	13,605
Carrying Amount of Mortgages	11,598
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Seven first mortgages relating to four senior housing facilities and three medical office buildings Maximum [Member]
Mortgage Loans on Real Estate
Interest Rate	10.90%
Final Maturity Date	Jun. 30, 2020
12.7% Second mortgage relating to one hospital in massachusetts [Member]
Mortgage Loans on Real Estate
Interest Rate	12.17%
Final Maturity Date	Jun. 30, 2010
Periodic Payment Terms	Monthly Payments 16900
Prior Liens	4,100
Face Amount of Mortgages	2,000
Carrying Amount of Mortgages	1,850
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ (1,850)

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Disclosure about Fair Value of Financial Instruments (Details 1) (USD $) In Thousands	Dec. 31, 2010		Dec. 31, 2009
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Available-for-sale equity investments	$ 1,103	[1]
Interest rate swap agreements	23,441	[2]
Interest rate swap agreements, Carrying Amount	(482)	[3]	2,381
Totals	24,062
Level 1 [Member]
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Available-for-sale equity investments	1,103	[1]
Interest rate swap agreements	0	[2]
Interest rate swap agreements, Carrying Amount	0	[3]
Totals	1,103
Level 2 [Member]
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Available-for-sale equity investments	0	[1]
Interest rate swap agreements	23,441	[2]
Interest rate swap agreements, Carrying Amount	(482)	[3]
Totals	22,959
Level 3 [Member]
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Available-for-sale equity investments	0	[1]
Interest rate swap agreements	0	[2]
Interest rate swap agreements, Carrying Amount	0	[3]
Totals	$ 0

[1] Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date.

[2] Please see Note 5 for additional information

[3] Please see Note 11 for additional information.

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Derivative Instruments (Details) (USD $)	12 Months Ended					12 Months Ended								12 Months Ended
	Dec. 31, 2010	Sep. 28, 2009	Sep. 30, 2004	Dec. 31, 2010 Other Liabilities [Member]	Dec. 31, 2009 Other Liabilities [Member]	Dec. 31, 2010 Realized Loss [Member] Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2009 Realized Loss [Member] Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2008 Realized Loss [Member] Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2010 Interest Expense [Member] Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2008 Interest Expense [Member] Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2009 Interest Expense [Member] Cash Flow Hedging [Member]	Sep. 28, 2009 Interest Rate Swap [Member]	Sep. 30, 2004 Interest Rate Swap [Member]	Dec. 31, 2010 Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2009 Interest Rate Swap [Member] Cash Flow Hedging [Member]	Dec. 31, 2008 Interest Rate Swap [Member] Cash Flow Hedging [Member]	Sep. 30, 2010 August 2009 Swap [Member]	Sep. 30, 2010 September 2009 Swap [Member]
Fair value of derivative instruments
Cash flow hedge interest rate swaps				$ 482,000	$ 2,381,000
Impact of derivative instruments on the statement of operations and OCI
Gain (loss) on interest rate swap recognized in OCI (effective portion)														(10,307,000)	(3,513,000)	7,669,000
Gain (loss) reclassified from AOCI into income (effective portion)									(2,244,000)	(160,000)	(971,000)
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)						0	0	(23,393,000)
Derivative Instruments (Textuals) [Abstract]
Hedging losses included in accumulated other comprehensive income	1,643,000
Notional amount of interest rate swap	12,650,000											48,155,000	52,198,000
Term of interest payments Hedged	7 Years
Cash payment for termination interest rate swap																	6,645,000	4,365,000
Interest Rate swap Effective Date												Sep. 30, 2009	Aug. 12, 2009
Interest Rate swap maturity Date												Oct. 01, 2016	Sep. 01, 2016
Amount of long-term debt to be offset by Interest rate Cash Flow Hedge	$ 12,650,000	$ 48,155,000	$ 52,198,000
Fixed rate of swap	0.0550											0.032675	0.0393

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Dispositions, Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2010

Dispositions, Assets Held for Sale and Discontinued Operations (Tables) [Abstract]

Summary of real property disposition activity

	Year Ended
	December 31, 2010								December 31, 2009								December 31, 2008
	Senior								Senior								Senior
	Housing		Medical						Housing		Medical						Housing			Medical
	and Care(1)		Facilities			Totals			and Care(1)		Facilities			Totals			and Care(1)			Facilities			Totals
Real property dispositions:
Senior housing facilities	$	3,438	$			$	3,438		$	55,320	$			$	55,320		$	163,622		$			$	163,622
Skilled nursing facilities		166,852					166,852			45,835					45,835			6,290						6,290
Hospitals				—			—					40,841			40,841						8,735			8,735
Medical office buildings				14,092			14,092					44,717			44,717						6,781			6,781
Land parcels				—			—								—			73						73
Total dispositions		170,290		14,092			184,382			101,155		85,558			186,713			169,985			15,516			185,501
Add: Gain (loss) on sales of real property		36,274		(159	)		36,115			32,084		11,310			43,394			151,457			12,476			163,933
LandAmerica settlement		—		—			—								—			2,500						2,500
Extinguishment of other assets (liabilities)		—		—			—								—						(116	)		(116	)
Seller financing on sales of real property		—		(1,470	)		(1,470	)				(6,100	)		(6,100	)		(59,649	)		(5,122	)		(64,771	)
Proceeds from real property sales	$	206,564	$	12,463		$	219,027		$	133,239	$	90,768		$	224,007		$	264,293		$	22,754		$	287,047

(1) Represents activity for the senior housing triple-net segment.

Reclassification impact as result of classifying properties as discontinued operations

	Year Ended December 31,
	2010		2009		2008
Revenues:
Rental income	$	38,753	$	59,304	$	82,913
Other income		—		8,059		—
Expenses:
Interest expense		7,779		11,176		19,684
Property operating expenses		5,662		4,964		5,566
Provision for depreciation		13,288		21,628		31,711
Income (loss) from discontinued operations, net	$	12,024	$	29,595	$	25,952

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Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2010

Stock Incentive Plans (Tables) [Abstract]

Fair value of each option grant estimated on weighted-average assumptions:

	Year Ended
	December 31, 2010			December 31, 2009			December 31, 2008
Dividend yield(1)		6.28	%		7.35	%		6.47	%
Expected volatility		34.08	%		29.40	%		20.50	%
Risk-free interest rate		3.23	%		2.33	%		3.42	%
Expected life (in years)		7.0			7.0			6.5
Weighted-average fair value(1)	$	7.82		$	4.38		$	6.25

(1) Certain options granted to employees in 2008 include dividend equivalent rights. The fair value of options with DERs also includes the net present value of projected future dividend payments over the expected life of the option discounted at the dividend yield rate.

Summary of stock options activity

	Year Ended
	December 31, 2010					December 31, 2009					December 31, 2008
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
Stock Options	(000’s)			Exercise Price		(000’s)			Exercise Price		(000’s)			Exercise Price
Options at beginning of year		1,062		$	$37.71		817		$	38.29		637		$	35.54
Options granted		280			43.29		366			37.00		307			40.83
Options exercised		(129	)		33.58		(96	)		38.22		(119	)		29.83
Options terminated		(6	)		37.82		(25	)		44.50		(8	)		42.00
Options at end of period		1,207		$	$39.45		1,062		$	$37.71		817		$	$38.29
Options exercisable at end of period		440		$	37.76		388		$	35.85		281		$	33.94
Weighted average fair value of options granted during the period				$	$7.82				$	$4.38				$	$6.25

Non-vested stock incentive awards

	Stock Options					Restricted Stock
	Number of			Weighted Average		Number of			Weighted Average
	Shares			Grant Date		Shares			Grant Date
	(000’s)			Fair Value		(000’s)			Fair Value
Non-vested at December 31, 2009		675		$	5.44		405		$	40.26
Vested		(181	)		5.91		(232	)		42.02
Granted		280			7.82		249			43.28
Terminated		(6	)		7.06		(2	)		38.07
Non-vested at December 31, 2010		768		$	6.19		420		$	41.09

Summary of stock options outstanding

	Options Outstanding						Options Exercisable
					Weighted						Weighted
	Number		Weighted		Average		Number		Weighted		Average
	Outstanding		Average		Remaining		Exercisable		Average		Remaining
Range of Per Share Exercise Prices	(thousands)		Exercise Price		Contract Life		(thousands)		Exercise Price		Contract Life
$20-$30		31	$	25.67		2.7		31	$	25.67		2.7
$30-$40		575		36.70		7.5		264		36.38		5.9
$40+		601		42.80		8.8		145		42.90		7.6
Totals		1,207	$	$39.45		8.0		440	$	$37.76		6.2
Aggregate intrinsic value	$	9,892,000					$	4,344,000

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Accounting Policies and Related Matters (Tables)

12 Months Ended

Dec. 31, 2010

Accounting Policies and Related Matters (Tables) [Abstract]

Estimated aggregate amortization expense for acquired lease intangibles expected to be recognized

2011	$	48,613
2012		30,828
2013		14,194

2014		9,831
2015		8,618
Thereafter		96,851
Totals	$	208,935

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Stockholders' Equity

12 Months Ended

Dec. 31, 2010

Stockholders' Equity [Abstract]

Stockholders' Equity

13. Stockholders’ Equity

     The following is a summary of our stockholder’s equity capital accounts as of the dates indicated:

	December 31, 2010		December 31, 2009
Preferred Stock, $1.00 par value:
Authorized shares		50,000,000		50,000,000
Issued shares		11,349,854		11,474,093
Outstanding shares		11,349,854		11,474,093
Common Stock, $1.00 par value:
Authorized shares		225,000,000		225,000,000
Issued shares		147,381,191		123,583,242
Outstanding shares		147,097,381		123,385,317

     Preferred Stock. During the year ended December 31, 2008, certain holders of our Series G Cumulative Convertible Preferred Stock converted 1,362,887 shares into 975,397 shares of our common stock, leaving 441,313 of such shares outstanding at December 31, 2008. During the year ended December 31, 2009, certain holders of our Series G Cumulative Convertible Preferred Stock converted 41,600 shares into 29,771 shares of our common stock, leaving 399,713 of such shares outstanding at December 31, 2009. During the nine months ended September 30, 2010, certain holders of our Series G Cumulative Convertible Preferred Stock converted 394,200 shares into 282,078 shares of our common stock, leaving 5,513 of such shares outstanding which were redeemed by us on September 30, 2010. During the three months ended September 30, 2010, the holder of our Series E Cumulative Convertible and Redeemable Preferred Stock converted 74,380 shares into 56,935 shares of our common stock, leaving no such shares outstanding at December 31, 2010.

     In July 2003, we closed a public offering of 4,000,000 shares of 7.875% Series D Cumulative Redeemable Preferred Stock. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after July 9, 2008.

     In September 2004, we closed a public offering of 7,000,000 shares of 7.625% Series F Cumulative Redeemable Preferred Stock. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after September 14, 2009.

     During the three months ended December 31, 2010, we issued 349,854 shares of 6.00% Series H Cumulative Convertible and Redeemable Preferred Stock in connection with a business combination. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after December 31, 2015. See Note 3 for additional information.

     Common Stock. The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except per share amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
March 2008 public issuance		3,000,000	$	41.44	$	124,320	$	118,555
July 2008 public issuance		4,600,000		44.50		204,700		193,157
September 2008 public issuance		8,050,000		48.00		386,400		369,699
2008 Dividend reinvestment plan issuances		1,546,074		43.37		67,055		67,055
2008 Equity shelf program issuances		794,221		39.28		31,196		30,272
2008 Option exercises		118,895		29.83		3,547		3,547
2008 Totals		18,109,190			$	817,218	$	782,285
February 2009 public issuance		5,816,870	$	36.85	$	214,352	$	210,880
September 2009 public issuance		9,200,000		40.40		371,680		356,554
2009 Dividend reinvestment plan issuances		1,499,497		37.22		55,818		55,818
2009 Equity shelf program issuances		1,952,600		40.69		79,447		77,605
2009 Option exercises		96,166		38.23		3,676		3,676
2009 Totals		18,565,133			$	724,973	$	704,533
September 2010 public issuance		9,200,000	$	45.75	$	420,900	$	403,921
December 2010 public issuance		11,500,000		43.75		503,125		482,448
2010 Dividend reinvestment plan issuances		1,957,364		43.95		86,034		86,034
2010 Equity shelf program issuances		431,082		44.94		19,371		19,013
2010 Option exercises		129,054		31.17		4,022		4,022
2010 Totals		23,217,500			$	1,033,452	$	995,438

     Dividends. The following is a summary of our dividend payments (dollars in thousands, except per share amounts):

	Year Ended
	December 31, 2010				December 31, 2009				December 31, 2008
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.74000	$	348,578	$	2.72000	$	311,760	$	2.70000	$	253,659
Series D Preferred Stock		1.96875		7,875		1.96875		7,875		1.96875		7,875
Series E Preferred Stock		1.12500		94		1.50000		112		1.50000		112
Series F Preferred Stock		1.90625		13,344		1.90625		13,344		1.90625		13,344
Series G Preferred Stock		1.40640		332		1.87500		748		1.87500		1,870
Totals			$	370,223			$	333,839			$	276,860

Comprehensive Income

     The following is a summary of accumulated other comprehensive income/(loss) as of the dates indicated (in thousands):

	December 31, 2010			December 31, 2009
Unrecognized gains (losses) on cash flow hedges	$	(9,969	)	$	(1,907	)
Unrecognized gains (losses) on equity investments		(497	)		(550	)
Unrecognized actuarial gains (losses)		(633	)		(434	)
Totals	$	(11,099	)	$	(2,891	)

     The following is a summary of comprehensive income/(loss) for the periods indicated (in thousands):

	Year Ended December 31,
	2010			2009			2008
Unrecognized gains (losses) on cash flow hedges	$	(8,063	)	$	(2,542	)	$	7,829
Unrecognized gains (losses) on equity investments		54			487			(846	)
Unrecognized actuarial gains (losses)		(199	)		277			(715	)
Total other comprehensive income (loss)		(8,208	)		(1,778	)		6,268
Net income attributable to controlling interests		128,527			193,269			283,299
Comprehensive income attributable to controlling interests		120,319			191,491			289,567
Net and comprehensive income (loss) attributable to noncontrolling interests		357			(342	)		126
Total comprehensive income	$	120,676		$	191,149		$	289,693

Other Equity

     Other equity consists of accumulated option compensation expense which represents the amount of amortized compensation costs related to stock options awarded to employees and directors. Expense, which is recognized as the options vest based on the market value at the date of the award, totaled $1,634,000, $1,629,000 and $1,503,000 for the year ended December 31, 2010, 2009 and 2008, respectively.

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Real Estate Loans Receivable (Details) (USD $) In Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Summary of real estate loans receivable
Real estate loans receivable	$ 436,580	$ 427,363
Advances on real estate loans receivable:
Investments in new loans	51,386	20,036	121,493
Draws on existing loans	47,349	54,381	21,265
Sub-total	98,735	74,417	142,758
Less: Seller financing on property sales	(1,470)		(59,649)
Net cash advances on real estate loans	97,265	74,417	83,109
Receipts on real estate loans receivable:
Loan payoffs	11,852	93,856	8,815
Principal payments on loans	31,643	17,923	9,354
Total receipts on real estate loans	43,495	111,779	18,169
Net advances (receipts) on real estate loans	53,770	(37,362)	64,940
Senior Housing Triple Net [Member]
Advances on real estate loans receivable:
Investments in new loans	9,742	20,036	121,493
Draws on existing loans	46,113	52,910	21,265
Sub-total	55,855	72,946	142,758
Less: Seller financing on property sales			(59,649)
Net cash advances on real estate loans	55,855	72,946	83,109
Receipts on real estate loans receivable:
Loan payoffs	5,619	61,659	8,815
Principal payments on loans	24,203	15,890	9,354
Total receipts on real estate loans	29,822	77,549	18,169
Net advances (receipts) on real estate loans	26,033	(4,603)	64,940
Medical Facilities [Member]
Advances on real estate loans receivable:
Investments in new loans	41,644
Draws on existing loans	1,236	1,471
Sub-total	42,880	1,471
Less: Seller financing on property sales	(1,470)
Net cash advances on real estate loans	41,410	1,471
Receipts on real estate loans receivable:
Loan payoffs	6,233	32,197
Principal payments on loans	7,440	2,033
Total receipts on real estate loans	13,673	34,230
Net advances (receipts) on real estate loans	27,737	(32,759)
Mortgage Receivable [Member]
Summary of real estate loans receivable
Real estate loans receivable	109,283	74,517
Other Real Estate Loans Receivables [Member]
Summary of real estate loans receivable
Real estate loans receivable	$ 327,297	$ 352,846

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Income Taxes and Distributions (Details) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Per Share
Ordinary income	$ 0.7774	$ 1.9865	$ 1.6196
Return of capital	$ 1.7408	$ 0.4864	$ 0.8904
Long- term capital gain	$ 0.019	$ 0	$ 0
1250 gains	$ 0.2028	$ 0.2471	$ 0.1900
Totals	$ 2.74000	$ 2.72000	$ 2.70000
Income Taxes and Distributions (Textuals) [Abstract]
Percentage of taxable income to be distributed to stockholders for federal tax purposes		90.00%
Percentage of capital gains on taxable income distributed to stockholders		100.00%
Percentage of federal excise tax on real estate investment trusts that do not distribute income		4.00%
Carryforwards expiration date	from 2011 through 2030
Domestic Country [Member]
Additional Income Taxes and Distributions (Textuals) [Abstract]
Tax losses available for carryforward	$ 19,812,000
State and Local Jurisdiction [Member]
Additional Income Taxes and Distributions (Textuals) [Abstract]
Tax losses available for carryforward	$ 17,137,000

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Stock Incentive Plans (Details 3) (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010
Summary of stock options outstanding
Options Outstanding, Number Outstanding	1,207
Options Outstanding, Weighted Average Exercise Price	$ 39.45
Options Outstanding, Weighted Average Remaining Contract Life	8.0
Options Exercisable, Number Exercisable	440
Options Exercisable, Weighted Average Exercise Price	$ 37.76
Options Exercisable,Weighted Average Remaining Contract Life	6.2
Options Outstanding, Aggregate Intrinsic Value	$ 9,892,000
Options Exercisable, Aggregate Intrinsic Value	$ 4,344,000
$20-$30 [Member]
Summary of stock options outstanding
Range of Per Share Exercise Prices	$20-$30
Options Outstanding, Number Outstanding	31
Options Outstanding, Weighted Average Exercise Price	$ 25.67
Options Outstanding, Weighted Average Remaining Contract Life	2.7
Options Exercisable, Number Exercisable	31
Options Exercisable, Weighted Average Exercise Price	$ 25.67
Options Exercisable,Weighted Average Remaining Contract Life	2.7
$30-$40 [Member]
Summary of stock options outstanding
Range of Per Share Exercise Prices	$30-$40
Options Outstanding, Number Outstanding	575
Options Outstanding, Weighted Average Exercise Price	$ 36.7
Options Outstanding, Weighted Average Remaining Contract Life	7.5
Options Exercisable, Number Exercisable	264
Options Exercisable, Weighted Average Exercise Price	$ 36.38
Options Exercisable,Weighted Average Remaining Contract Life	5.9
$40+ [Member]
Summary of stock options outstanding
Range of Per Share Exercise Prices	$40+
Options Outstanding, Number Outstanding	601
Options Outstanding, Weighted Average Exercise Price	$ 42.8
Options Outstanding, Weighted Average Remaining Contract Life	8.8
Options Exercisable, Number Exercisable	145
Options Exercisable, Weighted Average Exercise Price	$ 42.9
Options Exercisable,Weighted Average Remaining Contract Life	7.6

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Senior Unsecured Notes and Secured Debt (Details) (USD $)	12 Months Ended								3 Months Ended		6 Months Ended	12 Months Ended	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended		3 Months Ended			12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2010 Senior Unsecured Notes [Member]		Dec. 31, 2010 Secured Debt [Member]		Jun. 30, 2010 Secured Debt [Member]	Mar. 31, 2009 Senior Unsecured Convertible Notes One [Member]	Dec. 31, 2006 Senior Unsecured Convertible Notes One [Member]	Jun. 30, 2010 Senior Unsecured Convertible Notes One [Member]	Dec. 31, 2009 Senior Unsecured Convertible Notes One [Member]	Jul. 31, 2007 Senior Unsecured Convertible Notes Two [Member]	Mar. 31, 2009 Senior Unsecured Convertible Notes Two [Member]	Jun. 30, 2010 Senior Unsecured Convertible Notes Two [Member]	Dec. 31, 2010 Senior Unsecured Convertible Notes Two [Member]	Dec. 31, 2010 Senior Unsecured Convertible Notes Three [Member]	Jun. 30, 2010 Senior Unsecured Convertible Notes Three [Member]	Jun. 30, 2010 Senior Unsecured Convertible Notes Four [Member]	Sep. 30, 2010 Senior unsecured convertible notes due 2017 [Member]	Dec. 31, 2010 Senior unsecured convertible notes due 2021 [Member]	Dec. 31, 2010 First mortgage loans [Member]	Dec. 31, 2009 First mortgage loans [Member]	Dec. 31, 2008 First mortgage loans [Member]	Dec. 31, 2010 Loans Secured By Medical Office Buildings [Member]	Dec. 31, 2010 Loans Secured By Senior Housing Facilities [Member]
Principal payments due on debt obligations
2011	$ 24,048,000			$ 0	[1]	$ 24,048,000	[1]
2012	168,832,000			76,853,000	[1]	91,979,000	[1]
2013	385,508,000			300,000,000	[1]	85,508,000	[1]
2014	188,009,000			0	[1]	188,009,000	[1]
2015	400,311,000			250,000,000		150,311,000
Thereafter	3,031,937,000			2,438,077,000	[1]	593,860,000	[1]
Totals	4,198,645,000			3,064,930,000	[1]	1,133,715,000	[1]
Senior Unsecured Notes and Secured Debt (Textuals) [Abstract]
Senior unsecured notes	3,034,949,000	1,653,027,000		3,034,949,000
Notes, annual stated interest rates, Minimum				0.03		0.031
Notes, annual stated interest rates, Maximum				0.08		0.0874
Par value of senior debt				3,064,930,000				1,133,715,000		345,000,000
Senior unsecured convertible notes issued												183,147,000	400,000,000				494,403,000		450,000,000	450,000,000	450,000,000
Senior unsecured convertible notes, interest rate										4.75%		7.82%	4.75%				3.00%		6.125%	4.70%	4.95%
Proceeds from issuance of senior unsecured convertible notes	1,821,683,000									337,517,000			388,943,000				486,084,000		446,328,000	445,768,000	443,502,000
Conversion rate of senior unsecured convertible notes										20.8833 shares per $1,000 principal amount of notes			20.0000 shares per $1,000 principal amount of notes				19.5064 shares per $1,000 principal amount of notes
Conversion price of senior unsecured convertible notes										47.89			50.00				51.27
Cash Purchase Price for all or portion of senior unsecured convertible										100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest			100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest				100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest
Senior unsecured convertible notes extinguished		81,715,000	50,475,000						5,000,000		214,412,000			5,000,000	226,914,000							194,493,000
First mortgage loans, Recognized Loss	(34,171,000)	(25,107,000)	2,094,000						446,000		8,837,000	19,269,000		594,000	16,235,000							9,099,000	5,838,000	2,094,000
Equity component of convertible debt, reacquire	(9,689,000)										18,552,000				21,062,000
Notes outstanding											125,588,000					168,086,000
Reacquired equity component of senior unsecured convertible notes																		29,925,000
Carrying values of properties securing the debt	2,054,820,000
Assumed first mortgage loans secured																									$ 157,156,000	$ 564,657,000
Number of medical office buildings	15
Number of properties secured by mortgages	60
Number of debt instruments extinguished	20
First mortgage loans assumed		7.21%	6.67%																			6.07%			5.45%	6.06%

[1] Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

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Real Estate Loans Receivable

12 Months Ended

Dec. 31, 2010

Real Estate Loans Receivable [Abstract]

Real Estate Loans Receivable

6. Real Estate Loans Receivable

     The following is a summary of our real estate loans receivable (in thousands):

	December 31,
	2010		2009
Mortgage loans	$	109,283	$	74,517
Other real estate loans		327,297		352,846
Totals	$	436,580	$	427,363

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

	Year Ended
	December 31, 2010								December 31, 2009									December 31, 2008
	Senior								Senior									Senior
	Housing		Medical						Housing			Medical						Housing			Medical
	and Care(1)		Facilities			Totals			and Care(1)			Facilities			Totals			and Care(1)			Facilities		Totals
Advances on real estate loans receivable:
Investments in new loans	$	9,742	$	41,644		$	51,386		$	20,036		$	—		$	20,036		$	121,493		$	—	$	121,493
Draws on existing loans		46,113		1,236			47,349			52,910			1,471			54,381			21,265			—		21,265
Sub-total		55,855		42,880			98,735			72,946			1,471			74,417			142,758			—		142,758
Less: Seller financing on property sales		—		(1,470	)		(1,470	)		—			—			—			(59,649	)		—		(59,649	)
Net cash advances on real estate loans		55,855		41,410			97,265			72,946			1,471			74,417			83,109			—		83,109
Receipts on real estate loans receivable:
Loan payoffs		5,619		6,233			11,852			61,659			32,197			93,856			8,815			—		8,815
Principal payments on loans		24,203		7,440			31,643			15,890			2,033			17,923			9,354			—		9,354
Total receipts on real estate loans		29,822		13,673			43,495			77,549			34,230			111,779			18,169			—		18,169
Net advances (receipts) on real estate loans	$	26,033	$	27,737		$	53,770		$	(4,603	)	$	(32,759	)	$	(37,362	)	$	64,940		$	—	$	64,940

(1) Represents activity for the senior housing triple-net segment.

     The following is a summary of the allowance for losses on loans receivable for the periods presented (in thousands):

	Year Ended December 31,
	2010			2009			2008
Balance at beginning of year	$	5,183		$	7,500		$	7,406
Provision for loan losses		29,684			23,261			94
Charge-offs		(33,591	)		(25,578	)		—
Balance at end of year	$	1,276		$	5,183		$	7,500

     As a result of our quarterly evaluations, we recorded $29,684,000 of provision for loan losses during the year ended December 31, 2010. This amount includes the write-off of loans totaling $33,591,000 primarily related to certain early stage senior housing and CCRC development projects. These related to three separate borrowers where new factors arose that, under the circumstances, resulted in the determination to record the write-offs. This was offset by a net reduction of the allowance balance by $3,907,000, resulting in an allowance for loan losses of $1,276,000 relating to real estate loans with outstanding balances of $9,691,000, all of which were on non-accrual status at December 31, 2010.

     During the quarter ended September 30, 2010, we received title to a parcel of land and an equity interest in satisfaction of certain loans outstanding with a combined balance of $38,848,000. For balance sheet purposes, the land parcel is recorded as land and the equity interest is accounted for as an equity method investment (in our senior housing triple-net segment), the amounts of which were recorded at their estimated fair values at the transaction dates. The equity interest is in an entity deemed to be a VIE, however, we have determined that we are not the primary beneficiary as we do not have the ability to direct and influence the activities that most significantly impact the entity’s economic performance. Our exposure to loss is limited to the recorded equity investment balance of $29,578,000.

     The following is a summary of our loan impairments (in thousands):

	Year Ended December 31,
	2010		2009		2008
Balance of impaired loans at end of year	$	9,691	$	67,126	$	72,770
Allowance for loan losses		1,276		5,183		7,500
Balance of impaired loans not reserved	$	8,415	$	61,943	$	65,270
Average impaired loans for the year	$	38,409	$	69,948	$	36,785
Interest recognized on impaired loans(1)		103		530		3,288

(1) Represents interest recognized prior to placement on non-accrual status.

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Real Estate and Accumulated Depreciation (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Investment in real estate:
Balance at beginning of year	$ 6,336,291,000	$ 5,979,575,000	$ 5,117,005,000
Additions:
Acquisitions	1,707,421,000	67,673,000	451,363,000
Improvements	398,510,000	590,394,000	646,161,000
Conversions from loans receivable	10,070,000		23,097,000
Assumed other items, net	208,314,000		1,899,000
Assumed debt	559,508,000
Purchase price adjustments		665,000
Reclassification of lease commissions			2,359,000
Total additions	2,883,823,000	658,732,000	1,124,879,000
Deductions:
Cost of real estate sold	(216,300,000)	(260,956,000)	(219,079,000)
Reclassification of accumulated depreciation and amortization for assets held for sale	(10,372,000)	(15,837,000)	(10,582,000)
Impairment of assets	(947,000)	(25,223,000)	(32,648,000)
Total deductions	(227,619,000)	(302,016,000)	(262,309,000)
Balance at end of year	8,992,495,000	6,336,291,000	5,979,575,000
Accumulated depreciation:
Balance at beginning of year	677,851,000	600,781,000	478,373,000
Additions:
Depreciation and amortization expenses	202,543,000	164,923,000	163,045,000
Amortization of above market leases	2,524,000	2,061,000	3,477,000
Reclassification of lease commissions			423,000
Total additions	205,067,000	166,984,000	166,945,000
Real Estate Accumulated Deductions:
Real Estate Accumulated Depreciation, Real Estate Sold	(31,919,000)	(74,244,000)	(33,578,000)
Real Estate Accumulated Depreciation, Other Deductions	(14,033,000)	(15,670,000)	(10,959,000)
Total deductions	(45,952,000)	(89,914,000)	(44,537,000)
Balance at end of year	836,966,000	677,851,000	600,781,000
Reconciliation of real property (Textual) [Abstract]
Aggregate cost for tax purposes for real property	$ 8,802,656,000	$ 6,378,056,000	$ 5,977,346,000

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Disclosure about Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2010

Disclosure About Fair Value of Financial Instruments [Abstract]

Disclosure about Fair Value of Financial Instruments

16. Disclosure about Fair Value of Financial Instruments

     The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Mortgage Loans and Other Real Estate Loans Receivable — The fair value of mortgage loans and other real estate loans receivable is generally estimated by discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Cash and Cash Equivalents — The carrying amount approximates fair value.

Available-for-sale Equity Investments — Available-for-sale equity investments are recorded at their fair value based on publicly available trading prices.

Borrowings Under Unsecured Lines of Credit Arrangements — The carrying amount of the unsecured line of credit arrangement approximates fair value because the borrowings are interest rate adjustable.

Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on publicly available trading prices.

Secured Debt — The fair value of fixed rate secured debt is estimated by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable.

Interest Rate Swap Agreements — Interest rate swap agreements are recorded as assets or liabilities on the balance sheet at fair market value. Fair market value is estimated by utilizing pricing models that consider forward yield curves and discount rates.

     The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):

	December 31, 2010				December 31, 2009
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial Assets:
Mortgage loans receivable	$	109,283	$	111,255	$	74,517	$	74,765
Other real estate loans receivable		327,297		333,003		352,846		354,429
Available-for-sale equity investments		1,103		1,103		5,816		5,816
Cash and cash equivalents		131,570		131,570		35,476		35,476
Financial Liabilities:
Borrowings under unsecured lines of credit arrangements	$	300,000	$	300,000	$	140,000	$	140,000
Senior unsecured notes		3,034,949		3,267,638		1,653,027		1,762,129
Secured debt		1,125,906		1,178,081		620,995		623,266
Interest rate swap agreements		482		482		2,381		2,381

     U.S. GAAP provides authoritative guidance for measuring and disclosing fair value measurements of assets and liabilities. The guidance for financial assets and liabilities was previously adopted as the standard for those assets and liabilities as of January 1, 2008. Additional guidance for non-financial assets and liabilities is effective for fiscal years beginning after November 15, 2008, and was adopted as the standard for those assets and liabilities as of January 1, 2009. The impact of adoption was not significant. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Interest rate swap agreements are valued using models that assume a hypothetical transaction to sell the asset or transfer the liability in the principal market for the asset or liability based on market data derived from interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment timing, loss severities, credit risks and default rates.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

     Items Measured at Fair Value on a Recurring Basis

     The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

	Fair Value Measurements as of December 31, 2010
	Total			Level 1		Level 2			Level 3
Available-for-sale equity investments(1)	$	1,103		$	1,103	$	—		$	—
Assets held for sale(2)		23,441			—		23,441			—
Interest rate swap agreements(3)		(482	)		—		(482	)		—
Totals	$	24,062		$	1,103	$	22,959		$	—

(1)	Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
(2)	Please see Note 5 for additional information.
(3)	Please see Note 11 for additional information.

     Items Measured at Fair Value on a Nonrecurring Basis

     In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include assets acquired and liabilities assumed in business combinations (see Note 3) and asset impairments (see Note 5 for impairments of real property and Note 6 for impairments of loans receivable). We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally reside within Level 3 of the fair value hierarchy. We estimate the fair value of real estate using unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value.

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Stockholder's Equity (Details) (USD $) In Thousands, except Per Share data	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Summary of dividend payments
Dividends declared and paid per common share	$ 2.74000	$ 2.72000	$ 2.70000
Common stock cash dividends	$ 348,578	$ 311,760	$ 253,659
Total dividend paid	370,223	333,839	276,860
Series D Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per Preferred share	$ 1.96875	$ 1.96875	$ 1.96875
Preferred stock cash dividends	7,875	7,875	7,875
Series E Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per Preferred share	$ 1.12500	$ 1.50000	$ 1.50000
Preferred stock cash dividends	94	112	112
Series F Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per Preferred share	$ 1.90625	$ 1.90625	$ 1.90625
Preferred stock cash dividends	13,344	13,344	13,344
Series G Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per Preferred share	$ 1.4064	$ 1.87500	$ 1.87500
Preferred stock cash dividends	$ 332	$ 748	$ 1,870

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Commitments and Contingencies (Details) (USD $) In Thousands	Dec. 31, 2010
Future minimum lease payments due under operating and capital leases
Operating Leases 2011	$ 5,380
Capital Leases 2011	604
Operating Leases 2012	5,454
Capital Leases 2012	622
Operating Leases 2013	5,158
Capital Leases 2013	640
Operating Leases 2014	5,181
Capital Leases 2014	660
Operating Leases 2015	5,189
Capital Leases 2015	8,425
Operating Leases Thereafter	203,827
Capital Leases Thereafter	0
Operating Lease Total	230,189
Capital Leases Total	$ 10,951

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2010

Commitments and Contingencies (Tables) [Abstract]

Future minimum lease payments due under operating and capital leases

	Operating Leases		Capital Leases(1)
2011	$	5,380	$	604
2012		5,454		622
2013		5,158		640
2014		5,181		660
2015		5,189		8,425
Thereafter		203,827		—
Totals	$	230,189	$	10,951

(1) Related assets of $17,815,000 recorded in real property.

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Stockholder's Equity (Details Textuals) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended			1 Months Ended	3 Months Ended	12 Months Ended	1 Months Ended		9 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Jul. 31, 2003 Series D Preferred Stock [Member]	Sep. 30, 2010 Series E Preferred Stock [Member]	Dec. 31, 2010 Series E Preferred Stock [Member]	Sep. 30, 2004 Series F Preferred Stock [Member]	Feb. 25, 2011 Series F Preferred Stock [Member]	Sep. 30, 2010 Series G Preferred Stock [Member]	Dec. 31, 2009 Series G Preferred Stock [Member]	Dec. 31, 2008 Series G Preferred Stock [Member]	Sep. 30, 2010 Series H Preferred Stock [Member]	Dec. 31, 2010 Series H Preferred Stock [Member]	Dec. 31, 2010 Other Equity	Dec. 31, 2009 Other Equity	Dec. 31, 2008 Other Equity
Stockholders Equity (Textuals) [Abstract]
Preferred Stock, per share	$ 1.00	$ 1
Common stock, per share	$ 1.00	$ 1
Cumulative Convertible Preferred Stock, Converted Into common Stock						349,854			394,200	41,600	1,362,887	74,380
Common stock issued on conversion of preferred stock					56,935				282,078	29,771	975,397
Cumulative Convertible Preferred Stock, Outstanding	11,349,854	11,474,093				0			5,513	399,713	441,313
Other equity	$ 1,634	$ 1,629	$ 1,503											$ 1,634	$ 1,629	$ 1,503
Liquidation value per preferred share				$ 25.00				$ 25.00					$ 25.00
Preferred stock dividend percentage				7.875%			7.625%						6.00%
Shares issued through public offering				4,000,000			7,000,000

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Accounting Policies and Related Matters (Policies)

12 Months Ended

Dec. 31, 2010

Accounting Policies and Related Matters (Policies) [Abstract]

Principles of Consolidation

     The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint ventures that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation.

     At inception of joint venture transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A variable interest entity is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. ASC 810, Consolidations, requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated on a continuous basis. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact that entity’s economic performance.

     For investments in joint ventures, we evaluate the type of rights held by the limited partner(s), which may preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership. The assessment of limited partners’ rights and their impact on the presumption of control over a limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the rights of the limited partners, (ii) the sole general partner increases or decreases its ownership in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.

Use of Estimates

     The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

     Revenue is recorded in accordance with U.S. GAAP, which requires that revenue be recognized after four basic criteria are met. These four criteria include persuasive evidence of an arrangement, the rendering of service, fixed and determinable income and reasonably assured collectability. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risk. Substantially all of our operating leases contain either fixed or contingent escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. We recognize resident fees and services, other than move in fees, monthly as services are provided. Move in fees, which are a component of resident fees and services, are recognized on a straight-line basis over the term of the applicable lease agreement. Lease agreements with residents generally have a term of one year and are cancelable by the resident with 30 days’ notice.

Cash and Cash Equivalents

     Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less.

Restricted Cash

     Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements and amounts held in escrow relating to acquisitions we are entitled to receive over a period of time as outlined in the escrow agreement.

Deferred Loan Expenses

     Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective

Equity Investments

     Equity investments at December 31, 2010 and 2009 include an investment in a public company that has a readily determinable fair market value. We classify this equity investment as available-for-sale and, accordingly, record this investment at its fair market value with unrealized gains and losses included in accumulated other comprehensive income, a separate component of stockholders’ equity. Equity investments at December 31, 2010 and 2009 also include an investment in a private company. We do not have the ability to exercise influence over the company, so the investment is accounted for under the cost method. Under the cost method of accounting, investments in private companies are carried at cost and are adjusted only for other-than-temporary declines in fair value, return of capital and additional investments. These equity investments represented a minimal ownership interest in these companies. Additionally, equity investments include investments in unconsolidated joint ventures.

Investments in Unconsolidated Joint Ventures

     Investments in less than majority owned entities where our interests represent a general partnership interest but substantive participating rights or substantive kick-out rights have been granted to the limited partners, or where our interests do not represent the general partnership interest and we do not control the major operating and financial policies of the entity, are reported under the equity method of accounting. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the estimated fair value of the assets prior to the sale of interests in the joint venture. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.

Redeemable Noncontrolling Interests

     Certain noncontrolling interests are redeemable at fair value at December 31, 2010. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss and dividends or (ii) the redemption value. In accordance with ASC 810, the redeemable noncontrolling interests were classified outside of permanent equity, as a mezzanine item, in the balance sheet.

Real Property Owned

     Real property developed by us is recorded at cost, including the capitalization of construction period interest. The cost of real property acquired is allocated to net tangible and identifiable intangible assets based on their respective fair values. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and five to 15 years for improvements. Tangible assets primarily consist of land, buildings and improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our statement of cash flows.

     The remaining purchase price is allocated among identifiable intangible assets primarily consisting of the above or below market component of in-place leases and the value of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities in the balance sheet and are amortized to rental income over the remaining terms of the respective leases.

     The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The estimated aggregate amortization expense for acquired lease intangibles is expected to be recognized over a weighted average period of 18.2 years and is as follows for the periods indicated (in thousands):

Capitalization of Construction Period Interest

     We capitalize interest costs associated with funds used to finance the construction of properties owned directly by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our cost of financing. We capitalized interest costs of $20,792,000, $41,170,000, and $25,029,000 during 2010, 2009 and 2008, respectively, related to construction of real property owned by us. Our interest expense reflected in the consolidated statements of income has been reduced by the amounts capitalized.

Gain on Sale of Assets

     We recognize sales of assets only upon the closing of the transaction with the purchaser. Payments received from purchasers prior to closing are recorded as deposits and classified as other assets on our Consolidated Balance Sheets. Gains on assets sold are recognized using the full accrual method upon closing when (i) the collectability of the sales price is reasonably assured, (ii) we are not obligated to perform significant activities after the sale to earn the profit, (iii) we have received adequate initial investment from the buyer and (iv) other profit recognition criteria have been satisfied. Gains may be deferred in whole or in part until the sales satisfy the requirements of gain recognition on sales of real estate.

Real Estate Loans Receivable

     Real estate loans receivable consist of mortgage loans and other real estate loans. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risks. The loans are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, corporate guaranties and/or personal guaranties.

Allowance for Losses on Loans Receivable

     The allowance for losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors and value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement. Consistent with this definition, all loans on non-accrual are deemed impaired. At December 31, 2010, we had loans with outstanding balances of $9,691,000 on non-accrual status ($67,126,000 at December 31, 2009). To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.

Goodwill

     We account for goodwill in accordance with U.S. GAAP. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill.

Fair Value of Derivative Instruments

     The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values for our derivatives are estimated by utilizing pricing models that consider forward yield curves and discount rates. Such

Federal Income Tax

     No provision has been made for federal income taxes since we have elected to be treated as a real estate investment trust under the applicable provisions of the Internal Revenue Code, and we believe that we have met the requirements for qualification as such for each taxable year. Our taxable REIT subsidiaries are subject to federal, state and local income taxes. See Note 18 for additional information.

Earnings Per Share

     Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.

New Accounting Standards

     In June 2009, the Financial Accounting Standards Board (“FASB”) amended the consolidation guidance for variable interest entities. The new guidance, to be applied on a continuous basis, requires enterprises to perform a qualitative approach to determining whether or not a variable interest entity will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact its economic performance. This amendment became effective as of January 1, 2010. The adoption of this guidance did not have a material impact on our consolidated financial position or results of operations.

     In July 2010, the FASB issued Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (“ASU 2010-20”). This update expands the required disclosures regarding the credit quality of our financing receivables, how risk is analyzed and assessed in arriving at the allowance for credit losses, and the changes (and reasons for the changes) in the allowance for credit losses. Both new and existing disclosures must be disaggregated by portfolio segment and class. The disaggregation of information is based on the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. This update is effective for interim periods and fiscal years ending after December 15, 2010. The adoption of this guidance did not have a material impact on our consolidated financial position or results of operations.

Reclassifications

     Certain amounts in prior years have been reclassified to conform to current year presentation.

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Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Operating activities
Net income	$ 128,884,000	$ 192,927,000	$ 283,425,000
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization	202,543,000	164,923,000	163,045,000
Other amortization expenses	17,169,000	15,412,000	14,837,000
Provision for loan losses	29,684,000	23,261,000	94,000
Impairment of assets	947,000	25,223,000	32,648,000
Stock-based compensation expense	11,823,000	9,633,000	8,530,000
Loss (gain) on extinguishment of debt	34,171,000	25,107,000	(2,094,000)
Income from unconsolidated joint ventures	(6,673,000)
Rental income less than (in excess of) cash received	(6,594,000)	11,259,000	7,793,000
Amortization related to above (below) market leases, net	(2,856,000)	(1,713,000)	(1,039,000)
Loss (gain) on sales of properties	(36,115,000)	(43,394,000)	(163,933,000)
Other income less than (in excess of) cash received		(5,000,000)
Deferred gain on sales of properties			3,708,000
Increase (decrease) in accrued expenses and other liabilities	12,293,000	(311,000)	17,363,000
Decrease (increase) in receivables and other assets	(20,535,000)	(36,068,000)	(3,694,000)
Net cash provided from (used in) operating activities	364,741,000	381,259,000	360,683,000
Investing activities
Investment in real property, net of cash acquired	(2,074,176,000)	(598,959,000)	(1,072,376,000)
Capitalized interest	(20,792,000)	(41,170,000)	(25,029,000)
Investment in real estate loans receivable	(97,265,000)	(74,417,000)	(83,109,000)
Other investments, net of payments	(133,894,000)	(22,133,000)	(21,725,000)
Principal collected on real estate loans receivable	43,495,000	111,779,000	18,169,000
Contributions to unconsolidated joint ventures	(196,413,000)
Distributions by unconsolidated joint ventures	103,000
Decrease (increase) in restricted cash	(52,124,000)	130,833,000	(138,502,000)
Proceeds from sales of real property	219,027,000	224,007,000	287,047,000
Net cash provided from (used in) investing activities	(2,312,039,000)	(270,060,000)	(1,035,525,000)
Financing activities
Net increase (decrease) under unsecured lines of credit arrangements	160,000,000	(430,000,000)	263,000,000
Proceeds from issuance of senior unsecured convertible notes	1,821,683,000
Payments to extinguish senior unsecured notes	(495,542,000)	(201,048,000)	(42,330,000)
Net proceeds from the issuance of secured debt	154,306,000	276,277,000
Payments on secured debt	(217,711,000)	(107,736,000)	(58,594,000)
Net proceeds from the issuance of common stock	995,438,000	704,533,000	782,285,000
Decrease (increase) in deferred loan expenses	(3,869,000)	(7,431,000)	(348,000)
Contributions by noncontrolling interests	2,611,000	2,255,000	3,556,000
Distributions to noncontrolling interests	(3,301,000)	(2,104,000)	(2,766,000)
Cash distributions to stockholders	(370,223,000)	(333,839,000)	(276,860,000)
Net cash provided from (used in) financing activities	2,043,392,000	(99,093,000)	667,943,000
Increase (decrease) in cash and cash equivalents	96,094,000	12,106,000	(6,899,000)
Cash and cash equivalents at beginning of period	35,476,000	23,370,000	30,269,000
Cash and cash equivalents at end of period	131,570,000	35,476,000	23,370,000
Supplemental cash flow information:
Interest paid	156,207,000	143,697,000	156,914,000
Income taxes paid	$ 319,000	$ 854,000	$ 1,789,000

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Segment Reporting

12 Months Ended

Dec. 31, 2010

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

     We invest in senior housing and health care real estate. We evaluate our business and make resource allocations on our three business segments: senior housing triple-net, senior housing operating and medical facilities. Our primary senior housing triple-net properties include skilled nursing facilities, assisted living facilities, independent living/continuing care retirement communities and combinations thereof. Under the senior housing triple-net segment, we invest in senior housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our senior housing operating properties include assisted living facilities and independent living/continuing care retirement communities that our owned and/or operated through RIDEA partnership structures. Our primary medical facility properties include medical office buildings, hospitals and life science buildings. Our medical office buildings are typically leased to multiple tenants and generally require a certain level of property management. Our hospital investments are structured similar to our senior housing triple-net investments. Our life science investments represent investments in an unconsolidated joint venture (see Note 7 for additional information). The accounting policies of the segments are the same as those described in the summary of significant accounting policies (in Note 2 to our audited consolidated financial statements). There are no intersegment sales or transfers. We evaluate performance based upon net operating income of the combined properties in each segment. Non-segment revenue consists mainly of interest income on non-real estate investments and other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining net operating income.

     During the three months ended March 31, 2011, we changed the name of our senior housing and care segment to senior housing triple-net. Additionally, we added a new senior housing operating segment. The following amounts previously reported in senior housing and care for the year ended December 31, 2010 have been reclassified to senior housing operating in the current year: (i) resident fees and services income of $51,006,000; (ii) property operating expenses of $32,621,000; (iii) net operating income of $18,385,000; (iv) real estate depreciation and amortization of $15,405,000; (v) interest expense of $6,321,000; and (vi) total assets of $1,080,416,000. There were no senior housing operating segment investments prior to September 1, 2010.

     Summary information for the reportable segments during the years ended December 31, 2010, 2009 and 2008 is as follows (in thousands and includes amounts from discontinued operations):

											Property		Net		Real Estate
	Rental		Resident Fees		Interest		Other		Total		Operating		Operating		Depreciation/		Interest		Total
	Income		and Services		Income		Income		Revenues		Expenses		Income(1)		Amortization		Expense		Assets
Year Ended December 31, 2010
Senior housing and care(2)	$	382,904	$	51,006	$	36,176	$	3,386	$	473,472	$	32,621	$	440,851	$	126,717	$	22,905	$	5,837,312
Medical facilities(3)		220,506		—		4,679		985		226,170		53,844		172,326		75,826		24,926		3,389,441
Non-segment/Corporate		—		—		—		2,874		2,874		—		2,874		—		113,129		224,981
	$	603,410	$	51,006	$	40,855	$	7,245	$	702,516	$	86,465	$	616,051	$	202,543	$	160,960	$	9,451,734
Year Ended December 31, 2009
Senior housing and care(2)	$	358,109	$	—	$	35,945	$	5,309	$	399,363	$	—	$	399,363	$	101,300	$	12,622	$	4,135,065
Medical facilities		181,802		—		4,940		9,368		196,110		48,965		147,145		63,623		20,584		2,140,044
Non-segment/Corporate		—		—		—		1,170		1,170		—		1,170		—		76,566		92,077
	$	539,911	$	—	$	40,885	$	15,847	$	596,643	$	48,965	$	547,678	$	164,923	$	109,772	$	6,367,186
Year Ended December 31, 2008
Senior housing and care(2)	$	345,053	$	—	$	35,143	$	5,994	$	386,190	$	—	$	386,190	$	98,675	$	7,176
Medical facilities		177,128		—		4,920		2,835		184,883		46,629		138,254		64,370		21,828
Non-segment/Corporate		—		—		—		1,692		1,692		—		1,692		—		112,055
	$	522,181	$	—	$	40,063	$	10,521	$	572,765	$	46,629	$	526,136	$	163,045	$	141,059

(1)	Net operating income (“NOI”) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property level operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.
(2)	Includes senior housing triple-net and senior housing operating results.
(3)	Excludes income and expense amounts related to our life science buildings held in an unconsolidated joint venture. Please see Note 7 for additional information.

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2010

Segment Reporting (Tables) [Abstract]

Summary of information for reportable segments

											Property		Net		Real Estate
	Rental		Resident Fees		Interest		Other		Total		Operating		Operating		Depreciation/		Interest		Total
	Income		and Services		Income		Income		Revenues		Expenses		Income(1)		Amortization		Expense		Assets
Year Ended December 31, 2010
Senior housing and care(2)	$	382,904	$	51,006	$	36,176	$	3,386	$	473,472	$	32,621	$	440,851	$	126,717	$	22,905	$	5,837,312
Medical facilities(3)		220,506		—		4,679		985		226,170		53,844		172,326		75,826		24,926		3,389,441
Non-segment/Corporate		—		—		—		2,874		2,874		—		2,874		—		113,129		224,981
	$	603,410	$	51,006	$	40,855	$	7,245	$	702,516	$	86,465	$	616,051	$	202,543	$	160,960	$	9,451,734
Year Ended December 31, 2009
Senior housing and care(2)	$	358,109	$	—	$	35,945	$	5,309	$	399,363	$	—	$	399,363	$	101,300	$	12,622	$	4,135,065
Medical facilities		181,802		—		4,940		9,368		196,110		48,965		147,145		63,623		20,584		2,140,044
Non-segment/Corporate		—		—		—		1,170		1,170		—		1,170		—		76,566		92,077
	$	539,911	$	—	$	40,885	$	15,847	$	596,643	$	48,965	$	547,678	$	164,923	$	109,772	$	6,367,186
Year Ended December 31, 2008
Senior housing and care(2)	$	345,053	$	—	$	35,143	$	5,994	$	386,190	$	—	$	386,190	$	98,675	$	7,176
Medical facilities		177,128		—		4,920		2,835		184,883		46,629		138,254		64,370		21,828
Non-segment/Corporate		—		—		—		1,692		1,692		—		1,692		—		112,055
	$	522,181	$	—	$	40,063	$	10,521	$	572,765	$	46,629	$	526,136	$	163,045	$	141,059

(1)	Net operating income (“NOI”) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property level operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.
(2)	Includes senior housing triple-net and senior housing operating results.
(3)	Excludes income and expense amounts related to our life science buildings held in an unconsolidated joint venture. Please see Note 7 for additional information.

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Retirement Arrangements

12 Months Ended

Dec. 31, 2010

Retirement Arrangements [Abstract]

Retirement Arrangements

19. Retirement Arrangements

     Under the retirement plan and trust (the “401(k) Plan”), eligible employees may make contributions, and we may make matching contributions and a profit sharing contribution. Our contributions to the 401(k) Plan totaled $1,341,000, $1,201,000 and $1,013,000 in 2010, 2009 and 2008, respectively.

     We have a Supplemental Executive Retirement Plan (“SERP”), a non-qualified defined benefit pension plan, which provides one executive officer with supplemental deferred retirement benefits. The SERP provides an opportunity for participants to receive retirement benefits that cannot be paid under our tax-qualified plans because of the restrictions imposed by ERISA and the Internal Revenue Code of 1986, as amended. Benefits are based on compensation and length of service and the SERP is unfunded. We expect to contribute $1,500,000 to the SERP during the 2011 fiscal year. Benefit payments are expected to total $2,367,000 during the next five fiscal years and $2,410,000 thereafter. We use a December 31 measurement date for the SERP. The accrued liability on our balance sheet for the SERP was $4,066,000 at December 31, 2010 ($3,287,000 at December 31, 2009).

     The following tables provide a reconciliation of the changes in the SERP’s benefit obligations and a statement of the funded status for the periods indicated (in thousands):

	Year Ended
	December 31,
	2010		2009
Reconciliation of benefit obligation:
Obligation at January 1	$	3,287	$	3,109
Service cost		413		389
Interest cost		115		164
Actuarial (gain) loss		251		434
Benefit Payments		—		(29	)
Curtailments		—		(780	)
Obligation at December 31	$	4,066	$	3,287

	December 31,
	2010		2009
Funded status:
Funded status at December 31	$	4,066	$	(3,287	)
Unrecognized (gain) loss		—		—
Prepaid (accrued) benefit cost	$	4,066	$	(3,287	)

     The following table shows the components of net periodic benefit costs for the periods indicated (in thousands):

	Year Ended
	December 31,
	2010		2009
Service cost	$	413	$	389
Interest cost		115		164
Curtailment income		—		(87	)
Net actuarial (gain) loss		52		16
Net periodic benefit cost	$	580	$	482

     The following table provides information for the SERP, which has an accumulated benefit in excess of plan assets (in thousands):

	December 31,
	2010		2009
Projected benefit obligation	$	4,066	$	3,287
Accumulated benefit obligation		2,938		2,956
Fair value of assets		n/a		n/a

     The following table reflects the weighted-average assumptions used to determine the benefit obligations and net periodic benefit cost for the SERP:

	Benefit Obligations						Net Periodic Benefit Cost
	December 31,						Year Ended December 31,
	2010			2009			2010			2009
Discount rate		3.50	%		3.50	%		3.50	%		6.25	%
Rate of compensation increase		4.50	%		4.50	%		4.50	%		4.50	%
Expected long-term return on plan assets		n/a			n/a			n/a			n/a

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Stock Incentive Plans (Details 1) (USD $) Share data in Thousands, except Per Share data	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Summary of stock options activity
Stock options shares at beginning of year	1,062	817	637
Stock option, Weighted Average Exercise Price Beginning balance	$ 37.71	$ 38.29	$ 35.54
Options granted, number of shares	280	366	307
Option granted, Weighted Average Exercise Price	$ 43.29	$ 37.00	$ 40.83
Options exercised, number of shares	(129)	(96)	(119)
Option exercised, Weighted Average Exercise Price	33.58	38.22	29.83
Options terminated, number of shares	(6)	(25)	(8)
Option terminated, Weighted Average Exercise Price	37.82	44.50	42.00
Stock options shares at End of year	1,207	1,062	817
Stock option, Weighted Average Exercise Price Ending balance	$ 39.45	$ 37.71	$ 38.29
Options exercisable at end of period, Aggregate Intrinsic Value	$ 9,892,000
Options exercisable at end of period, Number of Shares	440	388	281
Options exercisable at end of period Weighted Average Exercise Price	$ 37.76	$ 35.85	$ 33.94
Weighted average fair value of options granted during the period, Weighted Average Exercise Price	$ 7.82	$ 4.38	$ 6.25

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Stockholder's Equity (Details 3) (USD $) In Thousands	Dec. 31, 2010	Dec. 31, 2009
Summary of accumulated other comprehensive income/(loss)
Unrecognized gains (losses) on cash flow hedges	$ (9,969)	$ (1,907)
Unrecognized gains (losses) on equity investments	(497)	(550)
Unrecognized actuarial gains (losses)	(633)	(434)
Totals	$ (11,099)	$ (2,891)

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Accounting Policies and Related Matters

12 Months Ended

Dec. 31, 2010

Accounting Policies and Related Matters [Abstract]

Accounting Policies and Related Matters

2. Accounting Policies and Related Matters

Principles of Consolidation

     The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint ventures that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation.

     At inception of joint venture transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A variable interest entity is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. ASC 810, Consolidations, requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated on a continuous basis. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact that entity’s economic performance.

     For investments in joint ventures, we evaluate the type of rights held by the limited partner(s), which may preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership. The assessment of limited partners’ rights and their impact on the presumption of control over a limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the rights of the limited partners, (ii) the sole general partner increases or decreases its ownership in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.

Use of Estimates

     The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

     Revenue is recorded in accordance with U.S. GAAP, which requires that revenue be recognized after four basic criteria are met. These four criteria include persuasive evidence of an arrangement, the rendering of service, fixed and determinable income and reasonably assured collectability. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risk. Substantially all of our operating leases contain either fixed or contingent escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. We recognize resident fees and services, other than move in fees, monthly as services are provided. Move in fees, which are a component of resident fees and services, are recognized on a straight-line basis over the term of the applicable lease agreement. Lease agreements with residents generally have a term of one year and are cancelable by the resident with 30 days’ notice.

Cash and Cash Equivalents

     Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less.

Restricted Cash

     Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements and amounts held in escrow relating to acquisitions we are entitled to receive over a period of time as outlined in the escrow agreement.

Deferred Loan Expenses

     Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective

interest method.

Equity Investments

     Equity investments at December 31, 2010 and 2009 include an investment in a public company that has a readily determinable fair market value. We classify this equity investment as available-for-sale and, accordingly, record this investment at its fair market value with unrealized gains and losses included in accumulated other comprehensive income, a separate component of stockholders’ equity. Equity investments at December 31, 2010 and 2009 also include an investment in a private company. We do not have the ability to exercise influence over the company, so the investment is accounted for under the cost method. Under the cost method of accounting, investments in private companies are carried at cost and are adjusted only for other-than-temporary declines in fair value, return of capital and additional investments. These equity investments represented a minimal ownership interest in these companies. Additionally, equity investments include investments in unconsolidated joint ventures.

Investments in Unconsolidated Joint Ventures

     Investments in less than majority owned entities where our interests represent a general partnership interest but substantive participating rights or substantive kick-out rights have been granted to the limited partners, or where our interests do not represent the general partnership interest and we do not control the major operating and financial policies of the entity, are reported under the equity method of accounting. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the estimated fair value of the assets prior to the sale of interests in the joint venture. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.

Redeemable Noncontrolling Interests

     Certain noncontrolling interests are redeemable at fair value at December 31, 2010. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss and dividends or (ii) the redemption value. In accordance with ASC 810, the redeemable noncontrolling interests were classified outside of permanent equity, as a mezzanine item, in the balance sheet.

Real Property Owned

     Real property developed by us is recorded at cost, including the capitalization of construction period interest. The cost of real property acquired is allocated to net tangible and identifiable intangible assets based on their respective fair values. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and five to 15 years for improvements. Tangible assets primarily consist of land, buildings and improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our statement of cash flows.

     The remaining purchase price is allocated among identifiable intangible assets primarily consisting of the above or below market component of in-place leases and the value of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities in the balance sheet and are amortized to rental income over the remaining terms of the respective leases.

     The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The estimated aggregate amortization expense for acquired lease intangibles is expected to be recognized over a weighted average period of 18.2 years and is as follows for the periods indicated (in thousands):

2011	$	48,613
2012		30,828
2013		14,194

2014		9,831
2015		8,618
Thereafter		96,851
Totals	$	208,935

     The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that the assets may be impaired or that the depreciable life may need to be changed. We consider external factors relating to each asset and the existence of a master lease which may link the cash flows of an individual asset to a larger portfolio of assets leased to the same tenant. If these factors and the projected undiscounted cash flows of the asset over the remaining depreciation period indicate that the asset will not be recoverable, the carrying value is reduced to the estimated fair market value. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the senior housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us.

Capitalization of Construction Period Interest

     We capitalize interest costs associated with funds used to finance the construction of properties owned directly by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our cost of financing. We capitalized interest costs of $20,792,000, $41,170,000, and $25,029,000 during 2010, 2009 and 2008, respectively, related to construction of real property owned by us. Our interest expense reflected in the consolidated statements of income has been reduced by the amounts capitalized.

Gain on Sale of Assets

     We recognize sales of assets only upon the closing of the transaction with the purchaser. Payments received from purchasers prior to closing are recorded as deposits and classified as other assets on our Consolidated Balance Sheets. Gains on assets sold are recognized using the full accrual method upon closing when (i) the collectability of the sales price is reasonably assured, (ii) we are not obligated to perform significant activities after the sale to earn the profit, (iii) we have received adequate initial investment from the buyer and (iv) other profit recognition criteria have been satisfied. Gains may be deferred in whole or in part until the sales satisfy the requirements of gain recognition on sales of real estate.

Real Estate Loans Receivable

     Real estate loans receivable consist of mortgage loans and other real estate loans. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risks. The loans are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, corporate guaranties and/or personal guaranties.

Allowance for Losses on Loans Receivable

     The allowance for losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors and value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement. Consistent with this definition, all loans on non-accrual are deemed impaired. At December 31, 2010, we had loans with outstanding balances of $9,691,000 on non-accrual status ($67,126,000 at December 31, 2009). To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.

Goodwill

     We account for goodwill in accordance with U.S. GAAP. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill.

Fair Value of Derivative Instruments

     The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values for our derivatives are estimated by utilizing pricing models that consider forward yield curves and discount rates. Such

amounts and the recognition of such amounts are subject to significant estimates that may change in the future. See Note 11 for additional information.

Federal Income Tax

     No provision has been made for federal income taxes since we have elected to be treated as a real estate investment trust under the applicable provisions of the Internal Revenue Code, and we believe that we have met the requirements for qualification as such for each taxable year. Our taxable REIT subsidiaries are subject to federal, state and local income taxes. See Note 18 for additional information.

Earnings Per Share

     Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.

New Accounting Standards

     In June 2009, the Financial Accounting Standards Board (“FASB”) amended the consolidation guidance for variable interest entities. The new guidance, to be applied on a continuous basis, requires enterprises to perform a qualitative approach to determining whether or not a variable interest entity will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a variable interest entity that most significantly impact its economic performance. This amendment became effective as of January 1, 2010. The adoption of this guidance did not have a material impact on our consolidated financial position or results of operations.

     In July 2010, the FASB issued Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (“ASU 2010-20”). This update expands the required disclosures regarding the credit quality of our financing receivables, how risk is analyzed and assessed in arriving at the allowance for credit losses, and the changes (and reasons for the changes) in the allowance for credit losses. Both new and existing disclosures must be disaggregated by portfolio segment and class. The disaggregation of information is based on the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. This update is effective for interim periods and fiscal years ending after December 15, 2010. The adoption of this guidance did not have a material impact on our consolidated financial position or results of operations.

Reclassifications

     Certain amounts in prior years have been reclassified to conform to current year presentation.

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Derivative Instruments

12 Months Ended

Dec. 31, 2010

Derivative Instruments [Abstract]

Derivative Instruments

11. Derivative Instruments

     We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates. We may elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to manage the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future.

     The following is a summary of the fair value of our derivative instruments (dollars in thousands):

	Balance Sheet	Fair Value
	Location	December 31, 2010		December 31, 2009
Cash flow hedge interest rate swaps	Other liabilities		$482		$2,381

Cash Flow Hedges

     For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period, or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Approximately $1,643,000 of losses, which are included in accumulated other comprehensive income (“AOCI”), are expected to be reclassified into earnings in the next 12 months.

     The following presents the impact of derivative instruments on the statement of operations and OCI for the periods presented (dollars in thousands):

			Year Ended
	Location		December 31, 2010			December 31, 2009			December 31, 2008
Gain (loss) on interest rate swap recognized in OCI (effective portion)		n/a	$	(10,307	)	$	(3,513	)	$	7,669
Gain (loss) reclassified from AOCI into income (effective portion)	Interest expense			(2,244	)		(971	)		(160	)
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing)	Realized loss			—			—			(23,393	)

     On August 7, 2009, we entered into an interest rate swap (the “August 2009 Swap”) for a total notional amount of $52,198,000 to hedge seven years of interest payments associated with long-term LIBOR based borrowings. This swap was terminated on September 30, 2010 for a cash payment of $6,645,000 which has been deferred and included as a component of accumulated other comprehensive income. The effective portion is being amortized over the remaining term of the original swap as an adjustment to the yield on our LIBOR-based debt. The August 2009 Swap had an effective date of August 12, 2009 and a maturity date of September 1, 2016. The August 2009 Swap had the economic effect of fixing $52,198,000 at 3.93% plus a credit spread for seven years. The August 2009 Swap had been designated as a cash flow hedge and we expected it to be highly effective at offsetting changes in cash flows of interest payments on $52,198,000 of long-term debt due to changes in the LIBOR swap rate.

     On September 28, 2009, we entered into an interest rate swap (the “September 2009 Swap”) for a total notional amount of $48,155,000 to hedge seven years of interest payments associated with long-term LIBOR based borrowings. This swap was terminated on September 30, 2010 for a cash payment of $4,365,000 which has been deferred and included as a component of accumulated other comprehensive income. The effective portion is being amortized over the remaining term of the original swap as an adjustment to the yield on our LIBOR-based debt. The September 2009 Swap had an effective date of September 30, 2009 and a maturity date of October 1, 2016. The September 2009 Swap had the economic effect of fixing $48,155,000 at 3.2675% plus a credit spread for seven years. The September 2009 Swap had been designated as a cash flow hedge and we expected it to be highly effective at offsetting changes in cash flows of interest payments on $48,155,000 of long-term debt due to changes in the LIBOR swap rate.

     On December 31, 2010, we assumed an interest rate swap (the “December 2010 Swap”) for a total notional amount of $12,650,000 to hedge interest payments associated with long-term LIBOR based borrowings. The December 2010 Swap has an effective date of December 31, 2010 and a maturity date of December 31, 2013. The December 2010 Swap has the economic effect of fixing $12,650,000 at 5.50% plus a credit spread through the swap’s maturity. In January 2011, the December 2010 Swap was designated as a cash flow hedge and we expect it to be highly effective at offsetting changes in cash flows of interest payments on $12,650,000 of long-term debt due to changes in the LIBOR swap rate.

     During the year ended December 31, 2008, we recognized a realized loss on derivatives of $23,393,000 related to forward-starting interest rate swaps that were in place to hedge future debt issuances when the timing of those issuances was revised.

Fair Value Hedges

     For derivative instruments that are designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged risk are recognized in current earnings. There were no outstanding fair value hedges at December 31, 2010 or December 31, 2009.

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Dispositions, Assets Held for Sale and Discontinued Operations (Details Textuals) (USD $)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2009	Mar. 31, 2011	Jun. 30, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Jun. 01, 2011	Nov. 26, 2008
Dispositions Assets Held for Sale and Discontinued Operations (Textuals) [Abstract]
Sale of senior housing triple-net facilities		14
Held for sale medical facility							1
Held for sale senior housing triple-net facilities							3
Housing triple-net facilities for net gains		$ 56,380,000,000
Impairment charge related to two of the held for sale		202,000,000
Impairment charge		202,000		947,000	25,223,000	32,648,000
Cash proceeds for sale				219,027,000	224,007,000	287,047,000
Sellers financing				1,470,000		59,649,000
Gain (loss) on sales of properties		26,184,000	56,380,000	36,115,000	43,394,000	163,933,000
Number of properties sold		14	38	38	36	38
Number of medical facilities related to impairment charge		2				15
Number of properties sold to Emeritus Corporation						29
Amount of Sale of properties to Emeritus Corporation						299,413,000
Total fund held in escrow						299,413,000
Escrow funds utiized						162,558,000
Amount held in two segregated escrow funds stayed by bankruptcy proceedings of LandAmerica 1031 Exchange Services, Inc.								136,855,000
Interest Returned to Company	918,000
Settlement payment to bankruptcy estate	2,000,000
Settlement proceeding expense					500,000
Emeritus Corporation [Member]
Dispositions Assets Held for Sale and Discontinued Operations (Textuals) [Abstract]
Cash proceeds for sale						249,413,000
Sellers financing						50,000,000
Gain (loss) on sales of properties						145,646,000
Medical Facilities [Member]
Dispositions Assets Held for Sale and Discontinued Operations (Textuals) [Abstract]
Impairment charge to reduce the carrying value						163,933,000
Number of real property facilities satisfying held for sale criteria		1		1
Impairment charge				947,000
Cash proceeds for sale				12,463,000	90,768,000	22,754,000
Sellers financing				1,470,000
Gain (loss) on sales of properties				$ (159,000)	$ 11,310,000	$ 12,476,000
Number of facilities held for sale				7	8
Skilled nursing facilities [Member]
Dispositions Assets Held for Sale and Discontinued Operations (Textuals) [Abstract]
Number of facilities held for sale					2
Senior housing facilities [Member]
Dispositions Assets Held for Sale and Discontinued Operations (Textuals) [Abstract]
Number of real property facilities satisfying held for sale criteria		18		16

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Customer Concentration (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2010		Dec. 31, 2009
Concentration by investment: (1)
Number of Properties	683	[1]
Total Investment	$ 8,592,109	[1],[2]
Percent of Investment	100.00%	[1],[3]
Customer Concentration (Textuals) [Abstract]
Percentage total investments with top five customers			24.00%
Merrill Gardens LLC [Member]
Concentration by investment: (1)
Number of Properties	38	[1]
Total Investment	732,211	[1],[2]
Percent of Investment	9.00%	[1],[3]
Brandywine Senior Living, LLC [Member]
Concentration by investment: (1)
Number of Properties	19	[1]
Total Investment	612,598	[1],[2]
Percent of Investment	7.00%	[1],[3]
Senior Living Communities, LLC [Member]
Concentration by investment: (1)
Number of Properties	12	[1]
Total Investment	595,223	[1],[2]
Percent of Investment	7.00%	[1],[3]
Senior Star Living [Member]
Concentration by investment: (1)
Number of Properties	10	[1]
Total Investment	464,062	[1],[2]
Percent of Investment	5.00%	[1],[3]
Brookdale Senior Living, Inc. [Member]
Concentration by investment: (1)
Number of Properties	86	[1]
Total Investment	334,946	[1],[2]
Percent of Investment	4.00%	[1],[3]
Remaining Portfolio [Member]
Concentration by investment: (1)
Number of Properties	518	[1]
Total Investment	$ 5,853,069	[1],[2]
Percent of Investment	68.00%	[1],[3]

[1] All of our top five customers are in our senior housing triple-net segment, except Merrill Gardens and Senior Star which are in our senior housing operating segment.

[2] Excludes our share of unconsolidated joint venture investments. Please see Note 7 for additional information.

[3] Investments with our top five customers comprised 24% of total investments at December 31, 2009.

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Stockholder's Equity (Details 4) (USD $) In Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Summary of comprehensive income/(loss)
Unrecognized losses on cash flow hedges	$ (8,063)	$ (2,542)	$ 7,829
Unrecognized gains (losses) on equity investments	54	487	(846)
Unrecognized actuarial gains (losses)	(199)	277	(715)
Total other comprehensive income	(8,208)	(1,778)	6,268
Net income attributable to controlling interests	128,527	193,269	283,299
Comprehensive income attributable to controlling interests	120,319	191,491	289,567
Net and comprehensive income attributable to noncontrolling interests	357	(342)	126
Total comprehensive income	$ 120,676	$ 191,149	$ 289,693

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Real Estate Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2010

Real Estate Loans Receivable (Tables) [Abstract]

Summary of real estate loans receivable

	December 31,
	2010		2009
Mortgage loans	$	109,283	$	74,517
Other real estate loans		327,297		352,846
Totals	$	436,580	$	427,363

Summary of real estate loan activity

	Year Ended
	December 31, 2010								December 31, 2009									December 31, 2008
	Senior								Senior									Senior
	Housing		Medical						Housing			Medical						Housing			Medical
	and Care(1)		Facilities			Totals			and Care(1)			Facilities			Totals			and Care(1)			Facilities		Totals
Advances on real estate loans receivable:
Investments in new loans	$	9,742	$	41,644		$	51,386		$	20,036		$	—		$	20,036		$	121,493		$	—	$	121,493
Draws on existing loans		46,113		1,236			47,349			52,910			1,471			54,381			21,265			—		21,265
Sub-total		55,855		42,880			98,735			72,946			1,471			74,417			142,758			—		142,758
Less: Seller financing on property sales		—		(1,470	)		(1,470	)		—			—			—			(59,649	)		—		(59,649	)
Net cash advances on real estate loans		55,855		41,410			97,265			72,946			1,471			74,417			83,109			—		83,109
Receipts on real estate loans receivable:
Loan payoffs		5,619		6,233			11,852			61,659			32,197			93,856			8,815			—		8,815
Principal payments on loans		24,203		7,440			31,643			15,890			2,033			17,923			9,354			—		9,354
Total receipts on real estate loans		29,822		13,673			43,495			77,549			34,230			111,779			18,169			—		18,169
Net advances (receipts) on real estate loans	$	26,033	$	27,737		$	53,770		$	(4,603	)	$	(32,759	)	$	(37,362	)	$	64,940		$	—	$	64,940

(1) Represents activity for the senior housing triple-net segment.

Summary of allowance for losses on loans receivable

	Year Ended December 31,
	2010			2009			2008
Balance at beginning of year	$	5,183		$	7,500		$	7,406
Provision for loan losses		29,684			23,261			94
Charge-offs		(33,591	)		(25,578	)		—
Balance at end of year	$	1,276		$	5,183		$	7,500

Summary of loan impairments

	Year Ended December 31,
	2010		2009		2008
Balance of impaired loans at end of year	$	9,691	$	67,126	$	72,770
Allowance for loan losses		1,276		5,183		7,500
Balance of impaired loans not reserved	$	8,415	$	61,943	$	65,270
Average impaired loans for the year	$	38,409	$	69,948	$	36,785
Interest recognized on impaired loans(1)		103		530		3,288

(1) Represents interest recognized prior to placement on non-accrual status.

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Earnings Per Share

12 Months Ended

Dec. 31, 2010

Earnings Per Share [Abstract]

Earnings Per Share

15. Earnings Per Share

     The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	Year Ended December 31,
	2010		2009		2008
Numerator for basic and diluted earnings per share — net income attributable to common stockholders	$	106,882	$	171,190	$	260,098
Denominator for basic earnings per share — weighted average shares		127,656		114,207		93,732
Effect of dilutive securities:
Employee stock options		125		—		82
Non-vested restricted shares		420		405		443
Convertible senior unsecured notes		7		—		52
Dilutive potential common shares		552		405		577
Denominator for diluted earnings per share — adjusted weighted average shares		128,208		114,612		94,309
Basic earnings per share	$	0.84	$	1.50	$	2.77
Diluted earnings per share	$	0.83	$	1.49	$	2.76

     The diluted earnings per share calculations exclude the dilutive effect of 280,000, 351,000 and 0 stock options for the years ended December 31, 2010, 2009 and 2008, respectively, because the exercise prices were more than the average market price. The outstanding convertible senior unsecured notes were not included in the 2009 calculations as the effect of the conversions into common stock was anti-dilutive for that period. The Series H Cumulative Convertible and Redeemable Preferred Stock issued in 2010 were excluded from the calculation for 2010 as the effect of the conversions was anti-dilutive.

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Consolidated Balance Sheets (USD $) In Thousands	Dec. 31, 2010	Dec. 31, 2009
Real property owned:
Land and land improvements	$ 727,050	$ 521,055
Buildings and improvements	7,627,132	5,185,328
Acquired lease intangibles	258,079	127,390
Real property held for sale, net of accumulated depreciation	23,441	45,686
Construction in progress	356,793	456,832
Gross real property owned	8,992,495	6,336,291
Less accumulated depreciation and amortization	(836,966)	(677,851)
Net real property owned	8,155,529	5,658,440
Real estate loans receivable:
Real estate loans receivable	436,580	427,363
Less allowance for losses on loans receivable	(1,276)	(5,183)
Net real estate loans receivable	435,304	422,180
Net real estate investments	8,590,833	6,080,620
Other assets:
Equity investments	237,107	5,816
Goodwill	51,207	0
Deferred loan expenses	32,960	22,698
Cash and cash equivalents	131,570	35,476
Restricted cash	79,069	23,237
Receivables and other assets	328,988	199,339
Total other assets	860,901	286,566
Total assets	9,451,734	6,367,186
Liabilities:
Borrowings under unsecured line of credit arrangement	300,000	140,000
Senior unsecured notes	3,034,949	1,653,027
Secured debt	1,125,906	620,995
Capital lease obligations	8,881	0
Accrued expenses and other liabilities	244,345	145,713
Total liabilities	4,714,081	2,559,735
Redeemable noncontrolling interests	4,553	0
Equity:
Preferred stock	291,667	288,683
Common stock	147,155	123,385
Capital in excess of par value	4,932,468	3,900,666
Treasury stock	(11,352)	(7,619)
Cumulative net income	1,676,196	1,547,669
Cumulative dividends	(2,427,881)	(2,057,658)
Accumulated other comprehensive income	(11,099)	(2,891)
Other equity	5,697	4,804
Total Health Care REIT, Inc. stockholders' equity	4,602,851	3,797,039
Noncontrolling interests	130,249	10,412
Total equity	4,733,100	3,807,451
Total liabilities and equity	$ 9,451,734	$ 6,367,186

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Borrowings Under Line of Credit Arrangement and Related Items (Tables)

12 Months Ended

Dec. 31, 2010

Borrowings Under Line of Credit Arrangement and Related Items (Tables) [Abstract]

Aggregate borrowings under the unsecured line of credit arrangement

	Year Ended December 31,
	2010			2009			2008
Balance outstanding at quarter end	$	300,000		$	140,000		$	570,000
Maximum amount outstanding at any month end	$	560,000		$	559,000		$	744,000
Average amount outstanding (total of daily principal balances divided by days in period)	$	268,762		$	241,463		$	500,561
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)		1.48	%		1.92	%		3.77	%

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Segment Reporting (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2011	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008
Summary of information for reportable segments
Rental Income		$ 603,410,000		$ 539,911,000	[1]	$ 522,181,000	[1]
Resident fees and services		51,006,000		0		0
Interest income		40,855,000		40,885,000		40,063,000
Other income		7,245,000		7,788,000		10,521,000
Total Revenues		702,516,000		596,643,000	[1]	572,765,000	[1]
Property Operating Expenses		86,465,000		48,965,000	[1]	46,629,000	[1]
Net Operating Income		616,051,000	[1]	547,678,000		526,136,000
Real Estate Depreciation/Amortization		202,543,000		164,923,000	[1]	163,045,000	[1]
Interest Expense		160,960,000		109,772,000	[1]	141,059,000	[1]
Total assets		9,451,734,000		6,367,186,000
Senior Housing Triple Net [Member]
Summary of information for reportable segments
Rental Income		382,904,000		358,109,000	[1]	345,053,000	[1]
Resident fees and services		51,006,000		0		0
Interest income		36,176,000		35,945,000		35,143,000
Other income		3,386,000		5,309,000		5,994,000
Total Revenues		473,472,000		399,363,000	[1]	386,190,000	[1]
Property Operating Expenses		32,621,000		0		0
Net Operating Income		440,851,000		399,363,000		386,190,000
Real Estate Depreciation/Amortization	126,717,000			101,300,000	[1]	98,675,000	[1]
Interest Expense		22,905,000		12,622,000	[1]	7,176,000	[1]
Total assets		5,837,312,000	[1]	4,135,065,000
Medical Facilities [Member]
Summary of information for reportable segments
Rental Income		220,506,000		181,802,000	[1]	177,128,000	[1]
Resident fees and services		0		0		0
Interest income		4,679,000		4,940,000		4,920,000
Other income		985,000		9,368,000		2,835,000
Total Revenues		226,170,000		196,110,000	[1]	184,883,000	[1]
Property Operating Expenses		53,844,000		48,965,000	[1]	46,629,000	[1]
Net Operating Income		172,326,000		147,145,000		138,254,000
Real Estate Depreciation/Amortization		75,826,000		63,623,000	[1]	64,370,000	[1]
Interest Expense		24,926,000		20,584,000	[1]	21,828,000	[1]
Total assets		3,389,441,000		2,140,044,000
Non-segment/Corporate [Member]
Summary of information for reportable segments
Rental Income		0		0		0
Resident fees and services		0		0		0
Interest income		0		0		0
Other income		2,874,000		1,170,000		1,692,000
Total Revenues		2,874,000		1,170,000	[1]	1,692,000	[1]
Property Operating Expenses		0		0		0
Net Operating Income		2,874,000		1,170,000		1,692,000
Real Estate Depreciation/Amortization		0		0		0
Interest Expense		113,129,000		76,566,000	[1]	112,055,000	[1]
Total assets		$ 224,981,000		$ 92,077,000

[1]

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Stock Incentive Plans (Details Textuals) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Stock Incentive Plans (Textuals) [Abstract]
Aggregate intrinsic value of options exercised under stock incentive plans	$ 1,798,000	$ 737,000	$ 2,042,000
Cash received from option exercises under stock incentive plans	4,022,000	3,676,000	3,547,000
Total Compenation cost	118,823,000	9,633,000	8,530,000
2005 Stock Incentive Plan [Member]
Stock Incentive Plans (Textuals) [Abstract]
Number of common stock authorized for Long-Term Incentive Plan	6,200,000
Stock Options [Member]
Stock Incentive Plans (Textuals) [Abstract]
Unrecognized compensation cost related to unvested stock options granted stock under our stock incentive plans	2,395,000
Expected recognized period	4
Restricted Stock [Member]
Stock Incentive Plans (Textuals) [Abstract]
Unrecognized compensation cost related to unvested stock options granted stock under our stock incentive plans	$ 8,010,000
Expected recognized period	3
Employee Stock Option [Member]
Stock Incentive Plans (Textuals) [Abstract]
Vesting period	Ten years
Stock Option Restricted Stock Deferred Stock Units And Dividend Equivalent Rights [Member]
Stock Incentive Plans (Textuals) [Abstract]
Vesting period	Ten years
Stock Option Restricted Stock Deferred Stock Units And Dividend Equivalent Rights [Member] | Director [Member]
Stock Incentive Plans (Textuals) [Abstract]
Vesting period	Three Years
Stock Option Restricted Stock Deferred Stock Units And Dividend Equivalent Rights [Member] | Officer [Member]
Stock Incentive Plans (Textuals) [Abstract]
Vesting period	Five Years

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Accounting Policies and Related Matters (Details) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Estimated aggregate amortization expense for acquired lease intangibles expected to be recognized
2011	$ 48,613,000
2012	30,828,000
2013	14,194,000
2014	9,831,000
2015	8,618,000
Thereafter	96,851,000
Totals	208,935,000
Accounting Policies and Related Matters (Textuals) [Abstract]
Weighted-average amortization period in years	18.2	30
Capitalized interest costs	(20,792,000)	(41,170,000)	(25,029,000)
Amount of non-accrual loans receivable outstanding	$ 9,691,000	$ 67,126,000
Building [Member]
Real Property Owned (Textuals) [Abstract]
Estimated useful lives of buildings and improvements minimum	15
Estimated useful lives of buildings and improvements maximum	40
Building Improvements [Member]
Real Property Owned (Textuals) [Abstract]
Estimated useful lives of buildings and improvements minimum	5
Estimated useful lives of buildings and improvements maximum	15

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Real Estate Loans Receivable (Details 1) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2010	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Summary of allowance for losses on loans receivable
Balance at beginning of year		$ 5,183,000	$ 7,500,000	$ 7,406,000
Provision for loan losses		29,684,000	23,261,000	94,000
Charge-offs		(33,591,000)	(25,578,000)
Balance at end of year		1,276,000	5,183,000	7,500,000
Summary of loan impairments
Balance of impaired loans at end of year		9,691,000	67,126,000	72,770,000
Allowance for loan losses		1,276,000	5,183,000	7,500,000
Balance of impaired loans not reserved		8,415,000	61,943,000	65,270,000
Average impaired loans for the year		38,409,000	69,948,000	36,785,000
Interest recognized on impaired loans		103,000	530,000	3,288,000
Real Estate Loans Receivable (Textuals) [Abstract]
Provision for loan losses		29,684,000	23,261,000	94,000
Write-off of loans primarily related to certain early stage senior housing and CCRC development projects		33,591,000	25,578,000
Net reduction of the allowance balance used for offsetting		3,907,000
Amount of non-accrual loans receivable outstanding		9,691,000	67,126,000	72,770,000
Value of outstanding loan related to received title to a parcel of land and an equity interest	38,848,000
Allowance for loan losses relating to real estate		1,276,000	5,183,000	7,500,000
Loss limited to equity investment		$ 29,578,000

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Stockholder's Equity (Details 2)	Dec. 31, 2010	Dec. 31, 2009
Preferred Stock, $1.00 par value:
Authorized shares	50,000,000	50,000,000
Issued shares	11,349,854	11,474,093
Outstanding shares	11,349,854	11,474,093
Common Stock, $1.00 par value:
Authorized shares	225,000,000	225,000,000
Issued shares	147,381,191	123,583,242
Outstanding shares	147,097,381	123,385,317

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Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2010

Income Taxes and Distributions (Tables) [Abstract]

Cash distributions paid to common stockholders, for federal income tax purposes

	Year Ended December 31,
	2010		2009		2008
Per Share:
Ordinary income	$	0.7774	$	1.9865	$	1.6196
Return of capital		1.7408		0.4864		0.8904
Long-term capital gains		0.0190		—		—
1250 gains		0.2028		0.2471		0.1900
Totals	$	2.7400	$	2.7200	$	2.7000

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Retirement Arrangements (Tables)

12 Months Ended

Dec. 31, 2010

Retirement Arrangements (Tables) [Abstract]

Reconciliation of changes in SERP's benefit obligations and statement of fund status

	Year Ended
	December 31,
	2010		2009
Reconciliation of benefit obligation:
Obligation at January 1	$	3,287	$	3,109
Service cost		413		389
Interest cost		115		164
Actuarial (gain) loss		251		434
Benefit Payments		—		(29	)
Curtailments		—		(780	)
Obligation at December 31	$	4,066	$	3,287

	December 31,
	2010		2009
Funded status:
Funded status at December 31	$	4,066	$	(3,287	)
Unrecognized (gain) loss		—		—
Prepaid (accrued) benefit cost	$	4,066	$	(3,287	)

Components of net periodic benefit costs

	Year Ended
	December 31,
	2010		2009
Service cost	$	413	$	389
Interest cost		115		164
Curtailment income		—		(87	)
Net actuarial (gain) loss		52		16
Net periodic benefit cost	$	580	$	482

Accumulated benefit in excess of plan assets

	December 31,
	2010		2009
Projected benefit obligation	$	4,066	$	3,287
Accumulated benefit obligation		2,938		2,956
Fair value of assets		n/a		n/a

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for SERP

	Benefit Obligations						Net Periodic Benefit Cost
	December 31,						Year Ended December 31,
	2010			2009			2010			2009
Discount rate		3.50	%		3.50	%		3.50	%		6.25	%
Rate of compensation increase		4.50	%		4.50	%		4.50	%		4.50	%
Expected long-term return on plan assets		n/a			n/a			n/a			n/a

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Dispositions, Assets Held for Sale and Discontinued Operations (Details) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2011	Jun. 30, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Real property dispositions:
Property dispositions			$ 184,382,000	$ 186,713,000	$ 185,501,000
Add: Gain on sales of real property	26,184,000	56,380,000	36,115,000	43,394,000	163,933,000
Land America settlement					2,500,000
Extinguishment of other assets (liabilities)					(116,000)
Seller financing on sales of real property			(1,470,000)	(6,100,000)	(64,771,000)
Proceeds from sales of real property			219,027,000	224,007,000	287,047,000
Revenues:
Rental income			38,753,000	59,304,000	82,913,000
Other income				8,059,000
Expenses:
Interest expense			7,779,000	11,176,000	19,684,000
Property operating expenses			5,662,000	4,964,000	5,566,000
Provision for depreciation			13,288,000	21,628,000	31,711,000
Income (loss) from discontinued operations, net			12,024,000	29,595,000	25,952,000
Senior housing facilities [Member]
Real property dispositions:
Property dispositions			3,438,000	55,320,000	163,622,000
Senior housing facilities [Member] | Senior Housing Triple Net [Member]
Real property dispositions:
Property dispositions			3,438,000	55,320,000	163,622,000
Skilled nursing facilities [Member]
Real property dispositions:
Property dispositions			166,852,000	45,835,000	6,290,000
Skilled nursing facilities [Member] | Senior Housing Triple Net [Member]
Real property dispositions:
Property dispositions			166,852,000	45,835,000	6,290,000
Hospitals [Member]
Real property dispositions:
Property dispositions				40,841,000	8,735,000
Hospitals [Member] | Medical Facilities [Member]
Real property dispositions:
Property dispositions				40,841,000	8,735,000
Medical office buildings [Member]
Real property dispositions:
Property dispositions			14,092,000	44,717,000	6,781,000
Medical office buildings [Member] | Medical Facilities [Member]
Real property dispositions:
Property dispositions			14,092,000	44,717,000	6,781,000
Land parcels [Member]
Real property dispositions:
Property dispositions					73,000
Senior Housing Triple Net [Member]
Real property dispositions:
Property dispositions			170,290,000	101,155,000	169,985,000
Add: Gain on sales of real property			36,274,000	32,084,000	151,457,000
Land America settlement					2,500,000
Seller financing on sales of real property				(6,100,000)	(59,649,000)
Proceeds from sales of real property			206,564,000	133,239,000	264,293,000
Medical Facilities [Member]
Real property dispositions:
Property dispositions			14,092,000	85,558,000	15,516,000
Add: Gain on sales of real property			(159,000)	11,310,000	12,476,000
Extinguishment of other assets (liabilities)					(116,000)
Seller financing on sales of real property			(1,470,000)		(5,122,000)
Proceeds from sales of real property			$ 12,463,000	$ 90,768,000	$ 22,754,000

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Senior Unsecured Notes and Secured Debt (Tables)

12 Months Ended

Dec. 31, 2010

Senior Unsecured Notes And Secured Debt (Tables) [Abstract]

Principal payments due on debt obligations

	Senior		Secured
	Unsecured Notes(1)		Debt (1)		Totals
2011	$	—	$	24,048	$	24,048
2012		76,853		91,979		168,832
2013		300,000		85,508		385,508
2014		—		188,009		188,009
2015		250,000		150,311		400,311
Thereafter		2,438,077		593,860		3,031,937
Totals	$	3,064,930	$	1,133,715	$	4,198,645

(1)  Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.