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