Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies

Summary of capital improvement commitments

Commitment			Expiration Date		Used Commitment at 12/31/11		Open Commitment at 12/31/11			Estimated Yield			Property Type	Properties		Major Operator
$	100			8/1/12	$	—	$	100				(2)	SNF		1	N/A
	730			8/31/13		674		56	(7)		9.00%	(3)	Other(1)		2	N/A
	8,250			10/11/13		50		8,200			9.00%	(4)	SNF(8)		—	N/A
	5,000	(6)		12/31/14		—		5,000				(5)	ALF		37	ALC
$	14,080				$	724	$	13,356

(1)

Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services.

(2)

The yield is included in the initial lease rate.

(3)

Minimum rent will increase on the 1st of each month by the amount advanced in the previous month multiplied by the estimated yield.

(4)

Minimum rent will increase upon final funding and project completion or in some cases, the improvement deadline as defined in each lease agreement.

(5)

9.5% plus the positive difference, if any, between the average yields on the U.S. Treasury 10-year note for the five days prior to funding, minus 420 basis points (expressed as a percentage).

(6)

$5,000 per year for the life of the lease.

(7)

In January 2012, we funded this $56 commitment.

(8)

During 2011, we acquired a vacant parcel of land in Texas and entered into a commitment to fund the construction of a skilled nursing property with 120 beds which will replace an existing 90-bed skilled nursing property.

Summary of loan commitments

Commitment			Expiration Date		Used Commitment at 12/31/11		Open Commitment at 12/31/11		Yield			Property Type(1)	Properties		Major Operator
$	50			3/31/12	$	20	$	30		10.00	%	Other		1	N/A
	2,500	(2)		12/31/12		232		2,268		8.50	%	Other		2	N/A
$	2,550				$	252	$	2,298

(1)

Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services.

(2)

Represents a construction and term loan for capital improvements at two senior housing properties we own and lease to the borrower. Upon the earlier of the full funding of the commitment or December 31, 2012, construction distribution under this loan will cease and this loan will fully amortize to maturity in November 2017.