Pro Forma Information

9 Months Ended

Sep. 30, 2011

Pro Forma Information

Pro Forma Information

Note 13.  Pro Forma Information

During the nine months ended September 30, 2011, we purchased 19 senior living communities and 25 MOBs for approximately $569,893, sold seven properties for $39,460, recorded a gain on sale of approximately $21,315 and, pursuant to the terms of our existing leases with Five Star, we purchased $10,554 of improvements made to our properties leased to Five Star.  We also recognized an impairment of assets charge of $1,194 related to three properties.  In January 2011, we sold $250,000 unsecured senior notes due 2016 at a fixed rate of 4.30% per annum and incurred $1,973 of deferred financing fees related to this debt financing.  In June 2011, we replaced our previous $550,000 revolving credit facility with a new $750,000 revolving credit facility and incurred a loss on early extinguishment of debt of $427 from the write off of unamortized deferred financing fees.  During the nine months ended September 30, 2011, we also issued 11.5 million of our common shares.

During 2010, we purchased 26 MOBs for approximately $433,955, sold four skilled nursing facilities for $1,450, recording a gain on sale of approximately $109, and, pursuant to the terms of our existing leases with Five Star, we purchased $31,894 of improvements made to our properties leased to Five Star.  During 2010, we recognized an impairment of assets charge of $5,965 related to seven properties.  In April 2010, we sold $200,000 unsecured senior notes due 2020 at a fixed rate of 6.75% per annum and incurred $2,907 of deferred financing fees related to this debt financing.  In May 2010, we redeemed all $97,500 of our outstanding 7.875% senior notes due 2015 and recorded a loss on early extinguishment of debt of $2,433.  During 2010, we also issued 14.4 million of our common shares.

The following table presents our pro forma results of operations as if all of these 2010 and 2011 activities were completed on January 1, 2010.  This pro forma data is not necessarily indicative of what actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period.  Differences could result from, but are not limited to, additional property sales or investments, changes in interest rates and changes in our debt or equity structure.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2011		2010		2011		2010
Total revenues	$	121,642	$	119,601	$	362,174	$	359,367
Net income	$	32,807	$	30,899	$	122,958	$	125,235
Per common share data:
Net income	$	0.21	$	0.20	$	0.80	$	0.82