2.4.0.8110 - Disclosure - Real Estate and Lending Activitiestruefalsefalse1falsefalsefalseeol_PE631979--13S-3-0008_STD_90_20130331_0http://www.sec.gov/CIK0001287865duration2013-01-01T00:00:002013-03-31T00:00:001true1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2mpw_RealEstateAndLoansReceivablesTextBlockmpw_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>3. Real Estate and
Lending Activities</b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Acquisitions</i></font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On February 29, 2012,
we made loans to and acquired assets from Ernest Health Inc.
(“Ernest”) for a combined purchase price and investment
of $396.5 million (“Ernest Transaction”),
consisting of the following (in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="88%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Net investments in direct
financing leases</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">200,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Mortgage loans</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">100,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Other loans</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">93,200</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Equity
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,300</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">396,500</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Real Estate Acquisition
and Mortgage Loan Financing</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Pursuant to a definitive
real property asset purchase agreement, we acquired from Ernest and
certain of its subsidiaries (i) a portfolio of five
rehabilitation facilities (including a ground lease interest
relating to a community-based acute rehabilitation facility in
Wyoming), (ii) seven long-term acute care facilities located
in seven states and (iii) undeveloped land in Provo, Utah
(collectively, the “Acquired Facilities”) for an
aggregate purchase price of $200 million, subject to certain
adjustments. The Acquired Facilities are leased to subsidiaries of
Ernest pursuant to a master lease agreement. The master lease
agreement has a 20-year term with three five-year extension options
and provided for an initial rental rate of 9%, with consumer
price-indexed increases, limited to a 2% floor and 5% ceiling
annually thereafter. In addition, we made Ernest a
$100 million loan secured by a first mortgage interest in four
subsidiaries of Ernest, which has terms similar to the leasing
terms described above.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Acquisition Loan and
Equity Contribution</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Through an affiliate of one
of our TRSs, we made investments of approximately
$96.5 million in Ernest Health Holdings, LLC, which is the
owner of Ernest. These investments are structured as a $93.2
million acquisition loan and a $3.3 million equity
contribution.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The interest rate on the
acquisition loan is 15%. Ernest is required to pay us a minimum of
6% and 7% of the loan amount in years one and two, respectively,
and 10% thereafter, although there are provisions in the loan
agreement that are expected to result in full payment of the 15%
preference when funds are sufficient. Any of the 15% in excess of
the minimum that is not paid may be accrued and paid upon the
occurrence of a capital or liquidity event and is payable at
maturity. The loan may be prepaid without penalty at any
time.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Financing of Ernest
Transaction</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">To finance the Ernest
Transaction, we completed equity and senior unsecured notes
offerings in February 2012. See Notes 4 and 5 for more information
on these financing activities.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Development
Activities</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On March 4, 2013, we
entered into an agreement to finance the development of and lease
an inpatient rehabilitation facility in Post Falls, Idaho for $14.4
million, which will be leased to Ernest under the 2012 master
lease. The facility is expected to be completed in the fourth
quarter of 2013. We have funded $1.4 million through the end of the
2013 first quarter.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">In regards to our Twelve
Oaks facility, approximately 55% of this facility became occupied
as of January 23, 2013 pursuant to a 15 year lease.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On June 13, 2012, we
entered into an agreement with Ernest to fund the development of
and lease a 40-bed rehabilitation hospital in Lafayette, Indiana.
The facility opened in the first quarter of 2013, and land and
building for this facility approximates
$15 million.</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Initial lease term for this
property is 20 years.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On October 14, 2011, we
entered into agreements with a joint venture of Emerus Holding,
Inc. and Vanguard Health System, a subsidiary of Baptist Health
System, to acquire, provide for development funding and lease three
emergency care focused acute care hospitals for $30.0 million in
the suburban markets of San Antonio, Texas. The three facilities
are subject to a master lease structure with an initial term of 15
years and three five-year extension options. Rent escalates
annually based on consumer priced indexed increases and to be not
less than one percent or greater than three percent. One of these
properties was completed in the fourth quarter of 2012 with the
remaining two being completed in the first quarter of 2013. Land
and building costs associated with these three properties
approximate $29 million.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">See table below for a
status update on our current development projects (in
thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="35%"></td>
<td valign="bottom" width="2%"></td>
<td width="11%"></td>
<td valign="bottom" width="2%"></td>
<td width="12%"></td>
<td valign="bottom" width="2%"></td>
<td width="13%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td width="8%"></td>
</tr>
<tr>
<td valign="bottom" nowrap="nowrap">
<p style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30pt">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Property</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align="center">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Location</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align="center">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Property
Type</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align="center">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Operator</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Original</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Commitment</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Costs</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Incurred as</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>of March 31,<br />
2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align="center">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>Estimated<br />
Completion<br />
Date</b></font></p>
</td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Victoria</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">Victoria, TX</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><font style="WHITE-SPACE: nowrap">Long-term Acute</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="2">Care Hospital</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Post Acute Medical</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">9,400</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,353</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">nd</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> Qtr 2013</font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Spartanburg</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">Spartanburg, SC</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Rehabilitation</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="2">Hospital</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Ernest Health, Inc.</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">17,805</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7,309</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">4</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">th</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> Qtr 2013</font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Post Falls</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">Post Falls, ID</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Rehabilitation</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="2">Hospital</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Ernest Health, Inc.</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14,387</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,357</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">4</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">th</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> Qtr 2013</font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Oakleaf</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">Altoona, WI</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">General Acute</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="2">Care Hospital</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">National Surgical</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="2">Hospitals</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,500</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">700</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">st</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> Qtr 2014</font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">First Choice Emergency
Rooms (A)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">Various</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">General Acute</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Times New Roman" size="2">Care Hospital</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">First Choice</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">100,000</font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="top" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="top" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="top" nowrap="nowrap" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Various</font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>175,092</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>13,719</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(A)</font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Subject to completion of
definitive agreements, there is no assurance that this development
project will be completed.</font></td>
</tr>
</table>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Leasing
Operations</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">All of our leases are
accounted for as operating leases except for the master lease of 12
Ernest facilities and two other facilities which are accounted for
direct financing leases (“DFLs”). The components of our
net investment in DFL consisted of the following (dollars in
thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="68%" align="center">
<tr>
<td width="62%"></td>
<td valign="bottom" width="10%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="10%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>As of March 31,<br />
2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>As of December 31,<br />
2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Minimum lease payments
receivable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,270,401</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,277,923</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Estimated residual
values</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">201,283</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">201,283</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less: Unearned
income</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,156,045</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,164,794</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Net investment in direct
financing leases</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">315,639</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">314,412</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Monroe
facility</u></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As of
March 31, 2013, we have advanced $29.9 million to the
operator/lessee of Monroe Hospital in Bloomington, Indiana,
pursuant to a working capital loan agreement and also have $21.2
million of rent, interest and other charges owed to us by the
operator, of which $5.9 million of interest receivables are
significantly more than 90 days past due. Because the operator has
not made all payments required by the working capital loan
agreement and the related real estate lease agreement, we consider
the loan to be impaired. During 2010, we recorded a $12 million
impairment charge on the working capital loan and recorded a
valuation allowance for unbilled straight-line rent in the amount
of $2.5 million. We have not recognized any interest income on the
Monroe loan since it was considered impaired and have not recorded
any unbilled (straight-line) rent since 2010.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">At
March 31, 2013, our net investment (exclusive of the related
real estate) of approximately $39 million is our maximum exposure
to Monroe and the amount is presently deemed
collectible/recoverable. In making this determination, we
considered our first priority secured interest in approximately
(i) $5 million in hospital patient receivables, (ii) cash
balances of approximately $0.1 million, (iii) our assessment
of the realizable value of our other collateral and
(iv) projected EBITDA of the hospital operations under various
scenarios for sensitivity purposes. Although we believe our net
investment in Monroe at March 31, 2013, is recoverable, we do not
expect to recognize any future rental income until we begin
receiving cash payments. However, no assurances can be made that we
will not have additional impairment charges on our working capital
loan or other receivables in the future.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Florence
facility</u></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On March 1, 2012, we
received a certificate of occupancy for our approximate $30 million
Florence acute care facility constructed near Phoenix, Arizona.
With this, we started collecting and recognizing rent on this
facility in March 2012. On March 6, 2013, the tenant of this
facility filed for Chapter 11 bankruptcy. Since then Florence has
paid rent for March, April, and May. At March 31, 2013, we had less
than $0.4 million of receivables outstanding for which we received
payment subsequently. In addition, we have a letter of credit for
approximately $1.2 million to cover any rent and other monetary
payments not paid in the future. Although no assurances can be made
that we will not have any impairment charges in the future, we
believe our investment in Florence at March 31, 2013, is fully
recoverable.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Loans</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The following is a summary
of our loans (in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="81%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>As of<br />
March 31,<br />
2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>As of</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>December  31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Mortgage loans</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">  368,650</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">368,650</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Acquisition
loans</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">98,433</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">98,433</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Working capital and other
loans</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">56,168</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">57,458</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Convertible loan</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,352</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,352</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">526,603</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">527,893</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Our mortgage loans cover 9
of our properties with three operators.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On March 1, 2012,
pursuant to our convertible note agreement, we converted
$1.7 million of our $5.0 million convertible note into a
9.9% equity interest in the operator of our Hoboken University
Medical Center facility. At March 31, 2013, $3.3 million
remains outstanding on the convertible note, and we retain the
option, through November 2014, to convert this remainder into 15.1%
of equity interest in the operator.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Concentrations of Credit
Risk</i></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">For the three months ended
March 31, 2013 and 2012, revenue from affiliates of Ernest
(including rent and interest from mortgage and acquisition loans)
accounted for 20.2% and 9.5%, respectively, of total revenue. From
an investment concentration perspective, Ernest represented 18.6%
and 18.2% of our total assets at March 31, 2013 and
December 31, 2012, respectively.</font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">For the three months ended
March 31, 2013 and 2012, revenue from affiliates of Prime
Healthcare Services, Inc. (“Prime”) (including rent and
interest from mortgage loans) accounted for 31.0% and 26.5%,
respectively, of total revenue. From an investment concentration
perspective, Prime represented 27.3% and 27.9% of our total assets
at March 31, 2013 and December 31, 2012,
respectively.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">On an individual property
basis, we had no investment of any single property greater than 5%
of our total assets as of March 31, 2013.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">From a geographic
perspective, all of our properties are currently located in the
United States with 24.1% and 23.5% of our total assets at
March 31, 2013, located in Texas and California,
respectively.</font></p>
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