Schedule III: Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III: Real Estate and Accumulated Depreciation

Schedule III: Real Estate and Accumulated Depreciation

HCP, Inc.

Schedule III: Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

												Gross Amount at Which Carried As of December 31, 2011											Life on Which Depreciation in Latest Income Statement is Computed
					Initial Cost to Company
									Costs Capitalized Subsequent to Acquisition
City		State	Encumbrances at December 31, 2011		Land		Buildings and Improvements					Land		Buildings and Improvements		Total(1)		Accumulated Depreciation			Year Acquired/ Constructed
Senior housing
1087	Birmingham	AL	$	32,003	$	4,682	$	74,204	$	—		$	4,682	$	72,755	$	77,437	$	(13,044	)		2006		40
1086	Huntsville	AL		17,529		1,394		38,603		—			1,394		37,870		39,264		(6,540	)		2006		40
1107	Huntsville	AL		—		307		5,813		—			307		5,453		5,760		(716	)		2006		40
1154	Little Rock	AR		—		1,922		14,140		21			1,922		13,667		15,589		(1,840	)		2006		39
0786	Douglas	AZ		—		110		703		—			110		703		813		(244	)		2005		35
0518	Tucson	AZ		32,438		2,350		24,037		—			2,350		24,037		26,387		(6,610	)		2002		30
1974	Sun City	AZ		33,519		2,640		32,774		944			2,640		33,718		36,358		(1,253	)		2011		30
1238	Beverly Hills	CA		—		9,872		32,590		2,100			9,872		33,965		43,837		(4,344	)		2006		40
1149	Camarillo	CA		—		5,798		19,427		—			5,798		18,651		24,449		(2,448	)		2006		40
1006	Carlsbad	CA		—		7,897		14,255		360			7,897		13,825		21,722		(1,797	)		2006		40
0883	Carmichael	CA		—		4,270		13,846		—			4,270		13,236		17,506		(1,682	)		2006		40
0851	Citrus Heights	CA		—		1,180		8,367		—			1,180		8,037		9,217		(1,494	)		2006		29
0790	Concord	CA		25,000		6,010		39,601		—			6,010		38,301		44,311		(6,127	)		2005		40
0787	Dana Point	CA		—		1,960		15,946		—			1,960		15,466		17,426		(2,481	)		2005		39
1152	Elk Grove	CA		—		2,235		6,339		—			2,235		6,186		8,421		(812	)		2006		40
0798	Escondido	CA		14,340		5,090		24,253		—			5,090		23,353		28,443		(3,746	)		2005		40
0791	Fremont	CA		9,246		2,360		11,672		—			2,360		11,192		13,552		(1,796	)		2005		40
1965	Fresno	CA		23,252		1,730		25,491		308			1,730		25,799		27,529		(983	)		2011		30
0788	Granada Hills	CA		—		2,200		18,257		—			2,200		17,637		19,837		(2,829	)		2005		39
1156	Hemet	CA		—		1,270		5,966		17			1,270		5,737		7,007		(754	)		2006		40
0856	Irvine	CA		—		8,220		14,104		—			8,220		13,564		21,784		(1,633	)		2006		45
0227	Lodi	CA		8,977		732		5,453		—			732		5,453		6,185		(2,072	)		1997		35
0226	Murietta	CA		6,032		435		5,729		—			435		5,729		6,164		(2,110	)		1997		35
1165	Northridge	CA		—		6,718		26,309		6			6,718		25,506		32,224		(3,348	)		2006		40
1561	Orangevale	CA		—		2,160		8,522		1,000			2,160		9,522		11,682		(1,485	)		2008		40
1168	Palm Springs	CA		—		1,005		5,183		21			1,005		4,841		5,846		(636	)		2006		40
0789	Pleasant Hill	CA		6,270		2,480		21,333		—			2,480		20,633		23,113		(3,310	)		2005		40
1166	Rancho Mirage	CA		—		1,798		24,053		5			1,798		23,144		24,942		(3,038	)		2006		40
1008	San Diego	CA		—		6,384		32,072		222			6,384		31,191		37,575		(4,094	)		2006		40
1007	San Dimas	CA		—		5,628		31,374		208			5,630		30,786		36,416		(4,040	)		2006		40
1009	San Juan Capistrano	CA		—		5,983		9,614		189			5,983		9,516		15,499		(1,247	)		2006		40
1167	Santa Rosa	CA		—		3,582		21,113		4			3,582		20,348		23,930		(2,671	)		2006		40
0793	South San Francisco	CA		10,665		3,000		16,586		—			3,000		16,056		19,056		(2,569	)		2005		40
1966	Sun City	CA		17,602		2,650		25,290		639			2,650		25,930		28,580		(1,035	)		2011		30
0792	Ventura	CA		10,077		2,030		17,379		—			2,030		16,749		18,779		(2,687	)		2005		40
1155	Yorba Linda	CA		—		4,968		19,290		—			4,968		18,494		23,462		(2,427	)		2006		40
1232	Colorado Springs	CO		—		1,910		24,479		11			1,910		23,526		25,436		(3,088	)		2006		40
0512	Denver	CO		49,862		2,810		36,021		1,616			2,810		37,637		40,447		(9,906	)		2002		30
1233	Denver	CO		—		2,511		30,641		82			2,511		29,920		32,431		(3,930	)		2006		40
1000	Greenwood Village	CO		—		3,367		43,610		—			3,367		42,814		46,181		(4,947	)		2006		40
1234	Lakewood	CO		—		3,012		31,913		5			3,012		31,120		34,132		(4,085	)		2006		40
0730	Torrington	CT		12,624		166		11,001		—			166		10,591		10,757		(1,765	)		2005		40
1010	Woodbridge	CT		—		2,352		9,929		224			2,363		9,680		12,043		(1,271	)		2006		40
0538	Altamonte Springs	FL		—		1,530		7,956		—			1,530		7,136		8,666		(1,604	)		2002		40
0861	Apopka	FL		5,892		920		4,816		—			920		4,716		5,636		(707	)		2006		35
0852	Boca Raton	FL		—		4,730		17,532		2,605			4,730		19,727		24,457		(3,275	)		2006		30
1001	Boca Raton	FL		11,648		2,415		17,923		—			2,415		17,561		19,976		(2,029	)		2006		40
0544	Boynton Beach	FL		8,036		1,270		4,773		—			1,270		4,773		6,043		(1,054	)		2003		40
1963	Boynton Beach	FL		34,546		2,550		31,183		(883	)		2,550		30,300		32,850		(1,208	)		2011		30
1964	Boynton Beach	FL		4,837		570		7,675		1,787			570		9,462		10,032		(317	)		2011		30
0539	Clearwater	FL		—		2,250		2,627		—			2,250		2,627		4,877		(590	)		2002		40
0746	Clearwater	FL		17,788		3,856		12,176		—			3,856		11,321		15,177		(2,669	)		2005		40
0862	Clermont	FL		8,345		440		6,518		—			440		6,418		6,858		(963	)		2006		35
1002	Coconut Creek	FL		13,928		2,461		16,006		—			2,461		15,620		18,081		(1,805	)		2006		40
0492	Delray Beach	FL		11,439		850		6,637		—			850		6,637		7,487		(1,308	)		2002		43
0850	Gainesville	FL		16,151		1,020		13,490		—			1,020		13,090		14,110		(1,827	)		2006		40
1095	Gainesville	FL		—		1,221		12,226		—			1,221		12,001		13,222		(1,575	)		2006		40
0490	Jacksonville	FL		44,230		3,250		25,936		—			3,250		25,936		29,186		(7,225	)		2002		35
1096	Jacksonville	FL		—		1,587		15,616		—			1,587		15,298		16,885		(2,008	)		2006		40
0855	Lantana	FL		—		3,520		26,452		—			3,520		25,652		29,172		(4,631	)		2006		30
1968	Largo	FL		60,593		2,920		60,956		710			2,920		61,665		64,585		(2,389	)		2011		30
0731	Ocoee	FL		16,546		2,096		9,322		—			2,096		8,801		10,897		(1,467	)		2005		40
0859	Oviedo	FL		8,603		670		8,071		—			670		7,971		8,641		(1,196	)		2006		35
1970	Palm Beach Gardens	FL		33,366		4,820		32,047		1,082			4,820		33,129		37,949		(1,318	)		2011		30
1017	Palm Harbor	FL		—		1,462		16,774		500			1,462		16,888		18,350		(2,234	)		2006		40
0190	Pinellas Park	FL		3,979		480		3,911		—			480		3,911		4,391		(1,761	)		1996		35
0732	Port Orange	FL		15,443		2,340		9,898		—			2,340		9,377		11,717		(1,563	)		2005		40
1971	Sarasota	FL		27,937		3,050		25,032		(335	)		3,050		24,697		27,747		(965	)		2011		30
0802	St. Augustine	FL		14,819		830		11,627		—			830		11,227		12,057		(2,032	)		2005		35
0692	Sun City Center	FL		9,884		510		6,120		—			510		5,865		6,375		(1,257	)		2004		35
0698	Sun City Center	FL		—		3,466		70,810		—			3,466		69,750		73,216		(14,897	)		2004		34
1097	Tallahassee	FL		—		1,331		19,039		—			1,331		18,695		20,026		(2,454	)		2006		40
0224	Tampa	FL		—		600		5,566		686			696		6,155		6,851		(1,677	)		1997		45
0849	Tampa	FL		12,194		800		11,340		—			800		10,940		11,740		(1,527	)		2006		40
1257	Vero Beach	FL		—		2,035		34,993		201			2,035		33,634		35,669		(4,411	)		2006		40
1605	Vero Beach	FL		—		700		16,234		—			700		16,234		16,934		(592	)		2010		35
1976	West Palm Beach	FL		—		990		2,431		494			990		2,925		3,915		(107	)		2011		30
1098	Alpharetta	GA		—		793		8,761		198			793		8,673		9,466		(1,142	)		2006		40
1099	Atlanta	GA		—		687		5,507		228			687		5,334		6,021		(704	)		2006		40
1169	Atlanta	GA		—		2,665		5,911		2			2,665		5,643		8,308		(741	)		2006		40
1241	Lilburn	GA		—		907		17,340		7			907		16,791		17,698		(2,204	)		2006		40
1112	Marietta	GA		—		894		6,944		325			904		6,993		7,897		(912	)		2006		40
1088	Davenport	IA		—		511		8,039		—			511		7,868		8,379		(1,033	)		2006		40
1093	Marion	IA		—		502		6,865		—			502		6,713		7,215		(881	)		2006		40
1091	Bloomington	IL		—		798		13,091		—			798		12,832		13,630		(1,684	)		2006		40
1587	Burr Ridge	IL		—		2,640		23,902		289			2,640		24,190		26,830		(1,765	)		2010		25
1089	Champaign	IL		—		101		4,207		1,592			279		5,463		5,742		(554	)		2006		40
1157	Hoffman Estates	IL		—		1,701		12,037		133			1,701		11,587		13,288		(1,529	)		2006		40
1090	Macomb	IL		—		81		6,062		—			81		5,905		5,986		(775	)		2006		40
1143	Mt. Vernon	IL		—		296		15,935		3,562			512		18,949		19,461		(2,171	)		2006		40
1969	Niles	IL		31,979		3,790		41,143		(739	)		3,790		40,404		44,194		(1,593	)		2011		30
1005	Oak Park	IL		26,271		3,476		35,259		—			3,476		34,713		38,189		(4,011	)		2006		40
1961	Olympia Fields	IL		36,139		4,120		25,892		(1,030	)		4,120		24,862		28,982		(1,036	)		2011		30
1162	Orland Park	IL		—		2,623		23,154		10			2,623		22,534		25,157		(2,958	)		2006		40
1092	Peoria	IL		—		404		10,050		—			404		9,840		10,244		(1,292	)		2006		40
1588	Prospect Heights	IL		—		2,680		20,299		474			2,680		20,774		23,454		(1,540	)		2010		25
1952	Vernon Hills	IL		53,035		4,900		42,546		1,273			4,900		43,819		48,719		(1,628	)		2011		30
1237	Wilmette	IL		—		1,100		9,373		—			1,100		9,149		10,249		(1,201	)		2006		40
0379	Evansville	IN		—		500		9,302		—			500		7,762		8,262		(2,068	)		1999		45
0457	Jasper	IN		—		165		5,952		359			165		6,311		6,476		(1,899	)		2001		35
1144	Indianapolis	IN		—		1,197		7,718		—			1,197		7,486		8,683		(983	)		2006		40
1145	Indianapolis	IN		—		1,144		8,261		7,371			1,144		15,399		16,543		(1,600	)		2006		40
1146	West Lafayette	IN		—		813		10,876		—			813		10,626		11,439		(1,395	)		2006		40
1170	Edgewood	KY		—		1,868		4,934		—			1,868		4,504		6,372		(591	)		2006		40
0697	Lexington	KY		8,010		2,093		16,917		—			2,093		16,299		18,392		(4,072	)		2004		30
1105	Middletown	KY		—		1,499		26,252		240			1,513		25,868		27,381		(3,384	)		2006		40
1013	Danvers	MA		—		4,616		30,692		243			4,621		30,344		34,965		(3,984	)		2006		40
1151	Dartmouth	MA		—		3,145		6,880		—			3,145		6,632		9,777		(870	)		2006		40
1012	Dedham	MA		—		3,930		21,340		267			3,930		21,032		24,962		(2,745	)		2006		40
1158	Plymouth	MA		—		2,434		9,027		—			2,434		8,550		10,984		(1,122	)		2006		40
1011	Baltimore	MD		—		1,416		8,854		288			1,416		8,681		10,097		(1,146	)		2006		40
1153	Baltimore	MD		—		1,684		18,889		—			1,684		18,466		20,150		(2,424	)		2006		40
1249	Frederick	MD		—		609		9,158		77			609		8,991		9,600		(1,175	)		2006		40
0281	Westminster	MD		15,497		768		5,251		—			768		4,853		5,621		(1,337	)		1998		45
0546	Cape Elizabeth	ME		—		630		3,524		93			630		3,617		4,247		(794	)		2003		40
0545	Saco	ME		—		80		2,363		155			80		2,518		2,598		(548	)		2003		40
1258	Auburn Hills	MI		—		2,281		10,692		—			2,281		10,692		12,973		(1,403	)		2006		40
1248	Farmington Hills	MI		—		1,013		12,119		291			1,013		12,066		13,079		(1,557	)		2006		40
0696	Holland	MI		42,035		787		51,410		—			787		50,172		50,959		(12,572	)		2004		29
1094	Portage	MI		—		100		5,700		4,617			100		9,950		10,050		(1,155	)		2006		40
0472	Sterling Heights	MI		—		920		7,326		—			920		7,326		8,246		(2,163	)		2001		35
1259	Sterling Heights	MI		—		1,593		11,500		—			1,593		11,181		12,774		(1,468	)		2006		40
1235	Des Peres	MO		—		4,361		20,664		—			4,361		20,046		24,407		(2,631	)		2006		40
1236	Richmond Heights	MO		—		1,744		24,232		—			1,744		23,548		25,292		(3,091	)		2006		40
0853	St. Louis	MO		—		2,500		20,343		—			2,500		19,853		22,353		(3,695	)		2006		30
0842	Great Falls	MT		—		500		5,683		—			500		5,423		5,923		(791	)		2006		40
0878	Charlotte	NC		—		710		9,559		—			710		9,159		9,869		(1,164	)		2006		40
1584	Charlotte	NC		—		2,052		6,557		—			2,052		6,557		8,609		(419	)		2010		40
1119	Concord	NC		—		601		7,615		166			612		7,546		8,158		(983	)		2006		40
1254	Raleigh	NC		—		1,191		11,532		54			1,191		11,300		12,491		(1,482	)		2006		40
1599	Cherry Hill	NJ		—		2,420		11,042		—			2,420		11,042		13,462		(754	)		2010		25
1239	Cresskill	NJ		—		4,684		53,927		22			4,684		52,963		57,647		(6,951	)		2006		40
0734	Hillsborough	NJ		15,986		1,042		10,042		—			1,042		9,576		10,618		(1,596	)		2005		40
1242	Madison	NJ		—		3,157		19,909		25			3,157		19,348		22,505		(2,538	)		2006		40
0733	Manahawkin	NJ		13,947		921		9,927		—			921		9,461		10,382		(1,577	)		2005		40
1014	Paramus	NJ		—		4,280		31,684		207			4,280		31,191		35,471		(4,094	)		2006		40
1231	Saddle River	NJ		—		1,784		15,625		57			1,784		15,238		17,022		(1,999	)		2006		40
0245	Voorhees Township	NJ		8,654		900		7,629		—			900		7,629		8,529		(2,130	)		1998		45
0213	Albuquerque	NM		—		767		9,324		—			767		8,826		9,593		(2,864	)		1996		45
0796	Las Vegas	NV		—		1,960		5,816		—			1,960		5,426		7,386		(871	)		2005		40
1252	Brooklyn	NY		—		8,117		23,627		446			8,117		23,498		31,615		(3,117	)		2006		40
1256	Sheepshead Bay	NY		—		5,215		39,052		72			5,215		38,273		43,488		(5,020	)		2006		40
0473	Cincinnati	OH		—		600		4,428		—			600		4,428		5,028		(1,307	)		2001		35
0841	Columbus	OH		6,565		970		7,806		1,023			970		8,438		9,408		(1,182	)		2006		40
0857	Fairborn	OH		6,739		810		8,311		—			810		8,011		8,821		(1,239	)		2006		36
1147	Fairborn	OH		—		298		10,704		3,068			298		13,541		13,839		(1,637	)		2006		40
1386	Marietta	OH		—		1,069		11,435		—			1,069		11,435		12,504		(1,449	)		2007		40
1253	Poland	OH		—		695		10,444		7			695		10,113		10,808		(1,328	)		2006		40
1159	Willoughby	OH		—		1,177		9,982		—			1,177		9,577		10,754		(1,257	)		2006		40
1171	Oklahoma City	OK		—		801		4,904		12			801		4,533		5,334		(595	)		2006		40
1160	Tulsa	OK		—		1,115		11,028		—			1,115		10,340		11,455		(1,357	)		2006		40
1967	Cumberland	RI		—		2,630		18,825		225			2,630		19,050		21,680		(741	)		2011		30
1959	East Providence	RI		18,330		1,890		14,387		(781	)		1,890		13,606		15,496		(563	)		2011		30
1960	Greenwich	RI		10,039		450		8,381		(220	)		450		8,161		8,611		(370	)		2011		30
1972	Smithfield	RI		—		1,250		17,442		423			1,250		17,864		19,114		(727	)		2011		30
1973	South Kingstown	RI		—		1,390		13,150		(583	)		1,390		12,567		13,957		(499	)		2011		30
1975	Tiverton	RI		—		3,240		25,735		18			3,240		25,753		28,993		(991	)		2011		30
1962	Warwick	RI		17,936		1,050		16,564		(1,401	)		1,050		15,162		16,212		(691	)		2011		30
1163	Haverford	PA		—		16,461		108,816		1,241			16,461		108,445		124,906		(14,139	)		2006		40
1104	Aiken	SC		—		357		14,832		151			363		14,471		14,834		(1,901	)		2006		40
1100	Charleston	SC		—		885		14,124		292			896		14,075		14,971		(1,831	)		2006		40
1109	Columbia	SC		—		408		7,527		131			412		7,458		7,870		(978	)		2006		40
0306	Georgetown	SC		—		239		3,008		—			239		3,008		3,247		(837	)		1998		45
0879	Greenville	SC		—		1,090		12,558		—			1,090		12,058		13,148		(1,532	)		2006		40
1172	Greenville	SC		—		993		16,314		43			993		15,457		16,450		(2,030	)		2006		40
0305	Lancaster	SC		—		84		2,982		—			84		2,982		3,066		(745	)		1998		45
0880	Myrtle Beach	SC		—		900		10,913		—			900		10,513		11,413		(1,336	)		2006		40
0312	Rock Hill	SC		—		203		2,671		—			203		2,671		2,874		(722	)		1998		45
1113	Rock Hill	SC		—		695		4,119		322			795		4,126		4,921		(560	)		2006		40
0313	Sumter	SC		—		196		2,623		—			196		2,623		2,819		(730	)		1998		45
1003	Nashville	TN		11,252		812		16,983		—			812		16,235		17,047		(1,876	)		2006		40
0860	Oak Ridge	TN		8,627		500		4,741		—			500		4,641		5,141		(696	)		2006		35
0843	Abilene	TX		1,873		300		2,830		—			300		2,710		3,010		(379	)		2006		39
1004	Arlington	TX		14,398		2,002		19,110		—			2,002		18,729		20,731		(2,164	)		2006		40
1116	Arlington	TX		—		2,494		12,192		249			2,540		11,873		14,413		(1,549	)		2006		40
0511	Austin	TX		—		2,960		41,645		—			2,960		41,645		44,605		(11,452	)		2002		30
1589	Austin	TX		—		2,860		17,358		497			2,860		17,855		20,715		(1,371	)		2010		25
0202	Beaumont	TX		—		145		10,404		—			145		10,020		10,165		(3,326	)		1996		45
0844	Burleson	TX		4,279		1,050		5,242		—			1,050		4,902		5,952		(684	)		2006		40
0848	Cedar Hill	TX		8,925		1,070		11,554		—			1,070		11,104		12,174		(1,550	)		2006		40
1325	Cedar Hill	TX		—		440		7,494		—			440		7,494		7,934		(1,322	)		2007		40
0513	Fort Worth	TX		—		2,830		50,832		—			2,830		50,832		53,662		(13,979	)		2002		30
0506	Friendswood	TX		23,013		400		7,354		—			400		7,354		7,754		(1,553	)		2002		45
0217	Houston	TX		11,669		835		7,195		—			835		7,195		8,030		(2,210	)		1997		45
0491	Houston	TX		—		2,470		21,710		750			2,470		22,460		24,930		(6,241	)		2002		35
1106	Houston	TX		—		1,008		15,333		183			1,020		15,098		16,118		(1,973	)		2006		40
1111	Houston	TX		—		1,877		25,372		247			1,959		24,490		26,449		(3,210	)		2006		40
1955	Houston	TX		60,239		9,820		60,254		3,623			9,820		63,877		73,697		(2,460	)		2011		30
1956	Houston	TX		11,504		4,450		22,569		(71	)		4,450		22,497		26,947		(1,070	)		2011		30
1957	Houston	TX		39,560		8,170		39,730		(710	)		8,170		39,021		47,191		(1,574	)		2011		30
1958	Houston	TX		36,425		2,910		30,362		(400	)		2,910		29,963		32,873		(1,283	)		2011		30
0820	Irving	TX		10,863		710		9,949		—			710		9,359		10,069		(1,604	)		2005		35
0845	North Richland Hills	TX		3,120		520		5,117		—			520		4,807		5,327		(671	)		2006		40
0846	North Richland Hills	TX		6,769		870		9,259		—			870		8,819		9,689		(1,407	)		2006		35
1102	Plano	TX		—		494		12,518		145			505		12,247		12,752		(1,601	)		2006		40
0494	San Antonio	TX		7,898		730		3,961		—			730		3,961		4,691		(858	)		2002		45
1590	San Antonio	TX		—		2,860		17,030		282			2,860		17,312		20,172		(1,353	)		2010		25
1954	Sugar Land	TX		38,958		3,420		32,197		(1,084	)		3,420		31,113		34,533		(1,278	)		2011		30
1103	The Woodlands	TX		—		802		17,358		228			869		17,071		17,940		(2,235	)		2006		40

												Gross Amount at Which Carried As of December 31, 2011											Life on Which Depreciation in Latest Income Statement is Computed
					Initial Cost to Company
									Costs Capitalized Subsequent to Acquisition
City		State	Encumbrances at December 31, 2011		Land		Buildings and Improvements					Land		Buildings and Improvements		Total(1)		Accumulated Depreciation			Year Acquired/ Constructed
0195	Victoria	TX		12,782		175		4,290		3,101			175		7,018		7,193		(1,680	)		1995		43
0847	Waxahachie	TX		2,148		390		3,879		—			390		3,659		4,049		(511	)		2006		40
1953	Webster	TX		37,224		4,780		31,057		(134	)		4,780		30,923		35,703		(1,235	)		2011		30
1161	Salt Lake City	UT		—		2,621		22,072		35			2,621		21,152		23,773		(2,777	)		2006		40
1015	Arlington	VA		—		4,320		19,567		455			4,320		19,445		23,765		(2,557	)		2006		40
1244	Arlington	VA		—		3,833		7,076		60			3,833		6,899		10,732		(899	)		2006		40
1245	Arlington	VA		—		7,278		37,407		224			7,278		36,746		44,024		(4,817	)		2006		40
0881	Chesapeake	VA		—		1,090		12,444		—			1,090		11,944		13,034		(1,518	)		2006		40
1247	Falls Church	VA		—		2,228		8,887		116			2,228		8,788		11,016		(1,152	)		2006		40
1164	Fort Belvoir	VA		—		11,594		99,528		6,189			11,594		103,719		115,313		(13,824	)		2006		40
1250	Leesburg	VA		—		607		3,236		60			607		3,150		3,757		(1,218	)		2006		35
1016	Richmond	VA		—		2,110		11,469		281			2,110		11,324		13,434		(1,471	)		2006		40
1246	Sterling	VA		—		2,360		22,932		199			2,360		22,618		24,978		(2,968	)		2006		40
0225	Woodbridge	VA		—		950		6,983		—			950		6,983		7,933		(2,057	)		1997		45
1173	Bellevue	WA		—		3,734		16,171		8			3,734		15,614		19,348		(2,050	)		2006		40
1240	Edmonds	WA		—		1,418		16,502		30			1,418		16,062		17,480		(2,107	)		2006		40
0797	Kirkland	WA		5,234		1,000		13,403		—			1,000		13,043		14,043		(2,092	)		2005		40
1174	Lynnwood	WA		—		1,203		7,415		12			1,203		7,427		8,630		(975	)		2006		40
1251	Mercer Island	WA		—		4,209		8,123		296			4,209		8,214		12,423		(1,078	)		2006		40
0794	Shoreline	WA		9,368		1,590		10,671		—			1,590		10,261		11,851		(1,646	)		2005		40
0795	Shoreline	WA		—		4,030		26,421		—			4,030		25,651		29,681		(4,035	)		2005		39
1175	Snohomish	WA		—		1,541		10,228		8			1,541		9,977		11,518		(1,307	)		2006		40
			$	1,366,930	$	487,394	$	3,793,465	$	55,053		$	488,276	$	3,766,509	$	4,254,785	$	(507,329	)
Life Science
1482	Brisbane	CA	$	—	$	50,989	$	1,789	$	29,885		$	50,989	$	31,674	$	82,663	$	—			2007			*
1481	Carlsbad	CA		—		30,300		—		6,500			30,300		6,500		36,800		—			2007			*
1522	Carlsbad	CA		—		23,475		—		2,769			23,475		2,769		26,244		—			2007			*
1401	Hayward	CA		—		900		7,100		5			900		7,105		8,005		(784	)		2007		40
1402	Hayward	CA		—		1,500		6,400		2,063			1,500		8,463		9,963		(955	)		2007		40
1403	Hayward	CA		—		1,900		7,100		263			1,900		7,363		9,263		(945	)		2007		40
1404	Hayward	CA		—		2,200		17,200		12			2,200		17,212		19,412		(1,900	)		2007		40
1405	Hayward	CA		—		1,000		3,200		7,478			1,000		10,678		11,678		(1,307	)		2007		40
1549	Hayward	CA		—		801		5,740		667			801		6,407		7,208		(972	)		2007		29
1550	Hayward	CA		—		539		3,864		449			539		4,313		4,852		(655	)		2007		29
1551	Hayward	CA		—		526		3,771		438			526		4,209		4,735		(639	)		2007		29
1552	Hayward	CA		—		944		6,769		786			944		7,555		8,499		(1,147	)		2007		29
1553	Hayward	CA		—		953		6,829		793			953		7,622		8,575		(1,157	)		2007		29
1554	Hayward	CA		—		991		7,105		825			991		7,930		8,921		(1,204	)		2007		29
1555	Hayward	CA		—		1,210		8,675		1,007			1,210		9,682		10,892		(1,470	)		2007		29
1556	Hayward	CA		—		2,736		6,868		798			2,736		7,666		10,402		(1,163	)		2007		29
1514	La Jolla	CA		—		5,200		—		—			5,200		—		5,200		—			2007			**
1424	La Jolla	CA		—		9,600		25,283		3,038			9,648		28,194		37,842		(4,162	)		2007		40
1425	La Jolla	CA		—		6,200		19,883		99			6,276		19,906		26,182		(2,217	)		2007		40
1426	La Jolla	CA		—		7,200		12,412		3,036			7,291		15,357		22,648		(2,667	)		2007		27
1427	La Jolla	CA		—		8,700		16,983		671			8,746		17,608		26,354		(2,728	)		2007		30
1488	Mountain View	CA		—		7,300		25,410		1,353			7,300		26,763		34,063		(2,860	)		2007		40
1489	Mountain View	CA		—		6,500		22,800		1,884			6,500		24,684		31,184		(2,518	)		2007		40
1490	Mountain View	CA		—		4,800		9,500		442			4,800		9,942		14,742		(1,130	)		2007		40
1491	Mountain View	CA		—		4,200		8,400		1,249			4,209		9,640		13,849		(1,580	)		2007		40
1492	Mountain View	CA		—		3,600		9,700		730			3,600		10,430		14,030		(1,695	)		2007		40
1493	Mountain View	CA		—		7,500		16,300		1,836			7,500		17,535		25,035		(1,806	)		2007		40
1494	Mountain View	CA		—		9,800		24,000		203			9,800		24,203		34,003		(2,684	)		2007		40
1495	Mountain View	CA		—		6,900		17,800		215			6,900		18,015		24,915		(2,023	)		2007		40
1496	Mountain View	CA		—		7,000		17,000		6,364			7,000		23,364		30,364		(3,727	)		2007		40
1497	Mountain View	CA		—		14,100		31,002		9,811			14,100		40,813		54,913		(6,741	)		2007		40
1498	Mountain View	CA		—		7,100		25,800		8,101			7,100		33,901		41,001		(5,843	)		2007		40
2017	Mountain View	CA		—		—		—		1,290			—		1,290		1,290		—			—			*
1469	Poway	CA		—		47,700		3,512		7,450			47,700		10,962		58,662		—			2007			*
1477	Poway	CA		—		29,943		2,475		15,405			29,943		17,881		47,824		—			2007			*
1470	Poway	CA		—		5,000		12,200		5,727			5,000		17,927		22,927		(3,524	)		2007		40
1471	Poway	CA		—		5,200		14,200		4,253			5,200		18,453		23,653		(3,011	)		2007		40
1478	Poway	CA		—		6,700		14,400		6,145			6,700		20,545		27,245		(4,190	)		2007		40
1499	Redwood City	CA		—		3,400		5,500		1,656			3,407		7,149		10,556		(1,096	)		2007		40
1500	Redwood City	CA		—		2,500		4,100		1,188			2,506		5,282		7,788		(768	)		2007		40
1501	Redwood City	CA		—		3,600		4,600		397			3,607		4,990		8,597		(708	)		2007		30
1502	Redwood City	CA		—		3,100		5,100		804			3,107		5,651		8,758		(779	)		2007		31
1503	Redwood City	CA		—		4,800		17,300		2,796			4,818		20,078		24,896		(1,966	)		2007		31
1504	Redwood City	CA		—		5,400		15,500		856			5,418		16,338		21,756		(1,762	)		2007		31
1505	Redwood City	CA		—		3,000		3,500		603			3,006		4,097		7,103		(650	)		2007		40
1506	Redwood City	CA		—		6,000		14,300		3,020			6,018		17,302		23,320		(2,001	)		2007		40
1507	Redwood City	CA		—		1,900		12,800		6,860			1,912		19,648		21,560		(789	)		2007			*
1508	Redwood City	CA		—		2,700		11,300		6,547			2,712		17,835		20,547		(708	)		2007			*
1509	Redwood City	CA		—		2,700		10,900		1,335			2,712		12,223		14,935		(1,280	)		2007		40
1510	Redwood City	CA		—		2,200		12,000		5,193			2,212		17,181		19,393		(1,382	)		2007		38
1511	Redwood City	CA		—		2,600		9,300		1,475			2,612		10,763		13,375		(1,266	)		2007		26
1512	Redwood City	CA		—		3,300		18,000		123			3,300		18,123		21,423		(1,995	)		2007		40
1513	Redwood City	CA		—		3,300		17,900		123			3,300		18,023		21,323		(1,983	)		2007		40
0679	San Diego	CA		—		7,872		34,617		17,163			7,872		51,781		59,653		(10,246	)		2002		39
1558	San Diego	CA		—		7,740		22,654		535			7,778		23,151		30,929		(2,453	)		2007		38
0837	San Diego	CA		—		4,630		2,029		6,125			4,630		8,153		12,783		(851	)		2006		31	†
0838	San Diego	CA		—		2,040		902		4,301			2,040		5,203		7,243		(95	)		2006			*
0839	San Diego	CA		—		3,940		3,184		4,459			3,940		6,848		10,788		(1,866	)		2006		40
0840	San Diego	CA		—		5,690		4,579		673			5,690		5,252		10,942		(984	)		2006		40
1420	San Diego	CA		—		6,524		—		2,824			6,524		2,824		9,348		—			2007			*
1947	San Diego	CA		12,423		2,581		10,534		20			2,581		10,554		13,135		(351	)		2011		30
1948	San Diego	CA		25,646		5,879		25,305		18			5,879		25,324		31,203		(844	)		2011		30
1949	San Diego	CA		8,206		2,686		11,045		386			2,686		11,432		14,118		(370	)		2011		30
1950	San Diego	CA		1,181		884		2,796		—			884		2,796		3,680		(93	)		2011		30
1410	South San Francisco	CA		—		4,900		18,100		147			4,900		18,247		23,147		(1,999	)		2007		40
1411	South San Francisco	CA		—		8,000		27,700		84			8,000		27,784		35,784		(3,059	)		2007		40
1413	South San Francisco	CA		—		8,000		28,299		252			8,000		28,550		36,550		(3,129	)		2007		40
1414	South San Francisco	CA		—		3,700		20,800		—			3,700		20,800		24,500		(2,297	)		2007		40
1418	South San Francisco	CA		—		11,700		31,243		5,885			11,700		37,127		48,827		(4,055	)		2007		40
1421	South San Francisco	CA		—		7,000		33,779		—			7,000		33,779		40,779		(3,730	)		2007		40
1422	South San Francisco	CA		—		14,800		7,600		3,119			14,800		10,719		25,519		(1,310	)		2007		30
1423	South San Francisco	CA		—		8,400		33,144		—			8,400		33,144		41,544		(3,660	)		2007		40
1431	South San Francisco	CA		—		7,000		15,500		157			7,000		15,657		22,657		(1,714	)		2007		40
1439	South San Francisco	CA		—		11,900		68,848		39			11,900		68,887		80,787		(7,602	)		2007		40
1440	South San Francisco	CA		—		10,000		57,954		—			10,000		57,954		67,954		(6,400	)		2007		40
1441	South San Francisco	CA		—		9,300		43,549		—			9,300		43,549		52,849		(4,809	)		2007		40
1442	South San Francisco	CA		—		11,000		47,289		81			11,000		47,370		58,370		(5,238	)		2007		40
1443	South San Francisco	CA		—		13,200		60,932		1,158			13,200		62,090		75,290		(6,188	)		2007		40
1444	South San Francisco	CA		—		10,500		33,776		392			10,500		34,168		44,668		(3,729	)		2007		40
1445	South San Francisco	CA		—		10,600		34,083		—			10,600		34,083		44,683		(3,763	)		2007		40
1448	South San Francisco	CA		—		14,100		71,344		52			14,100		71,396		85,496		(7,882	)		2007		40
1449	South San Francisco	CA		—		12,800		63,600		472			12,800		64,072		76,872		(7,107	)		2007		40
1450	South San Francisco	CA		—		11,200		79,222		20			11,200		79,242		90,442		(8,749	)		2007		40
1451	South San Francisco	CA		—		7,200		50,856		66			7,200		50,922		58,122		(5,621	)		2007		40
1452	South San Francisco	CA		—		14,400		101,362		107			14,400		101,469		115,869		(11,193	)		2007		40
1458	South San Francisco	CA		—		10,900		20,900		4,094			10,909		24,787		35,696		(4,432	)		2007		40
1459	South San Francisco	CA		—		3,600		100		159			3,600		259		3,859		(83	)		2007		5
1460	South San Francisco	CA		—		2,300		100		65			2,300		165		2,465		(88	)		2007		5
1461	South San Francisco	CA		—		3,900		200		117			3,900		317		4,217		(177	)		2007		5
1462	South San Francisco	CA		—		7,117		600		3,589			7,117		3,924		11,041		(583	)		2007			*
1464	South San Francisco	CA		—		7,403		700		7,607			7,403		8,307		15,710		(331	)		2007			*
1468	South San Francisco	CA		—		10,100		24,013		2,796			10,100		26,809		36,909		(4,322	)		2007		40
1454	South San Francisco	CA		—		11,100		47,738		9,369			11,100		57,108		68,208		(6,773	)		2007		40
1455	South San Francisco	CA		—		9,700		41,937		5,835			10,261		47,211		57,472		(5,367	)		2007		40
1456	South San Francisco	CA		—		6,300		22,900		8,196			6,300		31,096		37,396		(3,761	)		2007		40
1480	South San Francisco	CA		—		32,210		3,110		8,319			32,210		11,429		43,639		—			2007			*
1463	South San Francisco	CA		—		10,381		2,300		16,083			10,381		18,383		28,764		(652	)		2007			*
1435	South San Francisco	CA		—		13,800		42,500		32,758			13,800		75,258		89,058		(4,604	)		2007		40
1436	South San Francisco	CA		—		14,500		45,300		34,081			14,500		79,381		93,881		(4,819	)		2007		40
1437	South San Francisco	CA		—		9,400		24,800		16,977			9,400		41,777		51,177		(2,085	)		2007		40
1559	South San Francisco	CA		—		5,666		5,773		183			5,691		5,931		11,622		(4,839	)		2007		5
1560	South San Francisco	CA		—		1,204		1,293		15			1,210		1,302		2,512		(1,063	)		2007		5
1408	South San Francisco	CA		1,510		9,000		17,800		61			9,000		17,861		26,861		(1,965	)		2007		40
1412	South San Francisco	CA		2,015		10,100		22,521		—			10,100		22,521		32,621		(2,487	)		2007		40
1430	South San Francisco	CA		2,087		10,700		23,621		212			10,700		23,832		34,532		(2,628	)		2007		40
1409	South San Francisco	CA		3,228		18,000		38,043		421			18,000		38,464		56,464		(4,211	)		2007		40
1407	South San Francisco	CA		3,256		28,600		48,700		4,020			28,600		52,720		81,320		(6,474	)		2007		35
1982	South San Francisco	CA		—		64,900		—		4,358			64,900		4,358		69,258		—			2011			*

											Gross Amount at Which Carried As of December 31, 2011											Life on Which Depreciation in Latest Income Statement is Computed
					Initial Cost to Company
									Costs Capitalized Subsequent to Acquisition
City		State	Encumbrances at December 31, 2011		Land		Buildings and Improvements				Land		Buildings and Improvements		Total(1)		Accumulated Depreciation			Year Acquired/ Constructed
1604	Cambridge	MA		—		8,389		10,630		9,326		8,389		19,956		28,345		—			2010			*
2011	Durham	NC		9,481		447		6,152		416		447		6,569		7,016		—			2011			*
0461	Salt Lake City	UT		—		500		8,548		—		500		8,548		9,048		(2,651	)		2001		33
0462	Salt Lake City	UT		—		890		15,623		—		890		15,624		16,514		(4,265	)		2001		38
0463	Salt Lake City	UT		—		190		9,875		—		190		9,875		10,065		(2,316	)		2001		43
0464	Salt Lake City	UT		—		630		6,921		62		630		6,984		7,614		(1,951	)		2001		38
0465	Salt Lake City	UT		—		125		6,368		6		125		6,374		6,499		(1,495	)		2001		43
0466	Salt Lake City	UT		—		—		14,614		7		—		14,621		14,621		(2,907	)		2001		43
0507	Salt Lake City	UT		—		280		4,345		34		280		4,379		4,659		(917	)		2002		43
0537	Salt Lake City	UT		—		—		6,517		—		—		6,517		6,517		(1,346	)		2002		35
0799	Salt Lake City	UT		—		—		14,600		90		—		14,690		14,690		(1,772	)		2005		40
1593	Salt Lake City	UT		—		—		23,998		—		—		23,998		23,998		(1,030	)		2010		33
			$	69,033	$	954,205	$	2,193,335	$	384,807	$	955,261	$	2,574,906	$	3,530,167	$	(292,318	)
Medical office
0638	Anchorage	AK	$	6,373	$	1,456	$	10,650	$	35	$	1,456	$	10,635	$	12,091	$	(1,611	)		2000		34
0520	Chandler	AZ		—		3,669		13,503		1,794		3,669		15,053		18,722		(2,796	)		2002		40
0468	Oro Valley	AZ		—		1,050		6,774		490		1,050		6,697		7,747		(1,480	)		2001		43
0356	Phoenix	AZ		—		780		3,199		827		780		3,837		4,617		(1,703	)		1999		32
0470	Phoenix	AZ		—		280		877		42		280		918		1,198		(209	)		2001		43
1066	Scottsdale	AZ		—		5,115		14,064		1,703		4,791		16,085		20,876		(2,391	)		2006		40
0453	Tucson	AZ		—		215		6,318		353		215		6,658		6,873		(2,177	)		2000		35
0556	Tucson	AZ		—		215		3,940		131		215		3,741		3,956		(759	)		2003		43
1041	Brentwood	CA		—		—		30,864		1,310		—		32,083		32,083		(4,412	)		2006		40
1200	Encino	CA		6,681		6,151		10,438		1,883		6,391		12,081		18,472		(2,148	)		2006		33
0234	Los Angeles	CA		—		2,848		5,879		1,163		3,009		5,273		8,282		(2,385	)		1997		21
0436	Murietta	CA		—		400		9,266		1,366		439		10,032		10,471		(3,515	)		1999		33
0239	Poway	CA		—		2,700		10,839		1,436		2,730		11,108		13,838		(4,393	)		1997		35
0318	Sacramento	CA		—		2,860		21,850		5,744		2,860		26,824		29,684		(6,105	)		1998			*
0235	San Diego	CA		—		2,863		8,913		2,861		3,068		9,963		13,031		(4,353	)		1997		21
0236	San Diego	CA		—		4,619		19,370		3,366		4,711		17,619		22,330		(7,697	)		1997		21
0421	San Diego	CA		—		2,910		17,362		4,519		2,910		21,881		24,791		(4,547	)		1999			*
0564	San Jose	CA		2,764		1,935		1,728		1,325		1,935		2,933		4,868		(888	)		2003		37
0565	San Jose	CA		6,436		1,460		7,672		482		1,460		8,148		9,608		(1,843	)		2003		37
0659	San Jose	CA		—		1,718		3,124		370		1,718		3,417		5,135		(540	)		2000		34
1209	Sherman Oaks	CA		—		7,472		10,075		1,877		7,741		11,673		19,414		(2,948	)		2006		22
0439	Valencia	CA		—		2,300		6,967		940		2,309		7,097		9,406		(2,801	)		1999		35
1211	Valencia	CA		—		1,344		7,507		444		1,383		7,913		9,296		(1,120	)		2006		40
0440	West Hills	CA		—		2,100		11,595		1,771		2,100		11,137		13,237		(4,129	)		1999		32
0728	Aurora	CO		—		—		8,764		524		—		9,288		9,288		(2,469	)		2005		39
1196	Aurora	CO		—		210		12,362		1,099		210		13,426		13,636		(1,878	)		2006		40
1197	Aurora	CO		—		200		8,414		735		200		9,149		9,349		(1,529	)		2006		33
0882	Colorado Springs	CO		—		—		12,933		4,869		—		17,803		17,803		(3,147	)		2007		40
0814	Conifer	CO		—		—		1,485		22		—		1,508		1,508		(236	)		2005		40
1199	Denver	CO		—		493		7,897		346		558		8,178		8,736		(1,332	)		2006		33
0808	Englewood	CO		—		—		8,616		1,270		—		9,761		9,761		(2,077	)		2005		35
0809	Englewood	CO		—		—		8,449		2,095		—		10,258		10,258		(1,910	)		2005		35
0810	Englewood	CO		—		—		8,040		2,475		—		10,515		10,515		(2,169	)		2005		35
0811	Englewood	CO		—		—		8,472		1,227		—		9,692		9,692		(1,961	)		2005		35
0812	Littleton	CO		—		—		4,562		960		79		5,407		5,486		(1,182	)		2005		35
0813	Littleton	CO		—		—		4,926		681		5		5,576		5,581		(1,082	)		2005		38
0570	Lone Tree	CO		—		—		—		18,450		—		18,509		18,509		(3,790	)		2003		39
0666	Lone Tree	CO		14,410		—		23,274		750		—		24,013		24,013		(3,468	)		2000		37
1076	Parker	CO		—		—		13,388		46		8		13,426		13,434		(1,937	)		2006		40
0510	Thornton	CO		—		236		10,206		1,561		244		11,735		11,979		(2,590	)		2002		43
0433	Atlantis	FL		—		—		5,651		445		33		5,746		5,779		(2,173	)		1999		35
0434	Atlantis	FL		—		—		2,027		167		—		2,194		2,194		(753	)		1999		34
0435	Atlantis	FL		—		—		2,000		361		—		2,261		2,261		(818	)		1999		32
0602	Atlantis	FL		—		455		2,231		336		455		2,377		2,832		(402	)		2000		34
0603	Atlantis	FL		—		1,507		2,894		1,629		1,507		4,391		5,898		(443	)		2000		34
0604	Englewood	FL		—		170		1,134		211		170		1,330		1,500		(252	)		2000		34
0609	Kissimmee	FL		—		788		174		170		788		321		1,109		(89	)		2000		34
0610	Kissimmee	FL		—		481		347		221		481		568		1,049		(105	)		2000		34
0671	Kissimmee	FL		5,561		—		7,574		1,277		—		8,821		8,821		(1,737	)		2000		36
0612	Margate	FL		—		1,553		6,898		460		1,553		7,341		8,894		(1,109	)		2000		34
0613	Miami	FL		8,724		4,392		11,841		2,024		4,392		13,697		18,089		(2,385	)		2000		34
1067	Milton	FL		—		—		8,566		185		—		8,751		8,751		(1,171	)		2006		40
0563	Orlando	FL		—		2,144		5,136		2,979		2,288		7,855		10,143		(2,081	)		2003		37
0833	Pace	FL		—		—		10,309		2,464		—		12,773		12,773		(2,927	)		2006		44
0834	Pensacola	FL		—		—		11,166		465		—		11,631		11,631		(1,540	)		2006		45
0614	Plantation	FL		804		969		3,241		732		1,011		3,924		4,935		(760	)		2000		34
0673	Plantation	FL		5,092		1,091		7,176		187		1,091		7,239		8,330		(1,126	)		2002		36
0701	St. Petersburg	FL		—		—		10,141		3,243		—		13,241		13,241		(2,193	)		2004		38
1210	Tampa	FL		5,418		1,967		6,602		3,076		2,067		9,533		11,600		(2,343	)		2006		25
1058	McCaysville	GA		—		—		3,231		18		—		3,249		3,249		(431	)		2006		40
1065	Marion	IL		—		100		11,484		89		100		11,572		11,672		(1,620	)		2006		40
1057	Newburgh	IN		8,057		—		14,019		1,094		—		15,113		15,113		(1,959	)		2006		40
0483	Wichita	KS		—		530		3,341		287		530		3,628		4,158		(823	)		2001		45
1064	Lexington	KY		—		—		12,726		833		—		13,558		13,558		(2,017	)		2006		40
0735	Louisville	KY		—		936		8,426		2,749		936		11,067		12,003		(6,033	)		2005		11
0737	Louisville	KY		17,805		835		27,627		1,730		835		29,134		29,969		(5,838	)		2005		37
0738	Louisville	KY		5,021		780		8,582		2,449		808		10,980		11,788		(4,126	)		2005		18
0739	Louisville	KY		8,117		826		13,814		1,517		826		15,260		16,086		(3,325	)		2005		38
0740	Louisville	KY		8,788		2,983		13,171		2,818		2,983		15,816		18,799		(3,514	)		2005		30
1944	Louisville	KY		—		788		2,414		—		788		2,414		3,202		(97	)		2010		25
1945	Louisville	KY		24,959		3,255		28,644		—		3,255		28,644		31,899		(955	)		2010		30
1946	Louisville	KY		—		430		6,125		—		430		6,125		6,555		(204	)		2010		30
1324	Haverhill	MA		—		800		8,537		1,069		800		9,606		10,406		(1,408	)		2007		40
1213	Columbia	MD		—		1,115		3,206		954		1,115		4,160		5,275		(755	)		2006		34
0361	GlenBurnie	MD		—		670		5,085		—		670		5,085		5,755		(1,840	)		1999		35
1052	Towson	MD		—		—		14,233		3,524		—		15,719		15,719		(2,802	)		2006		40
0240	Minneapolis	MN		—		117		13,213		1,111		117		14,175		14,292		(5,512	)		1997		32
0300	Minneapolis	MN		1,770		160		10,131		2,383		160		12,163		12,323		(4,402	)		1997		35
1059	Jackson	MS		—		—		8,869		19		—		8,887		8,887		(1,167	)		2006		40
1060	Jackson	MS		6,082		—		7,187		2,160		—		9,347		9,347		(1,381	)		2006		40
1078	Jackson	MS		—		—		8,413		688		—		9,101		9,101		(1,289	)		2006		40
1068	Omaha	NE		13,956		—		16,243		360		17		16,576		16,593		(2,259	)		2006		40
0729	Albuquerque	NM		—		—		5,380		162		—		5,542		5,542		(934	)		2005		39
0348	Elko	NV		—		55		2,637		12		55		2,649		2,704		(973	)		1999		35
0571	Las Vegas	NV		—		—		—		17,870		—		17,327		17,327		(3,530	)		2003		40
0660	Las Vegas	NV		3,563		1,121		4,363		2,827		1,253		7,006		8,259		(1,717	)		2000		34
0661	Las Vegas	NV		3,715		2,125		4,829		2,231		2,225		6,815		9,040		(1,358	)		2000		34
0662	Las Vegas	NV		7,104		3,480		12,305		2,772		3,480		14,816		18,296		(2,836	)		2000		34
0663	Las Vegas	NV		1,026		1,717		3,597		1,890		1,717		5,488		7,205		(1,396	)		2000		34
0664	Las Vegas	NV		2,090		1,172		1,550		325		1,172		1,782		2,954		(542	)		2000		34
0691	Las Vegas	NV		—		3,244		18,339		1,566		3,273		19,756		23,029		(5,562	)		2004		30
1285	Cleveland	OH		—		823		2,726		457		853		3,152		4,005		(1,066	)		2006		40
0400	Harrison	OH		—		—		4,561		300		—		4,861		4,861		(1,615	)		1999		35
1054	Durant	OK		—		619		9,256		1,152		651		10,376		11,027		(1,346	)		2006		40
0817	Owasso	OK		—		—		6,582		562		—		7,144		7,144		(1,767	)		2005		40
0404	Roseburg	OR		—		—		5,707		—		—		5,707		5,707		(1,909	)		1999		35
0252	Clarksville	TN		—		765		4,184		—		765		4,184		4,949		(1,643	)		1998		35
0624	Hendersonville	TN		—		256		1,530		636		256		2,102		2,358		(522	)		2000		34
0559	Hermitage	TN		—		830		5,036		4,574		830		9,477		10,307		(2,282	)		2003		35
0561	Hermitage	TN		—		596		9,698		1,658		596		11,011		11,607		(2,688	)		2003		37
0562	Hermitage	TN		—		317		6,528		1,701		317		7,973		8,290		(1,838	)		2003		37
0154	Knoxville	TN		—		700		4,559		2,300		700		6,859		7,559		(1,980	)		1994			*
0409	Murfreesboro	TN		—		900		12,706		—		900		12,706		13,606		(4,361	)		1999		35
0625	Nashville	TN		9,288		955		14,289		1,337		955		15,507		16,462		(2,756	)		2000		34
0626	Nashville	TN		3,823		2,050		5,211		1,514		2,055		6,658		8,713		(1,143	)		2000		34
0627	Nashville	TN		542		1,007		181		520		1,007		681		1,688		(109	)		2000		34
0628	Nashville	TN		5,414		2,980		7,164		936		2,980		8,070		11,050		(1,234	)		2000		34
0630	Nashville	TN		546		515		848		225		528		1,059		1,587		(162	)		2000		34
0631	Nashville	TN		—		266		1,305		550		266		1,752		2,018		(336	)		2000		34
0632	Nashville	TN		—		827		7,642		1,898		827		9,479		10,306		(1,702	)		2000		34
0633	Nashville	TN		9,776		5,425		12,577		2,921		5,425		15,466		20,891		(2,682	)		2000		34
0634	Nashville	TN		8,938		3,818		15,185		2,498		3,818		17,427		21,245		(3,317	)		2000		34
0636	Nashville	TN		445		583		450		—		583		450		1,033		(68	)		2000		34
0573	Arlington	TX		8,718		769		12,355		1,575		769		13,864		14,633		(2,336	)		2003		34
0576	Conroe	TX		2,847		324		4,842		1,413		324		6,152		6,476		(1,445	)		2000		34
0577	Conroe	TX		5,237		397		7,966		1,047		397		9,009		9,406		(1,743	)		2000		34
0578	Conroe	TX		5,472		388		7,975		90		388		8,039		8,427		(1,125	)		2000		37
0579	Conroe	TX		1,789		188		3,618		581		188		4,181		4,369		(611	)		2000		34

												Gross Amount at Which Carried As of December 31, 2011											Life on Which Depreciation in Latest Income Statement is Computed
					Initial Cost to Company
									Costs Capitalized Subsequent to Acquisition
City		State	Encumbrances at December 31, 2011		Land		Buildings and Improvements					Land		Buildings and Improvements		Total(1)		Accumulated Depreciation			Year Acquired/ Constructed
0581	Corpus Christi	TX		—		717		8,181		1,967			717		10,104		10,821		(2,235	)		2000		34
0600	Corpus Christi	TX		—		328		3,210		1,639			328		4,648		4,976		(962	)		2000		34
0601	Corpus Christi	TX		—		313		1,771		476			313		2,234		2,547		(454	)		2000		34
0582	Dallas	TX		5,383		1,664		6,785		1,630			1,693		8,310		10,003		(1,656	)		2000		34
1314	Dallas	TX		—		15,230		162,971		4,609			15,239		167,516		182,755		(24,422	)		2006		35
0583	Fort Worth	TX		2,970		898		4,866		1,201			898		6,013		6,911		(1,124	)		2000		34
0805	Fort Worth	TX		1,992		—		2,481		648			2		3,082		3,084		(788	)		2005		25
0806	Fort Worth	TX		4,075		—		6,070		11			5		6,075		6,080		(1,022	)		2005		40
1061	Granbury	TX		—		—		6,863		80			—		6,943		6,943		(934	)		2006		40
0430	Houston	TX		—		1,927		33,140		1,663			2,019		34,558		36,577		(11,868	)		1999		35
0446	Houston	TX		—		2,200		19,585		3,846			2,209		20,915		23,124		(11,476	)		1999		17
0586	Houston	TX		—		1,033		3,165		751			1,033		3,791		4,824		(715	)		2000		34
0589	Houston	TX		9,899		1,676		12,602		2,052			1,706		14,503		16,209		(2,805	)		2000		34
0670	Houston	TX		—		257		2,884		649			297		3,468		3,765		(600	)		2000		35
0702	Houston	TX		—		—		7,414		1,106			7		8,492		8,499		(1,526	)		2004		36
1044	Houston	TX		—		—		4,838		3,158			—		7,911		7,911		(1,451	)		2006		40
0590	Irving	TX		5,630		828		6,160		1,330			828		7,449		8,277		(1,220	)		2000		34
0700	Irving	TX		—		—		8,550		2,882			—		11,429		11,429		(1,995	)		2004		34
1202	Irving	TX		6,803		1,604		16,107		591			1,604		16,698		18,302		(2,250	)		2006		40
1207	Irving	TX		6,148		1,955		12,793		138			1,986		12,900		14,886		(1,703	)		2006		40
1062	Lancaster	TX		—		162		3,830		318			162		4,123		4,285		(640	)		2006		39
0591	Lewisville	TX		5,259		561		8,043		434			561		8,451		9,012		(1,280	)		2000		34
0144	Longview	TX		—		102		7,998		281			102		8,279		8,381		(3,242	)		1992		45
0143	Lufkin	TX		—		338		2,383		40			338		2,423		2,761		(927	)		1992		45
0568	McKinney	TX		—		541		6,217		493			541		6,296		6,837		(1,453	)		2003		36
0569	McKinney	TX		—		—		636		7,527			—		7,650		7,650		(1,598	)		2003		40
0596	Nassau Bay	TX		5,500		812		8,883		1,131			812		9,944		10,756		(1,520	)		2000		37
1079	North Richland Hills	TX		—		—		8,942		344			—		9,153		9,153		(1,274	)		2006		40
0142	Pampa	TX		—		84		3,242		548			84		3,790		3,874		(1,453	)		1992		45
1048	Pearland	TX		—		—		4,014		3,960			—		7,974		7,974		(1,376	)		2006		40
0447	Plano	TX		—		1,700		7,810		2,589			1,704		9,937		11,641		(3,416	)		1999			*
0597	Plano	TX		7,734		1,210		9,588		1,420			1,210		10,916		12,126		(2,027	)		2000		34
0672	Plano	TX		9,896		1,389		12,768		887			1,389		13,294		14,683		(2,187	)		2002		36
1284	Plano	TX		—		2,049		18,793		1,039			2,087		19,007		21,094		(4,311	)		2006		40
1286	Plano	TX		—		3,300		—		—			3,300		—		3,300		—			2006			**
0815	San Antonio	TX		—		—		9,193		762			12		9,913		9,925		(1,904	)		2006		35
0816	San Antonio	TX		4,656		—		8,699		838			—		9,499		9,499		(1,773	)		2006		35
0598	Sugarland	TX		3,898		1,078		5,158		1,359			1,084		6,375		7,459		(1,084	)		2000		34
1081	Texarkana	TX		—		1,117		7,423		207			1,177		7,571		8,748		(1,068	)		2006		40
0599	Texas City	TX		6,373		—		9,519		157			—		9,676		9,676		(1,392	)		2000		37
0152	Victoria	TX		—		125		8,977		—			125		8,977		9,102		(3,405	)		1994		45
1591	San Antonio	TX		—		—		7,309		239			—		7,548		7,548		(366	)		2010		30
1977	San Antonio	TX		—		—		26,191		542			—		26,733		26,733		(833	)		2011		30
1592	Bountiful	UT		5,241		999		7,426		54			999		7,481		8,480		(351	)		2010		30
0169	Bountiful	UT		—		276		5,237		455			276		5,691		5,967		(1,957	)		1995		45
0346	Castle Dale	UT		—		50		1,818		63			50		1,881		1,931		(698	)		1998		35
0347	Centerville	UT		—		300		1,288		191			300		1,479		1,779		(567	)		1999		35
0350	Grantsville	UT		—		50		429		39			50		468		518		(175	)		1999		35
0469	Kaysville	UT		—		530		4,493		146			530		4,639		5,169		(1,046	)		2001		43
0456	Layton	UT		—		371		7,073		357			389		7,359		7,748		(2,287	)		2001		35
0359	Ogden	UT		—		180		1,695		121			180		1,764		1,944		(653	)		1999		35
1283	Ogden	UT		—		106		4,464		455			106		4,466		4,572		(545	)		2006		40
0357	Orem	UT		—		337		8,744		1,144			306		9,167		9,473		(3,597	)		1999		35
0371	Providence	UT		—		240		3,876		198			256		3,798		4,054		(1,358	)		1999		35
0353	Salt Lake City	UT		—		190		779		61			201		830		1,031		(313	)		1999		35
0355	Salt Lake City	UT		—		180		14,792		759			180		15,502		15,682		(5,727	)		1999		35
0467	Salt Lake City	UT		—		3,000		7,541		509			3,007		7,998		11,005		(2,129	)		2001		38
0566	Salt Lake City	UT		—		509		4,044		792			509		4,691		5,200		(1,084	)		2003		37
0354	Salt Lake City	UT		—		220		10,732		802			220		11,332		11,552		(4,132	)		1999		35
0358	Springville	UT		—		85		1,493		163			85		1,657		1,742		(592	)		1999		35
0482	Stansbury	UT		—		450		3,201		299			450		3,452		3,902		(814	)		2001		45
0351	Washington Terrace	UT		—		—		4,573		1,502			—		5,723		5,723		(1,890	)		1999		35
0352	Washington Terrace	UT		—		—		2,692		354			—		2,753		2,753		(981	)		1999		35
0495	West Valley	UT		—		410		8,266		1,002			410		9,268		9,678		(2,593	)		2002		35
0349	West Valley	UT		—		1,070		17,463		84			1,070		17,548		18,618		(6,451	)		1999		35
1208	Fairfax	VA		—		8,396		16,710		1,722			8,408		18,419		26,827		(3,561	)		2006		28
0572	Reston	VA		—		—		11,902		(121	)		—		11,710		11,710		(2,402	)		2003		43
0448	Renton	WA		—		—		18,724		1,195			—		19,379		19,379		(6,701	)		1999		35
0781	Seattle	WA		—		—		52,703		2,324			—		52,372		52,372		(10,368	)		2004		39
0782	Seattle	WA		—		—		24,382		3,369			21		26,923		26,944		(5,464	)		2004		36
0783	Seattle	WA		—		—		5,625		863			—		6,440		6,440		(4,173	)		2004		10
0785	Seattle	WA		—		—		7,293		1,207			—		7,742		7,742		(1,788	)		2004		33
1385	Seattle	WA		—		—		38,925		437			—		39,352		39,352		(5,954	)		2007		30
0884	Mexico City	DF		—		415		3,739		13			259		3,897		4,156		(531	)		2006		40
			$	328,608	$	190,215	$	1,784,246	$	256,027		$	192,117	$	2,000,699	$	2,192,816	$	(431,122	)
Post-acute/skilled nursing
0012	Livermore	CA	$	—	$	610	$	1,711	$	1,125		$	610	$	2,836	$	3,446	$	(2,784	)		1985		25
0315	Perris	CA		—		336		3,021		—			336		3,021		3,357		(1,442	)		1998		25
0237	Vista	CA		—		653		6,012		90			653		6,102		6,755		(3,109	)		1997		25
0002	Fort Collins	CO		—		499		1,913		1,454			499		3,122		3,621		(3,121	)		1985		25
0018	Morrison	CO		—		1,429		5,464		4,019			1,429		8,761		10,190		(8,544	)		1985		24
0280	Statesboro	GA		—		168		1,508		—			168		1,508		1,676		(743	)		1992		25
0297	Rexburg	ID		—		200		5,310		—			200		5,060		5,260		(1,952	)		1998		35
0378	Anderson	IN		—		500		4,724		1,734			500		6,057		6,557		(1,849	)		1999		35
0384	Angola	IN		—		130		2,900		566			130		3,466		3,596		(1,008	)		1999		35
0385	Fort Wayne	IN		—		200		4,150		2,667			200		6,817		7,017		(1,743	)		1999		38
0386	Fort Wayne	IN		—		140		3,760		—			140		3,760		3,900		(1,307	)		1999		35
0387	Huntington	IN		—		30		2,970		338			30		3,308		3,338		(1,066	)		1999		35
0373	Kokomo	IN		—		250		4,622		1,294			250		5,653		5,903		(1,335	)		1999		45
0454	New Albany	IN		—		230		6,595		—			230		6,595		6,825		(2,026	)		2001		35
0484	Tell City	IN		—		95		6,208		1,299			95		7,509		7,604		(1,634	)		2001		45
0688	Cynthiana	KY		—		192		4,875		—			192		4,875		5,067		(839	)		2004		40
0071	Mayfield	KY		—		218		2,797		—			218		2,792		3,010		(1,765	)		1986		40
0298	Franklin	LA		—		405		3,424		—			405		3,424		3,829		(1,655	)		1998		25
0299	Morgan City	LA		—		203		2,050		—			203		2,050		2,253		(991	)		1998		25
0017	Westborough	MA		—		858		2,975		2,894			858		5,868		6,726		(4,046	)		1985		30
0388	Las Vegas	NV		—		1,300		3,950		—			1,300		3,950		5,250		(1,373	)		1999		35
0389	Las Vegas	NV		—		1,300		5,800		—			1,300		5,800		7,100		(2,016	)		1999		35
0390	Fairborn	OH		—		250		4,850		—			250		4,850		5,100		(1,686	)		1999		35
0391	Georgetown	OH		—		130		4,970		—			130		4,970		5,100		(1,728	)		1999		35
0063	Marion	OH		—		218		2,971		—			218		2,965		3,183		(2,421	)		1986		30
0038	Newark	OH		—		400		8,588		—			400		8,577		8,977		(6,009	)		1986		35
0392	Port Clinton	OH		—		370		3,630		—			370		3,630		4,000		(1,262	)		1999		35
0393	Springfield	OH		—		250		3,950		2,113			250		6,063		6,313		(1,532	)		1999		35
0394	Toledo	OH		—		120		5,130		—			120		5,130		5,250		(1,783	)		1999		35
0395	Versailles	OH		—		120		4,980		—			120		4,980		5,100		(1,731	)		1999		35
0695	Carthage	TN		—		129		2,406		—			129		2,225		2,354		(471	)		2004		35
0054	Loudon	TN		—		26		3,879		—			26		3,873		3,899		(2,761	)		1986		35
0047	Maryville	TN		—		160		1,472		—			160		1,468		1,628		(830	)		1986		45
0048	Maryville	TN		—		307		4,376		—			307		4,369		4,676		(2,392	)		1986		45
0285	Fort Worth	TX		—		243		2,036		269			243		2,305		2,548		(1,129	)		1998		25
0296	Ogden	UT		—		250		4,685		—			250		4,435		4,685		(1,690	)		1998		35
0681	Fishersville	VA		—		751		7,734		—			751		7,220		7,971		(1,390	)		2004		40
0682	Floyd	VA		—		309		2,263		—			309		1,893		2,202		(577	)		2004		25
0689	Independence	VA		—		206		8,366		—			206		7,810		8,016		(1,481	)		2004		40
0683	Newport News	VA		—		535		6,192		—			535		5,719		6,254		(1,100	)		2004		40
0684	Roanoke	VA		—		586		7,159		—			586		6,696		7,282		(1,287	)		2004		40
0685	Staunton	VA		—		422		8,681		—			422		8,136		8,558		(1,563	)		2004		40
0686	Williamsburg	VA		—		699		4,886		—			699		4,464		5,163		(860	)		2004		40
0690	Windsor	VA		—		319		7,543		—			319		7,018		7,337		(1,330	)		2004		40
0687	Woodstock	VA		—		603		5,395		9			605		4,987		5,592		(960	)		2004		40
			$	—	$	17,349	$	202,881	$	19,871		$	17,351	$	216,117	$	233,468	$	(84,321	)
Hospital
0126	Little Rock	AR	$	—	$	709	$	9,604	$	—		$	709	$	9,587	$	10,296	$	(4,487	)		1990		45
0113	Peoria	AZ		—		1,565		7,050		—			1,565		7,050		8,615		(3,396	)		1988		45
1038	Fresno	CA		—		3,652		29,113		7,724			3,652		36,837		40,489		(9,694	)		2006		40	†
0423	Irvine	CA		—		18,000		70,800		—			18,000		70,800		88,800		(24,618	)		1999		35
0127	Colorado Springs	CO		—		690		8,338		—			690		8,338		9,028		(3,877	)		1989		45
0425	Palm Beach Garden	FL		—		4,200		58,250		—			4,200		58,250		62,450		(20,250	)		1999		35
0426	Roswell	GA		—		6,900		55,300		—			6,900		54,859		61,759		(19,122	)		1999		35
0887	Atlanta	GA		—		4,300		13,690		—			4,300		13,690		17,990		(4,613	)		2007		40
0112	Overland Park	KS		—		2,316		10,681		—			2,316		10,681		12,997		(5,327	)		1989		45
0877	Slidell	LA		—		1,490		22,034		—			1,490		20,934		22,424		(2,704	)		2006		40
1383	Baton Rouge	LA		—		690		8,545		86			690		8,632		9,322		(1,161	)		2007		40
0429	Hickory	NC		—		2,600		69,900		—			2,600		69,900		72,500		(24,299	)		1999		35
0886	Dallas	TX		—		1,820		8,508		26			1,820		8,534		10,354		(1,945	)		2007		40
1319	Dallas	TX		—		18,840		138,235		1,091			18,840		139,326		158,166		(18,605	)		2007		35
1384	Plano	TX		—		6,290		22,686		1,374			6,290		24,061		30,351		(3,335	)		2007		25
0084	San Antonio	TX		—		1,990		11,184		—			1,990		11,174		13,164		(5,857	)		1987		45
0885	Greenfield	WI		—		620		9,542		—			620		9,542		10,162		(1,846	)		2006		40
			$	—	$	76,672	$	553,460	$	10,301		$	76,672	$	562,195	$	638,867	$	(155,136	)
Total continuing operations properties			$	1,764,571	$	1,725,835	$	8,527,387	$	726,059		$	1,729,677	$	9,120,426	$	10,850,103	$	(1,470,226	)
Corporate and other assets				—		—		2,729		4,014			—		3,442		3,442		(2,046	)
Total			$	1,764,571	$	1,725,835	$	8,530,116	$	730,073		$	1,729,677	$	9,123,868	$	10,853,545	$	(1,472,272	)

*

Property is in development and not yet placed in service or taken out of service and placed in redevelopment.

**

Represents land parcels which are not depreciated.

†

A portion of the property has been taken out of service and placed in redevelopment.

(1)

At December 31, 2011, the tax basis of the Company's net real estate assets is less than the reported amounts by approximately $1.7 billion.

•         (b)   A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2011, 2010 and 2009 follows (in thousands):

	Year ended December 31,
	2011			2010			2009
Real estate:
Balances at beginning of year	$	9,900,305		$	9,559,566		$	9,430,977
Acquisition of real estate and development and improvements		1,049,723			377,354			119,221
Disposition of real estate		(21,737	)		(61,139	)		(60,134	)
Balances associated with changes in reporting presentation(1)		(74,746	)		24,524			69,502
Balances at end of year	$	10,853,545		$	9,900,305		$	9,559,566
Accumulated depreciation:
Balances at beginning of year	$	1,244,502		$	1,029,775		$	791,613
Depreciation expense		301,233			258,929			248,758
Disposition of real estate		(5,705	)		(27,123	)		(25,925	)
Balances associated with changes in reporting presentation(1)		(67,758	)		(17,079	)		15,329
Balances at end of year	$	1,472,272		$	1,244,502		$	1,029,775

(1)

The balances associated with changes in reporting presentation represent real estate and accumulated depreciation related to properties placed into discontinued operations as of December 31, 2011.