Concentration of Credit Risk (Tables)

3 Months Ended

Mar. 31, 2015

Summary of consolidated financial information (in millions)

	March 31,		December 31,
	2015		2014
Real estate and other property, net	$	2,915.4	$	2,934.4
Cash and cash equivalents		141.6		127.9
Goodwill, intangible and other assets, net		4,646.1		4,621.7
Total assets	$	7,703.1	$	7,684.0
Debt and financing obligations	$	6,071.0	$	6,108.3
Accounts payable, accrued liabilities and other		975.6		932.7
Total equity		656.5		643.0
Total liabilities and equity	$	7,703.1	$	7,684.0

	Three Months Ended March 31,
	2015		2014
Revenues	$	1,054.0	$	1,041.9
Operating, general and administrative expense		(897.9)		(888.8)
Depreciation and amortization expense		(35.9)		(35.2)
Interest expense		(100.3)		(102.3)
Other income, net		2.8		2.9
Income from continuing operations before income tax expense		22.7		18.5
Income tax expense		(10.1)		(7.5)
Income from continuing operations		12.6		11.0
Income (loss) from discontinued operations, net of taxes		1.1		(2.6)
Net income	$	13.7	$	8.4

Tenants and Operators

Schedule of concentration of credit risk

	Percentage of				Percentage of
	Total Company Assets				Total Company Revenues
	March 31,		December 31,		Three Months Ended March 31,
Operators	2015		2014		2015		2014
HCRMC	29	%	31	%	25	%	28	%
Brookdale(1)	13	%	13	%	10	%	17	%

(1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three months ended March 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the period presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure.

Tenants and Operators | Post-acute/skilled

Schedule of concentration of credit risk

	Percentage of Post-Acute/				Percentage of Post-Acute/
	Skilled Nursing Gross Assets				Skilled Nursing Revenues
	March 31,		December 31,		Three Months Ended March 31,
Operators	2015		2014		2015		2014
HCRMC	79	%	82	%	80	%	86	%

Tenants and Operators | Senior housing

Schedule of concentration of credit risk

	Percentage of				Percentage of
	Senior Housing Gross Assets				Senior Housing Revenues
	March 31,		December 31,		Three Months Ended March 31,
Operators	2015		2014		2015		2014
Brookdale(1)	32	%	36	%	25	%	46	%
HCRMC	11	%	11	%	8	%	10	%

(1)  On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three months ended March 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the period presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure.