Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2011

Summary information for the reportable segments during the years ended December 31, 2011, 2010 and 2009 is as follows (in thousands):

Year Ended December 31, 2011:		Seniors Housing Triple-net		Seniors Housing Operating		Medical Facilities⁽²⁾		Non-segment / Corporate		Total
Rental income	$	590,052	$	-	$	300,095	$	-	$	890,147
Resident fees and services		-		456,085		-		-		456,085
Interest income		34,068		-		7,002		-		41,070
Other income		6,620		-		3,985		690		11,295
Total revenues		630,740		456,085		311,082		690		1,398,597

Property operating expenses		-		(314,142)		(65,334)		-		(379,476)
Net operating income from continuing operations⁽¹⁾		630,740		141,943		245,748		690		1,019,121

Reconciling items:
Interest expense		(8,797)		(46,342)		(29,931)		(228,884)		(313,954)
Depreciation and amortization		(169,750)		(138,192)		(104,589)		-		(412,531)
General and administrative		-		-		-		(77,201)		(77,201)
Transaction costs		(27,993)		(36,328)		(5,903)		-		(70,224)
Gain (loss) on extinguishment of debt		-		979		-		-		979
Provision for loan losses		-		-		(2,010)		-		(2,010)
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	$	424,200	$	(77,940)	$	103,315	$	(305,395)	$	144,180
Total assets	$	7,823,953	$	3,041,238	$	3,795,940	$	263,475	$	14,924,606

Year Ended December 31, 2010:		Seniors Housing Triple-net		Seniors Housing Operating		Medical Facilities⁽²⁾		Non-segment / Corporate		Total
Rental income	$	325,788	$	-	$	210,484	$	-	$	536,272
Resident fees and services		-		51,006		-		-		51,006
Interest income		36,176		-		4,679		-		40,855
Other income		3,386		-		985		2,874		7,245
Total revenues		365,350		51,006		216,148		2,874		635,378

Property operating expenses		-		(32,621)		(46,673)		-		(79,294)
Net operating income from continuing operations⁽¹⁾		365,350		18,385		169,475		2,874		556,084

Reconciling items:
Interest expense		(3,295)		(7,794)		(22,593)		(113,129)		(146,811)
Depreciation and amortization		(92,648)		(15,504)		(72,896)		-		(181,048)
General and administrative		-		-		-		(54,626)		(54,626)
Transaction costs		(20,612)		(20,936)		(5,112)		-		(46,660)
Gain (loss) on extinguishment of debt		(7,791)		-		(1,308)		(25,072)		(34,171)
Provision for loan losses		(29,684)		-		-		-		(29,684)
Income (loss) from continuing operation before income taxes and income from unconsolidated entities	$	211,320	$	(25,849)	$	67,566	$	(189,953)	$	63,084

Total assets	$	4,756,896	$	1,080,416	$	3,389,441	$	224,981	$	9,451,734

Year Ended December 31, 2009:		Seniors Housing Triple-net		Seniors Housing Operating		Medical Facilities⁽²⁾		Non-segment / Corporate		Total
Rental income	$	287,057	$	-	$	165,965	$	-	$	453,022
Interest income		35,945		-		4,940		-		40,885
Other income		5,309		-		1,309		1,170		7,788
Total revenues		328,311		-		172,214		1,170		501,695

Property operating expenses		-		-		(42,501)		-		(42,501)
Net operating income from continuing operations⁽¹⁾		328,311		-		129,713		1,170		459,194

Reconciling items:
Interest expense		1,387		-		(17,411)		(76,566)		(92,590)
Depreciation and amortization		(76,830)		-		(57,941)		-		(134,771)
General and administrative		-		-		-		(49,691)		(49,691)
Gain (loss) on extinguishment of debt		(2,057)		-		(3,781)		(19,269)		(25,107)
Provision for loan losses		(23,261)		-		-		-		(23,261)
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	$	227,550	$	-	$	50,580	$	(144,356)	$	133,774

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Net operating income from continuing operations (“NOI”) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property level operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.
Excludes income and expense amounts related to our properties held in unconsolidated entities. Please see Note 7 for additional information.