Real Property Acquisitions and Development (Tables)

3 Months Ended

Sep. 30, 2012

		Nine Months Ended
		September 30, 2012⁽¹⁾			September 30, 2011
			Amount			Amount

Land and land improvements			$	79,325		$	210,956
Buildings and improvements				935,036			2,991,317
	Total assets acquired⁽²⁾			1,014,361			3,202,273
Assumed debt				(86,186)			(93,425)
Accrued expenses and other liabilities				(3,340)			(75,144)
	Total liabilities assumed			(89,526)			(168,569)
Capital in excess of par				1,024			-
Noncontrolling interest				(16,826)			-
Non-cash acquisition related activity				(310)			-
	Cash disbursed for acquisitions			908,723			3,033,704
Construction in progress additions				131,579			121,382
Less: Capitalized interest				(4,228)			(4,077)
Cash disbursed for construction in progress				127,351			117,305
Capital improvements to existing properties				48,450			16,453
Total cash invested in real property, net of cash acquired			$	1,084,524		$	3,167,462


(1) Includes acquisitions with an aggregate purchase price of $777,916,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $2,031,000 of cash acquired during the nine months ended September 30, 2012.

		Nine Months Ended
		September 30, 2012⁽²⁾			September 30, 2011
			Amount			Amount

Land and land improvements			$	46,391		$	71,610
Building and improvements				450,255			968,727
Acquired lease intangibles				39,875			88,285
Restricted cash				-			8,186
Receivables and other assets				2,247			18,415
	Total assets acquired⁽¹⁾			538,768			1,155,223
Assumed debt				(8,684)			(585,656)
Accrued expenses and other liabilities				(5,480)			(39,044)
	Total liabilities assumed			(14,164)			(624,700)
Capital in excess of par				-			(6,017)
Noncontrolling interests				(2,054)			(27,560)
Non-cash acquisition related activity				-			(27,298)
Cash disbursed for acquisitions				522,550			469,648
Capital improvements to existing properties				13,325			14,847
Total cash invested in real property, net of cash acquired			$	535,875		$	484,495


(1) Excludes $4,369,000 and $34,342,000 of cash acquired during the nine months ended September 30, 2012 and 2011, respectively.
(2) Includes acquisitions with an aggregate purchase price of $330,013,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

		Nine Months Ended
		September 30, 2012⁽²⁾			September 30, 2011
			Amount		Amount

Land and land improvements			$	53,493	$	7,711
Buildings and improvements				487,255		303,848
Acquired lease intangibles				93,392		1,126
Restricted cash				975		-
Receivables and other assets				4,311		-
	Total assets acquired			639,426		312,685
Assumed debt				(238,589)		(48,801)
Accrued expenses and other liabilities				(18,075)		(568)
	Total liabilities assumed			(256,664)		(49,369)
Non-controlling interests				-		(5,853)
Non-cash acquisition activity				(880)		-
Cash disbursed for acquisitions				381,882		257,463
Construction in progress additions:				94,462		138,898
Less: Capitalized interest				(2,885)		(6,013)
	Accruals⁽¹⁾			(4,567)		(33,451)
Cash disbursed for construction in progress				87,010		99,434
Capital improvements to existing properties				30,505		21,590
Total cash invested in real property			$	499,397	$	378,487


(1) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.
(2) Includes acquisitions with an aggregate purchase price of $486,014,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

			Nine Months Ended
			September 30, 2012			September 30, 2011
	Development projects:
		Seniors housing triple-net		$	84,271		$	39,462
		Medical facilities			111,327			325,562
		Total development projects			195,598			365,024
	Expansion projects				240			43,793
Total construction in progress conversions				$	195,838		$	408,817