Real Property Acquisitions and Development (Tables)

9 Months Ended

Sep. 30, 2013

Real property acquisitions and development [Line Items]

Pro forma consolidated results of operations

		Nine Months Ended
		September 30,		September 30,
		2013		2012
Revenues		$	2,268,062	$	1,828,395
Income (loss) from continuing operations attributable to common stockholders		$	(2,079)	$	(59,769)
Income (loss) from continuing operations attributable to common stockholders per share:
	Basic	$	(0.01)	$	(0.28)
	Diluted	$	(0.01)	$	(0.28)

Estimated fair value of allocated updated purchase price calculation of asset and liabilities

		Nine Months Ended
(In thousands)		September 30, 2013(1)			September 30, 2012
Land and land improvements			$	56,665		$	79,325
Buildings and improvements				211,903			935,036
	Total assets acquired			268,568			1,014,361
Secured debt				-			(86,186)
Accrued expenses and other liabilities				-			(3,340)
	Total liabilities assumed			-			(89,526)
Capital in excess of par				-			1,024
Noncontrolling interests				-			(16,826)
Non-cash acquisition related activity				-			(310)
	Cash disbursed for acquisitions			268,568			908,723
Construction in progress additions				103,951			131,579
Less:	Capitalized interest			(3,337)			(4,228)
Cash disbursed for construction in progress				100,614			127,351
Capital improvements to existing properties				27,819			48,450
	Total cash invested in real property, net of cash acquired		$	397,001		$	1,084,524
(1) Includes acquisitions with an aggregate purchase price of $268,568,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

		Nine Months Ended
(In thousands)		September 30, 2013(1)			September 30, 2012
Land and land improvements			$	437,046		$	46,391
Building and improvements				4,214,254			450,255
Acquired lease intangibles				377,929			39,875
Restricted cash				41,524			-
Receivables and other assets				81,546			2,247
	Total assets acquired(2)			5,152,299			538,768
Secured debt				(1,261,093)			(8,684)
Accrued expenses and other liabilities				(86,412)			(5,480)
	Total liabilities assumed			(1,347,505)			(14,164)
Noncontrolling interests				(230,441)			(2,054)
Non-cash acquisition related activity(3)				(856,103)			-
	Cash disbursed for acquisitions			2,718,250			522,550
Construction in progress additions				1,521			-
Less:	Capitalized interest			(18)			-
Cash disbursed for construction in progress				1,503			-
Capital improvements to existing properties				36,813			13,325
	Total cash invested in real property, net of cash acquired		$	2,756,566		$	535,875
(1) Includes acquisitions with an aggregate purchase price of $5,152,299,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $87,406,000 and $4,369,000 of cash acquired during the nine months ended September 30, 2013 and 2012, respectively.
(3) Represents Sunrise loan and noncontrolling interests acquisitions.

		Nine Months Ended
(In thousands)		September 30, 2013(1)			September 30, 2012
Land and land improvements			$	-	$	53,493
Buildings and improvements				144,708		487,255
Acquired lease intangibles				-		93,392
Restricted cash				505		975
Receivables and other assets				151		4,311
	Total assets acquired			145,364		639,426
Secured debt				(26,300)		(238,589)
Accrued expenses and other liabilities				(479)		(18,075)
	Total liabilities assumed			(26,779)		(256,664)
Non-cash acquisition activity				(12,056)(2)		(880)
	Cash disbursed for acquisitions			106,529		381,882
Construction in progress additions				87,882		94,462
Less:	Capitalized interest			(1,343)		(2,885)
	Accruals(3)			(9,806)		(4,567)
Cash disbursed for construction in progress				76,733		87,010
Capital improvements to existing properties				17,887		30,505
	Total cash invested in real property		$	201,149	$	499,397
(1) Includes acquisitions with an aggregate purchase price of $145,364,000 for which the allocation of purchase price consideration is preliminary and subject to change.
(2) Represents non-cash consideration exchanged in an asset swap transaction. Please see Note 5 for additional information.
(3) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.

Summary of construction projects placed into service and generating revenues

			Nine Months Ended
			September 30, 2013			September 30, 2012
	Development projects:
		Seniors housing triple-net		$	105,265		$	84,271
		Medical facilities			78,839			111,327
		Total development projects			184,104			195,598
	Expansion projects				14,229			240
Total construction in progress conversions				$	198,333		$	195,838