0001558370-16-005127.txt : 20160502 0001558370-16-005127.hdr.sgml : 20160502 20160502171411 ACCESSION NUMBER: 0001558370-16-005127 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160502 DATE AS OF CHANGE: 20160502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LTC PROPERTIES INC CENTRAL INDEX KEY: 0000887905 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 710720518 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11314 FILM NUMBER: 161612615 BUSINESS ADDRESS: STREET 1: 2829 TOWNSGATE ROAD STREET 2: SUITE 350 CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 BUSINESS PHONE: 805-981-8655 MAIL ADDRESS: STREET 1: 2829 TOWNSGATE ROAD STREET 2: SUITE 350 CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 10-Q 1 ltc-20160331x10q.htm 10-Q ltc_Current folio_10Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

FORM 10-Q

 

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2016

 

OR

 

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition period from ____ to ____

 

Commission file number 1-11314

 

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

 

 

 

Maryland

 

 

 

71-0720518

(State or other jurisdiction of

 

 

 

(I.R.S. Employer

incorporation or organization)

 

 

 

Identification No.)

 

2829 Townsgate Road, Suite 350

Westlake Village, California  91361

(Address of principal executive offices, including zip code)

 

(805) 981-8655

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☑  No  ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes  ☑  No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer ☑

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

 

 

(Do not check if a
smaller reporting company)

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐  No  ☑

 

The number of shares of common stock outstanding on April 26, 2016 was 37,915,120.

 

 

 

LTC PROPERTIES, INC.

 

FORM 10-Q

 

March 31, 2016

 

 

INDEX

 

 

 

 

 

 

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share)

 

 

 

 

 

 

 

 

 

 

    

March 31, 2016

    

December 31, 2015

 

 

 

(unaudited)

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

Land

 

$
108,867

 

$
106,841

 

Buildings and improvements

 

 
1,120,889

 

 
1,091,845

 

Accumulated depreciation and amortization

 

 
(259,237)

 

 
(251,265)

 

Real property investments, net

 

 
970,519

 

 
947,421

 

Mortgage loans receivable, net of loan loss reserve: 2016—$2,246; 2015—$2,190

 

 
223,053

 

 
217,529

 

Real estate investments, net

 

 
1,193,572

 

 
1,164,950

 

Investments in unconsolidated joint ventures

 

 
24,042

 

 
24,042

 

Investments, net

 

 
1,217,614

 

 
1,188,992

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

 
24,280

 

 
12,942

 

Debt issue costs related to bank borrowing

 

 
2,605

 

 
2,865

 

Interest receivable

 

 
5,815

 

 
4,536

 

Straight-line rent receivable, net of allowance for doubtful accounts: 2016—$861; 2015—$833

 

 
45,492

 

 
42,685

 

Prepaid expenses and other assets

 

 
21,020

 

 
21,443

 

Notes receivable

 

 
2,024

 

 
1,961

 

Total assets

 

$
1,318,850

 

$
1,275,424

 

LIABILITIES

 

 

 

 

 

 

 

Bank borrowings

 

$
161,000

 

$
120,500

 

Senior unsecured notes, net of debt issue costs: 2016—$1,044; 2015—$1,095

 

 
447,256

 

 
451,372

 

Accrued interest

 

 
2,852

 

 
3,974

 

Accrued incentives and earn-outs

 

 
12,572

 

 
12,722

 

Accrued expenses and other liabilities

 

 
22,480

 

 
27,654

 

Total liabilities

 

 
646,160

 

 
616,222

 

EQUITY

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding:  

2016—37,915; 2015—37,548

 

 
379

 

 
375

 

Capital in excess of par value

 

 
772,677

 

 
758,676

 

Cumulative net income

 

 
948,186

 

 
928,328

 

Accumulated other comprehensive income

 

 
18

 

 
47

 

Cumulative distributions

 

 
(1,048,570)

 

 
(1,028,224)

 

Total equity

 

 
672,690

 

 
659,202

 

Total liabilities and equity

 

$
1,318,850

 

$
1,275,424

 

 

See accompanying notes.

 

 

3

 

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share, unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 

 

 

  

2016

  

2015

 

Revenues:

 

 

 

 

 

 

 

Rental income

 

$
31,880

 

$
26,678

 

Interest income from mortgage loans

 

 
6,578

 

 
4,607

 

Interest and other income

 

 
146

 

 
195

 

Total revenues

 

 
38,604

 

 
31,480

 

Expenses:

 

 

 

 

 

 

 

Interest expense

 

 
6,000

 

 
3,766

 

Depreciation and amortization

 

 
8,561

 

 
6,779

 

General and administrative expenses

 

 
4,457

 

 
3,499

 

Total expenses

 

 
19,018

 

 
14,044

 

Operating income

 

 
19,586

 

 
17,436

 

Income from unconsolidated joint ventures

 

 
272

 

 
116

 

Net income

 

 
19,858

 

 
17,552

 

Income allocated to participating securities

 

 
(101)

 

 
(123)

 

Income allocated to preferred stockholders

 

 

 —

 

 
(818)

 

Net income available to common stockholders

 

$
19,757

 

$
16,611

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

 

$
0.53

 

$
0.47

 

Diluted

 

$
0.53

 

$
0.47

 

 

 

 

 

 

 

 

 

Weighted average shares used to calculate earnings per common share:

 

 

 

 

 

 

 

Basic

 

 
37,446

 

 
35,277

 

Diluted

 

 
37,459

 

 
37,292

 

 

 

 

 

 

 

 

 

Dividends declared and paid per common share

 

$
0.54

 

$
0.51

 

 

See accompanying notes.

 

 

4

 

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

 

  

2016

  

2015

 

Net income

 

$
19,858

 

$
17,552

 

Reclassification adjustment (Note 6)

 

 
(28)

 

 
(9)

 

Comprehensive income

 

$
19,830

 

$
17,543

 

 

See accompanying notes.

5

 

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

  

2016

  

2015

 

OPERATING ACTIVITIES:

 

 

    

 

 

    

 

Net income

 

$
19,858

 

$
17,552

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 
8,561

 

 
6,779

 

Stock-based compensation expense

 

 
990

 

 
982

 

Income from unconsolidated joint ventures

 

 
(272)

 

 
(116)

 

Income distributions from unconsolidated joint ventures

 

 
268

 

 

 —

 

Straight-line rental income

 

 
(2,835)

 

 
(2,275)

 

Amortization of lease incentive

 

 
518

 

 
352

 

Provision for doubtful accounts

 

 
84

 

 
3

 

Non-cash interest related to contingent liabilities

 

 
149

 

 
55

 

Other non-cash items, net

 

 
291

 

 
215

 

Increase in interest receivable

 

 
(1,279)

 

 
(570)

 

Decrease in accrued interest payable

 

 
(1,122)

 

 
(1,084)

 

Net change in other assets and liabilities

 

 
(5,606)

 

 
(4,029)

 

Net cash provided by operating activities

 

 
19,605

 

 
17,864

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Investment in real estate properties

 

 
(16,000)

 

 
(13,031)

 

Investment in real estate developments

 

 
(13,439)

 

 
(5,041)

 

Investment in real estate capital improvements

 

 
(3,253)

 

 
(4,928)

 

Capitalized interest

 

 
(686)

 

 
(147)

 

Proceeds from sale of real estate, net

 

 
1,750

 

 

 —

 

Investment in real estate mortgage loans receivable

 

 
(6,599)

 

 
(11,358)

 

Principal payments received on mortgage loans receivable

 

 
1,015

 

 
2,786

 

Investments in unconsolidated joint ventures

 

 

 —

 

 
(20,143)

 

Payment of working capital reserve

 

 
(299)

 

 

 —

 

Advances under notes receivable

 

 
(93)

 

 
(892)

 

Principal payments received on notes receivable

 

 
30

 

 

 —

 

Net cash used in investing activities

 

 
(37,574)

 

 
(52,754)

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Bank borrowings

 

 
40,500

 

 
36,500

 

Principal payments on senior unsecured notes

 

 
(4,167)

 

 
(4,167)

 

Proceeds from issuance of common stock, net

 

 
14,637

 

 

 —

 

Distributions paid to stockholders

 

 
(20,347)

 

 
(18,934)

 

Other

 

 
(1,316)

 

 
(329)

 

Net cash provided by financing activities

 

 
29,307

 

 
13,070

 

Increase (decrease) in cash and cash equivalents

 

 
11,338

 

 
(21,820)

 

Cash and cash equivalents, beginning of period

 

 
12,942

 

 
25,237

 

Cash and cash equivalents, end of period

 

$
24,280

 

$
3,417

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Interest paid

 

$
6,807

 

$
4,774

 

Mortgage loan receivable applied against purchase price to acquire real estate (Note 2)

 

$

 —

 

$
10,600

 

 

See accompanying notes.

 

 

6

 

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

 

1.General

LTC Properties, Inc., a health care real estate investment trust (or REIT), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in senior housing and health care properties through acquisitions, development, mortgage loans and other investments. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in senior housing and health care properties managed by experienced operators. Our primary senior housing and health care property classifications include skilled nursing centers (or SNF), assisted living communities (or ALF), independent living communities (or ILF), memory care communities (or MC) and combinations thereof. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment.

We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (or SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (or GAAP) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results for a full year.

No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.

New Accounting Pronouncements.

In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The adoption of this ASU did not have a material impact on our consolidated financial statements.

In February 2016, the FASB issued Accounting Standards Update (or ASU) No. 2016-02 (or ASU 2016-02), Leases (Topic 842). ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees’ operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

7

 

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

 

In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires that the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

2.Real Estate Investments

Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (or collectively ALF). Range of care communities (or ROC) property classification consists of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services.

Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Owned Properties. The following table summarizes our investments in owned properties at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Percentage

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

    

Investments

    

Investments

    

Properties(1)

    

Beds

    

Units

    

Bed/Unit

 

Assisted Living

 

$
582,362

 
47.4

% 
96

 

 —

 
5,205

 

$
111.89

 

Skilled Nursing

 

 
540,240

 
43.9

%  
71

 
8,781

 

 —

 

$
61.52

 

Range of Care

 

 
43,907

 
3.6

% 
7

 
634

 
274

 

$
48.36

 

Under Development(2)

 

 
43,761

 
3.6

% 

 —

 

 —

 

 —

 

 

 —

 

Other(3)

 

 
19,486

 
1.5

% 
2

 
118

 

 —

 

 

 —

 

Totals

 

$
1,229,756

 
100.0

% 
176

 
9,533

 
5,479

 

 

 

 

(1)

We own properties in 28 states that are leased to 29 different operators.

 

(2)

Represents six development projects consisting of four MC communities with a total of 254 units, a 108-unit independent living community and an 89-unit combination ALF and MC community.

 

(3)

Includes one school, three parcels of land held-for-use, and one behavioral health care hospital. The behavioral health care hospital has two skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed.

 

 

8

 

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

 

Owned properties are leased pursuant to non-cancelable operating leases generally with an initial term of 10 to 15 years. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease:

(i)

a specified percentage increase over the prior year’s rent, generally between 2.0% and 3.0%;

(ii)

a calculation based on the Consumer Price Index;

(iii)

as a percentage of facility net patient revenues in excess of base amounts; or

(iv)

specific dollar increases.

Acquisitions and Development: The following table summarizes our investment for the three months ended March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs(1)

 

Costs

 

Properties

 

Beds/Units

Skilled Nursing(2)

 

$
16,000

 

$
40

 

$
16,040

 
1

 
126

(1)

Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statements of income ($90) due to the timing and recognition of costs associated with pending, completed and terminated transactions.

 

(2)

We acquired a newly constructed 126-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of 8.5%.

 

Subsequent to March 31, 2016, we purchased two memory care communities in Kansas totaling 120 units for an aggregate purchase price of $25,000,000. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of 8.0%. Also, we agreed to pay up to $550,000 and $750,000 for lease inducement and capital improvements, respectively.

Additionally, we acquired a 60-unit memory care community in Kentucky for $14,250,000 and agreed to provide a contingent lease incentive of up to $300,000 upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of 8.0%.

A summary of our funding for development and improvement projects for the three months ended March 31, 2016 and 2015 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2016

 

Three months ended March 31, 2015

 

 

 

 

 

Expansion,

 

 

 

Expansion,

 

 

 

 

 

Renovation and

 

 

 

Renovation and

 

 

    

Development

    

Improvements

    

Development

    

Improvements

 

Assisted Living Communities

 

$
13,439

 

$
1,135

 

$
3,278

 

$
3,093

 

Skilled Nursing Centers

 

 

 —

 

 
2,118

 

 
1,763

 

 
1,835

 

 

 

$
13,439

 

$
3,253

 

$
5,041

 

$
4,928

 

 

 

9

 

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

 

The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

Total Funding

 

Development

 

1

 

ALF

 

66

 

Illinois

 

$
11,808

 

 

Our construction in progress (or CIP) activity during the three months ended March 31, 2016 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

CIP

    

 

 

    

 

 

    

 

 

    

CIP

 

 

 

Balance at

 

 

 

 

Capitalized

 

Conversions

 

Balance at

 

Type of Property

 

12/31/2015

 

Funded(1)

 

Interest

 

out of CIP

 

3/31/2016

 

Skilled nursing

 

$
1,252

 

$
2,117

 

$

 —

 

$
(13)

 

$
3,356

 

Assisted living

 

 
30,713

 

 
13,409

 

 
686

 

 
(10,352)

 

 
34,456

 

Total

 

$
31,965

 

$
15,526

 

$
686

 

$
(10,365)

 

$
37,812

 

(1)

Excludes $1,165 of funding directly capitalized into building.

During the three months ended March 31, 2016, we sold a 48-unit assisted living community located in Florida for $1,750,000 which was previously written down to its estimated sale price in the fourth quarter of 2015.

Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

Number

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

Loans

 

Properties(1)

 

Beds(2)

 

Units(2)

 

Bed/Unit

 

Skilled Nursing

  

$
210,423

  
93.4

%  
13

  
28

  
3,676

  

 —

  

$
57.24

 

Assisted Living

 

 
13,667

 
6.1

%  
3

 
8

 

 —

 
270

 

$
50.62

 

Other(3)

 

 
1,209

 
0.5

%  
1

 

 —

 

 —

 

 —

 

 

 —

 

Totals

 

$
225,299

 
100.0

%  
17

 
36

 
3,676

 
270

 

 

 

 

(1)

We have investments in properties located in eight states that include mortgages to 11 different operators.

 

(2)

See Item 2. Properties for discussion of bed/unit count.

 

(3)

Includes a parcel of land secured under a short-term mortgage loan.

 

At March 31, 2016, the mortgage loans had interest rates ranging from 7.3% to 13.9% and maturities ranging from 2016 to 2045. In addition, some loans contain certain guarantees, provide for certain facility fees and generally have 20-year to 30-year amortization schedules. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 10 to 25 basis points.

During the three months ended March 31, 2016 and 2015, we received $513,000 and $2,285,000, respectively, plus accrued interest related to the payoff of three mortgage loans secured by two skilled nursing centers and a range of care community. During the three months ended March 31, 2016 and 2015, we received $502,000 and $501,000, respectively, in regularly scheduled principal payments.

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A summary of our mortgage loan funding for the three months ended March 31, 2016 and 2015 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

    

2016 Funding

    

2015 Funding

 

Skilled Nursing Centers

 

$
6,599

 

$
11,358

 

 

Subsequent to March 31, 2016, we originated a $12,250,000 mortgage loan secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 216 beds. We funded $7,750,000 at closing, with a commitment to fund $4,500,000 for approved capital improvement projects. The loan has an initial term of 4 years and bears interest at 9.41%.

During the quarter ended March 31, 2015, we purchased and equipped a 106-bed skilled nursing center in Wisconsin for a total of $13,946,000 by exercising our purchase option under a $10,600,000 mortgage and construction loan. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054,000 lease inducement which will be amortized as a yield adjustment over the life of the lease term.    

3.Investment in Unconsolidated Joint Ventures

 

During 2015, we made a preferred equity investment in an entity (the JV) that owns four properties providing independent, assisted living and memory care services. These properties are located in Arizona. At closing, we provided an initial preferred capital contribution of $20,143,000 and have committed to provide an additional preferred capital contribution of $5,507,000 for a total preferred capital contribution of $25,650,000. As the preferred member of the JV, we are entitled to receive a 15% preferred return, a portion of which is paid in cash and a portion of which is deferred if the cash flow of the JV is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return will be accrued to the extent of the common member’s capital account balance in the underlying JV (as determined in accordance with GAAP).  As of March 31, 2016, the common member’s capital account was $0. Therefore, in accordance with GAAP, we did not accrue the deferred portion of the preferred return during the quarter ended March 31, 2016. We continue to evaluate our claim on the estimated net assets of the underlying joint venture quarterly. Any unpaid accrued preferred return, whether recorded or unrecorded by us, is due and payable upon redemption.

The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct support and we are not entitled to share in the JV’s earnings or losses. As a result, we believe our maximum exposure to loss due to our investment in the JV would be limited to our preferred capital contributions plus any unpaid accrued preferred return. We have concluded that the JV meets the accounting criteria to be considered as a variable interest entity (or VIE). However, because we do not control the entity, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the JV. Therefore, we account for our JV investment using the equity method. During the three months ended March 31, 2016, we recognized $272,000 in income from our preferred equity investment in the JV.  Additionally, during the three months ended March 31, 2016, we received $268,000 from our preferred equity investment in the JV.

Also, during 2015, we originated a $2,900,000 mezzanine loan to develop a 99-unit combination ALF, MC and ILF community. The loan matures on November 1, 2020 and bears interest at 10% for the

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first two years escalating to 12% until November 1, 2018 and, 15% thereafter. Interest is deferred for a period ending on the earlier of February 1, 2017 or the effective date of the certificate of occupancy. During this period, the borrower is not required to pay any interest; however, the unpaid deferred interest accrues to the loan principal balance. In addition to the interest payments, the borrower is required to make cash flow participation payments. We have evaluated this acquisition, development and construction (or ADC) arrangement and determined that the characteristics are similar to a jointly-owned investment or partnership, and accordingly, the investment is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting.

4.Notes Receivable

Notes receivable consists of various loans and line of credit agreements. The following table summarizes our notes receivable activities for the three months ended March 31, 2016 and 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

Three months ended  March 31, 

 

 

2016

 

2015

 

Advances under notes receivable

$
93

 

$
892

 

Principal payments received under notes receivable

 
(30)

 

 

 -

 

Net increase in notes receivable

$
63

 

$
892

 

 

At March 31, 2016, we had six loans and line of credit agreements with on-going commitments totaling $2,600,000 and weighted average interest rate of 10.0%. As of March 31, 2016, we have remaining commitments of $2,224,000 under these commitments.

 

5.Debt Obligations

 

The following table sets forth information regarding debt obligations by component as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2016

 

At December 31, 2015

 

 

 

Applicable

 

 

 

Available

 

 

 

Available

 

 

 

Interest

 

Outstanding

 

for

 

Outstanding

 

for

 

Debt Obligations

    

Rate(1)

    

Balance

    

Borrowing

    

Balance

    

Borrowing

 

Bank borrowings(2)

 

2.13%

 

$
161,000

 

$
439,000

 

$
120,500

 

$
479,500

 

Senior unsecured notes, net of debt issue costs

 

4.63%

 

 
447,256

 

 
37,500

 

 
451,372

 

 
33,333

 

Total

 

3.97%

 

$
608,256

 

 

 

 

$
571,872

 

 

 

 

(1)

Represents weighted average of interest rate as of March 31, 2016.

 

(2)

Subsequent to March 31, 2016, we borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing.

 

Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $600,000,000. The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2016, the facility provides for interest annually at LIBOR plus 150 basis points and an unused commitment fee of 35 basis points. During the three months ended March 31, 2016 and 2015 we borrowed $40,500,000 and $36,500,000, respectively, under our Unsecured Credit Agreement. At March 31, 2016, we were in compliance with all covenants.

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Subsequent to March 31, 2016, we borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing.

Senior Unsecured Notes. During each of the three months ended March 31, 2016 and 2015, we paid $4,167,000 in regular scheduled principal payments. Subsequent to March 31, 2016, we locked rate under our Prudential shelf agreement on $37,500,000 senior unsecured notes with an annual fixed rate of 4.15% and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a 12-year final maturity.

6.Equity

 

Equity activity was as follows (in thousands):

 

 

 

 

 

 

 

 

Total

 

 

 

Equity

 

Balance at December 31, 2015

    

$
659,202

 

Net income

 

 
19,858

 

Proceeds from common stock offering, net of  fees and costs

 

 
14,327

 

Vesting of stock option and restricted common stock

 

 
990

 

Reclassification adjustment

 

 
(28)

 

Common stock dividends

 

 
(20,347)

 

Other

 

 
(1,312)

 

Balance at March 31, 2016

 

$
672,690

 

 

Preferred Stock.    As of January 1, 2015, we had 2,000,000 shares of our 8.5% Series C Cumulative Convertible Preferred Stock (or Series C preferred stock) outstanding. Our Series C preferred stock was convertible into 2,000,000 shares of our common stock at $19.25 per share and dividends were payable quarterly. During 2015, the sole holder of our Series C Preferred stock elected to convert all of its preferred shares into 2,000,000 shares of common stock. Accordingly, we had no preferred stock outstanding as of March 31, 2016.

Common Stock. During 2015, we entered into equity distribution agreements to issue and sell, from time to time, up to $200,000,000 in aggregate offering price of our common shares. Sales of common shares are made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During the three months ended March 31, 2016, we sold 332,619 shares of common stock for $14,637,000 in net proceeds under our equity distribution agreements. In conjunction with the sale of common stock, we reclassified $310,000 of accumulated costs associated with the equity distribution agreements to additional paid in capital. At March 31, 2016, we had $185,102,000 available under these agreements. Also, during the three months ended March 31, 2016 and 2015, we acquired 30,910 shares and 4,609 shares respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

Available Shelf Registrations. We had an automatic shelf registration statement which was filed in 2013 and provided us with the capacity to publicly offer up to $800,000,000 in common stock, preferred stock, warrants, debt, depositary shares, or units. At December 31, 2015, we had availability of $575,100,000 under our effective shelf registration.

In advance of the three-year expiration of the automatic shelf registration statement we filed in 2013, we filed a new automatic shelf registration statement with the SEC on January 29, 2016 to provide

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us with additional capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under the automatic registration statement we filed in 2016 (until its expiration on January 29, 2019) in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering.

Distributions. We declared and paid the following cash dividends (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31, 2016

 

March 31, 2015

 

 

 

 

Declared

 

Paid

 

Declared

 

Paid

 

 

Preferred Stock Series C

    

$

 —

    

$

 —

    

$
818

    

$
818

 

 

Common Stock

 

 
20,347

(1)

 
20,347

(1)

 
18,116

(2)

 
18,116

(2)

 

Total

 

$
20,347

 

$
20,347

 

$
18,934

 

$
18,934

 

 

(1)

Represents $0.18 per share per month for the three months ended March 31, 2016.

 

(2)

Represents $0.17 per share per month for the three months ended March 31, 2015.

In April 2016, we declared a monthly cash dividend of $0.18 per share on our common stock for the months of April, May and June, payable on April 29, May 31, and June 30, 2016, respectively, to stockholders of record on April 21, May 23, and June 22, 2016, respectively.

Accumulated Other Comprehensive Income. At March 31, 2016 and December 31, 2015, accumulated comprehensive income of $18,000 and $47,000, respectively, represents the net unrealized holding gains on available-for-sale REMIC Certificates recorded in 2005 when we repurchased the loans in the underlying loan pool. This amount is being amortized to increase interest income over the remaining life of the loans that we repurchased from the REMIC Pool.

Stock-Based Compensation.  During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaces the 2008 Equity Participation Plan (or the 2008 Plan). Under the 2015 Plan, 1,400,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. During the three months ended March 31, 2016 and 2015, no stock options were granted or exercised under the 2015 Plan or 2008 Plan. 

At March 31, 2016, we had 40,001 stock options outstanding of which 35,001 stock options are exercisable.  Compensation expense related to the vesting of stock options for each of the three months ended March 31, 2016 and 2015, were $4,000. At March 31, 2016, we had 5,000 unvested stock options. The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2016 and 2017 is $11,000 and $3,000, respectively.

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During the three months ended March 31, 2015, we cancelled 640 shares of restricted stock under the 2008 Plan. During the three months ended March 31, 2016 and 2015, we granted 65,300 and 65,750 shares of restricted common stock under the 2015 Plan and 2008 Plan, respectively, as follows:

 

 

 

 

 

 

 

 

 

 

 

    

 

Price per

 

 

 

Year

 

No. of Shares

 

Share

 

Vesting Period

 

2016

 
65,300

 

$
43.24

 

ratably over 3 years

 

2015

 
65,750

 

$
44.45

 

ratably over 3 years

 

 

Compensation expense recognized related to the vesting of restricted common stock for the three months ended March 31, 2016 and 2015 were $986,000 and $978,000, respectively. At March 31, 2016, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows:

 

 

 

 

 

 

 

 

 

Number

 

Remaining 

 

 

 

of

 

Compensation

 

Vesting Date

    

Awards

    

Expense

 

2016

 
44,480

 

$
2,519,000

 

2017

 
77,663

 

 
2,335,000

 

2018

 
49,352

 

 
1,127,000

 

2019

 
21,771

 

 
78,000

 

 

 
193,266

 

$
6,059,000

 

 

 

 

 

7.Commitments and Contingencies

 

As part of our acquisitions, we may commit to provide contingent payments to the sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive (included in the prepaid and other assets line item in our consolidated balance sheets) and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent payment obligations are evaluated quarterly, based on changes in estimates of future operating results and changes in market discount rates. During the three months ended March 31, 2016, we recorded non‑cash interest expense of $149,000 related to these contingent liabilities and the fair value of our contingent payments was $12,572,000 at March 31, 2016.

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At March 31, 2016, we had commitments as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

 

 

    

 

 

Investment

 

2016

 

Commitment

 

Remaining

 

 

    

Commitment

    

Funding

    

Funded

    

Commitment

 

Real estate properties (See Note 2)

 

$
98,402

(1)

$
14,001

 

$
47,124

 

$
51,278

 

Accrued incentives and earn-out liabilities

 

 
16,300

 

 
299

 

 
1,104

 

 
15,196

 

Lease incentives

 

 
3,952

 

 
191

 

 
646

 

 
3,306

 

Mortgage loans (See Note 2)

 

 
46,990

(1)

 
1,099

 

 
11,362

 

 
35,628

 

Joint venture investments (See Note 3)

 

 
25,650

 

 

 —

 

 
20,143

 

 
5,507

 

Notes receivable (See Note 4)

 

 
2,600

 

 
93

 

 
376

 

 
2,224

 

Totals

 

$
193,894

 

$
15,683

 

$
80,755

 

$
113,139

 

(1)

Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.

We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

 

8.Major Operators

 

We have four operators from each of which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operators as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

Number of

 

Percentage of

 

 

 

 

SNF

 

ALF

 

ROC

 

SNF

 

ALF

 

Total

 

 

Total

 

 

Operator

 

Centers

 

Communities

 

Communities

 

Beds

 

Units

 

Revenue (1)

 

 

Assets

 

 

Prestige Healthcare (2)

    
18

    

 —

    
2

    
2,606

    
93

    
16.3

%  

    
15.8

%

 

Senior Lifestyle Corporation(2)

 

 —

 
27

 

 —

 

 —

 
1,631

 
12.8

%

 
13.6

%

 

Brookdale Senior Living (3)

 

 —

 
37

 

 —

 

 —

 
1,704

 
10.3

%  

 
5.9

%

 

Senior Care Centers (2)

 
11

 

 —

 

 —

 
1,444

 

 —

 
10.2

%  

 
9.1

%

 

Totals

 
29

 
64

 
2

 
4,050

 
3,428

 
49.6

%  

 
44.4

%

 

(1)

Includes rental income and interest income from mortgage loans.

 

(2)

A privately held company.

 

(3)

A subsidiary of Brookdale Senior Living, Inc.

 

Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, Brookdale Senior Living, Senior Care Centers or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us.

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9.Earnings per Share

 

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

 

 

2016

 

2015

 

Net income

  

$
19,858

  

$
17,552

  

Less net income allocated to participating securities:

 

 

 

 

 

 

 

Non-forfeitable dividends on participating securities

 

 
(101)

 

 
(123)

 

Total net income allocated to participating securities

 

 
(101)

 

 
(123)

 

Less net income allocated to preferred stockholders:

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 —

 

 
(818)

 

Total net income allocated to preferred stockholders

 

 

 —

 

 
(818)

 

Net income available to common stockholders

 

 
19,757

 

 
16,611

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Convertible preferred securities

 

 

 —

 

 
818

 

Total effect of dilutive securities

 

 

 —

 

 
818

 

Net income for diluted net income per share

 

$
19,757

 

$
17,429

 

 

 

 

 

 

 

 

 

Shares for basic net income per share

 

 
37,446

 

 
35,277

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Stock options

 

 
13

 

 
15

 

Convertible preferred securities

 

 

 —

 

 
2,000

 

Total effect of dilutive securities

 

 
13

 

 
2,015

 

Shares for diluted net income per share

 

 
37,459

 

 
37,292

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$
0.53

 

$
0.47

 

Diluted net income per share

 

$
0.53

 

$
0.47

 

 

 

10.Fair Value Measurements

 

In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of our financial assets and financial liabilities.

 

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The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of March 31, 2016 and December 31, 2015 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2016

 

At December 31, 2015

 

 

 

Carrying

 

Fair 

 

Carrying

 

Fair 

 

 

 

Value

 

Value

 

Value

 

Value

 

Mortgage loans receivable

    

$
223,053

    

$
262,956

(1)   

$
217,529

    

$
257,335

(1)

Bank borrowings

 

 
161,000

 

 
161,000

(2)

 
120,500

 

 
120,500

(2)

Senior unsecured notes, net of debt issue costs

 

 
447,256

 

 
450,129

(3)

 
451,372

 

 
451,420

(3)

Accrued incentives and earn-outs

 

 
12,572

 

 
12,572

(4)

 
12,722

 

 
12,722

(4)

(1)

Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2016 and December 31, 2015 was 9.0% and 8.9%, respectively.

 

(2)

Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2016 and December 31, 2015 based upon prevailing market interest rates for similar debt arrangements.

 

(3)

Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At March 31, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.30% for those maturing before year 2026 and 4.50% for those maturing at or beyond year 2026. At December 31, 2015, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026.

 

(4)

Our accrued incentives and earn-outs are classified as Level 3. We estimated the fair value of the contingent earn‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At March 31, 2016 and December 31, 2015, the discount rate used to value our accrued incentives and earn-outs was 6.0% and 6.1%, respectively.

 

 

11.Subsequent Events

 

Subsequent to March 31, 2016 the following events occurred.

Real Estate Investments: We purchased two memory care communities in Kansas totaling 120 units for an aggregate purchase price of $25,000,000. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of 8.0%. Also, we agreed to pay up to $550,000 and $750,000 for lease inducement and capital improvements, respectively.

Additionally, we acquired a 60-unit memory care community in Kentucky for $14,250,000 and agreed to provide a contingent lease incentive of up to $300,000 upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of 8.0%. 

We also originated a $12,250,000 4-year term mortgage loan, funding $7,750,000 at closing, with a commitment to fund $4,500,000. Additionally, we amended an existing loan agreement to increase the remaining commitment from $1,500,000 to $5,500,000.

18

 

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

 

Debt Obligations: We borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing. Also, we locked rate under our Prudential shelf agreement on $37,500,000 senior unsecured notes with an annual fixed rate of 4.15% and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a 12-year final maturity.

Equity: We declared a monthly cash dividend of $0.18 per share on our common stock for the months of April, May and June, payable on April 29, May 31, and June 30, 2016, respectively, to stockholders of record on April 21, May 23, and June 22, 2016, respectively.

 

 

 

19

 

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Statement Regarding Forward Looking Disclosure

This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Forward- looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the status of the economy; the status of capital markets (including prevailing interest rates) and our access to capital; the income and returns available from investments in health care related real estate (including our ability to re-lease properties upon expiration of a lease term); the ability of our borrowers and lessees to meet their obligations to us; our reliance on a few major operators; competition faced by our borrowers and lessees within the health care industry; regulation of the health care industry by federal, state and local governments; changes in Medicare and Medicaid reimbursement amounts (including due to federal and state budget constraints); compliance with and changes to regulations and payment policies within the health care industry; debt that we may incur and changes in financing terms; our ability to continue to qualify as a real estate investment trust; the relative illiquidity of our real estate investments; potential limitations on our remedies when mortgage loans default; and risks and liabilities in connection with properties owned through limited liability companies and partnerships. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and in our publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise.

Executive Overview

Business

We are a self-administered health care real estate investment trust (or REIT) that invests primarily in senior housing and health care properties through acquisitions, development, mortgage loans and other investments. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in senior housing and health care properties managed by experienced operators. Our primary senior housing and health care property classifications include skilled nursing centers (or SNF), assisted living communities (or ALF), independent living communities (or ILF), memory care communities (or MC) and combinations thereof. ALF, ILF, MC, and combinations thereof are included in the ALF property classification. Range of care communities (or ROC) property classification consists of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services. As of March 31, 2016, senior housing and long-term health care properties comprised approximately 99% of our real estate investment portfolio.  We have been operating since August 1992.

20

 

The following table summarizes our real estate investment portfolio as of March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

March 31, 2016

 

Percentage

 

Number

 

Number of 

 

 

  

Gross

  

of 

    

Rental

  

Interest

  

of 

    

of

  

SNF

  

ALF

 

Type of Property

 

Investments

 

Investments

 

Income

 

Income(1)

 

Revenues

 

Properties(2)

 

Beds(3)

 

Units(3)

 

Skilled Nursing

 

$
750,663

 
51.6

%  

$
15,525

 

$
6,260

 
56.7

%
99

 
12,457

 

—

 

Assisted Living

 

 
596,029

 
41.0

%

 
14,557

 

 
296

 
38.6

%
104

 

—

 
5,475

 

Range of Care

 

 
43,907

 
3.0

%

 
1,469

 

 

 —

 
3.8

%
7

 
634

 
274

 

Under Development(4)

 

 
43,761

 
3.0

%

 

 —

 

 

 —

 

 —

%

—

 

—

 

—

 

Other(5)

 

 
20,695

 
1.4

%

 
329

 

 

 —

 
0.9

%
2

 
118

 

—

 

Totals

 

$
1,455,055

 
100.0

%

$
31,880

 

$
6,556

 
100.0

%
212

 
13,209

 
5,749

 

(1)

Excludes interest income from mortgage loans paid off during 2016.

 

(2)

We have investments in 30 states leased or mortgaged to 35 different operators.

 

(3)

See Item 1. Financial Statements – Note 2. Real Estate Investments for discussion of bed/unit count.

 

(4)

Represents six development projects consisting of four MC communities with a total of 254 units, a 108-unit independent living community and an 89-unit combination ALF and MC community.

 

(5)

Includes one school, four parcels of land held-for-use and one behavioral health care hospital. The behavioral health care hospital has two skilled nursing beds and 116 medical hospital beds.

As of March 31, 2016 we had $1.2 billion in carrying value of net real estate investments, consisting of $1.0 billion or 81.3% invested in owned and leased properties and $0.2 billion or 18.7% invested in mortgage loans secured by first mortgages.

For the three months ended March 31, 2016, rental income and interest income from mortgage loans represented 82.6% and 17.0%, respectively, of total gross revenues. In most instances, our lease structure contains fixed annual rental escalations, which are generally recognized on a straight-line basis over the minimum lease period. Certain leases have annual rental escalations that are contingent upon changes in the Consumer Price Index and/or changes in the gross operating revenues of the property.  This revenue is not recognized until the appropriate contingencies have been resolved. For the three months ended March 31, 2016, we recorded $2.8 million in straight-line rental income and $28,000 of straight-line rent receivable reserve. During the three months ended March 31, 2016, we received $29.4 million of cash rental revenue and recorded amortization of lease inducement cost of $0.5 million.  During the three months ended March 31, 2016, there were no lease renewals. At March 31, 2016, the straight-line rent receivable balance, net of reserves, on the balance sheet was $45.5 million.

Substantially all of our revenues and sources of cash flows from operations are derived from operating lease rentals and interest earned on outstanding loans receivable. Our investments in owned properties and mortgage loans represent our primary source of liquidity to fund distributions and are dependent upon the performance of the operators on their lease and loan obligations and the rates earned thereon. To the extent that the operators experience operating difficulties and are unable to generate sufficient cash to make payments to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. To mitigate this risk, we monitor our investments through a variety of methods determined by the type of health care facility and operator. Our monitoring process includes periodic review of financial statements for each facility, periodic review of operator credit, scheduled property inspections and review of covenant compliance.

In addition to our monitoring and research efforts, we also structure our investments to help mitigate payment risk. Some operating leases and loans are credit enhanced by guaranties and/or letters of credit. In addition, operating leases are typically structured as master leases and loans are generally cross-

21

 

defaulted and cross-collateralized with other loans, operating leases or agreements between us and the operator and its affiliates.

At March 31, 2016, we had $24.3 million of cash on hand and $439.0 million available under our unsecured revolving line of credit. Subsequent to March 31, 2016, we borrowed an additional $37.0 million under our unsecured revolving line of credit. Accordingly, we have $402.0 million available under our unsecured revolving line of credit. At March 31, 2016, we also have the potential ability to access the capital markets through the issuance of $185.1 million of common stock under our equity distribution agreements and through the issuance of debt and/or equity securities under our effective shelf registration. As a result, we believe our liquidity and various sources of available capital are sufficient to fund operations and development commitments, meet debt service obligations (both principal and interest), make dividend distributions and finance some future investments should we determine such future investments are financially feasible.

Health Care Regulatory Climate

The Centers for Medicare & Medicaid Services (or CMS) annually updates Medicare skilled nursing facility prospective payment system rates and other policies. On July 30, 2015, CMS released its final skilled nursing facility prospective payment system update for fiscal year 2016, which began October 1, 2015. CMS projected that aggregate Medicare payments to skilled nursing facilities would increase by $430 million, or 1.2%, under the final rule. This increase reflected a 2.3% market basket increase, reduced by both a 0.6 percentage point forecast error adjustment and a 0.5 percentage point multifactor productivity adjustment.  On April 21, 2016, CMS released a proposed rule outlining its fiscal year 2017 Medicare payment rates and quality programs for skilled nursing facilities. The proposed rule provides for a net market basket increase of 2.1 % beginning October 1, 2016.  This reflects a 2.6% market basket increase, reduced by a 0.5 percentage point multifactor productivity adjustment.CMS estimates that aggregate payments to skilled nursing facilities under the proposal would increase by approximately $800 million.  In addition,  CMS proposes four new measures for the quality reporting program for drug regimen review, average cost per Medicare beneficiary, re-hospitalization rate, and discharge to community rate. Public comments on the proposed rule will be accepted until June 20, 2016. On July 13, 2015, CMS released a proposed rule that would revise the requirements that long-term care facilities must meet to participate in the Medicare and Medicaid programs. The major rule addresses requirements for improving quality of care and patient safety, nursing facility staffing, care planning, binding arbitration agreements, infection control, residents’ rights, compliance and ethics programs, and several other areas. CMS estimates that the rule, if adopted as proposed, would impose an average cost of $46,491 per facility in the first year and $40,685 per facility in subsequent years, There can be no assurance that future regulations modifying Medicare skilled nursing facility payment rates or other requirements for Medicare and/or Medicaid participation will not have an adverse effect on the financial condition of our borrowers and lessees which could, in turn, adversely impact the timing or level of their payments to us.

Congress periodically considers legislation revising Medicare policies, including legislation that could have the impact of reducing Medicare reimbursement for skilled nursing facilities and other Medicare providers, encouraging home and community-based long term care services as an alternative to institutional settings, or otherwise reforming payment policy for post-acute care services. There can be no assurances that enacted or future legislation will not have an adverse impact on the financial condition of our borrowers and lessees, which subsequently could materially adversely impact our company.

Additional reforms affecting the payment for and availability of health care services have been proposed at the state level and adopted by certain states. Increasingly state Medicaid programs are providing coverage through managed care programs under contracts with private health plans, which is

22

 

intended to decrease state Medicaid costs. Congress and state legislatures can be expected to continue to review and assess alternative health care delivery systems and payment methodologies. Changes in the law, new interpretations of existing laws, or changes in payment methodologies may have a dramatic effect on the definition of permissible or impermissible activities, the relative costs associated with doing business and the amount of reimbursement by the government and other third party payors.

Key Transactions during the Quarter

During the three months ended March 31, 2016, we purchased a newly constructed 126-bed skilled nursing center in Texas for $16.0 million. Simultaneously with the acquisition, we added the property to an existing master lease agreement at an initial incremental cash yield of 8.5%.

Subsequent to March 31, 2016, we purchased two memory care communities in Kansas totaling 120 units for an aggregate purchase price of $25.0 million and added the properties to an existing master lease agreement at an initial cash yield of 8.0%. Also, we agreed to pay up to $0.6 million and $0.8 million for lease inducement and capital improvements, respectively.

Additionally, we acquired a 60-unit memory care community in Kentucky for $14.3 million and agreed to provide a contingent lease incentive of up to $0.3 million upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of 8.0%.

Furthermore, we originated a $12.3 million 4-year term mortgage loan secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 216 beds. We funded $7.8 million at closing, with a commitment to fund $4.5 million for approved capital improvement projects.  The loan bears interest at 9.41% escalating annually by 2.25%. Also, we amended an existing loan agreement to increase the remaining commitment from $1.5 million to $5.5 million. 

Subsequent to March 31, 2016, we borrowed an additional $37.0 million under our unsecured revolving line of credit. Accordingly, we have $198.0 million outstanding under our unsecured revolving line of credit with $402.0 million available for borrowing. Additionally, we locked rate under our Prudential shelf agreement on $37.5 million senior unsecured notes with an annual fixed rate of 4.15% and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a 12-year final maturity.

During the three months ended March 31, 2016, we sold 332,619 shares of common stock for $14.6 million in net proceeds under our equity distribution agreements. In conjunction with the sale of common stock, we reclassified $0.3 million of accumulated costs associated with the equity distribution agreements to additional paid in capital. At March 31, 2016, we had $185.1 million available under these equity distribution agreements. Depending upon market conditions, we anticipate issuing securities under our registration statements to invest in additional properties and to repay borrowings under our unsecured line of credit.

Key Performance Indicators, Trends and Uncertainties

We utilize several key performance indicators to evaluate the various aspects of our business.  These indicators are discussed below and relate to concentration risk and credit strength. Management uses these key performance indicators to facilitate internal and external comparisons to our historical operating results in making operating decisions and for budget planning purposes.

Concentration Risk. We evaluate by gross investment our concentration risk in terms of asset mix, investment mix, operator mix and geographic mix. Concentration risk is valuable to understand what

23

 

portion of our investments could be at risk if certain sectors were to experience downturns. Asset mix measures the portion of our investments that are real property or mortgage loans. In order to qualify as an equity REIT, at least 75 percent of our total assets must be represented by real estate assets, cash, cash items and government securities. Investment mix measures the portion of our investments that relate to our various property classifications. Operator mix measures the portion of our investments that relate to our top five operators. Geographic mix measures the portion of our investment that relate to our top five states.

The following table reflects our recent historical trends of concentration risk (gross investment, in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/31/16

    

12/31/15

    

9/30/15

    

6/30/15

    

3/31/15

 

Asset mix:

  

 

    

  

 

    

  

 

    

  

 

    

  

 

    

 

Real property

 

$
1,229,756

 

$
1,198,686

 

$
1,154,649

 

$
989,163

 

$
983,585

 

Loans receivable

 

 
225,299

 

 
219,719

 

 
206,541

 

 
206,092

 

 
165,300

 

Investment mix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skilled nursing centers

 

$
750,663

 

$
726,865

 

$
692,971

 

$
692,135

 

$
650,932

 

Assisted living communities (1)

 

 
596,029

 

 
594,798

 

 
593,905

 

 
435,043

 

 
432,534

 

Range of care communities

 

 
43,907

 

 
43,907

 

 
43,907

 

 
43,907

 

 
43,907

 

Under development(1)

 

 
43,761

 

 
32,140

 

 
20,194

 

 
13,287

 

 
10,629

 

Other(2)

 

 
20,695

 

 
20,695

 

 
10,213

 

 
10,883

 

 
10,883

 

Operator mix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prestige Healthcare(2)

 

$
213,690

 

$
207,092

 

$
194,725

 

$
194,145

 

$
152,885

 

Senior Lifestyle Corporation

 

 
200,357

 

 
199,349

 

 
199,349

 

 
57,349

 

 
57,349

 

Senior Care Centers

 

 
138,109

 

 
138,109

 

 
115,039

 

 
115,039

 

 
115,039

 

Brookdale Senior Living

 

 
126,991

 

 
126,991

 

 
126,991

 

 
126,991

 

 
126,991

 

Preferred Care

 

 
89,519

 

 
87,547

 

 
86,450

 

 
86,576

 

 
86,700

 

Remaining operators

 

 
686,389

 

 
659,317

 

 
638,636

 

 
615,155

 

 
609,921

 

Geographic mix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

 

$
287,187

 

$
270,759

 

$
248,186

 

$
247,168

 

$
246,756

 

Michigan

 

 
201,501

 

 
194,902

 

 
182,535

 

 
181,955

 

 
140,696

 

Wisconsin

 

 
125,680

 

 
125,680

 

 
125,680

 

 
13,946

 

 
13,946

 

Colorado

 

 
114,924

 

 
114,924

 

 
114,924

 

 
114,924

 

 
114,701

 

Ohio

 

 
98,957

 

 
98,647

 

 
98,647

 

 
98,647

 

 
98,647

 

Remaining states

 

 
626,806

 

 
613,493

 

 
591,218

 

 
538,615

 

 
534,139

 

(1)

During the three months ended March 31, 2016, we completed the construction of a 66-unit assisted living community. Accordingly, this property was reclassified from “Under development” to “Assisted living property” for all periods presented.

 

(2)

We have four parcels of land as of March 31, 2016. Three parcels of land are located adjacent to properties securing the Prestige mortgage loan and are managed by Prestige. During the third quarter of 2015, we conveyed to Prestige two parcels of land adjacent to two of the 15 properties secured under a mortgage loan and committed to provide additional loan proceeds for the expansion those two properties.

 

Credit Strength. We measure our credit strength both in terms of leverage ratios and coverage ratios. Our leverage ratios include debt to gross asset value and debt to market capitalization. The leverage ratios indicate how much of our consolidated balance sheet capitalization is related to long term obligations. Our coverage ratios include interest coverage ratio and fixed charge coverage ratio. The coverage ratios indicate our ability to service interest and fixed charges (interest plus preferred dividends). The coverage ratios are based on adjusted earnings before gain on sale of real estate, interest, taxes, depreciation and amortization (or Adjusted EBITDA). Leverage ratios and coverage ratios are widely used by investors, analysts and rating agencies in the valuation, comparison, rating and investment

24

 

recommendations of companies. The following table reflects the recent historical trends for our credit strength measures:

Balance Sheet Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

3/31/16

    

 

12/31/15

    

 

9/30/15

    

 

6/30/15

    

 

3/31/15

 

Debt to gross asset value

 
38.5

%

(1)
37.4

%

(1)
35.3

%

(1)
27.9

%

(1)
25.5

%

Debt & preferred stock to gross asset value

 
38.5

%

(1)
37.4

%

(4)
38.0

%

(1)
30.9

%

(1)
28.7

%

Debt to market capitalization ratio

 
26.2

%

(2)
26.1

%

(5)
24.9

%

(5)
19.0

%

(8)
15.8

%

Debt & preferred stock to market capitalization ratio

 
26.2

%

(2)
26.1

%

(6)
26.8

%

(5)
21.1

%

(8)
17.7

%

Interest coverage ratio(9)

 
5.1

x   

(3)
5.7

x 

(7)
7.0

x 

(7)
7.2

x 

 
7.2

x

Fixed charge coverage ratio(9)

 
5.1

x   

(3)
5.7

x 

(7)
5.9

x 

(7)
6.0

x 

 
5.9

x

(1)

Increased primarily due to the increase in outstanding debt partially offset by the increase in gross asset value from acquisitions, additional development and capital improvement funding.

 

(2)

Increased primarily due to increase in outstanding debt partially offset by increase in market capitalization resulting from the sale of common stock under our equity distribution agreements as well as increase in stock price.

 

(3)

Decrease primarily due to increase in interest expense resulting from increase in outstanding debt.

 

(4)

Decreased primarily due to conversion of Series C Convertible Preferred Stock to common stock and increase in gross asset value from acquisitions, additional development and capital improvement funding partially offset by increase in outstanding debt.

 

(5)

Increased primarily due to the increase in outstanding debt partially offset by increase in market capitalization.

 

(6)

Decreased primarily due to increase in market capitalization resulting from conversion of Series C Convertible Preferred Stock to common stock and increase in stock price partially offset by increase in outstanding debt.

 

(7)

Decrease primarily due to increase in interest expense resulting from the sale of senior unsecured notes.

 

(8)

Increased primarily due to decrease in market capitalization and increase in outstanding debt.

 

(9)

In calculating our interest coverage and fixed charge coverage ratios above, we use Adjusted EBITDA, which is a financial measure not derived in accordance with U.S. generally accepted accounting principles (non-GAAP financial measure). Adjusted EBITDA is not an alternative to net income, operating income or cash flows from operating activities as calculated and presented in accordance with U.S. GAAP. You should not rely on Adjusted EBITDA as a substitute for any such U.S. GAAP financial measures or consider it in isolation, for the purpose of analyzing our financial performance, financial position or cash flows. Net income is the most directly comparable GAAP measure to Adjusted EBITDA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

3/31/16

 

12/31/15

 

9/30/15

 

6/30/15

 

3/31/15

 

Net income

  

$
19,858

  

$
17,954

  

$
19,647

  

$
17,928

  

$
17,552

 

Less: Gain on sale

 

 

 —

 

 
(586)

 

 

 —

 

 

 —

 

 

 —

 

Add: Impairment on real estate for sale

 

 

 —

 

 
2,250

 

 

 —

 

 

 —

 

 

 —

 

Add: Interest expense

 

 
6,000

 

 
5,581

 

 
4,296

 

 
3,854

 

 
3,766

 

Add: Depreciation and amortization

 

 
8,561

 

 
8,310

 

 
7,365

 

 
6,977

 

 
6,779

 

Total adjusted EBITDA

 

$
34,419

 

$
33,509

 

$
31,308

 

$
28,759

 

$
28,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
6,000

 

$
5,581

 

$
4,296

 

$
3,854

 

$
3,766

 

Add: Capitalized interest

 

 
686

 

 
346

 

 
184

 

 
150

 

 
147

 

Interest incurred

 

$
6,686

 

$
5,927

 

$
4,480

 

$
4,004

 

$
3,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest coverage ratio

 

 
5.1

x

 
5.7

x

 
7.0

x

 
7.2

x

 
7.2

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest incurred

 

$
6,686

 

$
5,927

 

$
4,480

 

$
4,004

 

$
3,913

 

Preferred stock dividends

 

 

 —

 

 

 —

 

 
818

 

 
818

 

 
818

 

Total fixed charges

 

$
6,686

 

$
5,927

 

$
5,298

 

$
4,822

 

$
4,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charge coverage ratio

 

 
5.1

x

 
5.7

x

 
5.9

x

 
6.0

x

 
5.9

x

 

25

 

We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved and actual results may differ materially from our expectations. This may be a result of various factors, including, but not limited to

 

·

The status of the economy;

·

The status of capital markets, including prevailing interest rates;

·

Compliance with and changes to regulations and payment policies within the health care industry;

·

Changes in financing terms;

·

Competition within the health care and senior housing industries; and

·

Changes in federal, state and local legislation.

 

Management regularly monitors the economic and other factors listed above. We develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends.

 

26

 

Operating Results

 

Three months ended March 31, 2016 compared to three months ended March 31, 2015 (amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31, 

 

 

 

 

    

2016

    

2015

    

Difference

 

Revenues:

 

 

 

 

 

 

 

 

 

 

Rental income

 

$
31,880

 

$
26,678

 

$
5,202

(1)

Interest income from mortgage loans

 

 
6,578

 

 
4,607

 

 
1,971

(2)

Interest and other income

 

 
146

 

 
195

 

 
(49)

 

Total revenues

 

 
38,604

 

 
31,480

 

 
7,124

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 
6,000

 

 
3,766

 

 
(2,234)

(3)

Depreciation and amortization

 

 
8,561

 

 
6,779

 

 
(1,782)

(1)

General and administrative expenses

 

 
4,457

 

 
3,499

 

 
(958)

(4)

Total expenses

 

 
19,018

 

 
14,044

 

 
(4,974)

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 
19,586

 

 
17,436

 

 
2,150

 

Income from unconsolidated joint ventures

 

 
272

 

 
116

 

 
156

(5)

Net income

 

 
19,858

 

 
17,552

 

 
2,306

 

Income allocated to participating securities

 

 
(101)

 

 
(123)

 

 
22

 

Income allocated to preferred stockholders

 

 

 —

 

 
(818)

 

 
818

(6)

Net income available to common stockholders

 

$
19,757

 

$
16,611

 

$
3,146

 

(1)

Increased due to acquisitions, development and capital improvement investments.

 

(2)

Increased primarily due to mortgage originations and capital improvement funding under certain mortgage loans partially offset by payoffs and normal amortization of mortgage loans.

 

(3)

Increased primarily due to increased borrowing under our Senior Unsecured Notes and unsecured revolving line of credit partially offset by increase in capitalized interest related to development projects.

 

(4)

Increased primarily due to additional expenditures related to increased investment activity.

 

(5)

Increased due to full quarter impact of preferred return from our investment in an unconsolidated joint venture entered into during the first quarter of 2015 partially offset by non-accrual of the deferred portion of the preferred return.

 

(6)

During the 2015 fourth quarter, the sole holder our Series C Convertible Preferred Stock elected to convert all of its shares into shares of common stock.

Funds From Operations Available to Common Stockholders

Funds from Operations (or FFO) available to common stockholders, basic FFO available to common stockholders per share and diluted FFO available to common stockholders per share are supplemental measures of a REIT’s financial performance that are not defined by U.S. GAAP. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with U.S. GAAP assumes that the value of real estate assets diminishes predictably over time.  We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO facilitates comparisons of operating performance between periods.

We use FFO as a supplemental performance measurement of our cash flow generated by operations. FFO does not represent cash generated from operating activities in accordance with U.S. GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

27

 

We calculate and report FFO in accordance with the definition and interpretive guidelines issued by the National Association of Real Estate Investment Trusts (or NAREIT). FFO, as defined by NAREIT, means net income available to common stockholders (computed in accordance with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Our calculation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that have a different interpretation of the current NAREIT definition from us; therefore, caution should be exercised when comparing our FFO to that of other REITs.

The following table reconciles GAAP net income available to common stockholders to NAREIT FFO available to common stockholders (unaudited, amounts in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 

 

 

 

2016

 

2015

 

GAAP net income available to common stockholders

    

$
19,757

    

$
16,611

 

Add: Depreciation and amortization

 

 
8,561

 

 
6,779

 

NAREIT FFO attributable to common stockholders

 

$
28,318

 

$
23,390

 

NAREIT FFO attributable to common stockholders per share:

 

 

 

 

 

 

 

Basic

 

$
0.76

 

$
0.66

 

Diluted

 

$
0.76

(1)

$
0.65

(2)

Weighted average shares used to calculate NAREIT FFO per share:

 

 

 

 

 

 

 

Basic

 

 
37,446

 

 
35,277

 

Diluted

 

 
37,640

(3)

 
37,529

(4)

(1)

Includes the effect of the participating securities.

 

(2)

Includes the effect of the participating securities and the convertible preferred securities.

 

(3)

Diluted weighted average shares used to calculate FFO per share for the three months ended March 31, 2016 includes the effect of stock option equivalents and participating securities.

 

(4)

Diluted weighted average shares used to calculate FFO per share for the three months ended March 31, 2015 includes the effect of stock option equivalents, participating securities and convertible preferred securities.

Liquidity and Capital Resources

Our primary sources of cash include rent and interest receipts, borrowings under our primary unsecured credit facility, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures and construction advances), loan advances and general and administrative expenses. These sources and uses of cash are reflected in our Consolidated Statements of

28

 

Cash Flows and are discussed in further detail below. The following is a summary of our sources and uses of cash flows for the three months ended March 31, 2016 (in thousands):

 

 

 

 

 

 

Cash provided by (used in):

    

 

 

 

Operating activities

 

$
19,605

 

Investing activities

 

 
(37,574)

 

Financing activities

 

 
29,307

 

Increase in cash and cash equivalents

 

 
11,338

 

Cash and cash equivalents, beginning of period

 

 
12,942

 

Cash and cash equivalents, end of period

 

$
24,280

 

 

Operating Activities. At March 31, 2016, our gross real estate investment portfolio (before accumulated depreciation and amortization) consisted of $1.2 billion invested primarily in owned senior housing and health care properties and mortgage loans of approximately $0.2 billion (prior to deducting a $2.2 million reserve). Our portfolio consists of investments in 99 skilled nursing centers, 104 assisted living communities, seven range of care communities, one behavioral health care hospital, one school, six parcels of land under development and four parcels of land held-for-use. These properties are located in 30 states. Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification. Range of care communities consist of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services.

For the three months ended March 31, 2016, we recorded $2.8 million in straight-line rental income and a reserve of $28,000 on our straight-line rent receivable. During the three months ended March 31, 2016, we received $29.4 million of cash rental revenue and recorded amortization of lease inducement cost of $0.5 million. During the three months ended March 31, 2016, there were no lease renewals. At March 31, 2016, the straight-line rent receivable balance, net of reserves, on the balance sheet was $45.5 million.

As part of our acquisitions, we may commit to provide contingent payments to the sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at the estimated fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. During the three months ended March 31, 2016, we recorded non‑cash interest expense of $0.1 million related to these contingent liabilities and the fair value of our contingent payments was $12.6 million, at March 31, 2016.

29

 

Investing Activities. For the three months ended March 31, 2016, our investing activities were as follows:

Real Estate Investments – Owned Properties. The following table summarizes our acquisition during the three months ended March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs(1)

 

Costs

 

Properties

 

Beds/Units

Skilled Nursing(2)

 

$
16,000

 

$
40

 

$
16,040

 
1

 
126

(1)

Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statement of income ($90) due to the timing and recognition of costs associated with pending, completed and terminated transactions.

 

(2)

We acquired a newly constructed 126-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of 8.5%.

Subsequent to March 31, 2016, we purchased two memory care communities in Kansas totaling 120 units for an aggregate purchase price of $25.0 million. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of 8.0%. Also, we agreed to pay up to $0.6 million and $0.8 million for lease inducement and capital improvements, respectively.

Additionally, we acquired a 60-unit memory care community in Kentucky for $14.3 million and agreed to provide a contingent lease incentive of up to $0.3 million upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of 8.0%.

A summary of our funding for development and improvement projects for the three months ended March 31, 2016 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2016

 

 

 

 

 

Expansion,

 

 

 

 

 

Renovation and

 

 

    

Development

    

Improvements

 

Assisted Living Communities

 

$
13,439

 

$
1,135

 

Skilled Nursing Centers

 

 

 —

 

 
2,118

 

 

 

$
13,439

 

$
3,253

 

 

The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

Total Funding

 

Development

 

1

 

ALF

 

66

 

Illinois

 

$
11,808

 

 

30

 

Our construction in progress (or CIP) activity during the three months ended March 31, 2016 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

CIP

    

 

 

    

 

 

    

 

 

    

CIP

 

 

 

Balance at

 

 

 

 

Capitalized

 

Conversions

 

Balance at

 

Type of Property

 

12/31/2015

 

Funded(1)

 

Interest

 

out of CIP

 

3/31/2016

 

Skilled nursing

 

$
1,252

 

$
2,117

 

$

 —

 

$
(13)

 

$
3,356

 

Assisted living

 

 
30,713

 

 
13,409

 

 
686

 

 
(10,352)

 

 
34,456

 

Total

 

$
31,965

 

$
15,526

 

$
686

 

$
(10,365)

 

$
37,812

 

(1)

Excludes $1,165 of funding directly capitalized into building.

During the three months ended March 31, 2016, we sold a 48-unit assisted living community located in Florida for $1.8 million which was previously written down to its estimated sale price in the fourth quarter of 2015.

Real Estate Investments – Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

Number

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

Loans

 

Properties(1)

 

Beds(2)

 

Units(2)

 

Bed/Unit

 

Skilled Nursing

  

$
210,423

  
93.4

%  
13

  
28

  
3,676

  

 —

  

$
57.24

 

Assisted Living

 

 
13,667

 
6.1

%  
3

 
8

 

 —

 
270

 

$
50.62

 

Other(3)

 

 
1,209

 
0.5

%  
1

 

 —

 

 —

 

 —

 

 

—

 

Totals

 

$
225,299

 
100.0

%  
17

 
36

 
3,676

 
270

 

 

 

 

(1)

We have investments in properties located in eight states that include mortgages to 11 different operators.

 

(2)

See Item 2. Properties for discussion of bed/unit count.

 

(3)

Includes a parcel of land secured under a short-term mortgage loan.

During the three months ended March 31, 2016, we received $0.5 million plus accrued interest related to the payoff of two mortgage loans secured by two skilled nursing centers located in Texas. Also, during the three months ended March 31, 2016, we received $0.5 million in regularly scheduled principal payments.

A summary of our mortgage loan funding for the three months ended March 31, 2016 is as follows (in thousands):

 

 

 

 

 

 

 

Three months ended

March 31, 

 

 

    

2016 Funding

 

Skilled Nursing Centers

 

$
6,599

 

 

Subsequent to March 31, 2016, we originated a $12.3 million mortgage loan secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 216 beds. We funded $7.8 million at closing, with a commitment to fund $4.5 million for approved capital improvement projects.  The loan has an initial term of four years and bears interest at 9.41%. Upon the properties achieving certain coverage thresholds, we have the option to provide additional funding of $8.0 million and extend the loan maturity to January 2045.

31

 

Investment in Unconsolidated Joint Ventures. We have a preferred equity investment in an entity (the JV) that owns four properties located in Arizona providing independent, assisted living and memory care services. We provided an initial preferred capital contribution of $20.1 million and have a commitment to provide an additional preferred capital contribution of $5.5 million for a total preferred capital contribution of $25.6 million. As the preferred member of the JV, we are entitled to receive a 15% preferred return, a portion of which is paid in cash and a portion of which is deferred if the cash flow of the JV is insufficient to pay all of the accrued preferred return. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be paid upon redemption. During the three months ended March 31, 2016, we recognized $0.3 million in income and received $0.3 million from our preferred equity investment in the JV.

Notes Receivable. The following table summarizes our notes receivable activities for the three months ended March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

Advances under notes receivable

    

$
93

 

Principal payments received under notes receivable

 

 
(30)

 

Net increase in notes receivable

 

$
63

 

At March 31, 2016, we had six loans and line of credit agreements with commitments totaling $2.6 million and a weighted average interest rate of 10%. As of March 31, 2016, we have remaining commitments of $2.2 million under these agreements.

Financing Activities. For the three months ended March 31, 2016, our financing activities were as follows:

Debt Obligations. The following table sets forth information regarding debt obligations by component as of March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Applicable

 

 

 

 

Available

 

 

 

Interest

 

Outstanding

 

for

 

Debt Obligations

    

Rate(1)

    

Balance

    

Borrowing

 

Bank borrowings(2)

 

2.13%

 

$
161,000

 

$
439,000

 

Senior unsecured notes, net of debt issue costs

 

4.63%

 

 
447,256

 

 
37,500

 

Total

 

3.97%

 

$
608,256

 

$

476,500

 

(1)

Represents weighted average of interest rate as of March 31, 2016.

 

(2)

Subsequent to March 31, 2016, we borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing.

During the three months ended March 31, 2016, we borrowed $40.5 million under our Unsecured Credit Agreement. At March 31, 2016, we were in compliance with all covenants. Subsequent to March 31, 2016, we borrowed an additional $37.0 million under our unsecured revolving line of credit. Accordingly, we have $198.0 million outstanding under our unsecured revolving line of credit with $402.0 million available for borrowing.

During the three months ended March 31, 2016, we paid $4.2 million in regular scheduled principal payments under our Senior Unsecured Notes. Subsequent to March 31, 2016, we locked rate under our Prudential shelf agreement on $37.5 million senior unsecured notes with an annual fixed rate of 4.15% and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a 12-year final maturity.

Equity. During 2015, we entered into equity distribution agreements to issue and sell, from time to time, up to $200.0 million in aggregate offering price of our common shares. Sales of common shares

32

 

are made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During the three months ended March 31, 2016, we sold 332,619 shares of common stock for $14.6 million in net proceeds under our equity distribution agreements. In conjunction with the sale of common stock, we reclassified $0.3 million of accumulated costs associated with the equity distribution agreements to additional paid in capital. At March 31, 2016, we had $185.1 million available under these agreements. Also, during the three months ended March 31, 2016, we acquired 30,910 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

During the three months ended March 31, 2016, we declared and paid the following cash dividends (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Declared

 

Paid

 

Common Stock(1) 

 

$ 
20,347

 

 $
20,347

 

(1)

Represents $0.18 per share per month for the three months ended March 31, 2016.

In April 2016, we declared a monthly cash dividend of $0.18 per share on our common stock for the months of April, May and June, payable on April 29, May 31, and June 30, 2016, respectively, to stockholders of record on April 21, May 23, and June 22, 2016, respectively.

During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaced the 2008 Equity Participation Plan (or the 2008 Plan). Under the 2015 Plan, 1,400,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. During the three months ended March 31, 2016, no stock options were granted or exercised under the 2015 Plan. 

At March 31, 2016, we had 40,001 stock options outstanding of which 35,001 stock options are exercisable. Compensation expense related to the vesting of stock options for the three months ended March 31, 2016 was $4,000. At March 31, 2016, we had 5,000 unvested stock options. The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2016 and 2017 is $11,000 and $3,000, respectively.

33

 

During the three months ended March 31, 2016, we granted 65,300 shares of restricted common stock under the 2015 Plan as follows:

 

 

 

 

 

 

 

 

 

    

Price per

    

 

 

No. of Shares

 

Share

 

Vesting Period

 

65,300

 

$

43.24

 

ratably over 3 years

 

 

Compensation expense recognized related to the vesting of restricted common stock for the three months ended March 31, 2016 was $1.0 million. At March 31, 2016, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows:

 

 

 

 

 

 

 

 

 

Number

 

Remaining 

 

 

 

of

 

Compensation

 

Vesting Date

    

Awards

    

Expense

 

2016

 
44,480

 

$
2,519,000

 

2017

 
77,663

 

 
2,335,000

 

2018

 
49,352

 

 
1,127,000

 

2019

 
21,771

 

 
78,000

 

 

 
193,266

 

$
6,059,000

 

 

Available Shelf Registrations. We had an automatic shelf registration statement which was filed in 2013 and provided us with the capacity to publicly offer up to $800.0 million in common stock, preferred stock, warrants, debt, depositary shares, or units. In advance of the three-year expiration of the automatic shelf registration statement we filed in 2013, we filed a new automatic shelf registration statement with the SEC on January 29, 2016 to provide us with additional capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under the automatic registration statement we filed in 2016 (until its expiration on January 29, 2019) in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering.

Liquidity. We expect our future income and ability to make distributions from cash flows from operations to depend on the collectibility of our rents and mortgage loans receivable. The collection of these loans and rents will be dependent, in large part, upon the successful operation by the operators of the senior housing and health care properties we own or that are pledged to us. The operating results of the facilities will be impacted by various factors over which the operators/owners may have no control. Those factors include, without limitation, the status of the economy, changes in supply of or demand for competing senior housing and health care facilities, ability to control rising operating costs, and the potential for significant reforms in the health care industry. In addition, our future growth in net income and cash flow may be adversely impacted by various proposals for changes in the governmental regulations and financing of the health care industry. We cannot presently predict what impact these proposals may have, if any. We believe that an adequate provision has been made for the possibility of loans proving uncollectible but we will continually evaluate the financial status of the operations of the senior housing and health care properties. In addition, we will monitor our borrowers and the underlying collateral for mortgage loans and will make future revisions to the provision, if considered necessary.

Our investments, principally our investments in mortgage loans and owned properties, are subject to the possibility of loss of their carrying values as a result of changes in market prices, interest rates and inflationary expectations. The effects on interest rates may affect our costs of financing our operations and the fair market value of our financial assets. Generally our loans have predetermined increases in interest rates and our leases have agreed upon annual increases. Inasmuch as we may initially fund some

34

 

of our investments with variable interest rate debt, we would be at risk of net interest margin deterioration if medium and long-term rates were to increase. 

At March 31, 2016, we had $24.3 million of cash on hand, $439.0 million available under our unsecured revolving line of credit. Subsequent to March 31, 2016, we borrowed an additional $37.0 million under our unsecured revolving line of credit. Accordingly, we have $402.0 million available under our unsecured revolving line of credit. At March 31, 2016, we also have the potential ability to access the capital markets through the issuance of $185.1 million of common stock under our equity distribution agreements and through the issuance of debt and/or equity securities under our effective shelf registration.

We believe that our current cash balance, cash flow from operations available for distribution or reinvestment, our borrowing capacity and our potential ability to access the capital markets are sufficient to provide for payment of our current operating costs, meet debt obligations, provide funds for distribution to the holders of our preferred stock and pay common dividends at least sufficient to maintain our REIT status and repay borrowings at, or prior to, their maturity. The timing, source and amount of cash flows provided by financing activities and used in investing activities are sensitive to the capital markets environment, especially to changes in interest rates. We continuously evaluate the availability of cost-effective capital and believe we have sufficient liquidity for additional capital investments in 2016.

Critical Accounting Policies

There have been no material changes from the critical accounting policies as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes in our market risk during the three months ended March 31, 2016. For additional information, refer to Item 7A as presented in our Annual Report on Form 10-K for the year ended December 31, 2015.

Item 4. CONTROLS AND PROCEDURES

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended). As of the end of the period covered by this report based on such evaluation our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures were effective.

There has been no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

35

 

PART II

 

OTHER INFORMATION

 

Item 1. LEGAL PROCEEDINGS

We are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which in our opinion are not singularly or in the aggregate anticipated to be material to our results of operations or financial condition. Claims and lawsuits may include matters involving general or professional liability asserted against the lessees or borrowers related to our properties, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims and lawsuits.

 

Item 1A. RISK FACTORS

There have been no material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended March 31, 2016, we did not make any unregistered sales of equity securities.

During the three months ended March 31, 2016, we acquired shares of common stock held by employees who tendered shares to satisfy tax withholding obligations.  Specifically, the number of shares of common stock acquired from employees and the average prices paid per share for each month in the quarter ended March 31, 2016 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Total Number

    

 

 

 

 

 

 

 

 

 

of Shares

 

Maximum

 

 

 

 

 

 

 

 

Purchased as

 

Number of

 

 

 

 

 

Average

 

Part of

 

Shares that May

 

 

 

Total Number

 

Price

 

Publicly

 

Yet Be

 

 

 

of Shares

 

Paid per

 

Announced

 

Purchased

 

Period

 

Purchased

 

Share

 

Plan

 

Under the Plan

 

January 1 - January 31, 2016

 
7,980

 

$
43.53

 

 —

 

 —

 

February 1 - February 29, 2016

 
22,930

 

$
42.09

 

 —

 

 —

 

March 1 - March 31, 2016

 

 —

 

$

 —

 

 —

 

 —

 

Total

 
30,910

 

 

 

 

 —

 

—

 

 

 

 

 

36

 

Item 6. Exhibits

 

3.1

LTC Properties, Inc. Articles of Restatement (incorporated by reference to Exhibit 3.2 to LTC Properties Inc.’s Current Report on Form 8-K filed September 14, 2012)

 

 

3.2

Bylaws of LTC Properties, Inc., as restated June 2, 2015 (incorporated by reference to Exhibit 3.2 to LTC Properties Inc.’s Current Report on Form 8-K filed on June 5, 2015)

 

 

31.1

Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

31.2

Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

32

Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

101

The following materials from LTC Properties, Inc.’s Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at March 31, 2016 and December 31, 2015; (ii) Consolidated Statements of Income for the three months ended March 31, 2016 and 2015; (iii) Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015; and (iv) Notes to Consolidated Financial Statements

 

 

37

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

LTC PROPERTIES, INC.

 

Registrant

 

 

 

 

 

 

 

 

 

Dated:  May 2, 2016

             By:

/s/ Pamela Kessler

 

 

Pamela Kessler

 

 

Executive Vice President, Chief Financial
Officer and Corporate Secretary

 

 

(Principal Financial and Accounting Officer)

 

38

EX-31.1 2 ltc-20160331ex311a32e0d.htm EX-31.1 ltc_Ex_311

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Wendy L. Simpson, certify that:

1. I have reviewed this quarterly report on Form 10‑Q of LTC Properties, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Wendy L. Simpson

 

 

Wendy L. Simpson

 

 

Chairman, Chief Executive Officer and President

 

 

(Principal Executive Officer)

 

 

May 2, 2016

 

 

 

EX-31.2 3 ltc-20160331ex312b1ffda.htm EX-31.2 ltc_Ex_312

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES‑OXLEY ACT OF 2002

I, Pamela Kessler, certify that:

1. I have reviewed this quarterly report on Form 10‑Q of LTC Properties, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

/s/ Pamela Kessler

 

Pamela Kessler

 

Executive Vice President, Chief Financial Officer

 

and Corporate Secretary

 

(Principal Financial and Accounting Officer)

 

May 2, 2016

 

 

EX-32 4 ltc-20160331xex32.htm EX-32 ltc_Ex_32

Exhibit 32

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002

Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of LTC Properties, Inc. (the “Company”) hereby certifies with respect to the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2016 as filed with the Securities and Exchange Commission (the “Report”) that to her knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: May 2, 2016

    

/s/ Wendy L. Simpson

 

 

 

Wendy L. Simpson
Chairman, Chief Executive Officer and President

 

 

 

 

 

Date: May 2, 2016

 

/s/ Pamela Kessler

 

 

 

Pamela Kessler
Executive Vice President, Chief Financial Officer
and Corporate Secretary

 

 

This certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Act of 1934 (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.

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ltc:LeaseIncentivesCommitmentsMember 2016-03-31 0000887905 ltc:JointVentureInvestmentCommitmentsMember 2016-03-31 0000887905 ltc:ContingentEarnOutLiabilitiesMember 2016-03-31 0000887905 ltc:AlfMcAndIlfCommunityMember ltc:AdcArrangementMember 2015-01-01 2015-12-31 0000887905 ltc:Acquisitions2016Member ltc:MasterLeaseAgreementWithThirdPartyOperatorMember ltc:MemoryCarePropertyMember stpr:KY us-gaap:SubsequentEventMember 2016-04-01 2016-04-30 0000887905 ltc:Acquisitions2016Member ltc:MasterLeaseAgreementWithThirdPartyOperatorMember ltc:MemoryCarePropertyMember stpr:KS us-gaap:SubsequentEventMember 2016-04-01 2016-04-30 0000887905 ltc:Acquisitions2016Member ltc:MasterLeaseAgreementWithThirdPartyOperatorMember ltc:SkilledNursingPropertiesMember stpr:TX 2016-01-01 2016-03-31 0000887905 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-03-31 0000887905 us-gaap:FairValueInputsLevel3Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 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ltc:RealEstateInvestmentDevelopmentRedevelopmentRenovationAndExpansionProjectsMember ltc:AssistedLivingPropertiesMember 2015-12-31 0000887905 ltc:RealEstateInvestmentDevelopmentRedevelopmentRenovationAndExpansionProjectsMember 2015-12-31 0000887905 ltc:RealEstateInvestmentDevelopmentRedevelopmentRenovationAndExpansionProjectsMember ltc:SkilledNursingPropertiesMember 2016-01-01 2016-03-31 0000887905 ltc:RealEstateInvestmentDevelopmentRedevelopmentRenovationAndExpansionProjectsMember ltc:AssistedLivingPropertiesMember 2016-01-01 2016-03-31 0000887905 us-gaap:LineOfCreditMember 2016-01-01 2016-03-31 0000887905 us-gaap:SeriesCPreferredStockMember 2015-01-01 2015-12-31 0000887905 2016-03-01 2016-03-31 0000887905 2016-02-01 2016-02-29 0000887905 2016-01-01 2016-01-31 0000887905 2015-03-01 2015-03-31 0000887905 2015-02-01 2015-02-28 0000887905 2015-01-01 2015-01-31 0000887905 2015-01-01 2015-03-31 0000887905 ltc:RealEstateInvestmentDevelopmentRedevelopmentRenovationAndExpansionProjectsMember 2016-01-01 2016-03-31 0000887905 ltc:Acquisitions2016Member ltc:MemoryCarePropertyMember stpr:KY us-gaap:SubsequentEventMember 2016-04-01 2016-04-30 0000887905 us-gaap:RealEstateInvestmentMember ltc:MasterLeaseAgreementWithThirdPartyOperatorMember ltc:SkilledNursingPropertiesMember stpr:TX 2016-01-01 2016-03-31 0000887905 ltc:Acquisitions2015Member us-gaap:RealEstateInvestmentMember ltc:SkilledNursingPropertiesMember stpr:WI 2015-01-01 2015-03-31 0000887905 ltc:Acquisitions2016Member ltc:MemoryCarePropertyMember stpr:KS us-gaap:SubsequentEventMember 2016-04-01 2016-04-30 0000887905 ltc:Acquisitions2016Member us-gaap:RealEstateInvestmentMember ltc:SkilledNursingPropertiesMember 2016-01-01 2016-03-31 0000887905 us-gaap:RealEstateInvestmentMember us-gaap:MinimumMember 2016-01-01 2016-03-31 0000887905 us-gaap:RealEstateInvestmentMember us-gaap:MaximumMember 2016-01-01 2016-03-31 0000887905 ltc:JointVentureMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2016-01-01 2016-03-31 0000887905 us-gaap:NotesReceivableMember us-gaap:CommitmentsToExtendCreditMember us-gaap:WeightedAverageMember 2016-01-01 2016-03-31 0000887905 2016-04-26 0000887905 2016-01-01 2016-03-31 ltc:segment iso4217:USD ltc:item ltc:state ltc:loan iso4217:USD xbrli:shares ltc:item ltc:property iso4217:USD xbrli:pure xbrli:shares false --12-31 Q1 2016 2016-03-31 10-Q 0000887905 37915120 Yes Large Accelerated Filer LTC PROPERTIES INC 0.100 5507000 0.030 0.020 1 2 106 126 126 120 60 16040000 1165000 0.51 0.54 0.17 0.17 0.17 0.18 0.18 0.18 19.25 2000000 P1Y 15526000 13409000 2117000 10365000 10352000 13000 31965000 30713000 1252000 37812000 34456000 3356000 686000 686000 12722000 12722000 12722000 12572000 12572000 12572000 12572000 0.085 0.080 0.080 20143000 P2Y 193894000 16300000 25650000 3952000 46990000 2600000 98402000 750000 550000 4928000 5041000 3093000 1835000 3278000 1763000 11358000 15683000 299000 3253000 191000 1099000 93000 13439000 14001000 1135000 2118000 13439000 6599000 7750000 113139000 15196000 5507000 3306000 35628000 2224000 51278000 80755000 1104000 20143000 646000 11362000 376000 11808000 47124000 0 0.12 0.10 0.15 0.15 1054000 5500000 4500000 1500000 10600000 10600000 P30Y P20Y 0.0025 0.0010 P4Y 123000 101000 6 66 48 216 108 89 254 6 4 3 4 2 4 1 4 P15Y P10Y 299000 2285000 513000 1164950000 1193572000 11 29 8 28 0.005 1.00 1.00 0.061 0.934 0.439 0.015 0.036 0.036 0.474 50.62 57.24 61.52 78.39 48.36 111.89 310000 185102000 575100000 1750000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:12pt 0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes our investment for </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Purchase</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:05.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Transaction</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Acquisition</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Price</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:05.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Costs</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Costs</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds/Units</font></p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,000 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,040 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>126 </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties&#x2019; basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statements of income </font><font style="display:inline;font-size:9pt;color:#000000;">($90)</font><font style="display:inline;font-size:9pt;color:#000000;"> due to the timing and recognition of costs associated with pending, completed and terminated transactions. </font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">We acquired a newly constructed </font><font style="display:inline;font-size:9pt;color:#000000;">126</font><font style="display:inline;font-size:9pt;color:#000000;">-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of </font><font style="display:inline;font-size:9pt;color:#000000;">8.5%</font><font style="display:inline;font-size:9pt;color:#000000;">.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">A summary of our mortgage loan funding for the three months ended March 31, 2016 and 2015 is as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Three months ended March&nbsp;31,&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-family:Calibri;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">2016 Funding</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">2015 Funding</font></p> </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing Centers</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,599 </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,358 </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project </font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type of</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Project</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Property</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds/Units</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">State</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total&nbsp;Funding</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">Development</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">1</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">ALF</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">66</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">Illinois</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,808 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Our construction in progress (or CIP) activity during </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> for our development, redevelopment, renovation, and expansion projects is as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">CIP</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">CIP</font></p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Balance&nbsp;at</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Capitalized</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Conversions</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Balance&nbsp;at</font></p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type of Property</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">12/31/2015</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Funded</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Interest</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">out&nbsp;of&nbsp;CIP</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">3/31/2016</font></p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled nursing</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,252 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,117 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13) </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,356 </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted living</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,713 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,409 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>686 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,352) </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,456 </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,965 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,526 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>686 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,365) </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,812 </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Excludes </font><font style="display:inline;font-size:9pt;color:#000000;">$</font><font style="display:inline;font-size:9pt;color:#000000;">1,165</font><font style="display:inline;font-size:9pt;color:#000000;">&nbsp;</font><font style="display:inline;font-size:9pt;color:#000000;">of funding directly capitalized into building.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">We declared and paid the following cash dividends </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="11" valign="bottom" style="width:37.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Three Months Ended </font></p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:18.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:16.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">March&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Declared</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Paid</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Declared</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Paid</font></p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Preferred Stock Series&nbsp;C</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Common Stock</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,116 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,116 </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,934 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,934 </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents </font><font style="display:inline;font-size:9pt;color:#000000;">$0.18</font><font style="display:inline;font-size:9pt;color:#000000;">&nbsp;</font><font style="display:inline;font-size:9pt;color:#000000;">per</font><font style="display:inline;font-size:9pt;color:#000000;"> share per month </font><font style="display:inline;font-size:9pt;color:#000000;">for the three months ended </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents </font><font style="display:inline;font-size:9pt;color:#000000;">$0.17</font><font style="display:inline;font-size:9pt;color:#000000;"> per share</font><font style="display:inline;font-size:9pt;color:#000000;"> per month</font><font style="display:inline;font-size:9pt;color:#000000;"> for the three months ended March 31, 2015.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes our investments in owned properties at </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Average</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Percentage</font></p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:14.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investment</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Gross</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">per</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-3.2pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds </font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Units</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Bed/Unit</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted Living</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>582,362 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47.4 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,205 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111.89 </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>540,240 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,781 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61.52 </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Range of Care</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,907 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.6 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>634 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48.36 </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Under Development</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,761 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.6 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Other</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(3)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,486 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.5 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,229,756 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>176 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,533 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,479 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">We own properties in </font><font style="display:inline;font-size:9pt;color:#000000;">28</font><font style="display:inline;font-size:9pt;color:#000000;"> states that are leased to </font><font style="display:inline;font-size:9pt;color:#000000;">29</font><font style="display:inline;font-size:9pt;color:#000000;"> different operators.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents </font><font style="display:inline;font-size:9pt;color:#000000;">six</font><font style="display:inline;font-size:9pt;color:#000000;"> development projects consisting of </font><font style="display:inline;font-size:9pt;color:#000000;">four</font><font style="display:inline;font-size:9pt;color:#000000;"> MC communities with a total of </font><font style="display:inline;font-size:9pt;color:#000000;">254</font><font style="display:inline;font-size:9pt;color:#000000;"> units, a </font><font style="display:inline;font-size:9pt;color:#000000;">108</font><font style="display:inline;font-size:9pt;color:#000000;">-unit independent living community and an </font><font style="display:inline;font-size:9pt;color:#000000;">89</font><font style="display:inline;font-size:9pt;color:#000000;">-unit combination ALF and MC community.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Includes </font><font style="display:inline;font-size:9pt;color:#000000;">one</font><font style="display:inline;font-size:9pt;color:#000000;"> school, </font><font style="display:inline;font-size:9pt;color:#000000;">three</font><font style="display:inline;font-size:9pt;color:#000000;"> parcels of land held-for-use, and </font><font style="display:inline;font-size:9pt;color:#000000;">one</font><font style="display:inline;font-size:9pt;color:#000000;"> behavioral health care hospital. The behavioral health care hospital has </font><font style="display:inline;font-size:9pt;color:#000000;">two</font><font style="display:inline;font-size:9pt;color:#000000;"> skilled nursing beds and </font><font style="display:inline;font-size:9pt;color:#000000;">116</font><font style="display:inline;font-size:9pt;color:#000000;"> medical hospital beds which represents a </font><font style="display:inline;font-size:9pt;color:#000000;">$78.39</font><font style="display:inline;font-size:9pt;color:#000000;"> investment per bed.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Price&nbsp;per</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Year</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">No.&nbsp;of&nbsp;Shares</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Share</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Vesting&nbsp;Period</font></p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;color:#000000;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">2016</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,300 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.24 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">ratably over </font><font style="display:inline;color:#000000;font-size:9pt;">3</font><font style="display:inline;color:#000000;font-size:9pt;"> years</font></p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">2015</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,750 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44.45 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">ratably over </font><font style="display:inline;color:#000000;font-size:9pt;">3</font><font style="display:inline;color:#000000;font-size:9pt;"> years</font></p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 25650000 27654000 22480000 47000 18000 758676000 772677000 978000 4000 986000 833000 861000 2190000 2246000 352000 518000 55000 149000 149000 1275424000 1318850000 90000 40000 13946000 16000000 25000000 14250000 300000 25237000 3417000 12942000 24280000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:12pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">7.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Commitments and Contingencies</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:11pt;">As part of our acquisitions, we may commit to provide contingent payments to the sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition,</font><font style="display:inline;">&nbsp;</font><font style="display:inline;font-size:11pt;">the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property&#x2019;s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive (included in the prepaid and other assets line item in our consolidated balance sheets) and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent payment obligations are evaluated quarterly, based on changes in estimates of future operating results and changes in market discount rates. During the </font><font style="display:inline;font-size:11pt;">three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we recorded non</font><font style="display:inline;font-size:11pt;">&#8209;cash interest expense of </font><font style="display:inline;font-size:11pt;">$149,000</font><font style="display:inline;font-size:11pt;"> related to these contingent liabilities and the fair value of our contingent payments was </font><font style="display:inline;font-size:11pt;">$12,572,000</font><font style="display:inline;font-size:11pt;"> at March 31, 2016.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we had commitments as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investment</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Commitment</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Remaining</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Commitment</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Funding</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Funded</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Commitment</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Real estate properties</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">&nbsp;</font><font style="display:inline;font-size:9pt;">(See Note 2)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,402 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,001 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,124 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,278 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Accrued incentives and earn-out liabilities</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,300 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>299 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,104 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,196 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Lease incentives </font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,952 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>191 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,306 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Mortgage loans (See Note 2)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,990 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,099 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,362 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,628 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Joint venture investments (See Note 3)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,650 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,143 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,507 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Notes receivable (See Note 4)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,600 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,224 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,894 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,683 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,755 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,139 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.</font></p></td></tr></table></div> <p style="margin:12pt 0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1400000 0.18 0.18 0.18 0.01 0.01 60000000 60000000 37548000 37915000 37548000 37915000 375000 379000 17543000 19830000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">8.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Major Operators</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">We have </font><font style="display:inline;font-size:11pt;">four</font><font style="display:inline;font-size:11pt;"> operators from each of which we derive approximately </font><font style="display:inline;font-size:11pt;">10%</font><font style="display:inline;font-size:11pt;"> or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information rega</font><font style="display:inline;font-size:11pt;">rding our major operators as of March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:32.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:14.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="4" valign="bottom" style="width:17.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Percentage of</font></p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ROC</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Operator</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Centers</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Communities</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Communities</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Units</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Revenue</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-3.2pt;position:relative;line-height:10pt"> (1)</font></p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Assets</font></p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Prestige Healthcare</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt"> (2)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,606 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.3 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.8 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior Lifestyle Corporation</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,631 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.8 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13.6 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Brookdale Senior Living</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt"> (3)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,704 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.3 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.9 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior Care Centers </font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,444 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.2 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.1 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,050 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,428 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49.6 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44.4 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Includes rental income and interest income from mortgage loans. </font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">A privately held company.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">A subsidiary of Brookdale Senior Living, Inc.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <p style="margin:12pt 0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, Brookdale Senior Living, Senior Care Centers or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0.496 0.444 0.103 0.163 0.102 0.128 0.059 0.158 0.091 0.136 2000000 14044000 19018000 1028224000 1048570000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">5.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Debt Obligations</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 6pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table sets forth information regarding debt obligations by component as of </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:11pt;"> &nbsp;(</font><font style="display:inline;font-style:italic;font-size:11pt;">dollar amounts in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="11" valign="bottom" style="width:45.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:21.96%;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">At March 31, 2016</font></p> </td> <td valign="bottom" style="width:01.92%;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:21.96%;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">At December 31, 2015</font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Applicable</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Available </font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Available </font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Interest</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Outstanding </font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">for</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Outstanding </font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">for</font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Debt Obligations</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;"> Rate</font><font style="display:inline;font-weight:bold;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Balance</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;"> Borrowing</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Balance</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;"> Borrowing</font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Bank borrowings</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2.13%</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,000 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>439,000 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,500 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>479,500 </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior unsecured notes, net of debt issue costs</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">4.63%</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>447,256 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,500 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,372 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,333 </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">3.97%</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>608,256 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>571,872 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents weighted average of interest rate as of </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">. &nbsp;</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Subsequent to </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">, we borrowed</font><font style="display:inline;font-size:9pt;color:#000000;"> an additional</font><font style="display:inline;font-size:9pt;color:#000000;">&nbsp;</font><font style="display:inline;font-size:9pt;color:#000000;">$37,000</font><font style="display:inline;font-size:9pt;color:#000000;"> under our unsecured revolving line of credit. Accordingly, we have </font><font style="display:inline;font-size:9pt;color:#000000;">$198,000</font><font style="display:inline;font-size:9pt;color:#000000;"> outstanding</font><font style="display:inline;font-size:9pt;color:#000000;"> under our unsecured revolving line of credit with </font><font style="display:inline;font-size:9pt;color:#000000;">$402,000</font><font style="display:inline;font-size:9pt;color:#000000;"> available for borrowing.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Bank Borrowings. </font><font style="display:inline;font-size:11pt;">We have an Unsecured Credit Agreement that provides for a revolving line of credit up to </font><font style="display:inline;font-size:11pt;">$600,000,000</font><font style="display:inline;font-size:11pt;">. &nbsp;</font><font style="display:inline;font-size:11pt;">The Unsecured Credit Agreement matures on October 14, 2018 and provides</font><font style="display:inline;font-size:11pt;"> for a </font><font style="display:inline;font-size:11pt;">one</font><font style="display:inline;font-size:11pt;">-year extension option at our discretion, subject to customary conditions. Based on our leverage at </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, the facility provides for interest annually at </font><font style="display:inline;font-size:11pt;">LIBOR</font><font style="display:inline;font-size:11pt;"> plus </font><font style="display:inline;font-size:11pt;">150</font><font style="display:inline;font-size:11pt;"> basis points and an unused commitment fee of </font><font style="display:inline;font-size:11pt;">35</font><font style="display:inline;font-size:11pt;"> basis points. </font><font style="display:inline;font-size:11pt;">During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;"> we borrowed </font><font style="display:inline;font-size:11pt;">$40,500,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$36,500,000</font><font style="display:inline;font-size:11pt;">, respectively, under </font><font style="display:inline;font-size:11pt;">our </font><font style="display:inline;font-size:11pt;">Unsecured Credit Agreement. </font><font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we were in compliance with all covenants.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Subsequent to March 31, 2016, we borrowed </font><font style="display:inline;font-size:11pt;">an additional </font><font style="display:inline;font-size:11pt;">$37,000</font><font style="display:inline;font-size:11pt;"> under our unsecured revolving line of credit. Accordingly, we have </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:10pt;">198,000</font><font style="display:inline;font-size:11pt;"> outstanding under our unsecured revolving line of credit with </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:10pt;">402,000</font><font style="display:inline;font-size:11pt;"> available for borrowing.</font><font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Senior Unsecured Notes. </font><font style="display:inline;font-size:11pt;">During </font><font style="display:inline;font-size:11pt;">each of </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;">, we paid </font><font style="display:inline;font-size:11pt;">$4,167,000</font><font style="display:inline;font-size:11pt;"> in regular scheduled principal payments. </font><font style="display:inline;font-size:11pt;">Subsequent to March 31, 2016, we locked rate under our Prudential shelf agreement on </font><font style="display:inline;font-size:11pt;">$37,500,000</font><font style="display:inline;font-size:11pt;"> senior unsecured notes with an annual fixed rate of </font><font style="display:inline;font-size:11pt;">4.15%</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a </font><font style="display:inline;font-size:11pt;">12</font><font style="display:inline;font-size:11pt;">-year final maturity.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0.0150 LIBOR 37500000 0.0415 P12Y 0.0397 0.0463 0.0213 2865000 1095000 2605000 1044000 42685000 45492000 6779000 8561000 6779000 8561000 818000 818000 20347000 18934000 18116000 818000 20347000 20347000 0.47 0.53 0.47 0.53 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">9.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Earnings per Share</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table sets forth the computation of basic and diluted net income per share (</font><font style="display:inline;font-style:italic;font-size:11pt;">in thousands, except per share amounts</font><font style="display:inline;font-size:11pt;">):</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">March&nbsp;31,&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,858 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,552 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Less net income allocated to participating securities:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Non-forfeitable dividends on participating securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(123) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total net income allocated to participating securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(123) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Less net income allocated to preferred stockholders:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Preferred stock dividends</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total net income allocated to preferred stockholders</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income available to common stockholders</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,757 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,611 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Effect of dilutive securities:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Convertible preferred securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total effect of dilutive securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income for diluted net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,757 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,429 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Shares for basic net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,446 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,277 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Effect of dilutive securities:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Stock options</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Convertible preferred securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total effect of dilutive securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,015 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Shares for diluted net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,459 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,292 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Basic net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.53 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Diluted net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.53 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 6059000 78000 2519000 2335000 1127000 11000 3000 268000 268000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">3.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Investment in Unconsolidated Joint Ventures </font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">During 20</font><font style="display:inline;font-size:10pt;">15</font><font style="display:inline;font-size:11pt;">, we made a preferred equity investment in an entity (the JV) that owns </font><font style="display:inline;font-size:11pt;">four</font><font style="display:inline;font-size:11pt;"> properties providing independent, assisted living and memory care services. These properties are located in Arizona. At closing, we provided an initial preferred capital contribution of </font><font style="display:inline;font-size:11pt;">$20,143,000</font><font style="display:inline;font-size:11pt;"> and have committed to provide an additional preferred capital contribution of </font><font style="display:inline;font-size:11pt;">$5,507,000</font><font style="display:inline;font-size:11pt;"> for a total preferred capital contribution of </font><font style="display:inline;font-size:11pt;">$25,650,000</font><font style="display:inline;font-size:11pt;">. As the preferred member of the JV, we are entitled to receive a </font><font style="display:inline;font-size:11pt;">15%</font><font style="display:inline;font-size:11pt;"> preferred return, a portion of which is paid in cash and a portion of which is deferred if the cash flow of the JV is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return will be accrued to the extent of the common member&#x2019;s capital account balance in the underlying JV (as determined in accordance with GAAP).&nbsp;&nbsp;As of March 31, 2016, the common member&#x2019;s capital account was </font><font style="display:inline;font-size:11pt;">$0</font><font style="display:inline;font-size:11pt;">. Therefore, in accordance with GAAP, we did not accrue the deferred portion of the preferred return during the quarter ended March 31, 2016. We continue to evaluate our claim on the estimated net assets of the underlying joint venture quarterly. Any unpaid accrued preferred return, whether recorded or unrecorded by us, is due and payable upon redemption.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct support and we are not entitled to share in the JV&#x2019;s earnings or losses. As a result, we believe our maximum exposure to loss due to our investment in the JV would be limited to our preferred capital contributions plus any unpaid accrued preferred return. We have concluded that the JV meets the accounting criteria to be considered as a variable interest entity (or VIE). However, because we do not control the entity, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the JV. Therefore, we account for our JV investment using the equity method. During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we recognized </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:11pt;">272,000</font><font style="display:inline;font-size:11pt;"> in income from our preferred equity investment in the JV.&nbsp;&nbsp;Additionally, during the three months ended March 31, 2016, we received </font><font style="display:inline;font-size:11pt;">$268,000</font><font style="display:inline;font-size:11pt;"> from our preferred equity investment in the JV.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:11pt;">Also, during 2015, we originated a </font><font style="display:inline;font-size:11pt;">$2,900,000</font><font style="display:inline;font-size:11pt;"> mezzanine loan to develop a </font><font style="display:inline;font-size:11pt;">99</font><font style="display:inline;font-size:11pt;">-unit combination ALF, MC and ILF community. The loan matures on November 1, 2020 and bears interest at </font><font style="display:inline;font-size:11pt;">10%</font><font style="display:inline;font-size:11pt;"> for the first </font><font style="display:inline;font-size:11pt;">two</font><font style="display:inline;font-size:11pt;"> years escalating to </font><font style="display:inline;font-size:11pt;">12%</font><font style="display:inline;font-size:11pt;"> until November 1, 2018 and, </font><font style="display:inline;font-size:11pt;">15%</font><font style="display:inline;font-size:11pt;"> thereafter. Interest is deferred for a period ending on the earlier of February 1, 2017 or the effective date of the certificate of occupancy. During this period, the borrower is not required to pay any interest; however, the unpaid deferred interest accrues to the loan principal balance. In addition to</font><font style="display:inline;">&nbsp;</font><font style="display:inline;font-size:11pt;">the interest payments, the borrower is required to make cash flow participation payments. We have evaluated this acquisition, development and construction (or ADC) arrangement and determined that the characteristics are similar to a jointly-owned investment or partnership, and accordingly, the investment is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The carrying value and fair value of our </font><font style="display:inline;font-size:11pt;">financial instruments</font><font style="display:inline;font-size:11pt;"> as of </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:11pt;"> assuming election of fair value for our financial assets and financial liabilities were as follows (</font><font style="display:inline;font-style:italic;font-size:11pt;">in thousands</font><font style="display:inline;font-size:11pt;">):</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">At March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">At December&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Carrying</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Fair&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Carrying</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Fair&nbsp;</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Mortgage loans receivable</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>223,053 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,956 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font><font style="display:inline;font-family:Calibri;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>217,529 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>257,335 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Bank borrowings</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,000 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,000 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,500 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,500 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior unsecured notes, net of debt issue costs</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>447,256 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>450,129 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(3)</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,372 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,420 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(3)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Accrued incentives and earn-outs</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,572 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,572 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(4)</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,722 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,722 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(4)</font></p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;"> was </font><font style="display:inline;font-size:9pt;color:#000000;">9.0%</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">8.9%</font><font style="display:inline;font-size:9pt;color:#000000;">,</font><font style="display:inline;font-size:9pt;color:#000000;"> respectively.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;"> based upon prevailing market interest rates for similar debt arrangements.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management&#x2019;s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">, the discount rate used to value our future cash outflow of our senior unsecured notes was </font><font style="display:inline;font-size:9pt;color:#000000;">4.30%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing before year 2026 and </font><font style="display:inline;font-size:9pt;color:#000000;">4.50%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing at or beyond year 2026. At </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;">, the discount rate used to value our future cash outflow of our senior unsecured notes was </font><font style="display:inline;font-size:9pt;color:#000000;">4.35%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing before year 2026 and </font><font style="display:inline;font-size:9pt;color:#000000;">4.65%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing at or beyond year 2026.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (4)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our accrued incentives and earn-outs are classified as Level&nbsp;3. We estimated the fair value of the contingent earn</font><font style="display:inline;font-size:9pt;color:#000000;">&#8209;out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk</font><font style="display:inline;font-size:9pt;color:#000000;">&#8209;free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;">, the discount rate used to value our accrued incentives and earn-outs was </font><font style="display:inline;font-size:9pt;color:#000000;">6.0%</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">6.1%</font><font style="display:inline;font-size:9pt;color:#000000;">, respectively</font><font style="display:inline;font-size:8pt;color:#000000;">.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">10.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Fair Value Measurements</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of our financial assets and financial liabilities.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. </font><font style="display:inline;font-size:11pt;">The carrying value and fair value of our </font><font style="display:inline;font-size:11pt;">financial instruments</font><font style="display:inline;font-size:11pt;"> as of </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:11pt;"> assuming election of fair value for our financial assets and financial liabilities were as follows (</font><font style="display:inline;font-style:italic;font-size:11pt;">in thousands</font><font style="display:inline;font-size:11pt;">):</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">At March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">At December&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Carrying</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Fair&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Carrying</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Fair&nbsp;</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Mortgage loans receivable</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>223,053 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,956 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font><font style="display:inline;font-family:Calibri;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>217,529 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>257,335 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Bank borrowings</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,000 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,000 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,500 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,500 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior unsecured notes, net of debt issue costs</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>447,256 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>450,129 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(3)</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,372 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,420 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(3)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:50.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Accrued incentives and earn-outs</font></p> </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,572 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,572 </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(4)</font></p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,722 </td> <td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,722 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(4)</font></p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;"> was </font><font style="display:inline;font-size:9pt;color:#000000;">9.0%</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">8.9%</font><font style="display:inline;font-size:9pt;color:#000000;">,</font><font style="display:inline;font-size:9pt;color:#000000;"> respectively.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;"> based upon prevailing market interest rates for similar debt arrangements.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management&#x2019;s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">, the discount rate used to value our future cash outflow of our senior unsecured notes was </font><font style="display:inline;font-size:9pt;color:#000000;">4.30%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing before year 2026 and </font><font style="display:inline;font-size:9pt;color:#000000;">4.50%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing at or beyond year 2026. At </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;">, the discount rate used to value our future cash outflow of our senior unsecured notes was </font><font style="display:inline;font-size:9pt;color:#000000;">4.35%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing before year 2026 and </font><font style="display:inline;font-size:9pt;color:#000000;">4.65%</font><font style="display:inline;font-size:9pt;color:#000000;"> for those maturing at or beyond year 2026.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (4)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Our accrued incentives and earn-outs are classified as Level&nbsp;3. We estimated the fair value of the contingent earn</font><font style="display:inline;font-size:9pt;color:#000000;">&#8209;out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk</font><font style="display:inline;font-size:9pt;color:#000000;">&#8209;free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:9pt;color:#000000;">, the discount rate used to value our accrued incentives and earn-outs was </font><font style="display:inline;font-size:9pt;color:#000000;">6.0%</font><font style="display:inline;font-size:9pt;color:#000000;"> and </font><font style="display:inline;font-size:9pt;color:#000000;">6.1%</font><font style="display:inline;font-size:9pt;color:#000000;">, respectively</font><font style="display:inline;font-size:8pt;color:#000000;">.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0.061 0.0465 0.0435 0.089 0.060 0.0450 0.0430 0.090 3499000 4457000 116000 272000 272000 0 570000 1279000 -1084000 -1122000 892000 63000 4029000 5606000 2000000 15000 13000 4607000 6578000 195000 146000 3766000 6000000 147000 686000 4774000 6807000 3974000 2852000 4536000 5815000 1091845000 1120889000 106841000 108867000 616222000 646160000 1275424000 1318850000 120500000 161000000 120500000 120500000 161000000 161000000 600000000 33333000 479500000 37500000 439000000 402000 0.0035 2600000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">4.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Notes Receivable</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Notes receivable consists of various loans and line of credit agreements. </font><font style="display:inline;font-size:11pt;">The following table summarizes our notes receivable activities for </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Three months ended&nbsp;&nbsp;March&nbsp;31,&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Advances under notes receivable</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>892 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Principal payments received under notes receivable</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30) </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;-</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net increase in notes receivable</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>892 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we had </font><font style="display:inline;font-size:11pt;">six</font><font style="display:inline;font-size:11pt;"> loans and line of credit agreements with on-going commitments totaling </font><font style="display:inline;font-size:11pt;">$2,600,000</font><font style="display:inline;font-size:11pt;"> and weighted average interest rate of </font><font style="display:inline;font-size:11pt;">10.0%</font><font style="display:inline;font-size:11pt;">. As of </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we have remaining commitments of </font><font style="display:inline;font-size:11pt;">$2,224,000</font><font style="display:inline;font-size:11pt;"> under these commitments</font><font style="display:inline;font-size:11pt;">. &nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 2900000 571872000 451372000 120500000 608256000 447256000 161000000 198000 217529000 217529000 257335000 223053000 223053000 262956000 12250000 0.139 0.073 0.0941 1 3 17 3 13 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">1.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Genera</font><a name="Notes"></a><font style="display:inline;font-weight:bold;font-size:11pt;">l</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">LTC Properties,&nbsp;Inc., a health care real estate investment trust (or REIT), was incorporated on May&nbsp;12,&nbsp;1992 in the State of Maryland and commenced operations on August&nbsp;25, 1992. We invest primarily in senior housing and health care properties through acquisitions, development, mortgage loans and other investments. We conduct and manage our business as </font><font style="display:inline;font-size:11pt;">one</font><font style="display:inline;font-size:11pt;"> operating segment, rather than multiple operating segments, for internal reporting and internal decision making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in senior housing and health care properties managed by experienced operators. Our primary senior housing and health care property classifications include skilled nursing centers (or SNF), assisted living communities (or ALF), independent living communities (or ILF), memory care communities (or MC) and combinations thereof. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules&nbsp;and regulations of the Securities and Exchange Commission (or SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (or GAAP) have been condensed or omitted pursuant to rules&nbsp;and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">2015</font><font style="display:inline;font-size:11pt;"> are not necessarily indicative of the results for a full year.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">No</font><font style="display:inline;font-size:11pt;"> provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.</font><font style="display:inline;font-style:italic;font-size:11pt;"></font> </p> <p style="margin:0pt 0pt 11pt 36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">New Accounting Pronouncements.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), </font><font style="display:inline;font-style:italic;font-size:11pt;">Consolidation (Topic 810): Amendments to the Consolidation Analysis.</font><font style="display:inline;font-size:11pt;"> ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The adoption of this ASU did not have a material impact on our consolidated financial statements. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In February 2016, the FASB issued Accounting Standards Update (or ASU) No. 2016-02 (or ASU 2016-02), </font><font style="display:inline;font-style:italic;font-size:11pt;">Leases (Topic 842)</font><font style="display:inline;font-size:11pt;">. ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees&#x2019; operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), </font><font style="display:inline;font-style:italic;font-size:11pt;">Investments &#x2013; Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. </font><font style="display:inline;font-size:11pt;">ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires that the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), </font><font style="display:inline;font-style:italic;font-size:11pt;">Compensation &#x2013; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. </font><font style="display:inline;font-size:11pt;">ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (</font><font style="display:inline;font-style:italic;font-size:11pt;">a</font><font style="display:inline;font-size:11pt;">) income tax consequences; (</font><font style="display:inline;font-style:italic;font-size:11pt;">b</font><font style="display:inline;font-size:11pt;">) classification of awards as either equity or liabilities; and (</font><font style="display:inline;font-style:italic;font-size:11pt;">c</font><font style="display:inline;font-size:11pt;">) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. </font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> -21820000 11338000 13070000 29307000 -52754000 -37574000 17864000 19605000 17552000 19858000 16611000 19757000 17429000 19757000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 11pt 36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">New Accounting Pronouncements.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), </font><font style="display:inline;font-style:italic;font-size:11pt;">Consolidation (Topic 810): Amendments to the Consolidation Analysis.</font><font style="display:inline;font-size:11pt;"> ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The adoption of this ASU did not have a material impact on our consolidated financial statements. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In February 2016, the FASB issued Accounting Standards Update (or ASU) No. 2016-02 (or ASU 2016-02), </font><font style="display:inline;font-style:italic;font-size:11pt;">Leases (Topic 842)</font><font style="display:inline;font-size:11pt;">. ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees&#x2019; operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), </font><font style="display:inline;font-style:italic;font-size:11pt;">Investments &#x2013; Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. </font><font style="display:inline;font-size:11pt;">ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires that the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. </font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), </font><font style="display:inline;font-style:italic;font-size:11pt;">Compensation &#x2013; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. </font><font style="display:inline;font-size:11pt;">ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (</font><font style="display:inline;font-style:italic;font-size:11pt;">a</font><font style="display:inline;font-size:11pt;">) income tax consequences; (</font><font style="display:inline;font-style:italic;font-size:11pt;">b</font><font style="display:inline;font-size:11pt;">) classification of awards as either equity or liabilities; and (</font><font style="display:inline;font-style:italic;font-size:11pt;">c</font><font style="display:inline;font-size:11pt;">) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1961000 2024000 1 2 36 176 8 28 71 1 2 7 1 96 99 3428 4050 270 5479 1704 93 2606 1444 1631 3676 9533 270 274 5205 116 3676 8781 118 2 634 17436000 19586000 26678000 31880000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we had commitments as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investment</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Commitment</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Remaining</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Commitment</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Funding</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Funded</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Commitment</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Real estate properties</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">&nbsp;</font><font style="display:inline;font-size:9pt;">(See Note 2)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,402 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,001 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,124 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,278 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Accrued incentives and earn-out liabilities</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,300 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>299 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,104 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,196 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Lease incentives </font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,952 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>191 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,306 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Mortgage loans (See Note 2)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,990 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,099 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,362 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,628 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Joint venture investments (See Note 3)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,650 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,143 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,507 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Notes receivable (See Note 4)</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,600 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,224 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,894 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,683 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,755 </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,139 </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">A summary of our funding for development and improvement projects for the three months ended March 31, 2016 and 2015 is as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Three months ended March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Three months ended March&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Expansion, </font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Expansion, </font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Renovation and</font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Renovation and</font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Development</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Improvements</font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Development</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Improvements</font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted Living Communities</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,439 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,135 </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,278 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,093 </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing Centers</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 3pt 0.05pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,118 </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,763 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,835 </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,439 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,253 </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,041 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,928 </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> -9000 -28000 -215000 -291000 123000 101000 4928000 3253000 18934000 18116000 818000 20347000 20347000 20143000 11358000 6599000 892000 93000 13031000 16000000 5041000 13439000 0.085 818000 818000 2000000 0 21443000 21020000 36500000 40500000 30000 14637000 14637000 36500000 40500000 37000 -329000 -1316000 2786000 501000 1015000 502000 1750000 64 2 29 37 2 18 11 27 3000 84000 251265000 259237000 1209000 225299000 1229756000 13667000 210423000 540240000 19486000 43761000 43907000 582362000 947421000 970519000 1188992000 1217614000 24042000 24042000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">2.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Real Estate Investments</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (or collectively ALF). Range of care communities (or ROC) property classification consists of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm&#x2019;s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Owned Properties.</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">The following table summarizes our investments in owned properties at </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Average</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Percentage</font></p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:14.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investment</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Gross</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">per</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-3.2pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds </font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Units</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Bed/Unit</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted Living</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>582,362 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47.4 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,205 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111.89 </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>540,240 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,781 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61.52 </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Range of Care</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,907 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.6 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>634 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48.36 </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Under Development</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,761 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.6 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Other</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(3)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,486 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.5 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,229,756 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>176 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,533 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,479 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">We own properties in </font><font style="display:inline;font-size:9pt;color:#000000;">28</font><font style="display:inline;font-size:9pt;color:#000000;"> states that are leased to </font><font style="display:inline;font-size:9pt;color:#000000;">29</font><font style="display:inline;font-size:9pt;color:#000000;"> different operators.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents </font><font style="display:inline;font-size:9pt;color:#000000;">six</font><font style="display:inline;font-size:9pt;color:#000000;"> development projects consisting of </font><font style="display:inline;font-size:9pt;color:#000000;">four</font><font style="display:inline;font-size:9pt;color:#000000;"> MC communities with a total of </font><font style="display:inline;font-size:9pt;color:#000000;">254</font><font style="display:inline;font-size:9pt;color:#000000;"> units, a </font><font style="display:inline;font-size:9pt;color:#000000;">108</font><font style="display:inline;font-size:9pt;color:#000000;">-unit independent living community and an </font><font style="display:inline;font-size:9pt;color:#000000;">89</font><font style="display:inline;font-size:9pt;color:#000000;">-unit combination ALF and MC community.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Includes </font><font style="display:inline;font-size:9pt;color:#000000;">one</font><font style="display:inline;font-size:9pt;color:#000000;"> school, </font><font style="display:inline;font-size:9pt;color:#000000;">three</font><font style="display:inline;font-size:9pt;color:#000000;"> parcels of land held-for-use, and </font><font style="display:inline;font-size:9pt;color:#000000;">one</font><font style="display:inline;font-size:9pt;color:#000000;"> behavioral health care hospital. The behavioral health care hospital has </font><font style="display:inline;font-size:9pt;color:#000000;">two</font><font style="display:inline;font-size:9pt;color:#000000;"> skilled nursing beds and </font><font style="display:inline;font-size:9pt;color:#000000;">116</font><font style="display:inline;font-size:9pt;color:#000000;"> medical hospital beds which represents a </font><font style="display:inline;font-size:9pt;color:#000000;">$78.39</font><font style="display:inline;font-size:9pt;color:#000000;"> investment per bed.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 31.5pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 5pt;"> <font style="display:inline;font-size:5pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Owned properties are leased pursuant to non-cancelable operating leases generally with an initial term of </font><font style="display:inline;font-size:11pt;">10</font><font style="display:inline;font-size:11pt;"> to </font><font style="display:inline;font-size:11pt;">15</font><font style="display:inline;font-size:11pt;"> years. Each lease is a triple net lease which requires the lessee to pay all </font><font style="display:inline;font-size:11pt;">taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other </font><font style="display:inline;font-size:11pt;">costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of </font><font style="display:inline;font-size:11pt;">four</font><font style="display:inline;font-size:11pt;"> ways depending on specific provisions of each lease:</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;"> <p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:11pt;;"> (i)</font> </p> </td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-size:11pt;color:#000000;">a specified percentage increase over the prior year&#x2019;s rent, generally between </font><font style="display:inline;font-size:11pt;color:#000000;">2.0%</font><font style="display:inline;font-size:11pt;color:#000000;"> and </font><font style="display:inline;font-size:11pt;color:#000000;">3.0%;</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;"> <p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:11pt;;"> (ii)</font> </p> </td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-size:11pt;color:#000000;">a calculation based on the Consumer Price Index;</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;"> <p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:11pt;;"> (iii)</font> </p> </td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-size:11pt;color:#000000;">as a percentage of facility net patient revenues in excess of base amounts; or</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;"> <p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:11pt;;"> (iv)</font> </p> </td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-size:11pt;color:#000000;">specific dollar increases.</font></p></td></tr></table></div> <p style="margin:12pt 0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Acquisitions and Development:</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">The following table summarizes our investment for </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Purchase</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:05.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Transaction</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Acquisition</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Price</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:05.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Costs</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Costs</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds/Units</font></p> </td> </tr> <tr> <td valign="bottom" style="width:51.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,000 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,040 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>126 </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties&#x2019; basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statements of income </font><font style="display:inline;font-size:9pt;color:#000000;">($90)</font><font style="display:inline;font-size:9pt;color:#000000;"> due to the timing and recognition of costs associated with pending, completed and terminated transactions. </font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">We acquired a newly constructed </font><font style="display:inline;font-size:9pt;color:#000000;">126</font><font style="display:inline;font-size:9pt;color:#000000;">-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of </font><font style="display:inline;font-size:9pt;color:#000000;">8.5%</font><font style="display:inline;font-size:9pt;color:#000000;">.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Subsequent to March 31,&nbsp;2016, </font><font style="display:inline;font-size:11pt;">we purchased </font><font style="display:inline;font-size:11pt;">two</font><font style="display:inline;font-size:11pt;"> memory care communities in Kansas totaling </font><font style="display:inline;font-size:11pt;">120</font><font style="display:inline;font-size:11pt;"> units for an aggregate purchase price of </font><font style="display:inline;font-size:11pt;">$25</font><font style="display:inline;font-size:11pt;">,000,000</font><font style="display:inline;font-size:11pt;">. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of </font><font style="display:inline;font-size:11pt;">8</font><font style="display:inline;font-size:11pt;">.0</font><font style="display:inline;font-size:11pt;">%</font><font style="display:inline;font-size:11pt;">. Also, we agreed to pay up to </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:11pt;">550,000</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">and </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:11pt;">750,000</font><font style="display:inline;font-size:11pt;"> for lease inducement and capital improvements, respectively. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Additionally, we acquired a </font><font style="display:inline;font-size:11pt;">60</font><font style="display:inline;font-size:11pt;">-unit memory care community in Kentucky for </font><font style="display:inline;font-size:11pt;">$14,250,000</font><font style="display:inline;font-size:11pt;"> and agreed to provide a contingent lease incentive of up to </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:11pt;">300,000</font><font style="display:inline;font-size:11pt;"> upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of </font><font style="display:inline;font-size:11pt;">8</font><font style="display:inline;font-size:11pt;">.0</font><font style="display:inline;font-size:11pt;">%</font><font style="display:inline;font-size:11pt;">. &nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">A summary of our funding for development and improvement projects for the three months ended March 31, 2016 and 2015 is as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Three months ended March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Three months ended March&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Expansion, </font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Expansion, </font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Renovation and</font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Renovation and</font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Development</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Improvements</font></p> </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Development</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Improvements</font></p> </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted Living Communities</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,439 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,135 </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,278 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,093 </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing Centers</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 3pt 0.05pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,118 </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,763 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,835 </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:54.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,439 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,253 </td> <td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,041 </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,928 </td> <td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project </font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type of</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Project</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Property</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds/Units</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">State</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total&nbsp;Funding</font></p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:23.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">Development</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">1</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">ALF</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">66</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">Illinois</font></p> </td> <td valign="bottom" style="width:03.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,808 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Our construction in progress (or CIP) activity during </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> for our development, redevelopment, renovation, and expansion projects is as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">CIP</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">CIP</font></p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Balance&nbsp;at</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Capitalized</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Conversions</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Balance&nbsp;at</font></p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type of Property</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">12/31/2015</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Funded</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Interest</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">out&nbsp;of&nbsp;CIP</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">3/31/2016</font></p> </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled nursing</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,252 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,117 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13) </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,356 </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted living</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,713 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,409 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>686 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,352) </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,456 </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:49.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,965 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,526 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>686 </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,365) </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,812 </td> <td valign="bottom" style="width:00.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Excludes </font><font style="display:inline;font-size:9pt;color:#000000;">$</font><font style="display:inline;font-size:9pt;color:#000000;">1,165</font><font style="display:inline;font-size:9pt;color:#000000;">&nbsp;</font><font style="display:inline;font-size:9pt;color:#000000;">of funding directly capitalized into building.</font></p></td></tr></table></div> <p style="margin:12pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we sold a </font><font style="display:inline;font-size:11pt;">48</font><font style="display:inline;font-size:11pt;">-unit assisted living community located in Florida for </font><font style="display:inline;font-size:11pt;">$1,750,000</font><font style="display:inline;font-size:11pt;"> which was previously written down to its estimated sale price in the fourth quarter of 2015.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Mortgage Loans.</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">The following table summarizes our investments in mortgage loans secured by first mortgages at </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Percentage</font></p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investment</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Gross</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">per</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Loans</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Units</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Bed/Unit</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210,423 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93.4 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,676 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57.24 </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted Living</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,667 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.1 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270 </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50.62 </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Other</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(3)</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,209 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>225,299 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,676 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270 </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">We have investments in properties located in </font><font style="display:inline;font-size:9pt;color:#000000;">eight</font><font style="display:inline;font-size:9pt;color:#000000;"> states that include mortgages to </font><font style="display:inline;font-size:9pt;color:#000000;">11</font><font style="display:inline;font-size:9pt;color:#000000;"> different operators.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">See Item&nbsp;2. Properties for discussion of bed/unit count.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Includes a parcel of land secured under a short-term mortgage loan.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, the mortgage loans had interest rates ranging from </font><font style="display:inline;font-size:11pt;">7.3%</font><font style="display:inline;font-size:11pt;"> to </font><font style="display:inline;font-size:11pt;">13.9%</font><font style="display:inline;font-size:11pt;"> and maturities ranging from 2016 to 2045. In addition, some loans contain certain guarantees, provide for certain facility fees and generally have </font><font style="display:inline;font-size:11pt;">20</font><font style="display:inline;font-size:11pt;">-year to </font><font style="display:inline;font-size:11pt;">30</font><font style="display:inline;font-size:11pt;">-year amortization schedules. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of </font><font style="display:inline;font-size:11pt;">10</font><font style="display:inline;font-size:11pt;"> to </font><font style="display:inline;font-size:11pt;">25</font><font style="display:inline;font-size:11pt;"> basis points. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">2015</font><font style="display:inline;font-size:11pt;">, we received </font><font style="display:inline;font-size:11pt;">$513,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$2,285,000</font><font style="display:inline;font-size:11pt;">, respectively, plus accrued interest related to the payoff of </font><font style="display:inline;font-size:11pt;">three</font><font style="display:inline;font-size:11pt;"> mortgage loans secured by </font><font style="display:inline;font-size:11pt;">two</font><font style="display:inline;font-size:11pt;"> skilled nursing centers and a range of care community. During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;">, we received </font><font style="display:inline;font-size:11pt;">$502,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$501,000</font><font style="display:inline;font-size:11pt;">, respectively, in regularly scheduled principal payments.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">A summary of our mortgage loan funding for the three months ended March 31, 2016 and 2015 is as follows </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Three months ended March&nbsp;31,&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-family:Calibri;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">2016 Funding</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">2015 Funding</font></p> </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:74.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing Centers</font></p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,599 </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,358 </td> <td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Subsequent to March 31, 2016, we originated a </font><font style="display:inline;font-size:11pt;">$12,250,000</font><font style="display:inline;font-size:11pt;"> mortgage loan secured by a first lien mortgage encumbering </font><font style="display:inline;font-size:11pt;">two</font><font style="display:inline;font-size:11pt;"> skilled nursing centers in Michigan totaling </font><font style="display:inline;font-size:11pt;">216</font><font style="display:inline;font-size:11pt;"> beds. We funded </font><font style="display:inline;font-size:11pt;">$7,750,000</font><font style="display:inline;font-size:11pt;"> at closing, with a commitment to fund </font><font style="display:inline;font-size:11pt;">$4,500,000</font><font style="display:inline;font-size:11pt;"> for approved capital improvement projects. The loan has an initial term of </font><font style="display:inline;font-size:11pt;">4</font><font style="display:inline;font-size:11pt;"> years and bears interest at </font><font style="display:inline;font-size:11pt;">9.41</font><font style="display:inline;font-size:11pt;">%.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Duri</font><font style="display:inline;font-size:11pt;">ng the quarter ended March 31, 2015, we purchased and equipped a </font><font style="display:inline;font-size:11pt;">106</font><font style="display:inline;font-size:11pt;">-bed skilled nursing center in Wisconsin f</font><font style="display:inline;font-size:11pt;">or a total of </font><font style="display:inline;font-size:11pt;">$13,946,000</font><font style="display:inline;font-size:11pt;"> by exercising our purchase option under a </font><font style="display:inline;font-size:11pt;">$10,600,000</font><font style="display:inline;font-size:11pt;"> mortgage and construction loan. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a </font><font style="display:inline;font-size:11pt;">$1,054,000</font><font style="display:inline;font-size:11pt;"> lease inducement which will be amortized as a yield adjustment over the life of the lease term.</font><font style="display:inline;font-size:11pt;"> &nbsp; &nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 800000000 200000000 P3Y 4167000 4167000 4167000 4167000 4167000 928328000 948186000 31480000 38604000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes our notes receivable activities for </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Three months ended&nbsp;&nbsp;March&nbsp;31,&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Advances under notes receivable</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>892 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Principal payments received under notes receivable</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30) </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;-</font></p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:77.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net increase in notes receivable</font></p> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>892 </td> <td valign="bottom" style="width:02.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table sets forth information regarding debt obligations by component as of </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:11pt;"> &nbsp;(</font><font style="display:inline;font-style:italic;font-size:11pt;">dollar amounts in thousands):</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="11" valign="bottom" style="width:45.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:21.96%;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">At March 31, 2016</font></p> </td> <td valign="bottom" style="width:01.92%;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:21.96%;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">At December 31, 2015</font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Applicable</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Available </font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Available </font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Interest</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Outstanding </font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">for</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Outstanding </font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">for</font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Debt Obligations</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;"> Rate</font><font style="display:inline;font-weight:bold;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Balance</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;"> Borrowing</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">Balance</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-weight:bold;font-size:9pt;"> Borrowing</font></p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Bank borrowings</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2.13%</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,000 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>439,000 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,500 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>479,500 </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior unsecured notes, net of debt issue costs</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">4.63%</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>447,256 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,500 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,372 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,333 </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">3.97%</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>608,256 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>571,872 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents weighted average of interest rate as of </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">. &nbsp;</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Subsequent to </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">, we borrowed</font><font style="display:inline;font-size:9pt;color:#000000;"> an additional</font><font style="display:inline;font-size:9pt;color:#000000;">&nbsp;</font><font style="display:inline;font-size:9pt;color:#000000;">$37,000</font><font style="display:inline;font-size:9pt;color:#000000;"> under our unsecured revolving line of credit. Accordingly, we have </font><font style="display:inline;font-size:9pt;color:#000000;">$198,000</font><font style="display:inline;font-size:9pt;color:#000000;"> outstanding</font><font style="display:inline;font-size:9pt;color:#000000;"> under our unsecured revolving line of credit with </font><font style="display:inline;font-size:9pt;color:#000000;">$402,000</font><font style="display:inline;font-size:9pt;color:#000000;"> available for borrowing.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table sets forth the computation of basic and diluted net income per share (</font><font style="display:inline;font-style:italic;font-size:11pt;">in thousands, except per share amounts</font><font style="display:inline;font-size:11pt;">):</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">March&nbsp;31,&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,858 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,552 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Less net income allocated to participating securities:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Non-forfeitable dividends on participating securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(123) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total net income allocated to participating securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(123) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Less net income allocated to preferred stockholders:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Preferred stock dividends</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total net income allocated to preferred stockholders</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818) </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income available to common stockholders</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,757 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,611 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Effect of dilutive securities:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Convertible preferred securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total effect of dilutive securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income for diluted net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,757 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,429 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Shares for basic net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,446 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,277 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Effect of dilutive securities:</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Stock options</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Convertible preferred securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,000 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total effect of dilutive securities</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,015 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Shares for diluted net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,459 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,292 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Basic net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.53 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Diluted net income per share</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.53 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47 </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes our investments in mortgage loans secured by first mortgages at </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-style:italic;font-size:11pt;">(dollar amounts in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Percentage</font></p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investment</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Gross</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">per</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Loans</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Properties</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(1)</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Units</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">(2)</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Bed/Unit</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Skilled Nursing</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210,423 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93.4 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,676 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57.24 </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Assisted Living</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,667 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.1 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270 </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50.62 </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Other</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">(3)</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,209 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>225,299 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0 </td> <td valign="bottom" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36 </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,676 </td> <td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270 </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">We have investments in properties located in </font><font style="display:inline;font-size:9pt;color:#000000;">eight</font><font style="display:inline;font-size:9pt;color:#000000;"> states that include mortgages to </font><font style="display:inline;font-size:9pt;color:#000000;">11</font><font style="display:inline;font-size:9pt;color:#000000;"> different operators.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">See Item&nbsp;2. Properties for discussion of bed/unit count.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Includes a parcel of land secured under a short-term mortgage loan.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">Equity activity was as follows </font><font style="display:inline;font-style:italic;font-size:10pt;">(in thousands)</font><font style="display:inline;font-size:10pt;">:</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Equity</font></p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Balance at December&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>659,202 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,858 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Proceeds from common stock offering, net of&nbsp;&nbsp;fees and costs</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,327 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Vesting of stock option and restricted common stock </font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>990 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Reclassification adjustment</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28) </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Common stock dividends</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,347) </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Other</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,312) </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Balance at March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>672,690 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number </font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Remaining&nbsp; </font></p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Compensation</font></p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Vesting Date</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Calibri;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;"> Awards</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Calibri;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Expense</font></p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2016</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,480 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,519,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2017</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77,663 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,335,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2018</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,352 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,127,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2019</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,771 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,266 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,059,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:32.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:14.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="4" valign="bottom" style="width:17.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Percentage of</font></p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ROC</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">SNF</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">ALF</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Operator</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Centers</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Communities</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Communities</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Beds</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Units</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Revenue</font><font style="display:inline;font-weight:bold;font-size:8pt;font-size:4pt;top:-3.2pt;position:relative;line-height:10pt"> (1)</font></p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Assets</font></p> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Prestige Healthcare</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt"> (2)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,606 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.3 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.8 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior Lifestyle Corporation</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,631 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.8 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13.6 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Brookdale Senior Living</font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt"> (3)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,704 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.3 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.9 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Senior Care Centers </font><font style="display:inline;font-size:9pt;font-size:5pt;top:-3.6pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,444 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.2 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.1 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Totals</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,050 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,428 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49.6 </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44.4 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">%</font></p> </td> <td valign="bottom" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Includes rental income and interest income from mortgage loans. </font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">A privately held company.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (3)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">A subsidiary of Brookdale Senior Living, Inc.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 982000 990000 P3Y P3Y 640 65750 65300 44.45 43.24 193266 21771 44480 77663 49352 35001 0 0 5000 40001 4609 30910 659202000 672690000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">6.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Equity</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 6pt;"> <font style="display:inline;font-size:6pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">Equity activity was as follows </font><font style="display:inline;font-style:italic;font-size:10pt;">(in thousands)</font><font style="display:inline;font-size:10pt;">:</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Equity</font></p> </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Balance at December&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>659,202 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Net income</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,858 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Proceeds from common stock offering, net of&nbsp;&nbsp;fees and costs</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,327 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Vesting of stock option and restricted common stock </font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>990 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Reclassification adjustment</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28) </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Common stock dividends</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,347) </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Other</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,312) </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:85.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Balance at March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>672,690 </td> <td valign="bottom" style="width:01.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-size:7pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Preferred Stock.</font><font style="display:inline;"> &nbsp; &nbsp;</font><font style="display:inline;font-size:11pt;">As of January 1, 2015, we had </font><font style="display:inline;font-size:11pt;">2,000,000</font><font style="display:inline;font-size:11pt;"> shares of our </font><font style="display:inline;font-size:11pt;">8.5%</font><font style="display:inline;font-size:11pt;"> Series&nbsp;C Cumulative Convertible Preferred Stock (or Series&nbsp;C preferred stock) outstanding. Our Series&nbsp;C preferred stock was convertible into </font><font style="display:inline;font-size:11pt;">2,000,000</font><font style="display:inline;font-size:11pt;"> shares of our common stock at </font><font style="display:inline;font-size:11pt;">$19.25</font><font style="display:inline;font-size:11pt;"> per share and dividends were payable quarterly. During 2015, the sole holder of our Series C Preferred stock elected to convert all of its preferred shares into </font><font style="display:inline;font-size:11pt;">2,000,000</font><font style="display:inline;font-size:11pt;"> shares of common stock. Accordingly, we had </font><font style="display:inline;font-size:11pt;">no</font><font style="display:inline;font-size:11pt;"> preferred stock outstanding as of March 31, 2016.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Common Stock. </font><font style="display:inline;font-size:11pt;">During 2015</font><font style="display:inline;font-size:11pt;">, we entered into equity distribution agreements to issue and sell, from time to time, up to </font><font style="display:inline;font-size:11pt;">$200,000,000</font><font style="display:inline;font-size:11pt;"> in aggregate offering price of our common shares. Sales of common shares are made by means of ordinary brokers&#x2019; transactions, which may include block trades, or transactions that are deemed to be &#x201C;at the market&#x201D; offerings. During the three months ended </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we sold </font><font style="display:inline;font-size:11pt;">332,619</font><font style="display:inline;font-size:11pt;"> shares of common stock for </font><font style="display:inline;font-size:11pt;">$14,637,000</font><font style="display:inline;font-size:11pt;"> in net proceeds under our equity distribution agreements. In conjunction with the sale of common stock, we reclassified </font><font style="display:inline;font-size:11pt;">$310,000</font><font style="display:inline;font-size:11pt;"> of accumulated costs associated with the equity distribution agreements to additional paid in capital. At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we had </font><font style="display:inline;font-size:11pt;">$185,102,000</font><font style="display:inline;font-size:11pt;"> available under these agreements. Also,</font><font style="display:inline;font-style:italic;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">during </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;">, we acquired </font><font style="display:inline;font-size:11pt;">30,910</font><font style="display:inline;font-size:11pt;"> shares and </font><font style="display:inline;font-size:11pt;">4,609</font><font style="display:inline;font-size:11pt;"> shares respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Available Shelf Registrations.</font><font style="display:inline;">&nbsp;</font><font style="display:inline;font-size:11pt;">We had an automatic shelf registration statement which was filed in 2013 and provided us with the capacity to publicly offer up to </font><font style="display:inline;font-size:11pt;">$800,000,000</font><font style="display:inline;font-size:11pt;"> in common stock, preferred stock, warrants, debt, depositary shares, or units. At December 31, 2015, we had availability of </font><font style="display:inline;font-size:11pt;">$575,100,000</font><font style="display:inline;font-size:11pt;"> under our effective shelf registration.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In advance of the </font><font style="display:inline;font-size:11pt;">three</font><font style="display:inline;font-size:11pt;">-year expiration of the automatic shelf registration statement we filed in 2013, we filed a new automatic shelf registration statement with the SEC on January 29, 2016 to provide us with additional capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under the automatic registration statement we filed in 2016 (until its expiration on January 29, 2019) in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;"> Distributions.</font><font style="display:inline;font-size:11pt;"> We declared and paid the following cash dividends </font><font style="display:inline;font-style:italic;font-size:11pt;">(in thousands)</font><font style="display:inline;font-size:11pt;">:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="11" valign="bottom" style="width:37.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Three Months Ended </font></p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:18.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">March&nbsp;31,&nbsp;2016</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:16.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">March&nbsp;31,&nbsp;2015</font></p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Declared</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Paid</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Declared</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Paid</font></p> </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;line-height:10pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Preferred Stock Series&nbsp;C</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;"> &nbsp;&#x2014;</font></p> </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>818 </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Common Stock</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(1)</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,116 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 3pt 0pt 0pt;line-height:10pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,116 </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;font-size:9pt;font-size:5pt;top:-4.8pt;position:relative;line-height:10pt">(2)</font></p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">Total</font></p> </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,347 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,934 </td> <td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,934 </td> <td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:10pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <div><hr style="border-width:0;width:25%;height:1pt;color:#000;background-color:#000;" align="left"></hr></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt;font-weight:normal;font-size:9pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (1)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents </font><font style="display:inline;font-size:9pt;color:#000000;">$0.18</font><font style="display:inline;font-size:9pt;color:#000000;">&nbsp;</font><font style="display:inline;font-size:9pt;color:#000000;">per</font><font style="display:inline;font-size:9pt;color:#000000;"> share per month </font><font style="display:inline;font-size:9pt;color:#000000;">for the three months ended </font><font style="display:inline;font-size:9pt;color:#000000;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:9pt;color:#000000;">.</font></p></td></tr></table></div> <p style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 3pt;"> <font style="display:inline;font-size:3pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <sup style="margin:0pt 0pt 12pt;font-weight:normal;font-size:9pt;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;;"> (2)</sup> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 9pt;margin:0pt;"> <font style="display:inline;font-size:9pt;color:#000000;">Represents </font><font style="display:inline;font-size:9pt;color:#000000;">$0.17</font><font style="display:inline;font-size:9pt;color:#000000;"> per share</font><font style="display:inline;font-size:9pt;color:#000000;"> per month</font><font style="display:inline;font-size:9pt;color:#000000;"> for the three months ended March 31, 2015.</font></p></td></tr></table></div> <p style="margin:12pt 0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In </font><font style="display:inline;font-size:11pt;">April</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">2016</font><font style="display:inline;font-size:11pt;">, we declared a monthly cash dividend of </font><font style="display:inline;font-size:11pt;">$0.18</font><font style="display:inline;font-size:11pt;"> per share on our common stock for the months of </font><font style="display:inline;font-size:11pt;">April</font><font style="display:inline;font-size:11pt;">, &nbsp;</font><font style="display:inline;font-size:11pt;">May</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">June</font><font style="display:inline;font-size:11pt;">, payable on </font><font style="display:inline;font-size:11pt;">April&nbsp;29</font><font style="display:inline;font-size:11pt;">, &nbsp;</font><font style="display:inline;font-size:11pt;">May&nbsp;31</font><font style="display:inline;font-size:11pt;">, and </font><font style="display:inline;font-size:11pt;">June&nbsp;30</font><font style="display:inline;font-size:11pt;">, 2016, respectively, to stockholders of record on </font><font style="display:inline;font-size:11pt;">April&nbsp;21</font><font style="display:inline;font-size:11pt;">, &nbsp;</font><font style="display:inline;font-size:11pt;">May&nbsp;23</font><font style="display:inline;font-size:11pt;">, and </font><font style="display:inline;font-size:11pt;">June&nbsp;22</font><font style="display:inline;font-size:11pt;">, 2016, respectively.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Accumulated Other Comprehensive Income.</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">December&nbsp;31,&nbsp;2015</font><font style="display:inline;font-size:11pt;">, accumulated comprehensive income of </font><font style="display:inline;font-size:11pt;">$18,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$47,000</font><font style="display:inline;font-size:11pt;">, respectively, represents the net unrealized holding gains on available-for-sale REMIC Certificates recorded in 2005 when we repurchased the loans in the underlying loan pool. This amount is being amortized to increase interest income over the remaining life of the loans that we repurchased from the REMIC Pool.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Stock-Based Compensation</font><font style="display:inline;font-size:11pt;">. &nbsp;</font><font style="display:inline;font-size:11pt;">During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaces the 2008 Equity Participation Plan (or the 2008 Plan). Under the 2015 Plan, </font><font style="display:inline;font-size:11pt;">1,400,000</font><font style="display:inline;font-size:11pt;"> shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. During </font><font style="display:inline;font-size:11pt;">the three months ended </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">2015</font><font style="display:inline;font-size:11pt;">, &nbsp;</font><font style="display:inline;font-size:11pt;">no</font><font style="display:inline;font-size:11pt;"> stock options were granted or exercised under the 2015 Plan or 2008 Plan.&nbsp; </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, we had </font><font style="display:inline;font-size:11pt;">40,001</font><font style="display:inline;font-size:11pt;"> stock options outstanding of which </font><font style="display:inline;font-size:11pt;">35,001</font><font style="display:inline;font-size:11pt;"> stock options are </font><font style="display:inline;font-size:11pt;">exercisable</font><font style="display:inline;font-size:10pt;">. &nbsp;</font><font style="display:inline;font-size:11pt;">Compensation expense related to the vesting of stock options for each of </font><font style="display:inline;font-size:11pt;">the three months ended </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016 and 201</font><font style="display:inline;font-size:10pt;">5</font><font style="display:inline;font-size:11pt;">, were </font><font style="display:inline;font-size:11pt;">$4,000</font><font style="display:inline;font-size:11pt;">. &nbsp;</font><font style="display:inline;font-size:11pt;">At March 31, 2016, we had </font><font style="display:inline;font-size:11pt;">5,000</font><font style="display:inline;font-size:11pt;"> unvested stock options. </font><font style="display:inline;font-size:11pt;">The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2016 and 2017 is </font><font style="display:inline;font-size:11pt;">$11,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$3,000</font><font style="display:inline;font-size:11pt;">, respectively. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;201</font><font style="display:inline;font-size:10pt;">5</font><font style="display:inline;font-size:11pt;">, we cancelled </font><font style="display:inline;font-size:11pt;">640</font><font style="display:inline;font-size:11pt;"> shares of restricted stock under the 2008 Plan. During </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;">, we granted </font><font style="display:inline;font-size:11pt;">65,300</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">65,750</font><font style="display:inline;font-size:11pt;"> shares of restricted common stock under the 2015 Plan and 2008 Plan, respectively, as follows:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Price&nbsp;per</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Year</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">No.&nbsp;of&nbsp;Shares</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Share</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Vesting&nbsp;Period</font></p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;color:#000000;font-size:8pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">2016</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,300 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:right;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.24 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">ratably over </font><font style="display:inline;color:#000000;font-size:9pt;">3</font><font style="display:inline;color:#000000;font-size:9pt;"> years</font></p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:46.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">2015</font></p> </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,750 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:right;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:05.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44.45 </td> <td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;color:#000000;font-size:9pt;">ratably over </font><font style="display:inline;color:#000000;font-size:9pt;">3</font><font style="display:inline;color:#000000;font-size:9pt;"> years</font></p> </td> <td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Compensation expense recognized related to the vesting of restricted common stock for </font><font style="display:inline;font-size:11pt;">the three months ended March&nbsp;31,&nbsp;2016 and 2015</font><font style="display:inline;font-size:11pt;"> were </font><font style="display:inline;font-size:11pt;">$986,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$978,000</font><font style="display:inline;font-size:11pt;">, respectively. At </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;">, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows:</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Number </font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Remaining&nbsp; </font></p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">of</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Compensation</font></p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Vesting Date</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Calibri;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;"> Awards</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Calibri;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-weight:bold;font-size:8pt;">Expense</font></p> </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2016</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,480 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,519,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2017</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77,663 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,335,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2018</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,352 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,127,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">2019</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,771 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:73.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,266 </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:9pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,059,000 </td> <td valign="bottom" style="width:00.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1312000 332619 14327000 990000 2275000 2835000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">11.</font><font style="display:inline;font-weight:bold;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font><font style="display:inline;font-weight:bold;font-size:3pt;"></font><font style="display:inline;font-weight:bold;font-size:11pt;">Subsequent Events</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Subsequent to </font><font style="display:inline;font-size:11pt;">March&nbsp;31,&nbsp;2016</font><font style="display:inline;font-size:11pt;"> the following events occurred.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Real Estate Investments:</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">We purchased </font><font style="display:inline;font-size:11pt;">two</font><font style="display:inline;font-size:11pt;"> memory care communities in Kansas totaling </font><font style="display:inline;font-size:11pt;">120</font><font style="display:inline;font-size:11pt;"> units for an aggregate purchase price of </font><font style="display:inline;font-size:11pt;">$25,000,000</font><font style="display:inline;font-size:11pt;">. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of </font><font style="display:inline;font-size:11pt;">8</font><font style="display:inline;font-size:11pt;">.0</font><font style="display:inline;font-size:11pt;">%</font><font style="display:inline;font-size:11pt;">. Also, we agreed to pay up to </font><font style="display:inline;font-size:11pt;">$550,000</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">$750,000</font><font style="display:inline;font-size:11pt;"> for lease inducement and capital improvements, respectively. </font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Additionally, we acquired a </font><font style="display:inline;font-size:11pt;">60</font><font style="display:inline;font-size:11pt;">-unit memory care community in Kentucky for </font><font style="display:inline;font-size:11pt;">$14,250,000</font><font style="display:inline;font-size:11pt;"> and agreed to provide a contingent lease incentive of up to </font><font style="display:inline;font-size:11pt;">$300,000</font><font style="display:inline;font-size:11pt;"> upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of </font><font style="display:inline;font-size:11pt;">8</font><font style="display:inline;font-size:11pt;">.0</font><font style="display:inline;font-size:11pt;">%</font><font style="display:inline;font-size:11pt;">.</font><font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">We also originated a </font><font style="display:inline;font-size:11pt;">$12,250,000</font><font style="display:inline;font-size:11pt;">&nbsp;</font><font style="display:inline;font-size:11pt;">4</font><font style="display:inline;font-size:11pt;">-year term mortgage loan, funding </font><font style="display:inline;font-size:11pt;">$7,750,000</font><font style="display:inline;font-size:11pt;"> at closing, with a commitment to fund </font><font style="display:inline;font-size:11pt;">$4,500,000</font><font style="display:inline;font-size:11pt;">. Additionally, we amended an existing loan agreement to increase the remaining commitment from </font><font style="display:inline;font-size:11pt;">$1,500,000</font><font style="display:inline;font-size:11pt;"> to </font><font style="display:inline;font-size:11pt;">$5,500,000</font><font style="display:inline;font-size:11pt;">.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Debt Obligations: </font><font style="display:inline;font-size:11pt;">We borrowed </font><font style="display:inline;font-size:11pt;">an additional $</font><font style="display:inline;font-size:10pt;">37,000</font><font style="display:inline;font-size:11pt;"> under our unsecured revolving line of credit. Accordingly, we have </font><font style="display:inline;font-size:11pt;">$198,000</font><font style="display:inline;font-size:11pt;"> outstanding under our unsecured revolving line of credit with </font><font style="display:inline;font-size:11pt;">$</font><font style="display:inline;font-size:10pt;">402,000</font><font style="display:inline;font-size:11pt;"> available for borrowing. Also, we locked rate under our Prudential shelf agreement on </font><font style="display:inline;font-size:11pt;">$37,500,000</font><font style="display:inline;font-size:11pt;"> senior unsecured notes with an annual fixed rate of </font><font style="display:inline;font-size:11pt;">4.15%</font><font style="display:inline;font-size:11pt;"> and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a </font><font style="display:inline;font-size:11pt;">12</font><font style="display:inline;font-size:11pt;">-year final maturity.</font> </p> <p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Equity:</font><font style="display:inline;font-size:11pt;"> We declared a monthly cash dividend of </font><font style="display:inline;font-size:11pt;">$0.18</font><font style="display:inline;font-size:11pt;"> per share on our common stock for the months of April, </font><font style="display:inline;font-size:11pt;">May</font><font style="display:inline;font-size:11pt;"> and </font><font style="display:inline;font-size:11pt;">June</font><font style="display:inline;font-size:11pt;">, payable on April 29, May 31, and June 30, 2016, respectively, to stockholders of record on April 21, May 23, and June 22, 2016, respectively.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 451372000 451372000 451420000 447256000 447256000 450129000 2224000 2015000 13000 37292000 37459000 35277000 37446000 EX-101.SCH 6 ltc-20160331.xsd EX-101.SCH 00100 - 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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2016
Apr. 26, 2016
Document and Entity Information    
Entity Registrant Name LTC PROPERTIES INC  
Entity Central Index Key 0000887905  
Document Type 10-Q  
Document Period End Date Mar. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   37,915,120
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q1  
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Real estate investments:    
Land $ 108,867 $ 106,841
Buildings and improvements 1,120,889 1,091,845
Accumulated depreciation and amortization (259,237) (251,265)
Real property investments, net 970,519 947,421
Mortgage loans receivable, net of loan loss reserve: 2016-$2,246; 2015-$2,190 223,053 217,529
Real estate investments, net 1,193,572 1,164,950
Investment in unconsolidated joint ventures 24,042 24,042
Investments, net 1,217,614 1,188,992
Other assets:    
Cash and cash equivalents 24,280 12,942
Debt issue costs related to bank borrowing 2,605 2,865
Interest receivable 5,815 4,536
Straight-line rent receivable, net of allowance for doubtful accounts: 2016-$861; 2015-$833 45,492 42,685
Prepaid expenses and other assets 21,020 21,443
Notes receivable 2,024 1,961
Total assets 1,318,850 1,275,424
LIABILITIES    
Bank borrowings 161,000 120,500
Senior unsecured notes, net of debt issue costs: 2016-$1,044; 2015-$1,095 447,256 451,372
Accrued interest 2,852 3,974
Accrued incentives and earn-outs 12,572 12,722
Accrued expenses and other liabilities 22,480 27,654
Total liabilities 646,160 616,222
Stockholders' equity:    
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2016—37,915; 2015—37,548 379 375
Capital in excess of par value 772,677 758,676
Cumulative net income 948,186 928,328
Accumulated other comprehensive income 18 47
Cumulative distributions (1,048,570) (1,028,224)
Total equity 672,690 659,202
Total liabilities and equity $ 1,318,850 $ 1,275,424
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mortgage loans receivable, loan loss reserve $ 2,246 $ 2,190
Straight-line rent receivable, allowance for doubtful accounts 861 833
Debt issue costs, net $ 2,605 $ 2,865
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 60,000,000 60,000,000
Common stock, shares issued 37,915,000 37,548,000
Common stock, shares outstanding 37,915,000 37,548,000
Senior Unsecured Debt    
Debt issue costs, net $ 1,044 $ 1,095
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues:    
Rental income $ 31,880 $ 26,678
Interest income from mortgage loans 6,578 4,607
Interest and other income 146 195
Total revenues 38,604 31,480
Expenses:    
Interest expense 6,000 3,766
Depreciation and amortization 8,561 6,779
General and administrative expenses 4,457 3,499
Total expenses 19,018 14,044
Operating income 19,586 17,436
Income from unconsolidated joint ventures (272) (116)
Net income 19,858 17,552
Income allocated to participating securities (101) (123)
Income allocated to preferred stockholders   (818)
Net income available to common stockholders $ 19,757 $ 16,611
Earnings per common share    
Basic (in dollars per share) $ 0.53 $ 0.47
Diluted (in dollars per share) $ 0.53 $ 0.47
Weighted average shares used to calculate earnings per common share    
Basic (in shares) 37,446 35,277
Diluted (in shares) 37,459 37,292
Dividends declared and paid per common share (in dollars per share) $ 0.54 $ 0.51
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME    
Net income $ 19,858 $ 17,552
Reclassification adjustment (Note 6) (28) (9)
Comprehensive income $ 19,830 $ 17,543
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES:    
Net income $ 19,858 $ 17,552
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,561 6,779
Stock-based compensation expense 990 982
Income from unconsolidated joint ventures (272) (116)
Income distribution from unconsolidated joint ventures 268  
Straight-line rental income (2,835) (2,275)
Amortization of lease incentive 518 352
Provision for doubtful accounts 84 3
Non-cash interest related to contingent liabilities 149 55
Other non-cash items, net 291 215
Increase in interest receivable (1,279) (570)
Decrease in accrued interest payable (1,122) (1,084)
Net change in other assets and liabilities (5,606) (4,029)
Net cash provided by operating activities 19,605 17,864
INVESTING ACTIVITIES:    
Investment in real estate properties (16,000) (13,031)
Investment in real estate developments (13,439) (5,041)
Investment in real estate capital improvements (3,253) (4,928)
Capitalized interest (686) (147)
Proceeds from sale of real estate investments, net 1,750  
Investment in real estate mortgage loans receivable (6,599) (11,358)
Principal payments received on mortgage loans receivable 1,015 2,786
Investment in unconsolidated joint ventures   (20,143)
Payment of working capital reserve (299)  
Advances under notes receivable (93) (892)
Principal payments received on notes receivable 30  
Net cash used in investing activities (37,574) (52,754)
FINANCING ACTIVITIES:    
Bank borrowings 40,500 36,500
Principal payments on senior unsecured notes (4,167) (4,167)
Proceeds from issuance of common stock, net 14,637  
Distributions paid to stockholders (20,347) (18,934)
Other (1,316) (329)
Net cash provided by financing activities 29,307 13,070
Increase (decrease) in cash and cash equivalents 11,338 (21,820)
Cash and cash equivalents, beginning of period 12,942 25,237
Cash and cash equivalents, end of period 24,280 3,417
Supplemental disclosure of cash flow information:    
Interest paid $ 6,807 4,774
Mortgage loan receivable applied against purchase price to acquire real estate (Note 2)   $ 10,600
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General
 3 Months Ended
Mar. 31, 2016
General  
General

1.General

LTC Properties, Inc., a health care real estate investment trust (or REIT), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in senior housing and health care properties through acquisitions, development, mortgage loans and other investments. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in senior housing and health care properties managed by experienced operators. Our primary senior housing and health care property classifications include skilled nursing centers (or SNF), assisted living communities (or ALF), independent living communities (or ILF), memory care communities (or MC) and combinations thereof. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment.

We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (or SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (or GAAP) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results for a full year.

No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.

New Accounting Pronouncements.

In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The adoption of this ASU did not have a material impact on our consolidated financial statements.

In February 2016, the FASB issued Accounting Standards Update (or ASU) No. 2016-02 (or ASU 2016-02), Leases (Topic 842). ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees’ operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires that the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

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Real Estate Investments
 3 Months Ended
Mar. 31, 2016
Real Estate Investments  
Real Estate Investments

2.Real Estate Investments

Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (or collectively ALF). Range of care communities (or ROC) property classification consists of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services.

Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Owned Properties. The following table summarizes our investments in owned properties at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Percentage

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

    

Investments

    

Investments

    

Properties(1)

    

Beds

    

Units

    

Bed/Unit

 

Assisted Living

 

$
582,362

 
47.4

% 
96

 

 —

 
5,205

 

$
111.89

 

Skilled Nursing

 

 
540,240

 
43.9

%  
71

 
8,781

 

 —

 

$
61.52

 

Range of Care

 

 
43,907

 
3.6

% 
7

 
634

 
274

 

$
48.36

 

Under Development(2)

 

 
43,761

 
3.6

% 

 —

 

 —

 

 —

 

 

 —

 

Other(3)

 

 
19,486

 
1.5

% 
2

 
118

 

 —

 

 

 —

 

Totals

 

$
1,229,756

 
100.0

% 
176

 
9,533

 
5,479

 

 

 

 

(1)

We own properties in 28 states that are leased to 29 different operators.

 

(2)

Represents six development projects consisting of four MC communities with a total of 254 units, a 108-unit independent living community and an 89-unit combination ALF and MC community.

 

(3)

Includes one school, three parcels of land held-for-use, and one behavioral health care hospital. The behavioral health care hospital has two skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed.

 

 

Owned properties are leased pursuant to non-cancelable operating leases generally with an initial term of 10 to 15 years. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease:

(i)

a specified percentage increase over the prior year’s rent, generally between 2.0% and 3.0%;

(ii)

a calculation based on the Consumer Price Index;

(iii)

as a percentage of facility net patient revenues in excess of base amounts; or

(iv)

specific dollar increases.

Acquisitions and Development: The following table summarizes our investment for the three months ended March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs(1)

 

Costs

 

Properties

 

Beds/Units

Skilled Nursing(2)

 

$
16,000

 

$
40

 

$
16,040

 
1

 
126

(1)

Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statements of income ($90) due to the timing and recognition of costs associated with pending, completed and terminated transactions.

 

(2)

We acquired a newly constructed 126-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of 8.5%.

 

Subsequent to March 31, 2016, we purchased two memory care communities in Kansas totaling 120 units for an aggregate purchase price of $25,000,000. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of 8.0%. Also, we agreed to pay up to $550,000 and $750,000 for lease inducement and capital improvements, respectively.

Additionally, we acquired a 60-unit memory care community in Kentucky for $14,250,000 and agreed to provide a contingent lease incentive of up to $300,000 upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of 8.0%.  

A summary of our funding for development and improvement projects for the three months ended March 31, 2016 and 2015 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2016

 

Three months ended March 31, 2015

 

 

 

 

 

Expansion,

 

 

 

Expansion,

 

 

 

 

 

Renovation and

 

 

 

Renovation and

 

 

    

Development

    

Improvements

    

Development

    

Improvements

 

Assisted Living Communities

 

$
13,439

 

$
1,135

 

$
3,278

 

$
3,093

 

Skilled Nursing Centers

 

 

 —

 

 
2,118

 

 
1,763

 

 
1,835

 

 

 

$
13,439

 

$
3,253

 

$
5,041

 

$
4,928

 

 

 

The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

Total Funding

 

Development

 

1

 

ALF

 

66

 

Illinois

 

$
11,808

 

 

Our construction in progress (or CIP) activity during the three months ended March 31, 2016 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

CIP

    

 

 

    

 

 

    

 

 

    

CIP

 

 

 

Balance at

 

 

 

 

Capitalized

 

Conversions

 

Balance at

 

Type of Property

 

12/31/2015

 

Funded(1)

 

Interest

 

out of CIP

 

3/31/2016

 

Skilled nursing

 

$
1,252

 

$
2,117

 

$

 —

 

$
(13)

 

$
3,356

 

Assisted living

 

 
30,713

 

 
13,409

 

 
686

 

 
(10,352)

 

 
34,456

 

Total

 

$
31,965

 

$
15,526

 

$
686

 

$
(10,365)

 

$
37,812

 

(1)

Excludes $1,165 of funding directly capitalized into building.

During the three months ended March 31, 2016, we sold a 48-unit assisted living community located in Florida for $1,750,000 which was previously written down to its estimated sale price in the fourth quarter of 2015.

Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

Number

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

Loans

 

Properties(1)

 

Beds(2)

 

Units(2)

 

Bed/Unit

 

Skilled Nursing

  

$
210,423

  
93.4

%  
13

  
28

  
3,676

  

 —

  

$
57.24

 

Assisted Living

 

 
13,667

 
6.1

%  
3

 
8

 

 —

 
270

 

$
50.62

 

Other(3)

 

 
1,209

 
0.5

%  
1

 

 —

 

 —

 

 —

 

 

 —

 

Totals

 

$
225,299

 
100.0

%  
17

 
36

 
3,676

 
270

 

 

 

 

(1)

We have investments in properties located in eight states that include mortgages to 11 different operators.

 

(2)

See Item 2. Properties for discussion of bed/unit count.

 

(3)

Includes a parcel of land secured under a short-term mortgage loan.

 

At March 31, 2016, the mortgage loans had interest rates ranging from 7.3% to 13.9% and maturities ranging from 2016 to 2045. In addition, some loans contain certain guarantees, provide for certain facility fees and generally have 20-year to 30-year amortization schedules. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 10 to 25 basis points.

During the three months ended March 31, 2016 and 2015, we received $513,000 and $2,285,000, respectively, plus accrued interest related to the payoff of three mortgage loans secured by two skilled nursing centers and a range of care community. During the three months ended March 31, 2016 and 2015, we received $502,000 and $501,000, respectively, in regularly scheduled principal payments.

A summary of our mortgage loan funding for the three months ended March 31, 2016 and 2015 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

    

2016 Funding

    

2015 Funding

 

Skilled Nursing Centers

 

$
6,599

 

$
11,358

 

 

Subsequent to March 31, 2016, we originated a $12,250,000 mortgage loan secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 216 beds. We funded $7,750,000 at closing, with a commitment to fund $4,500,000 for approved capital improvement projects. The loan has an initial term of 4 years and bears interest at 9.41%.

During the quarter ended March 31, 2015, we purchased and equipped a 106-bed skilled nursing center in Wisconsin for a total of $13,946,000 by exercising our purchase option under a $10,600,000 mortgage and construction loan. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054,000 lease inducement which will be amortized as a yield adjustment over the life of the lease term.    

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Investment in Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2016
Investment in Unconsolidated Joint Ventures  
Investment in Unconsolidated Joint Ventures

3.Investment in Unconsolidated Joint Ventures

 

During 2015, we made a preferred equity investment in an entity (the JV) that owns four properties providing independent, assisted living and memory care services. These properties are located in Arizona. At closing, we provided an initial preferred capital contribution of $20,143,000 and have committed to provide an additional preferred capital contribution of $5,507,000 for a total preferred capital contribution of $25,650,000. As the preferred member of the JV, we are entitled to receive a 15% preferred return, a portion of which is paid in cash and a portion of which is deferred if the cash flow of the JV is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return will be accrued to the extent of the common member’s capital account balance in the underlying JV (as determined in accordance with GAAP).  As of March 31, 2016, the common member’s capital account was $0. Therefore, in accordance with GAAP, we did not accrue the deferred portion of the preferred return during the quarter ended March 31, 2016. We continue to evaluate our claim on the estimated net assets of the underlying joint venture quarterly. Any unpaid accrued preferred return, whether recorded or unrecorded by us, is due and payable upon redemption.

The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct support and we are not entitled to share in the JV’s earnings or losses. As a result, we believe our maximum exposure to loss due to our investment in the JV would be limited to our preferred capital contributions plus any unpaid accrued preferred return. We have concluded that the JV meets the accounting criteria to be considered as a variable interest entity (or VIE). However, because we do not control the entity, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the JV. Therefore, we account for our JV investment using the equity method. During the three months ended March 31, 2016, we recognized $272,000 in income from our preferred equity investment in the JV.  Additionally, during the three months ended March 31, 2016, we received $268,000 from our preferred equity investment in the JV.

Also, during 2015, we originated a $2,900,000 mezzanine loan to develop a 99-unit combination ALF, MC and ILF community. The loan matures on November 1, 2020 and bears interest at 10% for the first two years escalating to 12% until November 1, 2018 and, 15% thereafter. Interest is deferred for a period ending on the earlier of February 1, 2017 or the effective date of the certificate of occupancy. During this period, the borrower is not required to pay any interest; however, the unpaid deferred interest accrues to the loan principal balance. In addition to the interest payments, the borrower is required to make cash flow participation payments. We have evaluated this acquisition, development and construction (or ADC) arrangement and determined that the characteristics are similar to a jointly-owned investment or partnership, and accordingly, the investment is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Receivable
 3 Months Ended
Mar. 31, 2016
Notes Receivable  
Notes Receivable

4.Notes Receivable

Notes receivable consists of various loans and line of credit agreements. The following table summarizes our notes receivable activities for the three months ended March 31, 2016 and 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

Three months ended  March 31, 

 

 

2016

 

2015

 

Advances under notes receivable

$
93

 

$
892

 

Principal payments received under notes receivable

 
(30)

 

 

 -

 

Net increase in notes receivable

$
63

 

$
892

 

 

At March 31, 2016, we had six loans and line of credit agreements with on-going commitments totaling $2,600,000 and weighted average interest rate of 10.0%. As of March 31, 2016, we have remaining commitments of $2,224,000 under these commitments.  

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt Obligations
 3 Months Ended
Mar. 31, 2016
Debt Obligations  
Debt Obligations

5.Debt Obligations

 

The following table sets forth information regarding debt obligations by component as of March 31, 2016 and December 31, 2015  (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2016

 

At December 31, 2015

 

 

 

Applicable

 

 

 

Available

 

 

 

Available

 

 

 

Interest

 

Outstanding

 

for

 

Outstanding

 

for

 

Debt Obligations

    

Rate(1)

    

Balance

    

Borrowing

    

Balance

    

Borrowing

 

Bank borrowings(2)

 

2.13%

 

$
161,000

 

$
439,000

 

$
120,500

 

$
479,500

 

Senior unsecured notes, net of debt issue costs

 

4.63%

 

 
447,256

 

 
37,500

 

 
451,372

 

 
33,333

 

Total

 

3.97%

 

$
608,256

 

 

 

 

$
571,872

 

 

 

 

(1)

Represents weighted average of interest rate as of March 31, 2016.  

 

(2)

Subsequent to March 31, 2016, we borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing.

 

Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $600,000,000.  The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2016, the facility provides for interest annually at LIBOR plus 150 basis points and an unused commitment fee of 35 basis points. During the three months ended March 31, 2016 and 2015 we borrowed $40,500,000 and $36,500,000, respectively, under our Unsecured Credit Agreement. At March 31, 2016, we were in compliance with all covenants.

Subsequent to March 31, 2016, we borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing. 

Senior Unsecured Notes. During each of the three months ended March 31, 2016 and 2015, we paid $4,167,000 in regular scheduled principal payments. Subsequent to March 31, 2016, we locked rate under our Prudential shelf agreement on $37,500,000 senior unsecured notes with an annual fixed rate of 4.15% and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a 12-year final maturity.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Equity
 3 Months Ended
Mar. 31, 2016
Equity  
Equity

6.Equity

 

Equity activity was as follows (in thousands):

 

 

 

 

 

 

 

 

Total

 

 

 

Equity

 

Balance at December 31, 2015

    

$
659,202

 

Net income

 

 
19,858

 

Proceeds from common stock offering, net of  fees and costs

 

 
14,327

 

Vesting of stock option and restricted common stock

 

 
990

 

Reclassification adjustment

 

 
(28)

 

Common stock dividends

 

 
(20,347)

 

Other

 

 
(1,312)

 

Balance at March 31, 2016

 

$
672,690

 

 

Preferred Stock.    As of January 1, 2015, we had 2,000,000 shares of our 8.5% Series C Cumulative Convertible Preferred Stock (or Series C preferred stock) outstanding. Our Series C preferred stock was convertible into 2,000,000 shares of our common stock at $19.25 per share and dividends were payable quarterly. During 2015, the sole holder of our Series C Preferred stock elected to convert all of its preferred shares into 2,000,000 shares of common stock. Accordingly, we had no preferred stock outstanding as of March 31, 2016.

Common Stock. During 2015, we entered into equity distribution agreements to issue and sell, from time to time, up to $200,000,000 in aggregate offering price of our common shares. Sales of common shares are made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During the three months ended March 31, 2016, we sold 332,619 shares of common stock for $14,637,000 in net proceeds under our equity distribution agreements. In conjunction with the sale of common stock, we reclassified $310,000 of accumulated costs associated with the equity distribution agreements to additional paid in capital. At March 31, 2016, we had $185,102,000 available under these agreements. Also, during the three months ended March 31, 2016 and 2015, we acquired 30,910 shares and 4,609 shares respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

Available Shelf Registrations. We had an automatic shelf registration statement which was filed in 2013 and provided us with the capacity to publicly offer up to $800,000,000 in common stock, preferred stock, warrants, debt, depositary shares, or units. At December 31, 2015, we had availability of $575,100,000 under our effective shelf registration.

In advance of the three-year expiration of the automatic shelf registration statement we filed in 2013, we filed a new automatic shelf registration statement with the SEC on January 29, 2016 to provide us with additional capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under the automatic registration statement we filed in 2016 (until its expiration on January 29, 2019) in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering.

Distributions. We declared and paid the following cash dividends (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31, 2016

 

March 31, 2015

 

 

 

 

Declared

 

Paid

 

Declared

 

Paid

 

 

Preferred Stock Series C

    

$

 —

    

$

 —

    

$
818

    

$
818

 

 

Common Stock

 

 
20,347

(1)

 
20,347

(1)

 
18,116

(2)

 
18,116

(2)

 

Total

 

$
20,347

 

$
20,347

 

$
18,934

 

$
18,934

 

 

(1)

Represents $0.18 per share per month for the three months ended March 31, 2016.

 

(2)

Represents $0.17 per share per month for the three months ended March 31, 2015.

In April 2016, we declared a monthly cash dividend of $0.18 per share on our common stock for the months of April,  May and June, payable on April 29,  May 31, and June 30, 2016, respectively, to stockholders of record on April 21,  May 23, and June 22, 2016, respectively.

Accumulated Other Comprehensive Income. At March 31, 2016 and December 31, 2015, accumulated comprehensive income of $18,000 and $47,000, respectively, represents the net unrealized holding gains on available-for-sale REMIC Certificates recorded in 2005 when we repurchased the loans in the underlying loan pool. This amount is being amortized to increase interest income over the remaining life of the loans that we repurchased from the REMIC Pool.

Stock-Based Compensation.  During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaces the 2008 Equity Participation Plan (or the 2008 Plan). Under the 2015 Plan, 1,400,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. During the three months ended March 31, 2016 and 2015,  no stock options were granted or exercised under the 2015 Plan or 2008 Plan. 

At March 31, 2016, we had 40,001 stock options outstanding of which 35,001 stock options are exercisable.  Compensation expense related to the vesting of stock options for each of the three months ended March 31, 2016 and 2015, were $4,000.  At March 31, 2016, we had 5,000 unvested stock options. The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2016 and 2017 is $11,000 and $3,000, respectively.

During the three months ended March 31, 2015, we cancelled 640 shares of restricted stock under the 2008 Plan. During the three months ended March 31, 2016 and 2015, we granted 65,300 and 65,750 shares of restricted common stock under the 2015 Plan and 2008 Plan, respectively, as follows:

 

 

 

 

 

 

 

 

 

 

 

    

 

Price per

 

 

 

Year

 

No. of Shares

 

Share

 

Vesting Period

 

2016

 
65,300

 

$
43.24

 

ratably over 3 years

 

2015

 
65,750

 

$
44.45

 

ratably over 3 years

 

 

Compensation expense recognized related to the vesting of restricted common stock for the three months ended March 31, 2016 and 2015 were $986,000 and $978,000, respectively. At March 31, 2016, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows:

 

 

 

 

 

 

 

 

 

Number

 

Remaining 

 

 

 

of

 

Compensation

 

Vesting Date

    

Awards

    

Expense

 

2016

 
44,480

 

$
2,519,000

 

2017

 
77,663

 

 
2,335,000

 

2018

 
49,352

 

 
1,127,000

 

2019

 
21,771

 

 
78,000

 

 

 
193,266

 

$
6,059,000

 

 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies  
Commitments and Contingencies

7.Commitments and Contingencies

 

As part of our acquisitions, we may commit to provide contingent payments to the sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive (included in the prepaid and other assets line item in our consolidated balance sheets) and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent payment obligations are evaluated quarterly, based on changes in estimates of future operating results and changes in market discount rates. During the three months ended March 31, 2016, we recorded non‑cash interest expense of $149,000 related to these contingent liabilities and the fair value of our contingent payments was $12,572,000 at March 31, 2016.

At March 31, 2016, we had commitments as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

 

 

    

 

 

Investment

 

2016

 

Commitment

 

Remaining

 

 

    

Commitment

    

Funding

    

Funded

    

Commitment

 

Real estate properties (See Note 2)

 

$
98,402

(1)

$
14,001

 

$
47,124

 

$
51,278

 

Accrued incentives and earn-out liabilities

 

 
16,300

 

 
299

 

 
1,104

 

 
15,196

 

Lease incentives

 

 
3,952

 

 
191

 

 
646

 

 
3,306

 

Mortgage loans (See Note 2)

 

 
46,990

(1)

 
1,099

 

 
11,362

 

 
35,628

 

Joint venture investments (See Note 3)

 

 
25,650

 

 

 —

 

 
20,143

 

 
5,507

 

Notes receivable (See Note 4)

 

 
2,600

 

 
93

 

 
376

 

 
2,224

 

Totals

 

$
193,894

 

$
15,683

 

$
80,755

 

$
113,139

 

(1)

Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.

We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Major Operators
 3 Months Ended
Mar. 31, 2016
Major Operators  
Major Operators

8.Major Operators

 

We have four operators from each of which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operators as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

Number of

 

Percentage of

 

 

 

 

SNF

 

ALF

 

ROC

 

SNF

 

ALF

 

Total

 

 

Total

 

 

Operator

 

Centers

 

Communities

 

Communities

 

Beds

 

Units

 

Revenue (1)

 

 

Assets

 

 

Prestige Healthcare (2)

    
18

    

 —

    
2

    
2,606

    
93

    
16.3

%  

    
15.8

%

 

Senior Lifestyle Corporation(2)

 

 —

 
27

 

 —

 

 —

 
1,631

 
12.8

%

 
13.6

%

 

Brookdale Senior Living (3)

 

 —

 
37

 

 —

 

 —

 
1,704

 
10.3

%  

 
5.9

%

 

Senior Care Centers (2)

 
11

 

 —

 

 —

 
1,444

 

 —

 
10.2

%  

 
9.1

%

 

Totals

 
29

 
64

 
2

 
4,050

 
3,428

 
49.6

%  

 
44.4

%

 

(1)

Includes rental income and interest income from mortgage loans.

 

(2)

A privately held company.

 

(3)

A subsidiary of Brookdale Senior Living, Inc.

 

Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, Brookdale Senior Living, Senior Care Centers or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings per Share
 3 Months Ended
Mar. 31, 2016
Earnings per Share  
Earnings per Share

9.Earnings per Share

 

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

 

 

2016

 

2015

 

Net income

  

$
19,858

  

$
17,552

  

Less net income allocated to participating securities:

 

 

 

 

 

 

 

Non-forfeitable dividends on participating securities

 

 
(101)

 

 
(123)

 

Total net income allocated to participating securities

 

 
(101)

 

 
(123)

 

Less net income allocated to preferred stockholders:

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 —

 

 
(818)

 

Total net income allocated to preferred stockholders

 

 

 —

 

 
(818)

 

Net income available to common stockholders

 

 
19,757

 

 
16,611

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Convertible preferred securities

 

 

 —

 

 
818

 

Total effect of dilutive securities

 

 

 —

 

 
818

 

Net income for diluted net income per share

 

$
19,757

 

$
17,429

 

 

 

 

 

 

 

 

 

Shares for basic net income per share

 

 
37,446

 

 
35,277

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Stock options

 

 
13

 

 
15

 

Convertible preferred securities

 

 

 —

 

 
2,000

 

Total effect of dilutive securities

 

 
13

 

 
2,015

 

Shares for diluted net income per share

 

 
37,459

 

 
37,292

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$
0.53

 

$
0.47

 

Diluted net income per share

 

$
0.53

 

$
0.47

 

 

 

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements
 3 Months Ended
Mar. 31, 2016
Fair Value Measurements  
Fair Value Measurements

10.Fair Value Measurements

 

In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of our financial assets and financial liabilities.

 

The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of March 31, 2016 and December 31, 2015 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2016

 

At December 31, 2015

 

 

 

Carrying

 

Fair 

 

Carrying

 

Fair 

 

 

 

Value

 

Value

 

Value

 

Value

 

Mortgage loans receivable

    

$
223,053

    

$
262,956

(1)   

$
217,529

    

$
257,335

(1)

Bank borrowings

 

 
161,000

 

 
161,000

(2)

 
120,500

 

 
120,500

(2)

Senior unsecured notes, net of debt issue costs

 

 
447,256

 

 
450,129

(3)

 
451,372

 

 
451,420

(3)

Accrued incentives and earn-outs

 

 
12,572

 

 
12,572

(4)

 
12,722

 

 
12,722

(4)

(1)

Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2016 and December 31, 2015 was 9.0% and 8.9%, respectively.

 

(2)

Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2016 and December 31, 2015 based upon prevailing market interest rates for similar debt arrangements.

 

(3)

Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At March 31, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.30% for those maturing before year 2026 and 4.50% for those maturing at or beyond year 2026. At December 31, 2015, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026.

 

(4)

Our accrued incentives and earn-outs are classified as Level 3. We estimated the fair value of the contingent earn‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At March 31, 2016 and December 31, 2015, the discount rate used to value our accrued incentives and earn-outs was 6.0% and 6.1%, respectively.

 

 

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events
 3 Months Ended
Mar. 31, 2016
Subsequent Events  
Subsequent Events

11.Subsequent Events

 

Subsequent to March 31, 2016 the following events occurred.

Real Estate Investments: We purchased two memory care communities in Kansas totaling 120 units for an aggregate purchase price of $25,000,000. Simultaneously with the acquisition, the properties were added to an existing master lease agreement at an initial cash yield of 8.0%. Also, we agreed to pay up to $550,000 and $750,000 for lease inducement and capital improvements, respectively.

Additionally, we acquired a 60-unit memory care community in Kentucky for $14,250,000 and agreed to provide a contingent lease incentive of up to $300,000 upon satisfaction of certain coverage thresholds. The property was added to an existing master lease agreement at an initial incremental yield of 8.0%. 

We also originated a $12,250,000 4-year term mortgage loan, funding $7,750,000 at closing, with a commitment to fund $4,500,000. Additionally, we amended an existing loan agreement to increase the remaining commitment from $1,500,000 to $5,500,000.

Debt Obligations: We borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing. Also, we locked rate under our Prudential shelf agreement on $37,500,000 senior unsecured notes with an annual fixed rate of 4.15% and anticipate selling the notes to Prudential on or around May 20, 2016. These notes have periodic scheduled principal repayments with a 12-year final maturity.

Equity: We declared a monthly cash dividend of $0.18 per share on our common stock for the months of April, May and June, payable on April 29, May 31, and June 30, 2016, respectively, to stockholders of record on April 21, May 23, and June 22, 2016, respectively.

 

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
General (Policies)
 3 Months Ended
Mar. 31, 2016
General  
Impact of New Accounting Pronouncement

New Accounting Pronouncements.

In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The adoption of this ASU did not have a material impact on our consolidated financial statements.

In February 2016, the FASB issued Accounting Standards Update (or ASU) No. 2016-02 (or ASU 2016-02), Leases (Topic 842). ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees’ operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires that the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2016
Summary of investments in owned properties

The following table summarizes our investments in owned properties at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Percentage

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

    

Investments

    

Investments

    

Properties(1)

    

Beds

    

Units

    

Bed/Unit

 

Assisted Living

 

$
582,362

 
47.4

% 
96

 

 —

 
5,205

 

$
111.89

 

Skilled Nursing

 

 
540,240

 
43.9

%  
71

 
8,781

 

 —

 

$
61.52

 

Range of Care

 

 
43,907

 
3.6

% 
7

 
634

 
274

 

$
48.36

 

Under Development(2)

 

 
43,761

 
3.6

% 

 —

 

 —

 

 —

 

 

 —

 

Other(3)

 

 
19,486

 
1.5

% 
2

 
118

 

 —

 

 

 —

 

Totals

 

$
1,229,756

 
100.0

% 
176

 
9,533

 
5,479

 

 

 

 

(1)

We own properties in 28 states that are leased to 29 different operators.

 

(2)

Represents six development projects consisting of four MC communities with a total of 254 units, a 108-unit independent living community and an 89-unit combination ALF and MC community.

 

(3)

Includes one school, three parcels of land held-for-use, and one behavioral health care hospital. The behavioral health care hospital has two skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed.
Summary of investments acquired

The following table summarizes our investment for the three months ended March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs(1)

 

Costs

 

Properties

 

Beds/Units

Skilled Nursing(2)

 

$
16,000

 

$
40

 

$
16,040

 
1

 
126

(1)

Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statements of income ($90) due to the timing and recognition of costs associated with pending, completed and terminated transactions.

 

(2)

We acquired a newly constructed 126-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of 8.5%.

 

Schedule of completed development, improvement and construction projects

The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

Total Funding

 

Development

 

1

 

ALF

 

66

 

Illinois

 

$
11,808

 

 

Schedule of commitments

At March 31, 2016, we had commitments as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

 

 

    

 

 

Investment

 

2016

 

Commitment

 

Remaining

 

 

    

Commitment

    

Funding

    

Funded

    

Commitment

 

Real estate properties (See Note 2)

 

$
98,402

(1)

$
14,001

 

$
47,124

 

$
51,278

 

Accrued incentives and earn-out liabilities

 

 
16,300

 

 
299

 

 
1,104

 

 
15,196

 

Lease incentives

 

 
3,952

 

 
191

 

 
646

 

 
3,306

 

Mortgage loans (See Note 2)

 

 
46,990

(1)

 
1,099

 

 
11,362

 

 
35,628

 

Joint venture investments (See Note 3)

 

 
25,650

 

 

 —

 

 
20,143

 

 
5,507

 

Notes receivable (See Note 4)

 

 
2,600

 

 
93

 

 
376

 

 
2,224

 

Totals

 

$
193,894

 

$
15,683

 

$
80,755

 

$
113,139

 

(1)

Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.
Schedule of development, redevelopment, renovation, and expansion activity

Our construction in progress (or CIP) activity during the three months ended March 31, 2016 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

CIP

    

 

 

    

 

 

    

 

 

    

CIP

 

 

 

Balance at

 

 

 

 

Capitalized

 

Conversions

 

Balance at

 

Type of Property

 

12/31/2015

 

Funded(1)

 

Interest

 

out of CIP

 

3/31/2016

 

Skilled nursing

 

$
1,252

 

$
2,117

 

$

 —

 

$
(13)

 

$
3,356

 

Assisted living

 

 
30,713

 

 
13,409

 

 
686

 

 
(10,352)

 

 
34,456

 

Total

 

$
31,965

 

$
15,526

 

$
686

 

$
(10,365)

 

$
37,812

 

(1)

Excludes $1,165 of funding directly capitalized into building.
Summary of investments in mortgage loans secured by first mortgages

The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

Number

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

Loans

 

Properties(1)

 

Beds(2)

 

Units(2)

 

Bed/Unit

 

Skilled Nursing

  

$
210,423

  
93.4

%  
13

  
28

  
3,676

  

 —

  

$
57.24

 

Assisted Living

 

 
13,667

 
6.1

%  
3

 
8

 

 —

 
270

 

$
50.62

 

Other(3)

 

 
1,209

 
0.5

%  
1

 

 —

 

 —

 

 —

 

 

 —

 

Totals

 

$
225,299

 
100.0

%  
17

 
36

 
3,676

 
270

 

 

 

 

(1)

We have investments in properties located in eight states that include mortgages to 11 different operators.

 

(2)

See Item 2. Properties for discussion of bed/unit count.

 

(3)

Includes a parcel of land secured under a short-term mortgage loan.
Schedule of additional loan commitments and amounts funded under the mortgage loans

A summary of our mortgage loan funding for the three months ended March 31, 2016 and 2015 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

    

2016 Funding

    

2015 Funding

 

Skilled Nursing Centers

 

$
6,599

 

$
11,358

 

 

Development and Improvement Projects  
Schedule of commitments

A summary of our funding for development and improvement projects for the three months ended March 31, 2016 and 2015 is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2016

 

Three months ended March 31, 2015

 

 

 

 

 

Expansion,

 

 

 

Expansion,

 

 

 

 

 

Renovation and

 

 

 

Renovation and

 

 

    

Development

    

Improvements

    

Development

    

Improvements

 

Assisted Living Communities

 

$
13,439

 

$
1,135

 

$
3,278

 

$
3,093

 

Skilled Nursing Centers

 

 

 —

 

 
2,118

 

 
1,763

 

 
1,835

 

 

 

$
13,439

 

$
3,253

 

$
5,041

 

$
4,928

 

 

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2016
Notes Receivable  
Summary of notes receivable activities

The following table summarizes our notes receivable activities for the three months ended March 31, 2016 and 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

Three months ended  March 31, 

 

 

2016

 

2015

 

Advances under notes receivable

$
93

 

$
892

 

Principal payments received under notes receivable

 
(30)

 

 

 -

 

Net increase in notes receivable

$
63

 

$
892

 

 

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt Obligations (Tables)
 3 Months Ended
Mar. 31, 2016
Debt Obligations  
Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of March 31, 2016 and December 31, 2015  (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2016

 

At December 31, 2015

 

 

 

Applicable

 

 

 

Available

 

 

 

Available

 

 

 

Interest

 

Outstanding

 

for

 

Outstanding

 

for

 

Debt Obligations

    

Rate(1)

    

Balance

    

Borrowing

    

Balance

    

Borrowing

 

Bank borrowings(2)

 

2.13%

 

$
161,000

 

$
439,000

 

$
120,500

 

$
479,500

 

Senior unsecured notes, net of debt issue costs

 

4.63%

 

 
447,256

 

 
37,500

 

 
451,372

 

 
33,333

 

Total

 

3.97%

 

$
608,256

 

 

 

 

$
571,872

 

 

 

 

(1)

Represents weighted average of interest rate as of March 31, 2016.  

 

(2)

Subsequent to March 31, 2016, we borrowed an additional $37,000 under our unsecured revolving line of credit. Accordingly, we have $198,000 outstanding under our unsecured revolving line of credit with $402,000 available for borrowing.

 

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
Equity (Tables)
 3 Months Ended
Mar. 31, 2016
Equity  
Schedule of equity

Equity activity was as follows (in thousands):

 

 

 

 

 

 

 

 

Total

 

 

 

Equity

 

Balance at December 31, 2015

    

$
659,202

 

Net income

 

 
19,858

 

Proceeds from common stock offering, net of  fees and costs

 

 
14,327

 

Vesting of stock option and restricted common stock

 

 
990

 

Reclassification adjustment

 

 
(28)

 

Common stock dividends

 

 
(20,347)

 

Other

 

 
(1,312)

 

Balance at March 31, 2016

 

$
672,690

 

 

Schedule of cash dividends declared and paid

We declared and paid the following cash dividends (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31, 2016

 

March 31, 2015

 

 

 

 

Declared

 

Paid

 

Declared

 

Paid

 

 

Preferred Stock Series C

    

$

 —

    

$

 —

    

$
818

    

$
818

 

 

Common Stock

 

 
20,347

(1)

 
20,347

(1)

 
18,116

(2)

 
18,116

(2)

 

Total

 

$
20,347

 

$
20,347

 

$
18,934

 

$
18,934

 

 

(1)

Represents $0.18 per share per month for the three months ended March 31, 2016.

 

(2)

Represents $0.17 per share per month for the three months ended March 31, 2015.
Schedule of restricted stock granted

 

 

 

 

 

 

 

 

 

 

 

    

 

Price per

 

 

 

Year

 

No. of Shares

 

Share

 

Vesting Period

 

2016

 
65,300

 

$
43.24

 

ratably over 3 years

 

2015

 
65,750

 

$
44.45

 

ratably over 3 years

 

 

Restricted stock  
Equity  
Schedule of unrecognized compensation

 

 

 

 

 

 

 

 

 

Number

 

Remaining 

 

 

 

of

 

Compensation

 

Vesting Date

    

Awards

    

Expense

 

2016

 
44,480

 

$
2,519,000

 

2017

 
77,663

 

 
2,335,000

 

2018

 
49,352

 

 
1,127,000

 

2019

 
21,771

 

 
78,000

 

 

 
193,266

 

$
6,059,000

 

 

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies  
Schedule of commitments

At March 31, 2016, we had commitments as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

 

 

    

 

 

Investment

 

2016

 

Commitment

 

Remaining

 

 

    

Commitment

    

Funding

    

Funded

    

Commitment

 

Real estate properties (See Note 2)

 

$
98,402

(1)

$
14,001

 

$
47,124

 

$
51,278

 

Accrued incentives and earn-out liabilities

 

 
16,300

 

 
299

 

 
1,104

 

 
15,196

 

Lease incentives

 

 
3,952

 

 
191

 

 
646

 

 
3,306

 

Mortgage loans (See Note 2)

 

 
46,990

(1)

 
1,099

 

 
11,362

 

 
35,628

 

Joint venture investments (See Note 3)

 

 
25,650

 

 

 —

 

 
20,143

 

 
5,507

 

Notes receivable (See Note 4)

 

 
2,600

 

 
93

 

 
376

 

 
2,224

 

Totals

 

$
193,894

 

$
15,683

 

$
80,755

 

$
113,139

 

(1)

Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
Major Operators (Tables)
 3 Months Ended
Mar. 31, 2016
Major Operators  
Schedule of concentration of risk by major operators

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

Number of

 

Percentage of

 

 

 

 

SNF

 

ALF

 

ROC

 

SNF

 

ALF

 

Total

 

 

Total

 

 

Operator

 

Centers

 

Communities

 

Communities

 

Beds

 

Units

 

Revenue (1)

 

 

Assets

 

 

Prestige Healthcare (2)

    
18

    

 —

    
2

    
2,606

    
93

    
16.3

%  

    
15.8

%

 

Senior Lifestyle Corporation(2)

 

 —

 
27

 

 —

 

 —

 
1,631

 
12.8

%

 
13.6

%

 

Brookdale Senior Living (3)

 

 —

 
37

 

 —

 

 —

 
1,704

 
10.3

%  

 
5.9

%

 

Senior Care Centers (2)

 
11

 

 —

 

 —

 
1,444

 

 —

 
10.2

%  

 
9.1

%

 

Totals

 
29

 
64

 
2

 
4,050

 
3,428

 
49.6

%  

 
44.4

%

 

(1)

Includes rental income and interest income from mortgage loans.

 

(2)

A privately held company.

 

(3)

A subsidiary of Brookdale Senior Living, Inc.

 

XML 35 R25.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2016
Earnings per Share  
Schedule of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

 

 

2016

 

2015

 

Net income

  

$
19,858

  

$
17,552

  

Less net income allocated to participating securities:

 

 

 

 

 

 

 

Non-forfeitable dividends on participating securities

 

 
(101)

 

 
(123)

 

Total net income allocated to participating securities

 

 
(101)

 

 
(123)

 

Less net income allocated to preferred stockholders:

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 —

 

 
(818)

 

Total net income allocated to preferred stockholders

 

 

 —

 

 
(818)

 

Net income available to common stockholders

 

 
19,757

 

 
16,611

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Convertible preferred securities

 

 

 —

 

 
818

 

Total effect of dilutive securities

 

 

 —

 

 
818

 

Net income for diluted net income per share

 

$
19,757

 

$
17,429

 

 

 

 

 

 

 

 

 

Shares for basic net income per share

 

 
37,446

 

 
35,277

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Stock options

 

 
13

 

 
15

 

Convertible preferred securities

 

 

 —

 

 
2,000

 

Total effect of dilutive securities

 

 
13

 

 
2,015

 

Shares for diluted net income per share

 

 
37,459

 

 
37,292

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$
0.53

 

$
0.47

 

Diluted net income per share

 

$
0.53

 

$
0.47

 

 

XML 36 R26.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Measurements  
Schedule of carrying value and fair value of the entity's financial instruments

The carrying value and fair value of our financial instruments as of March 31, 2016 and December 31, 2015 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2016

 

At December 31, 2015

 

 

 

Carrying

 

Fair 

 

Carrying

 

Fair 

 

 

 

Value

 

Value

 

Value

 

Value

 

Mortgage loans receivable

    

$
223,053

    

$
262,956

(1)   

$
217,529

    

$
257,335

(1)

Bank borrowings

 

 
161,000

 

 
161,000

(2)

 
120,500

 

 
120,500

(2)

Senior unsecured notes, net of debt issue costs

 

 
447,256

 

 
450,129

(3)

 
451,372

 

 
451,420

(3)

Accrued incentives and earn-outs

 

 
12,572

 

 
12,572

(4)

 
12,722

 

 
12,722

(4)

(1)

Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2016 and December 31, 2015 was 9.0% and 8.9%, respectively.

 

(2)

Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2016 and December 31, 2015 based upon prevailing market interest rates for similar debt arrangements.

 

(3)

Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At March 31, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.30% for those maturing before year 2026 and 4.50% for those maturing at or beyond year 2026. At December 31, 2015, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026.

 

(4)

Our accrued incentives and earn-outs are classified as Level 3. We estimated the fair value of the contingent earn‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At March 31, 2016 and December 31, 2015, the discount rate used to value our accrued incentives and earn-outs was 6.0% and 6.1%, respectively.
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
General (Details)
 3 Months Ended
Mar. 31, 2016
USD ($)
segment
General  
Number of operating segments | segment 1
Provision for federal or state income taxes | $ $ 0
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.4.0.3
Real Estate Investments - Owned Properties (Details) - 3 months ended Mar. 31, 2016
$ in Thousands
item
property
$ / item
state
item
property
USD ($)
Total
Real Estate Investment            
Real Estate Investments            
Gross Investments | $         $ 1,229,756  
Percentage of Investments           100.00%
Number of properties | property       176    
Number of states | state   28        
Number of operators     29      
Operating leases            
Number of ways to compute annual rent increases 4          
Real Estate Investment | Minimum            
Operating leases            
Initial term of operating lease 10 years          
Specified annual increase over the prior year's rent (as a percent) 2.00%          
Real Estate Investment | Maximum            
Operating leases            
Initial term of operating lease 15 years          
Specified annual increase over the prior year's rent (as a percent) 3.00%          
SNF Beds | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     9,533      
ALF Units | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     5,479      
Assisted Living            
Real Estate Investments            
Number of Beds/Units     3,428      
Assisted Living | Real Estate Investment            
Real Estate Investments            
Gross Investments | $         540,240  
Percentage of Investments           43.90%
Number of properties | property       71    
Average Investment per Bed/Unit | $ / item 61.52          
Assisted Living | SNF Beds | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     8,781      
Skilled Nursing            
Real Estate Investments            
Number of properties | property       2    
Number of Beds/Units     4,050      
Skilled Nursing | Real Estate Investment            
Real Estate Investments            
Gross Investments | $         582,362  
Percentage of Investments           47.40%
Number of properties | property       96    
Average Investment per Bed/Unit | $ / item 111.89          
Skilled Nursing | ALF Units | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     5,205      
Range of Care | Real Estate Investment            
Real Estate Investments            
Gross Investments | $         43,907  
Percentage of Investments           3.60%
Number of properties | property       7    
Average Investment per Bed/Unit | $ / item 48.36          
Range of Care | SNF Beds | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     634      
Range of Care | ALF Units | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     274      
Properties under Development | Real Estate Investment            
Real Estate Investments            
Gross Investments | $         43,761  
Percentage of Investments           3.60%
Other            
Real Estate Investments            
Gross Investments | $         1,209  
Percentage of Investments           0.50%
Other | Real Estate Investment            
Real Estate Investments            
Gross Investments | $         $ 19,486  
Percentage of Investments           1.50%
Number of properties | property       2    
Average Investment per Bed/Unit | $ / item 78.39          
Number of parcels of land 3          
Other | SNF Beds | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units     118 2    
Other | Hospital Beds | Real Estate Investment            
Real Estate Investments            
Number of Beds/Units | property       116    
Schools | Real Estate Investment            
Real Estate Investments            
Number of properties | property       1    
Hospital | Real Estate Investment            
Real Estate Investments            
Number of properties | property       1    
Development Project | Properties under Development            
Real Estate Investments            
Number of developments 6          
Development Project | Memory Care | Real Estate Investment            
Real Estate Investments            
Number of properties under development | property 4          
Number of beds/units under development 254          
Development Project | Independent Living            
Real Estate Investments            
Number of beds/units under development 108          
Development Project | ALF & MC | Real Estate Investment            
Real Estate Investments            
Number of beds/units under development 89          
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Real Estate Investments - 2016 Acquisitions (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2016
USD ($)
property
Mar. 31, 2016
USD ($)
item
property
Real estate investments    
Acquisition costs   $ 90
Investment Commitment   193,894
Skilled Nursing | Real Estate Investment | 2016 Acquisitions    
Real estate investments    
Purchase Price   16,000
Acquisition costs   40
Total Acquisition Costs   $ 16,040
Number of properties acquired | property   1
Number of beds/units acquired | item   126
Memory Care | Kansas | 2016 Acquisitions | Subsequent Event    
Real estate investments    
Purchase Price $ 25,000  
Number of properties acquired | property 2  
Number of beds/units acquired | property 120  
Memory Care | Kentucky | 2016 Acquisitions | Subsequent Event    
Real estate investments    
Purchase Price $ 14,250  
Number of beds/units acquired | property 60  
Memory Care | Maximum | Kentucky | 2016 Acquisitions | Lease incentives | Subsequent Event    
Real estate investments    
Contingent consideration $ 300  
Master Lease Agreement | Skilled Nursing | Texas | 2016 Acquisitions    
Real estate investments    
Initial cash yield (as a percent)   8.50%
Master Lease Agreement | Skilled Nursing | Real Estate Investment | Texas    
Real estate investments    
Number of beds/units acquired | property   126
Master Lease Agreement | Memory Care | Kansas | 2016 Acquisitions | Subsequent Event    
Real estate investments    
Initial cash yield (as a percent) 8.00%  
Master Lease Agreement | Memory Care | Kentucky | 2016 Acquisitions | Subsequent Event    
Real estate investments    
Initial cash yield (as a percent) 8.00%  
Master Lease Agreement | Memory Care | Capital Improvement Commitments | Maximum | Kansas | 2016 Acquisitions | Subsequent Event    
Real estate investments    
Investment Commitment $ 750  
Master Lease Agreement | Memory Care | Lease incentives | Maximum | Kansas | 2016 Acquisitions | Subsequent Event    
Real estate investments    
Investment Commitment $ 550  
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.4.0.3
Real Estate Investments - Commitments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
property
Mar. 31, 2015
USD ($)
Investment commitments    
Funding $ 15,683  
Commitment Funded $ 80,755  
Real Estate Investment Completed Projects    
Investment commitments    
Number of Properties | property 1  
Number of Beds/Units | property 66  
Commitment Funded $ 11,808  
Real Estate Investment Development Redevelopment Renovation and Expansion Projects    
Development, redevelopment, renovation, and expansion activity    
CIP, Balance at the beginning of the period 31,965  
Funded 15,526  
Capitalized Interest 686  
Conversions out of CIP (10,365)  
CIP, Balance at the end of the period 37,812  
Amount funded during the period for commitments on completed capital projects capitalized directly into building 1,165  
Real Estate Development Commitments    
Investment commitments    
Funding 13,439 $ 5,041
Expansion Commitments    
Investment commitments    
Funding 3,253 4,928
Skilled Nursing | Real Estate Investment Development Redevelopment Renovation and Expansion Projects    
Development, redevelopment, renovation, and expansion activity    
CIP, Balance at the beginning of the period 1,252  
Funded 2,117  
Conversions out of CIP (13)  
CIP, Balance at the end of the period 3,356  
Skilled Nursing | Real Estate Development Commitments    
Investment commitments    
Funding   1,763
Skilled Nursing | Expansion Commitments    
Investment commitments    
Funding $ 2,118 1,835
Assisted Living | Florida    
Real estate investment disposal activity    
Number of beds or units in property sold | property 48  
Sales price $ 1,750  
Assisted Living | Real Estate Investment Development Redevelopment Renovation and Expansion Projects    
Development, redevelopment, renovation, and expansion activity    
CIP, Balance at the beginning of the period 30,713  
Funded 13,409  
Capitalized Interest 686  
Conversions out of CIP (10,352)  
CIP, Balance at the end of the period 34,456  
Assisted Living | Real Estate Development Commitments    
Investment commitments    
Funding 13,439 3,278
Assisted Living | Expansion Commitments    
Investment commitments    
Funding $ 1,135 $ 3,093
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.4.0.3
Real Estate Investments - Mortgage Loans (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2016
USD ($)
property
Mar. 31, 2016
USD ($)
loan
item
$ / item
Mar. 31, 2015
USD ($)
Mar. 31, 2016
state
Mar. 31, 2016
item
Mar. 31, 2016
property
Mar. 31, 2016
USD ($)
Mar. 31, 2016
Mortgage Loans                
Scheduled principal payments received   $ 1,015 $ 2,786          
Commitments funded   $ 15,683            
Investment Commitment             $ 193,894  
Remaining commitment             113,139  
Real Estate Investment                
Mortgage Loans                
Gross Investments             1,229,756  
Percentage of Investments               100.00%
Number of Properties | property           176    
Number of states | state       28        
Number of operators | item         29      
Mortgage Loans on Real Estate                
Mortgage Loans                
Gross Investments             225,299  
Percentage of Investments               100.00%
Number of Loans | loan   17            
Number of Properties | property           36    
Number of states | state       8        
Number of operators | item         11      
Interest rate for mortgage loans, low end of range (as a percent)   7.30%            
Interest rate for mortgage loans, high end of range (as a percent)   13.90%            
Scheduled principal payments received   $ 502            
Mortgage Loans on Real Estate | Subsequent Event                
Mortgage Loans                
Remaining loan commitments $ 5,500              
Mortgage Loans on Real Estate | Michigan | Subsequent Event                
Mortgage Loans                
Interest rate for mortgage loans, low end of range (as a percent) 9.41%              
Commitments funded $ 7,750              
Face amount of originated mortgages $ 12,250              
Term of mortgage loan receivable 4 years              
Number of properties under additional commitment | property 2              
Remaining loan commitments $ 4,500              
Number of beds or units securing loan | property 216              
Mortgage Loans on Real Estate | Minimum                
Mortgage Loans                
General amortization schedule of mortgage loans   20 years            
Specified basis points for annual increase in interest rate (as a percent)   0.10%            
Mortgage Loans on Real Estate | Maximum                
Mortgage Loans                
General amortization schedule of mortgage loans   30 years            
Specified basis points for annual increase in interest rate (as a percent)   0.25%            
Additional Loan Commitments | Wisconsin                
Mortgage Loans                
Scheduled principal payments received     501          
SNF Beds | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units | item         9,533      
SNF Beds | Mortgage Loans on Real Estate                
Mortgage Loans                
Number of Beds/Units | item         3,676      
ALF Units | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units | item         5,479      
ALF Units | Mortgage Loans on Real Estate                
Mortgage Loans                
Number of Beds/Units | item         270      
Skilled Nursing                
Mortgage Loans                
Number of Properties | property           2    
Number of Beds/Units | item         4,050      
Proceeds received from the payoff of a mortgage loan   $ 513            
Skilled Nursing | Real Estate Investment                
Mortgage Loans                
Gross Investments             582,362  
Percentage of Investments               47.40%
Number of Properties | property           96    
Investment per Bed/Unit | $ / item   111.89            
Skilled Nursing | Mortgage Loans on Real Estate                
Mortgage Loans                
Gross Investments             210,423  
Percentage of Investments               93.40%
Number of Loans | loan   13            
Number of Properties | property           28    
Investment per Bed/Unit | $ / item   57.24            
Commitments funded   $ 6,599 11,358          
Skilled Nursing | SNF Beds | Mortgage Loans on Real Estate                
Mortgage Loans                
Number of Beds/Units | item         3,676      
Skilled Nursing | ALF Units | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units | item         5,205      
Assisted Living                
Mortgage Loans                
Number of Beds/Units | item         3,428      
Assisted Living | Real Estate Investment                
Mortgage Loans                
Gross Investments             540,240  
Percentage of Investments               43.90%
Number of Properties | property           71    
Investment per Bed/Unit | $ / item   61.52            
Assisted Living | Mortgage Loans on Real Estate                
Mortgage Loans                
Gross Investments             13,667  
Percentage of Investments               6.10%
Number of Loans | loan   3            
Number of Properties | property           8    
Investment per Bed/Unit | $ / item   50.62            
Assisted Living | SNF Beds | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units | item         8,781      
Assisted Living | ALF Units | Mortgage Loans on Real Estate                
Mortgage Loans                
Number of Beds/Units | item         270      
Range of Care                
Mortgage Loans                
Number of Loans | loan   3            
Proceeds received from the payoff of a mortgage loan     $ 2,285          
Range of Care | Real Estate Investment                
Mortgage Loans                
Gross Investments             43,907  
Percentage of Investments               3.60%
Number of Properties | property           7    
Investment per Bed/Unit | $ / item   48.36            
Range of Care | SNF Beds | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units | item         634      
Range of Care | ALF Units | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units | item         274      
Other                
Mortgage Loans                
Gross Investments             1,209  
Percentage of Investments               0.50%
Number of Loans | loan   1            
Other | Real Estate Investment                
Mortgage Loans                
Gross Investments             $ 19,486  
Percentage of Investments               1.50%
Number of Properties | property           2    
Investment per Bed/Unit | $ / item   78.39            
Number of parcels of land | item   3            
Other | SNF Beds | Real Estate Investment                
Mortgage Loans                
Number of Beds/Units         118 2    
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.4.0.3
Real Estate Investments - 2015 Acquisitions (Details) - Skilled Nursing - 2015 Acquisitions - Wisconsin - Real Estate Investment
$ in Thousands
 3 Months Ended
Mar. 31, 2015
USD ($)
property
Real estate investments  
Number of beds/units acquired | property 106
Purchase Price $ 13,946
Loan commitment under which the purchase option was exercised 10,600
Master Lease Agreement  
Real estate investments  
Lease inducement fee payments $ 1,054
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.4.0.3
Investment in Unconsolidated Joint Ventures - Investment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
property
Mar. 31, 2015
USD ($)
Investment in Unconsolidated Joint Ventures    
Income from unconsolidated joint ventures $ 272 $ 116
Distribution from unconsolidated joint ventures 268  
Joint Venture    
Investment in Unconsolidated Joint Ventures    
Common members capital account balance $ 0  
Joint Venture | Primary beneficiary    
Investment in Unconsolidated Joint Ventures    
Number of properties owned by joint venture | property 4  
Initial preferred capital contribution in joint venture provided at closing. $ 20,143  
Additional preferred capital contributions in joint venture commited 5,507  
Total preferred capital contributions in joint venture $ 25,650  
Preferred return percentage 15.00%  
Income from unconsolidated joint ventures $ 272  
Distribution from unconsolidated joint ventures $ 268  
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.4.0.3
Investment in Unconsolidated Joint Ventures - ADC Arrangement (Details) - Combination ALF, MC and ILF community - ADC Arrangement
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
property
Investment in Unconsolidated Joint Ventures  
Loan originated | $ $ 2,900
Number of units | property 99
Interest rate period 2 years
Investment interest rate, second period (as a percent) 15.00%
Minimum  
Investment in Unconsolidated Joint Ventures  
Investment interest rate, first period (as a percent) 10.00%
Maximum  
Investment in Unconsolidated Joint Ventures  
Investment interest rate, first period (as a percent) 12.00%
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.4.0.3
Notes Receivable - Components (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
loan
Mar. 31, 2015
USD ($)
Notes receivable activities    
Advances under notes receivable $ 93 $ 892
Principal payments received under notes receivable (30)  
Net increase in notes receivable $ 63 $ 892
Notes Receivable | Commitments to Extend Credit    
On-going commitments    
Number of Loans | loan 6  
Total commitments $ 2,600  
Remaining commitments $ 2,224  
Notes Receivable | Commitments to Extend Credit | Weighted Average    
On-going commitments    
Interest rate (as a percent) 10.00%  
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt Obligations (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 30, 2016
Mar. 31, 2016
Feb. 29, 2016
Jan. 31, 2016
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Debt Obligations              
Outstanding Balance   $ 608,256,000     $ 608,256,000   $ 571,872,000
Weighted Average              
Debt Obligations              
Applicable Interest Rate (as a percent)   3.97%     3.97%    
Bank Borrowings - Line of Credit              
Debt Obligations              
Outstanding Balance   $ 161,000,000     $ 161,000,000   120,500,000
Available for Borrowing   439,000,000     439,000,000   479,500,000
Maximum availability under Unsecured Credit Agreement   $ 600,000,000     $ 600,000,000    
Additional extension period option         1 year    
Unused commitment fee (as a percent)         0.35%    
Amount borrowed         $ 40,500,000 $ 36,500,000  
Bank Borrowings - Line of Credit | LIBOR              
Debt Obligations              
Description of interest rate         LIBOR    
Basis spread over base rate (as a percent)         1.50%    
Bank Borrowings - Line of Credit | Weighted Average              
Debt Obligations              
Applicable Interest Rate (as a percent)   2.13%     2.13%    
Senior Unsecured Debt              
Debt Obligations              
Outstanding Balance   $ 447,256,000     $ 447,256,000   451,372,000
Available for Borrowing   37,500,000     $ 37,500,000   $ 33,333,000
Repayments of debt   $ 4,167,000 $ 4,167,000 $ 4,167,000      
Senior Unsecured Debt | Weighted Average              
Debt Obligations              
Applicable Interest Rate (as a percent)   4.63%     4.63%    
Subsequent Event | Bank Borrowings - Line of Credit              
Debt Obligations              
Outstanding Balance $ 198,000            
Available for Borrowing 402,000            
Amount borrowed 37,000            
Private Shelf Agreement Prudential | Subsequent Event | Senior Unsecured Debt              
Debt Obligations              
Face amount of debt $ 37,500,000            
Fixed interest rate (as a percent) 4.15%            
Debt instrument term 12 years            
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.4.0.3
Equity - Rollforward (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Equity activity    
Balance at beginning of period $ 659,202  
Net income 19,858 $ 17,552
Proceeds from common stock offering, net of offering costs 14,327  
Vesting of stock option and restricted common stock 990  
Reclassification adjustment (28) $ (9)
Common stock dividends (20,347)  
Other (1,312)  
Balance at end of period $ 672,690  
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.4.0.3
Equity - Class of Stock Disclosures (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2016
Mar. 31, 2016
Feb. 29, 2016
Jan. 31, 2016
Mar. 31, 2015
Feb. 28, 2015
Jan. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2013
Equity                      
Net proceeds               $ 14,637,000      
Dividend Distributions                      
Declared   $ 20,347,000     $ 18,934,000     20,347,000 $ 18,934,000    
Paid               20,347,000 18,934,000    
Dividends declared and paid per common share per month (in dollars per share)   $ 0.18 $ 0.18 $ 0.18 $ 0.17 $ 0.17 $ 0.17        
Accumulated other comprehensive income                      
Accumulated other comprehensive income   $ 18,000           $ 18,000   $ 47,000  
Subsequent Event | Dividend Payable, April 29, 2016                      
Dividend Distributions                      
Dividends per share declared (in dollars per share) $ 0.18                    
Subsequent Event | Dividend Payable, May 31, 2016                      
Dividend Distributions                      
Dividends per share declared (in dollars per share) 0.18                    
Subsequent Event | Dividend Payable, June 30, 2016                      
Dividend Distributions                      
Dividends per share declared (in dollars per share) $ 0.18                    
Shelf Registration                      
Equity                      
Automatic shelf registration statement, term (in years)                     P3Y
Series C Preferred Stock                      
Equity                      
Preferred shares outstanding   0           0   2,000,000  
Dividend Rate (as a percent)                   8.50%  
Number of shares of common stock to be issued upon conversion                   2,000,000  
Conversion price per share                   $ 19.25  
Shares converted                   2,000,000  
Dividend Distributions                      
Declared         $ 818,000       818,000    
Paid                 $ 818,000    
Common Stock                      
Equity                      
Number of shares repurchased               30,910 4,609    
Dividend Distributions                      
Declared   $ 20,347,000     $ 18,116,000     $ 20,347,000 $ 18,116,000    
Paid               $ 20,347,000 $ 18,116,000    
Common Stock | Equity Distribution Agreement                      
Equity                      
Shares common stock sold               332,619      
Net proceeds               $ 14,637,000      
Reclassification of accumulated costs to additional paid in capital               310,000      
Maximum offering capacity under shelf registration statement                   $ 200,000,000  
Amount available under effective shelf registration statement   185,102,000           185,102,000      
Common Stock | Shelf Registration                      
Equity                      
Maximum offering capacity under shelf registration statement                     $ 800,000,000
Amount available under effective shelf registration statement   $ 575,100,000           $ 575,100,000      
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.4.0.3
Equity - Options (Details) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Stock Based Compensation Plans    
Options outstanding at end of the period (in shares) 40,001  
Options exercisable at end of the period (in shares) 35,001  
Nonvested awards    
Number of Awards 5,000  
2015 Plan    
Stock Based Compensation Plans    
Total shares reserved for issuance of common stock related to the conversion of preferred stock 1,400,000  
Stock options granted (in shares) 0 0
Stock options    
Stock Based Compensation Plans    
Compensation expense, vested awards $ 4,000  
2016    
Nonvested awards    
Remaining compensation expense 11,000  
2017    
Nonvested awards    
Remaining compensation expense $ 3,000  
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.4.0.3
Equity - Restricted Stock (Details) - Restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Restricted stock awards    
Compensation expense, vested awards $ 986 $ 978
Nonvested awards    
Number of Awards 193,266  
Remaining compensation expense $ 6,059  
2015 Plan    
Restricted stock awards    
Number of shares granted 65,300  
Granted (in dollars per share) $ 43.24  
Vesting period 3 years  
2008 Plan    
Restricted stock awards    
Number of shares cancelled (in shares)   640
Number of shares granted   65,750
Granted (in dollars per share)   $ 44.45
Vesting period   3 years
2016    
Nonvested awards    
Number of Awards 44,480  
Remaining compensation expense $ 2,519  
2017    
Nonvested awards    
Number of Awards 77,663  
Remaining compensation expense $ 2,335  
2018    
Nonvested awards    
Number of Awards 49,352  
Remaining compensation expense $ 1,127  
2019    
Nonvested awards    
Number of Awards 21,771  
Remaining compensation expense $ 78  
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies - Contingent Consideration (Details) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Contingent consideration      
Non-cash interest related to contingent liabilities $ 149,000 $ 55,000  
Accrued incentives and earn-outs 12,572,000   $ 12,722,000
Level 3 | Fair Value      
Contingent consideration      
Accrued incentives and earn-outs 12,572,000   $ 12,722,000
Real Estate Investment      
Contingent consideration      
Non-cash interest related to contingent liabilities 149,000    
Real Estate Investment | Fair Value      
Contingent consideration      
Accrued incentives and earn-outs $ 12,572,000    
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies - Summary of Commitments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Other Commitments [Line Items]  
Investment Commitment $ 193,894
Amount Funded 15,683
Commitments funded (80,755)
Remaining commitment 113,139
Real estate properties  
Other Commitments [Line Items]  
Investment Commitment 98,402
Amount Funded 14,001
Commitments funded (47,124)
Remaining commitment 51,278
Earn-out liabilities  
Other Commitments [Line Items]  
Investment Commitment 16,300
Amount Funded 299
Commitments funded (1,104)
Remaining commitment 15,196
Lease incentives  
Other Commitments [Line Items]  
Investment Commitment 3,952
Amount Funded 191
Commitments funded (646)
Remaining commitment 3,306
Mortgage loans  
Other Commitments [Line Items]  
Investment Commitment 46,990
Amount Funded 1,099
Commitments funded (11,362)
Remaining commitment 35,628
Joint venture investments  
Other Commitments [Line Items]  
Investment Commitment 25,650
Commitments funded (20,143)
Remaining commitment 5,507
Notes receivable  
Other Commitments [Line Items]  
Investment Commitment 2,600
Amount Funded 93
Commitments funded (376)
Remaining commitment $ 2,224
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.4.0.3
Major Operators (Details)
 3 Months Ended
Mar. 31, 2016
property
item
Major Operators  
Number of major operators | item 4
Skilled Nursing  
Major Operators  
Number of properties leased | property 29
Number of beds/units | item 4,050
Assisted Living  
Major Operators  
Number of properties leased | property 64
Number of beds/units | item 3,428
Range of Care  
Major Operators  
Number of properties leased | property 2
Prestige | Skilled Nursing  
Major Operators  
Number of properties leased | property 18
Number of beds/units | item 2,606
Prestige | Assisted Living  
Major Operators  
Number of beds/units | item 93
Prestige | Range of Care  
Major Operators  
Number of properties leased | property 2
Senior Lifestyle | Assisted Living  
Major Operators  
Number of properties leased | property 27
Number of beds/units | item 1,631
Brookdale | Assisted Living  
Major Operators  
Number of properties leased | property 37
Number of beds/units | item 1,704
Senior Care | Skilled Nursing  
Major Operators  
Number of properties leased | property 11
Number of beds/units | item 1,444
Rental Revenue and Interest Income from Mortgage Loans | Operator Concentration Risk  
Major Operators  
Concentration risk (as a percent) 49.60%
Rental Revenue and Interest Income from Mortgage Loans | Operator Concentration Risk | Prestige  
Major Operators  
Concentration risk (as a percent) 16.30%
Rental Revenue and Interest Income from Mortgage Loans | Operator Concentration Risk | Senior Lifestyle  
Major Operators  
Concentration risk (as a percent) 12.80%
Rental Revenue and Interest Income from Mortgage Loans | Operator Concentration Risk | Brookdale  
Major Operators  
Concentration risk (as a percent) 10.30%
Rental Revenue and Interest Income from Mortgage Loans | Operator Concentration Risk | Senior Care  
Major Operators  
Concentration risk (as a percent) 10.20%
Total Assets | Credit Concentration Risk  
Major Operators  
Concentration risk (as a percent) 44.40%
Total Assets | Credit Concentration Risk | Prestige  
Major Operators  
Concentration risk (as a percent) 15.80%
Total Assets | Credit Concentration Risk | Senior Lifestyle  
Major Operators  
Concentration risk (as a percent) 13.60%
Total Assets | Credit Concentration Risk | Brookdale  
Major Operators  
Concentration risk (as a percent) 5.90%
Total Assets | Credit Concentration Risk | Senior Care  
Major Operators  
Concentration risk (as a percent) 9.10%
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.4.0.3
Net Income Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Earnings per Share    
Net income (loss) $ 19,858 $ 17,552
Less net income allocated to participating securities:    
Nonforfeitable dividends on participating securities (101) (123)
Total net income allocated to participating securities (101) (123)
Less net income allocated to preferred stockholders:    
Preferred stock dividends   (818)
Total net income allocated to preferred stockholders   (818)
Net income available to common stockholders 19,757 16,611
Effect of dilutive securities:    
Convertible preferred securities   818
Total effect of dilutive securities   818
Net income for diluted net income per share $ 19,757 $ 17,429
Shares for basic net income per share 37,446 35,277
Effect of dilutive securities:    
Stock options (in shares) 13 15
Convertible preferred securities (in shares)   2,000
Total effect of dilutive securities (in shares) 13 2,015
Shares for diluted net income per share 37,459 37,292
Basic (in dollars per share) $ 0.53 $ 0.47
Diluted (in dollars per share) $ 0.53 $ 0.47
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Fair value measurements    
Mortgage loans receivable $ 223,053 $ 217,529
Senior unsecured notes, net of debt issue costs 447,256 451,372
Accrued incentives and earn-outs $ 12,572 $ 12,722
Level 3 | Senior Unsecured Notes maturing before 2026    
Fair value measurements    
Discount rate (as a percent) 4.30% 4.35%
Level 3 | Senior Unsecured Notes maturing 2026 and after    
Fair value measurements    
Discount rate (as a percent) 4.50% 4.65%
Level 3 | Earn-out liabilities    
Fair value measurements    
Discount rate (as a percent) 6.00% 6.10%
Level 3 | Mortgage Loans Receivable    
Fair value measurements    
Discount rate (as a percent) 9.00% 8.90%
Carrying Value    
Fair value measurements    
Bank borrowings $ 161,000 $ 120,500
Carrying Value | Level 3    
Fair value measurements    
Mortgage loans receivable 223,053 217,529
Senior unsecured notes, net of debt issue costs 447,256 451,372
Accrued incentives and earn-outs 12,572 12,722
Fair Value    
Fair value measurements    
Bank borrowings 161,000 120,500
Fair Value | Level 3    
Fair value measurements    
Mortgage loans receivable 262,956 257,335
Senior unsecured notes, net of debt issue costs 450,129 451,420
Accrued incentives and earn-outs $ 12,572 $ 12,722
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events - Real Estate (Details)
$ in Thousands
 1 Months Ended
Apr. 30, 2016
USD ($)
property
Mar. 31, 2016
USD ($)
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Investment Commitment   $ 193,894
2016 Acquisitions | Kansas | Subsequent Event | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Number of properties acquired | property 2  
Number of beds/units acquired | property 120  
Purchase Price $ 25,000  
2016 Acquisitions | Kentucky | Subsequent Event | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Number of beds/units acquired | property 60  
Purchase Price $ 14,250  
2016 Acquisitions | Kentucky | Subsequent Event | Maximum | Lease incentives | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Contingent consideration $ 300  
Master Lease Agreement | 2016 Acquisitions | Kansas | Subsequent Event | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Incremental initial cash yield at which property will be added to a master lease (as a percent) 8.00%  
Master Lease Agreement | 2016 Acquisitions | Kansas | Subsequent Event | Lease incentives | Maximum | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Investment Commitment $ 550  
Master Lease Agreement | 2016 Acquisitions | Kansas | Subsequent Event | Capital Improvement Commitments | Maximum | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Investment Commitment $ 750  
Master Lease Agreement | 2016 Acquisitions | Kentucky | Subsequent Event | Memory Care    
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable    
Incremental initial cash yield at which property will be added to a master lease (as a percent) 8.00%  
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events - Loan Commitments (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2016
Mar. 31, 2016
Subsequent Events    
Funding   $ 15,683
Subsequent Event | Mortgage Loans on Real Estate    
Subsequent Events    
Remaining loan commitments $ 5,500  
Subsequent Event | Mortgage Loans on Real Estate | Before amendment    
Subsequent Events    
Remaining loan commitments 1,500  
Subsequent Event | Mortgage Loans on Real Estate | Michigan    
Subsequent Events    
Face amount of originated mortgages $ 12,250  
Term of mortgage loan receivable 4 years  
Funding $ 7,750  
Remaining loan commitments $ 4,500  
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events - Debt Obligations (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 30, 2016
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Debt Obligations        
Amount outstanding   $ 608,256,000   $ 571,872,000
Bank Borrowings - Line of Credit        
Debt Obligations        
Proceeds from Lines of Credit   40,500,000 $ 36,500,000  
Amount outstanding   161,000,000   120,500,000
Available for Borrowing   439,000,000   479,500,000
Bank Borrowings - Line of Credit | Subsequent Event        
Debt Obligations        
Proceeds from Lines of Credit $ 37,000      
Amount outstanding 198,000      
Available for Borrowing 402,000      
Senior Unsecured Debt        
Debt Obligations        
Amount outstanding   447,256,000   451,372,000
Available for Borrowing   $ 37,500,000   $ 33,333,000
Senior Unsecured Debt | Subsequent Event | Private Shelf Agreement Prudential        
Debt Obligations        
Face amount of debt $ 37,500,000      
Fixed interest rate (as a percent) 4.15%      
Debt instrument term 12 years      
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events - Equity (Details) - Subsequent Event
 1 Months Ended
Apr. 30, 2016
$ / shares
Dividend Payable, April 29, 2016  
Equity  
Dividends per share declared (in dollars per share) $ 0.18
Dividend Payable, May 31, 2016  
Equity  
Dividends per share declared (in dollars per share) 0.18
Dividend Payable, June 30, 2016  
Equity  
Dividends per share declared (in dollars per share) $ 0.18
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