Elmcroft II Portfolio Update | 9 Months Ended |
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Sep. 30, 2011 | |
| Elmcroft II Portfolio Update [Abstract] | |
| Elmcroft II Portfolio Update |
NOTE 15 — ELMCROFT II PORTFOLIO UPDATE
In connection with the NHP acquisition, we acquired a portfolio of 32 triple-net leased
seniors housing communities in ten states leased to a single operator. Subsequent to the acquisition, we transitioned the
operation of these properties to affiliates of Senior Care, Inc., which now operates under the name
“Elmcroft Senior Living” (together with its affiliates, “Elmcroft”). Elmcroft has been a tenant of
64 of our seniors housing and other healthcare properties since 2006. To effect the transition of
the properties to Elmcroft, we terminated the previously existing master lease and two other
individual leases relating to the properties and entered into new leases with Elmcroft. Each of the new Elmcroft leases has a
term of fifteen years and is subject to two five-year renewal options. The previous operator will
continue to hold the operating licenses for the properties pursuant to temporary license agreements
with Elmcroft until Elmcroft receives new operating licenses. To
date, eleven licenses have been
granted to Elmcroft and the remaining licenses are in process.
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