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Real Estate Properties (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate Properties

Schedule of summarized income statement information for the four MOBs (seven buildings) that meet the criteria for discontinued operations included in discontinued operations

		For the year ended December 31,
		2013			2012			2011
Rental income		$	9,451		$	10,042		$	9,986
Property operating expenses			(3,609	)		(3,567	)		(3,567	)
Depreciation and amortization			(799	)		(2,414	)		(2,306	)
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Income from discontinued operations		$	5,043		$	4,061		$	4,113
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Triple Net Senior Living Communities

Real Estate Properties

Schedule of real estate property acquisition

Date		Location		Number of Properties			Units/ Beds			Cash Paid plus Assumed Debt(1)			Land			Buildings and Improvements			FF&E			Intangible Assets			Assumed Debt			Premium on Assumed Debt
Triple Net Senior Living Communities Acquisitions during the year ended December 31, 2013:
January 2013(2)		WA			1			150		$	22,350		$	5,120		$	16,562		$	669		$	1,039		$	12,266		$	1,040
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					1			150		$	22,350		$	5,120		$	16,562		$	669		$	1,039		$	12,266		$	1,040
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Triple Net Senior Living Communities Acquisitions during the year ended December 31, 2012:
July 2012(3)		Various			4			511		$	36,500		$	4,100		$	29,728		$	1,400		$	1,900		$	6,876		$	628
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					4			511		$	36,500		$	4,100		$	29,728		$	1,400		$	1,900		$	6,876		$	628
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(1)

Cash paid plus assumed debt, if any, excludes closing costs.

(2)

We leased this property to a subsidiary of Stellar Senior Living, LLC, or Stellar, for an initial term expiring in 2028 for initial rent of approximately $1,732 per year. Percentage rent, based on increases in gross revenues at this property, will commence in 2016.

(3)

We leased these properties to subsidiaries of Stellar, for an initial term expiring in 2027 for initial rent of approximately $2,920 per year. Percentage rent, based on increases in gross revenues at these properties, will commence in 2014.

Managed Senior Living Communities

Real Estate Properties

Schedule of real estate property acquisition

Date		Location		Number of Properties			Units/ Beds			Cash Paid plus Assumed Debt(1)			Land			Buildings and Improvements			FF&E			Intangible Assets			Assumed Debt			Premium on Assumed Debt
Managed Senior Living Communities Acquisitions during the year ended December 31, 2013:
August 2013		GA			1			93		$	22,030		$	1,548		$	18,666		$	803		$	1,013		$	—		$	—
October 2013		Various			3			213			29,004			2,242			23,861			612			2,289			—			—
November 2013		WI			1			68			11,965			1,365			9,628			199			773			—			—
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					5			374		$	62,999		$	5,155		$	52,155		$	1,614		$	4,075		$	—		$	—
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Managed Senior Living Communities Acquisitions during the year ended December 31, 2012:
February 2012		AL			1			92		$	11,300		$	1,300		$	9,071		$	346		$	583		$	—		$	—
May 2012		SC			1			59			8,059			1,092			6,405			200			362			4,789			—
July 2012		SC			1			232			37,273			3,898			30,670			943			1,762			—			—
August 2012		NY			1			310			99,000			8,460			87,492			3,069			2,726			31,187			2,747
August 2012		MO			1			87			11,280			260			10,852			530			330			5,838			692
December 2012		TN			1			90			11,550			800			10,000			322			428			—			—
December 2012		TX			1			78			9,000			1,440			6,879			246			435			—			—
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					7			948		$	187,462		$	17,250		$	161,369		$	5,656		$	6,626		$	41,814		$	3,439
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(1)

Cash paid plus assumed debt, if any, excludes closing costs. The allocation of the purchase price of our 2013 acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. The final amounts allocated to assets acquired and liabilities assumed could change significantly.

MOB

Real Estate Properties

Schedule of real estate property acquisition

Date		Location		Number of Properties			Square Feet			Cash Paid plus Assumed Debt(1)			Land			Buildings and Improvements			Acquired Real Estate Leases			Acquired Real Estate Lease Obligations			Assumed Debt			Premium on Assumed Debt
MOB Acquisitions during the year ended December 31, 2013:
February 2013		WA			1			144,900		$	38,000		$	5,639		$	27,213		$	6,736		$	1,588		$	—		$	—
March 2013		MS			1			71,983			14,600			1,269			12,516			1,498			683			—			—
August 2013(2)		MA			1			105,462			49,500			4,559			44,941			—			—			—			—
December 2013		FL			3			62,826			15,375			2,432			11,165			1,778			—			—			—
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					6			385,171		$	117,475		$	13,899		$	95,835		$	10,012		$	2,271		$	—		$	—
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MOB Acquisitions during the year ended December 31, 2012:
May 2012		GA			1			28,440		$	8,600		$	1,080		$	6,138		$	1,392		$	10		$	—		$	—
May 2012		GA			1			111,538			23,100			3,500			13,179			6,421			—			—			—
June 2012		HI			1			204,429			70,495			11,200			55,618			4,306			629			52,000			—
June 2012		MD			1			92,180			18,250			1,900			12,858			3,570			78			—			—
July 2012		TX			1			63,082			16,850			990			13,887			1,973			—			—			—
July 2012		FL			1			52,858			7,750			1,620			5,341			789			—			—			—
September 2012		MA			1			33,600			16,400			1,443			14,153			1,812			—			11,462			1,008
November 2012		TN			1			33,796			9,200			1,528			6,590			1,132			50			—			—
December 2012		MN			1			76,637			15,100			2,774			9,276			4,087			183			9,641			854
December 2012		CO			1			62,418			16,400			1,437			11,777			3,196			10			—			—
December 2012		TX			2			80,216			23,550			3,116			16,439			4,006			11			—			—
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					12			839,194		$	225,695		$	30,588		$	165,256		$	32,684		$	971		$	73,103		$	1,862
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(1)

Cash paid plus assumed debt, if any, excludes closing costs. The allocation of the purchase price of certain of our 2013 acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. Consequently, amounts preliminarily allocated to assets acquired and liabilities assumed could change significantly from those used in these consolidated financial statements.

(2)

This acquisition is accounted for as an asset purchase.

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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References

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-Name Accounting Standards Codification

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Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

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