
	For the Three Months Ended September 30, 2015
	Triple Net
	Leased		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated

Revenues:
Rental income	$	64,222	$	—	$	90,072	$	4,569	$	158,863
Residents fees and services		—		96,412		—		—		96,412
Total revenues		64,222		96,412		90,072		4,569		255,275

Expenses:
Property operating expenses		—		71,983		24,944		—		96,927
Depreciation		19,140		19,248		30,680		948		70,016
General and administrative		—		—		—		10,316		10,316
Acquisition related costs		—		—		—		742		742
Impairment of assets		(98)		—		—		—		(98)
Total expenses		19,042		91,231		55,624		12,006		177,903

Operating income (loss)		45,180		5,181		34,448		(7,437)		77,372

Interest and other income		—		—		—		57		57
Interest expense		(6,342)		(2,705)		(1,707)		(28,235)		(38,989)
Loss on early extinguishment of debt		—		—		—		(21)		(21)
Income (loss) before income tax expense and equity in losses of an investee		38,838		2,476		32,741		(35,636)		38,419
Income tax expense		—		—		—		(146)		(146)
Equity in losses of an investee		—		—		—		(24)		(24)
Income (loss) from continuing operations		38,838		2,476		32,741		(35,806)		38,249
Discontinued operations:
Loss from discontinued operations		—		—		—		—		—
Impairment of assets from discontinued operations		—		—		—		—		—
Net income (loss)	$	38,838	$	2,476	$	32,741	$	(35,806)	$	38,249

Total assets	$	2,264,217	$	1,291,623	$	3,393,253	$	403,903	$	7,352,996


	For the Three Months Ended September 30, 2014
	Triple Net
	Leased		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated

Revenues:
Rental income	$	55,266	$	—	$	77,798	$	4,550	$	137,614
Residents fees and services		—		79,259		—		—		79,259
Total revenues		55,266		79,259		77,798		4,550		216,873

Expenses:
Property operating expenses		—		61,330		21,376		—		82,706
Depreciation		15,372		8,006		25,748		948		50,074
General and administrative		—		—		—		10,384		10,384
Acquisition related costs		—		—		—		15		15
Total expenses		15,372		69,336		47,124		11,347		143,179

Operating income (loss)		39,894		9,923		30,674		(6,797)		73,694

Interest and other income		—		—		—		78		78
Interest expense		(6,446)		(2,416)		(1,484)		(25,855)		(36,201)
Income (loss) before income tax expense and equity in earnings of an investee		33,448		7,507		29,190		(32,574)		37,571
Income tax expense		—		—		—		(156)		(156)
Equity in earnings of an investee		—		—		—		38		38
Income (loss) from continuing operations		33,448		7,507		29,190		(32,692)		37,453
Discontinued operations:
Loss from discontinued operations		—		—		(557)		—		(557)
Impairment of assets from discontinued operations		—		—		216		—		216
Income (loss) before gain on sale of properties		33,448		7,507		28,849		(32,692)		37,112
Gain on sale of properties		—		—		—		—		—
Net income (loss)	$	33,448	$	7,507	$	28,849	$	(32,692)	$	37,112

Total assets	$	1,823,234	$	899,545	$	2,953,668	$	312,675	$	5,989,122


	For the Nine Months Ended September 30, 2015
	Triple Net
	Leased		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated

Revenues:
Rental income	$	180,820	$	—	$	265,664	$	13,709	$	460,193
Residents fees and services		—		271,061		—		—		271,061
Total revenues		180,820		271,061		265,664		13,709		731,254

Expenses:
Property operating expenses		—		204,178		72,135		—		276,313
Depreciation		51,322		41,357		90,711		2,844		186,234
General and administrative		—		—		—		32,563		32,563
Acquisition related costs		—		—		—		6,517		6,517
Impairment of assets		(98)		—		—		—		(98)
Total expenses		51,224		245,535		162,846		41,924		501,529

Operating income (loss)		129,596		25,526		102,818		(28,215)		229,725

Interest and other income		—		—		—		274		274
Interest expense		(18,598)		(7,285)		(5,232)		(81,723)		(112,838)
Loss on early extinguishment of debt		(6)		(33)		—		(1,430)		(1,469)
Income (loss) before income tax expense and equity in earnings of an investee		110,992		18,208		97,586		(111,094)		115,692
Income tax expense		—		—		—		(385)		(385)
Equity in earnings of an investee		—		—		—		70		70
Income (loss) from continuing operations		110,992		18,208		97,586		(111,409)		115,377
Discontinued operations:
Loss from discontinued operations		—		—		(350)		—		(350)
Impairment of assets from discontinued operations		—		—		(602)		—		(602)
Net income (loss)	$	110,992	$	18,208	$	96,634	$	(111,409)	$	114,425

Total assets	$	2,264,217	$	1,291,623	$	3,393,253	$	403,903	$	7,352,996


	For the Nine Months Ended September 30, 2014
	Triple Net
	Leased		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated

Revenues:
Rental income	$	165,321	$	—	$	198,589	$	13,429	$	377,339
Residents fees and services		—		237,740		—		—		237,740
Total revenues		165,321		237,740		198,589		13,429		615,079

Expenses:
Property operating expenses		—		182,742		57,555		—		240,297
Depreciation		46,525		24,494		61,269		2,844		135,132
General and administrative		—		—		—		28,250		28,250
Acquisition related costs		—		—		—		2,649		2,649
Total expenses		46,525		207,236		118,824		33,743		406,328

Operating income (loss)		118,796		30,504		79,765		(20,314)		208,751

Interest and other income		—		—		—		336		336
Interest expense		(19,307)		(8,210)		(4,328)		(67,368)		(99,213)
Income (loss) before income tax expense and equity in earnings of an investee		99,489		22,294		75,437		(87,346)		109,874
Income tax expense		—		—		—		(502)		(502)
Equity in earnings of an investee		—		—		—		59		59
Income (loss) from continuing operations		99,489		22,294		75,437		(87,789)		109,431
Discontinued operations:
Income from discontinued operations		—		—		1,484		—		1,484
Impairment of assets from discontinued operations		—		—		(117)		—		(117)
Income (loss) before gain on sale of properties		99,489		22,294		76,804		(87,789)		110,798
Gain on sale of properties		2,552		—		—		—		2,552
Net income (loss)	$	102,041	$	22,294	$	76,804	$	(87,789)	$	113,350

Total assets	$	1,823,234	$	899,545	$	2,953,668	$	312,675	$	5,989,122