Diversified Healthcare Trust (DHC) 10-K 27 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	SENIOR HOUSING PROPERTIES TRUST
Entity Central Index Key	1,075,415
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4.9
Entity Common Stock, Shares Outstanding		237,544,479
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate properties:
Land	$ 803,773	$ 781,426
Buildings, improvements and equipment	6,926,750	6,675,514
Total real estate properties, gross	7,730,523	7,456,940
Less accumulated depreciation	(1,328,011)	(1,147,540)
Total real estate properties, net	6,402,512	6,309,400
Cash and cash equivalents	31,749	37,656
Restricted cash	3,829	6,155
Investments in available for sale securities	115,612	51,472
Due from affiliate	18,439	17,912
Acquired real estate leases and other intangible assets, net	514,446	604,286
Other assets	141,167	133,209
Total assets	7,227,754	7,160,090
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	327,000	775,000
Unsecured term loans, net	547,058	546,305
Senior unsecured notes, net	1,722,758	1,478,536
Secured debt and capital leases, net	1,117,649	679,295
Accrued interest	18,471	16,974
Due to affiliate	22,296	15,008
Assumed real estate lease obligations, net	106,038	115,363
Other liabilities	167,079	173,849
Total liabilities	4,028,349	3,800,330
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 237,544,479 and 237,471,559 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	2,375	2,375
Additional paid in capital	4,533,456	4,531,703
Cumulative net income	1,618,885	1,477,590
Cumulative other comprehensive income (loss)	34,549	(32,537)
Cumulative distributions	(2,989,860)	(2,619,371)
Total shareholders’ equity	3,199,405	3,359,760
Total liabilities and shareholders’ equity	$ 7,227,754	$ 7,160,090

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	300,000,000	300,000,000
Common shares, shares issued	237,544,479	237,471,559
Common shares, shares outstanding	237,544,479	237,471,559

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 666,200	$ 630,899	$ 526,703
Residents fees and services	391,822	367,874	318,184
Total revenues	1,058,022	998,773	844,887
Expenses:
Property operating expenses	399,790	377,579	324,564
Depreciation and amortization	287,831	257,783	185,391
General and administrative	46,559	42,830	38,946
Acquisition and certain other transaction related costs	2,085	6,853	4,607
Impairment of assets	18,674	194	(10)
Total expenses	754,939	685,239	553,498
Operating income	303,083	313,534	291,389
Dividend income	2,108	2,773	63
Interest and other income	430	379	362
Interest expense	(167,574)	(150,881)	(135,114)
Loss on distribution to common shareholders of The RMR Group Inc. common stock	0	(38,437)	0
Loss on early extinguishment of debt	(526)	(1,894)	(12)
Income from continuing operations before income tax expense and equity in earnings of an investee	137,521	125,474	156,688
Income tax expense	(424)	(574)	(576)
Equity in earnings of an investee	137	20	87
Income from continuing operations	137,234	124,920	156,199
Discontinued operations:
(Loss) income from discontinued operations	0	(350)	1,362
Loss on impairment of assets from discontinued operations	0	602	4,377
Income before gain on sale of properties	137,234	123,968	153,184
Gain on sale of properties	4,061	0	5,453
Net income	(141,295)	(123,968)	(158,637)
Other comprehensive income:
Unrealized gain (loss) on investments in available for sale securities	64,139	(35,846)	(5,085)
Amounts reclassified from cumulative other comprehensive income to net income	2,795	0	0
Equity in unrealized gain (loss) of an investee	152	(20)	2
Other comprehensive income:	67,086	(35,866)	(5,083)
Comprehensive income:	$ 208,381	$ 88,102	$ 153,554
Weighted average shares used in computing earnings per common share:
Weighted average common shares for basic earnings per share (in shares)	237,345	232,931	198,868
Weighted average common shares outstanding (diluted) (in shares)	237,382	232,963	198,894
Earnings per common share (basic and diluted):
Income from continuing operations (in dollars per share)	$ 0.60	$ 0.54	$ 0.81
Loss from discontinued operations (in dollars per share)	0	(0.01)	(0.01)
Net income (in dollars per share)	$ 0.60	$ 0.53	$ 0.80

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Distributions	Cumulative Other Comprehensive Income (Loss)
Balance at Dec. 31, 2013	$ 2,776,989	$ 1,881	$ 3,497,590	$ 1,194,985	$ (1,925,879)	$ 8,412
Balance (in shares) at Dec. 31, 2013		188,167,643
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)	153,554			158,637		(5,083)
Distributions	(305,767)				(305,767)
Issuance of shares (in shares)		15,648,462
Issuance of shares	325,611	$ 156	325,455
Share grants (in shares)		94,200
Share grants	2,020	$ 2	2,018
Balance at Dec. 31, 2014	2,952,407	$ 2,039	3,825,063	1,353,622	(2,231,646)	3,329
Balance (in shares) at Dec. 31, 2014		203,910,305
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)	88,102			123,968		(35,866)
Distributions	(356,384)				(356,384)
Distribution to common shareholders of The RMR Group Inc. common stock	(31,341)				(31,341)
Issuance of shares (in shares)		33,475,367
Issuance of shares	705,748	$ 335	705,413
Share grants (in shares)		99,000
Share grants	1,440	$ 1	1,439
Share repurchases (in shares)		(13,113)
Share repurchases	(212)		(212)
Balance at Dec. 31, 2015	$ 3,359,760	$ 2,375	4,531,703	1,477,590	(2,619,371)	(32,537)
Balance (in shares) at Dec. 31, 2015	237,471,559	237,471,559
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)	$ 208,381			141,295		67,086
Distributions	(370,489)				(370,489)
Share grants (in shares)		92,150
Share grants	2,205	$ 1	2,204
Share repurchases (in shares)		(19,230)
Share repurchases	(452)	$ (1)	(451)
Balance at Dec. 31, 2016	$ 3,199,405	$ 2,375	$ 4,533,456	$ 1,618,885	$ (2,989,860)	$ 34,549
Balance (in shares) at Dec. 31, 2016	237,544,479	237,544,479

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 141,295	$ 123,968	$ 158,637
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	287,831	257,783	185,391
Net amortization of debt discounts, premiums and deferred financing fees	5,729	5,942	6,319
Straight line rental income	(17,604)	(18,039)	(9,672)
Amortization of acquired real estate leases and other intangible assets	(4,941)	(4,060)	(2,322)
Loss on early extinguishment of debt	526	1,894	12
Impairment of assets	18,674	796	4,367
Loss on distribution to common shareholders of The RMR Group Inc. common stock	0	38,437	0
Other non-cash adjustments	(3,772)	(2,145)	0
Gain on sale of properties	(4,061)	0	(5,453)
Gain on sale of investments	0	(71)	0
Equity in earnings of an investee	(137)	(20)	(87)
Change in assets and liabilities:
Restricted cash	2,326	4,389	1,970
Other assets	(1,548)	(19,917)	(1,102)
Accrued interest	1,497	(3,072)	4,207
Other liabilities	992	19,636	8,634
Net cash provided by operating activities	426,807	405,521	350,901
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(227,072)	(1,134,735)	(1,225,770)
Real estate improvements	(99,663)	(70,427)	(64,754)
Investment in Affiliates Insurance Company	0	0	(825)
Investment in The RMR Group Inc.	0	(17,286)	0
Proceeds from sale of properties	33,866	2,782	27,325
Proceeds from sale of investments	0	6,571	0
Net cash used for investing activities	(292,869)	(1,213,095)	(1,264,024)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	0	659,496	322,807
Proceeds from issuance of unsecured senior notes, net of discount	250,000	0	648,915
Proceeds from unsecured term loan	0	200,000	350,000
Proceeds from borrowings on revolving credit facility	662,000	1,640,243	570,000
Proceeds from issuance of secured debt	620,000	0	0
Redemption of senior notes	0	(250,000)	0
Repayments of borrowings on revolving credit facility	(1,110,000)	(945,243)	(590,000)
Repayment of other debt	(178,418)	(125,879)	(86,432)
Loss on early extinguishment of debt settled in cash	(470)	(1,448)	0
Payment of debt issuance costs	(12,016)	(2,931)	(8,039)
Repurchase of common shares	(452)	(212)	0
Distributions to shareholders	(370,489)	(356,390)	(305,767)
Net cash (used for) provided by financing activities	(139,845)	817,636	901,484
(Decrease) increase in cash and cash equivalents	(5,907)	10,062	(11,639)
Cash and cash equivalents at beginning of period	37,656	27,594	39,233
Cash and cash equivalents at end of period	31,749	37,656	27,594
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	160,348	148,011	124,588
Income taxes paid	435	477	155
NON-CASH INVESTING ACTIVITIES:
Investment acquired by issuance of common shares	0	44,521	0
Acquisitions funded by assumed debt	0	(181,433)	(15,630)
NON-CASH FINANCING ACTIVITIES:
Assumption of mortgage notes payable	0	181,433	15,630
Issuance of common shares	0	47,691	4,823
Distribution to common shareholders of The RMR Group Inc. common stock	$ 0	$ (31,335)	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization We are a real estate investment trust, or REIT, organized under Maryland law. At December 31, 2016 , we owned 433 properties ( 459 buildings) located in 42 states and Washington, D.C.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies BASIS OF PRESENTATION. Our consolidated financial statements include the accounts of Senior Housing Properties Trust, or SNH, we, us or our, and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Accounting principles generally accepted in the United States, or GAAP, require us to make estimates and assumptions that may affect the amounts reported in these financial statements and related notes. The actual results could differ from these estimates. We have made reclassifications to the prior years’ financial statements to conform to the current year’s presentation. These reclassifications had no effect on net income or shareholders’ equity. REAL ESTATE PROPERTIES. We record properties at our cost and calculate depreciation on real estate investments on a straight line basis over estimated useful lives generally up to 40 years . When we acquire a property, we estimate the purchase price allocations and the useful lives of our properties. In some circumstances, we engage third party real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by third party appraisers. For properties qualifying as acquired businesses under Accounting Standards Codification, or the Codification, Topic No. 805, Business Combinations, we allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) as a reduction to rental income over the remaining non‑cancelable terms of the respective leases. We amortize capitalized below market lease values (presented as acquired real estate lease obligations in our consolidated balance sheets) as an increase to rental income over the non‑cancelable periods of the respective leases. For the years ended December 31, 2016 , 2015 and 2014 , such amortization resulted in an increase in rental income of $4,941 , $4,060 and $2,322 , respectively. We amortize the value of in place leases exclusive of the value of above market and below market in place leases to expense over the remaining non‑cancelable periods of the respective leases. During the years ended December 31, 2016 , 2015 and 2014 , such amortization included in depreciation totaled $92,818 , $80,040 and $38,970 , respectively. If a lease is terminated prior to its stated expiration, the unamortized amount relating to that lease is written off. CASH AND CASH EQUIVALENTS. We carry cash and cash equivalents, consisting of overnight repurchase agreements and short term investments with original maturities of three months or less at the date of purchase, at cost plus accrued interest, which approximates fair value. RESTRICTED CASH. Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties and security deposits for residents of our managed senior living communities. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES. We classify the shares we own of Five Star Quality Care, Inc., or Five Star, and The RMR Group Inc., or RMR Inc., as available for sale securities and carry them at fair value in other assets in our consolidated balance sheets, with unrealized gains and losses reported as a component of shareholders' equity. We evaluate our investments in available for sale securities to determine if a decline in the fair value below our carrying value is other than temporary. We consider the severity and the duration of the decline, and our ability and intent to hold the investment until recovery when making this assessment. If a decline in fair value is determined to be other than temporary, an impairment loss equal to the difference between the investment’s carrying value and its fair value is recognized in earnings. At December 31, 2016 and 2015, we owned 4,235,000 common shares of Five Star. In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the fourth quarter of 2016, we determined, based on the length of time and the extent to which the market value of our Five Star investment was below our carrying value, that the decline in fair value was deemed to be other than temporary at December 31, 2016. Accordingly, we recorded a $2,795 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the fourth quarter of 2016. We estimated fair value using the closing price of Five Star common shares as of December 31, 2016 ( $2.70 per share). At December 31, 2016 , our investment in Five Star had an adjusted cost basis and fair value of $11,435 . At December 31, 2015, our investment in Five Star had a fair value of $13,467 , including an unrealized loss of $747 . At December 31, 2016 and 2015, we owned 2,637,408 shares of class A common stock of RMR Inc. Our historical cost basis for these shares is $69,826 . At December 31, 2016 and 2015, our investment in RMR Inc. had a fair value of $104,178 and $38,005 , respectively, including an unrealized gain of $34,352 and an unrealized loss of $31,821 , respectively. We concluded, for accounting purposes, that the cash and share consideration of $60,700 we paid for our investment in 5,272,787 shares of class A common stock of RMR Inc. represented a discount to the fair value of these shares. We initially accounted for this investment under the cost method of accounting and recorded this investment at its estimated fair value of $136,278 as of June 5, 2015 using Level 3 inputs, as defined in the fair value hierarchy under GAAP. As a result, we recorded a liability for the amount by which the estimated fair value of these shares exceeded the price we paid for these shares. This liability is included in other liabilities in our consolidated balance sheets. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to our business management and property management fee expense. We amortized $3,772 and $2,145 of this liability during the years ended December 31, 2016 and 2015, respectively. These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2016, the remaining unamortized amount of this liability was $71,933 . See Notes 5 and 7 for further information regarding our investments in Five Star and RMR Inc. EQUITY METHOD INVESTMENTS. At December 31, 2016 , we owned 14.3% of Affiliates Insurance Company, or AIC’s, outstanding equity. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC because all of our Trustees are also directors of AIC. Under the equity method, we record our percentage share of net earnings from AIC in our consolidated statements of comprehensive income. See Note 7 for further information regarding our investment in AIC. We evaluate our equity method investments to determine if there are any events or circumstances (impairment indicators) that are likely to have a significant adverse effect on the fair value of the investment. Fair value estimates consider all available financial information related to the investee. Examples of such impairment indicators include, but are not limited to, a significant deterioration in earnings performance, a significant adverse change in the regulatory or economic environment of an investee; or a significant doubt about an investee's ability to continue as a going concern. If an impairment indicator is identified, an estimate of the fair value of the investment is compared to its carrying value. If the fair value of the investment is less than its carrying value, a determination is made as to whether the related impairment is other than temporary. If a decline in fair value is determined to be other than temporary, an impairment loss equal to the difference between the investment’s carrying value and its fair value is recognized in earnings. DEBT ISSUANCE COSTS. Debt issuance costs include issuance or assumption costs related to borrowings and we amortize those costs as interest expense over the terms of the respective loans. Debt issuance costs for our unsecured revolving credit facility totaled $10,980 at both December 31, 2016 and 2015, and accumulated amortization of debt issuance costs totaled $9,039 and $7,174 at December 31, 2016 and 2015, respectively, and are included in other assets in our consolidated balance sheets. Debt issuance costs for our unsecured term loans, senior notes, and mortgage notes payable totaled $49,331 and $39,497 at December 31, 2016 and 2015, respectively, and accumulated amortization of debt issuance costs totaled $17,560 and $15,608 , respectively, and are presented in our balance sheet as a direct deduction from the associated debt liability. Future amortization of debt issuance costs to be recognized with respect to our loans as of December 31, 2016 are estimated to be $5,829 in 2017, $4,084 in 2018, $3,225 in 2019, $1,810 in 2020, $1,695 in 2021 and $17,069 thereafter. DEFERRED LEASING COSTS. Deferred leasing costs include capitalized brokerage, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases. Deferred leasing costs are included in other assets on our consolidated balance sheets. Deferred leasing costs totaled $24,825 and $21,708 at December 31, 2016 and 2015, respectively, and accumulated amortization of deferred leasing costs totaled $6,898 and $5,561 at December 31, 2016 and 2015, respectively. Included in deferred leasing costs at December 31, 2016, is $140 of estimated costs associated with leases under negotiation. At December 31, 2016, the remaining weighted average amortization period is approximately 8.5 years . Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2016, are estimated to be $3,183 in 2017, $2,835 in 2018, $2,473 in 2019, $2,030 in 2020, $1,449 in 2021 and $5,817 thereafter. REVENUE RECOGNITION. We recognize rental income from operating leases on a straight line basis over the term of each lease agreement. We recognize percentage rents when realizable and earned, which is generally during the fourth quarter of the year. For the years ended December 31, 2016, 2015 and 2014, percentage rents earned aggregated $10,169 , $10,062 and $10,155 , respectively. As of December 31, 2016, we owned 68 senior living communities that are managed by Five Star for our account. Five communities were previously managed from the date we acquired these communities in May 2015 through December 14, 2016 by a third party operator that was affiliated with a triple net leased senior living tenant of ours that defaulted on its lease obligations to us in the first half of 2016. We refer to these 68 communities as the managed senior living communities. We derive our revenues at these managed senior living communities primarily from services our managers provide to residents on our behalf and we record revenues when services are provided. We use the taxable REIT subsidiary, or TRS, structure authorized by the REIT Investment Diversification and Empowerment Act for nearly all of our managed senior living communities. PER COMMON SHARE AMOUNTS. We calculate basic earnings per common share by dividing net income by the weighted average number of our common shares of beneficial interest, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share. INCOME TAXES. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and as such are generally not subject to federal and most state income taxation on our operating income, provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease nearly all of our managed senior living communities to our TRSs, that, unlike most of our subsidiaries, file separate tax returns and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes incurred by us, despite our REIT status. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expense. SEGMENT REPORTING. As of December 31, 2016 , we have four operating segments, of which three are separate reporting segments. We aggregate our triple net leased senior living communities, our managed senior living communities and our MOBs into three reporting segments, based on their similar operating and economic characteristics. The first reporting segment includes triple net leased senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members, which we do not consider to be sufficiently material to constitute a separate reporting segment. See Note 10 for further information regarding our reportable operating segments. NEW ACCOUNTING PRONOUNCEMENTS. On January 1, 2016, we adopted the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2015-02, Consolidation . Among other things, this update changed how an entity determines the primary beneficiary of a variable interest entity. The implementation of this update did not have an impact in our consolidated financial statements. On January 1, 2016, we adopted FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability, and ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting , which addresses the presentation of debt issuance costs related to line of credit arrangements. The implementation of these updates resulted in the reclassification of certain of our capitalized debt issuance costs as an offset to the associated debt liability in our consolidated balance sheets. The classification of capitalized debt issuance costs related to our unsecured revolving credit facility remains unchanged in accordance with ASU No. 2015-15. As of December 31, 2015, debt issuance costs related to our unsecured term loans, senior unsecured notes and secured debt and capital leases of $3,695 , $16,530 and $3,664 , respectively, were reclassified from assets to an offset to the associated debt liability in our consolidated balance sheets. On January 1, 2016, we adopted FASB ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The implementation of this update did not have an impact in our consolidated financial statements. In December 2016, we adopted FASB ASU, No. 2014-15, Presentation of Financial Statements - Going Concern : Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The implementation of this update did not have an impact in our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the FASB provided for a one year deferral of the effective date for ASU 2014-09, which is now effective for us beginning January 1, 2018. A substantial portion of our revenue consists of rental income from leasing arrangements, including leases with residents at properties leased to our TRSs, which is specifically excluded from ASU 2014-09. We are continuing to evaluate ASU 2014-09 (and related clarifying guidance issued by the FASB); however, we do not expect its adoption to have a significant impact on the timing of our revenue recognition in our consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. Under this ASU, these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect how changes in the fair value of available for sale equity investments we hold are presented in our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation , which identifies areas for simplification involving several aspects of accounting for share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. ASU No. 2016-09 is effective for reporting periods beginning after December 31, 2016. We do not expect the adoption of ASU No. 2016-09 to have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-13 will have in our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-15 will have in our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents. Companies will show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The new standard requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-18 will have in our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which provides additional guidance on evaluating whether transactions should be accounted for as an acquisition (or disposal) of assets or of a business. The update defines three requirements for a set of assets and activities (collectively referred to as a “set”) to be considered a business: inputs, processes and outputs. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. This update will be applied prospectively to any transactions occurring within the period of adoption. We are currently assessing the impact of the update; however, subsequent to adoption we believe certain property acquisitions which under previous guidance would have been accounted for as business combinations will be accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under business combination guidance.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Our real estate properties, excluding those classified as held for sale, consisted of land of $803,773 , buildings and improvements of $6,620,158 and FF&E of $306,592 as of December 31, 2016; and land of $781,426 , buildings and improvements of $6,391,482 and FF&E of $284,032 as of December 31, 2015. Accumulated depreciation was $1,149,083 and $178,928 for buildings and improvements and FF&E, respectively, as of December 31, 2016; and $992,361 and $155,179 for buildings and improvements and FF&E, respectively, as of December 31, 2015. The future minimum lease payments due to us during the current terms of our leases as of December 31, 2016, are $561,815 in 2017, $545,286 in 2018, $525,489 in 2019, $498,099 in 2020, $477,962 in 2021 and $2,626,668 thereafter. We have accounted for the following acquisitions as business combinations unless otherwise noted. Senior Living Community Acquisitions: In May 2016, we acquired one senior living community located in Georgia with 38 private pay units for $8,400 , excluding closing costs. We acquired this community using a TRS structure and entered a management agreement with Five Star to manage this community. In June 2016, we entered into a transaction agreement with Five Star pursuant to which, among other things: we acquired seven senior living communities located in four states with 545 living units from Five Star for $112,350 , excluding closing costs, and simultaneously leased these communities back to Five Star under a new long term lease agreement pursuant to which Five Star is required to pay to us initial annual rent of $8,426 ; we and Five Star terminated three of our four then existing pooling agreements with Five Star; and we and Five Star entered into 10 new pooling agreements, or the new pooling agreements, with Five Star that combine our management agreements with Five Star for senior living communities that include assisted living units, or our AL Management Agreements. See Notes 5 and 7 for further information regarding these transactions and transaction agreement. In September 2016, we acquired an additional living unit at a senior living community located in Florida that we lease to Five Star, for $130 , excluding closing costs. This living unit was added to the applicable lease and Five Star’s annual rent payable to us increased by $10 in accordance with the terms of that lease. In December 2016, we acquired two senior living communities located in Illinois with a combined 126 living units for $18,600 , excluding closing costs. These two senior living communities were added to one of our leases with Five Star and Five Star’s annual rent payable to us increased by $1,395 in accordance with the terms of that lease. Also in December 2016, we acquired a land parcel adjacent to a senior living community located in Georgia that Five Star manages for our account, for $1,600 , excluding closing costs. This land parcel was added to the applicable management agreement. In December 2014, we entered into an agreement to acquire 38 senior living communities with 3,439 living units for an aggregate purchase price of $790,000 , excluding net closing adjustments of $77 and closing costs. In May 2015, we acquired 37 of these 38 senior living communities and in September 2015 we acquired the one remaining community. We funded the acquisitions of these 38 senior living communities using cash on hand, borrowings under our revolving credit facility and the assumption of approximately $151,477 of mortgage debts with a weighted average annual interest rate of 4.57% . At the time of acquisition, nineteen of the 38 communities were triple net leased senior living communities with 2,206 living units, and were leased to seven senior living operators. As of the date acquired, the weighted average amortization period for capitalized lease origination values was 11.5 years . The remaining 19 acquired managed communities with 1,233 living units were acquired using TRS structures and are being managed for our account. We paid fees of $975 and terminated the pre-existing management agreements that were in place for 14 of these 19 managed communities, with 838 living units and we entered into new management agreements with Five Star to manage those 14 communities. The remaining five managed communities, with 395 living units, continued to be managed by a third party senior living manager in place at the time of our acquisition of these communities. In the first quarter of 2016, the tenants at two of our triple net leased senior living communities that we acquired as part of the portfolio acquisition described above were in default of their leases. In April 2016, we reached an agreement with one of these tenants and its guarantor to settle past due amounts, terminate the lease and transfer operations. As part of this agreement, we received $2,365 and entered into a management agreement with Five Star to operate this community for our account under a TRS structure. In July 2016, we terminated the other lease and entered into a management agreement with Five Star to operate the community for our account under a TRS structure. In December 2016, we entered a settlement agreement and terminated the in place management agreements with the third party senior living manager affiliated with one of the tenants that defaulted on its lease for five of the communities acquired in May 2015. We paid fees of $115 to terminate the existing management agreements and we entered into new management agreements with Five Star to manage these five communities. In February 2015, we acquired a land parcel adjacent to a senior living community we lease to Five Star for $490 . This property was added to the lease for that senior living community and Five Star’s annual minimum rent payable to us increased by $39 as a result. In May 2015, we acquired one senior living community with 40 private pay independent living units for a purchase price of approximately $9,750 , excluding closing costs. Pursuant to the purchase agreement, $1,000 of the purchase price was withheld until the seller satisfied various conditions. The conditions were satisfied and in February 2016 we funded the $1,000 of holdback funds and eliminated the liability that had been recorded when we acquired the community. This senior living community is adjacent to another community that we own which is managed by Five Star; and the operations of this community and the community we previously owned are now conducted as a single integrated community under one management agreement. In September 2015, we acquired one triple net leased senior living community with 84 living units for a purchase price of $18,250 , excluding closing costs. We funded the acquisition of this community using cash on hand and borrowings under our revolving credit facility. This community is leased to a privately owned third party senior living operator. We accounted for this acquisition as an asset acquisition. During 2014, we acquired two senior living communities with an aggregate 228 living units for an aggregate purchase price of $47,430 , excluding closing costs, and entered into management agreements with Five Star to manage these communities. The table below represents the purchase price allocations (including net closing adjustments) of the senior living community acquisitions described above. Date Location Leased / Managed Number of Properties Units/ Beds Cash Paid plus Assumed Debt (1) Land Buildings and Improvements FF&E Acquired Real Estate Leases Other Liabilities Assumed Debt (Premium) / Discount on Assumed Debt Senior Living Community Acquisitions during the year ended December 31, 2016: May 2016 Georgia Managed 1 38 $ 8,400 $ 327 $ 6,195 $ 478 $ 1,400 $ — $ — $ — June 2016 4 States Leased 7 545 112,493 11,085 94,940 6,468 — — — — December 2016 Illinois Leased 2 126 18,600 1,814 13,377 1,087 2,323 — — — 10 709 $ 139,493 $ 13,226 $ 114,512 $ 8,033 $ 3,723 $ — $ — $ — Senior Living Community Acquisitions during the year ended December 31, 2015: May 2015 11 States Leased 18 2,119 $ 459,184 $ 29,716 $ 373,471 $ 21,117 $ 54,096 $ (18,091 ) $ (44,395 ) $ (1,125 ) May 2015 5 States Managed 19 1,233 313,345 12,267 214,064 12,342 73,840 — (94,785 ) 832 September 2015 NC Leased 1 87 17,548 1,134 13,749 1,022 2,208 — (12,297 ) (565 ) Subtotal 38 senior living communities portfolio 38 3,439 790,077 43,117 601,284 34,481 130,144 (18,091 ) (151,477 ) (858 ) May 2015 GA Managed — (2) 40 9,750 993 8,169 427 161 — — — September 2015 GA Leased 1 84 18,409 3,479 14,021 909 — — — — 39 3,563 $ 818,236 $ 47,589 $ 623,474 $ 35,817 $ 130,305 $ (18,091 ) $ (151,477 ) $ (858 ) Senior Living Community Acquisitions during the year ended December 31, 2014: December 2014 WI Managed 1 52 $ 7,000 $ 188 $ 5,862 $ 101 $ 849 $ — $ — $ — December 2014 WI Managed 1 176 40,430 2,615 34,957 588 2,270 — — — 2 228 $ 47,430 $ 2,803 $ 40,819 $ 689 $ 3,119 $ — $ — $ — (1) Cash paid plus assumed debt, if any, excludes closing costs. With respect to the June 2016 acquisition of seven senior living communities and the September 2015 acquisition of one senior living community in Georgia that are being accounted for as asset acquisitions, these amounts include the cash we paid as well as various closing settlement adjustments and closing costs. The allocation of the purchase prices of certain of our 2016 acquisitions shown above are based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. The final amounts allocated to assets acquired and liabilities assumed may differ from the preliminary allocations presented in these consolidated financial statements upon the completion of (i) third party valuations and (ii) our analysis of acquired in place lease and land and building valuations. (2) This senior living community is adjacent to another community that we own which is managed by Five Star. The operations of this community and the community we previously owned are now conducted as a single integrated community under one management agreement. See Notes 5 and 7 for further information regarding the arrangements we have with Five Star. MOB Acquisitions: In February 2016, we acquired one MOB ( three buildings) located in Minnesota with approximately 128,000 square feet for a purchase price of approximately $22,700 , excluding closing costs. We funded this acquisition using cash on hand and borrowings under our revolving credit facility. As of the date acquired, the weighted average amortization periods for capitalized lease origination costs and below market lease values were 6.4 years and 7.3 years, respectively. In May 2016, we acquired one MOB ( one building) located in Florida with approximately 166,000 square feet for a purchase price of approximately $45,000 , excluding closing costs. We funded this acquisition using cash on hand and borrowings under our revolving credit facility. We accounted for this acquisition as an asset acquisition. In October 2016, we acquired one MOB ( one building) located in Ohio with approximately 96,000 square feet for approximately $18,500 , excluding closing costs. We funded this acquisition using cash on hand and borrowings under our revolving credit facility. As of the date acquired, the weighted average amortization periods for capitalized lease origination costs and above market lease values, respectively, were 14.1 years. In January 2015, we acquired 23 MOBs ( 23 buildings) for an aggregate purchase price of $539,000 , excluding net credits received of $7,377 related to debt assumption costs and outstanding tenant improvement allowances and excluding closing costs. These MOBs include approximately 2,170,000 leasable square feet. We funded this acquisition using cash on hand, borrowings under our revolving credit facility and the assumption of $29,955 of mortgage debts with a weighted average annual interest rate of 4.73% . As of the date acquired, the weighted average amortization periods for capitalized lease origination costs, above market lease values and below market lease values were 9.5 years , 9.7 years and 11.2 years , respectively. These 23 properties were purchased from Select Income REIT, or SIR, in connection with the acquisition by SIR of Cole Corporate Income Trust, Inc., or CCIT. See Note 7 for further information regarding this transaction. During 2014, we acquired two MOBs ( three buildings) with a total of 1,776,277 square feet for total purchase prices of approximately $1,162,584 including the assumption of approximately $15,630 of mortgage debt and excluding closing costs. The table below represents the purchase price allocations (including net closing adjustments) of the MOB acquisitions described above. Date Location Number of Properties Square Feet (000's) 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, 2016: February 2016 Minnesota 1 128 $ 22,700 $ 4,028 $ 14,710 $ 5,053 $ (1,091 ) $ — $ — May 2016 Florida 1 166 45,232 2,792 42,440 — — — — October 2016 Ohio 1 96 18,500 1,025 12,883 4,592 — — — 3 390 $ 86,432 $ 7,845 $ 70,033 $ 9,645 $ (1,091 ) $ — $ — MOB Acquisitions during the year ended December 31, 2015: January 2015 12 States 23 2,170 $ 531,623 $ 50,429 $ 397,637 $ 87,780 $ (3,150 ) $ (29,955 ) $ (1,073 ) 23 2,170 $ 531,623 $ 50,429 $ 397,637 $ 87,780 $ (3,150 ) $ (29,955 ) $ (1,073 ) MOB acquisitions during the year ended December 31, 2014: April 2014 TX 1 125 $ 32,932 $ 3,141 $ 23,142 $ 7,672 $ (10 ) $ (15,630 ) $ (1,013 ) May 2014 MA 1 1,651 1,129,652 52,643 792,146 403,282 (118,419 ) — — 2 1,776 $ 1,162,584 $ 55,784 $ 815,288 $ 410,954 $ (118,429 ) $ (15,630 ) $ (1,013 ) (1) Cash paid plus assumed debt, if any, excludes closing costs. With respect to the property located in Florida that is being accounted for as an asset acquisition, this amount includes the cash we paid as well as various closing settlement adjustments and closing costs. The allocations of the purchase prices of certain of our 2016 acquisitions shown above are based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. The final amounts allocated to assets acquired and liabilities assumed may differ from the preliminary allocations presented in these consolidated financial statements upon the completion of (i) third party valuations and (ii) our analysis of acquired in place lease and land and building valuations. In January 2017, we acquired one MOB ( one building) located in Kansas with approximately 117,000 square feet for approximately $15,500 , excluding closing costs. Intangible Lease Assets and Obligations: At December 31, 2016, we had recorded intangible lease assets of $775,935 , including $43,906 of capitalized above market lease values and $732,029 of the value of in place leases. At December 31, 2015, we had recorded intangible lease assets of $779,761 , including $48,048 of capitalized above market lease values and $731,713 of the value of in place leases. We had recorded intangible lease obligations of $137,351 and $139,346 at December 31, 2016 and 2015, respectively. Accumulated amortization of capitalized above market lease values was $28,739 and $26,828 at December 31, 2016 and 2015, respectively. At December 31, 2016, the remaining weighted average amortization period of capitalized above market lease values is approximately 4.8 years . Accumulated amortization of capitalized below market lease values was $31,312 and $23,819 at December 31, 2016 and 2015, respectively. At December 31, 2016, the remaining weighted average amortization period of intangible lease obligations is approximately 11.6 years . Accumulated amortization of the value of in place leases exclusive of the value of above and below market in place leases was $232,750 and $148,647 at December 31, 2016 and 2015, respectively. At December 31, 2016, the remaining weighted average amortization period of the value of in place leases exclusive of the value of above and below market in place leases is approximately 10.4 years . We expect to recognize net future amortization of these intangible lease assets and liabilities in the amounts of approximately $64,832 in 2017, $46,101 in 2018, $39,599 in 2019, $37,089 in 2020, $34,813 in 2021 and $185,974 thereafter. Dispositions: In March 2016, we sold a land parcel located in Pennsylvania for $700 , excluding closing costs. In June 2016, we sold a triple net leased skilled nursing facility, or SNF, located in Pennsylvania for $9,100 , excluding closing costs; we recognized a gain on sale of $4,061 from this sale. In July 2016, we sold four MOBs ( four buildings) located in Oklahoma for $20,150 , excluding closing costs. In September 2016, we and Five Star sold a vacant SNF located in Wisconsin that we leased to Five Star for $248 , excluding closing costs; as a result of this sale, Five Star's annual rent payable to us decreased by $25 in accordance with the terms of the applicable lease. In December 2016, we sold one MOB located in Pennsylvania for $2,800 , excluding closing costs. In December 2016, we sold a formerly managed memory care building located in Florida for $2,100 , excluding closing costs. In February 2015, we and Five Star sold a senior living community located in Pennsylvania that we leased to Five Star with 120 assisted living units for $250 , excluding closing costs; as a result of this sale, Five Star's annual rent payable to us decreased by $23 in accordance with the terms of the applicable lease. In April 2015, we sold one MOB ( four buildings) located in New Mexico that was previously included in discontinued operations for $1,500 , excluding closing costs. In July 2015, we and Five Star sold a senior living community located in Iowa that we leased to Five Star with 12 SNF units for $155 , excluding closing costs; as a result of this sale, Five Star's annual rent payable to us decreased by $16 in accordance with the terms of the applicable lease. In August 2015, we and Five Star sold a senior living community located in Wisconsin that we leased to Five Star with 63 SNF units for $850 , excluding closing costs; as a result of this sale, Five Star's annual rent payable to us decreased by $85 in accordance with the terms of the applicable lease. In December 2015, we and Five Star sold a senior living community located in Iowa that we leased to Five Star with 117 SNF units for $21 , excluding closing costs; as a result of this sale, Five Star's annual rent payable to us decreased by $2 in accordance with the terms of the applicable lease. In January 2014, we and Five Star sold an assisted living community located in Texas that we leased to Five Star with 36 assisted living units for $2,400 , excluding closing costs; as a result of this sale, Five Star’s annual rent payable to us decreased by $210 in accordance with the terms of the applicable lease. In April 2014, we sold one MOB ( one building) located in New Hampshire that was previously included in discontinued operations for $5,000 , excluding closing costs. In June 2014, we and Five Star sold two senior living communities located in Wisconsin that we leased to Five Star with a combined 156 SNF units for $4,500 , excluding closing costs; as result of this sale, Five Star’s annual rent payable to us decreased by $452 in accordance with the terms of the applicable lease. In June 2014, we sold one MOB ( one building) located in Pennsylvania for $6,000 , excluding closing costs. In September 2014, we sold one MOB ( one building) located in Rhode Island that was previously included in discontinued operations for $675 , excluding closing costs. In October 2014, we and Five Star sold a senior living community located in Virginia that we leased to Five Star with 70 assisted living units for $2,850 , excluding closing costs; as a result of this sale, Five Star’s annual rent payable to us decreased by $285 in accordance with the terms of the applicable lease. Also in October 2014, we and Five Star sold two senior living communities located in Arizona that we leased to Five Star with a combined 177 assisted living and SNF units for $5,900 , excluding closing costs; as a result of this sale, Five Star’s annual rent payable to us decreased by $590 in accordance with the terms of the applicable lease. Impairment: We periodically evaluate our assets for impairments. Impairment indicators may include declining tenant or resident occupancy, weak or declining profitability from the property, decreasing tenant cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life, and legislative, market or industry changes that could permanently reduce the value of an asset. If indicators of impairment are present, we evaluate the carrying value of the affected asset by comparing it to the expected future undiscounted net cash flows to be generated from that asset. If the sum of these expected future net cash flows is less than the carrying value, we reduce the net carrying value of the asset to its estimated fair value. During 2016, we recorded net impairment charges of $11,488 to adjust the carrying values of two MOBs ( five buildings), one land parcel and two senior living communities that were sold during 2016 to their aggregate estimated net sale price. During 2016, we also recorded impairment charges of $4,391 to write off acquired lease intangible assets associated with lease defaults at two of our triple net leased senior living communities leased to two third party private operators. During 2015, we recorded net impairment charges of $796 to adjust the carrying values of one MOB ( four buildings) and three senior living communities to their aggregate estimated net sale price. During 2014, we recorded net impairment charges of $4,377 to adjust the carrying values of four MOBs ( seven buildings) to their aggregate estimated net sale price. We classify all properties as held for sale in our consolidated balance sheets that meet the applicable criteria for that treatment as set forth in the Property, Plant and Equipment Topic of the Codification. As of December 31, 2016, we had no properties classified as held for sale. As of December 31, 2015, we had one senior living community with 140 living units and one vacant land parcel classified as held for sale. The real estate assets of this senior living community and land parcel are included in other assets in our December 31, 2015 consolidated balance sheets and had a net book value (after impairment) of approximately $5,356 . These properties were sold in 2016 as described above. Results of operations for properties sold or held for sale are included in discontinued operations in our consolidated statements of comprehensive income when the criteria for discontinued operations in the Codification Topic No. 2015-20, Discontinued Operations, are met. With the exception of four MOBs ( seven buildings) that were sold in 2014 and 2015 that met the criteria for discontinued operations, the senior living communities and MOBs which we sold during the periods presented did not meet the criteria for discontinued operations and are included in continuing operations. Summarized income statement information for the four MOBs ( seven buildings) that met the criteria for discontinued operations is included in discontinued operations as follows: For the year ended December 31, 2016 2015 2014 Rental income $ — $ 56 $ 3,949 Property operating expenses — (406 ) (2,587 ) (Loss) income from discontinued operations $ — $ (350 ) $ 1,362 Investments and Capital Expenditures: During 2016 and 2015, pursuant to the terms of our existing leases with Five Star, we purchased $21,438 and $21,444 , respectively, of improvements to our properties leased to Five Star, and, as a result, the annual rent payable to us by Five Star increased by approximately $1,719 and $1,734 , respectively. During 2016, we committed $12,422 for capital expenditures related to 899,000 square feet of leases executed at our MOBs. During 2015, we committed $20,314 for capital expenditures related to 1,032,000 square feet of leases executed at our MOBs. Committed and unspent tenant related obligations based on executed leases as of December 31, 2016 and 2015 were $ 23,271 and $30,260 , respectively.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity We have common shares available for issuance under the terms of our 2012 Equity Compensation Plan, or the 2012 Plan. We awarded 79,650 common shares with an aggregate market value of $1,724 during the year ended December 31, 2016, 84,000 common shares with an aggregate market value of $1,321 during the year ended December 31, 2015 and 81,700 common shares with an aggregate market value of $1,750 during the year ended December 31, 2014 to our officers and certain other employees of The RMR Group LLC, or RMR LLC, pursuant to the 2012 Plan. In addition, in May 2016, we awarded each of our five Trustees 2,500 common shares with an aggregate market value of $228 ( $46 to each Trustee) pursuant to the 2012 Plan as part of their annual fees. In May 2015, we awarded each of our five Trustees at that time 2,500 common shares with an aggregate market value of $252 ( $50 to each Trustee) pursuant to the 2012 Plan as part of their annual fees. In September 2015, we awarded 2,500 of our common shares with a market value of $41 to a new Independent Trustee who was elected to our Board of Trustees at that time. In 2014, we awarded each of our five Trustees at that time 2,500 common shares with an aggregate market value of $306 ( $61 to each Trustee) pursuant to the 2012 Plan as part of their annual fees. Shares awarded to our Trustees vest immediately. The shares awarded to our officers and certain other employees of our manager vest in five equal annual installments beginning on the date of grant. We include the value of awarded shares in general and administrative expenses in our consolidated statements of comprehensive income at the time the awards vest. At December 31, 2016, 2,567,616 of our common shares remain available for issuance under the 2012 Plan. A summary of shares granted and vested under the terms of the 2012 Plan from January 1, 2014 to December 31, 2016 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested shares at December 31, 2013 150,711 $ 23.84 Shares granted in 2014 94,200 $ 21.83 Shares vested / forfeited in 2014 (91,433 ) $ 21.87 Unvested shares at December 31, 2014 153,478 $ 23.39 Shares granted in 2015 99,000 $ 16.30 Shares vested / forfeited in 2015 (93,604 ) $ 16.17 Unvested shares at December 31, 2015 158,874 $ 19.39 Shares granted in 2016 92,150 $ 21.18 Shares vested / forfeited in 2016 (97,614 ) $ 21.09 Unvested shares at December 31, 2016 153,410 $ 19.92 The 153,410 unvested shares as of December 31, 2016 are scheduled to vest as follows: 60,040 in 2017, 46,050 shares in 2018, 31,390 shares in 2019 and 15,930 in 2020. These unvested shares are remeasured at fair value on a recurring basis using quoted market prices of the underlying shares. As of December 31, 2016, the estimated future compensation for the unvested shares was $2,904 based on the closing share price of $18.93 on December 31, 2016. At December 31, 2016, the weighted average period over which the compensation expense will be recorded is approximately 1.7 years. We recorded share based compensation expense of $2,195 in 2016, $1,373 in 2015 and $1,914 in 2014. In February 2015, we issued 31,050,000 common shares in a public offering, raising net proceeds of approximately $659,496 . On June 5, 2015, we issued 2,345,000 of our common shares in connection with our acquisition of an interest in RMR Inc., as further described in Note 7 . In September 2016 and 2015, we purchased an aggregate of 19,230 and 13,113 , respectively, of our common shares from certain employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. See Note 7 for further information regarding these purchases. During the year ended December 31, 2015, we issued 81,557 of our common shares to RMR LLC as part of the business management fees payable by us under our business management agreement. See Note 6 for further information regarding this agreement. Our cash distributions to our common shareholders were $1.56 per share for each of the years ended December 31, 2016, 2015 and 2014. As described in Note 7, on December 31, 2015, we distributed $2,635,379 , or $0.0111 of a share for each of our common shares, of RMR Inc. shares of class A common stock we owned to our common shareholders as a special distribution. The distribution of shares of class A common stock of RMR Inc. resulted in a taxable in-kind distribution of $0.1320 for each of our common shares. The characterization of our distributions paid or accrued in 2016, 2015 and 2014 was 58.77% , 51.48% and 54.00% ordinary income, respectively; 40.67% , 47.80% and 46.00% return of capital, respectively; and 0.56% , 0.72% and 0.00% qualified dividend respectively. On January 13, 2017, we declared a quarterly distribution of $0.39 per share, or $92,642 , to our common shareholders of record on January 23, 2017, with respect to our operating results for the quarter ended December 31, 2016; we paid this distribution on February 21, 2017, using cash on hand and borrowings under our revolving credit facility.

Leases and Management Agreement

Leases and Management Agreements with Five Star	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Leases and Management Agreements With Five Star	Leases and Management Agreements With Five Star Our Senior Living Communities Leased by Five Star. We are Five Star’s largest landlord and Five Star is our largest tenant. We leased 185 , 177 and 181 senior living communities to Five Star as of December 31, 2016, 2015 and 2014, respectively. We lease senior living communities to Five Star pursuant to the following five leases with Five Star: • Lease No. 1, which expires in 2024 and includes 83 independent living communities, assisted living communities and SNFs. • Lease No. 2, which expires in 2026 and includes 47 independent living communities, assisted living communities and SNFs. • Lease No. 3, which expires in 2028 and includes 17 independent living communities and assisted living communities, all of which secure our mortgage debts payable to the Federal National Mortgage Association. • Lease No. 4, which expires in 2032 and includes 29 independent living communities, assisted living communities and SNFs. • Lease No. 5, which expires in 2028 and includes nine assisted living communities. Under our leases with Five Star, Five Star pays us annual rent plus percentage rent equal to 4% of the increase in gross revenues at certain of our senior living communities over base year gross revenues as specified in the applicable lease. Five Star’s obligation to pay percentage rent under Lease No. 5 commences in 2018. We determine percentage rent due under these leases annually and recognize it at year end when all contingencies are met. We recognized total rental income from Five Star of $203,581 , $196,919 and $196,269 (including percentage rent of $5,686 , $5,666 and $5,752 , for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, Five Star’s total annual rent payable to us was $203,356 , excluding percentage rent. As of December 31, 2016 and 2015, our rents receivable from Five Star were $18,320 and $17,466 , respectively, and those amounts are included in due from affiliate in our consolidated balance sheets. Under our leases with Five Star, Five Star has the option to extend the lease term for two consecutive 10 or 15 year terms. We have the right, in connection with a financing or other capital raising transaction, to reassign one or more of the communities covered by Lease No. 5, and, after repayment of certain mortgage debt financing of ours, to reassign one or more of the communities covered by Lease No. 3, to another of our long term lease agreements with Five Star. Our leases with Five Star are so called “triple net” leases which generally require Five Star to pay rent and all property operating expenses, to indemnify us from liability which may arise by reason of our ownership of the properties, to maintain the properties at Five Star’s expense, to remove and dispose of hazardous substances on the properties in compliance with applicable law and to maintain insurance on the properties for Five Star’s and our benefit. In the event of any damage, or immaterial condemnation, of a leased property, Five Star is generally required to rebuild with insurance or condemnation proceeds or, if such proceeds are insufficient, other amounts made available by us, if any, but if other amounts are made available by us, the rent will be increased accordingly. In the event of any material or total condemnation of a leased property, the lease will terminate with respect to that leased property, in which event we will be entitled to the condemnation proceeds and the rent will be reduced accordingly. In the event of any material or total destruction of a leased property, Five Star may terminate the lease with respect to that leased property, in which event Five Star will be required to pay us any shortfall in the amount of proceeds we receive from insurance compared to the replacement cost of that leased property and the rent will be reduced accordingly. Under our leases with Five Star, Five Star may request that we purchase certain improvements to the leased communities in return for rent increases in accordance with a formula specified in the applicable lease; however, we are not obligated to purchase such improvements and Five Star is not obligated to sell them to us. During the years ended December 31, 2016, 2015 and 2014, we purchased $21,438 , $21,444 and $25,804 , respectively, of such improvements and Five Star’s annual rent payable to us increased by $1,719 , $1,734 and $2,066 , respectively, in accordance with the terms of the applicable leases. Five Star is our most significant tenant. The following is a summary of the assets leased and revenues earned from Five Star as a tenant as of and for the years ended December 31, 2016 and 2015 compared to all our other assets and revenues from all sources: At At December 31, 2016 December 31, 2015 Real Estate Properties, at Cost % of Total Real Estate Properties, at Cost % of Total Five Star $ 2,293,257 30 % $ 2,147,388 29 % All others 5,437,266 70 % 5,309,552 71 % $ 7,730,523 100 % $ 7,456,940 100 % Year Ended Year Ended December 31, 2016 December 31, 2015 Total revenues % of Total Total revenues % of Total Five Star $ 203,581 19 % $ 196,919 20 % All others 854,441 81 % 801,854 80 % $ 1,058,022 100 % $ 998,773 100 % See Note 3 for further information on the effects of certain of our property acquisitions and dispositions on our leases with Five Star. Our Senior Living Communities Managed by Five Star . Five Star managed 68 , 60 and 46 senior living communities for our account as of December 31, 2016, 2015 and 2014, respectively. We lease our senior living communities that are managed by Five Star and include assisted living units or SNFs to our TRSs, and Five Star manages these communities pursuant to long term management agreements. As of December 31, 2016, we owned 68 senior living communities that are managed by Five Star. During the year ended December 31, 2016, Five Star began managing for our account eight senior living communities we own with an aggregate 696 living units. Two of these communities, located in North Carolina and Alabama with a combined 263 living units, had previously been leased to unrelated third parties that defaulted on such leases. We acquired one of these communities, located in Georgia with 38 living units, in May 2016. Five of these communities, located in Georgia with a combined 395 living units, had previously been managed by affiliates of one of the unrelated third parties that defaulted on its lease referred to above. In December 2016, we terminated the in place management agreements for these communities and entered into new management agreements with Five Star to manage these five communities for our account. One of these new management agreements was added to one of our existing pooling agreements with Five Star and the remaining four new management agreements were added to a new pooling agreement with Five Star. During the year ended December 31, 2016, we also sold a formerly managed memory care building located in Florida. See Note 3 to our Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K for further information regarding our acquisitions and dispositions. On June 29, 2016, we and Five Star terminated three of our four then existing pooling agreements and entered into the 10 new pooling agreements that combine our AL Management Agreements for senior living communities. Our management agreement with Five Star for the part of our senior living community located in New York that is not subject to the requirements of New York healthcare licensing laws, as described elsewhere herein, and the management agreement for one of our assisted living communities located in California, are not currently included in any of our pooling agreements with Five Star. Pursuant to our AL Management Agreements and the new pooling agreements, Five Star receives: • a management fee equal to either 3% or 5% of the gross revenues realized at the applicable communities, • reimbursement for its direct costs and expenses related to such communities, • an annual incentive fee equal to either 35% or 20% of the annual net operating income of such communities remaining after we realize an annual minimum return equal to either 8% or 7% of our invested capital, or, in the case of 10 communities, a specified amount plus 7% of our invested capital since December 31, 2015, and • a fee for its management of capital expenditure projects equal to 3% of amounts funded by us. Each of the new pooling agreements combines various calculations of revenues and expenses from the operations of the applicable communities covered by such agreement. Under the new pooling agreements, the calculations of Five Star’s fees and of our annual minimum return related to our AL Management Agreement that became effective before May 2015 and had been pooled under one of the previously existing pooling agreements are generally the same as they were under the previously existing pooling agreements. However, for certain communities, the new pooling agreements reduced our annual minimum return to 7% , and also, with respect to 10 communities, reset our annual minimum return as of January 1, 2016 to specified amounts. For our AL Management Agreements that became effective from and after May 2015, the new pooling agreements increased the management fee we pay Five Star from 3% to 5% of the gross revenues realized at the applicable community, and changed the annual incentive fee we pay Five Star from 35% to 20% of the annual net operating income of the applicable community remaining after we realize our requisite annual minimum return. We also have a pooling agreement with Five Star that combines our management agreements with Five Star for senior living communities consisting only of independent living units, or the IL Pooling Agreement. Our management agreements with Five Star generally expire between 2030 and 2040, and are subject to automatic renewal for two consecutive 15 year terms, unless earlier terminated or timely notice of nonrenewal is delivered. These management agreements also generally provide that we and Five Star each have the option to terminate the agreements upon the acquisition by a person or group of more than 9.8% of the other’s voting stock and upon certain change in control events affecting the other party, as defined in the applicable agreements, including the adoption of any shareholder proposal (other than a precatory proposal) with respect to the other party, or the election to the board of directors or trustees, as applicable, of the other party of any individual, if such proposal or individual was not approved, nominated or appointed, as the case may be, by a majority of the other party’s board of directors or board of trustees, as applicable, in office immediately prior to the making of such proposal or the nomination or appointment of such individual. We own a senior living community in New York with 310 living units, a part of which is managed by Five Star pursuant to a long term management agreement with us with respect to the senior living units at this community that are not subject to the requirements of New York healthcare licensing laws. The terms of this management agreement are substantially consistent with the terms of our other management agreements with Five Star for communities that include assisted living units, except that the management fee payable to Five Star is equal to 5% of the gross revenues realized at that part of the community and there is no incentive fee payable by us to Five Star. This management agreement expires on December 31, 2031. In order to accommodate certain requirements of New York healthcare licensing laws, one of our TRSs subleases the part of this community that is subject to the requirements of those laws, to D&R Yonkers LLC, an entity which is owned by our President and Chief Operating Officer and Five Star’s chief financial officer and treasurer. Five Star manages this part of the community pursuant to a long term management agreement with D&R Yonkers LLC under which Five Star earns a management fee equal to 3% of the gross revenues realized at that part of the community and no incentive fee is payable to Five Star. D&R Yonkers LLC’s management agreement with Five Star expires on August 31, 2017, and is subject to renewal for nine consecutive five year terms, unless earlier terminated or timely notice of nonrenewal is delivered. We have entered into an indemnification agreement with the owners of D&R Yonkers LLC pursuant to which we have agreed to indemnify them for costs, losses and expenses they may sustain by reason of being a member, director or officer of D&R Yonkers LLC or in connection with any costs, losses or expenses under our TRS’s sublease with D&R Yonkers LLC or the management agreement between D&R Yonkers LLC and Five Star. Our transactions and balances with D&R Yonkers LLC are eliminated upon consolidation for accounting purposes and are not separately stated and do not appear in our consolidated financial statements. We incurred management fees of $11,918 , $10,728 and $9,765 for the years ended December 31, 2016, 2015 and 2014, respectively, with respect to the communities Five Star manages for us. These amounts are included in property operating expenses in our consolidated statements of comprehensive income. See Note 3 for further information on the effects of certain of our property acquisitions and dispositions on our management agreements with Five Star.

Business and Property Managemen

Business and Property Management Agreements with RMR LLC Business and Property Management Agreements with RMR LLC	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to the property level operations of our MOBs. See Note 7 for further information regarding our relationship, agreements and transactions with RMR LLC. Fees. Our management agreements with RMR LLC provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash: • Base Management Fee . The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of: ◦ the sum of (a) 0.5% of the daily weighted average of the aggregate book value of our real estate assets owned by us or our subsidiaries as of October 12, 1999, or the Transferred Assets, plus (b) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000 , plus (c) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000 ; and ◦ the sum of (a) 0.7% of the average closing price per share of our common shares on the applicable stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000 , plus (b) 0.5% of our Average Market Capitalization exceeding $250,000 . The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non cash reserves. • Incentive Fee . The incentive fee which may be earned by RMR LLC for an annual period is calculated as follows: • An amount, subject to a cap, based on the value of our outstanding common shares, equal to 12% of the product of: ◦ our equity market capitalization on the last trading day of the year immediately prior to the relevant measurement period, and ◦ the amount (expressed as a percentage) by which the total returns per share realized by our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the SNL U.S. REIT Healthcare Index (in each case subject to certain adjustments) for the relevant measurement period. • The measurement periods are generally three year periods ending with the year for which the incentive fee is being calculated, with shorter periods applicable in the case of the calculation of the incentive fee for 2015 ( two years) and 2014 ( one year). • The benchmark return per share is adjusted if our total return per share exceeds 12% per year in any measurement period and, generally, no incentive management fee is payable by us unless our total return per share during the measurement period is positive. • The incentive management fee is subject to a cap equal to the value of 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. • If our financial statements are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR LLC, for one or more periods in respect of which RMR LLC received an incentive management fee, the incentive management fee payable with respect to periods for which there has been a restatement shall be recalculated by, and approved by a majority vote of, our Independent Trustees, and RMR LLC may be required to pay us an amount equal to the value in excess of that which RMR LLC would have received based upon the incentive management fee as recalculated, either in cash or our common shares. • Property Management and Construction Supervision Fees . The property management fees payable to RMR LLC by us for each applicable period are equal to 3% of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5% of construction costs. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $36,763 , $34,949 and $30,794 for the years ended December 31, 2016, 2015 and 2014, respectively. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income for these periods. The net business management fees we recognized for the years ended December 31, 2016 and 2015 reflect a reduction of $2,974 and $1,743 , respectively, for the amortization of the liability we recorded in connection with the Up-C Transaction, as further described in Note 2 . In accordance with the then applicable terms of our business management agreement, we issued 68,983 of our common shares to RMR LLC for the period from January 1, 2015 to May 31, 2015, and we issued 123,462 of our common shares to RMR LLC for the year ended December 31, 2014, in each case as payment for a part of the base business management fee we recognized for the applicable period. Beginning June 1, 2015, all management fees under our business management agreement are paid in cash. No incentive fee was payable to RMR LLC under our business management agreement for the years ended December 31, 2016, 2015 or 2014. Pursuant to our property management agreement with RMR LLC, we recognized aggregate net property management and construction supervision fees of $10,585 , $10,342 and $8,259 for the years ended December 31, 2016, 2015 and 2014, respectively. These amounts are included in property operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $9,061 , $7,021 and $5,289 for property management related expenses for the years ended December 31, 2016, 2015 and 2014, respectively. These amounts are included in property operating expenses in our consolidated statements of comprehensive income for these periods. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of centralized accounting personnel and our share of RMR LLC’s costs for providing our internal audit function. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. The amounts recognized as expense for internal audit costs were $235 , $256 and $278 for the years ended December 31, 2016, 2015 and 2014, respectively. These amounts are included in general and administrative expenses in our consolidated statements of comprehensive income for these periods. Term . Our management agreements with RMR LLC have terms that end on December 31, 2036, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. Termination Rights . We have the right to terminate one or both of our management agreements with RMR LLC: (1) at any time on 60 days’ written notice for convenience, (2) immediately on written notice for cause, as defined therein, (3) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (4) by written notice during the 12 months following a change of control of RMR LLC, as defined therein. RMR LLC has the right to terminate the management agreements for good reason, as defined therein. Termination Fee. If we terminate one or both of our management agreements with RMR LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR LLC for a performance reason, we have agreed to pay RMR LLC the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR LLC for cause or as a result of a change of control of RMR LLC. Transition Services. RMR LLC has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR LLC, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties, as applicable. Vendors . Pursuant to our management agreements with RMR LLC, RMR LLC may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter into agreements with RMR LLC and other companies to which RMR LLC provides management services for the purpose of obtaining more favorable terms from such vendors and suppliers.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions Five Star. Five Star was our 100% owned subsidiary until we distributed its common shares to our shareholders in 2001. We are currently one of Five Star’s largest stockholders, owning, as of December 31, 2016, 4,235,000 Five Star common shares, or 8.5% of Five Star’s outstanding common shares. Five Star is our largest tenant and the manager of our managed senior living communities. RMR LLC provides management services to both us and Five Star. RMR Inc., the managing member of RMR LLC, is controlled by our Managing Trustees, Adam Portnoy and Barry Portnoy. As of December 31, 2016, Adam Portnoy and Barry Portnoy beneficially owned an aggregate of 18,339,621 Five Star common shares, or 36.7% of Five Star’s outstanding common shares. Barry Portnoy is also a managing director of Five Star. Five Star’s president and chief executive officer, chief financial officer and treasurer and senior vice president and general counsel are officers of RMR LLC and Five Star’s chief financial officer and treasurer was formerly our Chief Financial Officer and Treasurer from 2007 through 2015. In order to effect our distribution of Five Star common shares to our shareholders in 2001 and to govern our relations with Five Star thereafter, Five Star entered into agreements with us and others, including RMR LLC. Since then, we have entered into various leases, management agreements and other agreements with Five Star that include provisions that confirm and modify these undertakings. Among other things, these agreements provide that: • so long as we remain a REIT, Five Star may not waive the share ownership restrictions in its charter that prohibit any person or group from acquiring more than 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of any class of Five Star stock without our consent; • so long as Five Star is our tenant or manager, Five Star will not permit nor take any action that, in our reasonable judgment, might jeopardize our qualification for taxation as a REIT; • we have the right to terminate our leases and management agreements with Five Star upon the acquisition by a person or group of more than 9.8% of Five Star’s voting stock or other change in control events affecting Five Star, as defined therein, including the adoption of any shareholder proposal (other than a precatory proposal) or the election to Five Star’s board of directors of any individual, if such proposal or individual was not approved, nominated or appointed, as the case may be, by a majority of Five Star’s directors in office immediately prior to the making of such proposal or the nomination or appointment of such individual; and • so long as Five Star is our tenant or manager or has a business management agreement with RMR LLC, Five Star will not acquire or finance any real estate of a type then owned or financed by us or any other company managed by RMR LLC without first giving us or such company managed by RMR LLC, as applicable, the opportunity to acquire or finance that real estate. Our Senior Living Communities Leased or Managed by Five Star. As of December 31, 2016, 2015 and 2014, we leased 185 , 177 and 181 senior living communities to Five Star, respectively, pursuant to five leases, and Five Star managed 68 , 60 and 46 senior living communities for our account, respectively. On June 29, 2016, we entered into a transaction agreement and related agreements with Five Star, pursuant to which, among other things, we purchased seven senior living communities from Five Star and simultaneously leased these communities back to Five Star under a new long term lease agreement, terminated three of our four then existing pooling agreements that combined certain of our AL Management Agreements, and we entered into 10 new pooling agreements with Five Star. See Note 5 for further information regarding our leases, management agreements and pooling agreements and the June 29, 2016 transaction agreement with Five Star. From 2014 to 2016, in addition to the June 2016 transaction agreement referenced above, we added various senior living communities that we acquired to our leases and management agreements with Five Star. Acquired senior living communities that were added to certain of our leases with Five Star resulted in increases in the annual rent payable to us by Five Star pursuant to those leases. During this period, we and Five Star also sold various senior living communities that had been leased to or managed by Five Star. Senior living communities we sold that had been leased by Five Star were removed from the applicable leases, which resulted in decreases in the annual rent payable to us by Five Star pursuant to those leases. Further, during this period, we purchased from Five Star various capital improvements that Five Star made to our leased senior living communities, which resulted in increases in the annual rent payable to us by Five Star pursuant to the applicable leases. See Notes 3 and 5 for further information regarding our relationship, agreements and transactions with Five Star. Tender Offer for Five Star Shares . In connection with the proposed acquisition of up to 18,000,000 Five Star common shares by ABP Acquisition LLC, an entity indirectly owned by our Managing Trustees, on October 2, 2016, we entered into a consent agreement with Adam Portnoy, Barry Portnoy, ABP Trust and ABP Acquisition LLC, or together, the ABP Parties, which was approved by our Board of Trustees (with Adam Portnoy and Barry Portnoy abstaining), pursuant to which we: (1) consented to the Five Star board of directors’ grant of exceptions to the ownership restrictions set forth in Five Star’s charter that allowed the ABP Parties and certain related persons to acquire and own, in aggregate, up to 38% of the issued and outstanding Five Star common shares and (2) waived any default or event of default under any lease, management or other agreement between or among us and Five Star, or any of its or our subsidiaries, arising or resulting from the grant of such exceptions or the acquisition by the ABP Parties, in aggregate, of up to 18,000,000 Five Star common shares. On November 10, 2016, ABP Acquisition LLC completed the acquisition of 17,999,999 Five Star common shares at a purchase price of $3.00 per share pursuant to a tender offer. D&R Yonkers LLC . In order to accommodate certain requirements of New York healthcare licensing laws, one of our TRSs subleases the part of our senior living community located in Yonkers, New York that is subject to the requirements of those laws, to D&R Yonkers LLC, an entity which is owned by our President and Chief Operating Officer and Five Star’s chief financial officer and treasurer. Five Star manages this part of the community pursuant to a long term management agreement with D&R Yonkers LLC. See Note 5 for further information regarding our relationship, agreements and transactions with D&R Yonkers LLC and Five Star. Our Manager, RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to the property level operations of our MOBs. See Note 6 for further information regarding our management agreements with RMR LLC. We have relationships and historical and continuing transactions with RMR LLC, RMR Inc. and others related to them. RMR LLC is a subsidiary of RMR Inc. One of our Managing Trustees, Adam Portnoy, is a managing director, president and chief executive officer and controlling shareholder (through ABP Trust) of RMR Inc. and an officer of RMR LLC. Our other Managing Trustee, Barry Portnoy, is a managing director, officer and controlling shareholder (through ABP Trust) of RMR Inc. and an officer of RMR LLC. ABP Trust is owned by Adam Portnoy and Barry Portnoy. Adam Portnoy and Barry Portnoy also own class A membership units of RMR LLC (through ABP Trust). Each of our executive officers is also an officer of RMR LLC. Our Independent Trustees also serve as independent directors or independent trustees of other companies to which RMR LLC or its affiliates provide management services. Barry Portnoy serves as a managing director or managing trustee of all of the public companies to which RMR LLC or its affiliates provide management services and Adam Portnoy serves as a managing trustee of a majority of those companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its affiliates provide management services. See Note 6 for further information regarding our relationship with RMR LLC. Leases with RMR LLC . We lease office space to RMR LLC in certain of our properties for RMR LLC’s property management offices. Pursuant to our lease agreements with RMR LLC, we recognized rental income from RMR LLC for leased office space of $242 , $204 and $0 for the years ended December 31, 2016, 2015 and 2014, respectively. Our office space leases with RMR LLC are terminable by RMR LLC if our management agreements with RMR LLC are terminated. Share Awards to RMR LLC Employees. We have historically granted share awards to certain RMR LLC employees under our equity compensation plans. During the years ended December 31, 2016, 2015 and 2014, we awarded to our officers and other employees of RMR LLC annual share grants of 79,650 , 84,000 and 81,700 of our common shares, respectively, valued at $1,724 , $1,321 and $1,750 , respectively, based upon the closing price of our common shares on the applicable stock exchange on which our common shares were listed on the dates of grant. One fifth of these awards vested on the applicable grant dates and one fifth vests on each of the next four anniversaries of the grant dates. These awards to RMR LLC employees are in addition to the share awards granted to Adam Portnoy and Barry Portnoy as Managing Trustees and the fees we paid to RMR LLC. On September 26, 2016 and September 30, 2016, we purchased an aggregate of 17,667 and 1,563 , respectively. of our common shares valued at $23.53 and $22.71 , respectively, per common share, the closing price of our common shares on The NASDAQ Stock Market LLC, or the Nasdaq, on the days these shares were purchased, from certain employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. In September 2015, we purchased an aggregate of 13,113 of our common shares valued at $16.19 per common share, the closing price of our common shares on the New York Stock Exchange on that day, from certain employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Acquisition of Interest in RMR LLC. On June 5, 2015, we and three other REITs to which RMR LLC provides management services - Government Properties Income Trust, or GOV, Hospitality Properties Trust and SIR, or GOV, HPT and SIR, collectively, the Other REITs - participated in a transaction, or the Up-C Transaction, by which we and the Other REITs each acquired shares of class A common stock of RMR Inc. The Up-C Transaction was completed pursuant to a transaction agreement by and among us, RMR LLC, its then sole member, ABP Trust, and RMR Inc. and similar transaction agreements that each Other REIT entered into with RMR LLC, ABP Trust and RMR Inc. As part of the Up-C Transaction and concurrently with entering into the transaction agreements, on June 5, 2015, among other things: • We contributed to 2,345,000 of our common shares and $13,967 in cash to RMR Inc. and RMR Inc. issued 5,272,787 shares of its class A common stock to us. • We agreed to distribute approximately half of the shares of class A common stock of RMR Inc. issued to us in the Up-C Transaction to our shareholders as a special distribution. • We entered into amended and restated business and property management agreements with RMR LLC which, among other things, amended the term, termination and termination fee provisions of those agreements. See Note 6 for further information regarding our management agreements with RMR LLC. • We entered into a registration rights agreement with RMR Inc. covering the shares of class A common stock of RMR Inc. issued to us in the Up-C Transaction, pursuant to which we received demand and piggyback registration rights, subject to certain limitations. • We entered into a lock up and registration rights agreement with ABP Trust, Adam Portnoy and Barry Portnoy pursuant to which they agreed not to transfer the 2,345,000 of our common shares ABP Trust received in the Up-C Transaction for a 10 year period ending on June 5, 2025 and we granted them certain registration rights, subject, in each case, to certain exceptions. Each Other REIT participated in the Up-C Transaction in a similar manner. After giving effect to the Up-C Transaction, RMR LLC became a subsidiary of RMR Inc. and RMR Inc. became the managing member of RMR LLC. Pursuant to the transaction agreements for the Up-C Transaction, on December 14, 2015, we distributed 2,635,379 shares of class A common stock of RMR Inc. to our shareholders as a special distribution, which represented approximately half of the shares of class A common stock of RMR Inc. issued to us in the Up-C Transaction; each Other REIT also distributed approximately half of the shares of class A common stock of RMR Inc. issued to it in the Up-C Transaction to its respective shareholders. RMR Inc. facilitated these distributions by filing a registration statement with the SEC to register the shares of class A common stock of RMR Inc. being distributed and by listing those shares on the Nasdaq. In connection with this distribution, we recognized a non cash loss of $38,437 in the fourth quarter of 2015 as a result of the closing price of the class A common stock of RMR Inc. being lower than our carrying amount per share on the distribution date. See Notes 2 and 9 for information regarding the fair value of our investment in RMR Inc. as of December 31, 2016. Through their ownership of class A common stock of RMR Inc., class B-1 common stock of RMR Inc., class B-2 common stock of RMR Inc. and class A membership units of RMR LLC, as of December 31, 2016, Adam Portnoy and Barry Portnoy in aggregate hold, directly and indirectly, a 51.9% economic interest in RMR LLC and control 91.5% of the voting power of outstanding capital stock of RMR Inc. We currently hold 2,637,408 shares of class A common stock of RMR Inc. SIR . On January 29, 2015, we purchased from SIR entities owning 23 MOBs, or the CCIT MOBs, that SIR acquired when its subsidiary merged with CCIT. Our purchase price for these 23 MOBs was $532,000 , including a purchase price adjustment of $7,677 and our assumption of $29,995 of mortgage debts, but excluding working capital. In April 2015, SIR paid us $1,316 to settle certain working capital activity for the 23 MOBs as of the sale date. See Note 3 for further information regarding our purchase of the CCIT MOBs. Our Managing Trustees, Adam Portnoy and Barry Portnoy, are also managing trustees of SIR and of GOV, which is SIR’s largest shareholder. Two of our Independent Trustees also serve as independent trustees of GOV and one of our Independent Trustees also serves as an independent trustee of SIR. RMR LLC provides management services to us, SIR and GOV. AIC . We, ABP Trust, Five Star, and four other companies to which RMR LLC provides management services currently own AIC, an Indiana insurance company, in equal amounts and are parties to an amended and restated shareholders agreement regarding AIC. All of our Trustees and all of the trustees and directors of the other AIC shareholders currently serve on the board of directors of AIC. RMR LLC provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. Pursuant to this agreement, AIC pays RMR LLC a service fee equal to 3% of the total annual net earned premiums payable under then active policies issued or underwritten by AIC or by a vendor or an agent of AIC on its behalf or in furtherance of AIC’s business. We and the other AIC shareholders participate in a combined property insurance program arranged and reinsured in part by AIC. We paid aggregate annual premiums, including taxes and fees, of $3,607 , $2,785 and $3,118 in connection with this insurance program for the policy years ending June 30, 2017, 2016 and 2015, respectively, which amount for the current policy year ending June 30, 2017, which amount may be adjusted from time to time as we acquire and dispose of properties that are included in this insurance program. As of December 31, 2016 and 2015, our investment in AIC had a carrying value of $7,116 and $6,827 , respectively. These amounts are included in other assets in our consolidated balance sheets. We recognized income of $137 , $20 and $87 related to our investment in AIC for the years ended December 31, 2016, 2015 and 2014, respectively. Our other comprehensive income includes our proportionate part of unrealized gains (losses) on securities which are owned by AIC of $152 , $(20) and $2 related to our investment in AIC for the years ended December 31, 2016, 2015 and 2014, respectively. Directors’ and Officers’ Liability Insurance . We, RMR Inc., RMR LLC and certain companies to which RMR LLC provides management services, including Five Star, participate in a combined directors’ and officers’ liability insurance policy. This combined policy expires in September 2018. We paid aggregate premiums of $142 , $472 and $736 in 2016, 2015 and 2014, respectively, for these policies.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at December 31, 2016 were: (1) outstanding borrowings under our $1,000,000 unsecured revolving credit facility; (2) six public issuances of senior unsecured notes, including: (a) $400,000 principal amount at an annual interest rate of 3.25% due 2019, (b) $200,000 principal amount at an annual interest rate of 6.75% due 2020, (c) $300,000 principal amount at an annual interest rate of 6.75% due 2021, (d) $250,000 principal amount at an annual interest rate of 4.75% due 2024, (e) $350,000 principal amount at an annual interest rate of 5.625% due 2042 and (f) $250,000 principal amount at an annual interest rate of 6.25% due 2046; (3) our $350,000 principal amount term loan due 2020; (4) our $200,000 principal amount term loan due 2022; and (5) $1,109,807 aggregate principal amount of mortgages (excluding premiums, discounts and net debt issuance costs) secured by 43 of our properties ( 45 buildings) with maturity dates between 2017 and 2043. The 43 mortgaged properties ( 45 buildings) had a carrying value (before accumulated depreciation) of $1,618,222 at December 31, 2016 . We also had two properties subject to capital leases with lease obligations totaling $11,466 at December 31, 2016 ; these two properties had a carrying value (before accumulated depreciation) of $36,084 at December 31, 2016 , and the capital leases expire in 2026. In February 2016, we issued $250,000 of 6.25% senior unsecured notes due 2046. We used the net proceeds of this offering to repay in part the then outstanding amount under our revolving credit facility and for general business purposes. In July 2016, we entered into loan agreements and obtained an aggregate $620,000 secured debt financing that matures in August 2026. These loans are secured by one MOB ( two buildings) located in Massachusetts and require interest to be paid at a weighted average fixed annual interest rate of 3.53% . We used the net proceeds from these loans to repay, in part, the then outstanding amount under our revolving credit facility and for general business purposes. The loan agreements contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. We have a $1,000,000 revolving credit facility that is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is January 15, 2018 and, subject to our payment of an extension fee and meeting other conditions, we have an option to extend the stated maturity date by an additional year to January 15, 2019. Our revolving credit facility provides that we can borrow, repay and re-borrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. Our revolving credit facility requires annual interest to be paid on borrowings at LIBOR plus a premium, which was 130 basis points as of December 31, 2016 , plus a facility fee of 30 basis points per annum on the total amount of lending commitments. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2016 , the annual interest rate payable on borrowings under our revolving credit facility was 2.0% . The weighted average annual interest rates for borrowings under our revolving credit facility were 1.8% , 1.5% and 1.4% for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , we had $327,000 outstanding and $673,000 available for borrowing, and as of February 24, 2017 , we had $378,000 outstanding and $622,000 available for borrowing under our revolving credit facility. We incurred interest expense and other associated costs related to our revolving credit facility of $11,235 , $9,252 and 3,094 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Our revolving credit facility includes an accordion feature pursuant to which maximum borrowings under the facility may be increased to up to $1,500,000 in certain circumstances. We have a $200,000 term loan, which we borrowed in 2015. This term loan matures in September 2022 and is prepayable without penalty beginning September 29, 2017. This term loan requires annual interest to be paid at LIBOR plus a premium of 180 basis points that is subject to adjustment based upon changes to our credit ratings. At December 31, 2016 , the annual interest rate payable for amounts outstanding under this term loan was 2.6% . The weighted average annual interest rate for amounts outstanding under this term loan was 2.3% for the year ended December 31, 2016 , and 2.0% for the period from September 28, 2015 (the day we entered into the term loan agreement) to December 31, 2015 . We incurred interest expense and other associated costs related to this term loan of $4,645 and $1,061 for the years ended December 31, 2016 and December 31, 2015 , respectively. This term loan includes an accordion feature under which maximum borrowings may be increased to up to $400,000 in certain circumstances. We also have a $350,000 term loan, which we borrowed in 2014. This term loan matures in January 2020 and is prepayable without penalty at any time. This term loan requires annual interest to be paid at LIBOR plus a premium of 140 basis points that is subject to adjustment based upon changes to our credit ratings. At December 31, 2016 , the annual interest rate payable on amounts outstanding under this term loan was 2.0% . The weighted average annual interest rate for amounts outstanding under this term loan was 1.9% and 1.6% for the years ended December 31, 2016 and 2015, respectively, and 1.6% for the period from May 30, 2014 (the day we entered into this term loan agreement) to December 31, 2014. We incurred interest expense and other associated costs related to this term loan of $6,721 and $5,686 , and $3,263 for the years ended December 31, 2016 , 2015 and 2014, respectively. This term loan includes an accordion feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our revolving credit facility and term loan agreements, a change of control of us, as defined, which includes RMR LLC ceasing to act as our business manager and property manager. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements also contain a number of covenants, including covenants that restrict our ability to incur debts, and generally require us to maintain certain financial ratios, and our revolving credit facility and term loan agreements restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements at December 31, 2016 . In January 2016, we prepaid, at par plus accrued interest, a $6,115 mortgage note secured by one of our properties with a maturity date in April 2016 and an annual interest rate of 5.97% . In April 2016, we prepaid, at par plus accrued interest, an $18,000 mortgage note secured by one of our properties with a maturity date in July 2016 and an annual interest rate of 4.65% . In July 2016, we prepaid, at par plus accrued interest, an $11,871 mortgage note secured by one of our properties with a maturity date in November 2016 and an annual interest rate of 6.25% . In September 2016, we prepaid, at par plus accrued interest, two mortgage notes secured by two properties with an aggregate principal balance of $79,957 , maturity dates in November 2016 and a weighted average annual interest rate of 5.92% . In October 2016, we prepaid, at par plus prepayment premiums and accrued interest, mortgage notes secured by eight properties with an aggregate principal balance of $42,542 , maturity dates in May 2017 and a weighted average annual interest rate of 6.54% . In December 2016, we prepaid, at par plus accrued interest, one mortgage note secured by one of our properties with an outstanding principal balance of approximately $5,428 , a maturity date in March 2017 and an annual interest rate of 5.86% . As a result of these prepayments, we recognized a net loss on early extinguishment of debt of $526 for the year ended December 31, 2016. In December 2014, we entered an agreement to acquire the 38 senior living communities discussed in Note 3 above. Simultaneous with entering this agreement, we obtained a bridge loan commitment for $700,000 . In February 2015, we terminated the bridge loan commitment and we recognized a loss of $1,409 on early extinguishment of debt in the first quarter of 2015 in connection with that termination. As discussed in Note 3 above, we acquired these senior living communities in May and September 2015 and financed the acquisition using cash on hand, borrowings under our revolving credit facility and the assumption of approximately $151,477 of mortgage debts with a weighted average annual interest rate of 4.57% . These mortgages have maturity dates from October 2018 through July 2019. We determined the fair value of the assumed mortgage debts using a market approach based upon Level 3 inputs (significant other unobservable inputs) in the fair value hierarchy provided by the Fair Value Topic of the Codification. In connection with two of the 23 MOBs we acquired in January 2015, as further discussed in Note 3 above, we assumed $29,955 of mortgage debts which we recorded at their aggregate fair value of $31,029 . These two assumed mortgage debts have a contractual weighted average annual interest rate of 4.73% and mature in July 2016 and October 2022. We determined the fair value of the assumed mortgages using a market approach based upon Level 3 inputs (significant other unobservable inputs) in the fair value hierarchy provided by the Fair Value Topic of the Codification. In November 2015, we prepaid all $250,000 of our 4.30% senior unsecured notes due January 2016. As a result, we recognized a loss on early extinguishment of debt of $175 for the year ended December 31, 2015. In February 2015, we repaid at maturity a mortgage that encumbered one of our properties that had a principal balance of $29,227 and an annual interest rate of 6.02% . In April 2015, we prepaid a mortgage that encumbered one of our properties that had a principal balance of $6,274 and an annual interest rate of 5.81% . In May 2015, we prepaid four mortgages encumbering four properties with an aggregate principal balance of $15,077 and a weighted average annual interest rate of 5.70% . In June 2015, we repaid at maturity a mortgage encumbering one property with a principal balance of $4,867 and an annual interest rate of 5.65% . Also in June 2015, we prepaid a mortgage encumbering one property with a principal balance of $4,351 and an annual interest rate of 5.81% . In October 2015, we prepaid two mortgages encumbering one property with a principal balance of $52,000 and a weighted average annual interest rate of 5.64% . As a result of these prepayments, we recognized losses on early extinguishment of debt of $290 for the year ended December 31, 2015. At December 31, 2016 and 2015 , our outstanding senior unsecured notes and secured debt consisted of the following: December 31, 2016 December 31, 2015 Senior Unsecured Notes Coupon Maturity Face Amount Unamortized Discount Face Amount Unamortized Discount Senior unsecured notes 3.250 % 2019 $ 400,000 $ 138 $ 400,000 $ 197 Senior unsecured notes 6.750 % 2020 200,000 703 200,000 918 Senior unsecured notes 6.750 % 2021 300,000 2,627 300,000 3,161 Senior unsecured notes 4.750 % 2024 250,000 579 250,000 658 Senior unsecured notes 5.625 % 2042 350,000 — 350,000 — Senior unsecured notes 6.250 % 2046 250,000 — — — Total senior unsecured notes $ 1,750,000 $ 4,047 $ 1,500,000 $ 4,934 Principal Balance as of Number of Properties as Collateral Net Book Value of Collateral as of December 31, December 31, Secured and Other Debt 2016 (1) 2015 (1) Interest Rate Maturity At December 31, 2016 2016 2015 Mortgage (2) $ — $ 6,115 5.97 % Apr 16 — $ — $ 9,291 Mortgage (2) — 18,000 4.65 % Jul 16 — — 36,783 Mortgages (2) — 82,070 5.92 % Nov 16 — — 146,236 Mortgage (2) — 11,989 6.25 % Nov 16 — — 20,700 Mortgage (2) — 5,524 5.86 % Mar 17 — — 10,710 Mortgages (2) — 43,549 6.54 % May 17 — — 52,561 Mortgage 10,653 10,861 6.15 % Aug 17 1 14,162 14,487 Mortgage 8,686 8,948 6.73 % Apr 18 1 10,656 10,891 Mortgages 12,772 12,976 6.31 % Oct 18 1 16,827 17,184 Mortgage 12,061 12,250 6.24 % Oct 18 1 15,453 15,798 Mortgages 69,953 72,062 4.47 % Oct 18 10 180,933 185,666 Mortgage 6,565 6,692 4.69 % Jan 19 1 9,687 9,952 Mortgages 44,462 45,327 3.79 % Jul 19 4 64,154 65,551 Mortgage 279,505 284,138 6.71 % Sep 19 17 235,068 238,488 Mortgages 3,128 3,616 7.49 % Jan 22 1 15,360 15,775 Mortgage 14,300 14,825 6.28 % Jul 22 1 24,834 25,371 Mortgage 11,594 11,787 4.85 % Oct 22 1 21,529 21,992 Mortgages (3) 620,000 — 3.53 % Aug 26 1 785,805 — Mortgage 2,819 3,246 6.25 % Feb 33 1 4,267 4,374 Mortgage 8,882 9,047 5.95 % Aug 37 1 8,656 8,650 Mortgage 4,427 4,512 4.38 % Sep 43 1 7,202 7,305 Capital Leases 11,466 12,156 7.70 % Apr 26 2 18,968 19,400 Total secured and other debt $ 1,121,273 $ 679,690 45 $ 1,433,561 $ 937,165 (1) The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. As of December 31, 2016 and 2015, the unamortized net premiums and debt issuance costs on certain of these mortgages were $3,624 and $395 , respectively. (2) In 2016, we repaid these debts. (3) In July 2016, we entered into loan agreements and obtained an aggregate $620,000 secured debt financing that matures in August 2026. These loans are secured by one MOB ( two buildings). Interest on our senior unsecured notes are payable either semi‑annually or quarterly in arrears; however, no principal repayments are due until maturity. Required monthly payments on our mortgages include principal and interest. Payments under our capital leases are due monthly. We include amortization of capital lease assets in depreciation and amortization expense. Required principal payments on our outstanding debt as of December 31, 2016 , are as follows: 2017 $ 22,085 2018 $ 436,768 2019 $ 720,919 2020 $ 553,080 2021 $ 303,327 Thereafter $ 1,712,094

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The following table presents certain of our assets that are measured at fair value on a recurring basis at December 31, 2016 categorized by the level of inputs used in the valuation of each asset or liability. Significant Total as of Quoted Prices in Active Significant Other Unobservable December 31, Markets for Identical Observable Inputs Inputs Description 2016 Assets (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investments in available for sale securities (1) $ 115,612 $ 115,612 $ — $ — (1) Our investments in available for sale securities include our 4,235,000 Five Star common shares and our 2,637,408 shares of RMR Inc. class A common stock. The fair values of these shares are based upon quoted prices at December 31, 2016 in active markets (Level 1 inputs). In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the fourth quarter of 2016, we determined, based on the length of time and the extent to which the market value of our Five Star investment was below our carrying value, that the decline in fair value was other than temporary at December 31, 2016. Accordingly, we recorded a $2,795 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the fourth quarter of 2016. Our adjusted cost basis for our Five Star shares is $11,435 as of December 31, 2016 . The cost basis for our RMR Inc. shares is $69,826 as of December 31, 2016 . The unrealized gain of $34,352 for our RMR Inc. shares as of December 31, 2016 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets. In addition to the assets described in the table above, our financial instruments at December 31, 2016 and December 31, 2015 included cash and cash equivalents, restricted cash, other assets, our revolving credit facility, term loans, senior unsecured notes, secured debt and capital leases and other unsecured obligations and liabilities. The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows: As of December 31, 2016 As of December 31, 2015 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 1,722,758 $ 1,755,715 $ 1,478,536 $ 1,548,613 Secured debt (2) 1,106,183 1,090,515 667,138 712,459 $ 2,828,941 $ 2,846,230 $ 2,145,674 $ 2,261,072 (1) Includes unamortized debt issuance costs, premiums and discounts. (2) We assumed certain of these secured debts in connection with our acquisitions of certain properties. We recorded the assumed mortgage debts at estimated fair value on the date of acquisition and we are amortizing the fair value adjustments, if any, to interest expense over the respective terms of the mortgage debts to reduce interest expense to the estimated market interest rates as of the date of acquisition. We estimated the fair value of our two issuances of senior unsecured notes due 2042 and 2046 based on the closing price on the Nasdaq (a Level 1 input) as of December 31, 2016 . We estimated the fair values of our four issuances of senior unsecured notes due 2019, 2020, 2021 and 2024 using an average of the bid and ask price on or about December 31, 2016 (Level 2 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair values of our secured debts by using discounted cash flows analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of December 31, 2016 , we have four operating segments, of which three are separate reporting segments. We aggregate our triple net leased senior living communities, our managed senior living communities and our MOBs into three reporting segments, based on their similar operating and economic characteristics. The first reporting segment includes triple net leased senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes MOBs. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members, which we do not consider to be sufficiently material to constitute a separate reporting segment. For the Year Ended December 31, 2016 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 275,697 $ — $ 372,233 $ 18,270 $ 666,200 Residents fees and services — 391,822 — — 391,822 Total revenues 275,697 391,822 372,233 18,270 1,058,022 Expenses: Property operating expenses 833 293,195 105,762 — 399,790 Depreciation and amortization 78,361 81,482 124,196 3,792 287,831 General and administrative — — — 46,559 46,559 Acquisition and certain other transaction related costs — — — 2,085 2,085 Impairment of assets 6,583 2,174 7,122 2,795 18,674 Total expenses 85,777 376,851 237,080 55,231 754,939 Operating income (loss) 189,920 14,971 135,153 (36,961 ) 303,083 Dividend income — — — 2,108 2,108 Interest and other income — — — 430 430 Interest expense (24,795 ) (8,540 ) (13,852 ) (120,387 ) (167,574 ) Loss on early extinguishment of debt (467 ) (59 ) — — (526 ) Income (loss) before income tax expense and equity in earnings of an investee 164,658 6,372 121,301 (154,810 ) 137,521 Income tax expense — — — (424 ) (424 ) Equity in earnings of an investee — — — 137 137 Income (loss) before gain on sale of properties 164,658 6,372 121,301 (155,097 ) 137,234 Gain on sale of properties 4,061 — — — 4,061 Net income (loss) $ 168,719 $ 6,372 $ 121,301 $ (155,097 ) $ 141,295 As of December 31, 2016 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 2,289,045 $ 1,260,032 $ 3,333,141 $ 345,536 $ 7,227,754 For the Year Ended December 31, 2015 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 256,035 $ — $ 356,586 $ 18,278 $ 630,899 Residents fees and services — 367,874 — — 367,874 Total revenues 256,035 367,874 356,586 18,278 998,773 Expenses: Property operating expenses — 278,242 99,337 — 377,579 Depreciation 70,417 60,600 122,974 3,792 257,783 General and administrative — — — 42,830 42,830 Acquisition related costs — — — 6,853 6,853 Impairment of assets 194 — — — 194 Total expenses 70,611 338,842 222,311 53,475 685,239 Operating income (loss) 185,424 29,032 134,275 (35,197 ) 313,534 Dividend income — — — 2,773 2,773 Interest and other income — — — 379 379 Interest expense (25,015 ) (9,973 ) (6,214 ) (109,679 ) (150,881 ) Loss on distribution to common shareholders of RMR common stock — — — (38,437 ) (38,437 ) Loss on early extinguishment of debt (6 ) (34 ) (250 ) (1,604 ) (1,894 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 160,403 19,025 127,811 (181,765 ) 125,474 Income tax expense — — — (574 ) (574 ) Equity in earnings of an investee — — — 20 20 Income (loss) from continuing operations 160,403 19,025 127,811 (182,319 ) 124,920 Discontinued Operations: Loss from discontinued operations — — (350 ) — (350 ) Loss on impairment of assets from discontinued operations — — (602 ) — (602 ) Net income (loss) $ 160,403 $ 19,025 $ 126,859 $ (182,319 ) $ 123,968 As of December 31, 2015 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 2,251,212 $ 1,260,425 $ 3,362,214 $ 286,239 $ 7,160,090 For the Year Ended December 31, 2014 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 230,718 $ — $ 278,041 $ 17,944 $ 526,703 Residents fees and services — 318,184 — — 318,184 Total revenues 230,718 318,184 278,041 17,944 844,887 Expenses: Property operating expenses — 245,093 79,471 — 324,564 Depreciation 61,825 32,462 87,312 3,792 185,391 General and administrative — — — 38,946 38,946 Acquisition related costs — — — 4,607 4,607 Impairment of assets (10 ) — — — (10 ) Total expenses 61,815 277,555 166,783 47,345 553,498 Operating income (loss) 168,903 40,629 111,258 (29,401 ) 291,389 Dividend income — — — 63 63 Interest and other income — — — 362 362 Interest expense (25,473 ) (10,599 ) (5,844 ) (93,198 ) (135,114 ) Gain (loss) on early extinguishment of debt 128 (140 ) — — (12 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 143,558 29,890 105,414 (122,174 ) 156,688 Income tax expense — — — (576 ) (576 ) Equity in earnings of an investee — — — 87 87 Income (loss) from continuing operations 143,558 29,890 105,414 (122,663 ) 156,199 Discontinued Operations: Income from discontinued operations — — 1,362 — 1,362 Loss on impairment of assets from discontinued operations — — (4,377 ) — (4,377 ) Income (loss) before gain on sale of properties 143,558 29,890 102,399 (122,663 ) 153,184 Gain on sale of properties 5,453 — — — 5,453 Net income (loss) $ 149,011 $ 29,890 $ 102,399 $ (122,663 ) $ 158,637 As of December 31, 2014 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 1,777,684 $ 961,618 $ 2,922,623 $ 280,005 $ 5,941,930

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our provision for income taxes consists of the following: For the year ended December 31, 2016 2015 2014 Current: Federal $ — $ — $ — State 424 574 576 424 574 576 Deferred: Federal — — — State — — — — — — Income tax provision $ 424 $ 574 $ 576 A reconciliation of our effective tax rate and the U.S. federal statutory income tax rate is as follows: For the year ended December 31, 2016 2015 2014 Taxes at statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Nontaxable income of SNH (35.0 )% (35.0 )% (35.0 )% State and local income taxes, net of federal tax benefit 0.3 % 0.4 % 0.3 % Change in valuation allowance 3.58 % 8.82 % 6.39 % Other differences, net (3.58 )% (8.82 )% (6.39 )% Effective tax rate 0.3 % 0.4 % 0.3 % Deferred income tax balances reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities on our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Significant components of our deferred tax assets and liabilities are as follows: For the year ended December 31, 2016 2015 Deferred tax assets: Deferred income $ 2,512 $ 2,862 Other 222 115 Tax loss carryforwards 33,626 27,941 36,360 30,918 Valuation allowance (36,360 ) (30,918 ) — — Net deferred income taxes $ — $ — Because of our TRSs’ short operating history and history of losses, we are not able to conclude that it is more likely than not we will realize the future benefit of our deferred tax assets; thus we have provided a 100% valuation allowance as of December 31, 2016 and 2015. If and when we believe it is more likely than not that we will recover our deferred tax assets, we will reverse the valuation allowance as an income tax benefit in our consolidated statement of comprehensive income. As of December 31, 2016, our consolidated TRSs had net operating loss carry forwards for federal income tax purposes of approximately $84,688 , which, if unused, begin to expire in 2031. In the normal course of business, income tax authorities in various income tax jurisdictions conduct routine audits of our income tax returns filed in prior years. Income tax years subsequent to 2011 may be open to examination in some of the income tax jurisdictions in which we operate.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Year Ended December 31, 2016 2015 2014 Weighted average common shares for basic earnings per share 237,345 232,931 198,868 Effect of dilutive securities: restricted share awards 37 32 26 Weighted average common shares for diluted earnings per share 237,382 232,963 198,894

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (unaudited)	Selected Quarterly Financial Data (unaudited) The following is a summary of our unaudited quarterly results of operations for 2016 and 2015 : 2016 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 258,375 $ 261,367 $ 263,983 $ 274,296 Net income $ 31,272 $ 39,233 $ 27,903 $ 42,885 Per share data (basic and diluted): Net income $ 0.13 $ 0.17 $ 0.12 $ 0.18 Common distributions declared (1) $ 0.39 $ 0.39 $ 0.39 $ 0.39 2015 First Second Third Fourth Quarter Quarter Quarter Quarter (2) Revenues $ 228,577 $ 247,402 $ 255,275 $ 267,519 Net income $ 39,789 $ 36,387 $ 38,249 $ 9,544 Per share data (basic and diluted): Net income $ 0.18 $ 0.15 $ 0.16 $ 0.04 Common distributions declared (1) (3) $ 0.39 $ 0.39 $ 0.39 $ 0.52 (1) Amounts represent distributions declared with respect to the periods shown. Distributions are generally paid in the quarterly period following the quarterly period to which they relate. (2) The fourth quarter of 2015 includes a non-cash loss of $38,437 related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 5. (3) The fourth quarter of 2015 includes a non-cash distribution of $0.13 per share related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 7.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure	Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 2184 Parkway Lake Drive Birmingham AL — 580 5,980 2,025 — 580 8,005 8,585 1,448 8/1/2008 2001 2634 Valleydale Road Birmingham AL — 600 7,574 907 — 600 8,481 9,081 1,769 8/1/2008 2000 2021 Dahike Drive, NE Cullman AL — 287 3,415 289 — 287 3,704 3,991 1,307 11/19/2004 1998 49 Hughes Road Madison AL — 334 3,981 429 — 334 4,410 4,744 1,499 11/19/2004 1998 200 Terrace Lane Priceville AL — 1,300 9,447 249 — 1,300 9,696 10,996 1,373 2/1/2012 2006 413 Cox Boulevard Sheffield AL — 394 4,684 462 — 394 5,146 5,540 1,719 11/19/2004 1998 2435 Columbiana Road Vestavia Hills AL — 843 23,472 193 — 843 23,665 24,508 1,132 5/1/2015 1991 4461 N. Crossover Road (5) Fayetteville AR 8,148 733 10,432 43 — 733 10,475 11,208 495 5/1/2015 2011 4210 S. Caraway Road (5) Jonesboro AR 4,197 653 9,515 46 — 653 9,561 10,214 449 5/1/2015 2008 672 Jones Road (5) Springdale AR 4,241 572 9,364 48 — 572 9,412 9,984 442 5/1/2015 2007 13840 North Desert Harbor Drive Peoria AZ — 2,687 15,843 3,542 — 2,687 19,385 22,072 8,261 1/11/2002 1990 9045 W. Athens Street Peoria AZ — 1,405 9,115 67 — 1,405 9,182 10,587 450 5/1/2015 1997 11209 N. Tatum Boulevard Phoenix AZ — 1,380 6,349 1,646 — 1,380 7,995 9,375 1,231 9/30/2011 1987 2444 West Las Palmaritas Drive Phoenix AZ — 3,820 6,669 288 — 3,820 6,957 10,777 1,000 12/22/2010 1982 4121 East Cotton Center Phoenix AZ — 5,166 12,724 — — 5,166 12,724 17,890 610 1/29/2015 2000 6001 E. Thomas Road Scottsdale AZ — 941 8,807 2,563 — 941 11,370 12,311 5,410 5/16/1994 1990 7090 East Mescal Street Scottsdale AZ — 2,315 13,650 6,288 — 2,315 19,938 22,253 7,296 1/11/2002 1984 17225 Boswell Blvd. Sun City AZ — 1,189 10,569 1,182 — 1,189 11,751 12,940 6,286 6/17/1994 1990 14001 W. Meeker Boulevard Sun City West AZ — 395 3,307 — — 395 3,307 3,702 1,273 2/28/2003 1998 1415 West 3rd Street Tempe AZ — 2,186 13,446 64 — 2,186 13,510 15,696 647 1/29/2015 1981 2500 North Rosemont Boulevard Tucson AZ — 4,429 26,119 4,771 — 4,432 30,887 35,319 12,720 1/11/2002 1989 710 N. Euclid Anaheim CA — 2,850 6,964 737 — 2,893 7,658 10,551 1,696 7/9/2008 1992 3209 Brookside Drive (5) Bakersfield CA 12,772 4,166 13,233 48 — 4,166 13,281 17,447 620 5/1/2015 2004 5770 Armada Drive (5) Carlsbad CA 11,594 3,875 18,543 — — 3,875 18,543 22,418 889 1/29/2015 1998 1350 S. El Camino Real Encinitas CA — 1,510 18,042 415 — 1,517 18,450 19,967 4,075 3/31/2008 1999 47201 Lakeview Boulevard Fremont CA — 3,200 10,177 36 — 3,200 10,213 13,413 1,336 9/30/2011 1990 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 47211/47215 Lakeview Boulevard Fremont CA — 3,750 12,656 369 — 3,750 13,025 16,775 1,743 9/30/2011 1985 47900 Bayside Parkway Fremont CA — 4,580 10,370 852 — 4,580 11,222 15,802 1,453 9/30/2011 1991 / 2012 577 South Peach Street Fresno CA — 738 2,577 1,531 — 738 4,108 4,846 1,868 12/28/1990 1963 / 1985 6075 N. Marks Avenue Fresno CA — 880 12,751 327 — 883 13,075 13,958 2,860 3/31/2008 1996 24552 Paseo de Valencia Laguna Hills CA — 3,172 28,184 8,297 — 3,810 35,843 39,653 16,711 9/9/1994 1975 / 1991 1642 West Avenue J Lancaster CA — 601 1,859 3,077 — 601 4,936 5,537 2,616 12/28/1990 1969 / 1994 8631 West 3rd Street Los Angeles CA — 24,640 88,277 8,868 — 24,640 97,145 121,785 14,215 11/22/2010 1978 8635 West 3rd Street Los Angeles CA — 24,640 90,352 8,774 — 24,640 99,126 123,766 14,394 11/22/2010 1978 2325 St. Pauls Way (5) Modesto CA 6,565 1,104 9,009 3 — 1,106 9,010 10,116 429 5/1/2015 1998 8700 Lindley Avenue Northridge CA — 2,068 13,520 48 — 2,068 13,568 15,636 633 5/1/2015 2000 1319 Brookside Avenue Redlands CA — 1,770 9,982 517 — 1,770 10,499 12,269 2,246 3/31/2008 1999 110 Sterling Court Roseville CA — 1,620 10,262 407 — 1,620 10,669 12,289 2,320 3/31/2008 1998 1371 Parkside Drive San Bernardino CA — 1,250 9,069 686 — 1,250 9,755 11,005 2,857 8/31/2006 1988 16925 & 16916 Hierba Drive San Diego CA — 9,142 53,904 11,322 — 9,144 65,224 74,368 26,799 1/11/2002 1987 / 1990 3030 Science Park San Diego CA — 2,466 46,473 — — 2,466 46,473 48,939 8,617 8/6/2009 1986 / 2006 3040 Science Park San Diego CA — 1,225 23,077 — — 1,225 23,077 24,302 4,279 8/6/2009 1986 / 2006 3050 Science Park San Diego CA — 1,508 28,753 — — 1,508 28,753 30,261 5,331 8/6/2009 1986 / 2006 24305 West Lyons Avenue Santa Clarita CA — 763 15,538 70 — 763 15,608 16,371 729 5/1/2015 1988 3530 Deer Park Drive Stockton CA — 670 14,419 425 — 670 14,844 15,514 3,240 3/31/2008 1999 537 E. Fulton Street Stockton CA — 382 2,750 921 — 382 3,671 4,053 2,245 6/30/1992 1968 877 East March Lane (5) Stockton CA 7,179 1,176 11,171 5,668 — 1,176 16,839 18,015 6,005 9/30/2003 1988 93 W Avenida de Los Arboles Thousand Oaks CA — 622 2,522 2,468 — 622 4,990 5,612 2,870 12/28/1990 1965 / 1970 28515 Westinghouse Place Valencia CA — 4,669 41,440 — — 4,669 41,440 46,109 1,986 1/29/2015 2008 6835 Hazeltine Street Van Nuys CA — 718 378 812 — 725 1,183 1,908 724 12/28/1990 1969 / 1984 1866 San Miguel Drive Walnut Creek CA — 2,010 9,290 3,209 — 3,417 11,092 14,509 1,548 12/1/2011 1996 1950 South Dayton Street Aurora CO — 3,062 46,195 433 — 3,110 46,580 49,690 2,192 5/1/2015 1987 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 515 Fairview Canon City CO — 292 6,228 1,107 (3,512) 299 3,816 4,115 1,793 9/26/1997 1970 / 1984 110 West Van Buren Colorado Springs CO — 245 5,236 1,692 (3,031) 245 3,897 4,142 1,792 9/26/1997 1972 / 1996 3920 East San Miguel Street Colorado Springs CO — 1,380 8,894 1,989 — 1,597 10,666 12,263 1,194 7/31/2012 1977 2050 South Main Delta CO — 167 3,570 826 — 167 4,396 4,563 2,218 9/26/1997 1963 / 1978 2501 Little Bookcliff Drive Grand Junction CO — 204 3,875 1,441 — 204 5,316 5,520 3,136 12/30/1993 1968 / 1986 2825 Patterson Road Grand Junction CO — 173 2,583 2,159 — 173 4,742 4,915 2,818 12/30/1993 1978 / 1995 1599 Ingalls Street Lakewood CO — 232 3,766 3,136 — 232 6,902 7,134 4,020 12/28/1990 1972 / 1985 5555 South Elati Street Littleton CO — 185 5,043 2,475 — 191 7,512 7,703 4,571 12/28/1990 1965 8271 South Continental Divide Road Littleton CO — 400 3,507 — — 400 3,507 3,907 1,349 2/28/2003 1998 9005 / 9025 Grant Street Thornton CO — 961 10,867 56 — 993 10,891 11,884 1,092 12/28/2012 2001 9005 / 9025 Grant Street Thornton CO — 475 909 456 — 483 1,357 1,840 120 12/28/2012 1987 / 2004 7809 W. 38th Avenue Wheat Ridge CO — 470 3,373 — — 470 3,373 3,843 569 4/1/2010 2004 40 Sebethe Drive Cromwell CT — 570 5,304 1,048 — 570 6,352 6,922 1,083 12/22/2010 1998 866 North Main Street Wallingford CT — 430 3,136 575 — 430 3,711 4,141 707 12/22/2010 1984 1145 19th Street Washington DC — 13,600 24,880 6,786 — 13,600 31,666 45,266 5,435 5/20/2009 1976 2141 K Street Washington DC — 13,700 8,400 2,795 — 13,700 11,195 24,895 2,131 12/22/2008 1966 255 Possum Park Road Newark DE — 2,010 11,852 2,930 — 2,010 14,782 16,792 6,111 1/11/2002 1982 4175 Ogletown Road / 501 South Harmony Road Newark DE — 1,500 19,447 1,001 — 1,500 20,448 21,948 4,452 3/31/2008 1998 1212 Foulk Road (5) Wilmington DE 6,977 1,179 6,950 1,399 — 1,196 8,332 9,528 3,732 1/11/2002 1974 / 1998 1912 Marsh Road Wilmington DE — 4,365 25,739 3,371 — 4,370 29,105 33,475 11,653 1/11/2002 1988 / 1998 2723 Shipley Road Wilmington DE — 869 5,126 3,915 — 875 9,035 9,910 3,789 1/11/2002 1989 407 Foulk Road Wilmington DE — 38 227 2,073 — 78 2,260 2,338 593 1/11/2002 1965 13545 Progress Boulevard Alachua FL — 512 4,935 173 — 512 5,108 5,620 732 6/6/2011 2009 13631 Progress Boulevard Alachua FL — 512 4,941 106 — 512 5,047 5,559 690 6/6/2011 2009 13709 Progress Boulevard Alachua FL — 1,080 1,675 341 — 1,080 2,016 3,096 279 6/6/2011 1985 13859 Progress Boulevard (5) Alachua FL 2,819 570 4,276 — — 570 4,276 4,846 579 7/26/2011 2007 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date Progress Center - Lot 1 Property Alachua FL — 165 — — — 165 — 165 — 6/6/2011 N/A Progress Center - Lot 4 Property Alachua FL — 331 — — — 331 — 331 — 6/6/2011 N/A Progress Vacant Land (47 acres) Alachua FL — 4,000 — — — 4,000 — 4,000 — 8/30/2011 N/A 13200 Nano Court Alachua FL — 2,792 42,440 — 2,792 42,440 45,232 707 5/4/2016 2016 22601 Camino Del Mar Boca Raton FL — 3,200 46,800 2,768 — 3,200 49,568 52,768 7,514 12/15/2011 1990 6343 Via de Sonrisa del Sur Boca Raton FL — 4,166 39,633 729 — 4,166 40,362 44,528 22,827 5/20/1994 1994 / 1999 1325 S. Congress Avenue Boynton Beach FL — 1,620 5,341 625 — 1,620 5,966 7,586 625 7/27/2012 1985 / 2009 1425 Congress Avenue Boynton Beach FL — 2,390 14,768 1,638 — 2,390 16,406 18,796 2,603 8/9/2011 1994 1416 Country Club Blvd. Cape Coral FL — 400 2,907 — — 400 2,907 3,307 1,121 2/28/2003 1998 8500 Royal Palm Boulevard Coral Springs FL — 3,410 20,104 24,199 — 3,413 44,300 47,713 13,772 1/11/2002 1984 1208 South Military Trail Deerfield Beach FL — 1,690 14,972 19,550 — 1,735 34,477 36,212 11,671 5/16/1994 1986 3001 Deer Creek Boulevard Deerfield Beach FL — 3,196 18,848 15,468 — 3,200 34,312 37,512 11,877 1/11/2002 1990 12780 Kenwood Lane Fort Myers FL — 369 2,174 2,897 — 859 4,581 5,440 1,608 1/11/2002 1990 2525 East First Street Fort Myers FL — 2,385 21,137 10,755 — 2,525 31,752 34,277 13,277 8/16/1994 1984 / 1987 1825 Ridgewood Avenue Holly Hill FL — 900 21,202 (3,232) — 700 18,170 18,870 2,873 7/22/2011 1926/2006 / 2005 2480 North Park Road Hollywood FL — 4,500 40,500 11,770 — 4,527 52,243 56,770 7,558 12/15/2011 1986 8901 Tamiami Trail E. Naples FL — 3,200 2,898 12,403 — 3,200 15,301 18,501 3,916 8/31/2006 1984 12780 Waterford Lakes Parkway Orlando FL — 977 3,946 — — 977 3,946 4,923 299 12/18/2013 2002 1603 S. Hiawassee Road Orlando FL — 488 2,621 70 — 488 2,691 3,179 203 12/18/2013 2003 1825 N. Mills Avenue, Orlando Orlando FL — 519 1,799 354 — 519 2,153 2,672 438 12/22/2008 1997 1911 N. Mills Avenue, Orlando Orlando FL — 1,946 7,197 676 — 1,946 7,873 9,819 1,651 12/22/2008 1997 1925 N. Mills Avenue, Orlando Orlando FL — 135 532 156 — 135 688 823 137 12/22/2008 1997 250 N. Alafaya Trail Orlando FL — 967 4,362 3 — 967 4,365 5,332 328 12/18/2013 1999 45 Katherine Boulevard Palm Harbor FL — 3,379 29,945 3,730 — 3,392 33,662 37,054 18,053 5/16/1994 1992 900 West Lake Road (5) Palm Harbor FL 22,313 3,449 20,336 6,758 — 3,449 27,094 30,543 10,761 1/11/2002 1989 / 1999 8500 West Sunrise Boulevard Plantation FL — 4,700 24,300 3,824 — 4,710 28,114 32,824 5,204 12/15/2011 1989 1371 South Ocean Boulevard Pompano Beach FL — 2,500 15,500 10,129 — 2,500 25,629 28,129 3,567 12/15/2011 1991 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 2701 North Course Dr. Pompano Beach FL — 7,700 2,127 34,703 — 7,700 36,830 44,530 9,724 8/31/2006 1985 20480 Veterans Boulevard Port Charlotte FL — 400 11,934 1,244 — 404 13,174 13,578 2,202 7/22/2011 1996 1699 S.E. Lyngate Drive Port St. Lucie FL — 1,242 11,009 1,142 — 1,242 12,151 13,393 6,644 5/20/1994 1993 501 N.W. Cashmere Boulevard Port St. Lucie FL — 890 9,345 752 — 891 10,096 10,987 1,560 7/22/2011 2007 3855 Upper Creek Drive Sun City Center FL — 1,676 15,788 89 — 1,676 15,877 17,553 760 5/1/2015 1989 900 South Harbour Island Blvd. Tampa FL — 4,850 6,349 7 — 4,850 6,356 11,206 1,463 10/30/2007 1986 111 Executive Center Drive West Palm Beach FL — 2,061 12,153 9,519 — 2,061 21,672 23,733 8,291 1/11/2002 1988 1200 Bluegrass Lakes Parkway Alpharetta GA — 1,689 15,936 — — 1,689 15,936 17,625 764 1/29/2015 2001 253 N. Main Street (5) Alpharetta GA 9,953 1,325 12,377 136 — 1,325 12,513 13,838 601 5/1/2015 1997 855 North Point Pkwy Alpharetta GA — 5,390 26,712 — — 5,390 26,712 32,102 5,593 8/21/2008 2006 2351 Cedarcrest Road Acworth GA — 2,000 6,674 56 — 2,000 6,730 8,730 147 5/1/2016 2014 1291 Cedar Shoals Drive Athens GA — 337 4,006 790 — 353 4,780 5,133 1,489 11/19/2004 1998 1515 Sheridan Road Atlanta GA — 5,800 9,305 3 — 5,800 9,308 15,108 2,123 11/30/2007 1978 59 Executive Park South Atlanta GA — 4,980 11,266 586 — 4,980 11,852 16,832 1,897 1/26/2011 1966 / 2002 240 Marietta Highway Canton GA — 806 8,555 984 — 806 9,539 10,345 934 10/1/2013 1997 / 2008 4500 South Stadium Drive Columbus GA — 294 3,505 321 — 294 3,826 4,120 1,244 11/19/2004 1999 1352 Wellbrook Circle Conyers GA — 342 4,068 925 — 342 4,993 5,335 1,578 11/19/2004 1997 1501 Milstead Road Conyers GA — 750 7,796 273 — 750 8,069 8,819 1,254 9/30/2010 2008 3875 Post Road Cumming GA — 954 12,796 54 — 958 12,846 13,804 621 5/1/2015 2007 4960 Jot Em Down Road Cumming GA — 1,548 18,666 11,998 — 3,388 28,824 32,212 2,378 8/1/2013 2011 5610 Hampton Park Drive, Cumming GA — 3,479 14,771 161 — 3,479 14,932 18,411 621 9/3/2015 2014 7955 Majors Road Cumming GA — 1,325 7,770 90 — 1,325 7,860 9,185 377 5/1/2015 2009 2470 Dug Gap Road Dalton GA — 262 3,119 466 — 262 3,585 3,847 1,141 11/19/2004 1997 101 West Ponce De Leon Avenue Decatur GA — 3,500 13,179 11 — 3,500 13,190 16,690 1,510 5/30/2012 1992 2801 N. Decatur Road Decatur GA — 3,100 4,436 682 — 3,100 5,118 8,218 1,059 7/9/2008 1986 114 Penland Street Ellijay GA — 496 7,107 366 — 496 7,473 7,969 691 10/1/2013 2008 353 North Belair Road Evans GA — 230 2,663 553 — 230 3,216 3,446 1,075 11/19/2004 1998 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 1294 Highway 54 West (5) Fayetteville GA 8,386 853 9,903 142 — 853 10,045 10,898 490 5/1/2015 1999 2435 Limestone Parkway Gainesville GA — 268 3,186 619 — 268 3,805 4,073 1,170 11/19/2004 1998 3315 Thompson Bridge Road (5) Gainesville GA 17,804 934 30,962 265 — 934 31,227 32,161 1,450 5/1/2015 1999 5373 Thompson Mill Road Hoschton GA — 944 12,171 6 — 944 12,177 13,121 575 5/1/2015 2011 8080 Summit Business Parkway Jonesboro GA — 1,800 20,664 1,604 — 1,800 22,268 24,068 3,485 6/20/2011 2007 6191 Peake Road Macon GA — 183 2,179 735 — 183 2,914 3,097 859 11/19/2004 1998 1360 Upper Hembree Road Roswell GA — 1,080 6,138 42 — 1,080 6,180 7,260 716 5/7/2012 2007 1 Savannah Square Drive Savannah GA — 1,200 19,090 4,371 — 1,200 23,461 24,661 6,263 10/1/2006 1987 5200 Habersham Street Savannah GA — 800 7,800 604 — 800 8,404 9,204 1,392 6/23/2011 2005 7410 Skidaway Road Savannah GA — 400 5,670 1,035 — 400 6,705 7,105 1,960 11/1/2006 1989 2078 Scenic Highway North Snellville GA — 870 4,030 321 — 870 4,351 5,221 844 12/10/2009 1997 475 Country Club Drive (5) Stockbridge GA 8,319 512 9,560 210 — 512 9,770 10,282 485 5/1/2015 1998 1300 Montreal Road Tucker GA — 690 6,210 818 — 690 7,028 7,718 2,252 6/3/2005 1997 1100 Ward Avenue Honolulu HI — 11,200 55,618 1,899 — 11,200 57,517 68,717 6,429 6/18/2012 1961 / 1981 600 Manor Drive Clarinda IA — 77 1,453 912 — 77 2,365 2,442 1,495 12/30/1993 1968 2401 E. 8th Street Des Moines IA — 123 627 1,312 — 123 1,939 2,062 830 7/1/2000 1965 / 1997 608 Prairie Street Mediapolis IA — 94 1,776 717 — 94 2,493 2,587 1,595 12/30/1993 1973 1015 West Summit Winterset IA — 111 2,099 1,329 (314) 111 3,114 3,225 1,964 12/30/1993 1973 / 1995 2340 West Seltice Way Coeur d'Alene ID — 910 7,170 1,043 — 999 8,124 9,123 940 7/31/2012 1993 850 Lincoln Drive Idaho Falls ID — 510 6,640 1,613 — 721 8,042 8,763 946 7/31/2012 1978 1250 West Central Road Arlington Heights IL — 3,665 32,587 5,147 — 3,665 37,734 41,399 19,043 9/9/1994 1986 1450 Busch Parkway Buffalo Grove IL — 3,800 11,456 412 — 3,815 11,853 15,668 1,857 9/16/2010 2009 2601 Patriot Boulevard Glenview IL — 2,285 9,593 — — 2,285 9,593 11,878 460 1/29/2015 2005 1373 D'Adrian Professional Park Godfrey IL — 281 15,088 168 — 281 15,256 15,537 712 5/1/2015 2010 221 11th Avenue Moline IL — 161 7,244 117 — 161 7,361 7,522 344 5/1/2015 2008 900 43rd Avenue Moline IL — 482 7,651 138 — 482 7,789 8,271 353 5/1/2015 2003 / 2012 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 2700 14th Street (5) Pekin IL 4,997 171 11,475 96 — 171 11,571 11,742 535 5/1/2015 2009 7130 Crimson Ridge Drive Rockford IL — 200 7,300 28 — 200 7,328 7,528 1,155 5/1/2011 1999 1220 Lakeview Drive Romeoville IL — 1,120 19,582 — — 1,120 19,582 20,702 4,100 8/21/2008 2005 1201 Hartman Lane Shiloh IL — 743 7,232 — — 743 7,232 7,975 10 12/8/2016 2003 900 Southwind Road Springfield IL — 300 6,744 1,016 — 300 7,760 8,060 2,184 8/31/2006 1990 2705 Avenue E. (5) Sterling IL 4,831 341 14,331 83 — 341 14,414 14,755 678 5/1/2015 2008 39 Dorothy Drive Troy IL — 1,070 7,231 — — 1,070 7,231 8,301 10 12/8/2016 2003 100 Grand Victorian Place (5) Washington IL 5,628 241 12,046 72 — 241 12,118 12,359 559 5/1/2015 2009 1615 Lakeside Drive Waukegan IL — 2,700 9,590 182 — 2,720 9,752 12,472 1,275 9/30/2011 1990 1675 Lakeside Drive Waukegan IL — 2,420 9,382 55 — 2,436 9,421 11,857 1,237 9/30/2011 1998 406 Smith Drive Auburn IN — 380 8,246 171 — 380 8,417 8,797 1,839 9/1/2008 1999 6990 East County Road 100 North Avon IN — 850 11,888 228 — 850 12,116 12,966 2,692 9/1/2008 1999 2455 Tamarack Trail Bloomington IN — 5,400 25,129 7,484 — 5,435 32,578 38,013 5,746 11/1/2008 1983 2460 Glebe Street Carmel IN — 2,108 57,741 125 — 2,116 57,858 59,974 2,599 5/1/2015 2008 701 East County Line Road Greenwood IN — 1,830 14,303 306 — 1,830 14,609 16,439 1,854 12/1/2011 2007 8505 Woodfield Crossing Boulevard (5) Indianapolis IN 23,383 2,785 16,396 5,858 — 2,785 22,254 25,039 8,628 1/11/2002 1986 / 1997 603 Saint Joseph Drive Kokomo IN — 220 5,899 174 — 220 6,073 6,293 1,376 9/1/2008 1998 1211 Longwood Drive La Porte IN — 770 5,550 35 — 770 5,585 6,355 1,295 9/1/2008 1998 1590 West Timberview Drive Marion IN — 410 5,409 209 — 410 5,618 6,028 1,289 9/1/2008 2000 1473 East McKay Road Shelbyville IN — 190 5,328 123 — 190 5,451 5,641 1,233 9/1/2008 1999 17441 State Rd. #23 (aka 17490 E. Douglas Rd.) South Bend IN — 400 3,107 — — 400 3,107 3,507 1,197 2/28/2003 1998 222 South 25th Street Terra Haute IN — 300 13,115 487 — 300 13,602 13,902 2,992 9/1/2008 2005 150 Fox Ridge Drive Vincennes IN — 110 3,603 1,144 — 110 4,747 4,857 1,021 9/1/2008 1985 510 W. 7th Street Ellinwood KS — 130 1,137 497 — 130 1,634 1,764 942 4/1/1995 1972 1501 Inverness Drive Lawrence KS — 1,600 18,565 452 — 1,740 18,877 20,617 3,946 10/1/2009 1988 / 2006 3501 West 95th Street (5) Overland Park KS 19,221 2,568 15,140 3,963 — 2,568 19,103 21,671 7,778 1/11/2002 1989 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 6555 West 75th Street Overland Park KS — 1,274 1,126 12,473 — 1,339 13,534 14,873 5,334 10/25/2002 1985 981 Campbell Lane Bowling Green KY — 365 4,345 487 — 365 4,832 5,197 1,598 11/19/2004 1999 102 Leonardwood Frankfort KY — 560 8,282 1,186 — 560 9,468 10,028 2,668 8/31/2006 1989 4190 Lafayette Road Hopkinsville KY — 316 3,761 189 — 316 3,950 4,266 1,340 11/19/2004 1999 690 Mason Headley Road (6) Lexington KY 9,332 — 10,848 11,538 — — 22,386 22,386 11,097 1/11/2002 1985 / 1998 700 Mason Headley Road (6) Lexington KY 2,134 — 6,394 7,304 — — 13,698 13,698 6,020 1/11/2002 1980 200 Brookside Drive (5) Louisville KY 28,281 3,524 20,779 6,043 — 3,524 26,822 30,346 11,226 1/11/2002 1984 1517 West Broadway Mayfield KY — 268 2,730 736 — 268 3,466 3,734 1,183 11/19/2004 1999 1700 Elmdale Road Paducah KY — 450 5,358 822 — 450 6,180 6,630 2,002 11/19/2004 2000 100 Neighborly Way Somerset KY — 200 4,919 260 — 200 5,179 5,379 1,318 11/6/2006 2000 2661 North Boulevard Baton Rouge LA — 199 1,067 — — 199 1,067 1,266 51 1/29/2015 2000 7656 Realtors Drive Baton Rouge LA — 99 907 — — 99 907 1,006 43 1/29/2015 2005 137 Veterans Boulevard Denham Springs LA — 228 1,536 — — 228 1,536 1,764 74 1/29/2015 2007 2995 Race Street Jackson LA — 30 845 — — 30 845 875 41 1/29/2015 2002 24660 Plaza Drive Plaquemine LA — 99 1,043 — — 99 1,043 1,142 50 1/29/2015 2000 17392 Vallee Court Prairieville LA — 99 837 35 — 99 872 971 41 1/29/2015 2001 35 Milbury St Auburn MA — 1,510 7,000 463 — 1,510 7,463 8,973 1,599 8/8/2008 1977 / 2012 1295 Boylston Street Boston MA — 7,600 18,140 1,522 — 7,600 19,662 27,262 2,817 1/26/2011 1930 / 1992 50 Northern Ave / 11 Fan Pier Blvd (5) Boston MA 620,000 52,643 784,954 807 — 52,643 785,761 838,404 52,599 5/7/2014 2013 549 Albany Street Boston MA — 4,576 45,029 — — 4,569 45,036 49,605 3,753 8/22/2013 1895 / 2012 330 Baker Avenue Concord MA — 3,775 19,906 — — 3,775 19,906 23,681 954 1/29/2015 2013 370 Lunenburg St Fitchburg MA — 330 3,361 32 — 330 3,393 3,723 711 8/8/2008 1994 165 Mill St Leominster MA — 1,520 8,703 750 — 1,520 9,453 10,973 2,097 8/8/2008 1966 / 2010 4 Maguire Road Lexington MA — 3,600 15,555 2,361 (7,255) 3,673 10,588 14,261 2,708 12/22/2008 1994 / 2006 100 Hampshire Street Mansfield MA — 2,090 8,215 635 — 2,486 8,454 10,940 1,274 12/22/2010 1975 / 2013 15 Hampshire Street Mansfield MA — 1,360 7,326 108 — 1,360 7,434 8,794 1,115 12/22/2010 1988 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 5 Hampshire Street Mansfield MA — 1,190 5,737 — — 1,190 5,737 6,927 860 12/22/2010 1988 176 West St Milford MA — 510 3,039 607 — 510 3,646 4,156 1,051 8/8/2008 1989 / 2010 108 Elm St Millbury MA — 160 767 — — 160 767 927 162 8/8/2008 1950 / 2011 30 Newcrossing Road (5) Reading MA 10,653 1,443 14,153 83 — 1,443 14,236 15,679 1,517 9/27/2012 1986 / 2006 407 Main St Spencer MA — 270 2,607 476 — 270 3,083 3,353 855 8/8/2008 1992 / 2011 106 East Main Westborough MA — 920 6,956 269 — 920 7,225 8,145 1,498 8/8/2008 1986 / 2013 112 E Main Westborough MA — 230 135 — — 230 135 365 30 8/8/2008 1900 299 Cambridge Street Winchester MA — 3,218 18,988 10,604 — 3,218 29,592 32,810 10,378 1/11/2002 1991 135 Goldstar Blvd Worcester MA — 865 10,912 1,212 — 865 12,124 12,989 2,470 8/8/2008 1989 / 2011 191 May St Worcester MA — 730 3,634 118 — 730 3,752 4,482 771 8/8/2008 1986 / 2007 277 E Mountain Worcester MA — 191 2,133 113 (889) 191 1,357 1,548 307 8/8/2008 1992 / 1998 425 N Lake Ave Worcester MA — 1,200 6,176 119 — 1,200 6,295 7,495 1,323 8/8/2008 1985 / 2007 630 Plantation St Worcester MA — 770 10,408 571 — 770 10,979 11,749 2,441 8/8/2008 1990 / 2009 2717 Riva Road Annapolis MD — 1,290 12,373 515 — 1,290 12,888 14,178 2,847 3/31/2008 2001 658 Boulton Street Bel Air MD — 4,750 16,504 2 — 4,750 16,506 21,256 3,765 11/30/2007 1980 7600 Laurel Bowie Road Bowie MD — 408 3,421 450 — 408 3,871 4,279 1,603 10/25/2002 2000 8100 Connecticut Avenue Chevy Chase MD — 15,170 92,830 4,172 — 15,170 97,002 112,172 13,485 12/15/2011 1990 8220 Snowden River Parkway Columbia MD — 1,390 10,303 606 — 1,390 10,909 12,299 2,315 3/31/2008 2001 700 Port Street Easton MD — 383 4,555 2,994 — 394 7,538 7,932 2,493 10/25/2002 2000 3004 North Ridge Road (5) Ellicott City MD 18,932 1,409 22,691 7,378 — 1,443 30,035 31,478 10,333 3/1/2004 1997 1820 Latham Drive Frederick MD — 385 3,444 576 — 385 4,020 4,405 1,612 10/25/2002 1998 2100A & B Whittier Drive Frederick MD — 1,260 9,464 933 — 1,260 10,397 11,657 2,257 3/31/2008 1999 10114 + 10116 Sharpsburg Pike Hagerstown MD — 1,040 7,471 4,250 — 1,040 11,721 12,761 1,893 3/31/2008 1999 4000 Old Court Road Pikesville MD — 2,000 4,974 497 — 2,000 5,471 7,471 1,237 12/22/2008 1987 715 Benfield Road (5) Severna Park MD 8,369 229 9,798 1,656 — 242 11,441 11,683 4,521 10/25/2002 1998 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 14400 Homecrest Road Silver Spring MD — 1,200 9,288 6,505 — 1,200 15,793 16,993 5,798 10/25/2002 1996 3701 International Drive Silver Spring MD — 3,301 29,065 714 — 3,301 29,779 33,080 16,719 7/25/1994 1992 801 Roeder Road, Unit OU-1 Silver Spring MD — 1,900 12,858 1,056 — 1,900 13,914 15,814 1,672 6/27/2012 1976 / 2000 720 & 734 N. Pine Road Hampton MI — 300 2,406 — — 300 2,406 2,706 927 2/28/2003 1998 4004 & 4012 Waldo Road Midland MI — 400 2,606 — — 400 2,606 3,006 1,010 2/28/2003 1998 1605 & 1615 Fredericks Drive Monroe MI — 300 2,506 — — 300 2,506 2,806 969 2/28/2003 1998 3150 & 3100 Old Centre Road Portage MI — 300 2,206 — — 300 2,206 2,506 851 2/28/2003 1998 2445 & 2485 Mc Carty Road Saginaw MI — 600 5,212 — — 600 5,212 5,812 2,007 2/28/2003 1998 11855 Ulysses Street NE (5) Blaine MN 8,686 2,249 9,276 78 — 2,249 9,354 11,603 948 12/21/2012 2007 11855 Ulysses Street NE Blaine MN — 525 — — — 525 — 525 — 12/21/2012 N/A 1305 Corporate Center Drive Eagan MN — 2,300 13,105 3,120 — 2,657 15,868 18,525 2,397 12/22/2010 1986 8301 Golden Valley Road Golden Valley MN — 1,256 4,680 55 — 1,256 4,735 5,991 108 2/10/2016 1998 8401 Golden Valley Road Golden Valley MN — 1,510 5,742 290 — 1,510 6,032 7,542 134 2/10/2016 1998 8501 Golden Valley Road Golden Valley MN — 1,263 4,288 128 — 1,263 4,416 5,679 99 2/10/2016 1998 1201 Northland Drive Mendota Heights MN — 1,220 10,208 901 — 1,315 11,014 12,329 1,591 1/25/2011 1989 / 2009 20500/20600 South Diamond Lake Road Rogers MN — 2,760 45,789 1,045 — 2,767 46,827 49,594 10,775 3/1/2008 1999 2200 County Road C West Roseville MN — 590 702 392 — 662 1,022 1,684 114 9/30/2011 1991 4166 Lexington Avenue N Shoreview MN — 1,300 4,547 243 — 1,392 4,698 6,090 664 5/20/2011 1988 / 2010 1365 Crestridge Lane West St. Paul MN — 400 3,608 100 — 400 3,708 4,108 1,549 2/28/2003 1998 305 & 315 Thompson Avenue West St. Paul MN — 400 2,506 — — 400 2,506 2,906 1,060 2/28/2003 1998 5351 Gretna Road (5) Branson MO 4,504 743 10,973 116 — 753 11,079 11,832 529 5/1/2015 2002 3828 College View Drive Joplin MO — 260 11,382 174 — 260 11,556 11,816 1,470 8/31/2012 2003 14100 Magellan Plaza Maryland Heights MO — 3,719 37,304 4,278 — 3,179 42,122 45,301 1,812 1/29/2015 2003 640 E. Highland Avenue Nevada MO — 311 5,703 64 — 311 5,767 6,078 271 5/1/2015 1997 2410 W. Chesterfield Blvd (5) Springfield MO 6,384 924 12,772 44 — 924 12,816 13,740 583 5/1/2015 1999 3540 East Cherokee Street (5) Springfield MO 3,673 1,084 11,339 141 — 1,129 11,435 12,564 529 5/1/2015 1996 4700 North Hanley Road St. Louis MO — 5,166 41,587 36 — 5,166 41,623 46,789 1,993 1/29/2015 2014 1 Lincoln Parkway Hattiesburg MS — 1,269 11,691 46 — 1,269 11,737 13,006 1,102 3/22/2013 2005 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 1488 Belk Boulevard Oxford MS — 450 5,791 764 — 388 6,617 7,005 1,645 10/1/2006 2000 108 Clarington Drive Southaven MS — 450 5,795 920 — 450 6,715 7,165 1,668 10/1/2006 2000 1547 North Hunters Way Bozeman MT — 1,616 27,750 — — 1,616 27,750 29,366 1,261 5/1/2015 2008 112 + 118 Alamance Road Burlington NC — 575 9,697 498 — 575 10,195 10,770 1,571 6/23/2011 1998 1050 Crescent Green Drive (5) Cary NC 7,995 713 4,628 1,952 — 713 6,580 7,293 2,798 10/25/2002 1999 2220 & 2230 Farmington Drive Chapel Hill NC — 800 6,414 — — 800 6,414 7,214 2,469 2/28/2003 1996 2101 Runnymede Lane Charlotte NC — 2,475 11,451 682 — 2,475 12,133 14,608 2,006 6/20/2011 1999 5920 McChesney Drive Charlotte NC — 820 7,790 663 — 820 8,453 9,273 1,632 11/17/2009 2001 6101 Clarke Creek Parkway Charlotte NC — 500 13,960 36 — 500 13,996 14,496 2,807 11/17/2009 1999 500 Penny Lane Concord NC — 1,687 17,603 — — 1,687 17,603 19,290 307 6/29/2016 1997 1002 State Highway 54 Durham NC — 595 5,200 153 — 595 5,353 5,948 837 6/20/2011 1988 / 2007 5213 South Alston Avenue Durham NC — 1,093 31,377 — — 1,093 31,377 32,470 1,503 1/29/2015 2010 2755 Union Road Gastonia NC — 1,104 17,834 3 — 1,104 17,837 18,941 312 6/29/2016 1998 1001 Phifer Road Kings Mountain NC — 655 8,283 472 — 657 8,753 9,410 1,403 6/23/2011 1998 128 Brawley School Mooresville NC — 595 7,305 449 — 595 7,754 8,349 1,203 6/23/2011 1999 1309 , 1321 + 1325 McCarthy Boulevard New Bern NC — 1,245 20,898 381 — 1,245 21,279 22,524 3,159 6/20/2011 2001/2005/2008 13150 Dorman Road Pineville NC — 550 7,570 1,066 — 550 8,636 9,186 1,584 11/17/2009 1998 13180 Dorman Road Pineville NC — 630 15,230 7 — 630 15,237 15,867 3,053 11/17/2009 1998 801 Dixie Trail Raleigh NC — 3,233 17,788 16 — 3,233 17,804 21,037 374 6/29/2016 1992 2744 South 17th Street (5) Wilmington NC 12,061 1,134 14,771 188 — 1,134 14,959 16,093 642 9/28/2015 1998 1730 Parkwood Boulevard West Wilson NC — 610 14,787 313 — 610 15,100 15,710 2,303 6/20/2011 2004/2006 1700 Furnace Street Ashland NE — 28 1,823 1,312 — 28 3,135 3,163 1,566 7/1/2000 1965 / 1996 414 North Wilson Street Blue Hill NE — 56 1,064 812 — 56 1,876 1,932 917 7/1/2000 1967 / 1996 2720 South 17th Ave Central City NE — 21 919 650 — 21 1,569 1,590 872 7/1/2000 1969 / 1999 1112 15th Street Columbus NE — 89 561 460 — 88 1,022 1,110 588 7/1/2000 1955 / 1978 800 Stoeger Drive Grand Island NE — 119 1,446 1,414 — 119 2,860 2,979 1,545 4/1/1995 1963 / 1996 700 South Highway 6 Gretna NE — 237 673 912 — 245 1,577 1,822 796 7/1/2000 1972 / 1995 1100 West First Street Milford NE — 24 880 817 — 24 1,697 1,721 864 7/1/2000 1967 / 1970 510 Centennial Circle North Platte NE — 370 8,968 633 — 370 9,601 9,971 2,111 2/17/2008 1988 Initial Cost to Company Cost at December 31, 2016 Address City State Encumbrances (1) Land Buildings, Improvements & Equipment Cost Capitalized Subsequent to Acquisition Impairment Land Buildings, Improvements & Equipment Total (2) Accumulated Depreciation (3) Date Acquired (4) Original Construction / Renovated Date 17007 Elm Plaza Omaha NE — 4,680 22,022 — — 4,680 22,022 26,702 4,611 8/21/2008 2007 3030 South 80th Street Omaha NE — 650 5,850 1,067 — 650 6,917 7,567 2,046 6/3/2005 1992 333 Maple Sutherland NE — 19 1,251 498 — 19 1,749 1,768 844 7/1/2000 1970 / 1995 1350 Centenial Ave Utica NE — 21 569 464 — 21 1,033 1,054 511 7/1/2000 1966 / 1988 11041 North 137th Street Waverly NE — 529 686 609 — 529 1,295 1,824 784 7/1/2000 1989 / 1995 55 Corporate Drive Bridgewater NJ — 2,782 66,441 — — 2,782 66,441 69,223 3,184 1/29/2015 2011 490 Cooper Landing Road Cherry Hill NJ — 1,001 8,175 1,836 — 1,001 10,011 11,012 3,140 12/29/2003 1999 1400 Route 70 Lakewood NJ — 4,885 28,803 2,597 — 4,885 31,400 36,285 13,005 1/11/2002 1987 / 1997 2 Hillside Drive Mt. Arlington NJ — 1,375 11,232 775 — 1,393 11,989 13,382 4,166 12/29/2003 2001 655 Pomander Walk Teaneck NJ — 4,950 44,550 2,265 — 4,950 46,815 51,765 7,290 12/15/2011 1989 10500 Academy Road NE (5) Albuquerque NM 25,179 3,828 22,572 5,492 — 3,828 28,064 31,892 10,956 1/11/2002 1986 4100 Prospect Avenue NE Albuquerque NM — 540 10,105 8 — 540 10,113 10,653 2,328 10/30/2007 1977 4300 Landau Street NE Albuquerque NM — 1,060 9,875 8 — 1,060 9,883 10,943 2,275 10/30/2007 1973 4411 The 25 Way Al

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION. Our consolidated financial statements include the accounts of Senior Housing Properties Trust, or SNH, we, us or our, and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Accounting principles generally accepted in the United States, or GAAP, require us to make estimates and assumptions that may affect the amounts reported in these financial statements and related notes. The actual results could differ from these estimates. We have made reclassifications to the prior years’ financial statements to conform to the current year’s presentation. These reclassifications had no effect on net income or shareholders’ equity.
REAL ESTATE PROPERTIES	REAL ESTATE PROPERTIES. We record properties at our cost and calculate depreciation on real estate investments on a straight line basis over estimated useful lives generally up to 40 years . When we acquire a property, we estimate the purchase price allocations and the useful lives of our properties. In some circumstances, we engage third party real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by third party appraisers. For properties qualifying as acquired businesses under Accounting Standards Codification, or the Codification, Topic No. 805, Business Combinations, we allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) as a reduction to rental income over the remaining non‑cancelable terms of the respective leases. We amortize capitalized below market lease values (presented as acquired real estate lease obligations in our consolidated balance sheets) as an increase to rental income over the non‑cancelable periods of the respective leases. For the years ended December 31, 2016 , 2015 and 2014 , such amortization resulted in an increase in rental income of $4,941 , $4,060 and $2,322 , respectively. We amortize the value of in place leases exclusive of the value of above market and below market in place leases to expense over the remaining non‑cancelable periods of the respective leases. During the years ended December 31, 2016 , 2015 and 2014 , such amortization included in depreciation totaled $92,818 , $80,040 and $38,970 , respectively. If a lease is terminated prior to its stated expiration, the unamortized amount relating to that lease is written off.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS. We carry cash and cash equivalents, consisting of overnight repurchase agreements and short term investments with original maturities of three months or less at the date of purchase, at cost plus accrued interest, which approximates fair value.
RESTRICTED CASH	RESTRICTED CASH. Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties and security deposits for residents of our managed senior living communities.
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES	INVESTMENTS IN AVAILABLE FOR SALE SECURITIES. We classify the shares we own of Five Star Quality Care, Inc., or Five Star, and The RMR Group Inc., or RMR Inc., as available for sale securities and carry them at fair value in other assets in our consolidated balance sheets, with unrealized gains and losses reported as a component of shareholders' equity. We evaluate our investments in available for sale securities to determine if a decline in the fair value below our carrying value is other than temporary. We consider the severity and the duration of the decline, and our ability and intent to hold the investment until recovery when making this assessment. If a decline in fair value is determined to be other than temporary, an impairment loss equal to the difference between the investment’s carrying value and its fair value is recognized in earnings. At December 31, 2016 and 2015, we owned 4,235,000 common shares of Five Star. In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the fourth quarter of 2016, we determined, based on the length of time and the extent to which the market value of our Five Star investment was below our carrying value, that the decline in fair value was deemed to be other than temporary at December 31, 2016. Accordingly, we recorded a $2,795 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the fourth quarter of 2016. We estimated fair value using the closing price of Five Star common shares as of December 31, 2016 ( $2.70 per share). At December 31, 2016 , our investment in Five Star had an adjusted cost basis and fair value of $11,435 . At December 31, 2015, our investment in Five Star had a fair value of $13,467 , including an unrealized loss of $747 . At December 31, 2016 and 2015, we owned 2,637,408 shares of class A common stock of RMR Inc. Our historical cost basis for these shares is $69,826 . At December 31, 2016 and 2015, our investment in RMR Inc. had a fair value of $104,178 and $38,005 , respectively, including an unrealized gain of $34,352 and an unrealized loss of $31,821 , respectively. We concluded, for accounting purposes, that the cash and share consideration of $60,700 we paid for our investment in 5,272,787 shares of class A common stock of RMR Inc. represented a discount to the fair value of these shares. We initially accounted for this investment under the cost method of accounting and recorded this investment at its estimated fair value of $136,278 as of June 5, 2015 using Level 3 inputs, as defined in the fair value hierarchy under GAAP. As a result, we recorded a liability for the amount by which the estimated fair value of these shares exceeded the price we paid for these shares. This liability is included in other liabilities in our consolidated balance sheets. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to our business management and property management fee expense. We amortized $3,772 and $2,145 of this liability during the years ended December 31, 2016 and 2015, respectively. These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2016, the remaining unamortized amount of this liability was $71,933 . See Notes 5 and 7 for further information regarding our investments in Five Star and RMR Inc.
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS. At December 31, 2016 , we owned 14.3% of Affiliates Insurance Company, or AIC’s, outstanding equity. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC because all of our Trustees are also directors of AIC. Under the equity method, we record our percentage share of net earnings from AIC in our consolidated statements of comprehensive income. See Note 7 for further information regarding our investment in AIC. We evaluate our equity method investments to determine if there are any events or circumstances (impairment indicators) that are likely to have a significant adverse effect on the fair value of the investment. Fair value estimates consider all available financial information related to the investee. Examples of such impairment indicators include, but are not limited to, a significant deterioration in earnings performance, a significant adverse change in the regulatory or economic environment of an investee; or a significant doubt about an investee's ability to continue as a going concern. If an impairment indicator is identified, an estimate of the fair value of the investment is compared to its carrying value. If the fair value of the investment is less than its carrying value, a determination is made as to whether the related impairment is other than temporary. If a decline in fair value is determined to be other than temporary, an impairment loss equal to the difference between the investment’s carrying value and its fair value is recognized in earnings.
DEBT ISSUANCE COSTS	DEBT ISSUANCE COSTS. Debt issuance costs include issuance or assumption costs related to borrowings and we amortize those costs as interest expense over the terms of the respective loans. Debt issuance costs for our unsecured revolving credit facility totaled $10,980 at both December 31, 2016 and 2015, and accumulated amortization of debt issuance costs totaled $9,039 and $7,174 at December 31, 2016 and 2015, respectively, and are included in other assets in our consolidated balance sheets. Debt issuance costs for our unsecured term loans, senior notes, and mortgage notes payable totaled $49,331 and $39,497 at December 31, 2016 and 2015, respectively, and accumulated amortization of debt issuance costs totaled $17,560 and $15,608 , respectively, and are presented in our balance sheet as a direct deduction from the associated debt liability. Future amortization of debt issuance costs to be recognized with respect to our loans as of December 31, 2016 are estimated to be $5,829 in 2017, $4,084 in 2018, $3,225 in 2019, $1,810 in 2020, $1,695 in 2021 and $17,069 thereafter.
DEFERRED LEASING COSTS	DEFERRED LEASING COSTS. Deferred leasing costs include capitalized brokerage, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases. Deferred leasing costs are included in other assets on our consolidated balance sheets. Deferred leasing costs totaled $24,825 and $21,708 at December 31, 2016 and 2015, respectively, and accumulated amortization of deferred leasing costs totaled $6,898 and $5,561 at December 31, 2016 and 2015, respectively. Included in deferred leasing costs at December 31, 2016, is $140 of estimated costs associated with leases under negotiation. At December 31, 2016, the remaining weighted average amortization period is approximately 8.5 years . Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2016, are estimated to be $3,183 in 2017, $2,835 in 2018, $2,473 in 2019, $2,030 in 2020, $1,449 in 2021 and $5,817 thereafter.
REVENUE RECOGNITION	REVENUE RECOGNITION. We recognize rental income from operating leases on a straight line basis over the term of each lease agreement. We recognize percentage rents when realizable and earned, which is generally during the fourth quarter of the year. For the years ended December 31, 2016, 2015 and 2014, percentage rents earned aggregated $10,169 , $10,062 and $10,155 , respectively. As of December 31, 2016, we owned 68 senior living communities that are managed by Five Star for our account. Five communities were previously managed from the date we acquired these communities in May 2015 through December 14, 2016 by a third party operator that was affiliated with a triple net leased senior living tenant of ours that defaulted on its lease obligations to us in the first half of 2016. We refer to these 68 communities as the managed senior living communities. We derive our revenues at these managed senior living communities primarily from services our managers provide to residents on our behalf and we record revenues when services are provided. We use the taxable REIT subsidiary, or TRS, structure authorized by the REIT Investment Diversification and Empowerment Act for nearly all of our managed senior living communities.
PER COMMON SHARE AMOUNTS	PER COMMON SHARE AMOUNTS. We calculate basic earnings per common share by dividing net income by the weighted average number of our common shares of beneficial interest, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share.
INCOME TAXES	INCOME TAXES. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and as such are generally not subject to federal and most state income taxation on our operating income, provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease nearly all of our managed senior living communities to our TRSs, that, unlike most of our subsidiaries, file separate tax returns and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes incurred by us, despite our REIT status. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expense.
SEGMENT REPORTING	SEGMENT REPORTING. As of December 31, 2016 , we have four operating segments, of which three are separate reporting segments. We aggregate our triple net leased senior living communities, our managed senior living communities and our MOBs into three reporting segments, based on their similar operating and economic characteristics. The first reporting segment includes triple net leased senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members, which we do not consider to be sufficiently material to constitute a separate reporting segment. See Note 10 for further information regarding our reportable operating segments.
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS. On January 1, 2016, we adopted the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2015-02, Consolidation . Among other things, this update changed how an entity determines the primary beneficiary of a variable interest entity. The implementation of this update did not have an impact in our consolidated financial statements. On January 1, 2016, we adopted FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability, and ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting , which addresses the presentation of debt issuance costs related to line of credit arrangements. The implementation of these updates resulted in the reclassification of certain of our capitalized debt issuance costs as an offset to the associated debt liability in our consolidated balance sheets. The classification of capitalized debt issuance costs related to our unsecured revolving credit facility remains unchanged in accordance with ASU No. 2015-15. As of December 31, 2015, debt issuance costs related to our unsecured term loans, senior unsecured notes and secured debt and capital leases of $3,695 , $16,530 and $3,664 , respectively, were reclassified from assets to an offset to the associated debt liability in our consolidated balance sheets. On January 1, 2016, we adopted FASB ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The implementation of this update did not have an impact in our consolidated financial statements. In December 2016, we adopted FASB ASU, No. 2014-15, Presentation of Financial Statements - Going Concern : Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The implementation of this update did not have an impact in our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the FASB provided for a one year deferral of the effective date for ASU 2014-09, which is now effective for us beginning January 1, 2018. A substantial portion of our revenue consists of rental income from leasing arrangements, including leases with residents at properties leased to our TRSs, which is specifically excluded from ASU 2014-09. We are continuing to evaluate ASU 2014-09 (and related clarifying guidance issued by the FASB); however, we do not expect its adoption to have a significant impact on the timing of our revenue recognition in our consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. Under this ASU, these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect how changes in the fair value of available for sale equity investments we hold are presented in our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation , which identifies areas for simplification involving several aspects of accounting for share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. ASU No. 2016-09 is effective for reporting periods beginning after December 31, 2016. We do not expect the adoption of ASU No. 2016-09 to have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-13 will have in our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-15 will have in our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents. Companies will show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The new standard requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-18 will have in our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which provides additional guidance on evaluating whether transactions should be accounted for as an acquisition (or disposal) of assets or of a business. The update defines three requirements for a set of assets and activities (collectively referred to as a “set”) to be considered a business: inputs, processes and outputs. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. This update will be applied prospectively to any transactions occurring within the period of adoption. We are currently assessing the impact of the update; however, subsequent to adoption we believe certain property acquisitions which under previous guidance would have been accounted for as business combinations will be accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under business combination guidance.

Real Estate Properties - (Table

Real Estate Properties - (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate Properties
Schedule of summarized income statement information for the seven MOBs that meet the criteria for discontinued operations included in discontinued operations	Summarized income statement information for the four MOBs ( seven buildings) that met the criteria for discontinued operations is included in discontinued operations as follows: For the year ended December 31, 2016 2015 2014 Rental income $ — $ 56 $ 3,949 Property operating expenses — (406 ) (2,587 ) (Loss) income from discontinued operations $ — $ (350 ) $ 1,362
Senior Living Communities
Real Estate Properties
Schedule of real estate property acquisition	The table below represents the purchase price allocations (including net closing adjustments) of the senior living community acquisitions described above. Date Location Leased / Managed Number of Properties Units/ Beds Cash Paid plus Assumed Debt (1) Land Buildings and Improvements FF&E Acquired Real Estate Leases Other Liabilities Assumed Debt (Premium) / Discount on Assumed Debt Senior Living Community Acquisitions during the year ended December 31, 2016: May 2016 Georgia Managed 1 38 $ 8,400 $ 327 $ 6,195 $ 478 $ 1,400 $ — $ — $ — June 2016 4 States Leased 7 545 112,493 11,085 94,940 6,468 — — — — December 2016 Illinois Leased 2 126 18,600 1,814 13,377 1,087 2,323 — — — 10 709 $ 139,493 $ 13,226 $ 114,512 $ 8,033 $ 3,723 $ — $ — $ — Senior Living Community Acquisitions during the year ended December 31, 2015: May 2015 11 States Leased 18 2,119 $ 459,184 $ 29,716 $ 373,471 $ 21,117 $ 54,096 $ (18,091 ) $ (44,395 ) $ (1,125 ) May 2015 5 States Managed 19 1,233 313,345 12,267 214,064 12,342 73,840 — (94,785 ) 832 September 2015 NC Leased 1 87 17,548 1,134 13,749 1,022 2,208 — (12,297 ) (565 ) Subtotal 38 senior living communities portfolio 38 3,439 790,077 43,117 601,284 34,481 130,144 (18,091 ) (151,477 ) (858 ) May 2015 GA Managed — (2) 40 9,750 993 8,169 427 161 — — — September 2015 GA Leased 1 84 18,409 3,479 14,021 909 — — — — 39 3,563 $ 818,236 $ 47,589 $ 623,474 $ 35,817 $ 130,305 $ (18,091 ) $ (151,477 ) $ (858 ) Senior Living Community Acquisitions during the year ended December 31, 2014: December 2014 WI Managed 1 52 $ 7,000 $ 188 $ 5,862 $ 101 $ 849 $ — $ — $ — December 2014 WI Managed 1 176 40,430 2,615 34,957 588 2,270 — — — 2 228 $ 47,430 $ 2,803 $ 40,819 $ 689 $ 3,119 $ — $ — $ — (1) Cash paid plus assumed debt, if any, excludes closing costs. With respect to the June 2016 acquisition of seven senior living communities and the September 2015 acquisition of one senior living community in Georgia that are being accounted for as asset acquisitions, these amounts include the cash we paid as well as various closing settlement adjustments and closing costs. The allocation of the purchase prices of certain of our 2016 acquisitions shown above are based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. The final amounts allocated to assets acquired and liabilities assumed may differ from the preliminary allocations presented in these consolidated financial statements upon the completion of (i) third party valuations and (ii) our analysis of acquired in place lease and land and building valuations. (2) This senior living community is adjacent to another community that we own which is managed by Five Star. The operations of this community and the community we previously owned are now conducted as a single integrated community under one management agreement.
MOBs
Real Estate Properties
Schedule of real estate property acquisition	The table below represents the purchase price allocations (including net closing adjustments) of the MOB acquisitions described above. Date Location Number of Properties Square Feet (000's) 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, 2016: February 2016 Minnesota 1 128 $ 22,700 $ 4,028 $ 14,710 $ 5,053 $ (1,091 ) $ — $ — May 2016 Florida 1 166 45,232 2,792 42,440 — — — — October 2016 Ohio 1 96 18,500 1,025 12,883 4,592 — — — 3 390 $ 86,432 $ 7,845 $ 70,033 $ 9,645 $ (1,091 ) $ — $ — MOB Acquisitions during the year ended December 31, 2015: January 2015 12 States 23 2,170 $ 531,623 $ 50,429 $ 397,637 $ 87,780 $ (3,150 ) $ (29,955 ) $ (1,073 ) 23 2,170 $ 531,623 $ 50,429 $ 397,637 $ 87,780 $ (3,150 ) $ (29,955 ) $ (1,073 ) MOB acquisitions during the year ended December 31, 2014: April 2014 TX 1 125 $ 32,932 $ 3,141 $ 23,142 $ 7,672 $ (10 ) $ (15,630 ) $ (1,013 ) May 2014 MA 1 1,651 1,129,652 52,643 792,146 403,282 (118,419 ) — — 2 1,776 $ 1,162,584 $ 55,784 $ 815,288 $ 410,954 $ (118,429 ) $ (15,630 ) $ (1,013 ) (1) Cash paid plus assumed debt, if any, excludes closing costs. With respect to the property located in Florida that is being accounted for as an asset acquisition, this amount includes the cash we paid as well as various closing settlement adjustments and closing costs. The allocations of the purchase prices of certain of our 2016 acquisitions shown above are based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. The final amounts allocated to assets acquired and liabilities assumed may differ from the preliminary allocations presented in these consolidated financial statements upon the completion of (i) third party valuations and (ii) our analysis of acquired in place lease and land and building valuations.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of summary of shares granted and vested	A summary of shares granted and vested under the terms of the 2012 Plan from January 1, 2014 to December 31, 2016 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested shares at December 31, 2013 150,711 $ 23.84 Shares granted in 2014 94,200 $ 21.83 Shares vested / forfeited in 2014 (91,433 ) $ 21.87 Unvested shares at December 31, 2014 153,478 $ 23.39 Shares granted in 2015 99,000 $ 16.30 Shares vested / forfeited in 2015 (93,604 ) $ 16.17 Unvested shares at December 31, 2015 158,874 $ 19.39 Shares granted in 2016 92,150 $ 21.18 Shares vested / forfeited in 2016 (97,614 ) $ 21.09 Unvested shares at December 31, 2016 153,410 $ 19.92

Leases and Management Agreeme24

Leases and Management Agreements with Five Star (Tables)	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Summary of the assets leased and rents earned from significant lessees	The following is a summary of the assets leased and revenues earned from Five Star as a tenant as of and for the years ended December 31, 2016 and 2015 compared to all our other assets and revenues from all sources: At At December 31, 2016 December 31, 2015 Real Estate Properties, at Cost % of Total Real Estate Properties, at Cost % of Total Five Star $ 2,293,257 30 % $ 2,147,388 29 % All others 5,437,266 70 % 5,309,552 71 % $ 7,730,523 100 % $ 7,456,940 100 % Year Ended Year Ended December 31, 2016 December 31, 2015 Total revenues % of Total Total revenues % of Total Five Star $ 203,581 19 % $ 196,919 20 % All others 854,441 81 % 801,854 80 % $ 1,058,022 100 % $ 998,773 100 %

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of additional outstanding debt	At December 31, 2016 and 2015 , our outstanding senior unsecured notes and secured debt consisted of the following: December 31, 2016 December 31, 2015 Senior Unsecured Notes Coupon Maturity Face Amount Unamortized Discount Face Amount Unamortized Discount Senior unsecured notes 3.250 % 2019 $ 400,000 $ 138 $ 400,000 $ 197 Senior unsecured notes 6.750 % 2020 200,000 703 200,000 918 Senior unsecured notes 6.750 % 2021 300,000 2,627 300,000 3,161 Senior unsecured notes 4.750 % 2024 250,000 579 250,000 658 Senior unsecured notes 5.625 % 2042 350,000 — 350,000 — Senior unsecured notes 6.250 % 2046 250,000 — — — Total senior unsecured notes $ 1,750,000 $ 4,047 $ 1,500,000 $ 4,934
Schedule of secured and other debt	Principal Balance as of Number of Properties as Collateral Net Book Value of Collateral as of December 31, December 31, Secured and Other Debt 2016 (1) 2015 (1) Interest Rate Maturity At December 31, 2016 2016 2015 Mortgage (2) $ — $ 6,115 5.97 % Apr 16 — $ — $ 9,291 Mortgage (2) — 18,000 4.65 % Jul 16 — — 36,783 Mortgages (2) — 82,070 5.92 % Nov 16 — — 146,236 Mortgage (2) — 11,989 6.25 % Nov 16 — — 20,700 Mortgage (2) — 5,524 5.86 % Mar 17 — — 10,710 Mortgages (2) — 43,549 6.54 % May 17 — — 52,561 Mortgage 10,653 10,861 6.15 % Aug 17 1 14,162 14,487 Mortgage 8,686 8,948 6.73 % Apr 18 1 10,656 10,891 Mortgages 12,772 12,976 6.31 % Oct 18 1 16,827 17,184 Mortgage 12,061 12,250 6.24 % Oct 18 1 15,453 15,798 Mortgages 69,953 72,062 4.47 % Oct 18 10 180,933 185,666 Mortgage 6,565 6,692 4.69 % Jan 19 1 9,687 9,952 Mortgages 44,462 45,327 3.79 % Jul 19 4 64,154 65,551 Mortgage 279,505 284,138 6.71 % Sep 19 17 235,068 238,488 Mortgages 3,128 3,616 7.49 % Jan 22 1 15,360 15,775 Mortgage 14,300 14,825 6.28 % Jul 22 1 24,834 25,371 Mortgage 11,594 11,787 4.85 % Oct 22 1 21,529 21,992 Mortgages (3) 620,000 — 3.53 % Aug 26 1 785,805 — Mortgage 2,819 3,246 6.25 % Feb 33 1 4,267 4,374 Mortgage 8,882 9,047 5.95 % Aug 37 1 8,656 8,650 Mortgage 4,427 4,512 4.38 % Sep 43 1 7,202 7,305 Capital Leases 11,466 12,156 7.70 % Apr 26 2 18,968 19,400 Total secured and other debt $ 1,121,273 $ 679,690 45 $ 1,433,561 $ 937,165 (1) The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. As of December 31, 2016 and 2015, the unamortized net premiums and debt issuance costs on certain of these mortgages were $3,624 and $395 , respectively. (2) In 2016, we repaid these debts. (3) In July 2016, we entered into loan agreements and obtained an aggregate $620,000 secured debt financing that matures in August 2026. These loans are secured by one MOB ( two buildings).
Schedule of required principal payments on outstanding debt	Required principal payments on our outstanding debt as of December 31, 2016 , are as follows: 2017 $ 22,085 2018 $ 436,768 2019 $ 720,919 2020 $ 553,080 2021 $ 303,327 Thereafter $ 1,712,094

Fair Value of Assets and Liab26

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Assets and liabilities recurring and nonrecurring measured at fair value	The following table presents certain of our assets that are measured at fair value on a recurring basis at December 31, 2016 categorized by the level of inputs used in the valuation of each asset or liability. Significant Total as of Quoted Prices in Active Significant Other Unobservable December 31, Markets for Identical Observable Inputs Inputs Description 2016 Assets (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investments in available for sale securities (1) $ 115,612 $ 115,612 $ — $ — (1) Our investments in available for sale securities include our 4,235,000 Five Star common shares and our 2,637,408 shares of RMR Inc. class A common stock. The fair values of these shares are based upon quoted prices at December 31, 2016 in active markets (Level 1 inputs). In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the fourth quarter of 2016, we determined, based on the length of time and the extent to which the market value of our Five Star investment was below our carrying value, that the decline in fair value was other than temporary at December 31, 2016. Accordingly, we recorded a $2,795 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the fourth quarter of 2016. Our adjusted cost basis for our Five Star shares is $11,435 as of December 31, 2016 . The cost basis for our RMR Inc. shares is $69,826 as of December 31, 2016 . The unrealized gain of $34,352 for our RMR Inc. shares as of December 31, 2016 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows: As of December 31, 2016 As of December 31, 2015 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 1,722,758 $ 1,755,715 $ 1,478,536 $ 1,548,613 Secured debt (2) 1,106,183 1,090,515 667,138 712,459 $ 2,828,941 $ 2,846,230 $ 2,145,674 $ 2,261,072 (1) Includes unamortized debt issuance costs, premiums and discounts. (2) We assumed certain of these secured debts in connection with our acquisitions of certain properties. We recorded the assumed mortgage debts at estimated fair value on the date of acquisition and we are amortizing the fair value adjustments, if any, to interest expense over the respective terms of the mortgage debts to reduce interest expense to the estimated market interest rates as of the date of acquisition.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of segment reporting information	For the Year Ended December 31, 2016 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 275,697 $ — $ 372,233 $ 18,270 $ 666,200 Residents fees and services — 391,822 — — 391,822 Total revenues 275,697 391,822 372,233 18,270 1,058,022 Expenses: Property operating expenses 833 293,195 105,762 — 399,790 Depreciation and amortization 78,361 81,482 124,196 3,792 287,831 General and administrative — — — 46,559 46,559 Acquisition and certain other transaction related costs — — — 2,085 2,085 Impairment of assets 6,583 2,174 7,122 2,795 18,674 Total expenses 85,777 376,851 237,080 55,231 754,939 Operating income (loss) 189,920 14,971 135,153 (36,961 ) 303,083 Dividend income — — — 2,108 2,108 Interest and other income — — — 430 430 Interest expense (24,795 ) (8,540 ) (13,852 ) (120,387 ) (167,574 ) Loss on early extinguishment of debt (467 ) (59 ) — — (526 ) Income (loss) before income tax expense and equity in earnings of an investee 164,658 6,372 121,301 (154,810 ) 137,521 Income tax expense — — — (424 ) (424 ) Equity in earnings of an investee — — — 137 137 Income (loss) before gain on sale of properties 164,658 6,372 121,301 (155,097 ) 137,234 Gain on sale of properties 4,061 — — — 4,061 Net income (loss) $ 168,719 $ 6,372 $ 121,301 $ (155,097 ) $ 141,295 As of December 31, 2016 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 2,289,045 $ 1,260,032 $ 3,333,141 $ 345,536 $ 7,227,754 For the Year Ended December 31, 2015 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 256,035 $ — $ 356,586 $ 18,278 $ 630,899 Residents fees and services — 367,874 — — 367,874 Total revenues 256,035 367,874 356,586 18,278 998,773 Expenses: Property operating expenses — 278,242 99,337 — 377,579 Depreciation 70,417 60,600 122,974 3,792 257,783 General and administrative — — — 42,830 42,830 Acquisition related costs — — — 6,853 6,853 Impairment of assets 194 — — — 194 Total expenses 70,611 338,842 222,311 53,475 685,239 Operating income (loss) 185,424 29,032 134,275 (35,197 ) 313,534 Dividend income — — — 2,773 2,773 Interest and other income — — — 379 379 Interest expense (25,015 ) (9,973 ) (6,214 ) (109,679 ) (150,881 ) Loss on distribution to common shareholders of RMR common stock — — — (38,437 ) (38,437 ) Loss on early extinguishment of debt (6 ) (34 ) (250 ) (1,604 ) (1,894 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 160,403 19,025 127,811 (181,765 ) 125,474 Income tax expense — — — (574 ) (574 ) Equity in earnings of an investee — — — 20 20 Income (loss) from continuing operations 160,403 19,025 127,811 (182,319 ) 124,920 Discontinued Operations: Loss from discontinued operations — — (350 ) — (350 ) Loss on impairment of assets from discontinued operations — — (602 ) — (602 ) Net income (loss) $ 160,403 $ 19,025 $ 126,859 $ (182,319 ) $ 123,968 As of December 31, 2015 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 2,251,212 $ 1,260,425 $ 3,362,214 $ 286,239 $ 7,160,090 For the Year Ended December 31, 2014 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 230,718 $ — $ 278,041 $ 17,944 $ 526,703 Residents fees and services — 318,184 — — 318,184 Total revenues 230,718 318,184 278,041 17,944 844,887 Expenses: Property operating expenses — 245,093 79,471 — 324,564 Depreciation 61,825 32,462 87,312 3,792 185,391 General and administrative — — — 38,946 38,946 Acquisition related costs — — — 4,607 4,607 Impairment of assets (10 ) — — — (10 ) Total expenses 61,815 277,555 166,783 47,345 553,498 Operating income (loss) 168,903 40,629 111,258 (29,401 ) 291,389 Dividend income — — — 63 63 Interest and other income — — — 362 362 Interest expense (25,473 ) (10,599 ) (5,844 ) (93,198 ) (135,114 ) Gain (loss) on early extinguishment of debt 128 (140 ) — — (12 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 143,558 29,890 105,414 (122,174 ) 156,688 Income tax expense — — — (576 ) (576 ) Equity in earnings of an investee — — — 87 87 Income (loss) from continuing operations 143,558 29,890 105,414 (122,663 ) 156,199 Discontinued Operations: Income from discontinued operations — — 1,362 — 1,362 Loss on impairment of assets from discontinued operations — — (4,377 ) — (4,377 ) Income (loss) before gain on sale of properties 143,558 29,890 102,399 (122,663 ) 153,184 Gain on sale of properties 5,453 — — — 5,453 Net income (loss) $ 149,011 $ 29,890 $ 102,399 $ (122,663 ) $ 158,637 As of December 31, 2014 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 1,777,684 $ 961,618 $ 2,922,623 $ 280,005 $ 5,941,930

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	Our provision for income taxes consists of the following: For the year ended December 31, 2016 2015 2014 Current: Federal $ — $ — $ — State 424 574 576 424 574 576 Deferred: Federal — — — State — — — — — — Income tax provision $ 424 $ 574 $ 576
Schedule of reconciliation of effective tax rate and the U.S. federal statutory income tax rate	A reconciliation of our effective tax rate and the U.S. federal statutory income tax rate is as follows: For the year ended December 31, 2016 2015 2014 Taxes at statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Nontaxable income of SNH (35.0 )% (35.0 )% (35.0 )% State and local income taxes, net of federal tax benefit 0.3 % 0.4 % 0.3 % Change in valuation allowance 3.58 % 8.82 % 6.39 % Other differences, net (3.58 )% (8.82 )% (6.39 )% Effective tax rate 0.3 % 0.4 % 0.3 %
Schedule of significant components of our deferred tax assets and liabilities	Significant components of our deferred tax assets and liabilities are as follows: For the year ended December 31, 2016 2015 Deferred tax assets: Deferred income $ 2,512 $ 2,862 Other 222 115 Tax loss carryforwards 33,626 27,941 36,360 30,918 Valuation allowance (36,360 ) (30,918 ) — — Net deferred income taxes $ — $ —

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Year Ended December 31, 2016 2015 2014 Weighted average common shares for basic earnings per share 237,345 232,931 198,868 Effect of dilutive securities: restricted share awards 37 32 26 Weighted average common shares for diluted earnings per share 237,382 232,963 198,894

Selected Quarterly Financial 30

Selected Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (unaudited)	The following is a summary of our unaudited quarterly results of operations for 2016 and 2015 : 2016 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 258,375 $ 261,367 $ 263,983 $ 274,296 Net income $ 31,272 $ 39,233 $ 27,903 $ 42,885 Per share data (basic and diluted): Net income $ 0.13 $ 0.17 $ 0.12 $ 0.18 Common distributions declared (1) $ 0.39 $ 0.39 $ 0.39 $ 0.39 2015 First Second Third Fourth Quarter Quarter Quarter Quarter (2) Revenues $ 228,577 $ 247,402 $ 255,275 $ 267,519 Net income $ 39,789 $ 36,387 $ 38,249 $ 9,544 Per share data (basic and diluted): Net income $ 0.18 $ 0.15 $ 0.16 $ 0.04 Common distributions declared (1) (3) $ 0.39 $ 0.39 $ 0.39 $ 0.52 (1) Amounts represent distributions declared with respect to the periods shown. Distributions are generally paid in the quarterly period following the quarterly period to which they relate. (2) The fourth quarter of 2015 includes a non-cash loss of $38,437 related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 5. (3) The fourth quarter of 2015 includes a non-cash distribution of $0.13 per share related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 7.

Organization (Details)

Organization (Details)	Dec. 31, 2016statebuildingproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned | property	433
Number of buildings | building	459
Number of states in which properties are located | state	42

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)segmentcommunity$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)
Real Estate Properties
Increase (decrease) in capitalized above and below market leases rental income | $	$ 4,941	$ 4,060	$ 2,322
Amortization of acquired real estate leases and other intangible assets | $	$ 92,818	$ 80,040	$ 38,970
Basis of Presentation
Ownership interest in subsidiaries (as a percent)	100.00%
Common shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Segment Reporting [Abstract]
Number of operating segments | segment	4
Number of reportable segments | segment	3
Furniture and Fixtures | Real Estate Investment | Maximum
Real Estate Properties
Estimated useful lives	40 years
Private senior living manager
Real Estate Properties
Number of properties acquired, referred to as managed properties | community	5

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 05, 2015	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment in available for sale securities
Impairment of assets		$ 2,795	$ 18,674	$ 194	$ (10)
Fair value of the investments in available for sale securities		$ 115,612	$ 115,612	$ 51,472
Five Star
Investment in available for sale securities
Investment in common shares		4,235,000	4,235,000	4,235,000
Impairment of assets		$ 2,795
Weighted average quoted market prices (in dollars per share)			$ 2.70
Fair value of the investments in available for sale securities		$ 11,435	$ 11,435	$ 13,467
Unrealized loss				747
The RMR Group Inc
Investment in available for sale securities
Investment in common shares		2,637,408	2,637,408
Fair value of the investments in available for sale securities		$ 104,178	$ 104,178	38,005
Unrealized loss				$ 31,821
Unrealized gain		34,352	34,352
Amount of investment acquired		$ 69,826	$ 69,826
The RMR Group Inc | Class A common shares
Investment in available for sale securities
Investment in common shares		2,637,408	2,637,408	2,937,408
RMR Inc. | Up C Transaction
Investment in available for sale securities
Amount of investment acquired	$ 60,700
Fair value of investment	$ 136,278
Investment, difference between carrying value and fair value			$ 3,772	$ 2,145
Unamortized liability for excess of fair value to carrying value		$ 71,933	$ 71,933
Class A common shares | RMR Inc. | Up C Transaction
Investment in available for sale securities
Number of shares acquired (in shares)	5,272,787

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Equity Method Investments (Details) - AIC	Dec. 31, 2016
Equity method investments
Equity method investment ownership percentage	14.30%
The entity owns less than this percentage of an equity method investment	20.00%

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Amortization of deferred financing fees
Amortization expense in 2017	$ 5,829
Amortization expense in 2018	4,084
Amortization expense in 2019	3,225
Amortization expense in 2020	1,810
Amortization expense in 2021	1,695
Amortization expense thereafter	17,069
Unsecured Term Loans, Senior Notes, and Mortgage Notes Payable
Indebtedness
Deb issuance costs, gross	49,331	$ 39,497
Accumulated amortization, debt issuance costs gross	17,560	15,608
Revolving Credit Facility
Indebtedness
Debt issuance costs, line of credit arrangements, gross	10,980	10,980
Accumulated amortization, debt issuance costs gross	$ 9,039	7,174
Assets | Accounting Standards Update 2015-03 | Unsecured Term Loan
Indebtedness
Debt issuance costs, net		(3,695)
Assets | Accounting Standards Update 2015-03 | Senior Unsecured Notes
Indebtedness
Debt issuance costs, net		(16,530)
Assets | Accounting Standards Update 2015-03 | Secured Debt And Capital Lease
Indebtedness
Debt issuance costs, net		(3,664)
Debt | Accounting Standards Update 2015-03 | Unsecured Term Loan
Indebtedness
Debt issuance costs, net		3,695
Debt | Accounting Standards Update 2015-03 | Senior Unsecured Notes
Indebtedness
Debt issuance costs, net		16,530
Debt | Accounting Standards Update 2015-03 | Secured Debt And Capital Lease
Indebtedness
Debt issuance costs, net		$ 3,664

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Leasing Costs and EPS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Revenue Recognition
Percentage rents earned	$ 10,169	$ 10,062	$ 10,155
DEFERRED LEASING COSTS
Unamortized gross balance of deferred leasing costs	24,825	21,708
Accumulated amortization	6,898	$ 5,561
Deferred costs, leases under negotiation	$ 140
Weighted average amortization period for deferred leasing cost	8 years 6 months
Expected amortization expense for the five years
Expected amortization expense, 2017	$ 3,183
Expected amortization expense, 2018	2,835
Expected amortization expense, 2019	2,473
Expected amortization expense, 2020	2,030
Expected amortization expense, 2021	1,449
Expected amortization expense, thereafter	$ 5,817
Senior Living Communities | Five Star
Revenue Recognition
Number of properties acquired, referred to as managed properties | living_unit	68
Private senior living manager
Revenue Recognition
Number of properties acquired, referred to as managed properties | community	5

Real Estate Properties - (Detai

Real Estate Properties - (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties
Real estate property, gross		$ 7,730,523	$ 7,456,940
Real estate property - accumulated depreciation		1,328,011	1,147,540
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017		561,815
2,018		545,286
2,019		525,489
2,020		498,099
2,021		477,962
Thereafter		2,626,668
Land
Real Estate Properties
Real estate property, gross		803,773	781,426
Building improvements
Real Estate Properties
Real estate property, gross		6,620,158	6,391,482
Real estate property - accumulated depreciation		1,149,083	992,361
Furniture, fixtures and equipment
Real Estate Properties
Real estate property, gross		306,592	284,032
Real estate property - accumulated depreciation		$ 178,928	$ 155,179
OHIO | MOBs
Real Estate Properties
Below market, acquired lease amortization period	14 years 1 month 6 days

Real Estate Properties - Acquis

Real Estate Properties - Acquisitions (Details)	Jun. 29, 2016pooling_agreement	Jan. 31, 2017ft²living_unit	Jan. 31, 2017ft²building	Jan. 31, 2017ft²community	Dec. 31, 2016USD ($)ft²stateliving_unitcommunitylease_agreementproperty	Oct. 31, 2016USD ($)ft²buildingproperty	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)stateliving_unitcommunitylease_agreementpropertypooling_agreement	May 31, 2016USD ($)ft²living_unitbuildingcommunityproperty	Apr. 30, 2016USD ($)	Feb. 29, 2016USD ($)ft²buildingproperty	Dec. 31, 2015USD ($)ft²living_unit	Sep. 30, 2015USD ($)living_unitcommunityproperty	Aug. 31, 2015USD ($)	Jul. 31, 2015USD ($)	May 31, 2015USD ($)living_unitcommunityproperty	Feb. 28, 2015USD ($)	Jan. 31, 2015USD ($)ft²living_unitbuildingproperty	Dec. 31, 2014USD ($)ft²living_unit	Dec. 31, 2014USD ($)ft²living_unitcommunity	Dec. 31, 2014USD ($)ft²living_unitlease_agreement	Dec. 31, 2014USD ($)ft²living_unitproperty	Oct. 31, 2014USD ($)	Jun. 30, 2014USD ($)	May 31, 2014USD ($)ft²property	Apr. 30, 2014USD ($)ft²property	Jan. 31, 2014USD ($)	Mar. 31, 2016operatorcommunity	Sep. 30, 2015USD ($)living_unitcommunitycompany	Dec. 31, 2016USD ($)ft²stateliving_unitcommunityproperty	Dec. 31, 2015USD ($)ft²living_unitcommunityproperty	Dec. 31, 2014USD ($)ft²living_unitbuildingcommunityproperty	Feb. 28, 2016USD ($)management_agreement
Real Estate Properties
Number of states in which properties are located | state					42																									42
Payment for land parcel adjacent to a senior living community leased to Five Star																	$ 490,000
Acquired Real Estate Leases					$ 775,935,000							$ 779,761,000																		$ 775,935,000	$ 779,761,000
Intangible lease liabilities recorded					(137,351,000)							(139,346,000)																		(137,351,000)	(139,346,000)
Assumed Debt																														0	(181,433,000)	$ (15,630,000)
Above market lease
Real Estate Properties
Acquired Real Estate Leases					43,906,000							48,048,000																		43,906,000	48,048,000
Original value lease
Real Estate Properties
Acquired Real Estate Leases					$ 732,029,000							731,713,000																		732,029,000	731,713,000
Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																	39,000													$ 1,719,000	$ 1,734,000	$ 2,066,000
Number of pre-existing management agreements terminated | pooling_agreement								3
Number of pre-existing management agreements | lease_agreement					1			4
Number of communities associated with leases in default | community					5
Lease termination fee					$ 115,000
Five Star | TRS
Real Estate Properties
Proceeds from settlement agreement										$ 2,365,000
Senior Living Communities
Real Estate Properties
Number of Properties | property																															39	2
Number of communities | community																													19
Senior Living Communities | Five Star
Real Estate Properties
Number of properties acquired, referred to as managed properties | living_unit																														68
Increase or decrease in annual lease rent payable												$ (2,000)
Number of pre-existing management agreements terminated | pooling_agreement	3
Number of pre-existing management agreements | pooling_agreement	4
Number of separate management agreements entered for communities acquired | pooling_agreement	10							10
MOBs
Real Estate Properties
Number of Properties | living_unit																		23
Acquisition
Real Estate Properties
Number of Properties | living_unit																		23
Weighted average interest rate on debt (as a percent)																		4.73%
Acquisition | Senior Living Communities
Real Estate Properties
Purchase price excluding closing costs													$ 18,250,000			$ 9,750,000
Cash paid plus assumed debt																															$ 818,236,000	$ 47,430,000
Number of communities | community													1
Number of living units | living_unit												3,563	84						228	228	228	228							84		3,563	228
Weighted average interest rate on debt (as a percent)																															4.57%
Fees paid to terminate the agreement													$ 975,000																$ 975,000
Purchase price amount withheld until seller satisfies various conditions																$ 1,000,000
Acquired Real Estate Leases												$ 130,305,000							$ 3,119,000	$ 3,119,000	$ 3,119,000	$ 3,119,000									$ 130,305,000	$ 3,119,000
Other Liabilities												$ (18,091,000)							0	0	0	0									(18,091,000)	0
Assumed Debt																															(151,477,000)	0
(Premium) / Discount on Assumed Debt																															$ (858,000)	$ 0
Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Other Liabilities																																	$ (1,000,000)
Number of management agreements | management_agreement																																	1
Acquisition | Senior Living Communities | Five Star
Real Estate Properties
Number of private pay independent living units | living_unit																40
Number of communities | community																1
Acquisition | Triple Net Leased Senior Living Communities
Real Estate Properties
Number of communities | community																													19
Number of living units | living_unit													2,206																2,206
Number of operators | company																													7
Weighted average amortization period																													11 years 6 months
Acquisition | Managed Senior Living Communities
Real Estate Properties
Number of communities | community																													5
Number of living units | living_unit													395																395
Number of pre-existing management agreements terminated | community																													14
Acquisition | Managed Senior Living Communities | TRS
Real Estate Properties
Number of communities | community																													19
Number of living units | living_unit													1,233																1,233
Acquisition | Managed Senior Living Communities | Five Star
Real Estate Properties
Number of living units | living_unit													838																838
Number of separate management agreements entered for communities acquired | community																													14
Acquisition | Managed Senior Living Communities | Five Star | TRS
Real Estate Properties
Number of Properties | community									1
Number of private pay independent living units | living_unit									38
Acquisition | Senior Living Community Subtotal
Real Estate Properties
Number of Properties | property																														10	38
Cash paid plus assumed debt																														$ 139,493,000	$ 790,077,000
Number of living units | living_unit					709							3,439																		709	3,439
Acquired Real Estate Leases					$ 3,723,000							$ 130,144,000																		$ 3,723,000	$ 130,144,000
Other Liabilities					0							(18,091,000)																		0	(18,091,000)
Assumed Debt																														0	(151,477,000)
(Premium) / Discount on Assumed Debt																														$ 0	$ (858,000)
Acquisition | MOBs
Real Estate Properties
Number of Properties | property																														3	23	2
Purchase price excluding closing costs																		$ 539,000,000
Cash paid plus assumed debt																														$ 86,432,000	$ 531,623,000	$ 1,162,584,000
Net closing adjustments																		7,377,000
Acquired Real Estate Leases					9,645,000							87,780,000							410,954,000	410,954,000	410,954,000	410,954,000								9,645,000	87,780,000	410,954,000
Intangible lease liabilities recorded					$ (1,091,000)							$ (3,150,000)							$ (118,429,000)	$ (118,429,000)	$ (118,429,000)	$ (118,429,000)								(1,091,000)	(3,150,000)	(118,429,000)
Assumed Debt																		$ (29,955,000)														(15,630,000)
(Premium) / Discount on Assumed Debt																														$ 0	$ (1,073,000)	$ (1,013,000)
Number of buildings acquired | building																		23														3
Area of real estate properties (in square feet) | ft²					390,000							2,170,000							1,776,277	1,776,277	1,776,277	1,776,277								390,000	2,170,000	1,776,277
Acquisition | MOBs | Weighted Average
Real Estate Properties
Below market, acquired lease amortization period																		11 years 2 months 12 days
Acquisition | MOBs | Above market lease | Weighted Average
Real Estate Properties
Acquired lease amortization period																		9 years 6 months
Acquisition | MOBs | Original value lease | Weighted Average
Real Estate Properties
Acquired lease amortization period																		9 years 8 months 12 days
Agreement to Acquire | Senior Living Communities
Real Estate Properties
Number of Properties | community													1			37
Purchase price excluding closing costs																			$ 790,000,000
Number of communities																				38	38											38
Number of living units | living_unit																			3,439	3,439	3,439	3,439										3,439
Net closing adjustments																			$ 77,000
Weighted average interest rate on debt (as a percent)																4.57%
Assumed Debt																$ (151,477,000)
Land | Acquisition | Senior Living Communities
Real Estate Properties
Property plant and equipment acquired																															$ 47,589,000	$ 2,803,000
Land | Acquisition | Senior Living Community Subtotal
Real Estate Properties
Property plant and equipment acquired																														$ 13,226,000	43,117,000
Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired																														7,845,000	50,429,000	55,784,000
Building improvements | Acquisition | Senior Living Communities
Real Estate Properties
Property plant and equipment acquired																															623,474,000	40,819,000
Building improvements | Acquisition | Senior Living Community Subtotal
Real Estate Properties
Property plant and equipment acquired																														114,512,000	601,284,000
Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired																														70,033,000	397,637,000	815,288,000
Furniture, fixtures and equipment | Acquisition | Senior Living Communities
Real Estate Properties
Property plant and equipment acquired																															35,817,000	689,000
Furniture, fixtures and equipment | Acquisition | Senior Living Community Subtotal
Real Estate Properties
Property plant and equipment acquired																														$ 8,033,000	$ 34,481,000
11 States | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of Properties | property																18
Cash paid plus assumed debt																$ 459,184,000
Number of living units | living_unit																2,119
Acquired Real Estate Leases																$ 54,096,000
Other Liabilities																(18,091,000)
Assumed Debt																(44,395,000)
(Premium) / Discount on Assumed Debt																(1,125,000)
11 States | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired																29,716,000
11 States | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired																373,471,000
11 States | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired																$ 21,117,000
5 States | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of Properties | property																19
Cash paid plus assumed debt																$ 313,345,000
Number of living units | living_unit																1,233
Acquired Real Estate Leases																$ 73,840,000
Other Liabilities																0
Assumed Debt																(94,785,000)
(Premium) / Discount on Assumed Debt																832,000
5 States | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																12,267,000
5 States | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																214,064,000
5 States | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																$ 12,342,000
North Carolina | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of Properties | property													1
Cash paid plus assumed debt													$ 17,548,000
Number of living units | living_unit													87																87
Acquired Real Estate Leases													$ 2,208,000																$ 2,208,000
Other Liabilities													0																$ 0
Assumed Debt													(12,297,000)
(Premium) / Discount on Assumed Debt													(565,000)
North Carolina | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired													1,134,000
North Carolina | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired													13,749,000
North Carolina | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired													$ 1,022,000
Georgia | Senior Living Communities | Five Star
Real Estate Properties
Number of communities associated with leases in default | community																														5
Georgia | Land Parcel | Five Star
Real Estate Properties
Cash paid plus assumed debt					$ 1,600,000
Georgia | Managed Senior Living Communities | Five Star | TRS
Real Estate Properties
Purchase price excluding closing costs									$ 8,400,000
Georgia | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of Properties | property													1
Cash paid plus assumed debt													$ 18,409,000
Number of living units | living_unit													84																84
Acquired Real Estate Leases													$ 0																$ 0
Other Liabilities													0																$ 0
Assumed Debt													0
(Premium) / Discount on Assumed Debt													0
Georgia | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of Properties | property									1							0
Cash paid plus assumed debt									$ 8,400,000							$ 9,750,000
Number of living units | living_unit									38							40
Acquired Real Estate Leases									$ 1,400,000							$ 161,000
Other Liabilities									0							0
Assumed Debt									0							0
(Premium) / Discount on Assumed Debt									0							0
Georgia | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired													3,479,000
Georgia | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired									327,000							993,000
Georgia | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired													14,021,000
Georgia | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired									6,195,000							8,169,000
Georgia | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired													$ 909,000
Georgia | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired									$ 478,000							$ 427,000
Four States | Senior Living Communities
Real Estate Properties
Number of Properties | community								7
Number of private pay independent living units | living_unit								545
Number of states in which properties are located | state								4
Cash paid plus assumed debt								$ 112,350,000
Operating leases annual rent																																$ 8,426,000
Four States | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of Properties | property								7
Cash paid plus assumed debt								$ 112,493,000
Number of living units | living_unit								545
Acquired Real Estate Leases								$ 0
Other Liabilities								0
Assumed Debt								0
(Premium) / Discount on Assumed Debt								0
Four States | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired								11,085,000
Four States | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired								94,940,000
Four States | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired								$ 6,468,000
Florida | Senior Living Communities | Five Star
Real Estate Properties
Purchase price excluding closing costs							$ 130,000
Florida | MOBs
Real Estate Properties
Number of Properties | property									1
Cash paid plus assumed debt									$ 45,000,000
Number of buildings acquired | building									1
Area of real estate properties (in square feet) | ft²									166,000
Ohio | MOBs
Real Estate Properties
Number of Properties | property						1
Purchase price excluding closing costs						$ 18,500,000
Number of buildings acquired | building						1
Area of real estate properties (in square feet) | ft²						96,000
Acquired lease amortization period						14 years 1 month 6 days
Below market, acquired lease amortization period						14 years 1 month 6 days
Illinois | Senior Living Communities | Five Star
Real Estate Properties
Number of Properties | community					2
Number of private pay independent living units | living_unit					126
Cash paid plus assumed debt					$ 18,600,000
Increase or decrease in annual lease rent payable					$ 1,395,000		10,000
Illinois | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of Properties | property					2
Cash paid plus assumed debt					$ 18,600,000
Number of living units | living_unit					126																									126
Acquired Real Estate Leases					$ 2,323,000																									$ 2,323,000
Other Liabilities					0																									0
Assumed Debt					0
(Premium) / Discount on Assumed Debt					0
Illinois | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired					1,814,000
Illinois | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired					13,377,000
Illinois | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired					$ 1,087,000
Wisconsin One | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of Properties | property																						1
Cash paid plus assumed debt																			$ 7,000,000
Number of living units | living_unit																			52	52	52	52										52
Acquired Real Estate Leases																			$ 849,000	$ 849,000	$ 849,000	$ 849,000										$ 849,000
Other Liabilities																			0	$ 0	$ 0	$ 0										$ 0
Assumed Debt																			0
(Premium) / Discount on Assumed Debt																			0
Wisconsin One | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																			188,000
Wisconsin One | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																			5,862,000
Wisconsin One | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																			101,000
Wisconsin Two | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of Properties | property																						1
Cash paid plus assumed debt																			$ 40,430,000
Number of living units | living_unit																			176	176	176	176										176
Acquired Real Estate Leases																			$ 2,270,000	$ 2,270,000	$ 2,270,000	$ 2,270,000										$ 2,270,000
Other Liabilities																			0	$ 0	$ 0	$ 0										0
Assumed Debt																			0
(Premium) / Discount on Assumed Debt																			0
Wisconsin Two | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																			2,615,000
Wisconsin Two | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																			34,957,000
Wisconsin Two | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired																			$ 588,000
12 States | Acquisition | MOBs
Real Estate Properties
Number of Properties | property						1			1		1							23
Cash paid plus assumed debt						$ 18,500,000			$ 45,232,000		$ 22,700,000							$ 531,623,000
Acquired Real Estate Leases						4,592,000			0		5,053,000							87,780,000
Intangible lease liabilities recorded						0			0		(1,091,000)							(3,150,000)
Assumed Debt						0			0		0							(29,955,000)												$ 0		$ (15,630,000)
(Premium) / Discount on Assumed Debt						$ 0			$ 0		$ 0							$ (1,073,000)
Area of real estate properties (in square feet) | ft²						96,000			166,000		128,000							2,170,000
12 States | Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired						$ 1,025,000			$ 2,792,000		$ 4,028,000							$ 50,429,000
12 States | Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired						$ 12,883,000			$ 42,440,000		$ 14,710,000							$ 397,637,000
Pennsylvania | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																	$ 23,000
Texas | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																											$ 210,000
Texas | Acquisition | MOBs
Real Estate Properties
Number of Properties | property																										1
Cash paid plus assumed debt																										$ 32,932,000
Acquired Real Estate Leases																										7,672,000
Intangible lease liabilities recorded																										(10,000)
Assumed Debt																										(15,630,000)
(Premium) / Discount on Assumed Debt																										$ (1,013,000)
Area of real estate properties (in square feet) | ft²																										125,000
Texas | Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired																										$ 3,141,000
Texas | Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired																										$ 23,142,000
Massachusetts | Acquisition | MOBs
Real Estate Properties
Number of Properties | property																									1
Cash paid plus assumed debt																									$ 1,129,652,000
Acquired Real Estate Leases																									403,282,000
Intangible lease liabilities recorded																									(118,419,000)
Assumed Debt																									0
(Premium) / Discount on Assumed Debt																									$ 0
Area of real estate properties (in square feet) | ft²																									1,651,000
Massachusetts | Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired																									$ 52,643,000
Massachusetts | Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired																									$ 792,146,000
Iowa | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable															$ (16,000)
Wisconsin | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable														$ (85,000)										$ 452,000
Minnesota | MOBs
Real Estate Properties
Number of Properties | property											1
Purchase price excluding closing costs											$ 22,700,000
Number of buildings acquired | building											3
Area of real estate properties (in square feet) | ft²											128,000
Acquired lease amortization period											6 years 4 months 24 days
Below market, acquired lease amortization period											7 years 3 months 18 days
Virginia | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																							$ (285,000)
Arizona | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																							$ (590,000)
Discontinued operations, disposed of by sale | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable							$ 25,000
Discontinued operations, held for sale | Senior Living Communities
Real Estate Properties
Number of living units | living_unit												140																			140
Discontinued operations, held for sale | Triple Net Leased Senior Living Communities
Real Estate Properties
Number of communities | community																												2			3
Number of tenants | operator																												2
Subsequent Event | Kansas
Real Estate Properties
Number of Properties		1		15,500
Number of buildings acquired | building			1
Area of real estate properties (in square feet) | ft²		117,000	117,000	117,000

Real Estate Properties - Intang

Real Estate Properties - Intangible Lease Assets and Obligations - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Acquired Real Estate Leases	$ 775,935	$ 779,761
Intangible lease liabilities recorded	137,351	139,346
Accumulated amortization of capitalized below market lease values	31,312	23,819
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,017	64,832
2,018	46,101
2,019	39,599
2,020	37,089
2,021	34,813
Thereafter	$ 185,974
Weighted Average
Real Estate [Line Items]
Remaining amortization period on below market lease assets	11 years 7 months 6 days
Above market lease
Real Estate [Line Items]
Acquired Real Estate Leases	$ 43,906	48,048
Accumulated amortization	$ 28,739	26,828
Above market lease | Weighted Average
Real Estate [Line Items]
Finite-lived intangibles, remaining amortization period	4 years 9 months 18 days
Original value lease
Real Estate [Line Items]
Acquired Real Estate Leases	$ 732,029	731,713
Accumulated amortization	$ 232,750	$ 148,647
Original value lease | Weighted Average
Real Estate [Line Items]
Finite-lived intangibles, remaining amortization period	10 years 4 months 24 days

Real Estate Properties - Dispos

Real Estate Properties - Dispositions and Impairment - (Details)	1 Months Ended																				3 Months Ended		5 Months Ended	12 Months Ended			24 Months Ended
	Dec. 31, 2016USD ($)buildingproperty	Sep. 30, 2016USD ($)	Jul. 31, 2016USD ($)building	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)living_unit	Sep. 30, 2015community	Aug. 31, 2015USD ($)living_unit	Jul. 31, 2015USD ($)living_unit	May 31, 2015community	Apr. 30, 2015USD ($)living_unitbuilding	Feb. 28, 2015USD ($)living_unit	Oct. 31, 2014USD ($)living_unitcommunity	Sep. 30, 2014USD ($)living_unitbuilding	Jun. 30, 2014living_unit	Jun. 30, 2014building	Jun. 30, 2014USD ($)	Jun. 30, 2014community	Apr. 30, 2014USD ($)living_unitbuilding	Jan. 31, 2014USD ($)living_unit	Dec. 31, 2016USD ($)buildingproperty	Mar. 31, 2016community	Sep. 30, 2015community	Dec. 31, 2016USD ($)living_unitbuildingcommunityproperty	Dec. 31, 2015USD ($)living_unitcommunity	Dec. 31, 2014USD ($)living_unit	Dec. 31, 2015living_unit	Dec. 31, 2015parcel	Dec. 31, 2015building	Dec. 31, 2015USD ($)	Dec. 31, 2015community	Dec. 31, 2014building
Real estate properties
Gain on sale of properties																								$ 4,061,000	$ 0	$ 5,453,000
Impairment of assets																					$ 2,795,000			18,674,000	194,000	(10,000)
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
(Loss) income from discontinued operations																								0	(350,000)	1,362,000
Discontinued operations, held-for-sale or disposed of by sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Rental income																								0	56,000	3,949,000
Property operating expenses																								0	(406,000)	(2,587,000)
(Loss) income from discontinued operations																								$ 0	(350,000)	1,362,000
Discontinued operations, held for sale
Real estate properties
Impairment of assets																									$ 796,000	$ 4,377,000
Number of real estate properties held for sale	0																				0			0				1			1
Other Assets | Discontinued operations, held for sale
Real estate properties
Real estate held for sale																														$ 5,356,000
Senior Living Communities
Real estate properties
Number of communities | community																							19
Senior Living Communities | Discontinued operations, disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold						$ 21,000						$ 250,000
Number of communities sold | community																								2
Impairment of assets																								$ 11,488,000
Triple Net Leased Senior Living Communities | Discontinued operations, held for sale
Real estate properties
Impairment of assets																								$ 4,391,000
Number of communities | community																						2			3
MOBs
Real estate properties
Number of Real Estate Properties Sold | building																								5
Number of real estate properties, impaired | living_unit																								4			4
Number of building held for sale | building	7																				7			7					7
MOBs | Discontinued operations, disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold			$ 20,150,000								$ 1,500,000			$ 675,000			$ 6,000,000		$ 5,000,000
Number of properties sold			4								1			1	1	1			1
Number of buildings sold | building			4								4			1					1
Number of Real Estate Properties Sold | living_unit																								2
MOBs | Discontinued operations, held for sale
Real estate properties
Number of real estate properties held for sale						1																			1	4	1		4			7
Land Parcel | Discontinued operations, disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold					$ 700,000
Number of Real Estate Properties Sold | living_unit																								1
Skilled Nursing Facility | Discontinued operations, held-for-sale or disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold				$ 9,100,000
Gain on sale of properties				$ 4,061,000
Acquisition | Senior Living Communities
Real estate properties
Number of communities | community							1
Acquisition | Triple Net Leased Senior Living Communities
Real estate properties
Number of communities | community																							19
Four States | Senior Living Communities
Real estate properties
Operating leases annual rent																										$ 8,426,000
Pennsylvania | MOBs | Discontinued operations, disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold	$ 2,800,000
Number of properties sold | building	1
Florida | MOBs | Discontinued operations, disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold	$ 2,100,000
Five Star
Real estate properties
Increase or decrease in annual lease rent payable												$ (39,000)												$ (1,719,000)	$ (1,734,000)	$ (2,066,000)
Five Star | Discontinued operations, disposed of by sale
Real estate properties
Sale price of property sold and agreed to be sold		$ 248,000
Increase or decrease in annual lease rent payable		$ (25,000)
Five Star | Senior Living Communities
Real estate properties
Increase or decrease in annual lease rent payable						$ 2,000
Five Star | Acquisition | Senior Living Communities
Real estate properties
Number of communities | community										1
Five Star | Iowa | Senior Living Communities
Real estate properties
Sale price of property sold and agreed to be sold									$ 155,000
Number of units within a community sold | living_unit						117			12
Increase or decrease in annual lease rent payable									$ 16,000
Five Star | Texas | Senior Living Communities
Real estate properties
Sale price of property sold and agreed to be sold																				$ 2,400,000
Number of units within a community sold | living_unit																				36
Increase or decrease in annual lease rent payable																				$ (210,000)
Five Star | Wisconsin | Senior Living Communities
Real estate properties
Sale price of property sold and agreed to be sold								$ 850,000									4,500,000
Number of units within a community sold | living_unit								63							156
Number of communities sold | community																		2
Increase or decrease in annual lease rent payable								$ 85,000									$ (452,000)
Five Star | Pennsylvania | Senior Living Communities
Real estate properties
Number of units within a community sold | living_unit												120
Increase or decrease in annual lease rent payable												$ (23,000)
Five Star | Virginia | Senior Living Communities
Real estate properties
Sale price of property sold and agreed to be sold													$ 2,850,000
Number of units within a community sold | living_unit													70
Increase or decrease in annual lease rent payable													$ 285,000
Five Star | Arizona | Senior Living Communities
Real estate properties
Sale price of property sold and agreed to be sold													$ 5,900,000
Number of units within a community sold | living_unit													177
Number of communities sold | community													2
Increase or decrease in annual lease rent payable													$ 590,000

Real Estate Properties - Invest

Real Estate Properties - Investments and Capital Expenditures - (Details) ft² in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2015USD ($)	Dec. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)
Real Estate [Line Items]
Real estate improvements by lessee purchased		$ 21,438	$ 21,444
Leases committed expenditure		$ 12,422	$ 20,314
Area of real estate properties leased (in square feet) | ft²		899,000	1,032,000
Lease committed but unspent tenant related obligations		$ 23,271	$ 30,260
Five Star
Real Estate [Line Items]
Real estate improvements by lessee purchased		21,438	21,444	$ 25,804
Increase or decrease in annual lease rent payable	$ 39	$ 1,719	$ 1,734	$ 2,066

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Feb. 21, 2017	Jun. 05, 2015	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Feb. 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 13, 2017
Distributions
Share-based compensation expense							$ 2,195,000	$ 1,373,000	$ 1,914,000
Distribution to common shareholders (in dollars per share)							$ 1.56	$ 1.56	$ 1.56
Dividends paid in kind				$ 0.1320
Distribution to common shareholders							$ 370,489,000	$ 356,390,000	$ 305,767,000
Common shares issued in public offering						31,050,000
Net proceeds after underwriting discounts from issuance of common shares issued in public offering						$ 659,496,000	$ 0	$ 659,496,000	$ 322,807,000
Common stock dividends, ordinary income distribution percentage							58.77%	51.48%	54.00%
Common stock dividends, capital distribution percentage							40.67%	47.80%	46.00%
Common stock dividends, capital gain distribution percentage							0.56%	0.72%	0.00%
RMR LLC
Distributions
Shares issued in connection with acquisition								81,557
Distribution to common shareholders (in dollars per share)				$ 0.0111
Distribution to common shareholders				$ 2,635,379
Certain Our Officers And Employees Of RMR LLC
Distributions
Shares purchased from certain of our officers and other employees of RMR LLC			19,230		13,113
RMR LLC
Distributions
Shares issued in connection with acquisition		2,345,000
Share Award Plans
Distributions
Number of shares granted under the award plan							92,150	99,000	94,200
Subsequent Event
Distributions
Distribution to common shareholders (in dollars per share)	$ 0.39
Distribution declared to common shareholders (in dollars per share)										$ 0.39
Distribution declared to common shareholders										$ 92,642,000
Dividends paid	$ 92,642,000

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Award Plans (Details)	1 Months Ended			12 Months Ended
	May 31, 2016USD ($)trusteeshares	Sep. 30, 2015USD ($)shares	May 31, 2015USD ($)trusteeshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)trustee$ / sharesshares
Share award plans
Number of trustees | trustee	5		5			5
Share-based compensation expense | $				$ 2,195,000	$ 1,373,000	$ 1,914,000
Share Award Plans
Share award plans
Remaining common shares available for issuance				2,567,616
Estimated future compensation for the unvested shares | $				$ 2,904,000
Closing share price (in dollars per share) | $ / shares				$ 18.93
Weighted average period over which the compensation expense will be recorded				1 year 8 months 12 days
Number of Shares
Unvested shares at the beginning of the year				158,874	153,478	150,711
Shares granted				92,150	99,000	94,200
Shares vested				(97,614)	(93,604)	(91,433)
Unvested shares at the end of the year				153,410	158,874	153,478
Weighted Average Grant Date Fair Value
Unvested shares at the beginning of the year (in dollars per share) | $ / shares				$ 19.39	$ 23.39	$ 23.84
Shares granted (in dollars per share) | $ / shares				21.18	16.30	21.83
Shares vested (in dollars per share) | $ / shares				21.09	16.17	21.87
Unvested shares at the end of the year (in dollars per share) | $ / shares				$ 19.92	$ 19.39	$ 23.39
Scheduled to vest unvested shares
2,017				60,040
2,018				46,050
2,019				31,390
2,020				15,930
Share Award Plans | Trustees
Share award plans
Common shares awarded	2,500	2,500	2,500			2,500
Aggregate market value of shares awarded | $		$ 41,000				$ 306,000
Market value of shares awarded to each Trustee | $						$ 61,000
Share Award Plans | RMR LLC | Officers and Employees
Share award plans
Common shares awarded				79,650	84,000	81,700
Aggregate market value of shares awarded | $	$ 228,000		$ 252,000	$ 1,724,000	$ 1,321,000	$ 1,750,000
Market value of shares awarded to each Trustee | $	$ 46,000		$ 50,000
Award vesting period				5 years

Leases and Management Agreeme44

Leases and Management Agreements with Five Star (Details)	Jun. 29, 2016USD ($)communitylease_agreementpooling_agreement	Dec. 31, 2016USD ($)living_unitcommunitylease_agreementmanagement_agreement	Jun. 30, 2016lease_agreementpooling_agreement	May 31, 2016living_unitcommunity	Dec. 31, 2015USD ($)community	Feb. 28, 2015USD ($)	Dec. 31, 2016USD ($)living_unitcommunity	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)community	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015community	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2016USD ($)living_unitcommunitylease_agreement	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2016USD ($)living_unitcommunitymanagement_agreement	Dec. 31, 2016USD ($)living_unitcommunitycustomer	Dec. 31, 2015USD ($)community	Dec. 31, 2014USD ($)community	May 31, 2015
Concentration of Credit Risk.
Real estate improvements by lessee purchased | $																		$ 21,438,000						$ 21,444,000
Real estate property, gross | $		$ 7,730,523,000			$ 7,456,940,000		$ 7,730,523,000				$ 7,456,940,000					$ 7,730,523,000	$ 7,730,523,000	7,730,523,000	$ 7,730,523,000	$ 7,730,523,000	$ 7,730,523,000	$ 7,730,523,000	$ 7,730,523,000	7,456,940,000
Total revenues | $							274,296,000	$ 263,983,000	$ 261,367,000	$ 258,375,000	267,519,000	$ 255,275,000	$ 247,402,000	$ 228,577,000				1,058,022,000						$ 998,773,000	$ 844,887,000
Number of third parties in default | customer																							1
Property management agreement, number of communities subject to reset of annual minimum return | community	10
Senior Living Communities
Concentration of Credit Risk.
Number of communities | community															19
Sales Revenue, Services, Net | Rents from significant lessee
Concentration of Credit Risk.
Concentration of credit risk (as a percent)																					100.00%			100.00%
Total revenues | $																		1,058,022,000						$ 998,773,000
Sales Revenue, Services, Net | Rents from significant lessee | Other Customers
Concentration of Credit Risk.
Concentration of credit risk (as a percent)																					81.00%			80.00%
Total revenues | $																		854,441,000						$ 801,854,000
Sales Revenue, Services, Net | Rents from significant lessee | Five Star
Concentration of Credit Risk.
Concentration of credit risk (as a percent)																					19.00%			20.00%
Total revenues | $																		203,581,000						$ 196,919,000
Real Estate Investment Property At Cost | Rents from significant lessee
Concentration of Credit Risk.
Real estate property, gross | $		7,730,523,000			7,456,940,000		7,730,523,000				7,456,940,000					7,730,523,000	7,730,523,000	7,730,523,000	7,730,523,000	7,730,523,000	$ 7,730,523,000	7,730,523,000	$ 7,730,523,000	$ 7,456,940,000
Concentration of credit risk (as a percent)																					100.00%			100.00%
Real Estate Investment Property At Cost | Rents from significant lessee | Other Customers
Concentration of Credit Risk.
Real estate property, gross | $		5,437,266,000			5,309,552,000		5,437,266,000				5,309,552,000					5,437,266,000	5,437,266,000	5,437,266,000	5,437,266,000	5,437,266,000	$ 5,437,266,000	5,437,266,000	5,437,266,000	$ 5,309,552,000
Concentration of credit risk (as a percent)																					70.00%			71.00%
Real Estate Investment Property At Cost | Rents from significant lessee | Five Star
Concentration of Credit Risk.
Real estate property, gross | $		2,293,257,000			2,147,388,000		2,293,257,000				2,147,388,000					2,293,257,000	2,293,257,000	2,293,257,000	2,293,257,000	2,293,257,000	$ 2,293,257,000	2,293,257,000	2,293,257,000	$ 2,147,388,000
Concentration of credit risk (as a percent)																					30.00%			29.00%
Five Star
Concentration of Credit Risk.
Total rental income recognized | $																		203,581,000						$ 196,919,000	196,269,000
Rents receivable | $		$ 18,320,000			17,466,000		$ 18,320,000				$ 17,466,000					$ 18,320,000	$ 18,320,000	$ 18,320,000	$ 18,320,000	$ 18,320,000	$ 18,320,000	$ 18,320,000	$ 18,320,000	17,466,000
Number of units that may be re-assigned to an existing or to a new long term lease | community		1					1									1	1	1	1	1	1	1	1
Real estate improvements by lessee purchased | $																		$ 21,438,000						21,444,000	25,804,000
Increase or decrease in annual lease rent payable | $						$ 39,000												$ 1,719,000						1,734,000	2,066,000
Number of communities associated with leases in default | community		5
Number of pre-existing management agreements terminated | pooling_agreement			3
Number of pre-existing management agreements | lease_agreement		1	4
Minimum percentage of ownership of lessee's voting stock above which the entity has the option to cancel all its rights		9.80%					9.80%									9.80%	9.80%	9.80%	9.80%	9.80%	9.80%	9.80%	9.80%
Expenses from property management agreement transactions with related party | $																		$ 11,918,000						$ 10,728,000	$ 9,765,000
Five Star | Senior Living Communities
Concentration of Credit Risk.
Number of consecutive renewal terms of agreement																				2		2
Property management agreement renewal period																15 years
Increase or decrease in annual lease rent payable | $					$ (2,000)
Number of communities managed | community																			68					60	46
Number of communities owned and managed by related party | community		68					68									68	68	68	68	68	68	68	68
Number of communities owned and managed by related party acquired during the period | community																			8
Number of units within owned and managed by related party community | living_unit																	696
Number of pre-existing management agreements terminated | pooling_agreement	3
Number of pre-existing management agreements | pooling_agreement	4
Number of separate management agreements entered for communities acquired | pooling_agreement	10		10
Number of properties acquired, referred to as managed properties | living_unit																	68
Number of agreements with related party to provide management services to entity | lease_agreement																				2
A L Pooling Agreements | Five Star
Concentration of Credit Risk.
Number of consecutive renewal terms of agreement | lease_agreement	9
Property management agreement renewal period	5 years
Management fees as a percentage of gross revenues	5.00%																									3.00%
Incentive fee as a percentage of annual net operating income after realization of specified percentage of annual return	20.00%																									35.00%
Property management agreement, payment of capital expenditure as percentage of the funded amount	0.03
Incentive fee payable | $	$ 0
A L Pooling Agreements | Five Star | Senior Living Communities
Concentration of Credit Risk.
Property management agreement, number of communities subject to reset of annual minimum return | community	10
Property management agreement, annual return as a percentage of invested capital	7.00%
Minimum | Five Star | Senior Living Communities
Concentration of Credit Risk.
Property management agreement renewal period																10 years
Minimum | A L Pooling Agreements | Five Star
Concentration of Credit Risk.
Property management agreement, annual return as a percentage of invested capital																										8.00%
Maximum | Five Star | Senior Living Communities
Concentration of Credit Risk.
Property management agreement renewal period																15 years
Maximum | A L Pooling Agreements | Five Star
Concentration of Credit Risk.
Property management agreement, annual return as a percentage of invested capital	7.00%
Five Star
Concentration of Credit Risk.
Number of communities leased by the company | community		185			177		185				177					185	185	185	185	185	185	185	185	177	181
Number of leases with related party | lease_agreement																				5
Annual rent as a percentage of gross revenues, percent		0.04					0.04									0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Annual rent as a percentage of gross revenues, amount | $																		$ 5,686,000						$ 5,666,000	$ 5,752,000
Related party transaction, annual rents due | $																		$ 203,356,000
Five Star | Lease No. 1
Concentration of Credit Risk.
Number of communities | community																			83
Five Star | Lease No. 2
Concentration of Credit Risk.
Number of communities | community																			47
Five Star | Lease No. 3
Concentration of Credit Risk.
Number of communities | community																			17
Five Star | Lease No. 4
Concentration of Credit Risk.
Number of communities | community																			29
Five Star | Lease No. 5
Concentration of Credit Risk.
Number of communities | community																			9
North Carolina and Alabama | Five Star | Senior Living Communities
Concentration of Credit Risk.
Number of communities owned and managed by related party acquired during the period | community																			2
Number of units within owned and managed by related party community | living_unit																	263
Georgia | Five Star | Senior Living Communities
Concentration of Credit Risk.
Number of communities managed | community		5
Number of communities owned and managed by related party acquired during the period | community				1
Number of units within owned and managed by related party community | living_unit				38
Number of units within communities associated with leases in default | living_unit																	395
Number of communities associated with leases in default | community																			5
Number of management agreements added to pooling agreements | management_agreement		4
Number of management agreements added to pre-existing management agreements | management_agreement		1
California
Concentration of Credit Risk.
Number of communities not included in pooling agreement | community																			1
NEW YORK
Concentration of Credit Risk.
Number of communities owned and managed by related party | living_unit		310					310									310	310	310	310	310	310	310	310
Management fees as a percentage of gross revenues		5.00%					5.00%									5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Incentive fee payable | $		$ 0					$ 0									$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Business and Property Managem45

Business and Property Management Agreements with RMR LLC - (Details)	Jun. 05, 2015	Jun. 05, 2015shares	Dec. 31, 2016USD ($)employeeday	Dec. 31, 2016USD ($)employeeday	Dec. 31, 2016USD ($)employeelease_agreementday	Dec. 31, 2016USD ($)employeedaymanagement_agreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)shares
Related Party Transaction [Line Items]
Number of employees | employee			0	0	0	0
Property management and construction supervision fees				$ 10,585,000			$ 10,342,000	$ 8,259,000
Property management and construction supervision fees paid				9,061,000			7,021,000	5,289,000
Professional Fees				235,000			256,000	278,000
RMR LLC
Related Party Transaction [Line Items]
Business management fees incurred				36,763,000			34,949,000	$ 30,794,000
Recognized amortization of the liability				2,974,000			1,743,000
Common shares issued for the incentive fees | shares		68,983						123,462
Related Party Transaction Business Management Agreement Incentive Fee Payable			$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Period over which transition services will be provided by the related party after termination of the agreement			120 days
MOBs | RMR LLC
Related Party Transaction [Line Items]
Base business management fee payable in cash (as a percent)			3.00%	3.00%	3.00%	3.00%
Construction supervision fees payable under property management agreement as a percentage of construction costs			5.00%	5.00%	5.00%	5.00%
Senior Living Communities | Five Star
Related Party Transaction [Line Items]
Number of consecutive renewal terms of agreement					2	2
Amended Agreement
Related Party Transaction [Line Items]
Base management fee payable as a percentage of aggregate book value of real estate assets or transferred assets			0.50%	0.50%	0.50%	0.50%
Amended Agreement | RMR LLC
Related Party Transaction [Line Items]
Base management fee payable as a percentage of average historical cost of real estate investments, excluding transferred assets for investments exceeding specified amount			0.50%	0.50%	0.50%	0.50%
Base management fee payable as a percentage of average historical cost of real estate investments, excluding transferred assets for investments up to specified amount			0.70%	0.70%	0.70%	0.70%
Threshold amount of other real estate investments for payment of base management fee			$ 250,000,000	$ 250,000,000	$ 250,000,000	$ 250,000,000
Base management fee payable as a percentage of average market capitalization exceeding specified amount			0.50%	0.50%	0.50%	0.50%
Threshold amount of average market capitalization for payment of base management fee			$ 250,000,000	$ 250,000,000	$ 250,000,000	$ 250,000,000
Base management fee payable as a percentage of average closing price per share of common shares on NYSE			0.70%	0.70%	0.70%	0.70%
Incentive management fee payable (as a percent)			12.00%	12.00%	12.00%	12.00%
Period of measurement			3 years
Period applicable in the case of calculation of the incentive management fee for 2015			2 years
Shorter period applicable in the case of calculation of the incentive management fee for 2014			1 year
Related Party Transaction, Incentive Management Fee Cap on Common Shares			1.50%	1.50%	1.50%	1.50%
Related Party Transaction, Incentive Management Fee, Top Consecutive Trading Days | day			10	10	10	10
Related Party Transaction, Incentive Management Fee, Consecutive Trading Days | day			30	30	30	30
Amended Agreement | RMR LLC | Up C Transaction
Related Party Transaction [Line Items]
Number of business days notice for termination of property management agreement for convenience by the related party	60 days
Window for providing notice of termination of property management agreement for performance by the related party	60 days
Window for providing notice of termination of property management agreement for change of control by the related party	12 months
Number of terminated management agreements for convenience before termination fee is incurred | lease_agreement					1
Number of RMR LLC terminated management agreements for good cause before termination fee is incurred | lease_agreement					1
Number of terminated management agreements for a performance reason before termination fee is incurred | lease_agreement					1
Termination fee remaining term assumption			10 years
Maximum | RMR LLC
Related Party Transaction [Line Items]
Threshold amount of real estate investments for payment of base management fee			$ 250,000,000	$ 250,000,000	$ 250,000,000	$ 250,000,000
Base management fee payable, average market capitalization			$ 250,000,000	$ 250,000,000	$ 250,000,000	$ 250,000,000
Maximum | Amended Agreement | RMR LLC | Up C Transaction
Related Party Transaction [Line Items]
Termination fee term			20 years
Minimum | Amended Agreement | RMR LLC | Up C Transaction
Related Party Transaction [Line Items]
Termination fee term			19 years

Related Person Transactions (De

Related Person Transactions (Details)	Nov. 10, 2016$ / sharesshares	Sep. 30, 2016$ / sharesshares	Sep. 26, 2016$ / sharesshares	Dec. 14, 2015shares	Jun. 05, 2015USD ($)shares	May 09, 2015building	Jan. 29, 2015USD ($)building	Sep. 30, 2015USD ($)$ / sharesshares	May 31, 2015USD ($)	Jan. 31, 2015USD ($)living_unit	Dec. 31, 2015USD ($)community	Dec. 31, 2016USD ($)communitylease_agreementpropertyagreementshares	Dec. 31, 2015USD ($)communitypropertyshares	Dec. 31, 2014USD ($)communitypropertyshares	Dec. 31, 2010
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares								$ 16.19
Loss on distribution to common shareholders of The RMR Group Inc. common stock											$ 38,437,000	$ 0	$ 38,437,000	$ 0
Fair value adjustment, liabilities												3,600,000
Equity in earnings of an investee												137,000	20,000	87,000
Other comprehensive income (loss) attributable to equity method investee, net of tax												$ (152,000)	20,000	(2,000)
Acquisition
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | living_unit										23
The RMR Group Inc
Related Party Transaction [Line Items]
Investment in common shares | shares												2,637,408
Economic interest percent												51.90%
Voting power percent												91.50%
Related party transaction, rate												3.00%
RMR Inc. | Class A common shares
Related Party Transaction [Line Items]
Loss on distribution to common shareholders of The RMR Group Inc. common stock											$ 38,437,000
RMR Inc. | Up C Transaction
Related Party Transaction [Line Items]
Cash purchase price					$ 13,967,000
RMR Inc. | Up C Transaction | Common Shares
Related Party Transaction [Line Items]
Shares issued in connection with acquisition | shares					2,345,000
RMR LLC
Related Party Transaction [Line Items]
Rental revenue from related party												$ 242,000	$ 204,000	$ 0
RMR Inc. | Class A common shares
Related Party Transaction [Line Items]
Shares distributed to stockholders | shares				2,635,379
RMR Inc. | Up C Transaction | Managing Trustees Barry And Adam Portnoy
Related Party Transaction [Line Items]
Number of shares under lock up and registration agreement | shares													2,345,000
Period over which shares remain under lock up and registration agreement													10 years
RMR Inc. | RMR Inc. | Up C Transaction | Class B2 common shares
Related Party Transaction [Line Items]
Shares issued in connection with acquisition | shares					5,272,787
Senior Living Communities
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | property													39	2
Senior Living Communities | Acquisition
Related Party Transaction [Line Items]
Purchase price excluding closing costs and working capital adjustments								$ 18,250,000	$ 9,750,000
MOBs
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | living_unit										23
MOBs | Acquisition
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | property												3	23	2
Purchase price excluding closing costs and working capital adjustments										$ 539,000,000
MOBs | SIR | Acquisition
Related Party Transaction [Line Items]
Debt disposed of from properties sold							$ 29,995,000
Amount from SIR related to working capital activity							$ 1,316,000
Five Star
Related Party Transaction [Line Items]
Percentage of total shares outstanding												8.50%			100.00%
Investment in common shares | shares												4,235,000
Maximum percentage of any class of equity shares that can be acquired without approval												9.80%
Minimum percentage of ownership of lessee's voting stock above which the entity has the option to cancel all its rights												9.80%
Number of real estate properties leased | community											177	185	177	181
Property subject to or available for operating lease, number of leases | lease_agreement												5
Related party transaction, shares purchased | shares	17,999,999
Related party transactions, shares authorized to purchase | shares	18,000,000
Related party transaction, percent of shares issued and outstanding	38.00%
Share price (in dollars per share) | $ / shares	$ 3
Five Star | RMR LLC
Related Party Transaction [Line Items]
Percentage of total shares outstanding												36.70%
Investment in common shares | shares												18,339,621
Five Star | Senior Living Communities
Related Party Transaction [Line Items]
Number of communities managed | community												68	60	46
RMR LLC
Related Party Transaction [Line Items]
Number of management agreements with related party | agreement												2
Repurchase of common shares (in shares) | shares								13,113
Shares issued in connection with acquisition | shares													81,557
Premium payable for combined directors' and officers' liability insurance policy											$ 472,000	$ 142,000	$ 472,000	$ 736,000
RMR LLC | Restricted shares
Related Party Transaction [Line Items]
Number of shares granted under the award plan | shares												79,650	84,000	81,700
Aggregate value of awards granted during the period												$ 1,724,000	$ 1,321,000	$ 1,750,000
SIR | MOBs | Acquisition
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | building						23	23
Purchase price excluding closing costs and working capital adjustments							$ 532,000,000
Fair value adjustment, liabilities							$ 7,677,000
AIC
Related Party Transaction [Line Items]
Total premiums including taxes and fees												3,607,000	2,785,000	$ 3,118,000
Equity method investments, carrying value											$ 6,827,000	$ 7,116,000	$ 6,827,000
Purchase One
Related Party Transaction [Line Items]
Shares paid for tax withholding for share based compensation (in shares) | shares			17,667
Share price (in dollars per share) | $ / shares			$ 23.53
Purchase Two
Related Party Transaction [Line Items]
Shares paid for tax withholding for share based compensation (in shares) | shares		1,563
Share price (in dollars per share) | $ / shares		$ 22.71
Year one | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20000.00%
Year two | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20000.00%
Year three | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20000.00%
Year four | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20000.00%
Year five | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20000.00%

Indebtedness (Details)

Indebtedness (Details)	Sep. 28, 2015	Oct. 31, 2016USD ($)property	Sep. 30, 2016USD ($)propertynote	Jul. 31, 2016USD ($)buildingproperty	Apr. 30, 2016USD ($)property	Feb. 29, 2016USD ($)	Jan. 31, 2016USD ($)property	Nov. 30, 2015USD ($)	Oct. 31, 2015USD ($)living_unitmortgage	Sep. 30, 2015community	Jun. 30, 2015USD ($)living_unit	May 31, 2015USD ($)living_unitcommunitymortgage	Apr. 30, 2015USD ($)	Feb. 28, 2015USD ($)	Jan. 31, 2015USD ($)living_unitbuilding	Dec. 31, 2014USD ($)community	Dec. 31, 2014USD ($)lease_agreement	May 31, 2014	Dec. 31, 2016USD ($)propertybuildingnote	Dec. 31, 2015USD ($)property	Mar. 31, 2015USD ($)	Sep. 30, 2015community	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)propertybuildingnote	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)communityproperty	Feb. 24, 2017USD ($)
Indebtedness
Line of credit facility required principal payment before maturity																								$ 0
Number of public issues of unsecured senior notes | note																			6					6
Senior unsecured notes, net																			$ 1,722,758,000	$ 1,478,536,000				$ 1,722,758,000	$ 1,478,536,000
Unsecured term loan facility																			1,750,000,000	1,500,000,000				1,750,000,000	1,500,000,000
Carrying value of mortgaged properties																			6,402,512,000	6,309,400,000				6,402,512,000	6,309,400,000
Real estate property, gross																			7,730,523,000	7,456,940,000				7,730,523,000	7,456,940,000
Capital leases																			11,500,000					11,500,000
Assumption of mortgage notes payable																								0	181,433,000	$ 15,630,000
Unsecured revolving credit facility																			327,000,000	$ 775,000,000				327,000,000	775,000,000
Loss on early extinguishment of debt																					$ 1,409,000			526,000	1,894,000	12,000
Sale of senior unsecured notes																								0	$ 200,000,000	$ 350,000,000
Unsecured revolving credit facility
Indebtedness
Unsecured revolving credit facility, maximum borrowing capacity																			1,000,000,000					1,000,000,000
Revolving credit facility, available amount																			673,000,000					673,000,000
Option to increase the borrowing capacity under revolving credit facility																			$ 1,500,000,000					$ 1,500,000,000
Interest rate added to the base rate (as a percent)																									1.30%
Revolving credit facility, interest rate payable (as a percent)																			2.00%					2.00%
Weighted average interest rate on debt (as a percent)																1.40%	1.40%		1.80%	1.50%			1.40%	1.80%	1.50%	1.40%
Interest expense and other associated costs incurred																								$ 11,235,000	$ 9,252,000	$ 3,094,000
Debt instrument, facility fee (as a percent)																									0.30%
Unsecured revolving credit facility																			$ 327,000,000					327,000,000
Senior unsecured notes 4.30%
Indebtedness
Senior unsecured notes, net																			$ 250,000,000					$ 250,000,000
Interest rate (as a percent)																			4.30%					4.30%
Repayments of secured debt								$ 250,000,000
Loss on early extinguishment of debt																									$ 175,000
Senior unsecured notes 6.75%
Indebtedness
Senior unsecured notes, net																			$ 200,000,000					$ 200,000,000
Interest rate (as a percent)																			6.75%					6.75%
Unsecured term loan facility																			$ 200,000,000	$ 200,000,000				$ 200,000,000	200,000,000
Unsecured senior notes due 2021
Indebtedness
Senior unsecured notes, net																			$ 300,000,000					$ 300,000,000
Interest rate (as a percent)																			6.75%					6.75%
Unsecured term loan facility																			$ 300,000,000	300,000,000				$ 300,000,000	300,000,000
Senior unsecured notes 5.625% due in 2042
Indebtedness
Senior unsecured notes, net																			$ 350,000,000					$ 350,000,000
Interest rate (as a percent)																			5.625%					5.625%
Unsecured term loan facility																			$ 350,000,000	$ 350,000,000				$ 350,000,000	350,000,000
Senior unsecured notes 6.25 percent due 2046
Indebtedness
Senior unsecured notes, net																			$ 250,000,000					$ 250,000,000
Interest rate (as a percent)						6.25%													6.25%					6.25%
Sale of senior unsecured notes						$ 250,000,000
Mortgages
Indebtedness
Aggregate principal amount of mortgage debt																			$ 1,109,807,000					$ 1,109,807,000
Number of properties mortgaged | property		8		1	1		1												43					43
Number of buildings mortgaged | building																			45					45
Carrying value of mortgaged properties																			$ 1,618,222,000					$ 1,618,222,000
Principal repayment due until maturity											$ 4,351,000
Repayments of secured debt									$ 52,000,000		$ 4,867,000	$ 15,077,000	$ 6,274,000	$ 29,227,000
Weighted average interest rate on debt (as a percent)											5.65%
Weighted average interest rate on debt (as a percent)														6.02%
Weighted average interest rate on prepaid debt (as a percent)				6.25%	4.65%		5.97%		5.64%		5.81%	5.70%	5.81%
Prepayment Of Mortgage				$ 11,871,000	$ 18,000,000		$ 6,115,000
Loss on early extinguishment of debt																									$ 290,000
Number of mortgage notes | mortgage									2			4
Number of properties encumbered under mortgage notes					1				1		1	4
Capital leases
Indebtedness
Interest rate (as a percent)																			7.70%					7.70%
Number of properties mortgaged | property																				2					2
Carrying value of mortgaged properties																			$ 18,968,000	$ 19,400,000				$ 18,968,000	$ 19,400,000
Number of properties recorded under capital lease | property																			2					2
Real estate property, gross																			$ 36,084,000					$ 36,084,000
Capital leases																			11,466,000					11,466,000
Senior unsecured notes due 2019
Indebtedness
Senior unsecured notes, net																			$ 400,000,000					$ 400,000,000
Interest rate (as a percent)																			3.25%					3.25%
Senior unsecured notes due 2024
Indebtedness
Interest rate (as a percent)																			4.75%					4.75%
Senior unsecured notes 4.75%
Indebtedness
Unsecured term loan facility																			$ 250,000,000	$ 250,000,000				$ 250,000,000	$ 250,000,000
Unsecured debt
Indebtedness
Interest rate added to the base rate (as a percent)	1.80%																	1.40%
Weighted average interest rate on debt (as a percent)																				2.00%			1.60%	1.90%	1.60%
Maximum borrowing capacity that may be increased																			$ 400,000,000					$ 400,000,000
Term loan due 2020
Indebtedness
Interest rate (as a percent)																			2.00%					2.00%
Unsecured term loan facility																			$ 350,000,000					$ 350,000,000
Interest expense and other associated costs incurred																								6,721,000	$ 5,686,000	$ 3,263,000
Maximum borrowing capacity that may be increased																			700,000,000					700,000,000
Term loan due 2022
Indebtedness
Unsecured term loan facility																			$ 200,000,000					$ 200,000,000
Weighted average interest rate on debt (as a percent)																			2.60%					2.60%
Weighted average interest rate on debt (as a percent)																								2.30%
Unsecured debt September 2015
Indebtedness
Interest expense and other associated costs incurred																								$ 4,645,000	$ 1,061,000
Prepayment Notification | Mortgages
Indebtedness
Number of properties mortgaged | property			2																1					1
Weighted average interest rate on prepaid debt (as a percent)		6.54%	5.92%																5.86%
Prepayment Of Mortgage		$ 42,542,000	$ 79,957,000																$ 5,428,000					$ 5,428,000
Number of mortgage notes | note			2																1
Senior Living Communities
Indebtedness
Number of properties acquired or agreed to be acquired | property																									39	2
Number of communities | community																						19
Senior Living Communities | Term loan due 2022
Indebtedness
Senior unsecured notes, net																				$ 200,000,000					$ 200,000,000
Senior Living Communities | Agreement to Acquire
Indebtedness
Number of properties acquired or agreed to be acquired | community										1		37
Assumption of mortgage notes payable												$ 151,477,000
Weighted average interest rate on debt (as a percent)												4.57%
Bridge loan commitment received																$ 700,000,000	$ 700,000,000						$ 700,000,000			$ 700,000,000
Number of communities																38	38									38
MOBs
Indebtedness
Number of properties acquired encumbering with assumed mortgage debt | building															2
Number of properties acquired or agreed to be acquired | living_unit															23
MOBs | Secured debt financing due 2026
Indebtedness
Aggregate principal amount of mortgage debt				$ 620,000,000
Number of properties mortgaged | property				1
Number of buildings mortgaged | building				2
Weighted average interest rate on debt (as a percent)				3.53%
MOBs | Mortgages | Significant Unobservable Inputs (Level 3)
Indebtedness
Assumption of mortgage notes payable															$ 29,955,000
Fair value of mortgage notes payable															$ 31,029,000
Weighted average interest rate on prepaid debt (as a percent)																								4.73%
Subsequent Event | Unsecured revolving credit facility
Indebtedness
Revolving credit facility, available amount																											$ 622,000,000
Unsecured revolving credit facility																											$ 378,000,000

Indebtedness - Outstanding Debt

Indebtedness - Outstanding Debt (Details) $ in Thousands	3 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)property	Feb. 29, 2016
Indebtedness
Face Amount	$ 1,500,000		$ 1,750,000	$ 1,500,000
Unamortized Discount	4,934		4,047	4,934
Total secured	679,295		1,117,649	679,295
Net Book Value of Collateral	6,309,400		6,402,512	6,309,400
Unamortized net premiums	$ (395)		3,624	$ (395)
Required principal payments on outstanding debt
2,017			22,085
2,018			436,768
2,019			720,919
2,020			553,080
2,021			303,327
Thereafter			1,712,094
Unsecured debt
Indebtedness
Debt Instrument Maximum Borrowing Capacity Option to Increase			$ 400,000
Required principal payments on outstanding debt
Weighted average interest rate on debt (as a percent)	2.00%	1.60%	1.90%	1.60%
Senior unsecured notes 6.25 percent due 2046
Indebtedness
Coupon			6.25%		6.25%
Senior unsecured notes due 2024
Indebtedness
Coupon			4.75%
Senior unsecured notes 4.30%
Indebtedness
Coupon			4.30%
Senior unsecured notes due 2019
Indebtedness
Coupon			3.25%
Senior unsecured notes 3.25%
Indebtedness
Face Amount	$ 400,000		$ 400,000	$ 400,000
Unamortized Discount	197		$ 138	197
Senior unsecured notes 6.75%
Indebtedness
Coupon			6.75%
Face Amount	200,000		$ 200,000	200,000
Unamortized Discount	918		$ 703	918
Unsecured senior notes due 2021
Indebtedness
Coupon			6.75%
Face Amount	300,000		$ 300,000	300,000
Unamortized Discount	3,161		2,627	3,161
Senior unsecured notes 4.75%
Indebtedness
Face Amount	250,000		250,000	250,000
Unamortized Discount	658		$ 579	658
Senior unsecured notes 5.625% due in 2042
Indebtedness
Coupon			5.625%
Face Amount	350,000		$ 350,000	350,000
Senior unsecured notes 6.25% due in 2046
Indebtedness
Coupon			6.25%
Face Amount	0		$ 250,000	0
Secured and Other Debt
Indebtedness
Total secured	$ 679,690		1,121,273	$ 679,690
Number of properties as collateral | property	45			45
Net Book Value of Collateral	$ 937,165		$ 1,433,561	$ 937,165
Mortgage 5.97% maturing in April 2016
Indebtedness
Coupon			5.97%
Total secured	$ 6,115		$ 0	$ 6,115
Number of properties as collateral | property	0			0
Net Book Value of Collateral	$ 9,291		$ 0	$ 9,291
Mortgage 4.65 Percent Due July 2016
Indebtedness
Coupon			4.65%
Total secured	$ 18,000		$ 0	$ 18,000
Number of properties as collateral | property	0			0
Net Book Value of Collateral	$ 36,783		$ 0	$ 36,783
Mortgage 5.92% maturing in November 2016
Indebtedness
Coupon			5.92%
Total secured	$ 82,070		$ 0	$ 82,070
Number of properties as collateral | property	0			0
Net Book Value of Collateral	$ 146,236		$ 0	$ 146,236
Mortgage 6.25% maturing in November 2016
Indebtedness
Coupon			6.25%
Total secured	$ 11,989		$ 0	$ 11,989
Number of properties as collateral | property	0			0
Net Book Value of Collateral	$ 20,700		$ 0	$ 20,700
Mortgage 5.86% maturing in March 2017
Indebtedness
Coupon			5.86%
Total secured	$ 5,524		$ 0	$ 5,524
Number of properties as collateral | property	0			0
Net Book Value of Collateral	$ 10,710		$ 0	$ 10,710
Mortgages 6.54% maturing in May 2017
Indebtedness
Coupon			6.54%
Total secured	$ 43,549		$ 0	$ 43,549
Number of properties as collateral | property	0			0
Net Book Value of Collateral	$ 52,561		$ 0	$ 52,561
Mortgages 6.150% maturing in August 2017
Indebtedness
Coupon			6.15%
Total secured	$ 10,861		$ 10,653	$ 10,861
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 14,487		$ 14,162	$ 14,487
Mortgages 6.73% maturing in April 2018
Indebtedness
Coupon			6.73%
Total secured	$ 8,948		$ 8,686	$ 8,948
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 10,891		$ 10,656	$ 10,891
Mortgages 6.31% maturing in October 2018
Indebtedness
Coupon			6.31%
Total secured	$ 12,976		$ 12,772	$ 12,976
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 17,184		$ 16,827	$ 17,184
Mortgages 6.24% maturing in October 2018
Indebtedness
Coupon			6.24%
Total secured	$ 12,250		$ 12,061	$ 12,250
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 15,798		$ 15,453	$ 15,798
Mortgages 4.47% maturing in October 2018
Indebtedness
Coupon			4.47%
Total secured	$ 72,062		$ 69,953	$ 72,062
Number of properties as collateral | property	10			10
Net Book Value of Collateral	$ 185,666		$ 180,933	$ 185,666
Mortgages 4.69% maturing in January 2019
Indebtedness
Coupon			4.69%
Total secured	$ 6,692		$ 6,565	$ 6,692
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 9,952		$ 9,687	$ 9,952
Mortgages 3.79% maturing in July 2019
Indebtedness
Coupon			3.79%
Total secured	$ 45,327		$ 44,462	$ 45,327
Number of properties as collateral | property	4			4
Net Book Value of Collateral	$ 65,551		$ 64,154	$ 65,551
Mortgage 6.71% maturing in Sept 2019
Indebtedness
Coupon			6.71%
Total secured	$ 284,138		$ 279,505	$ 284,138
Number of properties as collateral | property	17			17
Net Book Value of Collateral	$ 238,488		$ 235,068	$ 238,488
Mortgage 7.31% maturing in Jan 2022
Indebtedness
Coupon			7.49%
Total secured	$ 3,616		$ 3,128	$ 3,616
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 15,775		$ 15,360	$ 15,775
Mortgage 6.28% maturing in July 2022
Indebtedness
Coupon			6.28%
Total secured	$ 14,825		$ 14,300	$ 14,825
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 25,371		$ 24,834	$ 25,371
Mortgage 4.85% maturing in October 2022
Indebtedness
Coupon			4.85%
Total secured	$ 11,787		$ 11,594	$ 11,787
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 21,992		$ 21,529	$ 21,992
Mortgage 3.53 Percent Due August 2026
Indebtedness
Coupon			3.53%
Total secured	$ 0		$ 620,000	$ 0
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 0		$ 785,805	$ 0
Mortgage 6.25% maturing in February 2033
Indebtedness
Coupon			6.25%
Total secured	$ 3,246		$ 2,819	$ 3,246
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 4,374		$ 4,267	$ 4,374
Mortgage 5.95% maturing in August 2037
Indebtedness
Coupon			5.95%
Total secured	$ 9,047		$ 8,882	$ 9,047
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 8,650		$ 8,656	$ 8,650
Mortgage 4.38% maturing in September 2043
Indebtedness
Coupon			4.375%
Total secured	$ 4,512		$ 4,427	$ 4,512
Number of properties as collateral | property	1			1
Net Book Value of Collateral	$ 7,305		$ 7,202	$ 7,305
Capital leases
Indebtedness
Coupon			7.70%
Total secured	$ 12,156		$ 11,466	$ 12,156
Number of properties as collateral | property	2			2
Net Book Value of Collateral	$ 19,400		$ 18,968	$ 19,400

Fair Value of Assets and Liab49

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets and liabilities measured at fair value
Investments in available for sale securities	$ 115,612	$ 115,612	$ 51,472
Impairment of assets	2,795	18,674	194	$ (10)
Senior unsecured notes	1,722,758	1,722,758	1,478,536
Recurring
Assets and liabilities measured at fair value
Investments in available for sale securities	115,612	115,612
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets and liabilities measured at fair value
Investments in available for sale securities	$ 115,612	$ 115,612
Five Star
Assets and liabilities measured at fair value
Investment in common shares	4,235,000	4,235,000
Five Star | Common Shares
Assets and liabilities measured at fair value
Investment in common shares	4,235,000	4,235,000
Amount of investment acquired	$ 11,435	$ 11,435
RMR Inc. | Class A common shares
Assets and liabilities measured at fair value
Investment in common shares	2,637,408	2,637,408
Amount of investment acquired	$ 69,826	$ 69,826
Unrealized gain	34,352	34,352
Carrying Amount
Assets and liabilities measured at fair value
Senior unsecured notes	1,722,758	1,722,758	1,478,536
Secured debt	1,106,183	1,106,183	667,138
Secured and secured debt	2,828,941	2,828,941	2,145,674
Estimated Fair Value
Assets and liabilities measured at fair value
Senior unsecured notes	1,755,715	1,755,715	1,548,613
Secured debt	1,090,515	1,090,515	712,459
Secured and secured debt	$ 2,846,230	$ 2,846,230	$ 2,261,072

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment reporting
Number of operating segments | segment									4
Number of reportable segments | segment									3
Revenues:
Rental income									$ 666,200	$ 630,899	$ 526,703
Residents fees and services									391,822	367,874	318,184
Total revenues	$ 274,296	$ 263,983	$ 261,367	$ 258,375	$ 267,519	$ 255,275	$ 247,402	$ 228,577	1,058,022	998,773	844,887
Expenses:
Property operating expenses									399,790	377,579	324,564
Depreciation and amortization									287,831	257,783	185,391
General and administrative									46,559	42,830	38,946
Acquisition and certain other transaction related costs									2,085	6,853	4,607
Impairment of assets	2,795								18,674	194	(10)
Total expenses									754,939	685,239	553,498
Operating income									303,083	313,534	291,389
Dividend income									2,108	2,773	63
Interest and other income									430	379	362
Interest expense									(167,574)	(150,881)	(135,114)
Loss on distribution to common shareholders of RMR common stock					(38,437)				0	(38,437)	0
Loss on early extinguishment of debt								(1,409)	(526)	(1,894)	(12)
Income from continuing operations before income tax expense and equity in earnings of an investee									137,521	125,474	156,688
Income tax expense									(424)	(574)	(576)
Equity in earnings of an investee									137	20	87
Income before gain on sale of properties	42,885	$ 27,903	$ 39,233	$ 31,272	9,544	$ 38,249	$ 36,387	$ 39,789	137,234	123,968	153,184
Income from continuing operations									137,234	124,920	156,199
Discontinued Operations:
(Loss) income from discontinued operations									0	(350)	1,362
Loss on impairment of assets from discontinued operations									0	(602)	(4,377)
Income (loss) before gain on sale of properties											153,184
Gain on sale of properties									4,061	0	5,453
Total assets	7,227,754				7,160,090				7,227,754	7,160,090	5,941,930
Net Income (Loss) Attributable to Parent									141,295	123,968	158,637
Triple Net Leased Senior Living Communities
Revenues:
Rental income									275,697	256,035	230,718
Residents fees and services									0
Total revenues									275,697	256,035	230,718
Expenses:
Property operating expenses									833
Depreciation and amortization									78,361	70,417	61,825
General and administrative									0
Acquisition and certain other transaction related costs									0
Impairment of assets									6,583	194	(10)
Total expenses									85,777	70,611	61,815
Operating income									189,920	185,424	168,903
Dividend income									0
Interest and other income									0
Interest expense									(24,795)	(25,015)	(25,473)
Loss on early extinguishment of debt									(467)	(6)	128
Income from continuing operations before income tax expense and equity in earnings of an investee									164,658	160,403	143,558
Income tax expense									0
Equity in earnings of an investee									0
Income before gain on sale of properties									164,658
Income from continuing operations										160,403	143,558
Discontinued Operations:
Income (loss) before gain on sale of properties											143,558
Gain on sale of properties									4,061		5,453
Total assets	2,289,045				2,251,212				2,289,045	2,251,212	1,777,684
Net Income (Loss) Attributable to Parent									168,719	160,403	149,011
Managed Senior Living Communities
Revenues:
Rental income									0
Residents fees and services									391,822	367,874	318,184
Total revenues									391,822	367,874	318,184
Expenses:
Property operating expenses									293,195	278,242	245,093
Depreciation and amortization									81,482	60,600	32,462
General and administrative									0
Acquisition and certain other transaction related costs									0
Impairment of assets									2,174
Total expenses									376,851	338,842	277,555
Operating income									14,971	29,032	40,629
Dividend income									0
Interest and other income									0
Interest expense									(8,540)	(9,973)	(10,599)
Loss on early extinguishment of debt									(59)	(34)	(140)
Income from continuing operations before income tax expense and equity in earnings of an investee									6,372	19,025	29,890
Income tax expense									0
Equity in earnings of an investee									0
Income before gain on sale of properties									6,372
Income from continuing operations										19,025	29,890
Discontinued Operations:
Income (loss) before gain on sale of properties											29,890
Gain on sale of properties									0
Total assets	1,260,032				1,260,425				1,260,032	1,260,425	961,618
Net Income (Loss) Attributable to Parent									6,372	19,025	29,890
MOBs
Revenues:
Rental income									372,233	356,586	278,041
Residents fees and services									0
Total revenues									372,233	356,586	278,041
Expenses:
Property operating expenses									105,762	99,337	79,471
Depreciation and amortization									124,196	122,974	87,312
General and administrative									0
Acquisition and certain other transaction related costs									0
Impairment of assets									7,122
Total expenses									237,080	222,311	166,783
Operating income									135,153	134,275	111,258
Dividend income									0
Interest and other income									0
Interest expense									(13,852)	(6,214)	(5,844)
Loss on early extinguishment of debt									0	(250)
Income from continuing operations before income tax expense and equity in earnings of an investee									121,301	127,811	105,414
Income tax expense									0
Equity in earnings of an investee									0
Income before gain on sale of properties									121,301
Income from continuing operations										127,811	105,414
Discontinued Operations:
(Loss) income from discontinued operations										(350)	1,362
Loss on impairment of assets from discontinued operations										(602)	(4,377)
Income (loss) before gain on sale of properties											102,399
Gain on sale of properties									0
Total assets	3,333,141				3,362,214				3,333,141	3,362,214	2,922,623
Net Income (Loss) Attributable to Parent									121,301	126,859	102,399
All Other Operations
Revenues:
Rental income									18,270	18,278	17,944
Residents fees and services									0
Total revenues									18,270	18,278	17,944
Expenses:
Property operating expenses									0
Depreciation and amortization									3,792	3,792	3,792
General and administrative									46,559	42,830	38,946
Acquisition and certain other transaction related costs									2,085	6,853	4,607
Impairment of assets									2,795
Total expenses									55,231	53,475	47,345
Operating income									(36,961)	(35,197)	(29,401)
Dividend income									2,108	2,773	63
Interest and other income									430	379	362
Interest expense									(120,387)	(109,679)	(93,198)
Loss on distribution to common shareholders of RMR common stock										(38,437)
Loss on early extinguishment of debt									0	(1,604)
Income from continuing operations before income tax expense and equity in earnings of an investee									(154,810)	(181,765)	(122,174)
Income tax expense									(424)	(574)	(576)
Equity in earnings of an investee									137	20	87
Income before gain on sale of properties									(155,097)
Income from continuing operations										(182,319)	(122,663)
Discontinued Operations:
Income (loss) before gain on sale of properties											(122,663)
Gain on sale of properties									0
Total assets	$ 345,536				$ 286,239				345,536	286,239	280,005
Net Income (Loss) Attributable to Parent									$ (155,097)	$ (182,319)	$ (122,663)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
State	$ 424	$ 574	$ 576
Total	424	574	576
Income tax provision	$ 424	$ 574	$ 576
Reconciliation of effective tax rate and the U.S. federal statutory income tax rate
Taxes at statutory U.S. federal income tax rate	35.00%	35.00%	35.00%
Nontaxable income of SNH	(35.00%)	(35.00%)	(35.00%)
State and local income taxes, net of federal tax benefit	0.30%	0.40%	0.30%
Change in valuation allowance	3.58%	8.82%	6.39%
Other differences, net	(3.58%)	(8.82%)	(6.39%)
Effective tax rate	0.30%	0.40%	0.30%
Deferred tax assets:
Deferred income	$ 2,512	$ 2,862
Other	222	115
Tax loss carryforwards	33,626	27,941
Deferred tax assets, gross	36,360	30,918
Valuation allowance	$ (36,360)	$ (30,918)
Percentage of valuation allowance provided	100.00%	100.00%
Tax Credit Carryforward, Amount	$ 84,688

Weighted Average Common Share52

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Weighted average shares used in computing earnings per common share:
Weighted average common shares for basic earnings per share (in shares)	237,345	232,931	198,868
Effect of dilutive securities: restricted share awards (in shares)	37	32	26
Weighted average common shares for diluted earnings per share (in shares)	237,382	232,963	198,894

Selected Quarterly Financial 53

Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 274,296	$ 263,983	$ 261,367	$ 258,375	$ 267,519	$ 255,275	$ 247,402	$ 228,577	$ 1,058,022	$ 998,773	$ 844,887
Net income	$ 42,885	$ 27,903	$ 39,233	$ 31,272	$ 9,544	$ 38,249	$ 36,387	$ 39,789	137,234	123,968	153,184
Per share data (basic and diluted):
Net income (in dollars per share)	$ 0.18	$ 0.12	$ 0.17	$ 0.13	$ 0.04	$ 0.16	$ 0.15	$ 0.18
Common distributions declared (in dollars per share)	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.52	$ 0.39	$ 0.39	$ 0.39
Loss on distribution to common shareholders of The RMR Group Inc. common stock					$ 38,437				$ 0	$ 38,437	$ 0
Non-cash distribution (in dollars per share)					$ 0.13

SCHEDULE III REAL ESTATE AND 54

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate And Accumulated Depreciation
Encumbrances	$ 1,121,273
Initial Cost to Company
Land	797,712
Buildings, Improvements & Equipment	6,302,212
Cost Capitalized Subsequent to Acquisition	645,600
Impairment	(15,001)
Cost at the end of the period
Land	803,773
Buildings, Improvements & Equipment	6,926,750
Total	7,730,523	$ 7,456,940	$ 6,222,360	$ 5,247,374
Accumulated Depreciation	1,328,011	$ 1,147,540	$ 973,205	$ 830,448
2184 Parkway Lake Drive, Birmingham, AL
Initial Cost to Company
Land	580
Buildings, Improvements & Equipment	5,980
Cost Capitalized Subsequent to Acquisition	2,025
Cost at the end of the period
Land	580
Buildings, Improvements & Equipment	8,005
Total	8,585
Accumulated Depreciation	1,448
2634 Valleydale Road, Birmingham, AL
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	7,574
Cost Capitalized Subsequent to Acquisition	907
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	8,481
Total	9,081
Accumulated Depreciation	1,769
2021 Dahike Drive, NE, Cullman, AL
Initial Cost to Company
Land	287
Buildings, Improvements & Equipment	3,415
Cost Capitalized Subsequent to Acquisition	289
Cost at the end of the period
Land	287
Buildings, Improvements & Equipment	3,704
Total	3,991
Accumulated Depreciation	1,307
49 Hughes Road, Madison, AL
Initial Cost to Company
Land	334
Buildings, Improvements & Equipment	3,981
Cost Capitalized Subsequent to Acquisition	429
Cost at the end of the period
Land	334
Buildings, Improvements & Equipment	4,410
Total	4,744
Accumulated Depreciation	1,499
200 Terrace Lane, Priceville, AL
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	9,447
Cost Capitalized Subsequent to Acquisition	249
Cost at the end of the period
Land	1,300
Buildings, Improvements & Equipment	9,696
Total	10,996
Accumulated Depreciation	1,373
413 Cox Boulevard, Sheffield, AL
Initial Cost to Company
Land	394
Buildings, Improvements & Equipment	4,684
Cost Capitalized Subsequent to Acquisition	462
Cost at the end of the period
Land	394
Buildings, Improvements & Equipment	5,146
Total	5,540
Accumulated Depreciation	1,719
2435 Columbiana Road, Vestavia Hills, AL
Initial Cost to Company
Land	843
Buildings, Improvements & Equipment	23,472
Cost Capitalized Subsequent to Acquisition	193
Cost at the end of the period
Land	843
Buildings, Improvements & Equipment	23,665
Total	24,508
Accumulated Depreciation	1,132
4461 N.Crossover Road, Fayetteville, AR
Real Estate And Accumulated Depreciation
Encumbrances	8,148
Initial Cost to Company
Land	733
Buildings, Improvements & Equipment	10,432
Cost Capitalized Subsequent to Acquisition	43
Cost at the end of the period
Land	733
Buildings, Improvements & Equipment	10,475
Total	11,208
Accumulated Depreciation	495
4210 S. Caraway Road Jonesboro, AR
Real Estate And Accumulated Depreciation
Encumbrances	4,197
Initial Cost to Company
Land	653
Buildings, Improvements & Equipment	9,515
Cost Capitalized Subsequent to Acquisition	46
Cost at the end of the period
Land	653
Buildings, Improvements & Equipment	9,561
Total	10,214
Accumulated Depreciation	449
672 Jones Road,Springdale,AR
Real Estate And Accumulated Depreciation
Encumbrances	4,241
Initial Cost to Company
Land	572
Buildings, Improvements & Equipment	9,364
Cost Capitalized Subsequent to Acquisition	48
Cost at the end of the period
Land	572
Buildings, Improvements & Equipment	9,412
Total	9,984
Accumulated Depreciation	442
13840 North Desert Harbor Drive, Peoria, AZ
Initial Cost to Company
Land	2,687
Buildings, Improvements & Equipment	15,843
Cost Capitalized Subsequent to Acquisition	3,542
Cost at the end of the period
Land	2,687
Buildings, Improvements & Equipment	19,385
Total	22,072
Accumulated Depreciation	8,261
9045 W. Athens Street, Peoria,AZ
Initial Cost to Company
Land	1,405
Buildings, Improvements & Equipment	9,115
Cost Capitalized Subsequent to Acquisition	67
Cost at the end of the period
Land	1,405
Buildings, Improvements & Equipment	9,182
Total	10,587
Accumulated Depreciation	450
11209 N. Tatum Boulevard, Phoenix, AZ
Initial Cost to Company
Land	1,380
Buildings, Improvements & Equipment	6,349
Cost Capitalized Subsequent to Acquisition	1,646
Cost at the end of the period
Land	1,380
Buildings, Improvements & Equipment	7,995
Total	9,375
Accumulated Depreciation	1,231
2444 West Las Palmaritas Drive, Phoenix, AZ
Initial Cost to Company
Land	3,820
Buildings, Improvements & Equipment	6,669
Cost Capitalized Subsequent to Acquisition	288
Cost at the end of the period
Land	3,820
Buildings, Improvements & Equipment	6,957
Total	10,777
Accumulated Depreciation	1,000
4121 East Cotton Center, Phoenix,AZ
Initial Cost to Company
Land	5,166
Buildings, Improvements & Equipment	12,724
Cost at the end of the period
Land	5,166
Buildings, Improvements & Equipment	12,724
Total	17,890
Accumulated Depreciation	610
6001 E. Thomas Road, Scottsdale, AZ
Initial Cost to Company
Land	941
Buildings, Improvements & Equipment	8,807
Cost Capitalized Subsequent to Acquisition	2,563
Cost at the end of the period
Land	941
Buildings, Improvements & Equipment	11,370
Total	12,311
Accumulated Depreciation	5,410
7090 East Mescal Street, Scottsdale, AZ
Initial Cost to Company
Land	2,315
Buildings, Improvements & Equipment	13,650
Cost Capitalized Subsequent to Acquisition	6,288
Cost at the end of the period
Land	2,315
Buildings, Improvements & Equipment	19,938
Total	22,253
Accumulated Depreciation	7,296
17225 Boswell Blvd., Sun City, AZ
Initial Cost to Company
Land	1,189
Buildings, Improvements & Equipment	10,569
Cost Capitalized Subsequent to Acquisition	1,182
Cost at the end of the period
Land	1,189
Buildings, Improvements & Equipment	11,751
Total	12,940
Accumulated Depreciation	6,286
14001 W. Meeker Boulevard, Sun City West, AZ
Initial Cost to Company
Land	395
Buildings, Improvements & Equipment	3,307
Cost at the end of the period
Land	395
Buildings, Improvements & Equipment	3,307
Total	3,702
Accumulated Depreciation	1,273
1415 West 3rd Street Tempe,AZ
Initial Cost to Company
Land	2,186
Buildings, Improvements & Equipment	13,446
Cost Capitalized Subsequent to Acquisition	64
Cost at the end of the period
Land	2,186
Buildings, Improvements & Equipment	13,510
Total	15,696
Accumulated Depreciation	647
2500 North Rosemont Boulevard, Tucson, AZ
Initial Cost to Company
Land	4,429
Buildings, Improvements & Equipment	26,119
Cost Capitalized Subsequent to Acquisition	4,771
Cost at the end of the period
Land	4,432
Buildings, Improvements & Equipment	30,887
Total	35,319
Accumulated Depreciation	12,720
710 N. Euclid, Anaheim, CA
Initial Cost to Company
Land	2,850
Buildings, Improvements & Equipment	6,964
Cost Capitalized Subsequent to Acquisition	737
Cost at the end of the period
Land	2,893
Buildings, Improvements & Equipment	7,658
Total	10,551
Accumulated Depreciation	1,696
3209 Brookside Drive, Bakersfield, CA
Real Estate And Accumulated Depreciation
Encumbrances	12,772
Initial Cost to Company
Land	4,166
Buildings, Improvements & Equipment	13,233
Cost Capitalized Subsequent to Acquisition	48
Cost at the end of the period
Land	4,166
Buildings, Improvements & Equipment	13,281
Total	17,447
Accumulated Depreciation	620
5770 Armada Drive, Carlsbad, CA
Real Estate And Accumulated Depreciation
Encumbrances	11,594
Initial Cost to Company
Land	3,875
Buildings, Improvements & Equipment	18,543
Cost at the end of the period
Land	3,875
Buildings, Improvements & Equipment	18,543
Total	22,418
Accumulated Depreciation	889
1350 S. El Camino Real, Encinitas, CA
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	18,042
Cost Capitalized Subsequent to Acquisition	415
Cost at the end of the period
Land	1,517
Buildings, Improvements & Equipment	18,450
Total	19,967
Accumulated Depreciation	4,075
47201 Lakeview Boulevard, Fremont, CA
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	10,177
Cost Capitalized Subsequent to Acquisition	36
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	10,213
Total	13,413
Accumulated Depreciation	1,336
47211/47215 Lakeview Boulevard, Fremont, CA
Initial Cost to Company
Land	3,750
Buildings, Improvements & Equipment	12,656
Cost Capitalized Subsequent to Acquisition	369
Cost at the end of the period
Land	3,750
Buildings, Improvements & Equipment	13,025
Total	16,775
Accumulated Depreciation	1,743
47900 Bayside Parkway, Fremont, CA
Initial Cost to Company
Land	4,580
Buildings, Improvements & Equipment	10,370
Cost Capitalized Subsequent to Acquisition	852
Cost at the end of the period
Land	4,580
Buildings, Improvements & Equipment	11,222
Total	15,802
Accumulated Depreciation	1,453
577 South Peach Street, Fresno, CA
Initial Cost to Company
Land	738
Buildings, Improvements & Equipment	2,577
Cost Capitalized Subsequent to Acquisition	1,531
Cost at the end of the period
Land	738
Buildings, Improvements & Equipment	4,108
Total	4,846
Accumulated Depreciation	1,868
6075 N. Marks Avenue, Fresno, CA
Initial Cost to Company
Land	880
Buildings, Improvements & Equipment	12,751
Cost Capitalized Subsequent to Acquisition	327
Cost at the end of the period
Land	883
Buildings, Improvements & Equipment	13,075
Total	13,958
Accumulated Depreciation	2,860
24552 Paseo de Valencia, Laguna Hills, CA
Initial Cost to Company
Land	3,172
Buildings, Improvements & Equipment	28,184
Cost Capitalized Subsequent to Acquisition	8,297
Cost at the end of the period
Land	3,810
Buildings, Improvements & Equipment	35,843
Total	39,653
Accumulated Depreciation	16,711
1642 West Avenue J, Lancaster, CA
Initial Cost to Company
Land	601
Buildings, Improvements & Equipment	1,859
Cost Capitalized Subsequent to Acquisition	3,077
Cost at the end of the period
Land	601
Buildings, Improvements & Equipment	4,936
Total	5,537
Accumulated Depreciation	2,616
8631 West 3rd Street, Los Angeles, CA
Initial Cost to Company
Land	24,640
Buildings, Improvements & Equipment	88,277
Cost Capitalized Subsequent to Acquisition	8,868
Cost at the end of the period
Land	24,640
Buildings, Improvements & Equipment	97,145
Total	121,785
Accumulated Depreciation	14,215
8635 West 3rd Street, Los Angeles, CA
Initial Cost to Company
Land	24,640
Buildings, Improvements & Equipment	90,352
Cost Capitalized Subsequent to Acquisition	8,774
Cost at the end of the period
Land	24,640
Buildings, Improvements & Equipment	99,126
Total	123,766
Accumulated Depreciation	14,394
2325 St. Pauls Way, Modesto, CA
Real Estate And Accumulated Depreciation
Encumbrances	6,565
Initial Cost to Company
Land	1,104
Buildings, Improvements & Equipment	9,009
Cost Capitalized Subsequent to Acquisition	3
Cost at the end of the period
Land	1,106
Buildings, Improvements & Equipment	9,010
Total	10,116
Accumulated Depreciation	429
8700 Lindley Avenue, Northridge, CA
Initial Cost to Company
Land	2,068
Buildings, Improvements & Equipment	13,520
Cost Capitalized Subsequent to Acquisition	48
Cost at the end of the period
Land	2,068
Buildings, Improvements & Equipment	13,568
Total	15,636
Accumulated Depreciation	633
1319 Brookside Avenue, Redlands, CA
Initial Cost to Company
Land	1,770
Buildings, Improvements & Equipment	9,982
Cost Capitalized Subsequent to Acquisition	517
Cost at the end of the period
Land	1,770
Buildings, Improvements & Equipment	10,499
Total	12,269
Accumulated Depreciation	2,246
110 Sterling Court, Roseville, CA
Initial Cost to Company
Land	1,620
Buildings, Improvements & Equipment	10,262
Cost Capitalized Subsequent to Acquisition	407
Cost at the end of the period
Land	1,620
Buildings, Improvements & Equipment	10,669
Total	12,289
Accumulated Depreciation	2,320
1371 Parkside Drive, San Bernardino, CA
Initial Cost to Company
Land	1,250
Buildings, Improvements & Equipment	9,069
Cost Capitalized Subsequent to Acquisition	686
Cost at the end of the period
Land	1,250
Buildings, Improvements & Equipment	9,755
Total	11,005
Accumulated Depreciation	2,857
16925 & 16916 Hierba Drive, San Diego, CA
Initial Cost to Company
Land	9,142
Buildings, Improvements & Equipment	53,904
Cost Capitalized Subsequent to Acquisition	11,322
Cost at the end of the period
Land	9,144
Buildings, Improvements & Equipment	65,224
Total	74,368
Accumulated Depreciation	26,799
3030 Science Park, San Diego, CA
Initial Cost to Company
Land	2,466
Buildings, Improvements & Equipment	46,473
Cost at the end of the period
Land	2,466
Buildings, Improvements & Equipment	46,473
Total	48,939
Accumulated Depreciation	8,617
3040 Science Park, San Diego, CA
Initial Cost to Company
Land	1,225
Buildings, Improvements & Equipment	23,077
Cost at the end of the period
Land	1,225
Buildings, Improvements & Equipment	23,077
Total	24,302
Accumulated Depreciation	4,279
3050 Science Park, San Diego, CA
Initial Cost to Company
Land	1,508
Buildings, Improvements & Equipment	28,753
Cost at the end of the period
Land	1,508
Buildings, Improvements & Equipment	28,753
Total	30,261
Accumulated Depreciation	5,331
24305 West Lyons Avenue, Santa Clarita,CA
Initial Cost to Company
Land	763
Buildings, Improvements & Equipment	15,538
Cost Capitalized Subsequent to Acquisition	70
Cost at the end of the period
Land	763
Buildings, Improvements & Equipment	15,608
Total	16,371
Accumulated Depreciation	729
3530 Deer Park Drive, Stockton, CA
Initial Cost to Company
Land	670
Buildings, Improvements & Equipment	14,419
Cost Capitalized Subsequent to Acquisition	425
Cost at the end of the period
Land	670
Buildings, Improvements & Equipment	14,844
Total	15,514
Accumulated Depreciation	3,240
537 E. Fulton Street, Stockton, CA
Initial Cost to Company
Land	382
Buildings, Improvements & Equipment	2,750
Cost Capitalized Subsequent to Acquisition	921
Cost at the end of the period
Land	382
Buildings, Improvements & Equipment	3,671
Total	4,053
Accumulated Depreciation	2,245
877 East March Lane, Stockton (4), CA
Real Estate And Accumulated Depreciation
Encumbrances	7,179
Initial Cost to Company
Land	1,176
Buildings, Improvements & Equipment	11,171
Cost Capitalized Subsequent to Acquisition	5,668
Cost at the end of the period
Land	1,176
Buildings, Improvements & Equipment	16,839
Total	18,015
Accumulated Depreciation	6,005
93 W Avenida de Los Arboles, Thousand Oaks, CA
Initial Cost to Company
Land	622
Buildings, Improvements & Equipment	2,522
Cost Capitalized Subsequent to Acquisition	2,468
Cost at the end of the period
Land	622
Buildings, Improvements & Equipment	4,990
Total	5,612
Accumulated Depreciation	2,870
28515 Westinghouse Place, Valencia,CA
Initial Cost to Company
Land	4,669
Buildings, Improvements & Equipment	41,440
Cost at the end of the period
Land	4,669
Buildings, Improvements & Equipment	41,440
Total	46,109
Accumulated Depreciation	1,986
6835 Hazeltine Street, Van Nuys, CA
Initial Cost to Company
Land	718
Buildings, Improvements & Equipment	378
Cost Capitalized Subsequent to Acquisition	812
Cost at the end of the period
Land	725
Buildings, Improvements & Equipment	1,183
Total	1,908
Accumulated Depreciation	724
1866 San Miguel Drive, Walnut Creek, CA
Initial Cost to Company
Land	2,010
Buildings, Improvements & Equipment	9,290
Cost Capitalized Subsequent to Acquisition	3,209
Cost at the end of the period
Land	3,417
Buildings, Improvements & Equipment	11,092
Total	14,509
Accumulated Depreciation	1,548
1950 South Dayton Street, Aurora, CO
Initial Cost to Company
Land	3,062
Buildings, Improvements & Equipment	46,195
Cost Capitalized Subsequent to Acquisition	433
Cost at the end of the period
Land	3,110
Buildings, Improvements & Equipment	46,580
Total	49,690
Accumulated Depreciation	2,192
515 Fairview, Canon City, CO
Initial Cost to Company
Land	292
Buildings, Improvements & Equipment	6,228
Cost Capitalized Subsequent to Acquisition	1,107
Impairment	(3,512)
Cost at the end of the period
Land	299
Buildings, Improvements & Equipment	3,816
Total	4,115
Accumulated Depreciation	1,793
110 West Van Buren, Colorado Springs, CO
Initial Cost to Company
Land	245
Buildings, Improvements & Equipment	5,236
Cost Capitalized Subsequent to Acquisition	1,692
Impairment	(3,031)
Cost at the end of the period
Land	245
Buildings, Improvements & Equipment	3,897
Total	4,142
Accumulated Depreciation	1,792
3920 East San Miguel Street, Colorado Springs, CO
Initial Cost to Company
Land	1,380
Buildings, Improvements & Equipment	8,894
Cost Capitalized Subsequent to Acquisition	1,989
Cost at the end of the period
Land	1,597
Buildings, Improvements & Equipment	10,666
Total	12,263
Accumulated Depreciation	1,194
2050 South Main, Delta, CO
Initial Cost to Company
Land	167
Buildings, Improvements & Equipment	3,570
Cost Capitalized Subsequent to Acquisition	826
Cost at the end of the period
Land	167
Buildings, Improvements & Equipment	4,396
Total	4,563
Accumulated Depreciation	2,218
2501 Little Bookcliff Drive, Grand Junction, CO
Initial Cost to Company
Land	204
Buildings, Improvements & Equipment	3,875
Cost Capitalized Subsequent to Acquisition	1,441
Cost at the end of the period
Land	204
Buildings, Improvements & Equipment	5,316
Total	5,520
Accumulated Depreciation	3,136
2825 Patterson Road, Grand Junction, CO
Initial Cost to Company
Land	173
Buildings, Improvements & Equipment	2,583
Cost Capitalized Subsequent to Acquisition	2,159
Cost at the end of the period
Land	173
Buildings, Improvements & Equipment	4,742
Total	4,915
Accumulated Depreciation	2,818
1599 Ingalls Street, Lakewood, CO
Initial Cost to Company
Land	232
Buildings, Improvements & Equipment	3,766
Cost Capitalized Subsequent to Acquisition	3,136
Cost at the end of the period
Land	232
Buildings, Improvements & Equipment	6,902
Total	7,134
Accumulated Depreciation	4,020
5555 South Elati Street, Littleton, CO
Initial Cost to Company
Land	185
Buildings, Improvements & Equipment	5,043
Cost Capitalized Subsequent to Acquisition	2,475
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	7,512
Total	7,703
Accumulated Depreciation	4,571
8271 South Continental Divide Road, Littleton, CO
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,507
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,507
Total	3,907
Accumulated Depreciation	1,349
9005 / 9025 Grant Street, Thornton, CO, Location 1
Initial Cost to Company
Land	961
Buildings, Improvements & Equipment	10,867
Cost Capitalized Subsequent to Acquisition	56
Cost at the end of the period
Land	993
Buildings, Improvements & Equipment	10,891
Total	11,884
Accumulated Depreciation	1,092
9005 / 9025 Grant Street, Thornton, CO, Location 2
Initial Cost to Company
Land	475
Buildings, Improvements & Equipment	909
Cost Capitalized Subsequent to Acquisition	456
Cost at the end of the period
Land	483
Buildings, Improvements & Equipment	1,357
Total	1,840
Accumulated Depreciation	120
7809 W. 38th Avenue, Wheat Ridge, CO
Initial Cost to Company
Land	470
Buildings, Improvements & Equipment	3,373
Cost at the end of the period
Land	470
Buildings, Improvements & Equipment	3,373
Total	3,843
Accumulated Depreciation	569
40 Sebethe Drive, Cromwell, CT
Initial Cost to Company
Land	570
Buildings, Improvements & Equipment	5,304
Cost Capitalized Subsequent to Acquisition	1,048
Cost at the end of the period
Land	570
Buildings, Improvements & Equipment	6,352
Total	6,922
Accumulated Depreciation	1,083
866 North Main Street, Wallingford, CT
Initial Cost to Company
Land	430
Buildings, Improvements & Equipment	3,136
Cost Capitalized Subsequent to Acquisition	575
Cost at the end of the period
Land	430
Buildings, Improvements & Equipment	3,711
Total	4,141
Accumulated Depreciation	707
1145 19th Street, Washington, DC
Initial Cost to Company
Land	13,600
Buildings, Improvements & Equipment	24,880
Cost Capitalized Subsequent to Acquisition	6,786
Cost at the end of the period
Land	13,600
Buildings, Improvements & Equipment	31,666
Total	45,266
Accumulated Depreciation	5,435
2141 K Street, Washington, DC
Initial Cost to Company
Land	13,700
Buildings, Improvements & Equipment	8,400
Cost Capitalized Subsequent to Acquisition	2,795
Cost at the end of the period
Land	13,700
Buildings, Improvements & Equipment	11,195
Total	24,895
Accumulated Depreciation	2,131
255 Possum Park Road, Newark, DE
Initial Cost to Company
Land	2,010
Buildings, Improvements & Equipment	11,852
Cost Capitalized Subsequent to Acquisition	2,930
Cost at the end of the period
Land	2,010
Buildings, Improvements & Equipment	14,782
Total	16,792
Accumulated Depreciation	6,111
4175 Ogletown Road / 501 South Harmony Road, Newark, DE
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	19,447
Cost Capitalized Subsequent to Acquisition	1,001
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	20,448
Total	21,948
Accumulated Depreciation	4,452
1212 Foulk Road, Wilmington (4), DE
Real Estate And Accumulated Depreciation
Encumbrances	6,977
Initial Cost to Company
Land	1,179
Buildings, Improvements & Equipment	6,950
Cost Capitalized Subsequent to Acquisition	1,399
Cost at the end of the period
Land	1,196
Buildings, Improvements & Equipment	8,332
Total	9,528
Accumulated Depreciation	3,732
1912 Marsh Road, Wilmington, DE
Initial Cost to Company
Land	4,365
Buildings, Improvements & Equipment	25,739
Cost Capitalized Subsequent to Acquisition	3,371
Cost at the end of the period
Land	4,370
Buildings, Improvements & Equipment	29,105
Total	33,475
Accumulated Depreciation	11,653
2723 Shipley Road, Wilmington, DE
Initial Cost to Company
Land	869
Buildings, Improvements & Equipment	5,126
Cost Capitalized Subsequent to Acquisition	3,915
Cost at the end of the period
Land	875
Buildings, Improvements & Equipment	9,035
Total	9,910
Accumulated Depreciation	3,789
407 Foulk Road, Wilmington, DE
Initial Cost to Company
Land	38
Buildings, Improvements & Equipment	227
Cost Capitalized Subsequent to Acquisition	2,073
Cost at the end of the period
Land	78
Buildings, Improvements & Equipment	2,260
Total	2,338
Accumulated Depreciation	593
13545 Progress Boulevard, Alachua, FL
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	4,935
Cost Capitalized Subsequent to Acquisition	173
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	5,108
Total	5,620
Accumulated Depreciation	732
13631 Progress Boulevard, Alachua, FL
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	4,941
Cost Capitalized Subsequent to Acquisition	106
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	5,047
Total	5,559
Accumulated Depreciation	690
13709 Progress Boulevard, Alachua, FL
Initial Cost to Company
Land	1,080
Buildings, Improvements & Equipment	1,675
Cost Capitalized Subsequent to Acquisition	341
Cost at the end of the period
Land	1,080
Buildings, Improvements & Equipment	2,016
Total	3,096
Accumulated Depreciation	279
13859 Progress Boulevard, Alachua (4), FL
Real Estate And Accumulated Depreciation
Encumbrances	2,819
Initial Cost to Company
Land	570
Buildings, Improvements & Equipment	4,276
Cost at the end of the period
Land	570
Buildings, Improvements & Equipment	4,276
Total	4,846
Accumulated Depreciation	579
Progress Center - Lot 1 Property, Alachua, FL
Initial Cost to Company
Land	165
Cost at the end of the period
Land	165
Total	165
Progress Center - Lot 4 Property, Alachua, FL
Initial Cost to Company
Land	331
Cost at the end of the period
Land	331
Total	331
Progress Vacant Land (47 acres), Alachua, FL
Initial Cost to Company
Land	4,000
Cost at the end of the period
Land	4,000
Total	4,000
13200 Nano Court, Alachula, FL
Initial Cost to Company
Land	2,792
Buildings, Improvements & Equipment	42,440
Cost at the end of the period
Land	2,792
Buildings, Improvements & Equipment	42,440
Total	45,232
Accumulated Depreciation	707
22601 Camino Del Mar, Boca Raton (4), FL
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	46,800
Cost Capitalized Subsequent to Acquisition	2,768
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	49,568
Total	52,768
Accumulated Depreciation	7,514
6343 Via de Sonrisa del Sur, Boca Raton, FL
Initial Cost to Company
Land	4,166
Buildings, Improvements & Equipment	39,633
Cost Capitalized Subsequent to Acquisition	729
Cost at the end of the period
Land	4,166
Buildings, Improvements & Equipment	40,362
Total	44,528
Accumulated Depreciation	22,827
1325 S. Congress Avenue, Boynton Beach, FL
Initial Cost to Company
Land	1,620
Buildings, Improvements & Equipment	5,341
Cost Capitalized Subsequent to Acquisition	625
Cost at the end of the period
Land	1,620
Buildings, Improvements & Equipment	5,966
Total	7,586
Accumulated Depreciation	625
1425 Congress Avenue, Boynton Beach, FL
Initial Cost to Company
Land	2,390
Buildings, Improvements & Equipment	14,768
Cost Capitalized Subsequent to Acquisition	1,638
Cost at the end of the period
Land	2,390
Buildings, Improvements & Equipment	16,406
Total	18,796
Accumulated Depreciation	2,603
1416 Country Club Blvd., Cape Coral, FL
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,907
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,907
Total	3,307
Accumulated Depreciation	1,121
8500 Royal Palm Boulevard, Coral Springs, FL
Initial Cost to Company
Land	3,410
Buildings, Improvements & Equipment	20,104
Cost Capitalized Subsequent to Acquisition	24,199
Cost at the end of the period
Land	3,413
Buildings, Improvements & Equipment	44,300
Total	47,713
Accumulated Depreciation	13,772
1208 South Military Trail, Deerfield Beach, FL
Initial Cost to Company
Land	1,690
Buildings, Improvements & Equipment	14,972
Cost Capitalized Subsequent to Acquisition	19,550
Cost at the end of the period
Land	1,735
Buildings, Improvements & Equipment	34,477
Total	36,212
Accumulated Depreciation	11,671
3001 Deer Creek Boulevard, Deerfield Beach, FL
Initial Cost to Company
Land	3,196
Buildings, Improvements & Equipment	18,848
Cost Capitalized Subsequent to Acquisition	15,468
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	34,312
Total	37,512
Accumulated Depreciation	11,877
12780 Kenwood Lane, Fort Myers, FL
Initial Cost to Company
Land	369
Buildings, Improvements & Equipment	2,174
Cost Capitalized Subsequent to Acquisition	2,897
Cost at the end of the period
Land	859
Buildings, Improvements & Equipment	4,581
Total	5,440
Accumulated Depreciation	1,608
2525 East First Street, Fort Myers, FL
Initial Cost to Company
Land	2,385
Buildings, Improvements & Equipment	21,137
Cost Capitalized Subsequent to Acquisition	10,755
Cost at the end of the period
Land	2,525
Buildings, Improvements & Equipment	31,752
Total	34,277
Accumulated Depreciation	13,277
1825 Ridgewood Avenue, Holly Hill (4), FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	900
Buildings, Improvements & Equipment	21,202
Cost Capitalized Subsequent to Acquisition	(3,232)
Cost at the end of the period
Land	700
Buildings, Improvements & Equipment	18,170
Total	18,870
Accumulated Depreciation	2,873
2480 North Park Road, Hollywood, FL
Initial Cost to Company
Land	4,500
Buildings, Improvements & Equipment	40,500
Cost Capitalized Subsequent to Acquisition	11,770
Cost at the end of the period
Land	4,527
Buildings, Improvements & Equipment	52,243
Total	56,770
Accumulated Depreciation	7,558
8901 Tamiami Trail E., Naples, FL
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	2,898
Cost Capitalized Subsequent to Acquisition	12,403
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	15,301
Total	18,501
Accumulated Depreciation	3,916
12780 Waterford Lakes Parkway, Orlando, FL
Initial Cost to Company
Land	977
Buildings, Improvements & Equipment	3,946
Cost at the end of the period
Land	977
Buildings, Improvements & Equipment	3,946
Total	4,923
Accumulated Depreciation	299
1603 S. Hiawassee Road, Orlando, FL
Initial Cost to Company
Land	488
Buildings, Improvements & Equipment	2,621
Cost Capitalized Subsequent to Acquisition	70
Cost at the end of the period
Land	488
Buildings, Improvements & Equipment	2,691
Total	3,179
Accumulated Depreciation	203
1825 N. Mills Avenue, Orlando, Orlando, FL
Initial Cost to Company
Land	519
Buildings, Improvements & Equipment	1,799
Cost Capitalized Subsequent to Acquisition	354
Cost at the end of the period
Land	519
Buildings, Improvements & Equipment	2,153
Total	2,672
Accumulated Depreciation	438
1911 N. Mills Avenue, Orlando, Orlando, FL
Initial Cost to Company
Land	1,946
Buildings, Improvements & Equipment	7,197
Cost Capitalized Subsequent to Acquisition	676
Cost at the end of the period
Land	1,946
Buildings, Improvements & Equipment	7,873
Total	9,819
Accumulated Depreciation	1,651
1925 N. Mills Avenue, Orlando, Orlando, FL
Initial Cost to Company
Land	135
Buildings, Improvements & Equipment	532
Cost Capitalized Subsequent to Acquisition	156
Cost at the end of the period
Land	135
Buildings, Improvements & Equipment	688
Total	823
Accumulated Depreciation	137
250 N. Alafaya Trail, Orlando, FL
Initial Cost to Company
Land	967
Buildings, Improvements & Equipment	4,362
Cost Capitalized Subsequent to Acquisition	3
Cost at the end of the period
Land	967
Buildings, Improvements & Equipment	4,365
Total	5,332
Accumulated Depreciation	328
45 Katherine Boulevard, Palm Harbor, FL
Initial Cost to Company
Land	3,379
Buildings, Improvements & Equipment	29,945
Cost Capitalized Subsequent to Acquisition	3,730
Cost at the end of the period
Land	3,392
Buildings, Improvements & Equipment	33,662
Total	37,054
Accumulated Depreciation	18,053
900 West Lake Road, Palm Harbor (4), FL
Real Estate And Accumulated Depreciation
Encumbrances	22,313
Initial Cost to Company
Land	3,449
Buildings, Improvements & Equipment	20,336
Cost Capitalized Subsequent to Acquisition	6,758
Cost at the end of the period
Land	3,449
Buildings, Improvements & Equipment	27,094
Total	30,543
Accumulated Depreciation	10,761
8500 West Sunrise Boulevard, Plantation (4), FL
Initial Cost to Company
Land	4,700
Buildings, Improvements & Equipment	24,300
Cost Capitalized Subsequent to Acquisition	3,824
Cost at the end of the period
Land	4,710
Buildings, Improvements & Equipment	28,114
Total	32,824
Accumulated Depreciation	5,204
1371 South Ocean Boulevard, Pompano Beach, FL
Initial Cost to Company
Land	2,500
Buildings, Improvements & Equipment	15,500
Cost Capitalized Subsequent to Acquisition	10,129
Cost at the end of the period
Land	2,500
Buildings, Improvements & Equipment	25,629
Total	28,129
Accumulated Depreciation	3,567
2701 North Course Dr., Pompano Beach, FL
Initial Cost to Company
Land	7,700
Buildings, Improvements & Equipment	2,127
Cost Capitalized Subsequent to Acquisition	34,703
Cost at the end of the period
Land	7,700
Buildings, Improvements & Equipment	36,830
Total	44,530
Accumulated Depreciation	9,724
20480 Veterans Boulevard, Port Charlotte, FL
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	11,934
Cost Capitalized Subsequent to Acquisition	1,244
Cost at the end of the period
Land	404
Buildings, Improvements & Equipment	13,174
Total	13,578
Accumulated Depreciation	2,202
1699 S.E. Lyngate Drive, Port St. Lucie, FL
Initial Cost to Company
Land	1,242
Buildings, Improvements & Equipment	11,009
Cost Capitalized Subsequent to Acquisition	1,142
Cost at the end of the period
Land	1,242
Buildings, Improvements & Equipment	12,151
Total	13,393
Accumulated Depreciation	6,644
501 N.W. Cashmere Boulevard, Port St. Lucie, FL
Initial Cost to Company
Land	890
Buildings, Improvements & Equipment	9,345
Cost Capitalized Subsequent to Acquisition	752
Cost at the end of the period
Land	891
Buildings, Improvements & Equipment	10,096
Total	10,987
Accumulated Depreciation	1,560
3855 Upper Creek Drive, Sun City, FL
Initial Cost to Company
Land	1,676
Buildings, Improvements & Equipment	15,788
Cost Capitalized Subsequent to Acquisition	89
Cost at the end of the period
Land	1,676
Buildings, Improvements & Equipment	15,877
Total	17,553
Accumulated Depreciation	760
900 South Harbour Island Blvd., Tampa, FL
Initial Cost to Company
Land	4,850
Buildings, Improvements & Equipment	6,349
Cost Capitalized Subsequent to Acquisition	7
Cost at the end of the period
Land	4,850
Buildings, Improvements & Equipment	6,356
Total	11,206
Accumulated Depreciation	1,463
111 Executive Center Drive, West Palm Beach, FL
Initial Cost to Company
Land	2,061
Buildings, Improvements & Equipment	12,153
Cost Capitalized Subsequent to Acquisition	9,519
Cost at the end of the period
Land	2,061
Buildings, Improvements & Equipment	21,672
Total	23,733
Accumulated Depreciation	8,291
1200 Bluegrass Lakes Parkway, Alpharetta GA
Initial Cost to Company
Land	1,689
Buildings, Improvements & Equipment	15,936
Cost at the end of the period
Land	1,689
Buildings, Improvements & Equipment	15,936
Total	17,625
Accumulated Depreciation	764
253 N. Main St., Alpharetta, GA
Real Estate And Accumulated Depreciation
Encumbrances	9,953
Initial Cost to Company
Land	1,325
Buildings, Improvements & Equipment	12,377
Cost Capitalized Subsequent to Acquisition	136
Cost at the end of the period
Land	1,325
Buildings, Improvements & Equipment	12,513
Total	13,838
Accumulated Depreciation	601
855 North Point Pkwy, Alpharetta, GA
Initial Cost to Company
Land	5,390
Buildings, Improvements & Equipment	26,712
Cost at the end of the period
Land	5,390
Buildings, Improvements & Equipment	26,712
Total	32,102
Accumulated Depreciation	5,593
2351 Cedarcrest Road, Acworth, GA
Initial Cost to Company
Land	2,000
Buildings, Improvements & Equipment	6,674
Cost Capitalized Subsequent to Acquisition	56
Cost at the end of the period
Land	2,000
Buildings, Improvements & Equipment	6,730
Total	8,730
Accumulated Depreciation	147
1291 Cedar Shoals Drive, Athens, GA
Initial Cost to Company
Land	337
Buildings, Improvements & Equipment	4,006
Cost Capitalized Subsequent to Acquisition	790
Cost at the end of the period
Land	353
Buildings, Improvements & Equipment	4,780
Total	5,133
Accumulated Depreciation	1,489
1515 Sheridan Road, Atlanta, GA
Initial Cost to Company
Land	5,800
Buildings, Improvements & Equipment	9,305
Cost Capitalized Subsequent to Acquisition	3
Cost at the end of the period
Land	5,800
Buildings, Improvements & Equipment	9,308
Total	15,108
Accumulated Depreciation	2,123
59 Executive Park South, Atlanta, GA
Initial Cost to Company
Land	4,980
Buildings, Improvements & Equipment	11,266
Cost Capitalized Subsequent to Acquisition	586
Cost at the end of the period
Land	4,980
Buildings, Improvements & Equipment	11,852
Total	16,832
Accumulated Depreciation	1,897
240 Marietta Highway, Canton, GA
Initial Cost to Company
Land	806
Buildings, Improvements & Equipment	8,555
Cost Capitalized Subsequent to Acquisition	984
Cost at the end of the period
Land	806
Buildings, Improvements & Equipment	9,539
Total	10,345
Accumulated Depreciation	934
4500 South Stadium Drive, Columbus, GA
Initial Cost to Company
Land	294
Buildings, Improvements & Equipment	3,505
Cost Capitalized Subsequent to Acquisition	321
Cost at the end of the period
Land	294
Buildings, Improvements & Equipment	3,826
Total	4,120
Accumulated Depreciation	1,244
1352 Wellbrook Circle, Conyers, GA
Initial Cost to Company
Land	342
Buildings, Improvements & Equipment	4,068
Cost Capitalized Subsequent to Acquisition	925
Cost at the end of the period
Land	342
Buildings, Improvements & Equipment	4,993
Total	5,335
Accumulated Depreciation	1,578
1501 Milstead Road, Conyers, GA
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	7,796
Cost Capitalized Subsequent to Acquisition	273
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	8,069
Total	8,819
Accumulated Depreciation	1,254
3875 Post Road, Conyers, GA
Initial Cost to Company
Land	954
Buildings, Improvements & Equipment	12,796
Cost Capitalized Subsequent to Acquisition	54
Cost at the end of the period
Land	958
Buildings, Improvements & Equipment	12,846
Total	13,804
Accumulated Depreciation	621
4960 Jot Em Down Road, Cumming, GA
Initial Cost to Company
Land	1,548
Buildings, Improvements & Equipment	18,666
Cost Capitalized Subsequent to Acquisition	11,998
Cost at the end of the period
Land	3,388
Buildings, Improvements & Equipment	28,824
Total	32,212
Accumulated Depreciation	2,378
5610 Hampton Park Dr., Cumming, GA
Initial Cost to Company
Land	3,479
Buildings, Improvements & Equipment	14,771
Cost Capitalized Subsequent to Acquisition	161
Cost at the end of the period
Land	3,479
Buildings, Improvements & Equipment	14,932
Total	18,411
Accumulated Depreciation	621
7955 Majors Road, Cumming, GA
Initial Cost to Company
Land	1,325
Buildings, Improvements & Equipment	7,770
Cost Capitalized Subsequent to Acquisition	90
Cost at the end of the period
Land	1,325
Buildings, Improvements & Equipment	7,860
Total	9,185
Accumulated Depreciation	377
2470 Dug Gap Road, Dalton, GA
Initial Cost to Company
Land	262
Buildings, Improvements & Equipment	3,119
Cost Capitalized Subsequent to Acquisition	466
Cost at the end of the period
Land	262
Buildings, Improvements & Equipment	3,585
Total	3,847
Accumulated Depreciation	1,141
101 West Ponce De Leon Avenue, Decatur, GA
Initial Cost to Company
Land	3,500
Buildings, Improvements & Equipment	13,179
Cost Capitalized Subsequent to Acquisition	11
Cost at the end of the period
Land	3,500
Buildings, Improvements & Equipment	13,190
Total	16,690
Accumulated Depreciation	1,510
2801 N. Decatur Road, Decatur, GA
Initial Cost to Company
Land	3,100
Buildings, Improvements & Equipment	4,436
Cost Capitalized Subsequent to Acquisition	682
Cost at the end of the period
Land	3,100
Buildings, Improvements & Equipment	5,118
Total	8,218
Accumulated Depreciation	1,059
114 Penland Street, Ellijay, GA
Initial Cost to Company
Land	496
Buildings, Improvements & Equipment	7,107
Cost Capitalized Subsequent to Acquisition	366
Cost at the end of the period
Land	496
Buildings, Improvements & Equipment	7,473
Total	7,969
Accumulated Depreciation	691
353 North Belair Road, Evans, GA
Initial Cost to Company
Land	230
Buildings, Improvements & Equipment	2,663
Cost Capitalized Subsequent to Acquisition	553
Cost at the end of the period
Land	230
Buildings, Improvements & Equipment	3,216
Total	3,446
Accumulated Depreciation	1,075
1294 Highway 54 West, Fayetteville, GA
Real Estate And Accumulated Depreciation
Encumbrances	8,386
Initial Cost to Company
Land	853
Buildings, Improvements & Equipment	9,903
Cost Capitalized Subsequent to Acquisition	142
Cost at the end of the period
Land	853
Buildings, Improvements & Equipment	10,045
Total	10,898
Accumulated Depreciation	490
2435 Limestone Parkway, Gainesville, GA
Initial Cost to Company
Land	268
Buildings, Improvements & Equipment	3,186
Cost Capitalized Subsequent to Acquisition	619
Cost at the end of the period
Land	268
Buildings, Improvements & Equipment	3,805
Total	4,073
Accumulated Depreciation	1,170
3315 Thompson Bridge Road, Gainesville, GA
Real Estate And Accumulated Depreciation
Encumbrances	17,804
Initial Cost to Company
Land	934
Buildings, Improvements & Equipment	30,962
Cost Capitalized Subsequent to Acquisition	265
Cost at the end of the period
Land	934
Buildings, Improvements & Equipment	31,227
Total	32,161
Accumulated Depreciation	1,450
5373 Thompson Mill Road, Hoschton, GA
Initial Cost to Company
Land	944
Buildings, Improvements & Equipment	12,171
Cost Capitalized Subsequent to Acquisition	6
Cost at the end of the period
Land	944
Buildings, Improvements & Equipment	12,177
Total	13,121
Accumulated Depreciation	575
8080 Summit Business Parkway, Jonesboro, GA
Initial Cost to Company
Land	1,800
Buildings, Improvements & Equipment	20,664
Cost Capitalized Subsequent to Acquisition	1,604
Cost at the end of the period
Land	1,800
Buildings, Improvements & Equipment	22,268
Total	24,068
Accumulated Depreciation	3,485
6191 Peake Road, Macon, GA
Initial Cost to Company
Land	183
Buildings, Improvements & Equipment	2,179
Cost Capitalized Subsequent to Acquisition	735
Cost at the end of the period
Land	183
Buildings, Improvements & Equipment	2,914
Total	3,097
Accumulated Depreciation	859
1360 Upper Hembree Road, Roswell, GA
Initial Cost to Company
Land	1,080
Buildings, Improvements & Equipment	6,138
Cost Capitalized Subsequent to Acquisition	42
Cost at the end of the period
Land	1,080
Buildings, Improvements & Equipment	6,180
Total	7,260
Accumulated Depreciation	716
1 Savannah Square Drive, Savannah, GA
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	19,090
Cost Capitalized Subsequent to Acquisition	4,371
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	23,461
Total	24,661
Accumulated Depreciation	6,263
5200 Habersham Street, Savannah (4), GA
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	7,800
Cost Capitalized Subsequent to Acquisition	604
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	8,404
Total	9,204
Accumulated Depreciation	1,392
7410 Skidaway Road, Savannah, GA
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	5,670
Cost Capitalized Subsequent to Acquisition	1,035
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	6,705
Total	7,105
Accumulated Depreciation	1,960
2078 Scenic Highway North, Snellville, GA
Initial Cost to Company
Land	870
Buildings, Improvements & Equipment	4,030
Cost Capitalized Subsequent to Acquisition	321
Cost at the end of the period
Land	870
Buildings, Improvements & Equipment	4,351
Total	5,221
Accumulated Depreciation	844
475 Country Club Dr., Stockbridge, GA
Real Estate And Accumulated Depreciation
Encumbrances	8,319
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	9,560
Cost Capitalized Subsequent to Acquisition	210
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	9,770
Total	10,282
Accumulated Depreciation	485
1300 Montreal Road, Tucker, GA
Initial Cost to Company
Land	690
Buildings, Improvements & Equipment	6,210
Cost Capitalized Subsequent to Acquisition	818
Cost at the end of the period
Land	690
Buildings, Improvements & Equipment	7,028
Total	7,718
Accumulated Depreciation	2,252
1100 Ward Avenue, Honolulu (4), HI
Initial Cost to Company
Land	11,200
Buildings, Improvements & Equipment	55,618
Cost Capitalized Subsequent to Acquisition	1,899
Cost at the end of the period
Land	11,200
Buildings, Improvements & Equipment	57,517
Total	68,717
Accumulated Depreciation	6,429
600 Manor Drive, Clarinda, IA
Initial Cost to Company
Land	77
Buildings, Improvements & Equipment	1,453
Cost Capitalized Subsequent to Acquisition	912
Cost at the end of the period
Land	77
Buildings, Improvements & Equipment	2,365
Total	2,442
Accumulated Depreciation	1,495
2401 E. 8th Street, Des Moines, IA
Initial Cost to Company
Land	123
Buildings, Improvements & Equipment	627
Cost Capitalized Subsequent to Acquisition	1,312
Cost at the end of the period
Land	123
Buildings, Improvements & Equipment	1,939
Total	2,062
Accumulated Depreciation	830
608 Prairie Street, Mediapolis, IA
Initial Cost to Company
Land	94
Buildings, Improvements & Equipment	1,776
Cost Capitalized Subsequent to Acquisition	717
Cost at the end of the period
Land	94
Buildings, Improvements & Equipment	2,493
Total	2,587
Accumulated Depreciation	1,595
1015 West Summit, Winterset, IA
Initial Cost to Company
Land	111
Buildings, Improvements & Equipment	2,099
Cost Capitalized Subsequent to Acquisition	1,329
Impairment	(314)
Cost at the end of the period
Land	111
Buildings, Improvements & Equipment	3,114
Total	3,225
Accumulated Depreciation	1,964
2340 West Seltice Way, Coeur d'Alene, ID
Initial Cost to Company
Land	910
Buildings, Improvements & Equipment	7,170
Cost Capitalized Subsequent to Acquisition	1,043
Cost at the end of the period
Land	999
Buildings, Improvements & Equipment	8,124
Total	9,123
Accumulated Depreciation	940
850 Lincoln Drive, Idaho Falls, ID
Initial Cost to Company
Land	510
Buildings, Improvements & Equipment	6,640
Cost Capitalized Subsequent to Acquisition	1,613
Cost at the end of the period
Land	721
Buildings, Improvements & Equipment	8,042
Total	8,763
Accumulated Depreciation	946
1250 West Central Road, Arlington Heights, IL
Initial Cost to Company
Land	3,665
Buildings, Improvements & Equipment	32,587
Cost Capitalized Subsequent to Acquisition	5,147
Cost at the end of the period
Land	3,665
Buildings, Improvements & Equipment	37,734
Total	41,399
Accumulated Depreciation	19,043
1450 Busch Parkway, Buffalo Grove, IL
Initial Cost to Company
Land	3,800
Buildings, Improvements & Equipment	11,456
Cost Capitalized Subsequent to Acquisition	412
Cost at the end of the period
Land	3,815
Buildings, Improvements & Equipment	11,853
Total	15,668
Accumulated Depreciation	1,857
2601 Patriot Boulevard, Buffalo Grove, IL
Initial Cost to Company
Land	2,285
Buildings, Improvements & Equipment	9,593
Cost at the end of the period
Land	2,285
Buildings, Improvements & Equipment	9,593
Total	11,878
Accumulated Depreciation	460
1373 D'Adrian Professional Park, Godfrey, IL
Initial Cost to Company
Land	281
Buildings, Improvements & Equipment	15,088
Cost Capitalized Subsequent to Acquisition	168
Cost at the end of the period
Land	281
Buildings, Improvements & Equipment	15,256
Total	15,537
Accumulated Depreciation	712
221 11th Avenue, Moline, IL
Initial Cost to Company
Land	161
Buildings, Improvements & Equipment	7,244
Cost Capitalized Subsequent to Acquisition	117
Cost at the end of the period
Land	161
Buildings, Improvements & Equipment	7,361
Total	7,522
Accumulated Depreciation	344
900 43rd Avenue, Moline, IL
Initial Cost to Company
Land	482
Buildings, Improvements & Equipment	7,651
Cost Capitalized Subsequent to Acquisition	138
Cost at the end of the period
Land	482
Buildings, Improvements & Equipment	7,789
Total	8,271
Accumulated Depreciation	353
2700 14th Street, Pekin (5), IL
Real Estate And Accumulated Depreciation
Encumbrances	4,997
Initial Cost to Company
Land	171
Buildings, Improvements & Equipment	11,475
Cost Capitalized Subsequent to Acquisition	96
Cost at the end of the period
Land	171
Buildings, Improvements & Equipment	11,571
Total	11,742
Accumulated Depreciation	535
7130 Crimson Ridge Drive, Rockford, IL
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	7,300
Cost Capitalized Subsequent to Acquisition	28
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	7,328
Total	7,528
Accumulated Depreciation	1,155
1220 Lakeview Drive, Romeoville, IL
Initial Cost to Company
Land	1,120
Buildings, Improvements & Equipment	19,582
Cost at the end of the period
Land	1,120
Buildings, Improvements & Equipment	19,582
Total	20,702
Accumulated Depreciation	4,100
1201 Hartman Lane
Initial Cost to Company
Land	743
Buildings, Improvements & Equipment	7,232
Cost Capitalized Subsequent to Acquisition
Impairment	0
Cost at the end of the period
Land	743
Buildings, Improvements & Equipment	7,232
Total	7,975
Accumulated Depreciation	10
900 Southwind Road, Springfield, IL
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	6,744
Cost Capitalized Subsequent to Acquisition	1,016
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	7,760
Total	8,060
Accumulated Depreciation	2,184
2705 Avenue E, Sterling, (5) IL
Real Estate And Accumulated Depreciation
Encumbrances	4,831
Initial Cost to Company
Land	341
Buildings, Improvements & Equipment	14,331
Cost Capitalized Subsequent to Acquisition	83
Cost at the end of the period
Land	341
Buildings, Improvements & Equipment	14,414
Total	14,755
Accumulated Depreciation	678
39 Dorothy Drive, Troy, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,070
Buildings, Improvements & Equipment	7,231
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	1,070
Buildings, Improvements & Equipment	7,231
Total	8,301
Accumulated Depreciation	10
100 Grand Victorian Place, Washington (5) IL
Real Estate And Accumulated Depreciation
Encumbrances	5,628
Initial Cost to Company
Land	241
Buildings, Improvements & Equipment	12,046
Cost Capitalized Subsequent to Acquisition	72
Cost at the end of the period
Land	241
Buildings, Improvements & Equipment	12,118
Total	12,359
Accumulated Depreciation	559
1615 Lakeside Drive, Waukegan, IL
Initial Cost to Company
Land	2,700
Buildings, Improvements & Equipment	9,590
Cost Capitalized Subsequent to Acquisition	182
Cost at the end of the period
Land	2,720
Buildings, Improvements & Equipment	9,752
Total	12,472
Accumulated Depreciation	1,275
1675 Lakeside Drive, Waukegan, IL
Initial Cost to Company
Land	2,420
Buildings, Improvements & Equipment	9,382
Cost Capitalized Subsequent to Acquisition	55
Cost at the end of the period
Land	2,436
Buildings, Improvements & Equipment	9,421
Total	11,857
Accumulated Depreciation	1,237
406 Smith Drive, Auburn (5) IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	380
Buildings, Improvements & Equipment	8,246
Cost Capitalized Subsequent to Acquisition	171
Cost at the end of the period
Land	380
Buildings, Improvements & Equipment	8,417
Total	8,797
Accumulated Depreciation	1,839
6990 East County Road 100 North, Avon (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	850
Buildings, Improvements & Equipment	11,888
Cost Capitalized Subsequent to Acquisition	228
Cost at the end of the period
Land	850
Buildings, Improvements & Equipment	12,116
Total	12,966
Accumulated Depreciation	2,692
2455 Tamarack Trail, Bloomington, IN
Initial Cost to Company
Land	5,400
Buildings, Improvements & Equipment	25,129
Cost Capitalized Subsequent to Acquisition	7,484
Cost at the end of the period
Land	5,435
Buildings, Improvements & Equipment	32,578
Total	38,013
Accumulated Depreciation	5,746
2460 Glebe Street, Carmel IN
Initial Cost to Company
Land	2,108
Buildings, Improvements & Equipment	57,741
Cost Capitalized Subsequent to Acquisition	125
Cost at the end of the period
Land	2,116
Buildings, Improvements & Equipment	57,858
Total	59,974
Accumulated Depreciation	2,599
701 East County Line Road, Greenwood, IN
Initial Cost to Company
Land	1,830
Buildings, Improvements & Equipment	14,303
Cost Capitalized Subsequent to Acquisition	306
Cost at the end of the period
Land	1,830
Buildings, Improvements & Equipment	14,609
Total	16,439
Accumulated Depreciation	1,854
8505 Woodfield Crossing Boulevard, Indianapolis (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	23,383
Initial Cost to Company
Land	2,785
Buildings, Improvements & Equipment	16,396
Cost Capitalized Subsequent to Acquisition	5,858
Cost at the end of the period
Land	2,785
Buildings, Improvements & Equipment	22,254
Total	25,039
Accumulated Depreciation	8,628
603 Saint Joseph Drive, Kokomo (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	5,899
Cost Capitalized Subsequent to Acquisition	174
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	6,073
Total	6,293
Accumulated Depreciation	1,376
1211 Longwood Drive, La Porte (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	770
Buildings, Improvements & Equipment	5,550
Cost Capitalized Subsequent to Acquisition	35
Cost at the end of the period
Land	770
Buildings, Improvements & Equipment	5,585
Total	6,355
Accumulated Depreciation	1,295
1590 West Timberview Drive, Marion (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	410
Buildings, Improvements & Equipment	5,409
Cost Capitalized Subsequent to Acquisition	209
Cost at the end of the period
Land	410
Buildings, Improvements & Equipment	5,618
Total	6,028
Accumulated Depreciation	1,289
1473 East McKay Road, Shelbyville (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	190
Buildings, Improvements & Equipment	5,328
Cost Capitalized Subsequent to Acquisition	123
Cost at the end of the period
Land	190
Buildings, Improvements & Equipment	5,451
Total	5,641
Accumulated Depreciation	1,233
17441 State Rd. #23 (aka 17490 E. Douglas Rd.), South Bend, IN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,107
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,107
Total	3,507
Accumulated Depreciation	1,197
222 South 25th Street, Terra Haute (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	13,115
Cost Capitalized Subsequent to Acquisition	487
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	13,602
Total	13,902
Accumulated Depreciation	2,992
150 Fox Ridge Drive, Vincennes (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	110
Buildings, Improvements & Equipment	3,603
Cost Capitalized Subsequent to Acquisition	1,144
Cost at the end of the period
Land	110
Buildings, Improvements & Equipment	4,747
Total	4,857
Accumulated Depreciation	1,021
510 W. 7th Street, Ellinwood, KS
Initial Cost to Company
Land	130
Buildings, Improvements & Equipment	1,137
Cost Capitalized Subsequent to Acquisition	497
Cost at the end of the period
Land	130
Buildings, Improvements & Equipment	1,634
Total	1,764
Accumulated Depreciation	942
1501 Inverness Drive, Lawrence, KS
Initial Cost to Company
Land	1,600
Buildings, Improvements & Equipment	18,565
Cost Capitalized Subsequent to Acquisition	452
Cost at the end of the period
Land	1,740
Buildings, Improvements & Equipment	18,877
Total	20,617
Accumulated Depreciation	3,946
3501 West 95th Street, Overland Park (4), KS
Real Estate And Accumulated Depreciation
Encumbrances	19,221
Initial Cost to Company
Land	2,568
Buildings, Improvements & Equipment	15,140
Cost Capitalized Subsequent to Acquisition	3,963
Cost at the end of the period
Land	2,568
Buildings, Improvements & Equipment	19,103
Total	21,671
Accumulated Depreciation	7,778
6555 West 75th Street , Overland Park, KS
Initial Cost to Company
Land	1,274
Buildings, Improvements & Equipment	1,126
Cost Capitalized Subsequent to Acquisition	12,473
Cost at the end of the period
Land	1,339
Buildings, Improvements & Equipment	13,534
Total	14,873
Accumulated Depreciation	5,334
981 Campbell Lane, Bowling Green, KY
Initial Cost to Company
Land	365
Buildings, Improvements & Equipment	4,345
Cost Capitalized Subsequent to Acquisition	487
Cost at the end of the period
Land	365
Buildings, Improvements & Equipment	4,832
Total	5,197
Accumulated Depreciation	1,598
102 Leonardwood, Frankfort, KY
Initial Cost to Company
Land	560
Buildings, Improvements & Equipment	8,282
Cost Capitalized Subsequent to Acquisition	1,186
Cost at the end of the period
Land	560
Buildings, Improvements & Equipment	9,468
Total	10,028
Accumulated Depreciation	2,668
4190 Lafayette Road, Hopkinsville, KY
Initial Cost to Company
Land	316
Buildings, Improvements & Equipment	3,761
Cost Capitalized Subsequent to Acquisition	189
Cost at the end of the period
Land	316
Buildings, Improvements & Equipment	3,950
Total	4,266
Accumulated Depreciation	1,340
690 Mason Headley Road, Lexington (5), KY
Real Estate And Accumulated Depreciation
Encumbrances	9,332
Initial Cost to Company
Buildings, Improvements & Equipment	10,848
Cost Capitalized Subsequent to Acquisition	11,538
Cost at the end of the period
Buildings, Improvements & Equipment	22,386
Total	22,386
Accumulated Depreciation	11,097
700 Mason Headley Road, Lexington (5), KY
Real Estate And Accumulated Depreciation
Encumbrances	2,134
Initial Cost to Company
Buildings, Improvements & Equipment	6,394
Cost Capitalized Subsequent to Acquisition	7,304
Cost at the end of the period
Buildings, Improvements & Equipment	13,698
Total	13,698
Accumulated Depreciation	6,020
200 Brookside Drive, Louisville (4), KY
Real Estate And Accumulated Depreciation
Encumbrances	28,281
Initial Cost to Company
Land	3,524
Buildings, Improvements & Equipment	20,779
Cost Capitalized Subsequent to Acquisition	6,043
Cost at the end of the period
Land	3,524
Buildings, Improvements & Equipment	26,822
Total	30,346
Accumulated Depreciation	11,226
1517 West Broadway, Mayfield, KY
Initial Cost to Company
Land	268
Buildings, Improvements & Equipment	2,730
Cost Capitalized Subsequent to Acquisition	736
Cost at the end of the period
Land	268
Buildings, Improvements & Equipment	3,466
Total	3,734
Accumulated Depreciation	1,183
1700 Elmdale Road, Paducah, KY
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,358
Cost Capitalized Subsequent to Acquisition	822
Cost at the end of the period
Land	450
Buildings, Improvements & Equipment	6,180
Total	6,630
Accumulated Depreciation	2,002
100 Neighborly Way, Somerset, KY
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	4,919
Cost Capitalized Subsequent to Acquisition	260
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	5,179
Total	5,379
Accumulated Depreciation	1,318
2661 North Boulevard, Banton Rouge, LA
Initial Cost to Company
Land	199
Buildings, Improvements & Equipment	1,067
Cost at the end of the period
Land	199
Buildings, Improvements & Equipment	1,067
Total	1,266
Accumulated Depreciation	51
7656 Realtors Drive, Banton Rouge, LA
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	907
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	907
Total	1,006
Accumulated Depreciation	43
137 Veterans Boulevard, Denham Springs, LA
Initial Cost to Company
Land	228
Buildings, Improvements & Equipment	1,536
Cost at the end of the period
Land	228
Buildings, Improvements & Equipment	1,536
Total	1,764
Accumulated Depreciation	74
2995 Race Street, Jackson, LA
Initial Cost to Company
Land	30
Buildings, Improvements & Equipment	845
Cost at the end of the period
Land	30
Buildings, Improvements & Equipment	845
Total	875
Accumulated Depreciation	41
24660 Plaza Drive, Plaquemine, LA
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	1,043
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	1,043
Total	1,142
Accumulated Depreciation	50
17392 Vallee Court, Prairieville, LA
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	837
Cost Capitalized Subsequent to Acquisition	35
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	872
Total	971
Accumulated Depreciation	41
35 Milbury St, Auburn, MA
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	7,000
Cost Capitalized Subsequent to Acquisition	463
Cost at the end of the period
Land	1,510
Buildings, Improvements & Equipment	7,463
Total	8,973
Accumulated Depreciation	1,599
1295 Boylston Street, Boston, MA
Initial Cost to Company
Land	7,600
Buildings, Improvements & Equipment	18,140
Cost Capitalized Subsequent to Acquisition	1,522
Cost at the end of the period
Land	7,600
Buildings, Improvements & Equipment	19,662
Total	27,262
Accumulated Depreciation	2,817
50 Northern Ave/11 Fan Pier Blvd, Boston,MA
Real Estate And Accumulated Depreciation
Encumbrances	620,000
Initial Cost to Company
Land	52,643
Buildings, Improvements & Equipment	784,954
Cost Capitalized Subsequent to Acquisition	807
Cost at the end of the period
Land	52,643
Buildings, Improvements & Equipment	785,761
Total	838,404
Accumulated Depreciation	52,599
549 Albany Street, Boston, MA
Initial Cost to Company
Land	4,576
Buildings, Improvements & Equipment	45,029
Cost at the end of the period
Land	4,569
Buildings, Improvements & Equipment	45,036
Total	49,605
Accumulated Depreciation	3,753
330 Baker Avenue, Concord, MA
Initial Cost to Company
Land	3,775
Buildings, Improvements & Equipment	19,906
Cost at the end of the period
Land	3,775
Buildings, Improvements & Equipment	19,906
Total	23,681
Accumulated Depreciation	954
370 Lunenburg St, Fitchburg, MA
Initial Cost to Company
Land	330
Buildings, Improvements & Equipment	3,361
Cost Capitalized Subsequent to Acquisition	32
Cost at the end of the period
Land	330
Buildings, Improvements & Equipment	3,393
Total	3,723
Accumulated Depreciation	711
165 Mill St, Leominster, MA
Initial Cost to Company
Land	1,520
Buildings, Improvements & Equipment	8,703
Cost Capitalized Subsequent to Acquisition	750
Cost at the end of the period
Land	1,520
Buildings, Improvements & Equipment	9,453
Total	10,973
Accumulated Depreciation	2,097
4 Maguire Road, Lexington, MA
Initial Cost to Company
Land	3,600
Buildings, Improvements & Equipment	15,555
Cost Capitalized Subsequent to Acquisition	2,361
Impairment	(7,255)
Cost at the end of the period
Land	3,673
Buildings, Improvements & Equipment	10,588
Total	14,261
Accumulated Depreciation	2,708
100 Hampshire Street, Mansfield, MA
Initial Cost to Company
Land	2,090
Buildings, Improvements & Equipment	8,215
Cost Capitalized Subsequent to Acquisition	635
Cost at the end of the period
Land	2,486
Buildings, Improvements & Equipment	8,454
Total	10,940
Accumulated Depreciation	1,274
15 Hampshire Street, Mansfield, MA
Initial Cost to Company
Land	1,360
Buildings, Improvements & Equipment	7,326
Cost Capitalized Subsequent to Acquisition	108
Cost at the end of the period
Land	1,360
Buildings, Improvements & Equipment	7,434
Total	8,794
Accumulated Depreciation	1,115
5 Hampshire Street, Mansfield, MA
Initial Cost to Company
Land	1,190
Buildings, Improvements & Equipment	5,737
Cost at the end of the period
Land	1,190
Buildings, Improvements & Equipment	5,737
Total	6,927
Accumulated Depreciation	860
176 West St, Milford, MA
Initial Cost to Company
Land	510
Buildings, Improvements & Equipment	3,039
Cost Capitalized Subsequent to Acquisition	607
Cost at the end of the period
Land	510
Buildings, Improvements & Equipment	3,646
Total	4,156
Accumulated Depreciation	1,051
108 Elm St, Millbury, MA
Initial Cost to Company
Land	160
Buildings, Improvements & Equipment	767
Cost at the end of the period
Land	160
Buildings, Improvements & Equipment	767
Total	927
Accumulated Depreciation	162
30 Newcrossing Road, Reading (4), MA
Real Estate And Accumulated Depreciation
Encumbrances	10,653
Initial Cost to Company
Land	1,443
Buildings, Improvements & Equipment	14,153
Cost Capitalized Subsequent to Acquisition	83
Cost at the end of the period
Land	1,443
Buildings, Improvements & Equipment	14,236
Total	15,679
Accumulated Depreciation	1,517
407 Main St, Spencer, MA
Initial Cost to Company
Land	270
Buildings, Improvements & Equipment	2,607
Cost Capitalized Subsequent to Acquisition	476
Cost at the end of the period
Land	270
Buildings, Improvements & Equipment	3,083
Total	3,353
Accumulated Depreciation	855
106 East Main, Westborough, MA
Initial Cost to Company
Land	920
Buildings, Improvements & Equipment	6,956
Cost Capitalized Subsequent to Acquisition	269
Cost at the end of the period
Land	920
Buildings, Improvements & Equipment	7,225
Total	8,145
Accumulated Depreciation	1,498
112 East Main, Westborough, MA
Initial Cost to Company
Land	230
Buildings, Improvements & Equipment	135
Cost at the end of the period
Land	230
Buildings, Improvements & Equipment	135
Total	365
Accumulated Depreciation	30
299 Cambridge Street, Winchester, MA
Initial Cost to Company
Land	3,218
Buildings, Improvements & Equipment	18,988
Cost Capitalized Subsequent to Acquisition	10,604
Cost at the end of the period
Land	3,218
Buildings, Improvements & Equipment	29,592
Total	32,810
Accumulated Depreciation	10,378
135 Goldstar Blvd, Worcester, MA
Initial Cost to Company
Land	865
Buildings, Improvements & Equipment	10,912
Cost Capitalized Subsequent to Acquisition	1,212
Cost at the end of the period
Land	865
Buildings, Improvements & Equipment	12,124
Total	12,989
Accumulated Depreciation	2,470
191 May St, Worcester, MA
Initial Cost to Company
Land	730
Buildings, Improvements & Equipment	3,634
Cost Capitalized Subsequent to Acquisition	118
Cost at the end of the period
Land	730
Buildings, Improvements & Equipment	3,752
Total	4,482
Accumulated Depreciation	771
277 E Mountain, Worcester, MA
Initial Cost to Company
Land	191
Buildings, Improvements & Equipment	2,133
Cost Capitalized Subsequent to Acquisition	113
Impairment	(889)
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	1,357
Total	1,548
Accumulated Depreciation	307
425 N Lake Ave, Worcester, MA
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	6,176
Cost Capitalized Subsequent to Acquisition	119
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	6,295
Total	7,495
Accumulated Depreciation	1,323
630 Plantation St, Worcester, MA
Initial Cost to Company
Land	770
Buildings, Improvements & Equipment	10,408
Cost Capitalized Subsequent to Acquisition	571
Cost at the end of the period
Land	770
Buildings, Improvements & Equipment	10,979
Total	11,749
Accumulated Depreciation	2,441
2717 Riva Road, Annapolis, MD
Initial Cost to Company
Land	1,290
Buildings, Improvements & Equipment	12,373
Cost Capitalized Subsequent to Acquisition	515
Cost at the end of the period
Land	1,290
Buildings, Improvements & Equipment	12,888
Total	14,178
Accumulated Depreciation	2,847
658 Boulton Street, Bel Air, MD
Initial Cost to Company
Land	4,750
Buildings, Improvements & Equipment	16,504
Cost Capitalized Subsequent to Acquisition	2
Cost at the end of the period
Land	4,750
Buildings, Improvements & Equipment	16,506
Total	21,256
Accumulated Depreciation	3,765
7600 Laurel Bowie Road, Bowie, MD
Initial Cost to Company
Land	408
Buildings, Improvements & Equipment	3,421
Cost Capitalized Subsequent to Acquisition	450
Cost at the end of the period
Land	408
Buildings, Improvements & Equipment	3,871
Total	4,279
Accumulated Depreciation	1,603
8100 Connecticut Avenue, Chevy Chase (4), MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	15,170
Buildings, Improvements & Equipment	92,830
Cost Capitalized Subsequent to Acquisition	4,172
Cost at the end of the period
Land	15,170
Buildings, Improvements & Equipment	97,002
Total	112,172
Accumulated Depreciation	13,485
8220 Snowden River Parkway, Columbia, MD
Initial Cost to Company
Land	1,390
Buildings, Improvements & Equipment	10,303
Cost Capitalized Subsequent to Acquisition	606
Cost at the end of the period
Land	1,390
Buildings, Improvements & Equipment	10,909
Total	12,299
Accumulated Depreciation	2,315
700 Port Street , Easton, MD
Initial Cost to Company
Land	383
Buildings, Improvements & Equipment	4,555
Cost Capitalized Subsequent to Acquisition	2,994
Cost at the end of the period
Land	394
Buildings, Improvements & Equipment	7,538
Total	7,932
Accumulated Depreciation	2,493
3004 North Ridge Road , Ellicott City (4), MD
Real Estate And Accumulated Depreciation
Encumbrances	18,932
Initial Cost to Company
Land	1,409
Buildings, Improvements & Equipment	22,691
Cost Capitalized Subsequent to Acquisition	7,378
Cost at the end of the period
Land	1,443
Buildings, Improvements & Equipment	30,035
Total	31,478
Accumulated Depreciation	10,333
1820 Latham Drive , Frederick, MD
Initial Cost to Company
Land	385
Buildings, Improvements & Equipment	3,444
Cost Capitalized Subsequent to Acquisition	576
Cost at the end of the period
Land	385
Buildings, Improvements & Equipment	4,020
Total	4,405
Accumulated Depreciation	1,612
2100A & B Whittier Drive, Frederick, MD
Initial Cost to Company
Land	1,260
Buildings, Improvements & Equipment	9,464
Cost Capitalized Subsequent to Acquisition	933
Cost at the end of the period
Land	1,260
Buildings, Improvements & Equipment	10,397
Total	11,657
Accumulated Depreciation	2,257
10114 + 10116 Sharpsburg Pike, Hagerstown, MD
Initial Cost to Company
Land	1,040
Buildings, Improvements & Equipment	7,471
Cost Capitalized Subsequent to Acquisition	4,250
Cost at the end of the period
Land	1,040
Buildings, Improvements & Equipment	11,721
Total	12,761
Accumulated Depreciation	1,893
4000 Old Court Road, Pikesville, MD
Initial Cost to Company
Land	2,000
Buildings, Improvements & Equipment	4,974
Cost Capitalized Subsequent to Acquisition	497
Cost at the end of the period
Land	2,000
Buildings, Improvements & Equipment	5,471
Total	7,471
Accumulated Depreciation	1,237
715 Benfield Road, Severna Park (4), MD
Real Estate And Accumulated Depreciation
Encumbrances	8,369
Initial Cost to Company
Land	229
Buildings, Improvements & Equipment	9,798
Cost Capitalized Subsequent to Acquisition	1,656
Cost at the end of the period
Land	242
Buildings, Improvements & Equipment	11,441
Total	11,683
Accumulated Depreciation	4,521
14400 Homecrest Road , Silver Spring, MD
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	9,288
Cost Capitalized Subsequent to Acquisition	6,505
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	15,793
Total	16,993
Accumulated Depreciation	5,798
3701 International Drive, Silver Spring, MD
Initial Cost to Company
Land	3,301
Buildings, Improvements & Equipment	29,065
Cost Capitalized Subsequent to Acquisition	714
Cost at the end of the period
Land	3,301
Buildings, Improvements & Equipment	29,779
Total	33,080
Accumulated Depreciation	16,719
801 Roeder Road, Unit OU-1, Silver Spring, MD
Initial Cost to Company
Land	1,900
Buildings, Improvements & Equipment	12,858
Cost Capitalized Subsequent to Acquisition	1,056
Cost at the end of the period
Land	1,900
Buildings, Improvements & Equipment	13,914
Total	15,814
Accumulated Depreciation	1,672
720 & 734 N. Pine Road, Hampton, MI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,406
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,406
Total	2,706
Accumulated Depreciation	927
4004 & 4012 Waldo Road, Midland, MI
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,606
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,606
Total	3,006
Accumulated Depreciation	1,010
1605 & 1615 Fredericks Drive, Monroe, MI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,506
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,506
Total	2,806
Accumulated Depreciation	969
3150 & 3100 Old Centre Road, Portage, MI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,206
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,206
Total	2,506
Accumulated Depreciation	851
2445 & 2485 Mc Carty Road, Saginaw, MI
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	5,212
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	5,212
Total	5,812
Accumulated Depreciation	2,007
11855 Ulysses Street NE, Blaine (5), MN
Real Estate And Accumulated Depreciation
Encumbrances	8,686
Initial Cost to Company
Land	2,249
Buildings, Improvements & Equipment	9,276
Cost Capitalized Subsequent to Acquisition	78
Cost at the end of the period
Land	2,249
Buildings, Improvements & Equipment	9,354
Total	11,603
Accumulated Depreciation	948
11855 Ulysses Street NE, Blaine, MN
Initial Cost to Company
Land	525
Cost at the end of the period
Land	525
Total	525
1305 Corporate Center Drive, Eagan, MN
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	13,105
Cost Capitalized Subsequent to Acquisition	3,120
Cost at the end of the period
Land	2,657
Buildings, Improvements & Equipment	15,868
Total	18,525
Accumulated Depreciation	2,397
8301 Golden Valley Road, Golden Valley, MN
Initial Cost to Company
Land	1,256
Buildings, Improvements & Equipment	4,680
Cost Capitalized Subsequent to Acquisition	55
Cost at the end of the period
Land	1,256
Buildings, Improvements & Equipment	4,735
Total	5,991
Accumulated Depreciation	108
8401 Golden Valley Road, Golden Valley, MN
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	5,742
Cost Capitalized Subsequent to Acquisition	290
Cost at the end of the period
Land	1,510
Buildings, Improvements & Equipment	6,032
Total	7,542
Accumulated Depreciation	134
8501 Golden Valley Road, Golden Valley, MN
Initial Cost to Company
Land	1,263
Buildings, Improvements & Equipment	4,288
Cost Capitalized Subsequent to Acquisition	128
Cost at the end of the period
Land	1,263
Buildings, Improvements & Equipment	4,416
Total	5,679
Accumulated Depreciation	99
1201 Northland Drive, Mendota Heights, MN
Initial Cost to Company
Land	1,220
Buildings, Improvements & Equipment	10,208
Cost Capitalized Subsequent to Acquisition	901
Cost at the end of the period
Land	1,315
Buildings, Improvements & Equipment	11,014
Total	12,329
Accumulated Depreciation	1,591
20500/20600 South Diamond Lake Road, Rogers, MN
Initial Cost to Company
Land	2,760
Buildings, Improvements & Equipment	45,789
Cost Capitalized Subsequent to Acquisition	1,045
Cost at the end of the period
Land	2,767
Buildings, Improvements & Equipment	46,827
Total	49,594
Accumulated Depreciation	10,775
2200 County Road C West, Roseville, MN
Initial Cost to Company
Land	590
Buildings, Improvements & Equipment	702
Cost Capitalized Subsequent to Acquisition	392
Cost at the end of the period
Land	662
Buildings, Improvements & Equipment	1,022
Total	1,684
Accumulated Depreciation	114
4166 Lexington Avenue N, Shoreview, MN
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	4,547
Cost Capitalized Subsequent to Acquisition	243
Cost at the end of the period
Land	1,392
Buildings, Improvements & Equipment	4,698
Total	6,090
Accumulated Depreciation	664
1365 Crestridge Lane, West St. Paul, MN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,608
Cost Capitalized Subsequent to Acquisition	100
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,708
Total	4,108
Accumulated Depreciation	1,549
305 & 315 Thompson Avenue, West St. Paul, MN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,506
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,506
Total	2,906
Accumulated Depreciation	1,060
5351 Gretna Road, Branson (5), MO
Real Estate And Accumulated Depreciation
Encumbrances	4,504
Initial Cost to Company
Land	743
Buildings, Improvements & Equipment	10,973
Cost Capitalized Subsequent to Acquisition	116
Cost at the end of the period
Land	753
Buildings, Improvements & Equipment	11,079
Total	11,832
Accumulated Depreciation	529
3828 College View Drive, Joplin (4), MO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	260
Buildings, Improvements & Equipment	11,382
Cost Capitalized Subsequent to Acquisition	174
Cost at the end of the period
Land	260
Buildings, Improvements & Equipment	11,556
Total	11,816
Accumulated Depreciation	1,470
14100 Magellan Plaza, Maryland Heights, MO
Initial Cost to Company
Land	3,719
Buildings, Improvements & Equipment	37,304
Cost Capitalized Subsequent to Acquisition	4,278
Cost at the end of the period
Land	3,179
Buildings, Improvements & Equipment	42,122
Total	45,301
Accumulated Depreciation	1,812
640 E. Highland Avenue, Nevada, MO
Initial Cost to Company
Land	311
Buildings, Improvements & Equipment	5,703
Cost Capitalized Subsequent to Acquisition	64
Cost at the end of the period
Land	311
Buildings, Improvements & Equipment	5,767
Total	6,078
Accumulated Depreciation	271
2410 W. Chesterfield Blvd (5), SpringField, MO
Real Estate And Accumulated Depreciation
Encumbrances	6,384
Initial Cost to Company
Land	924
Buildings, Improvements & Equipment	12,772
Cost Capitalized Subsequent to Acquisition	44
Cost at the end of the period
Land	924
Buildings, Improvements & Equipment	12,816
Total	13,740
Accumulated Depreciation	583
3540 East Cherokee Street (5), SpringField, MO
Real Estate And Accumulated Depreciation
Encumbrances	3,673
Initial Cost to Company
Land	1,084
Buildings, Improvements & Equipment	11,339
Cost Capitalized Subsequent to Acquisition	141
Cost at the end of the period
Land	1,129
Buildings, Improvements & Equipment	11,435
Total	12,564
Accumulated Depreciation	529
4700 North Hanley Road, St Louis, Mo
Initial Cost to Company
Land	5,166
Buildings, Improvements & Equipment	41,587
Cost Capitalized Subsequent to Acquisition	36
Cost at the end of the period
Land	5,166
Buildings, Improvements & Equipment	41,623
Total	46,789
Accumulated Depreciation	1,993
1 Lincoln Parkway, Hattiesburg, MS
Initial Cost to Company
Land	1,269
Buildings, Improvements & Equipment	11,691
Cost Capitalized Subsequent to Acquisition	46
Cost at the end of the period
Land	1,269
Buildings, Improvements & Equipment	11,737
Total	13,006
Accumulated Depreciation	1,102
1488 Belk Boulevard, Oxford, MS
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,791
Cost Capitalized Subsequent to Acquisition	764
Cost at the end of the period
Land	388
Buildings, Improvements & Equipment	6,617
Total	7,005
Accumulated Depreciation	1,645
108 Clarington Drive, Southaven, MS
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,795
Cost Capitalized Subsequent to Acquisition	920
Cost at the end of the period
Land	450
Buildings, Improvements & Equipment	6,715
Total	7,165
Accumulated Depreciation	1,668
1547 North Hunters Way, Bozeman, MT
Initial Cost to Company
Land	1,616
Buildings, Improvements & Equipment	27,750
Cost at the end of the period
Land	1,616
Buildings, Improvements & Equipment	27,750
Total	29,366
Accumulated Depreciation	1,261
112 + 118 Alamance Road, Burlington (4), NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	575
Buildings, Improvements & Equipment	9,697
Cost Capitalized Subsequent to Acquisition	498
Cost at the end of the period
Land	575
Buildings, Improvements & Equipment	10,195
Total	10,770
Accumulated Depreciation	1,571
1050 Crescent Green Drive, Cary (4), NC
Real Estate And Accumulated Depreciation
Encumbrances	7,995
Initial Cost to Company
Land	713
Buildings, Improvements & Equipment	4,628
Cost Capitalized Subsequent to Acquisition	1,952
Cost at the end of the period
Land	713
Buildings, Improvements & Equipment	6,580
Total	7,293
Accumulated Depreciation	2,798
2220 & 2230 Farmington Drive, Chapel Hill, NC
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	6,414
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	6,414
Total	7,214
Accumulated Depreciation	2,469
2101 Runnymede Lane, Charlotte, NC
Initial Cost to Company
Land	2,475
Buildings, Improvements & Equipment	11,451
Cost Capitalized Subsequent to Acquisition	682
Cost at the end of the period
Land	2,475
Buildings, Improvements & Equipment	12,133
Total	14,608
Accumulated Depreciation	2,006
5920 McChesney Drive, Charlotte, NC
Initial Cost to Company
Land	820
Buildings, Improvements & Equipment	7,790
Cost Capitalized Subsequent to Acquisition	663
Cost at the end of the period
Land	820
Buildings, Improvements & Equipment	8,453
Total	9,273
Accumulated Depreciation	1,632
6101 Clarke Creek Parkway, Charlotte, NC
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	13,960
Cost Capitalized Subsequent to Acquisition	36
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	13,996
Total	14,496
Accumulated Depreciation	2,807
500 Penny Lane, Concord, NC
Initial Cost to Company
Land	1,687
Buildings, Improvements & Equipment	17,603
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	1,687
Buildings, Improvements & Equipment	17,603
Total	19,290
Accumulated Depreciation	307
1002 State Highway 54, Durham, NC
Initial Cost to Company
Land	595
Buildings, Improvements & Equipment	5,200
Cost Capitalized Subsequent to Acquisition	153
Cost at the end of the period
Land	595
Buildings, Improvements & Equipment	5,353
Total	5,948
Accumulated Depreciation	837
5213 South Alston Avenue, Durham, NC
Initial Cost to Company
Land	1,093
Buildings, Improvements & Equipment	31,377
Cost at the end of the period
Land	1,093
Buildings, Improvements & Equipment	31,377
Total	32,470
Accumulated Depreciation	1,503
2755 Union Road, Gastonia, NC
Initial Cost to Company
Land	1,104
Buildings, Improvements & Equipment	17,834
Cost Capitalized Subsequent to Acquisition	3
Cost at the end of the period
Land	1,104
Buildings, Improvements & Equipment	17,837
Total	18,941
Accumulated Depreciation	312
1001 Phifer Road, Kings Mountain (4), NC
Initial Cost to Company
Land	655
Buildings, Improvements & Equipment	8,283
Cost Capitalized Subsequent to Acquisition	472
Cost at the end of the period
Land	657
Buildings, Improvements & Equipment	8,753
Total	9,410
Accumulated Depreciation	1,403
128 Brawley School, Mooresville (4), NC
Initial Cost to Company
Land	595
Buildings, Improvements & Equipment	7,305
Cost Capitalized Subsequent to Acquisition	449
Cost at the end of the period
Land	595
Buildings, Improvements & Equipment	7,754
Total	8,349
Accumulated Depreciation	1,203
1309 , 1321 + 1325 McCarthy Boulevard, New Bern (4), NC
Initial Cost to Company
Land	1,245
Buildings, Improvements & Equipment	20,898
Cost Capitalized Subsequent to Acquisition	381
Cost at the end of the period
Land	1,245
Buildings, Improvements & Equipment	21,279
Total	22,524
Accumulated Depreciation	3,159
13150 Dorman Road, Pineville, NC
Initial Cost to Company
Land	550
Buildings, Improvements & Equipment	7,570
Cost Capitalized Subsequent to Acquisition	1,066
Cost at the end of the period
Land	550
Buildings, Improvements & Equipment	8,636
Total	9,186
Accumulated Depreciation	1,584
13180 Dorman Road, Pineville, NC
Initial Cost to Company
Land	630
Buildings, Improvements & Equipment	15,230
Cost Capitalized Subsequent to Acquisition	7
Cost at the end of the period
Land	630
Buildings, Improvements & Equipment	15,237
Total	15,867
Accumulated Depreciation	3,053
801 Dixie Trail, Raleigh, NC
Initial Cost to Company
Land	3,233
Buildings, Improvements & Equipment	17,788
Cost Capitalized Subsequent to Acquisition	16
Cost at the end of the period
Land	3,233
Buildings, Improvements & Equipment	17,804
Total	21,037
Accumulated Depreciation	374
2744 South 17th Street (5), Wilmington, NC
Real Estate And Accumulated Depreciation
Encumbrances	12,061
Initial Cost to Company
Land	1,134
Buildings, Improvements & Equipment	14,771
Cost Capitalized Subsequent to Acquisition	188
Cost at the end of the period
Land	1,134
Buildings, Improvements & Equipment	14,959
Total	16,093
Accumulated Depreciation	642
1730 Parkwood Boulevard West, Wilson (4), NC
Initial Cost to Company
Land	610
Buildings, Improvements & Equipment	14,787
Cost Capitalized Subsequent to Acquisition	313
Cost at the end of the period
Land	610
Buildings, Improvements & Equipment	15,100
Total	15,710
Accumulated Depreciation	2,303
1700 Furnace Street, Ashland, NE
Initial Cost to Company
Land	28
Buildings, Improvements & Equipment	1,823
Cost Capitalized Subsequent to Acquisition	1,312
Cost at the end of the period
Land	28
Buildings, Improvements & Equipment	3,135
Total	3,163
Accumulated Depreciation	1,566
414 North Wilson Street, Blue Hill , NE
Initial Cost to Company
Land	56
Buildings, Improvements & Equipment	1,064
Cost Capitalized Subsequent to Acquisition	812
Cost at the end of the period
Land	56
Buildings, Improvements & Equipment	1,876
Total	1,932
Accumulated Depreciation	917
2720 South 17th Ave, Central City, NE
Initial Cost to Company
Land	21
Buildings, Improvements & Equipment	919
Cost Capitalized Subsequent to Acquisition	650
Cost at the end of the period
Land	21
Buildings, Improvements & Equipment	1,569
Total	1,590
Accumulated Depreciation	872
1112 15th Street, Columbus, NE
Initial Cost to Company
Land	89
Buildings, Improvements & Equipment	561
Cost Capitalized Subsequent to Acquisition	460
Cost at the end of the period
Land	88
Buildings, Improvements & Equipment	1,022
Total	1,110
Accumulated Depreciation	588
800 Stoeger Drive, Grand Island, NE
Initial Cost to Company
Land	119
Buildings, Improvements & Equipment	1,446
Cost Capitalized Subsequent to Acquisition	1,414
Cost at the end of the period
Land	119
Buildings, Improvements & Equipment	2,860
Total	2,979
Accumulated Depreciation	1,545
700 South Highway 6, Gretna, NE
Initial Cost to Company
Land	237
Buildings, Improvements & Equipment	673
Cost Capitalized Subsequent to Acquisition	912
Cost at the end of the period
Land	245
Buildings, Improvements & Equipment	1,577
Total	1,822
Accumulated Depreciation	796
1100 West First Street, Milford, NE
Initial Cost to Company
Land	24
Buildings, Improvements & Equipment	880
Cost Capitalized Subsequent to Acquisition	817
Cost at the end of the period
Land	24
Buildings, Improvements & Equipment	1,697
Total	1,721
Accumulated Depreciation	864
510 Centennial Circle , North Platte, NE
Initial Cost to Company
Land	370
Buildings, Improvements & Equipment	8,968
Cost Capitalized Subsequent to Acquisition	633
Cost at the end of the period
Land	370
Buildings, Improvements & Equipment	9,601
Total	9,971
Accumulated Depreciation	2,111
17007 Elm Plaza, Omaha, NE
Initial Cost to Company
Land	4,680
Buildings, Improvements & Equipment	22,022
Cost at the end of the period
Land	4,680
Buildings, Improvements & Equipment	22,022
Total	26,702
Accumulated Depreciation	4,611
3030 South 80th Street, Omaha, NE
Initial Cost to Company
Land	650
Buildings, Improvements & Equipment	5,850
Cost Capitalized Subsequent to Acquisition	1,067
Cost at the end of the period
Land	650
Buildings, Improvements & Equipment	6,917
Total	7,567
Accumulated Depreciation	2,046
333 Maple, Sutherland, NE
Initial Cost to Company
Land	19
Buildings, Improvements & Equipment	1,251
Cost Capitalized Subsequent to Acquisition	498
Cost at the end of the period
Land	19
Buildings, Improvements & Equipment	1,749
Total	1,768
Accumulated Depreciation	844
1350 Centenial Ave, Utica, NE
Initial Cost to Company
Land	21
Buildings, Improvements & Equipment	569
Cost Capitalized Subsequent to Acquisition	464
Cost at the end of the period
Land	21
Buildings, Improvements & Equipment	1,033
Total	1,054
Accumulated Depreciation	511
11041 North 137th Street, Waverly, NE
Initial Cost to Company
Land	529
Buildings, Improvements & Equipment	686
Cost Capitalized Subsequent to Acquisition	609
Cost at the end of the period
Land	529
Buildings, Improvements & Equipment	1,295
Total	1,824
Accumulated Depreciation	784
55 Corporate Drive, BridgeWater, NJ
Initial Cost to Company
Land	2,782
Buildings, Improvements & Equipment	66,441
Cost at the end of the period
Land	2,782
Buildings, Improvements & Equipment	66,441
Total	69,223
Accumulated Depreciation	3,184
490 Cooper Landing Road, Cherry Hill, NJ
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,175
Cost Capitalized Subsequent to Acquisition	1,836
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	10,011
Total	11,012
Accumulated Depreciation	3,140
1400 Route 70, Lakewood (6), NJ
Initial Cost to Company
Land	4,885
Buildings, Improvements & Equipment	28,803
Cost Capitalized Subsequent to Acquisition	2,597
Cost at the end of the period
Land	4,885
Buildings, Improvements & Equipment	31,400
Total	36,285
Accumulated Depreciation	13,005
2 Hillside Drive, Mt. Arlington, NJ
Initial Cost to Company
Land	1,375
Buildings, Improvements & Equipment	11,232
Cost Capitalized Subsequent to Acquisition	775
Cost at the end of the period
Land	1,393
Buildings, Improvements & Equipment	11,989
Total	13,382
Accumulated Depreciation	4,166
655 Pomander Walk, Teaneck (4), NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,950
Buildings, Improvements & Equipment	44,550
Cost Capitalized Subsequent to Acquisition	2,265
Cost at the end of the period
Land	4,950
Buildings, Improvements & Equipment	46,815
Total	51,765
Accumulated Depreciation	7,290
10500 Academy Road NE, Albuquerque (4), NM
Real Estate And Accumulated Depreciation
Encumbrances	25,179
Initial Cost to Company
Land	3,828
Buildings, Improvements & Equipment	22,572
Cost Capitalized Subsequent to Acquisition	5,492
Cost at the end of the period
Land	3,828
Buildings, Improvements & Equipment	28,064
Total	31,892
Accumulated Depreciation	10,956
4100 Prospect Avenue NE, Albuquerque, NM
Initial Cost to Company
Land	540
Buildings, Improvements & Equipment	10,105
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	540
Buildings, Improvements & Equipment	10,113
Total	10,653
Accumulated Depreciation	2,328
4300 Landau Street NE, Albuquerque, NM
Initial Cost to Company
Land	1,060
Buildings, Improvements & Equipment	9,875
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	1,060
Buildings, Improvements & Equipment	9,883
Total	10,943
Accumulated Depreciation	2,275
4411 The 25 Way, Albuquerque, NM
Initial Cost to Company
Land	3,480
Buildings, Improvements & Equipment	25,245
Cost Capitalized Subsequent to Acquisition	3,445
Cost at the end of the period
Land	3,682
Buildings, Improvements & Equipment	28,488
Total	32,170
Accumulated Depreciation	4,451
4420 The 25 Way, Albuquerque, NM
Initial Cost to Company
Land	1,430
Buildings, Improvements & Equipment	2,609
Cost Capitalized Subsequent to Acquisition	257
Cost at the end of the period
Land	1,514
Buildings, Improvements & Equipment	2,782
Total	4,296
Accumulated Depreciation	446
9190 Coors Boulevard NW, Albuquerque, NM
Initial Cost to Company
Land	1,660
Buildings, Improvements & Equipment	9,173
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	1,660
Buildings, Improvements & Equipment	9,181
Total	10,841
Accumulated Depreciation	2,113
2200 East Long Street, Carson City, NV
Initial Cost to Company
Land	622
Buildings, Improvements & Equipment	17,900
Cost Capitalized Subsequent to Acquisition	188
Cost at the end of the period
Land	622
Buildings, Improvements & Equipment	18,088
Total	18,710
Accumulated Depreciation	843
3201 Plumas Street, Reno, NV
Initial Cost to Company
Land	2,420
Buildings, Improvements & Equipment	49,580
Cost Capitalized Subsequent to Acquisition	6,574
Cost at the end of the period
Land	2,420
Buildings, Improvements & Equipment	56,154
Total	58,574
Accumulated Depreciation	7,471
6300 Eighth Ave, Brooklyn, NY
Initial Cost to Company
Land	3,870
Buildings, Improvements & Equipment	8,545
Cost Capitalized Subsequent to Acquisition	6
Cost at the end of the period
Land	3,870
Buildings, Improvements & Equipment	8,551
Total	12,421
Accumulated Depreciation	1,790
5823 Widewaters Parkway, Dewitt, NY
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	5,004
Cost Capitalized Subsequent to Acquisition	956
Cost at the end of the period
Land	696
Buildings, Improvements & Equipment	5,864
Total	6,560
Accumulated Depreciation	828
4939 Brittonfield Parkway, East Syracuse, NY
Initial Cost to Company
Land	720
Buildings, Improvements & Equipment	17,084
Cost Capitalized Subsequent to Acquisition	1,113
Cost at the end of the period
Land	720
Buildings, Improvements & Equipment	18,197
Total	18,917
Accumulated Depreciation	3,668
5008 Brittonfield Parkway, East Syracuse (4), NY
Real Estate And Accumulated Depreciation
Encumbrances	3,128
Initial Cost to Company
Land	420
Buildings, Improvements & Equipment	18,407
Cost Capitalized Subsequent to Acquisition	456
Cost at the end of the period
Land	495
Buildings, Improvements & Equipment	18,788
Total	19,283
Accumulated Depreciation	3,924
200 Old County Road, Mineola, NY
Initial Cost to Company
Land	4,920
Buildings, Improvements & Equipment	24,056
Cost Capitalized Subsequent to Acquisition	5,635
Cost at the end of the period
Land	4,920
Buildings, Improvements & Equipment	29,691
Total	34,611
Accumulated Depreciation	3,851
15 North Broadway, White Plains, NY
Initial Cost to Company
Land	4,900
Buildings, Improvements & Equipment	13,594
Cost Capitalized Subsequent to Acquisition	1,047
Cost at the end of the period
Land	4,900
Buildings, Improvements & Equipment	14,641
Total	19,541
Accumulated Depreciation	2,718
537 Riverdale Avenue, Yonkers (4), NY
Initial Cost to Company
Land	8,460
Buildings, Improvements & Equipment	90,561
Cost Capitalized Subsequent to Acquisition	8,192
Cost at the end of the period
Land	8,460
Buildings, Improvements & Equipment	98,753
Total	107,213
Accumulated Depreciation	11,665
4590 and 4625 Knightsbridge Boulevard, Columbus (4), OH
Real Estate And Accumulated Depreciation
Encumbrances	17,538
Initial Cost to Company
Land	3,623
Buildings, Improvements & Equipment	27,778
Cost Capitalized Subsequent to Acquisition	7,462
Cost at the end of the period
Land	3,623
Buildings, Improvements & Equipment	35,240
Total	38,863
Accumulated Depreciation	14,466
3929 Hoover Road, Grove City, OH
Initial Cost to Company
Land	332
Buildings, Improvements & Equipment	3,081
Cost Capitalized Subsequent to Acquisition	791
Cost at the end of the period
Land	332
Buildings, Improvements & Equipment	3,872
Total	4,204
Accumulated Depreciation	2,064
7555 Innovation Way, Mason, OH
Initial Cost to Company
Land	1,025
Buildings, Improvements & Equipment	12,883
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	1,025
Buildings, Improvements & Equipment	12,883
Total	13,908
Accumulated Depreciation	81
5260 Naiman Parkway, Solon, OH
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	2,305
Cost Capitalized Subsequent to Acquisition	1,234
Cost at the end of the period
Land	811
Buildings, Improvements & Equipment	3,178
Total	3,989
Accumulated Depreciation	396
5370 Naiman Parkway, Solon, OH
Initial Cost to Company
Land	550
Buildings, Improvements & Equipment	2,147
Cost Capitalized Subsequent to Acquisition	764
Cost at the end of the period
Land	616
Buildings, Improvements & Equipment	2,845
Total	3,461
Accumulated Depreciation	292
805 N. 5th Street, Jacksonville, OR
Initial Cost to Company
Land	3,012
Buildings, Improvements & Equipment	14,777
Cost at the end of the period
Land	3,012
Buildings, Improvements & Equipment	14,777
Total	17,789
Accumulated Depreciation	668
1808 SE 182nd Avenue, Portland, OR
Initial Cost to Company
Land	1,295
Buildings, Improvements & Equipment	17,085
Cost Capitalized Subsequent to Acquisition	79
Cost at the end of the period
Land	1,295
Buildings, Improvements & Equipment	17,164
Total	18,459
Accumulated Depreciation	807
8709 S.E. Causey Avenue (5), Portland, OR
Real Estate And Accumulated Depreciation
Encumbrances	23,349
Initial Cost to Company
Land	3,303
Buildings, Improvements & Equipment	77,428
Cost at the end of the period
Land	3,303
Buildings, Improvements & Equipment	77,428
Total	80,731
Accumulated Depreciation	3,403
71 Darlington Road, Beaver Falls, PA
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	13,500
Cost Capitalized Subsequent to Acquisition	444
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	13,944
Total	15,444
Accumulated Depreciation	4,461
950 Morgan Highway, Clarks Summit, PA
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	334
Cost at the end of the period
Land	1,017
Buildings, Improvements & Equipment	8,551
Total	9,568
Accumulated Depreciation	2,971
145 Broadlawn Drive, Elizabeth, PA
Initial Cost to Company
Land	696
Buildings, Improvements & Equipment	6,304
Cost Capitalized Subsequent to Acquisition	690
Cost at the end of the period
Land	696
Buildings, Improvements & Equipment	6,994
Total	7,690
Accumulated Depreciation	2,292
600 N. Pottstown Pike, Exton, PA
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	1,051
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	9,284
Total	10,285
Accumulated Depreciation	3,148
242 Baltimore Pike, Glen Mills, PA
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	492
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	8,725
Total	9,726
Accumulated Depreciation	3,102
20 Capital Drive, Harrisburg, PA
Initial Cost to Company
Land	397
Buildings, Improvements & Equipment	9,333
Cost at the end of the period
Land	397
Buildings, Improvements & Equipment	9,333
Total	9,730
Accumulated Depreciation	447
723 Dresher Road, Horsham, PA
Initial Cost to Company
Land	1,010
Buildings, Improvements & Equipment	4,456
Cost Capitalized Subsequent to Acquisition	276
Cost at the end of the period
Land	1,010
Buildings, Improvements & Equipment	4,732
Total	5,742
Accumulated Depreciation	717
210 Mall Boulevard, King of Prussia, PA
Initial Cost to Company
Land	1,540
Buildings, Improvements & Equipment	4,743
Cost Capitalized Subsequent to Acquisition	2,184
Cost at the end of the period
Land	1,540
Buildings, Improvements & Equipment	6,927
Total	8,467
Accumulated Depreciation	1,034
216 Mall Boulevard, King of Prussia, PA
Initial Cost to Company
Land	880
Buildings, Improvements & Equipment	2,871
Cost Capitalized Subsequent to Acquisition	239
Cost at the end of the period
Land	880
Buildings, Improvements & Equipment	3,110
Total	3,990
Accumulated Depreciation	432
5300 Old William Penn Highway, Murrysville, PA
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,506
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,506
Total	2,806
Accumulated Depreciation	1,047
800 Manor Drive, New Britain (Chalfont), PA
Initial Cost to Company
Land	979
Buildings, Improvements & Equipment	8,052
Cost Capitalized Subsequent to Acquisition	539
Cost at the end of the period
Land	981
Buildings, Improvements & Equipment	8,589
Total	9,570
Accumulated Depreciation	3,059
7151 Saltsburg Road, Penn Hills, PA
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	904
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	904
Total	1,104
Accumulated Depreciation	380
5750 Centre Ave, Pittsburgh, PA
Initial Cost to Company
Land	3,000
Buildings, Improvements & Equipment	11,828
Cost Capitalized Subsequent to Acquisition	1,090
Cost at the end of the period
Land	3,140
Buildings, Improvements & Equipment	12,778
Total	15,918
Accumulated Depreciation	2,909
730 Holiday Drive, Pittsburgh, PA
Initial Cost to Company
Land	2,480
Buildings, Improvements & Equipment	6,395
Cost Capitalized Subsequent to Acquisition	3,201
Cost at the end of the period
Land	2,480
Buildings, Improvements & Equipment	9,596
Total	12,076
Accumulated Depreciation	1,483
3043 Walton Road, Plymouth Meeting, PA
Initial Cost to Company
Land	1,680
Buildings, Improvements & Equipment	9,187
Cost Capitalized Subsequent to Acquisition	149
Cost at the end of the period
Land	1,713
Buildings, Improvements & Equipment	9,303
Total	11,016
Accumulated Depreciation	1,220
1400 Riggs Road, South Park, PA
Initial Cost to Company
Land	898
Buildings, Improvements & Equipment	8,102
Cost Capitalized Subsequent to Acquisition	248
Cost at the end of the period
Land	898
Buildings, Improvements & Equipment	8,350
Total	9,248
Accumulated Depreciation	2,709
700 Northampton Street, Tiffany Court (Kingston), PA
Initial Cost to Company
Buildings, Improvements & Equipment	5,682
Cost Capitalized Subsequent to Acquisition	1,462
Cost at the end of the period
Land	4
Buildings, Improvements & Equipment	7,140
Total	7,144
Accumulated Depreciation	2,428
5250 Meadowgreen Drive, Whitehall, PA
Initial Cost to Company
Land	1,599
Buildings, Improvements & Equipment	14,401
Cost Capitalized Subsequent to Acquisition	1,315
Cost at the end of the period
Land	1,599
Buildings, Improvements & Equipment	15,716
Total	17,315
Accumulated Depreciation	5,035
55 Oaklawn Avenue, Cranston, RI
Initial Cost to Company
Land	261
Buildings, Improvements & Equipment	9,757
Cost Capitalized Subsequent to Acquisition	34
Cost at the end of the period
Land	261
Buildings, Improvements & Equipment	9,791
Total	10,052
Accumulated Depreciation	446
1304 McLees Road, Anderson, SC
Initial Cost to Company
Land	295
Buildings, Improvements & Equipment	3,509
Cost Capitalized Subsequent to Acquisition	213
Cost at the end of the period
Land	295
Buildings, Improvements & Equipment	3,722
Total	4,017
Accumulated Depreciation	1,266
109 Old Salem Road, Beaufort, SC
Initial Cost to Company
Land	188
Buildings, Improvements & Equipment	2,234
Cost Capitalized Subsequent to Acquisition	601
Cost at the end of the period
Land	188
Buildings, Improvements & Equipment	2,835
Total	3,023
Accumulated Depreciation	1,156
1119 Pick Pocket Plantation Drive, Beaufort, SC
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	10,810
Cost Capitalized Subsequent to Acquisition	525
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	11,335
Total	12,535
Accumulated Depreciation	1,870
719 Kershaw Highway, Camden, SC
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,697
Cost Capitalized Subsequent to Acquisition	908
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,605
Total	4,927
Accumulated Depreciation	1,608
2333 Ashley River Road, Charleston (4), SC
Initial Cost to Company
Land	848
Buildings, Improvements & Equipment	14,000
Cost Capitalized Subsequent to Acquisition	1,700
Cost at the end of the period
Land	868
Buildings, Improvements & Equipment	15,680
Total	16,548
Accumulated Depreciation	2,259
320 Seven Farms Drive, Charleston (4), SC
Real Estate And Accumulated Depreciation
Encumbrances	4,427
Initial Cost to Company
Land	1,092
Buildings, Improvements & Equipment	6,605
Cost Capitalized Subsequent to Acquisition	435
Cost at the end of the period
Land	1,092
Buildings, Improvements & Equipment	7,040
Total	8,132
Accumulated Depreciation	930
201 Executive Center Drive, Columbia, SC
Initial Cost to Company
Land	390
Buildings, Improvements & Equipment	4,659
Cost Capitalized Subsequent to Acquisition	1,161
Cost at the end of the period
Land	390
Buildings, Improvements & Equipment	5,820
Total	6,210
Accumulated Depreciation	812
251 Springtree Drive, Columbia, SC
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	1,905
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	1,905
Total	2,205
Accumulated Depreciation	734
3 Summit Terrace, Columbia, SC
Initial Cost to Company
Land	610
Buildings, Improvements & Equipment	7,900
Cost Capitalized Subsequent to Acquisition	751
Cost at the end of the period
Land	610
Buildings, Improvements & Equipment	8,651
Total	9,261
Accumulated Depreciation	1,681
7909 Parklane Road, Columbia, SC
Initial Cost to Company
Land	1,580
Buildings, Improvements & Equipment	4,520
Cost Capitalized Subsequent to Acquisition	670
Cost at the end of the period
Land	1,580
Buildings, Improvements & Equipment	5,190
Total	6,770
Accumulated Depreciation	745
355 Berkmans Lane, Greenville, SC
Initial Cost to Company
Land	700
Buildings, Improvements & Equipment	7,240
Cost Capitalized Subsequent to Acquisition	323
Cost at the end of the period
Land	700
Buildings, Improvements & Equipment	7,563
Total	8,263
Accumulated Depreciation	1,501
116 Enterprise Court, Greenwood, SC
Initial Cost to Company
Land	310
Buildings, Improvements & Equipment	2,790
Cost Capitalized Subsequent to Acquisition	193
Cost at the end of the period
Land	310
Buildings, Improvements & Equipment	2,983
Total	3,293
Accumulated Depreciation	1,000
1901 West Carolina, Hartsville, SC
Initial Cost to Company
Land	401
Buildings, Improvements & Equipment	4,775
Cost Capitalized Subsequent to Acquisition	572
Cost at the end of the period
Land	401
Buildings, Improvements & Equipment	5,347
Total	5,748
Accumulated Depreciation	1,799
218 Old Chapin Road, Lexington, SC
Initial Cost to Company
Land	363
Buildings, Improvements & Equipment	4,322
Cost Capitalized Subsequent to Acquisition	402
Cost at the end of the period
Land	363
Buildings, Improvements & Equipment	4,724
Total	5,087
Accumulated Depreciation	1,646
491 Highway 17, Little River (4), SC
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	9,018
Cost Capitalized Subsequent to Acquisition	454
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	9,472
Total	10,222
Accumulated Depreciation	1,439
1010 Lake Hunter Circle / 987 Bowman Road, Mt. Pleasant, SC
Initial Cost to Company
Land	3,898
Buildings, Improvements & Equipment	31,613
Cost Capitalized Subsequent to Acquisition	5,195
Cost at the end of the period
Land	3,898
Buildings, Improvements & Equipment	36,808
Total	40,706
Accumulated Depreciation	4,579
601 Mathis Ferry Road, Mt. Pleasant, SC
Initial Cost to Company
Land	1,687
Buildings, Improvements & Equipment	12,612
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	1,687
Buildings, Improvements & Equipment	12,612
Total	14,299
Accumulated Depreciation	211
1010 Anna Knapp Road, Mt. Pleasant, SC
Initial Cost to Company
Land	1,797
Buildings, Improvements & Equipment	6,132
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	1,797
Buildings, Improvements & Equipment	6,132
Total	7,929
Accumulated Depreciation	120
9547 Highway 17 North, Myrtle Beach, SC
Initial Cost to Company
Land	543
Buildings, Improvements & Equipment	3,202
Cost Capitalized Subsequent to Acquisition	7,809
Cost at the end of the period
Land	543
Buildings, Improvements & Equipment	11,011
Total	11,554
Accumulated Depreciation	3,031
2306 Riverbank Drive, Orangeburg, SC
Initial Cost to Company
Land	303
Buildings, Improvements & Equipment	3,607
Cost Capitalized Subsequent to Acquisition	690
Cost at the end of the period
Land	303
Buildings, Improvements & Equipment	4,297
Total	4,600
Accumulated Depreciation	1,491
1920 Ebenezer Road, Rock Hill, SC
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	1,705
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	1,705
Total	2,005
Accumulated Depreciation	697
15855 Wells Highway, Seneca, SC
Initial Cost to Company
Land	396
Buildings, Improvements & Equipment	4,714
Cost Capitalized Subsequent to Acquisition	470
Cost at the end of the period
Land	396
Buildings, Improvements & Equipment	5,184
Total	5,580
Accumulated Depreciation	1,757
One Southern Court, West Columbia, SC
Initial Cost to Company
Land	520
Buildings, Improvements & Equipment	3,831
Cost Capitalized Subsequent to Acquisition	264
Cost at the end of the period
Land	557
Buildings, Improvements & Equipment	4,058
Total	4,615
Accumulated Depreciation	598
1251 Arizona S.W., Huron, SD
Initial Cost to Company
Land	45
Buildings, Improvements & Equipment	968
Cost Capitalized Subsequent to Acquisition	1
Cost at the end of the period
Land	45
Buildings, Improvements & Equipment	969
Total	1,014
Accumulated Depreciation	613
1345 Michigan Ave SW, Huron, SD
Initial Cost to Company
Land	144
Buildings, Improvements & Equipment	3,108
Cost Capitalized Subsequent to Acquisition	4
Cost at the end of the period
Land	144
Buildings, Improvements & Equipment	3,112
Total	3,256
Accumulated Depreciation	1,969
3600 S. Norton, Sioux Falls, SD
Initial Cost to Company
Land	253
Buildings, Improvements & Equipment	3,062
Cost Capitalized Subsequent to Acquisition	4
Cost at the end of the period
Land	253
Buildings, Improvements & Equipment	3,066
Total	3,319
Accumulated Depreciation	1,942
6716 Nolensville Road, Brentwood, TN
Initial Cost to Company
Land	1,528
Buildings, Improvements & Equipment	6,037
Cost Capitalized Subsequent to Acquisition	157
Cost at the end of the period
Land	1,528
Buildings, Improvements & Equipment	6,194
Total	7,722
Accumulated Depreciation	640
207 Uffelman Drive, Clarksville, TN
Initial Cost to Company
Land	320
Buildings, Improvements & Equipment	2,994
Cost Capitalized Subsequent to Acquisition	611
Cost at the end of the period
Land	320
Buildings, Improvements & Equipment	3,605
Total	3,925
Accumulated Depreciation	964
51 Patel Way, Clarksville, TN
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	10,322
Cost Capitalized Subsequent to Acquisition	917
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	11,239
Total	12,039
Accumulated Depreciation	1,346
2900 Westside Drive, Cleveland, TN
Initial Cost to Company
Land	305
Buildings, Improvements & Equipment	3,627
Cost Capitalized Subsequent to Acquisition	682
Cost at the end of the period
Land	305
Buildings, Improvements & Equipment	4,309
Total	4,614
Accumulated Depreciation	1,436
1010 East Spring Street, Cookeville, TN
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,828
Cost Capitalized Subsequent to Acquisition	587
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,415
Total	4,737
Accumulated Depreciation	1,463
105 Sunrise Circle, Franklin, TN
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,833
Cost Capitalized Subsequent to Acquisition	845
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,678
Total	5,000
Accumulated Depreciation	1,474
1085 Hartsville Pike, Gallatin, TN
Initial Cost to Company
Land	280
Buildings, Improvements & Equipment	3,327
Cost Capitalized Subsequent to Acquisition	394
Cost at the end of the period
Land	280
Buildings, Improvements & Equipment	3,721
Total	4,001
Accumulated Depreciation	1,210
2025 Caldwell Drive, Goodlettsville, TN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,507
Cost Capitalized Subsequent to Acquisition	6,088
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	9,595
Total	9,995
Accumulated Depreciation	1,349
1200 North Parkway, Jackson, TN
Initial Cost to Company
Land	295
Buildings, Improvements & Equipment	3,506
Cost Capitalized Subsequent to Acquisition	318
Cost at the end of the period
Land	299
Buildings, Improvements & Equipment	3,820
Total	4,119
Accumulated Depreciation	1,328
550 Deer View Way, Jefferson City, TN
Initial Cost to Company
Land	940
Buildings, Improvements & Equipment	8,057
Cost Capitalized Subsequent to Acquisition	657
Cost at the end of the period
Land	940
Buildings, Improvements & Equipment	8,714
Total	9,654
Accumulated Depreciation	767
3020 Heatherton Way, Knoxville, TN
Initial Cost to Company
Land	304
Buildings, Improvements & Equipment	3,618
Cost Capitalized Subsequent to Acquisition	1,803
Cost at the end of the period
Land	304
Buildings, Improvements & Equipment	5,421
Total	5,725
Accumulated Depreciation	1,747
511 Pearson Springs Road, Maryville, TN
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	3,207
Cost Capitalized Subsequent to Acquisition	100
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	3,307
Total	3,607
Accumulated Depreciation	1,273
1710 Magnolia Blvd, Nashville, TN
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	6,750
Cost Capitalized Subsequent to Acquisition	4,229
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	10,979
Total	11,729
Accumulated Depreciation	3,249
350 Volunteer Drive, Paris, TN
Initial Cost to Company
Land	110
Buildings, Improvements & Equipment	12,100
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	110
Buildings, Improvements & Equipment	12,100
Total	12,210
Accumulated Depreciation	256
971 State Hwy 121, Allen, TX
Initial Cost to Company
Land	2,590
Buildings, Improvements & Equipment	17,912
Cost at the end of the period
Land	2,590
Buildings, Improvements & Equipment	17,912
Total	20,502
Accumulated Depreciation	3,750
6818 Austin Center Blvd, Austin, TX
Initial Cost to Company
Land	1,540
Buildings, Improvements & Equipment	27,467
Cost Capitalized Subsequent to Acquisition	1,269
Cost at the end of the period
Land	1,575
Buildings, Improvements & Equipment	28,701
Total	30,276
Accumulated Depreciation	5,826
6937 IH 35 North-Am Founders, Austin, TX
Initial Cost to Company
Land	760
Buildings, Improvements & Equipment	5,186
Cost Capitalized Subsequent to Acquisition	292
Cost at the end of the period
Land	760
Buildings, Improvements & Equipment	5,478
Total	6,238
Accumulated Depreciation	934
7600 Capital Texas Highway, Austin, TX
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	4,557
Cost Capitalized Subsequent to Acquisition	102
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	4,659
Total	4,959
Accumulated Depreciation	685
Bailey Square (1111 W 34th St), Austin, TX
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	21,021
Cost Capitalized Subsequent to Acquisition	786
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	21,807
Total	22,207
Accumulated Depreciation	4,634
4620 Bellaire Boulevard, Bellaire, TX
Initial Cost to Company
Land	1,238
Buildings, Improvements & Equipment	11,010
Cost Capitalized Subsequent to Acquisition	2,703
Cost at the end of the period
Land	1,238
Buildings, Improvements & Equipment	13,713
Total	14,951
Accumulated Depreciation	6,820
120 Crosspoint Drive, Boerne, TX
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	4,926
Cost Capitalized Subsequent to Acquisition	134
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	5,060
Total	5,280
Accumulated Depreciation	1,131
4015 Interstate 45, Conroe , TX
Initial Cost to Company
Land	620
Buildings, Improvements & Equipment	14,074
Cost Capitalized Subsequent to Acquisition	533
Cost at the end of the period
Land	620
Buildings, Improvements & Equipment	14,607
Total	15,227
Accumulated Depreciation	2,194
5455 La Sierra Drive, Dallas, TX
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	25,200
Cost Capitalized Subsequent to Acquisition	3,138
Cost at the end of the period
Land	2,300
Buildings, Improvements & Equipment	28,338
Total	30,638
Accumulated Depreciation	3,994
7831 Park Lane, Dallas, TX
Initial Cost to Company
Land	4,709
Buildings, Improvements & Equipment	27,768
Cost Capitalized Subsequent to Acquisition	6,784
Cost at the end of the period
Land	4,718
Buildings, Improvements & Equipment	34,543
Total	39,261
Accumulated Depreciation	13,642
1575 Belvidere, El Paso, TX
Initial Cost to Company
Land	2,301
Buildings, Improvements & Equipment	13,567
Cost Capitalized Subsequent to Acquisition	2,550
Cost at the end of the period
Land	2,313
Buildings, Improvements & Equipment	16,105
Total	18,418
Accumulated Depreciation	6,420
96 E. Frederick Rd., Fredericksburg, TX
Initial Cost to Company
Land	280
Buildings, Improvements & Equipment	4,866
Cost Capitalized Subsequent to Acquisition	5,088
Cost at the end of the period
Land	280
Buildings, Improvements & Equipment	9,954
Total	10,234
Accumulated Depreciation	1,323
6435 S.F.M. 549, Heath, TX
Initial Cost to Company
Land	1,135
Buildings, Improvements & Equipment	7,892
Cost Capitalized Subsequent to Acquisition	219
Cost at the end of the period
Land	1,135
Buildings, Improvements & Equipment	8,111
Total	9,246
Accumulated Depreciation	791
13215 Dotson Road, Houston, TX
Initial Cost to Company
Land	990
Buildings, Improvements & Equipment	13,887
Cost Capitalized Subsequent to Acquisition	102
Cost at the end of the period
Land	990
Buildings, Improvements & Equipment	13,989
Total	14,979
Accumulated Depreciation	1,543
777 North Post Oak Road, Houston, TX
Initial Cost to Company
Land	5,537
Buildings, Improvements & Equipment	32,647
Cost Capitalized Subsequent to Acquisition	17,318
Cost at the end of the period
Land	5,540
Buildings, Improvements & Equipment	49,962
Total	55,502
Accumulated Depreciation	17,280
10030 North MacArthur Boulevard, Irving, Tx
Initial Cost to Company
Land	2,186
Buildings, Improvements & Equipment	15,869
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	2,186
Buildings, Improvements & Equipment	15,877
Total	18,063
Accumulated Depreciation	762
4770 Regent Blvd, Irving, TX
Initial Cost to Company
Land	2,830
Buildings, Improvements & Equipment	15,082
Cost Capitalized Subsequent to Acquisition	1,547
Cost at the end of the period
Land	2,830
Buildings, Improvements & Equipment	16,629
Total	19,459
Accumulated Depreciation	3,231
9812 Slide Road, Lubbock, TX
Initial Cost to Company
Land	1,110
Buildings, Improvements & Equipment	9,798
Cost at the end of the period
Land	1,110
Buildings, Improvements & Equipment	9,798
Total	10,908
Accumulated Depreciation	1,613
605 Gateway Central / 601 Steve Hawkins Prkway, Marble Falls , TX
Initial Cost to Company
Land	1,440
Buildings, Improvements & Equipment	7,125
Cost Capitalized Subsequent to Acquisition	704
Cost at the end of the period
Land	1,440
Buildings, Improvements & Equipment	7,829
Total	9,269
Accumulated Depreciation	941
7150 N. President George Bush Turnpike, North Garland, TX
Initial Cost to Company
Land	1,981
Buildings, Improvements & Equipment	8,548
Cost at the end of the period
Land	1,981
Buildings, Improvements & Equipment	8,548
Total	10,529
Accumulated Depreciation	855
2265 North Lakeshore Drive Rockwall TX
Initial Cost to Company
Land	497
Buildings, Improvements & Equipment	3,582
Cost at the end of the period
Land	497
Buildings, Improvements & Equipment	3,582
Total	4,079
Accumulated Depreciation	172
18302 Talavera Ridge (5) San Antonio TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	6,855
Buildings, Improvements & Equipment	30,630
Cost at the end of the period
Land	6,855
Buildings, Improvements & Equipment	30,630
Total	37,485
Accumulated Depreciation	1,468
21 Spurs Lane, Antonio, TX
Real Estate And Accumulated Depreciation
Encumbrances	14,300
Initial Cost to Company
Land	3,141
Buildings, Improvements & Equipment	23,142
Cost Capitalized Subsequent to Acquisition	151
Cost at the end of the period
Land	3,141
Buildings, Improvements & Equipment	23,293
Total	26,434
Accumulated Depreciation	1,600
311 Nottingham West, San Antonio (4), TX
Real Estate And Accumulated Depreciation
Encumbrances	26,691
Initial Cost to Company
Land	4,283
Buildings, Improvements & Equipment	25,256
Cost Capitalized Subsequent to Acquisition	8,884
Cost at the end of the period
Land	4,283
Buildings, Improvements & Equipment	34,140
Total	38,423
Accumulated Depreciation	12,828
511 Knights Cross Drive, San Antonio, TX
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	6,500
Cost Capitalized Subsequent to Acquisition	24
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	6,524
Total	7,724
Accumulated Depreciation	1,328
575 Knights Cross Drive, San Antonio, TX
Initial Cost to Company
Land	1,100
Buildings, Improvements & Equipment	13,900
Cost Capitalized Subsequent to Acquisition	375
Cost at the end of the period
Land	1,100
Buildings, Improvements & Equipment	14,275
Total	15,375
Accumulated Depreciation	2,933
301 East Airline Road Victoria TX
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	1,635
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	1,635
Total	1,734
Accumulated Depreciation	78
5055 West Panther Creek Drive, Woodlands (4), TX
Real Estate And Accumulated Depreciation
Encumbrances	36,076
Initial Cost to Company
Land	3,694
Buildings, Improvements & Equipment	21,782
Cost Capitalized Subsequent to Acquisition	3,953
Cost at the end of the period
Land	3,701
Buildings, Improvements & Equipment	25,728
Total	29,429
Accumulated Depreciation	11,313
900 North Taylor Street, Arlington, VA
Initial Cost to Company
Land	1,885
Buildings, Improvements & Equipment	16,734
Cost Capitalized Subsequent to Acquisition	270
Cost at the end of the period
Land	1,885
Buildings, Improvements & Equipment	17,004
Total	18,889
Accumulated Depreciation	9,547
2610 Barracks Road, Charlottesville, VA
Initial Cost to Company
Land	2,976
Buildings, Improvements & Equipment	26,422
Cost Capitalized Subsequent to Acquisition	431
Cost at the end of the period
Land	2,976
Buildings, Improvements & Equipment	26,853
Total	29,829
Accumulated Depreciation	15,132
491 Crestwood Drive, Charlottesville (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	9,581
Initial Cost to Company
Land	641
Buildings, Improvements & Equipment	7,633
Cost Capitalized Subsequent to Acquisition	1,659
Cost at the end of the period
Land	641
Buildings, Improvements & Equipment	9,292
Total	9,933
Accumulated Depreciation	2,918
1005 Elysian Place, Chesapeake, VA
Initial Cost to Company
Land	2,370
Buildings, Improvements & Equipment	23,705
Cost Capitalized Subsequent to Acquisition	348
Cost at the end of the period
Land	2,370
Buildings, Improvements & Equipment	24,053
Total	26,423
Accumulated Depreciation	3,612
2856 Forehand Drive, Chesapeake, VA
Initial Cost to Company
Land	160
Buildings, Improvements & Equipment	1,498
Cost Capitalized Subsequent to Acquisition	907
Cost at the end of the period
Land	160
Buildings, Improvements & Equipment	2,405
Total	2,565
Accumulated Depreciation	893
4027 Martinsburg Pike Clear brook VA
Initial Cost to Company
Land	3,775
Buildings, Improvements & Equipment	21,768
Cost at the end of the period
Land	3,775
Buildings, Improvements & Equipment	21,768
Total	25,543
Accumulated Depreciation	1,043
4001 Fair Ridge Drive, Fairfax, VA
Initial Cost to Company
Land	2,500
Buildings, Improvements & Equipment	7,147
Cost Capitalized Subsequent to Acquisition	784
Cost at the end of the period
Land	2,638
Buildings, Improvements & Equipment	7,793
Total	10,431
Accumulated Depreciation	1,569
20 HeartFields Lane , Fredericksburg (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	10,046
Initial Cost to Company
Land	287
Buildings, Improvements & Equipment	8,480
Cost Capitalized Subsequent to Acquisition	1,272
Cost at the end of the period
Land	287
Buildings, Improvements & Equipment	9,752
Total	10,039
Accumulated Depreciation	3,862
2800 Polo Parkway, Midlothian, VA
Initial Cost to Company
Land	1,103
Buildings, Improvements & Equipment	13,126
Cost Capitalized Subsequent to Acquisition	1,657
Cost at the end of the period
Land	1,103
Buildings, Improvements & Equipment	14,783
Total	15,886
Accumulated Depreciation	4,962
655 Denbigh Boulevard, Newport News (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	7,664
Initial Cost to Company
Land	581
Buildings, Improvements & Equipment	6,921
Cost Capitalized Subsequent to Acquisition	435
Cost at the end of the period
Land	581
Buildings, Improvements & Equipment	7,356
Total	7,937
Accumulated Depreciation	2,488
6161 Kempsville Rd, Norfolk, VA
Initial Cost to Company
Land	1,530
Buildings, Improvements & Equipment	9,531
Cost Capitalized Subsequent to Acquisition	581
Cost at the end of the period
Land	1,530
Buildings, Improvements & Equipment	10,112
Total	11,642
Accumulated Depreciation	2,061
6311 Granby Street, Norfolk, VA
Initial Cost to Company
Land	1,920
Buildings, Improvements & Equipment	16,538
Cost Capitalized Subsequent to Acquisition	35
Cost at the end of the period
Land	1,920
Buildings, Improvements & Equipment	16,573
Total	18,493
Accumulated Depreciation	2,568
885 Kempsville Rd, Norfolk, VA
Initial Cost to Company
Land	1,780
Buildings, Improvements & Equipment	8,354
Cost Capitalized Subsequent to Acquisition	1,165
Cost at the end of the period
Land	1,780
Buildings, Improvements & Equipment	9,519
Total	11,299
Accumulated Depreciation	2,034
531 Wythe Creek Road, Poquoson, VA
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	2,041
Cost Capitalized Subsequent to Acquisition	839
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	2,880
Total	3,100
Accumulated Depreciation	1,043
3000 Skipwith Road, Richmond, VA
Initial Cost to Company
Land	732
Buildings, Improvements & Equipment	8,717
Cost Capitalized Subsequent to Acquisition	730
Cost at the end of the period
Land	732
Buildings, Improvements & Equipment	9,447
Total	10,179
Accumulated Depreciation	3,165
9900 Independence Park Drive, Richmond (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	8,882
Initial Cost to Company
Land	326
Buildings, Improvements & Equipment	3,166
Cost Capitalized Subsequent to Acquisition	225
Cost at the end of the period
Land	326
Buildings, Improvements & Equipment	3,391
Total	3,717
Accumulated Depreciation	408
9930 Independence Park Drive, Richmond (4), VA
Initial Cost to Company
Land	604
Buildings, Improvements & Equipment	5,432
Cost at the end of the period
Land	604
Buildings, Improvements & Equipment	5,432
Total	6,036
Accumulated Depreciation	690
5620 Wesleyan Drive, Virginia Beach, VA
Initial Cost to Company
Land	893
Buildings, Improvements & Equipment	7,926
Cost Capitalized Subsequent to Acquisition	1,451
Cost at the end of the period
Land	893
Buildings, Improvements & Equipment	9,377
Total	10,270
Accumulated Depreciation	4,811
4132 Longhill Road, Williamsburg, VA
Initial Cost to Company
Land	270
Buildings, Improvements & Equipment	2,468
Cost Capitalized Subsequent to Acquisition	1,144
Cost at the end of the period
Land	270
Buildings, Improvements & Equipment	3,612
Total	3,882
Accumulated Depreciation	1,243
440 McLaws Circle, Williamsburg, VA
Initial Cost to Company
Land	1,466
Buildings, Improvements & Equipment	17,340
Cost Capitalized Subsequent to Acquisition	0
Cost at the end of the period
Land	1,466
Buildings, Improvements & Equipment	17,340
Total	18,806
Accumulated Depreciation	281
21717 30th Drive SE, Bothell, WA
Initial Cost to Company
Land	3,012
Buildings, Improvements & Equipment	12,582
Cost at the end of the period
Land	3,012
Buildings, Improvements & Equipment	12,582
Total	15,594
Accumulated Depreciation	1,232
21823 30th Drive SE, Bothell, WA
Initial Cost to Company
Land	2,627
Buildings, Improvements & Equipment	12,657
Cost at the end of the period
Land	2,627
Buildings, Improvements & Equipment	12,657
Total	15,284
Accumulated Depreciation	1,239
10330 4th Avenue W Everett WA
Initial Cost to Company
Land	813
Buildings, Improvements & Equipment	6,844
Cost at the end of the period
Land	813
Buildings, Improvements & Equipment	6,844
Total	7,657
Accumulated Depreciation	306
516 Kenosia Avenue South, Kent (4), WA
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	8,458
Cost Capitalized Subsequent to Acquisition	2,113
Cost at the end of the period
Land	1,310
Buildings, Improvements & Equipment	10,561
Total	11,871
Accumulated Depreciation	1,180
204 N. First Street La Conner Wa
Initial Cost to Company
Land	321
Buildings, Improvements & Equipment	12,368
Cost at the end of the period
Land	321
Buildings, Improvements & Equipment	12,368
Total	12,689
Accumulated Depreciation	545
2956 152nd Ave NE, Redmond (4), WA
Initial Cost to Company
Land	5,120
Buildings, Improvements & Equipment	16,683
Cost Capitalized Subsequent to Acquisition	2,075
Cost at the end of the period
Land	5,135
Buildings, Improvements & Equipment	18,743
Total	23,878
Accumulated Depreciation	1,976
555 16th Avenue, Seattle, WA
Initial Cost to Company
Land	256
Buildings, Improvements & Equipment	4,869
Cost Capitalized Subsequent to Acquisition	67
Cost at the end of the period
Land	256
Buildings, Improvements & Equipment	4,936
Total	5,192
Accumulated Depreciation	3,070
18740 W. Bluemound Rd., Brookfield, WI
Initial Cost to Company
Land	832
Buildings, Improvements & Equipment	3,849
Cost Capitalized Subsequent to Acquisition	4,213
Cost at the end of the period
Land	832
Buildings, Improvements & Equipment	8,062
Total	8,894
Accumulated Depreciation	4,153
3003 West Good Hope Road, Glendale, WI
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	33,747
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	33,747
Total	35,247
Accumulated Depreciation	6,117
7007 North Range Line Road, Glendale, WI
Initial Cost to Company
Land	250
Buildings, Improvements & Equipment	3,797
Cost at the end of the period
Land	250
Buildings, Improvements & Equipment	3,797
Total	4,047
Accumulated Depreciation	688
215 Washington Street, Grafton, WI
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	10,058
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	10,058
Total	10,558
Accumulated Depreciation	1,823
N168W22022 Main Street, Jackson, WI
Initial Cost to Company
Land	188
Buildings, Improvements & Equipment	5,962
Cost Capitalized Subsequent to Acquisition	181
Cost at the end of the period
Land	192
Buildings, Improvements & Equipment	6,139
Total	6,331
Accumulated Depreciation	347
8351 Sheridan Rd, Kenosha, WI
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	7,669
Cost Capitalized Subsequent to Acquisition	148
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	7,817
Total	8,567
Accumulated Depreciation	1,755
5601 Burke Rd, Madison, WI
Initial Cost to Company
Land	700
Buildings, Improvements & Equipment	7,461
Cost Capitalized Subsequent to Acquisition	63
Cost at the end of the period
Land	712
Buildings, Improvements & Equipment	7,512
Total	8,224
Accumulated Depreciation	1,683
7707 N.Brookline Drive, Madison, WI
Initial Cost to Company
Land	2,615
Buildings, Improvements & Equipment	35,545
Cost Capitalized Subsequent to Acquisition	362
Cost at the end of the period
Land	2,625
Buildings, Improvements & Equipment	35,897
Total	38,522
Accumulated Depreciation	1,952
10803 N. Port Washington Rd, Mequon (4), WI
Real Estate And Accumulated Depreciation
Encumbrances	4,081
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	8,388
Cost Capitalized Subsequent to Acquisition	396
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	8,784
Total	9,584
Accumulated Depreciation	2,017
701 East Puetz Rd, Oak Creek, WI
Initial Cost to Company
Land	650
Buildings, Improvements & Equipment	18,396
Cost Capitalized Subsequent to Acquisition	335
Cost at the end of the period
Land	650
Buildings, Improvements & Equipment	18,731
Total	19,381
Accumulated Depreciation	4,242
W231 N1440 Corporate Court, Pewaukee, WI
Initial Cost to Company
Land	3,900
Buildings, Improvements & Equipment	41,140
Cost at the end of the period
Land	3,900
Buildings, Improvements & Equipment	41,140
Total	45,040
Accumulated Depreciation	7,457
8438 & 8400 Washington Avenue, Racine, WI
Initial Cost to Company
Land	1,150
Buildings, Improvements & Equipment	22,436
Cost at the end of the period
Land	1,150
Buildings, Improvements & Equipment	22,436
Total	23,586
Accumulated Depreciation	4,067
1221 North 26th Street, Sheboygan, WI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	975
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	975
Total	1,275
Accumulated Depreciation	177
1222 North 23rd Street, Sheboygan, WI
Initial Cost to Company
Land	120
Buildings, Improvements & Equipment	4,014
Cost at the end of the period
Land	120
Buildings, Improvements & Equipment	4,014
Total	4,134
Accumulated Depreciation	728
2414 Kohler Memorial Drive, Sheboygan, WI
Initial Cost to Company
Land	1,400
Buildings, Improvements & Equipment	35,168
Cost at the end of the period
Land	1,400
Buildings, Improvements & Equipment	35,168
Total	36,568
Accumulated Depreciation	6,374
1125 N Edge Trail, Verona, WI
Initial Cost to Company
Land	1,365
Buildings, Improvements & Equipment	9,581
Cost Capitalized Subsequent to Acquisition	1,111
Cost at the end of the period
Land	1,365
Buildings, Improvements & Equipment	10,692
Total	12,057
Accumulated Depreciation	981
1451 Cleveland Avenue, Waukesha, WI
Initial Cost to Company
Land	68
Buildings, Improvements & Equipment	3,452
Cost Capitalized Subsequent to Acquisition	3,155
Cost at the end of the period
Land	68
Buildings, Improvements & Equipment	6,607
Total	6,675
Accumulated Depreciation	4,030
3289 North Mayfair Road, Wauwatosa, WI
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	6,245
Cost at the end of the period
Land	2,300
Buildings, Improvements & Equipment	6,245
Total	8,545
Accumulated Depreciation	1,132
5301 W. Lincoln Ave, West Allis, WI
Initial Cost to Company
Land	1,600
Buildings, Improvements & Equipment	20,377
Cost Capitalized Subsequent to Acquisition	7,404
Cost at the end of the period
Land	1,600
Buildings, Improvements & Equipment	27,781
Total	29,381
Accumulated Depreciation	5,326
503 South 18th Street, Laramie, WY
Initial Cost to Company
Land	191
Buildings, Improvements & Equipment	3,632
Cost Capitalized Subsequent to Acquisition	878
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	4,510
Total	4,701
Accumulated Depreciation	2,808
1901 Howell Ave., Worland, WY
Initial Cost to Company
Land	132
Buildings, Improvements & Equipment	2,508
Cost Capitalized Subsequent to Acquisition	1,321
Cost at the end of the period
Land	137
Buildings, Improvements & Equipment	3,824
Total	3,961
Accumulated Depreciation	$ 2,221

SCHEDULE III REAL ESTATE AND 55

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION 2 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Real Estate And Accumulated Depreciation
Fair value adjustment, liabilities	$ 3.6
Aggregate cost for federal income tax purposes	8,000
Capital leases	$ 11.5
Building improvements | Maximum
Real Estate And Accumulated Depreciation
Period over which real estate assets are depreciated, maximum	40 years
Equipment | Maximum
Real Estate And Accumulated Depreciation
Period over which real estate assets are depreciated, maximum	12 years
Mortgages
Real Estate And Accumulated Depreciation
Mortgage debts	$ 1,100

SCHEDULE III REAL ESTATE AND 56

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Equipment
Balance at the beginning of the period	$ 7,456,940	$ 6,222,360	$ 5,247,374
Disposals	(43,809)	0	0
Additions	317,392	1,234,580	974,986
Balance at the end of the period	7,730,523	7,456,940	6,222,360
Accumulated Depreciation
Balance at the beginning of the period	1,147,540	973,205	830,448
Additions	188,445	174,335	142,757
Disposals	(7,974)	0	0
SEC Schedule III, Real Estate, Write-down or Reserve, Amount	0	0	0
Impairment	0	0	0
Balance at the end of the period	$ 1,328,011	$ 1,147,540	$ 973,205