Diversified Healthcare Trust (DHC) 10-K 27 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
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, 2017
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			$ 4.8
Entity Common Stock, Shares Outstanding		237,625,781
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate properties:
Land	$ 824,879	$ 792,728
Buildings, improvements and equipment	6,999,884	6,824,819
Total real estate properties, gross	7,824,763	7,617,547
Less accumulated depreciation	(1,454,477)	(1,270,716)
Total real estate properties, net	6,370,286	6,346,831
Cash and cash equivalents	31,238	31,749
Restricted cash	16,083	3,829
Investments in available for sale securities	162,751	115,612
Due from affiliate	18,539	18,439
Acquired real estate leases and other intangible assets, net	472,265	514,446
Other assets, net	222,857	196,848
Total assets	7,294,019	7,227,754
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	596,000	327,000
Unsecured term loans, net	547,460	547,058
Senior unsecured notes, net	1,725,662	1,722,758
Secured debt and capital leases, net	805,404	1,117,649
Accrued interest	17,987	18,471
Due to affiliate	66,411	22,296
Assumed real estate lease obligations, net	96,018	106,038
Other liabilities	161,889	167,079
Total liabilities	4,016,831	4,028,349
Commitments and contingencies
Equity attributable to common shareholders:
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 237,630,409 and 237,544,479 shares issued and outstanding at December 31, 2017 and 2016, respectively	2,376	2,375
Additional paid in capital	4,609,316	4,533,456
Cumulative net income	1,766,495	1,618,885
Cumulative other comprehensive income	87,231	34,549
Cumulative distributions	(3,360,468)	(2,989,860)
Total equity attributable to common shareholders	3,104,950	3,199,405
Noncontrolling interest:
Total equity attributable to noncontrolling interest	172,238	0
Total equity	3,277,188	3,199,405
Total liabilities and equity	$ 7,294,019	$ 7,227,754

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
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	237,630,409	237,544,479
Common shares, shares outstanding	237,630,409	237,544,479

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental income	$ 681,022	$ 666,200	$ 630,899
Residents fees and services	393,797	391,822	367,874
Total revenues	1,074,819	1,058,022	998,773
Expenses:
Property operating expenses	413,430	399,790	377,579
Depreciation and amortization	276,861	287,831	257,783
General and administrative	103,702	46,559	42,830
Acquisition and certain other transaction related costs	547	2,085	6,853
Impairment of assets	5,082	18,674	194
Total expenses	799,622	754,939	685,239
Operating income	275,197	303,083	313,534
Dividend income	2,637	2,108	2,773
Interest and other income	406	430	379
Interest expense	(165,019)	(167,574)	(150,881)
Loss on distribution to common shareholders of The RMR Group Inc. common stock	0	0	(38,437)
Loss on early extinguishment of debt	(7,627)	(526)	(1,894)
Income from continuing operations before income tax expense and equity in earnings of an investee	105,594	137,521	125,474
Income tax expense	(454)	(424)	(574)
Equity in earnings of an investee	608	137	20
Income from continuing operations	105,748	137,234	124,920
Discontinued operations:
Loss from discontinued operations	0	0	(350)
Loss on impairment of assets from discontinued operations	0	0	(602)
Income before gain on sale of properties	105,748	137,234	123,968
Gain on sale of properties	46,055	4,061	0
Net income	151,803	141,295	123,968
Net income attributable to noncontrolling interest	(4,193)	0	0
Net income attributable to common shareholders	147,610	141,295	123,968
Other comprehensive income:
Unrealized gain (loss) on investments in available for sale securities	47,138	64,139	(35,846)
Amounts reclassified from cumulative other comprehensive income to net income	5,082	2,795	0
Equity in unrealized gain (loss) of an investee	462	152	(20)
Other comprehensive income	52,682	67,086	(35,866)
Comprehensive income	204,485	208,381	88,102
Comprehensive income attributable to noncontrolling interest	(4,193)	0	0
Comprehensive income attributable to common shareholders	$ 200,292	$ 208,381	$ 88,102
Weighted average shares used in computing earnings per common share:
Weighted average common shares outstanding (basic) (in shares)	237,420	237,345	232,931
Weighted average common shares outstanding (diluted) (in shares)	237,452	237,382	232,963
Per common share amounts (basic and diluted)
Income from continuing operations (in dollars per share)	$ 0.62	$ 0.60	$ 0.54
Loss from discontinued operations (in dollars per share)	0	0	(0.01)
Net income attributable to common shareholders (in dollars per share)	$ 0.62	$ 0.60	$ 0.53

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)	Total Equity Attributable to Common Shareholders	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2014		203,910,305
Balance at Dec. 31, 2014	$ 2,952,407	$ 2,039	$ 3,825,063	$ 1,353,622	$ (2,231,646)	$ 3,329	$ 2,952,407	$ 0
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)	88,102			123,968		(35,866)	88,102
Distributions	(356,384)				(356,384)		(356,384)
Distribution to common shareholders of The RMR Group Inc. common stock	(31,341)				(31,341)		(31,341)
Issuance of shares (in shares)		33,475,367
Issuance of shares	705,748	$ 335	705,413				705,748
Share grants (in shares)		99,000
Share grants	1,440	$ 1	1,439				1,440
Share repurchases (in shares)		(13,113)
Share repurchases	(212)		(212)				(212)
Balance (in shares) at Dec. 31, 2015		237,471,559
Balance at Dec. 31, 2015	3,359,760	$ 2,375	4,531,703	1,477,590	(2,619,371)	(32,537)	3,359,760	0
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)	208,381			141,295		67,086	208,381
Distributions	(370,489)				(370,489)		(370,489)
Share grants (in shares)		92,150
Share grants	2,205	$ 1	2,204				2,205
Share repurchases (in shares)		(19,230)
Share repurchases	$ (452)	$ (1)	(451)				(452)
Balance (in shares) at Dec. 31, 2016	237,544,479	237,544,479
Balance at Dec. 31, 2016	$ 3,199,405	$ 2,375	4,533,456	1,618,885	(2,989,860)	34,549	3,199,405	0
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)	204,485			147,610		52,682	200,292	4,193
Distributions	(370,608)				(370,608)		(370,608)
Share grants (in shares)		103,100
Share grants	2,130	$ 1	2,129				2,130
Share repurchases (in shares)		(17,170)
Share repurchases	(341)		(341)				(341)
Contributions from noncontrolling interest	255,931		74,072				74,072	181,859
Distributions to noncontrolling interest	$ (13,814)							(13,814)
Balance (in shares) at Dec. 31, 2017	237,630,409	237,630,409
Balance at Dec. 31, 2017	$ 3,277,188	$ 2,376	$ 4,609,316	$ 1,766,495	$ (3,360,468)	$ 87,231	$ 3,104,950	$ 172,238

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 151,803	$ 141,295	$ 123,968
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	276,861	287,831	257,783
Net amortization of debt discounts, premiums and deferred financing fees	5,282	5,729	5,942
Straight line rental income	(13,958)	(17,604)	(18,039)
Amortization of acquired real estate leases and other intangible assets	(5,349)	(4,941)	(4,060)
Loss on early extinguishment of debt	7,627	526	1,894
Impairment of assets	5,082	18,674	796
Loss on distribution to common shareholders of The RMR Group Inc. common stock	0	0	38,437
Other non-cash adjustments	(3,772)	(3,772)	(2,145)
Gain on sale of properties	(46,055)	(4,061)	0
Gain on sale of investments	0	0	(71)
Equity in earnings of an investee	(608)	(137)	(20)
Change in assets and liabilities:
Restricted cash	(12,254)	2,326	4,389
Other assets	(5,197)	(1,548)	(19,917)
Accrued interest	(484)	1,497	(3,072)
Other liabilities	48,072	992	19,636
Net cash provided by operating activities	407,050	426,807	405,521
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(159,290)	(227,072)	(1,134,735)
Real estate improvements	(117,213)	(99,663)	(70,427)
Investment in The RMR Group Inc.	0	0	(17,286)
Proceeds from sale of properties	55,068	33,866	2,782
Proceeds from sale of investments	0	0	6,571
Net cash used for investing activities	(221,435)	(292,869)	(1,213,095)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	0	0	659,496
Proceeds from issuance of unsecured senior notes, net of discount	0	250,000	0
Proceeds from unsecured term loan	0	0	200,000
Proceeds from borrowings on revolving credit facility	764,000	662,000	1,640,243
Proceeds from issuance of secured debt	0	620,000	0
Redemption of senior notes	0	0	(250,000)
Repayments of borrowings on revolving credit facility	(495,000)	(1,110,000)	(945,243)
Repayment of other debt	(313,964)	(178,418)	(125,879)
Loss on early extinguishment of debt settled in cash	(5,485)	(470)	(1,448)
Payment of debt issuance costs	(6,845)	(12,016)	(2,931)
Repurchase of common shares	(341)	(452)	(212)
Proceeds from noncontrolling interest, net	255,931	0	0
Distributions to noncontrolling interest	(13,814)	0	0
Distributions to shareholders	(370,608)	(370,489)	(356,390)
Net cash (used for) provided by financing activities	(186,126)	(139,845)	817,636
(Decrease) increase in cash and cash equivalents	(511)	(5,907)	10,062
Cash and cash equivalents at beginning of period	31,749	37,656	27,594
Cash and cash equivalents at end of period	31,238	31,749	37,656
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	160,221	160,348	148,011
Income taxes paid	441	435	477
NON-CASH INVESTING ACTIVITIES:
Investment acquired by issuance of common shares	0	0	(44,521)
Acquisitions funded by assumed debt	0	0	(181,433)
NON-CASH FINANCING ACTIVITIES:
Assumption of mortgage notes payable	0	0	181,433
Issuance of common shares	0	0	47,691
Distribution to common shareholders of The RMR Group Inc. common stock	$ 0	$ 0	$ (31,335)

Organization

Organization	12 Months Ended
	Dec. 31, 2017
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, 2017 , we owned 440 properties ( 466 buildings) located in 42 states and Washington, D.C. Our portfolio includes: 305 senior living communities, including independent living, assisted living, memory care and skilled nursing facilities, or SNFs; 125 properties ( 151 buildings) leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs; and 10 wellness centers with approximately 812,000 square feet of interior space plus outdoor developed facilities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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, except for the joint venture discussed below, 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 equity. In March 2017, we entered a joint venture with a sovereign investor for one of our MOBs ( two buildings) located in Boston, Massachusetts. We have determined that this joint venture is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or the Codification. We concluded that we must consolidate this VIE because we are the entity with the power to direct the activities that most significantly impact the VIE’s economic performance and we have the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore are the primary beneficiary of the VIE. The assets of this VIE were $1,102,986 as of December 31, 2017 and consist primarily of the net real estate owned by the joint venture. The liabilities of this VIE were $720,678 as of December 31, 2017 and consist primarily of the secured debts on the property. The sovereign investor's interest in this consolidated entity is reflected as noncontrolling interest in our consolidated financial statements. See Note 10 for further information about this joint venture. 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. In some circumstances, we engage independent 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 relative 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 independent appraisers. 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 allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. 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, 2017 , 2016 and 2015 , such amortization resulted in an increase in rental income of $5,349 , $4,941 and $4,060 , 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, 2017 , 2016 and 2015 , such amortization included in depreciation totaled $72,035 , $92,818 and $80,040 , 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 and cash held for the operations of our joint venture MOB. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES. We classify the shares we own of The RMR Group Inc., or RMR Inc., and Five Star Senior Living Inc., or Five Star, 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, 2017 and 2016 , 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, 2017 and 2016 , our investment in RMR Inc. had a fair value of $156,398 and $104,178 , respectively, including unrealized gains of $86,572 and $34,352 , 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 of this liability during each of the years ended December 31, 2017 and 2016 , and $2,145 for the year ended December 31, 2015. These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2017 , the remaining unamortized amount of this liability was $68,161 . At December 31, 2017 and 2016 , 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 year ended December 31, 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). We recorded an additional loss on impairment of $5,082 to reduce the carrying value of our Five Star investment to its estimated fair value during the second quarter of 2017. We determined the fair value using the closing price of Five Star's common shares on The Nasdaq Stock Market LLC, or Nasdaq, on June 30, 2017 ( $1.50 per share). At December 31, 2017 , our Five Star investment had an adjusted cost basis and fair value of $6,353 , based on Five Star's per share market price at December 31, 2017 ( $1.50 per share). See Notes 5 and 7 for further information regarding our investments in RMR Inc. and Five Star. EQUITY METHOD INVESTMENTS. At December 31, 2017 , 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 $17,170 and $10,980 at December 31, 2017 and 2016 , respectively, and accumulated amortization of debt issuance costs totaled $10,784 and $9,039 at December 31, 2017 and 2016 , respectively, and are included in other assets in our consolidated balance sheets. The increases in these debt issuance costs during 2017 are the result of an amendment to our unsecured revolving credit facility in August 2017. Debt issuance costs for our unsecured term loans, senior notes, and mortgage notes payable totaled $39,821 and $49,331 at December 31, 2017 and 2016 , respectively, and accumulated amortization of debt issuance costs totaled $13,085 and $17,560 , 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, 2017 are estimated to be $4,778 in 2018 , $4,374 in 2019 , $3,481 in 2020 , $3,366 in 2021 , $1,523 in 2022 and $15,600 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 in our consolidated balance sheets. Deferred leasing costs totaled $31,081 and $24,825 at December 31, 2017 and 2016 , respectively, and accumulated amortization of deferred leasing costs totaled $8,769 and $6,898 at December 31, 2017 and 2016 , respectively. Included in deferred leasing costs at December 31, 2017 , is $98 of estimated costs associated with leases under negotiation. At December 31, 2017 , the remaining weighted average amortization period is approximately 7.8 years . Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2017 , are estimated to be $4,297 in 2018 , $3,699 in 2019 , $3,198 in 2020 , $2,604 in 2021 , $2,052 in 2022 and $6,462 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, 2017 , 2016 and 2015 , percentage rents earned aggregated $10,168 , $10,169 and $10,062 , respectively. As of December 31, 2017 , we owned 70 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 70 communities as the managed senior living communities. We derive our revenues at these managed senior living communities primarily from services our manager provides 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 United States Internal Revenue Code of 1986, as amended, or the IRC, 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, 2017 , 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 and with respect to which we receive rents from the operators. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents where we pay fees to the operator to manage the communities for our account. The third reporting segment includes MOBs where the tenants pay us rent. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members and with respect to which we receive rents from operators, which we do not consider to be sufficiently material to constitute a separate reporting segment. See Note 11 for further information regarding our reportable operating segments. NEW ACCOUNTING PRONOUNCEMENTS. On January 1, 2017, we adopted FASB Accounting Standards Update, or ASU, No. 2017-01, Clarifying the Definition of a Business . This update provides additional guidance on evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or of a business. This 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. As a result of the implementation of this update, certain property acquisitions, which under previous guidance were accounted for as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under previous guidance. 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. ASU No. 2014-09 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 No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU No. 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 No. 2014-09. We have evaluated ASU No. 2014-09 (and related clarifying guidance issued by the FASB), and the adoption will not have a material impact on the amount or timing of our revenue recognition in our consolidated financial statements. We will 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 all prospective interim and annual periods beginning after December 15, 2017. We expect to record an adjustment of $86,572 on January 1, 2018 to reclassify historical changes in the fair value of our available for sale equity investments from other comprehensive income to retained earnings. Future changes in the fair value of our equity investments will be recorded through earnings in accordance with ASU No. 2016-01. 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 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 the adoption of ASU No. 2016-13 will have in our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which requires companies to 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 also requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheets. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and requires the usage of a retrospective transition method. Upon the adoption of ASU No. 2016-18, we will present the changes in total cash, cash equivalents and restricted cash, whereas under the current guidance we present the changes during the period for cash and cash equivalents only.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Our real estate properties, excluding those classified as held for sale, consisted of land of $824,879 , buildings and improvements of $6,675,516 and FF&E of $324,368 as of December 31, 2017 ; and land of $792,728 , buildings and improvements of $6,519,145 and FF&E of $305,674 as of December 31, 2016 . Accumulated depreciation was $1,250,057 and $204,420 for buildings and improvements and FF&E, respectively, as of December 31, 2017 ; and $1,092,498 and $178,218 for buildings and improvements and FF&E, respectively, as of December 31, 2016 . The future minimum lease payments due to us during the current terms of our leases as of December 31, 2017 , are $585,229 in 2018 , $567,632 in 2019 , $538,631 in 2020 , $517,541 in 2021 , $500,190 in 2022 and $2,281,527 thereafter. We have accounted for our 2017 acquisitions as acquisitions of assets as a result of our adoption of ASU No. 2017-01 on January 1, 2017. We have accounted for our 2016 and 2015 acquisitions as business combinations unless otherwise noted. We funded these acquisitions using cash on hand and borrowings under our revolving credit facility, unless otherwise noted. Senior Living Community Acquisitions: In August 2017, we acquired a land parcel from Five Star adjacent to a senior living community located in Delaware that we lease to Five Star for $750 , excluding closing costs. This land parcel was added to the applicable lease and Five Star’s annual minimum rent payable to us increased by $33 in accordance with the terms of that lease. In November 2017, we entered a transaction agreement with Five Star pursuant to which we agreed to acquire six senior living communities from Five Star. The aggregate purchase price for these six senior living communities is approximately $104,000 , including our assumption of approximately $33,700 of mortgage debt secured by certain of these senior living communities with a weighted average annual interest rate of 6.2% and excluding closing costs. In December 2017, we acquired two of these senior living communities located in Alabama and Indiana with a combined 229 living units for $39,457 , including closing costs of $307 . In January 2018, we acquired one of these senior living communities located in Tennessee with 88 living units for $19,667 , excluding closing costs. In February 2018, we acquired one of these senior living communities located in Arizona with 127 living units for $22,250 , including the assumption of approximately $16,800 of mortgage debts and excluding closing costs. In connection with our acquisition of these senior living communities, we entered management and pooling agreements with Five Star for Five Star to manage these senior living communities for us and we expect to enter management and pooling agreements with Five Star concurrent with our acquisition of the remaining two senior living communities. The closings of the acquisitions of the remaining two senior living communities for an aggregate purchase price of $23,300 , including the assumption of approximately $16,800 of mortgage debt, are expected to occur as third party approvals are received by the end of the first quarter of 2018. These acquisitions are subject to conditions; these conditions may not be met and some or all of these acquisitions may not be completed, may be delayed or the terms of these acquisitions or the management and pooling agreements for these communities may change. See Note 5 for further information regarding these transactions and transaction agreement. 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 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 10 new pooling agreements 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 an agreement to acquire 38 senior living communities with 3,439 living units for an aggregate purchase price of $790,000 , including the assumption of approximately $151,477 of mortgage debts with a weighted average annual interest rate of 4.57% and 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. 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 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 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 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 located in Georgia acquired in May 2015. We paid fees of $115 to terminate the existing management agreements and we entered 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. This community is leased to a privately owned third party senior living operator. We accounted for this acquisition as an asset 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 Cash Paid plus Assumed Debt 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, 2017: December 2017 2 States Managed 2 229 $ 39,457 (1) $ 4,055 $ 26,424 $ 1,204 $ 7,774 $ — $ — $ — Senior Living Community Acquisitions during the year ended December 31, 2016: May 2016 Georgia Managed 1 38 $ 8,400 (2) $ 327 $ 6,195 $ 478 $ 1,400 $ — $ — $ — June 2016 4 States Leased 7 545 112,493 (1) 11,085 94,940 6,468 — — — — December 2016 Illinois Leased 2 126 18,601 (2) 1,814 13,377 1,087 2,323 — — — 10 709 $ 139,494 $ 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 (2) $ 29,716 $ 373,471 $ 21,117 $ 54,096 $ (18,091 ) $ (44,395 ) $ (1,125 ) May 2015 5 States Managed 19 1,233 313,345 (2) 12,267 214,064 12,342 73,840 — (94,785 ) 832 September 2015 NC Leased 1 87 17,548 (2) 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 — (3) 40 9,750 (2) 993 8,169 427 161 — — — September 2015 GA Leased 1 84 18,409 (1) 3,479 14,021 909 — — — — 39 3,563 $ 818,236 $ 47,589 $ 623,474 $ 35,817 $ 130,305 $ (18,091 ) $ (151,477 ) $ (858 ) (1) Cash paid plus assumed debt, if any, includes closing costs as these acquisitions are accounted for as acquisitions of assets. (2) Cash paid plus assumed debt, if any, excludes closing costs as these acquisitions are accounted for as business combinations. (3) 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 January 2017, we acquired one MOB ( one building) located in Kansas with approximately 117,000 square feet for a purchase price of approximately $15,106 , including closing costs of $35 . As of the date acquired, the weighted average amortization period for capitalized lease origination costs was 10.3 years. In July 2017, we acquired one MOB ( one building) located in Maryland with approximately 59,000 square feet for a purchase price of approximately $16,601 , including closing costs of $383 . As of the date acquired, the weighted average amortization period for capitalized lease origination costs was 3.8 years. In October 2017, we acquired two MOBs ( two buildings) located in Minnesota and North Carolina with a total of approximately 255,000 square feet for an aggregate purchase price of approximately $38,794 , including closing costs of $283 . As of the date acquired, the weighted average amortization period for capitalized lease origination costs was 2.6 years. In November 2017, we acquired one MOB ( one building) located in California with approximately 63,000 square feet for a purchase price of approximately $26,823 , including closing costs of $323 . As of the date acquired, the weighted average amortization period for capitalized lease origination costs was 8.7 years. In December 2017, we acquired one MOB ( one building) located in Virginia with approximately 136,000 square feet for a purchase price of approximately $15,844 , including closing costs of $275 . 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 7.2 years, 6.1 years and 6.8 years, respectively. 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. 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 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. 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 , including the assumption of $29,955 of mortgage debts with a weighted average annual interest rate of 4.73% and excluding net credits received of $7,377 related to debt assumption costs and outstanding tenant improvement allowances and closing costs. These MOBs include approximately 2,170,000 leasable square feet. 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. 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 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, 2017: January 2017 Kansas 1 117 $ 15,106 (1) $ 1,522 $ 7,246 $ 6,338 $ — $ — $ — July 2017 Maryland 1 59 16,601 (1) 6,138 6,526 3,937 — — — October 2017 2 States 2 255 38,794 (1) 6,738 25,040 7,016 — — — November 2017 California 1 63 26,823 (1) 7,957 13,430 5,436 — — — December 2017 Virginia 1 136 15,844 (1) 3,263 7,615 4,986 (20 ) — — 6 630 $ 113,168 $ 25,618 $ 59,857 $ 27,713 $ (20 ) $ — $ — MOB Acquisitions during the year ended December 31, 2016: February 2016 Minnesota 1 128 $ 22,700 (2) $ 4,028 $ 14,710 $ 5,053 $ (1,091 ) $ — $ — May 2016 Florida 1 166 45,232 (1) 2,792 42,440 — — — — October 2016 Ohio 1 96 18,500 (2) 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 (2) $ 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 ) (1) Cash paid plus assumed debt, if any, includes closing costs as these acquisitions are accounted for acquisitions of assets. (2) Cash paid plus assumed debt, if any, excludes closing costs as these acquisitions are accounted for as business combinations. In January 2018, we acquired three MOBs ( three buildings) located in Kansas, Missouri and California with a total of approximately 400,000 square feet for an aggregate purchase price of approximately $91,154 , excluding closing costs. Intangible Lease Assets and Obligations: At December 31, 2017 , we had recorded intangible lease assets of $791,067 , including $40,540 of capitalized above market lease values and $750,527 of the value of in place leases. 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. We had recorded intangible lease obligations of $136,713 and $137,351 at December 31, 2017 and 2016 , respectively. Accumulated amortization of capitalized above market lease values was $29,900 and $28,739 at December 31, 2017 and 2016 , respectively. At December 31, 2017 , the remaining weighted average amortization period of capitalized above market lease values is approximately 4.6 years . Accumulated amortization of capitalized below market lease values was $40,695 and $31,312 at December 31, 2017 and 2016 , respectively. At December 31, 2017 , the remaining weighted average amortization period of intangible lease obligations is approximately 10.7 years. Accumulated amortization of the value of in place leases exclusive of the value of above and below market in place leases was $288,902 and $232,750 at December 31, 2017 and 2016 , respectively. At December 31, 2017 , 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 9.7 years . We expect to recognize net future amortization of these intangible lease assets and liabilities in the amounts of approximately $55,898 in 2018, $48,312 in 2019, $39,921 in 2020, $37,368 in 2021, $34,809 in 2022 and $159,945 thereafter. 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 2017, we recorded no impairments on real estate properties. 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. Dispositions: In December 2017, we sold one senior living community located in Virginia for $55,000 , excluding closing costs; we recognized a gain of $45,901 from this sale. We also recognized a gain on sale of $154 from a permanent land eminent domain taking at one of our wellness centers in Romeoville, IL. We currently have three senior living communities under agreement to sell which were classified as held for sale as of December 31, 2017, for an aggregate sales price of $313,000 , excluding closing costs. We expect to sell these communities by March 31, 2018. 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 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 former 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. 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, 2017, we had four triple net leased senior living communities with 1,295 units classified as held for sale. As of December 31, 2016, we had no properties classified as held for sale. The real estate assets of these senior living communities are included in other assets in our consolidated balance sheets as of December 31, 2017 and 2016, and had a net book value (after impairment) of approximately $53,338 and $55,681 , respectively. The senior living communities classified as held for sale in our consolidated balance sheets as of December 31, 2017 and 2016, did not meet the criteria for discontinued operations and are included in continuing operations. For the year ended December 31, 2015 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. One MOB ( four buildings) that we sold in 2015 met the criteria for discontinued operations. Summarized income statement information for the one MOB ( four buildings) that met the criteria for discontinued operations is included in discontinued operations as follows: For the year ended December 31, 2017 2016 2015 Rental income $ — $ — $ 56 Property operating expenses — — (406 ) (Loss) income from discontinued operations $ — $ — $ (350 ) Investments and Capital Expenditures: During 2017 and 2016 , pursuant to the terms of our existing leases, we invested $51,952 and $30,328 , respectively, in revenue producing capital improvements at certain of our triple net leased communities, including $39,800 and $21,438 , respectively, at communities leased to Five Star. As a result of these investments, annualized rental income payable to us increased by approximately $4,870 and $2,393 , respectively, pursuant to the terms of the applicable leases, including $3,193 and $1,719 , respectively, at communities leased to Five Star. During 2017 , we committed $22,540 for capital expenditures related to 1.3 million square feet of leases executed at our MOBs. During 2016 , we committed $12,422 for capital expenditures related to 899,000 square feet of leases executed at our MOBs. Committed and unspent tenant related obligations based on executed leases as of December 31, 2017 and 2016 were $20,681 and $23,271 , respectively.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity We have common shares available for issuance under the terms of our equity compensation plan adopted in 2012, or the 2012 Plan. As described in Note 7, we granted common share awards to our officers and certain other employees of The RMR Group LLC, or RMR LLC, in 2017, 2016 and 2015. We also granted each of our then Trustees 3,000 common shares with an aggregate value of $319 ( $64 per Trustee), 2,500 common shares with an aggregate value of $228 ( $46 per Trustee) and 2,500 common shares with an aggregate value of $252 ( $50 per Trustee) in 2017, 2016 and 2015, respectively, as part of their annual compensation. In September 2015, we granted 2,500 common shares with a value of $41 to a new Independent Trustee who was elected to our Board of Trustees at that time. The values of the share awards were based upon the closing price of our common shares trading on the New York Stock Exchange or Nasdaq, as applicable, on the dates of grant. The common shares granted to our Trustees vested immediately. The common shares granted to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the dates of grant. We include the value of granted shares in general and administrative expenses in our consolidated statements of comprehensive income ratably over the vesting period. At December 31, 2017 , 2,481,686 of our common shares remain available for issuance under the 2012 Plan. A summary of shares granted, forfeited, vested and unvested under the terms of the 2012 Plan from January 1, 2015 to December 31, 2017 is as follows: Number of Shares Weighted Average Grant Date Fair Value 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 Shares granted in 2017 103,100 $ 19.99 Shares vested / forfeited in 2017 (108,500 ) $ 20.05 Unvested shares at December 31, 2017 148,010 $ 19.71 The 148,010 unvested shares as of December 31, 2017 are scheduled to vest as follows: 57,250 in 2018 , 44,230 shares in 2019 , 30,410 shares in 2020 and 16,120 in 2021 . These unvested shares are remeasured at fair value on a recurring basis using quoted market prices of the underlying shares. As of December 31, 2017 , the estimated future compensation for the unvested shares was $2,834 based on the closing share price of $19.15 on December 31, 2017 . At December 31, 2017 , the weighted average period over which the compensation expense will be recorded is approximately 1.7 years. We recorded share based compensation expense of $2,155 in 2017 , $2,195 in 2016 and $1,373 in 2015 . During 2017 and 2016 , we purchased an aggregate of 17,170 and 19,230 , 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. In January 2018, we purchased 4,628 of our common shares valued at $19.15 per common shares, the closing price of our common shares on Nasdaq on that day, from a former employee of RMR LLC in satisfaction of the withholding and payment obligations in connection with the vesting of awards of our common shares. 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, 2017 , 2016 and 2015 . 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 2017 , 2016 and 2015 was 88.44% , 58.77% and 51.48% ordinary income, respectively; 0.0% , 40.67% and 47.80% return of capital, respectively; 0.71% , 0.56% and 0.72% qualified dividend, respectively, and 10.85% , 0.0% and 0.0% capital gain, respectively. On January 19, 2018 , we declared a quarterly distribution of $0.39 per share, or $92,676 , to our common shareholders of record on January 29, 2018 , with respect to our operating results for the quarter ended December 31, 2017 ; we paid this distribution on February 22, 2018 , 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, 2017
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 , 185 and 177 senior living communities to Five Star as of December 31, 2017, 2016 and 2015, 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. • 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 $210,539 , $203,581 and $196,919 (including percentage rent of $5,533 , $5,686 and $5,666 ) for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, Five Star’s total annual rent payable to us was $206,329 , excluding percentage rent. As of December 31, 2017 and 2016, our rents receivable from Five Star were $18,539 and $18,320 , 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. 3 or Lease No. 5 to another of our long term lease agreements with Five Star. Our leases with Five Star are “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, 2017, 2016 and 2015, we purchased $39,800 , $21,438 and $21,444 , respectively, of such improvements and Five Star’s annual rent payable to us increased by $3,193 , $1,719 and $1,734 , 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, 2017 and 2016 compared to all our other assets and revenues from all sources: As of December 31, 2017 As of December 31, 2016 Carrying Value of Investment (1) % of Total Carrying Value of Investment (1) % of Total Five Star $ 2,330,630 27.5 % $ 2,290,029 27.8 % All others 6,144,320 72.5 % 5,961,935 72.2 % $ 8,474,950 100.0 % $ 8,251,964 100.0 % (1) Represents the gross book value of real estate assets before depreciation and purchase price allocations, less impairment write downs, if any. Five Star also manages our managed senior living communities. The carrying value of investment for those communities is included in the "All others" category. Year Ended Year Ended December 31, 2017 December 31, 2016 Total Revenues (1) % of Total Total Revenues (1) % of Total Five Star $ 210,539 19.6 % $ 203,581 19.2 % All others 864,280 80.4 % 854,441 80.8 % $ 1,074,819 100.0 % $ 1,058,022 100.0 % (1) Five Star also manages our managed senior living communities. Our revenues from those communities are included in the “All others” category. During the quarter ended June 30, 2017, we and Five Star agreed to amend the applicable lease for certain construction, expansion and development projects at two senior living communities we own and lease to Five Star. If and when Five Star requests that we purchase improvements related to these specific projects from them, Five Star’s annual rent payable to us will increase by an amount equal to the interest rate then applicable to our borrowings under our revolving credit facility plus 2% per annum of the amount we purchased. This amount of increased rent will apply until 12 months after a certificate of occupancy is issued with respect to the project; thereafter, Five Star’s annual rent payable to us will be revised to equal the amount otherwise determined pursuant to the capital improvement formula specified in the applicable lease. 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 70 , 68 and 60 senior living communities for our account as of December 31, 2017, 2016 and 2015, 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. We have pooling agreements with Five Star that combine most of our AL Management Agreements. The pooling agreements combine various calculations of revenues and expenses from the operations of the applicable communities covered by such agreements. Our AL Management Agreements and pooling agreements generally provide that 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 certain of the 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 On June 29, 2016, we and Five Star terminated three of our four then existing pooling agreements and entered 10 new pooling agreements that combine various of our AL Management Agreements with Five Star. Under the current pooling agreements for our AL Management 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 current 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 current 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. 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. 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. Our management agreements with Five Star generally expire between 2030 and 2041, 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 in some cases 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. In December 2016, in connection with our entering into management agreements with Five Star for the five senior living communities located in Georgia with a combined 395 living units, we entered an additional pooling agreement with Five Star on terms substantially consistent with those of the pooling agreements described above. During the quarter ended June 30, 2017, we and Five Star agreed to amend the applicable management and pooling agreements for a construction, expansion and development project at a senior living community that we own and that is managed by Five Star. Our minimum return on invested capital for this specific project will increase by an amount equal to the interest rate then applicable to our borrowings under our revolving credit facility plus 2% per annum. This amount of increased minimum return will apply until 12 months after a certificate of occupancy is issued with respect to the project; thereafter, the amount of annual minimum return on invested capital will be revised to equal the amount otherwise determined pursuant to the applicable management and pooling agreements. We and Five Star also agreed that the commencement of the measurement period for determining whether the specified annual minimum return under the applicable management and pooling agreements has been achieved will be deferred until 12 months after a certificate of occupancy is issued with respect to the project. In November 2017, we entered a transaction agreement with Five Star pursuant to which we agreed to acquire six senior living communities from Five Star. Pursuant to this transaction agreement, we also agreed that, as we acquire these communities, (i) we and Five Star would enter into new management agreements for Five Star to manage these senior living communities for us and (ii) the new management agreements would be combined pursuant to two new pooling agreements to be entered between us and Five Star. In December 2017, January 2018 and February 2018, we acquired, and Five Star began managing for our account, two of these senior living communities located in Alabama and Indiana, one of these senior living communities located in Tennessee, and one of these senior living communities located in Arizona, respectively, and in connection with those acquisitions, we entered management agreements with Five Star for each of these senior living communities and two new pooling agreements with Five Star. Pursuant to the terms of the management and pooling agreements for five of these senior living communities, we will pay Five Star a management fee equal to 5% of the gross revenues realized at these communities plus reimbursement for Five Star’s direct costs and expenses related to its operation of these communities, as well as an annual incentive fee equal to 20% of the annual net operating income of such communities remaining after we realize an annual minimum return equal to 7% of our invested capital for these senior living communities. The terms of the management and pooling agreement for one of these senior living communities that is subject to an ongoing construction, expansion and development project are substantially the same as the terms of the management and pooling agreements for the other five senior living communities, except that our annual minimum return on invested capital related to the ongoing construction and development project at this community will be an amount equal to the interest rate then applicable to borrowings under our revolving credit facility plus 2% per annum. This amount of minimum return will apply until the earlier of 12 months after a certificate of occupancy is issued with respect to the project and the third anniversary of our acquisition of this community; thereafter, the amount of annual minimum return on invested capital related to this project will be 7% of our invested capital. Also pursuant to the terms of the management and pooling agreements for these senior living communities, we will pay Five Star a fee for its management of capital expenditure projects at these senior living communities equal to 3% of amounts funded by us. The terms of these management and pooling agreements will expire in 2041 and will be subject to automatic renewals for two 15 year periods thereafter, unless earlier terminated or timely notices of nonrenewal are delivered. The remaining acquisitions under the transaction agreement are subject to conditions, including our assumption of certain applicable mortgage debt and receipt of any applicable regulatory approvals. The conditions to these acquisitions may not be met and some or all of these acquisitions may not be completed, may be delayed or the terms of these acquisitions or the management and pooling agreements for these communities may change. Also in November 2017, we amended our preexisting pooling agreements with Five Star, among other things, to provide that, with respect to our right to terminate all of the management agreements covered by a preexisting pooling agreement if we do not receive our annual minimum return under such agreement in each of three consecutive years, the commencement year for the measurement period for determining whether the specified annual minimum return under the applicable pooling agreement has been achieved will be 2017. 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, and that provide for a management fee payable to Five Star equal to 5% of the gross revenues realized, except 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, 2022, and is subject to renewal for eight consecutive five year terms, unless earlier terminated or timely notice of nonrenewal is delivered. We have entered 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 $14,080 , $11,918 and $10,728 for the years ended December 31, 2017, 2016 and 2015, respectively, with respect to the communities Five Star manages for us. These amounts are included in property operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. In addition to management services to us, Five Star also provides certain other services to residents at some of the senior living communities it manages for us, such as rehabilitation services. At senior living communities Five Star manages for us where Five Star provides rehabilitation services on an outpatient basis, the residents, third party payers or government programs pay Five Star for those rehabilitation services. At senior living communities Five Star manages for us where Five Star provides both inpatient and outpatient rehabilitation services, we generally pay Five Star for these services and charges for these services are included in amounts charged to residents, third party payers or government programs. We incurred fees of $7,525 , $7,707 and $7,737 for the years ended December 31, 2017, 2016 and 2015, respectively, with respect to rehabilitation services Five Star provided at senior living communities it manages for us that are payable by 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	12 Months Ended
	Dec. 31, 2017
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. Management Agreements with RMR LLC. 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, among other terms: • 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 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 Management Fee . The incentive management 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 three year measurement period (or, for purposes of calculating any incentive fee for 2015, our equity market capitalization on December 31, 2013), and ◦ the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the SNL U.S. REIT Healthcare Index, or the benchmark return per share, for the relevant measurement period. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on the Nasdaq on the last trading day of the year immediately before the first year of the measurement period from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization and the total return per share of our common shareholders) is subject to adjustments if additional common shares are issued during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. ◦ If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the SNL U.S. REIT Healthcare Index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the SNL U.S. REIT Healthcare Index by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the SNL U.S. REIT Healthcare Index. ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 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. ◦ Incentive management fees we paid to RMR LLC for any period may be subject to “clawback” if our financial statements for that period 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 and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. • 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 $38,638 , $36,763 and $34,949 for the years ended December 31, 2017, 2016 and 2015, 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, 2017, 2016 and 2015 reflect a reduction of $2,974 , $2,974 , and $1,743 respectively, for the amortization of the liability we recorded in connection with, our investment in RMR Inc., as further described in Note 7. 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 as payment for a part of the base management fee we recognized for the applicable period. Beginning June 1, 2015, all management fees under our business management agreement are paid in cash. Pursuant to our business management agreement, in January 2018, we paid RMR LLC an incentive management fee of $55,740 for the year ended December 31, 2017. No incentive management fee was payable to RMR LLC under our business management agreement for the years ended December 31, 2016 or 2015. In calculating the incentive management fee payable by us, our total shareholder return per share was adjusted in accordance with the business management agreement to reflect aggregate increases in the number of our common shares outstanding as a result of certain share issuances and repurchases by us of common shares in 2017, 2016 and 2015, respectively. Pursuant to our property management agreement with RMR LLC, we recognized aggregate net property management and construction supervision fees of $10,919 , $10,585 and $10,342 for the years ended December 31, 2017, 2016 and 2015, respectively. The net property management and construction supervision fees we recognized for the years ended December 31, 2017, 2016 and 2015 reflect a reduction of $798 , $798 and $402 , respectively, for the amortization of the liability we recorded in connection with our investment in RMR Inc., as further described in Note 7. 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 $9,993 , $9,061 and $7,021 for property management related expenses for the years ended December 31, 2017, 2016 and 2015, 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 $275 , $235 and $256 for the years ended December 31, 2017, 2016 and 2015, 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, 2037, 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 under our property management agreement, 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. Investment Opportunities . Under our business management agreement with RMR LLC, we acknowledge that RMR LLC may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR LLC.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions 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. Our Managing Trustee, Adam Portnoy, as the current sole trustee of ABP Trust, is the controlling shareholder of RMR Inc. and as the current sole trustee of ABP Trust beneficially owns all the class A membership units of RMR LLC not owned by RMR Inc. Adam Portnoy is a managing director, president and chief executive officer of RMR Inc. and an officer of RMR LLC. Barry Portnoy was our other Managing Trustee and a director and an officer of RMR Inc. and an officer of RMR LLC until his death on February 25, 2018. 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 subsidiaries provide management services. Adam Portnoy serves as a managing director or managing trustee of almost all of the public companies to which RMR LLC or its subsidiaries provide management services. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services. 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, 2017, 4,235,000 Five Star common shares, or 8.4% 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 Trustee, Adam Portnoy, as the current sole trustee of ABP Trust. As of December 31, 2017, Adam Portnoy and Barry Portnoy, our then Managing Trustees, beneficially owned an aggregate of 18,382,121 Five Star common shares, or 36.4% of Five Star’s outstanding common shares. Barry Portnoy also served as a managing director of Five Star until his death on February 25, 2018. 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 agreements with us and others, including RMR LLC. Since then, we have entered 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, as defined therein affecting Five Star, 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, 2017, 2016 and 2015, we leased 185 , 185 and 177 senior living communities to Five Star, respectively, pursuant to five leases, and Five Star managed 70 , 68 and 60 senior living communities for our account, respectively. See Notes 3 and 5 for further information regarding our relationship, agreements and transactions with Five Star. Tender Offer for Five Star Shares . On October 2, 2016, in connection with the proposed acquisition of up to 18,000,000 Five Star common shares by ABP Acquisition LLC, an entity indirectly beneficially owned by our then Managing Trustees, Adam Portnoy and Barry Portnoy, we entered 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 . 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. 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 $331 , $242 and $204 for the years ended December 31, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, we granted annual share awards of 88,100 , 79,650 and 84,000 of our common shares, respectively, to our officers and to other employees of RMR LLC, valued at $1,743 , $1,724 and $1,321 , 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 grant date and one fifth vests on each of the next four anniversaries of the grant date. These awards to RMR LLC employees are in addition to the share awards granted to Adam Portnoy and Barry Portnoy, as our then Managing Trustees, and the fees we paid to RMR LLC. During these periods we purchased some 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 4 for further information regarding these purchases. 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, or HPT and SIR, or 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 among us, RMR LLC, ABP Trust (RMR LLC’s then sole member), 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 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, 2017. 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, 2017, our then Managing Trustees, Adam Portnoy and Barry Portnoy in aggregate held, directly and indirectly (including as trustee of ABP Trust), a 51.9% economic interest in RMR LLC and control 91.4% 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 Trustee, Adam Portnoy, is also the managing trustee of SIR. One of our Independent Trustees also serves as an independent trustee of SIR. RMR LLC provides management services to us and SIR. 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 a 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 3.0% 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 insured or reinsured in part by AIC; we also have a one year standalone insurance policy that provides coverage for our MOB ( two buildings) located in Boston, Massachusetts that is owned in our joint venture arrangement, which we obtained as a part of this insurance program. We (including our consolidated joint venture) paid aggregate annual premiums, including taxes and fees, of $2,433 , $3,607 and $2,785 in connection with this insurance program for the policy years ending June 30, 2018, 2017 and 2016, respectively, which amount for the current policy year ending June 30, 2018, and in the prior policy years were, adjusted from time to time as we acquire or dispose of properties that are included in this insurance program. As of December 31, 2017 and 2016, our investment in AIC had a carrying value of $8,185 and $7,116 , respectively. These amounts are included in other assets in our consolidated balance sheets. We recognized income of, $608 , $137 , and $(20) related to our investment in AIC for the years ended December 31, 2017, 2016 and 2015, respectively. These amounts are presented as equity in earnings of an investee in our consolidated statements of comprehensive income. Our other comprehensive income includes our proportionate part of unrealized gains (losses) on securities which are owned and held for sale by AIC of $462 , $152 and $20 related to our investment in AIC for the years ended December 31, 2017, 2016 and 2015, respectively. Directors’ and Officers’ Liability Insurance . We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services, including Five Star, participate in a combined directors’ and officers’ liability insurance policy. This combined policy expires in September 2019. We paid aggregate premiums of $255 , $142 and $472 in 2017, 2016 and 2015, respectively, for these policies.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at December 31, 2017 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 unsecured term loan due 2020; (4) our $200,000 principal amount unsecured term loan due 2022; and (5) $796,616 aggregate principal amount of mortgages (excluding premiums, discounts and net debt issuance costs) secured by 23 of our properties ( 24 buildings) with maturity dates between 2018 and 2043. The 23 mortgaged properties ( 24 buildings) had a carrying value (before accumulated depreciation) of $1,219,441 at December 31, 2017 . We also had two properties subject to capital leases with lease obligations totaling $10,694 at December 31, 2017 ; these two properties had a carrying value (before accumulated depreciation) of $36,238 at December 31, 2017 , and the capital leases expire in 2026. We have a $1,000,000 revolving credit facility that is available for general business purposes, including acquisitions. 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. In August 2017, we amended the agreement governing our revolving credit facility. As a result of the amendment, the interest rate payable on borrowings under the facility was reduced from LIBOR plus a premium of 130 basis points per annum to LIBOR plus a premium of 120 basis points per annum, and the facility fee was reduced from 30 basis points per annum to 25 basis points per annum on the total amount of lending commitments under the facility. The interest rate premium and facility fee are each subject to adjustment based upon changes to our credit ratings. Also as a result of the amendment, the stated maturity date of the facility was extended from January 15, 2018 to January 15, 2022, and, subject to the payment of an extension fee and meeting other conditions, we have the option to extend the maturity date of the facility for an additional year. The facility also includes a feature pursuant to which in certain circumstances maximum borrowings under the facility may be increased to up to $2,000,000 . In connection with this amendment, in August 2017 we recorded a loss on early extinguishment of debt of $149 to write off unamortized debt issuance costs. As of December 31, 2017 , the annual interest rate payable on borrowings under our revolving credit facility was 2.7% . The weighted average annual interest rates for borrowings under our revolving credit facility were 2.4% , 1.8% and 1.5% for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , we had $596,000 outstanding and $404,000 available for borrowing, and as of February 26, 2018 , we had $294,000 outstanding and $706,000 available for borrowing under our revolving credit facility. We incurred interest expense and other associated costs related to our revolving credit facility of $14,346 , $13,100 and $10,836 for the years ended December 31, 2017 , 2016 and 2015 , respectively. We have a $200,000 term loan, which we borrowed in 2015. This term loan matures in September 2022 and is prepayable without penalty. In August 2017, we amended the agreement governing this term loan. As a result of the amendment, the interest rate payable was reduced from the rate of LIBOR plus a premium of 180 basis points per annum to the rate of LIBOR plus a premium of 135 basis points per annum, subject to adjustment based upon changes to our credit ratings. In connection with this amendment, in August 2017 we recorded loss on early extinguishment of debt of $125 to write off unamortized debt issuance costs. At December 31, 2017 , the annual interest rate payable for amounts outstanding under this term loan was 2.9% . The weighted average annual interest rate for amounts outstanding under this term loan was 2.7% , 2.3% and 2.0% and for the years ended December 31, 2017 , 2016 and 2015 , respectively. We incurred interest expense and other associated costs related to this term loan of $5,482 , $4,645 and $1,061 for the years ended December 31, 2017 , 2016 and 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 the rate of LIBOR plus a premium of 140 basis points that is subject to adjustment based upon changes to our credit ratings. At December 31, 2017 , the annual interest rate payable on amounts outstanding under this term loan was 2.8% . The weighted average annual interest rate for amounts outstanding under this term loan was 2.5% , 1.9% and 1.6% for the years ended December 31, 2017 , 2016 and 2015 , respectively. We incurred interest expense and other associated costs related to this term loan of $8,828 , $6,721 and $5,686 for the years ended December 31, 2017 , 2016 and 2015 , 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 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, 2017 . In February 2018, we issued $ 500,000 of 4.75% senior unsecured notes due 2028. We used the net proceeds of this offering to reduce amounts outstanding under our revolving credit facility. 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 amounts outstanding under our revolving credit facility and for general business purposes. In July 2016, we entered 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. The property encumbered by these mortgages is owned by a joint venture in which we own a 55% equity interest. In April 2017, we prepaid a mortgage note secured by 17 of our properties with an outstanding principal balance of approximately $277,837 plus an aggregate premium of $5,449 plus accrued interest, a maturity date in September 2019 and an annual interest rate of 6.71% . In May 2017, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $10,579 , a maturity date in August 2017 and an annual interest rate of 6.15% . In June 2017, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $8,807 , a maturity date in August 2037 and an annual interest rate of 5.95% . In December 2017, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $8,403 , a maturity date in April 2018 and an annual interest rate of 6.73% . As a result of these prepayments, we recorded a loss on early extinguishment of debt of $7,353 for the year ended December 31, 2017 . In January 2018, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $4,338 , a maturity date in September 2043 and annual interest rate of 4.38% . We prepaid these mortgages using cash on hand and borrowings under our revolving credit facility. 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. At December 31, 2017 and 2016 , our outstanding senior unsecured notes and secured debt consisted of the following: December 31, 2017 December 31, 2016 Senior Unsecured Notes Coupon Maturity Face Amount Unamortized Discount Face Amount Unamortized Discount Senior unsecured notes 3.250 % 2019 $ 400,000 $ 78 $ 400,000 $ 138 Senior unsecured notes 6.750 % 2020 200,000 488 200,000 703 Senior unsecured notes 6.750 % 2021 300,000 2,093 300,000 2,627 Senior unsecured notes 4.750 % 2024 250,000 500 250,000 579 Senior unsecured notes 5.625 % 2042 350,000 — 350,000 — Senior unsecured notes 6.250 % 2046 250,000 — 250,000 — Total senior unsecured notes $ 1,750,000 $ 3,159 $ 1,750,000 $ 4,047 Principal Balance as of Number of Properties as Collateral Net Book Value of Collateral as of December 31, December 31, Secured and Other Debt 2017 (1) 2016 (1) Interest Rate Maturity At December 31, 2017 2017 2016 Mortgage (2) $ — $ 10,653 6.15 % Aug 17 — $ — $ 14,162 Mortgage (2) — 8,686 6.73 % Apr 18 — — 10,656 Mortgage notes 12,552 12,772 6.31 % Oct 18 1 16,470 16,827 Mortgage notes 11,858 12,061 6.24 % Oct 18 1 15,025 15,453 Mortgage note 67,749 69,953 4.47 % Oct 18 10 175,975 180,933 Mortgage note 6,430 6,565 4.69 % Jan 19 1 9,477 9,687 Mortgage note 43,558 44,462 3.79 % Jul 19 4 62,596 64,154 Mortgage note (2) — 279,505 6.71 % Sep 19 — — 235,068 Mortgage note 2,603 3,128 7.49 % Jan 22 1 15,099 15,360 Mortgage note 13,741 14,300 6.28 % Jul 22 1 24,414 24,834 Mortgage note 11,392 11,594 4.85 % Oct 22 1 21,065 21,529 Mortgage notes (3) 620,000 620,000 3.53 % Aug 26 1 764,622 785,805 Mortgage note 2,395 2,819 6.25 % Feb 33 1 4,473 4,267 Mortgage note (2) — 8,882 5.95 % Aug 37 — — 8,656 Mortgage note (4) 4,338 4,427 4.38 % Sep 43 1 7,290 7,202 Capital Leases 10,694 11,466 7.70 % Apr 26 2 18,525 18,968 Total secured $ 807,310 $ 1,121,273 25 $ 1,135,031 $ 1,433,561 (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, 2017 and 2016, the unamortized net premiums and debt issuance costs on certain of these mortgages were $1,906 and $3,624 , respectively. (2) In 2017, we prepaid these debts. (3) In July 2016, we entered 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). The property encumbered by these mortgages is owned by a joint venture in which we own a 55% equity interest. (4) In January 2018, we prepaid this debt. 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, 2017 , are as follows: 2018 $ 95,811 2019 $ 451,592 2020 $ 552,869 2021 $ 303,102 2022 $ 819,227 Thereafter $ 1,480,709

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2017
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, 2017 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 2017 Assets (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investments in available for sale securities (1) $ 162,751 $ 162,751 $ — $ — (1) Our investments in available for sale securities include our 2,637,408 shares of RMR Inc. class A common stock and our 4,235,000 Five Star common shares. The fair values of these shares are based upon quoted prices at December 31, 2017 in active markets (Level 1 inputs). In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the second quarter of 2017, 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 June 30, 2017. Accordingly, we recorded a $5,082 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the second quarter of 2017. Our adjusted cost basis for our Five Star shares is $6,353 as of December 31, 2017 . The cost basis for our RMR Inc. shares is $69,826 as of December 31, 2017 . The unrealized gain of $86,572 for our RMR Inc. shares as of December 31, 2017 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, 2017 and December 31, 2016 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, 2017 As of December 31, 2016 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 1,725,662 $ 1,810,882 $ 1,722,758 $ 1,755,715 Secured debt (2) 794,710 783,353 1,106,183 1,090,515 $ 2,520,372 $ 2,594,235 $ 2,828,941 $ 2,846,230 (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, 2017 . 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, 2017 (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.

Noncontrolling Interest

Noncontrolling Interest	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest In March 2017, we entered a joint venture with a sovereign investor for one of our MOBs ( two buildings) located in Boston, Massachusetts. The investor contributed approximately $261,009 for a 45% equity interest in the joint venture, and we retained the remaining 55% equity interest in the joint venture. Net proceeds from this transaction were approximately $255,931 , after transaction costs. We determined that this entity is a VIE and that we control the activities that most significantly impact the economic performance of this entity; we therefore continue to consolidate this property in our financial statements. This transaction was considered a partial sale of real estate that did not result in profit recognition under the full accrual method due to our continuing involvement in the entity. We recognized a noncontrolling interest in our consolidated balance sheets of approximately $181,859 as of completion of the transaction, which was equal to 45% of the aggregate carrying value of the total equity of the property immediately prior to the transaction. The difference between the net proceeds received from this transaction and the noncontrolling interest recognized, which was approximately $74,072 , has been reflected as an increase in additional paid in capital in our consolidated balance sheets. The portion of the joint venture's net income and comprehensive income not attributable to us, or $4,193 for the year ended December 31, 2017 , is reported as noncontrolling interest in our consolidated statements of comprehensive income. We made aggregate cash distributions to our joint venture partner of $13,814 for the year ended December 31, 2017 , which are reflected as a decrease in total equity attributable to noncontrolling interest in our consolidated balance sheets. As of December 31, 2017 , this joint venture held real estate assets with an aggregate net book value of $764,622 , subject to mortgage debts of $620,000 .

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of December 31, 2017, 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 and with respect to which we receive rents from the operators. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents where we pay fees to the operator to manage the communities for our account. The third reporting segment includes MOBs where the tenants pay us rent. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members and with respect to which we receive rents from operators, which we do not consider to be sufficiently material to constitute a separate reporting segment. For the Year Ended December 31, 2017 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 280,641 $ — $ 382,127 $ 18,254 $ 681,022 Residents fees and services — 393,797 — — 393,797 Total revenues 280,641 393,797 382,127 18,254 1,074,819 Expenses: Property operating expenses — 300,500 112,930 — 413,430 Depreciation and amortization 81,976 62,266 128,827 3,792 276,861 General and administrative — — — 103,702 103,702 Acquisition and certain other transaction related costs — — — 547 547 Impairment of assets — — — 5,082 5,082 Total expenses 81,976 362,766 241,757 113,123 799,622 Operating income (loss) 198,665 31,031 140,370 (94,869 ) 275,197 Dividend income — — — 2,637 2,637 Interest and other income — — — 406 406 Interest expense (8,855 ) (4,685 ) (24,919 ) (126,560 ) (165,019 ) Loss on early extinguishment of debt (7,294 ) — (59 ) (274 ) (7,627 ) Income (loss) before income tax expense and equity in earnings of an investee 182,516 26,346 115,392 (218,660 ) 105,594 Income tax expense — — — (454 ) (454 ) Equity in earnings of an investee — — — 608 608 Income (loss) before gain on sale of properties 182,516 26,346 115,392 (218,506 ) 105,748 Gain on sale of properties 45,901 — — 154 46,055 Net income (loss) 228,417 26,346 115,392 (218,352 ) 151,803 Net income attributable to noncontrolling interest — — (4,193 ) — (4,193 ) Net income (loss) attributable to common shareholders $ 228,417 $ 26,346 $ 111,199 $ (218,352 ) $ 147,610 As of December 31, 2017 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 2,251,756 $ 1,273,757 $ 3,367,485 $ 401,021 $ 7,294,019 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 78,361 81,482 124,196 3,792 287,831 General and administrative — — — 46,559 46,559 Acquisition 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) from continuing operations 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) from 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 ) Gain (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

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, or the Tax Act. The Tax Act significantly revised the U.S. corporate income tax system, by among other things, lowering the corporate income tax rate. The federal income tax rate for tax years ending after December 31, 2017 is reduced from a maximum rate of 35% to 21%. The reduction in the corporate income tax rate caused us to adjust our deferred tax assets and liabilities, including the corresponding valuation allowance, to reflect the lower federal rate. We will monitor future interpretations of the Tax Act as they develop, and accordingly our estimates may change. Our provision for income taxes consists of the following: For the year ended December 31, 2017 2016 2015 Current: Federal $ — $ — $ — State 454 424 574 454 424 574 Deferred: Federal — — — State — — — — — — Income tax provision $ 454 $ 424 $ 574 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, 2017 2016 2015 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 % 0.3 % 0.4 % Tax Act Adjustment 9.0 % — % — % Change in valuation allowance (6.5 )% 3.6 % 8.8 % Other differences, net (2.5 )% (3.6 )% (8.8 )% Effective tax rate 0.3 % 0.3 % 0.4 % Deferred income tax balances reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities in 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, 2017 2016 Deferred tax assets: Deferred income $ 1,576 $ 2,512 Other 172 222 Tax loss carryforwards 24,925 33,626 26,673 36,360 Valuation allowance (26,673 ) (36,360 ) — — Net deferred income taxes $ — $ — Because of our TRSs’ 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, 2017 and 2016 . 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 statements of comprehensive income. As of December 31, 2017 , our consolidated TRSs had net operating loss carry forwards for federal income tax purposes of approximately $96,717 , 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 2012 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, 2017
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, 2017 2016 2015 Weighted average common shares for basic earnings per share 237,420 237,345 232,931 Effect of dilutive securities: restricted share awards 32 37 32 Weighted average common shares for diluted earnings per share 237,452 237,382 232,963

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2017
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 2017 and 2016 : 2017 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 264,561 $ 265,013 $ 266,679 $ 278,566 Net income attributable to common shareholders $ 32,155 $ 16,042 $ 34,414 $ 65,000 Per share data (basic and diluted): Net income attributable to common shareholders $ 0.14 $ 0.07 $ 0.14 $ 0.27 Common distributions declared (1) $ 0.39 $ 0.39 $ 0.39 $ 0.39 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 (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.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2017
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, 2017 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 Date 2184 Parkway Lake Drive Birmingham AL $— $580 $5,980 $2,042 $— $580 $8,022 $8,602 $1,671 8/1/2008 2001 2634 Valleydale Road Birmingham AL — 600 7,574 934 — 578 8,530 9,108 1,998 8/1/2008 2000 2021 Dahlke Drive NE Cullman AL — 287 3,415 307 — 287 3,722 4,009 1,407 11/19/2004 1998 101 Tulip Lane Dothan AL — 3,543 14,619 — — 3,543 14,619 18,162 18 12/27/2017 2000 49 Hughes Road Madison AL — 334 3,981 714 — 334 4,695 5,029 1,619 11/19/2004 1998 200 Terrace Lane Priceville AL — 1,300 9,447 271 — 1,300 9,718 11,018 1,642 2/1/2012 2006 413 Cox Boulevard Sheffield AL — 394 4,684 469 — 394 5,153 5,547 1,852 11/19/2004 1998 2435 Columbiana Road Vestavia Hills AL — 843 23,472 977 — 843 24,449 25,292 1,900 7/12/2016 1991 4461 N Crossover Road (5) Fayetteville AR 7,908 733 10,432 67 — 733 10,499 11,232 804 5/1/2015 2011 4210 S Caraway Road (5) Jonesboro AR 4,064 653 9,515 46 — 653 9,561 10,214 730 5/1/2015 2008 672 Jones Road (5) Springdale AR 4,106 572 9,364 87 — 572 9,451 10,023 719 5/1/2015 2007 13840 North Desert Harbor Drive Peoria AZ — 2,687 15,843 3,801 — 2,687 19,644 22,331 8,820 1/11/2002 1990 9045 W. Athens Street Peoria AZ — 1,405 9,115 80 — 1,405 9,195 10,600 731 5/1/2015 1997 11209 N. Tatum Boulevard Phoenix AZ — 1,380 6,349 2,088 — 1,484 8,333 9,817 1,448 9/30/2011 1987 2444 West Las Palmaritas Drive Phoenix AZ — 3,820 6,669 288 — 3,820 6,957 10,777 1,182 12/22/2010 1982 4121 East Cotton Center Phoenix AZ — 5,166 12,724 12 — 5,166 12,736 17,902 928 1/29/2015 2000 6001 East Thomas Road Scottsdale AZ — 941 8,807 3,774 — 946 12,576 13,522 5,780 9/1/2012 1990 7090 East Mescal Street Scottsdale AZ — 2,315 13,650 6,564 — 2,318 20,211 22,529 7,904 1/11/2002 1984 17225 North Boswell Boulevard Sun City AZ — 1,189 10,569 1,442 — 1,189 12,011 13,200 6,661 9/1/2012 1990 14001 W. Meeker Boulevard Sun City West AZ — 395 3,307 1 — 395 3,308 3,703 1,351 2/28/2003 1998 1415 West 3rd Street Tempe AZ — 2,186 13,446 170 — 2,186 13,616 15,802 988 1/29/2015 1981 2500 North Rosemont Boulevard Tucson AZ — 4,429 26,119 5,124 — 4,576 31,096 35,672 13,520 1/11/2002 1989 710 North Euclid Anaheim CA — 2,850 6,964 822 — 2,893 7,743 10,636 1,924 7/9/2008 1992 3209 Brookside Drive (5) Bakersfield CA 12,553 4,166 13,233 77 — 4,166 13,310 17,476 1,006 5/1/2015 2004 5000 Marina Boulevard Brisbane CA — 7,957 13,430 — — 7,957 13,430 21,387 6 11/14/2017 2000 5770 Armada Drive (5) Carlsbad CA 11,392 3,875 18,543 (1) — 3,875 18,542 22,417 1,352 1/29/2015 1997 Initial Cost to Company Cost at December 31, 2017 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 Date 1350 South El Camino Real Encinitas CA — 1,510 18,042 443 — 1,517 18,478 19,995 4,543 3/31/2008 1999 47201 Lakeview Boulevard Fremont CA — 3,200 10,177 36 — 3,200 10,213 13,413 1,594 9/30/2011 1990 47211/47215 Lakeview Boulevard Fremont CA — 3,750 12,656 216 — 3,750 12,872 16,622 1,994 9/30/2011 1985 47900 Bayside Parkway Fremont CA — 4,580 10,370 1,001 — 4,580 11,371 15,951 1,737 9/30/2011 1991 577 South Peach Street Fresno CA — 738 2,577 4,175 — 738 6,752 7,490 1,932 12/28/1990 1963 6075 North Marks Avenue Fresno CA — 880 12,751 342 — 883 13,090 13,973 3,188 3/31/2008 1996 24552 Paseo de Valencia Laguna Hills CA — 3,172 28,184 16,427 — 3,810 43,973 47,783 17,862 11/1/2012 1975 8631 West 3rd Street Los Angeles CA — 24,640 88,277 10,047 — 24,640 98,324 122,964 16,726 11/22/2010 1979 8635 West 3rd Street Los Angeles CA — 24,640 90,352 9,738 — 24,640 100,090 124,730 16,947 11/22/2010 1979 2325 St. Pauls Way (5) Modesto CA 6,430 1,104 9,009 59 — 1,106 9,066 10,172 694 5/1/2015 1998 8700 Lindley Avenue Northridge CA — 2,068 13,520 82 — 2,079 13,591 15,670 1,029 5/1/2015 2000 1319 Brookside Avenue Redlands CA — 1,770 9,982 517 — 1,770 10,499 12,269 2,509 3/31/2008 1999 110 Sterling Court Roseville CA — 1,620 10,262 463 — 1,620 10,725 12,345 2,591 3/31/2008 1998 1371 Parkside Drive San Bernardino CA — 1,250 9,069 686 — 1,250 9,755 11,005 3,138 8/31/2006 1988 16925 & 16916 Hierba Drive San Diego CA — 9,142 53,904 13,096 — 9,148 66,994 76,142 28,596 1/11/2002 1987 3030 Science Park San Diego CA — 2,466 46,473 19 — 2,466 46,492 48,958 9,779 8/6/2009 1986 3040 Science Park San Diego CA — 1,225 23,077 20 — 1,225 23,097 24,322 4,856 8/6/2009 1986 3050 Science Park San Diego CA — 1,508 28,753 19 — 1,508 28,772 30,280 6,050 8/6/2009 1986 24305 West Lyons Avenue Santa Clarita CA — 763 15,538 104 — 763 15,642 16,405 1,184 5/1/2015 1988 3530 Deer Park Drive Stockton CA — 670 14,419 484 — 670 14,903 15,573 3,615 3/31/2008 1999 537 East Fulton Street Stockton CA — 382 2,750 953 — 382 3,703 4,085 2,345 6/30/1992 1968 877 East March Lane Stockton CA — 1,176 11,171 5,895 — 1,380 16,862 18,242 6,467 9/30/2003 1988 93 West Avenida de Los Arboles Thousand Oaks CA — 622 2,522 2,522 — 622 5,044 5,666 3,031 12/28/1990 1965 28515 Westinghouse Place Valencia CA — 4,669 41,440 — — 4,669 41,440 46,109 3,022 1/29/2015 2008 6835 Hazeltine Avenue Van Nuys CA — 718 378 935 — 725 1,306 2,031 766 12/28/1990 1969 1866 San Miguel Drive Walnut Creek CA — 2,010 9,290 3,504 — 3,417 11,387 14,804 1,894 12/1/2011 1996 Initial Cost to Company Cost at December 31, 2017 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 Date 1950 South Dayton Street Aurora CO — 3,062 46,195 1,092 — 3,111 47,238 50,349 3,570 5/1/2015 1987 515 Fairview Avenue Canon City CO — 292 6,228 1,239 (3,512) 299 3,948 4,247 1,905 9/26/1997 1970 110 West Van Buren Street Colorado Springs CO — 245 5,236 1,727 (3,031) 245 3,932 4,177 1,907 9/26/1997 1972 3920 East San Miguel Street Colorado Springs CO — 1,380 8,894 3,322 — 1,597 11,999 13,596 1,615 7/31/2012 1977 2050 South Main Street Delta CO — 167 3,570 826 — 167 4,396 4,563 2,334 9/26/1997 1963 2501 Little Bookcliff Drive Grand Junction CO — 204 3,875 1,529 — 204 5,404 5,608 3,272 12/30/1993 1968 2825 Patterson Road Grand Junction CO — 173 2,583 2,260 — 173 4,843 5,016 2,941 12/30/1993 1978 1599 Ingalls Street Lakewood CO — 232 3,766 3,170 — 232 6,936 7,168 4,250 12/28/1990 1972 5555 South Elati Street Littleton CO — 185 5,043 2,508 — 191 7,545 7,736 4,802 12/28/1990 1965 8271 South Continental Divide Road Littleton CO — 400 3,507 — — 400 3,507 3,907 1,431 2/28/2003 1998 9005 Grant Street Thornton CO — 961 10,867 55 — 993 10,890 11,883 1,367 12/28/2012 2001 9025 Grant Street Thornton CO — 475 909 457 — 483 1,358 1,841 181 12/28/2012 1987 7809 W. 38th Avenue Wheat Ridge CO — 470 3,373 — — 470 3,373 3,843 654 4/1/2010 2004 40 Sebethe Drive Cromwell CT — 570 5,304 1,066 — 570 6,370 6,940 1,323 12/22/2010 1998 866 North Main Street Extension Wallingford CT — 430 3,136 583 — 430 3,719 4,149 875 12/22/2010 1984 1145 19th Street NW Washington DC — 13,600 24,880 7,893 — 13,600 32,773 46,373 6,417 5/20/2009 1976 2141 K Street, NW Washington DC — 13,700 8,400 3,765 — 13,700 12,165 25,865 2,562 12/22/2008 1966 255 Possum Park Road Newark DE — 2,010 11,852 4,938 — 2,760 16,040 18,800 6,542 1/11/2002 1982 4175 Ogletown Stanton Rd Newark DE — 1,500 19,447 1,042 — 1,513 20,476 21,989 4,975 3/31/2008 1998 1212 Foulk Road Wilmington DE — 1,179 6,950 1,592 — 1,200 8,521 9,721 3,954 1/11/2002 1974 1912 Marsh Road Wilmington DE — 4,365 25,739 3,570 — 4,426 29,248 33,674 12,398 1/11/2002 1988 2723 Shipley Road Wilmington DE — 869 5,126 4,156 — 903 9,248 10,151 4,066 1/11/2002 1989 407 Foulk Road Wilmington DE — 38 227 2,105 — 78 2,292 2,370 673 1/11/2002 1965 13200 Nano Court Alachua FL — 2,792 42,440 13 — 2,792 42,453 45,245 1,769 5/4/2016 2016 13545 Progress Boulevard Alachua FL — 512 4,935 173 — 512 5,108 5,620 895 6/6/2011 2009 13631 Progress Boulevard Alachua FL — 512 4,941 106 — 512 5,047 5,559 837 6/6/2011 2009 Initial Cost to Company Cost at December 31, 2017 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 Date 13709 Progress Boulevard Alachua FL — 1,080 1,675 350 — 1,080 2,025 3,105 336 6/6/2011 1985 13859 Progress Boulevard (5) Alachua FL 2,395 570 4,276 343 — 570 4,619 5,189 716 7/26/2011 2007 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 Corporate Park Land Alachua FL — 4,000 — — — 4,000 — 4,000 — 8/30/2011 N/A 22601 Camino Del Mar Boca Raton FL — 3,200 46,800 3,014 — 3,200 49,814 53,014 9,218 12/15/2011 1990 1325 S Congress Avenue Boynton Beach FL — 1,620 5,341 874 — 1,620 6,215 7,835 823 7/27/2012 1985 1425 Congress Avenue Boynton Beach FL — 2,390 14,768 1,827 — 2,390 16,595 18,985 3,173 8/9/2011 1994 1416 Country Club Blvd. Cape Coral FL — 400 2,907 — — 400 2,907 3,307 1,189 2/28/2003 1998 8500 Royal Palm Boulevard Coral Springs FL — 3,410 20,104 24,640 — 3,413 44,741 48,154 14,991 1/11/2002 1984 1208 South Military Trail Deerfield Beach FL — 1,690 14,972 21,467 — 1,738 36,391 38,129 13,418 10/1/2012 1986 3001 DC Country Club Boulevard Deerfield Beach FL — 3,196 18,848 15,703 — 3,200 34,547 37,747 12,805 1/11/2002 1990 12780 Kenwood Lane Fort Myers FL — 369 2,174 2,897 — 859 4,581 5,440 1,741 1/11/2002 1990 2525 First Street Fort Myers FL — 2,385 21,137 17,617 — 2,525 38,614 41,139 14,498 10/1/2012 1984 1825 Ridgewood Avenue Holly Hill FL — 900 21,202 (2,735) — 700 18,667 19,367 3,501 7/22/2011 1926 2480 North Park Road Hollywood FL — 4,500 40,500 12,580 — 4,527 53,053 57,580 9,410 12/15/2011 1986 8901 Tamiami Trail East Naples FL — 3,200 2,898 13,166 — 3,200 16,064 19,264 4,351 8/31/2006 1984 12780 Waterford Lakes Parkway Orlando FL — 977 3,946 — — 977 3,946 4,923 401 12/18/2013 2002 1603 S. Hiawassee Road Orlando FL — 488 2,621 85 — 488 2,706 3,194 290 12/18/2013 2003 1825 N. Mills Avenue Orlando FL — 519 1,799 354 — 519 2,153 2,672 502 12/22/2008 1997 1911 N. Mills Avenue Orlando FL — 1,946 7,197 677 — 1,946 7,874 9,820 1,891 12/22/2008 1997 1925 N. Mills Avenue Orlando FL — 135 532 155 — 135 687 822 166 12/22/2008 1997 250 N. Alafaya Trail Orlando FL — 967 4,362 14 — 967 4,376 5,343 438 12/18/2013 1999 45 Katherine Boulevard Palm Harbor FL — 3,379 29,945 4,618 — 3,392 34,550 37,942 19,276 10/1/2012 1992 900 West Lake Road Palm Harbor FL — 3,449 20,336 7,722 — 3,452 28,055 31,507 11,552 1/11/2002 1989 8500 West Sunrise Boulevard Plantation FL — 4,700 24,300 4,683 — 4,710 28,973 33,683 6,673 12/15/2011 1989 Initial Cost to Company Cost at December 31, 2017 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 Date 1371 South Ocean Boulevard Pompano Beach FL — 2,500 15,500 11,845 — 2,500 27,345 29,845 4,815 12/15/2011 1991 2701 North Course Drive Pompano Beach FL — 7,700 2,127 34,889 — 7,700 37,016 44,716 10,812 8/31/2006 1985 20480 Veterans Boulevard Port Charlotte FL — 400 11,934 1,355 — 404 13,285 13,689 2,684 7/22/2011 1996 1699 S.E. Lyngate Drive Port St. Lucie FL — 1,242 11,009 1,497 — 1,242 12,506 13,748 7,102 10/1/2012 1993 501 N.W. Cashmere Boulevard Port St. Lucie FL — 890 9,345 905 — 891 10,249 11,140 1,848 7/22/2011 2007 3855 Upper Creek Drive Sun City Center FL — 1,676 15,788 134 — 1,676 15,922 17,598 1,231 5/1/2015 1989 900 South Harbour Island Blvd. Tampa FL — 4,850 6,349 7 — 4,850 6,356 11,206 1,622 10/30/2007 1986 111 Executive Center Drive West Palm Beach FL — 2,061 12,153 10,083 — 2,061 22,236 24,297 8,917 1/11/2002 1988 2351 Cedarcrest Road Acworth GA — 2,000 6,674 120 — 2,000 6,794 8,794 388 5/1/2016 2014 1200 Bluegrass Lakes Parkway Alpharetta GA — 1,689 15,936 — — 1,689 15,936 17,625 1,162 1/29/2015 2001 855 North Point Pkwy Alpharetta GA — 5,390 26,712 — — 5,390 26,712 32,102 6,261 8/21/2008 2006 253 N. Main Street (5) Alpharetta GA 9,754 1,325 12,377 150 — 1,325 12,527 13,852 963 5/1/2015 1997 1291 Cedar Shoals Drive Athens GA — 337 4,006 825 — 368 4,800 5,168 1,618 11/19/2004 1998 1515 Sheridan Road Atlanta GA — 5,800 9,305 3 — 5,800 9,308 15,108 2,356 11/30/2007 1978 59 Executive Park South Atlanta GA — 4,980 11,266 586 — 4,980 11,852 16,832 2,253 1/26/2011 1966 240 Marietta Highway Canton GA — 806 8,555 1,007 — 806 9,562 10,368 1,255 10/1/2013 1997 4500 South Stadium Drive Columbus GA — 294 3,505 323 — 294 3,828 4,122 1,343 11/19/2004 1999 1352 Wellbrook Circle Conyers GA — 342 4,068 984 — 342 5,052 5,394 1,708 11/19/2004 1997 1501 Milstead Road Conyers GA — 750 7,796 273 — 750 8,069 8,819 1,477 9/30/2010 2008 3875 Post Road Cumming GA — 954 12,796 109 — 958 12,901 13,859 1,015 5/1/2015 2007 4960 Jot Em Down Road Cumming GA — 1,548 18,666 12,105 — 3,407 28,912 32,319 3,300 8/1/2013 2011 5610 Hampton Park Drive Cumming GA — 3,479 14,771 189 — 3,481 14,958 18,439 1,105 9/3/2015 2014 7955 Majors Road Cumming GA — 1,325 7,770 105 — 1,325 7,875 9,200 603 5/1/2015 2009 2470 Dug Gap Road Dalton GA — 262 3,119 501 — 262 3,620 3,882 1,235 11/19/2004 1997 101 West Ponce De Leon Avenue Decatur GA — 3,500 13,179 11 — 3,500 13,190 16,690 1,841 5/30/2012 1992 2801 North Decatur Road Decatur GA — 3,100 4,436 758 — 3,100 5,194 8,294 1,185 7/9/2008 1986 Initial Cost to Company Cost at December 31, 2017 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 Date 114 Penland Street Ellijay GA — 496 7,107 387 — 496 7,494 7,990 911 10/1/2013 2008 353 North Belair Road Evans GA — 230 2,663 574 — 230 3,237 3,467 1,171 11/19/2004 1998 1294 Highway 54 West (5) Fayetteville GA 8,214 853 9,903 269 — 943 10,082 11,025 779 5/1/2015 1999 2435 Limestone Parkway Gainesville GA — 268 3,186 995 — 268 4,181 4,449 1,280 11/19/2004 1998 3315 Thompson Bridge Road (5) Gainesville GA 17,443 934 30,962 392 — 956 31,332 32,288 2,316 5/1/2015 1999 5373 Thompson Mill Road Hoschton GA — 944 12,171 52 — 944 12,223 13,167 934 5/1/2015 2011 8080 Summit Business Parkway Jonesboro GA — 1,800 20,664 2,227 — 1,800 22,891 24,691 4,208 6/20/2011 2007 6191 Peake Road Macon GA — 183 2,179 736 — 183 2,915 3,098 935 11/19/2004 1998 1360 Upper Hembree Road Roswell GA — 1,080 6,138 42 — 1,080 6,180 7,260 872 5/7/2012 2007 1 Savannah Square Drive Savannah GA — 1,200 19,090 4,755 — 1,390 23,655 25,045 6,937 10/1/2006 1987 5200 Habersham Street Savannah GA — 800 7,800 726 — 803 8,523 9,326 1,690 6/23/2011 2005 7410 Skidaway Road Savannah GA — 400 5,670 1,036 — 400 6,706 7,106 2,168 11/1/2006 1989 2078 Scenic Highway Snellville GA — 870 4,030 335 — 870 4,365 5,235 971 12/10/2009 1997 475 Country Club Drive (5) Stockbridge GA 8,147 512 9,560 244 — 512 9,804 10,316 759 5/1/2015 1998 1300 Montreal Road Tucker GA — 690 6,210 842 — 690 7,052 7,742 2,446 6/3/2005 1997 1100 Ward Avenue Honolulu HI — 11,200 55,618 3,149 — 11,200 58,767 69,967 7,996 6/18/2012 1961 600 Manor Drive Clarinda IA — 77 1,453 982 — 77 2,435 2,512 1,556 12/30/1993 1968 2401 East 8th Street Des Moines IA — 123 627 1,323 — 123 1,950 2,073 891 7/1/2000 1965 608 Prairie Street Mediapolis IA — 94 1,776 717 — 94 2,493 2,587 1,658 12/30/1993 1973 1015 West Summit Street Winterset IA — 111 2,099 1,337 (314) 111 3,122 3,233 2,044 12/30/1993 1973 2340 West Seltice Way Coeur d'Alene ID — 910 7,170 2,733 — 1,018 9,795 10,813 1,272 7/31/2012 1993 850 Lincoln Drive Idaho Falls ID — 510 6,640 1,789 — 726 8,213 8,939 1,208 7/31/2012 1978 1250 West Central Road Arlington Heights IL — 3,665 32,587 7,530 — 3,669 40,113 43,782 20,325 11/1/2012 1986 1450 Busch Parkway Buffalo Grove IL — 3,800 11,456 458 — 3,815 11,899 15,714 2,180 9/16/2010 2009 2601 Patriot Boulevard Glenview IL — 2,285 9,593 — — 2,285 9,593 11,878 700 1/29/2015 2005 1373 D'Adrian Professional Park Godfrey IL — 281 15,088 276 — 281 15,364 15,645 1,169 5/1/2015 2010 Initial Cost to Company Cost at December 31, 2017 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 Date 900 43rd Avenue Moline IL — 482 7,651 151 — 482 7,802 8,284 579 5/1/2015 2003 221 11th Avenue Moline IL — 161 7,244 1,277 — 161 8,521 8,682 562 5/1/2015 2008 2700 14th Street (5) Pekin IL 4,840 171 11,475 161 — 171 11,636 11,807 884 5/1/2015 2009 7130 Crimson Ridge Drive Rockford IL — 200 7,300 28 — 200 7,328 7,528 1,361 5/1/2011 1999 1220 Lakeview Drive Romeoville IL — 1,120 19,582 (61) — 1,058 19,583 20,641 4,590 8/21/2008 2005 1201 Hartman Lane Shiloh IL — 743 7,232 327 — 1,233 7,069 8,302 255 12/8/2016 2003 900 Southwind Road Springfield IL — 300 6,744 1,040 — 300 7,784 8,084 2,402 8/31/2006 1990 2705 Avenue E (5) Sterling IL 4,679 341 14,331 103 — 341 14,434 14,775 1,107 5/1/2015 2008 39 Dorothy Drive Troy IL — 1,070 7,231 (235) — 1,002 7,064 8,066 255 12/8/2016 2003 100 Grand Victorian Place (5) Washington IL 5,450 241 12,046 122 — 241 12,168 12,409 916 5/1/2015 2009 1615 Lakeside Drive Waukegan IL — 2,700 9,590 1,448 — 2,720 11,018 13,738 1,529 9/30/2011 1990 1675 Lakeside Drive Waukegan IL — 2,420 9,382 1,177 — 2,436 10,543 12,979 1,486 9/30/2011 1998 406 Smith Drive Auburn IN — 380 8,246 183 — 380 8,429 8,809 2,064 9/1/2008 1999 6990 East County Road 100 North Avon IN — 850 11,888 228 — 850 12,116 12,966 3,024 9/1/2008 1999 2455 Tamarack Trail Bloomington IN — 5,400 25,129 10,107 — 5,438 35,198 40,636 6,687 11/1/2008 1983 2460 Glebe Street Carmel IN — 2,108 57,741 340 — 2,120 58,069 60,189 4,222 5/1/2015 2008 701 East County Line Road Greenwood IN — 1,830 14,303 500 — 1,830 14,803 16,633 2,239 12/1/2011 2007 8505 Woodfield Crossing Boulevard Indianapolis IN — 2,785 16,396 5,874 — 2,785 22,270 25,055 9,207 1/11/2002 1986 2501 Friendship Boulevard Kokomo IN — 512 13,009 — — 512 13,009 13,521 22 12/27/2017 1997 603 Saint Joseph Drive Kokomo IN — 220 5,899 661 — 220 6,560 6,780 1,552 9/1/2008 1998 1211 Longwood Drive La Porte IN — 770 5,550 447 — 770 5,997 6,767 1,458 9/1/2008 1998 1590 West Timberview Drive Marion IN — 410 5,409 220 — 410 5,629 6,039 1,447 9/1/2008 2000 1473 East McKay Road Shelbyville IN — 190 5,328 123 — 190 5,451 5,641 1,384 9/1/2008 1999 17441 State Road 23 South Bend IN — 400 3,107 — — 400 3,107 3,507 1,270 2/28/2003 1998 222 South 25th Street Terra Haute IN — 300 13,115 493 — 300 13,608 13,908 3,373 9/1/2008 2005 150 Fox Ridge Drive Vincennes IN — 110 3,603 1,144 — 110 4,747 4,857 1,179 9/1/2008 1985 Initial Cost to Company Cost at December 31, 2017 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 Date 510 West 7th Street Ellinwood KS — 130 1,137 497 — 130 1,634 1,764 986 4/1/1995 1972 1501 Inverness Drive Lawrence KS — 1,600 18,565 532 — 1,747 18,950 20,697 4,505 10/1/2009 1988 5799 Broadmoor Street Mission KS — 1,522 7,246 364 — 1,522 7,610 9,132 198 1/17/2017 1986 3501 West 95th Street Overland Park KS — 2,568 15,140 4,203 — 2,568 19,343 21,911 8,280 1/11/2002 1989 6555 West 75th Street Overland Park KS — 1,274 1,126 13,366 — 1,357 14,409 15,766 5,698 10/25/2002 1985 981 Campbell Lane Bowling Green KY — 365 4,345 487 — 365 4,832 5,197 1,722 11/19/2004 1999 102 Leonardwood Drive Frankfort KY — 560 8,282 1,238 — 560 9,520 10,080 2,941 8/31/2006 1989 4190 Lafayette Road Hopkinsville KY — 316 3,761 218 — 316 3,979 4,295 1,443 11/19/2004 1999 690 Mason Headley Road (6) Lexington KY 8,689 — 10,848 11,621 — — 22,469 22,469 11,440 1/11/2002 1985 700 Mason Headley Road (6) Lexington KY 2,005 — 6,394 7,376 — — 13,770 13,770 6,274 1/11/2002 1980 200 Brookside Drive Louisville KY — 3,524 20,779 6,137 — 3,544 26,896 30,440 11,913 1/11/2002 1984 1517 West Broadway Mayfield KY — 268 2,730 743 — 268 3,473 3,741 1,277 11/19/2004 1999 1700 Elmdale Road Paducah KY — 450 5,358 837 — 450 6,195 6,645 2,161 11/19/2004 2000 100 Neighborly Way Somerset KY — 200 4,919 265 — 200 5,184 5,384 1,451 11/6/2006 2000 2661 North Boulevard Baton Rouge LA — 199 1,067 — — 199 1,067 1,266 78 1/29/2015 2000 7656 Realtors Avenue Baton Rouge LA — 99 907 — — 99 907 1,006 66 1/29/2015 2005 137 Veterans Boulevard Denham Springs LA — 228 1,536 (1) — 228 1,535 1,763 112 1/29/2015 2007 2995 Race Street Jackson LA — 30 845 — — 30 845 875 62 1/29/2015 2002 24660 Plaza Drive Plaquemine LA — 99 1,043 1 — 99 1,044 1,143 76 1/29/2015 2000 17392 Vallee Court Prairieville LA — 99 837 35 — 99 872 971 63 1/29/2015 2001 35 Millbury Street Auburn MA — 1,510 7,000 463 — 1,510 7,463 8,973 1,852 8/8/2008 1977 1295 Boylston Street Boston MA — 7,600 18,140 1,548 — 7,625 19,663 27,288 3,374 1/26/2011 1930 11 Fan Pier Boulevard / 50 Northern Avenue (5) Boston MA 620,000 52,643 784,954 (723) — 52,643 784,231 836,874 72,252 5/7/2014 2013 549 Albany Street Boston MA — 4,576 45,029 — — 4,569 45,036 49,605 4,879 8/22/2013 1895 Initial Cost to Company Cost at December 31, 2017 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 Date 330 Baker Avenue Concord MA — 3,775 19,906 — — 3,775 19,906 23,681 1,451 1/29/2015 2013 370 Lunenburg Street Fitchburg MA — 330 3,361 32 — 330 3,393 3,723 796 8/8/2008 1994 165 Mill Street Leominster MA — 1,520 8,703 750 — 1,520 9,453 10,973 2,380 8/8/2008 1966 4 Maguire Road Lexington MA — 3,600 15,555 1,554 (7,255) 3,674 9,780 13,454 2,441 12/22/2008 1994 100 Hampshire Street Mansfield MA — 2,090 8,215 698 — 2,486 8,517 11,003 1,508 12/22/2010 1975 15 Hampshire Street Mansfield MA — 1,360 7,326 486 — 1,720 7,452 9,172 1,301 12/22/2010 1988 5 Hampshire Street Mansfield MA — 1,190 5,737 — — 1,190 5,737 6,927 1,004 12/22/2010 1988 176 West Street Milford MA — 510 3,039 607 — 510 3,646 4,156 1,197 8/8/2008 1989 108 Elm Street Millbury MA — 160 767 — — 160 767 927 181 8/8/2008 1950 30 New Crossing Road Reading MA — 1,443 14,153 92 — 1,443 14,245 15,688 1,880 9/27/2012 1986 407 Main Street Spencer MA — 270 2,607 476 — 270 3,083 3,353 983 8/8/2008 1992 106 East Main Street Westborough MA — 920 6,956 269 — 920 7,225 8,145 1,732 8/8/2008 1986 112 East Main Street Westborough MA — 230 135 — — 230 135 365 33 8/8/2008 1900 299 Cambridge Street Winchester MA — 3,218 18,988 10,672 — 3,218 29,660 32,878 11,160 1/11/2002 1991 135 Gold Star Boulevard Worcester MA — 865 10,912 1,212 — 865 12,124 12,989 2,806 8/8/2008 1989 191 May Street Worcester MA — 730 3,634 118 — 730 3,752 4,482 891 8/8/2008 1986 277 Mountain Street East Worcester MA — 191 2,133 113 (889) 191 1,357 1,548 341 8/8/2008 1992 425 North Lake Avenue Worcester MA — 1,200 6,176 119 — 1,200 6,295 7,495 1,488 8/8/2008 1985 630 Plantation Street Worcester MA — 770 10,408 571 — 770 10,979 11,749 2,759 8/8/2008 1990 2717 Riva Road Annapolis MD — 1,290 12,373 548 — 1,290 12,921 14,211 3,178 3/31/2008 2001 658 Boulton Street Bel Air MD — 4,750 16,504 2 — 4,750 16,506 21,256 4,178 11/30/2007 1980 7600 Laurel Bowie Road Bowie MD — 408 3,421 614 — 408 4,035 4,443 1,713 10/25/2002 2000 8100 Connecticut Avenue Chevy Chase MD — 15,170 92,830 4,895 — 15,170 97,725 112,895 16,340 12/15/2011 1990 8220 Snowden River Parkway Columbia MD — 1,390 10,303 791 — 1,390 11,094 12,484 2,608 3/31/2008 2001 700 Port Street Easton MD — 383 4,555 2,994 — 394 7,538 7,932 2,691 10/25/2002 2000 3004 North Ridge Road Ellicott City MD — 1,409 22,691 7,467 — 1,443 30,124 31,567 11,130 3/1/2004 1997 Initial Cost to Company Cost at December 31, 2017 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 Date 1820 Latham Drive Frederick MD — 385 3,444 672 — 385 4,116 4,501 1,724 10/25/2002 1998 2100 Whittier Drive Frederick MD — 1,260 9,464 933 — 1,260 10,397 11,657 2,535 3/31/2008 1999 10116 Sharpsburg Pike Hagerstown MD — 1,040 7,471 4,257 — 1,040 11,728 12,768 2,344 3/31/2008 1999 4000 Old Court Road Pikesville MD — 2,000 4,974 408 — 2,000 5,382 7,382 1,269 12/22/2008 1987 12725 Twinbrook Parkway Rockville MD — 6,138 6,526 51 — 6,138 6,577 12,715 109 7/12/2017 1968 715 Benfield Road Severna Park MD — 229 9,798 1,656 — 242 11,441 11,683 4,818 10/25/2002 1998 14400 Homecrest Road Silver Spring MD — 1,200 9,288 6,512 — 1,207 15,793 17,000 6,200 10/25/2002 1996 801 Roeder Road Silver Spring MD — 1,900 12,858 1,319 — 1,900 14,177 16,077 2,087 6/27/2012 1976 720 & 734 N. Pine Road Hampton MI — 300 2,406 — — 300 2,406 2,706 984 2/28/2003 1998 4004 & 4012 Waldo Road Midland MI — 400 2,606 — — 400 2,606 3,006 1,071 2/28/2003 1998 1605 & 1615 Fredericks Drive Monroe MI — 300 2,506 — — 300 2,506 2,806 1,028 2/28/2003 1998 3150 & 3100 Old Centre Road Portage MI — 300 2,206 — — 300 2,206 2,506 903 2/28/2003 1998 2445 & 2485 Mc Carty Road Saginaw MI — 600 5,212 — — 600 5,212 5,812 2,130 2/28/2003 1998 11855 Ulysses Street NE Blaine MN — 2,249 9,276 174 — 2,249 9,450 11,699 1,190 12/21/2012 2007 Vacant Land - 11855 Ulysses Street NE Blaine MN — 525 — — — 525 — 525 — 12/21/2012 N/A 1305 Corporate Center Drive Eagan MN — 2,300 13,105 3,143 — 2,675 15,873 18,548 3,251 12/22/2010 1986 8301 Golden Valley Road Golden Valley MN — 1,256 4,680 171 — 1,256 4,851 6,107 231 2/10/2016 1998 8401 Golden Valley Road Golden Valley MN — 1,510 5,742 495 — 1,510 6,237 7,747 306 2/10/2016 1998 8501 Golden Valley Road Golden Valley MN — 1,263 4,288 298 — 1,263 4,586 5,849 218 2/10/2016 1998 1201 Northland Drive Mendota Heights MN — 1,220 10,208 1,157 — 1,368 11,217 12,585 1,950 1/25/2011 1989 12700 Whitewater Drive Minnetonka MN — 5,453 8,108 — — 5,453 8,108 13,561 51 10/2/2017 1998 20600 South Diamond Lake Road Rogers MN — 2,760 45,789 1,308 — 2,837 47,020 49,857 12,028 3/1/2008 1999 2200 County Road C West Roseville MN — 590 702 467 — 737 1,022 1,759 168 9/30/2011 1991 4166 Lexington Avenue N Shoreview MN — 1,300 4,547 267 — 1,398 4,716 6,114 794 5/20/2011 1988 1365 Crestridge Lane West St. Paul MN — 400 2,506 — — 400 2,506 2,906 1,116 2/28/2003 1998 305 & 315 Thompson Avenue West St. Paul MN — 400 3,608 100 — 400 3,708 4,108 1,631 2/28/2003 1998 Initial Cost to Company Cost at December 31, 2017 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 Date 5351 Gretna Road (5) Branson MO 4,360 743 10,973 158 — 753 11,121 11,874 870 5/1/2015 2002 3828 College View Drive Joplin MO — 260 11,382 215 — 260 11,597 11,857 1,813 8/31/2012 2003 14100 Magellan Plaza Maryland Heights MO — 3,719 37,304 4,333 — 3,179 42,177 45,356 3,289 1/29/2015 2003 640 E Highland Avenue Nevada MO — 311 5,703 97 — 311 5,800 6,111 441 5/1/2015 1997 2410 W Chesterfield Blvd (5) Springfield MO 6,180 924 12,772 70 — 924 12,842 13,766 948 5/1/2015 1999 3540 East Cherokee Street (5) Springfield MO 3,556 1,084 11,339 191 — 1,129 11,485 12,614 869 5/1/2015 1996 4700 North Hanley Road St. Louis MO — 5,166 41,587 36 — 5,166 41,623 46,789 3,037 1/29/2015 2014 1 Lincoln Road Hattiesburg MS — 1,269 11,691 100 — 1,277 11,783 13,060 1,400 3/22/2013 2005 1488 Belk Boulevard Oxford MS — 450 5,791 764 — 388 6,617 7,005 1,834 10/1/2006 2000 108 Clarington Drive Southaven MS — 450 5,795 944 — 450 6,739 7,189 1,863 10/1/2006 2000 1547 North Hunters Way Bozeman MT — 1,616 27,750 93 — 1,624 27,835 29,459 2,045 5/1/2015 2008 118 Alamance Road Burlington NC — 575 9,697 877 — 575 10,574 11,149 1,900 6/20/2011 1998 1050 Crescent Green Drive Cary NC — 713 4,628 2,125 — 713 6,753 7,466 3,000 10/25/2002 1999 2220 & 2230 Farmington Drive Chapel Hill NC — 800 6,414 — — 800 6,414 7,214 2,620 2/28/2003 1996 2101 Runnymede Lane Charlotte NC — 2,475 11,451 782 — 2,458 12,250 14,708 2,422 6/20/2011 1999 5920 McChesney Drive Charlotte NC — 820 7,790 838 — 820 8,628 9,448 1,896 11/17/2009 2001 6101 Clarke Creek Parkway Charlotte NC — 500 13,960 36 — 500 13,996 14,496 3,201 11/17/2009 1999 500 Penny Lane NE Concord NC — 1,687 17,603 38 — 1,687 17,641 19,328 860 6/29/2016 1997 1002 Highway 54 Durham NC — 595 5,200 166 — 595 5,366 5,961 998 6/20/2011 1988 4505 Emperor Boulevard Durham NC — 1,285 16,932 26 — 1,285 16,958 18,243 106 10/11/2017 2001 5213 South Alston Avenue Durham NC — 1,093 31,377 — — 1,093 31,377 32,470 2,288 1/29/2015 2010 2755 Union Road Gastonia NC — 1,104 17,834 202 — 1,104 18,036 19,140 1,024 6/29/2016 1998 1001 Phifer Road Kings Mountain NC — 655 8,283 529 — 657 8,810 9,467 1,670 6/23/2011 1998 128 Brawley School Road Mooresville NC — 595 7,305 527 — 595 7,832 8,427 1,443 6/23/2011 1999 1309 , 1321, & 1325 McCarthy Boulevard New Bern NC — 1,245 20,898 387 — 1,245 21,285 22,530 3,722 6/20/2011 2001/2005/2008 13150 Dorman Road Pineville NC — 550 7,570 1,227 — 550 8,797 9,347 1,846 11/17/2009 1998 Initial Cost to Company Cost at December 31, 2017 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 Date 13180 Dorman Road Pineville NC — 630 15,230 7 — 630 15,237 15,867 3,482 11/17/2009 1998 801 Dixie Trail Raleigh NC — 3,233 17,788 18 — 3,236 17,803 21,039 1,064 6/29/2016 1992 2744 South 17th Street (5) Wilmington NC 11,858 1,134 14,771 325 — 1,139 15,091 16,230 1,176 4/18/2016 1998 1730 Parkwood Boulevard West Wilson NC — 610 14,787 333 — 610 15,120 15,730 2,709 6/20/2011 2004 1700 Furnace Street Ashland NE — 28 1,823 1,336 — 28 3,159 3,187 1,660 7/1/2000 1965 414 North Wilson Street Blue Hill NE — 56 1,064 832 — 56 1,896 1,952 964 7/1/2000 1967 2720 South 17th Ave Central City NE — 21 919 655 — 21 1,574 1,595 914 7/1/2000 1969 1112 15th Street Columbus NE — 89 561 472 — 88 1,034 1,122 618 7/1/2000 1955 800 Stoeger Drive Grand Island NE — 119 1,446 1,415 — 119 2,861 2,980 1,620 4/1/1995 1963 700 South Highway 6 Gretna NE — 237 673 932 — 250 1,592 1,842 847 7/1/2000 1972 1100 West First Street Milford NE — 24 880 858 — 24 1,738 1,762 923 7/1/2000 1967 510 Centennial Circle North Platte NE — 370 8,968 639 — 370 9,607 9,977 2,362 2/17/2008 1988 17007 Elm Plaza Omaha NE — 4,680 22,022 — — 4,680 22,022 26,702 5,161 8/21/2008 2007 3030 South 80th Street Omaha NE — 650 5,850 1,240 — 650 7,090 7,740 2,254 6/3/2005 1992 333 Maple Street Sutherland NE — 19 1,251 516 — 19 1,767 1,786 885 7/1/2000 1970 1350 Centennial Avenue Utica NE — 21 569 475 — 21 1,044 1,065 542 7/1/2000 1966 11041 North 137th Street Waverly NE — 529 686 617 — 529 1,303 1,832 823 7/1/2000 1989 55 Corporate Drive Bridgewater NJ — 2,782 66,441 — — 2,782 66,441 69,223 4,845 1/29/2015 1986 490 Cooper Landing Road Cherry Hill NJ — 1,001 8,175 1,892 — 1,001 10,067 11,068 3,404 12/29/2003 1999 1400 Route 70 Lakewood NJ — 4,885 28,803 2,667 — 4,905 31,450 36,355 13,794 1/11/2002 1987 2 Hillside Drive Mt. Arlington NJ — 1,375 11,232 810 — 1,393 12,024 13,417 4,469 12/29/2003 2001 655 Pomander Walk Teaneck NJ — 4,950 44,550 2,647 — 4,950 47,197 52,147 8,830 12/15/2011 1989 10500 Academy Road NE Albuquerque NM — 3,828 22,572 5,838 — 3,828 28,410 32,238 11,683 1/11/2002 1986 4100 Prospect Avenue NE Albuquerque NM — 540 10,105 8 — 540 10,113 10,653 2,581 10/30/2007 1977 4300 Landau Street NE Albuquerque NM — 1,060 9,875 8 — 1,060 9,883 10,943 2,522 10/30/2007 1973 4411 The 25 Way Albuquerque NM — 3,480 25,245 3,129 — 3,768 28,086 31,854 4,983 12/22/2010 1970 Initial Cost to Company Cost at December 31, 2017 Address City State Encumbrances (1) Land Buildings, Improve

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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, except for the joint venture discussed below, 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 equity. In March 2017, we entered a joint venture with a sovereign investor for one of our MOBs ( two buildings) located in Boston, Massachusetts. We have determined that this joint venture is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or the Codification. We concluded that we must consolidate this VIE because we are the entity with the power to direct the activities that most significantly impact the VIE’s economic performance and we have the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore are the primary beneficiary of the VIE. The assets of this VIE were $1,102,986 as of December 31, 2017 and consist primarily of the net real estate owned by the joint venture. The liabilities of this VIE were $720,678 as of December 31, 2017 and consist primarily of the secured debts on the property. The sovereign investor's interest in this consolidated entity is reflected as noncontrolling interest in our consolidated financial statements. See Note 10 for further information about this joint venture.
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. In some circumstances, we engage independent 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 relative 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 independent appraisers. 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 allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. 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, 2017 , 2016 and 2015 , such amortization resulted in an increase in rental income of $5,349 , $4,941 and $4,060 , 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, 2017 , 2016 and 2015 , such amortization included in depreciation totaled $72,035 , $92,818 and $80,040 , 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 communiti
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES	INVESTMENTS IN AVAILABLE FOR SALE SECURITIES. We classify the shares we own of The RMR Group Inc., or RMR Inc., and Five Star Senior Living Inc., or Five Star, 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, 2017 and 2016 , 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, 2017 and 2016 , our investment in RMR Inc. had a fair value of $156,398 and $104,178 , respectively, including unrealized gains of $86,572 and $34,352 , 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 of this liability during each of the years ended December 31, 2017 and 2016 , and $2,145 for the year ended December 31, 2015. These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2017 , the remaining unamortized amount of this liability was $68,161 . At December 31, 2017 and 2016 , 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 year ended December 31, 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). We recorded an additional loss on impairment of $5,082 to reduce the carrying value of our Five Star investment to its estimated fair value during the second quarter of 2017. We determined the fair value using the closing price of Five Star's common shares on The Nasdaq Stock Market LLC, or Nasdaq, on June 30, 2017 ( $1.50 per share). At December 31, 2017 , our Five Star investment had an adjusted cost basis and fair value of $6,353 , based on Five Star's per share market price at December 31, 2017 ( $1.50 per share).
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS. At December 31, 2017 , 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 $17,170 and $10,980 at December 31, 2017 and 2016 , respectively, and accumulated amortization of debt issuance costs totaled $10,784 and $9,039 at December 31, 2017 and 2016 , respectively, and are included in other assets in our consolidated balance sheets. The increases in these debt issuance costs during 2017 are the result of an amendment to our unsecured revolving credit facility in August 2017. Debt issuance costs for our unsecured term loans, senior notes, and mortgage notes payable totaled $39,821 and $49,331 at December 31, 2017 and 2016 , respectively, and accumulated amortization of debt issuance costs totaled $13,085 and $17,560 , 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, 2017 are estimated to be $4,778 in 2018 , $4,374 in 2019 , $3,481 in 2020 , $3,366 in 2021 , $1,523 in 2022 and $15,600 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 in our consolidated balance sheets. Deferred leasing costs totaled $31,081 and $24,825 at December 31, 2017 and 2016 , respectively, and accumulated amortization of deferred leasing costs totaled $8,769 and $6,898 at December 31, 2017 and 2016 , respectively. Included in deferred leasing costs at December 31, 2017 , is $98 of estimated costs associated with leases under negotiation. At December 31, 2017 , the remaining weighted average amortization period is approximately 7.8 years . Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2017 , are estimated to be $4,297 in 2018 , $3,699 in 2019 , $3,198 in 2020 , $2,604 in 2021 , $2,052 in 2022 and $6,462 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, 2017 , 2016 and 2015 , percentage rents earned aggregated $10,168 , $10,169 and $10,062 , respectively. As of December 31, 2017 , we owned 70 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 70 communities as the managed senior living communities. We derive our revenues at these managed senior living communities primarily from services our manager provides 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 United States Internal Revenue Code of 1986, as amended, or the IRC, 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, 2017 , 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 and with respect to which we receive rents from the operators. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents where we pay fees to the operator to manage the communities for our account. The third reporting segment includes MOBs where the tenants pay us rent. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members and with respect to which we receive rents from operators, which we do not consider to be sufficiently material to constitute a separate reporting segment.
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS. On January 1, 2017, we adopted FASB Accounting Standards Update, or ASU, No. 2017-01, Clarifying the Definition of a Business . This update provides additional guidance on evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or of a business. This 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. As a result of the implementation of this update, certain property acquisitions, which under previous guidance were accounted for as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under previous guidance. 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. ASU No. 2014-09 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 No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU No. 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 No. 2014-09. We have evaluated ASU No. 2014-09 (and related clarifying guidance issued by the FASB), and the adoption will not have a material impact on the amount or timing of our revenue recognition in our consolidated financial statements. We will 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 all prospective interim and annual periods beginning after December 15, 2017. We expect to record an adjustment of $86,572 on January 1, 2018 to reclassify historical changes in the fair value of our available for sale equity investments from other comprehensive income to retained earnings. Future changes in the fair value of our equity investments will be recorded through earnings in accordance with ASU No. 2016-01. 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 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 the adoption of ASU No. 2016-13 will have in our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which requires companies to 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 also requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheets. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and requires the usage of a retrospective transition method. Upon the adoption of ASU No. 2016-18, we will present the changes in total cash, cash equivalents and restricted cash, whereas under the current guidance we present the changes during the period for cash and cash equivalents only.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
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 Cash Paid plus Assumed Debt 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, 2017: December 2017 2 States Managed 2 229 $ 39,457 (1) $ 4,055 $ 26,424 $ 1,204 $ 7,774 $ — $ — $ — Senior Living Community Acquisitions during the year ended December 31, 2016: May 2016 Georgia Managed 1 38 $ 8,400 (2) $ 327 $ 6,195 $ 478 $ 1,400 $ — $ — $ — June 2016 4 States Leased 7 545 112,493 (1) 11,085 94,940 6,468 — — — — December 2016 Illinois Leased 2 126 18,601 (2) 1,814 13,377 1,087 2,323 — — — 10 709 $ 139,494 $ 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 (2) $ 29,716 $ 373,471 $ 21,117 $ 54,096 $ (18,091 ) $ (44,395 ) $ (1,125 ) May 2015 5 States Managed 19 1,233 313,345 (2) 12,267 214,064 12,342 73,840 — (94,785 ) 832 September 2015 NC Leased 1 87 17,548 (2) 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 — (3) 40 9,750 (2) 993 8,169 427 161 — — — September 2015 GA Leased 1 84 18,409 (1) 3,479 14,021 909 — — — — 39 3,563 $ 818,236 $ 47,589 $ 623,474 $ 35,817 $ 130,305 $ (18,091 ) $ (151,477 ) $ (858 ) (1) Cash paid plus assumed debt, if any, includes closing costs as these acquisitions are accounted for as acquisitions of assets. (2) Cash paid plus assumed debt, if any, excludes closing costs as these acquisitions are accounted for as business combinations. (3) 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. 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 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, 2017: January 2017 Kansas 1 117 $ 15,106 (1) $ 1,522 $ 7,246 $ 6,338 $ — $ — $ — July 2017 Maryland 1 59 16,601 (1) 6,138 6,526 3,937 — — — October 2017 2 States 2 255 38,794 (1) 6,738 25,040 7,016 — — — November 2017 California 1 63 26,823 (1) 7,957 13,430 5,436 — — — December 2017 Virginia 1 136 15,844 (1) 3,263 7,615 4,986 (20 ) — — 6 630 $ 113,168 $ 25,618 $ 59,857 $ 27,713 $ (20 ) $ — $ — MOB Acquisitions during the year ended December 31, 2016: February 2016 Minnesota 1 128 $ 22,700 (2) $ 4,028 $ 14,710 $ 5,053 $ (1,091 ) $ — $ — May 2016 Florida 1 166 45,232 (1) 2,792 42,440 — — — — October 2016 Ohio 1 96 18,500 (2) 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 (2) $ 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 ) (1) Cash paid plus assumed debt, if any, includes closing costs as these acquisitions are accounted for acquisitions of assets. (2) Cash paid plus assumed debt, if any, excludes closing costs as these acquisitions are accounted for as business combinations.
Schedule of discontinued operations	Summarized income statement information for the one MOB ( four buildings) that met the criteria for discontinued operations is included in discontinued operations as follows: For the year ended December 31, 2017 2016 2015 Rental income $ — $ — $ 56 Property operating expenses — — (406 ) (Loss) income from discontinued operations $ — $ — $ (350 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of summary of shares granted and vested	A summary of shares granted, forfeited, vested and unvested under the terms of the 2012 Plan from January 1, 2015 to December 31, 2017 is as follows: Number of Shares Weighted Average Grant Date Fair Value 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 Shares granted in 2017 103,100 $ 19.99 Shares vested / forfeited in 2017 (108,500 ) $ 20.05 Unvested shares at December 31, 2017 148,010 $ 19.71

Leases and Management Agreeme25

Leases and Management Agreements with Five Star (Tables)	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Schedule of Assets Leased and Revenues Earned	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, 2017 and 2016 compared to all our other assets and revenues from all sources: As of December 31, 2017 As of December 31, 2016 Carrying Value of Investment (1) % of Total Carrying Value of Investment (1) % of Total Five Star $ 2,330,630 27.5 % $ 2,290,029 27.8 % All others 6,144,320 72.5 % 5,961,935 72.2 % $ 8,474,950 100.0 % $ 8,251,964 100.0 % (1) Represents the gross book value of real estate assets before depreciation and purchase price allocations, less impairment write downs, if any. Five Star also manages our managed senior living communities. The carrying value of investment for those communities is included in the "All others" category. Year Ended Year Ended December 31, 2017 December 31, 2016 Total Revenues (1) % of Total Total Revenues (1) % of Total Five Star $ 210,539 19.6 % $ 203,581 19.2 % All others 864,280 80.4 % 854,441 80.8 % $ 1,074,819 100.0 % $ 1,058,022 100.0 % (1) Five Star also manages our managed senior living communities. Our revenues from those communities are included in the “All others” category.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of additional outstanding debt	At December 31, 2017 and 2016 , our outstanding senior unsecured notes and secured debt consisted of the following: December 31, 2017 December 31, 2016 Senior Unsecured Notes Coupon Maturity Face Amount Unamortized Discount Face Amount Unamortized Discount Senior unsecured notes 3.250 % 2019 $ 400,000 $ 78 $ 400,000 $ 138 Senior unsecured notes 6.750 % 2020 200,000 488 200,000 703 Senior unsecured notes 6.750 % 2021 300,000 2,093 300,000 2,627 Senior unsecured notes 4.750 % 2024 250,000 500 250,000 579 Senior unsecured notes 5.625 % 2042 350,000 — 350,000 — Senior unsecured notes 6.250 % 2046 250,000 — 250,000 — Total senior unsecured notes $ 1,750,000 $ 3,159 $ 1,750,000 $ 4,047
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 2017 (1) 2016 (1) Interest Rate Maturity At December 31, 2017 2017 2016 Mortgage (2) $ — $ 10,653 6.15 % Aug 17 — $ — $ 14,162 Mortgage (2) — 8,686 6.73 % Apr 18 — — 10,656 Mortgage notes 12,552 12,772 6.31 % Oct 18 1 16,470 16,827 Mortgage notes 11,858 12,061 6.24 % Oct 18 1 15,025 15,453 Mortgage note 67,749 69,953 4.47 % Oct 18 10 175,975 180,933 Mortgage note 6,430 6,565 4.69 % Jan 19 1 9,477 9,687 Mortgage note 43,558 44,462 3.79 % Jul 19 4 62,596 64,154 Mortgage note (2) — 279,505 6.71 % Sep 19 — — 235,068 Mortgage note 2,603 3,128 7.49 % Jan 22 1 15,099 15,360 Mortgage note 13,741 14,300 6.28 % Jul 22 1 24,414 24,834 Mortgage note 11,392 11,594 4.85 % Oct 22 1 21,065 21,529 Mortgage notes (3) 620,000 620,000 3.53 % Aug 26 1 764,622 785,805 Mortgage note 2,395 2,819 6.25 % Feb 33 1 4,473 4,267 Mortgage note (2) — 8,882 5.95 % Aug 37 — — 8,656 Mortgage note (4) 4,338 4,427 4.38 % Sep 43 1 7,290 7,202 Capital Leases 10,694 11,466 7.70 % Apr 26 2 18,525 18,968 Total secured $ 807,310 $ 1,121,273 25 $ 1,135,031 $ 1,433,561 (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, 2017 and 2016, the unamortized net premiums and debt issuance costs on certain of these mortgages were $1,906 and $3,624 , respectively. (2) In 2017, we prepaid these debts. (3) In July 2016, we entered 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). The property encumbered by these mortgages is owned by a joint venture in which we own a 55% equity interest. (4) In January 2018, we prepaid this debt.
Schedule of required principal payments on outstanding debt	Required principal payments on our outstanding debt as of December 31, 2017 , are as follows: 2018 $ 95,811 2019 $ 451,592 2020 $ 552,869 2021 $ 303,102 2022 $ 819,227 Thereafter $ 1,480,709

Fair Value of Assets and Liab27

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 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 2017 Assets (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investments in available for sale securities (1) $ 162,751 $ 162,751 $ — $ — (1) Our investments in available for sale securities include our 2,637,408 shares of RMR Inc. class A common stock and our 4,235,000 Five Star common shares. The fair values of these shares are based upon quoted prices at December 31, 2017 in active markets (Level 1 inputs). In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the second quarter of 2017, 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 June 30, 2017. Accordingly, we recorded a $5,082 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the second quarter of 2017. Our adjusted cost basis for our Five Star shares is $6,353 as of December 31, 2017 . The cost basis for our RMR Inc. shares is $69,826 as of December 31, 2017 . The unrealized gain of $86,572 for our RMR Inc. shares as of December 31, 2017 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, 2017 As of December 31, 2016 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 1,725,662 $ 1,810,882 $ 1,722,758 $ 1,755,715 Secured debt (2) 794,710 783,353 1,106,183 1,090,515 $ 2,520,372 $ 2,594,235 $ 2,828,941 $ 2,846,230 (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, 2017
Segment Reporting [Abstract]
Schedule of segment reporting information	For the Year Ended December 31, 2017 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Revenues: Rental income $ 280,641 $ — $ 382,127 $ 18,254 $ 681,022 Residents fees and services — 393,797 — — 393,797 Total revenues 280,641 393,797 382,127 18,254 1,074,819 Expenses: Property operating expenses — 300,500 112,930 — 413,430 Depreciation and amortization 81,976 62,266 128,827 3,792 276,861 General and administrative — — — 103,702 103,702 Acquisition and certain other transaction related costs — — — 547 547 Impairment of assets — — — 5,082 5,082 Total expenses 81,976 362,766 241,757 113,123 799,622 Operating income (loss) 198,665 31,031 140,370 (94,869 ) 275,197 Dividend income — — — 2,637 2,637 Interest and other income — — — 406 406 Interest expense (8,855 ) (4,685 ) (24,919 ) (126,560 ) (165,019 ) Loss on early extinguishment of debt (7,294 ) — (59 ) (274 ) (7,627 ) Income (loss) before income tax expense and equity in earnings of an investee 182,516 26,346 115,392 (218,660 ) 105,594 Income tax expense — — — (454 ) (454 ) Equity in earnings of an investee — — — 608 608 Income (loss) before gain on sale of properties 182,516 26,346 115,392 (218,506 ) 105,748 Gain on sale of properties 45,901 — — 154 46,055 Net income (loss) 228,417 26,346 115,392 (218,352 ) 151,803 Net income attributable to noncontrolling interest — — (4,193 ) — (4,193 ) Net income (loss) attributable to common shareholders $ 228,417 $ 26,346 $ 111,199 $ (218,352 ) $ 147,610 As of December 31, 2017 Triple Net Leased Senior Living Communities Managed Senior Living Communities MOBs All Other Operations Consolidated Total assets $ 2,251,756 $ 1,273,757 $ 3,367,485 $ 401,021 $ 7,294,019 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 78,361 81,482 124,196 3,792 287,831 General and administrative — — — 46,559 46,559 Acquisition 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) from continuing operations 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) from 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 ) Gain (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

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Current: Federal $ — $ — $ — State 454 424 574 454 424 574 Deferred: Federal — — — State — — — — — — Income tax provision $ 454 $ 424 $ 574
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, 2017 2016 2015 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 % 0.3 % 0.4 % Tax Act Adjustment 9.0 % — % — % Change in valuation allowance (6.5 )% 3.6 % 8.8 % Other differences, net (2.5 )% (3.6 )% (8.8 )% Effective tax rate 0.3 % 0.3 % 0.4 %
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, 2017 2016 Deferred tax assets: Deferred income $ 1,576 $ 2,512 Other 172 222 Tax loss carryforwards 24,925 33,626 26,673 36,360 Valuation allowance (26,673 ) (36,360 ) — — Net deferred income taxes $ — $ —

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Weighted average common shares for basic earnings per share 237,420 237,345 232,931 Effect of dilutive securities: restricted share awards 32 37 32 Weighted average common shares for diluted earnings per share 237,452 237,382 232,963

Selected Quarterly Financial 31

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (unaudited)	The following is a summary of our unaudited quarterly results of operations for 2017 and 2016 : 2017 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 264,561 $ 265,013 $ 266,679 $ 278,566 Net income attributable to common shareholders $ 32,155 $ 16,042 $ 34,414 $ 65,000 Per share data (basic and diluted): Net income attributable to common shareholders $ 0.14 $ 0.07 $ 0.14 $ 0.27 Common distributions declared (1) $ 0.39 $ 0.39 $ 0.39 $ 0.39 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 (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.

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2017ft²statebuildingcommunityproperty
Real Estate Properties [Line Items]
Number of properties owned	440
Number of buildings | building	466
Number of states in which properties are located | state	42
Number of communities | community	305
MOBs
Real Estate Properties [Line Items]
Number of properties owned	125
Number of buildings | building	151
Wellness centers | MOBs
Real Estate Properties [Line Items]
Number of properties owned	10
Area of real estate properties (in square feet) | ft²	812,000

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2017buildingproperty	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Basis of Presentation
Ownership interest in subsidiaries (as a percent)		100.00%
Number of properties included in joint venture agreement | property	1
Number of buildings included in joint venture agreement | building	2
Variable interest entity, consolidated, carrying amount of assets		$ 1,102,986
Variable interest entity, consolidated, carrying amount of liabilities		720,678
Increase in capitalized above and below market leases rental income		5,349	$ 4,941	$ 4,060
Amortization of acquired real estate leases and other intangible assets		$ 72,035	$ 92,818	$ 80,040
Land and Building | Real Estate Investment | Maximum
Basis of Presentation
Estimated useful lives		40 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2016	Jun. 05, 2015	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment in available for sale securities
Impairment of assets						$ 5,082	$ 18,674	$ 194
The RMR Group Inc
Investment in available for sale securities
Investment in common shares			2,637,408			2,637,408
Amount of investment acquired	$ 69,826		$ 69,826		$ 69,826	$ 69,826	69,826
Fair value of investment	104,178		156,398		104,178	156,398	104,178
Unrealized gain	$ 34,352		$ 86,572		$ 34,352	$ 86,572	$ 34,352
The RMR Group Inc | Class A common shares
Investment in available for sale securities
Investment in common shares	2,637,408		2,637,408		2,637,408	2,637,408	2,637,408
Five Star
Investment in available for sale securities
Investment in common shares	4,235,000		4,235,000		4,235,000	4,235,000	4,235,000
Amount of investment acquired			$ 6,353			$ 6,353
Impairment of assets					$ 2,795
Weighted average quoted market prices (in dollars per share)	$ 2.70		$ 1.50	$ 1.50
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	$ 3,772	$ 2,145
Unamortized liability for excess of fair value to carrying value			$ 68,161			$ 68,161
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 Accoun35

Summary of Significant Accounting Policies - Equity Method Investments (Details) - AIC	Dec. 31, 2017
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 Accoun36

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Amortization of deferred financing fees
Amortization expense in 2018	$ 4,778
Amortization expense in 2019	4,374
Amortization expense in 2020	3,481
Amortization expense in 2021	3,366
Amortization expense in 2022	1,523
Amortization expense thereafter	15,600
Unsecured Term Loans, Senior Notes, and Mortgage Notes Payable
Debt Instrument [Line Items]
Deb issuance costs, gross	39,821	$ 49,331
Accumulated amortization, debt issuance costs gross	13,085	17,560
Revolving Credit Facility
Debt Instrument [Line Items]
Deb issuance costs, gross	17,170	10,980
Accumulated amortization, debt issuance costs gross	$ 10,784	$ 9,039

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Leasing Costs and Revenue Recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)community	Dec. 31, 2016USD ($)community	Dec. 31, 2015USD ($)community
DEFERRED LEASING COSTS
Unamortized gross balance of deferred leasing costs	$ 31,081	$ 24,825
Accumulated amortization	8,769	6,898
Deferred costs, leases under negotiation	$ 98
Weighted average amortization period for deferred leasing cost	7 years 10 months
Expected amortization expense for the five years
Expected amortization expense, 2018	$ 4,297
Expected amortization expense, 2019	3,699
Expected amortization expense, 2020	3,198
Expected amortization expense, 2021	2,604
Expected amortization expense, 2022	2,052
Expected amortization expense, thereafter	6,462
Percentage rents earned	$ 10,168	$ 10,169	$ 10,062
Senior Living Communities | Five Star
Expected amortization expense for the five years
Number of communities managed | community	70	68	60
Private senior living manager
Expected amortization expense for the five years
Number of properties acquired, referred to as managed properties | community	5

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Per Common Share and Segment (Details)	12 Months Ended
	Dec. 31, 2017segment$ / shares	Dec. 31, 2016$ / shares
Accounting Policies [Abstract]
Common shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of operating segments	4
Number of reportable segments	3

Summary of Significant Accoun39

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustments to equity		$ 3,104,950	$ 3,199,405
Comprehensive Income | Subsequent Event | ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustments to equity	$ (86,572)
Retained Earnings | Subsequent Event | ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustments to equity	$ 86,572

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties
Real estate property, gross	$ 7,824,763	$ 7,617,547
Real estate property - accumulated depreciation	1,454,477	1,270,716
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,018	585,229
2,019	567,632
2,020	538,631
2,021	517,541
2,022	500,190
Thereafter	2,281,527
Land
Real Estate Properties
Real estate property, gross	824,879	792,728
Buildings and Improvements
Real Estate Properties
Real estate property, gross	6,675,516	6,519,145
Real estate property - accumulated depreciation	1,250,057	1,092,498
Furniture, fixtures and equipment
Real Estate Properties
Real estate property, gross	324,368	305,674
Real estate property - accumulated depreciation	$ 204,420	$ 178,218

Real Estate Properties - Senior

Real Estate Properties - Senior Living Community Acquisitions Narrative (Details) $ in Thousands	Nov. 09, 2017USD ($)property	Jun. 29, 2016communitypooling_agreement	Feb. 26, 2018USD ($)living_unitcommunity	Jan. 31, 2018USD ($)living_unitcommunity	Dec. 31, 2017USD ($)stateliving_unitproperty	Aug. 31, 2017USD ($)	Dec. 31, 2016USD ($)living_unit	Dec. 31, 2016USD ($)living_unit	Dec. 31, 2016USD ($)living_unitcommunity	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)stateliving_unitpropertypooling_agreementlease_agreement	May 31, 2016USD ($)living_unitcommunity	Apr. 30, 2016USD ($)	Sep. 30, 2015USD ($)living_unitcommunity	May 31, 2015USD ($)living_unitcommunity	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)living_unitcommunity	Mar. 31, 2018USD ($)	Mar. 31, 2016community	Sep. 30, 2015USD ($)living_unitcommunitycompany	Dec. 31, 2017USD ($)stateliving_unitcommunity	Dec. 31, 2016USD ($)living_unitproperty	Dec. 31, 2015USD ($)living_unitproperty	Dec. 31, 2014living_unitcommunity	Nov. 30, 2017pooling_agreement	Feb. 28, 2016USD ($)management_agreement
Real Estate [Line Items]
Increase (decrease) in annual lease rent payable																					$ 4,870	$ 2,393
Number of states in which properties are located | state					42																42
Number of communities | community																					305
Assumed Debt																					$ 0	0	$ 181,433
Payment for land parcel adjacent to a senior living community leased to Five Star																$ 490
Senior Living Communities
Real Estate [Line Items]
Number of communities | community																				19
Five Star
Real Estate [Line Items]
Increase (decrease) in annual lease rent payable																$ 39					$ 3,193	$ 1,719	$ 1,734
Number of pre-existing management agreements terminated | pooling_agreement											3
Number of pre-existing management agreements | lease_agreement											4
Number of communities associated with leases in default | community									5
Lease termination fee								$ 115
Five Star | TRS
Real Estate [Line Items]
Proceeds from settlement agreement													$ 2,365
Five Star | Senior Living Communities
Real Estate [Line Items]
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
Number of management agreements | community		10
Agreement to Acquire | Senior Living Communities
Real Estate [Line Items]
Purchase price excluding closing costs																	$ 790,000
Number of properties acquired or agreed to be acquired | community														1	37
Number of communities | community																	38							38
Units | living_unit																	3,439							3,439
Net closing adjustments																	$ 77
Acquisitions | Managed Senior Living Communities
Real Estate [Line Items]
Number of pre-existing management agreements terminated | community																				14
Number of communities | community																				5
Units | living_unit														395						395
Acquisitions | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Number of communities | community																				19
Units | living_unit														1,233						1,233
Acquisitions | Senior Living Community Subtotal
Real Estate [Line Items]
Number of properties acquired or agreed to be acquired | property																							38
Units | living_unit																							3,439
Cash paid plus assumed debt																							$ 790,077
Assumed Debt																	$ 151,477						151,477
Other Liabilities																							$ 18,091
Acquisitions | Senior Living Communities
Real Estate [Line Items]
Purchase price excluding closing costs														$ 18,250	$ 9,750
Number of properties acquired or agreed to be acquired | property																						10	39
Loans Assumed	$ 33,700
Number of communities | community														1
Units | living_unit							709	709	709					84						84		709	3,563
Cash paid plus assumed debt																						$ 139,494	$ 818,236
Assumed Debt																						0	151,477
Weighted average interest rate on debt (as a percent)																	4.57%
Fees paid to terminate the agreement														$ 975						$ 975
Purchase price amount withheld until seller satisfies various conditions															$ 1,000
Other Liabilities							$ 0	$ 0	$ 0													$ 0	$ 18,091
Acquisitions | Triple Net Leased Senior Living Communities
Real Estate [Line Items]
Number of communities | community																				19
Units | living_unit														2,206						2,206
Number of operators | company																				7
Weighted average amortization period																				11 years 6 months
Acquisitions | Five Star | Managed Senior Living Communities
Real Estate [Line Items]
Number of separate management agreements entered for communities acquired | community																				14
Units | living_unit														838						838
Acquisitions | Five Star | Senior Living Communities
Real Estate [Line Items]
Purchase price excluding closing costs	$ 104,000
Number of properties acquired or agreed to be acquired | property	6
Number of private pay independent living units | living_unit															40
Number of communities | community															1
Number of management agreements | pooling_agreement																									2
Delaware | Acquisitions | Land Parcel
Real Estate [Line Items]
Purchase price excluding closing costs						$ 750
Increase (decrease) in annual lease rent payable						$ 33
Alabama and Indiana | Five Star | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Purchase price excluding closing costs					$ 39,457
Number of properties acquired or agreed to be acquired | property					2
Number of private pay independent living units | living_unit					229
Acquisition costs incurred					$ 307
Georgia | Five Star | Land Parcel
Real Estate [Line Items]
Cash paid plus assumed debt								1,600
Georgia | Five Star | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Purchase price excluding closing costs												$ 8,400
Number of properties acquired or agreed to be acquired | community												1
Number of private pay independent living units | living_unit												38
Georgia | Five Star | Senior Living Communities
Real Estate [Line Items]
Number of communities associated with leases in default							395		5
4 States | Senior Living Communities
Real Estate [Line Items]
Number of properties acquired or agreed to be acquired | property											7
Number of private pay independent living units | living_unit											545
Number of states in which properties are located | state											4
Operating leases annual rent											$ 8,426
Cash paid plus assumed debt											$ 112,350
Florida | Five Star | Senior Living Communities
Real Estate [Line Items]
Increase (decrease) in annual lease rent payable										$ 10
Cash paid plus assumed debt										$ 130
Illinois | Five Star | Senior Living Communities
Real Estate [Line Items]
Increase (decrease) in annual lease rent payable								1,395
Number of properties acquired or agreed to be acquired | community									2
Number of private pay independent living units | living_unit							126
Cash paid plus assumed debt								$ 18,600
Discontinued operations, held for sale
Real Estate [Line Items]
Units | living_unit					1,295																1,295
Discontinued operations, held for sale | Triple Net Leased Senior Living Communities
Real Estate [Line Items]
Number of communities | community																			2
Managed | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Other Liabilities																										$ 1,000
Number of management agreements | management_agreement																										1
Managed | Georgia | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Number of properties acquired or agreed to be acquired | property																						1	0
Units | living_unit							38	38	38													38	40
Cash paid plus assumed debt																						$ 8,400	$ 9,750
Assumed Debt																						0	0
Other Liabilities							$ 0	$ 0	$ 0													$ 0	$ 0
Subsequent Event | Five Star | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Number of properties acquired or agreed to be acquired | community			2
Subsequent Event | TENNESSEE | Five Star | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Purchase price excluding closing costs				$ 19,667
Number of properties acquired or agreed to be acquired | community				1
Number of private pay independent living units | living_unit				88
Subsequent Event | ARIZONA | Five Star | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Purchase price excluding closing costs			$ 22,250
Number of properties acquired or agreed to be acquired | community			1
Number of private pay independent living units | living_unit			127
Assumed Debt			$ 16,800
Plan | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Weighted average interest rate on debt (as a percent)																									6.20%
Forecast | Five Star | Managed Senior Living Communities | TRS
Real Estate [Line Items]
Purchase price excluding closing costs																		$ 23,300
Assumed Debt																		$ 16,800

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Senior Living Community Acquisitions (Details) $ in Thousands	Nov. 09, 2017USD ($)property	Dec. 31, 2016USD ($)living_unitcommunity	Jun. 30, 2016USD ($)property	Sep. 30, 2015USD ($)living_unit	May 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2017USD ($)living_unitproperty	Dec. 31, 2016USD ($)living_unitproperty	Dec. 31, 2015USD ($)living_unitproperty	Nov. 30, 2017pooling_agreement	Jun. 29, 2016community	Feb. 28, 2016USD ($)management_agreement
Real Estate [Line Items]
Acquired Real Estate Leases		$ 775,935					$ 791,067	$ 775,935
Assumed Debt							$ 0	$ 0	$ (181,433)
Senior Living Communities | 4 States
Real Estate [Line Items]
Number of Properties | property			7
Cash paid plus assumed debt			$ 112,350
Acquisitions | Senior Living Communities
Real Estate [Line Items]
Number of Properties | property								10	39
Units | living_unit		709		84				709	3,563
Cash paid plus assumed debt								$ 139,494	$ 818,236
Acquired Real Estate Leases		$ 3,723						3,723	130,305
Other Liabilities		$ 0						0	(18,091)
Assumed Debt								0	(151,477)
(Premium)/Discount on Assumed Debt								$ 0	$ (858)
Purchase price excluding closing costs				$ 18,250	$ 9,750
Loans Assumed	$ 33,700
Acquisitions | Senior Living Communities | Managed
Real Estate [Line Items]
Other Liabilities												$ (1,000)
Number of management agreements | management_agreement												1
Acquisitions | Senior Living Communities | 2 States | Managed
Real Estate [Line Items]
Number of Properties | property							2
Units | living_unit							229
Cash paid plus assumed debt							$ 39,457
Acquired Real Estate Leases							7,774
Other Liabilities							0
Assumed Debt							0
(Premium)/Discount on Assumed Debt							0
Acquisitions | Senior Living Communities | Georgia | Managed
Real Estate [Line Items]
Number of Properties | property								1	0
Units | living_unit		38						38	40
Cash paid plus assumed debt								$ 8,400	$ 9,750
Acquired Real Estate Leases		$ 1,400						1,400	161
Other Liabilities		$ 0						0	0
Assumed Debt								0	0
(Premium)/Discount on Assumed Debt								$ 0	$ 0
Acquisitions | Senior Living Communities | Georgia | Leased
Real Estate [Line Items]
Number of Properties | property									1
Units | living_unit									84
Cash paid plus assumed debt									$ 18,409
Acquired Real Estate Leases									0
Other Liabilities									0
Assumed Debt									0
(Premium)/Discount on Assumed Debt									$ 0
Acquisitions | Senior Living Communities | 4 States | Leased
Real Estate [Line Items]
Number of Properties | property								7
Units | living_unit		545						545
Cash paid plus assumed debt								$ 112,493
Acquired Real Estate Leases		$ 0						0
Other Liabilities		$ 0						0
Assumed Debt								0
(Premium)/Discount on Assumed Debt								$ 0
Acquisitions | Senior Living Communities | Illinois | Leased
Real Estate [Line Items]
Number of Properties | property								2
Units | living_unit		126						126
Cash paid plus assumed debt								$ 18,601
Acquired Real Estate Leases		$ 2,323						2,323
Other Liabilities		$ 0						0
Assumed Debt								0
(Premium)/Discount on Assumed Debt								0
Acquisitions | Senior Living Communities | 11 States | Leased
Real Estate [Line Items]
Number of Properties | property									18
Units | living_unit									2,119
Cash paid plus assumed debt									$ 459,184
Acquired Real Estate Leases									54,096
Other Liabilities									(18,091)
Assumed Debt									(44,395)
(Premium)/Discount on Assumed Debt									$ (1,125)
Acquisitions | Senior Living Communities | 5 States | Managed
Real Estate [Line Items]
Number of Properties | property									19
Units | living_unit									1,233
Cash paid plus assumed debt									$ 313,345
Acquired Real Estate Leases									73,840
Other Liabilities									0
Assumed Debt									(94,785)
(Premium)/Discount on Assumed Debt									$ 832
Acquisitions | Senior Living Communities | NC | Leased
Real Estate [Line Items]
Number of Properties | property									1
Units | living_unit									87
Cash paid plus assumed debt									$ 17,548
Acquired Real Estate Leases									2,208
Other Liabilities									0
Assumed Debt									(12,297)
(Premium)/Discount on Assumed Debt									$ (565)
Acquisitions | Senior Living Community Subtotal
Real Estate [Line Items]
Number of Properties | property									38
Units | living_unit									3,439
Cash paid plus assumed debt									$ 790,077
Acquired Real Estate Leases									130,144
Other Liabilities									(18,091)
Assumed Debt						$ (151,477)			(151,477)
(Premium)/Discount on Assumed Debt									(858)
Land | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Property plant and equipment acquired								13,226	47,589
Land | Acquisitions | Senior Living Communities | 2 States | Managed
Real Estate [Line Items]
Property plant and equipment acquired							4,055
Land | Acquisitions | Senior Living Communities | Georgia | Managed
Real Estate [Line Items]
Property plant and equipment acquired								327	993
Land | Acquisitions | Senior Living Communities | Georgia | Leased
Real Estate [Line Items]
Property plant and equipment acquired									3,479
Land | Acquisitions | Senior Living Communities | 4 States | Leased
Real Estate [Line Items]
Property plant and equipment acquired								11,085
Land | Acquisitions | Senior Living Communities | Illinois | Leased
Real Estate [Line Items]
Property plant and equipment acquired								1,814
Land | Acquisitions | Senior Living Communities | 11 States | Leased
Real Estate [Line Items]
Property plant and equipment acquired									29,716
Land | Acquisitions | Senior Living Communities | 5 States | Managed
Real Estate [Line Items]
Property plant and equipment acquired									12,267
Land | Acquisitions | Senior Living Communities | NC | Leased
Real Estate [Line Items]
Property plant and equipment acquired									1,134
Land | Acquisitions | Senior Living Community Subtotal
Real Estate [Line Items]
Property plant and equipment acquired									43,117
Buildings and Improvements | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Property plant and equipment acquired								114,512	623,474
Buildings and Improvements | Acquisitions | Senior Living Communities | 2 States | Managed
Real Estate [Line Items]
Property plant and equipment acquired							26,424
Buildings and Improvements | Acquisitions | Senior Living Communities | Georgia | Managed
Real Estate [Line Items]
Property plant and equipment acquired								6,195	8,169
Buildings and Improvements | Acquisitions | Senior Living Communities | Georgia | Leased
Real Estate [Line Items]
Property plant and equipment acquired									14,021
Buildings and Improvements | Acquisitions | Senior Living Communities | 4 States | Leased
Real Estate [Line Items]
Property plant and equipment acquired								94,940
Buildings and Improvements | Acquisitions | Senior Living Communities | Illinois | Leased
Real Estate [Line Items]
Property plant and equipment acquired								13,377
Buildings and Improvements | Acquisitions | Senior Living Communities | 11 States | Leased
Real Estate [Line Items]
Property plant and equipment acquired									373,471
Buildings and Improvements | Acquisitions | Senior Living Communities | 5 States | Managed
Real Estate [Line Items]
Property plant and equipment acquired									214,064
Buildings and Improvements | Acquisitions | Senior Living Communities | NC | Leased
Real Estate [Line Items]
Property plant and equipment acquired									13,749
Buildings and Improvements | Acquisitions | Senior Living Community Subtotal
Real Estate [Line Items]
Property plant and equipment acquired									601,284
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Property plant and equipment acquired								8,033	35,817
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | 2 States | Managed
Real Estate [Line Items]
Property plant and equipment acquired							$ 1,204
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | Georgia | Managed
Real Estate [Line Items]
Property plant and equipment acquired								478	427
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | Georgia | Leased
Real Estate [Line Items]
Property plant and equipment acquired									909
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | 4 States | Leased
Real Estate [Line Items]
Property plant and equipment acquired								6,468
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | Illinois | Leased
Real Estate [Line Items]
Property plant and equipment acquired								$ 1,087
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | 11 States | Leased
Real Estate [Line Items]
Property plant and equipment acquired									21,117
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | 5 States | Managed
Real Estate [Line Items]
Property plant and equipment acquired									12,342
Furniture, fixtures and equipment | Acquisitions | Senior Living Communities | NC | Leased
Real Estate [Line Items]
Property plant and equipment acquired									1,022
Furniture, fixtures and equipment | Acquisitions | Senior Living Community Subtotal
Real Estate [Line Items]
Property plant and equipment acquired									$ 34,481
Five Star | Senior Living Communities
Real Estate [Line Items]
Number of management agreements | community											10
Five Star | Senior Living Communities | Illinois
Real Estate [Line Items]
Number of Properties | community		2
Cash paid plus assumed debt		$ 18,600
Five Star | Acquisitions | Senior Living Communities
Real Estate [Line Items]
Number of Properties | property	6
Number of management agreements | pooling_agreement										2
Purchase price excluding closing costs	$ 104,000

Real Estate Properties - MOB Ac

Real Estate Properties - MOB Acquisitions Narrative (Details) $ in Thousands

Jul. 12, 2017USD ($)ft²building

Jan. 17, 2017USD ($)ft²buildingproperty

Jan. 31, 2018USD ($)ft²living_unitbuilding

Dec. 31, 2017USD ($)ft²buildingproperty

Nov. 30, 2017USD ($)ft²buildingproperty

Oct. 31, 2017USD ($)ft²buildingproperty

Oct. 31, 2016USD ($)ft²buildingproperty

May 31, 2016USD ($)ft²buildingproperty

Feb. 29, 2016USD ($)ft²buildingproperty

Jan. 31, 2015USD ($)ft²living_unitbuilding

Dec. 31, 2017USD ($)ft²property

Dec. 31, 2016USD ($)ft²property

Dec. 31, 2015USD ($)ft²property

Real Estate [Line Items]

Assumption of mortgage notes payable

$ 0

$ 0

$ 181,433

Minnesota | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

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

Purchase price excluding closing costs and working capital adjustments

$ 22,700

Florida | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

Number of buildings acquired | building

1

Area of real estate properties (in square feet) | ft²

166,000

Cash paid plus assumed debt

$ 45,000

Ohio | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

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

Purchase price excluding closing costs and working capital adjustments

$ 18,500

Acquisitions | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired

23

6

3

23

Number of buildings acquired | building

23

Area of real estate properties (in square feet) | ft²

630,000

2,170,000

630,000

390,000

2,170,000

Purchase price excluding closing costs and working capital adjustments

$ 539,000

Cash paid plus assumed debt

$ 113,168

$ 86,432

$ 531,623

Assumption of mortgage notes payable

$ 29,955

$ 0

$ 0

$ 29,955

Weighted average interest rate on debt (as a percent)

4.73%

Net closing adjustments

$ 7,377

Acquisitions | MOBs | Weighted Average

Real Estate [Line Items]

Below market, acquired lease amortization period

11 years 2 months 12 days

Acquisitions | Kansas | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

1

Number of buildings acquired | building

1

Area of real estate properties (in square feet) | ft²

117,000

117,000

117,000

Purchase price, including closing costs

$ 15,106

Acquisition costs incurred

$ 35

Acquired lease amortization period

10 years 3 months 18 days

Cash paid plus assumed debt

$ 15,106

Assumption of mortgage notes payable

$ 0

Acquisitions | Maryland | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

1

Number of buildings acquired | building

1

Area of real estate properties (in square feet) | ft²

59,000

59,000

59,000

Purchase price, including closing costs

$ 16,601

Acquisition costs incurred

$ 383

Acquired lease amortization period

3 years 9 months 18 days

Cash paid plus assumed debt

$ 16,601

Assumption of mortgage notes payable

$ 0

Acquisitions | Minnesota and North Carolina | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

2

Number of buildings acquired | building

2

Area of real estate properties (in square feet) | ft²

255,000

Purchase price, including closing costs

$ 38,794

Acquisition costs incurred

$ 283

Acquired lease amortization period

2 years 7 months 6 days

Acquisitions | California | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

1

Number of buildings acquired | building

1

Area of real estate properties (in square feet) | ft²

63,000

63,000

63,000

Purchase price, including closing costs

$ 26,823

Acquisition costs incurred

$ 323

Acquired lease amortization period

8 years 8 months 18 days

Cash paid plus assumed debt

$ 26,823

Assumption of mortgage notes payable

$ 0

Acquisitions | Virginia | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

1

Number of buildings acquired | building

1

Area of real estate properties (in square feet) | ft²

136,000

136,000

Purchase price, including closing costs

$ 15,844

Acquisition costs incurred

$ 275

Below market, acquired lease amortization period

6 years 9 months 18 days

Cash paid plus assumed debt

$ 15,844

Assumption of mortgage notes payable

$ 0

Acquisitions | Minnesota | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

Area of real estate properties (in square feet) | ft²

128,000

Cash paid plus assumed debt

$ 22,700

Assumption of mortgage notes payable

$ 0

Acquisitions | Florida | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

Area of real estate properties (in square feet) | ft²

166,000

Cash paid plus assumed debt

$ 45,232

Assumption of mortgage notes payable

$ 0

Acquisitions | Ohio | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | property

1

Area of real estate properties (in square feet) | ft²

96,000

Cash paid plus assumed debt

$ 18,500

Assumption of mortgage notes payable

$ 0

Above market leases | Acquisitions | MOBs | Weighted Average

Real Estate [Line Items]

Acquired lease amortization period

9 years 6 months

Above market leases | Acquisitions | Virginia | MOBs

Real Estate [Line Items]

Acquired lease amortization period

6 years 1 month 6 days

Original value lease | Acquisitions | MOBs | Weighted Average

Real Estate [Line Items]

Acquired lease amortization period

9 years 8 months 12 days

Original value lease | Acquisitions | Virginia | MOBs

Real Estate [Line Items]

Acquired lease amortization period

7 years 2 months 12 days

Subsequent Event | Acquisitions | Kansas, Missouri and California | MOBs

Real Estate [Line Items]

Number of properties acquired or agreed to be acquired | living_unit

3

Number of buildings acquired | building

3

Area of real estate properties (in square feet) | ft²

400,000

Purchase price excluding closing costs and working capital adjustments

$ 91,154

Real Estate Properties - Sche44

Real Estate Properties - Schedule of MOB Acquisitions (Details) $ in Thousands	Jan. 17, 2017ft²property	Dec. 31, 2017USD ($)ft²property	Nov. 30, 2017ft²property	Oct. 31, 2016ft²property	May 31, 2016USD ($)ft²property	Feb. 29, 2016ft²property	Jan. 31, 2015USD ($)ft²living_unit	Dec. 31, 2017USD ($)ft²property	Dec. 31, 2016USD ($)ft²property	Dec. 31, 2015USD ($)ft²property	Jul. 12, 2017ft²
Real Estate [Line Items]
Acquired Real Estate Leases		$ 791,067						$ 791,067	$ 775,935
Acquired Real Estate Lease Obligations		$ (136,713)						(136,713)	(137,351)
Acquisitions funded by assumed debt								$ 0	$ 0	$ (181,433)
MOBs | Acquisitions
Real Estate [Line Items]
Number of Properties							23	6	3	23
Square Feet (000's) | ft²		630,000					2,170,000	630,000	390,000	2,170,000
Cash Paid plus Assumed Debt								$ 113,168	$ 86,432	$ 531,623
Acquired Real Estate Leases		$ 27,713						27,713	9,645	87,780
Acquired Real Estate Lease Obligations		$ (20)						(20)	(1,091)	(3,150)
Acquisitions funded by assumed debt							$ (29,955)	0	0	(29,955)
Premium on Assumed Debt								$ 0	$ 0	$ (1,073)
MOBs | Kansas | Acquisitions
Real Estate [Line Items]
Number of Properties | property	1							1
Square Feet (000's) | ft²	117,000	117,000						117,000
Cash Paid plus Assumed Debt								$ 15,106
Acquired Real Estate Leases		$ 6,338						6,338
Acquired Real Estate Lease Obligations		$ 0						0
Acquisitions funded by assumed debt								0
Premium on Assumed Debt								$ 0
MOBs | Maryland | Acquisitions
Real Estate [Line Items]
Number of Properties | property			1					1
Square Feet (000's) | ft²		59,000						59,000			59,000
Cash Paid plus Assumed Debt								$ 16,601
Acquired Real Estate Leases		$ 3,937						3,937
Acquired Real Estate Lease Obligations		$ 0						0
Acquisitions funded by assumed debt								0
Premium on Assumed Debt								$ 0
MOBs | 2 States | Acquisitions
Real Estate [Line Items]
Number of Properties | property								2
Square Feet (000's) | ft²		255,000						255,000
Cash Paid plus Assumed Debt								$ 38,794
Acquired Real Estate Leases		$ 7,016						7,016
Acquired Real Estate Lease Obligations		$ 0						0
Acquisitions funded by assumed debt								0
Premium on Assumed Debt								$ 0
MOBs | California | Acquisitions
Real Estate [Line Items]
Number of Properties | property			1					1
Square Feet (000's) | ft²		63,000	63,000					63,000
Cash Paid plus Assumed Debt								$ 26,823
Acquired Real Estate Leases		$ 5,436						5,436
Acquired Real Estate Lease Obligations		$ 0						0
Acquisitions funded by assumed debt								0
Premium on Assumed Debt								$ 0
MOBs | Virginia | Acquisitions
Real Estate [Line Items]
Number of Properties | property		1						1
Square Feet (000's) | ft²		136,000						136,000
Cash Paid plus Assumed Debt								$ 15,844
Acquired Real Estate Leases		$ 4,986						4,986
Acquired Real Estate Lease Obligations		$ (20)						(20)
Acquisitions funded by assumed debt								0
Premium on Assumed Debt								0
MOBs | Minnesota
Real Estate [Line Items]
Number of Properties | property						1
Square Feet (000's) | ft²						128,000
MOBs | Minnesota | Acquisitions
Real Estate [Line Items]
Number of Properties | property									1
Square Feet (000's) | ft²									128,000
Cash Paid plus Assumed Debt									$ 22,700
Acquired Real Estate Leases									5,053
Acquired Real Estate Lease Obligations									(1,091)
Acquisitions funded by assumed debt									0
Premium on Assumed Debt									$ 0
MOBs | Florida
Real Estate [Line Items]
Number of Properties | property					1
Square Feet (000's) | ft²					166,000
Cash Paid plus Assumed Debt					$ 45,000
MOBs | Florida | Acquisitions
Real Estate [Line Items]
Number of Properties | property									1
Square Feet (000's) | ft²									166,000
Cash Paid plus Assumed Debt									$ 45,232
Acquired Real Estate Leases									0
Acquired Real Estate Lease Obligations									0
Acquisitions funded by assumed debt									0
Premium on Assumed Debt									$ 0
MOBs | Ohio
Real Estate [Line Items]
Number of Properties | property				1
Square Feet (000's) | ft²				96,000
MOBs | Ohio | Acquisitions
Real Estate [Line Items]
Number of Properties | property									1
Square Feet (000's) | ft²									96,000
Cash Paid plus Assumed Debt									$ 18,500
Acquired Real Estate Leases									4,592
Acquired Real Estate Lease Obligations									0
Acquisitions funded by assumed debt									0
Premium on Assumed Debt									0
MOBs | 12 States | Acquisitions
Real Estate [Line Items]
Number of Properties | property										23
Square Feet (000's) | ft²										2,170,000
Cash Paid plus Assumed Debt										$ 531,623
Acquired Real Estate Leases										87,780
Acquired Real Estate Lease Obligations										(3,150)
Acquisitions funded by assumed debt										(29,955)
Premium on Assumed Debt										(1,073)
Land | MOBs | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								25,618	7,845	50,429
Land | MOBs | Kansas | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								1,522
Land | MOBs | Maryland | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								6,138
Land | MOBs | 2 States | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								6,738
Land | MOBs | California | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								7,957
Land | MOBs | Virginia | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								3,263
Land | MOBs | Minnesota | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired									4,028
Land | MOBs | Florida | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired									2,792
Land | MOBs | Ohio | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired									1,025
Land | MOBs | 12 States | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired										50,429
Buildings and Improvements | MOBs | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								59,857	70,033	397,637
Buildings and Improvements | MOBs | Kansas | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								7,246
Buildings and Improvements | MOBs | Maryland | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								6,526
Buildings and Improvements | MOBs | 2 States | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								25,040
Buildings and Improvements | MOBs | California | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								13,430
Buildings and Improvements | MOBs | Virginia | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired								$ 7,615
Buildings and Improvements | MOBs | Minnesota | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired									14,710
Buildings and Improvements | MOBs | Florida | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired									42,440
Buildings and Improvements | MOBs | Ohio | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired									$ 12,883
Buildings and Improvements | MOBs | 12 States | Acquisitions
Real Estate [Line Items]
Property plant and equipment acquired										$ 397,637

Real Estate Properties - Intang

Real Estate Properties - Intangible Lease Assets and Obligations - (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Acquired real rstate leases		$ 791,067	$ 775,935
Acquired real estate lease obligations		136,713	137,351
Accumulated amortization of capitalized below market lease values		40,695	31,312
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,018		55,898
2,019		48,312
2,020		39,921
2,021		37,368
2,022		34,809
Thereafter		$ 159,945
Weighted Average
Real Estate [Line Items]
Below market lease, remaining amortization period		10 years 8 months 18 days
Above market leases
Real Estate [Line Items]
Acquired real rstate leases		$ 40,540	43,906
Accumulated amortization		$ 29,900	28,739
Above market leases | Weighted Average
Real Estate [Line Items]
Finite-lived intangibles, remaining amortization period		4 years 7 months 6 days
In-place leases
Real Estate [Line Items]
Acquired real rstate leases		$ 750,527	732,029
Accumulated amortization		$ 288,902	$ 232,750
In-place leases | Weighted Average
Real Estate [Line Items]
Finite-lived intangibles, remaining amortization period		9 years 8 months 18 days
MOBs | Ohio
Real Estate [Line Items]
Acquired lease amortization period	14 years 1 month 6 days

Real Estate Properties - Impair

Real Estate Properties - Impairment and Dispositions - (Details) $ in Thousands	1 Months Ended											3 Months Ended		5 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)living_unitproperty	Dec. 31, 2016USD ($)property	Sep. 30, 2016USD ($)	Jul. 31, 2016USD ($)buildingproperty	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)living_unit	Aug. 31, 2015USD ($)living_unit	Jul. 31, 2015USD ($)living_unit	Apr. 30, 2015USD ($)buildingproperty	Feb. 28, 2015USD ($)living_unit	Mar. 31, 2018USD ($)community	Mar. 31, 2016community	Sep. 30, 2015community	Dec. 31, 2017USD ($)living_unitcommunityproperty	Dec. 31, 2016USD ($)living_unitproperty	Dec. 31, 2016USD ($)buildingproperty	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)communityproperty	Dec. 31, 2016USD ($)propertyoperator	Dec. 31, 2015USD ($)living_unitcommunity	Dec. 31, 2015building
Real Estate Properties [Line Items]
Impairment of assets															$ 5,082			$ 18,674			$ 194
Number of communities | community															305
Gain on sale of properties															$ 46,055			4,061			0
Increase (decrease) in annual lease rent payable															$ 4,870			$ 2,393
Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Impairment of assets																					$ 796
Discontinued operations, held for sale
Real Estate Properties [Line Items]
Number of real estate properties held for sale | property	4	0													4	0	0	0	0	0
Number of units | living_unit	1,295														1,295
Real estate held for sale	$ 53,338	$ 55,681													$ 53,338	$ 55,681	$ 55,681	$ 55,681	$ 55,681	$ 55,681
Senior Living Communities
Real Estate Properties [Line Items]
Number of communities | community														19
Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Impairment of assets															0			11,488
Number of communities sold | community																			2
Number of communities | community																					3
Number of properties sold | property	1
Sale price of property sold and agreed to be sold	$ 55,000
Gain on sale of properties	45,901
Triple Net Leased Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Impairment of assets																		4,391
Number of communities | community																			2
Number of Tenants | operator																				2
Triple Net Leased Senior Living Communities | Discontinued operations, held for sale
Real Estate Properties [Line Items]
Number of communities | community													2
MOBs | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Number of real estate properties sold																2	5
Number of real estate properties held for sale							1														1	4
Number of properties sold | property				4						1
Sale price of property sold and agreed to be sold				$ 20,150						$ 1,500
Number of buildings sold | building				4						4
Land Parcel | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Number of real estate properties sold | living_unit																1
Sale price of property sold and agreed to be sold						$ 700
Land Parcel | Eminent domain
Real Estate Properties [Line Items]
Gain on sale of properties	$ 154
Skilled Nursing Facility | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Sale price of property sold and agreed to be sold			$ 248		$ 9,100
Gain on sale of properties					$ 4,061
Pennsylvania | MOBs | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | property		1
Sale price of property sold and agreed to be sold		$ 2,800
Florida | MOBs | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Sale price of property sold and agreed to be sold		$ 2,100
Five Star
Real Estate Properties [Line Items]
Increase (decrease) in annual lease rent payable											$ 39				$ 3,193			$ 1,719			$ 1,734
Five Star | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Increase (decrease) in annual lease rent payable			25
Five Star | Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Sale price of property sold and agreed to be sold							$ 21
Increase (decrease) in annual lease rent payable							$ (2)
Number of units within a community sold | living_unit							117
Five Star | Pennsylvania | Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Sale price of property sold and agreed to be sold											250
Increase (decrease) in annual lease rent payable											$ (23)
Number of units within a community sold | living_unit											120
Five Star | Florida | Senior Living Communities
Real Estate Properties [Line Items]
Increase (decrease) in annual lease rent payable			$ 10
Five Star | Iowa | Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Sale price of property sold and agreed to be sold									$ 155
Increase (decrease) in annual lease rent payable									$ (16)
Number of units within a community sold | living_unit									12
Five Star | Wisconsin | Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Sale price of property sold and agreed to be sold								$ 850
Increase (decrease) in annual lease rent payable								$ (85)
Number of units within a community sold | living_unit								63
Forecast | Senior Living Communities | Discontinued operations, disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | community												3
Sale price of property sold and agreed to be sold												$ 313,000

Real Estate Properties - Sche47

Real Estate Properties - Schedule of Discontinued Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)buildingproperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations	$ 0	$ 0	$ (350)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income	0	0	56
Property operating expenses	0	0	(406)
(Loss) income from discontinued operations	$ 0	$ 0	$ (350)
MOBs | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties, impaired | property			1
Number of building held for sale | building			4

Real Estate Properties - Invest

Real Estate Properties - Investments and Capital Expenditures - (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2015USD ($)	Dec. 31, 2017USD ($)ft²	Dec. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)
Real Estate [Line Items]
Real estate improvements by lessee purchased		$ 51,952	$ 30,328
Increase (decrease) in annual lease rent payable		4,870	2,393
Leases committed expenditure		$ 22,540	$ 12,422
Area of real estate properties leased (in square feet) | ft²		1,300,000	899,000
Lease committed but unspent tenant related obligations		$ 20,681	$ 23,271
Five Star
Real Estate [Line Items]
Real estate improvements by lessee purchased		39,800	21,438	$ 21,444
Increase (decrease) in annual lease rent payable	$ 39	$ 3,193	$ 1,719	$ 1,734

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 22, 2018	Jan. 31, 2018	May 31, 2017	May 31, 2016	Dec. 31, 2015	Sep. 30, 2015	May 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 19, 2018	Dec. 31, 2014
Scheduled to vest unvested shares
Share-based compensation expense								$ 2,155	$ 2,195	$ 1,373
Distribution to common shareholders (in dollars per share)								$ 1.56	$ 1.56	$ 1.56
Distribution to common shareholders								$ 370,608	$ 370,489	$ 356,390
Dividends paid in kind per share					$ 0.1320
Common stock dividends, ordinary income distribution percentage								88.44%	58.77%	51.48%
Common stock dividends, capital distribution percentage								0.00%	40.67%	47.80%
Common stock dividends, qualified distribution percentage								0.71%	0.56%	0.72%
Common stock dividends, capital gain distribution percentage								10.85%	0.00%	0.00%
RMR LLC
Scheduled to vest unvested shares
Shares issued in connection with acquisition										81,557
Distribution to common shareholders					$ 2,635
Distribution ratio, RMR Inc shares per common shares					0.0111
Certain Our Officers And Employees Of RMR LLC
Scheduled to vest unvested shares
Shares purchased from certain of our officers and other employees of RMR LLC								17,170	19,230
Share Award Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining common shares available for issuance								2,481,686
Number of unvested shares					158,874			148,010	153,410	158,874		153,478
Scheduled to vest unvested shares
2,018								57,250
2,019								44,230
2,020								30,410
2,021								16,120
Estimated future compensation for the unvested shares								$ 2,834
Closing share price (in dollars per share)								$ 19.15
Weighted average period over which the compensation expense will be recorded								1 year 8 months 12 days
Share Award Plans | Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares awarded			3,000	2,500		2,500	2,500
Aggregate market value of shares awarded						$ 41
Share Award Plans | RMR LLC | Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate market value of shares awarded			$ 319	$ 228			$ 252
Market value of shares awarded to each Trustee			$ 64	$ 46			$ 50
Award vesting period								5 years
Subsequent Event
Scheduled to vest unvested shares
Repurchase of common shares (in shares)		4,628
Share price (in dollars per share)		$ 19.15
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											$ 92,676
Dividends	$ 92,642

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Shares Granted and Vested (Details) - Share Award Plans - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Unvested shares at the beginning of the year	153,410	158,874	153,478
Shares granted	103,100	92,150	99,000
Shares vested/forfeited	(108,500)	(97,614)	(93,604)
Unvested shares at the end of the year	148,010	153,410	158,874
Weighted Average Grant Date Fair Value
Unvested shares at the beginning of the year (in dollars per share)	$ 19.92	$ 19.39	$ 23.39
Shares granted (in dollars per share)	19.99	21.18	16.30
Shares vested/forfeited (in dollars per share)	20.05	21.09	16.17
Unvested shares at the end of the year (in dollars per share)	$ 19.71	$ 19.92	$ 19.39

Leases and Management Agreeme51

Leases and Management Agreements with Five Star - Narrative (Details) $ in Thousands	Nov. 09, 2017property	Jun. 29, 2016USD ($)communitypooling_agreementlease_agreementagreement	Nov. 30, 2017pooling_agreementrenewal_option	Dec. 31, 2016USD ($)living_unitcommunity	Dec. 31, 2016USD ($)community	Jun. 30, 2016pooling_agreementlease_agreement	Sep. 30, 2015community	May 31, 2015community	Feb. 28, 2015USD ($)	Dec. 31, 2017USD ($)living_unitcommunitylease_agreement	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)community	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)community	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015community	Dec. 31, 2017USD ($)living_unitcommunitylease_agreement	Dec. 31, 2017USD ($)living_unitcommunitylease_agreement	Dec. 31, 2017USD ($)living_unitcommunitylease_agreement	Dec. 31, 2017USD ($)living_unitcommunitylease_agreement	Dec. 31, 2017USD ($)living_unitcommunitylease_agreementmanagement_agreement	Dec. 31, 2016USD ($)community	Dec. 31, 2015USD ($)community
Concentration Risk [Line Items]
Number of communities																					305
Revenues | $										$ 278,566	$ 266,679	$ 265,013	$ 264,561	$ 274,296	$ 263,983	$ 261,367	$ 258,375			$ 1,074,819				$ 1,058,022	$ 998,773
Real estate improvements by lessee purchased | $																				51,952				30,328
Increase (decrease) in annual lease rent payable | $																				$ 4,870				2,393
Senior Living Communities
Concentration Risk [Line Items]
Number of communities																		19
Related Party Transaction, Number Of Subleases | lease_agreement										1									1	1	1	1	1
Five Star
Concentration Risk [Line Items]
Number of Communities Included in Expansion and Development Project												2
Related Party Transaction, Annual Rent Increase Percentage In Addition to Rate Applicable on Outstanding Borrowings												2.00%
Revenues | $																				$ 210,539
Total rental income recognized | $																								203,581	196,919
Rents receivable | $				$ 18,320	$ 18,320					$ 18,539				$ 18,320					$ 18,539	$ 18,539	$ 18,539	$ 18,539	$ 18,539	18,320
Number of units that may be re-assigned to an existing or to a new long term lease										1									1	1	1	1	1
Real estate improvements by lessee purchased | $																				$ 39,800				21,438	21,444
Increase (decrease) in annual lease rent payable | $									$ 39											$ 3,193				1,719	1,734
Number of communities associated with leases in default					5
Number of pre-existing management agreements | lease_agreement						4
Number of pre-existing management agreements terminated | pooling_agreement						3
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%
Expenses from property management agreement transactions with related party | $																				$ 14,080				$ 11,918	$ 10,728
Five Star | Senior Living Communities
Concentration Risk [Line Items]
Number of consecutive renewal terms of agreement																						2	2
Property management agreement renewal period																			15 years
Number of communities managed																					70			68	60
Number of pre-existing management agreements | pooling_agreement		4
Number of management agreements		10
Number of pre-existing management agreements terminated | pooling_agreement		3
Number of separate management agreements entered for communities acquired | pooling_agreement						10
Property management agreement, number of communities subject to reset of annual minimum return | agreement		10
Number of agreements with related party to provide management services to entity | lease_agreement																						2
Expenses from property management agreement transactions with related party | $																				$ 7,525				$ 7,707	$ 7,737
A L Pooling Agreements | Five Star
Concentration Risk [Line Items]
Related Party Transaction, Annual Rent Increase Percentage In Addition to Rate Applicable on Outstanding Borrowings	2.00%											2.00%
Number of consecutive renewal terms of agreement		8	2
Property management agreement renewal period		5 years	15 years
Management fees as a percentage of gross revenues	5.00%
Incentive fee as a percentage of annual net operating income after realization of specified percentage of annual return	20.00%
Property management agreement, annual return as a percentage of invested capital	7.00%	7.00%
Property management agreement, payment of capital expenditure as percentage of the funded amount	3.00%	3.00%								7.00%									7.00%	7.00%	7.00%	7.00%	7.00%
Incentive fee payable | $		$ 0
Minimum | Five Star | Senior Living Communities
Concentration Risk [Line Items]
Property management agreement renewal period																			10 years
Minimum | A L Pooling Agreements | Five Star
Concentration Risk [Line Items]
Management fees as a percentage of gross revenues		3.00%								3.00%									3.00%	3.00%	3.00%	3.00%	3.00%
Incentive fee as a percentage of annual net operating income after realization of specified percentage of annual return		20.00%								20.00%									20.00%	20.00%	20.00%	20.00%	20.00%
Property management agreement, annual return as a percentage of invested capital										7.00%									7.00%	7.00%	7.00%	7.00%	7.00%
Maximum | Five Star | Senior Living Communities
Concentration Risk [Line Items]
Property management agreement renewal period																			15 years
Maximum | A L Pooling Agreements | Five Star
Concentration Risk [Line Items]
Management fees as a percentage of gross revenues		5.00%								5.00%									5.00%	5.00%	5.00%	5.00%	5.00%
Incentive fee as a percentage of annual net operating income after realization of specified percentage of annual return		35.00%								35.00%									35.00%	35.00%	35.00%	35.00%	35.00%
Property management agreement, annual return as a percentage of invested capital										8.00%									8.00%	8.00%	8.00%	8.00%	8.00%
Georgia | Five Star | Senior Living Communities
Concentration Risk [Line Items]
Number of communities associated with leases in default				395	5
California
Concentration Risk [Line Items]
Number of communities not included in pooling agreement																					1
NEW YORK
Concentration Risk [Line Items]
Number of communities owned and managed by related party | living_unit										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%
Incentive fee payable | $										$ 0									$ 0	$ 0	$ 0	$ 0	$ 0
Five Star
Concentration Risk [Line Items]
Number of communities leased by the company				185	185					185				185					185	185	185	185	185	185	177
Number of leases with related party | lease_agreement																						5
Annual rent as a percentage of gross revenues, percent										4.00%									4.00%	4.00%	4.00%	4.00%	4.00%
Annual rent as a percentage of gross revenues, amount | $																				$ 5,533				$ 5,686	$ 5,666
Related party transaction, annual rents due | $																				206,329
Five Star | Lease No. 1
Concentration Risk [Line Items]
Number of communities																					83
Five Star | Lease No. 2
Concentration Risk [Line Items]
Number of communities																					47
Five Star | Lease No. 3
Concentration Risk [Line Items]
Number of communities																					17
Five Star | Lease No. 4
Concentration Risk [Line Items]
Number of communities																					29
Five Star | Lease No. 5
Concentration Risk [Line Items]
Number of communities																					9
Acquisitions | Senior Living Communities
Concentration Risk [Line Items]
Number of communities							1
Acquisitions | Five Star | Senior Living Communities
Concentration Risk [Line Items]
Number of communities								1
Number of communities managed																					5
Number of communities owned and managed by related party acquired during the period | property	6
Number of management agreements | pooling_agreement			2
Acquisitions | Alabama and Indiana | Five Star | Senior Living Communities
Concentration Risk [Line Items]
Number of communities owned and managed by related party acquired during the period | property	2
Rents from significant lessee | Sales Revenue, Services, Net
Concentration Risk [Line Items]
Revenues | $																				1,074,819				1,058,022
Rents from significant lessee | Five Star | Sales Revenue, Services, Net
Concentration Risk [Line Items]
Revenues | $																				$ 210,539				$ 203,581

Leases and Management Agreeme52

Leases and Management Agreements with Five Star - Schedule of Assets Leased and Revenues Earned (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Carrying Value of Investment	$ 7,824,763				$ 7,617,547				$ 7,824,763	$ 7,617,547
Revenues	278,566	$ 266,679	$ 265,013	$ 264,561	274,296	$ 263,983	$ 261,367	$ 258,375	1,074,819	1,058,022	$ 998,773
Real Estate Investment Property At Cost | Rents from significant lessee
Concentration Risk [Line Items]
Carrying Value of Investment	8,474,950				8,251,964				$ 8,474,950	$ 8,251,964
Concentration of credit risk (as a percent)									100.00%	100.00%
Sales Revenue, Services, Net | Rents from significant lessee
Concentration Risk [Line Items]
Revenues									$ 1,074,819	$ 1,058,022
Concentration of credit risk (as a percent)									100.00%	100.00%
Five Star | Real Estate Investment Property At Cost | Rents from significant lessee
Concentration Risk [Line Items]
Carrying Value of Investment	2,330,630				2,290,029				$ 2,330,630	$ 2,290,029
Concentration of credit risk (as a percent)									27.50%	27.80%
Five Star | Sales Revenue, Services, Net | Rents from significant lessee
Concentration Risk [Line Items]
Revenues									$ 210,539	$ 203,581
Concentration of credit risk (as a percent)									19.60%	19.20%
All others | Real Estate Investment Property At Cost | Rents from significant lessee
Concentration Risk [Line Items]
Carrying Value of Investment	$ 6,144,320				$ 5,961,935				$ 6,144,320	$ 5,961,935
Concentration of credit risk (as a percent)									72.50%	72.20%
All others | Sales Revenue, Services, Net | Rents from significant lessee
Concentration Risk [Line Items]
Revenues									$ 864,280	$ 854,441
Concentration of credit risk (as a percent)									80.40%	80.80%

Business and Property Managem53

Business and Property Management Agreements with RMR LLC (Details) $ in Thousands	Jun. 05, 2015	Jun. 05, 2015shares	Dec. 31, 2017USD ($)employeeday	Dec. 31, 2017USD ($)employeeday	Dec. 31, 2017USD ($)employeeday	Dec. 31, 2017USD ($)lease_agreementemployeeday	Dec. 31, 2017USD ($)employeedaymanagement_agreement	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Number of employees | employee			0	0	0	0	0
Recognized amortization of the liability				$ 798				$ 798	$ 402
Property management and construction supervision fees				10,919				10,585	10,342
Property management and construction supervision fees paid				9,993				9,061	7,021
Professional Fees				275				235	256
RMR LLC
Related Party Transaction [Line Items]
Business management fees incurred				38,638				36,763	34,949
Recognized amortization of the liability				2,974				2,974	1,743
Common shares issued for the incentive fees | shares		68,983,000
Related Party Transaction Business Management Agreement Incentive Fee Payable			$ 55,740	$ 55,740	$ 55,740	$ 55,740	$ 55,740	$ 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%	3.00%
Construction supervision fees payable under property management agreement as a percentage of construction costs			5.00%	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%	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%	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%	0.70%
Threshold amount of other real estate investments for payment of base management fee			$ 250,000	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Base management fee payable as a percentage of average market capitalization exceeding specified amount			0.50%	0.50%	0.50%	0.50%	0.50%
Threshold amount of average market capitalization for payment of base management fee			$ 250,000	$ 250,000	$ 250,000	$ 250,000	$ 250,000
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%	0.70%
Incentive management fee payable (as a percent)			12.00%	12.00%	12.00%	12.00%	12.00%
Period of measurement			3 years
Related Party Transaction, Incentive Management Fee Cap on Common Shares			1.50%	1.50%	1.50%	1.50%	1.50%
Related Party Transaction, Incentive Management Fee, Top Consecutive Trading Days | day			10	10	10	10	10
Related Party Transaction, Incentive Management Fee, Consecutive Trading Days | day			30	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	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Base management fee payable, average market capitalization			$ 250,000	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Maximum | Amended Agreement | RMR LLC
Related Party Transaction [Line Items]
Related Party Transaction, Incentive Management Fee Reduction, Total Return Per Share, Basis Spread					5.00%
Maximum | Amended Agreement | RMR LLC | Up C Transaction
Related Party Transaction [Line Items]
Termination fee term			20 years
Minimum | Amended Agreement | RMR LLC
Related Party Transaction [Line Items]
Related Party Transaction, Incentive Management Fee Reduction, Total Return Per Share, Basis Spread					2.00%
Minimum | Amended Agreement | RMR LLC | Up C Transaction
Related Party Transaction [Line Items]
Termination fee term			19 years

Related Person Transactions - N

Related Person Transactions - Narrative (Details) $ / shares in Units, $ in Thousands	Nov. 09, 2017USD ($)property	Nov. 10, 2016$ / sharesshares	Dec. 14, 2015shares	Jun. 05, 2015USD ($)shares	Jan. 29, 2015USD ($)property	Mar. 31, 2017building	Sep. 30, 2015USD ($)	May 31, 2015USD ($)	Apr. 30, 2015USD ($)property	Jan. 31, 2015USD ($)living_unit	Dec. 31, 2015USD ($)community	Dec. 31, 2017USD ($)communitybuildingpropertypartylease_agreementtrusteeagreementshares	Dec. 31, 2016USD ($)communitypropertyshares	Dec. 31, 2015USD ($)communitypropertyshares	Dec. 31, 2001
Related Party Transaction [Line Items]
Loss on distribution to common shareholders of The RMR Group Inc. common stock												$ 0	$ 0	$ 38,437
Number Of Independent Trustees | trustee												1
Fair value adjustment, liabilities												$ 1,906
Equity in earnings of an investee												608	137	20
Other comprehensive income (loss) attributable to equity method investee, net of tax												$ (462)	(152)	20
Number of buildings included in joint venture agreement | building						2
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												91.40%
Number Of Unrelated Parties | party												4
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
RMR Inc. | Up C Transaction
Related Party Transaction [Line Items]
Cash purchase price				$ 13,967
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												$ 331	$ 242	$ 204
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 | Acquisitions
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | property													10	39
Purchase price excluding closing costs and working capital adjustments							$ 18,250	$ 9,750
MOBs
Related Party Transaction [Line Items]
Standalone Insurance Policy Coverage Period												1 year
Number of buildings included in joint venture agreement | building												2
MOBs | Acquisitions
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired										23		6	3	23
Purchase price excluding closing costs and working capital adjustments										$ 539,000
MOBs | SIR | Acquisitions
Related Party Transaction [Line Items]
Debt disposed of from properties sold					$ 29,995
Amount from SIR related to working capital activity									$ 1,316
Five Star
Related Party Transaction [Line Items]
Percentage of total shares outstanding												8.40%			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	185	177
Property subject to or available for operating lease, number of leases | lease_agreement												5
Related party transactions, shares authorized to purchase | shares		18,000,000
Related party transaction, percent of shares issued and outstanding		38.00%
Related party transaction, shares purchased | shares		17,999,999
Share price (in dollars per share) | $ / shares		$ 3
Five Star | RMR LLC
Related Party Transaction [Line Items]
Percentage of total shares outstanding												36.40%
Investment in common shares | shares												18,382,121
Five Star | Senior Living Communities
Related Party Transaction [Line Items]
Number of communities managed | community												70	68	60
Five Star | Senior Living Communities | Acquisitions
Related Party Transaction [Line Items]
Number of communities managed | community												5
Number of properties acquired or agreed to be acquired | property	6
Purchase price excluding closing costs and working capital adjustments	$ 104,000
RMR LLC
Related Party Transaction [Line Items]
Number of management agreements with related party | agreement												2
Shares issued in connection with acquisition | shares														81,557
Premium payable for combined directors' and officers' liability insurance policy											$ 472	$ 255	$ 142	$ 472
RMR LLC | Restricted shares
Related Party Transaction [Line Items]
Number of shares granted under the award plan | shares												88,100	79,650	84,000
Aggregate value of awards granted during the period												$ 1,743	$ 1,724	$ 1,321
SIR | MOBs | Acquisitions
Related Party Transaction [Line Items]
Number of properties acquired or agreed to be acquired | property					23				23
Purchase price excluding closing costs and working capital adjustments					$ 532,000
Fair value adjustment, liabilities					$ 7,677
AIC
Related Party Transaction [Line Items]
Total premiums including taxes and fees												2,433	3,607	$ 2,785
Equity method investments, carrying value												$ 8,185	$ 7,116
Year one | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20.00%
Year two | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20.00%
Year three | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20.00%
Year four | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20.00%
Year five | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Award vesting rights, percentage												20.00%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	Apr. 30, 2017USD ($)property	Feb. 28, 2018USD ($)	Jan. 31, 2018USD ($)property	Dec. 31, 2017USD ($)propertybuildingnote	Aug. 31, 2017USD ($)	Aug. 30, 2017	Jun. 30, 2017USD ($)property	May 31, 2017USD ($)property	Apr. 30, 2017USD ($)property	Dec. 31, 2016USD ($)propertynote	Oct. 31, 2016USD ($)property	Sep. 30, 2016USD ($)propertynote	Jul. 31, 2016USD ($)buildingproperty	Apr. 30, 2016USD ($)property	Feb. 29, 2016USD ($)	Jan. 31, 2016USD ($)property	Jul. 31, 2017	Dec. 31, 2014USD ($)	Dec. 31, 2017USD ($)propertybuildingnote	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Feb. 26, 2018USD ($)	Mar. 31, 2017
Debt Instrument [Line Items]
Number of public issues of unsecured senior notes | note				6															6
Principal amount of debt				$ 1,750,000						$ 1,750,000									$ 1,750,000	$ 1,750,000
Real estate property, gross				7,824,763						7,617,547									7,824,763	7,617,547
Capital leases				10,700															10,700
Loss on early extinguishment of debt																			7,627	526	$ 1,894
Unsecured revolving credit facility				596,000						$ 327,000									596,000	327,000
Interest expense and other associated costs incurred																			14,346	13,100	10,836
Proceeds from unsecured term loan																			0	$ 0	$ 200,000
Ownership interest by parent																							55.00%
Number of real estate properties collaterlized by senior debt | property	17								17
Unamortized premium on debt	$ 5,449
Repayments of first mortgage bond									$ 277,837
Early repayment of debt, interest rate	6.71%								6.71%
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity				$ 1,000,000															1,000,000
Line of credit facility required principal payment before maturity																			$ 0
Loan commitment fee percentage						0.25%											0.30%
Option to increase the borrowing capacity under revolving credit facility					$ 2,000,000
Revolving credit facility, interest rate payable (as a percent)				2.70%															2.70%
Loss on early extinguishment of debt					149
Weighted average interest rate on debt (as a percent)				2.40%						1.80%									2.40%	1.80%	1.50%
Unsecured revolving credit facility				$ 596,000															$ 596,000
Revolving credit facility, available amount				404,000															404,000
Unsecured revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Unsecured revolving credit facility																						$ 294,000
Revolving credit facility, available amount																						$ 706,000
Unsecured revolving credit facility | LIBOR
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)						1.20%											1.30%
Senior unsecured notes due 2019
Debt Instrument [Line Items]
Principal amount of debt				$ 400,000															$ 400,000
Interest rate (as a percent)				3.25%															3.25%
Senior unsecured notes 6.75%
Debt Instrument [Line Items]
Principal amount of debt				$ 200,000						$ 200,000									$ 200,000	$ 200,000
Interest rate (as a percent)				6.75%															6.75%
Unsecured senior notes due 2021
Debt Instrument [Line Items]
Principal amount of debt				$ 300,000						300,000									$ 300,000	300,000
Interest rate (as a percent)				6.75%															6.75%
Senior unsecured notes 4.75%
Debt Instrument [Line Items]
Principal amount of debt				$ 250,000						250,000									$ 250,000	250,000
Interest rate (as a percent)				4.75%															4.75%
Senior unsecured notes 5.625% due in 2042
Debt Instrument [Line Items]
Principal amount of debt				$ 350,000						$ 350,000									$ 350,000	350,000
Interest rate (as a percent)				5.625%															5.625%
Senior unsecured notes 6.25 percent due 2046
Debt Instrument [Line Items]
Principal amount of debt				$ 250,000															$ 250,000
Interest rate (as a percent)				6.25%											6.25%				6.25%
Proceeds from unsecured term loan															$ 250,000
Term loan due 2020
Debt Instrument [Line Items]
Principal amount of debt																		$ 350,000
Interest rate (as a percent)				2.80%															2.80%
Interest expense and other associated costs incurred																			$ 8,828	$ 6,721	$ 5,686
Weighted average interest rate on debt (as a percent)																		1.60%	2.50%	1.90%
Maximum borrowing capacity that may be increased																		$ 700,000
Term loan due 2020 | LIBOR
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)																					1.40%
Term loan due 2022
Debt Instrument [Line Items]
Principal amount of debt				$ 200,000															$ 200,000		$ 200,000
Loss on early extinguishment of debt					$ 125
Weighted average interest rate on debt (as a percent)				2.90%															2.90%
Interest expense and other associated costs incurred																			$ 5,482	$ 4,645	$ 1,061
Weighted average interest rate on debt (as a percent)																			2.70%	2.30%	2.00%
Maximum borrowing capacity that may be increased				$ 400,000															$ 400,000
Term loan due 2022 | LIBOR
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)						1.35%											1.80%				1.80%
Mortgages
Debt Instrument [Line Items]
Secured debt				$ 796,616															$ 796,616
Number of properties mortgaged | property				23							8		1	1		1			23
Number of buildings mortgaged | building				24															24
Real estate property, gross				$ 1,219,441															$ 1,219,441
Prepayment of mortgage													$ 11,871	$ 18,000		$ 6,115
Weighted average interest rate on prepaid debt (as a percent)													6.25%	4.65%		5.97%
Mortgages | Prepayment Notification
Debt Instrument [Line Items]
Number of properties mortgaged | property										1		2								1
Prepayment of mortgage										$ 5,428	$ 42,542	$ 79,957								$ 5,428
Weighted average interest rate on prepaid debt (as a percent)										5.86%	6.54%	5.92%
Number of mortgage notes | note										1		2
Capital leases
Debt Instrument [Line Items]
Real estate property, gross				36,238															36,238
Capital leases				$ 10,694															$ 10,694
Number of properties recorded under capital lease | property				2															2
Secured debt financing due 2026 | MOBs
Debt Instrument [Line Items]
Secured debt													$ 620,000
Number of properties mortgaged | property													1
Number of buildings mortgaged | building													2
Weighted average interest rate on debt (as a percent)													3.53%
Ownership interest by parent													55.00%
Secured debt due August 2017
Debt Instrument [Line Items]
Number of real estate properties collaterlized by senior debt | property				1				1											1
Repayments of first mortgage bond								$ 10,579
Early repayment of debt, interest rate								6.15%
Secured debt due August 2037
Debt Instrument [Line Items]
Loss on early extinguishment of debt																			$ 7,353
Number of real estate properties collaterlized by senior debt | property							1
Repayments of first mortgage bond							$ 8,807
Early repayment of debt, interest rate							5.95%
Mortgage 4.38% maturing in September 2043 | Subsequent Event
Debt Instrument [Line Items]
Number of real estate properties collaterlized by senior debt | property			1
Repayments of first mortgage bond			$ 4,338
Early repayment of debt, interest rate			4.38%
Secured debt due April 2018
Debt Instrument [Line Items]
Repayments of first mortgage bond				$ 8,403
Early repayment of debt, interest rate				6.73%															6.73%
Forecast | Senior unsecured notes 6.25 percent due 2046
Debt Instrument [Line Items]
Interest rate (as a percent)		4.75%
Proceeds from unsecured term loan		$ 500,000

Indebtedness - Schedule of Outs

Indebtedness - Schedule of Outstanding Debts (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Face Amount	$ 1,750,000	$ 1,750,000
Unamortized Discount	$ 3,159	4,047
Senior unsecured notes due 2019
Debt Instrument [Line Items]
Coupon	3.25%
Face Amount	$ 400,000	400,000
Unamortized Discount	$ 78	138
Senior unsecured notes due 2020
Debt Instrument [Line Items]
Coupon	6.75%
Face Amount	$ 200,000	200,000
Unamortized Discount	$ 488	703
Unsecured senior notes due 2021
Debt Instrument [Line Items]
Coupon	6.75%
Face Amount	$ 300,000	300,000
Unamortized Discount	$ 2,093	2,627
Senior unsecured notes due 2024
Debt Instrument [Line Items]
Coupon	4.75%
Face Amount	$ 250,000	250,000
Unamortized Discount	$ 500	579
Senior unsecured notes due in 2042
Debt Instrument [Line Items]
Coupon	5.625%
Face Amount	$ 350,000	350,000
Unamortized Discount	$ 0	0
Senior unsecured notes due in 2046
Debt Instrument [Line Items]
Coupon	6.25%
Face Amount	$ 250,000	250,000
Unamortized Discount	$ 0	$ 0

Indebtedness - Schedule of Secu

Indebtedness - Schedule of Secured and Other Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Mar. 31, 2017	Dec. 31, 2016USD ($)	Jul. 31, 2016USD ($)buildingproperty
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 805,404		$ 1,117,649
Net Book Value of Collateral	6,370,286		6,346,831
Fair value adjustment, liabilities	1,906
Unamortized net premiums			3,624
Ownership interest by parent		55.00%
MOBs | Secured debt financing due 2026
Debt Instrument [Line Items]
Number of properties as collateral | property				1
Aggregate principal amount of mortgage debt				$ 620,000
Number of buildings mortgaged | building				2
Ownership interest by parent				55.00%
Secured Debt
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 807,310		1,121,273
Number of properties as collateral | property	25
Net Book Value of Collateral	$ 1,135,031		1,433,561
Secured Debt | Mortgages 6.150% maturing in August 2017
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 0		10,653
Interest rate (as a percent)	6.15%
Number of properties as collateral | property	0
Net Book Value of Collateral	$ 0		14,162
Secured Debt | Mortgages 6.73% maturing in April 2018
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 0		8,686
Interest rate (as a percent)	6.73%
Number of properties as collateral | property	0
Net Book Value of Collateral	$ 0		10,656
Secured Debt | Mortgages 6.31% maturing in October 2018
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 12,552		12,772
Interest rate (as a percent)	6.31%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 16,470		16,827
Secured Debt | Mortgages 6.24% maturing in October 2018
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 11,858		12,061
Interest rate (as a percent)	6.24%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 15,025		15,453
Secured Debt | Mortgages 4.47% maturing in October 2018
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 67,749		69,953
Interest rate (as a percent)	4.47%
Number of properties as collateral | property	10
Net Book Value of Collateral	$ 175,975		180,933
Secured Debt | Mortgages 4.69% maturing in January 2019
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 6,430		6,565
Interest rate (as a percent)	4.69%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 9,477		9,687
Secured Debt | Mortgages 3.79% maturing in July 2019
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 43,558		44,462
Interest rate (as a percent)	3.79%
Number of properties as collateral | property	4
Net Book Value of Collateral	$ 62,596		64,154
Secured Debt | Mortgage 6.71% maturing in Sept 2019
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 0		279,505
Interest rate (as a percent)	6.71%
Number of properties as collateral | property	0
Net Book Value of Collateral	$ 0		235,068
Secured Debt | Mortgage 7.49% maturing in January 2022
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 2,603		3,128
Interest rate (as a percent)	7.49%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 15,099		15,360
Secured Debt | Mortgage 6.28% maturing in July 2022
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 13,741		14,300
Interest rate (as a percent)	6.28%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 24,414		24,834
Secured Debt | Mortgage 4.85% maturing in October 2022
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 11,392		11,594
Interest rate (as a percent)	4.85%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 21,065		21,529
Secured Debt | Mortgage 3.53 Percent Due August 2026
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 620,000		620,000
Interest rate (as a percent)	3.53%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 764,622		785,805
Secured Debt | Mortgage 6.25% maturing in February 2033
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 2,395		2,819
Interest rate (as a percent)	6.25%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 4,473		4,267
Secured Debt | Mortgage 5.95% maturing in August 2037
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 0		8,882
Interest rate (as a percent)	5.95%
Number of properties as collateral | property	0
Net Book Value of Collateral	$ 0		8,656
Secured Debt | Mortgage 4.38% maturing in September 2043
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 4,338		4,427
Interest rate (as a percent)	4.38%
Number of properties as collateral | property	1
Net Book Value of Collateral	$ 7,290		7,202
Secured Debt | Capital leases
Debt Instrument [Line Items]
Secured debt and capital leases, net	$ 10,694		11,466
Interest rate (as a percent)	7.70%
Number of properties as collateral | property	2
Net Book Value of Collateral	$ 18,525		$ 18,968

Indebtedness - Schedule of Prin

Indebtedness - Schedule of Principal Payments of Debt (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 95,811
2,019	451,592
2,020	552,869
2,021	303,102
2,022	819,227
Thereafter	$ 1,480,709

Fair Value of Assets and Liab59

Fair Value of Assets and Liabilities - Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets and liabilities measured at fair value
Investments in available for sale securities		$ 162,751	$ 115,612
Impairment of assets		5,082	18,674	$ 194
Recurring
Assets and liabilities measured at fair value
Investments in available for sale securities		162,751
Recurring | Level 1
Assets and liabilities measured at fair value
Investments in available for sale securities		162,751
Recurring | Level 2
Assets and liabilities measured at fair value
Investments in available for sale securities		0
Recurring | Level 3
Assets and liabilities measured at fair value
Investments in available for sale securities		$ 0
Five Star
Assets and liabilities measured at fair value
Investment in common shares		4,235,000
Common Shares | Five Star
Assets and liabilities measured at fair value
Investment in common shares		4,235,000
Impairment of assets	$ 5,082
Amount of investment acquired		$ 6,353
Class A common shares | RMR Inc.
Assets and liabilities measured at fair value
Investment in common shares		2,637,408
Amount of investment acquired		$ 69,826
The RMR Group Inc
Assets and liabilities measured at fair value
Investment in common shares		2,637,408
Amount of investment acquired		$ 69,826	69,826
Unrealized gain		$ 86,572	$ 34,352

Fair Value of Assets and Liab60

Fair Value of Assets and Liabilities - Schedule of Carrying Values and Estimated Fair Value of Debt Instruments (Details) $ in Thousands	Dec. 31, 2017USD ($)debt_security	Dec. 31, 2016USD ($)
Assets and liabilities measured at fair value
Senior unsecured notes	$ 1,725,662	$ 1,722,758
Carrying Amount
Assets and liabilities measured at fair value
Senior unsecured notes	1,725,662	1,722,758
Secured debt	794,710	1,106,183
Secured and secured debt	2,520,372	2,828,941
Estimated Fair Value
Assets and liabilities measured at fair value
Senior unsecured notes	1,810,882	1,755,715
Secured debt	783,353	1,090,515
Secured and secured debt	$ 2,594,235	$ 2,846,230
Level 1
Assets and liabilities measured at fair value
Fair Value Measurement, Number of Debt Securities | debt_security	2
Level 2
Assets and liabilities measured at fair value
Fair Value Measurement, Number of Debt Securities | debt_security	4

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)buildingproperty	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Noncontrolling Interest [Line Items]
Number of properties included in joint venture agreement | property	1
Number of buildings included in joint venture agreement | building	2
Payments to acquire interest in joint venture	$ 261,009
Ownership interest by noncontrolling owners	45.00%
Ownership interest by parent	55.00%
Proceeds from noncontrolling interest, net	$ 255,931	$ 255,931	$ 0	$ 0
Noncontrolling interest in variable interest entity	$ 181,859
Difference between net proceeds received and fair value of noncontrolling interest equity		74,072
Comprehensive income attributable to noncontrolling interest		4,193	0	0
Distributions to noncontrolling interest		13,814	0	$ 0
Real Estate Investment Property, Net		6,370,286	$ 6,346,831
Carry amount of real estate assets in consolidated VIE		764,622
Carrying amount of mortgage debt in consolidated VIE		$ 620,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment reporting
Number of operating segments | segment									4
Number of reportable segments | segment									3
Revenues:
Rental income									$ 681,022	$ 666,200	$ 630,899
Residents fees and services									393,797	391,822	367,874
Total revenues	$ 278,566	$ 266,679	$ 265,013	$ 264,561	$ 274,296	$ 263,983	$ 261,367	$ 258,375	1,074,819	1,058,022	998,773
Expenses:
Property operating expenses									413,430	399,790	377,579
Depreciation and amortization									276,861	287,831	257,783
General and administrative									103,702	46,559	42,830
Acquisition and certain other transaction related costs									547	2,085	6,853
Impairment of assets									5,082	18,674	194
Total expenses									799,622	754,939	685,239
Operating income									275,197	303,083	313,534
Dividend income									2,637	2,108	2,773
Interest and other income									406	430	379
Interest expense									(165,019)	(167,574)	(150,881)
Loss on distribution to common shareholders of The RMR Group Inc. common stock									0	0	(38,437)
Loss on early extinguishment of debt									(7,627)	(526)	(1,894)
Income from continuing operations before income tax expense and equity in earnings of an investee									105,594	137,521	125,474
Income tax expense									(454)	(424)	(574)
Equity in earnings of an investee									608	137	20
Income before gain on sale of properties	65,000	$ 34,414	$ 16,042	$ 32,155	42,885	$ 27,903	$ 39,233	$ 31,272	105,748	137,234	123,968
Income from continuing operations									105,748	137,234	124,920
Gain on sale of properties									46,055	4,061	0
Loss from discontinued operations									0	0	(350)
Loss on impairment of assets from discontinued operations									0	0	(602)
Net income (loss)									151,803	141,295	123,968
Net income attributable to noncontrolling interest									(4,193)	0	0
Net income attributable to common shareholders									147,610	141,295	123,968
Total assets	7,294,019				7,227,754				7,294,019	7,227,754	7,160,090
Triple Net Leased Senior Living Communities
Revenues:
Rental income									280,641	275,697	256,035
Residents fees and services									0	0	0
Total revenues									280,641	275,697	256,035
Expenses:
Property operating expenses									0	833	0
Depreciation and amortization									81,976	78,361	70,417
General and administrative									0	0	0
Acquisition and certain other transaction related costs									0	0	0
Impairment of assets									0	6,583	194
Total expenses									81,976	85,777	70,611
Operating income									198,665	189,920	185,424
Dividend income									0	0	0
Interest and other income									0	0	0
Interest expense									(8,855)	(24,795)	(25,015)
Loss on distribution to common shareholders of The RMR Group Inc. common stock											0
Loss on early extinguishment of debt									(7,294)	(467)	(6)
Income from continuing operations before income tax expense and equity in earnings of an investee									182,516	164,658	160,403
Income tax expense									0	0	0
Equity in earnings of an investee									0	0	0
Income before gain on sale of properties									182,516	164,658
Income from continuing operations											160,403
Gain on sale of properties									45,901	4,061
Loss from discontinued operations											0
Loss on impairment of assets from discontinued operations											0
Net income (loss)									228,417	168,719	160,403
Net income attributable to noncontrolling interest									0
Net income attributable to common shareholders									228,417
Total assets	2,251,756				2,289,045				2,251,756	2,289,045	2,251,212
Managed Senior Living Communities
Revenues:
Rental income									0	0	0
Residents fees and services									393,797	391,822	367,874
Total revenues									393,797	391,822	367,874
Expenses:
Property operating expenses									300,500	293,195	278,242
Depreciation and amortization									62,266	81,482	60,600
General and administrative									0	0	0
Acquisition and certain other transaction related costs									0	0	0
Impairment of assets									0	2,174	0
Total expenses									362,766	376,851	338,842
Operating income									31,031	14,971	29,032
Dividend income									0	0	0
Interest and other income									0	0	0
Interest expense									(4,685)	(8,540)	(9,973)
Loss on distribution to common shareholders of The RMR Group Inc. common stock											0
Loss on early extinguishment of debt									0	(59)	(34)
Income from continuing operations before income tax expense and equity in earnings of an investee									26,346	6,372	19,025
Income tax expense									0	0	0
Equity in earnings of an investee									0	0	0
Income before gain on sale of properties									26,346	6,372
Income from continuing operations											19,025
Gain on sale of properties									0	0
Loss from discontinued operations											0
Loss on impairment of assets from discontinued operations											0
Net income (loss)									26,346	6,372	19,025
Net income attributable to noncontrolling interest									0
Net income attributable to common shareholders									26,346
Total assets	1,273,757				1,260,032				1,273,757	1,260,032	1,260,425
MOBs
Revenues:
Rental income									382,127	372,233	356,586
Residents fees and services									0	0	0
Total revenues									382,127	372,233	356,586
Expenses:
Property operating expenses									112,930	105,762	99,337
Depreciation and amortization									128,827	124,196	122,974
General and administrative									0	0	0
Acquisition and certain other transaction related costs									0	0	0
Impairment of assets									0	7,122	0
Total expenses									241,757	237,080	222,311
Operating income									140,370	135,153	134,275
Dividend income									0	0	0
Interest and other income									0	0	0
Interest expense									(24,919)	(13,852)	(6,214)
Loss on distribution to common shareholders of The RMR Group Inc. common stock											0
Loss on early extinguishment of debt									(59)	0	(250)
Income from continuing operations before income tax expense and equity in earnings of an investee									115,392	121,301	127,811
Income tax expense									0	0	0
Equity in earnings of an investee									0	0	0
Income before gain on sale of properties									115,392	121,301
Income from continuing operations											127,811
Gain on sale of properties									0	0
Loss from discontinued operations											(350)
Loss on impairment of assets from discontinued operations											(602)
Net income (loss)									115,392	121,301	126,859
Net income attributable to noncontrolling interest									(4,193)
Net income attributable to common shareholders									111,199
Total assets	3,367,485				3,333,141				3,367,485	3,333,141	3,362,214
All Other Operations
Revenues:
Rental income									18,254	18,270	18,278
Residents fees and services									0	0	0
Total revenues									18,254	18,270	18,278
Expenses:
Property operating expenses									0	0	0
Depreciation and amortization									3,792	3,792	3,792
General and administrative									103,702	46,559	42,830
Acquisition and certain other transaction related costs									547	2,085	6,853
Impairment of assets									5,082	2,795	0
Total expenses									113,123	55,231	53,475
Operating income									(94,869)	(36,961)	(35,197)
Dividend income									2,637	2,108	2,773
Interest and other income									406	430	379
Interest expense									(126,560)	(120,387)	(109,679)
Loss on distribution to common shareholders of The RMR Group Inc. common stock											(38,437)
Loss on early extinguishment of debt									(274)	0	(1,604)
Income from continuing operations before income tax expense and equity in earnings of an investee									(218,660)	(154,810)	(181,765)
Income tax expense									(454)	(424)	(574)
Equity in earnings of an investee									608	137	20
Income before gain on sale of properties									(218,506)	(155,097)
Income from continuing operations											(182,319)
Gain on sale of properties									154	0
Loss from discontinued operations											0
Loss on impairment of assets from discontinued operations											0
Net income (loss)									(218,352)	(155,097)	(182,319)
Net income attributable to noncontrolling interest									0
Net income attributable to common shareholders									(218,352)
Total assets	$ 401,021				$ 345,536				$ 401,021	$ 345,536	$ 286,239

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 0	$ 0	$ 0
State	454	424	574
Current income tax expense (benefit)	454	424	574
Deferred:
Federal	0	0	0
State	0	0	0
Deferred tax expense (benefit)	0	0	0
Income Tax Expense (Benefit)	$ 454	$ 424	$ 574

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
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%	0.30%	0.40%
Tax Act Adjustment	9.00%	0.00%	0.00%
Change in valuation allowance	(6.50%)	3.60%	8.80%
Other differences, net	(2.50%)	(3.60%)	(8.80%)
Effective Income Tax Rate Reconciliation, Percent	0.30%	0.30%	0.40%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets, Net [Abstract]
Deferred income	$ 1,576	$ 2,512
Other	172	222
Tax loss carryforwards	24,925	33,626
Deferred Tax Assets, Gross	26,673	36,360
Valuation allowance	(26,673)	(36,360)
Deferred Tax Assets, Net of Valuation Allowance	0	0
Net deferred income taxes	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Percentage of valuation allowance provided	100.00%	100.00%
Operating loss carryforwards	$ 96,717

Weighted Average Common Share67

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average shares used in computing earnings per common share:
Weighted average common shares for basic earnings per share (in shares)	237,420	237,345	232,931
Effect of dilutive securities: restricted share awards (in shares)	32	37	32
Weighted average common shares for diluted earnings per share (in shares)	237,452	237,382	232,963

Selected Quarterly Financial 68

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 278,566	$ 266,679	$ 265,013	$ 264,561	$ 274,296	$ 263,983	$ 261,367	$ 258,375	$ 1,074,819	$ 1,058,022	$ 998,773
Net income attributable to common shareholders	$ 65,000	$ 34,414	$ 16,042	$ 32,155	$ 42,885	$ 27,903	$ 39,233	$ 31,272	$ 105,748	$ 137,234	$ 123,968
Per share data (basic and diluted):
Net income attributable to common shareholders (in dollars per share)	$ 0.27	$ 0.14	$ 0.07	$ 0.14	$ 0.18	$ 0.12	$ 0.17	$ 0.13	$ 0.62	$ 0.60	$ 0.53
Common distributions declared (in dollars per share)	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39

SCHEDULE III REAL ESTATE AND 69

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate And Accumulated Depreciation
Encumbrances	$ 807,310
Initial Cost to Company
Land	813,000
Buildings, Improvements & Equipment	6,232,443
Cost Capitalized Subsequent to Acquisition	794,321
Impairment	(15,001)
Cost at the end of the period
Land	824,879
Buildings, Improvements & Equipment	6,999,884
Total	7,824,763	$ 7,617,547	$ 7,456,940	$ 6,222,360
Accumulated Depreciation	1,454,477	$ 1,270,716	$ 1,147,540	$ 973,205
2184 Parkway Lake Drive, Birmingham, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	580
Buildings, Improvements & Equipment	5,980
Cost Capitalized Subsequent to Acquisition	2,042
Impairment	0
Cost at the end of the period
Land	580
Buildings, Improvements & Equipment	8,022
Total	8,602
Accumulated Depreciation	1,671
2634 Valleydale Road, Birmingham, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	7,574
Cost Capitalized Subsequent to Acquisition	934
Impairment	0
Cost at the end of the period
Land	578
Buildings, Improvements & Equipment	8,530
Total	9,108
Accumulated Depreciation	1,998
2021 Dahike Drive, NE, Cullman, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	287
Buildings, Improvements & Equipment	3,415
Cost Capitalized Subsequent to Acquisition	307
Impairment	0
Cost at the end of the period
Land	287
Buildings, Improvements & Equipment	3,722
Total	4,009
Accumulated Depreciation	1,407
101 Tulip Lane, Dothan, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,543
Buildings, Improvements & Equipment	14,619
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	3,543
Buildings, Improvements & Equipment	14,619
Total	18,162
Accumulated Depreciation	18
49 Hughes Road, Madison, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	334
Buildings, Improvements & Equipment	3,981
Cost Capitalized Subsequent to Acquisition	714
Impairment	0
Cost at the end of the period
Land	334
Buildings, Improvements & Equipment	4,695
Total	5,029
Accumulated Depreciation	1,619
200 Terrace Lane, Priceville, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	9,447
Cost Capitalized Subsequent to Acquisition	271
Impairment	0
Cost at the end of the period
Land	1,300
Buildings, Improvements & Equipment	9,718
Total	11,018
Accumulated Depreciation	1,642
413 Cox Boulevard, Sheffield, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	394
Buildings, Improvements & Equipment	4,684
Cost Capitalized Subsequent to Acquisition	469
Impairment	0
Cost at the end of the period
Land	394
Buildings, Improvements & Equipment	5,153
Total	5,547
Accumulated Depreciation	1,852
2435 Columbiana Road, Vestavia Hills, AL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	843
Buildings, Improvements & Equipment	23,472
Cost Capitalized Subsequent to Acquisition	977
Impairment	0
Cost at the end of the period
Land	843
Buildings, Improvements & Equipment	24,449
Total	25,292
Accumulated Depreciation	1,900
4461 N Crossover Road, Fayetteville, AR
Real Estate And Accumulated Depreciation
Encumbrances	7,908
Initial Cost to Company
Land	733
Buildings, Improvements & Equipment	10,432
Cost Capitalized Subsequent to Acquisition	67
Impairment	0
Cost at the end of the period
Land	733
Buildings, Improvements & Equipment	10,499
Total	11,232
Accumulated Depreciation	804
4210 S Caraway Road, Jonesboro, AR
Real Estate And Accumulated Depreciation
Encumbrances	4,064
Initial Cost to Company
Land	653
Buildings, Improvements & Equipment	9,515
Cost Capitalized Subsequent to Acquisition	46
Impairment	0
Cost at the end of the period
Land	653
Buildings, Improvements & Equipment	9,561
Total	10,214
Accumulated Depreciation	730
672 Jones Road, Springdale, AR
Real Estate And Accumulated Depreciation
Encumbrances	4,106
Initial Cost to Company
Land	572
Buildings, Improvements & Equipment	9,364
Cost Capitalized Subsequent to Acquisition	87
Impairment	0
Cost at the end of the period
Land	572
Buildings, Improvements & Equipment	9,451
Total	10,023
Accumulated Depreciation	719
13840 North Desert Harbor Drive, Peoria, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,687
Buildings, Improvements & Equipment	15,843
Cost Capitalized Subsequent to Acquisition	3,801
Impairment	0
Cost at the end of the period
Land	2,687
Buildings, Improvements & Equipment	19,644
Total	22,331
Accumulated Depreciation	8,820
9045 W. Athens Street, Peoria,AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,405
Buildings, Improvements & Equipment	9,115
Cost Capitalized Subsequent to Acquisition	80
Impairment	0
Cost at the end of the period
Land	1,405
Buildings, Improvements & Equipment	9,195
Total	10,600
Accumulated Depreciation	731
11209 N. Tatum Boulevard, Phoenix, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,380
Buildings, Improvements & Equipment	6,349
Cost Capitalized Subsequent to Acquisition	2,088
Impairment	0
Cost at the end of the period
Land	1,484
Buildings, Improvements & Equipment	8,333
Total	9,817
Accumulated Depreciation	1,448
2444 West Las Palmaritas Drive, Phoenix, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,820
Buildings, Improvements & Equipment	6,669
Cost Capitalized Subsequent to Acquisition	288
Impairment	0
Cost at the end of the period
Land	3,820
Buildings, Improvements & Equipment	6,957
Total	10,777
Accumulated Depreciation	1,182
4121 East Cotton Center, Phoenix, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,166
Buildings, Improvements & Equipment	12,724
Cost Capitalized Subsequent to Acquisition	12
Impairment	0
Cost at the end of the period
Land	5,166
Buildings, Improvements & Equipment	12,736
Total	17,902
Accumulated Depreciation	928
6001 East Thomas Road, Scottsdale, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	941
Buildings, Improvements & Equipment	8,807
Cost Capitalized Subsequent to Acquisition	3,774
Impairment	0
Cost at the end of the period
Land	946
Buildings, Improvements & Equipment	12,576
Total	13,522
Accumulated Depreciation	5,780
7090 East Mescal Street, Scottsdale, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,315
Buildings, Improvements & Equipment	13,650
Cost Capitalized Subsequent to Acquisition	6,564
Impairment	0
Cost at the end of the period
Land	2,318
Buildings, Improvements & Equipment	20,211
Total	22,529
Accumulated Depreciation	7,904
17225 North Boswell Boulevard, Sun City, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,189
Buildings, Improvements & Equipment	10,569
Cost Capitalized Subsequent to Acquisition	1,442
Impairment	0
Cost at the end of the period
Land	1,189
Buildings, Improvements & Equipment	12,011
Total	13,200
Accumulated Depreciation	6,661
14001 W. Meeker Boulevard, Sun City West, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	395
Buildings, Improvements & Equipment	3,307
Cost Capitalized Subsequent to Acquisition	1
Impairment	0
Cost at the end of the period
Land	395
Buildings, Improvements & Equipment	3,308
Total	3,703
Accumulated Depreciation	1,351
1415 West 3rd Street, Tempe, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,186
Buildings, Improvements & Equipment	13,446
Cost Capitalized Subsequent to Acquisition	170
Impairment	0
Cost at the end of the period
Land	2,186
Buildings, Improvements & Equipment	13,616
Total	15,802
Accumulated Depreciation	988
2500 North Rosemont Boulevard, Tucson, AZ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,429
Buildings, Improvements & Equipment	26,119
Cost Capitalized Subsequent to Acquisition	5,124
Impairment	0
Cost at the end of the period
Land	4,576
Buildings, Improvements & Equipment	31,096
Total	35,672
Accumulated Depreciation	13,520
710 North Euclid, Anaheim, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,850
Buildings, Improvements & Equipment	6,964
Cost Capitalized Subsequent to Acquisition	822
Impairment	0
Cost at the end of the period
Land	2,893
Buildings, Improvements & Equipment	7,743
Total	10,636
Accumulated Depreciation	1,924
3209 Brookside Drive, Bakersfield, CA
Real Estate And Accumulated Depreciation
Encumbrances	12,553
Initial Cost to Company
Land	4,166
Buildings, Improvements & Equipment	13,233
Cost Capitalized Subsequent to Acquisition	77
Impairment	0
Cost at the end of the period
Land	4,166
Buildings, Improvements & Equipment	13,310
Total	17,476
Accumulated Depreciation	1,006
5000 Marina Boulevard, Brisbane, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	7,957
Buildings, Improvements & Equipment	13,430
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	7,957
Buildings, Improvements & Equipment	13,430
Total	21,387
Accumulated Depreciation	6
5770 Armada Drive, Carlsbad, CA
Real Estate And Accumulated Depreciation
Encumbrances	11,392
Initial Cost to Company
Land	3,875
Buildings, Improvements & Equipment	18,543
Cost Capitalized Subsequent to Acquisition	(1)
Impairment	0
Cost at the end of the period
Land	3,875
Buildings, Improvements & Equipment	18,542
Total	22,417
Accumulated Depreciation	1,352
1350 South El Camino Real, Encinitas, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	18,042
Cost Capitalized Subsequent to Acquisition	443
Impairment	0
Cost at the end of the period
Land	1,517
Buildings, Improvements & Equipment	18,478
Total	19,995
Accumulated Depreciation	4,543
47201 Lakeview Boulevard, Freemont, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	10,177
Cost Capitalized Subsequent to Acquisition	36
Impairment	0
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	10,213
Total	13,413
Accumulated Depreciation	1,594
47211/47215 Lakeview Boulevard, Fremont, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,750
Buildings, Improvements & Equipment	12,656
Cost Capitalized Subsequent to Acquisition	216
Impairment	0
Cost at the end of the period
Land	3,750
Buildings, Improvements & Equipment	12,872
Total	16,622
Accumulated Depreciation	1,994
47900 Bayside Parkway, Fremont, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,580
Buildings, Improvements & Equipment	10,370
Cost Capitalized Subsequent to Acquisition	1,001
Impairment	0
Cost at the end of the period
Land	4,580
Buildings, Improvements & Equipment	11,371
Total	15,951
Accumulated Depreciation	1,737
577 South Peach Street, Fresno, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	738
Buildings, Improvements & Equipment	2,577
Cost Capitalized Subsequent to Acquisition	4,175
Impairment	0
Cost at the end of the period
Land	738
Buildings, Improvements & Equipment	6,752
Total	7,490
Accumulated Depreciation	1,932
6075 N. Marks Avenue, Fresno, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	880
Buildings, Improvements & Equipment	12,751
Cost Capitalized Subsequent to Acquisition	342
Impairment	0
Cost at the end of the period
Land	883
Buildings, Improvements & Equipment	13,090
Total	13,973
Accumulated Depreciation	3,188
24552 Paseo de Valencia, Laguna Hills, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,172
Buildings, Improvements & Equipment	28,184
Cost Capitalized Subsequent to Acquisition	16,427
Impairment	0
Cost at the end of the period
Land	3,810
Buildings, Improvements & Equipment	43,973
Total	47,783
Accumulated Depreciation	17,862
8631 West 3rd Street, Los Angeles, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	24,640
Buildings, Improvements & Equipment	88,277
Cost Capitalized Subsequent to Acquisition	10,047
Impairment	0
Cost at the end of the period
Land	24,640
Buildings, Improvements & Equipment	98,324
Total	122,964
Accumulated Depreciation	16,726
8635 West 3rd Street, Los Angeles, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	24,640
Buildings, Improvements & Equipment	90,352
Cost Capitalized Subsequent to Acquisition	9,738
Impairment	0
Cost at the end of the period
Land	24,640
Buildings, Improvements & Equipment	100,090
Total	124,730
Accumulated Depreciation	16,947
2325 St. Pauls Way, Modesto, CA
Real Estate And Accumulated Depreciation
Encumbrances	6,430
Initial Cost to Company
Land	1,104
Buildings, Improvements & Equipment	9,009
Cost Capitalized Subsequent to Acquisition	59
Impairment	0
Cost at the end of the period
Land	1,106
Buildings, Improvements & Equipment	9,066
Total	10,172
Accumulated Depreciation	694
8700 Lindley Avenue, Northridge, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,068
Buildings, Improvements & Equipment	13,520
Cost Capitalized Subsequent to Acquisition	82
Impairment	0
Cost at the end of the period
Land	2,079
Buildings, Improvements & Equipment	13,591
Total	15,670
Accumulated Depreciation	1,029
1319 Brookside Avenue, Redlands, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,770
Buildings, Improvements & Equipment	9,982
Cost Capitalized Subsequent to Acquisition	517
Impairment	0
Cost at the end of the period
Land	1,770
Buildings, Improvements & Equipment	10,499
Total	12,269
Accumulated Depreciation	2,509
110 Sterling Court, Roseville, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,620
Buildings, Improvements & Equipment	10,262
Cost Capitalized Subsequent to Acquisition	463
Impairment	0
Cost at the end of the period
Land	1,620
Buildings, Improvements & Equipment	10,725
Total	12,345
Accumulated Depreciation	2,591
1371 Parkside Drive, San Bernardino, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,250
Buildings, Improvements & Equipment	9,069
Cost Capitalized Subsequent to Acquisition	686
Impairment	0
Cost at the end of the period
Land	1,250
Buildings, Improvements & Equipment	9,755
Total	11,005
Accumulated Depreciation	3,138
16925 & 16916 Hierba Drive, San Diego, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	9,142
Buildings, Improvements & Equipment	53,904
Cost Capitalized Subsequent to Acquisition	13,096
Impairment	0
Cost at the end of the period
Land	9,148
Buildings, Improvements & Equipment	66,994
Total	76,142
Accumulated Depreciation	28,596
3030 Science Park, San Diego, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,466
Buildings, Improvements & Equipment	46,473
Cost Capitalized Subsequent to Acquisition	19
Impairment	0
Cost at the end of the period
Land	2,466
Buildings, Improvements & Equipment	46,492
Total	48,958
Accumulated Depreciation	9,779
3040 Science Park, San Diego, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,225
Buildings, Improvements & Equipment	23,077
Cost Capitalized Subsequent to Acquisition	20
Impairment	0
Cost at the end of the period
Land	1,225
Buildings, Improvements & Equipment	23,097
Total	24,322
Accumulated Depreciation	4,856
3050 Science Park, San Diego, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,508
Buildings, Improvements & Equipment	28,753
Cost Capitalized Subsequent to Acquisition	19
Impairment	0
Cost at the end of the period
Land	1,508
Buildings, Improvements & Equipment	28,772
Total	30,280
Accumulated Depreciation	6,050
24305 West Lyons Avenue, Santa Clarita,CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	763
Buildings, Improvements & Equipment	15,538
Cost Capitalized Subsequent to Acquisition	104
Impairment	0
Cost at the end of the period
Land	763
Buildings, Improvements & Equipment	15,642
Total	16,405
Accumulated Depreciation	1,184
3530 Deer Park Drive, Stockton, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	670
Buildings, Improvements & Equipment	14,419
Cost Capitalized Subsequent to Acquisition	484
Impairment	0
Cost at the end of the period
Land	670
Buildings, Improvements & Equipment	14,903
Total	15,573
Accumulated Depreciation	3,615
537 East Fulton Street, Stockton, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	382
Buildings, Improvements & Equipment	2,750
Cost Capitalized Subsequent to Acquisition	953
Impairment	0
Cost at the end of the period
Land	382
Buildings, Improvements & Equipment	3,703
Total	4,085
Accumulated Depreciation	2,345
877 East March Lane, Stockton, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,176
Buildings, Improvements & Equipment	11,171
Cost Capitalized Subsequent to Acquisition	5,895
Impairment	0
Cost at the end of the period
Land	1,380
Buildings, Improvements & Equipment	16,862
Total	18,242
Accumulated Depreciation	6,467
93 W Avenida de Los Arboles, Thousand Oaks, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	622
Buildings, Improvements & Equipment	2,522
Cost Capitalized Subsequent to Acquisition	2,522
Impairment	0
Cost at the end of the period
Land	622
Buildings, Improvements & Equipment	5,044
Total	5,666
Accumulated Depreciation	3,031
28515 Westinghouse Place, Valencia,CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,669
Buildings, Improvements & Equipment	41,440
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	4,669
Buildings, Improvements & Equipment	41,440
Total	46,109
Accumulated Depreciation	3,022
6835 Hazeltine Street, Van Nuys, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	718
Buildings, Improvements & Equipment	378
Cost Capitalized Subsequent to Acquisition	935
Impairment	0
Cost at the end of the period
Land	725
Buildings, Improvements & Equipment	1,306
Total	2,031
Accumulated Depreciation	766
1866 San Miguel Drive, Walnut Creek, CA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,010
Buildings, Improvements & Equipment	9,290
Cost Capitalized Subsequent to Acquisition	3,504
Impairment	0
Cost at the end of the period
Land	3,417
Buildings, Improvements & Equipment	11,387
Total	14,804
Accumulated Depreciation	1,894
1950 South Dayton Street, Aurora, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,062
Buildings, Improvements & Equipment	46,195
Cost Capitalized Subsequent to Acquisition	1,092
Impairment	0
Cost at the end of the period
Land	3,111
Buildings, Improvements & Equipment	47,238
Total	50,349
Accumulated Depreciation	3,570
515 Fairview, Canon City, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	292
Buildings, Improvements & Equipment	6,228
Cost Capitalized Subsequent to Acquisition	1,239
Impairment	(3,512)
Cost at the end of the period
Land	299
Buildings, Improvements & Equipment	3,948
Total	4,247
Accumulated Depreciation	1,905
110 West Van Buren, Colorado Springs, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	245
Buildings, Improvements & Equipment	5,236
Cost Capitalized Subsequent to Acquisition	1,727
Impairment	(3,031)
Cost at the end of the period
Land	245
Buildings, Improvements & Equipment	3,932
Total	4,177
Accumulated Depreciation	1,907
3920 East San Miguel Street, Colorado Springs, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,380
Buildings, Improvements & Equipment	8,894
Cost Capitalized Subsequent to Acquisition	3,322
Impairment	0
Cost at the end of the period
Land	1,597
Buildings, Improvements & Equipment	11,999
Total	13,596
Accumulated Depreciation	1,615
2050 South Main, Delta, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	167
Buildings, Improvements & Equipment	3,570
Cost Capitalized Subsequent to Acquisition	826
Impairment	0
Cost at the end of the period
Land	167
Buildings, Improvements & Equipment	4,396
Total	4,563
Accumulated Depreciation	2,334
2501 Little Bookcliff Drive, Grand Junction, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	204
Buildings, Improvements & Equipment	3,875
Cost Capitalized Subsequent to Acquisition	1,529
Impairment	0
Cost at the end of the period
Land	204
Buildings, Improvements & Equipment	5,404
Total	5,608
Accumulated Depreciation	3,272
2825 Patterson Road, Grand Junction, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	173
Buildings, Improvements & Equipment	2,583
Cost Capitalized Subsequent to Acquisition	2,260
Impairment	0
Cost at the end of the period
Land	173
Buildings, Improvements & Equipment	4,843
Total	5,016
Accumulated Depreciation	2,941
1599 Ingalls Street, Lakewood, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	232
Buildings, Improvements & Equipment	3,766
Cost Capitalized Subsequent to Acquisition	3,170
Impairment	0
Cost at the end of the period
Land	232
Buildings, Improvements & Equipment	6,936
Total	7,168
Accumulated Depreciation	4,250
5555 South Elati Street, Littleton, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	185
Buildings, Improvements & Equipment	5,043
Cost Capitalized Subsequent to Acquisition	2,508
Impairment	0
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	7,545
Total	7,736
Accumulated Depreciation	4,802
8271 South Continental Divide Road, Littleton, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,507
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,507
Total	3,907
Accumulated Depreciation	1,431
9005 Grant Street, Thornton, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	961
Buildings, Improvements & Equipment	10,867
Cost Capitalized Subsequent to Acquisition	55
Impairment	0
Cost at the end of the period
Land	993
Buildings, Improvements & Equipment	10,890
Total	11,883
Accumulated Depreciation	1,367
9025 Grant Street, Thornton, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	475
Buildings, Improvements & Equipment	909
Cost Capitalized Subsequent to Acquisition	457
Impairment	0
Cost at the end of the period
Land	483
Buildings, Improvements & Equipment	1,358
Total	1,841
Accumulated Depreciation	181
7809 W. 38th Avenue, Wheat Ridge, CO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	470
Buildings, Improvements & Equipment	3,373
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	470
Buildings, Improvements & Equipment	3,373
Total	3,843
Accumulated Depreciation	654
40 Sebethe Drive, Cromwell, CT
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	570
Buildings, Improvements & Equipment	5,304
Cost Capitalized Subsequent to Acquisition	1,066
Impairment	0
Cost at the end of the period
Land	570
Buildings, Improvements & Equipment	6,370
Total	6,940
Accumulated Depreciation	1,323
866 North Main Street, Wallingford, CT
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	430
Buildings, Improvements & Equipment	3,136
Cost Capitalized Subsequent to Acquisition	583
Impairment	0
Cost at the end of the period
Land	430
Buildings, Improvements & Equipment	3,719
Total	4,149
Accumulated Depreciation	875
1145 19th Street, Washington, DC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	13,600
Buildings, Improvements & Equipment	24,880
Cost Capitalized Subsequent to Acquisition	7,893
Impairment	0
Cost at the end of the period
Land	13,600
Buildings, Improvements & Equipment	32,773
Total	46,373
Accumulated Depreciation	6,417
2141 K Street, Washington, DC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	13,700
Buildings, Improvements & Equipment	8,400
Cost Capitalized Subsequent to Acquisition	3,765
Impairment	0
Cost at the end of the period
Land	13,700
Buildings, Improvements & Equipment	12,165
Total	25,865
Accumulated Depreciation	2,562
255 Possum Park Road, Newark, DE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,010
Buildings, Improvements & Equipment	11,852
Cost Capitalized Subsequent to Acquisition	4,938
Impairment	0
Cost at the end of the period
Land	2,760
Buildings, Improvements & Equipment	16,040
Total	18,800
Accumulated Depreciation	6,542
4175 Ogletown Stanton Rd, Newark, DE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	19,447
Cost Capitalized Subsequent to Acquisition	1,042
Impairment	0
Cost at the end of the period
Land	1,513
Buildings, Improvements & Equipment	20,476
Total	21,989
Accumulated Depreciation	4,975
1212 Foulk Road, Wilmington, DE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,179
Buildings, Improvements & Equipment	6,950
Cost Capitalized Subsequent to Acquisition	1,592
Impairment	0
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	8,521
Total	9,721
Accumulated Depreciation	3,954
1912 Marsh Road, Wilmington, DE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,365
Buildings, Improvements & Equipment	25,739
Cost Capitalized Subsequent to Acquisition	3,570
Impairment	0
Cost at the end of the period
Land	4,426
Buildings, Improvements & Equipment	29,248
Total	33,674
Accumulated Depreciation	12,398
2723 Shipley Road, Wilmington, DE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	869
Buildings, Improvements & Equipment	5,126
Cost Capitalized Subsequent to Acquisition	4,156
Impairment	0
Cost at the end of the period
Land	903
Buildings, Improvements & Equipment	9,248
Total	10,151
Accumulated Depreciation	4,066
407 Foulk Road, Wilmington, DE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	38
Buildings, Improvements & Equipment	227
Cost Capitalized Subsequent to Acquisition	2,105
Impairment	0
Cost at the end of the period
Land	78
Buildings, Improvements & Equipment	2,292
Total	2,370
Accumulated Depreciation	673
13200 Nano Court, Alachula, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,792
Buildings, Improvements & Equipment	42,440
Cost Capitalized Subsequent to Acquisition	13
Impairment	0
Cost at the end of the period
Land	2,792
Buildings, Improvements & Equipment	42,453
Total	45,245
Accumulated Depreciation	1,769
13545 Progress Boulevard, Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	4,935
Cost Capitalized Subsequent to Acquisition	173
Impairment	0
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	5,108
Total	5,620
Accumulated Depreciation	895
13631 Progress Boulevard, Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	4,941
Cost Capitalized Subsequent to Acquisition	106
Impairment	0
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	5,047
Total	5,559
Accumulated Depreciation	837
13709 Progress Boulevard, Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,080
Buildings, Improvements & Equipment	1,675
Cost Capitalized Subsequent to Acquisition	350
Impairment	0
Cost at the end of the period
Land	1,080
Buildings, Improvements & Equipment	2,025
Total	3,105
Accumulated Depreciation	336
13859 Progress Boulevard, Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	2,395
Initial Cost to Company
Land	570
Buildings, Improvements & Equipment	4,276
Cost Capitalized Subsequent to Acquisition	343
Impairment	0
Cost at the end of the period
Land	570
Buildings, Improvements & Equipment	4,619
Total	5,189
Accumulated Depreciation	716
Progress Center - Lot 1 Property, Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	165
Buildings, Improvements & Equipment	0
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	165
Buildings, Improvements & Equipment	0
Total	165
Accumulated Depreciation	0
Progress Center - Lot 4 Property, Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	331
Buildings, Improvements & Equipment	0
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	331
Buildings, Improvements & Equipment	0
Total	331
Accumulated Depreciation	0
Progress Vacant Land (47 acres), Alachua, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,000
Buildings, Improvements & Equipment	0
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	4,000
Buildings, Improvements & Equipment	0
Total	4,000
Accumulated Depreciation	0
22601 Camino Del Mar, Boca Raton, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	46,800
Cost Capitalized Subsequent to Acquisition	3,014
Impairment	0
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	49,814
Total	53,014
Accumulated Depreciation	9,218
1325 S. Congress Avenue, Boynton Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,620
Buildings, Improvements & Equipment	5,341
Cost Capitalized Subsequent to Acquisition	874
Impairment	0
Cost at the end of the period
Land	1,620
Buildings, Improvements & Equipment	6,215
Total	7,835
Accumulated Depreciation	823
1425 Congress Avenue, Boynton Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,390
Buildings, Improvements & Equipment	14,768
Cost Capitalized Subsequent to Acquisition	1,827
Impairment	0
Cost at the end of the period
Land	2,390
Buildings, Improvements & Equipment	16,595
Total	18,985
Accumulated Depreciation	3,173
1416 Country Club Blvd., Cape Coral, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,907
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,907
Total	3,307
Accumulated Depreciation	1,189
8500 Royal Palm Boulevard, Coral Springs, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,410
Buildings, Improvements & Equipment	20,104
Cost Capitalized Subsequent to Acquisition	24,640
Impairment	0
Cost at the end of the period
Land	3,413
Buildings, Improvements & Equipment	44,741
Total	48,154
Accumulated Depreciation	14,991
1208 South Military Trail, Deerfield Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,690
Buildings, Improvements & Equipment	14,972
Cost Capitalized Subsequent to Acquisition	21,467
Impairment	0
Cost at the end of the period
Land	1,738
Buildings, Improvements & Equipment	36,391
Total	38,129
Accumulated Depreciation	13,418
3001 Deer Creek Boulevard, Deerfield Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,196
Buildings, Improvements & Equipment	18,848
Cost Capitalized Subsequent to Acquisition	15,703
Impairment	0
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	34,547
Total	37,747
Accumulated Depreciation	12,805
12780 Kenwood Lane, Fort Myers, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	369
Buildings, Improvements & Equipment	2,174
Cost Capitalized Subsequent to Acquisition	2,897
Impairment	0
Cost at the end of the period
Land	859
Buildings, Improvements & Equipment	4,581
Total	5,440
Accumulated Depreciation	1,741
2525 East First Street, Fort Myers, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,385
Buildings, Improvements & Equipment	21,137
Cost Capitalized Subsequent to Acquisition	17,617
Impairment	0
Cost at the end of the period
Land	2,525
Buildings, Improvements & Equipment	38,614
Total	41,139
Accumulated Depreciation	14,498
1825 Ridgewood Avenue, Holly Hill, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	900
Buildings, Improvements & Equipment	21,202
Cost Capitalized Subsequent to Acquisition	(2,735)
Impairment	0
Cost at the end of the period
Land	700
Buildings, Improvements & Equipment	18,667
Total	19,367
Accumulated Depreciation	3,501
2480 North Park Road, Hollywood, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,500
Buildings, Improvements & Equipment	40,500
Cost Capitalized Subsequent to Acquisition	12,580
Impairment	0
Cost at the end of the period
Land	4,527
Buildings, Improvements & Equipment	53,053
Total	57,580
Accumulated Depreciation	9,410
8901 Tamiami Trail E., Naples, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	2,898
Cost Capitalized Subsequent to Acquisition	13,166
Impairment	0
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	16,064
Total	19,264
Accumulated Depreciation	4,351
12780 Waterford Lakes Parkway, Orlando, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	977
Buildings, Improvements & Equipment	3,946
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	977
Buildings, Improvements & Equipment	3,946
Total	4,923
Accumulated Depreciation	401
1603 S. Hiawassee Road, Orlando, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	488
Buildings, Improvements & Equipment	2,621
Cost Capitalized Subsequent to Acquisition	85
Impairment	0
Cost at the end of the period
Land	488
Buildings, Improvements & Equipment	2,706
Total	3,194
Accumulated Depreciation	290
1825 N. Mills Avenue, Orlando, Orlando, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	519
Buildings, Improvements & Equipment	1,799
Cost Capitalized Subsequent to Acquisition	354
Impairment	0
Cost at the end of the period
Land	519
Buildings, Improvements & Equipment	2,153
Total	2,672
Accumulated Depreciation	502
1911 N. Mills Avenue, Orlando, Orlando, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,946
Buildings, Improvements & Equipment	7,197
Cost Capitalized Subsequent to Acquisition	677
Impairment	0
Cost at the end of the period
Land	1,946
Buildings, Improvements & Equipment	7,874
Total	9,820
Accumulated Depreciation	1,891
1925 N. Mills Avenue, Orlando, Orlando, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	135
Buildings, Improvements & Equipment	532
Cost Capitalized Subsequent to Acquisition	155
Impairment	0
Cost at the end of the period
Land	135
Buildings, Improvements & Equipment	687
Total	822
Accumulated Depreciation	166
250 N. Alafaya Trail, Orlando, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	967
Buildings, Improvements & Equipment	4,362
Cost Capitalized Subsequent to Acquisition	14
Impairment	0
Cost at the end of the period
Land	967
Buildings, Improvements & Equipment	4,376
Total	5,343
Accumulated Depreciation	438
45 Katherine Boulevard, Palm Harbor, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,379
Buildings, Improvements & Equipment	29,945
Cost Capitalized Subsequent to Acquisition	4,618
Impairment	0
Cost at the end of the period
Land	3,392
Buildings, Improvements & Equipment	34,550
Total	37,942
Accumulated Depreciation	19,276
900 West Lake Road, Palm Harbor, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,449
Buildings, Improvements & Equipment	20,336
Cost Capitalized Subsequent to Acquisition	7,722
Impairment	0
Cost at the end of the period
Land	3,452
Buildings, Improvements & Equipment	28,055
Total	31,507
Accumulated Depreciation	11,552
8500 West Sunrise Boulevard, Plantation, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,700
Buildings, Improvements & Equipment	24,300
Cost Capitalized Subsequent to Acquisition	4,683
Impairment	0
Cost at the end of the period
Land	4,710
Buildings, Improvements & Equipment	28,973
Total	33,683
Accumulated Depreciation	6,673
1371 South Ocean Boulevard, Pompano Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,500
Buildings, Improvements & Equipment	15,500
Cost Capitalized Subsequent to Acquisition	11,845
Impairment	0
Cost at the end of the period
Land	2,500
Buildings, Improvements & Equipment	27,345
Total	29,845
Accumulated Depreciation	4,815
2701 North Course Dr., Pompano Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	7,700
Buildings, Improvements & Equipment	2,127
Cost Capitalized Subsequent to Acquisition	34,889
Impairment	0
Cost at the end of the period
Land	7,700
Buildings, Improvements & Equipment	37,016
Total	44,716
Accumulated Depreciation	10,812
20480 Veterans Boulevard, Port Charlotte, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	11,934
Cost Capitalized Subsequent to Acquisition	1,355
Impairment	0
Cost at the end of the period
Land	404
Buildings, Improvements & Equipment	13,285
Total	13,689
Accumulated Depreciation	2,684
1699 S.E. Lyngate Drive, Port St. Lucie, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,242
Buildings, Improvements & Equipment	11,009
Cost Capitalized Subsequent to Acquisition	1,497
Impairment	0
Cost at the end of the period
Land	1,242
Buildings, Improvements & Equipment	12,506
Total	13,748
Accumulated Depreciation	7,102
501 N.W. Cashmere Boulevard, Port St. Lucie, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	890
Buildings, Improvements & Equipment	9,345
Cost Capitalized Subsequent to Acquisition	905
Impairment	0
Cost at the end of the period
Land	891
Buildings, Improvements & Equipment	10,249
Total	11,140
Accumulated Depreciation	1,848
3855 Upper Creek Drive, Sun City, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,676
Buildings, Improvements & Equipment	15,788
Cost Capitalized Subsequent to Acquisition	134
Impairment	0
Cost at the end of the period
Land	1,676
Buildings, Improvements & Equipment	15,922
Total	17,598
Accumulated Depreciation	1,231
900 South Harbour Island Blvd., Tampa, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,850
Buildings, Improvements & Equipment	6,349
Cost Capitalized Subsequent to Acquisition	7
Impairment	0
Cost at the end of the period
Land	4,850
Buildings, Improvements & Equipment	6,356
Total	11,206
Accumulated Depreciation	1,622
111 Executive Center Drive, West Palm Beach, FL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,061
Buildings, Improvements & Equipment	12,153
Cost Capitalized Subsequent to Acquisition	10,083
Impairment	0
Cost at the end of the period
Land	2,061
Buildings, Improvements & Equipment	22,236
Total	24,297
Accumulated Depreciation	8,917
2351 Cedarcrest Road, Acworth, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,000
Buildings, Improvements & Equipment	6,674
Cost Capitalized Subsequent to Acquisition	120
Impairment	0
Cost at the end of the period
Land	2,000
Buildings, Improvements & Equipment	6,794
Total	8,794
Accumulated Depreciation	388
1200 Bluegrass Lakes Parkway, Alpharetta GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,689
Buildings, Improvements & Equipment	15,936
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,689
Buildings, Improvements & Equipment	15,936
Total	17,625
Accumulated Depreciation	1,162
855 North Point Pkwy, Alpharetta, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,390
Buildings, Improvements & Equipment	26,712
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	5,390
Buildings, Improvements & Equipment	26,712
Total	32,102
Accumulated Depreciation	6,261
253 N. Main Street, Alpharett, GA
Real Estate And Accumulated Depreciation
Encumbrances	9,754
Initial Cost to Company
Land	1,325
Buildings, Improvements & Equipment	12,377
Cost Capitalized Subsequent to Acquisition	150
Impairment	0
Cost at the end of the period
Land	1,325
Buildings, Improvements & Equipment	12,527
Total	13,852
Accumulated Depreciation	963
1291 Cedar Shoals Drive, Athens, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	337
Buildings, Improvements & Equipment	4,006
Cost Capitalized Subsequent to Acquisition	825
Impairment	0
Cost at the end of the period
Land	368
Buildings, Improvements & Equipment	4,800
Total	5,168
Accumulated Depreciation	1,618
1515 Sheridan Road, Atlanta, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,800
Buildings, Improvements & Equipment	9,305
Cost Capitalized Subsequent to Acquisition	3
Impairment	0
Cost at the end of the period
Land	5,800
Buildings, Improvements & Equipment	9,308
Total	15,108
Accumulated Depreciation	2,356
59 Executive Park South, Atlanta, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,980
Buildings, Improvements & Equipment	11,266
Cost Capitalized Subsequent to Acquisition	586
Impairment	0
Cost at the end of the period
Land	4,980
Buildings, Improvements & Equipment	11,852
Total	16,832
Accumulated Depreciation	2,253
240 Marietta Highway, Canton, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	806
Buildings, Improvements & Equipment	8,555
Cost Capitalized Subsequent to Acquisition	1,007
Impairment	0
Cost at the end of the period
Land	806
Buildings, Improvements & Equipment	9,562
Total	10,368
Accumulated Depreciation	1,255
4500 South Stadium Drive, Columbus, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	294
Buildings, Improvements & Equipment	3,505
Cost Capitalized Subsequent to Acquisition	323
Impairment	0
Cost at the end of the period
Land	294
Buildings, Improvements & Equipment	3,828
Total	4,122
Accumulated Depreciation	1,343
1352 Wellbrook Circle, Conyers, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	342
Buildings, Improvements & Equipment	4,068
Cost Capitalized Subsequent to Acquisition	984
Impairment	0
Cost at the end of the period
Land	342
Buildings, Improvements & Equipment	5,052
Total	5,394
Accumulated Depreciation	1,708
1501 Milstead Road, Conyers, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	7,796
Cost Capitalized Subsequent to Acquisition	273
Impairment	0
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	8,069
Total	8,819
Accumulated Depreciation	1,477
3875 Post Road, Conyers, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	954
Buildings, Improvements & Equipment	12,796
Cost Capitalized Subsequent to Acquisition	109
Impairment	0
Cost at the end of the period
Land	958
Buildings, Improvements & Equipment	12,901
Total	13,859
Accumulated Depreciation	1,015
4960 Jot Em Down Road, Cumming, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,548
Buildings, Improvements & Equipment	18,666
Cost Capitalized Subsequent to Acquisition	12,105
Impairment	0
Cost at the end of the period
Land	3,407
Buildings, Improvements & Equipment	28,912
Total	32,319
Accumulated Depreciation	3,300
5610 Hampton Park Dr., Cumming, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,479
Buildings, Improvements & Equipment	14,771
Cost Capitalized Subsequent to Acquisition	189
Impairment	0
Cost at the end of the period
Land	3,481
Buildings, Improvements & Equipment	14,958
Total	18,439
Accumulated Depreciation	1,105
7955 Majors Road, Cumming, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,325
Buildings, Improvements & Equipment	7,770
Cost Capitalized Subsequent to Acquisition	105
Impairment	0
Cost at the end of the period
Land	1,325
Buildings, Improvements & Equipment	7,875
Total	9,200
Accumulated Depreciation	603
2470 Dug Gap Road, Dalton, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	262
Buildings, Improvements & Equipment	3,119
Cost Capitalized Subsequent to Acquisition	501
Impairment	0
Cost at the end of the period
Land	262
Buildings, Improvements & Equipment	3,620
Total	3,882
Accumulated Depreciation	1,235
101 West Ponce De Leon Avenue, Decatur, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,500
Buildings, Improvements & Equipment	13,179
Cost Capitalized Subsequent to Acquisition	11
Impairment	0
Cost at the end of the period
Land	3,500
Buildings, Improvements & Equipment	13,190
Total	16,690
Accumulated Depreciation	1,841
2801 N. Decatur Road, Decatur, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,100
Buildings, Improvements & Equipment	4,436
Cost Capitalized Subsequent to Acquisition	758
Impairment	0
Cost at the end of the period
Land	3,100
Buildings, Improvements & Equipment	5,194
Total	8,294
Accumulated Depreciation	1,185
114 Penland Street, Ellijay, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	496
Buildings, Improvements & Equipment	7,107
Cost Capitalized Subsequent to Acquisition	387
Impairment	0
Cost at the end of the period
Land	496
Buildings, Improvements & Equipment	7,494
Total	7,990
Accumulated Depreciation	911
353 North Belair Road, Evans, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	230
Buildings, Improvements & Equipment	2,663
Cost Capitalized Subsequent to Acquisition	574
Impairment	0
Cost at the end of the period
Land	230
Buildings, Improvements & Equipment	3,237
Total	3,467
Accumulated Depreciation	1,171
1294 Highway 54 West, Fayetteville, GA
Real Estate And Accumulated Depreciation
Encumbrances	8,214
Initial Cost to Company
Land	853
Buildings, Improvements & Equipment	9,903
Cost Capitalized Subsequent to Acquisition	269
Impairment	0
Cost at the end of the period
Land	943
Buildings, Improvements & Equipment	10,082
Total	11,025
Accumulated Depreciation	779
2435 Limestone Parkway, Gainesville, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	268
Buildings, Improvements & Equipment	3,186
Cost Capitalized Subsequent to Acquisition	995
Impairment	0
Cost at the end of the period
Land	268
Buildings, Improvements & Equipment	4,181
Total	4,449
Accumulated Depreciation	1,280
3315 Thompson Bridge Road, Gainesville, GA
Real Estate And Accumulated Depreciation
Encumbrances	17,443
Initial Cost to Company
Land	934
Buildings, Improvements & Equipment	30,962
Cost Capitalized Subsequent to Acquisition	392
Impairment	0
Cost at the end of the period
Land	956
Buildings, Improvements & Equipment	31,332
Total	32,288
Accumulated Depreciation	2,316
5373 Thompson Mill Road, Hoschton, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	944
Buildings, Improvements & Equipment	12,171
Cost Capitalized Subsequent to Acquisition	52
Impairment	0
Cost at the end of the period
Land	944
Buildings, Improvements & Equipment	12,223
Total	13,167
Accumulated Depreciation	934
8080 Summit Business Parkway, Jonesboro, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,800
Buildings, Improvements & Equipment	20,664
Cost Capitalized Subsequent to Acquisition	2,227
Impairment	0
Cost at the end of the period
Land	1,800
Buildings, Improvements & Equipment	22,891
Total	24,691
Accumulated Depreciation	4,208
6191 Peake Road, Macon, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	183
Buildings, Improvements & Equipment	2,179
Cost Capitalized Subsequent to Acquisition	736
Impairment	0
Cost at the end of the period
Land	183
Buildings, Improvements & Equipment	2,915
Total	3,098
Accumulated Depreciation	935
1360 Upper Hembree Road, Roswell, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,080
Buildings, Improvements & Equipment	6,138
Cost Capitalized Subsequent to Acquisition	42
Impairment	0
Cost at the end of the period
Land	1,080
Buildings, Improvements & Equipment	6,180
Total	7,260
Accumulated Depreciation	872
1 Savannah Square Drive, Savannah, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	19,090
Cost Capitalized Subsequent to Acquisition	4,755
Impairment	0
Cost at the end of the period
Land	1,390
Buildings, Improvements & Equipment	23,655
Total	25,045
Accumulated Depreciation	6,937
5200 Habersham Street, Savannah, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	7,800
Cost Capitalized Subsequent to Acquisition	726
Impairment	0
Cost at the end of the period
Land	803
Buildings, Improvements & Equipment	8,523
Total	9,326
Accumulated Depreciation	1,690
7410 Skidaway Road, Savannah, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	5,670
Cost Capitalized Subsequent to Acquisition	1,036
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	6,706
Total	7,106
Accumulated Depreciation	2,168
2078 Scenic Highway North, Snellville, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	870
Buildings, Improvements & Equipment	4,030
Cost Capitalized Subsequent to Acquisition	335
Impairment	0
Cost at the end of the period
Land	870
Buildings, Improvements & Equipment	4,365
Total	5,235
Accumulated Depreciation	971
475 Country Club Drive, Stockbridge, GA
Real Estate And Accumulated Depreciation
Encumbrances	8,147
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	9,560
Cost Capitalized Subsequent to Acquisition	244
Impairment	0
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	9,804
Total	10,316
Accumulated Depreciation	759
1300 Montreal Road, Tucker, GA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	690
Buildings, Improvements & Equipment	6,210
Cost Capitalized Subsequent to Acquisition	842
Impairment	0
Cost at the end of the period
Land	690
Buildings, Improvements & Equipment	7,052
Total	7,742
Accumulated Depreciation	2,446
1100 Ward Avenue, Honolulu, HI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	11,200
Buildings, Improvements & Equipment	55,618
Cost Capitalized Subsequent to Acquisition	3,149
Impairment	0
Cost at the end of the period
Land	11,200
Buildings, Improvements & Equipment	58,767
Total	69,967
Accumulated Depreciation	7,996
600 Manor Drive, Clarinda, IA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	77
Buildings, Improvements & Equipment	1,453
Cost Capitalized Subsequent to Acquisition	982
Impairment	0
Cost at the end of the period
Land	77
Buildings, Improvements & Equipment	2,435
Total	2,512
Accumulated Depreciation	1,556
2401 E. 8th Street, Des Moines, IA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	123
Buildings, Improvements & Equipment	627
Cost Capitalized Subsequent to Acquisition	1,323
Impairment	0
Cost at the end of the period
Land	123
Buildings, Improvements & Equipment	1,950
Total	2,073
Accumulated Depreciation	891
608 Prairie Street, Mediapolis, IA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	94
Buildings, Improvements & Equipment	1,776
Cost Capitalized Subsequent to Acquisition	717
Impairment	0
Cost at the end of the period
Land	94
Buildings, Improvements & Equipment	2,493
Total	2,587
Accumulated Depreciation	1,658
1015 West Summit, Winterset, IA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	111
Buildings, Improvements & Equipment	2,099
Cost Capitalized Subsequent to Acquisition	1,337
Impairment	(314)
Cost at the end of the period
Land	111
Buildings, Improvements & Equipment	3,122
Total	3,233
Accumulated Depreciation	2,044
2340 West Seltice Way, Coeur d'Alene, ID
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	910
Buildings, Improvements & Equipment	7,170
Cost Capitalized Subsequent to Acquisition	2,733
Impairment	0
Cost at the end of the period
Land	1,018
Buildings, Improvements & Equipment	9,795
Total	10,813
Accumulated Depreciation	1,272
850 Lincoln Drive, Idaho Falls, ID
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	510
Buildings, Improvements & Equipment	6,640
Cost Capitalized Subsequent to Acquisition	1,789
Impairment	0
Cost at the end of the period
Land	726
Buildings, Improvements & Equipment	8,213
Total	8,939
Accumulated Depreciation	1,208
1250 West Central Road, Arlington Heights, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,665
Buildings, Improvements & Equipment	32,587
Cost Capitalized Subsequent to Acquisition	7,530
Impairment	0
Cost at the end of the period
Land	3,669
Buildings, Improvements & Equipment	40,113
Total	43,782
Accumulated Depreciation	20,325
1450 Busch Parkway, Buffalo Grove, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,800
Buildings, Improvements & Equipment	11,456
Cost Capitalized Subsequent to Acquisition	458
Impairment	0
Cost at the end of the period
Land	3,815
Buildings, Improvements & Equipment	11,899
Total	15,714
Accumulated Depreciation	2,180
2601 Patriot Boulevard, Glenview, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,285
Buildings, Improvements & Equipment	9,593
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	2,285
Buildings, Improvements & Equipment	9,593
Total	11,878
Accumulated Depreciation	700
1373 D'Ardian Professional Park, Godfrey, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	281
Buildings, Improvements & Equipment	15,088
Cost Capitalized Subsequent to Acquisition	276
Impairment	0
Cost at the end of the period
Land	281
Buildings, Improvements & Equipment	15,364
Total	15,645
Accumulated Depreciation	1,169
900 43rd Avenue, Moline, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	482
Buildings, Improvements & Equipment	7,651
Cost Capitalized Subsequent to Acquisition	151
Impairment	0
Cost at the end of the period
Land	482
Buildings, Improvements & Equipment	7,802
Total	8,284
Accumulated Depreciation	579
221 11th Avenue, Moline, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	161
Buildings, Improvements & Equipment	7,244
Cost Capitalized Subsequent to Acquisition	1,277
Impairment	0
Cost at the end of the period
Land	161
Buildings, Improvements & Equipment	8,521
Total	8,682
Accumulated Depreciation	562
2700 14th Street, Pekin, IL
Real Estate And Accumulated Depreciation
Encumbrances	4,840
Initial Cost to Company
Land	171
Buildings, Improvements & Equipment	11,475
Cost Capitalized Subsequent to Acquisition	161
Impairment	0
Cost at the end of the period
Land	171
Buildings, Improvements & Equipment	11,636
Total	11,807
Accumulated Depreciation	884
7130 Crimson Ridge Drive, Rockford, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	7,300
Cost Capitalized Subsequent to Acquisition	28
Impairment	0
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	7,328
Total	7,528
Accumulated Depreciation	1,361
1220 Lakeview Drive, Romeoville, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,120
Buildings, Improvements & Equipment	19,582
Cost Capitalized Subsequent to Acquisition	(61)
Impairment	0
Cost at the end of the period
Land	1,058
Buildings, Improvements & Equipment	19,583
Total	20,641
Accumulated Depreciation	4,590
1201 Hartman Lane, Shiloh, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	743
Buildings, Improvements & Equipment	7,232
Cost Capitalized Subsequent to Acquisition	327
Impairment	0
Cost at the end of the period
Land	1,233
Buildings, Improvements & Equipment	7,069
Total	8,302
Accumulated Depreciation	255
900 Southwind Road, Springfield, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	6,744
Cost Capitalized Subsequent to Acquisition	1,040
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	7,784
Total	8,084
Accumulated Depreciation	2,402
2705 Avenue E, Sterling, IL
Real Estate And Accumulated Depreciation
Encumbrances	4,679
Initial Cost to Company
Land	341
Buildings, Improvements & Equipment	14,331
Cost Capitalized Subsequent to Acquisition	103
Impairment	0
Cost at the end of the period
Land	341
Buildings, Improvements & Equipment	14,434
Total	14,775
Accumulated Depreciation	1,107
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	(235)
Impairment	0
Cost at the end of the period
Land	1,002
Buildings, Improvements & Equipment	7,064
Total	8,066
Accumulated Depreciation	255
100 Grand Victorian Place, Washington, IL
Real Estate And Accumulated Depreciation
Encumbrances	5,450
Initial Cost to Company
Land	241
Buildings, Improvements & Equipment	12,046
Cost Capitalized Subsequent to Acquisition	122
Impairment	0
Cost at the end of the period
Land	241
Buildings, Improvements & Equipment	12,168
Total	12,409
Accumulated Depreciation	916
1615 Lakeside Drive, Waukegan, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,700
Buildings, Improvements & Equipment	9,590
Cost Capitalized Subsequent to Acquisition	1,448
Impairment	0
Cost at the end of the period
Land	2,720
Buildings, Improvements & Equipment	11,018
Total	13,738
Accumulated Depreciation	1,529
1675 Lakeside Drive, Waukegan, IL
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,420
Buildings, Improvements & Equipment	9,382
Cost Capitalized Subsequent to Acquisition	1,177
Impairment	0
Cost at the end of the period
Land	2,436
Buildings, Improvements & Equipment	10,543
Total	12,979
Accumulated Depreciation	1,486
406 Smith Drive, Auburn, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	380
Buildings, Improvements & Equipment	8,246
Cost Capitalized Subsequent to Acquisition	183
Impairment	0
Cost at the end of the period
Land	380
Buildings, Improvements & Equipment	8,429
Total	8,809
Accumulated Depreciation	2,064
6990 East County Road 100 North, Avon, 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
Impairment	0
Cost at the end of the period
Land	850
Buildings, Improvements & Equipment	12,116
Total	12,966
Accumulated Depreciation	3,024
2455 Tamarack Trail, Bloomington, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,400
Buildings, Improvements & Equipment	25,129
Cost Capitalized Subsequent to Acquisition	10,107
Impairment	0
Cost at the end of the period
Land	5,438
Buildings, Improvements & Equipment	35,198
Total	40,636
Accumulated Depreciation	6,687
2460 Glebe Street, Carmel IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,108
Buildings, Improvements & Equipment	57,741
Cost Capitalized Subsequent to Acquisition	340
Impairment	0
Cost at the end of the period
Land	2,120
Buildings, Improvements & Equipment	58,069
Total	60,189
Accumulated Depreciation	4,222
701 East County Line Road, Greenwood, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,830
Buildings, Improvements & Equipment	14,303
Cost Capitalized Subsequent to Acquisition	500
Impairment	0
Cost at the end of the period
Land	1,830
Buildings, Improvements & Equipment	14,803
Total	16,633
Accumulated Depreciation	2,239
8505 Woodfield Crossing Boulevard, Indianapolis, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,785
Buildings, Improvements & Equipment	16,396
Cost Capitalized Subsequent to Acquisition	5,874
Impairment	0
Cost at the end of the period
Land	2,785
Buildings, Improvements & Equipment	22,270
Total	25,055
Accumulated Depreciation	9,207
2501 Friendship Boulevard, Kokomo, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	13,009
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	13,009
Total	13,521
Accumulated Depreciation	22
603 Saint Joseph Drive, Kokomo, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	5,899
Cost Capitalized Subsequent to Acquisition	661
Impairment	0
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	6,560
Total	6,780
Accumulated Depreciation	1,552
1211 Longwood Drive, La Porte, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	770
Buildings, Improvements & Equipment	5,550
Cost Capitalized Subsequent to Acquisition	447
Impairment	0
Cost at the end of the period
Land	770
Buildings, Improvements & Equipment	5,997
Total	6,767
Accumulated Depreciation	1,458
1590 West Timberview Drive, Marion, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	410
Buildings, Improvements & Equipment	5,409
Cost Capitalized Subsequent to Acquisition	220
Impairment	0
Cost at the end of the period
Land	410
Buildings, Improvements & Equipment	5,629
Total	6,039
Accumulated Depreciation	1,447
1473 East McKay Road, Shelbyville, 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
Impairment	0
Cost at the end of the period
Land	190
Buildings, Improvements & Equipment	5,451
Total	5,641
Accumulated Depreciation	1,384
17441 State Rd. 23, South Bend, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,107
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,107
Total	3,507
Accumulated Depreciation	1,270
222 South 25th Street, Terra Haute, IN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	13,115
Cost Capitalized Subsequent to Acquisition	493
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	13,608
Total	13,908
Accumulated Depreciation	3,373
150 Fox Ridge Drive, Vincennes, 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
Impairment	0
Cost at the end of the period
Land	110
Buildings, Improvements & Equipment	4,747
Total	4,857
Accumulated Depreciation	1,179
510 W. 7th Street, Ellinwood, KS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	130
Buildings, Improvements & Equipment	1,137
Cost Capitalized Subsequent to Acquisition	497
Impairment	0
Cost at the end of the period
Land	130
Buildings, Improvements & Equipment	1,634
Total	1,764
Accumulated Depreciation	986
1501 Inverness Drive, Lawrence, KS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,600
Buildings, Improvements & Equipment	18,565
Cost Capitalized Subsequent to Acquisition	532
Impairment	0
Cost at the end of the period
Land	1,747
Buildings, Improvements & Equipment	18,950
Total	20,697
Accumulated Depreciation	4,505
5799 Broadmoor Street, Mission, KS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,522
Buildings, Improvements & Equipment	7,246
Cost Capitalized Subsequent to Acquisition	364
Impairment	0
Cost at the end of the period
Land	1,522
Buildings, Improvements & Equipment	7,610
Total	9,132
Accumulated Depreciation	198
3501 West 95th Street, Overland Park, KS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,568
Buildings, Improvements & Equipment	15,140
Cost Capitalized Subsequent to Acquisition	4,203
Impairment	0
Cost at the end of the period
Land	2,568
Buildings, Improvements & Equipment	19,343
Total	21,911
Accumulated Depreciation	8,280
6555 West 75th Street , Overland Park, KS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,274
Buildings, Improvements & Equipment	1,126
Cost Capitalized Subsequent to Acquisition	13,366
Impairment	0
Cost at the end of the period
Land	1,357
Buildings, Improvements & Equipment	14,409
Total	15,766
Accumulated Depreciation	5,698
981 Campbell Lane, Bowling Green, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	365
Buildings, Improvements & Equipment	4,345
Cost Capitalized Subsequent to Acquisition	487
Impairment	0
Cost at the end of the period
Land	365
Buildings, Improvements & Equipment	4,832
Total	5,197
Accumulated Depreciation	1,722
102 Leonardwood, Frankfort, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	560
Buildings, Improvements & Equipment	8,282
Cost Capitalized Subsequent to Acquisition	1,238
Impairment	0
Cost at the end of the period
Land	560
Buildings, Improvements & Equipment	9,520
Total	10,080
Accumulated Depreciation	2,941
4190 Lafayette Road, Hopkinsville, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	316
Buildings, Improvements & Equipment	3,761
Cost Capitalized Subsequent to Acquisition	218
Impairment	0
Cost at the end of the period
Land	316
Buildings, Improvements & Equipment	3,979
Total	4,295
Accumulated Depreciation	1,443
690 Mason Headley Road, Lexington, KY
Real Estate And Accumulated Depreciation
Encumbrances	8,689
Initial Cost to Company
Land	0
Buildings, Improvements & Equipment	10,848
Cost Capitalized Subsequent to Acquisition	11,621
Impairment	0
Cost at the end of the period
Land	0
Buildings, Improvements & Equipment	22,469
Total	22,469
Accumulated Depreciation	11,440
700 Mason Headley Road, Lexington, KY
Real Estate And Accumulated Depreciation
Encumbrances	2,005
Initial Cost to Company
Land	0
Buildings, Improvements & Equipment	6,394
Cost Capitalized Subsequent to Acquisition	7,376
Impairment	0
Cost at the end of the period
Land	0
Buildings, Improvements & Equipment	13,770
Total	13,770
Accumulated Depreciation	6,274
200 Brookside Drive, Louisville, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,524
Buildings, Improvements & Equipment	20,779
Cost Capitalized Subsequent to Acquisition	6,137
Impairment	0
Cost at the end of the period
Land	3,544
Buildings, Improvements & Equipment	26,896
Total	30,440
Accumulated Depreciation	11,913
1517 West Broadway, Mayfield, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	268
Buildings, Improvements & Equipment	2,730
Cost Capitalized Subsequent to Acquisition	743
Impairment	0
Cost at the end of the period
Land	268
Buildings, Improvements & Equipment	3,473
Total	3,741
Accumulated Depreciation	1,277
1700 Elmdale Road, Paducah, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,358
Cost Capitalized Subsequent to Acquisition	837
Impairment	0
Cost at the end of the period
Land	450
Buildings, Improvements & Equipment	6,195
Total	6,645
Accumulated Depreciation	2,161
100 Neighborly Way, Somerset, KY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	4,919
Cost Capitalized Subsequent to Acquisition	265
Impairment	0
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	5,184
Total	5,384
Accumulated Depreciation	1,451
2661 North Boulevard, Banton Rouge, LA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	199
Buildings, Improvements & Equipment	1,067
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	199
Buildings, Improvements & Equipment	1,067
Total	1,266
Accumulated Depreciation	78
7656 Realtors Drive, Banton Rouge, LA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	907
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	907
Total	1,006
Accumulated Depreciation	66
137 Veterans Boulevard, Denham Springs, LA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	228
Buildings, Improvements & Equipment	1,536
Cost Capitalized Subsequent to Acquisition	(1)
Impairment	0
Cost at the end of the period
Land	228
Buildings, Improvements & Equipment	1,535
Total	1,763
Accumulated Depreciation	112
2995 Race Street, Jackson, LA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	30
Buildings, Improvements & Equipment	845
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	30
Buildings, Improvements & Equipment	845
Total	875
Accumulated Depreciation	62
24660 Plaza Drive, Plaquemine, LA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	1,043
Cost Capitalized Subsequent to Acquisition	1
Impairment	0
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	1,044
Total	1,143
Accumulated Depreciation	76
17392 Vallee Court, Prairieville, LA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	837
Cost Capitalized Subsequent to Acquisition	35
Impairment	0
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	872
Total	971
Accumulated Depreciation	63
35 Milbury St, Auburn, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	7,000
Cost Capitalized Subsequent to Acquisition	463
Impairment	0
Cost at the end of the period
Land	1,510
Buildings, Improvements & Equipment	7,463
Total	8,973
Accumulated Depreciation	1,852
1295 Boylston Street, Boston, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	7,600
Buildings, Improvements & Equipment	18,140
Cost Capitalized Subsequent to Acquisition	1,548
Impairment	0
Cost at the end of the period
Land	7,625
Buildings, Improvements & Equipment	19,663
Total	27,288
Accumulated Depreciation	3,374
11 Fan Pier Boulevard, 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	(723)
Impairment	0
Cost at the end of the period
Land	52,643
Buildings, Improvements & Equipment	784,231
Total	836,874
Accumulated Depreciation	72,252
549 Albany Street, Boston, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,576
Buildings, Improvements & Equipment	45,029
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	4,569
Buildings, Improvements & Equipment	45,036
Total	49,605
Accumulated Depreciation	4,879
330 Baker Avenue, Concord, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,775
Buildings, Improvements & Equipment	19,906
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	3,775
Buildings, Improvements & Equipment	19,906
Total	23,681
Accumulated Depreciation	1,451
370 Lunenburg St, Fitchburg, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	330
Buildings, Improvements & Equipment	3,361
Cost Capitalized Subsequent to Acquisition	32
Impairment	0
Cost at the end of the period
Land	330
Buildings, Improvements & Equipment	3,393
Total	3,723
Accumulated Depreciation	796
165 Mill St, Leominster, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,520
Buildings, Improvements & Equipment	8,703
Cost Capitalized Subsequent to Acquisition	750
Impairment	0
Cost at the end of the period
Land	1,520
Buildings, Improvements & Equipment	9,453
Total	10,973
Accumulated Depreciation	2,380
4 Maguire Road, Lexington, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,600
Buildings, Improvements & Equipment	15,555
Cost Capitalized Subsequent to Acquisition	1,554
Impairment	(7,255)
Cost at the end of the period
Land	3,674
Buildings, Improvements & Equipment	9,780
Total	13,454
Accumulated Depreciation	2,441
100 Hampshire Street, Mansfield, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,090
Buildings, Improvements & Equipment	8,215
Cost Capitalized Subsequent to Acquisition	698
Impairment	0
Cost at the end of the period
Land	2,486
Buildings, Improvements & Equipment	8,517
Total	11,003
Accumulated Depreciation	1,508
15 Hampshire Street, Mansfield, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,360
Buildings, Improvements & Equipment	7,326
Cost Capitalized Subsequent to Acquisition	486
Impairment	0
Cost at the end of the period
Land	1,720
Buildings, Improvements & Equipment	7,452
Total	9,172
Accumulated Depreciation	1,301
5 Hampshire Street, Mansfield, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,190
Buildings, Improvements & Equipment	5,737
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,190
Buildings, Improvements & Equipment	5,737
Total	6,927
Accumulated Depreciation	1,004
176 West St, Milford, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	510
Buildings, Improvements & Equipment	3,039
Cost Capitalized Subsequent to Acquisition	607
Impairment	0
Cost at the end of the period
Land	510
Buildings, Improvements & Equipment	3,646
Total	4,156
Accumulated Depreciation	1,197
108 Elm St, Millbury, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	160
Buildings, Improvements & Equipment	767
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	160
Buildings, Improvements & Equipment	767
Total	927
Accumulated Depreciation	181
30 Newcrossing Road, Reading, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,443
Buildings, Improvements & Equipment	14,153
Cost Capitalized Subsequent to Acquisition	92
Impairment	0
Cost at the end of the period
Land	1,443
Buildings, Improvements & Equipment	14,245
Total	15,688
Accumulated Depreciation	1,880
407 Main St, Spencer, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	270
Buildings, Improvements & Equipment	2,607
Cost Capitalized Subsequent to Acquisition	476
Impairment	0
Cost at the end of the period
Land	270
Buildings, Improvements & Equipment	3,083
Total	3,353
Accumulated Depreciation	983
106 East Main, Westborough, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	920
Buildings, Improvements & Equipment	6,956
Cost Capitalized Subsequent to Acquisition	269
Impairment	0
Cost at the end of the period
Land	920
Buildings, Improvements & Equipment	7,225
Total	8,145
Accumulated Depreciation	1,732
112 East Main, Westborough, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	230
Buildings, Improvements & Equipment	135
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	230
Buildings, Improvements & Equipment	135
Total	365
Accumulated Depreciation	33
299 Cambridge Street, Winchester, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,218
Buildings, Improvements & Equipment	18,988
Cost Capitalized Subsequent to Acquisition	10,672
Impairment	0
Cost at the end of the period
Land	3,218
Buildings, Improvements & Equipment	29,660
Total	32,878
Accumulated Depreciation	11,160
135 Goldstar Blvd, Worcester, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	865
Buildings, Improvements & Equipment	10,912
Cost Capitalized Subsequent to Acquisition	1,212
Impairment	0
Cost at the end of the period
Land	865
Buildings, Improvements & Equipment	12,124
Total	12,989
Accumulated Depreciation	2,806
191 May St, Worcester, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	730
Buildings, Improvements & Equipment	3,634
Cost Capitalized Subsequent to Acquisition	118
Impairment	0
Cost at the end of the period
Land	730
Buildings, Improvements & Equipment	3,752
Total	4,482
Accumulated Depreciation	891
277 E Mountain, Worcester, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
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	341
425 N Lake Ave, Worcester, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	6,176
Cost Capitalized Subsequent to Acquisition	119
Impairment	0
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	6,295
Total	7,495
Accumulated Depreciation	1,488
630 Plantation St, Worcester, MA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	770
Buildings, Improvements & Equipment	10,408
Cost Capitalized Subsequent to Acquisition	571
Impairment	0
Cost at the end of the period
Land	770
Buildings, Improvements & Equipment	10,979
Total	11,749
Accumulated Depreciation	2,759
2717 Riva Road, Annapolis, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,290
Buildings, Improvements & Equipment	12,373
Cost Capitalized Subsequent to Acquisition	548
Impairment	0
Cost at the end of the period
Land	1,290
Buildings, Improvements & Equipment	12,921
Total	14,211
Accumulated Depreciation	3,178
658 Boulton Street, Bel Air, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,750
Buildings, Improvements & Equipment	16,504
Cost Capitalized Subsequent to Acquisition	2
Impairment	0
Cost at the end of the period
Land	4,750
Buildings, Improvements & Equipment	16,506
Total	21,256
Accumulated Depreciation	4,178
7600 Laurel Bowie Road, Bowie, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	408
Buildings, Improvements & Equipment	3,421
Cost Capitalized Subsequent to Acquisition	614
Impairment	0
Cost at the end of the period
Land	408
Buildings, Improvements & Equipment	4,035
Total	4,443
Accumulated Depreciation	1,713
8100 Connecticut Avenue, Chevy Chase, 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	4,895
Impairment	0
Cost at the end of the period
Land	15,170
Buildings, Improvements & Equipment	97,725
Total	112,895
Accumulated Depreciation	16,340
8220 Snowden River Parkway, Columbia, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,390
Buildings, Improvements & Equipment	10,303
Cost Capitalized Subsequent to Acquisition	791
Impairment	0
Cost at the end of the period
Land	1,390
Buildings, Improvements & Equipment	11,094
Total	12,484
Accumulated Depreciation	2,608
700 Port Street , Easton, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	383
Buildings, Improvements & Equipment	4,555
Cost Capitalized Subsequent to Acquisition	2,994
Impairment	0
Cost at the end of the period
Land	394
Buildings, Improvements & Equipment	7,538
Total	7,932
Accumulated Depreciation	2,691
3004 North Ridge Road , Ellicott City, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,409
Buildings, Improvements & Equipment	22,691
Cost Capitalized Subsequent to Acquisition	7,467
Impairment	0
Cost at the end of the period
Land	1,443
Buildings, Improvements & Equipment	30,124
Total	31,567
Accumulated Depreciation	11,130
1820 Latham Drive , Frederick, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	385
Buildings, Improvements & Equipment	3,444
Cost Capitalized Subsequent to Acquisition	672
Impairment	0
Cost at the end of the period
Land	385
Buildings, Improvements & Equipment	4,116
Total	4,501
Accumulated Depreciation	1,724
2100 Whittier Drive, Frederick, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,260
Buildings, Improvements & Equipment	9,464
Cost Capitalized Subsequent to Acquisition	933
Impairment	0
Cost at the end of the period
Land	1,260
Buildings, Improvements & Equipment	10,397
Total	11,657
Accumulated Depreciation	2,535
10116 Sharpsburg Pike, Hagerstown, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,040
Buildings, Improvements & Equipment	7,471
Cost Capitalized Subsequent to Acquisition	4,257
Impairment	0
Cost at the end of the period
Land	1,040
Buildings, Improvements & Equipment	11,728
Total	12,768
Accumulated Depreciation	2,344
4000 Old Court Road, Pikesville, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,000
Buildings, Improvements & Equipment	4,974
Cost Capitalized Subsequent to Acquisition	408
Impairment	0
Cost at the end of the period
Land	2,000
Buildings, Improvements & Equipment	5,382
Total	7,382
Accumulated Depreciation	1,269
12725 Twinbrook Parkway, Pikesville, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	6,138
Buildings, Improvements & Equipment	6,526
Cost Capitalized Subsequent to Acquisition	51
Impairment	0
Cost at the end of the period
Land	6,138
Buildings, Improvements & Equipment	6,577
Total	12,715
Accumulated Depreciation	109
715 Benfield Road, Severna Park, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	229
Buildings, Improvements & Equipment	9,798
Cost Capitalized Subsequent to Acquisition	1,656
Impairment	0
Cost at the end of the period
Land	242
Buildings, Improvements & Equipment	11,441
Total	11,683
Accumulated Depreciation	4,818
14400 Homecrest Road , Silver Spring, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	9,288
Cost Capitalized Subsequent to Acquisition	6,512
Impairment	0
Cost at the end of the period
Land	1,207
Buildings, Improvements & Equipment	15,793
Total	17,000
Accumulated Depreciation	6,200
801 Roeder Road, Silver Spring, MD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,900
Buildings, Improvements & Equipment	12,858
Cost Capitalized Subsequent to Acquisition	1,319
Impairment	0
Cost at the end of the period
Land	1,900
Buildings, Improvements & Equipment	14,177
Total	16,077
Accumulated Depreciation	2,087
720 & 734 N. Pine Road, Hampton, MI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,406
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,406
Total	2,706
Accumulated Depreciation	984
4004 & 4012 Waldo Road, Midland, MI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,606
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,606
Total	3,006
Accumulated Depreciation	1,071
1605 & 1615 Fredericks Drive, Monroe, MI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,506
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,506
Total	2,806
Accumulated Depreciation	1,028
3150 & 3100 Old Centre Road, Portage, MI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,206
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,206
Total	2,506
Accumulated Depreciation	903
2445 & 2485 Mc Carty Road, Saginaw, MI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	5,212
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	5,212
Total	5,812
Accumulated Depreciation	2,130
11855 Ulysses Street NE, Blaine, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,249
Buildings, Improvements & Equipment	9,276
Cost Capitalized Subsequent to Acquisition	174
Impairment	0
Cost at the end of the period
Land	2,249
Buildings, Improvements & Equipment	9,450
Total	11,699
Accumulated Depreciation	1,190
Vacant Land - 11855 Ulysses Street NE, Blaine, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	525
Buildings, Improvements & Equipment	0
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	525
Buildings, Improvements & Equipment	0
Total	525
Accumulated Depreciation	0
1305 Corporate Center Drive, Eagan, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	13,105
Cost Capitalized Subsequent to Acquisition	3,143
Impairment	0
Cost at the end of the period
Land	2,675
Buildings, Improvements & Equipment	15,873
Total	18,548
Accumulated Depreciation	3,251
8301 Golden Valley Road, Golden Valley, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,256
Buildings, Improvements & Equipment	4,680
Cost Capitalized Subsequent to Acquisition	171
Impairment	0
Cost at the end of the period
Land	1,256
Buildings, Improvements & Equipment	4,851
Total	6,107
Accumulated Depreciation	231
8401 Golden Valley Road, Golden Valley, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	5,742
Cost Capitalized Subsequent to Acquisition	495
Impairment	0
Cost at the end of the period
Land	1,510
Buildings, Improvements & Equipment	6,237
Total	7,747
Accumulated Depreciation	306
8501 Golden Valley Road, Golden Valley, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,263
Buildings, Improvements & Equipment	4,288
Cost Capitalized Subsequent to Acquisition	298
Impairment	0
Cost at the end of the period
Land	1,263
Buildings, Improvements & Equipment	4,586
Total	5,849
Accumulated Depreciation	218
1201 Northland Drive, Mendota Heights, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,220
Buildings, Improvements & Equipment	10,208
Cost Capitalized Subsequent to Acquisition	1,157
Impairment	0
Cost at the end of the period
Land	1,368
Buildings, Improvements & Equipment	11,217
Total	12,585
Accumulated Depreciation	1,950
12700 Whitewater Drive, Minnetonka, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,453
Buildings, Improvements & Equipment	8,108
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	5,453
Buildings, Improvements & Equipment	8,108
Total	13,561
Accumulated Depreciation	51
20600 South Diamond Lake Road, Rogers, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,760
Buildings, Improvements & Equipment	45,789
Cost Capitalized Subsequent to Acquisition	1,308
Impairment	0
Cost at the end of the period
Land	2,837
Buildings, Improvements & Equipment	47,020
Total	49,857
Accumulated Depreciation	12,028
2200 County Road C West, Roseville, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	590
Buildings, Improvements & Equipment	702
Cost Capitalized Subsequent to Acquisition	467
Impairment	0
Cost at the end of the period
Land	737
Buildings, Improvements & Equipment	1,022
Total	1,759
Accumulated Depreciation	168
4166 Lexington Avenue N, Shoreview, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	4,547
Cost Capitalized Subsequent to Acquisition	267
Impairment	0
Cost at the end of the period
Land	1,398
Buildings, Improvements & Equipment	4,716
Total	6,114
Accumulated Depreciation	794
1365 Crestridge Lane, West St. Paul, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,506
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,506
Total	2,906
Accumulated Depreciation	1,116
305 & 315 Thompson Avenue, West St. Paul, MN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,608
Cost Capitalized Subsequent to Acquisition	100
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,708
Total	4,108
Accumulated Depreciation	1,631
5351 Gretna Road, Branson, MO
Real Estate And Accumulated Depreciation
Encumbrances	4,360
Initial Cost to Company
Land	743
Buildings, Improvements & Equipment	10,973
Cost Capitalized Subsequent to Acquisition	158
Impairment	0
Cost at the end of the period
Land	753
Buildings, Improvements & Equipment	11,121
Total	11,874
Accumulated Depreciation	870
3828 College View Drive, Joplin, MO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	260
Buildings, Improvements & Equipment	11,382
Cost Capitalized Subsequent to Acquisition	215
Impairment	0
Cost at the end of the period
Land	260
Buildings, Improvements & Equipment	11,597
Total	11,857
Accumulated Depreciation	1,813
14100 Magellan Plaza, Maryland Heights, MO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,719
Buildings, Improvements & Equipment	37,304
Cost Capitalized Subsequent to Acquisition	4,333
Impairment	0
Cost at the end of the period
Land	3,179
Buildings, Improvements & Equipment	42,177
Total	45,356
Accumulated Depreciation	3,289
640 E Highland Avenue, Nevada, MO
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	311
Buildings, Improvements & Equipment	5,703
Cost Capitalized Subsequent to Acquisition	97
Impairment	0
Cost at the end of the period
Land	311
Buildings, Improvements & Equipment	5,800
Total	6,111
Accumulated Depreciation	441
2410 W Chesterfield Blvd, Springfield, MO
Real Estate And Accumulated Depreciation
Encumbrances	6,180
Initial Cost to Company
Land	924
Buildings, Improvements & Equipment	12,772
Cost Capitalized Subsequent to Acquisition	70
Impairment	0
Cost at the end of the period
Land	924
Buildings, Improvements & Equipment	12,842
Total	13,766
Accumulated Depreciation	948
3540 East Cherokee Street, Springfield, MO
Real Estate And Accumulated Depreciation
Encumbrances	3,556
Initial Cost to Company
Land	1,084
Buildings, Improvements & Equipment	11,339
Cost Capitalized Subsequent to Acquisition	191
Impairment	0
Cost at the end of the period
Land	1,129
Buildings, Improvements & Equipment	11,485
Total	12,614
Accumulated Depreciation	869
4700 North Hanley Road, St Louis, Mo
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,166
Buildings, Improvements & Equipment	41,587
Cost Capitalized Subsequent to Acquisition	36
Impairment	0
Cost at the end of the period
Land	5,166
Buildings, Improvements & Equipment	41,623
Total	46,789
Accumulated Depreciation	3,037
1 Lincoln Parkway, Hattiesburg, MS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,269
Buildings, Improvements & Equipment	11,691
Cost Capitalized Subsequent to Acquisition	100
Impairment	0
Cost at the end of the period
Land	1,277
Buildings, Improvements & Equipment	11,783
Total	13,060
Accumulated Depreciation	1,400
1488 Belk Boulevard, Oxford, MS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,791
Cost Capitalized Subsequent to Acquisition	764
Impairment	0
Cost at the end of the period
Land	388
Buildings, Improvements & Equipment	6,617
Total	7,005
Accumulated Depreciation	1,834
108 Clarington Drive, Southaven, MS
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,795
Cost Capitalized Subsequent to Acquisition	944
Impairment	0
Cost at the end of the period
Land	450
Buildings, Improvements & Equipment	6,739
Total	7,189
Accumulated Depreciation	1,863
1547 North Hunters Way, Bozeman, MT
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,616
Buildings, Improvements & Equipment	27,750
Cost Capitalized Subsequent to Acquisition	93
Impairment	0
Cost at the end of the period
Land	1,624
Buildings, Improvements & Equipment	27,835
Total	29,459
Accumulated Depreciation	2,045
118 Alamance Road, Burlington, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	575
Buildings, Improvements & Equipment	9,697
Cost Capitalized Subsequent to Acquisition	877
Impairment	0
Cost at the end of the period
Land	575
Buildings, Improvements & Equipment	10,574
Total	11,149
Accumulated Depreciation	1,900
1050 Crescent Green Drive, Cary, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	713
Buildings, Improvements & Equipment	4,628
Cost Capitalized Subsequent to Acquisition	2,125
Impairment	0
Cost at the end of the period
Land	713
Buildings, Improvements & Equipment	6,753
Total	7,466
Accumulated Depreciation	3,000
2220 & 2230 Farmington Drive, Chapel Hill, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	6,414
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	6,414
Total	7,214
Accumulated Depreciation	2,620
2101 Runnymede Lane, Charlotte, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,475
Buildings, Improvements & Equipment	11,451
Cost Capitalized Subsequent to Acquisition	782
Impairment	0
Cost at the end of the period
Land	2,458
Buildings, Improvements & Equipment	12,250
Total	14,708
Accumulated Depreciation	2,422
5920 McChesney Drive, Charlotte, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	820
Buildings, Improvements & Equipment	7,790
Cost Capitalized Subsequent to Acquisition	838
Impairment	0
Cost at the end of the period
Land	820
Buildings, Improvements & Equipment	8,628
Total	9,448
Accumulated Depreciation	1,896
6101 Clarke Creek Parkway, Charlotte, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	13,960
Cost Capitalized Subsequent to Acquisition	36
Impairment	0
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	13,996
Total	14,496
Accumulated Depreciation	3,201
500 Penny Lane, Concord, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,687
Buildings, Improvements & Equipment	17,603
Cost Capitalized Subsequent to Acquisition	38
Impairment	0
Cost at the end of the period
Land	1,687
Buildings, Improvements & Equipment	17,641
Total	19,328
Accumulated Depreciation	860
1002 State Highway 54, Durham, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	595
Buildings, Improvements & Equipment	5,200
Cost Capitalized Subsequent to Acquisition	166
Impairment	0
Cost at the end of the period
Land	595
Buildings, Improvements & Equipment	5,366
Total	5,961
Accumulated Depreciation	998
4505 Emperor Boulevard, Durham, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,285
Buildings, Improvements & Equipment	16,932
Cost Capitalized Subsequent to Acquisition	26
Impairment	0
Cost at the end of the period
Land	1,285
Buildings, Improvements & Equipment	16,958
Total	18,243
Accumulated Depreciation	106
5213 South Alston Avenue, Durham, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,093
Buildings, Improvements & Equipment	31,377
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,093
Buildings, Improvements & Equipment	31,377
Total	32,470
Accumulated Depreciation	2,288
2755 Union Road, Gastonia, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,104
Buildings, Improvements & Equipment	17,834
Cost Capitalized Subsequent to Acquisition	202
Impairment	0
Cost at the end of the period
Land	1,104
Buildings, Improvements & Equipment	18,036
Total	19,140
Accumulated Depreciation	1,024
1001 Phifer Road, Kings Mountain, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	655
Buildings, Improvements & Equipment	8,283
Cost Capitalized Subsequent to Acquisition	529
Impairment	0
Cost at the end of the period
Land	657
Buildings, Improvements & Equipment	8,810
Total	9,467
Accumulated Depreciation	1,670
128 Brawley School, Mooresville, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	595
Buildings, Improvements & Equipment	7,305
Cost Capitalized Subsequent to Acquisition	527
Impairment	0
Cost at the end of the period
Land	595
Buildings, Improvements & Equipment	7,832
Total	8,427
Accumulated Depreciation	1,443
1309 , 1321 and 1325 McCarthy Boulevard, New Bern, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,245
Buildings, Improvements & Equipment	20,898
Cost Capitalized Subsequent to Acquisition	387
Impairment	0
Cost at the end of the period
Land	1,245
Buildings, Improvements & Equipment	21,285
Total	22,530
Accumulated Depreciation	3,722
13150 Dorman Road, Pineville, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	550
Buildings, Improvements & Equipment	7,570
Cost Capitalized Subsequent to Acquisition	1,227
Impairment	0
Cost at the end of the period
Land	550
Buildings, Improvements & Equipment	8,797
Total	9,347
Accumulated Depreciation	1,846
13180 Dorman Road, Pineville, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	630
Buildings, Improvements & Equipment	15,230
Cost Capitalized Subsequent to Acquisition	7
Impairment	0
Cost at the end of the period
Land	630
Buildings, Improvements & Equipment	15,237
Total	15,867
Accumulated Depreciation	3,482
801 Dixie Trail, Raleigh, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,233
Buildings, Improvements & Equipment	17,788
Cost Capitalized Subsequent to Acquisition	18
Impairment	0
Cost at the end of the period
Land	3,236
Buildings, Improvements & Equipment	17,803
Total	21,039
Accumulated Depreciation	1,064
2744 South 17th Street, Milmington, NC
Real Estate And Accumulated Depreciation
Encumbrances	11,858
Initial Cost to Company
Land	1,134
Buildings, Improvements & Equipment	14,771
Cost Capitalized Subsequent to Acquisition	325
Impairment	0
Cost at the end of the period
Land	1,139
Buildings, Improvements & Equipment	15,091
Total	16,230
Accumulated Depreciation	1,176
1730 Parkwood Boulevard West, Wilson, NC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	610
Buildings, Improvements & Equipment	14,787
Cost Capitalized Subsequent to Acquisition	333
Impairment	0
Cost at the end of the period
Land	610
Buildings, Improvements & Equipment	15,120
Total	15,730
Accumulated Depreciation	2,709
1700 Furnace Street, Ashland, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	28
Buildings, Improvements & Equipment	1,823
Cost Capitalized Subsequent to Acquisition	1,336
Impairment	0
Cost at the end of the period
Land	28
Buildings, Improvements & Equipment	3,159
Total	3,187
Accumulated Depreciation	1,660
414 North Wilson Street, Blue Hill , NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	56
Buildings, Improvements & Equipment	1,064
Cost Capitalized Subsequent to Acquisition	832
Impairment	0
Cost at the end of the period
Land	56
Buildings, Improvements & Equipment	1,896
Total	1,952
Accumulated Depreciation	964
2720 South 17th Ave, Central City, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	21
Buildings, Improvements & Equipment	919
Cost Capitalized Subsequent to Acquisition	655
Impairment	0
Cost at the end of the period
Land	21
Buildings, Improvements & Equipment	1,574
Total	1,595
Accumulated Depreciation	914
1112 15th Street, Columbus, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	89
Buildings, Improvements & Equipment	561
Cost Capitalized Subsequent to Acquisition	472
Impairment	0
Cost at the end of the period
Land	88
Buildings, Improvements & Equipment	1,034
Total	1,122
Accumulated Depreciation	618
800 Stoeger Drive, Grand Island, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	119
Buildings, Improvements & Equipment	1,446
Cost Capitalized Subsequent to Acquisition	1,415
Impairment	0
Cost at the end of the period
Land	119
Buildings, Improvements & Equipment	2,861
Total	2,980
Accumulated Depreciation	1,620
700 south Highway 6, Gretna, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	237
Buildings, Improvements & Equipment	673
Cost Capitalized Subsequent to Acquisition	932
Impairment	0
Cost at the end of the period
Land	250
Buildings, Improvements & Equipment	1,592
Total	1,842
Accumulated Depreciation	847
1100 West First Street, Milford, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	24
Buildings, Improvements & Equipment	880
Cost Capitalized Subsequent to Acquisition	858
Impairment	0
Cost at the end of the period
Land	24
Buildings, Improvements & Equipment	1,738
Total	1,762
Accumulated Depreciation	923
510 Centennial Circle , North Platte, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	370
Buildings, Improvements & Equipment	8,968
Cost Capitalized Subsequent to Acquisition	639
Impairment	0
Cost at the end of the period
Land	370
Buildings, Improvements & Equipment	9,607
Total	9,977
Accumulated Depreciation	2,362
17007 Elm Plaza, Omaha, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,680
Buildings, Improvements & Equipment	22,022
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	4,680
Buildings, Improvements & Equipment	22,022
Total	26,702
Accumulated Depreciation	5,161
3030 South 80th Street, Omaha, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	650
Buildings, Improvements & Equipment	5,850
Cost Capitalized Subsequent to Acquisition	1,240
Impairment	0
Cost at the end of the period
Land	650
Buildings, Improvements & Equipment	7,090
Total	7,740
Accumulated Depreciation	2,254
333 Maple, Sutherland, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	19
Buildings, Improvements & Equipment	1,251
Cost Capitalized Subsequent to Acquisition	516
Impairment	0
Cost at the end of the period
Land	19
Buildings, Improvements & Equipment	1,767
Total	1,786
Accumulated Depreciation	885
1350 Centenial Ave, Utica, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	21
Buildings, Improvements & Equipment	569
Cost Capitalized Subsequent to Acquisition	475
Impairment	0
Cost at the end of the period
Land	21
Buildings, Improvements & Equipment	1,044
Total	1,065
Accumulated Depreciation	542
11041 North 137th Street, Waverly, NE
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	529
Buildings, Improvements & Equipment	686
Cost Capitalized Subsequent to Acquisition	617
Impairment	0
Cost at the end of the period
Land	529
Buildings, Improvements & Equipment	1,303
Total	1,832
Accumulated Depreciation	823
55 Corporate Drive, BridgeWater, NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,782
Buildings, Improvements & Equipment	66,441
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	2,782
Buildings, Improvements & Equipment	66,441
Total	69,223
Accumulated Depreciation	4,845
490 Cooper Landing Road, Cherry Hill, NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,175
Cost Capitalized Subsequent to Acquisition	1,892
Impairment	0
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	10,067
Total	11,068
Accumulated Depreciation	3,404
1400 Route 70, Lakewood, NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,885
Buildings, Improvements & Equipment	28,803
Cost Capitalized Subsequent to Acquisition	2,667
Impairment	0
Cost at the end of the period
Land	4,905
Buildings, Improvements & Equipment	31,450
Total	36,355
Accumulated Depreciation	13,794
2 Hillside Drive, Mt. Arlington, NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,375
Buildings, Improvements & Equipment	11,232
Cost Capitalized Subsequent to Acquisition	810
Impairment	0
Cost at the end of the period
Land	1,393
Buildings, Improvements & Equipment	12,024
Total	13,417
Accumulated Depreciation	4,469
655 Pomander Walk, Teaneck, 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	2,647
Impairment	0
Cost at the end of the period
Land	4,950
Buildings, Improvements & Equipment	47,197
Total	52,147
Accumulated Depreciation	8,830
10500 Academy Road NE, Albuquerque, NM
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,828
Buildings, Improvements & Equipment	22,572
Cost Capitalized Subsequent to Acquisition	5,838
Impairment	0
Cost at the end of the period
Land	3,828
Buildings, Improvements & Equipment	28,410
Total	32,238
Accumulated Depreciation	11,683
4100 Prospect Avenue NE, Albuquerque, NM
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	540
Buildings, Improvements & Equipment	10,105
Cost Capitalized Subsequent to Acquisition	8
Impairment	0
Cost at the end of the period
Land	540
Buildings, Improvements & Equipment	10,113
Total	10,653
Accumulated Depreciation	2,581
4300 Landau Street NE, Albuquerque, NM
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,060
Buildings, Improvements & Equipment	9,875
Cost Capitalized Subsequent to Acquisition	8
Impairment	0
Cost at the end of the period
Land	1,060
Buildings, Improvements & Equipment	9,883
Total	10,943
Accumulated Depreciation	2,522
4411 The 25 Way, Albuquerque, NM
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,480
Buildings, Improvements & Equipment	25,245
Cost Capitalized Subsequent to Acquisition	3,129
Impairment	0
Cost at the end of the period
Land	3,768
Buildings, Improvements & Equipment	28,086
Total	31,854
Accumulated Depreciation	4,983
4420 The 25 Way, Albuquerque, NM
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,430
Buildings, Improvements & Equipment	2,609
Cost Capitalized Subsequent to Acquisition	304
Impairment	0
Cost at the end of the period
Land	1,561
Buildings, Improvements & Equipment	2,782
Total	4,343
Accumulated Depreciation	557
9190 Coors Boulevard NW, Albuquerque, NM
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,660
Buildings, Improvements & Equipment	9,173
Cost Capitalized Subsequent to Acquisition	8
Impairment	0
Cost at the end of the period
Land	1,660
Buildings, Improvements & Equipment	9,181
Total	10,841
Accumulated Depreciation	2,343
2200 East Long Street, Carson City, NV
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	622
Buildings, Improvements & Equipment	17,900
Cost Capitalized Subsequent to Acquisition	221
Impairment	0
Cost at the end of the period
Land	622
Buildings, Improvements & Equipment	18,121
Total	18,743
Accumulated Depreciation	1,378
3201 Plumas Street, Reno, NV
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,420
Buildings, Improvements & Equipment	49,580
Cost Capitalized Subsequent to Acquisition	6,735
Impairment	0
Cost at the end of the period
Land	2,420
Buildings, Improvements & Equipment	56,315
Total	58,735
Accumulated Depreciation	9,127
6300 Eighth Ave, Brooklyn, NY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,870
Buildings, Improvements & Equipment	8,545
Cost Capitalized Subsequent to Acquisition	6
Impairment	0
Cost at the end of the period
Land	3,870
Buildings, Improvements & Equipment	8,551
Total	12,421
Accumulated Depreciation	2,004
5823 Widewaters Parkway, Dewitt, NY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	5,004
Cost Capitalized Subsequent to Acquisition	994
Impairment	0
Cost at the end of the period
Land	733
Buildings, Improvements & Equipment	5,865
Total	6,598
Accumulated Depreciation	1,040
4939 Brittonfield Parkway, East Syracuse, NY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	720
Buildings, Improvements & Equipment	17,084
Cost Capitalized Subsequent to Acquisition	1,392
Impairment	0
Cost at the end of the period
Land	901
Buildings, Improvements & Equipment	18,295
Total	19,196
Accumulated Depreciation	4,179
5008 Brittonfield Parkway, East Syracuse, NY
Real Estate And Accumulated Depreciation
Encumbrances	2,603
Initial Cost to Company
Land	420
Buildings, Improvements & Equipment	18,407
Cost Capitalized Subsequent to Acquisition	672
Impairment	0
Cost at the end of the period
Land	711
Buildings, Improvements & Equipment	18,788
Total	19,499
Accumulated Depreciation	4,400
200 Old County Road, Mineola, NY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,920
Buildings, Improvements & Equipment	24,056
Cost Capitalized Subsequent to Acquisition	8,193
Impairment	0
Cost at the end of the period
Land	4,920
Buildings, Improvements & Equipment	32,249
Total	37,169
Accumulated Depreciation	4,862
15 North Broadway, White Plains, NY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,900
Buildings, Improvements & Equipment	13,594
Cost Capitalized Subsequent to Acquisition	1,531
Impairment	0
Cost at the end of the period
Land	4,900
Buildings, Improvements & Equipment	15,125
Total	20,025
Accumulated Depreciation	3,088
537 Riverdale Avenue, Yonkers, NY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	8,460
Buildings, Improvements & Equipment	90,561
Cost Capitalized Subsequent to Acquisition	9,960
Impairment	0
Cost at the end of the period
Land	8,460
Buildings, Improvements & Equipment	100,521
Total	108,981
Accumulated Depreciation	14,663
4590 Knightsbridge Boulevard, Columbus, OH
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,623
Buildings, Improvements & Equipment	27,778
Cost Capitalized Subsequent to Acquisition	12,193
Impairment	0
Cost at the end of the period
Land	3,690
Buildings, Improvements & Equipment	39,904
Total	43,594
Accumulated Depreciation	15,512
3929 Hoover Road, Grove City, OH
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	332
Buildings, Improvements & Equipment	3,081
Cost Capitalized Subsequent to Acquisition	791
Impairment	0
Cost at the end of the period
Land	332
Buildings, Improvements & Equipment	3,872
Total	4,204
Accumulated Depreciation	2,160
7555 Innovation Way, Mason, OH
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,025
Buildings, Improvements & Equipment	12,883
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,025
Buildings, Improvements & Equipment	12,883
Total	13,908
Accumulated Depreciation	403
5260 Naiman Parkway, Solon, OH
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	2,305
Cost Capitalized Subsequent to Acquisition	1,307
Impairment	0
Cost at the end of the period
Land	811
Buildings, Improvements & Equipment	3,251
Total	4,062
Accumulated Depreciation	509
5370 Naiman Parkway, Solon, OH
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	550
Buildings, Improvements & Equipment	2,147
Cost Capitalized Subsequent to Acquisition	874
Impairment	0
Cost at the end of the period
Land	616
Buildings, Improvements & Equipment	2,955
Total	3,571
Accumulated Depreciation	388
805 N. 5th Street, Jacksonville, OR
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,012
Buildings, Improvements & Equipment	14,777
Cost Capitalized Subsequent to Acquisition	94
Impairment	0
Cost at the end of the period
Land	3,012
Buildings, Improvements & Equipment	14,871
Total	17,883
Accumulated Depreciation	1,089
1808 SE 182nd Avenue, Portland, OR
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,295
Buildings, Improvements & Equipment	17,085
Cost Capitalized Subsequent to Acquisition	110
Impairment	0
Cost at the end of the period
Land	1,307
Buildings, Improvements & Equipment	17,183
Total	18,490
Accumulated Depreciation	1,310
8709 S.E. Causey Avenue (5), Portland, OR
Real Estate And Accumulated Depreciation
Encumbrances	22,605
Initial Cost to Company
Land	3,303
Buildings, Improvements & Equipment	77,428
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	3,303
Buildings, Improvements & Equipment	77,428
Total	80,731
Accumulated Depreciation	5,497
71 Darlington Road, Beaver Falls, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	13,500
Cost Capitalized Subsequent to Acquisition	477
Impairment	0
Cost at the end of the period
Land	1,523
Buildings, Improvements & Equipment	13,954
Total	15,477
Accumulated Depreciation	4,853
950 Morgan Highway, Clarks Summit, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	363
Impairment	0
Cost at the end of the period
Land	1,017
Buildings, Improvements & Equipment	8,580
Total	9,597
Accumulated Depreciation	3,181
145 Broadlawn Drive, Elizabeth, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	696
Buildings, Improvements & Equipment	6,304
Cost Capitalized Subsequent to Acquisition	689
Impairment	0
Cost at the end of the period
Land	696
Buildings, Improvements & Equipment	6,993
Total	7,689
Accumulated Depreciation	2,503
600 N. Pottstown Pike, Exton, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	1,091
Impairment	0
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	9,324
Total	10,325
Accumulated Depreciation	3,384
242 Baltimore Pike, Glen Mills, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	492
Impairment	0
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	8,725
Total	9,726
Accumulated Depreciation	3,313
20 Capital Drive, Harrisburg, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	397
Buildings, Improvements & Equipment	9,333
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	397
Buildings, Improvements & Equipment	9,333
Total	9,730
Accumulated Depreciation	681
723 Dresher Road, Horsham, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,010
Buildings, Improvements & Equipment	4,456
Cost Capitalized Subsequent to Acquisition	86
Impairment	0
Cost at the end of the period
Land	1,010
Buildings, Improvements & Equipment	4,542
Total	5,552
Accumulated Depreciation	788
210 Mall Boulevard, King of Prussia, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,540
Buildings, Improvements & Equipment	4,743
Cost Capitalized Subsequent to Acquisition	2,184
Impairment	0
Cost at the end of the period
Land	1,540
Buildings, Improvements & Equipment	6,927
Total	8,467
Accumulated Depreciation	1,274
216 Mall Boulevard, King of Prussia, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	880
Buildings, Improvements & Equipment	2,871
Cost Capitalized Subsequent to Acquisition	1,093
Impairment	0
Cost at the end of the period
Land	880
Buildings, Improvements & Equipment	3,964
Total	4,844
Accumulated Depreciation	516
5300 Old William Penn Highway, Murrysville, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,506
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,506
Total	2,806
Accumulated Depreciation	1,103
800 Manor Drive, New Britain (Chalfont), PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	979
Buildings, Improvements & Equipment	8,052
Cost Capitalized Subsequent to Acquisition	551
Impairment	0
Cost at the end of the period
Land	981
Buildings, Improvements & Equipment	8,601
Total	9,582
Accumulated Depreciation	3,274
7151 Saltsburg Road, Penn Hills, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	904
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	904
Total	1,104
Accumulated Depreciation	400
5750 Centre Ave, Pittsburgh, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,000
Buildings, Improvements & Equipment	11,828
Cost Capitalized Subsequent to Acquisition	1,767
Impairment	0
Cost at the end of the period
Land	3,695
Buildings, Improvements & Equipment	12,900
Total	16,595
Accumulated Depreciation	3,270
730 Holiday Drive, Pittsburgh, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,480
Buildings, Improvements & Equipment	6,395
Cost Capitalized Subsequent to Acquisition	3,200
Impairment	0
Cost at the end of the period
Land	2,499
Buildings, Improvements & Equipment	9,576
Total	12,075
Accumulated Depreciation	1,894
3043 Walton Road, Plymouth Meeting, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,680
Buildings, Improvements & Equipment	9,187
Cost Capitalized Subsequent to Acquisition	406
Impairment	0
Cost at the end of the period
Land	1,713
Buildings, Improvements & Equipment	9,560
Total	11,273
Accumulated Depreciation	1,460
1400 Riggs Road, South Park, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	898
Buildings, Improvements & Equipment	8,102
Cost Capitalized Subsequent to Acquisition	260
Impairment	0
Cost at the end of the period
Land	898
Buildings, Improvements & Equipment	8,362
Total	9,260
Accumulated Depreciation	2,946
700 Northampton Street, Tiffany Court (Kingston), PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings, Improvements & Equipment	5,682
Cost Capitalized Subsequent to Acquisition	1,461
Impairment	0
Cost at the end of the period
Land	4
Buildings, Improvements & Equipment	7,139
Total	7,143
Accumulated Depreciation	2,609
5250 Meadowgreen Drive, Whitehall, PA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,599
Buildings, Improvements & Equipment	14,401
Cost Capitalized Subsequent to Acquisition	2,056
Impairment	0
Cost at the end of the period
Land	1,599
Buildings, Improvements & Equipment	16,457
Total	18,056
Accumulated Depreciation	5,500
55 Oaklawn Avenue, Cranston, RI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	261
Buildings, Improvements & Equipment	9,757
Cost Capitalized Subsequent to Acquisition	59
Impairment	0
Cost at the end of the period
Land	261
Buildings, Improvements & Equipment	9,816
Total	10,077
Accumulated Depreciation	724
1304 McLees Road, Anderson, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	295
Buildings, Improvements & Equipment	3,509
Cost Capitalized Subsequent to Acquisition	213
Impairment	0
Cost at the end of the period
Land	295
Buildings, Improvements & Equipment	3,722
Total	4,017
Accumulated Depreciation	1,363
109 Old Salem Road, Beaufort, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	188
Buildings, Improvements & Equipment	2,234
Cost Capitalized Subsequent to Acquisition	746
Impairment	0
Cost at the end of the period
Land	188
Buildings, Improvements & Equipment	2,980
Total	3,168
Accumulated Depreciation	1,255
1119 Pick Pocket Plantation Drive, Beaufort, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	10,810
Cost Capitalized Subsequent to Acquisition	789
Impairment	0
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	11,599
Total	12,799
Accumulated Depreciation	2,224
719 Kershaw Highway, Camden, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,697
Cost Capitalized Subsequent to Acquisition	1,090
Impairment	0
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,787
Total	5,109
Accumulated Depreciation	1,743
2333 Ashley River Road, Charleston, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	848
Buildings, Improvements & Equipment	14,000
Cost Capitalized Subsequent to Acquisition	1,785
Impairment	0
Cost at the end of the period
Land	868
Buildings, Improvements & Equipment	15,765
Total	16,633
Accumulated Depreciation	2,793
320 Seven Farms Drive, Charleston, SC
Real Estate And Accumulated Depreciation
Encumbrances	4,338
Initial Cost to Company
Land	1,092
Buildings, Improvements & Equipment	6,605
Cost Capitalized Subsequent to Acquisition	981
Impairment	0
Cost at the end of the period
Land	1,092
Buildings, Improvements & Equipment	7,586
Total	8,678
Accumulated Depreciation	1,165
201 Executive Center Drive, Columbia, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	390
Buildings, Improvements & Equipment	4,659
Cost Capitalized Subsequent to Acquisition	1,572
Impairment	0
Cost at the end of the period
Land	390
Buildings, Improvements & Equipment	6,231
Total	6,621
Accumulated Depreciation	1,020
251 Springtree Drive, Columbia, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	1,905
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	1,905
Total	2,205
Accumulated Depreciation	779
3 Summit Terrace, Columbia, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	610
Buildings, Improvements & Equipment	7,900
Cost Capitalized Subsequent to Acquisition	751
Impairment	0
Cost at the end of the period
Land	610
Buildings, Improvements & Equipment	8,651
Total	9,261
Accumulated Depreciation	1,939
7909 Parklane Road, Columbia, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,580
Buildings, Improvements & Equipment	4,520
Cost Capitalized Subsequent to Acquisition	670
Impairment	0
Cost at the end of the period
Land	1,580
Buildings, Improvements & Equipment	5,190
Total	6,770
Accumulated Depreciation	950
355 Berkmans Lane, Greenville, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	700
Buildings, Improvements & Equipment	7,240
Cost Capitalized Subsequent to Acquisition	640
Impairment	0
Cost at the end of the period
Land	700
Buildings, Improvements & Equipment	7,880
Total	8,580
Accumulated Depreciation	1,737
116 Enterprise Court, Greenwood, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	310
Buildings, Improvements & Equipment	2,790
Cost Capitalized Subsequent to Acquisition	214
Impairment	0
Cost at the end of the period
Land	310
Buildings, Improvements & Equipment	3,004
Total	3,314
Accumulated Depreciation	1,084
1901 West Carolina, Hartsville, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	401
Buildings, Improvements & Equipment	4,775
Cost Capitalized Subsequent to Acquisition	573
Impairment	0
Cost at the end of the period
Land	401
Buildings, Improvements & Equipment	5,348
Total	5,749
Accumulated Depreciation	1,939
218 Old Chapin Road, Lexington, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	363
Buildings, Improvements & Equipment	4,322
Cost Capitalized Subsequent to Acquisition	562
Impairment	0
Cost at the end of the period
Land	363
Buildings, Improvements & Equipment	4,884
Total	5,247
Accumulated Depreciation	1,777
491 Highway 17, Little River, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	9,018
Cost Capitalized Subsequent to Acquisition	1,050
Impairment	0
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	10,068
Total	10,818
Accumulated Depreciation	1,763
1010 Anna Knapp Boulevard, Mt. Pleasant, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,797
Buildings, Improvements & Equipment	6,132
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,797
Buildings, Improvements & Equipment	6,132
Total	7,929
Accumulated Depreciation	376
601 Mathis Ferry Road, Mt. Pleasant, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,687
Buildings, Improvements & Equipment	12,612
Cost Capitalized Subsequent to Acquisition	7
Impairment	0
Cost at the end of the period
Land	1,687
Buildings, Improvements & Equipment	12,619
Total	14,306
Accumulated Depreciation	689
937 Bowman road, Mt. Pleasant, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,898
Buildings, Improvements & Equipment	31,613
Cost Capitalized Subsequent to Acquisition	5,901
Impairment	0
Cost at the end of the period
Land	3,898
Buildings, Improvements & Equipment	37,514
Total	41,412
Accumulated Depreciation	5,936
9547 Highway 17 North, Myrtle Beach, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	543
Buildings, Improvements & Equipment	3,202
Cost Capitalized Subsequent to Acquisition	7,879
Impairment	0
Cost at the end of the period
Land	556
Buildings, Improvements & Equipment	11,068
Total	11,624
Accumulated Depreciation	3,392
2306 Riverbank Drive, Orangeburg, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	303
Buildings, Improvements & Equipment	3,607
Cost Capitalized Subsequent to Acquisition	709
Impairment	0
Cost at the end of the period
Land	303
Buildings, Improvements & Equipment	4,316
Total	4,619
Accumulated Depreciation	1,611
1920 Ebenezer Road, Rock Hill, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	1,705
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	1,705
Total	2,005
Accumulated Depreciation	736
15855 Wells Highway, Seneca, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	396
Buildings, Improvements & Equipment	4,714
Cost Capitalized Subsequent to Acquisition	477
Impairment	0
Cost at the end of the period
Land	396
Buildings, Improvements & Equipment	5,191
Total	5,587
Accumulated Depreciation	1,897
One Southern Court, West Columbia, SC
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	520
Buildings, Improvements & Equipment	3,831
Cost Capitalized Subsequent to Acquisition	594
Impairment	0
Cost at the end of the period
Land	557
Buildings, Improvements & Equipment	4,388
Total	4,945
Accumulated Depreciation	766
1251 Arizona S.W., Huron, SD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	45
Buildings, Improvements & Equipment	968
Cost Capitalized Subsequent to Acquisition	1
Impairment	0
Cost at the end of the period
Land	45
Buildings, Improvements & Equipment	969
Total	1,014
Accumulated Depreciation	636
1345 Michigan Ave SW, Huron, SD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	144
Buildings, Improvements & Equipment	3,108
Cost Capitalized Subsequent to Acquisition	4
Impairment	0
Cost at the end of the period
Land	144
Buildings, Improvements & Equipment	3,112
Total	3,256
Accumulated Depreciation	2,042
3600 S. Norton, Sioux Falls, SD
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	253
Buildings, Improvements & Equipment	3,062
Cost Capitalized Subsequent to Acquisition	4
Impairment	0
Cost at the end of the period
Land	253
Buildings, Improvements & Equipment	3,066
Total	3,319
Accumulated Depreciation	2,014
6716 Nolensville Road, Brentwood, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,528
Buildings, Improvements & Equipment	6,037
Cost Capitalized Subsequent to Acquisition	141
Impairment	0
Cost at the end of the period
Land	1,528
Buildings, Improvements & Equipment	6,178
Total	7,706
Accumulated Depreciation	795
207 Uffelman Drive, Clarksville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	320
Buildings, Improvements & Equipment	2,994
Cost Capitalized Subsequent to Acquisition	628
Impairment	0
Cost at the end of the period
Land	320
Buildings, Improvements & Equipment	3,622
Total	3,942
Accumulated Depreciation	1,064
51 Patel Way, Clarksville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	10,322
Cost Capitalized Subsequent to Acquisition	1,046
Impairment	0
Cost at the end of the period
Land	802
Buildings, Improvements & Equipment	11,366
Total	12,168
Accumulated Depreciation	1,718
2900 Westside Drive, Cleveland, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	305
Buildings, Improvements & Equipment	3,627
Cost Capitalized Subsequent to Acquisition	748
Impairment	0
Cost at the end of the period
Land	305
Buildings, Improvements & Equipment	4,375
Total	4,680
Accumulated Depreciation	1,551
1010 East Spring Street, Cookeville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,828
Cost Capitalized Subsequent to Acquisition	597
Impairment	0
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,425
Total	4,747
Accumulated Depreciation	1,585
105 Sunrise Circle, Franklin, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,833
Cost Capitalized Subsequent to Acquisition	858
Impairment	0
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,691
Total	5,013
Accumulated Depreciation	1,603
1085 Hartsville Pike, Gallatin, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	280
Buildings, Improvements & Equipment	3,327
Cost Capitalized Subsequent to Acquisition	416
Impairment	0
Cost at the end of the period
Land	280
Buildings, Improvements & Equipment	3,743
Total	4,023
Accumulated Depreciation	1,306
2025 Caldwell Drive, Goodlettsville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,507
Cost Capitalized Subsequent to Acquisition	8,548
Impairment	0
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	12,055
Total	12,455
Accumulated Depreciation	1,485
1200 North Parkway, Jackson, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	295
Buildings, Improvements & Equipment	3,506
Cost Capitalized Subsequent to Acquisition	351
Impairment	0
Cost at the end of the period
Land	299
Buildings, Improvements & Equipment	3,853
Total	4,152
Accumulated Depreciation	1,433
550 Deer View Way, Jefferson City, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	940
Buildings, Improvements & Equipment	8,057
Cost Capitalized Subsequent to Acquisition	801
Impairment	0
Cost at the end of the period
Land	943
Buildings, Improvements & Equipment	8,855
Total	9,798
Accumulated Depreciation	1,034
3020 Heatherton Way, Knoxville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	304
Buildings, Improvements & Equipment	3,618
Cost Capitalized Subsequent to Acquisition	1,811
Impairment	0
Cost at the end of the period
Land	304
Buildings, Improvements & Equipment	5,429
Total	5,733
Accumulated Depreciation	1,905
511 Pearson Springs Road, Maryville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	3,207
Cost Capitalized Subsequent to Acquisition	100
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	3,307
Total	3,607
Accumulated Depreciation	1,351
1710 Magnolia Blvd, Nashville, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	6,750
Cost Capitalized Subsequent to Acquisition	4,441
Impairment	0
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	11,191
Total	11,941
Accumulated Depreciation	3,581
350 Volunteer Drive, Paris, TN
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	110
Buildings, Improvements & Equipment	12,100
Cost Capitalized Subsequent to Acquisition	14
Impairment	0
Cost at the end of the period
Land	110
Buildings, Improvements & Equipment	12,114
Total	12,224
Accumulated Depreciation	762
971 State Hwy 121, Allen, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,590
Buildings, Improvements & Equipment	17,912
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	2,590
Buildings, Improvements & Equipment	17,912
Total	20,502
Accumulated Depreciation	4,198
1111 W. 34th Street, Austin, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	21,021
Cost Capitalized Subsequent to Acquisition	1,184
Impairment	0
Cost at the end of the period
Land	645
Buildings, Improvements & Equipment	21,960
Total	22,605
Accumulated Depreciation	5,208
6818 Austin Center Blvd, Austin, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,540
Buildings, Improvements & Equipment	27,467
Cost Capitalized Subsequent to Acquisition	1,321
Impairment	0
Cost at the end of the period
Land	1,576
Buildings, Improvements & Equipment	28,752
Total	30,328
Accumulated Depreciation	6,614
6937 N Interstate Hwy 35, Austin, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	760
Buildings, Improvements & Equipment	5,186
Cost Capitalized Subsequent to Acquisition	175
Impairment	0
Cost at the end of the period
Land	779
Buildings, Improvements & Equipment	5,342
Total	6,121
Accumulated Depreciation	913
7600 Capital Texas Highway, Austin, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	4,557
Cost Capitalized Subsequent to Acquisition	196
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	4,753
Total	5,053
Accumulated Depreciation	803
4620 Bellaire Boulevard, Bellaire, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,238
Buildings, Improvements & Equipment	11,010
Cost Capitalized Subsequent to Acquisition	3,042
Impairment	0
Cost at the end of the period
Land	1,238
Buildings, Improvements & Equipment	14,052
Total	15,290
Accumulated Depreciation	7,280
120 Crosspoint Drive, Boerne, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	4,926
Cost Capitalized Subsequent to Acquisition	141
Impairment	0
Cost at the end of the period
Land	227
Buildings, Improvements & Equipment	5,060
Total	5,287
Accumulated Depreciation	1,261
4015 Interstate 45, Conroe , TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	620
Buildings, Improvements & Equipment	14,074
Cost Capitalized Subsequent to Acquisition	626
Impairment	0
Cost at the end of the period
Land	620
Buildings, Improvements & Equipment	14,700
Total	15,320
Accumulated Depreciation	2,634
5455 La Sierra Drive, Dallas, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	25,200
Cost Capitalized Subsequent to Acquisition	4,500
Impairment	0
Cost at the end of the period
Land	2,307
Buildings, Improvements & Equipment	29,693
Total	32,000
Accumulated Depreciation	4,958
7831 Park Lane, Dallas, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,709
Buildings, Improvements & Equipment	27,768
Cost Capitalized Subsequent to Acquisition	15,993
Impairment	0
Cost at the end of the period
Land	4,718
Buildings, Improvements & Equipment	43,752
Total	48,470
Accumulated Depreciation	14,753
1575 Belvidere, El Paso, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,301
Buildings, Improvements & Equipment	13,567
Cost Capitalized Subsequent to Acquisition	2,818
Impairment	0
Cost at the end of the period
Land	2,313
Buildings, Improvements & Equipment	16,373
Total	18,686
Accumulated Depreciation	6,837
96 E. Frederick Rd., Fredericksburg, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	280
Buildings, Improvements & Equipment	4,866
Cost Capitalized Subsequent to Acquisition	5,132
Impairment	0
Cost at the end of the period
Land	280
Buildings, Improvements & Equipment	9,998
Total	10,278
Accumulated Depreciation	1,595
6435 S.F.M. 549, Heath, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,135
Buildings, Improvements & Equipment	7,892
Cost Capitalized Subsequent to Acquisition	287
Impairment	0
Cost at the end of the period
Land	1,135
Buildings, Improvements & Equipment	8,179
Total	9,314
Accumulated Depreciation	1,014
13215 Dotson Road, Houston, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	990
Buildings, Improvements & Equipment	13,887
Cost Capitalized Subsequent to Acquisition	898
Impairment	0
Cost at the end of the period
Land	990
Buildings, Improvements & Equipment	14,785
Total	15,775
Accumulated Depreciation	1,955
777 North Post Oak Road, Houston, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,537
Buildings, Improvements & Equipment	32,647
Cost Capitalized Subsequent to Acquisition	20,210
Impairment	0
Cost at the end of the period
Land	5,540
Buildings, Improvements & Equipment	52,854
Total	58,394
Accumulated Depreciation	18,741
10030 North MacArthur Boulevard, Irving, Tx
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,186
Buildings, Improvements & Equipment	15,869
Cost Capitalized Subsequent to Acquisition	7
Impairment	0
Cost at the end of the period
Land	2,186
Buildings, Improvements & Equipment	15,876
Total	18,062
Accumulated Depreciation	1,160
4770 Regent Blvd, Irving, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,830
Buildings, Improvements & Equipment	15,082
Cost Capitalized Subsequent to Acquisition	3,138
Impairment	0
Cost at the end of the period
Land	2,830
Buildings, Improvements & Equipment	18,220
Total	21,050
Accumulated Depreciation	3,759
9812 Slide Road, Lubbock, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,110
Buildings, Improvements & Equipment	9,798
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,110
Buildings, Improvements & Equipment	9,798
Total	10,908
Accumulated Depreciation	1,858
605 Gateway Central, Marbel Falls, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,440
Buildings, Improvements & Equipment	7,125
Cost Capitalized Subsequent to Acquisition	759
Impairment	0
Cost at the end of the period
Land	1,440
Buildings, Improvements & Equipment	7,884
Total	9,324
Accumulated Depreciation	1,224
7150 N. President George Bush Turnpike, North Garland, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,981
Buildings, Improvements & Equipment	8,548
Cost Capitalized Subsequent to Acquisition	34
Impairment	0
Cost at the end of the period
Land	1,981
Buildings, Improvements & Equipment	8,582
Total	10,563
Accumulated Depreciation	1,069
2265 North Lakeshore Drive Rockwall TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	497
Buildings, Improvements & Equipment	3,582
Cost Capitalized Subsequent to Acquisition	(1)
Impairment	0
Cost at the end of the period
Land	497
Buildings, Improvements & Equipment	3,581
Total	4,078
Accumulated Depreciation	261
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 Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	6,855
Buildings, Improvements & Equipment	30,630
Total	37,485
Accumulated Depreciation	2,233
21 Spurs Lane, Antonio, TX
Real Estate And Accumulated Depreciation
Encumbrances	13,741
Initial Cost to Company
Land	3,141
Buildings, Improvements & Equipment	23,142
Cost Capitalized Subsequent to Acquisition	330
Impairment	0
Cost at the end of the period
Land	3,141
Buildings, Improvements & Equipment	23,472
Total	26,613
Accumulated Depreciation	2,199
311 Nottingham West Place, San Antonio, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,283
Buildings, Improvements & Equipment	25,256
Cost Capitalized Subsequent to Acquisition	9,550
Impairment	0
Cost at the end of the period
Land	4,296
Buildings, Improvements & Equipment	34,793
Total	39,089
Accumulated Depreciation	13,810
511 Knights Cross Drive, San Antonio, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	6,500
Cost Capitalized Subsequent to Acquisition	36
Impairment	0
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	6,536
Total	7,736
Accumulated Depreciation	1,515
575 Knights Cross Drive, San Antonio, TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,100
Buildings, Improvements & Equipment	13,900
Cost Capitalized Subsequent to Acquisition	375
Impairment	0
Cost at the end of the period
Land	1,100
Buildings, Improvements & Equipment	14,275
Total	15,375
Accumulated Depreciation	3,355
301 East Airline Road Victoria TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	1,635
Cost Capitalized Subsequent to Acquisition	1
Impairment	0
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	1,636
Total	1,735
Accumulated Depreciation	119
5055 West Panther Creek Drive, Woodlands (4), TX
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,694
Buildings, Improvements & Equipment	21,782
Cost Capitalized Subsequent to Acquisition	4,044
Impairment	0
Cost at the end of the period
Land	3,701
Buildings, Improvements & Equipment	25,819
Total	29,520
Accumulated Depreciation	11,981
491 Crestwood Drive, Charlottesville, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	641
Buildings, Improvements & Equipment	7,633
Cost Capitalized Subsequent to Acquisition	1,659
Impairment	0
Cost at the end of the period
Land	641
Buildings, Improvements & Equipment	9,292
Total	9,933
Accumulated Depreciation	3,181
1005 Elysian Place, Chesapeake, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,370
Buildings, Improvements & Equipment	23,705
Cost Capitalized Subsequent to Acquisition	348
Impairment	0
Cost at the end of the period
Land	2,370
Buildings, Improvements & Equipment	24,053
Total	26,423
Accumulated Depreciation	4,268
2856 Forehand Drive, Chesapeake, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	160
Buildings, Improvements & Equipment	1,498
Cost Capitalized Subsequent to Acquisition	907
Impairment	0
Cost at the end of the period
Land	160
Buildings, Improvements & Equipment	2,405
Total	2,565
Accumulated Depreciation	959
4027 Martinsburg Pike Clear brook VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,775
Buildings, Improvements & Equipment	21,768
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	3,775
Buildings, Improvements & Equipment	21,768
Total	25,543
Accumulated Depreciation	1,587
4001 Fair Ridge Drive, Fairfax, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,500
Buildings, Improvements & Equipment	7,147
Cost Capitalized Subsequent to Acquisition	1,743
Impairment	0
Cost at the end of the period
Land	2,646
Buildings, Improvements & Equipment	8,744
Total	11,390
Accumulated Depreciation	1,848
20 HeartFields Lane , Fredericksburg (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	287
Buildings, Improvements & Equipment	8,480
Cost Capitalized Subsequent to Acquisition	1,322
Impairment	0
Cost at the end of the period
Land	287
Buildings, Improvements & Equipment	9,802
Total	10,089
Accumulated Depreciation	4,128
2800 Polo Parkway, Midlothian, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,103
Buildings, Improvements & Equipment	13,126
Cost Capitalized Subsequent to Acquisition	1,816
Impairment	0
Cost at the end of the period
Land	1,103
Buildings, Improvements & Equipment	14,942
Total	16,045
Accumulated Depreciation	5,370
655 Denbigh Boulevard, Newport News, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	581
Buildings, Improvements & Equipment	6,921
Cost Capitalized Subsequent to Acquisition	1,293
Impairment	0
Cost at the end of the period
Land	584
Buildings, Improvements & Equipment	8,211
Total	8,795
Accumulated Depreciation	2,694
6160 Kempsville Circle, Norfolk, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,263
Buildings, Improvements & Equipment	7,615
Cost Capitalized Subsequent to Acquisition	148
Impairment	0
Cost at the end of the period
Land	3,263
Buildings, Improvements & Equipment	7,763
Total	11,026
Accumulated Depreciation	0
6161 Kempsville Rd, Norfolk, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,530
Buildings, Improvements & Equipment	9,531
Cost Capitalized Subsequent to Acquisition	953
Impairment	0
Cost at the end of the period
Land	1,530
Buildings, Improvements & Equipment	10,484
Total	12,014
Accumulated Depreciation	2,359
6311 Granby Street, Norfolk, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,920
Buildings, Improvements & Equipment	16,538
Cost Capitalized Subsequent to Acquisition	146
Impairment	0
Cost at the end of the period
Land	1,932
Buildings, Improvements & Equipment	16,672
Total	18,604
Accumulated Depreciation	3,025
885 Kempsville Rd, Norfolk, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,780
Buildings, Improvements & Equipment	8,354
Cost Capitalized Subsequent to Acquisition	1,192
Impairment	0
Cost at the end of the period
Land	1,780
Buildings, Improvements & Equipment	9,546
Total	11,326
Accumulated Depreciation	2,385
531 Wythe Creek Road, Poquoson, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	2,041
Cost Capitalized Subsequent to Acquisition	839
Impairment	0
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	2,880
Total	3,100
Accumulated Depreciation	1,118
3000 Skipwith Road, Richmond, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	732
Buildings, Improvements & Equipment	8,717
Cost Capitalized Subsequent to Acquisition	730
Impairment	0
Cost at the end of the period
Land	732
Buildings, Improvements & Equipment	9,447
Total	10,179
Accumulated Depreciation	3,415
9900 Independence Park Drive, Richmond, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	326
Buildings, Improvements & Equipment	3,166
Cost Capitalized Subsequent to Acquisition	(10)
Impairment	0
Cost at the end of the period
Land	326
Buildings, Improvements & Equipment	3,156
Total	3,482
Accumulated Depreciation	497
9930 Independence Park Drive, Richmond, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	604
Buildings, Improvements & Equipment	5,432
Cost Capitalized Subsequent to Acquisition	(457)
Impairment	0
Cost at the end of the period
Land	604
Buildings, Improvements & Equipment	4,975
Total	5,579
Accumulated Depreciation	757
5620 Wesleyan Drive, Virginia Beach, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	893
Buildings, Improvements & Equipment	7,926
Cost Capitalized Subsequent to Acquisition	1,491
Impairment	0
Cost at the end of the period
Land	893
Buildings, Improvements & Equipment	9,417
Total	10,310
Accumulated Depreciation	5,107
4132 Longhill Road, Williamsburg, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	270
Buildings, Improvements & Equipment	2,468
Cost Capitalized Subsequent to Acquisition	1,144
Impairment	0
Cost at the end of the period
Land	270
Buildings, Improvements & Equipment	3,612
Total	3,882
Accumulated Depreciation	1,343
440 McLaws Circle, Williamsburg, VA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,466
Buildings, Improvements & Equipment	17,340
Cost Capitalized Subsequent to Acquisition	42
Impairment	0
Cost at the end of the period
Land	1,466
Buildings, Improvements & Equipment	17,382
Total	18,848
Accumulated Depreciation	948
21717 30th Drive SE, Bothell, WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,012
Buildings, Improvements & Equipment	12,582
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	3,012
Buildings, Improvements & Equipment	12,582
Total	15,594
Accumulated Depreciation	1,547
21823 30th Drive SE, Bothell, WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,627
Buildings, Improvements & Equipment	12,657
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	2,627
Buildings, Improvements & Equipment	12,657
Total	15,284
Accumulated Depreciation	1,556
10330 4th Avenue W Everett WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	813
Buildings, Improvements & Equipment	6,844
Cost Capitalized Subsequent to Acquisition	43
Impairment	0
Cost at the end of the period
Land	819
Buildings, Improvements & Equipment	6,881
Total	7,700
Accumulated Depreciation	498
516 Kenosia Avenue South, Kent, WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	8,458
Cost Capitalized Subsequent to Acquisition	2,413
Impairment	0
Cost at the end of the period
Land	1,324
Buildings, Improvements & Equipment	10,847
Total	12,171
Accumulated Depreciation	1,538
204 N. First Street La Conner WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	321
Buildings, Improvements & Equipment	12,368
Cost Capitalized Subsequent to Acquisition	67
Impairment	0
Cost at the end of the period
Land	321
Buildings, Improvements & Equipment	12,435
Total	12,756
Accumulated Depreciation	886
2956 152nd Ave NE, Redmond, WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,120
Buildings, Improvements & Equipment	16,683
Cost Capitalized Subsequent to Acquisition	2,200
Impairment	0
Cost at the end of the period
Land	5,136
Buildings, Improvements & Equipment	18,867
Total	24,003
Accumulated Depreciation	2,534
555 16th Avenue, Seattle, WA
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	256
Buildings, Improvements & Equipment	4,869
Cost Capitalized Subsequent to Acquisition	68
Impairment	0
Cost at the end of the period
Land	256
Buildings, Improvements & Equipment	4,937
Total	5,193
Accumulated Depreciation	3,180
18740 W. Bluemound Rd., Brookfield, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	832
Buildings, Improvements & Equipment	3,849
Cost Capitalized Subsequent to Acquisition	4,240
Impairment	0
Cost at the end of the period
Land	832
Buildings, Improvements & Equipment	8,089
Total	8,921
Accumulated Depreciation	4,401
3003 West Good Hope Road, Glendale, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	33,747
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	33,747
Total	35,247
Accumulated Depreciation	6,960
7007 North Range Line Road, Glendale, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	250
Buildings, Improvements & Equipment	3,797
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	250
Buildings, Improvements & Equipment	3,797
Total	4,047
Accumulated Depreciation	783
215 Washington Street, Grafton, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	10,058
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	10,058
Total	10,558
Accumulated Depreciation	2,074
N168W22022 Main Street, Jackson, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	188
Buildings, Improvements & Equipment	5,962
Cost Capitalized Subsequent to Acquisition	263
Impairment	0
Cost at the end of the period
Land	192
Buildings, Improvements & Equipment	6,221
Total	6,413
Accumulated Depreciation	531
8351 Sheridan Rd, Kenosha, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	7,669
Cost Capitalized Subsequent to Acquisition	148
Impairment	0
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	7,817
Total	8,567
Accumulated Depreciation	1,955
5601 Burke Rd, Madison, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	700
Buildings, Improvements & Equipment	7,461
Cost Capitalized Subsequent to Acquisition	95
Impairment	0
Cost at the end of the period
Land	712
Buildings, Improvements & Equipment	7,544
Total	8,256
Accumulated Depreciation	1,873
7707 N.Brookline Drive, Madison, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,615
Buildings, Improvements & Equipment	35,545
Cost Capitalized Subsequent to Acquisition	508
Impairment	0
Cost at the end of the period
Land	2,631
Buildings, Improvements & Equipment	36,037
Total	38,668
Accumulated Depreciation	2,970
10803 N. Port Washington Rd, Mequon (4), WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	8,388
Cost Capitalized Subsequent to Acquisition	408
Impairment	0
Cost at the end of the period
Land	805
Buildings, Improvements & Equipment	8,791
Total	9,596
Accumulated Depreciation	2,245
701 East Puetz Rd, Oak Creek, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	650
Buildings, Improvements & Equipment	18,396
Cost Capitalized Subsequent to Acquisition	374
Impairment	0
Cost at the end of the period
Land	664
Buildings, Improvements & Equipment	18,756
Total	19,420
Accumulated Depreciation	4,726
W231 N1440 Corporate Court, Pewaukee, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,900
Buildings, Improvements & Equipment	41,140
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	3,900
Buildings, Improvements & Equipment	41,140
Total	45,040
Accumulated Depreciation	8,485
8348 & 8400 Washington Avenue, Racine, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,150
Buildings, Improvements & Equipment	22,436
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,150
Buildings, Improvements & Equipment	22,436
Total	23,586
Accumulated Depreciation	4,627
1221 North 26th Street, Sheboygan, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	975
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	975
Total	1,275
Accumulated Depreciation	201
1222 North 23rd Street, Sheboygan, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	120
Buildings, Improvements & Equipment	4,014
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	120
Buildings, Improvements & Equipment	4,014
Total	4,134
Accumulated Depreciation	828
2414 Kohler Memorial Drive, Sheboygan, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,400
Buildings, Improvements & Equipment	35,168
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	1,400
Buildings, Improvements & Equipment	35,168
Total	36,568
Accumulated Depreciation	7,253
1125 N Edge Trail, Verona, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,365
Buildings, Improvements & Equipment	9,581
Cost Capitalized Subsequent to Acquisition	1,234
Impairment	0
Cost at the end of the period
Land	1,365
Buildings, Improvements & Equipment	10,815
Total	12,180
Accumulated Depreciation	1,351
1451 Cleveland Avenue, Waukesha, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	68
Buildings, Improvements & Equipment	3,452
Cost Capitalized Subsequent to Acquisition	3,184
Impairment	0
Cost at the end of the period
Land	68
Buildings, Improvements & Equipment	6,636
Total	6,704
Accumulated Depreciation	4,213
3289 North Mayfair Road, Wauwatosa, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	6,245
Cost Capitalized Subsequent to Acquisition	0
Impairment	0
Cost at the end of the period
Land	2,300
Buildings, Improvements & Equipment	6,245
Total	8,545
Accumulated Depreciation	1,288
5301 W. Lincoln Ave, West Allis, WI
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,600
Buildings, Improvements & Equipment	20,377
Cost Capitalized Subsequent to Acquisition	7,461
Impairment	0
Cost at the end of the period
Land	1,600
Buildings, Improvements & Equipment	27,838
Total	29,438
Accumulated Depreciation	6,073
503 South 18th Street, Laramie, WY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	191
Buildings, Improvements & Equipment	3,632
Cost Capitalized Subsequent to Acquisition	941
Impairment	0
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	4,573
Total	4,764
Accumulated Depreciation	2,925
1901 Howell Ave., Worland, WY
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	132
Buildings, Improvements & Equipment	2,508
Cost Capitalized Subsequent to Acquisition	1,430
Impairment	0
Cost at the end of the period
Land	138
Buildings, Improvements & Equipment	3,932
Total	4,070
Accumulated Depreciation	$ 2,317

SCHEDULE III REAL ESTATE AND 70

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Footnotes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Real Estate And Accumulated Depreciation
Fair value adjustment, liabilities	$ 1,906
Aggregate cost for federal income tax purposes	8,700,000
Capital leases	$ 10,700
Buildings and 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	$ 796,600

SCHEDULE III REAL ESTATE AND 71

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Equipment
Balance at the beginning of the period	$ 7,617,547	$ 7,456,940	$ 6,222,360
Additions	226,105	317,392	1,234,580
Disposals	(18,889)	(43,809)	0
Impairment		0	0
Reclassification of assets held for sale	0	(112,976)
Balance at the end of the period	7,824,763	7,617,547	7,456,940
Accumulated Depreciation
Balance at the beginning of the period	1,270,716	1,147,540	973,205
Additions	193,697	188,445	174,335
Disposals	(9,936)	(7,974)	0
Impairment		0	0
Reclassification of assets held for sale	0	(57,295)
Balance at the end of the period	$ 1,454,477	$ 1,270,716	$ 1,147,540