Diversified Healthcare Trust (DHC) 10-K 24 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 22, 2016	Jun. 30, 2015
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, 2015
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			$ 4.1
Entity Common Stock, Shares Outstanding		237,471,559
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate properties:
Land	$ 781,426	$ 681,808
Buildings and improvements	6,675,514	5,540,552
Total real estate properties, gross	7,456,940	6,222,360
Less accumulated depreciation	1,147,540	973,205
Total real estate properties, net	6,309,400	5,249,155
Cash and cash equivalents	37,656	27,594
Restricted cash	6,155	10,544
Available-for-sale Securities	51,472	23,993
Deferred financing fees, net	27,695	30,549
Due from affiliate	17,912	18,296
Acquired real estate leases and other intangible assets, net	604,286	472,788
Other assets	129,402	135,350
Total assets	7,183,978	5,968,269
LIABILITIES AND SHAREHOLDERS' EQUITY
Unsecured revolving credit facility	775,000	80,000
Unsecured term loans	550,000	350,000
Senior unsecured notes, net of discount	1,495,066	1,743,628
Secured debt and capital leases	682,959	627,076
Accrued interest	16,974	20,046
Due to affiliate	15,008	11,675
Assumed real estate lease obligations, net	115,363	122,826
Other liabilities	173,848	60,611
Total liabilities	3,824,218	3,015,862
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 237,471,559 and 203,910,305 shares issued and outstanding at December 31, 2015 and 2014, respectively	2,375	2,039
Additional paid in capital	4,531,703	3,825,063
Cumulative net income	1,477,590	1,353,622
Cumulative other comprehensive income	(32,537)	3,329
Cumulative distributions	(2,619,371)	(2,231,646)
Total shareholders' equity	3,359,760	2,952,407
Total liabilities and shareholders' equity	$ 7,183,978	$ 5,968,269

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	300,000,000	300,000,000
Common shares of beneficial interest, shares issued	237,471,559	203,910,305
Common shares of beneficial interest, shares outstanding	237,471,559	203,910,305

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental income	$ 630,899	$ 526,703	$ 459,380
Residents fees and services	367,874	318,184	302,058
Total revenues	998,773	844,887	761,438
Expenses:
Property operating expenses	377,579	324,564	299,878
Depreciation	257,783	185,391	153,026
General and administrative	42,830	38,946	32,657
Acquisition related costs	6,853	4,607	3,378
Impairment of assets	194	(10)	7,989
Total expenses	685,239	553,498	496,928
Operating income	313,534	291,389	264,510
Dividend income	2,773	63	250
Interest and other income	379	362	461
Interest expense	(150,881)	(135,114)	(117,819)
Non Cash Loss On Special Distribution Of Equity	(38,437)
Loss on early extinguishment of debt	(1,894)	(12)	(797)
Income from continuing operations before income tax expense and equity in earnings of an investee	125,474	156,688	146,605
Income tax expense	(574)	(576)	(600)
Equity in (losses) earnings of an investee	20	87	334
Income from continuing operations	124,920	156,199	146,339
Discontinued operations:
(Loss) income from discontinued operations	(350)	1,362	5,043
Impairment of assets from discontinued operations	(602)	(4,377)	(37,610)
Income before gain on sale of properties	123,968	153,184	113,772
Gain on sale of properties		5,453	37,392
Net income	123,968	158,637	151,164
Other comprehensive income:
Change in net unrealized (loss) gain on investments	(35,846)	(5,085)	3,901
Share of comprehensive (loss) income of an investee	(20)	2	(51)
Comprehensive income	$ 88,102	$ 153,554	$ 155,014
Weighted average common shares outstanding (basic) (in shares)	232,931	198,868	187,271
Weighted average common shares outstanding (diluted) (in shares)	232,963	198,894	187,414
Per common share amounts (basic and diluted):
Income from continuing operations (in dollars per share)	$ 0.54	$ 0.81	$ 0.98
Loss from discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.17)
Net income (in dollars per share)	$ 0.53	$ 0.80	$ 0.81

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Distributions	Unrealized Gain (Loss) on Investments	Total
Balance at Dec. 31, 2012	$ 1,765	$ 3,233,354	$ 1,043,821	$ (1,636,934)	$ 4,562	$ 2,646,568
Balance (in shares) at Dec. 31, 2012	176,553,600
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)			151,164		3,850	155,014
Distributions				(288,945)		(288,945)
Issuance of shares	$ 115	261,698				261,813
Issuance of shares (in shares)	11,500,000
Share grants	$ 1	2,538				2,539
Share grants (in shares)	114,043
Balance at Dec. 31, 2013	$ 1,881	3,497,590	1,194,985	(1,925,879)	8,412	2,776,989
Balance (in shares) at Dec. 31, 2013	188,167,643
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)			158,637		(5,083)	153,554
Distributions				(305,767)		(305,767)
Issuance of shares	$ 156	325,455				325,611
Issuance of shares (in shares)	15,648,462
Share grants	$ 2	2,018				2,020
Share grants (in shares)	94,200
Balance at Dec. 31, 2014	$ 2,039	3,825,063	1,353,622	(2,231,646)	3,329	$ 2,952,407
Balance (in shares) at Dec. 31, 2014	203,910,305					203,910,305
Increase (Decrease) in Shareholders' Equity
Comprehensive income (loss)			123,968		(35,866)	$ 88,102
Distributions				(356,384)		(356,384)
Distribution to common shareholders of the RMR Group Inc common stock				(31,341)		(31,341)
Issuance of shares	$ 335	705,201				705,536
Issuance of shares (in shares)	33,462,254
Share grants	$ 1	1,439				1,440
Share grants (in shares)	99,000
Balance at Dec. 31, 2015	$ 2,375	$ 4,531,703	$ 1,477,590	$ (2,619,371)	$ (32,537)	$ 3,359,760
Balance (in shares) at Dec. 31, 2015	237,471,559					237,471,559

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 123,968	$ 158,637	$ 151,164
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	257,783	185,391	153,825
Net amortization of debt discounts, premiums and deferred financing fees	5,942	6,319	6,042
Straight line rental income	(18,039)	(9,672)	(7,080)
Amortization of acquired real estate leases and other intangible assets	(4,060)	(2,322)	3,656
Loss on early extinguishment of debt	1,894	12	797
Impairment of assets	796	4,367	45,599
Loss on distribution to common shareholders of The RMR Group Inc. common stock	38,437
Other non-cash adjustments	(2,145)
Gain on sale of properties		(5,453)	(37,392)
Gain on sale of investments	(71)
Equity in earnings of an investee	(20)	(87)	(334)
Change in assets and liabilities:
Restricted cash	4,389	1,970	(3,082)
Other assets	(19,917)	(1,102)	(11,051)
Accrued interest	(3,072)	4,207	82
Other liabilities	19,636	8,634	4,477
Net cash provided by operating activities	405,521	350,901	306,703
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(1,134,735)	(1,225,770)	(193,303)
Real estate improvements	(70,427)	(64,754)	(52,270)
Investment in Affiliates Insurance Company		(825)
Investment in The RMR Group Inc	(17,286)
Proceeds from sale of properties	2,782	27,325	92,550
Proceeds from sale of investments	6,571
Net cash used for investing activities	(1,213,095)	(1,264,024)	(153,023)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common shares issued in public offering	659,496	322,807	261,813
Proceeds from issuance of unsecured senior notes, net of discount		648,915
Proceeds from unsecured term loan	200,000	350,000
Proceeds from borrowings on revolving credit facility	1,640,243	570,000	275,000
Repayments of borrowings on revolving credit facility	(945,243)	(590,000)	(365,000)
Redemption of senior notes	(250,000)
Repayment of other debt	(125,879)	(86,432)	(36,371)
Loss on early extinguishment of debt settled in cash	(1,448)
Payment of deferred financing fees	(2,931)	(8,039)	(3,326)
Repurchase of common shares	(212)
Distributions to shareholders	(356,390)	(305,767)	(288,945)
Net cash provided by (used for) financing activities	817,636	901,484	(156,829)
Increase (decrease) in cash and cash equivalents	10,062	(11,639)	(3,149)
Cash and cash equivalents at beginning of period	27,594	39,233	42,382
Cash and cash equivalents at end of period	37,656	27,594	39,233
Supplemental cash flow information:
Interest paid	148,011	124,588	111,695
Income taxes paid	$ 477	155	600
Non-cash investing activities:
Investment acquired by issuance of common shares	(44,521)
Acquisitions funded by assumed debt	$ (181,433)	(15,630)	(12,266)
Non-cash financing activities:
Assumption of mortgage notes payable	181,433	15,630	12,266
Issuance of common shares	47,691	$ 4,823	$ 2,541
Distribution to common shareholders of The RMR Group Inc. common stock	$ (31,335)

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization
Organization	Note 1. Organization We are a real estate investment trust, or REIT, organized under Maryland law. At December 31, 2015, we owned 427 properties (451 buildings) located in 43 states and Washington, D.C.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies BASIS OF PRESENTATION. Our consolidated financial statements include the accounts of Senior Housing Properties Trust, or SNH, we, us or our, and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Accounting principles generally accepted in the United States, or GAAP, require us to make estimates and assumptions that may affect the amounts reported in these financial statements and related notes. The actual results could differ from these estimates. We have made reclassifications to the prior years’ financial statements to conform to the current year’s presentation. These reclassifications had no effect on net income or shareholders’ equity. We have determined that, in 2015, certain of our wholly owned taxable REIT subsidiaries, or TRSs, were variable interest entities, or VIEs, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or the Codification. We have concluded that we must consolidate each of these TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs classified as VIEs were $2,879 as of December 31, 2015 and consist primarily of working capital of one of our senior living managers. The liabilities of our TRSs classified as VIEs were $950 as of December 31, 2015 and consist primarily of payables to one of our senior living managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs. REAL ESTATE PROPERTIES. We record properties at our cost and calculate depreciation on real estate investments on a straight line basis over estimated useful lives generally up to 40 years . When we acquire a property, we estimate the purchase price allocations and the useful lives of our properties. In some circumstances, we engage third party real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by third party appraisers. For properties qualifying as acquired businesses under Accounting Standards Codification 805, Business Combinations, we allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) as a reduction to rental income over the remaining non ‑cancelable terms of the respective leases. We amortize capitalized below market lease values (presented as acquired real estate lease obligations in our consolidated balance sheets) as an increase to rental income over the non ‑cancelable periods of the respective leases. Such amortization resulted in an increase in rental income of $ 4,060 during the year ended December 31, 2015, an increase in rental income of $ 2,322 during the year ended December 31, 2014, and a reduction in rental income of $ 3,656 during the year ended December 31, 2013. 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. Such amortization included in depreciation totaled $80,040 , $38,970 and $22,718 , during the years ended December 31, 2015, 2014 and 2013, respectively. If a lease is terminated prior to its stated expiration, the unamortized amount relating to that lease is written off. CASH AND CASH EQUIVALENTS. We carry cash and cash equivalents, consisting of overnight repurchase agreements and short term investments with original maturities of three months or less at the date of purchase, at cost plus accrued interest, which approximates fair value. RESTRICTED CASH. Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties and security deposits for residents of our managed senior living communities. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES. At December 31, 2014, we owned 250,000 common shares of Equity Commonwealth (f/k/a CommonWealth REIT), or EQC. We sold all 250,000 of our EQC common shares in May 2015 for net proceeds of $6,571 . We recognized a gain on the sale of these shares in the amount of $71 during the second quarter of 2015, which is included in interest and other income in our consolidated statements of comprehensive income. We owned 4,235,000 common shares, or 8.6% at December 31, 2015 and 2014, of Five Star Quality Care, Inc., or Five Star. We classify these shares of Five Star as available for sale securities and carry them at fair value, with unrealized gains and losses reported as a component of shareholders’ equity. Cumulative other comprehensive income shown in our consolidated balance sheets includes the net unrealized gain or loss on investments determined as the net difference between the market value of these shares of Five Star calculated by using weighted average quoted market prices on the dates we acquired these shares ( $3.36 per share) and on December 31, 2015( $3.18 per share). At December 31, 2015 and 2014, our investment in Five Star had a fair value of $13,467 and $17,575 , respectively, including an unrealized loss of $747 and an unrealized gain of $3,361 , respectively. In addition, at December 31, 2015, we owned 2,637,408 shares of class A common stock of The RMR Group Inc., or RMR Inc. We also classify these shares of RMR Inc. as available for sale securities and carry them at fair value, with unrealized gains and losses reported as a component of shareholders’ equity. Our historical cost basis for these shares is $69,826 . At December 31, 2015, our investment in RMR Inc. had a fair value of $38,005 , including an unrealized loss of $31,821 based on RMR Inc.’s quoted share price at December 31, 2015 ( $14.41 per share). 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. See Notes 5 and 7 for further information regarding our investments in Five Star and RMR Inc. EQUITY METHOD INVESTMENTS. At December 31, 2015, 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. If we determine there is an “other than temporary impairment” in the fair value of this investment, we would record a charge to earnings. In evaluating the fair value of this investment, we have considered, among other things, the assets and liabilities held by AIC, AIC’s overall financial condition and earning trends, and the financial condition and prospects for the insurance industry generally. See Note 5 for further information regarding our investment in AIC. DEFERRED FINANCING FEES. We capitalize issuance costs related to borrowings and amortize them over the terms of the respective borrowings. During 2015, we capitalized $2,952 of issuance costs, including $1,200 related to an amendment to our revolving credit facility agreement to increase the maximum borrowings under that facility in September 2015, as well as $1,752 related to our $200,000 term loan entered into in September 2015. During 2014, we capitalized $8,039 of issuance costs, including $5,021 related to our issuances of senior unsecured notes in April 2014, as well as $2,819 related to our $350,000 term loan entered into in May 2014, and $199 related to our assumption of a mortgage in May 2014. During 2013, we capitalized $3,326 of issuance costs, including $3,078 related to an amendment to our revolving credit facility agreement in September 2013 and $248 related to our assumption of a mortgage during 2013. During 2015, we wrote off $70 of unamortized deferred financing fees in connection with our prepayment of the outstanding principal balances of ten mortgages encumbering nine properties with an aggregate principal balance of $82,569 . We also wrote off $74 of unamortized deferred financing fees in connection with our prepayment of all $250,000 of our 4.30% senior unsecured notes due January 2016 in November 2015. During 2014, we wrote off $357 of unamortized deferred financing fees in connection with our prepayment of the outstanding principal balances of two mortgages totaling $23,234 in October and December 2014. The unamortized gross balance of deferred financing fees and related accumulated amortization was $50,477 and $22,782 , and $50,479 and $19,930 , at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period is approximately 12.5 years. We expect that the amortization expense relating to the unamortized gross balance of deferred financing fees for the five years subsequent to December 31, 2015 will be $5,514 in 2016, $5,247 in 2017, $3,394 in 2018, $2,639 in 2019, $1,213 in 2020, and $9,688 , thereafter. DEFERRED LEASING COSTS. Deferred leasing costs include brokerage, legal and other fees associated with our entering leases and are amortized on a straight line basis over the terms of the respective leases. Deferred leasing costs are included in other assets on our consolidated balance sheets. The unamortized gross balance of deferred leasing costs and related accumulated amortization was $ 21,708 and $5,561 , and $ 14,844 and $ 3,722 at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period is approximately 6.8 years. We expect that the amortization expense for the five years subsequent to December 31, 2015 will be $ 2,853 in 2016 , $ 2,528 in 2017, $ 2,2 86 in 2018, $1,9 68 in 2019, $1,5 83 in 2020, and $4, 710 , 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, 2015, 2014 and 2013, percentage rents earned aggregated $10,062 , $10,155 and $9,226 , respectively. As of December 31, 2015, we owned 65 managed senior living communities, including 55 communities that we acquired since June 2011 and ten senior living communities formerly leased to Sunrise Senior Living, Inc. Sixty of these communities are managed by Five Star, and the remaining five are managed by a private senior living manager. We refer to these 65 communities as the managed senior living communities. We derive our revenues at these managed senior living communities primarily from services our managers provide to residents on our behalf and we record revenues when services are provided. We use the TRS structure authorized by the Real Estate Investment Trust 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 ownership, $0.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per common share, or EPS, using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share. INCOME TAXES. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and as such are generally not subject to federal and most state income taxation on our operating income, provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease nearly all of our managed senior living communities to our TRSs, that, unlike most of our subsidiaries, file separate tax returns and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes incurred by us, despite our REIT status. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expense. SEGMENT REPORTING. As of December 31, 2015, we have four operating segments, of which three are separate reporting segments. The first reporting segment includes triple net senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs. Our fourth segment includes the remainder of our operations, including certain properties that offer fitness, wellness and spa services to members, which we do not consider to be sufficiently material as to constitute a separate reporting segment, and all of our other operations. See Note 9 for further information regarding our reportable operating segments. NEW ACCOUNTING PRONOUNCEMENTS. In February 2015, the FASB, issued Accounting Standards Update, or ASU, No. 2015-02, Consolidation . Among other things, this update changes how an entity determines the primary beneficiary of a VIE. This update is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. In August 2015, the FASB clarified the previous ASU and issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 201 5 EITF Meeting , which addresses the presentation of debt issuance costs related to line of credit arrangements. These updates are effective for interim and annual reporting periods beginning after December 15, 2015 and require retrospective application. The implementation of these updates is not expected to cause any material changes to our consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on our consolidated balance sheets. Debt issuance costs related to our revolving credit facility will remain classified as assets in accordance with ASU 2015-15. When these updates are adopted, the unamortized gross balance of deferred financing fees of $23,950 and $26,339 as of December 31, 2015 and 2014, respectively, will be reclassified from assets to the related debt obligations on our consolidated balance sheets. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB approved a one year deferral of the effective date for this ASU to interim and annual reporting periods beginning after December 15, 2017. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a material impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from this ASU. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This update is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. We are continuing to evaluate this guidance; however, we expect the implementation of this guidance will change our accounting for our available for sale equity investments. Currently, changes in fair value of these investments are recorded through other comprehensive income. Under this ASU, these changes will be recorded through earnings.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2015
Real Estate Properties
Real Estate Properties	Note 3. Real Estate Properties Our real estate properties, excluding those classified as held for sale, consisted of land of $781,426 , buildings and improvements of $6,391,482 and FF&E of $284,032 as of December 31, 2015; and land of $681,808 , buildings and improvements of $5,304,857 and FF&E of $235,695 as of December 31, 2014. Accumulated depreciation was $992,361 and $155,179 for buildings and improvements and FF&E, respectively, as of December 31, 2015; and $838,719 and $134,486 for buildings and improvements and FF&E, respectively, as of December 31, 2014. The future minimum lease payments due to us during the current terms of our leases as of December 31, 2015, are $542,987 in 2016, $530,269 in 2017, $513,150 in 2018, $479,591 in 2019, $453,161 in 2020 and $2,980,205 thereafter. We have accounted for the following acquisitions as business combinations unless otherwise noted. Senior Living Community Acquisitions: In December 2014, we entered into an agreement to acquire 38 senior living communities with 3,439 living units for an aggregate purchase price of $790,000 , excluding net closing adjustments of $77 and closing costs. In May 2015, we acquired 37 of these 38 senior living communities and in September 2015 we acquired the one remaining community. We funded the acquisitions of these 38 senior living communities using cash on hand, borrowings under our revolving credit facility and the assumption of approximately $151,477 of mortgage debts with a weighted average annual interest rate of 4.57% . Nineteen of the 38 communities are triple net leased senior living communities with 2,206 living units, and are leased to seven senior living operators. As of the date acquired, the weighted average amortization period for capitalized lease origination values was 11.5 years. The remaining 19 acquired managed communities with 1,233 living units were acquired using TRS structures and are being managed for our account. We paid fees of $975 and terminated the pre-existing management agreements that were in place for 14 of these 19 managed communities, with 838 living units and we entered into new management agreements with Five Star to manage those 14 communities. The remaining five managed communities, with 395 living units, continue to be managed by a third party senior living manager in place at the time of our acquisition of these communities. As of December 31, 2015, we own 65 managed senior living communities that are managed by Five Star and one third party senior living manager. In September 2015, we acquired one triple net leased senior living community with 84 living units for a purchase price of $18,250 , excluding closing costs. We funded the acquisition of this community using cash on hand and borrowings under our revolving credit facility. This community is leased to a privately owned third party senior living operator. This acquisition was accounted for as an acquisition of assets. 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 has been withheld until the seller satisfies various conditions. We anticipate these conditions will be satisfied and therefore have recorded the withheld $1,000 as a liability as of December 31, 2015. This liability is included in other liabilities in our consolidated balance sheets. 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 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. During 2014, we acquired two senior living communities with a total of 228 living units for total purchase prices of approximately $47,430 , excluding closing costs, and entered into management agreements with Five Star to manage these communities. The table below represents the purchase price allocations (including net closing adjustments) of the senior living community acquisitions described above. Cash Paid (Premium) / Number plus Buildings Acquired Discount Leased / of Units/ Assumed and Real Estate Other Assumed on Assumed Date Location Managed Properties Beds Debt (1) Land Improvements FF&E Leases Liabilities Debt Debt Senior Living Community Acquisitions during the year ended December 31, 2015: May 2015 11 States Leased $ $ $ $ $ $ $ $ May 2015 5 States Managed — September 2015 NC Leased — Subtotal 38 senior living communities portfolio May 2015 GA Managed — (2) — — September 2015 GA Leased — — — — $ $ $ 623,315 $ $ $ $ $ Senior Living Community Acquisitions during the year ended December 31, 2014: December 2014 WI Managed $ $ $ $ $ $ — $ — $ — December 2014 WI Managed — — — $ $ $ $ $ $ — $ — $ — (1) Cash paid plus assumed debt, if any, excludes closing costs. The allocation of the purchase price of certain of our 2015 acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. Therefore, amounts preliminarily allocated to assets acquired and liabilities assumed could change significantly from those used in these consolidated financial statements. (2) This senior living community is adjacent to another community that we own which is managed by Five Star. The operations of this community and the community we previously owned are now conducted as a single integrated community under one management agreement. See Note 5 for further information regarding the arrangements we have with Five Star. MOB Acquisitions: In January 2015, we acquired 23 properties (23 buildings) leased to MOBs for an aggregate purchase price of $539,000 , excluding net credits received of $7,377 related to debt assumption costs and outstanding tenant improvement allowances and excluding closing costs. These MOBs include approximately 2,170,000 leasable square feet. We funded this acquisition using cash on hand, borrowings under our revolving credit facility and the assumption of $29,955 of mortgage debts with a weighted average annual interest rate of 4.73% . As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination costs and capitalized below market lease values were 9.7 years, 9.5 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 5 for further information regarding this transaction. During 2014, we acquired two MOBs ( three buildings) with a total of 1,776,277 square feet for total purchase prices of approximately $1, 162,584 including the assumption of approximately $15,630 of mortgage debt and excluding closing costs. The table below represents the purchase price allocations (including net closing adjustments) of the MOB acquisitions described above. Cash Paid Acquired Number plus Buildings Acquired Real Estate Premium of Square Assumed and Real Estate Lease Assumed on Assumed Date Location Properties Feet (000's) Debt (1) Land Improvements Leases Obligations Debt Debt MOB Acquisitions during the year ended December 31, 2015: January 2015 12 States $ $ $ $ $ $ $ $ $ $ $ $ $ $ MOB Acquisitions during the year ended December 31, 2014: April 2014 TX $ $ $ $ $ $ $ May 2014 MA — — $ $ $ $ $ $ $ (1) Cash paid plus assumed debt, if any, excludes closing costs. In January 2016, we entered into an agreement to acquire one senior living community located in Georgia with 38 private pay units for a purchase price of approximately $8,400 , excluding closing costs. We expect to acquire this community using a TRS structure and to have Five Star manage this community. This acquisition is subject to various conditions; accordingly we can provide no assurance that we will purchase this property, that the acquisition or related expected management agreement with Five Star will not be delayed or that the terms will not change. In February 2016, we acquired one MOB (three buildings) in Minnesota with approximately 128,000 square feet for a purchase price of approximately $22,700 , excluding closing costs. At December 31, 2015, we had recorded intangible lease assets of $779,761 , including $48,048 of capitalized above market lease values and $731,713 of the value of in place leases. At December 31, 2014, we had recorded intangible assets of $577,177, including $47,107 of capitalized above market lease values and $530,070 of the value of in place leases. We had recorded intangible lease obligations of $139,346 and $138,469 at December 31, 2015 and 2014, respectively. Accumulated amortization of capitalized above market lease values was $26,828 and $22,749 at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period of capitalized above market lease values is approximately 5.3 years. Accumulated amortization of capitalized below market lease values was $23,819 and $15,643 at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period of intangible lease obligations is approximately 12.5 years. Accumulated amortization of the value of in place leases exclusive of the value of above and below market in place leases was $148,647 and $81,640 at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period of the value of in place leases exclusive of the value of above and below market in place leases is approximately 10.6 years. We expect to recognize net future amortization of these intangible lease assets and liabilities in the amounts of approximately $76,793 in 2016, $72,769 in 2017, $44,196 in 2018, $38,982 in 2019, $36,571 in 2020 and $219,611 thereafter. Dispositions: In February 2015, we sold one vacant senior living community for $250 , excluding closing costs. In July 2015, we sold one senior living community for $155 , excluding closing costs. In August 2015, we sold one senior living community for $850 , excluding closing costs. In December 2015, we sold one senior living community for $21 , excluding closing costs. In April 2015, we sold one MOB (four buildings) previously included in discontinued operations for $1,500 , excluding closing costs. In January, June, and October 2 014, we sold six senior living communities which were previously classified as held for sale, for combined sales prices of $15,650 , excluding closing costs, and recognized an aggregate gain on sale on these properties of approximately $5,452 . In April, June, and September 2014, we sold three MOBs (3 buildings) that were previously included in discontinued operations for combined sales prices of $11,675 , excluding closin g costs. Impairment We periodically evaluate our properties for impairments. Impairment indicators may include declining tenant occupancy, weak or declining tenant profitability, cash flow 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 a property. If indicators of impairment are present, we evaluate the carrying value of the affected property by comparing it to the expected future undiscounted net cash flows to be generated from that property. If the sum of these expected future net cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. 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. 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, 2015, we had one senior living community with 140 living units and one vacant land parcel categorized as held for sale. The real estate assets of this senior living community and land parcel are included in other assets in our consolidated balance sheets and have a net book value (after impairment) of approximately $5,356 at December 31, 2015. As of December 31, 2014, we had four senior living communities with 312 living units and one MOB (four buildings) with 323,541 square feet categorized as properties held for sale. During 2014, we recorded net impairment charges of $4,377 to adjust the carrying value of four MOBs ( seven buildings) to their aggregate estimated net sale price. These properties have all been sold as of December 31, 2015, as described above. Results of operations for properties sold or held for sale are included in discontinued operations in our consolidated statements of comprehensive income once the criteria for discontinued operations in the Presentation of Financial Statements Topic of the Codification are met. The senior living communities which we are or were offering for sale as of the applicable periods do not meet the criteria for discontinued operations. Summarized income statement information for the four MOBs ( seven buildings) that met the criteria for discontinued operations is included in discontinued operations as follows: For the year ended December 31, 2015 2014 2013 Rental income $ $ $ Property operating expenses Depreciation and amortization — — (Loss) income from discontinued operations $ $ $ Investments and Capital Expenditures: During 2015 and 2014, pursuant to the terms of our existing leases with Five Star, we purchased $21,444 and $25,804 , respectively, of improvements to our properties leased to Five Star, and, as a result, the annual rent payable to us by Five Star increased by approximately $1,734 and $2,066 , respectively. At our MOB communities, w e committed $20,314 for expenditures related to 1,032,000 square feet of leases executed during 2015. Committed and unspent tenant related obligations based on executed leases as of December 31, 2015, were $16,671 .

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Shareholders' Equity
Shareholders' Equity	Note 4. Shareholders’ Equity We have common shares available for issuance under the terms of our equity compensation plan, or our Share Award Plan. We awarded 84,000 common shares with an aggregate market value of $1,321 during the year ended December 31, 2015, 81,700 common shares with an aggregate market value of $1,750 during the year ended December 31, 2014 and 82,600 common shares with an aggregate market value of $1,888 during the year ended December 31, 2013 to our officers and certain employees of The RMR Group LLC, or RMR LLC, pursuant to our Share Award Plan. In addition, in May 2015, we awarded each of our five Trustees 2,500 common shares with an aggregate market value of $252 ( $50 to each Trustee) pursuant to our Share Award Plan as part of their annual fees. In September 2015, we awarded 2,500 of our common shares with a market value of $41 to a new Independent Trustee who was elected to our Board at that time. We awarded each of our five Trustees 2,500 common shares in 2014 and 2,000 common shares in 2013 with an aggregate market value of $306 ( $61 to each Trustee) and $286 ( $57 to each Trustee), respectively, pursuant to our Share Award Plan as part of their annual fees. Shares awarded to the Trustees vest immediately. The shares awarded to our officers and other employees of our manager vest in five equal annual installments beginning on the date of grant. We include the value of awarded shares in general and administrative expenses in our consoli dated statements of comprehensive income at the time the awards vest. At December 31, 2015, 2,640,536 of our common shares remain available for issuance under our Share Award Plan. A summary of shares granted and vested under the terms of our Share Award Plan from January 1, 2012 to December 31, 2015 is as follows: Weighted Average Grant Date Number of Shares Fair Value Unvested shares at December 31, 2012 $ Shares granted in 2013 $ Shares vested / forfeited in 2013 $ Unvested shares at December 31, 2013 $ Shares granted in 2014 $ Shares vested / forfeited in 2014 $ Unvested shares at December 31, 2014 $ Shares granted in 2015 $ Shares vested / forfeited in 2015 $ Unvested shares at December 31, 2015 $ The 158,874 unvested shares as of December 31, 2015 are scheduled to vest as follows: 61,644 shares in 2016, 47,730 shares in 2017, 32,700 shares in 2018 and 16, 800 shares in 2019. As of December 31, 2015, the estimated future compensation for the unvested shares was $2,358 based on the closing share price of $14.84 on December 31, 2015. At December 31, 2015, the weighted average period over which the compensation expense will be recorded is approximately 1.7 years. We recorded share based compensation expense of $1,373 in 2015, $1,914 in 2014 and $1,961 in 2013. In February 2015, we issued 31,050,000 common shares in a public offering, raising net proceeds of approximately $659,496 . In April 2014, we issued 15,525,000 common shares in a public offering, raising net proceeds of approximately $322,807 . In January 2013, we issued 11,500,000 common shares in a public offering, raising net proceeds of approximately $261,813 . We used the net proceeds from these offerings to repay amounts outstanding under our revolving credit facility and for general business purposes. On June 5, 2015, we issued 2,345,000 of our common shares in connection with our acquisition of an interest in RMR Inc., as further described in Note 5. On September 24, 2015, we purchased an aggregate of 13,113 of our common shares for $16.19 per share, the closing price of our common shares on the NYSE on that day, from certain of our officers and other employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of restricted 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 5 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, 2015, 2014 and 2013. As described in Note 5, on December 14, 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 2015, 2014 and 2013 was 51.48% , 54.00% and 66.19% ordinary income, respectively; 47.80% , 46.00% and 21.30% return of capital, respectively; 0% , 0% and 3.10% capital gain, respectively; and 0% , 0% and 9.41% unrecaptured Section 1250 gain, respectively. On January 11, 2016, we declared a quarterly distribution of $0.39 per share, or $92,614 , to our common shareholders of record on January 22, 2016, with respect to our operating results for the quarter ended December 31, 2015; we expect to pay this distribution on or about February 23, 2016, using cash on hand and borrowings under our revolving credit facility.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2015
Related Person Transactions
Related Person Transactions	Note 5. Related Person Transactions We have adopted written Governance Guidelines that describe the consideration and approval of related person transactions. Under these Governance Guidelines, we may not enter into a transaction in which any Trustee or executive officer, any member of the immediate family of any Trustee or executive officer or other related person, has or will have a direct or indirect material interest unless that transaction has been disclosed or made known to our Board of Trustees and our Board of Trustees reviews and approves or ratifies the transaction by the affirmative vote of a majority of the disinterested Trustees, even if the disinterested Trustees constitute less than a quorum. If there are no disinterested Trustees, the transaction must be reviewed, authorized and approved or ratified by both (i) the affirmative vote of a majority of our Board of Trustees and (ii) the affirmative vote of a majority of our Independent Trustees. In determining whether to approve or ratify a transaction, our Board of Trustees, or disinterested Trustees or Independent Trustees, as the case may be, also act in accordance with any applicable provisions of our declaration of trust and bylaws, consider all of the relevant facts and circumstances and approve only those transactions that they determine are fair and reasonable to us. All related person transactions described below were reviewed and approved or ratified by a majority of the disinterested Trustees or otherwise in accordance with our policies, declaration of trust and bylaws, each as described above. In the case of transactions with us by employees of RMR Inc. and its subsidiaries who are subject to our Code of Business Conduct and Ethics, but who are not Trustees or executive officers of us, the employee must seek approval from an executive officer who has no interest in the matter for which approval is being requested. Copies of our Governance Guidelines and Code of Business Conduct and Ethics are available on our website, www.snhreit.com. Five Star. Five Star was formerly our 100% owned subsidiary. Five Star is our largest tenant, we are Five Star's largest stockholder and Five Star manages certain senior living communities for us. In 2001, we distributed substantially all of Five Star's then outstanding shares of common stock to our shareholders. As of December 31, 2015, we owned 4,235,000 shares of common stock of Five Star, or approximately 8.6% of Five Star's outstanding shares of common stock. One of our Managing Trustees, Mr. Barry Portnoy, is a Managing Director of Five Star. RMR LLC provides management services to both us and Five Star. Five Star's president and chief executive officer is an officer of RMR LLC and Five Star’s treasurer and chief financial officer is an officer of RMR LLC and was formerly our Treasurer and Chief Financial Officer from 2007 through 2015. Accordingly, the transactions between us and Five Star entered into after Five Star became a separate public company and that are described herein were approved by our Independent Trustees and Five Star's independent directors who are not trustees or directors of the other company. In order to affec t the spin-off of Five Star and to govern relations after the spin-off, Five Star entered into agreements with us and others, including RMR LLC. Since then, Five Star has entered into various leases, management agreements and other agreements with us that include provisions that confirm and modify these undertakings. Among other matters, these agreements provide that: · so long as we remain a REIT, Five Star may not waive the share ownership restrictions in its charter on the ability of any person or group to acquire more than 9.8% of any class of Five Star’s equity shares 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 tax status as a REIT; · we have the option to cancel all of Five Star's rights under the leases and management agreements it has with us upon the acquisition by a person or group of more than 9.8% of Five Star's voting stock and upon other change in control events affecting Five Star, as defined in those documents, 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 vote of 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; · the resolution of disputes arising from Five Star's leases and other agreements with us may be resolved by binding arbitration; and · so long as Five Star is a tenant of ours or manager for us or so long as Five Star 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 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. Senior Living Communities we lease to Five Star . As of December 31, 2015, we leased 177 senior living communities to Five Star. Under Five Star's leases with us, Five Star pays us rent consisting of minimum annual rent amounts plus percentage rent based on increases in gross revenues at certain properties. Five Star's total minimum annual rent payable to us as of December 31, 2015 was $191,927 , excluding percentage rent. We recognized total rental income from Five Star of $196,919 , $196,269 and $203,724 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015 and 2014, our rents receivable from Five Star were $17,466 and $17,310 , respectively, and those amounts are included in due from affiliate in our consolidated balance sheets. We determine percentage rent due under our Five Star leases annually and recognize it at year end when all contingencies are met. During the years ended December 31, 2015, 2014 and 2013, pursuant to the terms of our leases with Five Star, we purchased $21,444 , $25,804 and $27,208 , respectively, of improvements to properties leased to Five Star, and, as a result, the annual rent payable to us by Five Star increased by approximately $1,734 , $2,066 and $2,177 , respectively. In June 2013, we and Five Star agreed to offer for sale 11 senior living communities we then leased to Five Star. Five Star's rent payable to us was reduced as these sales occurred pursuant to terms set in our leases with Five Star. These 11 senior living communities had all been sold as of December 31, 2015, as follows: · In August 2013, we and Five Star sold a skilled nursing facility, or SNF, located in Missouri with 112 SNF units, for a sale price of $2,550; and, as a result of this sale, Five Star's annual minimum rent payable to us decreased by $255 in accordance with the terms of the applicable lease. · In January 2014, we and Five Star sold a senior living community located in Texas with 36 assisted living units, for a sale price of $2,400; and, as a result of this sale, Five Star's annual minimum rent payable to us decreased by $210 in accordance with the terms of the applicable lease. · In June 2014, we and Five Star sold two senior living communities located in Wisconsin with 156 SNF units for a sale price of $4,500; and, as result of this sale, Five Star’s annual minimum rent payable to us decreased by $452 in accordance with the terms of the applicable lease. · In October 2014, we and Five Star sold a senior living community located in Virginia with 70 assisted living units for a sale price of $2,850; and, as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $285 in accordance with the terms of the applicable lease. · Also in October 2014, we and Five Star sold two senior living communities located in Arizona with 177 assisted living and SNF units for a sale price of $5,900; and, as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $590 in accordance with the terms of the applicable lease. · In February 2015, we and Five Star sold a senior living community located in Pennsylvania with 120 assisted living units for a sale price of $250; and, as result of this sale, Five Star’s annual minimum rent payable to us decreased by $23 in accordance with the terms of the applicable lease. · In July 2015, we and Five Star sold a senior living community located in Iowa with 12 SNF units for a sale price of $155; and, as a result of this sale, Five Star’s annual minimum 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 with 63 SNF units for $850; and, as a result of this sale, Five Star’s annual minimum 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 property that was previously a senior living community for a sale price of $21; and, as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $2 in accordance with the terms of the applicable lease. In December 2013, pursuant to an asset purchase agreement, or Purchase Agreement, we sold two rehabilitation hospitals and certain related assets to unrelated parties for a sales price of approximately $90,000 , and Five Star transferred the operations of the two hospitals and several in-patient and out-patient clinics affiliated with those hospitals, to those third parties. Each hospital was previously leased by us to Five Star under Lease No. 2 and was operated by Five Star. Pursuant to an amendment to Lease No. 2 that we entered into in September 2013 in connection with our agreement to sell these rehabilitation hospitals and Five Star’s agreement to transfer its related hospital operations, Lease No. 2 terminated with respect to the rehabilitation hospitals and the annual rent paid to us by Five Star under Lease No. 2 was reduced by $9,500 upon the closing of the sale of the hospitals. The lease amendment also provides for an allocation of indemnification obligations under the Purchase Agreement between us and Five Star. In July 2014, we and Five Star entered into the Fifth Amendment to the Amended and Restated Master Lease Agreement (Lease No. 4) pursuant to which Five Star exercised the first of its existing lease extension options under Lease No. 4, extending the term from April 30, 2017 to April 30, 2032, and we granted Five Star a third option for Five Star to extend the term of Lease No. 4 from May 1, 2047 to April 30, 2062. 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. Our Senior Living Communities Managed by Five Star . As of December 31, 2015, 2014 and 2013, Five Star managed 60 , 46 and 44 senior living communities for our account, respectively. We lease our senior living communities that are managed by Five Star that include assisted living units or skilled nursing facilities to our TRSs, and Five Star manages these communities pursuant to long term management agreements on substantially similar terms. With the exception of the management agreement for the senior living community in New York described below, the management agreements for the communities Five Star manages for our account provide Five Star with a management fee equal to 3% of the gross revenues realized at the communities, plus reimbursement for Five Star's direct costs and expenses related to the communities and an incentive fee equal to 35% of the annual net operating income of the communities after we realize an annual return equal to 8% of our invested capital. The management agreements generally expire on December 31, 2031, 2032, 2033 or 2035, and are subject to automatic renewal for two consecutive 15 year terms, unless earlier terminated or timely notice of nonrenewal is delivered. The management agreements generally provide that we and Five Star each have the option to terminate the agreements upon the acquisition by a person or group of more than 9.8% of the other's voting stock and upon other change in control events affecting the other party, as defined in those documents, including the adoption of any shareholder proposal (other than a precatory proposal) or the election to the board of directors or board of trustees of any individual if such proposal or individual was not approved, nominated or appointed, as the case may be, by vote of a majority of the board of directors or board of trustees in office immediately prior to the making of such proposal or the nomination or appointment of such individual. In connection with the management agreements, we and Five Star have entered into four combination agreements, or pooling agreements, three of which combine our management agreements for communities that include assisted living units, or the AL Pooling Agreements, and the fourth of which combines our management agreements for communities consisting only of independent living units, or the IL Pooling Agreement. The management agreements that are included in each of our pooling agreements are on substantially similar terms. Our first AL Pooling Agreement, which we entered into in May 2011, includes 20 identified communities and our second AL Pooling Agreement, which we entered into in October 2012, includes 19 identified communities. We and Five Star entered into the third AL Pooling Agreement in November 2013 and that pooling agreement currently includes the management agreements for three identified communities. We entered into the IL Pooling Agreement in August 2012 and that agreement currently includes management agreements for two communities that have only independent living units. The senior living community in New York, one senior living community in California described below and the 14 senior living communities we acquired in May 2015 as described below and in Note 3 that Five Star manages for our account are not included in any of our pooling agreements. Each of the AL Pooling Agreements and the IL Pooling Agreement aggregates the determination of fees and expenses of the various communities that are subject to such pooling agreement, including determinations of our return on our invested capital and Five Star's incentive fees. Under each of the pooling agreements, we have the right, after the period of time specified in the agreement has elapsed and subject to Five Star's cure rights, to terminate all, but not less than all, of the management agreements that are subject to the agreement if we do not receive our minimum return in each of three consecutive years. In addition, under each of the pooling agreements, Five Star has a limited right to require the sale of underperforming communities. Also, under each of the pooling agreements, any nonrenewal notice given by Five Star with respect to a community is deemed a nonrenewal with respect to all the communities that are the subject of the agreement. We incurred management fees of $10,728 , $9,765 and $9,229 for the years ended December 31, 2015, 2014 and 2013, respectively, with respect to the communities Five Star manages. These amounts are included in property operating expenses in our consolidated statements of comprehensive income. In July 2014, we entered into an agreement with Five Star, pursuant to which the management agreement for our assisted living community known as Villa Valencia, which is located in California, was removed from the second AL Pooling Agreement as of July 1, 2014. We expect that the management agreement affecting the Villa Valencia community will not be included in any pooling agreement until after extensive renovations planned at that community are completed. In July 2014, we entered into an amendment to our management agreements with Five Star that include assisted living communities to (i) extend the term of each of the management agreements between us and Five Star for Villa Valencia and the 19 assisted living communities currently included in the second AL Pooling Agreement from December 31, 2031 to December 31, 2033 and (ii) extend the term of the management agreement between us and Five Star for the senior living community that was then and continues to be included in the third AL Pooling Agreement, from December 31, 2031 to December 31, 2035. In July 2014, we also entered into an amendment to our management agreements with Five Star that include only independent living communities to extend the term of the management agreements between us and Five Star for two independent living communities from December 31, 2031 to December 31, 2032. All of our management agreements that are currently included in the third AL Pooling Agreement expire on December 31, 2035. In December 2014, we acquired two senior living communities in Wisconsin for a total of $47,430 , excluding closing costs. Five Star manages these communities for our account pursuant to separate long term management agreements for communities that include assisted living units and these two management agreements are included in the third AL Pooling Agreement. In connection with our acquisition of 37 senior living communities in May 2015 described in Note 3, we terminated the pre-existing management agreements for 14 of these communities, with 838 living units, and entered into 14 separate management agreements with Five Star for it to manage these communities for our account. In May 2015, we acquired one senior living community in Georgia with 40 private pay independent living units for approximately $9,750 , excluding closing costs, using a TRS structure. 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. We expect that we may amend certain provisions of our management agreements with Five Star as circumstances affecting the managed communities change and that we may enter into additional management arrangements with Five Star for senior living communities that we may acquire in the future. We own a senior living community in New York with 310 living units, a portion of which is managed by Five Star pursuant to a long term management agreement with us with respect to the senior living units at this community that are not subject to the requirements of New York healthcare licensing laws. The terms of this management agreement are substantially consistent with the terms of our other management agreements with Five Star for communities that include assisted living units, except the management fee payable to Five Star is equal to 5% of the gross revenues realized at that portion of the community and there is no incentive fee payable by us to Five Star. This management agreement expires on December 31, 2031. In order to accommodate certain requirements of New York healthcare licensing laws, one of our TRSs subleases the portion of this community that is subject to those requirements to an entity, D&R Yonkers LLC, which is owned by our President and Chief Operating Officer and Five Star’s chief financial officer and treasurer. Five Star manages this portion of the community pursuant to a long term management agreement with D&R Yonkers LLC. Under the sublease agreement, the annual rent at December 31, 2015 is $3,098 but D&R Yonkers LLC is obligated to pay rent only from available revenues generated by the subleased community. In 2015, 2014 and 2013, D&R Yonkers LLC incurred $3,038 , $2,949 and $2,863 , respectively, in rent. Our TRS is obligated to advance any rent shortfalls to D&R Yonkers LLC, and D&R Yonkers LLC is obligated to repay one of our TRSs only from available revenues generated by the subleased community. Pursuant to the management agreement between D&R Yonkers LLC and Five Star, D&R Yonkers LLC pays Five Star a management fee equal to 3% of the gross revenues realized at that portion of the community and there is no incentive fee payable by D&R Yonkers LLC to Five Star. D&R Yonkers LLC's management agreement with Five Star expires on August 31, 2017, and is subject to renewal for nine consecutive five year terms, unless earlier terminated or timely notice of nonrenewal is delivered. Further, we have entered into an indemnification agreement with the owners of D&R Yonkers LLC, pursuant to which we have agreed to indemnify them for costs, losses and expenses they may sustain by reason of being a member, director or officer of D&R Yonkers LLC or in connection with any costs, losses or expenses under our TRS's sublease with D&R Yonkers LLC or the management agreement between D&R Yonkers LLC and Five Star. Our Manager, 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: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to the property level operations of our MOBs, both of which are described below in this Note under “—Management Agreements with RMR LLC. ” One of our Managing Trustees, Mr. Barry Portnoy, is a Managing Director, officer and controlling shareholder (through ABP Trust) of RMR Inc. and an officer of RMR LLC. Our other Managing Trustee, Mr. Adam Portnoy, is a Managing Director, President, Chief Executive Officer and controlling shareholder (through ABP Trust) of RMR Inc. and an officer of RMR LLC. ABP Trust is owned by Messrs. Barry and Adam Portnoy. Messrs. Barry and Adam Portnoy also own class A membership units of RMR LLC through their ownership of ABP Trust. Each of our executive officers is also an officer of RMR LLC. Our Independent Trustees also serve as independent directors or independent trustees of other companies to which RMR LLC or its affiliates provide management services. Mr. Barry Portnoy serves as a director, managing director, trustee or managing trustee of all of these companies and Mr. Adam Portnoy serves as a director, trustee or managing trustee of a majority of those companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its affiliates provide management services. Acquisition of Interest in our Manager. 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, and collectively with GOV and HPT, the Other REITs – participated in a transaction, or the Up-C Transaction, by which we and the Other REITs each acquired class A common stock of RMR Inc. The Up-C Transaction was completed pursuant to a transaction agreement by and among us, our manager, RMR LLC, its then sole member, ABP Trust, and RMR Inc. and similar transaction agreements that each Other REIT entered into with RMR LLC, ABP Trust and RMR Inc. Pursuant to these transaction agreements: we contributed to RMR Inc. 2,345,000 of our common shares and $13,967 in cash; GOV contributed to RMR Inc. 700,000 of its common shares and $3,917 in cash; HPT contributed to RMR Inc. 1,490,000 of its common shares and $12,622 in cash; SIR contributed to RMR Inc. 880,000 of its common shares and $15,880 in cash; ABP Trust contributed to RMR Inc. $11,520 in cash, which RMR Inc. contributed to RMR LLC; RMR LLC issued 1,000,000 of its class B membership units to RMR Inc.; RMR Inc. issued 5,272,787 shares of its class A common stock to us, 1,541,201 shares of its class A common stock to GOV, 5,019,121 shares of its class A common stock to HPT, 3,166,891 shares of its class A common stock to SIR and 1,000,000 shares of its class B-1 common stock and 15,000,000 shares of its class B-2 common stock to ABP Trust; ABP Trust delivered 15,000,000 of the 30,000,000 class A membership units of RMR LLC which ABP Trust then owned to RMR Inc.; and RMR Inc. delivered to ABP Trust our common shares, the common shares of the Other REITs and the cash which had been contributed by us and the Other REITs to RMR Inc. The class A common stock and class B-1 common stock of RMR Inc. share ratably as a single class in dividends and other distributions of RMR Inc. when and if declared by the board of directors of RMR Inc. and have the same rights in a liquidation of RMR Inc. The class B-1 common stock of RMR Inc. is convertible into class A common stock of RMR Inc. on a 1:1 basis. The class A common stock of RMR Inc. has one vote per share. The class B-1 common stock of RMR Inc. has 10 votes per share. The class B-2 common stock of RMR Inc. has no economic interest in RMR Inc., but has 10 votes per share and is paired with the class A membership units of RMR LLC owned by ABP Trust. Upon request by ABP Trust, RMR LLC is required to redeem the class A membership units of RMR LLC owned by ABP Trust for class A common stock of RMR Inc. on a 1:1 basis, or if RMR Inc. elects, for cash. Under the governing documents of RMR Inc., upon the redemption of a class A membership unit of RMR LLC, the share of class B-2 common stock of RMR Inc. “paired” with the class A membership unit being redeemed is cancelled for no additional consideration. As part of the Up-C Transaction and concurrently with entering the transaction agreements, on June 5, 2015: · We entered into an amended and restated business management agreement with RMR LLC and an amended and restated property management agreement with RMR LLC. The amendments made by these agreements are described below in this Note under “ —Management Agreements with RMR LLC .” Each Other REIT also entered amended and restated business and property management agreements with RMR LLC, which made similar amendments to their management agreements with RMR LLC. · We entered into a registration rights agreement with RMR Inc. covering the class A common stock of RMR Inc. that we received in the Up-C Transaction, pursuant to which we received demand and piggyback registration rights, subject to certain limitations. Each Other REIT entered into a similar registration rights agreement with RMR Inc. · We entered into a lock up and registration rights agreement with ABP Trust and Messrs. Barry and Adam Portnoy pursuant to which ABP Trust and Messrs. Barry and Adam Portnoy agreed not to transfer the 2,345,000 of our common shares ABP Trust received in the Up-C Transaction for a period of 10 years and we granted them certain registration rights, subject to certain limited exceptions. Each Other REIT also entered into a similar lock up and registration rights agreement with ABP Trust and Messrs. Barry and Adam Portnoy. As a result of the Up-C Transaction: RMR LLC became a subsidiary of RMR Inc.; RMR Inc. became the managing member of RMR LLC; through our ownership of class A common stock of RMR Inc., we became a holder of an indirect economic interest in RMR LLC; and through their ownership of class A common stock of RMR Inc., GOV, HPT and SIR also became holders of indirect economic interests in RMR LLC. Through its ownership of class B-1 common stock of RMR Inc., class B-2 common stock of RMR Inc. and class A membership units of RMR LLC. ABP Trust holds, directly and indirectly has a 51.6% economic interest in RMR LLC and controls 91.4% of the voting power of outstanding capital stock of RMR Inc. Pursuant to the transaction agreements, 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. we received in the Up-C Transaction; each Other REIT also distributed approximately half of the shares of class A common stock of RMR Inc. they received in the Up-C Transaction to their respective shareholders. RMR Inc. facilitated this distribution 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 t he NASDAQ Stock Market LLC. Following this distribution, we currently hold 2,637,408 shares of class A common stock of RMR Inc. and GOV, HPT and SIR currently hold 1,214,225 , 2,503,777 and 1,586,836 shares of class A common stock of RMR Inc., respectively. 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 RMR Inc.’s class A common stock being lower than our carrying amount per RMR Inc. share on the distribution date. On December 15, 2015, RMR Inc. paid a cash dividend to holders of its class A common stock and class B-1 common stock as of November 25, 2015 of $0.5260 per share related to the period from and including June 5, 2015 up to but not including December 14, 2015. As a result of our ownership of class A common stock of RMR Inc., we received a cash dividend of approximately $2,773 from RMR Inc. The transactions contemplated by the transaction agreement and the terms thereof were negotiated and reviewed by a Joint Special Committee comprised solely of our Independent Trustees and the independent trustees of the Other REITs, or the Joint Special Committee, and were separately approved and adopted by our Independent Trustee who did not serve as an independent trustee of any of the Other REITs, by a Special Committee of our Board of Trustees, comprised solely of our Independent Trustees, or our Special Committee, and by our Board of Trustees. Morgan Stanley & Co. LLC acted as financial advisor to the Joint Special Committee and Centerview Partners LLC acted as financial advisor to our Special Committee. Accounting for Investment in RMR Inc. W e 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 account ed 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 exceeded the price we paid for these shares and we are amortizing this amount as described below. As of December 31, 2015, the unamortized balance of this liability was $77,850 . T he liability for our investment in class A common stock of RMR Inc. is included in other liabilities in our consolidated balance sheet and is being amortized on a straight line basis through December 31, 2035, the 20 year life of the business and property management agreements with RMR LLC entered on June 5, 2015 as an allocated reduction to business management fees and property management fees, which are included in general and administrative and other operating expenses, respectively, in our consolidated statements of comprehensive income. Amortization of this liability, which is included in general and administrative expense and property operating expenses for the year ending December 31, 2015 totaled $2,145 . Management Agreements with RMR LLC. For 2013, our business management agreement provided for the base business management fee to be paid to RMR LLC at an annual rate equal to the sum of (a) 0.5% of the historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property services, or the Transferred Assets, plus (b) 0.7% of the historical cost of our other real estate investments excluding the Transferred Assets, up to the first $250,000 of such investments, and 0.5% thereafter. In addition, for 2013, our business management agreement also provided for RMR LLC to be paid an incentive fee equal to 15% of the product of (i) the weighted average of our common shares outstanding on a fully diluted basis during a fiscal year and (ii) the excess, if any, of the Normalized FFO Per Share, as defined in that business management agreement, for such fiscal year over the Normalized FFO Per Share for the preceding fiscal year. This incentive fee was payable in common shares and it was subject to a cap on the value of the incentive fee being no greater

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2015
Indebtedness
Indebtedness	Note 6. Indebtedness Our principal debt obligations at December 31, 2015 were: (1) outstanding borrowings under our $1,000,000 unsecured revolving credit facility; (2) five 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 and (e) $350,000 principal amount at an annual interest rate of 5.625% due 2042; (3) our $350,000 principal amount term loan due 2020; (4) our $200,000 principal amount term loan due 2022; and (5) $667,535 aggregate principal amount of mortgages secured by 56 of our properties ( 57 buildings) with maturity dates between 2016 and 2043. The 56 mortgaged properties ( 57 buildings) had a carrying value (before accumulated depreciation) of $1,083,616 at December 31, 2015. We also had two properties subject to capital leases with lease obligations totaling $1 2,156 at December 31, 2015; these two properties had a carrying value before depreciation of $35,901 at December 31, 2015. The capital leases expire in 2026. Our revolving credit facility agreement includes an accordion feature under which maximum borrowings under the facility may be increased to up to $1,500,000 in certain circumstances. In September 2015, we partially exercised this accordion feature and increased the maximum borrowings available under the facility to $1,000,000 from the previous amount of $750,000 . All other material terms of our revolving credit facility agreement remained unchanged. The maturity date of our revolving credit facility is January 15, 2018 and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date by an additional one year to January 15, 2019. Our revolving credit facility agreement provides that we can borrow, repay and re-borrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. Our revolving credit facility requires annual interest to be paid at LIBOR plus a premium, which was 130 basis points as of December 31, 2015, and the facility fee is 30 basis points per annum on the total amount of lending commitments. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2015, the annual interest rate payable on borrowings under our revolving credit facility was 1.7% , and the weighted average annual interest rates for borrowings under our revolving credit facility was 1.5% , 1.4% and 1.6% for the three years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, we had $775,000 outstanding and $225,000 available for borrowing, and as of February 22 , 2016, we had $593,000 outstanding and $407,000 available for borrowing under our revolving credit facility. We incurred interest expense and other associated costs related to our revolving credit facility of $9,252 , $3,094 and $3,781 for the years ended December 31, 2015, 2014 and 2013, respectively. In September 2015, we entered into a term loan agreement with a syndicate of lenders, pursuant to which we obtained a $200,000 unsecured term loan. This term loan matures in September 2022, and is prepayable without penalty beginning September 29, 2017. In addition, this term loan includes an accordion feature under which maximum borrowings may be increased to up to $400,000 in certain circumstances. This term loan requires annual interest to be paid at LIBOR plus a premium of 180 basis points that is subject to adjustment based upon changes to our credit ratings. We used the net proceeds from this term loan to repay amounts outstanding under our revolving credit facility. As of December 31, 2015, the annual interest rate payable for amounts outstanding under this term loan was 2.2% . The weighted average annual interest rate for amounts outstanding under our term loan was 2.0% for the period from September 28, 2015 (the day we entered into this term loan agreement) to December 31, 2015. We incurred interest expense and other associated costs related to this term loan of $1,061 for the period from September 28, 2015 (the day we entered into this term loan agreement) to December 31, 2015. In addition to our $200,000 term loan, we also have a $350,000 unsecured 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 includes an accordion feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. This term loan requires annual interest to be paid at LIBOR plus a premium of 140 basis points that is subject to adjustment based upon changes to our credit ratings. As of December 31, 2015, the annual interest rate payable on amounts outstanding under this term loan was 1.6% . The weighted average annual interest rate for amounts outstanding under this term loan was 1.6% for the year ended December 31, 2015 and 1.6% for the period from May 30, 2014 (the day we entered into this term loan agreement) to December 31, 2014. We incurred interest expense and other associated costs related to this term loan of $5,686 for the year ended December 31, 2015 and $3,263 for the period from May 30, 2014 (the day we entered into this term loan agreement) to December 31, 2015. In February 2016, we sold $250,000 of 6.25% senior unsecured notes due 2046, raising net proceeds of approximately $242,125 after underwriting discounts and before expenses. We have also granted the underwriters an option to purchase up to an additional $37,500 in aggregate principal amount of the notes. We used the net proceeds of this offering to repay amounts outstanding under our revolving credit facility and for general business purposes. 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, which includes RMR LLC ceasing to act as our business manager and property manager. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements also contain a number of covenants, including covenants that restrict our ability to incur debts, and generally require us to maintain certain financial ratios, and our revolving credit facility and term loan agreements restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our senior unsecured notes indentures and their supplements and our revolving credit facility and term loan agreements at December 31, 2015. In December 2014, we entered an agreement to acquire the 38 senior living communities discussed in Note 3 above. Simultaneous with entering this agreement, we obtained a bridge loan commitment for $700,000 . In February 2015, we terminated the bridge loan commitment and we recognized a loss of $1,409 on early extinguishment of debt in the first quarter of 2015 in connection with that termination. As discussed in Note 3 above, we acquired these senior living communities in May and September 2015 and financed the acquisition using cash on hand, borrowings under our revolving credit facility and the assumption of approximately $151,477 of mortgage debts with a weighted average annual interest rate of 4.57% . These mortgages have maturity dates from October 2018 through July 2019. We determined the fair value of the assumed mortgage debts using a market approach based upon Level 3 inputs (significant other unobservable inputs) in the fair value hierarchy provided by the Fair Value Topic of the Codification. In connection with two of the 23 MOBs we acquired in January 2015, as further discussed in Note 3 above, we assumed $29,955 of mortgage debts which we recorded at their aggregate fair value of $31,029 . These two assumed mortgage debts have a contractual weighted average annual interest rate of 4.73% and mature in July 2016 and October 2022. We determined the fair value of the assumed mortgages using a market approach based upon Level 3 inputs (significant other unobservable inputs) in the fair value hierarchy provided by the Fair Value Topic of the Codification. In November 2015, we prepaid all $250,000 of our 4.30% senior unsecured notes due January 2016. As a result, we recognized a loss on early extinguishment of debt of $175 for the year ended December 31, 2015. In February 2015, we repaid at maturity a mortgage that encumbered one of our properties that had a principal balance of $29,227 and an annual interest rate of 6.02% . In April 2015, we prepaid a mortgage that encumbered one of our properties that had a principal balance of $6,274 and an annual interest rate of 5.81% . In May 2015, we prepaid four mortgages encumbering four properties with an aggregate principal balance of $15,077 and a weighted average annual interest rate of 5.70% . In June 2015, we repaid at maturity a mortgage encumbering one property with a principal balance of $4,867 and an annual interest rate of 5.65% . Also in June 2015, we prepaid a mortgage encumbering one property with a principal balance of $4,351 and an annual interest rate of 5.81% . In October 2015, we prepaid two mortgages encumbering one property with a principal balance of $52,000 and a weighted average annual interest rate of 5.64% . As a result, we recognized losses on early extinguishment of debt of $290 for the year ended December 31, 2015. In January 2016, we prepaid a mortgage that encumbered one of our properties that had a principal balance of $6,115 and an annual interest rate of 5.97% . In June 2014, we repaid at maturity mortgages that encumbered two of our properties that had an aggregate principal balance of $35,807 and a weighted average annual interest rate of 5.8% . In October 2014, we prepaid at par our $14,700 loan incurred in connection with certain revenue bonds scheduled to mature in December 2027. That loan had an annual interest rate of 5.875% . Also in October 2014, we prepaid a mortgage note scheduled to mature in May 2015 that encumbered one of our properties that had a principal balance of $11,900 and an annual interest rate of 6.25% . In December 2014, we prepaid a mortgage note scheduled to mature in July 2015 that encumbered one of our properties that had a principal balance of $11,308 and an annual interest rate of 6.37% . As a result, we recognized losses on early extinguishment of debt of $12 for the year ended December 31, 2014. At December 31, 2015 and 2014, our outstanding senior unsecured notes and secured debt consisted of the following: December 31, 2015 December 31, 2014 Face Unamortized Face Unamortized Senior Unsecured Notes Coupon Maturity Amount Discount Amount Discount Senior unsecured notes (1) % $ — $ — $ $ Senior unsecured notes % Senior unsecured notes % Senior unsecured notes % Senior unsecured notes % Senior unsecured notes % — — Total senior unsecured notes $ $ $ $ (1) In November 2015, we prepaid all $250,000 of our 4.30% senior unsecured notes due January 2016. Number of Principal Balance as of Properties as Net Book Value of Collateral as of December 31, Interest Collateral December 31, Secured and Other Debt 2015 (1) 2014 (1) Rate Maturity at December 31, 2015 2015 2014 Mortgage (2) $ — $ % Mar 15 — $ — $ Mortgage (2) — % Jun 15 — — Mortgage (2) — % Jul 15 — — Mortgage (2) — % Jul 15 — — Mortgage (2) — % Oct 15 — — Mortgage (2) — % Oct 15 — — Mortgage (2) — % Jan 16 — — Mortgage (3) % Apr 16 Mortgage — % Jul 16 — Mortgage % Nov 16 Mortgages % Nov 16 Mortgage % Mar 17 Mortgage % May 17 Mortgage % Aug 17 Mortgage % Apr 18 Mortgages — % Oct 18 — Mortgage — % Oct 18 — Mortgages — % Oct 18 — Mortgage — % Jan 19 — Mortgage — % Jul 19 — Mortgage % Sep 19 Mortgage (4) % Jan 22 Mortgage (4) % Jan 22 — — — Mortgage % Jul 22 Mortgage — % Oct 22 — Mortgage % Feb 33 Mortgage % Sep 38 Mortgage % Sep 43 Capital Leases % Apr 26 Total secured $ $ $ $ (1) The principal balances are the amounts stated in the contracts. In accordance with U.S. generally accepted accounting principles, 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, 2015 and 2014, the unamortized net premiums on certain of these mortgages were $3,267 and $2,937 , respectively. (2) In 2015, we repaid this debt. (3) In 2016, we repaid this debt. (4) These two mortgages are collateralized by one MOB property acquired in July 2008. 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 expense. Required principal payments on our outstanding debt as of December 31, 2015, are as follows: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Thereafter $

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2015
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities	Note 7. Fair Value of Assets and Liabilities The following table presents certain of our assets that are measured at fair value on a recurring and non recurring basis at December 31, 2015 categorized by the level of inputs used in the valuation of each asset or liability. Significant Quoted Prices in Active Significant Other Unobservable Markets for Identical Observable Inputs Inputs Description Total Assets (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investments in available for sale securities (1) $ $ $ — $ — Non-Recurring Fair Value Measurements Assets: Assets held for sale (2) $ $ — $ — $ Liabilities: Additional purchase consideration (3) $ $ — $ — $ (1) Our investments in available for sale securities include our 4,235,000 common shares of Five Star and our 2,637,408 shares of RMR Inc. class A common stock. The fair values of these shares are based upon quoted prices at December 31, 2015 in active markets (Level 1 inputs). Our historical cost basis for our Five Star and RMR Inc. shares is $14,230 and $69,826 , respectively, as of December 31, 2015. The unrealized loss of $747 for our Five Star shares and $31,821 for our RMR Inc. shares as of December 31, 2015 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets. We evaluated the decline in the fair value of the Five Star and RMR Inc. shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a forecasted recovery of fair value, we do not consider these investments to be other-than-temporarily impaired at December 31, 2015. (2) Assets held for sale consist of one vacant land parcel held for sale as of December 31, 2015. The land parcel is recorded at its estimated fair value less costs to sell. We used an accepted offer from a third party to purchase this parcel to determine its fair value. We also have one senior living community (one building) classified as held for sale as of December 31, 2015. The senior living community assets are recorded at their carrying value, which is lower than what we believe its fair value less estimated costs to sell to be at December 31, 2015. The carrying value of this senior living community is not included in the above table. (3) In May 2015, we acquired one senior living community located in Georgia for approximately $9,750 , excluding closing costs. Pursuant to the purchase agreement, $1,000 of the purchase price has been withheld until the seller satisfies certain conditions. We anticipate these conditions will be satisfied and therefore have recorded the withheld $1,000 as a liability as of December 31, 2015. We estimate the fair value of this liability at December 31, 2015 to be $1,000 , which is th e amount we have agreed to pay in cash when the applicable conditions are satisfied (Level 3 inputs). This liability is included in other liabilities in our consolidated balance sheets as described in Note 3. We estimate the fair values of our senior unsecured notes using an average of the bid and ask price of our outstanding five issuances of senior notes (Level 2 inputs) on or about December 31, 2015. The fair values of these senior note obligations exceed their aggregate book values of $1,495,066 by $70,077 because these notes were trading at premiums to their face amounts. We estimate the fair values of our secured debts by using discounted cash flow analyses and currently prevailing market terms as of the measurement date (Level 3 inputs). The fair value of our secured debts exceeds their book value of $667,535 by $ 45,321 because current market interest rates are lower than the market interest rates at the time we assumed these secured debts. Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. In addition to the assets and liabilities described in the above table and our senior unsecured notes and secured debts, our additional financial instruments include rents receivable, cash and cash equivalents, restricted cash and other unsecured obligations. The fair values of these additional financial instruments approximate their carrying values at December 31, 2015 based upon their liquidity, short term maturity, variable rate pricing or our estimate of fair value using discounted cash flow analyses and prevailing interest rates.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2015
Concentration of Credit Risk
Concentration of Credit Risk	Note 8. Concentration of Credit Risk The assets included in these financial statements are primarily income producing senior housing and healthcare related real estate located throughout the United States. The following is a summary of the assets leased and rents earned from our significant lessee as of and for the years ended December 31, 2015 and 2014: At At December 31, 2015 December 31, 2014 Investment (1) % of Total Investment (1) % of Total Five Star $ % $ % All others % % $ % $ % Year Ended Year Ended December 31, 2015 December 31, 2014 Rental income % of Total Rental income % of Total Five Star $ % $ % All others % % $ % $ % (1) Represents real and personal property leased to our tenants at historical cost after impairment losses and before depreciation. Excludes properties classified as held for sale. As discussed above, Five Star is our former subsidiary. As of December 31, 2015, Five Star also managed a portfolio of 60 senior living communities for our account. See Note 5 for further information relating to our leases and management arrangements with Five Star.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting
Segment Reporting	Note 9. Segment Reporting As of December 31, 2015, we have four operating segments, of which three are separate reporting segments. The first reporting segment includes triple net senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes MOBs. Our fourth segment includes the remainder of our operations, including certain properties that offer fitness, wellness and spa services to members, which we do not consider to be sufficiently material as to constitute a separate reporting segment, and all of our other operations. For the Year Ended December 31, 2015 Triple Net Managed Senior Living Senior Living All Other Communities Communities MOBs Operations Consolidated Revenues: Rental income $ $ — $ $ $ Residents fees and services — — — Total revenues Expenses: Property operating expenses — — Depreciation General and administrative — — — Acquisition related costs — — — Impairment of assets — — — Total expenses Operating income (loss) Dividend income — — — Interest and other income — — — Interest expense Loss on distribution to common shareholders of The RMR Group Inc. common stock — — — Loss on early extinguishment of debt Income (loss) before income tax expense and equity in earnings of an investee Income tax expense — — — Equity in earnings of an investee — — — Income (loss) from continuing operations Discontinued Operations: Loss from discontinued operations — — — Impairment of assets from discontinued operations — — — Income (loss) before gain on sale of properties Gain on sale of properties — — — — — Net income (loss) $ $ $ $ $ Total assets $ $ $ $ $ For the Year Ended December 31, 2014 Triple Net Managed Senior Living Senior Living All Other Communities Communities MOBs Operations Consolidated Revenues: Rental income $ $ — $ $ $ Residents fees and services — — — Total revenues Expenses: Property operating expenses — — Depreciation General and administrative — — — Acquisition related costs — — — Impairment of assets — — — Total expenses Operating income (loss) Dividend income — — — Interest and other income — — — Interest expense Gain (loss) on early extinguishment of debt — — Income (loss) before income tax expense and equity in earnings of an investee Income tax expense — — — Equity in earnings of an investee — — — Income (loss) from continuing operations Discontinued Operations: Income from discontinued operations — — — Impairment of assets from discontinued operations — — — Income (loss) before gain on sale of properties Gain on sale of properties — — — Net income (loss) $ $ $ $ $ Total assets $ $ $ $ $ For the Year Ended December 31, 2013 Triple Net Managed Senior Living Senior Living All Other Communities Communities MOBs Operations Consolidated Revenues: Rental income $ $ — $ $ $ Residents fees and services — — — Total revenues Expenses: Property operating expenses — — Depreciation General and administrative — — — Acquisition related costs — — — Impairment of assets — — Total expenses Operating income (loss) Dividend income — — — Interest and other income — — — Interest expense Loss on early extinguishment of debt — — — Income (loss) before income tax expense and equity in earnings of an investee Income tax expense — — — Equity in earnings of an investee — — — Income (loss) from continuing operations Discontinued Operations: Income from discontinued operations — — — Impairment of assets from discontinued operations — — — Income (loss) before gain on sale of properties Gain on sale of properties — — — Net income (loss) $ $ $ $ $ Total assets $ $ $ $ $

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes
Income Taxes	Note 10. Income Taxes Our provision for income taxes consists of the following: For the year ended December 31, 2015 2014 2013 Current: Federal $ — $ — $ — State Deferred: Federal — — — State — — — — — — Income tax provision $ $ $ 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, 2015 2014 2013 Taxes at statutory U.S. federal income tax rate % % % Nontaxable income of SNH % % % State and local income taxes, net of federal tax benefit % % % Change in valuation allowance % % % Other differences, net % % % Effective tax rate % % % Deferred income tax balances reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities on our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Significant components of our deferred tax assets and liabilities are as follows: For the year ended December 31, 2015 2014 Deferred tax assets: Deferred income $ $ Other Tax loss carryforwards Valuation allowance — — Deferred tax liabilities: Depreciable assets — — — — Net deferred income taxes $ — $ — Deferred tax liabilities are included in other liabilities in the accompanying consolidated balance sheets. Because of our TRSs’ short operating history and history of losses, we are not able to conclude that it is more likely than not we will realize the future benefit of our deferred tax assets; thus we have provided a 100% valuation allowance as of December 31, 2015 and 2014. If and when we believe it is more likely than not that we will recover our deferred tax assets, we will reverse the valuation allowance as an income tax benefit in our consolidated statement of comprehensive income . As of December 31, 2015, our consolidated TRSs had net operating loss carry forwards for federal income tax purposes of approximately $71,283 , 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 2010 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, 2015
Weighted Average Common Shares
Weighted Average Common Shares	Note 11. 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, 2015 2014 2013 Weighted average common shares for basic earnings per share Effect of dilutive securities: restricted share awards Weighted average common shares for diluted earnings per share

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited)	Note 12. Selected Quarterly Financial Data (unaudited) The following is a summary of our unaudited quarterly results of operations for 2015 and 2014: 2015 First Second Third Fourth Quarter Quarter Quarter Quarter (1) Revenues $ $ $ $ Net income $ $ $ $ Per share data (basic and diluted): Net income $ $ $ $ Common distributions declared (2) $ $ $ $ 2014 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ $ $ $ Net income $ $ $ $ Per share data (basic and diluted): Net income $ $ $ $ Common distributions declared (2) $ $ $ $ (1) The fourth quarter of 2015 includes a non-cash loss of $38,437 related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 5. (2) 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. The fourth quarter of 2015 includes a non-cash distribution of $0.13 per share related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 5.

Pro Forma Information (unaudite

Pro Forma Information (unaudited)	12 Months Ended
	Dec. 31, 2015
Pro Forma Information (unaudited)
Pro Forma Information (unaudited)	Note 13. Pro Forma Information (unaudited) In January 2015, we acquired 23 properties aggregate purchase price of $539,000 , excluding net credits received of $7,377 related to debt assumption costs and outstanding tenant improvement allowances and excluding closing costs, and including the assumption of approximately $29,995 of mortgage debts with a weighted average annual interest rate of 4.73% . We recognized rental income, property operating expenses and interest expense from this acquisition of $38,593 , $6,833 and $1,000 , respectively, for the year ended December 31, 2015. In February 2015, we sold 31,050,000 of our common shares in a public offering raising net proceeds of approximately $659,496 after underwriting discounts and expenses. In May and September 2015, we acquired 39 senior living communities for an aggregate purchase price of $808,250 , excluding closing costs, and including the assumption of $151,477 of mortgage debts with a weighted average annual interest rate of 4.57% . Twenty of the 39 communities are triple net leased, and we recognized rental income from these 20 communities of $23,756 and interest expense of $1,427 for the year ended December 31, 2015. We recognized residents fees and services, property operating expenses and interest expense for the remaining 19 managed senior living communities of $35,814 , $25,514 and $2,774 , respectively, for the year ended December 31, 2015. Also in May 2015, we acquired one managed senior living community for approximately $9,750 , excluding closing costs. This is a newly constructed community and is located adjacent to another community that we own. 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 entered into a $200,000 term loan agreement, which requires interest at a rate of LIBOR plus a premium of 180 basis points. During 2014, we purchased two senior living communities and two MOBs ( three buildings) for $1,210,014 . We also assumed $15,630 of mortgage debt with an annual interest rate of 6.28% related to one of our 2014 acquisitions. We recognized residents fees and services and property operating expenses of $887 and $647 , respectively, for the year ended December 31, 2014 for the two senior living community acquisitions we acquired in 2014. We recognized rental income, property operating expenses and interest expense of $67,294 , $14,179 and $631 , respectively, for the year ended December 31, 2014 for the two MOBs ( three buildings) we acquired in 2014. In April 2014, we issued 15,525,000 common shares in a public offering, raising net proceeds of approximately $322,80 7 . Also in April 2014, we sold $400,000 of 3.25% senior unsecured notes due 2019 and $250,000 of 4.75% senior unsecured notes due 2024, raising net proceeds of approximately $644,889 . In May 2014, we entered into a $350,000 term loan agreement, which bears interest at a rate of LIBOR plus a premium of 140 basis points. The following table presents our pro forma results of operations for the years ended December 31, 2015 and 2014 as if the 2015 and 2014 acquisition (excluding the newly constructed managed senior living community) and financing activities described in the preceding paragraphs had occurred on January 1, 2014, and January 1, 2013, respectively. This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, changes in interest rates, changes in our capital structure, changes in property level operating expenses, changes in property level revenues, including rents expected to be received from our existing leases or leases we may enter into during and after 2015, and for other reasons. For the Year Ended December 31, 2015 2014 Total revenues $ $ Net income $ $ Per common share data (basic and diluted): Net income $ $

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 2184 Parkway Lake Drive Birmingham AL - 5,980 - 580 8,005 8,585 1,226 8/1/2008 2001 2634 Valleydale Road Birmingham AL - 7,574 - 600 8,481 9,081 1,540 8/1/2008 2000 2021 Dahike Drive, NE Cullman AL - 3,415 - 287 3,704 3,991 1,198 11/19/2004 1998 49 Hughes Road Madison AL - 3,981 - 334 4,410 4,744 1,374 11/19/2004 1998 200 Terrace Lane Priceville AL - 9,447 - 1,300 9,644 10,944 1,072 2/1/2012 2006 413 Cox Boulevard Sheffield AL - 4,684 - 394 5,146 5,540 1,574 11/19/2004 1998 2435 Columbiana Road Vestavia Hills AL - 23,472 - 843 23,637 24,480 429 5/1/2015 1991 4461 N. Crossover Road (5) Fayetteville AR 8,381 10,432 - 733 10,466 11,199 187 5/1/2015 2011 4210 S. Caraway Road (5) Jonesboro AR 4,325 9,515 - 653 9,537 10,189 171 5/1/2015 2008 672 Jones Road (5) Springdale AR 4,370 9,364 - 572 9,393 9,965 168 5/1/2015 2007 13840 North Desert Harbor Drive Peoria AZ - 15,843 - 2,687 19,385 22,072 7,706 1/11/2002 1990 9045 W. Athens Street Peoria AZ - 9,115 - 1,405 9,161 10,566 171 5/1/2015 1997 11209 N. Tatum Boulevard Phoenix AZ - 6,349 - 1,380 7,428 8,808 916 9/30/2011 1987 2444 West Las Palmaritas Drive Phoenix AZ - 6,669 - - 3,820 6,669 10,489 833 12/22/2010 1982 4121 East Cotton Center Phoenix AZ - 12,724 - - 5,166 12,724 17,890 292 1/29/2015 2000 6001 E. Thomas Road Scottsdale AZ - 8,807 - 941 10,135 11,076 5,046 5/16/1994 1990 7090 East Mescal Street Scottsdale AZ - 13,650 - 2,315 19,164 21,479 6,723 1/11/2002 1984 17225 Boswell Blvd. Sun City AZ - 10,569 - 1,189 11,603 12,792 5,919 6/17/1994 1990 14001 W. Meeker Boulevard Sun City West AZ - 3,307 - - 395 3,307 3,703 1,195 2/28/2003 1998 1415 West 3rd Street Tempe AZ - 13,446 - 2,186 13,466 15,651 309 1/29/2015 1981 2500 North Rosemont Boulevard Tucson AZ - 26,119 - 4,429 30,493 34,922 11,944 1/11/2002 1989 710 N. Euclid Anaheim CA - 6,964 - 2,893 7,658 10,552 1,468 7/9/2008 1992 3209 Brookside Drive (5) Bakersfield CA 12,976 13,233 - 4,166 13,254 17,420 236 5/1/2015 2004 5770 Armada Drive (5) Carlsbad CA 11,787 18,543 - - 3,875 18,543 22,417 425 1/29/2015 1998 1350 S. El Camino Real Encinitas CA - 18,042 - 1,510 18,450 19,960 3,608 3/31/2008 1999 47201 Lakeview Boulevard Fremont CA - 10,177 - 3,200 10,404 13,604 1,185 9/30/2011 1990 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 47211/47215 Lakeview Boulevard Fremont CA - 12,656 - 3,750 13,027 16,777 1,367 9/30/2011 1985 47900 Bayside Parkway Fremont CA - 10,370 - 4,580 11,222 15,802 1,172 9/30/2011 1991 / 2012 577 South Peach Street Fresno CA - 2,577 - 738 2,765 3,503 1,804 12/28/1990 1963 / 1985 6075 N. Marks Avenue Fresno CA - 12,751 - 880 13,073 13,953 2,533 3/31/2008 1996 24552 Paseo de Valencia Laguna Hills CA - 28,184 - 3,172 33,308 36,479 15,631 9/9/1994 1975 / 1991 1642 West Avenue J Lancaster CA - 1,859 - 601 4,933 5,535 2,467 12/28/1990 1969 / 1994 8631 West 3rd Street Los Angeles CA - 88,277 - 24,640 94,306 118,946 11,780 11/22/2010 1978 8635 West 3rd Street Los Angeles CA - 90,352 - 24,640 96,215 120,855 11,922 11/22/2010 1978 2325 St. Pauls Way (5) Modesto CA 6,692 9,009 - 1,106 9,010 10,116 164 5/1/2015 1998 8700 Lindley Avenue Northridge CA - 13,520 - 2,068 13,535 15,603 241 5/1/2015 2000 1319 Brookside Avenue Redlands CA - 9,982 - 1,770 10,498 12,268 1,983 3/31/2008 1999 110 Sterling Court Roseville CA - 10,262 - 1,620 10,613 12,233 2,052 3/31/2008 1998 1371 Parkside Drive San Bernardino CA - 9,069 - 1,250 9,755 11,005 2,575 8/31/2006 1988 16925 & 16916 Hierba Drive San Diego CA - 53,904 - 9,142 65,124 74,265 25,053 1/11/2002 1987 / 1990 3030 Science Park San Diego CA - 46,473 - - 2,466 46,473 48,939 7,455 8/6/2009 1986 / 2006 3040 Science Park San Diego CA - 23,078 - - 1,225 23,078 24,303 3,702 8/6/2009 1986 / 2006 3050 Science Park San Diego CA - 28,753 - - 1,508 28,753 30,261 4,612 8/6/2009 1986 / 2006 24305 West Lyons Avenue Santa Clarita CA - 15,538 - 763 15,587 16,350 276 5/1/2015 1988 3530 Deer Park Drive Stockton CA - 14,419 - 670 14,789 15,459 2,867 3/31/2008 1999 537 E. Fulton Street Stockton CA - 2,750 - 382 3,671 4,053 2,140 6/30/1992 1968 877 East March Lane (5) Stockton CA 7,298 11,171 - 1,176 16,669 17,845 5,535 9/30/2003 1988 93 W Avenida de Los Arboles Thousand Oaks CA - 2,522 - 622 4,990 5,612 2,701 12/28/1990 1965 / 1970 28515 Westinghouse Place Valencia CA - 41,440 - - 4,669 41,440 46,109 950 1/29/2015 2008 6835 Hazeltine Street Van Nuys CA - 378 - 725 1,171 1,896 682 12/28/1990 1969 / 1984 1866 San Miguel Drive Walnut Creek CA - 9,290 - 3,417 10,739 14,156 1,205 12/1/2011 1996 1950 South Dayton Street Aurora CO - 46,195 - 3,075 46,467 49,541 828 5/1/2015 1987 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 515 Fairview Canon City CO - 6,228 (3,512) 299 3,811 4,110 1,679 9/26/1997 1970 / 1984 110 West Van Buren Colorado Springs CO - 5,236 (3,031) 245 3,897 4,143 1,671 9/26/1997 1972 / 1996 3920 East San Miguel Street Colorado Springs CO - 8,894 - 1,496 9,282 10,778 883 7/31/2012 1977 2050 South Main Delta CO - 3,570 - 167 4,391 4,559 2,100 9/26/1997 1963 / 1978 2501 Little Bookcliff Drive Grand Junction CO - 3,875 - 204 5,316 5,520 2,997 12/30/1993 1968 / 1986 2825 Patterson Road Grand Junction CO - 2,583 - 173 4,742 4,916 2,688 12/30/1993 1978 / 1995 1599 Ingalls Street Lakewood CO - 3,766 - 232 6,900 7,132 3,784 12/28/1990 1972 / 1985 5555 South Elati Street Littleton CO - 5,043 - 191 7,417 7,609 4,351 12/28/1990 1965 8271 South Continental Divide Road Littleton CO - 3,507 - - 400 3,507 3,907 1,266 2/28/2003 1998 9005 / 9025 Grant Street Thornton CO - 10,867 - 982 10,889 11,871 817 12/28/2012 2001 9005 / 9025 Grant Street Thornton CO - 909 - 475 1,098 1,573 78 12/28/2012 1987 / 2004 7809 W. 38th Avenue Wheat Ridge CO - 3,373 - - 470 3,373 3,843 485 4/1/2010 2004 40 Sebethe Drive Cromwell CT - 5,304 - 570 6,285 6,855 846 12/22/2010 1998 866 North Main Street Wallingford CT - 3,136 - 430 3,646 4,076 541 12/22/2010 1984 1145 19th Street Washington DC - 24,880 - 13,600 28,628 42,228 4,703 5/20/2009 1976 2141 K Street Washington DC - 8,400 - 13,700 10,888 24,588 1,777 12/22/2008 1966 255 Possum Park Road Newark DE - 11,852 - 2,010 14,760 16,770 5,709 1/11/2002 1982 4175 Ogletown Road / 501 South Harmony Road Newark DE - 19,447 - 1,500 20,440 21,940 3,931 3/31/2008 1998 1212 Foulk Road (5) Wilmington DE 7,092 6,950 - 1,179 8,303 9,482 3,514 1/11/2002 1974 / 1998 1912 Marsh Road Wilmington DE - 25,739 - 4,365 28,922 33,288 10,914 1/11/2002 1988 / 1998 2723 Shipley Road Wilmington DE - 5,126 - 869 8,990 9,859 3,500 1/11/2002 1989 407 Foulk Road Wilmington DE - 227 - 78 2,251 2,329 514 1/11/2002 1965 13545 Progress Boulevard Alachua FL - 4,935 - 512 5,108 5,620 569 6/6/2011 2009 13631 Progress Boulevard Alachua FL - 4,941 - - 512 4,941 5,453 566 6/6/2011 2009 13709 Progress Boulevard Alachua FL - 1,675 - 1,080 1,903 2,983 205 6/6/2011 1985 13859 Progress Boulevard (5) Alachua FL 3,246 4,276 - - 570 4,276 4,846 472 7/26/2011 2007 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date Progress Center - Lot 1 Property Alachua FL - - - - 165 - 165 - 6/6/2011 N/A Progress Center - Lot 4 Property Alachua FL - - - - 331 - 331 - 6/6/2011 N/A Progress Vacant Land (47 acres) Alachua FL - - - - 4,000 - 4,000 - 8/30/2011 N/A 22601 Camino Del Mar Boca Raton FL - 46,800 - 3,200 49,086 52,286 5,852 12/15/2011 1990 6343 Via de Sonrisa del Sur Boca Raton FL - 39,633 - 4,166 40,362 44,528 21,818 5/20/1994 1994 / 1999 1325 S. Congress Avenue Boynton Beach FL - 5,341 - 1,620 5,550 7,170 475 7/27/2012 1985 / 2009 1425 Congress Avenue Boynton Beach FL - 14,768 - 2,390 16,292 18,682 2,043 8/9/2011 1994 1416 Country Club Blvd. Cape Coral FL - 2,907 - - 400 2,907 3,307 1,052 2/28/2003 1998 8500 Royal Palm Boulevard Coral Springs FL - 20,104 - 3,410 43,724 47,134 12,569 1/11/2002 1984 1208 South Military Trail Deerfield Beach FL - 14,972 - 1,701 32,685 34,385 9,854 5/16/1994 1986 3001 Deer Creek Boulevard Deerfield Beach FL - 18,848 - 3,196 34,288 37,485 10,946 1/11/2002 1990 12780 Kenwood Lane Fort Myers FL - 2,174 - 859 4,581 5,440 1,474 1/11/2002 1990 2525 East First Street Fort Myers FL - 21,137 - 2,525 25,109 27,635 12,193 8/16/1994 1984 / 1987 1825 Ridgewood Avenue (5) Holly Hill FL 11,989 21,202 - 900 22,706 23,606 2,906 7/22/2011 1926/2006/ 2005 2480 North Park Road Hollywood FL - 40,500 - 4,506 51,566 56,072 5,727 12/15/2011 1986 8901 Tamiami Trail E. Naples FL - 2,898 - 3,200 15,301 18,501 3,482 8/31/2006 1984 12780 Waterford Lakes Parkway Orlando FL - 3,946 - - 977 3,946 4,923 197 12/18/2013 2002 1603 S. Hiawassee Road Orlando FL - 2,621 - - 488 2,620 3,109 131 12/18/2013 2003 1825 N. Mills Avenue, Orlando Orlando FL - 1,799 - 519 2,153 2,672 372 12/22/2008 1997 1911 N. Mills Avenue, Orlando Orlando FL - 7,197 - 1,946 7,821 9,767 1,412 12/22/2008 1997 1925 N. Mills Avenue, Orlando Orlando FL - 532 - 135 688 822 108 12/22/2008 1997 250 N. Alafaya Trail Orlando FL - 4,362 - - 967 4,362 5,329 218 12/18/2013 1999 45 Katherine Boulevard Palm Harbor FL - 29,945 - 3,382 32,200 35,583 16,942 5/16/1994 1992 900 West Lake Road (5) Palm Harbor FL 22,683 20,336 - 3,449 26,607 30,056 10,009 1/11/2002 1989 / 1999 8500 West Sunrise Boulevard Plantation FL - 24,300 - 4,700 27,274 31,974 3,905 12/15/2011 1989 1371 South Ocean Boulevard Pompano Beach FL - 15,500 - 2,500 18,600 21,100 2,596 12/15/2011 1991 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 2701 North Course Dr. Pompano Beach FL - 2,127 - 7,700 36,820 44,520 8,639 8/31/2006 1985 20480 Veterans Boulevard Port Charlotte FL - 11,934 - 400 13,012 13,412 1,723 7/22/2011 1996 1699 S.E. Lyngate Drive Port St. Lucie FL - 11,009 - 1,242 11,943 13,185 6,239 5/20/1994 1993 501 N.W. Cashmere Boulevard Port St. Lucie FL - 9,345 - 890 9,962 10,852 1,271 7/22/2011 2007 3855 Upper Creek Drive Sun City Center FL - 15,788 - 1,676 15,851 17,527 290 5/1/2015 1989 900 South Harbour Island Blvd. Tampa FL - 6,349 - 4,850 6,356 11,206 1,304 10/30/2007 1986 111 Executive Center Drive West Palm Beach FL - 12,153 - 2,061 21,554 23,615 7,678 1/11/2002 1988 1200 Bluegrass Lakes Parkway Alpharetta GA - 15,936 - - 1,689 15,936 17,625 365 1/29/2015 2001 253 N. Main Street (5) Alpharetta GA 10,143 12,377 - 1,325 12,418 13,743 228 5/1/2015 1997 855 North Point Pkwy Alpharetta GA - 26,712 - - 5,390 26,712 32,102 4,925 8/21/2008 2006 1291 Cedar Shoals Drive Athens GA - 4,006 - 337 4,461 4,797 1,359 11/19/2004 1998 1515 Sheridan Road Atlanta GA - 9,305 - 5,800 9,308 15,108 1,891 11/30/2007 1978 59 Executive Park South Atlanta GA - 11,266 - 4,980 11,852 16,832 1,541 1/26/2011 1966 / 2002 240 Marietta Highway Canton GA - 8,555 - 806 9,491 10,297 608 10/1/2013 1997 / 2008 4500 South Stadium Drive Columbus GA - 3,505 - 294 3,681 3,975 1,138 11/19/2004 1999 1352 Wellbrook Circle Conyers GA - 4,068 - 342 4,984 5,326 1,439 11/19/2004 1997 1501 Milstead Road Conyers GA - 7,796 - 750 8,044 8,794 1,035 9/30/2010 2008 3875 Post Road Cumming GA - 12,796 - 954 12,801 13,755 238 5/1/2015 2007 4960 Jot Em Down Road Cumming GA - 18,666 - 2,541 28,536 31,077 1,468 8/1/2013 2011 5610 Hampton Park Drive, Cumming GA - 14,771 - 3,479 14,930 18,410 171 9/3/2015 2014 7955 Majors Road Cumming GA - 7,770 - 1,325 7,804 9,129 153 5/1/2015 2009 2470 Dug Gap Road Dalton GA - 3,119 - 262 3,562 3,824 1,041 11/19/2004 1997 101 West Ponce De Leon Avenue Decatur GA - 13,179 - - 3,500 13,179 16,679 1,181 5/30/2012 1992 2801 N. Decatur Road Decatur GA - 4,436 - 3,100 4,902 8,002 1,030 7/9/2008 1986 114 Penland Street Ellijay GA - 7,107 - 496 7,463 7,959 470 10/1/2013 2008 353 North Belair Road Evans GA - 2,663 - 230 3,208 3,438 972 11/19/2004 1998 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 1294 Highway 54 West (5) Fayetteville GA 8,550 9,903 - 853 9,966 10,819 202 5/1/2015 1999 2435 Limestone Parkway Gainesville GA - 3,186 - 268 3,633 3,900 1,064 11/19/2004 1998 3315 Thompson Bridge Road (5) Gainesville GA 18,151 30,962 - 934 31,082 32,016 571 5/1/2015 1999 5373 Thompson Mill Road Hoschton GA - 12,171 - 944 12,176 13,120 220 5/1/2015 2011 8080 Summit Business Parkway Jonesboro GA - 20,664 - 1,800 21,375 23,175 2,811 6/20/2011 2007 6191 Peake Road Macon GA - 2,179 - 183 2,732 2,915 779 11/19/2004 1998 1360 Upper Hembree Road Roswell GA - 6,138 - - 1,080 6,138 7,218 563 5/7/2012 2007 1 Savannah Square Drive Savannah GA - 19,090 - 1,200 23,451 24,651 5,597 10/1/2006 1987 5200 Habersham Street Savannah GA - 7,800 - 800 8,327 9,127 1,103 6/23/2011 2005 7410 Skidaway Road Savannah GA - 5,670 - 400 6,683 7,083 1,754 11/1/2006 1989 2078 Scenic Highway North Snellville GA - 4,030 - 870 4,343 5,213 719 12/10/2009 1997 475 Country Club Drive (5) Stockbridge GA 8,483 9,560 - 512 9,653 10,165 191 5/1/2015 1998 1300 Montreal Road Tucker GA - 6,210 - 690 7,019 7,709 2,046 6/3/2005 1997 1100 Ward Avenue Honolulu HI - 55,618 - 11,200 56,972 68,172 4,945 6/18/2012 1961 / 1981 600 Manor Drive Clarinda IA - 1,453 - 77 2,364 2,440 1,432 12/30/1993 1968 2401 E. 8th Street Des Moines IA - 627 - 123 1,936 2,059 766 7/1/2000 1965 / 1997 608 Prairie Street Mediapolis IA - 1,776 - 94 2,493 2,587 1,528 12/30/1993 1973 1015 West Summit Winterset IA - 2,099 (314) 111 3,105 3,216 1,881 12/30/1993 1973 / 1995 2340 West Seltice Way Coeur d'Alene ID - 7,170 - 917 7,505 8,422 708 7/31/2012 1993 850 Lincoln Drive Idaho Falls ID - 6,640 - 703 7,811 8,514 697 7/31/2012 1978 1250 West Central Road Arlington Heights IL - 32,587 - 3,665 35,363 39,029 17,956 9/9/1994 1986 1450 Busch Parkway Buffalo Grove IL - 11,456 - 3,800 11,803 15,603 1,527 9/16/2010 2009 2601 Patriot Boulevard Glenview IL - 9,593 - - 2,285 9,593 11,878 220 1/29/2015 2005 1373 D'Adrian Professional Park Godfrey IL - 15,088 - 281 15,148 15,429 271 5/1/2015 2010 221 11th Avenue Moline IL - 7,244 - 161 7,264 7,424 131 5/1/2015 2008 900 43rd Avenue Moline IL - 7,651 - 482 7,697 8,179 133 5/1/2015 2003 / 2012 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 2700 14th Street (5) Pekin IL 5,148 11,475 - 171 11,516 11,686 202 5/1/2015 2009 7130 Crimson Ridge Drive Rockford IL - 7,300 - 200 7,328 7,528 949 5/1/2011 1999 1220 Lakeview Drive Romeoville IL - 19,582 - - 1,120 19,582 20,702 3,610 8/21/2008 2005 900 Southwind Road Springfield IL - 6,744 - 300 7,760 8,060 1,967 8/31/2006 1990 2705 Avenue E. (5) Sterling IL 4,977 14,331 - 341 14,374 14,715 256 5/1/2015 2008 100 Grand Victorian Place (5) Washington IL 5,797 12,046 - 241 12,083 12,324 211 5/1/2015 2009 1615 Lakeside Drive Waukegan IL - 9,590 - 2,700 9,751 12,451 1,030 9/30/2011 1990 1675 Lakeside Drive Waukegan IL - 9,382 - 2,420 9,420 11,840 1,000 9/30/2011 1998 406 Smith Drive (5) Auburn IN 6,209 8,246 - 380 8,286 8,666 1,617 9/1/2008 1999 6990 East County Road 100 North (5) Avon IN 8,885 11,888 - 850 12,104 12,954 2,359 9/1/2008 1999 2455 Tamarack Trail Bloomington IN - 25,129 - 5,400 30,087 35,487 4,961 11/1/2008 1983 2460 Glebe Street Carmel IN - 57,741 - 2,116 57,805 59,921 993 5/1/2015 2008 701 East County Line Road Greenwood IN - 14,303 - 1,830 14,491 16,321 1,472 12/1/2011 2007 8505 Woodfield Crossing Boulevard (5) Indianapolis IN 23,771 16,396 - 2,785 22,079 24,865 8,051 1/11/2002 1986 / 1997 603 Saint Joseph Drive (5) Kokomo IN 3,941 5,899 - 220 6,073 6,293 1,207 9/1/2008 1998 1211 Longwood Drive (5) La Porte IN 4,339 5,550 - 770 5,585 6,355 1,139 9/1/2008 1998 1590 West Timberview Drive (5) Marion IN 3,664 5,409 - 410 5,618 6,028 1,132 9/1/2008 2000 1473 East McKay Road (5) Shelbyville IN 3,533 5,328 - 190 5,407 5,597 1,083 9/1/2008 1999 17441 State Rd. #23 (aka 17490 E. Douglas Rd.) South Bend IN - 3,107 - - 400 3,107 3,507 1,124 2/28/2003 1998 222 South 25th Street (5) Terra Haute IN 10,427 13,115 - 300 13,522 13,822 2,612 9/1/2008 2005 150 Fox Ridge Drive (5) Vincennes IN 2,551 3,603 - 110 4,747 4,857 863 9/1/2008 1985 510 W. 7th Street Ellinwood KS - 1,137 - 130 1,634 1,764 894 4/1/1995 1972 1501 Inverness Drive Lawrence KS - 18,565 - 1,614 18,872 20,486 3,389 10/1/2009 1988 / 2006 3501 West 95th Street (5) Overland Park KS 19,540 15,140 - 2,568 19,103 21,670 7,279 1/11/2002 1989 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 6555 West 75th Street Overland Park KS - 1,126 - 1,274 13,528 14,802 4,981 10/25/2002 1985 981 Campbell Lane Bowling Green KY - 4,345 - 365 4,832 5,197 1,462 11/19/2004 1999 102 Leonardwood Frankfort KY - 8,282 - 560 9,468 10,028 2,395 8/31/2006 1989 4190 Lafayette Road Hopkinsville KY - 3,761 - 316 3,950 4,266 1,227 11/19/2004 1999 690 Mason Headley Road (6) Lexington KY 9,909 - 10,848 - - 22,216 22,216 10,755 1/11/2002 1985 / 1998 700 Mason Headley Road (6) Lexington KY 2,247 - 6,394 - - 13,685 13,685 5,767 1/11/2002 1980 200 Brookside Drive (5) Louisville KY 28,750 20,779 - 3,524 26,888 30,412 10,538 1/11/2002 1984 1517 West Broadway Mayfield KY - 2,730 - 268 3,466 3,734 1,081 11/19/2004 1999 1700 Elmdale Road Paducah KY - 5,358 - 450 6,180 6,630 1,829 11/19/2004 2000 100 Neighborly Way Somerset KY - 4,919 - 200 5,177 5,377 1,184 11/6/2006 2000 2661 North Boulevard Baton Rouge LA - 1,067 - - 199 1,067 1,266 24 1/29/2015 2000 7656 Realtors Drive Baton Rouge LA - 907 - - 99 907 1,006 21 1/29/2015 2005 137 Veterans Boulevard Denham Springs LA - 1,536 - - 228 1,536 1,763 35 1/29/2015 2007 2995 Race Street Jackson LA - 845 - - 30 845 875 19 1/29/2015 2002 24660 Plaza Drive Plaquemine LA - 1,043 - - 99 1,043 1,143 24 1/29/2015 2000 17392 Vallee Court Prairieville LA - 837 - - 99 837 936 19 1/29/2015 2001 35 Milbury St Auburn MA - 7,000 - 1,510 7,310 8,820 1,404 8/8/2008 1977 / 2012 1295 Boylston Street Boston MA - 18,140 - 7,600 19,168 26,768 2,288 1/26/2011 1930 / 1992 50 Northern Ave / 11 Fan Pier Blvd Boston MA - 784,954 - 52,644 787,062 839,706 32,932 5/7/2014 2013 549 Albany Street Boston MA - 45,029 - - 4,569 45,036 49,605 2,627 8/22/2013 1895 / 2012 330 Baker Avenue Concord MA - 19,906 - - 3,775 19,906 23,681 456 1/29/2015 2013 370 Lunenburg St Fitchburg MA - 3,361 - 330 3,393 3,723 626 8/8/2008 1994 165 Mill St Leominster MA - 8,703 - 1,520 9,421 10,941 1,826 8/8/2008 1966 / 2010 4 Maguire Road Lexington MA - 15,555 (7,255) 3,607 10,582 14,188 2,163 12/22/2008 1994 / 2006 100 Hampshire Street Mansfield MA - 8,215 - 2,486 8,388 10,874 1,042 12/22/2010 1975 / 2013 15 Hampshire Street Mansfield MA - 7,326 - 1,360 7,434 8,794 929 12/22/2010 1988 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 5 Hampshire Street Mansfield MA - 5,737 - - 1,190 5,737 6,927 717 12/22/2010 1988 176 West St Milford MA - 3,039 - 510 3,634 4,144 909 8/8/2008 1989 / 2010 108 Elm St Millbury MA - 767 - - 160 767 927 143 8/8/2008 1950 / 2011 30 Newcrossing Road (5) Reading MA 10,861 14,153 - 1,443 14,203 15,646 1,159 9/27/2012 1986 / 2006 407 Main St Spencer MA - 2,607 - 270 3,083 3,353 726 8/8/2008 1992 / 2011 106 East Main Westborough MA - 6,956 - 920 7,082 8,002 1,318 8/8/2008 1986 / 2013 112 E Main Westborough MA - 135 - - 230 135 365 26 8/8/2008 1900 299 Cambridge Street Winchester MA - 18,988 - 3,218 29,246 32,464 9,601 1/11/2002 1991 135 Goldstar Blvd Worcester MA - 10,912 - 865 12,048 12,913 2,161 8/8/2008 1989 / 2011 191 May St Worcester MA - 3,634 - 730 3,676 4,406 679 8/8/2008 1986 / 2007 277 E Mountain Worcester MA - 2,133 (889) 191 1,357 1,548 274 8/8/2008 1992 / 1998 425 N Lake Ave Worcester MA - 6,176 - 1,200 6,277 7,477 1,164 8/8/2008 1985 / 2007 630 Plantation St Worcester MA - 10,408 - 770 10,936 11,706 2,140 8/8/2008 1990 / 2009 2717 Riva Road Annapolis MD - 12,373 - 1,290 12,888 14,178 2,516 3/31/2008 2001 658 Boulton Street Bel Air MD - 16,504 - 4,750 16,506 21,256 3,353 11/30/2007 1980 7600 Laurel Bowie Road Bowie MD - 3,421 - 408 3,871 4,279 1,495 10/25/2002 2000 8100 Connecticut Avenue (5) Chevy Chase MD 51,659 92,830 - 15,170 95,941 111,111 10,619 12/15/2011 1990 8220 Snowden River Parkway Columbia MD - 10,303 - 1,390 10,458 11,848 2,047 3/31/2008 2001 700 Port Street Easton MD - 4,555 - 394 7,538 7,932 2,295 10/25/2002 2000 3004 North Ridge Road (5) Ellicott City MD 19,245 22,691 - 1,443 28,959 30,401 9,521 3/1/2004 1997 1820 Latham Drive Frederick MD - 3,444 - 385 3,871 4,255 1,506 10/25/2002 1998 2100A & B Whittier Drive Frederick MD - 9,464 - 1,260 10,397 11,657 1,980 3/31/2008 1999 10114 + 10116 Sharpsburg Pike Hagerstown MD - 7,471 - 1,040 8,019 9,059 1,513 3/31/2008 1999 4000 Old Court Road Pikesville MD - 4,974 - 2,000 5,470 7,470 1,034 12/22/2008 1987 715 Benfield Road (5) Severna Park MD 8,508 9,798 - 242 11,441 11,683 4,218 10/25/2002 1998 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 14400 Homecrest Road Silver Spring MD - 9,288 - 1,200 15,793 16,993 5,385 10/25/2002 1996 3701 International Drive Silver Spring MD - 29,065 - 3,301 29,779 33,080 15,975 7/25/1994 1992 801 Roeder Road, Unit OU-1 Silver Spring MD - 12,858 - 1,900 13,744 15,644 1,261 6/27/2012 1976 / 2000 720 & 734 N. Pine Road Hampton MI - 2,406 - - 300 2,406 2,706 871 2/28/2003 1998 4004 & 4012 Waldo Road Midland MI - 2,606 - - 400 2,606 3,006 949 2/28/2003 1998 1605 & 1615 Fredericks Drive Monroe MI - 2,506 - - 300 2,506 2,806 910 2/28/2003 1998 3150 & 3100 Old Centre Road Portage MI - 2,206 - - 300 2,206 2,506 800 2/28/2003 1998 2445 & 2485 Mc Carty Road Saginaw MI - 5,212 - - 600 5,212 5,812 1,884 2/28/2003 1998 11855 Ulysses Street NE (5) Blaine MN 8,948 9,276 - 2,249 9,349 11,599 707 12/21/2012 2007 11855 Ulysses Street NE Blaine MN - - - - 525 - 525 - 12/21/2012 N/A 1305 Corporate Center Drive Eagan MN - 13,105 - 2,300 15,606 17,906 1,650 12/22/2010 1986 1201 Northland Drive Mendota Heights MN - 10,208 - 1,220 10,303 11,523 1,262 1/25/2011 1989 / 2009 20500/20600 South Diamond Lake Road Rogers MN - 45,789 - 2,767 46,826 49,593 9,526 3/1/2008 1999 2200 County Road C West Roseville MN - 702 - 590 911 1,501 81 9/30/2011 1991 4166 Lexington Avenue N Shoreview MN - 4,547 - 1,392 4,698 6,089 535 5/20/2011 1988 / 2010 1365 Crestridge Lane West St. Paul MN - 3,608 - 400 3,708 4,108 1,466 2/28/2003 1998 305 & 315 Thompson Avenue West St. Paul MN - 2,506 - - 400 2,506 2,906 1,005 2/28/2003 1998 5351 Gretna Road (5) Branson MO 4,641 10,973 - 743 11,033 11,776 196 5/1/2015 2002 3828 College View Drive (5) Joplin MO 5,524 11,382 - 260 11,542 11,802 1,092 8/31/2012 2003 14100 Magellan Plaza Maryland Heights MO - 37,304 - - 3,179 37,844 41,023 862 1/29/2015 2003 640 E. Highland Avenue Nevada MO - 5,703 - 311 5,747 6,058 101 5/1/2015 1997 2410 W. Chesterfield Blvd (5) Springfield MO 6,578 12,772 - 924 12,803 13,727 222 5/1/2015 1999 3540 East Cherokee Street (5) Springfield MO 3,785 11,339 - 1,084 11,390 12,474 200 5/1/2015 1996 4700 North Hanley Road St. Louis MO - 41,587 - - 5,166 41,587 46,753 953 1/29/2015 2014 1 Lincoln Parkway Hattiesburg MS - 11,691 - 1,269 11,734 13,002 805 3/22/2013 2005 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 1488 Belk Boulevard Oxford MS - 5,791 - 388 6,152 6,540 1,462 10/1/2006 2000 108 Clarington Drive Southaven MS - 5,795 - 450 6,220 6,670 1,479 10/1/2006 2000 1547 North Hunters Way Bozeman MT - 27,750 - - 1,616 27,750 29,366 484 5/1/2015 2008 112 + 118 Alamance Road (5) Burlington NC 6,115 9,697 - 575 9,988 10,563 1,272 6/23/2011 1998 1050 Crescent Green Drive (5) Cary NC 8,127 4,628 - 713 6,580 7,293 2,587 10/25/2002 1999 2220 & 2230 Farmington Drive Chapel Hill NC - 6,414 - - 800 6,414 7,214 2,318 2/28/2003 1996 2101 Runnymede Lane Charlotte NC - 11,451 - 2,475 12,006 14,481 1,600 6/20/2011 1999 5920 McChesney Drive Charlotte NC - 7,790 - 820 8,273 9,093 1,388 11/17/2009 2001 6101 Clarke Creek Parkway Charlotte NC - 13,960 - 500 13,996 14,496 2,413 11/17/2009 1999 1002 State Highway 54 Durham NC - 5,200 - 595 5,329 5,924 679 6/20/2011 1988 / 2007 5213 South Alston Avenue Durham NC - 31,377 - - 1,093 31,377 32,470 719 1/29/2015 2010 1001 Phifer Road Kings Mountain NC - 8,283 - 657 8,625 9,282 1,137 6/23/2011 1998 128 Brawley School Mooresville NC - 7,305 - 595 7,698 8,293 963 6/23/2011 1999 1309 , 1321 + 1325 McCarthy Boulevard New Bern NC - 20,898 - 1,245 21,279 22,524 2,589 6/20/2011 2001/2005/2008 13150 Dorman Road Pineville NC - 7,570 - 550 8,234 8,784 1,341 11/17/2009 1998 13180 Dorman Road Pineville NC - 15,230 - 630 15,237 15,867 2,625 11/17/2009 1998 2744 South 17th Street (5) Wilmington NC 12,250 14,771 - - 1,134 14,771 15,905 108 9/28/2015 1998 1730 Parkwood Boulevard West Wilson NC - 14,787 - 610 15,100 15,710 1,890 6/20/2011 2004/2006 1700 Furnace Street Ashland NE - 1,823 - 28 3,121 3,149 1,467 7/1/2000 1965 / 1996 414 North Wilson Street Blue Hill NE - 1,064 - 56 1,871 1,928 864 7/1/2000 1967 / 1996 2720 South 17th Ave Central City NE - 919 - 21 1,569 1,590 825 7/1/2000 1969 / 1999 1112 15th Street Columbus NE - 89 561 - 89 1,022 1,111 553 7/1/2000 1955 / 1978 800 Stoeger Drive Grand Island NE - 119 1,446 - 119 2,860 2,980 1,461 4/1/1995 1963 / 1996 700 South Highway 6 Gretna NE - 237 673 - 237 1,570 1,808 744 7/1/2000 1972 / 1995 1100 West First Street Milford NE - 24 880 - 24 1,697 1,721 803 7/1/2000 1967 / 1970 510 Centennial Circle North Platte NE - 370 8,968 - 370 9,588 9,958 1,860 2/17/2008 1988 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 17007 Elm Plaza Omaha NE - 4,680 22,022 - - 4,680 22,022 26,702 4,060 8/21/2008 2007 3030 South 80th Street Omaha NE - 650 5,850 - 650 6,455 7,105 1,857 6/3/2005 1992 333 Maple Sutherland NE - 19 1,251 - 19 1,738 1,757 802 7/1/2000 1970 / 1995 1350 Centenial Ave Utica NE - 21 569 - 21 1,033 1,054 479 7/1/2000 1966 / 1988 11041 North 137th Street Waverly NE - 529 686 - 529 1,295 1,824 742 7/1/2000 1989 / 1995 55 Corporate Drive Bridgewater NJ - 2,782 66,441 - - 2,782 66,441 69,223 1,523 1/29/2015 2011 490 Cooper Landing Road Cherry Hill NJ - 1,001 8,175 - 1,001 10,011 11,012 2,876 12/29/2003 1999 1400 Route 70 Lakewood NJ - 4,885 28,803 - 4,885 31,374 36,259 12,215 1/11/2002 1987 / 1997 2 Hillside Drive Mt. Arlington NJ - 1,375 11,232 - 1,375 11,989 13,364 3,864 12/29/2003 2001 655 Pomander Walk (5) Teaneck NJ 30,411 4,950 44,550 - 4,950 46,509 51,459 5,715 12/15/2011 1989 10500 Academy Road NE (5) Albuquerque NM 25,597 3,828 22,572 - 3,828 28,060 31,888 10,236 1/11/2002 1986 4100 Prospect Avenue NE Albuquerque NM - 540 10,105 - 540 10,113 10,653 2,075 10/30/2007 1977 4300 Landau Street NE Albuquerque NM - 1,060 9,875 - 1,060 9,883 10,943 2,028 10/30/2007 1973 4411 The 25 Way Albuquerque NM - 3,480 25,245 - 3,594 29,402 32,996 4,153 12/22/2010 1970 / 2000 4420 The 25 Way Albuquerque NM - 1,430 2,609 - 1,476 2,781 4,257 338 12/22/2010 1970 9190 Coors Boulevard NW Albuquerque NM - 1,660 9,173 - 1,660 9,181 10,841 1,884 10/30/2007 1983 2200 East Long Street Carson City NV - 622 17,900 - 622 18,036 18,658 313 5/1/2015 2009 3201 Plumas Street Reno NV - 2,420 49,580 - 2,420 56,070 58,490 5,810 12/15/2011 1989 6300 Eighth Ave Brooklyn NY - 3,870 8,545 - 3,870 8,551 12,421 1,576 8/8/2008 1971 5823 Widewaters Parkway Dewitt NY - 600 5,004 - 600 5,801 6,401 625 9/30/2011 1991 4939 Brittonfield Parkway East Syracuse NY - 720 17,084 - 720 18,172 18,892 3,153 9/30/2008 2001 5008 Brittonfield Parkway (5) East Syracuse NY 3,616 420 18,407 - 495 18,729 19,224 3,449 7/9/2008 1999 200 Old County Road Mineola NY - 4,920 24,056 - 4,920 28,642 33,562 2,907 9/30/2011 1971 / 1988 15 North Broadway White Plains NY - 4,900 13,594 - 4,900 13,879 18,779 2,366 1/26/2009 1952 537 Riverdale Avenue Yonkers NY - 90,561 - 8,460 95,793 104,253 8,806 8/31/2012 2000 4590 and 4625 Knightsbridge Boulevard (5) Columbus OH 17,829 27,778 - 3,623 35,078 38,702 13,545 1/11/2002 1989 Initial Cost to Company Cost at December 31, 2015 Cost Original Buildings, Capitalized Buildings, Construction / Improvements & Subsequent to Improvements & Accumulated Date Renovated Address City State Encumbrances (1) Land Equipment Acquisition Impairment Land Equipment Total (2) Depreciation (3) Acquired (4) Date 3929 Hoover Road Grove City OH - 3,081 - 332 3,872 4,204 1,967 6/4/1993 1965 5260 Naiman Parkway Solon OH - 2,305 - 600 2,486 3,085 380 12/22/2010 1975 5370 Naiman Parkway Solon OH - 2,147 - 550 2,279 2,829 232 9/30/2011 1975 200 N. Bryant Ave. Edmond OK - 2,955 - - 430 2,955 3,385 468 9/1/2009 1993 600 National Ave Midwest City OK - 2,970 - - 410 2,970 3,380 470 9/1/2009 1985 / 1996 701 Northeast 10th Street Oklahoma City OK - 19,046 - - 500 19,046 19,546 3,016 9/1/2009 1982 8315 S. Walker Ave. Oklahoma City OK - 1,546 - - 480 1,546 2,026 245 9/1/2009 1990 805 N. 5th Street Jacksonville OR - 14,777 - - 3,012 14,777 17,789 256 5/1/2015 2006 1808 SE 182nd Avenue Portland OR - 17,085 - 1,295 17,126 18,421 306 5/1/2015 1997 8709 S.E. Causey Avenue (5) Portland OR 24,060 77,428 - - 3,303 77,428 80,731 1,307 5/1/2015 1985 / 1991 71 Darlington Road Beaver Falls PA - 13,500 - 1,500 13,944 15,443 4,056 10/31/2005 1997 950 Morgan Highway Clarks Summit PA - 8,233 - 1,001 8,551 9,552 2,763 12/29/2003 2001 145 Broadlawn Drive Elizabeth PA - 6,304 - 696 6,994 7,689 2,074 10/31/2005 1986 600 N. Pottstown Pike Exton PA - 8,233 - 1,001 9,284 10,285 2,913 12/29/2003 2000 475 Virginia Drive Fort Washington PA - 4,837 - 1,010 4,941 5,951 524 9/30/2011 1996 242 Baltimore Pike Glen Mills PA - 8,233 - 1,001 8,718 9,719 2,891 12/29/2003 2001 20 Capital Drive Harrisburg PA - 9,333 - - 397 9,333 9,730 214 1/29/2015 2013 723 Dresher Road Horsham PA - 4,456 - 1,010 5,109 6,119 787 12/22/2010 1983 / 1997 210 Mall Boulevard King of Prussia PA - 4,743 - 1,540 5,047 6,587 873 8/8/2008 1970 216 Mall Boulevard King of Prussia PA - 2,871 - 880 2,954 3,834 356 1/26/2011 1970 5300 Old William Penn Highway Murrysville PA - 2,506 - - 300 2,506 2,806 991 2/28/2003 1998 800 Manor Drive New Britain (Chalfont) PA - 8,052 - 981 8,589 9,570

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
BASIS OF PRESENTATION	BASIS OF PRESENTATION. Our consolidated financial statements include the accounts of Senior Housing Properties Trust, or SNH, we, us or our, and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Accounting principles generally accepted in the United States, or GAAP, require us to make estimates and assumptions that may affect the amounts reported in these financial statements and related notes. The actual results could differ from these estimates. We have made reclassifications to the prior years’ financial statements to conform to the current year’s presentation. These reclassifications had no effect on net income or shareholders’ equity. We have determined that, in 2015, certain of our wholly owned taxable REIT subsidiaries, or TRSs, were variable interest entities, or VIEs, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or the Codification. We have concluded that we must consolidate each of these TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs classified as VIEs were $2,879 as of December 31, 2015 and consist primarily of working capital of one of our senior living managers. The liabilities of our TRSs classified as VIEs were $950 as of December 31, 2015 and consist primarily of payables to one of our senior living managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs.
REAL ESTATE PROPERTIES	REAL ESTATE PROPERTIES. We record properties at our cost and calculate depreciation on real estate investments on a straight line basis over estimated useful lives generally up to 40 years . When we acquire a property, we estimate the purchase price allocations and the useful lives of our properties. In some circumstances, we engage third party real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by third party appraisers. For properties qualifying as acquired businesses under Accounting Standards Codification 805, Business Combinations, we allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) as a reduction to rental income over the remaining non ‑cancelable terms of the respective leases. We amortize capitalized below market lease values (presented as acquired real estate lease obligations in our consolidated balance sheets) as an increase to rental income over the non ‑cancelable periods of the respective leases. Such amortization resulted in an increase in rental income of $ 4,060 during the year ended December 31, 2015, an increase in rental income of $ 2,322 during the year ended December 31, 2014, and a reduction in rental income of $ 3,656 during the year ended December 31, 2013. 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. Such amortization included in depreciation totaled $80,040 , $38,970 and $22,718 , during the years ended December 31, 2015, 2014 and 2013, respectively. If a lease is terminated prior to its stated expiration, the unamortized amount relating to that lease is written off.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS. We carry cash and cash equivalents, consisting of overnight repurchase agreements and short term investments with original maturities of three months or less at the date of purchase, at cost plus accrued interest, which approximates fair value.
RESTRICTED CASH	RESTRICTED CASH. Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties and security deposits for residents of our managed senior living communities.
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES	INVESTMENTS IN AVAILABLE FOR SALE SECURITIES. At December 31, 2014, we owned 250,000 common shares of Equity Commonwealth (f/k/a CommonWealth REIT), or EQC. We sold all 250,000 of our EQC common shares in May 2015 for net proceeds of $6,571 . We recognized a gain on the sale of these shares in the amount of $71 during the second quarter of 2015, which is included in interest and other income in our consolidated statements of comprehensive income. We owned 4,235,000 common shares, or 8.6% at December 31, 2015 and 2014, of Five Star Quality Care, Inc., or Five Star. We classify these shares of Five Star as available for sale securities and carry them at fair value, with unrealized gains and losses reported as a component of shareholders’ equity. Cumulative other comprehensive income shown in our consolidated balance sheets includes the net unrealized gain or loss on investments determined as the net difference between the market value of these shares of Five Star calculated by using weighted average quoted market prices on the dates we acquired these shares ( $3.36 per share) and on December 31, 2015( $3.18 per share). At December 31, 2015 and 2014, our investment in Five Star had a fair value of $13,467 and $17,575 , respectively, including an unrealized loss of $747 and an unrealized gain of $3,361 , respectively. In addition, at December 31, 2015, we owned 2,637,408 shares of class A common stock of The RMR Group Inc., or RMR Inc. We also classify these shares of RMR Inc. as available for sale securities and carry them at fair value, with unrealized gains and losses reported as a component of shareholders’ equity. Our historical cost basis for these shares is $69,826 . At December 31, 2015, our investment in RMR Inc. had a fair value of $38,005 , including an unrealized loss of $31,821 based on RMR Inc.’s quoted share price at December 31, 2015 ( $14.41 per share). 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. See Notes 5 and 7 for further information regarding our investments in Five Star and RMR Inc.
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS. At December 31, 2015, 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. If we determine there is an “other than temporary impairment” in the fair value of this investment, we would record a charge to earnings. In evaluating the fair value of this investment, we have considered, among other things, the assets and liabilities held by AIC, AIC’s overall financial condition and earning trends, and the financial condition and prospects for the insurance industry generally. See Note 5 for further information regarding our investment in AIC.
DEFERRED FINANCING FEES	DEFERRED FINANCING FEES. We capitalize issuance costs related to borrowings and amortize them over the terms of the respective borrowings. During 2015, we capitalized $2,952 of issuance costs, including $1,200 related to an amendment to our revolving credit facility agreement to increase the maximum borrowings under that facility in September 2015, as well as $1,752 related to our $200,000 term loan entered into in September 2015. During 2014, we capitalized $8,039 of issuance costs, including $5,021 related to our issuances of senior unsecured notes in April 2014, as well as $2,819 related to our $350,000 term loan entered into in May 2014, and $199 related to our assumption of a mortgage in May 2014. During 2013, we capitalized $3,326 of issuance costs, including $3,078 related to an amendment to our revolving credit facility agreement in September 2013 and $248 related to our assumption of a mortgage during 2013. During 2015, we wrote off $70 of unamortized deferred financing fees in connection with our prepayment of the outstanding principal balances of ten mortgages encumbering nine properties with an aggregate principal balance of $82,569 . We also wrote off $74 of unamortized deferred financing fees in connection with our prepayment of all $250,000 of our 4.30% senior unsecured notes due January 2016 in November 2015. During 2014, we wrote off $357 of unamortized deferred financing fees in connection with our prepayment of the outstanding principal balances of two mortgages totaling $23,234 in October and December 2014. The unamortized gross balance of deferred financing fees and related accumulated amortization was $50,477 and $22,782 , and $50,479 and $19,930 , at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period is approximately 12.5 years. We expect that the amortization expense relating to the unamortized gross balance of deferred financing fees for the five years subsequent to December 31, 2015 will be $5,514 in 2016, $5,247 in 2017, $3,394 in 2018, $2,639 in 2019, $1,213 in 2020, and $9,688 , thereafter.
DEFERRED LEASING COSTS	DEFERRED LEASING COSTS. Deferred leasing costs include brokerage, legal and other fees associated with our entering leases and are amortized on a straight line basis over the terms of the respective leases. Deferred leasing costs are included in other assets on our consolidated balance sheets. The unamortized gross balance of deferred leasing costs and related accumulated amortization was $ 21,708 and $5,561 , and $ 14,844 and $ 3,722 at December 31, 2015 and 2014, respectively. At December 31, 2015, the remaining weighted average amortization period is approximately 6.8 years. We expect that the amortization expense for the five years subsequent to December 31, 2015 will be $ 2,853 in 2016 , $ 2,528 in 2017, $ 2,2 86 in 2018, $1,9 68 in 2019, $1,5 83 in 2020, and $4, 710 , 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, 2015, 2014 and 2013, percentage rents earned aggregated $10,062 , $10,155 and $9,226 , respectively. As of December 31, 2015, we owned 65 managed senior living communities, including 55 communities that we acquired since June 2011 and ten senior living communities formerly leased to Sunrise Senior Living, Inc. Sixty of these communities are managed by Five Star, and the remaining five are managed by a private senior living manager. We refer to these 65 communities as the managed senior living communities. We derive our revenues at these managed senior living communities primarily from services our managers provide to residents on our behalf and we record revenues when services are provided. We use the TRS structure authorized by the Real Estate Investment Trust Investment Diversification and Empowerment Act for nearly all of our managed senior living communities.
EARNINGS PER COMMON SHARE	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 ownership, $0.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per common share, or EPS, using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share.
INCOME TAXES	INCOME TAXES. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and as such are generally not subject to federal and most state income taxation on our operating income, provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease nearly all of our managed senior living communities to our TRSs, that, unlike most of our subsidiaries, file separate tax returns and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes incurred by us, despite our REIT status. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expense.
SEGMENT REPORTING	SEGMENT REPORTING. As of December 31, 2015, we have four operating segments, of which three are separate reporting segments. The first reporting segment includes triple net senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs. Our fourth segment includes the remainder of our operations, including certain properties that offer fitness, wellness and spa services to members, which we do not consider to be sufficiently material as to constitute a separate reporting segment, and all of our other operations. See Note 9 for further information regarding our reportable operating segments.
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS. In February 2015, the FASB, issued Accounting Standards Update, or ASU, No. 2015-02, Consolidation . Among other things, this update changes how an entity determines the primary beneficiary of a VIE. This update is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. In August 2015, the FASB clarified the previous ASU and issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 201 5 EITF Meeting , which addresses the presentation of debt issuance costs related to line of credit arrangements. These updates are effective for interim and annual reporting periods beginning after December 15, 2015 and require retrospective application. The implementation of these updates is not expected to cause any material changes to our consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on our consolidated balance sheets. Debt issuance costs related to our revolving credit facility will remain classified as assets in accordance with ASU 2015-15. When these updates are adopted, the unamortized gross balance of deferred financing fees of $23,950 and $26,339 as of December 31, 2015 and 2014, respectively, will be reclassified from assets to the related debt obligations on our consolidated balance sheets. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB approved a one year deferral of the effective date for this ASU to interim and annual reporting periods beginning after December 15, 2017. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a material impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from this ASU. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This update is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. We are continuing to evaluate this guidance; however, we expect the implementation of this guidance will change our accounting for our available for sale equity investments. Currently, changes in fair value of these investments are recorded through other comprehensive income. Under this ASU, these changes will be recorded through earnings.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate Properties
Schedule of summarized income statement information for the seven MOBs that meet the criteria for discontinued operations included in discontinued operations	For the year ended December 31, 2015 2014 2013 Rental income $ $ $ Property operating expenses Depreciation and amortization — — (Loss) income from discontinued operations $ $ $
Senior Living Communities
Real Estate Properties
Schedule of real estate property acquisition	Cash Paid (Premium) / Number plus Buildings Acquired Discount Leased / of Units/ Assumed and Real Estate Other Assumed on Assumed Date Location Managed Properties Beds Debt (1) Land Improvements FF&E Leases Liabilities Debt Debt Senior Living Community Acquisitions during the year ended December 31, 2015: May 2015 11 States Leased $ $ $ $ $ $ $ $ May 2015 5 States Managed — September 2015 NC Leased — Subtotal 38 senior living communities portfolio May 2015 GA Managed — (2) — — September 2015 GA Leased — — — — $ $ $ 623,315 $ $ $ $ $ Senior Living Community Acquisitions during the year ended December 31, 2014: December 2014 WI Managed $ $ $ $ $ $ — $ — $ — December 2014 WI Managed — — — $ $ $ $ $ $ — $ — $ — (1) Cash paid plus assumed debt, if any, excludes closing costs. The allocation of the purchase price of certain of our 2015 acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. Therefore, amounts preliminarily allocated to assets acquired and liabilities assumed could change significantly from those used in these consolidated financial statements. (2) This senior living community is adjacent to another community that we own which is managed by Five Star. The operations of this community and the community we previously owned are now conducted as a single integrated community under one management agreement.
MOBs
Real Estate Properties
Schedule of real estate property acquisition	Cash Paid Acquired Number plus Buildings Acquired Real Estate Premium of Square Assumed and Real Estate Lease Assumed on Assumed Date Location Properties Feet (000's) Debt (1) Land Improvements Leases Obligations Debt Debt MOB Acquisitions during the year ended December 31, 2015: January 2015 12 States $ $ $ $ $ $ $ $ $ $ $ $ $ $ MOB Acquisitions during the year ended December 31, 2014: April 2014 TX $ $ $ $ $ $ $ May 2014 MA — — $ $ $ $ $ $ $ (1) Cash paid plus assumed debt, if any, excludes closing costs.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Shareholders' Equity
Schedule of summary of shares granted and vested	Weighted Average Grant Date Number of Shares Fair Value Unvested shares at December 31, 2012 $ Shares granted in 2013 $ Shares vested / forfeited in 2013 $ Unvested shares at December 31, 2013 $ Shares granted in 2014 $ Shares vested / forfeited in 2014 $ Unvested shares at December 31, 2014 $ Shares granted in 2015 $ Shares vested / forfeited in 2015 $ Unvested shares at December 31, 2015 $

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2015
Indebtedness
Schedule of additional outstanding debt	December 31, 2015 December 31, 2014 Face Unamortized Face Unamortized Senior Unsecured Notes Coupon Maturity Amount Discount Amount Discount Senior unsecured notes (1) % $ — $ — $ $ Senior unsecured notes % Senior unsecured notes % Senior unsecured notes % Senior unsecured notes % Senior unsecured notes % — — Total senior unsecured notes $ $ $ $ (1) In November 2015, we prepaid all $250,000 of our 4.30% senior unsecured notes due January 2016.
Schedule of secured and other debt	Number of Principal Balance as of Properties as Net Book Value of Collateral as of December 31, Interest Collateral December 31, Secured and Other Debt 2015 (1) 2014 (1) Rate Maturity at December 31, 2015 2015 2014 Mortgage (2) $ — $ % Mar 15 — $ — $ Mortgage (2) — % Jun 15 — — Mortgage (2) — % Jul 15 — — Mortgage (2) — % Jul 15 — — Mortgage (2) — % Oct 15 — — Mortgage (2) — % Oct 15 — — Mortgage (2) — % Jan 16 — — Mortgage (3) % Apr 16 Mortgage — % Jul 16 — Mortgage % Nov 16 Mortgages % Nov 16 Mortgage % Mar 17 Mortgage % May 17 Mortgage % Aug 17 Mortgage % Apr 18 Mortgages — % Oct 18 — Mortgage — % Oct 18 — Mortgages — % Oct 18 — Mortgage — % Jan 19 — Mortgage — % Jul 19 — Mortgage % Sep 19 Mortgage (4) % Jan 22 Mortgage (4) % Jan 22 — — — Mortgage % Jul 22 Mortgage — % Oct 22 — Mortgage % Feb 33 Mortgage % Sep 38 Mortgage % Sep 43 Capital Leases % Apr 26 Total secured $ $ $ $ (1) The principal balances are the amounts stated in the contracts. In accordance with U.S. generally accepted accounting principles, 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, 2015 and 2014, the unamortized net premiums on certain of these mortgages were $3,267 and $2,937 , respectively. (2) In 2015, we repaid this debt. (3) In 2016, we repaid this debt. (4) These two mortgages are collateralized by one MOB property acquired in July 2008.
Schedule of required principal payments on outstanding debt	Required principal payments on our outstanding debt as of December 31, 2015, are as follows: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Thereafter $

Fair Value of Assets and Liab25

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value of Assets and Liabilities
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 and non recurring basis at December 31, 2015 categorized by the level of inputs used in the valuation of each asset or liability. Significant Quoted Prices in Active Significant Other Unobservable Markets for Identical Observable Inputs Inputs Description Total Assets (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investments in available for sale securities (1) $ $ $ — $ — Non-Recurring Fair Value Measurements Assets: Assets held for sale (2) $ $ — $ — $ Liabilities: Additional purchase consideration (3) $ $ — $ — $ (1) Our investments in available for sale securities include our 4,235,000 common shares of Five Star and our 2,637,408 shares of RMR Inc. class A common stock. The fair values of these shares are based upon quoted prices at December 31, 2015 in active markets (Level 1 inputs). Our historical cost basis for our Five Star and RMR Inc. shares is $14,230 and $69,826 , respectively, as of December 31, 2015. The unrealized loss of $747 for our Five Star shares and $31,821 for our RMR Inc. shares as of December 31, 2015 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets. We evaluated the decline in the fair value of the Five Star and RMR Inc. shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a forecasted recovery of fair value, we do not consider these investments to be other-than-temporarily impaired at December 31, 2015. (2) Assets held for sale consist of one vacant land parcel held for sale as of December 31, 2015. The land parcel is recorded at its estimated fair value less costs to sell. We used an accepted offer from a third party to purchase this parcel to determine its fair value. We also have one senior living community (one building) classified as held for sale as of December 31, 2015. The senior living community assets are recorded at their carrying value, which is lower than what we believe its fair value less estimated costs to sell to be at December 31, 2015. The carrying value of this senior living community is not included in the above table. (3) In May 2015, we acquired one senior living community located in Georgia for approximately $9,750 , excluding closing costs. Pursuant to the purchase agreement, $1,000 of the purchase price has been withheld until the seller satisfies certain conditions. We anticipate these conditions will be satisfied and therefore have recorded the withheld $1,000 as a liability as of December 31, 2015. We estimate the fair value of this liability at December 31, 2015 to be $1,000 , which is th e amount we have agreed to pay in cash when the applicable conditions are satisfied (Level 3 inputs). This liability is included in other liabilities in our consolidated balance sheets as described in Note 3.

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2015
Concentration of Credit Risk
Summary of the assets leased and rents earned from significant lessees	At At December 31, 2015 December 31, 2014 Investment (1) % of Total Investment (1) % of Total Five Star $ % $ % All others % % $ % $ % Year Ended Year Ended December 31, 2015 December 31, 2014 Rental income % of Total Rental income % of Total Five Star $ % $ % All others % % $ % $ % (1) Represents real and personal property leased to our tenants at historical cost after impairment losses and before depreciation. Excludes properties classified as held for sale.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting
Schedule of segment reporting information	For the Year Ended December 31, 2015 Triple Net Managed Senior Living Senior Living All Other Communities Communities MOBs Operations Consolidated Revenues: Rental income $ $ — $ $ $ Residents fees and services — — — Total revenues Expenses: Property operating expenses — — Depreciation General and administrative — — — Acquisition related costs — — — Impairment of assets — — — Total expenses Operating income (loss) Dividend income — — — Interest and other income — — — Interest expense Loss on distribution to common shareholders of The RMR Group Inc. common stock — — — Loss on early extinguishment of debt Income (loss) before income tax expense and equity in earnings of an investee Income tax expense — — — Equity in earnings of an investee — — — Income (loss) from continuing operations Discontinued Operations: Loss from discontinued operations — — — Impairment of assets from discontinued operations — — — Income (loss) before gain on sale of properties Gain on sale of properties — — — — — Net income (loss) $ $ $ $ $ Total assets $ $ $ $ $ For the Year Ended December 31, 2014 Triple Net Managed Senior Living Senior Living All Other Communities Communities MOBs Operations Consolidated Revenues: Rental income $ $ — $ $ $ Residents fees and services — — — Total revenues Expenses: Property operating expenses — — Depreciation General and administrative — — — Acquisition related costs — — — Impairment of assets — — — Total expenses Operating income (loss) Dividend income — — — Interest and other income — — — Interest expense Gain (loss) on early extinguishment of debt — — Income (loss) before income tax expense and equity in earnings of an investee Income tax expense — — — Equity in earnings of an investee — — — Income (loss) from continuing operations Discontinued Operations: Income from discontinued operations — — — Impairment of assets from discontinued operations — — — Income (loss) before gain on sale of properties Gain on sale of properties — — — Net income (loss) $ $ $ $ $ Total assets $ $ $ $ $ For the Year Ended December 31, 2013 Triple Net Managed Senior Living Senior Living All Other Communities Communities MOBs Operations Consolidated Revenues: Rental income $ $ — $ $ $ Residents fees and services — — — Total revenues Expenses: Property operating expenses — — Depreciation General and administrative — — — Acquisition related costs — — — Impairment of assets — — Total expenses Operating income (loss) Dividend income — — — Interest and other income — — — Interest expense Loss on early extinguishment of debt — — — Income (loss) before income tax expense and equity in earnings of an investee Income tax expense — — — Equity in earnings of an investee — — — Income (loss) from continuing operations Discontinued Operations: Income from discontinued operations — — — Impairment of assets from discontinued operations — — — Income (loss) before gain on sale of properties Gain on sale of properties — — — Net income (loss) $ $ $ $ $ Total assets $ $ $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes
Schedule of components of provision for income taxes	For the year ended December 31, 2015 2014 2013 Current: Federal $ — $ — $ — State Deferred: Federal — — — State — — — — — — Income tax provision $ $ $
Schedule of reconciliation of effective tax rate and the U.S. federal statutory income tax rate	For the year ended December 31, 2015 2014 2013 Taxes at statutory U.S. federal income tax rate % % % Nontaxable income of SNH % % % State and local income taxes, net of federal tax benefit % % % Change in valuation allowance % % % Other differences, net % % % Effective tax rate % % %
Schedule of significant components of our deferred tax assets and liabilities	For the year ended December 31, 2015 2014 Deferred tax assets: Deferred income $ $ Other Tax loss carryforwards Valuation allowance — — Deferred tax liabilities: Depreciable assets — — — — Net deferred income taxes $ — $ —

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2015
Weighted Average Common Shares
Schedule of Weighted Average Number of Shares	Year Ended December 31, 2015 2014 2013 Weighted average common shares for basic earnings per share Effect of dilutive securities: restricted share awards Weighted average common shares for diluted earnings per share

Selected Quarterly Financial 30

Selected Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited)	2015 First Second Third Fourth Quarter Quarter Quarter Quarter (1) Revenues $ $ $ $ Net income $ $ $ $ Per share data (basic and diluted): Net income $ $ $ $ Common distributions declared (2) $ $ $ $ 2014 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ $ $ $ Net income $ $ $ $ Per share data (basic and diluted): Net income $ $ $ $ Common distributions declared (2) $ $ $ $ (1) The fourth quarter of 2015 includes a non-cash loss of $38,437 related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 5. (2) 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. The fourth quarter of 2015 includes a non-cash distribution of $0.13 per share related to the distribution of the RMR Inc. shares as discussed in Notes 4 and 5.

Pro Forma Information (unaudi31

Pro Forma Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Pro Forma Information (unaudited)
Schedule of pro forma results of operations	For the Year Ended December 31, 2015 2014 Total revenues $ $ Net income $ $ Per common share data (basic and diluted): Net income $ $

Organization (Details)

Organization (Details)	Dec. 31, 2015stateproperty
Organization
Number of properties owned | property	427
Number of states in which properties are located | state	43

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basis of Presentation
Ownership interest in subsidiaries (as a percent)	100.00%
Assets of taxable REIT subsidiaries	$ 2,879
Liabilities of taxable REIT subsidiaries	950
Real Estate Properties
Increase (decrease) in capitalized above and below market leases rental income	4,060	$ 2,322	$ (3,656)
Amortization of acquired real estate leases and other intangible assets	$ 80,040	$ 38,970	$ 22,718
Furniture and Fixtures [Member] | Real Estate Investment [Member] | Maximum
Real Estate Properties
Estimated useful lives	40 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in available for sale securities
Fair value of the investments in available for sale securities		$ 51,472	$ 23,993
CommonWealth REIT (EQC)
Investment in available for sale securities
Investment in common shares			250,000
Proceeds from equity shares sold	$ 6,571
Realized gain on available for sale equity securities	$ 71
Five Star
Investment in available for sale securities
Investment in common shares		4,235,000	4,235,000
Percentage of common shares owned		8.60%	8.60%
Weighted average quoted market prices (in dollars per share)		$ 3.18	$ 3.36
Fair value of the investments in available for sale securities		$ 13,467	$ 17,575
Unrealized loss			$ 747
Unrealized gain				$ 3,361
The RMR Group Inc
Investment in available for sale securities
Amount of investment acquired		$ 69,826
Weighted average quoted market prices (in dollars per share)		$ 14.41
Fair value of the investments in available for sale securities		$ 38,005
Unrealized loss		$ 31,821
The RMR Group Inc | Class A common shares
Investment in available for sale securities
Investment in common shares		2,637,408

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Equity Method Investments (Details) - AIC	Dec. 31, 2015
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 - Deferred Financing Fees (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2014USD ($)item	Oct. 31, 2014USD ($)item	Dec. 31, 2015USD ($)propertyitem	Dec. 31, 2014USD ($)	Nov. 30, 2015	Sep. 30, 2015USD ($)	May. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2013USD ($)
DEFERRED FINANCING FEES
Number of properties acquired encumbering with assumed mortgage debt | property			9
Principal amount of debt	$ 1,750,000		$ 1,500,000	$ 1,750,000
Deferred financing fees and unamortized discounts written off			70
Repayments of borrowings under revolving credit facility			250,000
Interest rate (as a percent)		5.875%
Unamortized gross balance of deferred financing fees	22,782		50,477	22,782
Accumulated amortization related to deferred financing fees	19,930		$ 50,479	19,930
Weighted average amortization period of deferred financing fees			12 years 6 months
Amortization of deferred financing fees
Amortization expense in 2016			$ 5,514
Amortization expense in 2017			5,247
Amortization expense in 2018			3,394
Amortization expense in 2019			2,639
Amortization expense in 2020			1,213
Amortization expense thereafter			9,688
Revolving Credit Facility
DEFERRED FINANCING FEES
Issuance costs capitalized			2,952			$ 1,200		$ 3,326	$ 248
Term Loan
DEFERRED FINANCING FEES
Issuance costs capitalized			1,752
Principal amount of debt						200,000
Term Loan Due In May 2014
DEFERRED FINANCING FEES
Issuance costs capitalized							$ 2,819
Principal amount of debt							350,000
Senior unsecured notes 4.30%
DEFERRED FINANCING FEES
Principal amount of debt	250,000			250,000
Repayments of borrowings under revolving credit facility			$ 250,000
Interest rate (as a percent)			4.30%		4.30%
Senior unsecured notes 6.75%
DEFERRED FINANCING FEES
Principal amount of debt	$ 200,000		$ 200,000	200,000
Interest rate (as a percent)			6.75%
Unsecured revolving credit facility
DEFERRED FINANCING FEES
Issuance costs capitalized									$ 3,078
Mortgages
DEFERRED FINANCING FEES
Issuance costs capitalized							199
Number of senior notes repaid | item	2	2	10
Principal amount of debt			$ 82,569
Early repayment of debt variable portion		$ 23,234		23,234
Deferred financing fees and unamortized discounts written off			74	$ 357
Interest rate (as a percent)	6.37%	6.25%		6.37%
Senior notes issued in April 2014
DEFERRED FINANCING FEES
Issuance costs capitalized			8,039			$ 5,021
Unsecured Debt
DEFERRED FINANCING FEES
Principal amount of debt			$ 350,000				$ 350,000

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Leasing Costs and EPS (Details) $ in Thousands	1 Months Ended	12 Months Ended								55 Months Ended
	May. 31, 2015community	Dec. 31, 2015USD ($)communityproperty	Dec. 31, 2015USD ($)communitypropertysegment	Dec. 31, 2015USD ($)communityproperty	Dec. 31, 2015USD ($)communityproperty	Dec. 31, 2015USD ($)communitypropertyitem	Dec. 31, 2015USD ($)communityproperty	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)communityproperty
Revenue Recognition
Percentage rents earned							$ 10,062	$ 10,155	$ 9,226
DEFERRED LEASING COSTS
Unamortized gross balance of deferred leasing costs		$ 21,708	$ 21,708	$ 21,708	$ 21,708	$ 21,708	21,708	5,561		$ 21,708
Accumulated amortization		$ 14,844	14,844	14,844	14,844	14,844	14,844	$ 3,722		14,844
Weighted average amortization period for deferred leasing cost		6 years 9 months 18 days
Expected amortization expense for the five years
Expected amortization expense, 2016		$ 2,853	2,853	2,853	2,853	2,853	2,853			2,853
Expected amortization expense, 2017		2,528	2,528	2,528	2,528	2,528	2,528			2,528
Expected amortization expense, 2018		2,286	2,286	2,286	2,286	2,286	2,286			2,286
Expected amortization expense, 2019		1,968	1,968	1,968	1,968	1,968	1,968			1,968
Expected amortization expense, 2020		1,583	1,583	1,583	1,583	1,583	1,583			1,583
Expected amortization expense, thereafter		$ 4,710	$ 4,710	$ 4,710	$ 4,710	$ 4,710	$ 4,710			$ 4,710
SEGMENT REPORTING
Number of Operating Segments | segment			4
Number of Reportable Segments			3			3
Five Star
Revenue Recognition
Number of properties acquired, referred to as managed properties | community				60
Number of real estate properties leased | community		177	177	177	177	177	177			177
Senior Living Communities
Revenue Recognition
Number of properties acquired or agreed to be acquired | community	37
Senior Living Communities | Five Star
Revenue Recognition
Number of properties acquired or agreed to be acquired | property										55
Number of properties acquired, referred to as managed properties | property					65
Number of real estate properties leased | property		10	10	10	10	10	10			10
Private senior living manager
Revenue Recognition
Number of properties acquired, referred to as managed properties | community				5

Real Estate Properties (Details

Real Estate Properties (Details) $ in Thousands	1 Months Ended												12 Months Ended			55 Months Ended
	Feb. 29, 2016USD ($)ft²property	Jan. 31, 2016USD ($)communityproperty	Sep. 30, 2015USD ($)communitypropertyitem	May. 31, 2015USD ($)communitypropertyitem	Feb. 28, 2015USD ($)	Jan. 31, 2015USD ($)ft²buildingproperty	Dec. 31, 2014USD ($)ft²communityagreementitem	Dec. 31, 2014USD ($)ft²agreementitem	Dec. 31, 2014USD ($)ft²agreementpropertyitem	Dec. 31, 2014USD ($)ft²agreementitem	May. 31, 2014USD ($)ft²property	Apr. 30, 2014USD ($)ft²property	Dec. 31, 2015USD ($)ft²statecompanycommunityagreementpropertyitem	Dec. 31, 2014USD ($)ft²communitybuildingagreementpropertyitem	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)ft²statepropertyitem	Jul. 31, 2015USD ($)	Jan. 31, 2014USD ($)
Real Estate Properties
Real estate properties, at cost							$ 6,222,360	$ 6,222,360	$ 6,222,360	$ 6,222,360			$ 7,456,940	$ 6,222,360		$ 7,456,940
Accumulated depreciation							$ (973,205)	$ (973,205)	$ (973,205)	$ (973,205)			(1,147,540)	(973,205)		(1,147,540)
2,016													542,987			542,987
2,017													530,269			530,269
2,018													513,150			513,150
2,019													479,591			479,591
2,020													453,161			453,161
Thereafter													2,980,205			2,980,205
Payment for land parcel adjacent to a senior living community leased to Five Star					$ 490
Acquired Real Estate Leases													779,761			779,761
Assumption of mortgage notes payable													181,433	$ 15,630	$ 12,266
Weighted average interest rate on debt (as a percent)							6.28%	6.28%	6.28%	6.28%				6.28%
Accumulated amortization of capitalized below market lease values							$ 15,643	$ 15,643	$ 15,643	$ 15,643			23,819	$ 15,643		23,819
2,016													76,793			76,793
2,017													72,769			72,769
2,018													44,196			44,196
2,019													38,982			38,982
2,020													36,571			36,571
Thereafter													$ 219,611			$ 219,611
Number of properties owned | property													427			427
Number of states in which properties are located | state													43			43
Weighted Average
Real Estate Properties
Remaining amortization period on below market lease assets													12 years 6 months
Above market lease
Real Estate Properties
Acquired Real Estate Leases							47,107	47,107	47,107	47,107			$ 48,048	47,107		$ 48,048
Accumulated amortization on lease assets							22,749	22,749	22,749	22,749			$ 26,828	22,749		26,828
Above market lease | Weighted Average
Real Estate Properties
Remaining amortization period on lease assets													5 years 3 months 18 days
Original value lease
Real Estate Properties
Acquired Real Estate Leases							530,070	530,070	530,070	530,070			$ 731,713	530,070		731,713
Accumulated amortization on lease assets							81,640	81,640	81,640	81,640			$ 148,647	81,640		148,647
Original value lease | Weighted Average
Real Estate Properties
Remaining amortization period on lease assets													10 years 7 months 6 days
Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable					$ 39		$ 2,066	$ 2,066	$ 2,066	$ 2,066			$ 1,734	$ 2,066	$ 2,177	1,734
Senior Living Communities
Real Estate Properties
Number of communities | community				1									19
Number of living units | item				838
Number of pre-existing management agreements terminated | community				14
Number of Properties | community				37
Senior Living Communities | Five Star
Real Estate Properties
Number of separate management agreements entered for communities acquired | agreement													14
Increase or decrease in annual lease rent payable													$ (2)			$ (2)
Number of Properties | property																55
Triple Net Leased Senior Living Communities
Real Estate Properties
Number of communities | community				20
Managed Senior Living Communities
Real Estate Properties
Number of communities owned | community													1
Managed Senior Living Communities | Five Star
Real Estate Properties
Number of communities owned | community													65
MOBs
Real Estate Properties
Number of communities | community														2
Number of Properties | property						23
Number of buildings acquired | building														3
Acquisition
Real Estate Properties
Number of Properties | property						23
Assumption of mortgage notes payable						$ 29,995
Weighted average interest rate on debt (as a percent)						4.73%
Acquisition | Senior Living Communities
Real Estate Properties
Number of communities | community			1	37										2
Number of living units | item							228	228	228	228			3,563	228		3,563
Purchase price excluding closing costs				$ 9,750
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
Number of Properties | property			39	39									39	2
Cash Paid plus Assumed Debt, excluding closing costs													$ 817,077	$ 47,430
Acquired Real Estate Leases							$ 3,119	$ 3,119	$ 3,119	$ 3,119			130,305	$ 3,119		130,305
Other Liabilities													19,091			$ 19,091
Assumption of mortgage notes payable				$ 151,477									151,477
Premium on Assumed Debt													$ 858
Weighted average interest rate on debt (as a percent)				4.57%
Acquisition | Senior Living Communities | Five Star
Real Estate Properties
Number of communities | community				1
Number of private pay independent living units | property				40
Acquisition | Triple Net Leased Senior Living Communities
Real Estate Properties
Number of communities | community			1										19
Number of living units | property			84										2,206			2,206
Purchase price excluding closing costs			$ 18,250
Number of operators | company													7
Weighted average amortization period													11 years 6 months
Acquisition | Managed Senior Living Communities
Real Estate Properties
Number of communities | community													5
Number of living units | property													395			395
Number of pre-existing management agreements terminated | community													14
Acquisition | Managed Senior Living Communities | TRS
Real Estate Properties
Number of communities | community													19
Number of living units | property													1,233			1,233
Acquisition | Managed Senior Living Communities | Five Star
Real Estate Properties
Number of living units | property													838			838
Number of separate management agreements entered for communities acquired | community													14
Acquisition | Senior Living Community Subtotal
Real Estate Properties
Number of living units | item													3,439			3,439
Number of Properties | property													38
Cash Paid plus Assumed Debt, excluding closing costs													$ 790,077
Acquired Real Estate Leases													130,144			$ 130,144
Other Liabilities													18,091			18,091
Assumption of mortgage notes payable													151,477
Premium on Assumed Debt													$ 858
Acquisition | MOBs
Real Estate Properties
Purchase price excluding closing costs						$ 539,000
Net closing adjustments						$ 7,377
Number of Properties | property													23	2
Cash Paid plus Assumed Debt, excluding closing costs													$ 531,623	$ 1,162,584
Acquired Real Estate Leases							$ 410,954	$ 410,954	$ 410,954	$ 410,954			87,780	410,954		$ 87,780
Assumption of mortgage notes payable													29,955	15,630
Premium on Assumed Debt													$ 1,073	$ 1,013
Number of buildings acquired | building						23								3
Weighted average interest rate on debt (as a percent)						4.73%
Area of real estate properties (in square feet) | ft²							1,776,000	1,776,000	1,776,000	1,776,000			2,170,000	1,776,000		2,170,000
Intangible lease liabilities recorded							$ 118,429	$ 118,429	$ 118,429	$ 118,429			$ 3,150	$ 118,429		$ 3,150
Acquisition | MOBs | Weighted Average
Real Estate Properties
Below market, acquired lease amortization period						11 years 2 months 12 days
Acquisition | MOBs | Above market lease | Weighted Average
Real Estate Properties
Acquired lease amortization period						9 years 8 months 12 days
Acquisition | MOBs | Original value lease | Weighted Average
Real Estate Properties
Acquired lease amortization period						9 years 6 months
Agreement to Acquire | Senior Living Communities
Real Estate Properties
Number of communities							38	38
Number of living units | agreement							3,439	3,439	3,439	3,439				3,439
Purchase price excluding closing costs										$ 790,000
Net closing adjustments										77
Weighted average interest rate on debt (as a percent)				4.57%
Assumption of mortgage notes payable				$ 151,477
Land
Real Estate Properties
Real estate properties, at cost							$ 681,808	$ 681,808	$ 681,808	681,808			781,426	$ 681,808		781,426
Land | Acquisition | Senior Living Communities
Real Estate Properties
Property plant and equipment acquired													47,589	2,803
Land | Acquisition | Senior Living Community Subtotal
Real Estate Properties
Property plant and equipment acquired													43,117
Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired													50,429	55,784
Building improvements
Real Estate Properties
Real estate properties, at cost							5,304,857	5,304,857	5,304,857	5,304,857			6,391,482	5,304,857		6,391,482
Accumulated depreciation							838,719	838,719	838,719	838,719			992,361	838,719		992,361
Building improvements | Acquisition | Senior Living Communities
Real Estate Properties
Property plant and equipment acquired													623,315	40,819
Building improvements | Acquisition | Senior Living Community Subtotal
Real Estate Properties
Property plant and equipment acquired													601,284
Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired													397,637	815,288
Furniture, fixtures and equipment
Real Estate Properties
Real estate properties, at cost							235,695	235,695	235,695	235,695			284,032	235,695		284,032
Accumulated depreciation							$ 134,486	$ 134,486	$ 134,486	$ 134,486			155,179	134,486		$ 155,179
Furniture, fixtures and equipment | Acquisition | Senior Living Communities
Real Estate Properties
Property plant and equipment acquired													35,817	$ 689
Furniture, fixtures and equipment | Acquisition | Senior Living Community Subtotal
Real Estate Properties
Property plant and equipment acquired													$ 34,481
11 States | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of living units | item				2,119
Number of Properties | property				18
Cash Paid plus Assumed Debt, excluding closing costs				$ 459,184
Acquired Real Estate Leases				54,096
Other Liabilities				18,091
Assumption of mortgage notes payable				44,395
Premium on Assumed Debt				1,125
11 States | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired				29,716
11 States | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired				373,471
11 States | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired				$ 21,117
5 States | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of living units | item				1,233
Number of Properties | property				19
Cash Paid plus Assumed Debt, excluding closing costs				$ 313,345
Acquired Real Estate Leases				73,840
Assumption of mortgage notes payable				94,785
Premium on Assumed Debt				(832)
5 States | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired				12,267
5 States | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired				214,064
5 States | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired				$ 12,342
North Carolina | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of living units | item			87
Number of Properties | property			1
Cash Paid plus Assumed Debt, excluding closing costs			$ 17,548
Acquired Real Estate Leases			2,208
Assumption of mortgage notes payable			12,297
Premium on Assumed Debt			565
North Carolina | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired			1,134
North Carolina | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired			13,749
North Carolina | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired			$ 1,022
Georgia | Senior Living Communities | TRS
Real Estate Properties
Number of private pay independent living units | item				40
Number of Properties | community				1
Cash Paid plus Assumed Debt, excluding closing costs				$ 9,750
Georgia | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Number of living units | item			84
Number of Properties | property			1
Cash Paid plus Assumed Debt, excluding closing costs			$ 18,250
Georgia | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of living units | item				40
Number of Properties | property				(2)
Cash Paid plus Assumed Debt, excluding closing costs				$ 8,750
Acquired Real Estate Leases				161
Other Liabilities				1,000
Georgia | Agreement to Acquire | Senior Living Communities | TRS
Real Estate Properties
Number of communities | community		1
Purchase price excluding closing costs		$ 8,400
Number of private pay independent living units | property		38
Georgia | Land | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired			3,479
Georgia | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired				993
Georgia | Building improvements | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired			13,862
Georgia | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired				8,169
Georgia | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Leasing Member
Real Estate Properties
Property plant and equipment acquired			$ 909
Georgia | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired				$ 427
Wisconsin One | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of living units | item							52	52	52	52				52
Number of Properties | property									1
Cash Paid plus Assumed Debt, excluding closing costs										$ 7,000
Acquired Real Estate Leases							$ 849	$ 849	$ 849	849				$ 849
Wisconsin One | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired										188
Wisconsin One | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired										5,862
Wisconsin One | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired										$ 101
Wisconsin Two | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Number of living units | item							176	176	176	176				176
Number of Properties | property									1
Cash Paid plus Assumed Debt, excluding closing costs										$ 40,430
Acquired Real Estate Leases							$ 2,270	$ 2,270	$ 2,270	2,270				$ 2,270
Wisconsin Two | Land | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired										2,615
Wisconsin Two | Building improvements | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired										34,957
Wisconsin Two | Furniture, fixtures and equipment | Acquisition | Senior Living Communities | Non Leasing Member
Real Estate Properties
Property plant and equipment acquired										$ 588
12 States | Acquisition | MOBs
Real Estate Properties
Number of Properties | property						23
Cash Paid plus Assumed Debt, excluding closing costs						$ 531,623
Acquired Real Estate Leases						87,780
Assumption of mortgage notes payable						29,955
Premium on Assumed Debt						$ 1,073
Area of real estate properties (in square feet) | ft²						2,170,000
Intangible lease liabilities recorded						$ 3,150
12 States | Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired						50,429
12 States | Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired						$ 397,637
Texas | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																		$ (210)
Texas | Acquisition | MOBs
Real Estate Properties
Number of Properties | property												1
Cash Paid plus Assumed Debt, excluding closing costs												$ 32,932
Acquired Real Estate Leases												7,672
Assumption of mortgage notes payable												15,630
Premium on Assumed Debt												$ 1,013
Area of real estate properties (in square feet) | ft²												125,000
Intangible lease liabilities recorded												$ 10
Texas | Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired												3,141
Texas | Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired												$ 23,142
Massachusetts | Acquisition | MOBs
Real Estate Properties
Number of Properties | property											1
Cash Paid plus Assumed Debt, excluding closing costs											$ 1,129,652
Acquired Real Estate Leases											$ 403,282
Area of real estate properties (in square feet) | ft²											1,651,000
Intangible lease liabilities recorded											$ 118,419
Massachusetts | Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired											52,643
Massachusetts | Building improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment acquired											$ 792,146
Iowa | Senior Living Communities | Five Star
Real Estate Properties
Increase or decrease in annual lease rent payable																	$ (16)
Minnesota | Acquisition | MOBs
Real Estate Properties
Purchase price excluding closing costs	$ 22,700
Number of Properties | property	1
Area of real estate properties (in square feet) | ft²	128,000

Real Estate Properties - Discon

Real Estate Properties - Discontinued Operations and Properties Held for Sale (Details) $ in Thousands	1 Months Ended							12 Months Ended
	Dec. 31, 2015USD ($)ft²communitybuildingpropertyitem	Sep. 30, 2015community	Aug. 31, 2015USD ($)community	Jul. 31, 2015USD ($)community	May. 31, 2015communityitem	Apr. 30, 2015USD ($)buildingproperty	Feb. 28, 2015USD ($)community	Dec. 31, 2015USD ($)ft²communitybuildingpropertyitem	Dec. 31, 2014USD ($)ft²communitybuildingpropertyitem	Dec. 31, 2013USD ($)
Real estate properties
Gain on sale of properties									$ 5,453	$ 37,392
Impairment of assets								$ 194	(10)	7,989
Number of Buildings Held For Sale | building	1							1
Number of properties classified as held for sale | property	1							1
Area of real estate properties leased (in square feet) | ft²								1,032,000
(Loss) income from discontinued operations								$ (350)	1,362	5,043
Leases Committed Expenditure								20,314
Lease Committed but Unspent Tenant Related Obligations								16,671
Discontinued Operations, Held-for-sale
Real estate properties
Impairment of assets								$ 796
Number of properties classified as held for sale | item	1							1
Discontinued Operations, Held-for-sale or Disposed of by Sale
Real estate properties
Rental income								$ 56	3,949	9,451
Property operating expenses								(406)	(2,587)	(3,609)
Depreciation and amortization										(799)
(Loss) income from discontinued operations								(350)	1,362	$ 5,043
Other Assets | Discontinued Operations, Held-for-sale
Real estate properties
Assets held for sale	$ 5,356							$ 5,356
Senior Living Communities
Real estate properties
Impairment of assets									$ 4,377
Number of communities | community					1			19
Number of living units | item					838
Senior Living Communities | Discontinued Operations, Disposed of by Sale
Real estate properties
Number of properties sold | community	1		1	1			1		6
Sale price of property sold and agreed to be sold	$ 21		$ 850	$ 155			$ 250		$ 15,650
Gain on sale of properties									$ 5,452
Senior Living Communities | Discontinued Operations, Held-for-sale
Real estate properties
Number of living units | item	140							140	312
Number of properties classified as held for sale | community									4
MOBs
Real estate properties
Number of communities | community									2
Number of Buildings Held For Sale | building	7							7	7
Number of Real Estate Properties, Impaired | item									4
Number of properties classified as held for sale | property	4							4
MOBs | Discontinued Operations, Disposed of by Sale
Real estate properties
Number of properties sold | property						1			3
Number of buildings sold | building						4			3
Sale price of property sold and agreed to be sold						$ 1,500			$ 11,675
MOBs | Discontinued Operations, Held-for-sale
Real estate properties
Area Of Real Estate Property Held For Sale | ft²									323,541
Number of properties classified as held for sale | item									1
Acquisition | Senior Living Communities
Real estate properties
Number of communities | community		1			37				2
Number of living units | item	3,563							3,563	228
Acquisition | MOBs
Real estate properties
Area of real estate properties (in square feet) | ft²	2,170,000							2,170,000	1,776,000

Shareholders' Equity (Details)

Shareholders' Equity (Details)	Dec. 14, 2015USD ($)$ / shares	Sep. 24, 2015$ / sharesshares	Jun. 05, 2015shares	May. 31, 2015trustee	Feb. 28, 2015USD ($)shares	Apr. 30, 2014USD ($)shares	Jan. 31, 2013USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)trustee$ / shares	Dec. 31, 2013USD ($)$ / shares
Distributions
Distribution to common shareholders (in dollars per share) | $ / shares								$ 1.56	$ 1.56	$ 1.56
Distribution to common shareholders | $								$ 356,390,000	$ 305,767,000	$ 288,945,000
Common shares issued in public offering					31,050,000	15,525,000	11,500,000
Net proceeds after underwriting discounts from issuance of common shares issued in public offering | $					$ 659,496,000	$ 322,807,000	$ 261,813,000	$ 659,496,000	$ 322,807,000	$ 261,813,000
D - Common Stock Dividends, Ordinary Income Distribution Percentage								51.48%	54.00%	66.19%
D - Common Stock Dividends, Return of Capital Distribution Percentage								47.80%	46.00%	21.30%
D - Common Stock Dividends, Capital Gain Distribution Percentage								0.00%	0.00%	3.10%
D - Common Stock Dividends, Unrecaptured Section 1250 Gain Distribution Percentage								0.00%	0.00%	9.41%
Number of trustees | trustee				5					5
RMR LLC
Distributions
Distribution to common shareholders (in dollars per share) | $ / shares	$ 0.0111
Distribution to common shareholders | $	$ 2,635,379
Shares issued in connection with acquisition								81,557
Certain Our Officers And Employees Of RMR LLC
Distributions
Shares purchased from certain of our officers and other employees of RMR LLC		13,113
Closing share price of the entity's common shares (in dollars per share) | $ / shares		$ 16.19
RMR LLC
Distributions
Shares issued in connection with acquisition			2,345,000

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Award Plans (Details) - USD ($)	Dec. 14, 2015	Sep. 30, 2015	May. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 11, 2016
Share award plans
Share-based compensation expense				$ 1,373,000	$ 1,914,000	$ 1,961,000
Weighted Average Grant Date Fair Value
Dividends paid in kind	$ 0.1320
Scheduled to vest unvested shares
Distribution declared to common shareholders (in dollars per share)							$ 0.39
Distribution declared to common shareholders							$ 92,614,000
Share Award Plans
Share award plans
Remaining common shares available for issuance				2,640,536
Number of Shares
Unvested shares at the beginning of the year				153,478	150,711	140,034
Shares granted				99,000	94,200	92,600
Shares vested				(93,604)	(91,433)	(81,923)
Unvested shares at the end of the year				158,874	153,478	150,711
Weighted Average Grant Date Fair Value
Unvested shares at the beginning of the year (in dollars per share)				$ 23.39	$ 23.84	$ 23.03
Shares granted (in dollars per share)				16.30	21.83	23.48
Shares vested (in dollars per share)				16.17	21.87	23.85
Unvested shares at the end of the year (in dollars per share)				$ 19.39	$ 23.39	$ 23.84
Scheduled to vest unvested shares
2,016				61,644
2,017				47,730
2,018				32,700
2,019				16,800
Estimated future compensation for the unvested shares				$ 2,358,000
Closing share price (in dollars per share)				$ 14.84
Weighted average period over which the compensation expense will be recorded				1 year 8 months 12 days
Share Award Plans | Trustees
Share award plans
Common shares awarded		2,500	2,500		2,500	2,000
Aggregate market value of shares awarded		$ 41			$ 306,000	$ 286,000
Market value of shares awarded to each Trustee					$ 61,000	$ 57,000
Share Award Plans | RMR LLC | Officers and Employees
Share award plans
Common shares awarded				84,000	81,700	82,600
Aggregate market value of shares awarded			$ 252,000	$ 1,321,000	$ 1,750,000	$ 1,888,000
Market value of shares awarded to each Trustee			$ 50,000
Award vesting period				5 years

Related Person Transactions - F

Related Person Transactions - Five Star (Details) $ in Thousands	1 Months Ended																12 Months Ended			55 Months Ended
	Dec. 31, 2015USD ($)employeecommunitypropertytrusteeagreementshares	Aug. 31, 2015USD ($)item	Jul. 31, 2015USD ($)item	May. 31, 2015USD ($)communityitem	Feb. 28, 2015USD ($)item	Dec. 31, 2014USD ($)community	Oct. 31, 2014USD ($)communityitem	Jul. 31, 2014community	Jun. 30, 2014USD ($)communityitem	Jan. 31, 2014USD ($)item	Dec. 31, 2013USD ($)item	Nov. 30, 2013community	Aug. 31, 2013USD ($)item	Oct. 31, 2012community	Aug. 31, 2012community	May. 31, 2011community	Dec. 31, 2015USD ($)employeecommunitypropertyperiodtrusteeagreementitemshares	Dec. 31, 2014USD ($)community	Dec. 31, 2013USD ($)community	Dec. 31, 2015USD ($)employeecommunitypropertytrusteeagreementshares
Related person transactions
Payment for land parcel adjacent to a senior living community leased to Five Star					$ 490
Management fees as a percentage of gross revenues	3.00%																3.00%			3.00%
Incentive fee payable	$ 0																$ 0			$ 0
Number of employees | employee	0																0			0
Number of agreements with RMR to provide management services | agreement																	2
Number of Managing Trustees also serving as officer of related party | trustee	1																1			1
Number of entities to which RMR provides management services | item																	3
Senior Living Communities
Related person transactions
Number of communities | community				1													19
Number of communities excluded from pooling agreements | community				14													1
Number of properties acquired or agreed to be acquired | community				37
Number of pre-existing management agreements terminated | community				14
Number of living units | item				838
Senior Living Communities | Wisconsin
Related person transactions
Purchase price						$ 47,430
Number of properties acquired or agreed to be acquired | community						2
Senior Living Communities | New York
Related person transactions
Number of living units | community	310																310			310
Senior Living Communities | TRS | Georgia
Related person transactions
Purchase price				$ 9,750
Number of properties acquired or agreed to be acquired | community				1
Number of private pay independent living units | item				40
Five Star
Related person transactions
Percentage of ownership in former subsidiary																	100.00%
Investment in common shares | shares	4,235,000																4,235,000			4,235,000
Percentage of total shares outstanding	8.60%																8.60%			8.60%
Maximum percentage of any class of equity shares that can be acquired without approval	9.80%																9.80%			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%																9.80%			9.80%
Number of real estate properties leased | community	177																177			177
Minimum annual rent receivable from Five Star	$ 191,927																$ 191,927			$ 191,927
Total rental income recognized																	196,919	$ 196,269	$ 203,724
Rents receivable	17,466					$ 17,310											17,466	17,310		17,466
Real estate improvements purchased																	21,444	25,804	27,208
Increase or decrease in annual lease rent payable	$ 1,734				39	$ 2,066					$ 2,177						$ 1,734	2,066	2,177	$ 1,734
Number of communities sold | community																	11
Management fees as a percentage of gross revenues	3.00%																3.00%			3.00%
Number of consecutive period during which the entity must not receive the minimum return for the property management agreement to be subject to the pooling agreement																	3 years
Property management agreement expense																	$ 10,728	$ 9,765	$ 9,229
Number of properties acquired, referred to as managed properties | community																	60
Five Star | Skilled Nursing Facilities | Missouri
Related person transactions
Increase or decrease in annual lease rent payable													$ (255)
Number of units within the community that was sold | item													112
Sale price of properties under agreement to be sold													$ 2,550
Five Star | Senior Living Communities
Related person transactions
Number of real estate properties leased | property	10																10			10
Increase or decrease in annual lease rent payable	$ (2)																$ (2)			$ (2)
Sale price of properties under agreement to be sold	$ 21
Number of communities managed | community																	60	46	44
Management fees as a percentage of gross revenues	3.00%																3.00%			3.00%
Incentive fee as percentage of the annual net operating income after the entity realizes an annual return equal to 8% of invested capital	35.00%																35.00%			35.00%
Annual return as a percentage of invested surplus specified as a base for determining incentive fee	8.00%																8.00%			8.00%
Number of consecutive renewal terms of agreement | period																	2
Renewal period																	15 years
Number of combination or pooling agreements | agreement	4																4			4
Number of properties acquired or agreed to be acquired | property																				55
Number of separate management agreements entered for communities acquired | agreement																	14
Number of properties acquired, referred to as managed properties | property																	65
Five Star | Senior Living Communities | Texas
Related person transactions
Increase or decrease in annual lease rent payable										$ (210)
Number of units within the community that was sold | item										36
Sale price of properties under agreement to be sold										$ 2,400
Five Star | Senior Living Communities | Wisconsin
Related person transactions
Increase or decrease in annual lease rent payable		$ (85)							$ (452)
Number of communities sold | community									2
Number of units within the community that was sold | item		63							156
Sale price of properties under agreement to be sold		$ 850							$ 4,500
Five Star | Senior Living Communities | Virginia
Related person transactions
Increase or decrease in annual lease rent payable							$ (285)
Number of units within the community that was sold | item							70
Sale price of properties under agreement to be sold							$ 2,850
Five Star | Senior Living Communities | Arizona
Related person transactions
Increase or decrease in annual lease rent payable							$ (590)
Number of communities sold | community							2
Number of units within the community that was sold | item							177
Sale price of properties under agreement to be sold							$ 5,900
Five Star | Senior Living Communities | Pennsylvania
Related person transactions
Increase or decrease in annual lease rent payable					$ (23)
Number of units within the community that was sold | item					120
Sale price of properties under agreement to be sold					$ 250
Five Star | Senior Living Communities | Iowa
Related person transactions
Increase or decrease in annual lease rent payable			$ (16)
Number of units within the community that was sold | item			12
Sale price of properties under agreement to be sold			$ 155
Five Star | Senior Living Communities | New York
Related person transactions
Management fees as a percentage of gross revenues	5.00%																5.00%			5.00%
Incentive fee payable	$ 0																$ 0			$ 0
Five Star | Rehabilitation Hospitals
Related person transactions
Increase or decrease in annual lease rent payable											$ (9,500)								$ (9,500)
Number of communities sold | item											2
Sale price of properties under agreement to be sold											$ 90,000
D&R Yonkers LLC | Senior Living Communities | New York
Related person transactions
Number of consecutive renewal terms of agreement | period																	9
Renewal period																	5 years
Minimum annual rent payable to entity																	$ 3,098
Sublease rent revenue																	$ 3,038	$ 2,949	$ 2,863
First AL Pooling Agreement | Five Star | Senior Living Communities
Related person transactions
Number of communities | community																20
Second AL Pooling Agreement | Five Star
Related person transactions
Number of communities | community								19
Second AL Pooling Agreement | Five Star | Senior Living Communities
Related person transactions
Number of communities | community														19
Third AL Pooling Agreement | Five Star | Senior Living Communities
Related person transactions
Number of communities | community												3
IL Pooling Agreement | Five Star | Senior Living Communities
Related person transactions
Number of communities | community															2

Related Person Transactions - U

Related Person Transactions - Up-C Transaction (Details) $ in Thousands	Dec. 15, 2015USD ($)shares	Dec. 14, 2015shares	Jun. 05, 2015USD ($)Voteshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)shares
Related person transactions
Loss on distribution to common shareholders of The RMR Group Inc. common stock | $					$ (38,437)
RMR LLC
Related person transactions
Shares issued in connection with acquisition					81,557
Up C Transaction | RMR Inc
Related person transactions
Direct and indirect economic interest in RMR LLC (as a percent)			51.60%
Voting power of outstanding capital stock of RMR Inc. (as a percent)			91.40%
Up C Transaction | Managing Trustees Barry And Adam Portnoy | RMR Inc
Related person transactions
Number of shares under lock up and registration agreement					2,345,000
Period over which shares remain under lock up and registration agreement					10 years
RMR Inc | Up C Transaction
Related person transactions
Cash purchase price | $			$ 13,967
Equity conversion ratio of RMR Inc class B-1 common stock			1
Equity conversion ratio of RMR LLC class A membership units			1
RMR Inc | Up C Transaction | ABP Trust formerly known as RMR Trust
Related person transactions
Cash purchase price | $			$ 11,520
RMR Inc | Up C Transaction | GOV
Related person transactions
Cash purchase price | $			3,917
RMR Inc | Up C Transaction | HPT
Related person transactions
Cash purchase price | $			12,622
RMR Inc | Up C Transaction | SIR
Related person transactions
Cash purchase price | $			$ 15,880
Common Shares | RMR Inc | Up C Transaction
Related person transactions
Shares issued in connection with acquisition			2,345,000
Common Shares | RMR Inc | Up C Transaction | GOV
Related person transactions
Shares issued in connection with acquisition			700,000
Common Shares | RMR Inc | Up C Transaction | HPT
Related person transactions
Shares issued in connection with acquisition			1,490,000
Common Shares | RMR Inc | Up C Transaction | SIR
Related person transactions
Shares issued in connection with acquisition			880,000
Class A common shares | RMR Inc
Related person transactions
Share distributed to the shareholders		2,635,379
Class A common shares | RMR Inc
Related person transactions
Loss on distribution to common shareholders of The RMR Group Inc. common stock | $				$ 38,437
Cash dividend received (per share)	0.5260
Proceeds from dividends received | $	$ 2,773
Class A common shares | RMR Inc | Up C Transaction
Related person transactions
Number of votes per equity interest | Vote			1
Class A common shares | RMR Inc | Up C Transaction | GOV
Related person transactions
Investment in common shares			1,214,225
Class A common shares | RMR Inc | Up C Transaction | HPT
Related person transactions
Investment in common shares			2,503,777
Class A common shares | RMR Inc | Up C Transaction | SIR
Related person transactions
Shares issued in connection with acquisition			3,166,891
Investment in common shares			1,586,836
Class B1 common shares | RMR Inc
Related person transactions
Cash dividend received (per share)	0.5260
Class B1 common shares | RMR Inc | Up C Transaction
Related person transactions
Number of votes per equity interest | Vote			10
Class B1 common shares | RMR Inc | Up C Transaction | SIR
Related person transactions
Shares issued in connection with acquisition			1,000,000
Class B2 common shares | RMR Inc | Up C Transaction
Related person transactions
Number of votes per equity interest | Vote			10
Economic interest in RMR Inc (as a percent)			0.00%
Class B2 common shares | RMR Inc | Up C Transaction | RMR Inc
Related person transactions
Shares issued in connection with acquisition			5,272,787
Class B2 common shares | RMR Inc | Up C Transaction | ABP Trust formerly known as RMR Trust
Related person transactions
Shares issued in connection with acquisition			15,000,000
Class B2 common shares | RMR Inc | Up C Transaction | GOV
Related person transactions
Shares issued in connection with acquisition			1,541,201
Class B2 common shares | RMR Inc | Up C Transaction | HPT
Related person transactions
Shares issued in connection with acquisition			5,019,121
Class A member units | Up C Transaction | RMR LLC | ABP Trust formerly known as RMR Trust
Related person transactions
Investment in common shares			30,000,000
Class A member units | RMR Inc | Up C Transaction | RMR LLC | ABP Trust formerly known as RMR Trust
Related person transactions
Business acquisition related party equity interests delivered			15,000,000
Class B member units | RMR Inc | Up C Transaction | RMR LLC
Related person transactions
Shares issued in connection with acquisition			1,000,000
Class A common shares | The RMR Group Inc
Related person transactions
Investment in common shares				2,637,408	2,637,408

Related Person Transactions - A

Related Person Transactions - Accounting for Investment in RMR Inc (Details) $ / shares in Units, $ in Thousands	Jun. 05, 2015USD ($)agreementshares	May. 09, 2014factor	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)$ / shares	Dec. 23, 2013USD ($)
RMR LLC
Related person transactions
Termination fee factor		2.75
Number consecutive months for average fees and expenses		24 months
Termination of property management agreement in relation to business management agreement termination		12 months
Termination fee factor property management fee | factor		12
Number of months used to calculate property management termination fee		6 months
Period over which transition services will be provided by the related party after termination of the agreement		120 days
Base management fee payable as a percentage of aggregate book value of real estate assets or transferred assets				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%
Base management fee payable as a percentage of historical cost of other real estate investments, excluding transferred assets for investments after specified amount				0.50%
Percentage of incentive fee payable				15.00%
Cap on the value of incentive fee | $ / shares				$ 0.02
Base management fee payable, average market capitalization				$ 250,000
RMR LLC | Maximum
Related person transactions
Threshold amount of real estate investments for payment of base management fee				250,000
Base management fee payable, average market capitalization				$ 250,000
Up C Transaction | RMR LLC | RMR Inc
Related person transactions
Initial other liabilities			$ 77,850
RMR Inc | Up C Transaction
Related person transactions
Amount of investment acquired	$ 60,700
Fair value of investment	$ 136,278
RMR Inc | Up C Transaction | RMR Inc
Related person transactions
Straight line discount amortization period			20 years
RMR Inc | Up C Transaction | RMR Inc | General and administrative expense
Related person transactions
Amortization of other liabilities to reduce business and property management fees			$ 2,145
Class A common shares | RMR Inc | Up C Transaction
Related person transactions
Number of shares acquired | shares	5,272,787
Amended Agreement
Related person transactions
Base management fee payable as a percentage of aggregate book value of real estate assets or transferred assets				0.50%
Amended Agreement | RMR LLC
Related person transactions
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%
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%
Base management fee payable as a percentage of average market capitalization exceeding specified amount				0.50%
Threshold amount of other real estate investments for payment of base management fee					$ 250,000
Threshold amount of average market capitalization for payment of base management fee				$ 250,000
Base management fee payable as a percentage of average closing price per share of common shares on NYSE					0.70%
Amended Agreement | Up C Transaction | RMR LLC
Related person transactions
Period of prior written notice for termination of the service agreements by the related party		120 years
Period of prior written notice for termination of the service agreements by the related party before amendment		60 years
Number of business days notice for termination of either agreement by related party, if entity undergoes a change of control		5 years
Number of business days notice for termination of property management agreement for convenience by the related party	60 days
Number of business days notice for termination of property management agreement for performance 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 | agreement	1
Number of RMR LLC terminated management agreements for good cause before termination fee is incurred | agreement	1
Number of terminated management agreements for a performance reason before termination fee is incurred | agreement	1
Termination fee remaining term assumption	10 years
Amended Agreement | Up C Transaction | RMR LLC | Minimum
Related person transactions
Termination fee term	19 years
Amended Agreement | Up C Transaction | RMR LLC | Maximum
Related person transactions
Termination fee term	20 years

Related Person Transactions - R

Related Person Transactions - RMR LLC Management Fees and Reimbursements (Details) $ in Thousands	Dec. 23, 2013installment	Sep. 30, 2015shares	Mar. 31, 2013shares	Jun. 05, 2015shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares
Related person transactions
Portion of shares issued in payment of an incentive management fee (as a percent)	33.33%
Property management and construction supervision fees					$ 10,342	$ 8,259	$ 6,568
Property management and construction supervision fees paid					7,021	5,289	4,705
RMR LLC
Related person transactions
Business management fees incurred					34,949	30,794	27,013
Incentive fees payable					0	$ 0	0
Recognized amortization of the liability					1,743
Common shares issued for the incentive fees | shares			21,968	68,983		123,462
Repurchase of common shares (in shares) | shares		13,113
Accrual for RMR LLC employee share grants and internal audit costs					$ 1,340	$ 1,835	$ 1,877
RMR LLC | MOBs
Related person transactions
Base business management fee payable in cash (as a percent)					3.00%
Construction supervision fees payable under property management agreement as a percentage of construction costs					5.00%
Restricted shares | RMR LLC
Related person transactions
Number of shares granted under the award plan | shares					84,000,000	81,700,000	82,600,000
Aggregate value of awards granted during the period					$ 1,321	$ 1,750	$ 1,888
Portion of the awards granted that vested on grant date (as a percent)					2.00%
Portion of the awards granted which will vest on each of the next four anniversaries of the grant date					2.00%
Restricted shares | RMR Inc | RMR LLC
Related person transactions
Award vesting period					4 years
Amended Agreement | RMR LLC
Related person transactions
Incentive management fee payable (as a percent)	12.00%
Period of measurement	3 years
Shorter period applicable in the case of calculation of the incentive management fee for 2014	1 year
Period applicable in the case of calculation of the incentive management fee for 2015	2 years
Base business management fee payable in cash (as a percent)	90.00%
Base business management fee payable in common shares (as a percent)	10.00%
Portion of remaining shares to be vested in equal annual installments (as a percent)	66.66%
Number of equal annual installments for vesting of common shares | installment	2

Related Person Transactions - L

Related Person Transactions - Leases with RMR LLC (Details) $ in Thousands	May. 09, 2015USD ($)shares	Jan. 29, 2015USD ($)ft²stateproperty	May. 09, 2014shareholder	Aug. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jan. 31, 2015USD ($)property	Dec. 31, 2015USD ($)ft²statetrusteeproperty	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2013USD ($)
Related person transactions
Fair value adjustment, liabilities							$ 3,300
Number of states in which properties are located | state							43
Income (loss) recognized arising from equity investments							$ 20	$ 87	$ 334
RMR LLC
Related person transactions
Rental revenue from related party							$ 204	$ 0	0
MOBs
Related person transactions
Number of properties acquired or agreed to be acquired | property						23
Acquisition
Related person transactions
Number of properties acquired or agreed to be acquired | property						23
Acquisition | MOBs
Related person transactions
Number of properties acquired or agreed to be acquired | property							23	2
Purchase price excluding closing costs and working capital adjustments						$ 539,000
Area of real estate properties (in square feet) | ft²							2,170,000	1,776,000
Acquisition | MOBs | SIR
Related person transactions
Debt disposed of from properties sold		$ 29,995
Area of real estate properties (in square feet) | ft²		2,170,000
Number of states in which properties are located | state		12
Amount from SIR related to working capital activity		$ 1,316
GOV
Related person transactions
Number of Independent Trustees who are owners, employees or trustees of related party | trustee							2
Standstill provision period (in months)							36 years
SIR
Related person transactions
Number of Independent Trustees who are owners, employees or trustees of related party | trustee							1
SIR | Acquisition | MOBs
Related person transactions
Number of properties acquired or agreed to be acquired | property		23
Purchase price excluding closing costs and working capital adjustments		$ 532,000
Fair value adjustment, liabilities		$ 7,677
AIC
Related person transactions
Number of shares purchased | shares	2,857
Payments for share purchased	$ 825
Number of other remaining shareholders | shareholder			6
Ownership percentage held by the entity and other shareholders	14.30%
Amount invested in equity investee							$ 6,034
Coverage of purchased property insurance							$ 500,000
Property insurance program term					3 years
Coverage of purchased property insurance for large property					$ 1,000,000
Term of property insurance policy							1 year
Total premiums including taxes and fees							$ 2,785	$ 3,118	4,748
The entity owns less than this percentage of an equity method investment							20.00%
Equity method investments, carrying value							$ 6,827	6,827	5,913
Income (loss) recognized arising from equity investments							20	87	334
RMR LLC
Related person transactions
Aggregate coverage of combined directors' and officers' liability insurance policy purchased by the related party							10,000
Aggregate additional coverage of combined directors' and officers' liability insurance policy purchased by the related party				$ 20,000
Non-indemnifiable coverage of combined directors' and officers' liability insurance policy purchased by the related party				$ 5,000
Premium payable for combined directors' and officers' liability insurance policy							$ 472	$ 736	$ 343

Indebtedness (Details)

Indebtedness (Details) $ in Thousands	Sep. 28, 2015USD ($)	Feb. 29, 2016USD ($)	Jan. 31, 2016USD ($)property	Nov. 30, 2015USD ($)	Oct. 31, 2015USD ($)propertyitem	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)property	May. 31, 2015USD ($)communitypropertyitem	Apr. 30, 2015USD ($)	Feb. 28, 2015USD ($)	Jan. 31, 2015USD ($)buildingproperty	Dec. 31, 2014USD ($)communityproperty	Dec. 31, 2014USD ($)agreementproperty	Dec. 31, 2014USD ($)property	Oct. 31, 2014USD ($)property	Jun. 30, 2014USD ($)item	May. 31, 2014USD ($)	Apr. 30, 2014USD ($)	Dec. 31, 2015USD ($)propertybuildingitem	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)property	Dec. 31, 2015USD ($)propertycommunitybuildingitem	Dec. 31, 2014USD ($)communityproperty	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)propertybuildingitem	Feb. 22, 2016USD ($)	Aug. 31, 2015USD ($)
Indebtedness
Number of public issues of unsecured senior notes | item																			5			5			5
Principal amount of unsecured senior notes												$ 1,743,628	$ 1,743,628	$ 1,743,628					$ 1,495,066		$ 1,743,628	$ 1,495,066	$ 1,743,628		$ 1,495,066
Interest rate (as a percent)															5.875%
Unsecured term loan facility												1,750,000	1,750,000	1,750,000					1,500,000		1,750,000	1,500,000	1,750,000		1,500,000
Aggregate principal amount of mortgage debt																			667,535			667,535			667,535
Carrying value of mortgaged properties												$ 5,249,155	$ 5,249,155	$ 5,249,155					6,309,400		$ 5,249,155	$ 6,309,400	$ 5,249,155		6,309,400
Weighted average interest rate on debt (as a percent)												6.28%	6.28%	6.28%							6.28%		6.28%
Number of properties acquired encumbering with assumed mortgage debt | property																						9
Assumption of mortgage notes payable																						$ 181,433	$ 15,630	$ 12,266
Unsecured revolving credit facility												$ 80,000	$ 80,000	$ 80,000					775,000		$ 80,000	775,000	80,000		775,000	$ 593,000
Loss on early extinguishment of debt																				$ 1,409		(1,894)	(12)	$ (797)
Repayment of debt															$ 14,700
Sale of senior unsecured notes																						200,000	$ 350,000
Net proceeds after underwriting discounts from sale of senior unsecured notes																		$ 644,889
Unsecured revolving credit facility
Indebtedness
Revolving credit facility, available amount																			1,000,000			1,000,000			1,000,000
Unsecured revolving credit facility, maximum borrowing capacity						$ 1,000,000																					$ 750,000
Revolving credit facility, available amount																			225,000			$ 225,000			225,000	$ 407,000
Extension period of revolving credit facility																						1 year
Option to increase the borrowing capacity under revolving credit facility																			$ 1,500,000			$ 1,500,000			$ 1,500,000
Interest rate, description																						LIBOR
Interest rate added to the base rate (as a percent)																						130.00%
Revolving credit facility, interest rate payable (as a percent)																			1.70%			1.70%			1.70%
Weighted average interest rate on debt (as a percent)												1.40%	1.40%	1.40%					1.50%		1.40%	1.50%	1.40%	1.60%	1.50%
Interest expense and other associated costs incurred																						$ 9,252	$ 3,094	$ 3,781
Debt instrument, facility fee (as a percent)																						30.00%
Senior unsecured notes 4.30%
Indebtedness
Interest rate (as a percent)				4.30%															4.30%			4.30%			4.30%
Unsecured term loan facility												$ 250,000	$ 250,000	$ 250,000							$ 250,000		250,000
Repayments mortgage note				$ 250,000
Loss on early extinguishment of debt																						$ 175
Senior unsecured notes 6.75%
Indebtedness
Principal amount of unsecured senior notes																			$ 200,000			$ 200,000			$ 200,000
Interest rate (as a percent)																			6.75%			6.75%			6.75%
Unsecured term loan facility												200,000	200,000	200,000					$ 200,000		200,000	$ 200,000	200,000		$ 200,000
Unsecured senior notes due 2021
Indebtedness
Principal amount of unsecured senior notes																			$ 300,000			$ 300,000			$ 300,000
Interest rate (as a percent)																			6.75%			6.75%			6.75%
Unsecured term loan facility												300,000	300,000	300,000					$ 300,000		300,000	$ 300,000	300,000		$ 300,000
Senior unsecured notes 5.625% due in 2042
Indebtedness
Principal amount of unsecured senior notes																			$ 350,000			$ 350,000			$ 350,000
Interest rate (as a percent)																			5.625%			5.625%			5.625%
Unsecured term loan facility												$ 350,000	$ 350,000	$ 350,000					$ 350,000		$ 350,000	$ 350,000	$ 350,000		$ 350,000
Senior Unsecured Notes 6.25 Percent Due 2046 [Member]
Indebtedness
Interest rate (as a percent)		6.25%
Sale of senior unsecured notes		$ 250,000
Net proceeds after underwriting discounts from sale of senior unsecured notes		242,125
Amount Granted to underwriters as a option to pruchase additional aggreagte principal amount		$ 37,500
Mortgages
Indebtedness
Interest rate (as a percent)												6.37%	6.37%	6.37%	6.25%						6.37%		6.37%
Unsecured term loan facility																			82,569			82,569			82,569
Aggregate principal amount of mortgage debt																			$ 667,535			$ 667,535			$ 667,535
Number of properties mortgaged | property																			56			56			56
Number of buildings mortgaged | building																			57			57			57
Carrying value of mortgaged properties																			$ 1,083,616			$ 1,083,616			$ 1,083,616
Principal repayment due until maturity							$ 4,351
Repayments mortgage note			$ 6,115		$ 52,000		$ 4,867	$ 15,077	$ 6,274	$ 29,227
Weighted average interest rate on debt (as a percent)							5.65%									5.80%
Weighted average interest rate on debt (as a percent)										6.02%
Weighted average interest rate on prepaid debt (as a percent)			5.97%		5.64%		5.81%	5.70%	5.81%
Loss on early extinguishment of debt																						$ 290	$ 12
Number of mortgage notes | item					2			4								2
Repayment of debt														$ 11,308	$ 11,900	$ 35,807
Number of properties encumbered under mortgage notes | property			1		1		1	4				1	1	1	1						1		1
Capital leases
Indebtedness
Interest rate (as a percent)																			7.70%			7.70%			7.70%
Number of properties mortgaged | item																			2			2			2
Carrying value of mortgaged properties												$ 18,237	$ 18,237	$ 18,237					$ 19,400		$ 18,237	$ 19,400	$ 18,237		$ 19,400
Number of properties recorded under capital lease | property																			2			2			2
Capital leases																			$ 12,156			$ 12,156			$ 12,156
Senior unsecured notes due 2019
Indebtedness
Principal amount of unsecured senior notes																			$ 400,000			$ 400,000			$ 400,000
Interest rate (as a percent)																			3.25%			3.25%			3.25%
Senior unsecured notes due 2024
Indebtedness
Principal amount of unsecured senior notes																			$ 250,000			$ 250,000			$ 250,000
Interest rate (as a percent)																			4.75%			4.75%			4.75%
Unsecured Debt
Indebtedness
Unsecured term loan facility																	$ 350,000		$ 350,000			$ 350,000			$ 350,000
Interest rate, description																						LIBOR
Interest rate added to the base rate (as a percent)	180.00%																1.40%					140.00%
Weighted average interest rate on debt (as a percent)																			2.00%			1.60%			1.60%
Maximum borrowing capacity that may be increased	$ 400,000																		$ 700,000			$ 700,000			$ 700,000
Term Loan Due 2020
Indebtedness
Unsecured term loan facility																			$ 350,000			$ 350,000			$ 350,000
Weighted average interest rate on debt (as a percent)																			1.60%			1.60%			1.60%
Interest expense and other associated costs incurred																					3,263	$ 5,686
Term Loan Due 2022
Indebtedness
Unsecured term loan facility																			$ 200,000			$ 200,000			$ 200,000
Weighted average interest rate on debt (as a percent)																			2.20%			2.20%			2.20%
Unsecured Debt September 2015
Indebtedness
Unsecured term loan facility																			$ 200,000			$ 200,000			$ 200,000
Interest expense and other associated costs incurred																			$ 1,061
Senior Living Communities
Indebtedness
Unsecured term loan facility						$ 200,000
Interest rate, description						LIBOR
Interest rate added to the base rate (as a percent)						180.00%
Number of Properties | community								37
Number of communities | community								1														19
Senior Living Communities | Agreement to Acquire
Indebtedness
Assumption of mortgage notes payable								$ 151,477
Weighted average interest rate on debt (as a percent)								4.57%
Bridge loan commitment received												$ 700,000	$ 700,000	$ 700,000							$ 700,000		$ 700,000
Number of communities												38	38
MOBs
Indebtedness
Number of properties acquired encumbering with assumed mortgage debt | building											2
Number of Properties | property											23
Number of communities | community																							2
MOBs | Mortgages | Significant Unobservable Inputs (Level 3)
Indebtedness
Assumption of mortgage notes payable											$ 29,955
Fair value of mortgage notes payable											$ 31,029
Weighted average interest rate on prepaid debt (as a percent)																						4.73%

Indebtedness - Outstanding Debt

Indebtedness - Outstanding Debt (Details) $ in Thousands	Dec. 31, 2015USD ($)item	Nov. 30, 2015	Dec. 31, 2014USD ($)	Oct. 31, 2014	May. 31, 2014USD ($)	Apr. 30, 2014USD ($)
Indebtedness
Face Amount	$ 1,500,000		$ 1,750,000
Unamortized Discount	4,934		6,373
Total secured	682,959		627,076
Interest rate (as a percent)				5.875%
Net Book Value of Collateral	6,309,400		5,249,155
Carrying value	7,456,940		6,222,360
Unamortized net premiums	3,267		2,937
Required principal payments on outstanding debt
2,015	130,380
2,016	69,838
2,017	884,768
2,018	720,919
2,019	553,080
Thereafter	1,145,707
Unsecured Debt
Indebtedness
Face Amount	$ 350,000				$ 350,000
Senior unsecured notes 4.30%
Indebtedness
Face Amount			250,000
Unamortized Discount			551
Interest rate (as a percent)	4.30%	4.30%
Senior unsecured notes 3.25%
Indebtedness
Face Amount	$ 400,000		400,000			$ 400,000
Unamortized Discount	$ 197		256
Interest rate (as a percent)	3.25%					3.25%
Senior unsecured notes 6.75%
Indebtedness
Face Amount	$ 200,000		200,000
Unamortized Discount	$ 918		1,133
Interest rate (as a percent)	6.75%
Unsecured senior notes due 2021
Indebtedness
Face Amount	$ 300,000		300,000
Unamortized Discount	$ 3,161		3,696
Interest rate (as a percent)	6.75%
Senior unsecured notes 4.75%
Indebtedness
Face Amount	$ 250,000		250,000			$ 250,000
Unamortized Discount	$ 658		737
Interest rate (as a percent)	4.75%					4.75%
Senior unsecured notes 5.625% due in 2042
Indebtedness
Face Amount	$ 350,000		350,000
Interest rate (as a percent)	5.625%
Secured and Other Debt
Indebtedness
Total secured	$ 679,690		624,139
Number of properties as collateral | item	58
Net Book Value of Collateral	$ 937,165		834,303
Mortgage 6.02% maturing in March 2015
Indebtedness
Total secured			29,362
Interest rate (as a percent)	6.02%
Net Book Value of Collateral			94,245
Mortgage 5.65% maturing in June 2015
Indebtedness
Total secured			4,914
Interest rate (as a percent)	5.65%
Net Book Value of Collateral			20,511
Mortgage 5.66% maturing in July 2015
Indebtedness
Total secured			12,479
Interest rate (as a percent)	5.66%
Net Book Value of Collateral			24,948
Mortgage 5.880% maturing in July 2015
Indebtedness
Total secured			2,728
Interest rate (as a percent)	5.88%
Net Book Value of Collateral			13,991
Mortgage 5.81% maturing in October 2015
Indebtedness
Total secured			6,353
Interest rate (as a percent)	5.81%
Net Book Value of Collateral			9,927
Mortgage 5.81% maturing in October 2015
Indebtedness
Total secured			4,403
Interest rate (as a percent)	5.81%
Net Book Value of Collateral			8,211
Mortgage 5.64% maturing in January 2016
Indebtedness
Total secured			52,000
Interest rate (as a percent)	5.64%
Net Book Value of Collateral			64,175
Mortgage 5.97% maturing in April 2016
Indebtedness
Total secured	$ 6,115		6,243
Interest rate (as a percent)	5.97%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 9,291		9,552
Mortgage 4.65 Percent Due July 2016
Indebtedness
Total secured	$ 18,000
Interest rate (as a percent)	4.65%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 36,783
Mortgage 5.92% maturing in November 2016
Indebtedness
Total secured	$ 82,070		85,085
Interest rate (as a percent)	5.92%
Number of properties as collateral | item	2
Net Book Value of Collateral	$ 146,236		150,036
Mortgage 6.25% maturing in November 2016
Indebtedness
Total secured	$ 11,989		12,184
Interest rate (as a percent)	6.25%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 20,700		21,255
Mortgage 5.86% maturing in March 2017
Indebtedness
Total secured	$ 5,524		5,625
Interest rate (as a percent)	5.86%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 10,710		11,004
Mortgages 6.54% maturing in May 2017
Indebtedness
Total secured	$ 43,549		44,687
Interest rate (as a percent)	6.54%
Number of properties as collateral | item	8
Net Book Value of Collateral	$ 52,561		53,878
Mortgages 6.150% maturing in August 2017
Indebtedness
Total secured	$ 10,861		11,059
Interest rate (as a percent)	6.15%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 14,487		14,846
Mortgages 6.73% maturing in April 2018
Indebtedness
Total secured	$ 8,948		9,195
Interest rate (as a percent)	6.73%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 10,891		11,103
Mortgages 6.31% maturing in October 2018
Indebtedness
Total secured	$ 12,976
Interest rate (as a percent)	6.31%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 17,184
Mortgages 6.24% maturing in October 2018
Indebtedness
Total secured	$ 12,250
Interest rate (as a percent)	6.24%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 15,798
Mortgages 4.47% maturing in October 2018
Indebtedness
Total secured	$ 72,062
Interest rate (as a percent)	4.47%
Number of properties as collateral | item	10
Net Book Value of Collateral	$ 185,666
Mortgages 4.69% maturing in January 2019
Indebtedness
Total secured	$ 6,692
Interest rate (as a percent)	4.69%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 9,952
Mortgages 3.79% maturing in July 2019
Indebtedness
Total secured	$ 45,327
Interest rate (as a percent)	3.79%
Number of properties as collateral | item	4
Net Book Value of Collateral	$ 65,551
Mortgage 6.71% maturing in Sept 2019
Indebtedness
Total secured	$ 284,138		288,519
Interest rate (as a percent)	6.71%
Number of properties as collateral | item	17
Net Book Value of Collateral	$ 238,488		245,593
Mortgage 7.31% and 7.85% maturing in Jan 2022
Indebtedness
Number of mortgages | item	2
Mortgage 7.31% maturing in Jan 2022
Indebtedness
Total secured	$ 2,420		2,723
Interest rate (as a percent)	7.31%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 15,775		16,136
Mortgage 7.85% maturing in Jan 2022
Indebtedness
Total secured	$ 1,196		1,345
Interest rate (as a percent)	7.85%
Mortgage 6.28% maturing in July 2022
Indebtedness
Total secured	$ 14,825		15,318
Interest rate (as a percent)	6.28%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 25,371		25,848
Mortgage 4.85% maturing in October 2022
Indebtedness
Total secured	$ 11,787
Interest rate (as a percent)	4.85%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 21,992
Mortgage 6.25% maturing in February 2033
Indebtedness
Total secured	$ 3,246		3,348
Interest rate (as a percent)	6.25%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 4,374		4,483
Mortgage 5.95% maturing in September 2038
Indebtedness
Total secured	$ 9,047		9,205
Interest rate (as a percent)	5.95%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 8,650		8,865
Mortgage 4.38% maturing in September 2043
Indebtedness
Total secured	$ 4,512		4,594
Interest rate (as a percent)	4.375%
Number of properties as collateral | item	1
Net Book Value of Collateral	$ 7,305		7,459
Capital leases
Indebtedness
Total secured	$ 12,156		12,770
Interest rate (as a percent)	7.70%
Number of properties as collateral | item	2
Net Book Value of Collateral	$ 19,400		$ 18,237
Carrying value	$ 35,901

Fair Value of Assets and Liab49

Fair Value of Assets and Liabilities (Details) $ in Thousands	1 Months Ended		12 Months Ended
	May. 31, 2015USD ($)community	Jan. 31, 2015property	Dec. 31, 2015USD ($)buildingpropertyitemshares	Dec. 31, 2014USD ($)buildingproperty
Assets and liabilities measured at fair value
Investments in available for sale securities			$ 51,472	$ 23,993
Number of properties classified as held for sale | property			1
Number of buildings classified as held for sale | building			1
Number of public issues of unsecured senior notes | item			5
Senior notes			$ 1,495,066	$ 1,743,628
Excess of fair value over aggregate book value			70,077
Secured Debt			667,535
Excess of fair value over aggregate book value			$ 45,321
MOBs
Assets and liabilities measured at fair value
Number of properties classified as held for sale | property			4
Number of buildings classified as held for sale | building			7	7
Number of Properties | property		23
Acquisition
Assets and liabilities measured at fair value
Number of Properties | property		23
Acquisition | Senior Living Leased Community | Georgia
Assets and liabilities measured at fair value
Number of Properties | community	1
Real Estate Aggregate Purchase Price	$ 9,750
Acquisition | MOBs
Assets and liabilities measured at fair value
Number of Properties | property			23	2
Real Estate Aggregate Purchase Price			$ 531,623	$ 1,162,584
Significant Unobservable Inputs (Level 3) | Senior Living Leased Community
Assets and liabilities measured at fair value
Other Liabilities			1,000
Recurring
Assets and liabilities measured at fair value
Investments in available for sale securities			51,472
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets and liabilities measured at fair value
Investments in available for sale securities			51,472
Nonrecurring
Assets and liabilities measured at fair value
Assets held for sale			653
Additional purchase consideration			1,000
Nonrecurring | Significant Unobservable Inputs (Level 3)
Assets and liabilities measured at fair value
Assets held for sale			653
Additional purchase consideration			$ 1,000
Five Star
Assets and liabilities measured at fair value
Investment in common shares | shares			4,235,000
Five Star | Common Shares
Assets and liabilities measured at fair value
Investment in common shares | shares			4,235,000
Amount of investment acquired			$ 14,230
Unrealized loss			$ 747
RMR Inc | Class A common shares
Assets and liabilities measured at fair value
Investment in common shares | shares			2,637,408
Amount of investment acquired			$ 69,826
Unrealized loss			$ 31,821

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Concentration of Credit Risk.
Investment	$ 7,456,940	$ 6,222,360
Revenue	$ 630,899	526,703	$ 459,380
Five Star | Senior Living Communities
Concentration of Credit Risk.
Number of properties acquired, referred to as managed properties | property	60
Investment | Rents from significant lessee
Concentration of Credit Risk.
Investment	$ 7,456,940	$ 6,238,611
% of Total (as a percent)	100.00%	100.00%
Investment | Rents from significant lessee | Five Star
Concentration of Credit Risk.
Investment	$ 2,147,388	$ 2,125,517
% of Total (as a percent)	29.00%	34.00%
Investment | Rents from significant lessee | All others
Concentration of Credit Risk.
Investment	$ 5,309,552	$ 4,113,094
% of Total (as a percent)	71.00%	66.00%
Rental income | Rents from significant lessee
Concentration of Credit Risk.
Revenue	$ 630,899	$ 526,703
% of Total (as a percent)	100.00%	100.00%
Rental income | Rents from significant lessee | Five Star
Concentration of Credit Risk.
Revenue	$ 196,919	$ 196,269
% of Total (as a percent)	31.00%	37.00%
Rental income | Rents from significant lessee | All others
Concentration of Credit Risk.
Revenue	$ 433,980	$ 330,434
% of Total (as a percent)	69.00%	63.00%

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2015USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment reporting
Number of operating segments | segment									4
Number of reportable segments									3	3
Revenues:
Rental income											$ 630,899	$ 526,703	$ 459,380
Residents fees and services											367,874	318,184	302,058
Total revenues	$ 267,519	$ 255,275	$ 247,402	$ 228,577	$ 229,809	$ 216,873	$ 206,708	$ 191,497			998,773	844,887	761,438
Expenses:
Property operating expenses											377,579	324,564	299,878
Depreciation											257,783	185,391	153,026
General and administrative											42,830	38,946	32,657
Acquisition related costs											6,853	4,607	3,378
Impairment of assets											194	(10)	7,989
Total expenses											685,239	553,498	496,928
Operating income											313,534	291,389	264,510
Dividend income											2,773	63	250
Interest and other income											379	362	461
Interest expense											(150,881)	(135,114)	(117,819)
Non Cash Loss On Special Distribution Of Equity											(38,437)
Loss on early extinguishment of debt				1,409							(1,894)	(12)	(797)
Income (loss) before income tax expense and equity in earnings of an investee											125,474	156,688	146,605
Income tax expense											(574)	(576)	(600)
Equity in (losses) earnings of an investee											20	87	334
Income from continuing operations											124,920	156,199	146,339
Discontinued Operations:
(Loss) income from discontinued operations											(350)	1,362	5,043
Impairment of assets from discontinued operations											(602)	(4,377)	(37,610)
Income before gain on sale of properties											123,968	153,184	113,772
Gain on sale of properties												5,453	37,392
Net income	9,544	$ 38,249	$ 36,387	$ 39,789	45,288	$ 37,112	$ 37,659	$ 38,580			123,968	158,637	151,164
Total assets	7,183,978				5,968,269				$ 7,183,978	$ 7,183,978	7,183,978	5,968,269	4,764,666
Triple Net Leased Senior Living Communities
Revenues:
Rental income											256,035	230,718	237,209
Total revenues											256,035	230,718	237,209
Expenses:
Depreciation											70,417	61,825	66,854
Impairment of assets											194	(10)	6,685
Total expenses											70,611	61,815	73,539
Operating income											185,424	168,903	163,670
Interest expense											(25,015)	(25,473)	(26,501)
Loss on early extinguishment of debt											(6)	128
Income (loss) before income tax expense and equity in earnings of an investee											160,403	143,558	137,169
Income from continuing operations											160,403	143,558	137,169
Discontinued Operations:
Income before gain on sale of properties											160,403	143,558	137,169
Gain on sale of properties												5,453	37,392
Net income											160,403	149,011	174,561
Total assets	2,251,302				1,777,684				2,251,302	2,251,302	2,251,302	1,777,684	1,778,591
Managed Senior Living Communities
Revenues:
Residents fees and services											367,874	318,184	302,058
Total revenues											367,874	318,184	302,058
Expenses:
Property operating expenses											278,242	245,093	233,711
Depreciation											60,600	32,462	28,972
Total expenses											338,842	277,555	262,683
Operating income											29,032	40,629	39,375
Interest expense											(9,973)	(10,599)	(12,217)
Loss on early extinguishment of debt											(34)	(140)
Income (loss) before income tax expense and equity in earnings of an investee											19,025	29,890	27,158
Income from continuing operations											19,025	29,890	27,158
Discontinued Operations:
Income before gain on sale of properties											19,025	29,890	27,158
Net income											19,025	29,890	27,158
Total assets	1,260,653				961,618				1,260,653	1,260,653	1,260,653	961,618	979,152
MOBs
Revenues:
Rental income											356,586	278,041	204,594
Total revenues											356,586	278,041	204,594
Expenses:
Property operating expenses											99,337	79,471	66,167
Depreciation											122,974	87,312	53,408
Total expenses											222,311	166,783	119,575
Operating income											134,275	111,258	85,019
Interest expense											(6,214)	(5,844)	(5,466)
Loss on early extinguishment of debt											(250)
Income (loss) before income tax expense and equity in earnings of an investee											127,811	105,414	79,553
Income from continuing operations											127,811	105,414	79,553
Discontinued Operations:
(Loss) income from discontinued operations											(350)	1,362	5,043
Impairment of assets from discontinued operations											(602)	(4,377)	(37,610)
Income before gain on sale of properties											126,859	102,399	46,986
Net income											126,859	102,399	46,986
Total assets	3,362,636				2,922,623				3,362,636	3,362,636	3,362,636	2,922,623	1,727,497
All Other Operations
Revenues:
Rental income											18,278	17,944	17,577
Total revenues											18,278	17,944	17,577
Expenses:
Depreciation											3,792	3,792	3,792
General and administrative											42,830	38,946	32,657
Acquisition related costs											6,853	4,607	3,378
Impairment of assets													1,304
Total expenses											53,475	47,345	41,131
Operating income											(35,197)	(29,401)	(23,554)
Dividend income											2,773	63	250
Interest and other income											379	362	461
Interest expense											(109,679)	(93,198)	(73,635)
Non Cash Loss On Special Distribution Of Equity											(38,437)
Loss on early extinguishment of debt											(1,604)		(797)
Income (loss) before income tax expense and equity in earnings of an investee											(181,765)	(122,174)	(97,275)
Income tax expense											(574)	(576)	(600)
Equity in (losses) earnings of an investee											20	87	334
Income from continuing operations											(182,319)	(122,663)	(97,541)
Discontinued Operations:
Income before gain on sale of properties											(182,319)	(122,663)	(97,541)
Net income											(182,319)	(122,663)	(97,541)
Total assets	$ 309,387				$ 306,344				$ 309,387	$ 309,387	$ 309,387	$ 306,344	$ 279,426

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
State	$ 574	$ 576	$ 600
Total	574	576	600
Income tax provision	$ 574	$ 576	$ 600
Reconciliation of effective tax rate and the U.S. federal statutory income tax rate
Taxes at statutory U.S. federal income tax rate (as a percent)	35.00%	35.00%	35.00%
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent	(35.00%)	(35.00%)	(35.00%)
State and local income taxes, net of federal tax benefit (as a percent)	0.40%	0.30%	0.40%
Change in valuation allowance (as a percent)	8.82%	6.39%	3.49%
Other differences, net (as a percent)	(8.82%)	(6.39%)	(3.49%)
Effective tax rate (as a percent)	0.40%	0.30%	0.40%
Deferred Tax Assets, Gross [Abstract]
Deferred income	$ 2,862	$ 2,724
Other	115	206
Tax loss carry forwards	27,941	17,266
Deferred tax assets, gross	30,918	20,196
Valuation allowance	$ (30,918)	$ (20,196)
Percentage of valuation allowance provided	100.00%	100.00%
Tax Credit Carryforward, Amount	$ 71,283

Weighted Average Common Share53

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted Average Common Shares
Weighted average common shares outstanding (basic) (in shares)	232,931	198,868	187,271
Effect of dilutive securities: unvested share awards	32	26	143
Weighted average common shares outstanding (diluted) (in shares)	232,963	198,894	187,414

Selected Quarterly Financial 54

Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Information [Abstract]
Revenues	$ 267,519	$ 255,275	$ 247,402	$ 228,577	$ 229,809	$ 216,873	$ 206,708	$ 191,497	$ 998,773	$ 844,887	$ 761,438
Net income	$ 9,544	$ 38,249	$ 36,387	$ 39,789	$ 45,288	$ 37,112	$ 37,659	$ 38,580	123,968	$ 158,637	$ 151,164
Per share data (basic and diluted):
Net income (in dollars per share)	$ 0.04	$ 0.16	$ 0.15	$ 0.18	$ 0.22	$ 0.18	$ 0.19	$ 0.21
Common distributions declared (in dollars per share)	$ 0.52	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39
Loss on distribution to common shareholders of The RMR Group Inc. common stock									$ (38,437)

Pro Forma Information (unaudi55

Pro Forma Information (unaudited) (Details) $ / shares in Units, $ in Thousands	Sep. 28, 2015	Sep. 30, 2015USD ($)communityproperty	May. 31, 2015USD ($)communityproperty	Feb. 28, 2015USD ($)shares	Jan. 31, 2015USD ($)buildingproperty	May. 31, 2014USD ($)	Apr. 30, 2014USD ($)shares	Jan. 31, 2013USD ($)shares	Dec. 31, 2015USD ($)communityproperty$ / shares	Dec. 31, 2014USD ($)communitybuildingproperty$ / shares	Dec. 31, 2013USD ($)	Oct. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)												5.875%
Mortgage debt assumed									$ 181,433	$ 15,630	$ 12,266
Weighted average interest rate on debt (as a percent)										6.28%
Interest expense									150,881	$ 135,114	117,819
Residents fees and services									367,874	318,184	302,058
Common shares issued in public offering | shares				31,050,000			15,525,000	11,500,000
Net proceeds from issuance of common shares issued in public offering				$ 659,496			$ 322,807	$ 261,813	659,496	322,807	$ 261,813
Principal amount of debt									1,500,000	1,750,000
Net proceeds after underwriting discounts from sale of senior unsecured notes							$ 644,889
Pro forma results of operations
Total revenues									1,033,591	1,024,821
Net income									$ 135,181	$ 171,893
Net income per share (in dollars per share) | $ / shares									$ 0.57	$ 0.73
Senior Living Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | community			37
Number of communities | community			1						19
Property operating expenses									$ 25,514
Interest expense									2,774
Residents fees and services			$ 9,750						35,814
Principal amount of debt		$ 200,000
Interest rate, description		LIBOR
Interest rate added to the base rate (as a percent)		180.00%
MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property					23
Number of communities | community										2
Number of buildings acquired | building										3
Aggregate purchase price properties, excluding closing costs										$ 1,210,014
Property operating expenses										14,179
Total rental income recognized										67,294
Interest expense										$ 631
Triple Net Leased Senior Living Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities | community			20
Total rental income recognized									23,756
Interest expense									$ 1,427
Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property					23
Aggregate purchase price properties, excluding closing costs					$ 539,000
Mortgage debt assumed					$ 29,995
Weighted average interest rate on debt (as a percent)					4.73%
Property operating expenses					$ 38,593
Total rental income recognized					6,833
Interest expense					$ 1,000
Acquisition | Senior Living Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property		39	39						39	2
Number of communities | community		1	37							2
Aggregate purchase price properties, excluding closing costs			$ 808,250
Mortgage debt assumed			$ 151,477						$ 151,477
Weighted average interest rate on debt (as a percent)			4.57%
Property operating expenses										$ 647
Residents fees and services										$ 887
Acquisition | MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property									23	2
Number of buildings acquired | building					23					3
Net closing adjustments					$ 7,377
Mortgage debt assumed									$ 29,955	$ 15,630
Weighted average interest rate on debt (as a percent)					4.73%
Acquisition | Triple Net Leased Senior Living Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities | community		1							19
Senior unsecured notes 3.25%
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)							3.25%		3.25%
Principal amount of debt							$ 400,000		$ 400,000	400,000
Senior unsecured notes 4.75%
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)							4.75%		4.75%
Principal amount of debt							$ 250,000		$ 250,000	$ 250,000
Unsecured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal amount of debt						$ 350,000			$ 350,000
Interest rate, description									LIBOR
Interest rate added to the base rate (as a percent)	180.00%					1.40%			140.00%

Pro Forma Information (unaudi56

Pro Forma Information (unaudited) (Details) $ / shares in Units, $ in Thousands	Sep. 28, 2015	Sep. 30, 2015USD ($)property	May. 31, 2015USD ($)communityproperty	Feb. 28, 2015USD ($)shares	Jan. 31, 2015USD ($)buildingproperty	May. 31, 2014USD ($)	Apr. 30, 2014USD ($)shares	Jan. 31, 2013USD ($)shares	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)property$ / shares	Dec. 31, 2014USD ($)buildingproperty$ / shares	Dec. 31, 2013USD ($)	Oct. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties																	$ 2,782	$ 27,325	$ 92,550
Gain (Loss) on Sale of Properties																		5,453	37,392
Interest rate (as a percent)																				5.875%
Mortgage debt assumed																	181,433	$ 15,630	12,266
Weighted average interest rate on debt (as a percent)													6.28%					6.28%
Common shares issued in public offering | shares				31,050,000			15,525,000	11,500,000
Net proceeds from issuance of common shares issued in public offering				$ 659,496			$ 322,807	$ 261,813									659,496	$ 322,807	261,813
Principal amount of debt									$ 1,500,000				$ 1,750,000				1,500,000	1,750,000
Net proceeds after underwriting discounts from sale of senior unsecured notes							$ 644,889
Pro forma results of operations
Total revenues																	1,033,591	1,024,821
Net income																	$ 135,181	$ 171,893
Per common share data:
Net income per share (in dollars per share) | $ / shares																	$ 0.57	$ 0.73
Revenues									$ 267,519	$ 255,275	$ 247,402	$ 228,577	229,809	$ 216,873	$ 206,708	$ 191,497	$ 998,773	$ 844,887	761,438
Interest Expense																	150,881	$ 135,114	$ 117,819
Senior Living Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | community			37
Property operating expenses																	25,514
Principal amount of debt		$ 200,000								$ 200,000
Interest rate, description		LIBOR
Interest rate added to the base rate (as a percent)		180.00%
Per common share data:
Interest Expense																	$ 2,774
MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property					23
Number of buildings acquired | building																		3
Aggregate purchase price properties, excluding closing costs																		$ 1,210,014
Property operating expenses																		14,179
Total rental income recognized																		67,294
Per common share data:
Interest Expense																		$ 631
Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property					23
Aggregate purchase price properties, excluding closing costs					$ 539,000
Mortgage debt assumed					$ 29,995
Weighted average interest rate on debt (as a percent)					4.73%
Property operating expenses					$ 38,593
Total rental income recognized					6,833
Per common share data:
Interest Expense					$ 1,000
Acquisition | Senior Living Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property		39	39														39	2
Aggregate purchase price properties, excluding closing costs			$ 808,250
Mortgage debt assumed			$ 151,477														$ 151,477
Weighted average interest rate on debt (as a percent)			4.57%
Property operating expenses																		$ 647
Acquisition | MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties acquired or agreed to be acquired | property																	23	2
Number of buildings acquired | building					23													3
Mortgage debt assumed																	$ 29,955	$ 15,630
Weighted average interest rate on debt (as a percent)					4.73%
Senior unsecured notes 3.25%
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)							3.25%		3.25%								3.25%
Principal amount of debt							$ 400,000		$ 400,000				400,000				$ 400,000	400,000
Senior unsecured notes 4.75%
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)							4.75%		4.75%								4.75%
Principal amount of debt							$ 250,000		$ 250,000				$ 250,000				$ 250,000	$ 250,000
Unsecured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal amount of debt						$ 350,000			$ 350,000								$ 350,000
Interest rate, description																	LIBOR
Interest rate added to the base rate (as a percent)	180.00%					1.40%											140.00%
Unsecured Debt | London Interbank Offered Rate (LIBOR) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate, description						LIBOR

SCHEDULE III REAL ESTATE AND 57

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate And Accumulated Depreciation
Encumbrances	$ 679,690
Initial Cost to Company
Land	777,331
Buildings, Improvements & Equipment	6,099,880
Cost Capitalized Subsequent to Acquisition	594,730
Impairment	(15,001)
Cost at the end of the period
Land	781,426
Buildings, Improvements & Equipment	6,675,514
Total	7,456,940	$ 6,222,360	$ 5,247,374	$ 5,002,010
Accumulated Depreciation	1,147,540	$ 973,205	$ 830,448	$ 704,418
2184 Parkway Lake Drive, Birmingham, AL
Initial Cost to Company
Land	580
Buildings, Improvements & Equipment	5,980
Cost Capitalized Subsequent to Acquisition	2,024
Cost at the end of the period
Land	580
Buildings, Improvements & Equipment	8,005
Total	8,585
Accumulated Depreciation	1,226
2634 Valleydale Road, Birmingham, AL
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	7,574
Cost Capitalized Subsequent to Acquisition	907
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	8,481
Total	9,081
Accumulated Depreciation	1,540
2021 Dahike Drive, NE, Cullman, AL
Initial Cost to Company
Land	287
Buildings, Improvements & Equipment	3,415
Cost Capitalized Subsequent to Acquisition	289
Cost at the end of the period
Land	287
Buildings, Improvements & Equipment	3,704
Total	3,991
Accumulated Depreciation	1,198
49 Hughes Road, Madison, AL
Initial Cost to Company
Land	334
Buildings, Improvements & Equipment	3,981
Cost Capitalized Subsequent to Acquisition	429
Cost at the end of the period
Land	334
Buildings, Improvements & Equipment	4,410
Total	4,744
Accumulated Depreciation	1,374
200 Terrace Lane, Priceville, AL
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	9,447
Cost Capitalized Subsequent to Acquisition	197
Cost at the end of the period
Land	1,300
Buildings, Improvements & Equipment	9,644
Total	10,944
Accumulated Depreciation	1,072
413 Cox Boulevard, Sheffield, AL
Initial Cost to Company
Land	394
Buildings, Improvements & Equipment	4,684
Cost Capitalized Subsequent to Acquisition	462
Cost at the end of the period
Land	394
Buildings, Improvements & Equipment	5,146
Total	5,540
Accumulated Depreciation	1,574
2435 Columbiana Road, Vestavia Hills, AL
Initial Cost to Company
Land	843
Buildings, Improvements & Equipment	23,472
Cost Capitalized Subsequent to Acquisition	165
Cost at the end of the period
Land	843
Buildings, Improvements & Equipment	23,637
Total	24,480
Accumulated Depreciation	429
4461 N.Crossover Road, Fayetteville, AR
Real Estate And Accumulated Depreciation
Encumbrances	8,381
Initial Cost to Company
Land	733
Buildings, Improvements & Equipment	10,432
Cost Capitalized Subsequent to Acquisition	34
Cost at the end of the period
Land	733
Buildings, Improvements & Equipment	10,466
Total	11,199
Accumulated Depreciation	187
4210 S. Caraway Road Jonesboro, AR
Real Estate And Accumulated Depreciation
Encumbrances	4,325
Initial Cost to Company
Land	653
Buildings, Improvements & Equipment	9,515
Cost Capitalized Subsequent to Acquisition	21
Cost at the end of the period
Land	653
Buildings, Improvements & Equipment	9,537
Total	10,189
Accumulated Depreciation	171
672 Jones Road,Springdale,AR
Real Estate And Accumulated Depreciation
Encumbrances	4,370
Initial Cost to Company
Land	572
Buildings, Improvements & Equipment	9,364
Cost Capitalized Subsequent to Acquisition	29
Cost at the end of the period
Land	572
Buildings, Improvements & Equipment	9,393
Total	9,965
Accumulated Depreciation	168
13840 North Desert Harbor Drive, Peoria, AZ
Initial Cost to Company
Land	2,687
Buildings, Improvements & Equipment	15,843
Cost Capitalized Subsequent to Acquisition	3,542
Cost at the end of the period
Land	2,687
Buildings, Improvements & Equipment	19,385
Total	22,072
Accumulated Depreciation	7,706
9045 W. Athens Street, Peoria,AZ
Initial Cost to Company
Land	1,405
Buildings, Improvements & Equipment	9,115
Cost Capitalized Subsequent to Acquisition	46
Cost at the end of the period
Land	1,405
Buildings, Improvements & Equipment	9,161
Total	10,566
Accumulated Depreciation	171
11209 N. Tatum Boulevard, Phoenix, AZ
Initial Cost to Company
Land	1,380
Buildings, Improvements & Equipment	6,349
Cost Capitalized Subsequent to Acquisition	1,078
Cost at the end of the period
Land	1,380
Buildings, Improvements & Equipment	7,428
Total	8,808
Accumulated Depreciation	916
2444 West Las Palmaritas Drive, Phoenix, AZ
Initial Cost to Company
Land	3,820
Buildings, Improvements & Equipment	6,669
Cost at the end of the period
Land	3,820
Buildings, Improvements & Equipment	6,669
Total	10,489
Accumulated Depreciation	833
4121 East Cotton Center, Phoenix,AZ
Initial Cost to Company
Land	5,166
Buildings, Improvements & Equipment	12,724
Cost at the end of the period
Land	5,166
Buildings, Improvements & Equipment	12,724
Total	17,890
Accumulated Depreciation	292
6001 E. Thomas Road, Scottsdale, AZ
Initial Cost to Company
Land	941
Buildings, Improvements & Equipment	8,807
Cost Capitalized Subsequent to Acquisition	1,328
Cost at the end of the period
Land	941
Buildings, Improvements & Equipment	10,135
Total	11,076
Accumulated Depreciation	5,046
7090 East Mescal Street, Scottsdale, AZ
Initial Cost to Company
Land	2,315
Buildings, Improvements & Equipment	13,650
Cost Capitalized Subsequent to Acquisition	5,514
Cost at the end of the period
Land	2,315
Buildings, Improvements & Equipment	19,164
Total	21,479
Accumulated Depreciation	6,723
17225 Boswell Blvd., Sun City, AZ
Initial Cost to Company
Land	1,189
Buildings, Improvements & Equipment	10,569
Cost Capitalized Subsequent to Acquisition	1,034
Cost at the end of the period
Land	1,189
Buildings, Improvements & Equipment	11,603
Total	12,792
Accumulated Depreciation	5,919
14001 W. Meeker Boulevard, Sun City West, AZ
Initial Cost to Company
Land	395
Buildings, Improvements & Equipment	3,307
Cost at the end of the period
Land	395
Buildings, Improvements & Equipment	3,307
Total	3,703
Accumulated Depreciation	1,195
1415 West 3rd Street Tempe,AZ
Initial Cost to Company
Land	2,186
Buildings, Improvements & Equipment	13,446
Cost Capitalized Subsequent to Acquisition	20
Cost at the end of the period
Land	2,186
Buildings, Improvements & Equipment	13,466
Total	15,651
Accumulated Depreciation	309
2500 North Rosemont Boulevard, Tucson, AZ
Initial Cost to Company
Land	4,429
Buildings, Improvements & Equipment	26,119
Cost Capitalized Subsequent to Acquisition	4,374
Cost at the end of the period
Land	4,429
Buildings, Improvements & Equipment	30,493
Total	34,922
Accumulated Depreciation	11,944
710 N. Euclid, Anaheim, CA
Initial Cost to Company
Land	2,850
Buildings, Improvements & Equipment	6,964
Cost Capitalized Subsequent to Acquisition	738
Cost at the end of the period
Land	2,893
Buildings, Improvements & Equipment	7,658
Total	10,552
Accumulated Depreciation	1,468
3209 Brookside Drive, Bakersfield, CA
Real Estate And Accumulated Depreciation
Encumbrances	12,976
Initial Cost to Company
Land	4,166
Buildings, Improvements & Equipment	13,233
Cost Capitalized Subsequent to Acquisition	20
Cost at the end of the period
Land	4,166
Buildings, Improvements & Equipment	13,254
Total	17,420
Accumulated Depreciation	236
5770 Armada Drive, Carlsbad, CA
Real Estate And Accumulated Depreciation
Encumbrances	11,787
Initial Cost to Company
Land	3,875
Buildings, Improvements & Equipment	18,543
Cost at the end of the period
Land	3,875
Buildings, Improvements & Equipment	18,543
Total	22,417
Accumulated Depreciation	425
1350 S. El Camino Real, Encinitas, CA
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	18,042
Cost Capitalized Subsequent to Acquisition	408
Cost at the end of the period
Land	1,510
Buildings, Improvements & Equipment	18,450
Total	19,960
Accumulated Depreciation	3,608
47201 Lakeview Boulevard, Fremont, CA
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	10,177
Cost Capitalized Subsequent to Acquisition	228
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	10,404
Total	13,604
Accumulated Depreciation	1,185
47211/47215 Lakeview Boulevard, Fremont, CA
Initial Cost to Company
Land	3,750
Buildings, Improvements & Equipment	12,656
Cost Capitalized Subsequent to Acquisition	371
Cost at the end of the period
Land	3,750
Buildings, Improvements & Equipment	13,027
Total	16,777
Accumulated Depreciation	1,367
47900 Bayside Parkway, Fremont, CA
Initial Cost to Company
Land	4,580
Buildings, Improvements & Equipment	10,370
Cost Capitalized Subsequent to Acquisition	851
Cost at the end of the period
Land	4,580
Buildings, Improvements & Equipment	11,222
Total	15,802
Accumulated Depreciation	1,172
577 South Peach Street, Fresno, CA
Initial Cost to Company
Land	738
Buildings, Improvements & Equipment	2,577
Cost Capitalized Subsequent to Acquisition	188
Cost at the end of the period
Land	738
Buildings, Improvements & Equipment	2,765
Total	3,503
Accumulated Depreciation	1,804
6075 N. Marks Avenue, Fresno, CA
Initial Cost to Company
Land	880
Buildings, Improvements & Equipment	12,751
Cost Capitalized Subsequent to Acquisition	322
Cost at the end of the period
Land	880
Buildings, Improvements & Equipment	13,073
Total	13,953
Accumulated Depreciation	2,533
24552 Paseo de Valencia, Laguna Hills, CA
Initial Cost to Company
Land	3,172
Buildings, Improvements & Equipment	28,184
Cost Capitalized Subsequent to Acquisition	5,124
Cost at the end of the period
Land	3,172
Buildings, Improvements & Equipment	33,308
Total	36,479
Accumulated Depreciation	15,631
1642 West Avenue J, Lancaster, CA
Initial Cost to Company
Land	601
Buildings, Improvements & Equipment	1,859
Cost Capitalized Subsequent to Acquisition	3,074
Cost at the end of the period
Land	601
Buildings, Improvements & Equipment	4,933
Total	5,535
Accumulated Depreciation	2,467
8631 West 3rd Street, Los Angeles, CA
Initial Cost to Company
Land	24,640
Buildings, Improvements & Equipment	88,277
Cost Capitalized Subsequent to Acquisition	6,029
Cost at the end of the period
Land	24,640
Buildings, Improvements & Equipment	94,306
Total	118,946
Accumulated Depreciation	11,780
8635 West 3rd Street, Los Angeles, CA
Initial Cost to Company
Land	24,640
Buildings, Improvements & Equipment	90,352
Cost Capitalized Subsequent to Acquisition	5,863
Cost at the end of the period
Land	24,640
Buildings, Improvements & Equipment	96,215
Total	120,855
Accumulated Depreciation	11,922
2325 St. Pauls Way, Modesto, CA
Real Estate And Accumulated Depreciation
Encumbrances	6,692
Initial Cost to Company
Land	1,104
Buildings, Improvements & Equipment	9,009
Cost Capitalized Subsequent to Acquisition	3
Cost at the end of the period
Land	1,106
Buildings, Improvements & Equipment	9,010
Total	10,116
Accumulated Depreciation	164
8700 Lindley Avenue, Northridge, CA
Initial Cost to Company
Land	2,068
Buildings, Improvements & Equipment	13,520
Cost Capitalized Subsequent to Acquisition	15
Cost at the end of the period
Land	2,068
Buildings, Improvements & Equipment	13,535
Total	15,603
Accumulated Depreciation	241
1319 Brookside Avenue, Redlands, CA
Initial Cost to Company
Land	1,770
Buildings, Improvements & Equipment	9,982
Cost Capitalized Subsequent to Acquisition	516
Cost at the end of the period
Land	1,770
Buildings, Improvements & Equipment	10,498
Total	12,268
Accumulated Depreciation	1,983
110 Sterling Court, Roseville, CA
Initial Cost to Company
Land	1,620
Buildings, Improvements & Equipment	10,262
Cost Capitalized Subsequent to Acquisition	351
Cost at the end of the period
Land	1,620
Buildings, Improvements & Equipment	10,613
Total	12,233
Accumulated Depreciation	2,052
1371 Parkside Drive, San Bernardino, CA
Initial Cost to Company
Land	1,250
Buildings, Improvements & Equipment	9,069
Cost Capitalized Subsequent to Acquisition	686
Cost at the end of the period
Land	1,250
Buildings, Improvements & Equipment	9,755
Total	11,005
Accumulated Depreciation	2,575
16925 & 16916 Hierba Drive, San Diego, CA
Initial Cost to Company
Land	9,142
Buildings, Improvements & Equipment	53,904
Cost Capitalized Subsequent to Acquisition	11,220
Cost at the end of the period
Land	9,142
Buildings, Improvements & Equipment	65,124
Total	74,265
Accumulated Depreciation	25,053
3030 Science Park, San Diego, CA
Initial Cost to Company
Land	2,466
Buildings, Improvements & Equipment	46,473
Cost at the end of the period
Land	2,466
Buildings, Improvements & Equipment	46,473
Total	48,939
Accumulated Depreciation	7,455
3040 Science Park, San Diego, CA
Initial Cost to Company
Land	1,225
Buildings, Improvements & Equipment	23,078
Cost at the end of the period
Land	1,225
Buildings, Improvements & Equipment	23,078
Total	24,303
Accumulated Depreciation	3,702
3050 Science Park, San Diego, CA
Initial Cost to Company
Land	1,508
Buildings, Improvements & Equipment	28,753
Cost at the end of the period
Land	1,508
Buildings, Improvements & Equipment	28,753
Total	30,261
Accumulated Depreciation	4,612
24305 West Lyons Avenue, Santa Clarita,CA
Initial Cost to Company
Land	763
Buildings, Improvements & Equipment	15,538
Cost Capitalized Subsequent to Acquisition	48
Cost at the end of the period
Land	763
Buildings, Improvements & Equipment	15,587
Total	16,350
Accumulated Depreciation	276
3530 Deer Park Drive, Stockton, CA
Initial Cost to Company
Land	670
Buildings, Improvements & Equipment	14,419
Cost Capitalized Subsequent to Acquisition	369
Cost at the end of the period
Land	670
Buildings, Improvements & Equipment	14,789
Total	15,459
Accumulated Depreciation	2,867
537 E. Fulton Street, Stockton, CA
Initial Cost to Company
Land	382
Buildings, Improvements & Equipment	2,750
Cost Capitalized Subsequent to Acquisition	921
Cost at the end of the period
Land	382
Buildings, Improvements & Equipment	3,671
Total	4,053
Accumulated Depreciation	2,140
877 East March Lane, Stockton (4), CA
Real Estate And Accumulated Depreciation
Encumbrances	7,298
Initial Cost to Company
Land	1,176
Buildings, Improvements & Equipment	11,171
Cost Capitalized Subsequent to Acquisition	5,498
Cost at the end of the period
Land	1,176
Buildings, Improvements & Equipment	16,669
Total	17,845
Accumulated Depreciation	5,535
93 W Avenida de Los Arboles, Thousand Oaks, CA
Initial Cost to Company
Land	622
Buildings, Improvements & Equipment	2,522
Cost Capitalized Subsequent to Acquisition	2,468
Cost at the end of the period
Land	622
Buildings, Improvements & Equipment	4,990
Total	5,612
Accumulated Depreciation	2,701
28515 Westinghouse Place, Valencia,CA
Initial Cost to Company
Land	4,669
Buildings, Improvements & Equipment	41,440
Cost at the end of the period
Land	4,669
Buildings, Improvements & Equipment	41,440
Total	46,109
Accumulated Depreciation	950
6835 Hazeltine Street, Van Nuys, CA
Initial Cost to Company
Land	718
Buildings, Improvements & Equipment	378
Cost Capitalized Subsequent to Acquisition	800
Cost at the end of the period
Land	725
Buildings, Improvements & Equipment	1,171
Total	1,896
Accumulated Depreciation	682
1866 San Miguel Drive, Walnut Creek, CA
Initial Cost to Company
Land	2,010
Buildings, Improvements & Equipment	9,290
Cost Capitalized Subsequent to Acquisition	2,856
Cost at the end of the period
Land	3,417
Buildings, Improvements & Equipment	10,739
Total	14,156
Accumulated Depreciation	1,205
1950 South Dayton Street, Aurora, CO
Initial Cost to Company
Land	3,062
Buildings, Improvements & Equipment	46,195
Cost Capitalized Subsequent to Acquisition	285
Cost at the end of the period
Land	3,075
Buildings, Improvements & Equipment	46,467
Total	49,541
Accumulated Depreciation	828
515 Fairview, Canon City, CO
Initial Cost to Company
Land	292
Buildings, Improvements & Equipment	6,228
Cost Capitalized Subsequent to Acquisition	1,102
Impairment	(3,512)
Cost at the end of the period
Land	299
Buildings, Improvements & Equipment	3,811
Total	4,110
Accumulated Depreciation	1,679
110 West Van Buren, Colorado Springs, CO
Initial Cost to Company
Land	245
Buildings, Improvements & Equipment	5,236
Cost Capitalized Subsequent to Acquisition	1,692
Impairment	(3,031)
Cost at the end of the period
Land	245
Buildings, Improvements & Equipment	3,897
Total	4,143
Accumulated Depreciation	1,671
3920 East San Miguel Street, Colorado Springs, CO
Initial Cost to Company
Land	1,380
Buildings, Improvements & Equipment	8,894
Cost Capitalized Subsequent to Acquisition	504
Cost at the end of the period
Land	1,496
Buildings, Improvements & Equipment	9,282
Total	10,778
Accumulated Depreciation	883
2050 South Main, Delta, CO
Initial Cost to Company
Land	167
Buildings, Improvements & Equipment	3,570
Cost Capitalized Subsequent to Acquisition	821
Cost at the end of the period
Land	167
Buildings, Improvements & Equipment	4,391
Total	4,559
Accumulated Depreciation	2,100
2501 Little Bookcliff Drive, Grand Junction, CO
Initial Cost to Company
Land	204
Buildings, Improvements & Equipment	3,875
Cost Capitalized Subsequent to Acquisition	1,441
Cost at the end of the period
Land	204
Buildings, Improvements & Equipment	5,316
Total	5,520
Accumulated Depreciation	2,997
2825 Patterson Road, Grand Junction, CO
Initial Cost to Company
Land	173
Buildings, Improvements & Equipment	2,583
Cost Capitalized Subsequent to Acquisition	2,159
Cost at the end of the period
Land	173
Buildings, Improvements & Equipment	4,742
Total	4,916
Accumulated Depreciation	2,688
1599 Ingalls Street, Lakewood, CO
Initial Cost to Company
Land	232
Buildings, Improvements & Equipment	3,766
Cost Capitalized Subsequent to Acquisition	3,134
Cost at the end of the period
Land	232
Buildings, Improvements & Equipment	6,900
Total	7,132
Accumulated Depreciation	3,784
5555 South Elati Street, Littleton, CO
Initial Cost to Company
Land	185
Buildings, Improvements & Equipment	5,043
Cost Capitalized Subsequent to Acquisition	2,381
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	7,417
Total	7,609
Accumulated Depreciation	4,351
8271 South Continental Divide Road, Littleton, CO
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,507
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,507
Total	3,907
Accumulated Depreciation	1,266
9005 / 9025 Grant Street, Thornton, CO, Location 1
Initial Cost to Company
Land	961
Buildings, Improvements & Equipment	10,867
Cost Capitalized Subsequent to Acquisition	43
Cost at the end of the period
Land	982
Buildings, Improvements & Equipment	10,889
Total	11,871
Accumulated Depreciation	817
9005 / 9025 Grant Street, Thornton, CO, Location 2
Initial Cost to Company
Land	475
Buildings, Improvements & Equipment	909
Cost Capitalized Subsequent to Acquisition	189
Cost at the end of the period
Land	475
Buildings, Improvements & Equipment	1,098
Total	1,573
Accumulated Depreciation	78
7809 W. 38th Avenue, Wheat Ridge, CO
Initial Cost to Company
Land	470
Buildings, Improvements & Equipment	3,373
Cost at the end of the period
Land	470
Buildings, Improvements & Equipment	3,373
Total	3,843
Accumulated Depreciation	485
40 Sebethe Drive, Cromwell, CT
Initial Cost to Company
Land	570
Buildings, Improvements & Equipment	5,304
Cost Capitalized Subsequent to Acquisition	981
Cost at the end of the period
Land	570
Buildings, Improvements & Equipment	6,285
Total	6,855
Accumulated Depreciation	846
866 North Main Street, Wallingford, CT
Initial Cost to Company
Land	430
Buildings, Improvements & Equipment	3,136
Cost Capitalized Subsequent to Acquisition	510
Cost at the end of the period
Land	430
Buildings, Improvements & Equipment	3,646
Total	4,076
Accumulated Depreciation	541
1145 19th Street, Washington, DC
Initial Cost to Company
Land	13,600
Buildings, Improvements & Equipment	24,880
Cost Capitalized Subsequent to Acquisition	3,748
Cost at the end of the period
Land	13,600
Buildings, Improvements & Equipment	28,628
Total	42,228
Accumulated Depreciation	4,703
2141 K Street, Washington, DC
Initial Cost to Company
Land	13,700
Buildings, Improvements & Equipment	8,400
Cost Capitalized Subsequent to Acquisition	2,488
Cost at the end of the period
Land	13,700
Buildings, Improvements & Equipment	10,888
Total	24,588
Accumulated Depreciation	1,777
255 Possum Park Road, Newark, DE
Initial Cost to Company
Land	2,010
Buildings, Improvements & Equipment	11,852
Cost Capitalized Subsequent to Acquisition	2,908
Cost at the end of the period
Land	2,010
Buildings, Improvements & Equipment	14,760
Total	16,770
Accumulated Depreciation	5,709
4175 Ogletown Road / 501 South Harmony Road, Newark, DE
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	19,447
Cost Capitalized Subsequent to Acquisition	993
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	20,440
Total	21,940
Accumulated Depreciation	3,931
1212 Foulk Road, Wilmington (4), DE
Real Estate And Accumulated Depreciation
Encumbrances	7,092
Initial Cost to Company
Land	1,179
Buildings, Improvements & Equipment	6,950
Cost Capitalized Subsequent to Acquisition	1,353
Cost at the end of the period
Land	1,179
Buildings, Improvements & Equipment	8,303
Total	9,482
Accumulated Depreciation	3,514
1912 Marsh Road, Wilmington, DE
Initial Cost to Company
Land	4,365
Buildings, Improvements & Equipment	25,739
Cost Capitalized Subsequent to Acquisition	3,183
Cost at the end of the period
Land	4,365
Buildings, Improvements & Equipment	28,922
Total	33,288
Accumulated Depreciation	10,914
2723 Shipley Road, Wilmington, DE
Initial Cost to Company
Land	869
Buildings, Improvements & Equipment	5,126
Cost Capitalized Subsequent to Acquisition	3,864
Cost at the end of the period
Land	869
Buildings, Improvements & Equipment	8,990
Total	9,859
Accumulated Depreciation	3,500
407 Foulk Road, Wilmington, DE
Initial Cost to Company
Land	38
Buildings, Improvements & Equipment	227
Cost Capitalized Subsequent to Acquisition	2,064
Cost at the end of the period
Land	78
Buildings, Improvements & Equipment	2,251
Total	2,329
Accumulated Depreciation	514
13545 Progress Boulevard, Alachua, FL
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	4,935
Cost Capitalized Subsequent to Acquisition	173
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	5,108
Total	5,620
Accumulated Depreciation	569
13631 Progress Boulevard, Alachua, FL
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	4,941
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	4,941
Total	5,453
Accumulated Depreciation	566
13709 Progress Boulevard, Alachua, FL
Initial Cost to Company
Land	1,080
Buildings, Improvements & Equipment	1,675
Cost Capitalized Subsequent to Acquisition	228
Cost at the end of the period
Land	1,080
Buildings, Improvements & Equipment	1,903
Total	2,983
Accumulated Depreciation	205
13859 Progress Boulevard, Alachua (4), FL
Real Estate And Accumulated Depreciation
Encumbrances	3,246
Initial Cost to Company
Land	570
Buildings, Improvements & Equipment	4,276
Cost at the end of the period
Land	570
Buildings, Improvements & Equipment	4,276
Total	4,846
Accumulated Depreciation	472
Progress Center - Lot 1 Property, Alachua, FL
Initial Cost to Company
Land	165
Cost at the end of the period
Land	165
Total	165
Progress Center - Lot 4 Property, Alachua, FL
Initial Cost to Company
Land	331
Cost at the end of the period
Land	331
Total	331
Progress Vacant Land (47 acres), Alachua, FL
Initial Cost to Company
Land	4,000
Cost at the end of the period
Land	4,000
Total	4,000
22601 Camino Del Mar, Boca Raton (4), FL
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	46,800
Cost Capitalized Subsequent to Acquisition	2,286
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	49,086
Total	52,286
Accumulated Depreciation	5,852
6343 Via de Sonrisa del Sur, Boca Raton, FL
Initial Cost to Company
Land	4,166
Buildings, Improvements & Equipment	39,633
Cost Capitalized Subsequent to Acquisition	729
Cost at the end of the period
Land	4,166
Buildings, Improvements & Equipment	40,362
Total	44,528
Accumulated Depreciation	21,818
1325 S. Congress Avenue, Boynton Beach, FL
Initial Cost to Company
Land	1,620
Buildings, Improvements & Equipment	5,341
Cost Capitalized Subsequent to Acquisition	209
Cost at the end of the period
Land	1,620
Buildings, Improvements & Equipment	5,550
Total	7,170
Accumulated Depreciation	475
1425 Congress Avenue, Boynton Beach, FL
Initial Cost to Company
Land	2,390
Buildings, Improvements & Equipment	14,768
Cost Capitalized Subsequent to Acquisition	1,524
Cost at the end of the period
Land	2,390
Buildings, Improvements & Equipment	16,292
Total	18,682
Accumulated Depreciation	2,043
1416 Country Club Blvd., Cape Coral, FL
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,907
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,907
Total	3,307
Accumulated Depreciation	1,052
8500 Royal Palm Boulevard, Coral Springs, FL
Initial Cost to Company
Land	3,410
Buildings, Improvements & Equipment	20,104
Cost Capitalized Subsequent to Acquisition	23,620
Cost at the end of the period
Land	3,410
Buildings, Improvements & Equipment	43,724
Total	47,134
Accumulated Depreciation	12,569
1208 South Military Trail, Deerfield Beach, FL
Initial Cost to Company
Land	1,690
Buildings, Improvements & Equipment	14,972
Cost Capitalized Subsequent to Acquisition	17,724
Cost at the end of the period
Land	1,701
Buildings, Improvements & Equipment	32,685
Total	34,385
Accumulated Depreciation	9,854
3001 Deer Creek Boulevard, Deerfield Beach, FL
Initial Cost to Company
Land	3,196
Buildings, Improvements & Equipment	18,848
Cost Capitalized Subsequent to Acquisition	15,440
Cost at the end of the period
Land	3,196
Buildings, Improvements & Equipment	34,288
Total	37,485
Accumulated Depreciation	10,946
12780 Kenwood Lane, Fort Myers, FL
Initial Cost to Company
Land	369
Buildings, Improvements & Equipment	2,174
Cost Capitalized Subsequent to Acquisition	2,897
Cost at the end of the period
Land	859
Buildings, Improvements & Equipment	4,581
Total	5,440
Accumulated Depreciation	1,474
2525 East First Street, Fort Myers, FL
Initial Cost to Company
Land	2,385
Buildings, Improvements & Equipment	21,137
Cost Capitalized Subsequent to Acquisition	4,112
Cost at the end of the period
Land	2,525
Buildings, Improvements & Equipment	25,109
Total	27,635
Accumulated Depreciation	12,193
1825 Ridgewood Avenue, Holly Hill (4), FL
Real Estate And Accumulated Depreciation
Encumbrances	11,989
Initial Cost to Company
Land	900
Buildings, Improvements & Equipment	21,202
Cost Capitalized Subsequent to Acquisition	1,504
Cost at the end of the period
Land	900
Buildings, Improvements & Equipment	22,706
Total	23,606
Accumulated Depreciation	2,906
2480 North Park Road, Hollywood, FL
Initial Cost to Company
Land	4,500
Buildings, Improvements & Equipment	40,500
Cost Capitalized Subsequent to Acquisition	11,072
Cost at the end of the period
Land	4,506
Buildings, Improvements & Equipment	51,566
Total	56,072
Accumulated Depreciation	5,727
8901 Tamiami Trail E., Naples, FL
Initial Cost to Company
Land	3,200
Buildings, Improvements & Equipment	2,898
Cost Capitalized Subsequent to Acquisition	12,403
Cost at the end of the period
Land	3,200
Buildings, Improvements & Equipment	15,301
Total	18,501
Accumulated Depreciation	3,482
12780 Waterford Lakes Parkway, Orlando, FL
Initial Cost to Company
Land	977
Buildings, Improvements & Equipment	3,946
Cost at the end of the period
Land	977
Buildings, Improvements & Equipment	3,946
Total	4,923
Accumulated Depreciation	197
1603 S. Hiawassee Road, Orlando, FL
Initial Cost to Company
Land	488
Buildings, Improvements & Equipment	2,621
Cost at the end of the period
Land	488
Buildings, Improvements & Equipment	2,620
Total	3,109
Accumulated Depreciation	131
1825 N. Mills Avenue, Orlando, Orlando, FL
Initial Cost to Company
Land	519
Buildings, Improvements & Equipment	1,799
Cost Capitalized Subsequent to Acquisition	354
Cost at the end of the period
Land	519
Buildings, Improvements & Equipment	2,153
Total	2,672
Accumulated Depreciation	372
1911 N. Mills Avenue, Orlando, Orlando, FL
Initial Cost to Company
Land	1,946
Buildings, Improvements & Equipment	7,197
Cost Capitalized Subsequent to Acquisition	624
Cost at the end of the period
Land	1,946
Buildings, Improvements & Equipment	7,821
Total	9,767
Accumulated Depreciation	1,412
1925 N. Mills Avenue, Orlando, Orlando, FL
Initial Cost to Company
Land	135
Buildings, Improvements & Equipment	532
Cost Capitalized Subsequent to Acquisition	155
Cost at the end of the period
Land	135
Buildings, Improvements & Equipment	688
Total	822
Accumulated Depreciation	108
250 N. Alafaya Trail, Orlando, FL
Initial Cost to Company
Land	967
Buildings, Improvements & Equipment	4,362
Cost at the end of the period
Land	967
Buildings, Improvements & Equipment	4,362
Total	5,329
Accumulated Depreciation	218
45 Katherine Boulevard, Palm Harbor, FL
Initial Cost to Company
Land	3,379
Buildings, Improvements & Equipment	29,945
Cost Capitalized Subsequent to Acquisition	2,259
Cost at the end of the period
Land	3,382
Buildings, Improvements & Equipment	32,200
Total	35,583
Accumulated Depreciation	16,942
900 West Lake Road, Palm Harbor (4), FL
Real Estate And Accumulated Depreciation
Encumbrances	22,683
Initial Cost to Company
Land	3,449
Buildings, Improvements & Equipment	20,336
Cost Capitalized Subsequent to Acquisition	6,271
Cost at the end of the period
Land	3,449
Buildings, Improvements & Equipment	26,607
Total	30,056
Accumulated Depreciation	10,009
8500 West Sunrise Boulevard, Plantation (4), FL
Initial Cost to Company
Land	4,700
Buildings, Improvements & Equipment	24,300
Cost Capitalized Subsequent to Acquisition	2,974
Cost at the end of the period
Land	4,700
Buildings, Improvements & Equipment	27,274
Total	31,974
Accumulated Depreciation	3,905
1371 South Ocean Boulevard, Pompano Beach, FL
Initial Cost to Company
Land	2,500
Buildings, Improvements & Equipment	15,500
Cost Capitalized Subsequent to Acquisition	3,100
Cost at the end of the period
Land	2,500
Buildings, Improvements & Equipment	18,600
Total	21,100
Accumulated Depreciation	2,596
2701 North Course Dr., Pompano Beach, FL
Initial Cost to Company
Land	7,700
Buildings, Improvements & Equipment	2,127
Cost Capitalized Subsequent to Acquisition	34,694
Cost at the end of the period
Land	7,700
Buildings, Improvements & Equipment	36,820
Total	44,520
Accumulated Depreciation	8,639
20480 Veterans Boulevard, Port Charlotte, FL
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	11,934
Cost Capitalized Subsequent to Acquisition	1,078
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	13,012
Total	13,412
Accumulated Depreciation	1,723
1699 S.E. Lyngate Drive, Port St. Lucie, FL
Initial Cost to Company
Land	1,242
Buildings, Improvements & Equipment	11,009
Cost Capitalized Subsequent to Acquisition	934
Cost at the end of the period
Land	1,242
Buildings, Improvements & Equipment	11,943
Total	13,185
Accumulated Depreciation	6,239
501 N.W. Cashmere Boulevard, Port St. Lucie, FL
Initial Cost to Company
Land	890
Buildings, Improvements & Equipment	9,345
Cost Capitalized Subsequent to Acquisition	617
Cost at the end of the period
Land	890
Buildings, Improvements & Equipment	9,962
Total	10,852
Accumulated Depreciation	1,271
3855 Upper Creek Drive, Sun City, FL
Initial Cost to Company
Land	1,676
Buildings, Improvements & Equipment	15,788
Cost Capitalized Subsequent to Acquisition	63
Cost at the end of the period
Land	1,676
Buildings, Improvements & Equipment	15,851
Total	17,527
Accumulated Depreciation	290
900 South Harbour Island Blvd., Tampa, FL
Initial Cost to Company
Land	4,850
Buildings, Improvements & Equipment	6,349
Cost Capitalized Subsequent to Acquisition	7
Cost at the end of the period
Land	4,850
Buildings, Improvements & Equipment	6,356
Total	11,206
Accumulated Depreciation	1,304
111 Executive Center Drive, West Palm Beach, FL
Initial Cost to Company
Land	2,061
Buildings, Improvements & Equipment	12,153
Cost Capitalized Subsequent to Acquisition	9,401
Cost at the end of the period
Land	2,061
Buildings, Improvements & Equipment	21,554
Total	23,615
Accumulated Depreciation	7,678
1200 Bluegrass Lakes Parkway, Alpharetta GA
Initial Cost to Company
Land	1,689
Buildings, Improvements & Equipment	15,936
Cost at the end of the period
Land	1,689
Buildings, Improvements & Equipment	15,936
Total	17,625
Accumulated Depreciation	365
253 N. Main St., Alpharetta, GA
Real Estate And Accumulated Depreciation
Encumbrances	10,143
Initial Cost to Company
Land	1,325
Buildings, Improvements & Equipment	12,377
Cost Capitalized Subsequent to Acquisition	41
Cost at the end of the period
Land	1,325
Buildings, Improvements & Equipment	12,418
Total	13,743
Accumulated Depreciation	228
855 North Point Pkwy, Alpharetta, GA
Initial Cost to Company
Land	5,390
Buildings, Improvements & Equipment	26,712
Cost at the end of the period
Land	5,390
Buildings, Improvements & Equipment	26,712
Total	32,102
Accumulated Depreciation	4,925
1291 Cedar Shoals Drive, Athens, GA
Initial Cost to Company
Land	337
Buildings, Improvements & Equipment	4,006
Cost Capitalized Subsequent to Acquisition	454
Cost at the end of the period
Land	337
Buildings, Improvements & Equipment	4,461
Total	4,797
Accumulated Depreciation	1,359
1515 Sheridan Road, Atlanta, GA
Initial Cost to Company
Land	5,800
Buildings, Improvements & Equipment	9,305
Cost Capitalized Subsequent to Acquisition	3
Cost at the end of the period
Land	5,800
Buildings, Improvements & Equipment	9,308
Total	15,108
Accumulated Depreciation	1,891
59 Executive Park South, Atlanta, GA
Initial Cost to Company
Land	4,980
Buildings, Improvements & Equipment	11,266
Cost Capitalized Subsequent to Acquisition	587
Cost at the end of the period
Land	4,980
Buildings, Improvements & Equipment	11,852
Total	16,832
Accumulated Depreciation	1,541
240 Marietta Highway, Canton, GA
Initial Cost to Company
Land	806
Buildings, Improvements & Equipment	8,555
Cost Capitalized Subsequent to Acquisition	936
Cost at the end of the period
Land	806
Buildings, Improvements & Equipment	9,491
Total	10,297
Accumulated Depreciation	608
4500 South Stadium Drive, Columbus, GA
Initial Cost to Company
Land	294
Buildings, Improvements & Equipment	3,505
Cost Capitalized Subsequent to Acquisition	176
Cost at the end of the period
Land	294
Buildings, Improvements & Equipment	3,681
Total	3,975
Accumulated Depreciation	1,138
1352 Wellbrook Circle, Conyers, GA
Initial Cost to Company
Land	342
Buildings, Improvements & Equipment	4,068
Cost Capitalized Subsequent to Acquisition	916
Cost at the end of the period
Land	342
Buildings, Improvements & Equipment	4,984
Total	5,326
Accumulated Depreciation	1,439
1501 Milstead Road, Conyers, GA
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	7,796
Cost Capitalized Subsequent to Acquisition	248
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	8,044
Total	8,794
Accumulated Depreciation	1,035
3875 Post Road, Conyers, GA
Initial Cost to Company
Land	954
Buildings, Improvements & Equipment	12,796
Cost Capitalized Subsequent to Acquisition	4
Cost at the end of the period
Land	954
Buildings, Improvements & Equipment	12,801
Total	13,755
Accumulated Depreciation	238
4960 Jot Em Down Road, Cumming, GA
Initial Cost to Company
Land	1,548
Buildings, Improvements & Equipment	18,666
Cost Capitalized Subsequent to Acquisition	10,863
Cost at the end of the period
Land	2,541
Buildings, Improvements & Equipment	28,536
Total	31,077
Accumulated Depreciation	1,468
5610 Hampton Park Dr., Cumming, GA
Initial Cost to Company
Land	3,479
Buildings, Improvements & Equipment	14,771
Cost Capitalized Subsequent to Acquisition	160
Cost at the end of the period
Land	3,479
Buildings, Improvements & Equipment	14,930
Total	18,410
Accumulated Depreciation	171
7955 Majors Road, Cumming, GA
Initial Cost to Company
Land	1,325
Buildings, Improvements & Equipment	7,770
Cost Capitalized Subsequent to Acquisition	34
Cost at the end of the period
Land	1,325
Buildings, Improvements & Equipment	7,804
Total	9,129
Accumulated Depreciation	153
2470 Dug Gap Road, Dalton, GA
Initial Cost to Company
Land	262
Buildings, Improvements & Equipment	3,119
Cost Capitalized Subsequent to Acquisition	443
Cost at the end of the period
Land	262
Buildings, Improvements & Equipment	3,562
Total	3,824
Accumulated Depreciation	1,041
101 West Ponce De Leon Avenue, Decatur, GA
Initial Cost to Company
Land	3,500
Buildings, Improvements & Equipment	13,179
Cost at the end of the period
Land	3,500
Buildings, Improvements & Equipment	13,179
Total	16,679
Accumulated Depreciation	1,181
2801 N. Decatur Road, Decatur, GA
Initial Cost to Company
Land	3,100
Buildings, Improvements & Equipment	4,436
Cost Capitalized Subsequent to Acquisition	466
Cost at the end of the period
Land	3,100
Buildings, Improvements & Equipment	4,902
Total	8,002
Accumulated Depreciation	1,030
114 Penland Street, Ellijay, GA
Initial Cost to Company
Land	496
Buildings, Improvements & Equipment	7,107
Cost Capitalized Subsequent to Acquisition	356
Cost at the end of the period
Land	496
Buildings, Improvements & Equipment	7,463
Total	7,959
Accumulated Depreciation	470
353 North Belair Road, Evans, GA
Initial Cost to Company
Land	230
Buildings, Improvements & Equipment	2,663
Cost Capitalized Subsequent to Acquisition	545
Cost at the end of the period
Land	230
Buildings, Improvements & Equipment	3,208
Total	3,438
Accumulated Depreciation	972
1294 Highway 54 West, Fayetteville, GA
Real Estate And Accumulated Depreciation
Encumbrances	8,550
Initial Cost to Company
Land	853
Buildings, Improvements & Equipment	9,903
Cost Capitalized Subsequent to Acquisition	62
Cost at the end of the period
Land	853
Buildings, Improvements & Equipment	9,966
Total	10,819
Accumulated Depreciation	202
2435 Limestone Parkway, Gainesville, GA
Initial Cost to Company
Land	268
Buildings, Improvements & Equipment	3,186
Cost Capitalized Subsequent to Acquisition	446
Cost at the end of the period
Land	268
Buildings, Improvements & Equipment	3,633
Total	3,900
Accumulated Depreciation	1,064
3315 Thompson Bridge Road, Gainesville, GA
Real Estate And Accumulated Depreciation
Encumbrances	18,151
Initial Cost to Company
Land	934
Buildings, Improvements & Equipment	30,962
Cost Capitalized Subsequent to Acquisition	121
Cost at the end of the period
Land	934
Buildings, Improvements & Equipment	31,082
Total	32,016
Accumulated Depreciation	571
5373 Thompson Mill Road, Hoschton, GA
Initial Cost to Company
Land	944
Buildings, Improvements & Equipment	12,171
Cost Capitalized Subsequent to Acquisition	5
Cost at the end of the period
Land	944
Buildings, Improvements & Equipment	12,176
Total	13,120
Accumulated Depreciation	220
8080 Summit Business Parkway, Jonesboro, GA
Initial Cost to Company
Land	1,800
Buildings, Improvements & Equipment	20,664
Cost Capitalized Subsequent to Acquisition	710
Cost at the end of the period
Land	1,800
Buildings, Improvements & Equipment	21,375
Total	23,175
Accumulated Depreciation	2,811
6191 Peake Road, Macon, GA
Initial Cost to Company
Land	183
Buildings, Improvements & Equipment	2,179
Cost Capitalized Subsequent to Acquisition	553
Cost at the end of the period
Land	183
Buildings, Improvements & Equipment	2,732
Total	2,915
Accumulated Depreciation	779
1360 Upper Hembree Road, Roswell, GA
Initial Cost to Company
Land	1,080
Buildings, Improvements & Equipment	6,138
Cost at the end of the period
Land	1,080
Buildings, Improvements & Equipment	6,138
Total	7,218
Accumulated Depreciation	563
1 Savannah Square Drive, Savannah, GA
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	19,090
Cost Capitalized Subsequent to Acquisition	4,361
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	23,451
Total	24,651
Accumulated Depreciation	5,597
5200 Habersham Street, Savannah (4), GA
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	7,800
Cost Capitalized Subsequent to Acquisition	527
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	8,327
Total	9,127
Accumulated Depreciation	1,103
7410 Skidaway Road, Savannah, GA
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	5,670
Cost Capitalized Subsequent to Acquisition	1,013
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	6,683
Total	7,083
Accumulated Depreciation	1,754
2078 Scenic Highway North, Snellville, GA
Initial Cost to Company
Land	870
Buildings, Improvements & Equipment	4,030
Cost Capitalized Subsequent to Acquisition	313
Cost at the end of the period
Land	870
Buildings, Improvements & Equipment	4,343
Total	5,213
Accumulated Depreciation	719
475 Country Club Dr., Stockbridge, GA
Real Estate And Accumulated Depreciation
Encumbrances	8,483
Initial Cost to Company
Land	512
Buildings, Improvements & Equipment	9,560
Cost Capitalized Subsequent to Acquisition	93
Cost at the end of the period
Land	512
Buildings, Improvements & Equipment	9,653
Total	10,165
Accumulated Depreciation	191
1300 Montreal Road, Tucker, GA
Initial Cost to Company
Land	690
Buildings, Improvements & Equipment	6,210
Cost Capitalized Subsequent to Acquisition	809
Cost at the end of the period
Land	690
Buildings, Improvements & Equipment	7,019
Total	7,709
Accumulated Depreciation	2,046
1100 Ward Avenue, Honolulu (4), HI
Initial Cost to Company
Land	11,200
Buildings, Improvements & Equipment	55,618
Cost Capitalized Subsequent to Acquisition	1,354
Cost at the end of the period
Land	11,200
Buildings, Improvements & Equipment	56,972
Total	68,172
Accumulated Depreciation	4,945
600 Manor Drive, Clarinda, IA
Initial Cost to Company
Land	77
Buildings, Improvements & Equipment	1,453
Cost Capitalized Subsequent to Acquisition	911
Cost at the end of the period
Land	77
Buildings, Improvements & Equipment	2,364
Total	2,440
Accumulated Depreciation	1,432
2401 E. 8th Street, Des Moines, IA
Initial Cost to Company
Land	123
Buildings, Improvements & Equipment	627
Cost Capitalized Subsequent to Acquisition	1,309
Cost at the end of the period
Land	123
Buildings, Improvements & Equipment	1,936
Total	2,059
Accumulated Depreciation	766
608 Prairie Street, Mediapolis, IA
Initial Cost to Company
Land	94
Buildings, Improvements & Equipment	1,776
Cost Capitalized Subsequent to Acquisition	717
Cost at the end of the period
Land	94
Buildings, Improvements & Equipment	2,493
Total	2,587
Accumulated Depreciation	1,528
1015 West Summit, Winterset, IA
Initial Cost to Company
Land	111
Buildings, Improvements & Equipment	2,099
Cost Capitalized Subsequent to Acquisition	1,320
Impairment	(314)
Cost at the end of the period
Land	111
Buildings, Improvements & Equipment	3,105
Total	3,216
Accumulated Depreciation	1,881
2340 West Seltice Way, Coeur d'Alene, ID
Initial Cost to Company
Land	910
Buildings, Improvements & Equipment	7,170
Cost Capitalized Subsequent to Acquisition	342
Cost at the end of the period
Land	917
Buildings, Improvements & Equipment	7,505
Total	8,422
Accumulated Depreciation	708
850 Lincoln Drive, Idaho Falls, ID
Initial Cost to Company
Land	510
Buildings, Improvements & Equipment	6,640
Cost Capitalized Subsequent to Acquisition	1,364
Cost at the end of the period
Land	703
Buildings, Improvements & Equipment	7,811
Total	8,514
Accumulated Depreciation	697
1250 West Central Road, Arlington Heights, IL
Initial Cost to Company
Land	3,665
Buildings, Improvements & Equipment	32,587
Cost Capitalized Subsequent to Acquisition	2,776
Cost at the end of the period
Land	3,665
Buildings, Improvements & Equipment	35,363
Total	39,029
Accumulated Depreciation	17,956
1450 Busch Parkway, Buffalo Grove, IL
Initial Cost to Company
Land	3,800
Buildings, Improvements & Equipment	11,456
Cost Capitalized Subsequent to Acquisition	347
Cost at the end of the period
Land	3,800
Buildings, Improvements & Equipment	11,803
Total	15,603
Accumulated Depreciation	1,527
2601 Patriot Boulevard, Buffalo Grove, IL
Initial Cost to Company
Land	2,285
Buildings, Improvements & Equipment	9,593
Cost at the end of the period
Land	2,285
Buildings, Improvements & Equipment	9,593
Total	11,878
Accumulated Depreciation	220
1373 D'Adrian Professional Park, Godfrey, IL
Initial Cost to Company
Land	281
Buildings, Improvements & Equipment	15,088
Cost Capitalized Subsequent to Acquisition	60
Cost at the end of the period
Land	281
Buildings, Improvements & Equipment	15,148
Total	15,429
Accumulated Depreciation	271
221 11th Avenue, Moline, IL
Initial Cost to Company
Land	161
Buildings, Improvements & Equipment	7,244
Cost Capitalized Subsequent to Acquisition	20
Cost at the end of the period
Land	161
Buildings, Improvements & Equipment	7,264
Total	7,424
Accumulated Depreciation	131
900 43rd Avenue, Moline, IL
Initial Cost to Company
Land	482
Buildings, Improvements & Equipment	7,651
Cost Capitalized Subsequent to Acquisition	46
Cost at the end of the period
Land	482
Buildings, Improvements & Equipment	7,697
Total	8,179
Accumulated Depreciation	133
2700 14th Street, Pekin (5), IL
Real Estate And Accumulated Depreciation
Encumbrances	5,148
Initial Cost to Company
Land	171
Buildings, Improvements & Equipment	11,475
Cost Capitalized Subsequent to Acquisition	41
Cost at the end of the period
Land	171
Buildings, Improvements & Equipment	11,516
Total	11,686
Accumulated Depreciation	202
7130 Crimson Ridge Drive, Rockford, IL
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	7,300
Cost Capitalized Subsequent to Acquisition	28
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	7,328
Total	7,528
Accumulated Depreciation	949
1220 Lakeview Drive, Romeoville, IL
Initial Cost to Company
Land	1,120
Buildings, Improvements & Equipment	19,582
Cost at the end of the period
Land	1,120
Buildings, Improvements & Equipment	19,582
Total	20,702
Accumulated Depreciation	3,610
900 Southwind Road, Springfield, IL
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	6,744
Cost Capitalized Subsequent to Acquisition	1,017
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	7,760
Total	8,060
Accumulated Depreciation	1,967
2705 Avenue E, Sterling, (5) IL
Real Estate And Accumulated Depreciation
Encumbrances	4,977
Initial Cost to Company
Land	341
Buildings, Improvements & Equipment	14,331
Cost Capitalized Subsequent to Acquisition	43
Cost at the end of the period
Land	341
Buildings, Improvements & Equipment	14,374
Total	14,715
Accumulated Depreciation	256
100 Grand Victorian Place, Washington (5) IL
Real Estate And Accumulated Depreciation
Encumbrances	5,797
Initial Cost to Company
Land	241
Buildings, Improvements & Equipment	12,046
Cost Capitalized Subsequent to Acquisition	37
Cost at the end of the period
Land	241
Buildings, Improvements & Equipment	12,083
Total	12,324
Accumulated Depreciation	211
1615 Lakeside Drive, Waukegan, IL
Initial Cost to Company
Land	2,700
Buildings, Improvements & Equipment	9,590
Cost Capitalized Subsequent to Acquisition	161
Cost at the end of the period
Land	2,700
Buildings, Improvements & Equipment	9,751
Total	12,451
Accumulated Depreciation	1,030
1675 Lakeside Drive, Waukegan, IL
Initial Cost to Company
Land	2,420
Buildings, Improvements & Equipment	9,382
Cost Capitalized Subsequent to Acquisition	38
Cost at the end of the period
Land	2,420
Buildings, Improvements & Equipment	9,420
Total	11,840
Accumulated Depreciation	1,000
406 Smith Drive, Auburn (5) IN
Real Estate And Accumulated Depreciation
Encumbrances	6,209
Initial Cost to Company
Land	380
Buildings, Improvements & Equipment	8,246
Cost Capitalized Subsequent to Acquisition	39
Cost at the end of the period
Land	380
Buildings, Improvements & Equipment	8,286
Total	8,666
Accumulated Depreciation	1,617
6990 East County Road 100 North, Avon (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	8,885
Initial Cost to Company
Land	850
Buildings, Improvements & Equipment	11,888
Cost Capitalized Subsequent to Acquisition	216
Cost at the end of the period
Land	850
Buildings, Improvements & Equipment	12,104
Total	12,954
Accumulated Depreciation	2,359
2455 Tamarack Trail, Bloomington, IN
Initial Cost to Company
Land	5,400
Buildings, Improvements & Equipment	25,129
Cost Capitalized Subsequent to Acquisition	4,958
Cost at the end of the period
Land	5,400
Buildings, Improvements & Equipment	30,087
Total	35,487
Accumulated Depreciation	4,961
2460 Glebe Street, Carmel IN
Initial Cost to Company
Land	2,108
Buildings, Improvements & Equipment	57,741
Cost Capitalized Subsequent to Acquisition	71
Cost at the end of the period
Land	2,116
Buildings, Improvements & Equipment	57,805
Total	59,921
Accumulated Depreciation	993
701 East County Line Road, Greenwood, IN
Initial Cost to Company
Land	1,830
Buildings, Improvements & Equipment	14,303
Cost Capitalized Subsequent to Acquisition	188
Cost at the end of the period
Land	1,830
Buildings, Improvements & Equipment	14,491
Total	16,321
Accumulated Depreciation	1,472
8505 Woodfield Crossing Boulevard, Indianapolis (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	23,771
Initial Cost to Company
Land	2,785
Buildings, Improvements & Equipment	16,396
Cost Capitalized Subsequent to Acquisition	5,683
Cost at the end of the period
Land	2,785
Buildings, Improvements & Equipment	22,079
Total	24,865
Accumulated Depreciation	8,051
603 Saint Joseph Drive, Kokomo (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	3,941
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	5,899
Cost Capitalized Subsequent to Acquisition	173
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	6,073
Total	6,293
Accumulated Depreciation	1,207
1211 Longwood Drive, La Porte (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	4,339
Initial Cost to Company
Land	770
Buildings, Improvements & Equipment	5,550
Cost Capitalized Subsequent to Acquisition	35
Cost at the end of the period
Land	770
Buildings, Improvements & Equipment	5,585
Total	6,355
Accumulated Depreciation	1,139
1590 West Timberview Drive, Marion (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	3,664
Initial Cost to Company
Land	410
Buildings, Improvements & Equipment	5,409
Cost Capitalized Subsequent to Acquisition	209
Cost at the end of the period
Land	410
Buildings, Improvements & Equipment	5,618
Total	6,028
Accumulated Depreciation	1,132
1473 East McKay Road, Shelbyville (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	3,533
Initial Cost to Company
Land	190
Buildings, Improvements & Equipment	5,328
Cost Capitalized Subsequent to Acquisition	79
Cost at the end of the period
Land	190
Buildings, Improvements & Equipment	5,407
Total	5,597
Accumulated Depreciation	1,083
17441 State Rd. #23 (aka 17490 E. Douglas Rd.), South Bend, IN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,107
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,107
Total	3,507
Accumulated Depreciation	1,124
222 South 25th Street, Terra Haute (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	10,427
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	13,115
Cost Capitalized Subsequent to Acquisition	407
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	13,522
Total	13,822
Accumulated Depreciation	2,612
150 Fox Ridge Drive, Vincennes (4), IN
Real Estate And Accumulated Depreciation
Encumbrances	2,551
Initial Cost to Company
Land	110
Buildings, Improvements & Equipment	3,603
Cost Capitalized Subsequent to Acquisition	1,144
Cost at the end of the period
Land	110
Buildings, Improvements & Equipment	4,747
Total	4,857
Accumulated Depreciation	863
510 W. 7th Street, Ellinwood, KS
Initial Cost to Company
Land	130
Buildings, Improvements & Equipment	1,137
Cost Capitalized Subsequent to Acquisition	497
Cost at the end of the period
Land	130
Buildings, Improvements & Equipment	1,634
Total	1,764
Accumulated Depreciation	894
1501 Inverness Drive, Lawrence, KS
Initial Cost to Company
Land	1,600
Buildings, Improvements & Equipment	18,565
Cost Capitalized Subsequent to Acquisition	321
Cost at the end of the period
Land	1,614
Buildings, Improvements & Equipment	18,872
Total	20,486
Accumulated Depreciation	3,389
3501 West 95th Street, Overland Park (4), KS
Real Estate And Accumulated Depreciation
Encumbrances	19,540
Initial Cost to Company
Land	2,568
Buildings, Improvements & Equipment	15,140
Cost Capitalized Subsequent to Acquisition	3,962
Cost at the end of the period
Land	2,568
Buildings, Improvements & Equipment	19,103
Total	21,670
Accumulated Depreciation	7,279
6555 West 75th Street , Overland Park, KS
Initial Cost to Company
Land	1,274
Buildings, Improvements & Equipment	1,126
Cost Capitalized Subsequent to Acquisition	12,402
Cost at the end of the period
Land	1,274
Buildings, Improvements & Equipment	13,528
Total	14,802
Accumulated Depreciation	4,981
981 Campbell Lane, Bowling Green, KY
Initial Cost to Company
Land	365
Buildings, Improvements & Equipment	4,345
Cost Capitalized Subsequent to Acquisition	487
Cost at the end of the period
Land	365
Buildings, Improvements & Equipment	4,832
Total	5,197
Accumulated Depreciation	1,462
102 Leonardwood, Frankfort, KY
Initial Cost to Company
Land	560
Buildings, Improvements & Equipment	8,282
Cost Capitalized Subsequent to Acquisition	1,186
Cost at the end of the period
Land	560
Buildings, Improvements & Equipment	9,468
Total	10,028
Accumulated Depreciation	2,395
4190 Lafayette Road, Hopkinsville, KY
Initial Cost to Company
Land	316
Buildings, Improvements & Equipment	3,761
Cost Capitalized Subsequent to Acquisition	189
Cost at the end of the period
Land	316
Buildings, Improvements & Equipment	3,950
Total	4,266
Accumulated Depreciation	1,227
690 Mason Headley Road, Lexington (5), KY
Real Estate And Accumulated Depreciation
Encumbrances	9,909
Initial Cost to Company
Buildings, Improvements & Equipment	10,848
Cost Capitalized Subsequent to Acquisition	11,368
Cost at the end of the period
Buildings, Improvements & Equipment	22,216
Total	22,216
Accumulated Depreciation	10,755
700 Mason Headley Road, Lexington (5), KY
Real Estate And Accumulated Depreciation
Encumbrances	2,247
Initial Cost to Company
Buildings, Improvements & Equipment	6,394
Cost Capitalized Subsequent to Acquisition	7,291
Cost at the end of the period
Buildings, Improvements & Equipment	13,685
Total	13,685
Accumulated Depreciation	5,767
200 Brookside Drive, Louisville (4), KY
Real Estate And Accumulated Depreciation
Encumbrances	28,750
Initial Cost to Company
Land	3,524
Buildings, Improvements & Equipment	20,779
Cost Capitalized Subsequent to Acquisition	6,109
Cost at the end of the period
Land	3,524
Buildings, Improvements & Equipment	26,888
Total	30,412
Accumulated Depreciation	10,538
1517 West Broadway, Mayfield, KY
Initial Cost to Company
Land	268
Buildings, Improvements & Equipment	2,730
Cost Capitalized Subsequent to Acquisition	736
Cost at the end of the period
Land	268
Buildings, Improvements & Equipment	3,466
Total	3,734
Accumulated Depreciation	1,081
1700 Elmdale Road, Paducah, KY
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,358
Cost Capitalized Subsequent to Acquisition	822
Cost at the end of the period
Land	450
Buildings, Improvements & Equipment	6,180
Total	6,630
Accumulated Depreciation	1,829
100 Neighborly Way, Somerset, KY
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	4,919
Cost Capitalized Subsequent to Acquisition	258
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	5,177
Total	5,377
Accumulated Depreciation	1,184
2661 North Boulevard, Banton Rouge, LA
Initial Cost to Company
Land	199
Buildings, Improvements & Equipment	1,067
Cost at the end of the period
Land	199
Buildings, Improvements & Equipment	1,067
Total	1,266
Accumulated Depreciation	24
7656 Realtors Drive, Banton Rouge, LA
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	907
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	907
Total	1,006
Accumulated Depreciation	21
137 Veterans Boulevard, Denham Springs, LA
Initial Cost to Company
Land	228
Buildings, Improvements & Equipment	1,536
Cost at the end of the period
Land	228
Buildings, Improvements & Equipment	1,536
Total	1,763
Accumulated Depreciation	35
2995 Race Street, Jackson, LA
Initial Cost to Company
Land	30
Buildings, Improvements & Equipment	845
Cost at the end of the period
Land	30
Buildings, Improvements & Equipment	845
Total	875
Accumulated Depreciation	19
24660 Plaza Drive, Plaquemine, LA
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	1,043
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	1,043
Total	1,143
Accumulated Depreciation	24
17392 Vallee Court, Prairieville, LA
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	837
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	837
Total	936
Accumulated Depreciation	19
35 Milbury St, Auburn, MA
Initial Cost to Company
Land	1,510
Buildings, Improvements & Equipment	7,000
Cost Capitalized Subsequent to Acquisition	310
Cost at the end of the period
Land	1,510
Buildings, Improvements & Equipment	7,310
Total	8,820
Accumulated Depreciation	1,404
1295 Boylston Street, Boston, MA
Initial Cost to Company
Land	7,600
Buildings, Improvements & Equipment	18,140
Cost Capitalized Subsequent to Acquisition	1,028
Cost at the end of the period
Land	7,600
Buildings, Improvements & Equipment	19,168
Total	26,768
Accumulated Depreciation	2,288
50 Northern Ave/11 Fan Pier Blvd, Boston,MA
Initial Cost to Company
Land	52,643
Buildings, Improvements & Equipment	784,954
Cost Capitalized Subsequent to Acquisition	2,109
Cost at the end of the period
Land	52,644
Buildings, Improvements & Equipment	787,062
Total	839,706
Accumulated Depreciation	32,932
549 Albany Street, Boston, MA
Initial Cost to Company
Land	4,576
Buildings, Improvements & Equipment	45,029
Cost at the end of the period
Land	4,569
Buildings, Improvements & Equipment	45,036
Total	49,605
Accumulated Depreciation	2,627
330 Baker Avenue, Concord, MA
Initial Cost to Company
Land	3,775
Buildings, Improvements & Equipment	19,906
Cost at the end of the period
Land	3,775
Buildings, Improvements & Equipment	19,906
Total	23,681
Accumulated Depreciation	456
370 Lunenburg St, Fitchburg, MA
Initial Cost to Company
Land	330
Buildings, Improvements & Equipment	3,361
Cost Capitalized Subsequent to Acquisition	32
Cost at the end of the period
Land	330
Buildings, Improvements & Equipment	3,393
Total	3,723
Accumulated Depreciation	626
165 Mill St, Leominster, MA
Initial Cost to Company
Land	1,520
Buildings, Improvements & Equipment	8,703
Cost Capitalized Subsequent to Acquisition	718
Cost at the end of the period
Land	1,520
Buildings, Improvements & Equipment	9,421
Total	10,941
Accumulated Depreciation	1,826
4 Maguire Road, Lexington, MA
Initial Cost to Company
Land	3,600
Buildings, Improvements & Equipment	15,555
Cost Capitalized Subsequent to Acquisition	2,288
Impairment	(7,255)
Cost at the end of the period
Land	3,607
Buildings, Improvements & Equipment	10,582
Total	14,188
Accumulated Depreciation	2,163
100 Hampshire Street, Mansfield, MA
Initial Cost to Company
Land	2,090
Buildings, Improvements & Equipment	8,215
Cost Capitalized Subsequent to Acquisition	569
Cost at the end of the period
Land	2,486
Buildings, Improvements & Equipment	8,388
Total	10,874
Accumulated Depreciation	1,042
15 Hampshire Street, Mansfield, MA
Initial Cost to Company
Land	1,360
Buildings, Improvements & Equipment	7,326
Cost Capitalized Subsequent to Acquisition	108
Cost at the end of the period
Land	1,360
Buildings, Improvements & Equipment	7,434
Total	8,794
Accumulated Depreciation	929
5 Hampshire Street, Mansfield, MA
Initial Cost to Company
Land	1,190
Buildings, Improvements & Equipment	5,737
Cost at the end of the period
Land	1,190
Buildings, Improvements & Equipment	5,737
Total	6,927
Accumulated Depreciation	717
176 West St, Milford, MA
Initial Cost to Company
Land	510
Buildings, Improvements & Equipment	3,039
Cost Capitalized Subsequent to Acquisition	595
Cost at the end of the period
Land	510
Buildings, Improvements & Equipment	3,634
Total	4,144
Accumulated Depreciation	909
108 Elm St, Millbury, MA
Initial Cost to Company
Land	160
Buildings, Improvements & Equipment	767
Cost at the end of the period
Land	160
Buildings, Improvements & Equipment	767
Total	927
Accumulated Depreciation	143
30 Newcrossing Road, Reading (4), MA
Real Estate And Accumulated Depreciation
Encumbrances	10,861
Initial Cost to Company
Land	1,443
Buildings, Improvements & Equipment	14,153
Cost Capitalized Subsequent to Acquisition	50
Cost at the end of the period
Land	1,443
Buildings, Improvements & Equipment	14,203
Total	15,646
Accumulated Depreciation	1,159
407 Main St, Spencer, MA
Initial Cost to Company
Land	270
Buildings, Improvements & Equipment	2,607
Cost Capitalized Subsequent to Acquisition	476
Cost at the end of the period
Land	270
Buildings, Improvements & Equipment	3,083
Total	3,353
Accumulated Depreciation	726
106 East Main, Westborough, MA
Initial Cost to Company
Land	920
Buildings, Improvements & Equipment	6,956
Cost Capitalized Subsequent to Acquisition	126
Cost at the end of the period
Land	920
Buildings, Improvements & Equipment	7,082
Total	8,002
Accumulated Depreciation	1,318
112 East Main, Westborough, MA
Initial Cost to Company
Land	230
Buildings, Improvements & Equipment	135
Cost at the end of the period
Land	230
Buildings, Improvements & Equipment	135
Total	365
Accumulated Depreciation	26
299 Cambridge Street, Winchester, MA
Initial Cost to Company
Land	3,218
Buildings, Improvements & Equipment	18,988
Cost Capitalized Subsequent to Acquisition	10,258
Cost at the end of the period
Land	3,218
Buildings, Improvements & Equipment	29,246
Total	32,464
Accumulated Depreciation	9,601
135 Goldstar Blvd, Worcester, MA
Initial Cost to Company
Land	865
Buildings, Improvements & Equipment	10,912
Cost Capitalized Subsequent to Acquisition	1,136
Cost at the end of the period
Land	865
Buildings, Improvements & Equipment	12,048
Total	12,913
Accumulated Depreciation	2,161
191 May St, Worcester, MA
Initial Cost to Company
Land	730
Buildings, Improvements & Equipment	3,634
Cost Capitalized Subsequent to Acquisition	42
Cost at the end of the period
Land	730
Buildings, Improvements & Equipment	3,676
Total	4,406
Accumulated Depreciation	679
277 E Mountain, Worcester, MA
Initial Cost to Company
Land	191
Buildings, Improvements & Equipment	2,133
Cost Capitalized Subsequent to Acquisition	113
Impairment	(889)
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	1,357
Total	1,548
Accumulated Depreciation	274
425 N Lake Ave, Worcester, MA
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	6,176
Cost Capitalized Subsequent to Acquisition	101
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	6,277
Total	7,477
Accumulated Depreciation	1,164
630 Plantation St, Worcester, MA
Initial Cost to Company
Land	770
Buildings, Improvements & Equipment	10,408
Cost Capitalized Subsequent to Acquisition	528
Cost at the end of the period
Land	770
Buildings, Improvements & Equipment	10,936
Total	11,706
Accumulated Depreciation	2,140
2717 Riva Road, Annapolis, MD
Initial Cost to Company
Land	1,290
Buildings, Improvements & Equipment	12,373
Cost Capitalized Subsequent to Acquisition	514
Cost at the end of the period
Land	1,290
Buildings, Improvements & Equipment	12,888
Total	14,178
Accumulated Depreciation	2,516
658 Boulton Street, Bel Air, MD
Initial Cost to Company
Land	4,750
Buildings, Improvements & Equipment	16,504
Cost Capitalized Subsequent to Acquisition	2
Cost at the end of the period
Land	4,750
Buildings, Improvements & Equipment	16,506
Total	21,256
Accumulated Depreciation	3,353
7600 Laurel Bowie Road, Bowie, MD
Initial Cost to Company
Land	408
Buildings, Improvements & Equipment	3,421
Cost Capitalized Subsequent to Acquisition	450
Cost at the end of the period
Land	408
Buildings, Improvements & Equipment	3,871
Total	4,279
Accumulated Depreciation	1,495
8100 Connecticut Avenue, Chevy Chase (4), MD
Real Estate And Accumulated Depreciation
Encumbrances	51,659
Initial Cost to Company
Land	15,170
Buildings, Improvements & Equipment	92,830
Cost Capitalized Subsequent to Acquisition	3,111
Cost at the end of the period
Land	15,170
Buildings, Improvements & Equipment	95,941
Total	111,111
Accumulated Depreciation	10,619
8220 Snowden River Parkway, Columbia, MD
Initial Cost to Company
Land	1,390
Buildings, Improvements & Equipment	10,303
Cost Capitalized Subsequent to Acquisition	155
Cost at the end of the period
Land	1,390
Buildings, Improvements & Equipment	10,458
Total	11,848
Accumulated Depreciation	2,047
700 Port Street , Easton, MD
Initial Cost to Company
Land	383
Buildings, Improvements & Equipment	4,555
Cost Capitalized Subsequent to Acquisition	2,994
Cost at the end of the period
Land	394
Buildings, Improvements & Equipment	7,538
Total	7,932
Accumulated Depreciation	2,295
3004 North Ridge Road , Ellicott City (4), MD
Real Estate And Accumulated Depreciation
Encumbrances	19,245
Initial Cost to Company
Land	1,409
Buildings, Improvements & Equipment	22,691
Cost Capitalized Subsequent to Acquisition	6,301
Cost at the end of the period
Land	1,443
Buildings, Improvements & Equipment	28,959
Total	30,401
Accumulated Depreciation	9,521
1820 Latham Drive , Frederick, MD
Initial Cost to Company
Land	385
Buildings, Improvements & Equipment	3,444
Cost Capitalized Subsequent to Acquisition	427
Cost at the end of the period
Land	385
Buildings, Improvements & Equipment	3,871
Total	4,255
Accumulated Depreciation	1,506
2100A & B Whittier Drive, Frederick, MD
Initial Cost to Company
Land	1,260
Buildings, Improvements & Equipment	9,464
Cost Capitalized Subsequent to Acquisition	934
Cost at the end of the period
Land	1,260
Buildings, Improvements & Equipment	10,397
Total	11,657
Accumulated Depreciation	1,980
10114 + 10116 Sharpsburg Pike, Hagerstown, MD
Initial Cost to Company
Land	1,040
Buildings, Improvements & Equipment	7,471
Cost Capitalized Subsequent to Acquisition	548
Cost at the end of the period
Land	1,040
Buildings, Improvements & Equipment	8,019
Total	9,059
Accumulated Depreciation	1,513
4000 Old Court Road, Pikesville, MD
Initial Cost to Company
Land	2,000
Buildings, Improvements & Equipment	4,974
Cost Capitalized Subsequent to Acquisition	496
Cost at the end of the period
Land	2,000
Buildings, Improvements & Equipment	5,470
Total	7,470
Accumulated Depreciation	1,034
715 Benfield Road, Severna Park (4), MD
Real Estate And Accumulated Depreciation
Encumbrances	8,508
Initial Cost to Company
Land	229
Buildings, Improvements & Equipment	9,798
Cost Capitalized Subsequent to Acquisition	1,657
Cost at the end of the period
Land	242
Buildings, Improvements & Equipment	11,441
Total	11,683
Accumulated Depreciation	4,218
14400 Homecrest Road , Silver Spring, MD
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	9,288
Cost Capitalized Subsequent to Acquisition	6,505
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	15,793
Total	16,993
Accumulated Depreciation	5,385
3701 International Drive, Silver Spring, MD
Initial Cost to Company
Land	3,301
Buildings, Improvements & Equipment	29,065
Cost Capitalized Subsequent to Acquisition	714
Cost at the end of the period
Land	3,301
Buildings, Improvements & Equipment	29,779
Total	33,080
Accumulated Depreciation	15,975
801 Roeder Road, Unit OU-1, Silver Spring, MD
Initial Cost to Company
Land	1,900
Buildings, Improvements & Equipment	12,858
Cost Capitalized Subsequent to Acquisition	886
Cost at the end of the period
Land	1,900
Buildings, Improvements & Equipment	13,744
Total	15,644
Accumulated Depreciation	1,261
720 & 734 N. Pine Road, Hampton, MI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,406
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,406
Total	2,706
Accumulated Depreciation	871
4004 & 4012 Waldo Road, Midland, MI
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,606
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,606
Total	3,006
Accumulated Depreciation	949
1605 & 1615 Fredericks Drive, Monroe, MI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,506
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,506
Total	2,806
Accumulated Depreciation	910
3150 & 3100 Old Centre Road, Portage, MI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,206
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,206
Total	2,506
Accumulated Depreciation	800
2445 & 2485 Mc Carty Road, Saginaw, MI
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	5,212
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	5,212
Total	5,812
Accumulated Depreciation	1,884
11855 Ulysses Street NE, Blaine (5), MN
Real Estate And Accumulated Depreciation
Encumbrances	8,948
Initial Cost to Company
Land	2,249
Buildings, Improvements & Equipment	9,276
Cost Capitalized Subsequent to Acquisition	74
Cost at the end of the period
Land	2,249
Buildings, Improvements & Equipment	9,349
Total	11,599
Accumulated Depreciation	707
11855 Ulysses Street NE, Blaine, MN
Initial Cost to Company
Land	525
Cost at the end of the period
Land	525
Total	525
1305 Corporate Center Drive, Eagan, MN
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	13,105
Cost Capitalized Subsequent to Acquisition	2,501
Cost at the end of the period
Land	2,300
Buildings, Improvements & Equipment	15,606
Total	17,906
Accumulated Depreciation	1,650
1201 Northland Drive, Mendota Heights, MN
Initial Cost to Company
Land	1,220
Buildings, Improvements & Equipment	10,208
Cost Capitalized Subsequent to Acquisition	95
Cost at the end of the period
Land	1,220
Buildings, Improvements & Equipment	10,303
Total	11,523
Accumulated Depreciation	1,262
20500/20600 South Diamond Lake Road, Rogers, MN
Initial Cost to Company
Land	2,760
Buildings, Improvements & Equipment	45,789
Cost Capitalized Subsequent to Acquisition	1,043
Cost at the end of the period
Land	2,767
Buildings, Improvements & Equipment	46,826
Total	49,593
Accumulated Depreciation	9,526
2200 County Road C West, Roseville, MN
Initial Cost to Company
Land	590
Buildings, Improvements & Equipment	702
Cost Capitalized Subsequent to Acquisition	210
Cost at the end of the period
Land	590
Buildings, Improvements & Equipment	911
Total	1,501
Accumulated Depreciation	81
4166 Lexington Avenue N, Shoreview, MN
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	4,547
Cost Capitalized Subsequent to Acquisition	242
Cost at the end of the period
Land	1,392
Buildings, Improvements & Equipment	4,698
Total	6,089
Accumulated Depreciation	535
1365 Crestridge Lane, West St. Paul, MN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,608
Cost Capitalized Subsequent to Acquisition	100
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,708
Total	4,108
Accumulated Depreciation	1,466
305 & 315 Thompson Avenue, West St. Paul, MN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	2,506
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	2,506
Total	2,906
Accumulated Depreciation	1,005
5351 Gretna Road, Branson (5), MO
Real Estate And Accumulated Depreciation
Encumbrances	4,641
Initial Cost to Company
Land	743
Buildings, Improvements & Equipment	10,973
Cost Capitalized Subsequent to Acquisition	60
Cost at the end of the period
Land	743
Buildings, Improvements & Equipment	11,033
Total	11,776
Accumulated Depreciation	196
3828 College View Drive, Joplin (4), MO
Real Estate And Accumulated Depreciation
Encumbrances	5,524
Initial Cost to Company
Land	260
Buildings, Improvements & Equipment	11,382
Cost Capitalized Subsequent to Acquisition	160
Cost at the end of the period
Land	260
Buildings, Improvements & Equipment	11,542
Total	11,802
Accumulated Depreciation	1,092
14100 Magellan Plaza, Maryland Heights, MO
Initial Cost to Company
Land	3,719
Buildings, Improvements & Equipment	37,304
Cost at the end of the period
Land	3,179
Buildings, Improvements & Equipment	37,844
Total	41,023
Accumulated Depreciation	862
640 E. Highland Avenue, Nevada, MO
Initial Cost to Company
Land	311
Buildings, Improvements & Equipment	5,703
Cost Capitalized Subsequent to Acquisition	44
Cost at the end of the period
Land	311
Buildings, Improvements & Equipment	5,747
Total	6,058
Accumulated Depreciation	101
2410 W. Chesterfield Blvd (5), SpringField, MO
Real Estate And Accumulated Depreciation
Encumbrances	6,578
Initial Cost to Company
Land	924
Buildings, Improvements & Equipment	12,772
Cost Capitalized Subsequent to Acquisition	32
Cost at the end of the period
Land	924
Buildings, Improvements & Equipment	12,803
Total	13,727
Accumulated Depreciation	222
3540 East Cherokee Street (5), SpringField, MO
Real Estate And Accumulated Depreciation
Encumbrances	3,785
Initial Cost to Company
Land	1,084
Buildings, Improvements & Equipment	11,339
Cost Capitalized Subsequent to Acquisition	50
Cost at the end of the period
Land	1,084
Buildings, Improvements & Equipment	11,390
Total	12,474
Accumulated Depreciation	200
4700 North Hanley Road, St Louis, Mo
Initial Cost to Company
Land	5,166
Buildings, Improvements & Equipment	41,587
Cost at the end of the period
Land	5,166
Buildings, Improvements & Equipment	41,587
Total	46,753
Accumulated Depreciation	953
1 Lincoln Parkway, Hattiesburg, MS
Initial Cost to Company
Land	1,269
Buildings, Improvements & Equipment	11,691
Cost Capitalized Subsequent to Acquisition	42
Cost at the end of the period
Land	1,269
Buildings, Improvements & Equipment	11,734
Total	13,002
Accumulated Depreciation	805
1488 Belk Boulevard, Oxford, MS
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,791
Cost Capitalized Subsequent to Acquisition	299
Cost at the end of the period
Land	388
Buildings, Improvements & Equipment	6,152
Total	6,540
Accumulated Depreciation	1,462
108 Clarington Drive, Southaven, MS
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	5,795
Cost Capitalized Subsequent to Acquisition	425
Cost at the end of the period
Land	450
Buildings, Improvements & Equipment	6,220
Total	6,670
Accumulated Depreciation	1,479
1547 North Hunters Way, Bozeman, MT
Initial Cost to Company
Land	1,616
Buildings, Improvements & Equipment	27,750
Cost at the end of the period
Land	1,616
Buildings, Improvements & Equipment	27,750
Total	29,366
Accumulated Depreciation	484
112 + 118 Alamance Road, Burlington (4), NC
Real Estate And Accumulated Depreciation
Encumbrances	6,115
Initial Cost to Company
Land	575
Buildings, Improvements & Equipment	9,697
Cost Capitalized Subsequent to Acquisition	291
Cost at the end of the period
Land	575
Buildings, Improvements & Equipment	9,988
Total	10,563
Accumulated Depreciation	1,272
1050 Crescent Green Drive, Cary (4), NC
Real Estate And Accumulated Depreciation
Encumbrances	8,127
Initial Cost to Company
Land	713
Buildings, Improvements & Equipment	4,628
Cost Capitalized Subsequent to Acquisition	1,952
Cost at the end of the period
Land	713
Buildings, Improvements & Equipment	6,580
Total	7,293
Accumulated Depreciation	2,587
2220 & 2230 Farmington Drive, Chapel Hill, NC
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	6,414
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	6,414
Total	7,214
Accumulated Depreciation	2,318
2101 Runnymede Lane, Charlotte, NC
Initial Cost to Company
Land	2,475
Buildings, Improvements & Equipment	11,451
Cost Capitalized Subsequent to Acquisition	555
Cost at the end of the period
Land	2,475
Buildings, Improvements & Equipment	12,006
Total	14,481
Accumulated Depreciation	1,600
5920 McChesney Drive, Charlotte, NC
Initial Cost to Company
Land	820
Buildings, Improvements & Equipment	7,790
Cost Capitalized Subsequent to Acquisition	483
Cost at the end of the period
Land	820
Buildings, Improvements & Equipment	8,273
Total	9,093
Accumulated Depreciation	1,388
6101 Clarke Creek Parkway, Charlotte, NC
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	13,960
Cost Capitalized Subsequent to Acquisition	36
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	13,996
Total	14,496
Accumulated Depreciation	2,413
1002 State Highway 54, Durham, NC
Initial Cost to Company
Land	595
Buildings, Improvements & Equipment	5,200
Cost Capitalized Subsequent to Acquisition	129
Cost at the end of the period
Land	595
Buildings, Improvements & Equipment	5,329
Total	5,924
Accumulated Depreciation	679
5213 South Alston Avenue, Durham, NC
Initial Cost to Company
Land	1,093
Buildings, Improvements & Equipment	31,377
Cost at the end of the period
Land	1,093
Buildings, Improvements & Equipment	31,377
Total	32,470
Accumulated Depreciation	719
1001 Phifer Road, Kings Mountain (4), NC
Initial Cost to Company
Land	655
Buildings, Improvements & Equipment	8,283
Cost Capitalized Subsequent to Acquisition	345
Cost at the end of the period
Land	657
Buildings, Improvements & Equipment	8,625
Total	9,282
Accumulated Depreciation	1,137
128 Brawley School, Mooresville (4), NC
Initial Cost to Company
Land	595
Buildings, Improvements & Equipment	7,305
Cost Capitalized Subsequent to Acquisition	393
Cost at the end of the period
Land	595
Buildings, Improvements & Equipment	7,698
Total	8,293
Accumulated Depreciation	963
1309 , 1321 + 1325 McCarthy Boulevard, New Bern (4), NC
Initial Cost to Company
Land	1,245
Buildings, Improvements & Equipment	20,898
Cost Capitalized Subsequent to Acquisition	381
Cost at the end of the period
Land	1,245
Buildings, Improvements & Equipment	21,279
Total	22,524
Accumulated Depreciation	2,589
13150 Dorman Road, Pineville, NC
Initial Cost to Company
Land	550
Buildings, Improvements & Equipment	7,570
Cost Capitalized Subsequent to Acquisition	664
Cost at the end of the period
Land	550
Buildings, Improvements & Equipment	8,234
Total	8,784
Accumulated Depreciation	1,341
13180 Dorman Road, Pineville, NC
Initial Cost to Company
Land	630
Buildings, Improvements & Equipment	15,230
Cost Capitalized Subsequent to Acquisition	7
Cost at the end of the period
Land	630
Buildings, Improvements & Equipment	15,237
Total	15,867
Accumulated Depreciation	2,625
2744 South 17th Street (5), Wilmington, NC
Real Estate And Accumulated Depreciation
Encumbrances	12,250
Initial Cost to Company
Land	1,134
Buildings, Improvements & Equipment	14,771
Cost at the end of the period
Land	1,134
Buildings, Improvements & Equipment	14,771
Total	15,905
Accumulated Depreciation	108
1730 Parkwood Boulevard West, Wilson (4), NC
Initial Cost to Company
Land	610
Buildings, Improvements & Equipment	14,787
Cost Capitalized Subsequent to Acquisition	313
Cost at the end of the period
Land	610
Buildings, Improvements & Equipment	15,100
Total	15,710
Accumulated Depreciation	1,890
1700 Furnace Street, Ashland, NE
Initial Cost to Company
Land	28
Buildings, Improvements & Equipment	1,823
Cost Capitalized Subsequent to Acquisition	1,298
Cost at the end of the period
Land	28
Buildings, Improvements & Equipment	3,121
Total	3,149
Accumulated Depreciation	1,467
414 North Wilson Street, Blue Hill , NE
Initial Cost to Company
Land	56
Buildings, Improvements & Equipment	1,064
Cost Capitalized Subsequent to Acquisition	807
Cost at the end of the period
Land	56
Buildings, Improvements & Equipment	1,871
Total	1,928
Accumulated Depreciation	864
2720 South 17th Ave, Central City, NE
Initial Cost to Company
Land	21
Buildings, Improvements & Equipment	919
Cost Capitalized Subsequent to Acquisition	650
Cost at the end of the period
Land	21
Buildings, Improvements & Equipment	1,569
Total	1,590
Accumulated Depreciation	825
1112 15th Street, Columbus, NE
Initial Cost to Company
Land	89
Buildings, Improvements & Equipment	561
Cost Capitalized Subsequent to Acquisition	461
Cost at the end of the period
Land	89
Buildings, Improvements & Equipment	1,022
Total	1,111
Accumulated Depreciation	553
800 Stoeger Drive, Grand Island, NE
Initial Cost to Company
Land	119
Buildings, Improvements & Equipment	1,446
Cost Capitalized Subsequent to Acquisition	1,414
Cost at the end of the period
Land	119
Buildings, Improvements & Equipment	2,860
Total	2,980
Accumulated Depreciation	1,461
700 South Highway 6, Gretna, NE
Initial Cost to Company
Land	237
Buildings, Improvements & Equipment	673
Cost Capitalized Subsequent to Acquisition	897
Cost at the end of the period
Land	237
Buildings, Improvements & Equipment	1,570
Total	1,808
Accumulated Depreciation	744
1100 West First Street, Milford, NE
Initial Cost to Company
Land	24
Buildings, Improvements & Equipment	880
Cost Capitalized Subsequent to Acquisition	817
Cost at the end of the period
Land	24
Buildings, Improvements & Equipment	1,697
Total	1,721
Accumulated Depreciation	803
510 Centennial Circle , North Platte, NE
Initial Cost to Company
Land	370
Buildings, Improvements & Equipment	8,968
Cost Capitalized Subsequent to Acquisition	620
Cost at the end of the period
Land	370
Buildings, Improvements & Equipment	9,588
Total	9,958
Accumulated Depreciation	1,860
17007 Elm Plaza, Omaha, NE
Initial Cost to Company
Land	4,680
Buildings, Improvements & Equipment	22,022
Cost at the end of the period
Land	4,680
Buildings, Improvements & Equipment	22,022
Total	26,702
Accumulated Depreciation	4,060
3030 South 80th Street, Omaha, NE
Initial Cost to Company
Land	650
Buildings, Improvements & Equipment	5,850
Cost Capitalized Subsequent to Acquisition	605
Cost at the end of the period
Land	650
Buildings, Improvements & Equipment	6,455
Total	7,105
Accumulated Depreciation	1,857
333 Maple, Sutherland, NE
Initial Cost to Company
Land	19
Buildings, Improvements & Equipment	1,251
Cost Capitalized Subsequent to Acquisition	487
Cost at the end of the period
Land	19
Buildings, Improvements & Equipment	1,738
Total	1,757
Accumulated Depreciation	802
1350 Centenial Ave, Utica, NE
Initial Cost to Company
Land	21
Buildings, Improvements & Equipment	569
Cost Capitalized Subsequent to Acquisition	464
Cost at the end of the period
Land	21
Buildings, Improvements & Equipment	1,033
Total	1,054
Accumulated Depreciation	479
11041 North 137th Street, Waverly, NE
Initial Cost to Company
Land	529
Buildings, Improvements & Equipment	686
Cost Capitalized Subsequent to Acquisition	609
Cost at the end of the period
Land	529
Buildings, Improvements & Equipment	1,295
Total	1,824
Accumulated Depreciation	742
55 Corporate Drive, BridgeWater, NJ
Initial Cost to Company
Land	2,782
Buildings, Improvements & Equipment	66,441
Cost at the end of the period
Land	2,782
Buildings, Improvements & Equipment	66,441
Total	69,223
Accumulated Depreciation	1,523
490 Cooper Landing Road, Cherry Hill, NJ
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,175
Cost Capitalized Subsequent to Acquisition	1,836
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	10,011
Total	11,012
Accumulated Depreciation	2,876
1400 Route 70, Lakewood (6), NJ
Initial Cost to Company
Land	4,885
Buildings, Improvements & Equipment	28,803
Cost Capitalized Subsequent to Acquisition	2,571
Cost at the end of the period
Land	4,885
Buildings, Improvements & Equipment	31,374
Total	36,259
Accumulated Depreciation	12,215
2 Hillside Drive, Mt. Arlington, NJ
Initial Cost to Company
Land	1,375
Buildings, Improvements & Equipment	11,232
Cost Capitalized Subsequent to Acquisition	757
Cost at the end of the period
Land	1,375
Buildings, Improvements & Equipment	11,989
Total	13,364
Accumulated Depreciation	3,864
655 Pomander Walk, Teaneck (4), NJ
Real Estate And Accumulated Depreciation
Encumbrances	30,411
Initial Cost to Company
Land	4,950
Buildings, Improvements & Equipment	44,550
Cost Capitalized Subsequent to Acquisition	1,959
Cost at the end of the period
Land	4,950
Buildings, Improvements & Equipment	46,509
Total	51,459
Accumulated Depreciation	5,715
10500 Academy Road NE, Albuquerque (4), NM
Real Estate And Accumulated Depreciation
Encumbrances	25,597
Initial Cost to Company
Land	3,828
Buildings, Improvements & Equipment	22,572
Cost Capitalized Subsequent to Acquisition	5,488
Cost at the end of the period
Land	3,828
Buildings, Improvements & Equipment	28,060
Total	31,888
Accumulated Depreciation	10,236
4100 Prospect Avenue NE, Albuquerque, NM
Initial Cost to Company
Land	540
Buildings, Improvements & Equipment	10,105
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	540
Buildings, Improvements & Equipment	10,113
Total	10,653
Accumulated Depreciation	2,075
4300 Landau Street NE, Albuquerque, NM
Initial Cost to Company
Land	1,060
Buildings, Improvements & Equipment	9,875
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	1,060
Buildings, Improvements & Equipment	9,883
Total	10,943
Accumulated Depreciation	2,028
4411 The 25 Way, Albuquerque, NM
Initial Cost to Company
Land	3,480
Buildings, Improvements & Equipment	25,245
Cost Capitalized Subsequent to Acquisition	4,271
Cost at the end of the period
Land	3,594
Buildings, Improvements & Equipment	29,402
Total	32,996
Accumulated Depreciation	4,153
4420 The 25 Way, Albuquerque, NM
Initial Cost to Company
Land	1,430
Buildings, Improvements & Equipment	2,609
Cost Capitalized Subsequent to Acquisition	218
Cost at the end of the period
Land	1,476
Buildings, Improvements & Equipment	2,781
Total	4,257
Accumulated Depreciation	338
9190 Coors Boulevard NW, Albuquerque, NM
Initial Cost to Company
Land	1,660
Buildings, Improvements & Equipment	9,173
Cost Capitalized Subsequent to Acquisition	8
Cost at the end of the period
Land	1,660
Buildings, Improvements & Equipment	9,181
Total	10,841
Accumulated Depreciation	1,884
2200 East Long Street, Carson City, NV
Initial Cost to Company
Land	622
Buildings, Improvements & Equipment	17,900
Cost Capitalized Subsequent to Acquisition	136
Cost at the end of the period
Land	622
Buildings, Improvements & Equipment	18,036
Total	18,658
Accumulated Depreciation	313
3201 Plumas Street, Reno, NV
Initial Cost to Company
Land	2,420
Buildings, Improvements & Equipment	49,580
Cost Capitalized Subsequent to Acquisition	6,490
Cost at the end of the period
Land	2,420
Buildings, Improvements & Equipment	56,070
Total	58,490
Accumulated Depreciation	5,810
6300 Eighth Ave, Brooklyn, NY
Initial Cost to Company
Land	3,870
Buildings, Improvements & Equipment	8,545
Cost Capitalized Subsequent to Acquisition	6
Cost at the end of the period
Land	3,870
Buildings, Improvements & Equipment	8,551
Total	12,421
Accumulated Depreciation	1,576
5823 Widewaters Parkway, Dewitt, NY
Initial Cost to Company
Land	600
Buildings, Improvements & Equipment	5,004
Cost Capitalized Subsequent to Acquisition	796
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	5,801
Total	6,401
Accumulated Depreciation	625
4939 Brittonfield Parkway, East Syracuse, NY
Initial Cost to Company
Land	720
Buildings, Improvements & Equipment	17,084
Cost Capitalized Subsequent to Acquisition	1,088
Cost at the end of the period
Land	720
Buildings, Improvements & Equipment	18,172
Total	18,892
Accumulated Depreciation	3,153
5008 Brittonfield Parkway, East Syracuse (4), NY
Real Estate And Accumulated Depreciation
Encumbrances	3,616
Initial Cost to Company
Land	420
Buildings, Improvements & Equipment	18,407
Cost Capitalized Subsequent to Acquisition	397
Cost at the end of the period
Land	495
Buildings, Improvements & Equipment	18,729
Total	19,224
Accumulated Depreciation	3,449
200 Old County Road, Mineola, NY
Initial Cost to Company
Land	4,920
Buildings, Improvements & Equipment	24,056
Cost Capitalized Subsequent to Acquisition	4,586
Cost at the end of the period
Land	4,920
Buildings, Improvements & Equipment	28,642
Total	33,562
Accumulated Depreciation	2,907
15 North Broadway, White Plains, NY
Initial Cost to Company
Land	4,900
Buildings, Improvements & Equipment	13,594
Cost Capitalized Subsequent to Acquisition	285
Cost at the end of the period
Land	4,900
Buildings, Improvements & Equipment	13,879
Total	18,779
Accumulated Depreciation	2,366
537 Riverdale Avenue, Yonkers (4), NY
Initial Cost to Company
Land	8,460
Buildings, Improvements & Equipment	90,561
Cost Capitalized Subsequent to Acquisition	5,232
Cost at the end of the period
Land	8,460
Buildings, Improvements & Equipment	95,793
Total	104,253
Accumulated Depreciation	8,806
4590 and 4625 Knightsbridge Boulevard, Columbus (4), OH
Real Estate And Accumulated Depreciation
Encumbrances	17,829
Initial Cost to Company
Land	3,623
Buildings, Improvements & Equipment	27,778
Cost Capitalized Subsequent to Acquisition	7,300
Cost at the end of the period
Land	3,623
Buildings, Improvements & Equipment	35,078
Total	38,702
Accumulated Depreciation	13,545
3929 Hoover Road, Grove City, OH
Initial Cost to Company
Land	450
Buildings, Improvements & Equipment	2,305
Cost Capitalized Subsequent to Acquisition	330
Cost at the end of the period
Land	600
Buildings, Improvements & Equipment	2,486
Total	3,085
Accumulated Depreciation	380
5260 Naiman Parkway, Solon, OH
Initial Cost to Company
Land	550
Buildings, Improvements & Equipment	2,147
Cost Capitalized Subsequent to Acquisition	132
Cost at the end of the period
Land	550
Buildings, Improvements & Equipment	2,279
Total	2,829
Accumulated Depreciation	232
5370 Naiman Parkway, Solon, OH
Initial Cost to Company
Land	430
Buildings, Improvements & Equipment	2,955
Cost at the end of the period
Land	430
Buildings, Improvements & Equipment	2,955
Total	3,385
Accumulated Depreciation	468
200 N. Bryant Ave., Edmond, OK
Initial Cost to Company
Land	410
Buildings, Improvements & Equipment	2,970
Cost at the end of the period
Land	410
Buildings, Improvements & Equipment	2,970
Total	3,380
Accumulated Depreciation	470
600 National Ave, Midwest City, OK
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	19,046
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	19,046
Total	19,546
Accumulated Depreciation	3,016
701 Northeast 10th Street, Oklahoma City, OK
Initial Cost to Company
Land	480
Buildings, Improvements & Equipment	1,546
Cost at the end of the period
Land	480
Buildings, Improvements & Equipment	1,546
Total	2,026
Accumulated Depreciation	245
8315 S. Walker Ave., Oklahoma City, OK
Initial Cost to Company
Land	3,012
Buildings, Improvements & Equipment	14,777
Cost at the end of the period
Land	3,012
Buildings, Improvements & Equipment	14,777
Total	17,789
Accumulated Depreciation	256
805 N. 5th Street, Jacksonville, OR
Initial Cost to Company
Land	1,295
Buildings, Improvements & Equipment	17,085
Cost Capitalized Subsequent to Acquisition	41
Cost at the end of the period
Land	1,295
Buildings, Improvements & Equipment	17,126
Total	18,421
Accumulated Depreciation	306
1808 SE 182nd Avenue, Portland, OR
Real Estate And Accumulated Depreciation
Encumbrances	24,060
Initial Cost to Company
Land	3,303
Buildings, Improvements & Equipment	77,428
Cost at the end of the period
Land	3,303
Buildings, Improvements & Equipment	77,428
Total	80,731
Accumulated Depreciation	1,307
8709 S.E. Causey Avenue (5), Portland, OR
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	13,500
Cost Capitalized Subsequent to Acquisition	443
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	13,944
Total	15,443
Accumulated Depreciation	4,056
71 Darlington Road, Beaver Falls, PA
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	318
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	8,551
Total	9,552
Accumulated Depreciation	2,763
950 Morgan Highway, Clarks Summit, PA
Initial Cost to Company
Land	696
Buildings, Improvements & Equipment	6,304
Cost Capitalized Subsequent to Acquisition	689
Cost at the end of the period
Land	696
Buildings, Improvements & Equipment	6,994
Total	7,689
Accumulated Depreciation	2,074
145 Broadlawn Drive, Elizabeth, PA
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	1,051
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	9,284
Total	10,285
Accumulated Depreciation	2,913
600 N. Pottstown Pike, Exton, PA
Initial Cost to Company
Land	1,010
Buildings, Improvements & Equipment	4,837
Cost Capitalized Subsequent to Acquisition	105
Cost at the end of the period
Land	1,010
Buildings, Improvements & Equipment	4,941
Total	5,951
Accumulated Depreciation	524
475 Virginia Drive, Fort Washington, PA
Initial Cost to Company
Land	1,001
Buildings, Improvements & Equipment	8,233
Cost Capitalized Subsequent to Acquisition	485
Cost at the end of the period
Land	1,001
Buildings, Improvements & Equipment	8,718
Total	9,719
Accumulated Depreciation	2,891
242 Baltimore Pike, Glen Mills, PA
Initial Cost to Company
Land	397
Buildings, Improvements & Equipment	9,333
Cost at the end of the period
Land	397
Buildings, Improvements & Equipment	9,333
Total	9,730
Accumulated Depreciation	214
20 Capital Drive, Harrisburg, PA
Initial Cost to Company
Land	1,010
Buildings, Improvements & Equipment	4,456
Cost Capitalized Subsequent to Acquisition	653
Cost at the end of the period
Land	1,010
Buildings, Improvements & Equipment	5,109
Total	6,119
Accumulated Depreciation	787
723 Dresher Road, Horsham, PA
Initial Cost to Company
Land	1,540
Buildings, Improvements & Equipment	4,743
Cost Capitalized Subsequent to Acquisition	304
Cost at the end of the period
Land	1,540
Buildings, Improvements & Equipment	5,047
Total	6,587
Accumulated Depreciation	873
210 Mall Boulevard, King of Prussia, PA
Initial Cost to Company
Land	880
Buildings, Improvements & Equipment	2,871
Cost Capitalized Subsequent to Acquisition	83
Cost at the end of the period
Land	880
Buildings, Improvements & Equipment	2,954
Total	3,834
Accumulated Depreciation	356
216 Mall Boulevard, King of Prussia, PA
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	2,506
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	2,506
Total	2,806
Accumulated Depreciation	991
5300 Old William Penn Highway, Murrysville, PA
Initial Cost to Company
Land	979
Buildings, Improvements & Equipment	8,052
Cost Capitalized Subsequent to Acquisition	539
Cost at the end of the period
Land	981
Buildings, Improvements & Equipment	8,589
Total	9,570
Accumulated Depreciation	2,844
800 Manor Drive, New Britain (Chalfont), PA
Initial Cost to Company
Land	200
Buildings, Improvements & Equipment	904
Cost at the end of the period
Land	200
Buildings, Improvements & Equipment	904
Total	1,104
Accumulated Depreciation	360
7151 Saltsburg Road, Penn Hills, PA
Initial Cost to Company
Land	3,000
Buildings, Improvements & Equipment	11,828
Cost Capitalized Subsequent to Acquisition	975
Cost at the end of the period
Land	3,000
Buildings, Improvements & Equipment	12,803
Total	15,803
Accumulated Depreciation	2,602
5750 Centre Ave, Pittsburgh, PA
Initial Cost to Company
Land	2,480
Buildings, Improvements & Equipment	6,395
Cost Capitalized Subsequent to Acquisition	2,772
Cost at the end of the period
Land	2,480
Buildings, Improvements & Equipment	9,167
Total	11,647
Accumulated Depreciation	1,049
730 Holiday Drive, Pittsburgh, PA
Initial Cost to Company
Land	1,680
Buildings, Improvements & Equipment	9,187
Cost Capitalized Subsequent to Acquisition	167
Cost at the end of the period
Land	1,713
Buildings, Improvements & Equipment	9,321
Total	11,034
Accumulated Depreciation	986
1400 Riggs Road, South Park, PA
Initial Cost to Company
Land	898
Buildings, Improvements & Equipment	8,102
Cost Capitalized Subsequent to Acquisition	247
Cost at the end of the period
Land	898
Buildings, Improvements & Equipment	8,350
Total	9,247
Accumulated Depreciation	2,464
700 Northampton Street, Tiffany Court (Kingston), PA
Initial Cost to Company
Buildings, Improvements & Equipment	5,682
Cost Capitalized Subsequent to Acquisition	1,423
Cost at the end of the period
Land	4
Buildings, Improvements & Equipment	7,102
Total	7,105
Accumulated Depreciation	2,248
5250 Meadowgreen Drive, Whitehall, PA
Initial Cost to Company
Land	1,599
Buildings, Improvements & Equipment	14,401
Cost Capitalized Subsequent to Acquisition	1,211
Cost at the end of the period
Land	1,599
Buildings, Improvements & Equipment	15,612
Total	17,211
Accumulated Depreciation	4,570
55 Oaklawn Avenue, Cranston, RI
Initial Cost to Company
Land	261
Buildings, Improvements & Equipment	9,757
Cost Capitalized Subsequent to Acquisition	23
Cost at the end of the period
Land	261
Buildings, Improvements & Equipment	9,779
Total	10,040
Accumulated Depreciation	170
1304 McLees Road, Anderson, SC
Initial Cost to Company
Land	295
Buildings, Improvements & Equipment	3,509
Cost Capitalized Subsequent to Acquisition	213
Cost at the end of the period
Land	295
Buildings, Improvements & Equipment	3,722
Total	4,017
Accumulated Depreciation	1,160
109 Old Salem Road, Beaufort, SC
Initial Cost to Company
Land	188
Buildings, Improvements & Equipment	2,234
Cost Capitalized Subsequent to Acquisition	601
Cost at the end of the period
Land	188
Buildings, Improvements & Equipment	2,835
Total	3,023
Accumulated Depreciation	1,052
1119 Pick Pocket Plantation Drive, Beaufort, SC
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	10,810
Cost Capitalized Subsequent to Acquisition	477
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	11,287
Total	12,487
Accumulated Depreciation	1,508
719 Kershaw Highway, Camden, SC
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,697
Cost Capitalized Subsequent to Acquisition	908
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,605
Total	4,927
Accumulated Depreciation	1,465
2333 Ashley River Road, Charleston (4), SC
Initial Cost to Company
Land	848
Buildings, Improvements & Equipment	14,000
Cost Capitalized Subsequent to Acquisition	704
Cost at the end of the period
Land	848
Buildings, Improvements & Equipment	14,704
Total	15,552
Accumulated Depreciation	1,787
320 Seven Farms Drive, Charleston (4), SC
Real Estate And Accumulated Depreciation
Encumbrances	4,512
Initial Cost to Company
Land	1,092
Buildings, Improvements & Equipment	6,605
Cost Capitalized Subsequent to Acquisition	314
Cost at the end of the period
Land	1,092
Buildings, Improvements & Equipment	6,919
Total	8,011
Accumulated Depreciation	706
201 Executive Center Drive, Columbia, SC
Initial Cost to Company
Land	390
Buildings, Improvements & Equipment	4,659
Cost Capitalized Subsequent to Acquisition	1,092
Cost at the end of the period
Land	390
Buildings, Improvements & Equipment	5,751
Total	6,141
Accumulated Depreciation	613
251 Springtree Drive, Columbia, SC
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	1,905
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	1,905
Total	2,205
Accumulated Depreciation	689
3 Summit Terrace, Columbia, SC
Initial Cost to Company
Land	610
Buildings, Improvements & Equipment	7,900
Cost Capitalized Subsequent to Acquisition	751
Cost at the end of the period
Land	610
Buildings, Improvements & Equipment	8,651
Total	9,261
Accumulated Depreciation	1,423
7909 Parklane Road, Columbia, SC
Initial Cost to Company
Land	1,580
Buildings, Improvements & Equipment	4,520
Cost Capitalized Subsequent to Acquisition	694
Cost at the end of the period
Land	1,580
Buildings, Improvements & Equipment	5,214
Total	6,794
Accumulated Depreciation	569
355 Berkmans Lane, Greenville, SC
Initial Cost to Company
Land	700
Buildings, Improvements & Equipment	7,240
Cost Capitalized Subsequent to Acquisition	182
Cost at the end of the period
Land	700
Buildings, Improvements & Equipment	7,422
Total	8,122
Accumulated Depreciation	1,286
116 Enterprise Court, Greenwood, SC
Initial Cost to Company
Land	310
Buildings, Improvements & Equipment	2,790
Cost Capitalized Subsequent to Acquisition	193
Cost at the end of the period
Land	310
Buildings, Improvements & Equipment	2,983
Total	3,293
Accumulated Depreciation	910
1901 West Carolina, Hartsville, SC
Initial Cost to Company
Land	401
Buildings, Improvements & Equipment	4,775
Cost Capitalized Subsequent to Acquisition	571
Cost at the end of the period
Land	401
Buildings, Improvements & Equipment	5,346
Total	5,747
Accumulated Depreciation	1,646
218 Old Chapin Road, Lexington, SC
Initial Cost to Company
Land	363
Buildings, Improvements & Equipment	4,322
Cost Capitalized Subsequent to Acquisition	402
Cost at the end of the period
Land	363
Buildings, Improvements & Equipment	4,724
Total	5,087
Accumulated Depreciation	1,506
491 Highway 17, Little River (4), SC
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	9,018
Cost Capitalized Subsequent to Acquisition	317
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	9,335
Total	10,085
Accumulated Depreciation	1,150
1010 Lake Hunter Circle / 987 Bowman Road, Mt. Pleasant, SC
Initial Cost to Company
Land	3,898
Buildings, Improvements & Equipment	31,613
Cost Capitalized Subsequent to Acquisition	3,654
Cost at the end of the period
Land	3,898
Buildings, Improvements & Equipment	35,267
Total	39,165
Accumulated Depreciation	3,413
9547 Highway 17 North, Myrtle Beach, SC
Initial Cost to Company
Land	543
Buildings, Improvements & Equipment	3,202
Cost Capitalized Subsequent to Acquisition	7,791
Cost at the end of the period
Land	543
Buildings, Improvements & Equipment	10,993
Total	11,536
Accumulated Depreciation	2,673
2306 Riverbank Drive, Orangeburg, SC
Initial Cost to Company
Land	303
Buildings, Improvements & Equipment	3,607
Cost Capitalized Subsequent to Acquisition	690
Cost at the end of the period
Land	303
Buildings, Improvements & Equipment	4,297
Total	4,600
Accumulated Depreciation	1,362
1920 Ebenezer Road, Rock Hill, SC
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	1,705
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	1,705
Total	2,005
Accumulated Depreciation	659
15855 Wells Highway, Seneca, SC
Initial Cost to Company
Land	396
Buildings, Improvements & Equipment	4,714
Cost Capitalized Subsequent to Acquisition	470
Cost at the end of the period
Land	396
Buildings, Improvements & Equipment	5,184
Total	5,580
Accumulated Depreciation	1,604
One Southern Court, West Columbia, SC
Initial Cost to Company
Land	520
Buildings, Improvements & Equipment	3,831
Cost Capitalized Subsequent to Acquisition	239
Cost at the end of the period
Land	520
Buildings, Improvements & Equipment	4,070
Total	4,590
Accumulated Depreciation	479
1251 Arizona S.W., Huron, SD
Initial Cost to Company
Land	45
Buildings, Improvements & Equipment	968
Cost Capitalized Subsequent to Acquisition	1
Cost at the end of the period
Land	45
Buildings, Improvements & Equipment	969
Total	1,014
Accumulated Depreciation	590
1345 Michigan Ave SW, Huron, SD
Initial Cost to Company
Land	144
Buildings, Improvements & Equipment	3,108
Cost Capitalized Subsequent to Acquisition	4
Cost at the end of the period
Land	144
Buildings, Improvements & Equipment	3,112
Total	3,256
Accumulated Depreciation	1,895
3600 S. Norton, Sioux Falls, SD
Initial Cost to Company
Land	253
Buildings, Improvements & Equipment	3,062
Cost Capitalized Subsequent to Acquisition	4
Cost at the end of the period
Land	253
Buildings, Improvements & Equipment	3,066
Total	3,319
Accumulated Depreciation	1,869
6716 Nolensville Road, Brentwood, TN
Initial Cost to Company
Land	1,528
Buildings, Improvements & Equipment	6,037
Cost Capitalized Subsequent to Acquisition	66
Cost at the end of the period
Land	1,528
Buildings, Improvements & Equipment	6,103
Total	7,631
Accumulated Depreciation	471
207 Uffelman Drive, Clarksville, TN
Initial Cost to Company
Land	320
Buildings, Improvements & Equipment	2,994
Cost Capitalized Subsequent to Acquisition	611
Cost at the end of the period
Land	320
Buildings, Improvements & Equipment	3,605
Total	3,925
Accumulated Depreciation	865
51 Patel Way, Clarksville, TN
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	10,322
Cost Capitalized Subsequent to Acquisition	661
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	10,983
Total	11,783
Accumulated Depreciation	975
2900 Westside Drive, Cleveland, TN
Initial Cost to Company
Land	305
Buildings, Improvements & Equipment	3,627
Cost Capitalized Subsequent to Acquisition	682
Cost at the end of the period
Land	305
Buildings, Improvements & Equipment	4,309
Total	4,614
Accumulated Depreciation	1,312
1010 East Spring Street, Cookeville, TN
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,828
Cost Capitalized Subsequent to Acquisition	587
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,415
Total	4,737
Accumulated Depreciation	1,331
105 Sunrise Circle, Franklin, TN
Initial Cost to Company
Land	322
Buildings, Improvements & Equipment	3,833
Cost Capitalized Subsequent to Acquisition	845
Cost at the end of the period
Land	322
Buildings, Improvements & Equipment	4,678
Total	5,000
Accumulated Depreciation	1,334
1085 Hartsville Pike, Gallatin, TN
Initial Cost to Company
Land	280
Buildings, Improvements & Equipment	3,327
Cost Capitalized Subsequent to Acquisition	394
Cost at the end of the period
Land	280
Buildings, Improvements & Equipment	3,721
Total	4,001
Accumulated Depreciation	1,106
2025 Caldwell Drive, Goodlettsville, TN
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	3,507
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	3,507
Total	3,907
Accumulated Depreciation	1,266
1200 North Parkway, Jackson, TN
Initial Cost to Company
Land	295
Buildings, Improvements & Equipment	3,506
Cost Capitalized Subsequent to Acquisition	315
Cost at the end of the period
Land	295
Buildings, Improvements & Equipment	3,820
Total	4,115
Accumulated Depreciation	1,214
550 Deer View Way, Jefferson City, TN
Initial Cost to Company
Land	940
Buildings, Improvements & Equipment	8,057
Cost Capitalized Subsequent to Acquisition	632
Cost at the end of the period
Land	940
Buildings, Improvements & Equipment	8,689
Total	9,629
Accumulated Depreciation	517
3020 Heatherton Way, Knoxville, TN
Initial Cost to Company
Land	304
Buildings, Improvements & Equipment	3,618
Cost Capitalized Subsequent to Acquisition	1,803
Cost at the end of the period
Land	304
Buildings, Improvements & Equipment	5,421
Total	5,725
Accumulated Depreciation	1,579
511 Pearson Springs Road, Maryville, TN
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	3,207
Cost Capitalized Subsequent to Acquisition	100
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	3,307
Total	3,607
Accumulated Depreciation	1,195
1710 Magnolia Blvd, Nashville, TN
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	6,750
Cost Capitalized Subsequent to Acquisition	4,177
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	10,927
Total	11,677
Accumulated Depreciation	2,908
971 State Hwy 121, Allen, TX
Initial Cost to Company
Land	2,590
Buildings, Improvements & Equipment	17,912
Cost at the end of the period
Land	2,590
Buildings, Improvements & Equipment	17,912
Total	20,502
Accumulated Depreciation	3,303
6818 Austin Center Blvd, Austin, TX
Initial Cost to Company
Land	1,540
Buildings, Improvements & Equipment	27,467
Cost Capitalized Subsequent to Acquisition	851
Cost at the end of the period
Land	1,540
Buildings, Improvements & Equipment	28,318
Total	29,858
Accumulated Depreciation	5,114
6937 IH 35 North-Am Founders, Austin, TX
Initial Cost to Company
Land	760
Buildings, Improvements & Equipment	5,186
Cost Capitalized Subsequent to Acquisition	295
Cost at the end of the period
Land	760
Buildings, Improvements & Equipment	5,481
Total	6,241
Accumulated Depreciation	722
7600 Capital Texas Highway, Austin, TX
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	4,557
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	4,557
Total	4,857
Accumulated Depreciation	570
Bailey Square (1111 W 34th St), Austin, TX
Initial Cost to Company
Land	400
Buildings, Improvements & Equipment	21,021
Cost Capitalized Subsequent to Acquisition	777
Cost at the end of the period
Land	400
Buildings, Improvements & Equipment	21,798
Total	22,198
Accumulated Depreciation	4,070
4620 Bellaire Boulevard, Bellaire, TX
Initial Cost to Company
Land	1,238
Buildings, Improvements & Equipment	11,010
Cost Capitalized Subsequent to Acquisition	1,680
Cost at the end of the period
Land	1,238
Buildings, Improvements & Equipment	12,690
Total	13,928
Accumulated Depreciation	6,359
120 Crosspoint Drive, Boerne, TX
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	4,926
Cost Capitalized Subsequent to Acquisition	134
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	5,060
Total	5,280
Accumulated Depreciation	1,001
4015 Interstate 45, Conroe , TX
Initial Cost to Company
Land	620
Buildings, Improvements & Equipment	14,074
Cost Capitalized Subsequent to Acquisition	84
Cost at the end of the period
Land	620
Buildings, Improvements & Equipment	14,158
Total	14,778
Accumulated Depreciation	1,843
5455 La Sierra Drive, Dallas, TX
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	25,200
Cost Capitalized Subsequent to Acquisition	1,082
Cost at the end of the period
Land	2,300
Buildings, Improvements & Equipment	26,282
Total	28,582
Accumulated Depreciation	3,009
7831 Park Lane, Dallas, TX
Initial Cost to Company
Land	4,709
Buildings, Improvements & Equipment	27,768
Cost Capitalized Subsequent to Acquisition	6,640
Cost at the end of the period
Land	4,718
Buildings, Improvements & Equipment	34,399
Total	39,117
Accumulated Depreciation	12,732
1575 Belvidere, El Paso, TX
Initial Cost to Company
Land	2,301
Buildings, Improvements & Equipment	13,567
Cost Capitalized Subsequent to Acquisition	2,538
Cost at the end of the period
Land	2,302
Buildings, Improvements & Equipment	16,104
Total	18,406
Accumulated Depreciation	6,008
96 E. Frederick Rd., Fredericksburg, TX
Initial Cost to Company
Land	280
Buildings, Improvements & Equipment	4,866
Cost Capitalized Subsequent to Acquisition	4,467
Cost at the end of the period
Land	280
Buildings, Improvements & Equipment	9,333
Total	9,613
Accumulated Depreciation	1,069
6435 S.F.M. 549, Heath, TX
Initial Cost to Company
Land	1,135
Buildings, Improvements & Equipment	7,892
Cost Capitalized Subsequent to Acquisition	14
Cost at the end of the period
Land	1,135
Buildings, Improvements & Equipment	7,906
Total	9,041
Accumulated Depreciation	596
13215 Dotson Road, Houston, TX
Initial Cost to Company
Land	990
Buildings, Improvements & Equipment	13,887
Cost Capitalized Subsequent to Acquisition	18
Cost at the end of the period
Land	990
Buildings, Improvements & Equipment	13,905
Total	14,895
Accumulated Depreciation	1,190
777 North Post Oak Road, Houston, TX
Initial Cost to Company
Land	5,537
Buildings, Improvements & Equipment	32,647
Cost Capitalized Subsequent to Acquisition	15,997
Cost at the end of the period
Land	5,537
Buildings, Improvements & Equipment	48,644
Total	54,181
Accumulated Depreciation	15,904
10030 North MacArthur Boulevard, Irving, Tx
Initial Cost to Company
Land	2,186
Buildings, Improvements & Equipment	15,869
Cost Capitalized Subsequent to Acquisition	7
Cost at the end of the period
Land	2,186
Buildings, Improvements & Equipment	15,877
Total	18,062
Accumulated Depreciation	364
4770 Regent Blvd, Irving, TX
Initial Cost to Company
Land	2,830
Buildings, Improvements & Equipment	15,082
Cost Capitalized Subsequent to Acquisition	10
Cost at the end of the period
Land	2,830
Buildings, Improvements & Equipment	15,092
Total	17,922
Accumulated Depreciation	2,845
9812 Slide Road, Lubbock, TX
Initial Cost to Company
Land	1,110
Buildings, Improvements & Equipment	9,797
Cost at the end of the period
Land	1,110
Buildings, Improvements & Equipment	9,798
Total	10,908
Accumulated Depreciation	1,368
605 Gateway Central / 601 Steve Hawkins Prkway, Marble Falls , TX
Initial Cost to Company
Land	1,440
Buildings, Improvements & Equipment	7,125
Cost Capitalized Subsequent to Acquisition	611
Cost at the end of the period
Land	1,440
Buildings, Improvements & Equipment	7,736
Total	9,176
Accumulated Depreciation	661
7150 N. President George Bush Turnpike, North Garland, TX
Initial Cost to Company
Land	1,981
Buildings, Improvements & Equipment	8,548
Cost at the end of the period
Land	1,981
Buildings, Improvements & Equipment	8,548
Total	10,529
Accumulated Depreciation	641
2265 North Lakeshore Drive Rockwall TX
Initial Cost to Company
Land	497
Buildings, Improvements & Equipment	3,582
Cost at the end of the period
Land	497
Buildings, Improvements & Equipment	3,582
Total	4,078
Accumulated Depreciation	82
18302 Talavera Ridge (5) San Antonio TX
Real Estate And Accumulated Depreciation
Encumbrances	18,000
Initial Cost to Company
Land	6,855
Buildings, Improvements & Equipment	30,630
Cost at the end of the period
Land	6,855
Buildings, Improvements & Equipment	30,630
Total	37,485
Accumulated Depreciation	702
21 Spurs Lane, Antonio, TX
Real Estate And Accumulated Depreciation
Encumbrances	14,825
Initial Cost to Company
Land	3,141
Buildings, Improvements & Equipment	23,142
Cost Capitalized Subsequent to Acquisition	101
Cost at the end of the period
Land	3,141
Buildings, Improvements & Equipment	23,244
Total	26,384
Accumulated Depreciation	1,013
311 Nottingham West, San Antonio (4), TX
Real Estate And Accumulated Depreciation
Encumbrances	27,134
Initial Cost to Company
Land	4,283
Buildings, Improvements & Equipment	25,256
Cost Capitalized Subsequent to Acquisition	6,378
Cost at the end of the period
Land	4,283
Buildings, Improvements & Equipment	31,634
Total	35,917
Accumulated Depreciation	11,924
511 Knights Cross Drive, San Antonio, TX
Initial Cost to Company
Land	1,200
Buildings, Improvements & Equipment	6,500
Cost Capitalized Subsequent to Acquisition	24
Cost at the end of the period
Land	1,200
Buildings, Improvements & Equipment	6,524
Total	7,724
Accumulated Depreciation	1,141
575 Knights Cross Drive, San Antonio, TX
Initial Cost to Company
Land	1,100
Buildings, Improvements & Equipment	13,900
Cost Capitalized Subsequent to Acquisition	375
Cost at the end of the period
Land	1,100
Buildings, Improvements & Equipment	14,275
Total	15,375
Accumulated Depreciation	2,511
301 East Airline Road Victoria TX
Initial Cost to Company
Land	99
Buildings, Improvements & Equipment	1,635
Cost at the end of the period
Land	99
Buildings, Improvements & Equipment	1,635
Total	1,735
Accumulated Depreciation	37
5055 West Panther Creek Drive, Woodlands (4), TX
Real Estate And Accumulated Depreciation
Encumbrances	36,674
Initial Cost to Company
Land	3,694
Buildings, Improvements & Equipment	21,782
Cost Capitalized Subsequent to Acquisition	3,945
Cost at the end of the period
Land	3,694
Buildings, Improvements & Equipment	25,727
Total	29,421
Accumulated Depreciation	10,636
900 North Taylor Street, Arlington, VA
Initial Cost to Company
Land	1,885
Buildings, Improvements & Equipment	16,734
Cost Capitalized Subsequent to Acquisition	270
Cost at the end of the period
Land	1,885
Buildings, Improvements & Equipment	17,004
Total	18,888
Accumulated Depreciation	9,122
2610 Barracks Road, Charlottesville, VA
Initial Cost to Company
Land	2,976
Buildings, Improvements & Equipment	26,422
Cost Capitalized Subsequent to Acquisition	432
Cost at the end of the period
Land	2,976
Buildings, Improvements & Equipment	26,853
Total	29,830
Accumulated Depreciation	14,461
491 Crestwood Drive, Charlottesville (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	9,739
Initial Cost to Company
Land	641
Buildings, Improvements & Equipment	7,633
Cost Capitalized Subsequent to Acquisition	926
Cost at the end of the period
Land	641
Buildings, Improvements & Equipment	8,559
Total	9,200
Accumulated Depreciation	2,652
1005 Elysian Place, Chesapeake, VA
Initial Cost to Company
Land	2,370
Buildings, Improvements & Equipment	23,705
Cost Capitalized Subsequent to Acquisition	348
Cost at the end of the period
Land	2,370
Buildings, Improvements & Equipment	24,053
Total	26,423
Accumulated Depreciation	2,955
2856 Forehand Drive, Chesapeake, VA
Initial Cost to Company
Land	160
Buildings, Improvements & Equipment	1,498
Cost Capitalized Subsequent to Acquisition	907
Cost at the end of the period
Land	160
Buildings, Improvements & Equipment	2,405
Total	2,565
Accumulated Depreciation	823
4027 Martinsburg Pike Clear brook VA
Initial Cost to Company
Land	3,775
Buildings, Improvements & Equipment	21,768
Cost at the end of the period
Land	3,775
Buildings, Improvements & Equipment	21,768
Total	25,543
Accumulated Depreciation	499
4001 Fair Ridge Drive, Fairfax, VA
Initial Cost to Company
Land	2,500
Buildings, Improvements & Equipment	7,147
Cost Capitalized Subsequent to Acquisition	837
Cost at the end of the period
Land	2,638
Buildings, Improvements & Equipment	7,846
Total	10,484
Accumulated Depreciation	1,490
20 HeartFields Lane , Fredericksburg (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	10,212
Initial Cost to Company
Land	287
Buildings, Improvements & Equipment	8,480
Cost Capitalized Subsequent to Acquisition	1,272
Cost at the end of the period
Land	287
Buildings, Improvements & Equipment	9,752
Total	10,039
Accumulated Depreciation	3,592
2800 Polo Parkway, Midlothian, VA
Initial Cost to Company
Land	1,103
Buildings, Improvements & Equipment	13,126
Cost Capitalized Subsequent to Acquisition	1,613
Cost at the end of the period
Land	1,103
Buildings, Improvements & Equipment	14,740
Total	15,842
Accumulated Depreciation	4,522
655 Denbigh Boulevard, Newport News (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	7,791
Initial Cost to Company
Land	581
Buildings, Improvements & Equipment	6,921
Cost Capitalized Subsequent to Acquisition	435
Cost at the end of the period
Land	581
Buildings, Improvements & Equipment	7,356
Total	7,937
Accumulated Depreciation	2,281
6161 Kempsville Rd, Norfolk, VA
Initial Cost to Company
Land	1,530
Buildings, Improvements & Equipment	9,531
Cost Capitalized Subsequent to Acquisition	524
Cost at the end of the period
Land	1,530
Buildings, Improvements & Equipment	10,055
Total	11,585
Accumulated Depreciation	1,804
6311 Granby Street, Norfolk, VA
Initial Cost to Company
Land	1,920
Buildings, Improvements & Equipment	16,538
Cost Capitalized Subsequent to Acquisition	30
Cost at the end of the period
Land	1,920
Buildings, Improvements & Equipment	16,568
Total	18,488
Accumulated Depreciation	2,112
885 Kempsville Rd, Norfolk, VA
Initial Cost to Company
Land	1,780
Buildings, Improvements & Equipment	8,354
Cost Capitalized Subsequent to Acquisition	1,130
Cost at the end of the period
Land	1,780
Buildings, Improvements & Equipment	9,484
Total	11,264
Accumulated Depreciation	1,706
531 Wythe Creek Road, Poquoson, VA
Initial Cost to Company
Land	220
Buildings, Improvements & Equipment	2,041
Cost Capitalized Subsequent to Acquisition	839
Cost at the end of the period
Land	220
Buildings, Improvements & Equipment	2,880
Total	3,100
Accumulated Depreciation	965
3000 Skipwith Road, Richmond, VA
Initial Cost to Company
Land	732
Buildings, Improvements & Equipment	8,717
Cost Capitalized Subsequent to Acquisition	730
Cost at the end of the period
Land	732
Buildings, Improvements & Equipment	9,447
Total	10,179
Accumulated Depreciation	2,892
9900 Independence Park Drive, Richmond (4), VA
Real Estate And Accumulated Depreciation
Encumbrances	9,047
Initial Cost to Company
Land	326
Buildings, Improvements & Equipment	3,166
Cost at the end of the period
Land	326
Buildings, Improvements & Equipment	3,166
Total	3,492
Accumulated Depreciation	323
9930 Independence Park Drive, Richmond (4), VA
Initial Cost to Company
Land	604
Buildings, Improvements & Equipment	5,432
Cost at the end of the period
Land	604
Buildings, Improvements & Equipment	5,432
Total	6,036
Accumulated Depreciation	555
5620 Wesleyan Drive, Virginia Beach, VA
Initial Cost to Company
Land	893
Buildings, Improvements & Equipment	7,926
Cost Capitalized Subsequent to Acquisition	1,417
Cost at the end of the period
Land	893
Buildings, Improvements & Equipment	9,343
Total	10,236
Accumulated Depreciation	4,511
4132 Longhill Road, Williamsburg, VA
Initial Cost to Company
Land	270
Buildings, Improvements & Equipment	2,468
Cost Capitalized Subsequent to Acquisition	1,028
Cost at the end of the period
Land	270
Buildings, Improvements & Equipment	3,496
Total	3,766
Accumulated Depreciation	1,142
21717 30th Drive SE, Bothell, WA
Initial Cost to Company
Land	3,012
Buildings, Improvements & Equipment	12,582
Cost at the end of the period
Land	3,012
Buildings, Improvements & Equipment	12,582
Total	15,594
Accumulated Depreciation	917
21823 30th Drive SE, Bothell, WA
Initial Cost to Company
Land	2,627
Buildings, Improvements & Equipment	12,657
Cost at the end of the period
Land	2,627
Buildings, Improvements & Equipment	12,657
Total	15,284
Accumulated Depreciation	923
10330 4th Avenue W Everett WA
Initial Cost to Company
Land	813
Buildings, Improvements & Equipment	6,844
Cost at the end of the period
Land	813
Buildings, Improvements & Equipment	6,844
Total	7,657
Accumulated Depreciation	117
516 Kenosia Avenue South, Kent (4), WA
Initial Cost to Company
Land	1,300
Buildings, Improvements & Equipment	8,458
Cost Capitalized Subsequent to Acquisition	1,648
Cost at the end of the period
Land	1,301
Buildings, Improvements & Equipment	10,105
Total	11,406
Accumulated Depreciation	852
204 N. First Street La Conner Wa
Initial Cost to Company
Land	321
Buildings, Improvements & Equipment	12,368
Cost at the end of the period
Land	321
Buildings, Improvements & Equipment	12,368
Total	12,689
Accumulated Depreciation	209
2956 152nd Ave NE, Redmond (4), WA
Initial Cost to Company
Land	5,120
Buildings, Improvements & Equipment	16,683
Cost Capitalized Subsequent to Acquisition	1,546
Cost at the end of the period
Land	5,135
Buildings, Improvements & Equipment	18,214
Total	23,349
Accumulated Depreciation	1,433
555 16th Avenue, Seattle, WA
Initial Cost to Company
Land	256
Buildings, Improvements & Equipment	4,869
Cost Capitalized Subsequent to Acquisition	67
Cost at the end of the period
Land	256
Buildings, Improvements & Equipment	4,936
Total	5,193
Accumulated Depreciation	2,959
18740 W. Bluemound Rd., Brookfield, WI
Initial Cost to Company
Land	832
Buildings, Improvements & Equipment	3,849
Cost Capitalized Subsequent to Acquisition	4,087
Cost at the end of the period
Land	832
Buildings, Improvements & Equipment	7,936
Total	8,768
Accumulated Depreciation	3,907
3003 West Good Hope Road, Glendale, WI
Initial Cost to Company
Land	1,500
Buildings, Improvements & Equipment	33,747
Cost at the end of the period
Land	1,500
Buildings, Improvements & Equipment	33,747
Total	35,247
Accumulated Depreciation	5,273
7007 North Range Line Road, Glendale, WI
Initial Cost to Company
Land	250
Buildings, Improvements & Equipment	3,797
Cost at the end of the period
Land	250
Buildings, Improvements & Equipment	3,797
Total	4,047
Accumulated Depreciation	593
215 Washington Street, Grafton, WI
Initial Cost to Company
Land	500
Buildings, Improvements & Equipment	10,058
Cost at the end of the period
Land	500
Buildings, Improvements & Equipment	10,058
Total	10,558
Accumulated Depreciation	1,572
N168W22022 Main Street, Jackson, WI
Initial Cost to Company
Land	188
Buildings, Improvements & Equipment	5,962
Cost Capitalized Subsequent to Acquisition	100
Cost at the end of the period
Land	192
Buildings, Improvements & Equipment	6,058
Total	6,250
Accumulated Depreciation	169
8351 Sheridan Rd, Kenosha, WI
Initial Cost to Company
Land	750
Buildings, Improvements & Equipment	7,669
Cost Capitalized Subsequent to Acquisition	149
Cost at the end of the period
Land	750
Buildings, Improvements & Equipment	7,817
Total	8,567
Accumulated Depreciation	1,554
5601 Burke Rd, Madison, WI
Initial Cost to Company
Land	700
Buildings, Improvements & Equipment	7,461
Cost Capitalized Subsequent to Acquisition	63
Cost at the end of the period
Land	712
Buildings, Improvements & Equipment	7,512
Total	8,224
Accumulated Depreciation	1,494
7707 N.Brookline Drive, Madison, WI
Initial Cost to Company
Land	2,615
Buildings, Improvements & Equipment	35,545
Cost Capitalized Subsequent to Acquisition	179
Cost at the end of the period
Land	2,625
Buildings, Improvements & Equipment	35,714
Total	38,339
Accumulated Depreciation	980
10803 N. Port Washington Rd, Mequon (4), WI
Real Estate And Accumulated Depreciation
Encumbrances	4,148
Initial Cost to Company
Land	800
Buildings, Improvements & Equipment	8,388
Cost Capitalized Subsequent to Acquisition	396
Cost at the end of the period
Land	800
Buildings, Improvements & Equipment	8,784
Total	9,584
Accumulated Depreciation	1,789
701 East Puetz Rd, Oak Creek, WI
Initial Cost to Company
Land	650
Buildings, Improvements & Equipment	18,396
Cost Capitalized Subsequent to Acquisition	335
Cost at the end of the period
Land	650
Buildings, Improvements & Equipment	18,731
Total	19,381
Accumulated Depreciation	3,759
321 Riverside Drive, Pewaukee, WI
Initial Cost to Company
Land	984
Buildings, Improvements & Equipment	2,432
Cost Capitalized Subsequent to Acquisition	1,237
Cost at the end of the period
Land	984
Buildings, Improvements & Equipment	3,669
Total	4,654
Accumulated Depreciation	2,134
W231 N1440 Corporate Court, Pewaukee, WI
Initial Cost to Company
Land	3,900
Buildings, Improvements & Equipment	41,140
Cost at the end of the period
Land	3,900
Buildings, Improvements & Equipment	41,140
Total	45,040
Accumulated Depreciation	6,428
8438 & 8400 Washington Avenue, Racine, WI
Initial Cost to Company
Land	1,150
Buildings, Improvements & Equipment	22,436
Cost at the end of the period
Land	1,150
Buildings, Improvements & Equipment	22,436
Total	23,586
Accumulated Depreciation	3,506
1221 North 26th Street, Sheboygan, WI
Initial Cost to Company
Land	300
Buildings, Improvements & Equipment	975
Cost at the end of the period
Land	300
Buildings, Improvements & Equipment	975
Total	1,275
Accumulated Depreciation	152
1222 North 23rd Street, Sheboygan, WI
Initial Cost to Company
Land	120
Buildings, Improvements & Equipment	4,014
Cost at the end of the period
Land	120
Buildings, Improvements & Equipment	4,014
Total	4,134
Accumulated Depreciation	627
2414 Kohler Memorial Drive, Sheboygan, WI
Initial Cost to Company
Land	1,400
Buildings, Improvements & Equipment	35,168
Cost at the end of the period
Land	1,400
Buildings, Improvements & Equipment	35,168
Total	36,568
Accumulated Depreciation	5,495
1125 N Edge Trail, Verona, WI
Initial Cost to Company
Land	1,365
Buildings, Improvements & Equipment	9,581
Cost Capitalized Subsequent to Acquisition	1,019
Cost at the end of the period
Land	1,365
Buildings, Improvements & Equipment	10,600
Total	11,965
Accumulated Depreciation	644
1451 Cleveland Avenue, Waukesha, WI
Initial Cost to Company
Land	68
Buildings, Improvements & Equipment	3,452
Cost Capitalized Subsequent to Acquisition	3,147
Cost at the end of the period
Land	68
Buildings, Improvements & Equipment	6,599
Total	6,667
Accumulated Depreciation	3,845
3289 North Mayfair Road, Wauwatosa, WI
Initial Cost to Company
Land	2,300
Buildings, Improvements & Equipment	6,245
Cost at the end of the period
Land	2,300
Buildings, Improvements & Equipment	6,245
Total	8,545
Accumulated Depreciation	976
5301 W. Lincoln Ave, West Allis, WI
Initial Cost to Company
Land	1,600
Buildings, Improvements & Equipment	20,377
Cost Capitalized Subsequent to Acquisition	7,390
Cost at the end of the period
Land	1,600
Buildings, Improvements & Equipment	27,767
Total	29,367
Accumulated Depreciation	4,580
503 South 18th Street, Laramie, WY
Initial Cost to Company
Land	191
Buildings, Improvements & Equipment	3,632
Cost Capitalized Subsequent to Acquisition	817
Cost at the end of the period
Land	191
Buildings, Improvements & Equipment	4,449
Total	4,641
Accumulated Depreciation	2,690
1901 Howell Ave., Worland, WY
Initial Cost to Company
Land	132
Buildings, Improvements & Equipment	2,507
Cost Capitalized Subsequent to Acquisition	1,321
Cost at the end of the period
Land	132
Buildings, Improvements & Equipment	3,828
Total	3,960
Accumulated Depreciation	$ 2,118

SCHEDULE III REAL ESTATE AND 58

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Real Estate And Accumulated Depreciation
Fair value adjustment, liabilities	$ 3.3
Aggregate cost for federal income tax purposes	$ 7,900
Building improvements | Maximum
Real Estate And Accumulated Depreciation
Period over which real estate assets are depreciated, maximum	40 years
Equipment | Maximum
Real Estate And Accumulated Depreciation
Period over which real estate assets are depreciated, maximum	12 years

SCHEDULE III REAL ESTATE AND 59

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Equipment
Balance at the beginning of the period	$ 6,222,360	$ 5,247,374	$ 5,002,010
Additions	1,234,580	974,986	245,364
Balance at the end of the period	7,456,940	6,222,360	5,247,374
Accumulated Depreciation
Balance at the beginning of the period	973,205	830,448	704,418
Additions	174,335	142,757	126,030
Balance at the end of the period	$ 1,147,540	$ 973,205	$ 830,448