Healthpeak Properties (DOC) 10-K 9 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	Jan. 29, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
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			$ 14.6
Entity Common Stock, Shares Outstanding		465,531,737
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:
Buildings and improvements	$ 12,501,511	$ 10,972,973
Development costs and construction in progress	390,584	275,233
Land	1,995,657	1,889,438
Accumulated depreciation and amortization	(2,605,036)	(2,250,757)
Net real estate	12,282,716	10,886,887
Carrying value of direct financing leases	5,905,009	7,280,334
Loans receivable, net	768,743	906,961
Investments in and advances to unconsolidated joint ventures	605,244	605,448
Accounts receivable, net of allowance of $3,683 and $3,785, respectively	48,929	36,339
Cash and cash equivalents	346,500	183,810
Restricted cash	60,616	48,976
Intangible assets, net	614,227	481,013
Other assets, net	817,865	901,668
Total assets	21,449,849	21,331,436
LIABILITIES AND EQUITY
Bank line of credit	397,432	838,516
Term loan	524,807	212,986
Senior unsecured notes	9,120,107	7,589,960
Mortgage debt	932,212	982,785
Other debt	94,445	97,022
Intangible liabilities, net	75,273	84,723
Accounts payable and accrued liabilities	436,239	432,934
Deferred revenue	123,017	95,411
Total liabilities	$ 11,703,532	$ 10,334,337
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 465,488,492 and 459,746,267 shares issued and outstanding, respectively	$ 465,488	$ 459,746
Additional paid-in capital	11,647,039	11,431,987
Cumulative dividends in excess of earnings	(2,738,414)	(1,132,541)
Accumulated other comprehensive loss	(30,470)	(23,895)
Total stockholders' equity	9,343,643	10,735,297
Joint venture partners	217,066	73,214
Non-managing member unitholders	185,608	188,588
Total noncontrolling interests	402,674	261,802
Total equity	9,746,317	10,997,099
Total liabilities and equity	$ 21,449,849	$ 21,331,436

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Company's involvement with VIEs:
Land	$ 1,995,657	$ 1,889,438
Accumulated depreciation and amortization	2,605,036	2,250,757
Accounts Receivable	48,929	36,339
Cash and cash equivalents	346,500	183,810
Restricted cash	60,616	48,976
Intangible assets, net	614,227	481,013
Intangible Assets, Net (Excluding Goodwill)	614,227	481,013
Other assets, net	817,865	901,668
Accounts payable and accrued liabilities	436,239	432,934
Deferred Revenue	123,017	95,411
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 3,261	$ 3,785
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	465,488,492	459,746,267
Common stock, shares outstanding	465,488,492	459,746,267
VIEs
Company's involvement with VIEs:
Buildings and improvements	$ 791,000	$ 677,000
Land	125,000	113,000
Accumulated depreciation and amortization	135,000	111,000
Accounts Receivable	16,000	5,000
Cash and cash equivalents	35,000	42,000
Restricted cash	18,000
Other assets, net	20,000	23,000
Accounts payable and accrued liabilities	60,000	34,000
Deferred Revenue	$ 14,000	$ 12,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental and related revenues	$ 1,144,482	$ 1,174,256	$ 1,128,054
Tenant recoveries	126,485	110,688	100,649
Resident fees and services	525,453	241,965	146,288
Income from direct financing leases	633,835	663,070	636,881
Interest income	112,184	74,491	86,159
Investment management fee income	1,873	1,809	1,847
Total revenues	2,544,312	2,266,279	2,099,878
Costs and expenses:
Interest expense	479,596	439,742	435,252
Depreciation and amortization	510,785	459,995	423,312
Operating	614,375	384,603	298,282
General and administrative	96,022	82,175	103,042
Acquisition and pursuit costs	27,309	17,142	6,191
Impairments (recoveries)	1,403,853
Total costs and expenses	3,131,940	1,383,657	1,266,079
Other (expense) income:
Gain on sales of real estate, net of income taxes	6,377	3,288
Other income, net	14,404	7,528	18,216
Total other income, net	20,781	10,816	18,216
(Loss) income before income taxes and equity income from and impairment of unconsolidated joint ventures	(566,847)	893,438	852,015
Income tax benefit (expense)	9,011	(250)	(5,815)
Equity income from unconsolidated joint ventures	57,313	49,570	64,433
Impairments of investments in unconsolidated joint ventures	(45,895)	(35,913)
(Loss) income from continuing operations	(546,418)	906,845	910,633
Discontinued operations:
Income before impairment losses and gain on sales of real estate, net of income taxes		1,736	5,879
Impairment losses on real estate			(1,372)
Gain on sales of real estate, net of income taxes		28,010	69,866
Total discontinued operations		29,746	74,373
Net (loss) income	(546,418)	936,591	985,006
Noncontrolling interests' share in earnings	(12,817)	(14,358)	(14,169)
Net (loss) income attributable to HCP, Inc.	(559,235)	922,233	970,837
Participating securities' share in earnings	(1,317)	(2,437)	(1,734)
Net (loss) income applicable to common shares	$ (560,552)	$ 919,796	$ 969,103
Basic earnings per common share:
Continuing operations (in dollars per share)	$ (1.21)	$ 1.94	$ 1.97
Discontinued operations (in dollars per share)		0.07	0.16
Net (loss) income applicable to common shares (in dollars per share)	(1.21)	2.01	2.13
Diluted earnings per common share:
Continuing operations (in dollars per share)	(1.21)	1.94	1.97
Discontinued operations (in dollars per share)		0.06	0.16
Net (loss) income applicable to common shares (in dollars per share)	$ (1.21)	$ 2	$ 2.13
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	462,795	458,425	455,002
Diluted (in shares)	462,795	458,796	455,702

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (loss) income	$ (546,418)	$ 936,591	$ 985,006
Change in net unrealized (losses) gains on securities:
Unrealized (losses) gains	(5)	13	1,355
Reclassification adjustment realized in net income			(9,131)
Change in net unrealized gains on cash flow hedges:
Unrealized gains	1,894	2,258	6,435
Reclassification adjustment realized in net income	148	(1,085)	1,220
Change in Supplemental Executive Retirement Plan obligation	126	(627)	240
Foreign currency translation adjustment	(8,738)	(9,967)	47
Total other comprehensive (loss) income	(6,575)	(9,408)	166
Total comprehensive (loss) income	(552,993)	927,183	985,172
Total comprehensive income attributable to noncontrolling interests	(12,817)	(14,358)	(14,169)
Total comprehensive (loss) income attributable to HCP, Inc.	$ (565,810)	$ 912,825	$ 971,003

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
Balance at Dec. 31, 2012	$ 10,551,237	$ 453,191	$ 11,180,066	$ (1,067,367)	$ (14,653)	$ 202,540	$ 10,753,777
Balance (in shares) at Dec. 31, 2012		453,191
Increase (Decrease) in Stockholders' Equity
Net (loss) income	970,837			970,837		14,169	985,006
Other comprehensive income	166				166		166
Issuance of common stock, net	110,701	$ 3,136	107,565			(3,683)	107,018
Issuance of common stock, net (in shares)		3,136
Repurchase of common stock	(10,438)	$ (242)	(10,196)				(10,438)
Repurchase of common stock (in shares)		(242)
Exercise of stock options	17,502	$ 876	16,626				17,502
Exercise of stock options (in shares)		876
Amortization of deferred compensation	39,980		39,980				39,980
Common dividends ($2.26, $2.18 and $2.10 per share for the year ended 2015, 2014 and 2013, respectively)	(956,685)			(956,685)			(956,685)
Distributions to noncontrolling interests						(17,664)	(17,664)
Issuance of noncontrolling interests						12,472	12,472
Balance at Dec. 31, 2013	10,723,300	$ 456,961	11,334,041	(1,053,215)	(14,487)	207,834	10,931,134
Balance (in shares) at Dec. 31, 2013		456,961
Increase (Decrease) in Stockholders' Equity
Net (loss) income	922,233			922,233		14,358	936,591
Other comprehensive income	(9,408)				(9,408)		(9,408)
Issuance of common stock, net	92,688	$ 2,939	89,749			(557)	92,131
Issuance of common stock, net (in shares)		2,939
Repurchase of common stock	(12,703)	$ (323)	(12,380)				(12,703)
Repurchase of common stock (in shares)		(323)
Exercise of stock options	4,461	$ 169	4,292				4,461
Exercise of stock options (in shares)		169
Amortization of deferred compensation	21,885		21,885				21,885
Common dividends ($2.26, $2.18 and $2.10 per share for the year ended 2015, 2014 and 2013, respectively)	(1,001,559)			(1,001,559)			(1,001,559)
Distributions to noncontrolling interests						(15,611)	(15,611)
Issuance of noncontrolling interests						57,746	57,746
Purchase of noncontrolling interests	(5,600)		(5,600)			(1,968)	(7,568)
Balance at Dec. 31, 2014	10,735,297	$ 459,746	11,431,987	(1,132,541)	(23,895)	261,802	10,997,099
Balance (in shares) at Dec. 31, 2014		459,746
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(559,235)			(559,235)		12,817	(546,418)
Other comprehensive income	(6,575)				(6,575)		(6,575)
Issuance of common stock, net	182,067	$ 5,117	176,950			(3,183)	$ 178,884
Issuance of common stock, net (in shares)		5,117					1,800
Repurchase of common stock	(8,738)	$ (198)	(8,540)				$ (8,738)
Repurchase of common stock (in shares)		(198)
Exercise of stock options	27,587	$ 823	26,764				27,587
Exercise of stock options (in shares)		823
Amortization of deferred compensation	26,127		26,127				26,127
Common dividends ($2.26, $2.18 and $2.10 per share for the year ended 2015, 2014 and 2013, respectively)	(1,046,638)			(1,046,638)			(1,046,638)
Distributions to noncontrolling interests	(263)		(263)			(18,884)	(19,147)
Issuance of noncontrolling interests						151,185	151,185
Purchase of noncontrolling interests	(5,986)		(5,986)			(1,063)	(7,049)
Balance at Dec. 31, 2015	$ 9,343,643	$ 465,488	$ 11,647,039	$ (2,738,414)	$ (30,470)	$ 402,674	$ 9,746,317
Balance (in shares) at Dec. 31, 2015		465,488

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jan. 28, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF EQUITY
Common dividends, per share (in dollars per share)	$ 0.575	$ 2.26	$ 2.18	$ 2.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net (loss) income	$ (546,418)	$ 936,591	$ 985,006
Continuing operations	510,785	459,995	423,312
Discontinued operations			5,862
Amortization of market lease intangibles, net	(1,295)	(949)	(6,646)
Amortization of deferred compensation	26,127	21,885	39,980
Amortization of deferred financing costs, net	20,222	19,260	18,541
Straight-line rents	(28,859)	(41,032)	(39,587)
Loan and direct financing lease interest accretion	(95,713)	(78,286)	(86,314)
Deferred rental revenues	(2,813)	(1,884)	(2,843)
Equity income from unconsolidated joint ventures	(57,313)	(49,570)	(64,433)
Distributions of earnings from unconsolidated joint ventures	15,111	5,045	3,989
Lease termination income, net	(1,103)	(38,001)
Gain on sales of real estate	(6,377)	(31,298)	(69,866)
Foreign exchange and other gains, net	(7,178)	(2,270)	(10,817)
Impairments, net	1,449,748	35,913	1,372
Changes in:
Accounts receivable, net	(9,569)	(8,845)	6,656
Other assets	(19,453)	(6,287)	(58,290)
Accounts payable and other accrued liabilities	(23,757)	28,354	3,065
Net cash provided by operating activities	1,222,145	1,248,621	1,148,987
Cash flows from investing activities:
Acquisition of RIDEA III, net	(770,325)
Acquisition of the CCRC unconsolidated joint venture interest, net		(370,186)
Acquisitions of other real estate	(613,252)	(503,470)	(64,678)
Development of real estate	(281,017)	(178,513)	(130,317)
Leasing costs and tenant and capital improvements	(84,282)	(71,734)	(64,557)
Proceeds from sales and pending sales of real estate, net	58,623	104,557	95,816
Contributions to unconsolidated joint ventures	(69,936)	(2,935)
Distributions in excess of earnings from unconsolidated joint ventures	30,989	2,657	14,102
Purchases of marketable securities			(16,706)
Proceeds from sales of marketable securities	2,348		28,403
Principal repayments on loans receivable and direct financing leases	625,701	119,511	263,445
Investments in loans receivable and other	(575,652)	(600,019)	(322,775)
Decrease (increase) in restricted cash	4,798	(11,747)	619
Net cash used in investing activities	(1,672,005)	(1,511,879)	(196,648)
Cash flows from financing activities:
Net borrowings under bank line of credit	98,743	845,190
Repayments under bank line of credit	(511,521)
Borrowings under term loan	333,014
Issuance of senior unsecured notes	1,936,017	1,150,000	800,000
Repayments of senior unsecured notes	(400,000)	(487,000)	(550,000)
Issuance of mortgage and other debt		35,445	6,798
Repayments of mortgage and other debt	(57,845)	(447,784)	(302,119)
Deferred financing costs	(19,995)	(16,550)	(7,300)
Issuance of common stock and exercise of options	206,471	96,592	114,082
Repurchase of common stock	(8,738)	(12,703)
Dividends paid on common stock	(1,046,638)	(1,001,559)	(956,685)
Issuance of noncontrolling interests	110,775	4,674	12,472
Purchase of noncontrolling interests	(7,049)	(5,897)
Distributions to noncontrolling interests	(19,147)	(15,611)	(17,664)
Net cash provided by (used in) financing activities	614,087	144,797	(900,416)
Effect of foreign exchange on cash and cash equivalents	(1,537)	1,715	960
Net increase (decrease) in cash and cash equivalents	162,690	(116,746)	52,883
Cash and cash equivalents, beginning of year	183,810	300,556	247,673
Cash and cash equivalents, end of year	$ 346,500	$ 183,810	$ 300,556

Business

Business	12 Months Ended
	Dec. 31, 2015
Business
Business	NOTE 1. Business HCP, Inc., an S&P 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, together with its consolidated entities (collectively, “HCP” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). The Company acquires, develops, leases, manages and disposes of healthcare real estate and provides financing to healthcare providers.

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 Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. Principles of Consolidation The consolidated financial statements include the accounts of HCP , Inc. , its wholly-owned subsidiaries , joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack, if any: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership. The assessment of limited partners’ rights and their impact on the presumption of control over a limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the limited partner rights, (ii) the sole general partner increases or decreases its ownership interest in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. The Company similarly evaluates the rights of managing members of limited liability companies. Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses its terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) is equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria is met and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease (“DFL”). The Company utilizes the direct finance method of accounting to record D FL income . For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased propert y , less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. The Company recognizes rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset; the tenant is not considered to have taken physical possession or have control of the leased asset until the Company- owned tenant improvements are substantially completed. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: · lease stipulations of how and on what a tenant improvement allowance may be spent; · which party to the arrangement retains legal title to the tenant improvements upon lease expiration; · whether the tenant improvements are unique to the tenant or general purpose in nature; and · if the tenant improvements are expected to have significant residual value at the end of the lease term. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally rel ate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period the y are incurred. The reimbursements of these expenses are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility is reasonably assured. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of straight line rents is not reasonably assured, future revenue recognition is limited to amounts contractually owed and paid, and, when appropriate, an allowance for estimated losses is established. Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements are generally for a term of 30 days to one year, with resident fees billed monthly. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums , loan fees paid and received , using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Loans are transferred from held-for-investment to held-for-sale when management’s intent is to no longer hold the loans for the foreseeable future. Loans held-for-sale are recorded at the lower of cost or fair value. The Company recognizes gain on sales of real estate upon the closing of a transaction with the purchaser. Gains on real estate sold are recognized using the full accrual method when collectibility of the sales price is reasonably assured, the Company is not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gain on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. The Company receives investment management fees from certain joint venture entities for various services it provides as the managing member. Management fees are recorded as revenue when management services have been performed. Intercompany profit for management fees is eliminated. Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “Finance Receivables”), are reviewed and assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Finance Receivables are defined as Finance Receivables that do not meet the definition of Performing or Workout. Workout Finance Receivables are defined as Finance Receivables in which the Company has determined, based on current information and events, that it is probable (i) it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for Finance Receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting: (i) if the Company determines that it is probable that it will only recover the recorded investment in the Finance Receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired Finance Receivable. For cash basis method of accounting the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting any payment received is applied to reduce the recorded investment. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured . Allowances are established for Finance Receivables on an individual basis utilizing an estimate of probable losses, if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the lessee’s or borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. Should a Finance Receivable be deemed partially or wholly uncollectible, the uncollectible balance is charged off against the allowance in the period in which the uncollectible determination has been made . Real Estate The Company’s real estate assets, consisting of land, buildings and improvements are recorded at fair value upon acquisition and/or consolidation. Any assumed liabilities, other acquired tangible assets or identifiable intangibles are also recorded at fair value upon acquisition and/or consolidation. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transaction s and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate appropriate discount and/or capitalization rates or other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. Transaction costs related to acquisitions of businesses, including properties, are expensed as incurred. The Company records acquired “above and below market” leases at fair value using discount rates which reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with bargain renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease (s) . Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related costs. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company- owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes certain costs based on the net carrying value of the property under redevelopment plus the cost for the construction and improvement incurred in con nection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful li ves . Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years. Market lease intangibles are amortized primarily to revenue over the remaining noncancellable lease terms and bargain renewal periods, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and bargain renewal periods, if any. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. Goodwill is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value . Potential impairment indicators include a significant decline in real estate values, restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value , the Company applies the required two-step quantitative approach. The quantitative procedures of the two-step approach (i) compare the fair value of a reporting unit with its carrying value , including goodwill, and, if necessary, (ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and is used to determine the impairment amount , if any. The Company has selected the fourth quarter of each fiscal year to perform its annual impairment test. Assets Held for Sale and Discontinued Operations Prior to the Company’s adoption of Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), a discontinued operation was a component of an entity that had either been disposed of or was deemed to be held for sale and, (i) the operations and cash flows of the component had been or was to be eliminated from ongoing operations as a result of the disposal transaction, and (ii) the entity was not to have any significant continuing involvement in the operations of the component after the disposal transaction. Accordingly, certain long-lived assets were classified as held for sale and reported at the lower of their carrying value or fair value less costs to sell and were no longer depreciated. Subsequent to the Company’s adoption of ASU 2014-08 on April 1, 2014, a discontinued operation must further represent that a disposal is a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. Investments in Unconsolidated Joint Ventures Investments in entities which the Company does not consolidate, but has the ability to exercise significant influence over the operating and financial policies of, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in the fair value of an investment in an unconsolidated joint venture below its carrying value is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates and credit spreads utilized in these valuation models are based upon assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments. Share-Based Compensation Compensation expense for share-based awards granted to employees, including grants of employee stock options, are recognized in the consolidated statements of operations based on their grant date fair market value. Compensation expense for awards with graded vesting schedules is generally recognized ratably over the period from the grant date to the date when the award is no longer contingent on the employee providing additional services. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less when purchased. Restricted Cash Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits , and (iii) net proceeds from property sales that were executed as tax-deferred dispositions. Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities in the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, change s in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas change s in fair value of the ineffective portion are recognized in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivative instruments that are part of a hedging relationship to specific forecasted transactions as well as recognized obligations or assets in the consolidated balance sheets. The Company also assesses and documents, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivative instruments are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument . Income Taxes HCP, Inc. elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, HCP, Inc. will not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries, which have elected REIT status. HCP, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. HCP, Inc. and its consolidated REIT subsidiaries are subject to state , local and foreign income taxes in some jurisdictions, and in certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities which have elected to be treated as taxable REIT subsidiaries (“ TRS ”) . TRSs are subject to both federal and state income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. Marketable Securities The Company classifies its marketable equity securities as available ‑for ‑sale. These securities are carried at fair value with unrealized gains and losses recognized in stockholders’ equity as a component of accumulated other comprehensive income (loss). Gains or losses on securities sold are determined based on the specific identification method. The Company classifies its marketable debt securities as held ‑to ‑maturity, because the Company has the positive intent and ability to hold the securities to maturity. Held ‑to ‑maturity securities are recorded at amortized cost and adjusted for the amortization of premiums and discounts through maturity. When the Company determines declines in fair value of marketable securities are other ‑than ‑temporary, a loss is recognized in earnings. Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments excluding line of credit arrangements are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Debt issuance costs related to line of credit arrangements are deferred, included in other assets, and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Segment Reporting The Company’s segments are based on its internal method of reporting which classifies business operations by healthcare sector as follows : (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. Noncontrolling Interests A rrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. N et income attributable to a noncontrolling interest is included in net income on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability compan y (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period , and revenues and expenses denominated in for

Brookdale Lease Amendments and

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”)	12 Months Ended
	Dec. 31, 2015
Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures ("Brookdale Transaction")
Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures ("Brookdale Transaction")	NOTE 3. Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) On July 31, 2014, Brookdale Senior Living (“Brookdale”) completed its acquisition of Emeritus Corporation (“Emeritus”). On August 29, 2014, the Company and Brookdale completed a multiple-element transaction with three major components: · amended existing lease agreements on 153 HCP-owned senior housing communities previously leased and operated by Emeritus, that included the termination of embedded purchase options in these leases relating to 30 properties and future rent reductions; · terminated existing lease agreements on 49 HCP-owned senior housing properties previously leased and operated by Emeritus, that included the termination of embedded purchase options in these leases relating to 19 properties. At closing, the Company contributed 48 of these properties to newly formed consolidated partnership s that are operated under a structure permitted by the Housing and Economic Recovery Act of 2008 (commonly referred to as “RIDEA”) (“RIDEA II ”); the 49 th property was contributed on January 1, 2015. Brookdale owns a 20% noncontrolling equity interest in the RIDEA II and manages the facilities on behalf of the partnership; and · entered into new unconsolidated joint ventures that own 14 campuses of continuing care retirement communities (“CCRC”) in a RIDEA structure (collectively, the “CCRC JV”) with the Company owning a 49% equity interest and Brookdale owning a 51% equity interest. Brookdale manages these communities on behalf of this partnership. Leases Amended on 153 Properties (“NNN Lease Restructuring”) The Company and Brookdale entered into amended and restated triple-net master leases for 153 properties formerly leased to Emeritus. As part of the lease amendments, Brookdale forfeited purchase option rights related to 30 of these properties. The master leases have weighted average initial terms of 15 years, with two extension options that average 10 years each. While the total base rent for 2014 remained unchanged, these leases provide for reduced escalators beginning in 2015 compared to those which were in-place; the leases contain reduced rent payments of $6.5 million in 2016 and $7.5 million each subsequent year thereafter. All obligations under the amended and restated leases are guaranteed by Brookdale. In addition, the new leases include a purchase option in favor of Brookdale that was exercised with nine communities sold during 2015 for $60 million in proceeds . Effectively, the Company paid consideration of $129 million to terminate the existing purchase options and received consideration of: (i) $76 million for lower rent payments and escalators discussed above and (ii) $53 million to settle the amount that the Company owed to Brookdale for the RIDEA II transaction discussed below. See the Fair Value Measurement Techniques and Quantitative Information section below for additional information. The Company amortize s the $53 million of net consideration paid to Brookdale for the NNN Lease Restructuring as a reduction in rental income on a straight-line basis over the term of the new leases. Additionally, the lease-related intangibles, initial direct costs and straight-line rent receivables associated with the previous leases will be amortized prospectively over the new (or amended) lease terms. Lease Terminations of 49 Properties that were contributed to a RIDEA Structure (RIDEA II ) The Company and Brookdale terminated leases for a 49 property portfolio, which resulted in Brookdale forfeiting its purchase option rights to 19 of these properties; the net value of the terminated leases and forfeited purchase options was $108 million ($131 million for the value of the terminated leases, less $23 million for the value of the forfeited purchase options). At closing, the Company contributed the properties into partnerships, with Brookdale owning a 20% noncontrolling equity interest in each of the RIDEA II (“SH PropCo” and “SH OpCo”). Brookdale’s 20% interest in the RIDEA II was valued at $47 million. Brookdale also manages the properties on behalf of the RIDEA II under long-term management contracts. See the Fair Value Measurement Techniques and Quantitative Information section below for additional information. As consideration for the net value of $108 million for the terminated leases and the $47 million sale to Brookdale of the 20% noncontrolling interest in the RIDEA II , the Company received the following: (i) a $34 million short-term receivable recorded in other assets; (ii) a $68 million note from Brookdale (the “Brookdale Receivable”) recorded in loans receivable (see Note 7) that was repaid in November 2014; and (iii) an effective offset for the $53 million associated with the additional consideration owed by the Company to Brookdale for the NNN Lease Restructuring transaction discussed above. The fair values of the short-term receivable and Brookdale Receivable were estimated based on similar instruments available in the marketplace and are considered to be Level 2 measurements within the fair value hierarchy. As a result of terminating these leases, the Company recognized a net gain of $38 million consisting of: (i) $108 million gain based on the fair value of the net consideration received; less (ii) $70 million to write-off the direct leasing costs and straight-line rent receivables related to the former in-place leases. The Company has identified the SH PropCo and SH OpCo entities as VIEs (see Note 21 for additional information). Continuing Care Retirement Communities Joint Venture HCP and Brookdale formed new unconsolidated joint ventures , that own ed 14 CCRC campuses at formation, in a RIDEA structure (“CCRC PropCo” and “CCRC OpCo”). HCP and Brookdale own 49% and 51% , respectively, of CCRC PropCo and CCRC OpCo, based on each company’s respective contributions. At closing, CCRC PropCo own ed eight campuses that are leased to CCRC OpCo; CCRC OpCo own ed six campuses and the operations of the campuses leased from CCRC PropCo. Brookdale manages the campuses of the CCRC JV under long-term management contracts. At closing, Brookdale contributed eight of its owned campuses; the Company contributed two campuses previously leased to Brookdale valued at $162 million (carrying value of $92 million) and $370 million of cash (includes amounts used to fund the purchase of properties and working capital), which was primarily used to acquire four additional campuses from third parties. At closing, the CCRC JV campuses were encumbered by $569 million of mortgage and entrance fee obligations. The Company has identified the CCRC OpCo entity as a VIE (see Note 21 for additional information). Fair Value Measurement Techniques and Quantitative Information The fair values of the forfeited rental payments and purchase option rights related to the NNN Lease Restructuring and the RIDEA II were based on the income approach and are considered Level 3 measurements within the fair value hierarchy. The Company utilized discounted cash flow models with observable and unobservable valuation inputs. These fair value measurements, or valuation techniques, were based on current market participant expectations and information available as of the close of the transaction on August 29, 2014. A summary of the quantitative information about fair value measurements for the NNN Lease Restructuring and RIDEA II transactions follows (dollars in thousands): Fair Value Valuation Technique Valuation Inputs Input Average or Range NNN Lease Restructuring Rental payment concessions by HCP $ Discounted Cash Flow NNN Rent Coverage Ratio 1.20x (benefiting Brookdale) NNN Rent Growth Rate 3.0% Discount Rate 8.00% - 8.50 % Forfeited purchase options by $ Discounted Cash Flow Capitalization Rates 7.50% - 9.25% Brookdale (benefiting HCP) Discount Rate 10.50% - 11.00% Exercise Probability 100. 00% RIDEA II Forfeited rental payments by HCP $ Discounted Cash Flow NNN Rent Coverage Ratio 1.20x (benefiting Brookdale) NNN Rent Growth Rate 3.0% EBITDAR Growth Rate 5.5% Discount Rate 8.00% - 11.00% Forfeited purchase options by $ Discounted Cash Flow Capitalization Rates 7.50% - 9.25% Brookdale (benefiting HCP) Discount Rate 10.50% - 11.00% Exercise Probability 1 00.00% In determining which valuation technique would be utilized to calculate fair value for the multiple elements of this transaction, the Company considered the market approach , obtaining published investor survey and sales transaction data, where available. The information obtained was consistent with the valuation inputs and assumptions utilized by the selected income approach that was applied to this transaction. Investor survey and sales transaction data reviewed for similar transactions in similar marketplaces, included, but were not limited to, sales price per unit, rent coverage ratios, rental rate growth as well as capitalization and discount rates . Rental Payment Concessions. The fair value of the rental payment concessions related to the NNN Lease Restructuring Transaction was determined as the present value of the difference between (i) the remaining contractual rental payments of the in-place leases, limited to the first purchase option date ( where available ) and market rents to complete the initial lease term of the amended Brookdale leases thereafter and (ii) the contractual rental payments under the amended Brookdale leases. Forfeited Rental Payments. The fair value of the forfeited rental payments related to the RIDEA II transaction was calculated as the present value of the difference between (i) the remaining contractual rental payments of the terminated in-place leases, limited to first purchase option date, where available and (ii) the forecasted cash flows of the facility-level operating results of the RIDEA II . Forfeited Purchase Option Rights . The fair value of the forfeited purchase option rights was determined as the present value of the difference between (i) the fair value of the underlying property as of the initial exercise date and (ii) the exercise price for purchase option rights as defined in the lease agreement. To determine the fair value of the underlying property as of the initial exercise date, the Company utilized a cash flow model that incorporated growth rates to forecast the underlying property’s operating results and applied capitalization rates to establish its expected fair value. The Company utilized an appropriate risk-adjusted discount rate to estimate the present value as of the closing date of the transaction.

Other Real Estate Property Inve

Other Real Estate Property Investments	12 Months Ended
	Dec. 31, 2015
Other Real Estate Property Investments
Other Real Estate Property Investments	NOTE 4. Other Real Estate Property Investments Acquisition of Private Pay Senior Housing Portfolio (“RIDEA III”) On June 30, 2015, the Company and Brookdale acquired a portfolio of 35 private pay senior housing communities from Chartwell Retirement Residences, including two leasehold interests, representing 5,025 units. The portfolio was acquired in a RIDEA structure (“RIDEA III”), with Brookdale owning a 10% noncontrolling interest. Brookdale has operated these communities since 2011 and continues to manage the communities under a long-term management agreement, which is cancellable under certain conditions (subject to a fee if terminated within seven years from the acquisition date). The Company paid $770 million in cash consideration, net of cash assumed, and assumed $32 million of net liabilities and $29 million of noncontrolling interests to acquire: (i) real estate with a fair value of $771 million, (ii) lease-up intangible assets with a fair value of $53 million and (iii) working capital of $7 million. As a result of the acquisition, the Company recognized a net termination fee of $8 million in rental and related revenues, which represents the termination value of the two leasehold interests. The lease-up intangible assets recognized were attributable to the value of the acquired underlying operating resident leases of the senior housing communities that were stabilized or nearly stabilized (i.e., resident occupancy above 80% ). From the acquisition date to December 31, 2015, the Company recognized revenues and earnings of $94 million and $1 million, respectively, from RIDEA III. As of December 31, 2015, the purchase price allocation is preliminary and may be subject to change. Pro Forma Results of Operations (Unaudited) The following unaudited pro forma consolidated results of operations assume that the RIDEA III acquisition was completed as of January 1, 2013 (in thousands, except per share amounts): December 31, 2015 December 31, 2014 December 31, 2013 Revenues $ $ $ Net (loss) income Net (loss) income applicable to HCP, Inc. Basic earnings per common share $ $ $ Diluted earnings per common share 2015 Other Real Estate Acquisitions In addition to the RIDEA III acquisition discussed above, a summary of other real estate acquisitions for the year ended December 31, 2015 follows (in thousands): Consideration Assets Acquired (1) Cash Paid/ Liabilities Noncontrolling Net Segment Debt Settled Assumed Interest Real Estate Intangibles Senior housing (2) $ $ $ $ Post-acute/skilled nursing (2) — — Life science — Medical office (3) — $ $ $ $ $ (1) Amounts include preliminary purchase price allocations which may be subject to change. (2) Includes £174 million ( $254 million) of the Company’s HC-One Facility (see Note 7) converted to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”) and includes £27 million ( $42 million) of a loan originated in May 2015 converted to fee ownership in two U.K. care homes. (3) Includes $225 million for a medical office building (“MOB”) portfolio acquisition completed in June 2015 and placed in HCP Ventures V, LLC (“HCP Ventures V”), of which in October 2015 the Company issued a 49% noncontrolling interest in HCP Ventures V for $110 million (see Note 13). 2014 Real Estate Acquisitions A summary of other real estate acquisitions for the year ended December 31, 2014 follows (in thousands): Consideration Assets Acquired Debt and Other Liabilities Noncontrolling Net Segment Cash Paid Assumed Interest Real Estate Intangibles Senior housing (1) $ $ $ (2) $ Life science — Medical office — $ $ $ $ $ (1) Includes the acquisition of a $147 million ( £88 million) portfolio of 23 care homes in the UK. (2) Includes $5 million of non-managing member limited liability company units Completed Developments During the year ended December 31, 2014, the Company placed in service the following: (i) two life science facilities, (ii) a MOB and (iii) a post-acute/skilled nursing facility. These completed developments represented $41 million of gross real estate on the Company’s consolidated balance sheets as of the date they were placed in service. There were no completed developments placed in service during the year ended December 31, 2015. Construction, Tenant and Other Capital Improvements A summary of the Company’s funding for construction, tenant and other capital improvements follows (in thousands): Year Ended December 31, Segment 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital $ $

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Dispositions of Real Estate and Discontinued Operations
Dispositions of Real Estate and Discontinued Operations	NOTE 5. Dispositions of Real Estate and Discontinued Operations During the year ended December 31, 2015 , the Company sold the following: (i) nine senior housing facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of the Brookdale Transaction, (ii) two parcels of land in its life science segment for $51 million and (iii) a MOB for $400,000 . During the year ended December 31, 2014 , the Company sold the following: (i) two post-acute/skilled nursing facilities for $22 million, (ii) a hospital for $17 million, ( i ii) a senior housing facility for $16 m illion and (i v ) a MOB for $145,000 . On August 29, 2014, in conjunction with the Brookdale Transaction, the Company contributed three senior housing facilities with a carrying value of $92 million into the CCRC JV (an unconsolidated joint venture with Brookdale discussed in Note 3). The Company recorded its investment in the CCRC JV for the contribution of these properties at their carrying value (carryover basis) and therefore did not recognize either a gain or loss upon the contribution. The Company separately presented as discontinued operations the results of operations for all consolidated assets disposed of and all properties held for sale, if any, prior to the adoption of ASU 2014-08 on April 1, 2014. The amounts included in discontinued operations, for the year ended December 31, 2014 represent the activity for properties sold prior to the adoption date. No properties sold subsequent to the adoption date met the new criteria for reporting discontinued operations (see Note 2). The following table summarizes income from discontinued operations, impairments and gain on sales of real estate included in discontinued operations (dollars in thousands): Year Ended December 31, 2014 2013 Rental and related revenues $ $ Depreciation and amortization expenses — Operating expenses Other expense, net Income before impairment losses and gain on sales of real estate, net of income taxes $ $ Impairment losses on real estate $ — $ Gain on sales of real estate, net of income taxes $ $ Number of properties included in discontinued operations

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	12 Months Ended
	Dec. 31, 2015
Net Investment in Direct Financing Leases
Net Investment in Direct Financing Leases	NOTE 6. Net Investment in Direct Financing Leases The components of net investment in DFLs consisted of the following (dollars in thousands): December 31, 2015 2014 Minimum lease payments receivable $ $ Estimated residual values Less unearned income Net investment in direct financing leases before allowance Allowance for DFL losses — Net investment in direct financing leases $ $ Properties subject to direct financing leases HCR ManorCare, Inc. The Company acquired 334 post-acute, skilled nursing and assisted living facilities in its 2011 transaction with HCR ManorCare Inc. (“HCRMC”) and entered into a triple-net Master Lease and Security Agreement (the “Master Lease”) with a subsidiary (“ Lessee”) of HCRMC. As part of the Company’s fourth quarter 2015 review process, including its internal rating evaluation, it assessed the collect i bility of all contractual rent payments under the HCRMC amended master lease (the “Amended Master Lease”). The Company’s evaluation included, but was not limited to, consideration of : (i) the continued decline in HCRMC’s operating performance and fixed charge coverage ratio during the second half of 2015, with the most significant deterioration occurring during the fourth quarter, (ii) the reduced growth outlook for the post-acute/skilled nursing business and (iii) HCRMC’s 2015 audited financial statements. The Company determined that the timing and amounts owed under the HCRMC DFL investments are no longer reasonably assured and assigned an internal rating of “Watch List” as of December 31, 2015 . Further, the Company placed the HCRMC DFL investments on nonaccrual and will utilize the cash method of accounting in accordance with its policy (see Note 2). As a result of assigning an internal rating of “Watch List” for its HCRMC DFL investments during the quarterly review process, the Company further evaluated the carrying amount of its HCRMC DFL investments. As a result of the significant decline in HCRMC’s fixed charge coverage ratio in the fourth quarter of 2015, combined with a lower growth outlook for the post-acute/skilled nursing business , the Company determined that it is probable that its HCRMC DFL investments are impaired and the amount of the loss can be reasonably estimated. In the fourth quarter of 2015, the Company recorded an allowance for DFL losses (impairment charge) of $817 million, reducing the carrying amount of its HCRMC DFL investments from $6.0 billion to $5.2 billion . See Note 17 for additional discussion of the impairment charge and related valuation assumptions . In December 2015, the Company reduced the carrying amount of its equity investment in HCRMC to zero, and income will be recognized only if cash distributions are received from HCRMC; as a result, the Company will no longer recharacterize (eliminate) its proportional ownership share of income from DFLs to equity income from unconsolidated joint ventures (see Note 8 ). The Company recognized HCRMC DFL income and HCRMC equity income as follows (in thousands) : Year Ended December 31, 2015 2014 2013 Cash income $ $ $ DFL accretion, net Total DFL income from HCRMC $ $ $ DFL accretion income recharacterized to equity income $ $ $ Equity loss from HCRMC Total equity income from HCRMC $ $ $ During the years ended December 31, 2015, 2014 and 2013 , the C ompany recognized a total of $148 million , $142 million and $145 million of accretion , net , respectively, related to its HCRMC DFL investments . During the quarter ended March 31, 2015, the Company and HCRMC agreed to market for sale the real estate and operations associated with 50 non-strategic facilities that were under the Master Lease. HCRMC receive s an annual rent reduction under the Master Lease based on 7.75% of the net sales proceeds received by HCP. During the year ended December 31, 2015, the Company completed sales of 22 non-strategic HCRMC facilities for $219 million. Subsequent to December 31, 2015, the Company sold an additional 11 facilities, bringing the total facilities sold through February 8, 2016 to 33, with the remaining facility sales expected to close by mid-2016 . On March 29, 2015, certain subsidiaries of the Company entered into an amendment to the Master Lease (the “HCRMC Lease Amendment”) effective April 1, 2015. The HCRMC Lease Amendment reduced initial annual rent by a net $68 million from $541 million to $473 million. Commencing on April 1, 2016, the minimum rent escalation shall be reset to 3.0% for each lease year through the expiration of the initial term of each applicable pool of facilities. Prior to the HCRMC Lease Amendment, rent payments would have increased 3.5% on April 1, 2015 and 2016 and 3.0% thereafter. The initial term was extended five years to an average of 16 years , and the extension options’ aggregate terms remained the same . As consideration for the rent reduction, the Company received a Deferred Rent Obligation (“DRO”) from the Lessee equal to an aggregate amount of $525 million, which was allocated into two tranches: (i) a Tranche A DRO of $275 million and (ii) a Tranche B DRO of $250 million. Until the entire Tranche A DRO is paid in full, the Lessee will make rental payments equal to 6.9% of the outstanding amount (representing $19 million) for the initial lease year (the “Tranche A Current Payment”), increased each year thereafter by 3.0% . Commencing on April 1, 2016, until the Tranche B DRO is paid in full, the outstanding principal balance of the Tranche B DRO will be increased annually by (i) 3.0% initially, (ii) 4.0% commencing on April 1, 2019, (iii) 5.0% commencing on April 1, 2020, and (iv) 6.0% commencing on April 1, 2021 and for the remainder of its term. The DRO is due and payable on the earlier of (i) certain capital or liquidity events of HCRMC, including an initial public offering or sale, or (ii) March 31, 2029, which is not subject to any extensions. The HCRMC Lease Amendment also imposes certain restrictions on the Lessee and HCRMC until the DRO is paid in full, including with respect to the payment of dividends and the transfer of interest in HCRMC. Additionally, HCRMC agreed to sell, and HCP agreed to purchase, nine post-acute facilities for an aggregate purchase price of $275 million. The proceeds from the nine facilities are to be used to reduce the Tranche A DRO as the purchases are consummated. The closing of the purchases of these facilities are subject to certain customary conditions and approvals. Through December 31, 2015, HCRMC and HCP completed seven of the nine facility purchases for $184 million. The purchases of the remaining two facilities are expected to occur by mid- 2016. Following the purchase of a facility, the Lessee lease s such facility from the Company pursuant to the Amended Master Lease. The nine facilities will contribute an aggregate of $19 million of annual rent (subject to escalation) under the Amended Master Lease . In March 2015, the Company recorded a n impairment charge of $478 million related to its HCRMC DFL investments. The impairment charge reduced the carrying value of the HCRMC DFL investments from $6.6 billion to $6.1 billion, based on the present value of the future lease payments effective April 1, 2015 under the Amended Master Lease discounted at the original DFL investments’ effective lease rate (see Note 17) . See Note 8 for additional discussion of the Company’s equity interest in HCRMC and the U.S. Department of Justice (“DOJ”) action related to HCRMC. During the year ended December 31, 2014 , the Company received a $13 million payoff from the sale of a HCRMC post-acute/skilled nursing facility that collateralized this DFL. Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2015 (dollars in thousands): Carrying Percentage of Internal Ratings Investment Type Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing $ $ $ $ — Post-acute/skilled nursing — — Hospital — — $ $ $ $ — Beginning September 30 , 2013, the Company placed a 14 property s enior housing DFL (the “DFL Portfolio”) on nonaccrual status and classified the DFL Portfolio on “Watch List” status . The Company determined that the collection of all rental payments was and continues to be no longer reasonably assured; therefore, rental revenue for the DFL Portfolio has been recognized on a cash basis. The Company re-assessed the DFL Portfolio for impairment on December 31, 201 5 and determined that the DFL Portfolio was not impaired based on its belief that: (i) it was not probable that it will not collect all of the rental payments under the terms of the lease; and (ii) the fair value of the underlying collateral exceeded the DFL Portfolio’s carrying amount. The fair value of the DFL Portfolio was estimated based on a discounted cash flow model, the inputs to which are considered to be a Level 3 measurement within the fair value hierarchy. Inputs to this valuation model include real estate capitalization rates, industry growth rates and operating margins, some of which influence the Company’s expectation of future cash flows from the DFL Portfolio and, accordingly, the fair value of its investment. During the years ended December 31, 2015 , 201 4 and 201 3 , the Company recognized DFL income of $15 million, $19 million and $24 million, respectively, and received cash payments of $20 million, $24 million and $24 million, respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $366 million and $370 million at December 31, 2015 and 201 4 , respectively. Certain leases contain provisions that allow the tenants to elect to purchase the properties during or at the end of the lease terms for the aggregate initial investment amount plus adjustments, if any, as defined in the lease agreements. Certain leases also permit the Company to require the tenants to purchase the properties at the end of the lease terms. Future minimum lease payments contractually due under DFLs at December 31, 2015, were as follow (in thousands): Year Amount 2016 $ 2017 2018 2019 2020 Thereafter $

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2015
Loans Receivable.
Loans Receivable	NOTE 7. Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2015 2014 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine $ — $ $ 660,138 $ — $ $ Other — 114,322 — Unamortized premiums (discounts), fees and costs, net — Allowance for loan losses — — — — $ $ $ 768,743 $ $ $ The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2015 (dollars in thousands): Percentage Internal Ratings Carrying of Loan Performing Watch List Workout Investment Type Amount Portfolio Loans Loans Loans Real estate secured $ $ $ — $ — Other secured — — $ $ $ — $ — Real Estate Secured Loans Following is a summary of loans receivable secured by real estate at December 31, 2015 (dollars in thousands): Final Number Maturity of Principal Carrying Date Loans Payment Terms Amount Amount 2016 aggregate monthly interest-only payments, accrues interest at 8.5% , and secured by a senior housing facility in Pennsylvania (1) $ $ 2017 aggregate monthly interest-only payments, accrues interest at 8.5% , and secured by two senior housing facilities in New Jersey and Pennsylvania; (1) and aggregate monthly interest-only payments, accrues interest at LIBOR plus 6.0%, and secured by, among other things, the issuer's real estate assets 2018 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania (1) $ $ (1) Represents commitments to fund an aggregate of $2 million for four development projects that are at or near completion as of December 31, 2015. At December 31, 2015 , future contractual principal payments to be received on loans receivable secured by real estate are $15 million in 2016, $79 million in 2017 and $20 million in 2018. During the year ended December 31, 2015, the Company recognized $27 million in interest income related to loans secured by real estate. At December 31, 2015, the Company accrued $1 million of interest receivables related to real estate secured loans. In December 2015, the Company purchased £28 million ($42 million) of Four Seasons Health Care’s (“Four Seasons”) £40 million senior secured term loan. The loan is secured by , among other things, the real estate assets of Four Seasons , and represents the most senior debt tranche. The loan bears interest at a rate of LIBOR plus 6.0% per annum and matures in December 2017 . Other Secured Loans HC-One Facility In November 2014, the Company was the lead investor in the financing for Formation Capital and Safanad’s acquisition of NHP, a company that, at closing, owned 273 nursing and residential care homes representing over 12,500 beds in the U.K. principally operated by HC-One. The Company provided a loan facility (the “ HC-One Facility”), secured by substantially all of NHP’s assets, totaling £395 million, with £363 million ( $574 million) drawn at closing. The HC-One Facility has a five -year term and was funded by a £355 million draw on the Company’s revolving line of credit facility that is discussed in Note 11. In February 2015, the Company increased the HC-One Facility by £108 million ( $164 million) to £502 million ( $795 million), in conjunction with HC-One’s acquisition of Meridian Healthcare. In April 2015, the Company converted £174 million of the HC-One Facility into a sale-leaseback transaction for 36 nursing and residential care homes located throughout the U.K. (see Note 4). In September 2015, the Company amended and increased its commitment under the HC-One Facility by £11 million primarily for the funding of capital expenditures and a development project. As part of the amendments, the Company shortened the non-call period by 17 months and provided consent for (i) the pay down of £34 million from disposition proceeds without a prepayment premium and (ii) the spinoff of 36 properties into a separate joint venture. In return, the Company retained security over the spinoff properties for a period of two years . Through December 3 1 , 2015, the Company received paydowns of £34 million ( $52 million). Brookdale Receivable In conjunction with the Brookdale Transaction, on August 29, 2014, the Company provided a $68 million interest-only loan, which was repaid in full in November 2014. See additional information regarding the Brookdale Transaction in Note 3. Barchester Loan On May 2, 2013, the Company acquired £121 million of subordinated debt at a discount for £109 million ($170 million). The loans were secured by an interest in facilities leased and operated by Barchester Healthcare (“Barchester”). On September 6, 2013, the Company received £129 million ($202 million) for the par payoff of these debt investments, recognizing interest income of $24 million for the related unamortized loan discounts. Tandem Health Care Loan On July 31, 2012, the Company closed a mezzanine loan facility to lend up to $205 million to Tandem Health Care (“Tandem”), as part of the recapitalization of a post-acute/skilled nursing portfolio. The Company funded $100 million (the “First Tranche”) at closing and funded an additional $102 million (the “Second Tranche”) in June 2013. In May 2015, the Company increased and extended the mezzanine loan facility with Tandem to (i) fund $50 million (the “Third Tranche”) and $5 million (the “Fourth Tranche”), which proceeds were used to repay a portion of Tandem’s existing senior and mortgage debt, respectively; (ii) extend its maturity to October 2018; and (iii) extend the prepayment penalty period to January 2017. The loans bear interest at fixed rates of 12% , 14% , 6% and 6% per annum for the First, Second, Third and Fourth Tranches, respectively . At December 31, 2015 , the facility had an outstanding balance of $256 million at an 11.5% blended interest rate and was subordinate to $381 million of senior mortgage debt. Delphis Operations, L.P. Loan Through October 2015, the Company held a secured term loan made to Delphis Operations, L.P. (“Delphis” or the “Borrower”) that was collateralized by all of the assets of the Borrower. I n October 2015, the Company received $23 million in cash proceeds from the sale of Delp his’ collateral and recognized an impairment recovery of $6 million for the amount received in excess of the loan’s carrying value. The carrying value of the loan, net of an allowance for loan losses, was $17 million at December 31, 2014. At December 31, 2014, the allowance related to the Company’s senior secured term loan to Delphis was $13 million with no additional allowances recognized during the year ended December 31, 2015. During the years ended December 31, 2015 and 2014, the Company received cash payments from the Borrower of $23 million and $1 million , respectively.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Unconsolidated Joint Ventures
Investments in and Advances to Unconsolidated Joint Ventures	NOTE 8. Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method at December 31, 2015 (dollars in thousands): Entity (1) Segment Carrying Amount Ownership % CCRC JV (2) senior housing $ HCRMC (3) senior housing and post-acute/skilled nursing — MBK JV (4) senior housing HCP Ventures III, LLC medical office HCP Ventures IV, LLC medical office and hospital HCP Life Science (5) life science 50 -63 Vintage Park senior housing MBK Development JV (4) senior housing Suburban Properties, LLC medical office Advances to unconsolidated joint ventures, net $ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Includes two unconsolidated joint ventures in a RIDEA structure (CCRC PropCo and CCRC OpCo). See additional information regarding the CCRC JV and the Brookdale Transaction in Note 3. (3) In December 2015, September 2015 and December 2014, the Company recognized impairment charges of $19 million, $27 million and $36 million, respectively. See Note 17 for additional information regarding th e impairment charge s ; also, see Note 6 regarding the Company’s related HCRMC DFL investment s . (4) Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo). (5) Includes three unconsolidated joint ventures between the Company and an institutional capital partner for which the Company is the managing member. HCP Life Science includes the following partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50%); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%) . Summarized combined financial information for the Company’s unconsolidated joint ventures follows (in thousands): December 31, 2015 (1) 2014 Real estate, net $ $ Goodwill and other assets, net Assets held for sale Total assets $ $ Capital lease obligations and mortgage debt $ $ Accounts payable and other Liabilities and mortgage debt held for sale Other partners’ capital HCP’s capital (2) Total liabilities and partners’ capital $ $ (1) Includes the financial information of Vintage Park, MBK JV and MBK Development JV , which were formed i n January 2015 , March 2015 and September 2015, respectively . (2) The combined basis difference of the Company’s investments in these joint ventures of $39 million, as of December 31, 2015, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles. Year Ended December 31, 2015 (1) 2014 (2) 2013 Total revenues $ $ $ Income (loss) from discontinued operations Net loss (3) HCP’s share in earnings (3) Fees earned by HCP Distributions received by HCP (1) Includes the financial information of Vintage Park, MBK JV and MBK Development JV , which were formed in January 2015, March 2015 and September 2015, respectively . (2) Includes the financial information of the CCR C JV, which the Company formed i n August 2014. (3) The net loss in 201 5 includes $79 million related to HCRMC’s goodwill that was allocated to disposal groups that were sold. The net loss in 2014 includes impairments, net of the related tax benefit, of $396 million related to HCRMC’s deferred tax assets and trademark intangible assets. The impairments at HCRMC were the result of a continued shift in patient payor sources from Medicare to Medicare Advantage, which negatively impact reimbursement rates and length of stay for HCRMC’s skilled nursing segment and a shift in HCRMC’s marketing and branding strategy. The net loss in 2013 includes a charge of $400 million related to recording of a valuation allowance that reduced the carrying value of HCRMC’s deferred tax assets to an amount that is more likely than not to be realized as determined by HCRMC’s management. HCRMC’s goodwill, intangible assets and deferred tax assets were not previously considered in the Company’s initial investments in the operations of HCRMC . T herefore, the related impairments and valuation allowance against the carrying value of the deferred tax assets do not impact the Company’s recorded investment or impact on the Company’s share of earnings from or its equity investment in HCRMC . H owever, the circumstances that led to HCRMC’s management to reach the determination that it was necessary to reduce the carrying value of their deferred tax and trademark intangible assets in 2014 are consistent with the Company’s determination that its equity investment in HCRMC was impaired in December 2014 (see Note 17). The Company’s joint venture interest in HCRMC is accounted for using the equity method and results in an ongoing reduction of DFL income, proportional to HCP’s ownership in HCRMC. The elimination of the respective proportional lease expense at the HCRMC level in substance results in $58 million, $62 million and $62 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 6 for additional discussion. CCRC JV On August 29, 2014, as part of the Brookdale Transaction discussed in Note 3, HCP and Brookdale formed unconsolidated joint ventures in a RIDEA structure. At closing, Brookdale contributed eight of its owned campuses; the Company contributed two campuses previously leased to Brookdale valued at $162 million (carrying value of $92 million) and $370 million of cash. At closing, the CCRC JV campuses were encumbered by $569 million of mortgage and entrance fee obligations (s ee Notes 3 and 5 ) . HCRMC On April 20, 2015, the DOJ unsealed a previously filed complaint in the U.S. District Court for the Eastern District of Virginia against HCRMC and certain of its affiliates in three consolidated cases following a civil investigation arising out of three lawsuits filed by former employees of HCRMC under the qui tam provisions of the federal False Claims Act. The DOJ’s complaint in intervention is captioned United States of America, ex rel. Ribik, Carson, and Slough v. HCR ManorCare, Inc., ManorCare Inc., HCR ManorCare Services, LLC and Heartland Employment Services, LLC (Civil Action Numbers: 1:09cv13; 1:11cv1054; 1:14cv1228 (CMH/TCB)). The complaint alleges that HCRMC submitted claims to Medicare for therapy services that were not covered by the skilled nursing facility benefit, were not medically reasonable and necessary, and were not skilled in nature, and therefore not entitled to Medicare reimbursement. While this litigation is at an early stage and HCRMC has indicated that it believes the claims are unjust and it will vigorously defend against them, a significant adverse judgment against HCRMC or significant settlement obligation could impact the carrying value of the Company’s investments in HCRMC’s operations and/or DFLs investment further (see Note s 6 and 17 ). The Company concluded that its equity investment in HCRMC was other-than-temporarily impaired as of September 30, 2015 and recorded an impairment charge of $27 million (see Note 17). In December 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $19 million , and , prospectively, income will be recognized only if cash distributions are received from HCRMC (see Notes 6 and 17). MBK JVs On March 30, 2015, the Company and MBK Senior Living (“MBK”), a subsidiary of Mitsui & Co. Ltd, formed a new RIDEA joint venture (“MBK JV”) that owns three senior housing facilities with the Company and MBK each owning a 50% equity interest. MBK manages these communities on behalf of the joint venture. The Company contributed $27 million of cash and MBK contributed the three senior housing facilities with a fair value of $126 million, which were encumbered by $78 million of mortgage debt at closing. On September 25, 2015, the Company and MBK formed a new RIDEA joint venture (“MBK Development JV”) which acquired a $3 million parcel of land for the purpose of developing a 74 -unit class A senior housing facility in Santa Rosa, California. The parcel of land is located adjacent to the Oakmont Gardens independent living facility currently owned and operated by the MBK JV. HCP Ventures III, LLC and HCP Ventures IV, LLC On December 30, 2015, HCP Ventures III, LLC and HCP Ventures IV, LLC (“HCP Ventures IV”) sold 61 MOBs , three hospitals and a re-development property for total proceeds of $634 million, recognizing gains on sales of real estate of $59 million , of which the Company’s share was $15 million . As part of these sales, the Company received aggregate distributions of $45 million, including repayment of its loan receivable .

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2015
Intangibles
Intangibles	NOTE 9. Intangibles The Company’s intangible lease assets were (in thousands): December 31, Intangible lease assets 2015 2014 Lease-up intangibles $ $ Above market tenant lease intangibles Below market ground lease intangibles Gross intangible lease assets Accumulated depreciation and amortization Net intangible lease assets $ $ The remaining weighted average amortization period of intangible assets was 14 years at both December 31, 2015 and 201 4 . The Company’s intangible lease liabilities were (in thousands): December 31, Intangible lease liabilities 2015 2014 Below market lease intangibles $ $ Above market ground lease intangibles Gross intangible lease liabilities Accumulated depreciation and amortization Net intangible lease liabilities $ $ The remaining weighted average amortization period of intangible lease liabilities was nine years at both December 31, 2015 and 201 4 . For the years ended December 31, 2015 , 201 4 and 201 3 , rental income includes additional revenues of $4 million, $3 million and $9 million, respectively, from the amortization of net below market lease intangibles. For the years ended December 31, 2015 , 201 4 and 201 3 , operating expenses include additional expense of $1 million each year from the amortization of net above market ground lease intangibles. For the years ended December 31, 2015 , 201 4 and 201 3 , depreciation and amortization expense includes additional expense of $76 million, $60 million and $59 million, respectively, from the amortization of lease-up and non-compete agreement intangibles. Estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter follows (in thousands): Intangible Intangible Assets Liabilities 2016 $ $ 2017 2018 2019 2020 Thereafter $ $

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2015
Other Assets..
Other Assets	NOTE 10. Other Assets The Company’s other assets consisted of the following (in thousands): December 31, 2015 2014 Straight-line rent receivables, net of allowance of $33,648 and $34,182 , respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Goodwill Other Total other assets $ $ At December 31, 2015 and 2014, within other assets is a non-interest bearing receivable of $9 million and $26 million, respectively, from Brookdale payable in eight quarterly installments (see Note 3). At December 31, 2014, other assets also include a loan receivable of $15 million from HCP Ventures IV , which was repaid as part of real estate asset sales in December 2015 (see Note 8) . During the year ended December 31, 2013, the Company realized gains from the sale of marketable equity securities of $11 million, which were included in other income, net. Four Seasons Health Care Senior Unsecured Notes Marketable debt securities, net are classified as held-to-maturity debt securities and primarily represent senior notes issued by Elli Investments Limited (“Elli”), a company beneficially owned by funds or limited partnerships managed by Terra Firma, as part of the financing for Elli’s acquisition of Four Seasons Health Care (the “Four Seasons Notes”). The Four Seasons Notes mature in June 2020 , are non-callable through June 2016 and bear interest on their par value at a fixed rate of 12.25% per annum . The Company purchased an aggregate par value of £138.5 million of the Four Seasons Notes at a discount for £136.8 million ( $215 million) in June 2012, representing 79% of the total £175 million issued and outstanding Four Seasons Notes . In June 2015 and September 2015, the Company determined that the Four Seasons Notes were other-than-temporarily impaired (see Note 1 7) . In December 2015, the Company received its contractual interest payment of £8 million ($13 million), which was applied against the principal balance reducing the carrying amount to £58 million ($85 million).

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt
Debt	NOTE 11. Debt Bank Line of Credit and Term Loans The Company’s $2.0 billion unsecured revolving line of credit facility (the “Facility”) matures on March 31, 2018 and contains a one -year extension option . Borrowings under the Facility accrue interest at LIBOR plus a margin that depends upon the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at December 31, 2015 , the margin on the Facility was 0.925% , and the facility fee was 0.15% . The Facility also includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $500 million, subject to securing additional commitments from existing lenders or new lending institutions . At December 31, 2015 , the Company had £270 million ( $397 million ) , outstanding under the Facility with a weighted average effective interest rate of 1.72% . On July 30, 2012, the Company entered into a credit agreement with a syndicate of banks for a £137 millio n ( $202 million at December 31, 2015 ) four -year unsecured term loan (the “2012 Term Loan”). Based on the Company’s credit ratings at December 31, 2015 , the 2012 Term Loan accrues interest at a rate of GBP LIBOR plus 1.20% . Concurrent with the closing of the 2012 Term Loan, the Company entered into a four -year interest rate swap contract that fixes the interest rate of the 2012 Term Loan at 1.81% , subject to adjustments based on the Company’s credit ratings. The 2012 Term Loan contains a one -year committed extension option. On January 12, 2015, the Company entered into a credit agreement with a syndicate of banks for a £220 million ( $323 million at December 31, 2015 ) four -year unsecured term loan (the “2015 Term Loan”) that accrues interest at a rate of GBP LIBOR plus 0.975% , subject to adjustments based on the Company’s credit ratings (the 2012 and 2015 Term Loans are collectively, the “Term Loans”). Concurrently, the Company entered into a three -year interest rate swap contract that fixes the rate of the 2015 Term Loan at 1.79% (see Note 2 4 ) . Proceeds from the 2015 Term Loan were used to repay £220 million that partially funded the November 2014 HC-One Facility (see Note 7) . The 2015 Term Loan contains a one -year committed extension option . The Facility and Term Loans contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements, (i) limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60% , (ii) limit the ratio of Secured Debt to Consolidated Total Asset Value to 30% , (iii) limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60% and (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times. The Facility and Term Loans also require a Minimum Consolidated Tangible Net Worth of $9.5 billion at December 31, 2015 . At December 31, 2015 , the Company was in compliance with each of these restrictions and requirements. Senior Unsecured Notes At December 31, 2015 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $9 . 2 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at December 31, 2015 . The following table summarizes the Company’s senior unsecured note issuances for the periods presented (dollars in thousands): Issuance Period Amount Coupon Rate Maturity Date Net Proceeds Year ended December 31, 2015: January 21, 2015 $ % $ May 20, 2015 $ % $ December 1, 2015 $ % $ Year ended December 31, 2014: February 21, 2014 $ % $ August 14, 2014 $ % $ The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Year ended December 31, 2015: March 1, 2015 $ % June 8, 2015 $ % Year ended December 31, 2014: February 1, 2014 $ % June 14, 2014 $ % June 14, 2014 $ 3 Month LIBOR+0.9 % Mortgage Debt At December 31, 2015 , the Company had $ 933 m illion in aggregate principal amount of mortgage debt outstanding , which is secured by 62 healthcare facilities (including redevelopment properties) with a carrying value of $1.2 billion. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires maintenance of insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt is also cross-collateralized by multiple assets and may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets . Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2015 (dollars in thousands): Senior Unsecured Notes (3) Mortgage Debt (4) Line of Interest Interest Year Credit (1) Term Loans (2) Amount Rate Amount Rate Total (5) 2016 $ — $ $ % $ % $ 2017 — — % % 2018 — % % 2019 — % N/A 2020 — — % % Thereafter — — % % % % Discounts and debt costs, net — $ $ $ $ $ (1) Represents £ 270 million translated into U.S. dollars (“USD”) . (2) Represents £357 million translated into USD . (3) Interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective rate of 4.68% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 3.14% to 8.35% with a weighted average effective interest rate of 6.21% and a weighted average maturity of two years. (5) Excludes $ 9 4 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities. Other Debt At December 31, 2015 , the Company had $66 million of non-interest bearing life care bonds at two of its continuing care retirement communities and non-interest bearing occupancy fee deposits at two of its senior housing facilities, all of which were payable to certain residents of the facilities (collectively, “Life Care Bonds”). The Life Care Bonds are generally refundable to the residents upon the termination of the contract or upon the successful resale of the unit. At December 31, 2015, the Company had $28 million of on-demand notes (“Demand Notes”) from the CCRC JV . The Demand Notes bear interest at a rate of 4.5% .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies.
Commitments and Contingencies	NOTE 12. Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of the Company’s business. The Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s business, prospects, financial condition, results of operations or cash flows. The Company’s policy is to accrue legal expenses as they are incurred. DownREIT LLCs In connection with the formation of certain DownREIT LLCs, members may contribute appreciated real estate to a DownREIT LLC in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT LLC, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT LLC. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT LLC in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expiration terms that range through 2033 . Commitments The following table summarizes our material commitments , excluding debt servicing obligations (see Note 11), at December 31, 2015 (in thousands): More than Total 2016 2017-2018 2019-2020 Five Years U.K. loan commitments (1) $ $ $ $ — $ — Construction loan commitments (2) — — — Development commitments (3) — — — Ground and other operating leases Total $ $ $ $ $ (1) Represents £39 million translated into U SD as of December 31, 2015 for commitments to fund the Company’s U.K. loan facilities . (2) Represents commitments to finance development projects and related working capital financings. (3) Represents construction and other commitments for developments in progress. Credit Enhancement Guarantee Certain of the Company’s senior housing facilities serve as collateral for $98 million of debt (maturing May 1, 2025) that is owed by a previous owner of the facilities. This indebtedness is guaranteed by the previous owner who has an investment grade credit rating. These senior housing facilities, which are classified as DFLs, had a carrying value of $366 million as of December 31, 2015 . Environmental Costs The Company monitors its properties for the presence of hazardous or toxic substances. The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage and current industry practice. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, flood, windstorm, earthquake, environmental and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits and deductibles considering the relative risk of loss, the cost of such coverage and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood and windstorm occurrences for which the related insurances carry high deductibles. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands): Annualized Number of Year Base Rent (1) Properties 2016 $ 2017 2018 2019 2020 Thereafter $ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL interest accretion and deferred revenues). Rental Expense The Company’s rental expense attributable to continuing operations for the years ended December 31, 2015 , 201 4 and 201 3 was approximately $10 million, $8 million and $8 million, respectively. These rental expense amounts include ground rent and other leases. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. These leases have terms that are up to 99 years, excluding extension options. Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2015 were as follows (in thousands): Year Amount 2016 $ 2017 2018 2019 2020 Thereafter $

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity
Equity	NOTE 13. Equity Common Stock On January 28, 2016, the Company announced that its Board declared a quarterly cash dividend of $0.575 per share. The common stock cash dividend will be paid on February 23 , 2016 to stockholders of record as of the close of business on February 8 , 2016. During the years ended December 31, 2015, 2014 and 2013, the Company declared and paid common stock cash dividends of $2.26 , $2.18 and $2.10 per share. In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). Under this program, the Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. During the year ended December 31, 2015, the Company issued 1.8 million shares of common stock at a weighted average price of $40.14 for proceeds of $73 million, net of fees and commissions of $1 million. The following is a summary of the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2015 2014 2013 Dividend Reinvestment and Stock Purchase Plan Conversion of DownREIT units Exercise of stock options Vesting of restricted stock units Repurchase of common stock Accumulated Other Comprehensive Loss The following is a summary of the Company’s accumulated other comprehensive loss (in thousands): December 31, 2015 2014 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized gains on available for sale securities Total accumulated other comprehensive loss $ $ Noncontrolling Interests On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to an institutional capital investor for $110 million. HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas acquired through a sale-leaseback transaction with Memorial Hermann in June 2015 (see Note 4). At December 31, 2015, there were four million non-managing member units ( six million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, in all of which the Company is the managing member. At December 31, 2015, the carrying and market values of the four million DownREIT units were $186 million and $229 million, respectively. See Note 20 for the supplemental schedule of non-cash financing activities.

Segment Disclosures

Segment Disclosures	12 Months Ended
	Dec. 31, 2015
Segment Disclosures
Segment Disclosures	NOTE 14. Segment Disclosures The Company evaluates its business and makes resource allocations based on its five business segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. Under the medical office segment, the Company invests through the acquisition and development of MOBs, which generally require a greater level of property management. Otherwise, the Company primarily invests, through the acquisition and development of real estate, in single tenant and operator properties and debt issued by tenants and operators in these s ectors . The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note 2). There were no intersegment sales or transfers during the years ended December 31, 2015, 2014 and 2013. The Company evaluates performance based upon (i) property net operating income from continuing operations (“NOI”), (ii) adjusted NOI (cash NOI), and (iii) adjusted NOI plus interest income (“Portfolio Income”) of the combined investments in each segment. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, marketable equity securities, deferred financing costs and, if any, real estate held for sale. Interest expense, depreciation and amortization, and non-property specific revenues and expenses are not allocated to individual segments in evaluating the Company’s segment-level performance . See Note 23 for other information regarding concentrations of credit risk. Summary information for the reportable segments follows (in thousands): For the year ended December 31, 2015: Senior Post-acute/ Life Medical Segments Housing Skilled Nursing Science Office Hospital Total Rental revenues (1) $ (2) $ (2) $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (3) (2) (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Impairments Gain on sales of real estate Other income, net Income tax benefit Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Net loss $ For the year ended December 31, 2014: Senior Post-acute/ Life Medical Segments Housing Skilled Nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (3) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Gain on sales of real estate Other income, net Income tax expense Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Total discontinued operations Net income $ For the year ended December 31, 2013: Senior Post-acute/ Life Medical Segments Housing Skilled Nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (3) Adjusted (cash) NOI Interest income — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Other income, net Income tax expense Equity income in unconsolidated joint ventures Total discontinued operations Net income $ (1) Represents rental and related revenues, tenant recoveries, and income from DFLs. (2) See Note 6 for discussion of the Company’s HCRMC DFL investments (3) Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees . The Company’s total assets by segment were (in thousands): December 31, Segments 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital Gross segment assets Accumulated depreciation and amortization Net segment assets Other nonsegment assets Total assets $ $ At both December 31, 2015 and 2014, goodwill of $50 million was allocated to segment assets as follows: (i) senior housing— $31 million, (ii) post-acute/skilled nursing— $3 million, (iii) medical office— $11 million, and (iv) hospital— $5 million. The Company completed the required annual impairment test du ring the fourth quarter of 2015 and no impairment was recognized based on the results of the Company’s procedures .

Future Minimum Rents

Future Minimum Rents	12 Months Ended
	Dec. 31, 2015
Future Minimum Rents
Future Minimum Rents	NOTE 15. Future Minimum Rents Future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2015 , are as follow (in thousands): Year Amount 2016 $ 2017 2018 2019 2020 Thereafter $

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2015
Compensation Plans
Compensation Plans	NOTE 16. Compensation Plans Stock Based Compensation On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (“the 2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan (“the 2014 Plan”) (collectively, “the Plans”). Following the adoption of the 2014 Plan, no new awards will be issued under the 2006 Plan. The Plans provide for the granting of stock-based compensation, including stock options, restricted stock and restricted stock units to officers, employees and directors in connection with their employment with or services provided to the Company. The maximum number of shares reserved for awards under the 2014 Plan is 33 million shares; as of December 31, 2015, approximately 32.4 million of the reserved shares under the 2014 Plan are available for future awards, and approximately 21.6 million shares may be issued as restricted stock and restricted stock units. Stock Options Stock options are granted with an exercise price per share equal to the closing market price of the Company’s common stock on the grant date. Stock options generally vest ratably over a three - to five -year period and have a 10 -year contractual term. Vesting of certain stock options may accelerate, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. Upon the exercise, a participant is required to pay the exercise price of the stock options being exercised and the related tax withholding obligation. A summary of the stock option activity during 2015 is presented in the following table (dollars and shares in thousands, except per share amounts): Weighted Weighted Average Average Remaining Aggregate Shares Exercise Contractual Intrinsic Under Options Price Term (Years) Value Outstanding as of January 1, 2015 $ $ Exercised Cancelled Forfeited Outstanding as of December 31, 2015 Exercisable as of December 31, 2015 The following table summarizes additional information concerning outstanding and exercisable stock options at December 31, 2015 (shares in thousands): Currently Exercisable Weighted Weighted Average Weighted Average Remaining Average Range of Shares Under Exercise Contractual Shares Under Exercise Exercise Price Options Price Term (Years) Options Price $23.34 - $25.52 $ $ 27.11 - 28.35 31.95 - 46.92 The following table summarizes additional information concerning unvested stock options at December 31, 2015 (shares in thousands): Weighted Shares Average Under Grant Date Fair Options Value Unvested at January 1, 2015 $ Vested Forfeited Unvested at December 31, 2015 There were no grants of stock options for the fiscal year 2015. The weighted average fair value per share at the date of grant for stock options awarded during the years ended December 31, 2014 and 2013 was $3.80 and $5.89 , respectively. The total vesting date intrinsic value (at vesting) of shares under stock options vested during the years ended December 31, 2015, 2014 and 2013 was $1 million, $7 million and $12 million, respectively. The total intrinsic value of vested shares under stock options at December 31, 2015 was $5 million. Proceeds received from stock options exercised under the Plans for the years ended December 31, 2015, 2014 and 2013 were $28 million, $5 million and $18 million, respectively. The total intrinsic value (at exercise) of stock options exercised during the years ended December 31, 2015, 2014 and 2013 was $10 million, $3 million and $25 million, respectively. The fair value of the stock options granted during the years ended December 31, 2014 and 2013 was determined on the grant date utilizing a Black-Scholes valuation model, incorporating the market assumptions described below. The risk-free rate is based on the U.S. Treasury yield curve effective at the grant date. The expected life (estimated period of time outstanding) of the stock options granted was determined using the historical exercise behavior of employees and turnover rates. For stock options granted in 2014 and 2013, the expected volatility was based on the average of the Company’s: (i) historical volatility of the adjusted closing prices of its common stock for a period equal to the stock option’s expected life, ending on the grant date, calculated on a weekly basis and (ii) the implied volatility of traded options on its common stock for a period equal to 30 days ending on the grant date. The following table summarizes the Company’s stock option valuation assumptions used with respect to stock options awarded in 2014 and 2013: 2014 2013 Risk-free rate % % Expected life (in years) Expected volatility % % Expected dividend yield % % Restricted Stock and Performance Restricted Stock Units Under the Plans, restricted stock and performance restricted stock units generally have a contractual life or vest over one - to five -year periods. The vesting of certain restricted stock and performance restricted stock units may accelerate, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. When vested, each restricted stock and performance restricted stock unit is convertible into one share of common stock. The restricted stock units are valued on the grant date based on the closing market price of the Company’s common stock on that date. The performance restricted stock units are valued utilizing a lattice-binomial option-pricing model based on Monte Carlo simulations as described below. Generally, the Company recognizes the fair value of the awards over the applicable vesting period as compensation expense. Upon exercise or payment of restricted stock and performance restricted stock units, the participant is required to pay the related tax withholding obligation. Participants can generally elect to have the Company reduce the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During 2015, 2014 and 2013, the Company withheld 2 00,000 , 323,000 and 242,000 shares, respectively, to offset tax withholding obligations with respect to the restricted stock and performance restricted stock unit awards. The following table summarizes additional information concerning restricted stock and performance restricted stock units at December 31, 2015 (units and shares in thousands): Weighted Weighted Restricted Average Average Stock Grant Date Restricted Grant Date Units Fair Value Shares Fair Value Unvested at January 1, 2015 $ $ Granted — — Vested Forfeited — — Unvested at December 31, 2015 At December 31, 2015, the weighted average remaining vesting period of restricted stock and performance restricted stock units was one year. The total fair values (at vesting) of restricted stock and performance restricted stock units which vested for the years ended December 31, 2015, 2014 and 2013 were $21 million, $24 million and $22 million, respectively. Long-Term Incentive Plan Units (“LTIP”) 2015 Pursuant to the 2014 Plan and effective February 2, 2015, certain officers were granted 128,762 performance based units with three-year and one-year performance periods (“2015 3-Year LTIP Awards” and “2015 1-Year LTIP Awards,” respectively, and collectively, “the Awards”). The Awards had a grant date fair value of $6.9 million (fair value of the awards per target share for the 2015 3-Year LTIP Awards and the 2015 1-Year LTIP Awards were $54.97 and $50.82 , respectively). The fair value on the grant date was determined utilizing a lattice-binomial option-pricing model based on Monte Carlo simulations. The Awards vest based upon the total shareholder return (“TSR”) of the Company’s common stock relative to the TSRs of each of the other companies in the FTSE NAREIT Equity Health Care Index (the “NAREIT Index”). TSR for the Awards is measured over the performance periods: January 1, 2015 through December 31, 2015 for the 2015 1-Year LTIP Awards and January 1, 2015 through December 31, 2017 for the 2015 3-Year LTIP Awards. 2014 Pursuant to the 2006 Plan and effective February 3, 2014, certain officers were granted 176,088 performance based units (“2014 3 -Year LTIP Awards”). The 2014 3-Year LTIP Awards had a grant date fair value of $7.2 million (fair value of the awards per target share of $40.68 ) as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. Seventy percent of the 2014 3-Year LTIP Awards vest based upon the three -year TSR of the Company’s common stock relative to the TSRs of the MSCI US REIT Index ( 25% weight) and the NAREIT Index ( 75% weight). TSR for the 2014 3-Year LTIP Awards is measured over the performance period: January 1, 2014 through December 31, 2016. Thirty percent of the 2014 3-Year LTIP Awards vest based upon the Company’s Net Debt to Adjusted Pro Forma EBITDA over the performance period. The following table summarizes the Company’s performance based restricted stock valuation assumptions used with respect to awards issued in 2015 and 2014: 2015 2014 Expected volatility % % Risk-free rate % % Expected dividend yield % % Compensation expense is charged to earnings on a straight-line basis over the performance period. Following the end of the respective performance period, each participant will be issued shares of the Company’s common stock equal to the number of units granted to the participant multiplied by a percentage, ranging from zero to 200% , based on the outcome of the performance metrics for the applicable performance period, as described above. The participants will also be entitled to dividend equivalents for shares issued, which dividend equivalents represent any dividends that would have been paid with respect to such issued shares after the grant date of the awards and prior to the date of settlement. As the Company pays dividends on its outstanding common stock, holders of restricted stock awards are generally entitled to dividends on the underlying restricted shares, and holders of performance restricted stock units generally have the right to a cash payment equal to the dividends that would be paid on a number of shares of Company common stock equal to the number of outstanding units subject to the award. In 2012, the Company implemented a clawback policy that is retroactive to prior years pursuant to which its Board of Directors or Compensation Committee shall, in such circumstances as they determine to be appropriate, require reimbursement or cancellation of all or a portion of any short- or long-term cash or equity incentive awards or payments to an officer (or former officer, as the case may be) of the Company where: (i) the amount of, or number of shares included in, any such payment or award was determined based on the achievement of financial results that were subsequently the subject of an accounting restatement due to noncompliance with any financial reporting requirement under the securities laws; (ii) a lesser payment or award of cash or shares would have been made to the individual based upon the restated financial results; and (iii) the payment or award of cash or shares was received by the individual prior to or during the 12-month period following the first public issuance or filing of the financial results that were subsequently restated. Total share-based compensation expense recognized during the years ended December 31, 2015, 2014 and 2013 was $26 million, $22 million and $40 million, respectively; included in 2013 is a $27 million charge recognized in general and administrative expenses resulting from the termination of the Company’s former chief executive officer (“CEO”) that was comprised of: (i) the acceleration of $17 million of deferred compensation for restricted stock units and stock options that vested upon termination; and (ii) severance payments and other costs of approximately $10 million; these vestings and severance payments were in accordance with the terms of the former CEO’s employment agreement. As of December 31, 2015, there was $19 million of deferred compensation cost associated with future employee services, related to unvested share-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of three years. Employee Benefit Plan The Company maintains a 401(k) and profit sharing plan that allows for eligible participants to defer compensation, subject to certain limitations imposed by the Code. The Company provides a matching contribution of up to 4% of each participant’s eligible compensation. During the years ended December 31, 2015, 2014 and 2013, the Company’s matching contributions were approximately $1 million for each of the years then ended.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2015
Impairments
Impairments	NOTE 17. Impairments HCRMC During the three months ended December 31, 2015, the Company recorded an allowance for credit losses and impairment charge of $817 million related to its HCRMC DFL investments. The allowance for credit losses reduced the net carrying value of the HCRMC DFL investments from $6.0 billion to $5.2 billion, and was determined as the present value of expected future (i) in-place lease payments under the HCRMC Amended Master Lease and (ii) estimated market rate lease payments, each discounted at the original HCRMC DFL investments’ effective lease rate. Impairments related to an allowance for credit losses are included in impairments, net . The market rate lease payments were based on an income approach utilizing a discounted cash flow valuation model. The significant inputs to this valuation model include d forecasted EBITDAR (defined as earnings before interest, taxes, depreciation and amortization, and rent) , rent coverage ratios and real estate capitalization rates and are summarized as follows (dollars in thousands ): Post-acute/ Senior Housing Skilled nursing Description of Input(s) to the Valuation DFL Valuation Inputs DFL Valuation Inputs Range of EBITDAR $75,000 - $85,000 $385,000 - $435,000 Range of rent coverage ratio 1.05 x - 1.15 x 1.25 x - 1.35 x Range of real estate capitalization rate 6.25% - 7.2 5% 7.50% - 8.50% In determining which technique would be utilized to estimate fair value for the multiple elements of this valuation , the Company also considered the market approach, obtaining published investor survey and sales transaction data, where available. Investor survey and sales transaction data reviewed for similar transactions in similar marketplaces, included, but were not limited to, sales price per unit/bed, rent coverage ratios, revenue and operating expense growth rates, rent per unit/bed per month and real estate capitalization rates. The information obtained was consistent with the inputs and assumptions utilized by the selected income approach that was applied to this valuation. As of December 31, 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $19 million , reducing its carrying value to zero (see Notes 6 and 8 ). A s of September 30, 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $27 million. The impairment charge reduced the carrying amount of the Company’s equity investment in HCRMC from $48 million to its fair value of $21 million. The impairment determination primarily resulted from the Company’s review of HCRMC operating results and market and industry data which, among other factors, show ed a declining trend in admissions from hospitals and continuing trends in mix and length of stay driven by Medicare Advantage and other M anaged C are plans. The fair value of the Company’s equity investment in HCRMC was based on a discounted cash flow valuation model and inputs were considered to be Level 3 measurements within the fair value hierarchy. Inputs to this valuation model include d earnings multiples, discount rate, industry growth rates of revenue, operating expenses and facility occupancy, some of which influence the Company’s expectation of future cash flows from its equity investment in HCRMC and, accordingly, the fair value of its investment. The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model : Description of Input(s) to the Valuation Valuation Inputs Range of re venue growth rates (1) (1.8%) - 3.0% Range of occupancy growth rates (1) (0.8%) - 0.2% Range of operating expense growth rates (1) (1.1%) - 3.1% Discount rate 15.20% Range of earnings multiples 6.0x -7.0x (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. In March 2015, the Company recorded a n impairment charge of $478 million related to its HCRMC DFL investments (see Note 6). During the year ended December 31, 2014, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $36 million. The impairment charge reduced the carrying amount of the Company’s equity investment in HCRMC from $75 million to its fair value of $39 million. The impairment determination primarily resulted from the Company’s review of HCRMC’s preliminary base financial forecast for 2015, received in December 2014, together with HCRMC’s year-to-date operating results through November 2014. The preliminary base financial forecast and operating results primarily reflected a continued shift in patient payor sources from Medicare to Medicare Advantage, which negatively impacts reimbursement rates and length of stay for HCRMC’s skilled nursing segment. The fair value of the Company’s equity investment was based on a n income approach utilizing a discounted cash flow valuation model , and inputs were considered to be Level 3 measurements within the fair value hierarchy. Inputs to this valuation model include d earnings multiples, discount rate, industry growth rates of revenue, operating expenses and facility occupancy, some of which influence the Company’s expectation of future cash flows from its equity investment in HCRMC and, accordingly, the fair value of its investment. The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model: Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (0.2%) - 3.5% Range of occupancy growth rates (1) (0.3%) - 0.2% Range of operating expense growth rates (1) 0.6% - 2.8% Discount rate 13.7% Range of earnings multiples 6.0x - 7.0x (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. In determining the fair value of our interest in HCRMC, the Company applied the above valuation inputs, which resulted in a range of fair values of its equity investment in HCRMC of $35 million to $44 million based on the range of earnings multiples. The Company elected to use the mid-point of the valuation results and recorded an impairment to reduce the carrying value of its equity investment in HCRMC to $39.5 million . Other In June 2015 and September 2015, the Company determined that its Four Seasons Notes (see Note 10) were other-than-temporarily impaired resulting from a continued decrease in the fair value of its investment. Although the Company does not intend to sell and does not believe it will be required to sell the Four Seasons Notes before their maturity, the Company determined that a credit loss existed resulting from several factors including: (i) deterioration in Four Seasons’ operating performance since the fourth quarter of 2014 and (ii) credit downgrades received during the first half of 2015. Accordingly, the Company recorded impairment charges during the three months ended June 30, 2015 and September 30, 2015 of $42 million and $70 million, respectively, reducing the carrying value of the Four Seasons Notes at September 30, 2015 to $100 million (£66 million). Elli remains obligated to repay the aggregate par value at maturity and interest payments due June 15 and December 15 each year. When the remaining semi-annual interest payments are received, the Company expects to reduce the carrying value of the Four Seasons Notes during the related fiscal period. The fair value of the Four Seasons Notes used to calculate the impairment charge was based on quoted market prices. However, because the Four Seasons Notes are not actively traded, these prices are considered to be Level 2 measurements within the fair value hierarchy. When calculating the fair value and determining whether a credit loss existed, the Company also evaluated Four Season’s ability to repay the Four Seasons Notes according to their contractual terms based on its estimate of future cash flows. The estimated future cash flow inputs included forecasted revenues, capital expenditures, operating expenses, care home occupancy and continued implementation of Four Seasons’ business plan which includes executing on its business line segmentation and continuing to invest in its core real estate portfolio. This information was consistent with the results of the valuation technique used by the Company to determine if a credit loss existed and to calculate the fair value of the Four Seasons Notes during its impairment review. In June 2015, the Company determined a MOB was impaired and recognized an impairment charge of $3 million, which reduced the carrying value of the Company’s investment to $400,000 . The fair value of the MOB was based on its projected sales prices, which was considered to be a Level 2 measurement within the fair value hierarchy. In July 2015, the Company sold the MOB for $400,000 (see Note 5). During the year ended December 31, 2013, the Company placed two medical office buildings into assets held for sale. As a result, the Company recognized impairment charges of $1 million, which reduced the carrying value of the Company’s aggregate investments from $7 million to the $6 million sales price. The fair value of the Company’s medical office buildings were based on the projected sales prices from the pending dispositions. The sales prices of the MOBs were considered to be a Level 2 measurement within the fair value hierarchy.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes
Income Taxes	NOTE 18. Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”) which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 18. Certain REIT entities are also subject to state, local and foreign income taxes. The TRS entities subject to tax reported losses before income taxes of $22 million and $2 million for the years ended December 31, 2015 and 2014, respectively, and income before income taxes of $10 million for the year ended December 31, 2013. The REIT’s losses before income taxes from the U.K. were $15 million and $4 million for the years ended December 31, 2015, and 2014, respectively. The total income tax (benefit) expense from continuing operations consists of the following components (in thousands): Year Ended December 31, 2015 2014 2013 Current Federal $ $ $ State Foreign — Total current $ $ $ Deferred Federal $ $ $ State Foreign — Total deferred $ $ $ Total income tax (benefit) expense $ $ $ The Company’s income tax expense from discontinued operations was insignificant for the years ended December 31, 2014 and 2013. The following table reconciles the income tax expense at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2015 2014 2013 Tax (benefit) expense at U.S. federal statutory income tax rate on income or loss subject to tax $ $ $ State income tax expense, net of federal tax Gross receipts and margin taxes Foreign rate differential — Effect of permanent differences Return to provision adjustments Increase in valuation allowance — Total income tax (benefit) expense $ $ $ Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2015 2014 2013 Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interest and certain costs $ $ $ Net operating loss carryforward Expense accruals and other Valuation allowance — Net deferred tax assets $ $ $ Deferred tax assets and liabilities are included in other assets, net and accounts payable and accrued liabilities. At December 31, 2015 the Company had a net operating loss (“NOL”) carryforward of $10 million related to the TRS entities. These amounts can be used to offset future taxable income, if any. The NOL carryforwards begin to expire in 2033 with respect to the TRS entities. The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it cannot sustain a conclusion that it is more likely than not that it can realize the deferred tax assets during the periods in which these temporary differences become deductible. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized. The C ompany files numerous U.S. federal, state and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years prior to 2012. For each of the years ended December 31, 2015 and 2014, the tax basis of the Company’s net assets is less than the reported amounts by $ 6.5 billion. The difference between the reported amounts and the tax basis is primarily related to the Slough Estates USA, Inc. (“SEUSA”) and HCRMC acquisitions, which occurred in 2007 and 2011, respectively. Both SEUSA and HCRMC were corporations subject to federal and state income taxes. As a result of these acquisitions, the Company succeeded to the tax attributes of SEUSA and HCRMC, including the tax basis in the acquired companies’ assets and liabilities. The Company generally will be subject to a federal corporate-level tax on any taxable disposition of HCRMC pre-acquisition assets that occur within five years after its April 7, 2011 acquisition. The corporate-level tax associated with the disposition of assets acquired in connection with the HCRMC acquisition would be assessed only to the extent of the built-in gain that existed on the date of the acquisition, based on the fair market value of the assets on April 7, 2011. The Company has not and does not expect to dispose of any assets that would result in the imposition of a material tax liability. As a result, the Company has not recorded a deferred tax liability associated with this corporate-level tax. Gains from asset dispositions occurring more than five years after the acquisition will not be subject to a federal corporate-level tax. However, gains from asset dispositions occurring within ten years after the SEUSA and HCRMC acquisitions may be subject to corporate-level tax in some states. F rom time to time, the Company may dispose of SEUSA or HCRMC assets before the applicable built-in gain holding period if it is able to effect a tax deferred exchange. In connection with the HCRMC acquisition, the Company assumed unrecognized tax benefits of $2 million. For each of the years ended December 31, 2014 and 2013, the Company had a decrease in unrecognized tax benefits of $1 million. There were no unrecognized tax benefits balances at December 31, 2015 and 2014. A reconciliation of the Company’s beginning and ending unrecognized tax benefits follows (in thousands): Amount Balance at January 1, 2013 $ Reductions based on prior years’ tax positions Additions based on 2013 tax positions — Balance at December 31, 2013 Reductions based on prior years’ tax positions Additions based on 2014 tax positions — Balance at December 31, 2014 $ — During the year ended December 31, 2014, the Company reversed the entire balance of the interest expense associated with the unrecognized tax benefits assumed in connection with the acquisition of HCRMC. The amount reversed was insignificant and it was due to the lapse in the statute of limitations. For the year ended December 31, 2013, the Company recorded insignificant net increases to interest expense associated with the unrecognized tax benefits.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Common Share
Earnings Per Common Share	NOTE 19. Earnings Per Common Share The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator (Loss) income from continuing operations $ $ $ Noncontrolling interests’ share in continuing operations (Loss) income from continuing operations applicable to HCP, Inc. Participating securities’ share in continuing operations (Loss) income from continuing operations applicable to common shares Discontinued operations — Noncontrolling interests’ share in discontinued operations — Net (loss) income applicable to common shares $ $ $ Denominator Basic weighted average common shares Dilutive potential common shares — Diluted weighted average common shares Basic earnings per common share (Loss) income from continuing operations $ $ $ Discontinued operations — Net (loss) income applicable to common stockholders $ $ $ Diluted earnings per common share (Loss) income from continuing operations $ $ $ Discontinued operations — Net (loss) income applicable to common shares $ $ $ Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying share-based award does not vest, and require the use of the two-class method when computing basic and diluted earnings per share. For the year ended December 31, 2015, the Company generated a net loss . T he weighted-average basic shares outstanding was used in calculating diluted loss per share from continuing operations, as using diluted shares would be anti-dilutive to loss per share. Options to purchase approximately 1.4 million and 800,000 shares of common stock that had exercise prices in excess of the average market price of the common stock during the years ended December 31, 2014 and 2013, respectively, were not included because they are anti-dilutive. Additionally, six million shares issuable upon conversion of four million DownREIT units during the years ended December 31, 2014 and 2013 were not included because they are anti-dilutive.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information	NOTE 20. Supplemental Cash Flow Information Supplemental cash flow information follows (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental cash flow information: Interest paid, net of capitalized interest $ $ $ Income taxes paid Capitalized interest Supplemental disclosure of non-cash investing activities: Accrued construction costs Settlement of loans receivable as consideration for real estate acquisition — — Loan originated in connection with Brookdale Transaction — — Real estate contributed to CCRC JV — — Fair value of real estate acquired in exchange for sale of real estate — Tenant funded tenant improvements owned by HCP — Reclassification of the in-place leases from real estate to DFLs — — Supplemental disclosure of non-cash financing activities: Vesting of restricted stock units Cancellation of restricted stock — Conversion of non-managing member units into common stock Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — — Noncontrolling interest issued in connection with Brookdale Transaction — — Noncontrolling interests issued in connection with real estate and other acquisitions — Noncontrolling interest assumed in connection with real estate disposition — — Mortgages and other liabilities assumed with real estate acquisitions Foreign currency translation adjustment Unrealized gains on available-for-sale securities and derivatives designated as cash flow hedges, net See discussions related to the Brookdale Transaction discussed in Note 3.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities
Variable Interest Entities	NOTE 21. Variable Interest Entities Unconsolidated Variable Interest Entities At December 31, 2015, the Company had investments in: (i) t hree unconsolidated VIE joint ventures; (ii) 366 properties leased to VIE tenants; and ( iii ) marketable debt securities of two VIE borrowers. The Company has determined that it is not the primary beneficiary of these VIEs. The Company does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures (CCRC OpCo , HCRMC OpCo and Vintage Park discussed below), the Company has no formal involvement in these VIEs beyond its investments. The Company leased 318 properties to, and has an equity ownership investment in, HCRMC that has been identified as a VIE upon a reconsideration event in the fourth quarter of 2015. HCRMC has experienced continued operational declines and is a “thinly capitalized” entity that relies on the operating cash flows generated from its senior housing and post-acute facilities to fund operating expenses, including the rent obligations under the Amended Ma s ter Lease (see Notes 6, 8 and 17). The Company lease s 48 properties to a total of seven tenants that have been identified as VIEs (“VIE tenants”) .T hese VIE tenants are “thinly capitalized” entities that rely on the operating cash flows generated from the senior housing facilities to pay operating expenses, including the rent obligations under their leases. The Company holds a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operates senior housing properties in a RIDEA structure, that has been identified as a VIE (see Notes 3 and 8). The equity members of CCRC OpCo “lack power” because they share certain operating rights with Brookdale as manager of the CCRCs. The assets of CCRC OpCo primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consist of operating lease obligations to CCRC PropCo and accounts payable and expense accruals associated with the cost of its CCRCs’ operations. Assets generated by the CCRC operations (primarily rents from CCRC residents) of CCRC OpCo may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to manage such facilities). The Company holds an 85% ownership interest in Vintage Park (see Note 8) that has been identified as a VIE. Although power is shared among equity members, one equity member does not have a substantive investment in the entity. The assets of Vintage Park primarily consist of an in-progress independent living facility development project that it owns and cash and cash equivalents; its obligations primarily consist of accounts payable and expense accruals associated with the cost of the development obligations. Any assets generated by Vintage Park may only be used to settle its contractual obligations (primarily development expenses and debt service payments ) . The Company holds Four Seasons Notes (see Note 10) and a portion of Four Season’s senior secured term loan (see Note 7) . In the second quarter of 2015, upon the occurrence of a reconsideration event, it was determined that the issu er of the Four Seasons Notes was a VIE because th e entity was “thinly capitalized” (see Note 17). The Company holds commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (“Freddie MAC”) through a special purpose entity that has been identified as a VIE bec ause it is “thinly capitalized.” The CMBS issued by the VIE are backed by mortgage debt obligations on real estate assets. The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2015 are presented below (in thousands): Maximum Loss Carrying VIE Type Exposure (1) Asset/Liability Type Amount HCRMC $ Net investment in DFLs and investments in unconsolidated joint ventures $ VIE tenants—DFLs Net investment in DFLs VIE tenants—operating leases Lease intangibles, net and straight-line rent receivables CCRC OpCo Investments in unconsolidated joint ventures Vintage Park Investments in unconsolidated joint ventures Four Seasons Loans and marketable debt securities CMBS Marketable debt securities (1) The Company’s maximum loss exposure related to VIE tenants, CCRC OpCo, Vintage Park, and loans and marketable debt securities to VIE borrowers represents the aggregate carrying amount of such investments (including accrued interest). The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. A s of December 31, 2015, the Company has not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 3, 6, 7, 8, 10 and 12 for additional descriptions of the nature, purpose and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities RIDEA I . The Company holds a 90% ownership interest in a joint venture entity formed in September 2011 that operates senior housing properties in a RIDEA structure (“RIDEA I OpCo”). The Company consolidates RIDEA I OpCo as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of RIDEA I OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to a non-VIE consolidated subsidiary of the Company and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of RIDEA I OpCo may only be used to settle its contractual obligations (primarily from the rental costs and operating expenses incurred to manage such facilities). RIDEA II . The Company holds an 80% ownership interest in joint venture entities formed in August 2014 that own and operate senior housing properties in a RIDEA structure (“RIDEA II”). The Company consolidates RIDEA II (“SH PropCo” and “SH OpCo”) as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of SH PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of a note payable to a non-VIE consolidated subsidiary of the Company. The assets of SH OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to SH PropCo and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of the RIDEA II structure may only be used to settle its contractual obligations (primarily from the rental costs and operating expenses incurred to manage such facilities ) . RIDEA III . The Company holds a 90% ownership interest in a joint venture entity formed in June 2015 that operates senior housing properties in a RIDEA structure (“RIDEA III OpCo”). The Company consolidates RIDEA III OpCo as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of RIDEA III OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to a non-VIE consolidated subsidiary of the Company and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of RIDEA III OpCo may only be used to settle its contractual obligations (primarily from the rental costs and operating expenses incurred to manage such facilities ) . Other consolidated VIEs . The Company made a loan to an entity that entered into a tax credit structure (“Tax Credit Subsidiary”) and a loan to an entity that made an investment in a development joint venture (“Development JV”) both of which are considered VIEs. The Company consolidates the Tax Credit Subsidiary and Development JV because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the VIEs’ economic performance. The assets and liabilities of the Tax Credit Subsidiary and Development JV substantially consist of development in progress, notes receivable, prepaid expenses, notes payable, and accounts payable and accrued liabilities generated from their operating activities. Any assets generated by the operating activities of the Tax Credit Subsidiary and Development JV may only be used to settle their contractual obligations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Fair Value Measurements	NOTE 22. Fair Value Measurements The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2015 in the consolidated balance sheets (in thousands): Financial assets and liabilities Fair Value Level 1 Level 2 Level 3 Marketable equity securities $ $ $ — $ — Interest-rate swap asset (1) — — Interest-rate swap liabilities (1) — — Currency swap assets (1) — — Warrants (1) — — (1) Interest rate and currency swaps, as well as common stock warrant fair values, are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models. Recognized gains and losses are recorded in other income, net on the Company’s consolidated statements of operations . In September 2015, the Company exercised $2 million of warrants classified as Level 3 within the fair value hierarchy in exchange for marketable equity securities classified as Level 1. During the year ended December 31, 2015, there were no other transfers of financial assets or liabilities within the fair value hierarchy. Disclosures About Fair Value of Financial Instruments Cash and cash equivalents, restricted cash, accounts receivable, net, and accounts payable and accrued liabilities. The carrying values are reasonable estimates of fair value because of the short-term maturities of these instruments. Loans receivable, net and mortgage debt. The fair values are based on discounting future cash flows utilizing current market rates for loans and debt of the same type and remaining maturity. Marketable debt securities. The fair value is based on quoted prices from inactive markets. Marketable equity securities and senior unsecured notes. The fair values are based on quoted prices in active markets. Warrants. The fair value is based on significant unobservable market inputs utilizing standardized derivative pricing models. Bank line of credit, term loans and other debt. The carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s current credit ratings. Interest-rate swaps. The fair value is based on observable inputs utilizing standardized pricing models that consider forward yield curves and discount rates which are observable in active and inactive markets. Currency swaps. The fair value is based on observable inputs utilizing standardized pricing models that consider the future value of the currency exchange rates, comprised of current spot and traded forward points, and calculating a present value of the net amount using discount rates based on observable traded interest rates. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2015 2014 Carrying Carrying Amount Fair Value Amount Fair Value Loans receivable, net (2) $ $ $ $ Marketable debt securities (2) Marketable equity securities (1) Warrants (3) Bank line of credit (2) Term loans (2) Senior unsecured notes (1) Mortgage debt (2) Other debt (2) Interest-rate swap asset (2) Interest-rate swap liabilit ies ( 2) Currency swap assets (2) (1) Level 1: Fair value calculated based on quoted prices in active markets . (2) Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets . (3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2015
Concentration of Credit Risk
Concentration of Credit Risk	NOTE 23. Concentration of Credit Risk Concentrations of credit risk arise when one or more tenants, operators or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of risks. The Company does not have significant foreign operations. The following table provides information regarding the Company’s concentrations with respect to certain tenants and operators; the information provided is presented for the gross assets and revenues that are associated with certain tenants and operators as percentages of their respective segment’s and total Company’s gross assets and revenues: Percentage of Percentage of Senior Housing Gross Assets Senior Housing Revenues December 31, Year Ended December 31, Operators 2015 2014 2015 2014 2013 Brookdale (1) HCRMC Percentage of Post-Acute/ Percentage of Post-Acute/ Skilled Nursing Gross Assets Skilled Nursing Revenues December 31, Year Ended December 31, Operators 2015 2014 2015 2014 2013 HCRMC Percentage of Total Percentage of Company Gross Assets Total Company Revenues December 31, Year Ended December 31, Operators 2015 2014 2015 2014 2013 HCRMC Brookdale (1) (1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment gross assets, total gross assets, segment revenues and total revenues, for all periods presented are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the periods presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure. For discussions of significant HCRMC updates and performance during 2015, see Notes 6, 8 and 17. As of December 31, 2015, Brookdale provided comprehensive facility management and accounting services with respect to 108 of the Company’s senior housing facilities and 15 CCRCs owned by the CCRC JV, for which the Company or joint venture pay annual management fees pursuant to long-term management agreements. Most of the management agreements have terms ranging from 10 to 15 years, with three to four 5 -year renewals. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA facilities. In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds. Brookdale is subject to the registration and reporting requirements of the U.S. Securities and Exchange Commission (“SEC”) and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale contained or referred to in this report has been derived from SEC filings made by Brookdale or other publicly available information, or was provided to the Company by Brookdale, and the Company has not verified this information through an independent investigation or otherwise. The Company has no reason to believe that this information is inaccurate in any material respect, but the Company cannot assure the reader of its accuracy. The Company is providing this data for informational purposes only, and encourages the reader to obtain Brookdale’s publicly available filings, which can be found at the SEC’s website at www.sec.gov . To mitigate the credit risk of leasing properties to certain senior housing and post-acute/skilled nursing operators, leases with operators are often combined into portfolios that contain cross-default terms, so that if a tenant of any of the properties in a portfolio defaults on its obligations under its lease, the Company may pursue its remedies under the lease with respect to any of the properties in the portfolio. Certain portfolios also contain terms whereby the net operating profits of the properties are combined for the purpose of securing the funding of rental payments due under each lease. At December 31, 2015 and 2014, the Company’s gross real estate assets in the state of California represented approximately 24% and 23% of the Company’s total gross assets , respectively . At December 31, 2015 and 201 4 , the Company’s gross real estate assets in the state of Texas represented approximately 11% and 13% of the Company’s total gross assets , respectively . For the years ended December 31, 2015, 2014 and 2013, the Company’s revenues derived from properties located in the states of California represented approximately 22% , 23% and 21% of the Company’s total revenues, respectively. For the years ended December 31, 2015, 2014 and 2013, the Company’s revenues derived from properties located in the state of Texas represented approximately 13% , 12% and 11% of the Company’s total revenues, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 24. Derivative Financial Instruments The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of December 31, 2015 (dollars and GBP in thousands): Fixed Hedge Rate/Buy Notional/Sell Date Entered Maturity Date Designation Amount Floating/Exchange Rate Index Amount Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow % BMA Swap Index $ $ November 2008 (3) October 2016 Cash Flow % 1 Month LIBOR+ 1.50% $ July 2012 (4) June 2016 Cash Flow % 1 Month GBP LIBOR+ 1.20% £ January 2015 (4) October 2017 Cash Flow % 1 Month GBP LIBOR+ 0.975% £ Foreign currency: July 2012 (5) June 2016 N/A $ Buy USD/Sell GBP £ January 2015 (6) October 2017 Cash Flow $ Buy USD/Sell GBP £ (1) Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the consolidated balance sheets . (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows . (3) Represents an interest-rate swap contract, that hedges the fluctuation in interest payments on variable-rate secured debt due to overall changes in hedged cash flows (4) Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate . (5) Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to a portion of the Company’s forecasted interest receipts on GBP denominated senior unsecured notes. Represents a currency swap to sell £7.2 million at a rate of 1.5695 in June 2016. (6) Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on its HC-One Facility. Represents a currency swap to sell approximately £1.0 million monthly at a rate of 1.5149 through October 2017. The Company uses derivative instruments to mitigate the effects of interest rate and foreign currency fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest and foreign currency rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes . The primary risks associated with derivative instruments are market and credit risk. Market risk is defined as the potential for loss in value of a derivative instrument due to adverse changes in market prices. Credit risk is the risk that one of the parties to a derivative contract fails to perform or meet their financial obligation. The Company does not obtain collateral associated with its derivative contracts, but monitors the credit standing of its counterparties on a regular basis. Should a counterparty fail to perform, the Company would incur a financial loss to the extent that the associated derivative contract was in an asset position . At December 31, 2015 , the Company does not anticipate non-performance by the counterparties to its outstanding derivative contracts. As of December 31 , 2015, the Company designated £268 million of its GBP-denominated borrowings under the Facility and 2012 term loan as a hedge of a portion of the Company’s net investments in GBP-functional subsidiaries to mitigate its exposure to fluctuations in the GBP to USD exchange rate. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to USD exchange rate of the instrument is recorded as part of the cumulative translation adjustment component of a ccumulated other c omprehensive i ncome ( l oss). Accordingly, the remeasurement value of the designated £26 8 million GBP-denominated borrowings due to fluctuations in the GBP to USD exchange rate are reported in a ccumulated other c omprehensive i ncome ( l oss) as the hedging relationship is considered to be effective. The cumulative balance of the remeasurement value will be reclassified to earnings when the hedged investment is sold or substantially liquidated . In December 2010, the Company assumed a cash flow hedge as part of a real estate acquisition. During the year s ended December 31, 2015 and 2014, the Company determined a portion of the hedge was ineffective and reclassified $500,000 and $2 million , respectively, of unrealized gains related to this interest-rate swap contract into other income, net. On July 27, 2012, the Company entered into a foreign currency swap contract to hedge the foreign currency exchange risk related to a portion of the forecasted interest receipts from its GBP denominated Four Seasons N otes (see Note 10). The cash flow hedge has a fixed USD/GBP exchange rate of 1.5695 (buy $11 million and sell £7 million semi-annually) for a portion of its forecasted semi-annual interest receipts denominated in GBP. The foreign currency swap contract matures in June 2016 (the end of the non-call period of the Four Seasons N otes). In September 2015, the Company ceased hedge accounting on this foreign currency swap contract and reclassified $0.5 million from a ccumulated other c omprehensive i ncome ( l oss ) to other i ncome, net, and all future changes in fair value of the foreign currency swap contract will be recognized in earnings . The fair value of the contract at December 31, 2015 was $0. 7 million and is included in other assets, net. On July 27, 2012, the Company entered into an interest-rate swap contract that is designated as hedging the interest payments on its GBP denominated 2012 Term Loan due to fluctuations in the underlying benchmark interest rate (see Note 11). The cash flow hedge has a notional amount of £137 million and expires in June 2016. On January 12, 2015, the Company entered into an interest-rate swap contract that is designated as hedging the interest payments on its GBP denominated 2015 Term Loan due to fluctuations in the underlying benchmark interest rate (see Note 11). The cash flow hedge has a notional amount of £220 million and matures in October 2017 . On January 12, 2015, the Company entered into a foreign currency swap contract to hedge the foreign currency exchange risk related to a portion of the forecasted GBP interest receipts from its HC-One Facility (see Note 7). The cash flow hedge has a fixed GBP/USD exchange rate of 1.5149 (buy approximately $1.5 million and sell £1.0 million monthly) and matures in October 2017 . For the year ended December 31, 2015 , the Company earned reduced interest income of $0.1 million and recognized additional interest expense of $4 million, resulting from its cash flow hedging relationships. At December 31, 2015 , the Company expects that the hedged forecasted transactions for each of the outstanding qualifying cash flow hedging relationships remain probable of occurring, and as a result, no gains or losses recorded to accumulated other comprehensive income ( loss ) are expected to be reclassified to earnings. During year ended December 31, 2015 , there were no ineffective portions related to outstanding hedges, other than those discussed above. To illustrate the effect of movements in the interest rate and foreign currency markets, the Company performed a market sensitivity analysis on its outstanding derivative financial instruments. The Company applied various basis point spreads to the underlying interest rate curves and foreign currency exchange rates of the derivative portfolio in order to determine the instruments’ change in fair value. The following table summarizes the results of the analysis performed (dollars in thousands): Effects of Change in Interest and Foreign Currency Rates +50 Basis −50 Basis +100 Basis −100 Basis Date Entered Maturity Date Points Points Points Points Interest rates: July 2005 July 2020 $ $ $ $ November 2008 October 2016 July 2012 June 2016 January 2015 October 2017 Foreign currency: July 2012 June 2016 January 2015 October 2017

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 2 5 . Selected Quarterly Financial Data (Unaudited) Selected quarterly information for the years ended December 31, 2015 and 201 4 is as follows (in thous ands, except per share amounts) : Three Months Ended During 2015 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ (Loss) income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures Net (loss) income Net (loss) income applicable to HCP, Inc. Dividends paid per common share Basic earnings per common share Diluted earnings per common share Three Months Ended During 2014 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ Income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures Total discontinued operations — — — Net income Net income applicable to HCP, Inc. Dividends paid per common share Basic earnings per common share Diluted earnings per common share

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Schedule II: Valuation and Qualifying Accounts
Schedule II: Valuation and Qualifying Accounts	Schedule II: Valuation and Qualifying Accounts Allowance Accounts (1) Additions Deductions Amounts Balance at Charged Uncollectible Year Ended Beginning of Against Acquired Accounts Disposed Balance at December 31, Year Operations, net Properties Written-off Properties End of Year 2015 $ $ $ — $ $ $ 2014 — 2013 — — (1) Includes allowance for doubtful accounts, straight-line rent reserves, and allowances for loan and direct financing lease losses.

Schedule III_ Real Estate and A

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	Schedule III: Real Estate and Accumulated Depreciation Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed Senior housing 1107 Huntsville AL $ — $ $ $ — $ $ $ $ 2366 Little Rock AR — 0786 Douglas AZ — — 2384 Prescott AZ — 1974 Sun City AZ 0518 Tucson AZ — — 1238 Beverly Hills CA — 2362 Camarillo CA — 2352 Carlsbad CA — 0883 Carmichael CA — — 2204 Chino Hills CA — — 0851 Citrus Heights CA — — 2092 Clearlake CA — 0790 Concord CA — 2399 Corona CA — 0787 Dana Point CA — — 2364 Elk Grove CA — 0798 Escondido CA — 2054 Fortuna CA — 2079 Fortuna CA — 0791 Fremont CA — 1965 Fresno CA 0788 Granada Hills CA — — 0856 Irvine CA — — 0227 Lodi CA — 0226 Murietta CA — 1165 Northridge CA — 1561 Orangevale CA — 1168 Palm Springs CA — 0789 Pleasant Hill CA — 2369 Rancho Mirage CA — 2128 Red Bluff CA — — — — 2205 Roseville CA — — 2380 Roseville CA — 2353 San Diego CA — 1007 San Dimas CA — 2354 San Juan Capistrano CA — 1167 Santa Rosa CA — 0793 South San Francisco CA — 1966 Sun City CA 0792 Ventura CA — 1155 Yorba Linda CA — 2055 Yreka CA — 2505 Arvada CO — 2506 Boulder CO — 2373 Colorado Springs CO — 2146 Denver CO — 2515 Denver CO — 0512 Denver CO — 1233 Denver CO — 2507 Englewood CO — 1000 Greenwood Village CO — 2508 Lakewood CO — 2509 Lakewood CO — 1234 Lakewood CO — 2091 Montrose CO — 2085 Glastonbury CT — 2144 Glastonbury CT — 0730 Torrington CT — 2355 Woodbridge CT — 2519 Altamonte Springs FL — 2521 Altamonte Springs FL — — — — 0861 Apopka FL — 0852 Boca Raton FL — 1001 Boca Raton FL — 1963 Boynton Beach FL 1964 Boynton Beach FL 0544 Boynton Beach FL — 2520 Clearwater FL — 0746 Clearwater FL — 0862 Clermont FL — 1002 Coconut Creek FL — 0492 Delray Beach FL — 2517 Ft Lauderdale FL — 2351 Gainesville FL — 1095 Gainesville FL — — 2437 Jacksonville FL — 0490 Jacksonville FL 1096 Jacksonville FL — — 2518 Lake Worth FL — 0855 Lantana FL — — 1968 Largo FL 2522 Lutz FL — 0731 Ocoee FL — 2523 Orange City FL — 0859 Oviedo FL — 1970 Palm Beach Gardens FL 1017 Palm Harbor FL — 0732 Port Orange FL — 2524 Port St Lucie FL — 1971 Sarasota FL 2525 Sarasota FL — 2194 Springtree FL — 0802 St. Augustine FL — 1097 Tallahassee FL — — 2526 Tamarac FL — 0224 Tampa FL — 0849 Tampa FL — 2513 Venice FL — 1605 Vero Beach FL — — 2527 Vero Beach FL — 1257 Vero Beach FL — 1976 West Palm Beach FL — 1098 Alpharetta GA — 2370 Atlanta GA — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 1099 Atlanta GA — 2108 Buford GA — 2109 Buford GA — 2388 Buford GA — 2053 Canton GA — 2165 Hartwell GA — 2066 Lawrenceville GA — 1241 Lilburn GA — 2167 Lithia Springs GA — 2105 Macon GA — 2395 Marietta GA — 1112 Marietta GA — 2086 Newnan GA — 2118 Woodstock GA — 2157 Woodstock GA — 1088 Davenport IA — — 1093 Marion IA — — 2397 Sioux City IA — 1091 Bloomington IL — 2375 Burr Ridge IL — 1089 Champaign IL — 2200 Deer Park IL — — * 1090 Macomb IL — — 1143 Mt. Vernon IL — 1969 Niles IL 1005 Oak Park IL 1961 Olympia Fields IL 1162 Orland Park IL — 1092 Peoria IL — — 2376 Prospect Heights IL — 2367 Schaumburg IL — 1952 Vernon Hills IL 1237 Wilmette IL — — 0379 Evansville IN — — 1144 Indianapolis IN — — 0457 Jasper IN — 2047 Kokomo IN — — 1146 West Lafayette IN — — 2371 Edgewood KY — 0697 Lexington KY — — 1105 Louisville KY — 2115 Murray KY — 2135 Paducah KY — 2358 Danvers MA — 2363 Dartmouth MA — 2357 Dedham MA — 1158 Plymouth MA — 2365 Baltimore MD — 1249 Frederick MD — 2541 Olney MD — — 2356 Pikesville MD — 0281 Westminster MD — 0546 Cape Elizabeth ME — 0545 Saco ME — 1258 Auburn Hills MI — — 1248 Farmington Hills MI — 1094 Portage MI — 2435 Southfield MI — 0472 Sterling Heights MI — — 1259 Sterling Heights MI — — 2143 Champlin MN — 1235 Des Peres MO — — 1236 Richmond Heights MO — — 0853 St. Louis MO — — 2081 St. Peters MO — 2074 Oxford MS — 0842 Great Falls MT — — 2163 Great Falls MT — 0878 Charlotte NC — — 2374 Charlotte NC — 1119 Concord NC — 2126 Mooresville NC — 1254 Raleigh NC — 2127 Minot ND — 2080 Kearney NE — 2169 Lexington NE — 2168 Mc Cook NE — 2129 Seward NE — 2119 Wayne NE — 1599 Cherry Hill NJ — 1239 Cresskill NJ — 0734 Hillsborough NJ — 1242 Madison NJ — 0733 Manahawkin NJ — 2359 Paramus NJ — 1231 Saddle River NJ — 0245 Voorhees Township NJ — 0213 Albuquerque NM — — 2387 Albuquerque NM — 2161 Rio Rancho NM — 2121 Roswell NM — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2150 Roswell NM — 0796 Las Vegas NV — — 2110 Las Vegas NV — 1252 Brooklyn NY — 1256 Brooklyn NY — 2177 Clifton Park NY — — 2176 Greece NY — — 2178 Greece NY — — 2174 Orchard Park NY — — 2175 Orchard Park NY — — 2436 Bedford OH — 2516 Centerville OH — 2512 Cincinnati OH — 0473 Cincinnati OH — — 0841 Columbus OH — 0857 Fairborn OH — 1147 Fairborn OH — 1386 Marietta OH — 1159 Willoughby OH — 1253 Youngstown OH — 2158 Broken Arrow OK — 2122 Muskogee OK — 2083 Oklahoma City OK — 2372 Oklahoma City OK — 2383 Oklahoma City OK — 2070 Tahlequah OK — 1160 Tulsa OK — 2130 Ashland OR — — — 2103 Eagle Point OR — 2098 Eugene OR — 2104 Eugene OR — 2390 Grants Pass OR — 2391 Grants Pass OR — 2392 Grants Pass OR — 2393 Grants Pass OR — 2139 Gresham OR — 2182 Hermiston Terrace OR — 2131 Keizer OR — 2140 Lebanon OR — 2152 Mcminnville OR — 2090 Monmouth OR — 2106 Monmouth OR — 2089 Newberg OR — 2133 Portland OR — 2151 Portland OR — 2171 Portland OR — — — 2050 Redmond OR — 2084 Roseburg OR — 2134 Scappoose OR — 2153 Scappoose OR — 2051 Springfield OR — 2057 Springfield OR — 2056 Stayton OR — 2058 Stayton OR — 2088 Tualatin OR — — — 2180 Windfield Village OR — 1163 Haverford PA — 2063 Selinsgrove PA — 1967 Cumberland RI — 1959 East Providence RI 1960 Greenwich RI 2511 Johnston RI — 1972 Smithfield RI — 1973 South Kingstown RI — 1975 Tiverton RI — 1962 Warwick RI 1104 Aiken SC — 1100 Charleston SC — 1109 Columbia SC — 2154 Florence SC — 0306 Georgetown SC — — 0879 Greenville SC — — 1172 Greenville SC — 2059 Greenville SC — 2099 Hilton Head Island SC — 2111 Hilton Head Island SC — 2112 Hilton Head Island SC — 0305 Lancaster SC — — 0880 Myrtle Beach SC — — 0312 Rock Hill SC — — 1113 Rock Hill SC — 2076 Rock Hill SC — 2093 Rock Hill SC — 0313 Sumter SC — — 2067 West Columbia SC — 2132 Cordova TN — 2060 Franklin TN — 2401 Germantown TN — 2385 Hendersonville TN — 2073 Kingsport TN — 2381 Memphis TN — 2439 Memphis TN — 1003 Nashville TN 2094 Nashville TN — 0860 Oak Ridge TN — 0843 Abilene TX — — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income State/ Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City Country December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2107 Amarillo TX — 1004 Arlington TX — 1116 Arlington TX — 0511 Austin TX — — 2377 Austin TX — 2531 Austin TX — 0202 Beaumont TX — — 2075 Bedford TX — 0844 Burleson TX — — 0848 Cedar Hill TX — — 1325 Cedar Hill TX — — 2396 Dallas TX — 2438 Dallas TX — 0513 Fort Worth TX — — 0506 Friendswood TX — 2528 Graham TX — 2529 Grand Prairie TX — 0217 Houston TX — 0491 Houston TX — 1106 Houston TX — 1955 Houston TX 1957 Houston TX 1958 Houston TX 2068 Houston TX — 2402 Houston TX — 0820 Irving TX — 2394 Kerrville TX — 1111 Kingswood TX — 2389 Lubbock TX — 0845 North Richland Hills TX — — 0846 North Richland Hills TX — — 2113 North Richland Hills TX — 2530 North Richland Hills TX — 1102 Plano TX — 2379 Plano TX — 2162 Portland TX — 0494 San Antonio TX — 2378 San Antonio TX — 2532 San Antonio TX — 2533 San Marcos TX — 2116 Sherman TX — 1954 Sugar Land TX 2510 Temple TX — 1103 The Woodlands TX — 2400 Victoria TX — 0195 Victoria TX 0847 Waxahachie TX — — 1953 Webster TX 2534 Wichita Falls TX — 2069 Cedar City UT — 2368 Salt Lake City UT — 2386 St. George UT — 1244 Arlington VA — 1245 Arlington VA — 2360 Arlington VA — 0881 Chesapeake VA — — 1247 Falls Church VA — 1164 Fort Belvoir VA — 1250 Leesburg VA — 2361 Richmond VA — 2514 Richmond VA — 1246 Sterling VA — 2077 Sterling VA — 0225 Woodbridge VA — 1173 Bellevue WA — 2095 College Place WA — 1240 Edmonds WA — 2160 Kenmore WA — 0797 Kirkland WA — — 1251 Mercer Island WA — 2141 Moses Lake WA — 2096 Poulsbo WA — 2102 Richland WA — 0794 Shoreline WA — 0795 Shoreline WA — — 2097 Spokane WA — 2061 Vancouver WA — 2062 Vancouver WA — 2052 Yakima WA — 2078 Yakima WA — 2114 Yakima WA — 2382 Appleton WI — 2170 Madison WI — 2398 Stevens Point WI — 2117 Bridgeport WV — 2142 Cody WY — 2148 Sheridan WY — United Kingdom 2210 Adlington UK — 2211 Adlington UK — — 2216 Alderley Edge UK — — 2217 Alderley Edge UK — — 2340 Altrincham UK — — 2312 Armley UK — — 2313 Armley UK — — 2309 Ashton under Lyne UK — — 2206 Bangor UK — — 2207 Batley UK — — 2223 Catterick Garrison UK — — 2226 Christleton UK — — 2221 Disley UK — — 2227 Disley UK — — 2306 Dukinfield UK — — 2316 Dukinfield UK — — 2317 Dukinfield UK — — 2303 Eckington UK — — 2208 Elstead UK — — 2214 Gilroyd UK — — 2213 Ilkley UK — — 2209 Kingswood UK — — 2212 Kirk Hammerton UK — — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2304 Knotty Ash UK — — 2310 Kirkby UK — — 2322 Laindon UK — — 2215 Leeds UK — — 2326 Limehouse UK — — 2321 Luton UK — — 2339 Manchester UK — — 2225 N Wadebridge UK — — 2305 Prescot UK — — 2219 Ripon UK — — 2314 Stalybridge UK — — 2218 Stapeley UK — — 2224 Stockton-on-Tees UK — — 2220 Thornton-Cleveleys UK — — 2228 Upper Wortley UK — — 2311 Wigan UK — — 2222 Woolmer Green UK — — $ $ $ $ $ $ $ $ Post-acute/skilled nursing 0002 Fort Collins CO — 0018 Morrison CO — 0280 Statesboro GA — — 0297 Rexburg ID — — 0378 Anderson IN — 0384 Angola IN — 0385 Fort Wayne IN — 0386 Fort Wayne IN — — 0387 Huntington IN — 0373 Kokomo IN — 0454 New Albany IN — — 0484 Tell City IN — 0688 Cynthiana KY — — 0298 Franklin LA — — 0299 Morgan City LA — — 0388 Las Vegas NV — 0389 Las Vegas NV — — 0390 Fairborn OH — — 0391 Georgetown OH — — 0392 Port Clinton OH — — 0393 Springfield OH — 0394 Toledo OH — — 0395 Versailles OH — — 0285 Fort Worth TX — 0296 Ogden UT — — 0681 Fishersville VA — — 0682 Floyd VA — — 0689 Independence VA — — 0683 Newport News VA — — 0684 Roanoke VA — — 0685 Staunton VA — — 0686 Williamsburg VA — — 0690 Windsor VA — — 0687 Woodstock VA — United Kingdom 2335 Cardiff UK — — 2327 Croydon UK — — 2336 Birmingham UK — — 2320 Bishopbriggs UK — — 2323 Bonnyrigg UK — — 2318 Dumbarton UK — — 2333 Edinburgh UK — — 2328 Forfar UK — — 2330 Glasgow UK — — 2307 Hyde UK — — 2324 Lewisham UK — — 2332 Linlithgow UK — — 2331 Paisley UK — — 2308 Prescot UK — — 2319 Sheffield UK — — 2315 Stalybridge UK — — 2325 Stirling UK — — 2329 Stirling UK — — 2337 Wigan UK — — 2338 Wigan UK — — 2334 Wotton under Edge UK — — $ — $ $ $ $ $ $ $ Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed Life science 1482 Brisbane CA — — ** 1522 Carlsbad CA — — — ** 1401 Hayward CA — 1402 Hayward CA — 1403 Hayward CA — 1404 Hayward CA — 1405 Hayward CA — 1549 Hayward CA — 1550 Hayward CA — 1551 Hayward CA — 1552 Hayward CA — 1553 Hayward CA — 1554 Hayward CA — 1555 Hayward CA — 1556 Hayward CA — 1424 La Jolla CA — 1425 La Jolla CA — 1426 La Jolla CA — 1427 La Jolla CA — 1949 La Jolla CA — 2229 La Jolla CA — 1488 Mountain View CA — 1489 Mountain View CA — 1490 Mountain View CA — 1491 Mountain View CA — 1492 Mountain View CA — 1493 Mountain View CA — 1494 Mountain View CA — 1495 Mountain View CA — 1496 Mountain View CA — 1497 Mountain View CA — 1498 Mountain View CA — 2017 Mountain View CA — — — 1470 Poway CA — 1471 Poway CA — 1472 Poway CA — — 1473 Poway CA — — ** 1477 Poway CA — — ** 1478 Poway CA — 1499 Redwood City CA — 1500 Redwood City CA — 1501 Redwood City CA — 1502 Redwood City CA — 1503 Redwood City CA — 1504 Redwood City CA — 1505 Redwood City CA — 1506 Redwood City CA — 1507 Redwood City CA — 1508 Redwood City CA — 1509 Redwood City CA — 1510 Redwood City CA — 1511 Redwood City CA — 1512 Redwood City CA — 1513 Redwood City CA — 0679 San Diego CA — 0837 San Diego CA — 0838 San Diego CA — 0839 San Diego CA — 0840 San Diego CA — 1418 San Diego CA — 1420 San Diego CA — — — ** 1421 San Diego CA — 1422 San Diego CA — 1423 San Diego CA — 1514 San Diego CA — — — — — ** 1558 San Diego CA — 1947 San Diego CA 1948 San Diego CA 1950 San Diego CA — 2197 San Diego CA — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 1407 South San Francisco CA — 1408 South San Francisco CA — 1409 South San Francisco CA — 1410 South San Francisco CA — 1411 South San Francisco CA — 1412 South San Francisco CA — 1413 South San Francisco CA — 1414 South San Francisco CA — 1430 South San Francisco CA — 1431 South San Francisco CA — 1435 South San Francisco CA — 1436 South San Francisco CA — 1437 South San Francisco CA — 1439 South San Francisco CA — 1440 South San Francisco CA — — 1441 South San Francisco CA — — 1442 South San Francisco CA — 1443 South San Francisco CA — 1444 South San Francisco CA — 1445 South San Francisco CA — — 1448 South San Francisco CA — 1449 South San Francisco CA — 1450 South San Francisco CA — 1451 South San Francisco CA — 1452 South San Francisco CA — 1454 South San Francisco CA — 1455 South San Francisco CA — 1456 South San Francisco CA — 1458 South San Francisco CA — 1459 South San Francisco CA — ** 1460 South San Francisco CA — ** 1461 South San Francisco CA — ** 1462 South San Francisco CA — 1463 South San Francisco CA — 1464 South San Francisco CA — 1468 South San Francisco CA — 1480 South San Francisco CA — — ** 1559 South San Francisco CA — 1560 South San Francisco CA — 1983 South San Francisco CA — — — * 1985 South San Francisco CA — — — ** 1987 South San Francisco CA — — — ** 2553 South San Francisco CA — — 2554 South San Francisco CA — — 2555 South San Francisco CA — — 2556 South San Francisco CA — — 2557 South San Francisco CA — — 2558 South San Francisco CA — — 1604 Cambridge MA — 2011 Durham NC 2030 Durham NC — 9999 Denton TX — — — — — ** 0461 Salt Lake City UT — — 0462 Salt Lake City UT — — 0463 Salt Lake City UT — — 0464 Salt Lake City UT — 0465 Salt Lake City UT — 0466 Salt Lake City UT — — — 0507 Salt Lake City UT — 0537 Salt Lake City UT — — — — 0799 Salt Lake City UT — — — 1593 Salt Lake City UT — — — — $ $ $ $ $ $ $ $ Medical office 0638 Anchorage AK — ** 0520 Chandler AZ — 2040 Mesa AZ — — — 0468 Oro Valley AZ — 0356 Phoenix AZ — 0470 Phoenix AZ — 1066 Scottsdale AZ — 2021 Scottsdale AZ — — — 2022 Scottsdale AZ — — — 2023 Scottsdale AZ — — — 2024 Scottsdale AZ — — — 2025 Scottsdale AZ — — — 2026 Scottsdale AZ — — — 2027 Scottsdale AZ — — — 2028 Scottsdale AZ — — — 0453 Tucson AZ — 0556 Tucson AZ — 1041 Brentwood CA — — 1200 Encino CA — 0436 Murietta CA — 0239 Poway CA — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 0318 Sacramento CA — * 2404 Sacramento CA — 0234 San Diego CA — 0235 San Diego CA — 0236 San Diego CA — 0421 San Diego CA — 0564 San Jose CA 0565 San Jose CA 0659 Los Gatos CA — 1209 Sherman Oaks CA — 0439 Valencia CA — 1211 Valencia CA — 0440 West Hills CA — 0728 Aurora CO — — — 1196 Aurora CO — 1197 Aurora CO — 0882 Colorado Springs CO — — — 0814 Conifer CO — — 1199 Denver CO — 0808 Englewood CO — — 0809 Englewood CO — — — 0810 Englewood CO — — — 0811 Englewood CO — — — 0812 Littleton CO — — 0813 Littleton CO — — 0570 Lone Tree CO — — — — 0666 Lone Tree CO — — — 2233 Lone Tree CO — — — — — * 1076 Parker CO — — 0510 Thornton CO — 0433 Atlantis FL — — 0434 Atlantis FL — — 0435 Atlantis FL — — — 0602 Atlantis FL — 0604 Englewood FL — 0609 Kissimmee FL — 0610 Kissimmee FL — 0671 Kissimmee FL — — — 0603 Lake Worth FL — 0612 Margate FL — 0613 Miami FL — 2202 Miami FL — — — 2203 Miami FL — — — 1067 Milton FL — — — 0563 Orlando FL — 0833 Pace FL — — 0834 Pensacola FL — — — 0614 Plantation FL — 0673 Plantation FL — 0701 St. Petersburg FL — — — ɫ 1210 Tampa FL — 1058 Mccaysville GA — — — 1065 Marion IL — 1057 Newburgh IN — — — 2039 Kansas City KS 2043 Overland Park KS — — — 0483 Wichita KS — 1064 Lexington KY — — — 0735 Louisville KY — 0737 Louisville KY — 0738 Louisville KY 0739 Louisville KY 0740 Louisville KY 1944 Louisville KY — — 1945 Louisville KY 1946 Louisville KY — 2237 Louisville KY 2238 Louisville KY 2239 Louisville KY 1324 Haverhill MA — 1213 Ellicott City MD — 0361 GlenBurnie MD — — 1052 Towson MD — — — 0240 Minneapolis MN — 0300 Minneapolis MN — 2032 Independence MO — — 1078 Flowood MS — — — 1059 Jackson MS — — — 1060 Jackson MS — — — 1068 Omaha NE — — 0729 Albuquerque NM — — — 0348 Elko NV — 0571 Las Vegas NV — — — — 0660 Las Vegas NV — 0661 Las Vegas NV — 0662 Las Vegas NV — 0663 Las Vegas NV — 0664 Las Vegas NV — — — * 0691 Las Vegas NV — 2037 Mesquite NV — — 1285 Cleveland OH — 0400 Harrison OH — — — 1054 Durant OK — 0817 Owasso OK — — — 0404 Roseburg OR — — — — 2234 Philadelphia PA — 2403 Philadelphia PA — 0252 Clarksville TN — 0624 Hendersonville TN — 0559 Hermitage TN — 0561 Hermitage TN — 0562 Hermitage TN — 0154 Knoxville TN — 0625 Nashville TN — 0626 Nashville TN — 0627 Nashville TN — 0628 Nashville TN — 0630 Nashville TN — 0631 Nashville TN — 0632 Nashville TN — 0633 Nashville TN — 0634 Nashville TN — 0636 Nashville TN — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2015 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2015 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 0573 Arlington TX — 0576 Conroe TX — 0577 Conroe TX — 0578 Conroe TX — 0579 Conroe TX — 0581 Corpus Christi TX — 0600 Corpus Christi TX — 0601 Corpus Christi TX — 2244 Cypress TX — — — — — * 0582 Dallas TX — 1314 Dallas TX — 2201 Dallas TX — 0583 Fort Worth TX — 0805 Fort Worth TX — — 0806 Fort Worth TX — — 2231 Fort Worth TX — — — ** 1061 Granbury TX — — — 0430 Houston TX — 0446 Houston TX — 0586 Houston TX — 0589 Houston TX — 0670 Houston TX — 0702 Houston TX — — 1044 Houston TX — — — 2542 Houston TX — — 2543 Houston TX — — 2544 Houston TX — — 2545 Houston TX — — 2546 Houton TX — — 2547 Houston TX — — 2548 Houston TX — — 2549 Houston TX — — 0590 Irving TX — 0700 Irving TX — — — 1202 Irving TX — 1207 Irving TX — 1062 Lancaster TX — 2195 Lancaster TX — — 0591 Lewisville TX — 0144 Longview TX — 0143 Lufkin TX — 0568 Mckinney TX — 0569 Mckinney TX — — — 1079 Nassau Bay TX — — — 0596 North Richland Hills TX — 2048 North Richland Hills TX — 1048 Pearland TX — — — 2232 Pearland TX — — — — * 0447 Plano TX — 0597 Plano TX — 0672 Plano TX — 1284 Plano TX — 1286 Plano TX — — — — — ** 0815 San Antonio TX — — 0816 San Antonio TX — 1591 San Antonio TX — — 1977 San Antonio TX — — — 0598 Sugarland TX — 0599 Texas City TX — — — 0152 Victoria TX — 2550 The Woodlands TX — — 2551 The Woodlands TX — — 2552 The Woodlands TX — — 1592 Bountiful UT 0169 Bountiful UT — 0346 Castle Dale UT — 0347 Centerville UT — 2035 Draper UT — — 0469 Kaysville UT — 0456 Layton UT — 2042 Layton UT — — — 0359 Ogden UT — 1283 Ogden UT — 0357 Orem UT — 0371 Providence UT — 0353 Salt Lake City UT — 0354 Salt Lake City UT — 0355 Salt Lake City UT — 0467 Salt Lake City UT — 0566 Salt Lake City UT — 2041 Salt Lake City UT — — — 2033 Sandy UT — 0358 Springville UT — 0482 Stansbury UT — 0351 Washington Terrace UT — — 0352 Washington Terrace UT — — 2034 West Jordan UT — — — 2036 West Jordan UT — — 0495 West Valley City UT — 0349 West Valley City UT — 1208 Fairfax VA — 2230 Fredericksburg VA — — 0572 Reston VA — — — 0448 Renton WA — — — 0781 Seattle WA — — — 0782 Seattle WA — — 0783 Seattle WA — — 0785 Seattle WA — — — 1385 Seattle WA — — — 2038 Evanston WY — — — 0884 Coyoacan MX — $ $ $ $ $ $ $ $ Hospital 0126 Sherwood AR — — 0113 Glendale AZ — — 1038 Fresno CA — 0423 Irvine CA — — 0127 Colorado Springs CO — — 0887 Atlanta GA — — 0112 Overland Park KS — — 1383 Baton Rouge LA — 0877 Slidell LA — — 2031 Slidell LA — — — ** 0886 Dallas TX — 1319 Dallas TX — 1384 Plano TX — 2198 Webster TX — — $ — $ $ $ $ $ $ $ Total operations properties $ $ $ $ $ $ $ $ Corporate and other assets — — — — Total $ $ $ $ $ $ $ $ * Property is in development and not yet placed in service or taken out of service and placed in redevelopment. ** Represents land parcels which are not depreciated. † A portion of the property has been taken out of service and placed in redevelopment. (1) At December 31, 2015, the tax basis of the Company’s net real estate assets is less than the reported amounts by approximately $1.6 billion (unaudited) . (b) A summary of activity for real estate and accumulated depreciation follows (in thousands): Year ended December 31, 2015 2014 2013 Real estate: Balances at beginning of year $ $ $ Acquisition of real estate and development and improvements Disposition of real estate Impairments — — Balances associated with changes in reporting presentation (1) Balances at end of year $ $ $ Accumulated depreciation: Balances at beginning of year $ $ $ Depreciation expense Disposition of real estate Balances associated with changes in reporting presentation (1) Balances at end of year $ $ $ The balances associated with changes in reporting presentation represent real estate and accumulated depreciation related to fully depreciated assets written off, properties placed into discontinued operations or where the lease classification has changed to direct financing leases.

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of HCP , Inc. , its wholly-owned subsidiaries , joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack, if any: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership. The assessment of limited partners’ rights and their impact on the presumption of control over a limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the limited partner rights, (ii) the sole general partner increases or decreases its ownership interest in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. The Company similarly evaluates the rights of managing members of limited liability companies.
Revenue Recognition	Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses its terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) is equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria is met and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease (“DFL”). The Company utilizes the direct finance method of accounting to record D FL income . For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased propert y , less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. The Company recognizes rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset; the tenant is not considered to have taken physical possession or have control of the leased asset until the Company- owned tenant improvements are substantially completed. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: · lease stipulations of how and on what a tenant improvement allowance may be spent; · which party to the arrangement retains legal title to the tenant improvements upon lease expiration; · whether the tenant improvements are unique to the tenant or general purpose in nature; and · if the tenant improvements are expected to have significant residual value at the end of the lease term. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally rel ate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period the y are incurred. The reimbursements of these expenses are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility is reasonably assured. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of straight line rents is not reasonably assured, future revenue recognition is limited to amounts contractually owed and paid, and, when appropriate, an allowance for estimated losses is established. Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements are generally for a term of 30 days to one year, with resident fees billed monthly. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums , loan fees paid and received , using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Loans are transferred from held-for-investment to held-for-sale when management’s intent is to no longer hold the loans for the foreseeable future. Loans held-for-sale are recorded at the lower of cost or fair value. The Company recognizes gain on sales of real estate upon the closing of a transaction with the purchaser. Gains on real estate sold are recognized using the full accrual method when collectibility of the sales price is reasonably assured, the Company is not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gain on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. The Company receives investment management fees from certain joint venture entities for various services it provides as the managing member. Management fees are recorded as revenue when management services have been performed. Intercompany profit for management fees is eliminated.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “Finance Receivables”), are reviewed and assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Finance Receivables are defined as Finance Receivables that do not meet the definition of Performing or Workout. Workout Finance Receivables are defined as Finance Receivables in which the Company has determined, based on current information and events, that it is probable (i) it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for Finance Receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting: (i) if the Company determines that it is probable that it will only recover the recorded investment in the Finance Receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired Finance Receivable. For cash basis method of accounting the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting any payment received is applied to reduce the recorded investment. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured . Allowances are established for Finance Receivables on an individual basis utilizing an estimate of probable losses, if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the lessee’s or borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. Should a Finance Receivable be deemed partially or wholly uncollectible, the uncollectible balance is charged off against the allowance in the period in which the uncollectible determination has been made .
Real Estate	Real Estate The Company’s real estate assets, consisting of land, buildings and improvements are recorded at fair value upon acquisition and/or consolidation. Any assumed liabilities, other acquired tangible assets or identifiable intangibles are also recorded at fair value upon acquisition and/or consolidation. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transaction s and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate appropriate discount and/or capitalization rates or other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. Transaction costs related to acquisitions of businesses, including properties, are expensed as incurred. The Company records acquired “above and below market” leases at fair value using discount rates which reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with bargain renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease (s) . Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related costs. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company- owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes certain costs based on the net carrying value of the property under redevelopment plus the cost for the construction and improvement incurred in con nection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful li ves . Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years. Market lease intangibles are amortized primarily to revenue over the remaining noncancellable lease terms and bargain renewal periods, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and bargain renewal periods, if any.
Impairment of Long-Lived Assets and Goodwill	Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. Goodwill is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value . Potential impairment indicators include a significant decline in real estate values, restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value , the Company applies the required two-step quantitative approach. The quantitative procedures of the two-step approach (i) compare the fair value of a reporting unit with its carrying value , including goodwill, and, if necessary, (ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and is used to determine the impairment amount , if any. The Company has selected the fourth quarter of each fiscal year to perform its annual impairment test.
Assets Held-for-Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations Prior to the Company’s adoption of Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), a discontinued operation was a component of an entity that had either been disposed of or was deemed to be held for sale and, (i) the operations and cash flows of the component had been or was to be eliminated from ongoing operations as a result of the disposal transaction, and (ii) the entity was not to have any significant continuing involvement in the operations of the component after the disposal transaction. Accordingly, certain long-lived assets were classified as held for sale and reported at the lower of their carrying value or fair value less costs to sell and were no longer depreciated. Subsequent to the Company’s adoption of ASU 2014-08 on April 1, 2014, a discontinued operation must further represent that a disposal is a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures Investments in entities which the Company does not consolidate, but has the ability to exercise significant influence over the operating and financial policies of, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in the fair value of an investment in an unconsolidated joint venture below its carrying value is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates and credit spreads utilized in these valuation models are based upon assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments.
Share-Based Compensation	Share-Based Compensation Compensation expense for share-based awards granted to employees, including grants of employee stock options, are recognized in the consolidated statements of operations based on their grant date fair market value. Compensation expense for awards with graded vesting schedules is generally recognized ratably over the period from the grant date to the date when the award is no longer contingent on the employee providing additional services.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less when purchased.
Restricted Cash	Restricted Cash Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits , and (iii) net proceeds from property sales that were executed as tax-deferred dispositions.
Derivatives and Hedging	Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities in the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, change s in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas change s in fair value of the ineffective portion are recognized in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivative instruments that are part of a hedging relationship to specific forecasted transactions as well as recognized obligations or assets in the consolidated balance sheets. The Company also assesses and documents, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivative instruments are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument .
Income Taxes	Income Taxes HCP, Inc. elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, HCP, Inc. will not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries, which have elected REIT status. HCP, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. HCP, Inc. and its consolidated REIT subsidiaries are subject to state , local and foreign income taxes in some jurisdictions, and in certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities which have elected to be treated as taxable REIT subsidiaries (“ TRS ”) . TRSs are subject to both federal and state income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.
Marketable Securities	Marketable Securities The Company classifies its marketable equity securities as available ‑for ‑sale. These securities are carried at fair value with unrealized gains and losses recognized in stockholders’ equity as a component of accumulated other comprehensive income (loss). Gains or losses on securities sold are determined based on the specific identification method. The Company classifies its marketable debt securities as held ‑to ‑maturity, because the Company has the positive intent and ability to hold the securities to maturity. Held ‑to ‑maturity securities are recorded at amortized cost and adjusted for the amortization of premiums and discounts through maturity. When the Company determines declines in fair value of marketable securities are other ‑than ‑temporary, a loss is recognized in earnings.
Capital Raising Issuance Costs	Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments excluding line of credit arrangements are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Debt issuance costs related to line of credit arrangements are deferred, included in other assets, and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method.
Segment Reporting	Segment Reporting The Company’s segments are based on its internal method of reporting which classifies business operations by healthcare sector as follows : (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital.
Noncontrolling Interests	Noncontrolling Interests A rrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. N et income attributable to a noncontrolling interest is included in net income on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability compan y (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period , and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss), a component of stockholders’ equity on the consolidated balance sheets. Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income, net in the consolidated statements of operations .
Life Care Bonds Payable	Life Care Bonds Payable Certain of the Company’s continuing care retirement communities (“CCRCs”) issue non-interest bearing life care bonds payable to certain residents of the CCRCs. Generally, the bonds are refundable to the resident or to the resident’s estate upon termination or cancellation of the CCRC agreement or upon the successful resale of the unit. Proceeds from the issuance of new bonds are used to retire existing bonds, and since the maturity of the obligations for the facilities is not determinable, no interest is imputed. These amounts are included in other debt in the Company’s consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: · Level 1 —quoted prices for identical instruments in active markets; · Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Black-Scholes valuation models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value.
Earnings per Share	Earnings per Share Basic earnings per common share is computed by dividing net income applicable to common shares by the weighted average number of shares of common stock outstanding during the period. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share is calculated by including the effect of dilutive securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 201 6 , the Financial Accounting Standards Board (the “FASB”) issued ASU No. 201 6 -0 1 , Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 201 6 -0 1 ”). This update requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income . This update also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 201 6 - 0 1 is effective for fiscal years, and interim periods within, beginning after December 15, 201 7 . Early adoption is permitted only for certain disclosure requirements . The Company is evaluating the impact of the adoption of ASU 201 6 -0 1 on January 1, 2018 to its consolidated financial position or results of operations . In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company adopted ASU 2015- 1 6 on January 1, 2016; the adoption of which did not have a material impact on its consolidated financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts). In August 2015, the FASB 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, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company early adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015 using the full retrospective method as required by these ASUs. As a result, $39 million of total debt issuance costs previously reported within “other assets, net” were reclassified to their respective debt liability financial statement line items on the Company’s consolidated balance sheet as of December 31, 2014. In February 2015, the FASB issued ASU No. 2015-2, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 requires amendments to both the VIE and voting interest entity (“VOE”) consolidation accounting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify (a) the identification of variable interests (fees paid to a decision maker or service provider), (b) the VIE characteristics for a limited partnership or similar entity and (c) the primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current VOE model that a general partner controls a limited partnership or similar entity. ASU 2015-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using either a modified retrospective or retrospective method by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company adopted ASU 2015-02 on January 1, 2016; the adoption of which did not have a material impact to its consolidated financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This update changes the requirements for recognizing revenue. ASU 2014-09 provides guidance for revenue recognition 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. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of ASU 2014-09 by one year to fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for annual periods, and interim periods within, beginning after December 15, 2016. The Company is evaluating the impact of the adoption of ASU 2014-09 on January 1, 2018 to its consolidated financial position or results of operations.

Brookdale Lease Amendments an37

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) (Tables)	12 Months Ended
	Dec. 31, 2015
Lease Amendments And Terminations And Joint Venture Formations Abstract
Summary of quantitative information about fair value measurements for NNN Lease Restructuring and RIDEA Subsidiaries transactions (dollars in thousands)	A summary of the quantitative information about fair value measurements for the NNN Lease Restructuring and RIDEA II transactions follows (dollars in thousands): Fair Value Valuation Technique Valuation Inputs Input Average or Range NNN Lease Restructuring Rental payment concessions by HCP $ Discounted Cash Flow NNN Rent Coverage Ratio 1.20x (benefiting Brookdale) NNN Rent Growth Rate 3.0% Discount Rate 8.00% - 8.50 % Forfeited purchase options by $ Discounted Cash Flow Capitalization Rates 7.50% - 9.25% Brookdale (benefiting HCP) Discount Rate 10.50% - 11.00% Exercise Probability 100. 00% RIDEA II Forfeited rental payments by HCP $ Discounted Cash Flow NNN Rent Coverage Ratio 1.20x (benefiting Brookdale) NNN Rent Growth Rate 3.0% EBITDAR Growth Rate 5.5% Discount Rate 8.00% - 11.00% Forfeited purchase options by $ Discounted Cash Flow Capitalization Rates 7.50% - 9.25% Brookdale (benefiting HCP) Discount Rate 10.50% - 11.00% Exercise Probability 1 00.00%

Other Real Estate Property In38

Other Real Estate Property Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Acquisition
Schedule of other real estate acquisitions (in thousands)	December 31, 2015 December 31, 2014 December 31, 2013 Revenues $ $ $ Net (loss) income Net (loss) income applicable to HCP, Inc. Basic earnings per common share $ $ $ Diluted earnings per common share 2015 Other Real Estate Acquisitions In addition to the RIDEA III acquisition discussed above, a summary of other real estate acquisitions for the year ended December 31, 2015 follows (in thousands): Consideration Assets Acquired (1) Cash Paid/ Liabilities Noncontrolling Net Segment Debt Settled Assumed Interest Real Estate Intangibles Senior housing (2) $ $ $ $ Post-acute/skilled nursing (2) — — Life science — Medical office (3) — $ $ $ $ $ (1) Amounts include preliminary purchase price allocations which may be subject to change. (2) Includes £174 million ( $254 million) of the Company’s HC-One Facility (see Note 7) converted to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”) and includes £27 million ( $42 million) of a loan originated in May 2015 converted to fee ownership in two U.K. care homes. (3) Includes $225 million for a medical office building (“MOB”) portfolio acquisition completed in June 2015 and placed in HCP Ventures V, LLC (“HCP Ventures V”), of which in October 2015 the Company issued a 49% noncontrolling interest in HCP Ventures V for $110 million (see Note 13). 2014 Real Estate Acquisitions A summary of other real estate acquisitions for the year ended December 31, 2014 follows (in thousands): Consideration Assets Acquired Debt and Other Liabilities Noncontrolling Net Segment Cash Paid Assumed Interest Real Estate Intangibles Senior housing (1) $ $ $ (2) $ Life science — Medical office — $ $ $ $ $ (1) Includes the acquisition of a $147 million ( £88 million) portfolio of 23 care homes in the UK. (2) Includes $5 million of non-managing member limited liability company units
Schedule of capital improvements (in thousands)	A summary of the Company’s funding for construction, tenant and other capital improvements follows (in thousands): Year Ended December 31, Segment 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital $ $
RIDEA III
Acquisition
Schedule of unaudited pro forma consolidated results of operations (in thousands, except per share amounts)	The following unaudited pro forma consolidated results of operations assume that the RIDEA III acquisition was completed as of January 1, 2013 (in thousands, except per share amounts): December 31, 2015 December 31, 2014 December 31, 2013 Revenues $ $ $ Net (loss) income Net (loss) income applicable to HCP, Inc. Basic earnings per common share $ $ $ Diluted earnings per common share

Dispositions of Real Estate a39

Dispositions of Real Estate and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Dispositions of Real Estate and Discontinued Operations
Summary of income from discontinued operations, impairments and gain on sales of real estate included in discontinued operations (dollars in thousands)	The following table summarizes income from discontinued operations, impairments and gain on sales of real estate included in discontinued operations (dollars in thousands): Year Ended December 31, 2014 2013 Rental and related revenues $ $ Depreciation and amortization expenses — Operating expenses Other expense, net Income before impairment losses and gain on sales of real estate, net of income taxes $ $ Impairment losses on real estate $ — $ Gain on sales of real estate, net of income taxes $ $ Number of properties included in discontinued operations

Net Investment in Direct Fina40

Net Investment in Direct Financing Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Loans Receivable:
Schedule of components of net investment in DFLs (dollars in thousands)	The components of net investment in DFLs consisted of the following (dollars in thousands): December 31, 2015 2014 Minimum lease payments receivable $ $ Estimated residual values Less unearned income Net investment in direct financing leases before allowance Allowance for DFL losses — Net investment in direct financing leases $ $ Properties subject to direct financing leases
Schedule of Components of Direct Financing Leases Income and Equity Income	Year Ended December 31, 2015 2014 2013 Cash income $ $ $ DFL accretion, net Total DFL income from HCRMC $ $ $ DFL accretion income recharacterized to equity income $ $ $ Equity loss from HCRMC Total equity income from HCRMC $ $ $
DFL
Loans Receivable:
Summary of the Company's internal ratings for DFLs (dollars in thousands)	The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2015 (dollars in thousands): Carrying Percentage of Internal Ratings Investment Type Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing $ $ $ $ — Post-acute/skilled nursing — — Hospital — — $ $ $ $ —
Future minimum lease payments contractually due under DFLs	Future minimum lease payments contractually due under DFLs at December 31, 2015, were as follow (in thousands): Year Amount 2016 $ 2017 2018 2019 2020 Thereafter $

Loans Receivable (Tables)

Loans Receivable (Tables) - Loans receivable	12 Months Ended
	Dec. 31, 2015
Loans Receivable:
Schedule of loans receivable (in thousands)	The following table summarizes the Company’s loans receivable (in thousands): December 31, 2015 2014 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine $ — $ $ 660,138 $ — $ $ Other — 114,322 — Unamortized premiums (discounts), fees and costs, net — Allowance for loan losses — — — — $ $ $ 768,743 $ $ $
Summary of the Company's internal ratings for loans receivable (dollars in thousands)	The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2015 (dollars in thousands): Percentage Internal Ratings Carrying of Loan Performing Watch List Workout Investment Type Amount Portfolio Loans Loans Loans Real estate secured $ $ $ — $ — Other secured — — $ $ $ — $ —
Summary of loans receivable secured by real estate	Following is a summary of loans receivable secured by real estate at December 31, 2015 (dollars in thousands): Final Number Maturity of Principal Carrying Date Loans Payment Terms Amount Amount 2016 aggregate monthly interest-only payments, accrues interest at 8.5% , and secured by a senior housing facility in Pennsylvania (1) $ $ 2017 aggregate monthly interest-only payments, accrues interest at 8.5% , and secured by two senior housing facilities in New Jersey and Pennsylvania; (1) and aggregate monthly interest-only payments, accrues interest at LIBOR plus 6.0%, and secured by, among other things, the issuer's real estate assets 2018 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania (1) $ $ (1) Represents commitments to fund an aggregate of $2 million for four development projects that are at or near completion as of December 31, 2015.

Investments in and Advances t42

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Unconsolidated Joint Ventures
Company owned interests in entities, accounted under equity method (dollars in thousands)	The Company owns interests in the following entities that are accounted for under the equity method at December 31, 2015 (dollars in thousands): Entity (1) Segment Carrying Amount Ownership % CCRC JV (2) senior housing $ HCRMC (3) senior housing and post-acute/skilled nursing — MBK JV (4) senior housing HCP Ventures III, LLC medical office HCP Ventures IV, LLC medical office and hospital HCP Life Science (5) life science 50 -63 Vintage Park senior housing MBK Development JV (4) senior housing Suburban Properties, LLC medical office Advances to unconsolidated joint ventures, net $ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Includes two unconsolidated joint ventures in a RIDEA structure (CCRC PropCo and CCRC OpCo). See additional information regarding the CCRC JV and the Brookdale Transaction in Note 3. (3) In December 2015, September 2015 and December 2014, the Company recognized impairment charges of $19 million, $27 million and $36 million, respectively. See Note 17 for additional information regarding th e impairment charge s ; also, see Note 6 regarding the Company’s related HCRMC DFL investment s . (4) Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo). (5) Includes three unconsolidated joint ventures between the Company and an institutional capital partner for which the Company is the managing member. HCP Life Science includes the following partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50%); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%) .
Summarized combined financial information for equity method investments (in thousands)	Summarized combined financial information for the Company’s unconsolidated joint ventures follows (in thousands): December 31, 2015 (1) 2014 Real estate, net $ $ Goodwill and other assets, net Assets held for sale Total assets $ $ Capital lease obligations and mortgage debt $ $ Accounts payable and other Liabilities and mortgage debt held for sale Other partners’ capital HCP’s capital (2) Total liabilities and partners’ capital $ $ (1) Includes the financial information of Vintage Park, MBK JV and MBK Development JV , which were formed i n January 2015 , March 2015 and September 2015, respectively . (2) The combined basis difference of the Company’s investments in these joint ventures of $39 million, as of December 31, 2015, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles. Year Ended December 31, 2015 (1) 2014 (2) 2013 Total revenues $ $ $ Income (loss) from discontinued operations Net loss (3) HCP’s share in earnings (3) Fees earned by HCP Distributions received by HCP (1) Includes the financial information of Vintage Park, MBK JV and MBK Development JV , which were formed in January 2015, March 2015 and September 2015, respectively . (2) Includes the financial information of the CCR C JV, which the Company formed i n August 2014. (3) The net loss in 201 5 includes $79 million related to HCRMC’s goodwill that was allocated to disposal groups that were sold. The net loss in 2014 includes impairments, net of the related tax benefit, of $396 million related to HCRMC’s deferred tax assets and trademark intangible assets. The impairments at HCRMC were the result of a continued shift in patient payor sources from Medicare to Medicare Advantage, which negatively impact reimbursement rates and length of stay for HCRMC’s skilled nursing segment and a shift in HCRMC’s marketing and branding strategy. The net loss in 2013 includes a charge of $400 million related to recording of a valuation allowance that reduced the carrying value of HCRMC’s deferred tax assets to an amount that is more likely than not to be realized as determined by HCRMC’s management. HCRMC’s goodwill, intangible assets and deferred tax assets were not previously considered in the Company’s initial investments in the operations of HCRMC . T herefore, the related impairments and valuation allowance against the carrying value of the deferred tax assets do not impact the Company’s recorded investment or impact on the Company’s share of earnings from or its equity investment in HCRMC . H owever, the circumstances that led to HCRMC’s management to reach the determination that it was necessary to reduce the carrying value of their deferred tax and trademark intangible assets in 2014 are consistent with the Company’s determination that its equity investment in HCRMC was impaired in December 2014 (see Note 17). The Company’s joint venture interest in HCRMC is accounted for using the equity method and results in an ongoing reduction of DFL income, proportional to HCP’s ownership in HCRMC. The elimination of the respective proportional lease expense at the HCRMC level in substance results in $58 million, $62 million and $62 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 6 for additional discussion.

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2015
Intangibles
Schedule of intangible lease assets	The Company’s intangible lease assets were (in thousands): December 31, Intangible lease assets 2015 2014 Lease-up intangibles $ $ Above market tenant lease intangibles Below market ground lease intangibles Gross intangible lease assets Accumulated depreciation and amortization Net intangible lease assets $ $
Schedule of intangible lease liabilities	The Company’s intangible lease liabilities were (in thousands): December 31, Intangible lease liabilities 2015 2014 Below market lease intangibles $ $ Above market ground lease intangibles Gross intangible lease liabilities Accumulated depreciation and amortization Net intangible lease liabilities $ $
Estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter	Estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter follows (in thousands): Intangible Intangible Assets Liabilities 2016 $ $ 2017 2018 2019 2020 Thereafter $ $

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets..
Schedule of other assets (in thousands)	The Company’s other assets consisted of the following (in thousands): December 31, 2015 2014 Straight-line rent receivables, net of allowance of $33,648 and $34,182 , respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Goodwill Other Total other assets $ $

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt
Summary of senior notes issuances (dollars in thousands)	The following table summarizes the Company’s senior unsecured note issuances for the periods presented (dollars in thousands): Issuance Period Amount Coupon Rate Maturity Date Net Proceeds Year ended December 31, 2015: January 21, 2015 $ % $ May 20, 2015 $ % $ December 1, 2015 $ % $ Year ended December 31, 2014: February 21, 2014 $ % $ August 14, 2014 $ % $
Summary of senior notes payoffs (dollars in thousands)	The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Year ended December 31, 2015: March 1, 2015 $ % June 8, 2015 $ % Year ended December 31, 2014: February 1, 2014 $ % June 14, 2014 $ % June 14, 2014 $ 3 Month LIBOR+0.9 %
Summary of stated debt maturities and scheduled principal repayments (in thousands)	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2015 (dollars in thousands): Senior Unsecured Notes (3) Mortgage Debt (4) Line of Interest Interest Year Credit (1) Term Loans (2) Amount Rate Amount Rate Total (5) 2016 $ — $ $ % $ % $ 2017 — — % % 2018 — % % 2019 — % N/A 2020 — — % % Thereafter — — % % % % Discounts and debt costs, net — $ $ $ $ $ (1) Represents £ 270 million translated into U.S. dollars (“USD”) . (2) Represents £357 million translated into USD . (3) Interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective rate of 4.68% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 3.14% to 8.35% with a weighted average effective interest rate of 6.21% and a weighted average maturity of two years. (5) Excludes $ 9 4 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies.
Summary of material commitments	The following table summarizes our material commitments , excluding debt servicing obligations (see Note 11), at December 31, 2015 (in thousands): More than Total 2016 2017-2018 2019-2020 Five Years U.K. loan commitments (1) $ $ $ $ — $ — Construction loan commitments (2) — — — Development commitments (3) — — — Ground and other operating leases Total $ $ $ $ $ (1) Represents £39 million translated into U SD as of December 31, 2015 for commitments to fund the Company’s U.K. loan facilities . (2) Represents commitments to finance development projects and related working capital financings. (3) Represents construction and other commitments for developments in progress.
Summary of annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable	Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands): Annualized Number of Year Base Rent (1) Properties 2016 $ 2017 2018 2019 2020 Thereafter $ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL interest accretion and deferred revenues).
Future minimum lease obligations under non-cancelable ground and other operating leases	Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2015 were as follows (in thousands): Year Amount 2016 $ 2017 2018 2019 2020 Thereafter $

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity
Schedule of company's issuances of common stock (shares in thousands)	The following is a summary of the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2015 2014 2013 Dividend Reinvestment and Stock Purchase Plan Conversion of DownREIT units Exercise of stock options Vesting of restricted stock units Repurchase of common stock
Schedule of accumulated other comprehensive loss (in thousands)	The following is a summary of the Company’s accumulated other comprehensive loss (in thousands): December 31, 2015 2014 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized gains on available for sale securities Total accumulated other comprehensive loss $ $

Segment Disclosures (Tables)

Segment Disclosures (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Disclosure
Summary financial information of reportable segment (in thousands)	Summary information for the reportable segments follows (in thousands): For the year ended December 31, 2015: Senior Post-acute/ Life Medical Segments Housing Skilled Nursing Science Office Hospital Total Rental revenues (1) $ (2) $ (2) $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (3) (2) (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Impairments Gain on sales of real estate Other income, net Income tax benefit Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Net loss $ For the year ended December 31, 2014: Senior Post-acute/ Life Medical Segments Housing Skilled Nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (3) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Gain on sales of real estate Other income, net Income tax expense Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Total discontinued operations Net income $ For the year ended December 31, 2013: Senior Post-acute/ Life Medical Segments Housing Skilled Nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (3) Adjusted (cash) NOI Interest income — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Other income, net Income tax expense Equity income in unconsolidated joint ventures Total discontinued operations Net income $ (1) Represents rental and related revenues, tenant recoveries, and income from DFLs. (2) See Note 6 for discussion of the Company’s HCRMC DFL investments (3) Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees .
Reconciliation of company's assets to total assets (in thousands)	The Company’s total assets by segment were (in thousands): December 31, Segments 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital Gross segment assets Accumulated depreciation and amortization Net segment assets Other nonsegment assets Total assets $ $

Future Minimum Rents (Tables)

Future Minimum Rents (Tables)	12 Months Ended
	Dec. 31, 2015
Future Minimum Rents
Future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases	Future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2015 , are as follow (in thousands): Year Amount 2016 $ 2017 2018 2019 2020 Thereafter $

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of the option activity	A summary of the stock option activity during 2015 is presented in the following table (dollars and shares in thousands, except per share amounts): Weighted Weighted Average Average Remaining Aggregate Shares Exercise Contractual Intrinsic Under Options Price Term (Years) Value Outstanding as of January 1, 2015 $ $ Exercised Cancelled Forfeited Outstanding as of December 31, 2015 Exercisable as of December 31, 2015
Summary additional information concerning outstanding and exercisable stock options	The following table summarizes additional information concerning outstanding and exercisable stock options at December 31, 2015 (shares in thousands): Currently Exercisable Weighted Weighted Average Weighted Average Remaining Average Range of Shares Under Exercise Contractual Shares Under Exercise Exercise Price Options Price Term (Years) Options Price $23.34 - $25.52 $ $ 27.11 - 28.35 31.95 - 46.92
Summary of additional information concerning unvested stock options	The following table summarizes additional information concerning unvested stock options at December 31, 2015 (shares in thousands): Weighted Shares Average Under Grant Date Fair Options Value Unvested at January 1, 2015 $ Vested Forfeited Unvested at December 31, 2015
Summary of additional information concerning restricted stock and restricted stock units	The following table summarizes additional information concerning restricted stock and performance restricted stock units at December 31, 2015 (units and shares in thousands): Weighted Weighted Restricted Average Average Stock Grant Date Restricted Grant Date Units Fair Value Shares Fair Value Unvested at January 1, 2015 $ $ Granted — — Vested Forfeited — — Unvested at December 31, 2015
Common Stock Options
Assumptions used for estimating fair value of stock options using Black-Scholes option valuation model	2014 2013 Risk-free rate % % Expected life (in years) Expected volatility % % Expected dividend yield % %
Restricted Stock and Performance Restricted Stock Units
Assumptions used for estimating fair value of stock options using Black-Scholes option valuation model	2015 2014 Expected volatility % % Risk-free rate % % Expected dividend yield % %

Impairments (Tables)

Impairments (Tables)	12 Months Ended
	Dec. 31, 2015
DFL
Summary of quantitative information about fair value measurements	Post-acute/ Senior Housing Skilled nursing Description of Input(s) to the Valuation DFL Valuation Inputs DFL Valuation Inputs Range of EBITDAR $75,000 - $85,000 $385,000 - $435,000 Range of rent coverage ratio 1.05 x - 1.15 x 1.25 x - 1.35 x Range of real estate capitalization rate 6.25% - 7.2 5% 7.50% - 8.50%
HCRMC
Summary of quantitative information about fair value measurements	The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (1.8%)-3.0% Range of occupancy growth rates (1) (0.8%)-0.2% Range of operating expense growth rates (1) (1.1%)-3.1% Discount rate 15.20% Range of earnings multiples 6.0x-7.0x (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (0.2%)-3.5% Range of occupancy growth rates (1) (0.3%)-0.2% Range of operating expense growth rates (1) 0.6%-2.8% Discount rate 13.7% Range of earnings multiples 6.0x-7.0x (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes
Schedule of Income Tax Expense (Benefit) from continuing operations	The total income tax (benefit) expense from continuing operations consists of the following components (in thousands): Year Ended December 31, 2015 2014 2013 Current Federal $ $ $ State Foreign — Total current $ $ $ Deferred Federal $ $ $ State Foreign — Total deferred $ $ $ Total income tax (benefit) expense $ $ $
Reconciliation of income tax expense at statutory rates to the actual income tax expense recorded	The following table reconciles the income tax expense at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2015 2014 2013 Tax (benefit) expense at U.S. federal statutory income tax rate on income or loss subject to tax $ $ $ State income tax expense, net of federal tax Gross receipts and margin taxes Foreign rate differential — Effect of permanent differences Return to provision adjustments Increase in valuation allowance — Total income tax (benefit) expense $ $ $
Schedule of significant components of the company's deferred tax asset and liabilities	The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2015 2014 2013 Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interest and certain costs $ $ $ Net operating loss carryforward Expense accruals and other Valuation allowance — Net deferred tax assets $ $ $
Reconciliation of unrecognized tax benefits	A reconciliation of the Company’s beginning and ending unrecognized tax benefits follows (in thousands): Amount Balance at January 1, 2013 $ Reductions based on prior years’ tax positions Additions based on 2013 tax positions — Balance at December 31, 2013 Reductions based on prior years’ tax positions Additions based on 2014 tax positions — Balance at December 31, 2014 $ —

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Common Share
Computation of basic and diluted earnings per share (in thousands, except per share amounts)	The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator (Loss) income from continuing operations $ $ $ Noncontrolling interests’ share in continuing operations (Loss) income from continuing operations applicable to HCP, Inc. Participating securities’ share in continuing operations (Loss) income from continuing operations applicable to common shares Discontinued operations — Noncontrolling interests’ share in discontinued operations — Net (loss) income applicable to common shares $ $ $ Denominator Basic weighted average common shares Dilutive potential common shares — Diluted weighted average common shares Basic earnings per common share (Loss) income from continuing operations $ $ $ Discontinued operations — Net (loss) income applicable to common stockholders $ $ $ Diluted earnings per common share (Loss) income from continuing operations $ $ $ Discontinued operations — Net (loss) income applicable to common shares $ $ $

Supplemental Cash Flow Inform54

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information
Supplemental cash flow information (in thousands)	Supplemental cash flow information follows (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental cash flow information: Interest paid, net of capitalized interest $ $ $ Income taxes paid Capitalized interest Supplemental disclosure of non-cash investing activities: Accrued construction costs Settlement of loans receivable as consideration for real estate acquisition — — Loan originated in connection with Brookdale Transaction — — Real estate contributed to CCRC JV — — Fair value of real estate acquired in exchange for sale of real estate — Tenant funded tenant improvements owned by HCP — Reclassification of the in-place leases from real estate to DFLs — — Supplemental disclosure of non-cash financing activities: Vesting of restricted stock units Cancellation of restricted stock — Conversion of non-managing member units into common stock Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — — Noncontrolling interest issued in connection with Brookdale Transaction — — Noncontrolling interests issued in connection with real estate and other acquisitions — Noncontrolling interest assumed in connection with real estate disposition — — Mortgages and other liabilities assumed with real estate acquisitions Foreign currency translation adjustment Unrealized gains on available-for-sale securities and derivatives designated as cash flow hedges, net

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities
Schedule of Variable Interest Entities (in thousands)	The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2015 are presented below (in thousands): Maximum Loss Carrying VIE Type Exposure (1) Asset/Liability Type Amount HCRMC $ Net investment in DFLs and investments in unconsolidated joint ventures $ VIE tenants—DFLs Net investment in DFLs VIE tenants—operating leases Lease intangibles, net and straight-line rent receivables CCRC OpCo Investments in unconsolidated joint ventures Vintage Park Investments in unconsolidated joint ventures Four Seasons Loans and marketable debt securities CMBS Marketable debt securities (1) The Company’s maximum loss exposure related to VIE tenants, CCRC OpCo, Vintage Park, and loans and marketable debt securities to VIE borrowers represents the aggregate carrying amount of such investments (including accrued interest). The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Fair value measurements of financial assets and liabilities (in thousands)	The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2015 in the consolidated balance sheets (in thousands): Financial assets and liabilities Fair Value Level 1 Level 2 Level 3 Marketable equity securities $ $ $ — $ — Interest-rate swap asset (1) — — Interest-rate swap liabilities (1) — — Currency swap assets (1) — — Warrants (1) — — (1) Interest rate and currency swaps, as well as common stock warrant fair values, are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models.
Summary of the carrying values and fair values of financial instruments (in thousands)	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2015 2014 Carrying Carrying Amount Fair Value Amount Fair Value Loans receivable, net (2) $ $ $ $ Marketable debt securities (2) Marketable equity securities (1) Warrants (3) Bank line of credit (2) Term loans (2) Senior unsecured notes (1) Mortgage debt (2) Other debt (2) Interest-rate swap asset (2) Interest-rate swap liabilit ies ( 2) Currency swap assets (2) (1) Level 1: Fair value calculated based on quoted prices in active markets . (2) Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets . (3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables) - Tenants and Operators	12 Months Ended
	Dec. 31, 2015
Schedule of concentration of credit risk	Percentage of Total Percentage of Company Gross Assets Total Company Revenues December 31, Year Ended December 31, Operators 2015 2014 2015 2014 2013 HCRMC Brookdale (1) (1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment gross assets, total gross assets, segment revenues and total revenues, for all periods presented are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the periods presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure.
Senior housing
Schedule of concentration of credit risk	Percentage of Percentage of Senior Housing Gross Assets Senior Housing Revenues December 31, Year Ended December 31, Operators 2015 2014 2015 2014 2013 Brookdale (1) HCRMC (1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment gross assets, total gross assets, segment revenues and total revenues, for all periods presented are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the periods presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure. FN17 The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (1.8%)-3.0% Range of occupancy growth rates (1) (0.8%)-0.2% Range of operating expense growth rates (1) (1.1%)-3.1% Discount rate 15.20% Range of earnings multiples 6.0x-7.0x (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (0.2%)-3.5% Range of occupancy growth rates (1) (0.3%)-0.2% Range of operating expense growth rates (1) 0.6%-2.8% Discount rate 13.7% Range of earnings multiples 6.0x-7.0x (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period.
Post-acute/skilled
Schedule of concentration of credit risk	Percentage of Post-Acute/ Percentage of Post-Acute/ Skilled Nursing Gross Assets Skilled Nursing Revenues December 31, Year Ended December 31, Operators 2015 2014 2015 2014 2013 HCRMC

Derivative Financial Instrume58

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Financial Instruments
Schedule of derivative instruments (dollars and GBP in thousands)	The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of December 31, 2015 (dollars and GBP in thousands): Fixed Hedge Rate/Buy Notional/Sell Date Entered Maturity Date Designation Amount Floating/Exchange Rate Index Amount Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow % BMA Swap Index $ $ November 2008 (3) October 2016 Cash Flow % 1 Month LIBOR+ 1.50% $ July 2012 (4) June 2016 Cash Flow % 1 Month GBP LIBOR+ 1.20% £ January 2015 (4) October 2017 Cash Flow % 1 Month GBP LIBOR+ 0.975% £ Foreign currency: July 2012 (5) June 2016 N/A $ Buy USD/Sell GBP £ January 2015 (6) October 2017 Cash Flow $ Buy USD/Sell GBP £ (1) Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the consolidated balance sheets . (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows . (3) Represents an interest-rate swap contract, that hedges the fluctuation in interest payments on variable-rate secured debt due to overall changes in hedged cash flows (4) Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate . (5) Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to a portion of the Company’s forecasted interest receipts on GBP denominated senior unsecured notes. Represents a currency swap to sell £7.2 million at a rate of 1.5695 in June 2016. (6) Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on its HC-One Facility. Represents a currency swap to sell approximately £1.0 million monthly at a rate of 1.5149 through October 2017.
Schedule of effect of change in interest and foreign currency rate (dollars in thousands)	The following table summarizes the results of the analysis performed (dollars in thousands): Effects of Change in Interest and Foreign Currency Rates +50 Basis −50 Basis +100 Basis −100 Basis Date Entered Maturity Date Points Points Points Points Interest rates: July 2005 July 2020 $ $ $ $ November 2008 October 2016 July 2012 June 2016 January 2015 October 2017 Foreign currency: July 2012 June 2016 January 2015 October 2017

Selected Quarterly Financial 59

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data (Unaudited)
Selected quarterly information	Selected quarterly information for the years ended December 31, 2015 and 201 4 is as follows (in thous ands, except per share amounts) : Three Months Ended During 2015 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ (Loss) income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures Net (loss) income Net (loss) income applicable to HCP, Inc. Dividends paid per common share Basic earnings per common share Diluted earnings per common share Three Months Ended During 2014 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ Income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures Total discontinued operations — — — Net income Net income applicable to HCP, Inc. Dividends paid per common share Basic earnings per common share Diluted earnings per common share

Summary of Significant Accoun60

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Residency agreement term, minimum	30 days
Residency agreement term, maximum	1 year
Maximum period available for occupancy from cessation of significant construction activity	1 year
Maximum useful life of building and improvements	60 years
Failure to qualify as REIT, ineligibility period	4 years

Brookdale Lease Amendments an61

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) - Compents of Brookdale Transaction and NNN Lease Restructing (Details) $ in Millions	Aug. 29, 2014USD ($)itemproperty
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Number Of Properties Contributed To Joint Venture | item	48
Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Annualized base rent reductions, first year	$ 6.5
Annualized base rent reductions, subsequent years	$ 7.5
Number of communities sold in purchase option | item	9
Proceeds from communities sold in purchase option	$ 60
Brookdale Senior Living | NNN-leased Portfolio
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Number of facilities for which existing lease agreement is amended | property	153
Number of properties with purchase options cancelled on amendment | property	30
Average initial lease term	15 years
Number of extension options | item	2
Term of lease extension options	10 years
Business Combination, Consideration Transferred [Abstract]
Consideration paid to terminate purchase options	$ 129
Rent concessions	76
Net consideration paid	$ 53

Brookdale Lease Amendments an62

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) - RIDEA Subsidiaries (Details) $ in Thousands	Aug. 29, 2014USD ($)property	Aug. 29, 2014USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Ownership percentage (as a percent)	49.00%	49.00%
Net Gain Recognized on Lease Terminations
Net gain on contract termination			$ 1,103	$ 38,001
RIDEA JV
Net Gain Recognized on Lease Terminations
Net gain on contract termination		$ 38,000
Gain based on fair value of net consideration received for lease terminations		108,000
Charges related to lease termination write-offs		$ 70,000
Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Ownership percentage (as a percent)	20.00%	20.00%
Brookdale Senior Living | RIDEA JV
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Number of facilities for which existing lease agreement is terminated | property	49
Number of properties with purchase options cancelled on termination | property	19	19
Lease Terminations Considerations Received Abstract
Investment in strategic joint venture	$ 47,000	$ 47,000
Consideration received - Short-term receivable	34,000	34,000
Consideration received - Note receivable	68,000	68,000
Effective offset for net consideration paid	$ 53,000	$ 53,000

Brookdale Lease Amendments an63

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) - Continuing Care Retirement Communities Joint Venture (Details) $ in Thousands	Aug. 29, 2014USD ($)item	Dec. 31, 2015USD ($)
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Joint Venture Ownership Percentage	49.00%
Joint Venture Disclosures [Abstract]
Cash contributed | $		$ 770,325
Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Joint Venture Ownership Percentage	20.00%
CCRC JV
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Number of retirement communities	14
Joint Venture Disclosures [Abstract]
Number of retirement communities contributed to joint venture	2
Fair value of retirement communities or properties contributed | $	$ 162,000
Carrying value of properties contributed | $	92,000
Cash contributed | $	370,000
Debt related to retirement communities or properties contributed | $	$ 569,000
CCRC JV | Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Joint Venture Ownership Percentage	51.00%
Joint Venture Disclosures [Abstract]
Number of retirement communities contributed to joint venture	8
Number of properties intended to be acquired in future	4
CCRC JV | CCRCJV Prop Co | Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Number of properties to be leased	8
CCRC JV | CCRCJV Op Co | Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations [Line Items]
Number of properties to be owned directly	6

Brookdale Lease Amendments an64

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) - Fair Value Measurement Techniques and Quantitative Information (Details) $ in Thousands	Aug. 29, 2014USD ($)
NNN-leased Portfolio
Fair Value Inputs [Abstract]
Exercise probability (as a percent)	100.00%
NNN-leased Portfolio | Minimum
Fair Value Inputs [Abstract]
Capitalization Rates	7.50%
Discount Rate	10.50%
NNN-leased Portfolio | Maximum
Fair Value Inputs [Abstract]
Capitalization Rates	9.25%
Discount Rate	11.00%
NNN-leased Portfolio | Income approach
Fair Value Inputs Quantitative Information
Fair value of forfeited purchase options	$ (129,000)
RIDEA JV
Fair Value Inputs [Abstract]
Exercise probability (as a percent)	100.00%
RIDEA JV | Income approach
Fair Value Inputs Quantitative Information
Fair value of forfeited purchase options	$ (23,000)
Brookdale Senior Living | NNN-leased Portfolio
Fair Value Inputs [Abstract]
Rent Coverage Ratio	1.20
Rent Growth Rate	3.00%
Brookdale Senior Living | NNN-leased Portfolio | Minimum
Fair Value Inputs [Abstract]
Discount Rate	8.00%
Brookdale Senior Living | NNN-leased Portfolio | Maximum
Fair Value Inputs [Abstract]
Discount Rate	8.50%
Brookdale Senior Living | NNN-leased Portfolio | Income approach
Fair Value Inputs Quantitative Information
Fair value of rental payment concessions	$ 76,000
Brookdale Senior Living | RIDEA JV
Fair Value Inputs [Abstract]
Rent Coverage Ratio	1.20
Rent Growth Rate	3.00%
EBITDAR Growth Rate (as a percent)	5.50%
Brookdale Senior Living | RIDEA JV | Minimum
Fair Value Inputs [Abstract]
Discount Rate	8.00%
Brookdale Senior Living | RIDEA JV | Maximum
Fair Value Inputs [Abstract]
Discount Rate	11.00%
Brookdale Senior Living | RIDEA JV | Income approach
Fair Value Inputs Quantitative Information
Fair value of forfeited rental payments revenue	$ 131,000

Other Real Estate Property In65

Other Real Estate Property Investments (Details) $ / shares in Units, £ in Thousands, $ in Thousands	Oct. 07, 2015USD ($)	Jun. 30, 2015USD ($)propertyitem	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015GBP (£)item	Dec. 31, 2015USD ($)propertyitem$ / shares	Dec. 31, 2014GBP (£)property	Dec. 31, 2014USD ($)property$ / shares	Dec. 31, 2013USD ($)$ / shares	May. 31, 2015GBP (£)	May. 31, 2015USD ($)	Dec. 31, 2012USD ($)
Acquisition
Net termination fee revenue						$ 1,103		$ 38,001
Other real estate acquisitions
Consideration, Cash Paid								503,470
Consideration, Cash Paid/Debt Settled						912,549
Consideration, Liabilities assumed						23,218		37,278
Consideration, Noncontrolling Interest						4,255		6,321
Assets Acquired, Real Estate						770,409		483,046
Assets Acquired, Net Intangibles						169,613		64,023
Loans and Leases Receivable, Gross										£ 27,000	$ 42,000
Consideration to non-managing member limited liability company units								5,000
Investment Building and Building Improvements						12,501,511		10,972,973
Funding for construction, tenant and other capital improvements						388,151		$ 272,998
HC-One Facility
Other real estate acquisitions
Consideration, Fair Value of Real Estate Exchanged					£ 174	$ 254,000
Number of properties | property						36
Senior housing
Acquisition
Number of facilities acquired | property							23	23
Other real estate acquisitions
Consideration, Cash Paid								$ 233,797
Consideration, Cash Paid/Debt Settled						$ 268,782
Consideration, Liabilities assumed						8,298		3,351
Consideration, Noncontrolling Interest						4,255		6,321
Assets Acquired, Real Estate						253,802		215,255
Assets Acquired, Net Intangibles						27,533		28,214
Consideration, Amount translated							£ 88,000	147,000
Funding for construction, tenant and other capital improvements						131,405		45,586
Life science
Other real estate acquisitions
Consideration, Cash Paid								43,500
Consideration, Cash Paid/Debt Settled						80,946
Consideration, Liabilities assumed						2,054		250
Assets Acquired, Real Estate						68,988		41,281
Assets Acquired, Net Intangibles						14,012		$ 2,469
Number of Facilities Placed into Service | property							2	2
Funding for construction, tenant and other capital improvements						122,319		$ 133,164
Medical office
Other real estate acquisitions
Consideration, Cash Paid								226,173
Consideration, Cash Paid/Debt Settled						384,114
Consideration, Liabilities assumed						12,866		33,677
Assets Acquired, Real Estate						305,091		226,510
Assets Acquired, Net Intangibles						91,889		33,340
Investment Building and Building Improvements												$ 7,000
Funding for construction, tenant and other capital improvements						131,021		90,027
Hospital
Other real estate acquisitions
Funding for construction, tenant and other capital improvements						37		1,688
Post-acute/skilled
Other real estate acquisitions
Consideration, Cash Paid/Debt Settled						178,707
Assets Acquired, Real Estate						142,528
Assets Acquired, Net Intangibles						36,179
Funding for construction, tenant and other capital improvements						3,369		2,533
Life Science, Medical Office and Post-acute/skilled [Member]
Other real estate acquisitions
Investment Building and Building Improvements								41,000
RIDEA III
Acquisition
Assets Acquired, Working Capital		$ 7,000		$ 7,000
Net termination fee revenue						8,000
Stabilized occupancy rate (as a percent)		80.00%		80.00%
Revenue from acquiree since the acquisition date						94,000
Income from acquiree since the acquisition date						1,000
Business Acquisition, Pro Forma Information [Abstract]
Revenues						2,638,192		2,454,039	$ 2,287,638
Net (loss) income						(531,464)		954,540	996,976
Net (loss) income applicable to HCP, Inc.						$ (545,776)		$ 938,387	$ 981,610
Basic earnings per common share (in dollars per share) | $ / shares						$ (1.18)		$ 2.04	$ 2.15
Diluted earnings per common share (in dollars per share) | $ / shares						$ (1.18)		$ 2.04	$ 2.15
Other real estate acquisitions
Consideration, Cash Paid		$ 770,000
Consideration, Liabilities assumed		32,000		$ 32,000
Consideration, Noncontrolling Interest		29,000		29,000
Assets Acquired, Real Estate		771,000		771,000
Assets Acquired, Net Intangibles		$ 53,000		53,000
RIDEA III | Brookdale Senior Living
Acquisition
Number of individual leases | item					2	2
Number of Units Acquired | item		5,025
Noncontrolling interest (as a percent)						10.00%
Management Agreement Term					7 years	7 years
Other real estate acquisitions
Noncontrolling interest (as a percent)						10.00%
RIDEA III | Senior housing | Brookdale Senior Living
Acquisition
Number of facilities acquired | property		35
HCP Ventures V
Acquisition
Noncontrolling interest (as a percent)	49.00%		49.00%
Other real estate acquisitions
Noncontrolling Interest, Increase from Sale of Parent Equity Interest	$ 110,000		$ 110,000
Noncontrolling interest (as a percent)	49.00%		49.00%
HCP Ventures V | Medical office
Other real estate acquisitions
Consideration, Cash Paid/Debt Settled				$ 225,000

Dispositions of Real Estate a66

Dispositions of Real Estate and Discontinued Operations (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)propertyitem	Dec. 31, 2013USD ($)item	Aug. 29, 2014USD ($)
Operating income from discontinued operations
Income before impairment losses and gain on sales of real estate, net of income taxes		$ 1,736,000	$ 5,879,000
Impairment losses on real estate			(1,372,000)
Gain on sales of real estate, net of income taxes		28,010,000	69,866,000
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Operating income from discontinued operations
Rental and related revenues		1,810,000	16,649,000
Depreciation and amortization expenses			5,862,000
Operating expenses		54,000	3,929,000
Other expenses, net		20,000	979,000
Income before impairment losses and gain on sales of real estate, net of income taxes		1,736,000	5,879,000
Discontinued Operations, Disposed of by Sale [Member]
Operating income from discontinued operations
Gain on sales of real estate, net of income taxes		$ 28,010,000	$ 69,866,000
Discontinued Operations, Held-for-sale [Member]
Operating income from discontinued operations
Number of properties included in discontinued operations | item		3	16
Senior housing | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions of Real Estate and Land
Number of properties disposed | item	9	1
Total consideration for disposition of real estate	$ 60,000,000	$ 16,000,000
Post-acute/skilled | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions of Real Estate and Land
Number of properties disposed | item		2
Total consideration for disposition of real estate		$ 22,000,000
Life science | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions of Real Estate and Land
Number of Parcels of land | item	2
Total consideration for disposition of real estate	$ 51,000,000
Hospital | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions of Real Estate and Land
Number of properties disposed | property		1
Total consideration for disposition of real estate		$ 17,000,000
Medical office
Dispositions of Real Estate and Land
Number of properties disposed | item			2
Total consideration for disposition of real estate			$ 6,000,000
Medical office | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions of Real Estate and Land
Number of properties disposed | item		1
Total consideration for disposition of real estate	$ 400,000	$ 145,000,000
CCRC JV
Dispositions of Real Estate and Land
Carrying value of properties contributed				$ 92,000,000

Net Investment in Direct Fina67

Net Investment in Direct Financing Leases (Details)	Jun. 30, 2015property	Apr. 01, 2015	Mar. 29, 2015USD ($)property	Feb. 08, 2016property	Dec. 31, 2015USD ($)item	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)item	Dec. 31, 2015USD ($)item	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)property	Jun. 30, 2016property	Dec. 31, 2015USD ($)item	Dec. 31, 2015USD ($)propertyitem	Dec. 31, 2014USD ($)propertyitem	Dec. 31, 2013USD ($)	Dec. 31, 2011property	Feb. 08, 2016property	Feb. 28, 2015USD ($)	Sep. 30, 2013item
Net Investment in Direct Financing Leases
Minimum lease payments receivable					$ 26,283,392,000			$ 24,182,525,000	$ 26,283,392,000				$ 26,283,392,000	$ 26,283,392,000	$ 24,182,525,000
Allowance for DFL losses					(817,040,000)				(817,040,000)				(817,040,000)	(817,040,000)
Estimated residual values					3,900,679,000			4,126,426,000	3,900,679,000				3,900,679,000	3,900,679,000	4,126,426,000
Less unearned income					(23,462,022,000)			(21,028,617,000)	(23,462,022,000)				(23,462,022,000)	(23,462,022,000)	(21,028,617,000)
Net investment in direct financing leases					$ 5,905,009,000			$ 7,280,334,000	$ 5,905,009,000				$ 5,905,009,000	$ 5,905,009,000	$ 7,280,334,000
Properties subject to direct financing leases | item					348			363	348				348	348	363
Total DFL income														$ 633,835,000	$ 663,070,000	$ 636,881,000
Total equity income														$ 57,313,000	49,570,000	64,433,000
Number of facility sales closed | property				11										22				33
Sales price														$ 219,000,000
Impairment charges reducing equity investment														$ 45,895,000	35,913,000
Percentage of DFL Portfolio					100.00%				100.00%				100.00%	100.00%
Capital leases future minimum payments receivable
2,016					$ 552,985,000				$ 552,985,000				$ 552,985,000	$ 552,985,000
2,017					545,307,000				545,307,000				545,307,000	545,307,000
2,018					559,979,000				559,979,000				559,979,000	559,979,000
2,019					576,206,000				576,206,000				576,206,000	576,206,000
2,020					586,229,000				586,229,000				586,229,000	586,229,000
Thereafter					23,462,686,000				23,462,686,000				23,462,686,000	23,462,686,000
Total					26,283,392,000				26,283,392,000				26,283,392,000	26,283,392,000
HCRMC in Master Lease
Net Investment in Direct Financing Leases
Net investment in direct financing leases							$ 6,100,000,000				$ 6,100,000,000								$ 6,600,000,000
Number of non-strategic assets involved in sales transaction | property											50
Annual rent reduction on sold properties, as a percent of the sales proceeds											7.75%
Reduction in initial net annual rent due to lease amendment			$ 68,000,000
Annual rent under Master Agreement											$ 541,000,000		473,000,000
Minimum rent escalation during the initial term (as a percent)		3.00%
Increase in Rent, first two years (as a percent)			3.50%
Increase in Rent, afterwards (as a percent)			3.00%
Period of extension of initial term of lease		5 years
Average lease term		16 years
Deferred lease obligation					525,000,000				525,000,000				525,000,000	525,000,000
Expected Annual Rent														19,000,000
Direct Financing Lease Tranche A [Member] | HCRMC in Master Lease
Net Investment in Direct Financing Leases
Deferred lease obligation					275,000,000				275,000,000				275,000,000	$ 275,000,000
Direct Financing Lease Rental Factor, first period (as a percent)														6.90%
Expected Annual Rent														$ 19,000,000
Direct Financing Lease Tranche B [Member] | HCRMC in Master Lease
Net Investment in Direct Financing Leases
Deferred lease obligation					250,000,000				250,000,000				250,000,000	$ 250,000,000
Direct Financing Lease Rental Factor, first period (as a percent)														3.00%
Direct Financing Lease Rental Factor, annual increase (as a percent)														3.00%
Direct Financing Lease Rental Factor, second period (as a percent)														4.00%
Direct Financing Lease Rental Factor, third period (as a percent)														5.00%
Direct Financing Lease Rental Factor, fourth period (as a percent)														6.00%
DFL
Net Investment in Direct Financing Leases
Cash income														$ 20,000,000	24,000,000	24,000,000
Total DFL income														15,000,000	$ 19,000,000	24,000,000
DFL | HCRMC in Master Lease
Net Investment in Direct Financing Leases
Net investment in direct financing leases					5,200,000,000	$ 6,000,000,000			5,200,000,000	$ 6,000,000,000			5,200,000,000	5,200,000,000
Impairment charges related to investments in DFLs							$ 478,000,000		817,000,000
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases					385,152,000				385,152,000				385,152,000	385,152,000
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases					5,519,857,000				5,519,857,000				5,519,857,000	5,519,857,000
Senior housing
Net Investment in Direct Financing Leases
Net investment in direct financing leases					1,788,764,000				$ 1,788,764,000				$ 1,788,764,000	$ 1,788,764,000
Number of Facilities Acquired | property															23
Impairment charges reducing equity investment					$ 19,000,000	$ 27,000,000		$ 36,000,000
Percentage of DFL Portfolio					30.00%				30.00%				30.00%	30.00%
Senior housing | DFL
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 366,000,000			$ 370,000,000	$ 366,000,000				$ 366,000,000	$ 366,000,000	$ 370,000,000
Properties subject to direct financing leases | item																				14
Senior housing | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases					261,261,000				261,261,000				261,261,000	261,261,000
Senior housing | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases					1,527,503,000				1,527,503,000				1,527,503,000	1,527,503,000
Post-acute/skilled
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 3,992,354,000				$ 3,992,354,000				$ 3,992,354,000	3,992,354,000
Proceeds from Collection of Lease Receivables														$ 13,000,000
Percentage of DFL Portfolio					68.00%				68.00%				68.00%	68.00%
Post-acute/skilled | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 3,992,354,000				$ 3,992,354,000				$ 3,992,354,000	$ 3,992,354,000
Hospital
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 123,891,000				$ 123,891,000				$ 123,891,000	$ 123,891,000
Percentage of DFL Portfolio					2.00%				2.00%				2.00%	2.00%
Hospital | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 123,891,000				$ 123,891,000				$ 123,891,000	$ 123,891,000
HCRMC
Net Investment in Direct Financing Leases
Number of Facilities Acquired | property																	334
RIDEA III | Senior housing | Brookdale Senior Living
Net Investment in Direct Financing Leases
Number of Facilities Acquired | property	35
Nine Specified Properties to be Acquired [Member] | Post-acute/skilled
Net Investment in Direct Financing Leases
Number of Facilities | property			9
Aggregate purchase price for facilities			$ 275,000,000
Specified Properties Acquired [Member]
Net Investment in Direct Financing Leases
Number of Facilities Acquired | property														7
Specified Properties Acquired [Member] | Post-acute/skilled
Net Investment in Direct Financing Leases
Number of Facilities | property												2
Aggregate purchase price for facilities					184,000,000				184,000,000				184,000,000	$ 184,000,000
HCRMC
Net Investment in Direct Financing Leases
Carrying value, equity method investments					0				$ 0				$ 0	0
Cash income														482,770,000	519,280,000	502,354,000
DFL accretion														90,065,000	79,349,000	82,688,000
Total DFL income														572,835,000	598,629,000	585,042,000
DFL accretion income recharacterized to equity income														58,047,000	62,445,000	62,061,000
Equity income														(7,324,000)	(9,270,000)	(6,460,000)
Total equity income														50,723,000	53,175,000	$ 55,601,000
Impairment charges reducing equity investment					$ 19,000,000					$ 27,000,000				$ 19,000,000	$ 36,000,000

Loans Receivable (Details)

Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	May. 31, 2015	Dec. 31, 2014	Jun. 30, 2013	Jul. 31, 2012
Loans Receivable:
Mezzanine	$ 660,138		$ 799,064
Loans receivable, other	114,322		135,363
Unamortized premiums (discounts), fees and costs	(5,717)		(14,056)
Allowance for loan losses			(13,410)
Loans receivable, net	$ 768,743		906,961
Percentage of Loan Portfolio	100.00%
Performing Loans
Loans Receivable:
Loans receivable, net	$ 768,743
Real Estate Secured
Loans Receivable:
Loans receivable, other	114,322		135,363
Unamortized premiums (discounts), fees and costs	961
Loans receivable, net	$ 115,283		135,363
Percentage of Loan Portfolio	15.00%
Real Estate Secured | Performing Loans
Loans Receivable:
Loans receivable, net	$ 115,283
Other Secured
Loans Receivable:
Mezzanine	660,138		799,064
Unamortized premiums (discounts), fees and costs	(6,678)		(14,056)
Allowance for loan losses			(13,410)
Loans receivable, net	$ 653,460		771,598
Percentage of Loan Portfolio	85.00%
Other Secured | Performing Loans
Loans Receivable:
Loans receivable, net	$ 653,460
Tandem Health Care Loan
Loans Receivable:
Loans receivable, other	$ 256,000
Tandem Health Care Loan | Maximum
Loans Receivable:
Loans receivable, other					$ 205,000
Tandem Health Care Loan - First Tranche
Loans Receivable:
Loans receivable, other					$ 100,000
Tandem Health Care Loan - Second Tranche
Loans Receivable:
Loans receivable, other				$ 102,000
Tandem Health Care Loan Third Tranche [Member]
Loans Receivable:
Loans receivable, other		$ 50,000
Tandem Health Care Loan Fourth Tranche [Member]
Loans Receivable:
Loans receivable, other		$ 5,000
Delphis
Loans Receivable:
Allowance for loan losses			$ (13,000)

Loans Receivable - Real Estate

Loans Receivable - Real Estate Secured Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Mortgage Loans on Real Estate
Number of loans receivable | item	5
Principal Amount	$ 113,542
Carrying Amount	115,283
Future contractual principal payments to be received on loans receivable secured by real estate in 2016	15,000
Future contractual principal payments to be received on loans receivable secured by real estate in 2017	79,000
Future contractual principal payments to be received on loans receivable secured by real estate in 2018	20,000
Interest income	112,184	$ 74,491	$ 86,159
Real Estate Secured
Mortgage Loans on Real Estate
Interest income	27,000
Interest receivable accrued	$ 1,000
Monthly interest-only payments, Tennessee, Maryland, Pennsylvania and Texas, due in 2016
Mortgage Loans on Real Estate
Number of loans receivable | item	1
Fixed interest rate (as a percent)	8.50%
Principal Amount	$ 15,135
Carrying Amount	$ 15,244
Monthly interest-only payments, New Jersey and Pennsylvania, 2017
Mortgage Loans on Real Estate
Number of loans receivable | item	3
Fixed interest rate (as a percent)	8.50%
Number of collateral facilities | item	2
Principal Amount	$ 78,329
Carrying Amount	$ 79,291
Monthly interest-only payments, New Jersey and Pennsylvania, 2017 | LIBOR
Mortgage Loans on Real Estate
Variable interest rate (as a percent)	(1.00%)
Monthly interest-only payments, Pennsylvania, 2018
Mortgage Loans on Real Estate
Number of loans receivable | item	1
Fixed interest rate (as a percent)	8.00%
Principal Amount	$ 20,078
Carrying Amount	20,748
Monthly interest-only payments, Tennessee, Maryland, Pennsylvania and Texas, due in 2016; monthly interest-only payments, New Jersey and Pennsylvania, 2017 and monthly interest-only payments, Pennsylvania, 2018
Mortgage Loans on Real Estate
Commitments to fund development projects	$ 2,000
Number of development projects | item	4

Loans Receivable - Other Secure

Loans Receivable - Other Secured Loans (Details) $ in Thousands, £ in Millions	Sep. 06, 2013GBP (£)	Sep. 06, 2013USD ($)	May. 02, 2013GBP (£)	May. 02, 2013USD ($)	Dec. 31, 2015GBP (£)	Oct. 31, 2015USD ($)	Sep. 30, 2015GBP (£)property	Apr. 30, 2015GBP (£)	Feb. 28, 2015GBP (£)	Feb. 28, 2015USD ($)	Nov. 30, 2014GBP (£)propertyitem	Nov. 30, 2014USD ($)propertyitem	Dec. 31, 2015GBP (£)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	May. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Jun. 30, 2013USD ($)	Jul. 31, 2012USD ($)	Jun. 30, 2012GBP (£)
Loans Receivable:
Loans receivable, other															$ 135,363	$ 114,322
Amount draw on the revolving line of credit facility														$ 98,743	845,190
Allowance for loan losses															13,410
NHP[Member]
Loans Receivable:
Number of facilities | property											273	273
Number of beds acquired | item											12,500	12,500
Barchester Loan
Loans Receivable:
Loans receivable purchased, face or par value | £			£ 121
Loans receivable purchased, discount			£ 109	$ 170,000
Cash payments received from borrower	£ 129	$ 202,000
Interest income related to loans		$ 24,000
Real Estate Secured
Loans Receivable:
Loans receivable, other															135,363	114,322
Other Secured
Loans Receivable:
Allowance for loan losses															13,410
HC-One Facility
Loans Receivable:
Loan facility maximum									£ 502		£ 395							$ 795,000
Amount drawn at closing												$ (574,000)
Amount draw on the revolving line of credit facility | £											£ 363
Term of facility											5 years	5 years
Increase in loan facility							£ 11		£ 108	$ 164,000
Amount of facility converted into sale-leaseback transaction | £								£ 174
Paydowns received | £							£ 34
Non-call period shortened							17 months
Number of properties spinoff into a separate joint venture | property							36						36	36
Term to retain security over the spinoff properties							2 years
Cash payments received from borrower													£ 34	$ 52,000
HC-One Facility | Revolving line of credit facility
Loans Receivable:
Amount draw on the revolving line of credit facility | £											£ 355
Tandem Health Care Loan
Loans Receivable:
Loans receivable, other																$ 256,000
Loan receivable, interest rate payable (as a percent)					11.50%								11.50%			11.50%
Loan receivable subordinated to senior mortgage debt																$ 381,000
Tandem Health Care Loan | Maximum
Loans Receivable:
Loans receivable, other																				$ 205,000
Tandem Health Care Loan - First Tranche
Loans Receivable:
Loans receivable, other																				$ 100,000
Loan receivable, interest rate payable (as a percent)					12.00%								12.00%			12.00%				12.00%
Tandem Health Care Loan - Second Tranche
Loans Receivable:
Loans receivable, other																			$ 102,000
Loan receivable, interest rate payable (as a percent)					14.00%								14.00%			14.00%
Tandem Health Care Loan Third Tranche [Member]
Loans Receivable:
Loans receivable, other																	$ 50,000
Loan receivable, interest rate payable (as a percent)					6.00%								6.00%			6.00%
Tandem Health Care Loan Fourth Tranche [Member]
Loans Receivable:
Loans receivable, other																	$ 5,000
Loan receivable, interest rate payable (as a percent)					6.00%								6.00%			6.00%
Delphis
Loans Receivable:
Cash payments received from borrower						$ 23,000								$ 23,000	1,000
Loan receivable impairment recovery recognized						$ 6,000
Loans receivable, net reported amount															17,000
Allowance for loan losses															$ 13,000
Four Seasons
Loans Receivable:
Loan receivable, interest rate payable (as a percent)																					12.25%
Marketable debt security, par value					£ 28								£ 28			$ 42,000					£ 138.5
Held To Maturity Securities Issued And Outstanding | £					£ 40								£ 40								£ 175
Four Seasons | LIBOR
Loans Receivable:
Loan, basis spread on variable rate					6.00%

Investments in and Advances t71

Investments in and Advances to Unconsolidated Joint Ventures - Equity Method Investments (Details) $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Mar. 30, 2015
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 605,244		$ 605,448		$ 605,244	$ 605,448
Other than temporary impairment charge					$ 45,895	35,913
Senior housing
Company owned interests in entities, accounted under equity method:
Number of unconsolidated joint ventures | item					2
Other than temporary impairment charge	19,000	$ 27,000	$ 36,000
MBK
Company owned interests in entities, accounted under equity method:
Investment ownership percentage							50.00%
CCRC JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 465,179				$ 465,179
Investment ownership percentage	49.00%				49.00%
HCRMC
Company owned interests in entities, accounted under equity method:
Other than temporary impairment charge	$ 19,000			$ 27,000	$ 19,000	$ 36,000
HCRMC | Senior housing
Company owned interests in entities, accounted under equity method:
Number of unconsolidated joint ventures | item					2
HCRMC | Post-acute/skilled
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	9.00%				9.00%
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 34,131				$ 34,131
Investment ownership percentage	50.00%				50.00%		50.00%
MBK Development JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 2,224				$ 2,224
Investment ownership percentage	50.00%				50.00%
HCP Ventures III, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 9,241				$ 9,241
Investment ownership percentage	30.00%				30.00%
HCP Ventures IV | Hospital and medical office segments
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 11,884				$ 11,884
Investment ownership percentage	20.00%				20.00%
HCP Life Science | Life science
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 68,582				$ 68,582
Number of unconsolidated joint ventures | item					3
HCP Life Science | Life science | Minimum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%				50.00%
Torrey Pines Science Center, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%				50.00%
Britannia Biotech Gateway, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	55.00%				55.00%
LASDK, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	63.00%				63.00%
Vintage Park | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 8,729				$ 8,729
Investment ownership percentage	85.00%				85.00%
Suburban Properties, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 4,621				$ 4,621
Investment ownership percentage	67.00%				67.00%
Advances to unconsolidated joint ventures, net
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 653				$ 653

Investments in and Advances t72

Investments in and Advances to Unconsolidated Joint Ventures - Combined Financial Information for the unconsolidated joint ventures(Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summarized combined financial information for equity method investments:
Real estate, net	$ 4,470,249		$ 4,470,249	$ 4,537,553
Goodwill and other assets, net	4,935,343		4,935,343	4,920,604
Assets held for sale	94,866		94,866	662,740
Total assets	9,500,458		9,500,458	10,120,897
Capital lease obligations and mortgage debt	6,575,531		6,575,531	6,733,943
Accounts payable	1,111,350		1,111,350	974,206
Liabilities and mortgage debt held for sale	6,318		6,318	505,703
Other partners' capital	1,163,501		1,163,501	1,281,413
HCP's capital	643,758		643,758	625,632
Total liabilities and partners' capital	9,500,458		9,500,458	10,120,897
Combined basis difference	39,000		39,000
Total revenues			4,464,317	4,284,747	$ 4,189,793
Income (loss) from discontinued operations			38,071	(24,422)	(22,030)
Net loss			(83,277)	(411,385)	(354,079)
HCP's share of earnings			57,313	49,570	64,433
Fees earned by HCP			1,873	1,809	1,847
Distributions received by HCP			46,100	7,702	18,091
Goodwill, Impairment Loss			0
Valuation allowance	531		531	88
Subsequent Events
Other than temporary impairment charge			45,895	35,913
HCRMC
Summarized combined financial information for equity method investments:
HCP's share of earnings			50,723	53,175	55,601
Subsequent Events
Other than temporary impairment charge	$ 19,000	$ 27,000	19,000	36,000
HCRMC | Post-acute/skilled
Summarized combined financial information for equity method investments:
Goodwill, Impairment Loss			79,000
Intangible assets, Impairment loss				396,000
Valuation allowance					400,000
Recharacterized DFL income to equity income			$ 58,000	$ 62,000	$ 62,000
Subsequent Events
Investment ownership percentage	9.00%		9.00%

Investments in and Advances t73

Investments in and Advances to Unconsolidated Joint Ventures - Unconsolidated Joint Ventures (Details) $ in Thousands	Dec. 30, 2015USD ($)property	Sep. 25, 2015USD ($)item	Mar. 30, 2015USD ($)property	Aug. 29, 2014USD ($)item	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)item
Company owned interests in entities, accounted under equity method:
Cash contributed									$ 770,325
Other than temporary impairment charge									45,895	$ 35,913
Gain on sales of real estate									6,377	3,288
HCP's share of earnings									57,313	49,570	$ 64,433
Distributions received by HCP									$ 46,100	7,702	$ 18,091
Senior housing
Company owned interests in entities, accounted under equity method:
Other than temporary impairment charge					$ 19,000	$ 27,000	$ 36,000
Medical office
Company owned interests in entities, accounted under equity method:
Disposition of Properties Sold Number | item											2
Total Consideration for Disposition of Real Estate											$ 6,000
CCRC JV
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture | item				2
Fair value of retirement communities or properties contributed				$ 162,000
Carrying value of properties contributed				92,000
Cash contributed				370,000
Debt related to retirement communities or properties contributed				$ 569,000
Number of campuses | item				14
MBK
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			50.00%
MBK Development JV
Company owned interests in entities, accounted under equity method:
Payment to acquire land		$ 3,000
Number of units to be built | item		74
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Number of campuses | property			3
HCP Ventures III and IV, LLC | Hospital and medical office segments
Company owned interests in entities, accounted under equity method:
Total Consideration for Disposition of Real Estate	$ 634,000
Gain on sales of real estate	$ 59,000
HCP Ventures III and IV, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Disposition of Properties Sold Number | property	61
HCP Ventures III and IV, LLC | Hospital
Company owned interests in entities, accounted under equity method:
Disposition of Properties Sold Number | property	3
Brookdale Senior Living | CCRC JV
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture | item				8
CCRC JV
Company owned interests in entities, accounted under equity method:
Debt related to retirement communities or properties contributed				$ 569,000
CCRC JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					49.00%				49.00%
CCRC JV | Brookdale Senior Living
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture | item				8
CCRC JV | Brookdale Senior Living
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture | item				2
Fair value of retirement communities or properties contributed				$ 162,000
Carrying value of properties contributed				92,000
Cash contributed				$ 370,000
HCRMC
Company owned interests in entities, accounted under equity method:
Other than temporary impairment charge					$ 19,000			$ 27,000	$ 19,000	36,000
HCP's share of earnings									$ 50,723	$ 53,175	$ 55,601
HCRMC | Post-acute/skilled
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					9.00%				9.00%
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Cash contributed			$ 27,000
Investment ownership percentage			50.00%		50.00%				50.00%
MBK JV | MBK
Company owned interests in entities, accounted under equity method:
Debt related to retirement communities or properties contributed			$ 78,000
MBK JV | MBK | Senior housing
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture | property			3
Fair value of retirement communities or properties contributed			$ 126,000
MBK Development JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					50.00%				50.00%
HCP Ventures III and IV, LLC | Hospital and medical office segments
Company owned interests in entities, accounted under equity method:
HCP's share of earnings	$ 15,000
Distributions received by HCP	$ 45,000
HCP Ventures III, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					30.00%				30.00%
HCP Ventures IV | Hospital and medical office segments
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					20.00%				20.00%
HCP Life Science | Life science | Minimum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					50.00%				50.00%
Torrey Pines Science Center, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					50.00%				50.00%
Britannia Biotech Gateway, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					55.00%				55.00%
LASDK, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					63.00%				63.00%
Vintage Park | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					85.00%				85.00%
Suburban Properties, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					67.00%				67.00%

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible assets and liabilities
Gross intangible lease assets	$ 1,014,460	$ 830,408
Intangible assets, accumulated depreciation and amortization	400,233	349,395
Net intangible lease assets	$ 614,227	$ 481,013
Remaining weighted-average amortization period of intangible assets	14 years	14 years
Below market leases, Gross intangible lease liabilities	$ 204,662	$ 203,374
Above market ground lease, Gross intangible lease liabilities	6,121	6,121
Gross intangible lease liabilities	210,783	209,495
Intangible liabilities, accumulated depreciation and amortization	135,510	124,772
Net intangible lease liabilities	$ 75,273	$ 84,723
Approximate remaining weighted-average amortization period of unfavorable market lease intangibles	9 years	9 years
Additional revenues from the amortization of net below market lease intangibles included in rental income	$ 4,000	$ 3,000	$ 9,000
Additional expense from the amortization of net above market ground lease intangibles included in operating expenses	1,000	1,000	1,000
Additional expense from the amortization of lease-up and non-compete agreement intangibles included in depreciation and amortization expense	76,000	60,000	$ 59,000
Estimated aggregate amortization of Intangible Assets
Estimated aggregate amortization of intangible assets, 2016	97,043
Estimated aggregate amortization of intangible assets, 2017	84,552
Estimated aggregate amortization of intangible assets, 2018	68,999
Estimated aggregate amortization of intangible assets, 2019	55,730
Estimated aggregate amortization of intangible assets, 2020	46,308
Estimated aggregate amortization of intangible assets, thereafter	261,595
Net intangible lease assets	614,227	481,013
Estimate aggregate amortization of Intangible Liabilities
Estimated aggregate amortization of intangible liabilities, 2016	17,545
Estimated aggregate amortization of intangible liabilities, 2017	15,118
Estimated aggregate amortization of intangible liabilities, 2018	12,413
Estimated aggregate amortization of intangible liabilities, 2019	9,758
Estimated aggregate amortization of intangible liabilities, 2020	6,047
Estimated aggregate amortization of intangible liabilities, thereafter	14,392
Net intangible lease liabilities	75,273	84,723
Lease-up intangibles
Intangible assets and liabilities
Gross intangible lease assets	801,513	608,323
Tenant leases | Above market
Intangible assets and liabilities
Gross intangible lease assets	155,048	163,146
Ground leases | Below market
Intangible assets and liabilities
Gross intangible lease assets	$ 57,899	$ 58,939

Other Assets (Details)

Other Assets (Details) $ in Thousands, £ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2015GBP (£)item	Dec. 31, 2015USD ($)	Jun. 30, 2012GBP (£)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Jun. 30, 2012USD ($)
Other assets
Straight-line rent receivables, net of allowance of $33,648 and $34,182, respectively					$ 385,888	$ 355,864
Allowance on straight-line rent receivables					33,648	34,182
Marketable debt securities, net					102,958	231,442
Leasing costs and inducements, net					158,708	146,500
Goodwill					50,346	50,346
Other					119,965	117,516
Total other assets					817,865	901,668
Loans receivables					768,743	906,961
Realized gains on marketable debt securities sold				$ 11,000
Brookdale Senior Living
Other assets
Loans receivables					$ 9,000	26,000
Number of installments | item	8				8
Four Seasons
Other assets
Marketable debt securities, net	£ 58				$ 85,000
Loan receivable, interest rate payable (as a percent)			12.25%				12.25%
Marketable debt security, par value	28		£ 138.5		$ 42,000
Marketable debt security, par value, discounted			£ 136.8				$ 215,000
Marketable debt security, issed and outstanding as a percentage			79.00%
Marketable debt security, issued and outstanding | £	40		£ 175
Interest payment received	£ 8	$ 13,000
HCP Ventures IV
Other assets
Loans receivables						$ 15,000

Debt (Details)

Debt (Details) $ in Thousands, £ in Millions	Dec. 01, 2015USD ($)	Jun. 08, 2015USD ($)	May. 20, 2015USD ($)	Mar. 01, 2015USD ($)	Jan. 21, 2015USD ($)	Jan. 12, 2015GBP (£)	Aug. 14, 2014USD ($)	Jun. 14, 2014USD ($)	Feb. 21, 2014USD ($)	Feb. 01, 2014USD ($)	Jul. 30, 2012GBP (£)	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)item	Dec. 31, 2015USD ($)item	Jan. 12, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument
Bank line of credit														$ 397,432		$ 838,516
Debt instruments, carrying amount														10,974,558
Term of the interest rate swap agreement						3 years
Repayments of Lines of Credit												$ 511,521
Senior unsecured notes														9,120,107		7,589,960
Total debt before discount, net														11,056,810
Discounts, net														(82,252)
Other debt														94,445		$ 97,022
Debt maturing in 2016
Debt Instrument
2,015														1,381,228
Debt maturing in 2017
Debt Instrument
2,016														1,331,891
Debt maturing in 2018
Debt Instrument
2,017														1,004,015
Debt maturing in 2019
Debt Instrument
2,018														776,506
Debt maturing in 2020
Debt Instrument
2,019														802,078
Thereafter
Debt Instrument
Thereafter														$ 5,761,092
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)													60.00%	60.00%
Debt instrument, covenant secured debt to assets (as a percent)													30.00%	30.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)													60.00%	60.00%
Debt instrument, covenant minimum fixed charge coverage ratio													1.5	1.5
Debt instrument, covenant net worth														$ 9,500,000
Bank Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity														$ 2,000,000
Extended debt instrument term												1 year
Debt instrument, basis spread on variable rate (as a percent)												0.925%
Debt instrument, facility fee (as a percent)												0.15%
Line of credit facility additional aggregate amount, maximum												$ 500,000
Bank line of credit | £													£ 270
Weighted-average interest rate (as a percent)													1.72%	1.72%
Debt instruments, carrying amount														$ 397,432
Repayments of Lines of Credit | £						£ 220
Total debt before discount, net														397,432
Bank Line of Credit | Debt maturing in 2018
Debt Instrument
2,017														397,432
Term loans
Debt Instrument
Debt instruments, carrying amount														524,807
2016 | £													£ 357
2019 | £													£ 357
Total debt before discount, net														526,468
Discounts, net														(1,661)
Term loans | Debt maturing in 2016
Debt Instrument
2,015														202,034
Term loans | Debt maturing in 2019
Debt Instrument
2,018														324,434
2012 Term Loan
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)											1.20%
Debt instruments, carrying amount											£ 137			$ 202,000
Maturity period of debt instruments											4 years
Debt instrument, variable rate basis											GBP LIBOR
Length of debt instrument extension period											1 year
2012 Term Loan | Interest-rate swap contracts
Debt Instrument
Term of the interest rate swap agreement											4 years
Derivative, fixed interest rate (as a percent)											1.81%
2015 Term Loan [Member]
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)						0.975%
Maturity period of debt instruments						4 years
Debt instrument, variable rate basis						GBP LIBOR
Derivative, fixed interest rate (as a percent)						1.79%									1.79%
Length of debt instrument extension period						1 year
Senior unsecured notes						£ 220									$ 323,000
Senior Unsecured Notes
Debt Instrument
Weighted-average interest rate (as a percent)													4.68%	4.68%
Debt instruments, carrying amount														$ 9,120,107
Debt Instrument, Interest Rate, Stated Percentage													4.68%	4.68%
Total debt before discount, net														$ 9,200,000
Discounts, net														$ (79,893)
Weighted-average maturity												6 years
Senior Unsecured Notes | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													2.79%	2.79%
Senior Unsecured Notes | Maximum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													6.88%	6.88%
Senior Unsecured Notes | Debt maturing in 2016
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													5.09%	5.09%
2,015														$ 900,000
Senior Unsecured Notes | Debt maturing in 2017
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													6.02%	6.02%
2,016														$ 750,000
Senior Unsecured Notes | Debt maturing in 2018
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													6.81%	6.81%
2,017														$ 600,000
Senior Unsecured Notes | Debt maturing in 2019
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													3.97%	3.97%
2,018														$ 450,000
Senior Unsecured Notes | Debt maturing in 2020
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													2.79%	2.79%
2,019														$ 800,000
Senior Unsecured Notes | Thereafter
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													4.54%	4.54%
Thereafter														$ 5,700,000
Senior Unsecured, 3.40% notes due 2025
Debt Instrument
Debt Instrument, Face Amount					$ 600,000
Debt Instrument, Interest Rate, Stated Percentage					3.40%
Proceeds from Issuance of Long-term Debt					$ 591,000
Senior Unsecured 4.0% notes due 2025
Debt Instrument
Debt Instrument, Face Amount			$ 750,000
Debt Instrument, Interest Rate, Stated Percentage			4.00%
Proceeds from Issuance of Long-term Debt			$ 739,000
Senior Unsecured, 4.0% notes due 2022
Debt Instrument
Debt Instrument, Face Amount	$ 600,000
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Proceeds from Issuance of Long-term Debt	$ 594,000
Senior Unsecured, 3.875% notes due 2024
Debt Instrument
Debt Instrument, Face Amount							$ 800,000
Debt Instrument, Interest Rate, Stated Percentage							3.875%
Proceeds from Issuance of Long-term Debt							$ 792,000
Senior Unsecured, 4.20% notes due 2024
Debt Instrument
Debt Instrument, Face Amount									$ 350,000
Debt Instrument, Interest Rate, Stated Percentage									4.20%
Proceeds from Issuance of Long-term Debt									$ 346,000
Senior Unsecured Debt 6.0 Percent Incepted March 1, 2015
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage				6.00%
Repayments of Senior Debt				$ 200,000
Senior Unsecured Debt 7.07 Percent Incepted June 8, 2015 [Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage		7.072%
Repayments of Senior Debt		$ 200,000
Senior Unsecured Debt 6.0 Percent Incepted June 14, 2014
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage								6.00%
Repayments of Senior Debt								$ 62,000
Senior Unsecured, 2.70% notes due 2014
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage										2.70%
Repayments of Senior Debt										$ 400,000
Mortgage Debt
Debt Instrument
Weighted-average interest rate (as a percent)													6.21%	6.21%
Debt instruments, carrying amount														$ 932,212
Debt Instrument, Interest Rate, Stated Percentage													6.21%	6.21%
Number of healthcare facilities used to secure debt | item													62	62
Debt instrument, collateral, healthcare facilities carrying value														$ 1,200,000
Total debt before discount, net														932,910
Discounts, net														$ (698)
Weighted-average maturity												2 years
Mortgage Debt | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													3.14%	3.14%
Mortgage Debt | Maximum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													8.35%	8.35%
Mortgage Debt | Debt maturing in 2016
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													6.84%	6.84%
2,015														$ 279,194
Mortgage Debt | Debt maturing in 2017
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													6.08%	6.08%
2,016														$ 581,891
Mortgage Debt | Debt maturing in 2018
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													5.90%	5.90%
2,017														$ 6,583
Mortgage Debt | Debt maturing in 2019
Debt Instrument
2,018														$ 2,072
Mortgage Debt | Debt maturing in 2020
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													5.14%	5.14%
2,019														$ 2,078
Mortgage Debt | Thereafter
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													4.98%	4.98%
Thereafter														$ 61,092
Demand Note
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage													4.50%	4.50%
Proceeds from Issuance of Long-term Debt												$ 28,000
Non-interest Bearing Life Care Bonds
Debt Instrument
Other debt														$ 66,000
Number of CCRC issuing non-interest life care bonds | item													2	2
Number of facilities with non-interest bearing occupancy fee deposits | item													2	2

Commitments and Contingencies -

Commitments and Contingencies - Contractual Obligations (Details) - Dec. 31, 2015 $ in Thousands, £ in Millions	GBP (£)	USD ($)
Material commitments
Total		$ 535,593
2,016		136,741
2017-2018		36,884
2019-2020		13,719
More than Five Years		348,249
Credit Enhancement Guarantee
Third party debt collateralized by facilities, debt amount		98,000
Third party debt collateralized by facilities, asset carrying amount		366,000
Ground and other operating leases
Material commitments
Total		383,906
2,016		7,870
2017-2018		14,068
2019-2020		13,719
More than Five Years		348,249
Construction loan commitments
Material commitments
Total		2,060
2,016		2,060
Development commitments
Material commitments
Total		92,712
2,016		92,712
HC-One Facility
Material commitments
Total	£ 39	56,915
2,016		34,099
2017-2018		$ 22,816

Commitments and Contingencies78

Commitments and Contingencies - Maturities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Leases with purchase options, annualized base rent receivables in next five years and thereafter
Leases with purchase option, annualized base rent receivables in 2016	$ 32,062
Leases with purchase option, annualized base rent receivables in 2017	15,078
Leases with purchase option, annualized base rent receivables in 2018	19,352
Leases with purchase option, annualized base rent receivables in 2019	25,863
Leases with purcase option, annualized base rent receivables in 2020	13,647
Leases with purchase option, annualized base rent receivables thereafter	54,009
Total leases with purchase option, annualized base rent receivables	$ 160,011
Number of properties with purchase options, annualized base rent receivables
Number of properties with a purchase option, annualized base rent receivables in 2016 | item	12
Number of properties with a purchase option, annualized base rent receivables in 2017 | item	10
Number of properties with a purchase option, annualized base rent receivables in 2018 | item	4
Number of properties with a purchase option, annualized base rent receivables in 2019 | item	14
Number of properties with a purchase option, annualized base rent receivables in 2020 | item	4
Number of properties with a purchase option, annualized base rent receivables thereafter | item	32
Total number of properties with a purchase option, annualized base rent receivables | item	76
Rental Expense
Rental expense attributable to continuing operations	$ 10,000	$ 8,000	$ 8,000
Maximum remaining term of ground leases excluding extension options	99 years
Future minimum lease obligations under non-cancelable ground and other operating leases
Future minimum lease obligations under non-cancelable ground and other operating leases, 2016	$ 7,870
Future minimum lease obligations under non-cancelable ground and other operating leases, 2017	7,160
Future minimum lease obligations under non-cancelable ground and other operating leases, 2018	6,908
Future minimum lease obligations under non-cancelable ground and other operating leases, 2019	7,063
Future minimum lease obligations under non-cancelable ground and other operating leases, 2020	6,656
Future minimum lease obligations under non-cancelable ground and other operating leases, Thereafter	348,249
Future minimum lease obligations under non-cancelable ground and other operating leases, Total	$ 383,906

Equity (Details)

Equity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 28, 2016$ / shares	Oct. 07, 2015USD ($)property	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)item$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2014USD ($)$ / shares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Equity
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.575												$ 2.26	$ 2.18	$ 2.10
Dividends paid per common share (in dollars per share) | $ / shares					$ 0.565	$ 0.565	$ 0.565	$ 0.565	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 2.26	$ 2.18	$ 2.10
Maximum sales under equity offering program				$ 750,000
Common stock issued (in shares) | shares													1,800
Weighted average price (in dollars per share) | $ / shares					$ 40.14								$ 40.14
Proceeds from issuance of common stock													$ 73,000
Stock issuance fees and commissions													1,000
Company's common stock issuances
Repurchase of common stock													8,738	$ 12,703	$ 10,438
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment					$ (19,485)				$ (10,747)				(19,485)	(10,747)
Unrealized losses on cash flow hedges, net					(7,582)				(9,624)				(7,582)	(9,624)
Supplemental Executive Retirement Plan minimum liability					(3,411)				(3,537)				(3,411)	(3,537)
Unrealized gains on available for sale securities					8				13				8	13
Total accumulated other comprehensive loss					(30,470)				(23,895)				$ (30,470)	(23,895)
Noncontrolling interests
Number of Down REIT units | item													4,000,000
DownREIT unit, carrying value					$ 185,608				$ 188,588				$ 185,608	$ 188,588
HCP Ventures V
Noncontrolling interests
Number of Real Estate Properties | property		11
HCP Ventures V
Noncontrolling interests
Noncontrolling interest (as a percent)		49.00%	49.00%
Consideration received from sale of noncontrolling interest in HCP Ventures V		$ 110,000	$ 110,000
Common Stock
Equity
Common stock issued (in shares) | shares													5,117	2,939	3,136
Company's common stock issuances
Dividend Reinvestment and Stock Purchase Plan (in shares) | shares													2,762	2,299	2,441
Conversion of DownREIT units (in shares) | shares													104	27	100
Exercise of stock options (in shares) | shares													823	169	876
Vesting of restricted stock units (in shares) | shares													409	614	471
Repurchase of common stock													$ 198	$ 323	$ 242
Noncontrolling Interests
Company's common stock issuances
Conversion of DownREIT units (in shares) | shares													6,000
Noncontrolling interests
Non-managing members DownREIT units outstanding | item					4,000,000								4,000,000
Number of DownREIT LLCs | item					5								5
DownREIT unit, carrying value					$ 186,000								$ 186,000
DownREIT unit, fair value					$ 229,000								$ 229,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended			3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment reporting information, revenues
Number of reportable segments | item												5
Rental Revenues												$ 1,904,802	$ 1,948,014	$ 1,865,584
Resident Fees and Services												525,453	241,965	146,288
Operating expenses												(614,375)	(384,603)	(298,282)
NOI												1,815,880	1,805,376	1,713,590
Non-cash adjustments to NOI												(108,958)	(158,376)	(132,552)
Adjusted (Cash) NOI												1,706,922	1,647,000	1,581,038
Interest Income												112,184	74,491	86,159
Portfolio Income												1,819,106	1,721,491	1,667,197
Addback non-cash adjustments												108,958	158,376	132,552
Investment management fee income												1,873	1,809	1,847
Interest expense												(479,596)	(439,742)	(435,252)
Depreciation and amortization expense												(510,785)	(459,995)	(423,312)
General and administrative expenses												(96,022)	(82,175)	(103,042)
Acquisition and pursuit costs												(27,309)	(17,142)	(6,191)
Impairments												(1,403,853)
Gain on sales of real estate, net of income taxes												6,377	3,288
Other income, net												14,404	7,528	18,216
Income tax benefit (expense)												9,011	(250)	(5,815)
Equity income from unconsolidated joint ventures												57,313	49,570	64,433
Impairments of investments in unconsolidated joint ventures												(45,895)	(35,913)
Discontinued operations											$ 29,746		29,746	74,373
Net (loss) income				$ (594,617)	$ 117,954	$ 167,748	$ (237,503)	$ 199,630	$ 251,059	$ 222,279	$ 263,623	(546,418)	936,591	985,006
Senior housing
Segment reporting information, revenues
Rental Revenues												519,102	621,114	602,506
Resident Fees and Services												525,453	241,965	146,288
Operating expenses												(374,617)	(167,407)	(95,603)
NOI												669,938	695,672	653,191
Non-cash adjustments to NOI												(16,127)	(78,197)	(58,699)
Adjusted (Cash) NOI												653,811	617,475	594,492
Interest Income												28,718	14,249	11,621
Portfolio Income												682,529	631,724	606,113
Impairments of investments in unconsolidated joint ventures	$ (19,000)	$ (27,000)	$ (36,000)
Post-acute/skilled
Segment reporting information, revenues
Rental Revenues												535,111	555,322	541,805
Operating expenses												(2,002)	(2,087)	(2,485)
NOI												533,109	553,235	539,320
Non-cash adjustments to NOI												(78,738)	(69,141)	(71,812)
Adjusted (Cash) NOI												454,371	484,094	467,508
Interest Income												83,466	60,242	73,595
Portfolio Income												537,837	544,336	541,103
Life science
Segment reporting information, revenues
Rental Revenues												342,984	314,114	296,879
Operating expenses												(70,217)	(63,080)	(56,956)
NOI												272,767	251,034	239,923
Non-cash adjustments to NOI												(10,128)	(10,075)	(11,448)
Adjusted (Cash) NOI												262,639	240,959	228,475
Portfolio Income												262,639	240,959	228,475
Medical office
Segment reporting information, revenues
Rental Revenues												419,225	370,956	352,334
Operating expenses												(163,550)	(148,199)	(139,376)
NOI												255,675	222,757	212,958
Non-cash adjustments to NOI												(5,025)	(1,406)	(2,147)
Adjusted (Cash) NOI												250,650	221,351	210,811
Portfolio Income												250,650	221,351	210,811
Hospital
Segment reporting information, revenues
Rental Revenues												88,380	86,508	72,060
Operating expenses												(3,989)	(3,830)	(3,862)
NOI												84,391	82,678	68,198
Non-cash adjustments to NOI												1,060	443	11,554
Adjusted (Cash) NOI												85,451	83,121	79,752
Interest Income														943
Portfolio Income												$ 85,451	$ 83,121	$ 80,695

Segment Disclosures - Assets by

Segment Disclosures - Assets by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Segment Disclosure
Total assets	$ 21,449,849	$ 21,331,436
Goodwill	50,346	50,346
Impairment related to goodwill	0
Operating segment
Segment Disclosure
Gross assets	23,334,330	23,042,397
Accumulated depreciation and amortization	(3,005,270)	(2,600,072)
Total assets	20,329,060	20,442,325
Operating segment | Senior housing
Segment Disclosure
Gross assets	9,812,142	8,383,345
Goodwill	31,000	31,000
Operating segment | Post-acute/skilled
Segment Disclosure
Gross assets	5,162,947	6,875,122
Goodwill	3,000	3,000
Operating segment | Life science
Segment Disclosure
Gross assets	4,267,373	4,154,789
Operating segment | Medical office
Segment Disclosure
Gross assets	3,469,048	2,988,888
Goodwill	11,000	11,000
Operating segment | Hospital
Segment Disclosure
Gross assets	622,820	640,253
Goodwill	5,000	5,000
Other non-segment
Segment Disclosure
Total assets	$ 1,120,789	$ 889,111

Future Minimum Rent (Details)

Future Minimum Rent (Details) $ in Thousands	Dec. 31, 2015USD ($)
Future minimum lease payments received
2,016	$ 1,140,375
2,017	1,062,781
2,018	989,886
2,019	842,278
2,020	695,268
Thereafter	3,601,248
Total	$ 8,331,836

Compensation Plans - Share Base

Compensation Plans - Share Based Compensation and Stock Options/Summary of the Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	May. 01, 2014
Stock option activity
Outstanding at the beginning of the year, Aggregate Intrinsic Value	$ 19,581,000
Outstanding at the end of the period, Aggregate Intrinsic Value	4,521	$ 19,581,000
Exercisable, Aggregate Intrinsic Value	$ 4,521
Common Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based awards, vesting period	10 years
Stock option activity
Outstanding at the beginning of the year (in shares)	2,587,000
Granted (in shares)	0
Exercised (in shares)	(823,000)
Cancelled (in shares)	(2,000)
Forfeited (in shares)	(24,000)
Outstanding at the end of the period (in shares)	1,738,000	2,587,000
Exercisable (in shares)	1,368,000
Outstanding at the beginning of the year, Weighted Average Exercise Price (in dollars per share)	$ 37
Weighted Average Exercise Price Exercised (in dollars per share)	33.52
Weighted Average Exercise Price Cancelled (in dollars per share)	42.69
Weighted Average Exercise Price Forfeited (in dollars per share)	41.25
Outstanding at the end of the period, Weighted Average Exercise Price (in dollars per share)	38.58	$ 37
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 37.88
Weighted Average Remaining Contractual Term	4 years 4 months 24 days	5 years
Exercisable, Weighted Average Remaining Contractual Term	3 years 6 months
Common Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based awards, vesting period	3 years
Common Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based awards, vesting period	5 years
2006 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum number of shares available for future awards (in shares)			0
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum number of shares reserved for awards (in shares)			33,000,000
Maximum number of shares available for future awards (in shares)	32,400,000
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit	21,600,000

Compensation Plans - Others (De

Compensation Plans - Others (Details) $ / shares in Units, $ in Millions	Feb. 02, 2015USD ($)$ / sharesshares	Feb. 03, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Termination
Deferred compensation cost | $			$ 19
Employee Benefit Plan
Matching contribution by Company, maximum percentage of participant's eligible compensation (as a percentage)			4.00%
Matching contributions to Employee Benefit Plan | $			$ 1	$ 1	$ 1
Common Stock Options
Shares Authorized under Stock Option Plan Exercise Price Range
Shares under Options (in shares) | shares			1,738,000
Weighted Average Exercise Price (in dollars per share)			$ 38.58
Currently Exercisable - Shares Under Options (in shares) | shares			1,368,000
Currently Exercisable - Weighted Average Exercise Price (in dollars per share)			$ 37.88
Share-based Compensation Arrangement by Share-based Payment Award, Options Unvested
Unvested at the beginning of the period (in shares) | shares			906,000
Vested (in shares) | shares			(512,000)
Forfeited (in shares) | shares			(24,000)
Unvested at the end of the period (in shares) | shares			370,000	906,000
Unvested at the beginning of the period, weighted average grant date fair value (in dollars per share)			$ 4.85
Vested, weighted average grant date fair value (in dollars per share)			5.06
Forfeited, weighted average grant date fair value (in dollars per share)			4.58
Unvested at the end of the period, weighted average grant date fair value (in dollars per share)			$ 4.59	$ 4.85
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Granted (in shares) | shares			0
Granted, weighted average grant date fair value (in dollars per share)				$ 3.80	$ 5.89
Total vesting date intrinsic values (at vesting) of shares under options vested | $			$ 1	$ 7	$ 12
Total intrinsic value of vested shares under options at the end of the period | $			5
Proceeds received from options exercised | $			28	5	18
Total intrinsic value (at exercise) of options exercised | $			$ 10	$ 3	$ 25
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Implied volatility traded option on common stock period			30 days
Risk-free rate (as a percent)				1.34%	0.78%
Expected life (in years)				4 years 6 months	4 years 6 months
Expected volatility (as a percent)				22.90%	28.90%
Expected dividend yield (as a percent)				5.40%	5.80%
Restricted Stock and Performance Restricted Stock Units
Stock-based awards, vesting period			10 years
Restricted Stock and Performance Restricted Stock Units
Restricted Stock and Performance Restricted Stock Units
Performance restricted stock unit is convertible into common stock (in shares) | item			1
Shares withheld to offset tax withholding obligations (in shares) | shares			200,000	323,000	242,000
Unvested restricted stock and performance restricted stock units activity
Weighted-average remaining vesting period of restricted stock and restricted stock units			1 year
Total fair values (at vesting) of restricted stock and restricted stock units vested | $			$ 21	$ 24	$ 22
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Risk-free rate (as a percent)			0.33%	0.22%
Expected volatility (as a percent)			17.94%	21.74%
Expected dividend yield (as a percent)			4.79%	5.61%
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares) | shares			112,000
Vested (in shares) | shares			(76,000)
Unvested at the end of the period (in shares) | shares			36,000	112,000
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 38.69
Vested, Weighted Average Grant Date Fair Value (in dollars per share)			37.26
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 41.77	$ 38.69
Restricted Stock Units
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares) | shares			900,000
Granted (in shares) | shares			402,000
Vested (in shares) | shares			(409,000)
Forfeited (in shares) | shares			(26,000)
Unvested at the end of the period (in shares) | shares			867,000	900,000
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 40.54
Granted, Weighted Average Grant Date Fair Value (in dollars per share)			48.56
Vested, Weighted Average Grant Date Fair Value (in dollars per share)			44.79
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)			43.74
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 43.34	$ 40.54
Minimum | Common Stock Options
Restricted Stock and Performance Restricted Stock Units
Stock-based awards, vesting period			3 years
Minimum | Restricted Stock and Performance Restricted Stock Units
Restricted Stock and Performance Restricted Stock Units
Stock-based awards, vesting period			1 year
Maximum | Common Stock Options
Restricted Stock and Performance Restricted Stock Units
Stock-based awards, vesting period			5 years
Maximum | Restricted Stock and Performance Restricted Stock Units
Restricted Stock and Performance Restricted Stock Units
Stock-based awards, vesting period			5 years
Former Chairman, Chief Executive Officer and President
Termination
Severance-related charges | $			$ 27
Accelerated deferred compensation on termination | $			17
Severance payments and other costs | $			$ 10
Three Year LTIP Awards | Minimum
Unvested restricted stock and performance restricted stock units activity
Percentage of performance metrics during performance period			0.00%
Three Year LTIP Awards | Maximum
Unvested restricted stock and performance restricted stock units activity
Percentage of performance metrics during performance period			200.00%
2006 Incentive Plan
Unvested restricted stock and performance restricted stock units activity
Granted, Weighted Average Grant Date Fair Value (in dollars per share)		$ 40.68
Termination
Total share-based compensation expense recognized | $			$ 26	$ 22	$ 40
Total unrecognized compensation cost, period of recognition			3 years
2006 Incentive Plan | Three Year LTIP Awards
Restricted Stock and Performance Restricted Stock Units
Stock-based awards, vesting period		3 years
Unvested restricted stock and performance restricted stock units activity
Granted (in shares) | shares		176,088
Total fair values (at vesting) of restricted stock and restricted stock units vested | $		$ 7.2
Weightage Allocated For TSRs Of MSCI US REIT Index		25.00%
Weightage Allocated For TSRs Of NAREIT Health Care Index		75.00%
2014 Incentive Plan | Three Year LTIP Awards
Unvested restricted stock and performance restricted stock units activity
Granted (in shares) | shares	128,762
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 54.97
Total fair values (at vesting) of restricted stock and restricted stock units vested | $	$ 6.9
2014 Incentive Plan | One Year LTIP Award
Unvested restricted stock and performance restricted stock units activity
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 50.82
23.34 - 25.52 | Common Stock Options
Shares Authorized under Stock Option Plan Exercise Price Range
Exercise Price Range, Lower Range Limit (in dollars per share)			$ 23.34
Exercise Price Range, Upper Range Limit (in dollars per share)			$ 25.52
Shares under Options (in shares) | shares			166,000
Weighted Average Exercise Price (in dollars per share)			$ 23.34
Weighted Average Remaining Contractual Term			2 years 1 month 6 days
Currently Exercisable - Shares Under Options (in shares) | shares			166,000
Currently Exercisable - Weighted Average Exercise Price (in dollars per share)			$ 23.34
27.11 - 28.35 | Common Stock Options
Shares Authorized under Stock Option Plan Exercise Price Range
Exercise Price Range, Lower Range Limit (in dollars per share)			27.11
Exercise Price Range, Upper Range Limit (in dollars per share)			$ 28.35
Shares under Options (in shares) | shares			156,000
Weighted Average Exercise Price (in dollars per share)			$ 28.35
Weighted Average Remaining Contractual Term			2 years 9 months 18 days
Currently Exercisable - Shares Under Options (in shares) | shares			156,000
Currently Exercisable - Weighted Average Exercise Price (in dollars per share)			$ 28.35
31.95 - 46.92 | Common Stock Options
Shares Authorized under Stock Option Plan Exercise Price Range
Exercise Price Range, Lower Range Limit (in dollars per share)			31.95
Exercise Price Range, Upper Range Limit (in dollars per share)			$ 46.92
Shares under Options (in shares) | shares			1,416,000
Weighted Average Exercise Price (in dollars per share)			$ 41.72
Weighted Average Remaining Contractual Term			4 years 9 months 18 days
Currently Exercisable - Shares Under Options (in shares) | shares			1,046,000
Currently Exercisable - Weighted Average Exercise Price (in dollars per share)			$ 41.60

Impairments - Equity Method Inv

Impairments - Equity Method Investments (Details) £ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2015USD ($)

Sep. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2015USD ($)

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013

Dec. 31, 2015GBP (£)

Dec. 31, 2015USD ($)

Sep. 30, 2015GBP (£)

Sep. 30, 2015USD ($)

Feb. 28, 2015USD ($)

Investment Impairments

Carrying value of direct financing leases

$ 7,280,334,000

$ 7,280,334,000

$ 5,905,009,000

Other than temporary impairment charge

$ 45,895,000

35,913,000

Held-to-maturity debt securities, principal balance

231,442,000

231,442,000

102,958,000

Four Seasons

Investment Impairments

Held-to-maturity debt securities, principal balance

£ 58

85,000,000

Four Seasons | Discounted cash flow valuation technique | Level 2

Investment Impairments

Other than temporary impairment charge

$ 70,000,000

$ 42,000,000

Held-to-maturity debt securities, principal balance

£ 66

$ 100,000,000

HCRMC

Investment Impairments

Other than temporary impairment charge

$ 19,000,000

$ 27,000,000

$ 19,000,000

36,000,000

Carrying value, equity method investments

0

Carrying value, equity method investments before impairment

75,000,000

75,000,000

48,000,000

Fair value of investment

39,000,000

39,000,000

21,000,000

HCRMC | Discounted cash flow valuation technique

Investment Impairments

Carrying value, equity method investments

39,500,000

$ 39,500,000

Fair Value Quantitative Inputs

Discount Rate

13.70%

HCRMC | Discounted cash flow valuation technique | Minimum

Investment Impairments

Fair value of investment

35,000,000

$ 35,000,000

Fair Value Quantitative Inputs

Range of revenue growth rate

(0.20%)

Range of occupancy growth rates

(0.30%)

Range of operating expense growth rates

0.60%

Range of earnings multiples

6

HCRMC | Discounted cash flow valuation technique | Maximum

Investment Impairments

Fair value of investment

44,000,000

$ 44,000,000

Fair Value Quantitative Inputs

Range of revenue growth rate

3.50%

Range of occupancy growth rates

0.20%

Range of operating expense growth rates

2.80%

Range of earnings multiples

7

HCRMC | Discounted cash flow valuation technique | Level 3

Investment Impairments

Impairment of Leasehold

$ 478,000,000

Fair Value Quantitative Inputs

Discount Rate

15.20%

HCRMC | Discounted cash flow valuation technique | Level 3 | Minimum

Fair Value Quantitative Inputs

Range of revenue growth rate

(1.80%)

Range of occupancy growth rates

(0.80%)

Range of operating expense growth rates

(1.10%)

Range of earnings multiples

6

HCRMC | Discounted cash flow valuation technique | Level 3 | Maximum

Fair Value Quantitative Inputs

Range of revenue growth rate

3.00%

Range of occupancy growth rates

0.20%

Range of operating expense growth rates

3.10%

Range of earnings multiples

7

HCRMC in Master Lease

Investment Impairments

Carrying value of direct financing leases

6,100,000,000

$ 6,600,000,000

HCRMC in Master Lease | DFL

Investment Impairments

Impairment of Leasehold

$ 478,000,000

$ 817,000,000

Carrying value of direct financing leases

5,200,000,000

$ 6,000,000,000

Senior housing

Investment Impairments

Carrying value of direct financing leases

1,788,764,000

Other than temporary impairment charge

$ 19,000,000

$ 27,000,000

36,000,000

Senior housing | DFL

Investment Impairments

Carrying value of direct financing leases

$ 370,000,000

$ 370,000,000

366,000,000

Senior housing | HCRMC in Master Lease | DFL | Income approach | Minimum

Fair Value Quantitative Inputs

EBITDAR

$ 75,000,000

Rent Coverage Ratio

1.05

Real Estate Capitalized rate

6.25%

Senior housing | HCRMC in Master Lease | DFL | Income approach | Maximum

Fair Value Quantitative Inputs

EBITDAR

$ 85,000,000

Rent Coverage Ratio

1.15

Real Estate Capitalized rate

7.25%

Senior housing | HCRMC in Master Lease | DFL | Market approach | Level 2

Fair Value Quantitative Inputs

Cash flow coverage ratio

1.05%

Post-acute/skilled

Investment Impairments

Carrying value of direct financing leases

$ 3,992,354,000

Post-acute/skilled | HCRMC

Investment Impairments

Investment ownership percentage

9.00%

9.00%

Post-acute/skilled | HCRMC in Master Lease | DFL | Income approach

Fair Value Quantitative Inputs

EBITDAR

$ 435,000,000

Post-acute/skilled | HCRMC in Master Lease | DFL | Income approach | Minimum

Fair Value Quantitative Inputs

EBITDAR

$ 385,000,000

Rent Coverage Ratio

1.25

Real Estate Capitalized rate

7.50%

Post-acute/skilled | HCRMC in Master Lease | DFL | Income approach | Maximum

Fair Value Quantitative Inputs

Rent Coverage Ratio

1.35

Real Estate Capitalized rate

8.50%

Post-acute/skilled | HCRMC in Master Lease | DFL | Market approach | Level 2

Fair Value Quantitative Inputs

Cash flow coverage ratio

1.25%

Impairments - Real Estate (Deta

Impairments - Real Estate (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2012
Property impairments
Real estate impairment charges			$ 3,118,000
Carrying value of aggregate investments			$ 12,501,511,000		$ 10,972,973,000
Medical office
Property impairments
Real estate impairment charges				$ 1,000,000
Carrying value of aggregate investments						$ 7,000,000
Medical office | Level 2
Property impairments
Real estate impairment charges		$ 3,000,000
Carrying value of aggregate investments		$ 400,000
Real estate sold	$ 400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	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	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 07, 2011
Income tax disclosure
Income (loss) before income taxes	$ (601,744,000)	$ 134,894,000	$ 151,184,000	$ (251,181,000)	$ 222,771,000	$ 240,946,000	$ 208,926,000	$ 220,795,000	$ (566,847,000)	$ 893,438,000	$ 852,015,000
Current
Federal									4,948,000	1,833,000	130,000
State									2,784,000	2,773,000	2,195,000
Foreign									828,000	223,000
Total current									8,560,000	4,829,000	2,325,000
Deferred
Federal									(11,317,000)	(3,278,000)	3,045,000
State									(1,382,000)	(347,000)	445,000
Foreign									(4,872,000)	(954,000)
Total deferred									(17,571,000)	(4,579,000)	3,490,000
Total income tax (benefit) expense									(9,011,000)	250,000	5,815,000
Reconciliation of the income tax expense at statutory rates to the actual income tax expense recorded
Tax (benefit) expense at U.S. federal statutory income tax rate on income or loss subject to tax									(12,630,000)	(2,131,000)	3,582,000
State income tax expense, net of federal tax									93,000	764,000	928,000
Gross receipts and margin taxes									1,480,000	1,699,000	1,553,000
Foreign rate differential									2,269,000	554,000
Effect of permanent differences									(298,000)	(196,000)	(221,000)
Return to provision adjustments									(368,000)	(528,000)	(27,000)
Increase in valuation allowance									443,000	88,000
Total income tax (benefit) expense									(9,011,000)	250,000	5,815,000
The significant components of the Company’s deferred tax assets and liabilities
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interests and certain costs												$ 19,862,000	$ 3,418,000	$ 707,000
Net operating loss carryforward												3,703,000	484,000	749,000
Expense accruals and other												(753,000)	462,000	(4,000)
Valuation allowance												(531,000)	(88,000)
Net deferred tax assets												22,281,000	4,276,000	1,452,000
Deferred income tax expense (benefit)									(17,571,000)	(4,579,000)	3,490,000
Amount that tax basis of net assets is less than reported amounts												6,500,000,000
U.K. income tax benefit									(828,000)	(223,000)
State									2,784,000	2,773,000	2,195,000
Federal									4,948,000	1,833,000	130,000
Unrecognized tax benefits	0			0	0				0	0		0	$ 0
Reconciliation of unrecognized tax benefits
Balance at the beginning of the year				$ 0					0
Balance at the end of the year	$ 0				$ 0				0	0
UNITED KINGDOM
Income tax disclosure
Income (loss) before income taxes									(15,000,000)	4,000,000
TRS
Income tax disclosure
Income (loss) before income taxes									22,000,000	2,000,000	10,000,000
The significant components of the Company’s deferred tax assets and liabilities
Net operating loss carryforward												$ 10,000,000
SEUSA
The significant components of the Company’s deferred tax assets and liabilities
Unrecognized tax benefits								1,087,000		1,087,000	1,977,000			$ 1,087,000
Reconciliation of unrecognized tax benefits
Balance at the beginning of the year								$ 1,087,000		1,087,000	1,977,000
Reductions based on prior years' tax positions										(1,087,000)	(890,000)
Balance at the end of the year											$ 1,087,000
HCRMC
The significant components of the Company’s deferred tax assets and liabilities
Decrease in unrecognized tax benefits due to lapse in the statute of limitations									$ 1,000,000	$ 1,000,000
Unrecognized tax benefits															$ 2,000,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) $ / shares in Units, $ in Thousands, item in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2014$ / shares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014USD ($)$ / shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)item$ / sharesshares	Dec. 31, 2013USD ($)item$ / sharesshares	Dec. 31, 2012itemshares
Numerator
(Loss) income from continuing operations									$ (546,418)	$ 906,845	$ 910,633
Noncontrolling interests' share in continuing operations									(12,817)	(13,181)	(14,110)
(Loss) income from continuing operations applicable to HCP, Inc.									(559,235)	893,664	896,523
Participating securities' share in earnings									(1,317)	(2,437)	(1,734)
(Loss) income from continuing operations applicable to common shares									(560,552)	891,227	894,789
Discontinued operations								$ 29,746		29,746	74,373
Noncontrolling interests' share in discontinued operations										(1,177)	(59)
Net (loss) income applicable to common shares									$ (560,552)	$ 919,796	$ 969,103
Denominator
Basic weighted average common shares | shares									462,795,000	458,425,000	455,002,000
Dilutive potential common shares | shares										371,000	700,000
Diluted weighted average common shares | shares									462,795,000	458,796,000	455,702,000
Basic earnings per common share
(Loss) income from continuing operations | $ / shares									$ (1.21)	$ 1.94	$ 1.97
Discontinued operations (in dollars per share) | $ / shares										0.07	0.16
Net (loss) income applicable to common shares (in dollars per share) | $ / shares	$ (1.290)	$ 0.250	$ 0.360	$ (0.520)	$ 0.43	$ 0.54	$ 0.48	$ 0.56	(1.21)	2.01	2.13
Diluted earnings per common share
(Loss) income from continuing operations | $ / shares									(1.21)	1.94	1.97
Discontinued operations (in dollars per share) | $ / shares										0.06	0.16
Net (loss) income applicable to common shares (in dollars per share) | $ / shares	$ (1.290)	$ 0.250	$ 0.360	$ (0.520)	$ 0.43	$ 0.54	$ 0.48	$ 0.56	$ (1.21)	$ 2	$ 2.13
Common Stock Options
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares										1,400,000	800,000
Down REIT
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares										6,000,000	6,000,000	6,000,000
DownREIT LLCs, non-managing member units outstanding | item										4	4	4

Supplemental Cash Flow Inform89

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 451,615	$ 410,286	$ 412,011
Income taxes paid	6,959	5,071	114
Capitalized interest	8,798	10,314	13,494
Supplemental schedule of non-cash investing activities:
Accrued construction costs	52,511	37,178	15,187
Settlement of loans receivable as consideration for real estate acquisition	299,297
Loan originated in connection with Brookdale Transaction		67,640
Real estate contributed to CCRC-JV		91,603
Fair value of real estate acquired in exchange for sale of real estate		32,000	15,204
Tenant funded tenant improvements owned by HCP	28,850	21,863
Reclassification of the in-place leases from real estate to DFLs			123,891
Supplemental schedule of non-cash financing activities:
Vesting of restricted stock units	409	614	471
Conversion of non-managing member units into common stock	2,979	473	3,583
Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition	61,219
Noncontrolling interest issued in connection with Brookdale Transaction		46,751
Noncontrolling interest issued in connection with real estate acquisition	10,971	6,321
Noncontrolling interest disposed in connection with real estate sales		1,671
Mortgages and other liabilities assumed with real estate acquisitions	23,218	37,149	12,767
Foreign currency translation adjustment	(8,738)	(9,967)	47
Unrealized (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	$ 1,889	$ 2,271	$ 7,790

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2015USD ($)propertyitem	Aug. 29, 2014
Company's involvement with VIEs:
Joint Venture Ownership Percentage			49.00%
Unconsolidated Variable Interest Entities
Company's involvement with VIEs:
Number of properties leased | item		366
Number of VIE tenants | item		7
CCRC OpCo
Company's involvement with VIEs:
Maximum Loss Exposure		$ 232,404
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount		$ 232,404
Vintage Park
Company's involvement with VIEs:
Maximum Loss Exposure		$ 8,729
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount		$ 8,729
Ownership percentage (as a percent)		85.00%
VIE tenants-operating leases
Company's involvement with VIEs:
Maximum Loss Exposure		$ 10,727
Assets/liability type		Lease intangibles, net and straight-line rent receivables
Carrying amount		$ 10,727
HCRMC
Company's involvement with VIEs:
Number of properties leased | property		318
Maximum Loss Exposure		$ 5,154,315
Assets/liability type		Net investment in DFLs and investments in unconsolidated joint ventures
Carrying amount		$ 5,154,315
VIE tenants-DFLs
Company's involvement with VIEs:
Maximum Loss Exposure		$ 599,652
Assets/liability type		Net investment in DFLs
Carrying amount		$ 599,652
Four Seasons
Company's involvement with VIEs:
Maximum Loss Exposure		$ 127,435
Assets/liability type		Loans and marketable debt securities
Carrying amount		$ 127,435
CMBS
Company's involvement with VIEs:
Maximum Loss Exposure		$ 17,930
Assets/liability type		Marketable debt securities
Carrying amount		$ 17,930
Consolidated Variable Interest Entities
Company's involvement with VIEs:
Ownership percentage (as a percent)	90.00%
RIDEA II
Company's involvement with VIEs:
Ownership percentage (as a percent)		80.00%
RIDEA III OpCo
Company's involvement with VIEs:
Ownership percentage (as a percent)		90.00%

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair value assets and liabilities measured on recurring basis:
Exercise of warrants classified as Level 3 within the fair value hierarchy in exchange for marketable equity securities classified as Level 1	$ 2,000
Fair value on a recurring basis | Level 1
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	39
Fair value on a recurring basis | Level 2 | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative assets	196
Derivative liabilities	(6,251)
Fair value on a recurring basis | Level 2 | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,551
Fair value on a recurring basis | Level 3 | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	55
Fair Value | Level 1
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	39	$ 43
Fair Value | Level 2 | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative assets	196	178
Derivative liabilities	6,251	7,663
Fair Value | Level 2 | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,551	929
Fair Value | Level 3 | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	55	$ 2,220
Fair Value | Fair value on a recurring basis
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	39
Fair Value | Fair value on a recurring basis | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative assets	196
Derivative liabilities	(6,251)
Fair Value | Fair value on a recurring basis | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,551
Fair Value | Fair value on a recurring basis | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	$ 55

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Carrying Amounts and Fair Values of the Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of financial instruments
Bank line of credit	$ 397,432	$ 838,516
Senior unsecured notes	9,120,107	7,589,960
Mortgage debt	932,212	982,785
Other debt	94,445	97,022
Carrying Value
Summary of financial instruments
Loans receivable, net	768,743	906,961
Marketable debt securities	102,958	231,442
Marketable equity securities	39	43
Bank line of credit	397,432	838,516
Term loan	524,807	212,986
Senior unsecured notes	9,120,107	7,589,960
Mortgage debt	932,212	982,785
Other debt	94,445	97,022
Carrying Value | Warrants
Summary of financial instruments
Derivative assets	55	2,220
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative assets	196	178
Derivative liabilities	6,251	7,663
Carrying Value | Currency Swap
Summary of financial instruments
Derivative assets	1,551	929
Fair Value | Level 1
Summary of financial instruments
Marketable debt securities	102,958	252,125
Marketable equity securities	39	43
Senior unsecured notes	9,390,668	8,187,458
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	770,052	898,522
Bank line of credit	397,432	838,516
Term loan	524,807	212,986
Mortgage debt	963,786	1,025,091
Other debt	94,445	97,022
Fair Value | Warrants | Level 3
Summary of financial instruments
Derivative assets	55	2,220
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative assets	196	178
Derivative liabilities	6,251	7,663
Fair Value | Currency Swap | Level 2
Summary of financial instruments
Derivative assets	$ 1,551	$ 929

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) $ in Thousands	Jan. 01, 2015item	Aug. 29, 2014item	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 ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Balance Sheets:
Real estate and other property, net			$ 12,282,716				$ 10,886,887				$ 12,282,716	$ 10,886,887
Cash and cash equivalents			346,500				183,810				346,500	183,810	$ 300,556	$ 247,673
Goodwill, intangible and other assets, net			817,865				901,668				817,865	901,668
Total assets			21,449,849				21,331,436				21,449,849	21,331,436
Accounts payable, accrued liabilities and other			436,239				432,934				436,239	432,934
Total equity			9,746,317				10,997,099				9,746,317	10,997,099	10,931,134	$ 10,753,777
Total liabilities and equity			21,449,849				21,331,436				21,449,849	21,331,436
Income Statements:
Revenues			668,036	$ 657,953	$ 607,532	$ 610,791	603,528	$ 596,638	$ 536,121	$ 529,992	2,544,312	2,266,279	2,099,878
Operating, general and administrative expense											(614,375)	(384,603)	(298,282)
Depreciation and amortization expense											(510,785)	(459,995)	(423,312)
Interest expense											(479,596)	(439,742)	(435,252)
Other income, net											20,781	10,816	18,216
Gain on sales of real estate											6,377	3,288
Income tax (benefit) expense											(9,011)	250	5,815
(Loss) income from continuing operations											(546,418)	906,845	910,633
Income (loss) from discontinued operations, net of taxes										29,746		29,746	74,373
Net (loss) income			$ (594,617)	$ 117,954	$ 167,748	$ (237,503)	$ 199,630	$ 251,059	$ 222,279	$ 263,623	$ (546,418)	936,591	985,006
Brookdale Senior Living | Minimum
Income Statements:
Percentage of EDITDAR payable as base management fee	4.50%
Brookdale Senior Living | Maximum
Income Statements:
Percentage of EDITDAR payable as base management fee	5.00%
Emeritus Corporation
Concentration of risk
Number of RIDEA joint ventures | item		2
Senior housing
Concentration of risk
Number of RIDEA joint ventures | item											2
Income Statements:
Operating, general and administrative expense											$ (374,617)	(167,407)	(95,603)
Senior housing | Management and Accounting Services | Brookdale Senior Living
Concentration of risk
Number of RIDEA joint ventures | item	15
Investments in Joint Ventures Senior Housing Facilities Number | item	108
Senior housing | Management and Accounting Services | Brookdale Senior Living | Minimum
Income Statements:
Management agreement term (in years)											10 years
Senior housing | Management and Accounting Services | Brookdale Senior Living | Maximum
Income Statements:
Management agreement term (in years)	15 years
Post-acute/skilled
Income Statements:
Operating, general and administrative expense											$ (2,002)	$ (2,087)	$ (2,485)
Management and Accounting Services | Senior housing | Brookdale Senior Living
Income Statements:
Management agreement renewal term (in years)											5 years
Management and Accounting Services | Senior housing | Brookdale Senior Living | Minimum
Income Statements:
Management Agreement Number of Renewals | item											3
Management and Accounting Services | Senior housing | Brookdale Senior Living | Maximum
Income Statements:
Management Agreement Number of Renewals | item											4
Assets | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)											12.00%	13.00%
Assets | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)											23.00%	31.00%
Assets | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)											28.00%	36.00%
Assets | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)											12.00%	11.00%
Assets | Tenants and Operators | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)											64.00%	82.00%
Revenue | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)											10.00%	14.00%	17.00%
Revenue | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)											23.00%	26.00%	28.00%
Revenue | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)											23.00%	37.00%	46.00%
Revenue | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)											7.00%	8.00%	10.00%
Revenue | Tenants and Operators | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)											80.00%	85.00%	83.00%
California | Assets | Geographic concentration risk
Concentration of risk
Concentration risk (as a percent)											24.00%	23.00%
California | Revenue | Geographic concentration risk
Concentration of risk
Concentration risk (as a percent)											22.00%	23.00%	21.00%
Texas | Assets | Geographic concentration risk
Concentration of risk
Concentration risk (as a percent)											11.00%	13.00%
Texas | Revenue | Geographic concentration risk
Concentration of risk
Concentration risk (as a percent)											13.00%	12.00%	11.00%

Derivative Financial Instrume94

Derivative Financial Instruments (Details) £ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)item	Dec. 31, 2015USD ($)item	Sep. 29, 2015GBP (£)	Jan. 12, 2015GBP (£)	Jan. 12, 2015USD ($)
Derivative
Semi-annual buy (sell) amount					£ 1,500	$ 1,000,000
Exchange rate GBP/USD					1.5149	1.5149
Earned additional interest income resulting from cash flow hedges	$ 100,000
Additional interest expense resulting from cash flow hedges	4,000,000
Reclassification out of Accumulated Other Comprehensive Income
Effects of Change in Interest Rates
Reclassification of unrealized gains into other income (expense), discontinuation	500,000
Net Investment Hedging
Derivative
Notional amount | £				£ 268,000
Interest rate swap, entered in July 2005, maturity in July 2020
Effects of Change in Interest Rates
+50 Basis Points	1,034,000
-50 Basis Points	(933,000)
+100 Basis Points	2,017,000
-100 Basis Points	(1,916,000)
Interest rate swap, entered in July 2005, maturity in July 2020 | BMA Swap Index
Derivative
Notional amount			$ 45,600,000
Fair value of hedge, liabilities			$ (5,430,000)
Interest rate swap, entered in July 2005, maturity in July 2020 | Cash flow hedge
Derivative
Number of interest-rate swap contracts | item		3	3
Interest rate swap, entered in July 2005, maturity in July 2020 | Cash flow hedge | BMA Swap Index
Derivative
Fixed Rate/Buy Amount (as a percent)		3.82%	3.82%
Interest rate swap, entered in November 2008, maturity in October 2016
Effects of Change in Interest Rates
+50 Basis Points	102,000
-50 Basis Points	(96,000)
+100 Basis Points	201,000
-100 Basis Points	(195,000)
Interest rate swap, entered in November 2008, maturity in October 2016 | LIBOR
Derivative
Notional amount			$ 25,100,000
Fair value of hedge, liabilities			$ (761,000)
Interest rate swap, entered in November 2008, maturity in October 2016 | Cash flow hedge | LIBOR
Derivative
Fixed Rate/Buy Amount (as a percent)		5.95%	5.95%
Floating/Exchange Rate Index, percentage		1.50%	1.50%
Interest rate swap, entered in July 2012, maturity in June 2016
Effects of Change in Interest Rates
+50 Basis Points	469,000
-50 Basis Points	(452,000)
+100 Basis Points	937,000
-100 Basis Points	(906,000)
Interest rate swap, entered in July 2012, maturity in June 2016 | GBP LIBOR
Derivative
Notional amount | £		£ 137,000
Fair value of hedge, liabilities			$ (60,000)
Interest rate swap, entered in July 2012, maturity in June 2016 | Cash flow hedge
Derivative
Buy (sell) amount | £		£ 7,200
Interest rate swap, entered in July 2012, maturity in June 2016 | Cash flow hedge | GBP LIBOR
Derivative
Fixed Rate/Buy Amount (as a percent)		1.81%	1.81%
Floating/Exchange Rate Index, percentage		1.20%	1.20%
Interest rate swap, entered in January 2015, maturity in October 2017
Derivative
Notional amount | £					£ 220,000
Effects of Change in Interest Rates
+50 Basis Points	2,982,000
-50 Basis Points	(2,916,000)
+100 Basis Points	5,931,000
-100 Basis Points	(5,866,000)
Interest rate swap, entered in January 2015, maturity in October 2017 | GBP LIBOR
Derivative
Notional amount | £		£ 220,000
Fair value of interest rate hedge, assets			$ 196,000
Interest rate swap, entered in January 2015, maturity in October 2017 | Cash flow hedge
Derivative
Buy (sell) amount | £		£ 1,000
Semi-annual buy (sell) amount			$ 1.5149
Interest rate swap, entered in January 2015, maturity in October 2017 | Cash flow hedge | GBP LIBOR
Derivative
Fixed Rate/Buy Amount (as a percent)		1.79%	1.79%
Floating/Exchange Rate Index, percentage		0.975%	0.975%
Currency swap, entered in July 2012, maturity in June 2016
Derivative
Notional amount | £		£ 7,200
Fair value of foreign currency derivative instruments not designated as hedging instruments, assets			$ 685,000
Effects of Change in Interest Rates
+50 Basis Points	(44,000)
-50 Basis Points	63,000
+100 Basis Points	(97,000)
-100 Basis Points	116,000
Currency swap, entered in July 2012, maturity in June 2016 | Cash flow hedge
Derivative
Notional amount | £		137,000
Semi-annual buy (sell) amount		£ 7,000	$ 11,400,000
Exchange rate GBP/USD		1.5695	1.5695
Currency swap, entered in July 2012, maturity in June 2016 | Buy | Cash flow hedge
Derivative
Semi-annual buy (sell) amount			$ 11,000,000
Currency swap, entered in January 2015, maturity in October 2017
Derivative
Notional amount | £		£ 23,200
Fair value of hedge, liabilities			866,000
Effects of Change in Interest Rates
+50 Basis Points	(95,000)
-50 Basis Points	246,000
+100 Basis Points	(265,000)
-100 Basis Points	$ 417,000
Currency swap, entered in January 2015, maturity in October 2017 | Cash flow hedge
Derivative
Semi-annual buy (sell) amount			$ 35,100,000

Selected Quarterly Financial 95

Selected Quarterly Financial Data (Unaudited) - Results of Operations for Properties Sold or to be Sole (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 Data (Unaudited)
Total revenues	$ 668,036	$ 657,953	$ 607,532	$ 610,791	$ 603,528	$ 596,638	$ 536,121	$ 529,992	$ 2,544,312	$ 2,266,279	$ 2,099,878
(Loss) income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures	(601,744)	134,894	151,184	(251,181)	222,771	240,946	208,926	220,795	(566,847)	893,438	852,015
Total discontinued operations								29,746		29,746	74,373
Net (loss) income	(594,617)	117,954	167,748	(237,503)	199,630	251,059	222,279	263,623	(546,418)	936,591	985,006
Net (loss) income attributable to HCP, Inc.	$ (598,868)	$ 115,362	$ 164,885	$ (240,614)	$ 196,583	$ 247,654	$ 218,885	$ 259,111	$ (559,235)	$ 922,233	$ 970,837
Dividends paid per common share (in dollars per share)	$ 0.565	$ 0.565	$ 0.565	$ 0.565	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 2.26	$ 2.18	$ 2.10
Basic earnings per common share (in dollars per share)	(1.290)	0.250	0.360	(0.520)	0.43	0.54	0.48	0.56	(1.21)	2.01	2.13
Diluted earnings per common share (in dollars per share	$ (1.290)	$ 0.250	$ 0.360	$ (0.520)	$ 0.43	$ 0.54	$ 0.48	$ 0.56	$ (1.21)	$ 2	$ 2.13

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Valuation Allowances and Reserves
Balance at the beginning of the year	$ 51,377	$ 49,169	$ 48,599
Additions
Amounts Charged Against Operations, net	820,097	5,413	2,633
Deductions
Uncollectible Accounts Written-off	(17,209)	(2,512)	(2,063)
Disposed Properties	(316)	(693)
Balance at the end of the year	$ 853,949	$ 51,377	$ 49,169

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gross Amount at Which Carried As of Year End
Total	$ 14,887,752	$ 13,137,644	$ 12,592,841	$ 12,524,224
Accumulated Depreciation	(2,605,036)	$ (2,250,757)	$ (1,965,592)	$ (1,694,892)
Post-acute/skilled | Operating segment
Initial Cost to Company
Land	41,114
Buildings and Improvements	280,676
Costs Capitalized Subsequent to Acquisition	35,086
Gross Amount at Which Carried As of Year End
Land	41,784
Buildings and Improvements	308,665
Total	350,449
Accumulated Depreciation	(78,782)
Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	43,516
Initial Cost to Company
Land	919,896
Buildings and Improvements	2,306,927
Costs Capitalized Subsequent to Acquisition	749,119
Gross Amount at Which Carried As of Year End
Land	922,361
Buildings and Improvements	3,023,094
Total	3,945,455
Accumulated Depreciation	(618,902)
Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	144,985
Initial Cost to Company
Land	253,637
Buildings and Improvements	2,433,193
Costs Capitalized Subsequent to Acquisition	587,192
Gross Amount at Which Carried As of Year End
Land	259,512
Buildings and Improvements	2,913,075
Total	3,172,587
Accumulated Depreciation	(735,839)
2366 Little Rock AR | Senior housing | Operating segment
Initial Cost to Company
Land	1,922
Buildings and Improvements	14,140
Costs Capitalized Subsequent to Acquisition	1,762
Gross Amount at Which Carried As of Year End
Land	2,046
Buildings and Improvements	15,284
Total	17,330
Accumulated Depreciation	$ (3,521)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
786 Douglas AZ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 110
Buildings and Improvements	703
Gross Amount at Which Carried As of Year End
Land	110
Buildings and Improvements	703
Total	813
Accumulated Depreciation	$ (325)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2384 Prescott AZ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,276
Buildings and Improvements	8,660
Costs Capitalized Subsequent to Acquisition	1,423
Gross Amount at Which Carried As of Year End
Land	1,276
Buildings and Improvements	10,083
Total	11,359
Accumulated Depreciation	$ (1,102)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1974 Sun City AZ | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 26,445
Initial Cost to Company
Land	2,640
Buildings and Improvements	33,223
Costs Capitalized Subsequent to Acquisition	2,021
Gross Amount at Which Carried As of Year End
Land	2,640
Buildings and Improvements	34,716
Total	37,356
Accumulated Depreciation	$ (6,035)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
518 Tucson AZ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,350
Buildings and Improvements	24,037
Gross Amount at Which Carried As of Year End
Land	2,350
Buildings and Improvements	24,037
Total	26,387
Accumulated Depreciation	$ (9,815)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1238 Beverly Hills CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 9,872
Buildings and Improvements	32,590
Costs Capitalized Subsequent to Acquisition	4,194
Gross Amount at Which Carried As of Year End
Land	9,872
Buildings and Improvements	36,059
Total	45,931
Accumulated Depreciation	$ (8,777)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2362 Camarillo CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 5,798
Buildings and Improvements	19,427
Costs Capitalized Subsequent to Acquisition	730
Gross Amount at Which Carried As of Year End
Land	5,822
Buildings and Improvements	19,357
Total	25,179
Accumulated Depreciation	$ (4,654)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2352 Carlsbad CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 7,897
Buildings and Improvements	14,255
Costs Capitalized Subsequent to Acquisition	1,442
Gross Amount at Which Carried As of Year End
Land	7,897
Buildings and Improvements	14,906
Total	22,803
Accumulated Depreciation	$ (3,370)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
883 Carmichael CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,270
Buildings and Improvements	13,846
Gross Amount at Which Carried As of Year End
Land	4,270
Buildings and Improvements	13,236
Total	17,506
Accumulated Depreciation	$ (3,006)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2204 Chino Hills CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,720
Buildings and Improvements	41,183
Gross Amount at Which Carried As of Year End
Land	3,720
Buildings and Improvements	41,183
Total	44,903
Accumulated Depreciation	$ (2,179)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
851 Citrus Heights CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,180
Buildings and Improvements	8,367
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	8,037
Total	9,217
Accumulated Depreciation	$ (2,566)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
2092 Clearlake CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 354
Buildings and Improvements	4,799
Costs Capitalized Subsequent to Acquisition	237
Gross Amount at Which Carried As of Year End
Land	354
Buildings and Improvements	5,036
Total	5,390
Accumulated Depreciation	$ (486)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
790 Concord CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 25,000
Initial Cost to Company
Land	6,010
Buildings and Improvements	39,601
Gross Amount at Which Carried As of Year End
Land	6,010
Buildings and Improvements	38,301
Total	44,311
Accumulated Depreciation	$ (9,960)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2399 Corona CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,637
Buildings and Improvements	10,134
Costs Capitalized Subsequent to Acquisition	184
Gross Amount at Which Carried As of Year End
Land	2,637
Buildings and Improvements	10,318
Total	12,955
Accumulated Depreciation	$ (1,029)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
787 Dana Point CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,960
Buildings and Improvements	15,946
Gross Amount at Which Carried As of Year End
Land	1,960
Buildings and Improvements	15,466
Total	17,426
Accumulated Depreciation	$ (4,027)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2364 Elk Grove CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,235
Buildings and Improvements	6,339
Costs Capitalized Subsequent to Acquisition	763
Gross Amount at Which Carried As of Year End
Land	2,235
Buildings and Improvements	6,949
Total	9,184
Accumulated Depreciation	$ (1,580)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
798 Escondido CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 14,340
Initial Cost to Company
Land	5,090
Buildings and Improvements	24,253
Gross Amount at Which Carried As of Year End
Land	5,090
Buildings and Improvements	23,353
Total	28,443
Accumulated Depreciation	$ (6,082)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2054 Fortuna CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 818
Buildings and Improvements	3,295
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	3,306
Total	4,124
Accumulated Depreciation	$ (1,096)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2079 Fortuna CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,346
Buildings and Improvements	11,856
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried As of Year End
Land	1,346
Buildings and Improvements	11,900
Total	13,246
Accumulated Depreciation	$ (2,854)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
791 Fremont CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 8,402
Initial Cost to Company
Land	2,360
Buildings and Improvements	11,672
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	11,192
Total	13,552
Accumulated Depreciation	$ (2,915)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1965 Fresno CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 18,345
Initial Cost to Company
Land	1,730
Buildings and Improvements	31,918
Costs Capitalized Subsequent to Acquisition	1,713
Gross Amount at Which Carried As of Year End
Land	1,730
Buildings and Improvements	33,202
Total	34,932
Accumulated Depreciation	$ (5,645)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
788 Granada Hills CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,200
Buildings and Improvements	18,257
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	17,637
Total	19,837
Accumulated Depreciation	$ (4,593)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
856 Irvine CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 8,220
Buildings and Improvements	14,104
Gross Amount at Which Carried As of Year End
Land	8,220
Buildings and Improvements	13,564
Total	21,784
Accumulated Depreciation	$ (2,838)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
227 Lodi CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 8,532
Initial Cost to Company
Land	732
Buildings and Improvements	5,453
Gross Amount at Which Carried As of Year End
Land	732
Buildings and Improvements	5,453
Total	6,185
Accumulated Depreciation	$ (2,696)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
226 Murietta CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 5,732
Initial Cost to Company
Land	435
Buildings and Improvements	5,729
Gross Amount at Which Carried As of Year End
Land	435
Buildings and Improvements	5,729
Total	6,164
Accumulated Depreciation	$ (2,765)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1165 Northridge CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 6,718
Buildings and Improvements	26,309
Costs Capitalized Subsequent to Acquisition	2,117
Gross Amount at Which Carried As of Year End
Land	6,752
Buildings and Improvements	27,583
Total	34,335
Accumulated Depreciation	$ (6,259)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1561 Orangevale CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,160
Buildings and Improvements	8,522
Costs Capitalized Subsequent to Acquisition	1,144
Gross Amount at Which Carried As of Year End
Land	2,160
Buildings and Improvements	9,146
Total	11,306
Accumulated Depreciation	$ (2,358)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1168 Palm Springs CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,005
Buildings and Improvements	5,183
Costs Capitalized Subsequent to Acquisition	496
Gross Amount at Which Carried As of Year End
Land	1,005
Buildings and Improvements	5,315
Total	6,320
Accumulated Depreciation	$ (1,308)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
789 Pleasant Hill CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 6,270
Initial Cost to Company
Land	2,480
Buildings and Improvements	21,333
Gross Amount at Which Carried As of Year End
Land	2,480
Buildings and Improvements	20,633
Total	23,113
Accumulated Depreciation	$ (5,373)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2369 Rancho Mirage CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,798
Buildings and Improvements	24,053
Costs Capitalized Subsequent to Acquisition	667
Gross Amount at Which Carried As of Year End
Land	1,811
Buildings and Improvements	23,792
Total	25,603
Accumulated Depreciation	$ (5,586)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2128 Red Bluff CA | Senior housing | Operating segment
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	$ 279
Gross Amount at Which Carried As of Year End
Buildings and Improvements	279
Total	279
Accumulated Depreciation	$ (7)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2205 Roseville CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,844
Buildings and Improvements	33,527
Gross Amount at Which Carried As of Year End
Land	3,844
Buildings and Improvements	33,527
Total	37,371
Accumulated Depreciation	$ (1,740)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2380 Roseville CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 692
Buildings and Improvements	21,662
Costs Capitalized Subsequent to Acquisition	102
Gross Amount at Which Carried As of Year End
Land	692
Buildings and Improvements	21,764
Total	22,456
Accumulated Depreciation	$ (1,791)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2353 San Diego CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 6,384
Buildings and Improvements	32,072
Costs Capitalized Subsequent to Acquisition	1,348
Gross Amount at Which Carried As of Year End
Land	6,384
Buildings and Improvements	32,317
Total	38,701
Accumulated Depreciation	$ (7,402)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1007 San Dimas CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 5,628
Buildings and Improvements	31,374
Costs Capitalized Subsequent to Acquisition	1,398
Gross Amount at Which Carried As of Year End
Land	5,630
Buildings and Improvements	31,977
Total	37,607
Accumulated Depreciation	$ (7,268)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2354 San Juan Capistrano CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 5,983
Buildings and Improvements	9,614
Costs Capitalized Subsequent to Acquisition	1,380
Gross Amount at Which Carried As of Year End
Land	5,983
Buildings and Improvements	10,708
Total	16,691
Accumulated Depreciation	$ (2,377)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1167 Santa Rosa CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,582
Buildings and Improvements	21,113
Costs Capitalized Subsequent to Acquisition	1,209
Gross Amount at Which Carried As of Year End
Land	3,627
Buildings and Improvements	21,508
Total	25,135
Accumulated Depreciation	$ (5,107)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
793 South San Francisco CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 9,692
Initial Cost to Company
Land	3,000
Buildings and Improvements	16,586
Gross Amount at Which Carried As of Year End
Land	3,000
Buildings and Improvements	16,056
Total	19,056
Accumulated Depreciation	$ (4,175)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1966 Sun City CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 13,888
Initial Cost to Company
Land	2,650
Buildings and Improvements	22,709
Costs Capitalized Subsequent to Acquisition	3,350
Gross Amount at Which Carried As of Year End
Land	2,650
Buildings and Improvements	25,605
Total	28,255
Accumulated Depreciation	$ (4,648)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
792 Ventura CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 9,157
Initial Cost to Company
Land	2,030
Buildings and Improvements	17,379
Gross Amount at Which Carried As of Year End
Land	2,030
Buildings and Improvements	16,749
Total	18,779
Accumulated Depreciation	$ (4,362)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1155 Yorba Linda CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,968
Buildings and Improvements	19,290
Costs Capitalized Subsequent to Acquisition	1,603
Gross Amount at Which Carried As of Year End
Land	5,030
Buildings and Improvements	20,035
Total	25,065
Accumulated Depreciation	$ (4,495)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2055 Yreka CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 565
Buildings and Improvements	9,184
Costs Capitalized Subsequent to Acquisition	137
Gross Amount at Which Carried As of Year End
Land	565
Buildings and Improvements	9,321
Total	9,886
Accumulated Depreciation	$ (947)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2505 Arvada CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,012
Buildings and Improvements	29,264
Costs Capitalized Subsequent to Acquisition	140
Gross Amount at Which Carried As of Year End
Land	2,012
Buildings and Improvements	29,404
Total	31,416
Accumulated Depreciation	$ (527)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2506 Boulder CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,447
Buildings and Improvements	35,471
Costs Capitalized Subsequent to Acquisition	36
Gross Amount at Which Carried As of Year End
Land	2,447
Buildings and Improvements	35,507
Total	37,954
Accumulated Depreciation	$ (606)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2373 Colorado Springs CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,910
Buildings and Improvements	24,479
Costs Capitalized Subsequent to Acquisition	1,290
Gross Amount at Which Carried As of Year End
Land	1,910
Buildings and Improvements	24,806
Total	26,716
Accumulated Depreciation	$ (5,707)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2146 Denver CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 875
Buildings and Improvements	5,693
Costs Capitalized Subsequent to Acquisition	168
Gross Amount at Which Carried As of Year End
Land	875
Buildings and Improvements	5,861
Total	6,736
Accumulated Depreciation	$ (647)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2515 Denver CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,310
Buildings and Improvements	18,416
Costs Capitalized Subsequent to Acquisition	580
Gross Amount at Which Carried As of Year End
Land	2,310
Buildings and Improvements	18,996
Total	21,306
Accumulated Depreciation	$ (386)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
512 Denver CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,810
Buildings and Improvements	36,021
Costs Capitalized Subsequent to Acquisition	1,885
Gross Amount at Which Carried As of Year End
Land	2,810
Buildings and Improvements	37,906
Total	40,716
Accumulated Depreciation	$ (15,146)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1233 Denver CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,511
Buildings and Improvements	30,641
Costs Capitalized Subsequent to Acquisition	1,730
Gross Amount at Which Carried As of Year End
Land	2,528
Buildings and Improvements	31,552
Total	34,080
Accumulated Depreciation	$ (7,174)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2507 Englewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 7,068
Buildings and Improvements	102,330
Costs Capitalized Subsequent to Acquisition	992
Gross Amount at Which Carried As of Year End
Land	7,068
Buildings and Improvements	103,322
Total	110,390
Accumulated Depreciation	$ (1,748)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1000 Greenwood Village CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,367
Buildings and Improvements	43,610
Costs Capitalized Subsequent to Acquisition	2,894
Gross Amount at Which Carried As of Year End
Land	3,367
Buildings and Improvements	45,708
Total	49,075
Accumulated Depreciation	$ (9,528)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2508 Lakewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,163
Buildings and Improvements	60,601
Costs Capitalized Subsequent to Acquisition	649
Gross Amount at Which Carried As of Year End
Land	4,163
Buildings and Improvements	61,249
Total	65,412
Accumulated Depreciation	$ (1,050)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2509 Lakewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,562
Buildings and Improvements	37,215
Costs Capitalized Subsequent to Acquisition	70
Gross Amount at Which Carried As of Year End
Land	2,562
Buildings and Improvements	37,285
Total	39,847
Accumulated Depreciation	$ (666)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1234 Lakewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,012
Buildings and Improvements	31,913
Costs Capitalized Subsequent to Acquisition	1,550
Gross Amount at Which Carried As of Year End
Land	3,012
Buildings and Improvements	32,665
Total	35,677
Accumulated Depreciation	$ (7,437)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2091 Montrose CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,078
Buildings and Improvements	24,224
Costs Capitalized Subsequent to Acquisition	946
Gross Amount at Which Carried As of Year End
Land	1,078
Buildings and Improvements	25,170
Total	26,248
Accumulated Depreciation	$ (2,088)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2085 Glastonbury CT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,743
Buildings and Improvements	9,766
Costs Capitalized Subsequent to Acquisition	86
Gross Amount at Which Carried As of Year End
Land	3,743
Buildings and Improvements	9,852
Total	13,595
Accumulated Depreciation	$ (1,042)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2144 Glastonbury CT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,658
Buildings and Improvements	16,046
Costs Capitalized Subsequent to Acquisition	103
Gross Amount at Which Carried As of Year End
Land	1,658
Buildings and Improvements	16,149
Total	17,807
Accumulated Depreciation	$ (1,537)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
730 Torrington CT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 166
Buildings and Improvements	11,001
Costs Capitalized Subsequent to Acquisition	888
Gross Amount at Which Carried As of Year End
Land	166
Buildings and Improvements	11,479
Total	11,645
Accumulated Depreciation	$ (2,863)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2355 Woodbridge CT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,352
Buildings and Improvements	9,929
Costs Capitalized Subsequent to Acquisition	1,343
Gross Amount at Which Carried As of Year End
Land	2,363
Buildings and Improvements	10,799
Total	13,162
Accumulated Depreciation	$ (2,439)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2519 Altamonte Springs FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,480
Buildings and Improvements	18,883
Costs Capitalized Subsequent to Acquisition	158
Gross Amount at Which Carried As of Year End
Land	2,480
Buildings and Improvements	18,221
Total	20,701
Accumulated Depreciation	$ (2,545)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2521 Altamonte Springs FL | Senior housing | Operating segment
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	$ 110
Gross Amount at Which Carried As of Year End
Buildings and Improvements	110
Total	110
Accumulated Depreciation	$ (3)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
861 Apopka FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 920
Buildings and Improvements	4,816
Costs Capitalized Subsequent to Acquisition	418
Gross Amount at Which Carried As of Year End
Land	920
Buildings and Improvements	5,134
Total	6,054
Accumulated Depreciation	$ (1,262)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
852 Boca Raton FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,730
Buildings and Improvements	17,532
Costs Capitalized Subsequent to Acquisition	5,471
Gross Amount at Which Carried As of Year End
Land	4,730
Buildings and Improvements	22,592
Total	27,322
Accumulated Depreciation	$ (6,149)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1001 Boca Raton FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 11,066
Initial Cost to Company
Land	2,415
Buildings and Improvements	17,923
Gross Amount at Which Carried As of Year End
Land	2,415
Buildings and Improvements	17,561
Total	19,976
Accumulated Depreciation	$ (3,817)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1963 Boynton Beach FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 27,256
Initial Cost to Company
Land	2,550
Buildings and Improvements	31,521
Costs Capitalized Subsequent to Acquisition	3,279
Gross Amount at Which Carried As of Year End
Land	2,550
Buildings and Improvements	34,240
Total	36,790
Accumulated Depreciation	$ (5,967)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1964 Boynton Beach FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 3,816
Initial Cost to Company
Land	570
Buildings and Improvements	5,649
Costs Capitalized Subsequent to Acquisition	1,763
Gross Amount at Which Carried As of Year End
Land	570
Buildings and Improvements	7,219
Total	7,789
Accumulated Depreciation	$ (1,550)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
544 Boynton Beach FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,633
Initial Cost to Company
Land	1,270
Buildings and Improvements	4,773
Gross Amount at Which Carried As of Year End
Land	1,270
Buildings and Improvements	4,773
Total	6,043
Accumulated Depreciation	$ (1,531)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2520 Clearwater FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,250
Buildings and Improvements	2,627
Costs Capitalized Subsequent to Acquisition	49
Gross Amount at Which Carried As of Year End
Land	2,250
Buildings and Improvements	2,676
Total	4,926
Accumulated Depreciation	$ (855)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
746 Clearwater FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,856
Buildings and Improvements	12,176
Costs Capitalized Subsequent to Acquisition	805
Gross Amount at Which Carried As of Year End
Land	3,856
Buildings and Improvements	10,850
Total	14,706
Accumulated Depreciation	$ (3,011)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
862 Clermont FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 440
Buildings and Improvements	6,518
Costs Capitalized Subsequent to Acquisition	133
Gross Amount at Which Carried As of Year End
Land	440
Buildings and Improvements	6,551
Total	6,991
Accumulated Depreciation	$ (1,705)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1002 Coconut Creek FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 13,233
Initial Cost to Company
Land	2,461
Buildings and Improvements	16,006
Gross Amount at Which Carried As of Year End
Land	2,461
Buildings and Improvements	15,620
Total	18,081
Accumulated Depreciation	$ (3,395)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
492 Delray Beach FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 10,866
Initial Cost to Company
Land	850
Buildings and Improvements	6,637
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	6,637
Total	7,487
Accumulated Depreciation	$ (1,913)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
2517 Ft Lauderdale FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,800
Buildings and Improvements	43,482
Costs Capitalized Subsequent to Acquisition	114
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	43,597
Total	46,397
Accumulated Depreciation	$ (835)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2351 Gainesville FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,020
Buildings and Improvements	13,490
Costs Capitalized Subsequent to Acquisition	184
Gross Amount at Which Carried As of Year End
Land	1,020
Buildings and Improvements	13,274
Total	14,294
Accumulated Depreciation	$ (3,143)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
1095 Gainesville FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,221
Buildings and Improvements	12,226
Gross Amount at Which Carried As of Year End
Land	1,221
Buildings and Improvements	12,001
Total	13,222
Accumulated Depreciation	$ (2,775)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2437 Jacksonville FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,450
Buildings and Improvements	13,683
Costs Capitalized Subsequent to Acquisition	201
Gross Amount at Which Carried As of Year End
Land	2,450
Buildings and Improvements	13,883
Total	16,333
Accumulated Depreciation	$ (265)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
490 Jacksonville FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 42,014
Initial Cost to Company
Land	3,250
Buildings and Improvements	25,936
Costs Capitalized Subsequent to Acquisition	6,170
Gross Amount at Which Carried As of Year End
Land	3,250
Buildings and Improvements	32,106
Total	35,356
Accumulated Depreciation	$ (10,755)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1096 Jacksonville FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,587
Buildings and Improvements	15,616
Gross Amount at Which Carried As of Year End
Land	1,587
Buildings and Improvements	15,298
Total	16,885
Accumulated Depreciation	$ (3,538)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2518 Lake Worth FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,680
Buildings and Improvements	13,224
Costs Capitalized Subsequent to Acquisition	452
Gross Amount at Which Carried As of Year End
Land	1,680
Buildings and Improvements	13,675
Total	15,355
Accumulated Depreciation	$ (308)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
855 Lantana FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,520
Buildings and Improvements	26,452
Gross Amount at Which Carried As of Year End
Land	3,520
Buildings and Improvements	25,652
Total	29,172
Accumulated Depreciation	$ (8,052)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1968 Largo FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 47,807
Initial Cost to Company
Land	2,920
Buildings and Improvements	64,988
Costs Capitalized Subsequent to Acquisition	7,580
Gross Amount at Which Carried As of Year End
Land	2,920
Buildings and Improvements	71,440
Total	74,360
Accumulated Depreciation	$ (13,123)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2522 Lutz FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 860
Buildings and Improvements	14,511
Costs Capitalized Subsequent to Acquisition	390
Gross Amount at Which Carried As of Year End
Land	860
Buildings and Improvements	14,900
Total	15,760
Accumulated Depreciation	$ (284)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
731 Ocoee FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,096
Buildings and Improvements	9,322
Costs Capitalized Subsequent to Acquisition	571
Gross Amount at Which Carried As of Year End
Land	2,096
Buildings and Improvements	9,372
Total	11,468
Accumulated Depreciation	$ (2,371)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2523 Orange City FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 830
Buildings and Improvements	9,359
Costs Capitalized Subsequent to Acquisition	222
Gross Amount at Which Carried As of Year End
Land	830
Buildings and Improvements	9,581
Total	10,411
Accumulated Depreciation	$ (198)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
859 Oviedo FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 670
Buildings and Improvements	8,071
Costs Capitalized Subsequent to Acquisition	260
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	8,231
Total	8,901
Accumulated Depreciation	$ (2,113)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1970 Palm Beach Gardens FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 26,325
Initial Cost to Company
Land	4,820
Buildings and Improvements	24,937
Costs Capitalized Subsequent to Acquisition	17,010
Gross Amount at Which Carried As of Year End
Land	4,820
Buildings and Improvements	41,152
Total	45,972
Accumulated Depreciation	$ (6,432)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1017 Palm Harbor FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,462
Buildings and Improvements	16,774
Costs Capitalized Subsequent to Acquisition	500
Gross Amount at Which Carried As of Year End
Land	1,462
Buildings and Improvements	16,888
Total	18,350
Accumulated Depreciation	$ (3,973)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
732 Port Orange FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,340
Buildings and Improvements	9,898
Costs Capitalized Subsequent to Acquisition	333
Gross Amount at Which Carried As of Year End
Land	2,340
Buildings and Improvements	9,710
Total	12,050
Accumulated Depreciation	$ (2,521)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2524 Port St Lucie FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 860
Buildings and Improvements	10,087
Costs Capitalized Subsequent to Acquisition	304
Gross Amount at Which Carried As of Year End
Land	860
Buildings and Improvements	10,392
Total	11,252
Accumulated Depreciation	$ (215)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1971 Sarasota FL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 22,041
Initial Cost to Company
Land	3,050
Buildings and Improvements	29,516
Costs Capitalized Subsequent to Acquisition	4,249
Gross Amount at Which Carried As of Year End
Land	3,050
Buildings and Improvements	33,345
Total	36,395
Accumulated Depreciation	$ (5,901)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2525 Sarasota FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,470
Buildings and Improvements	15,639
Costs Capitalized Subsequent to Acquisition	96
Gross Amount at Which Carried As of Year End
Land	1,470
Buildings and Improvements	15,735
Total	17,205
Accumulated Depreciation	$ (329)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2194 Springtree FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,066
Buildings and Improvements	15,874
Costs Capitalized Subsequent to Acquisition	215
Gross Amount at Which Carried As of Year End
Land	1,066
Buildings and Improvements	16,089
Total	17,155
Accumulated Depreciation	$ (1,570)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
802 St Augustine FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 830
Buildings and Improvements	11,627
Costs Capitalized Subsequent to Acquisition	290
Gross Amount at Which Carried As of Year End
Land	830
Buildings and Improvements	11,517
Total	12,347
Accumulated Depreciation	$ (3,326)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1097 Tallahassee FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,331
Buildings and Improvements	19,039
Gross Amount at Which Carried As of Year End
Land	1,331
Buildings and Improvements	18,695
Total	20,026
Accumulated Depreciation	$ (4,323)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2526 Tamarac FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 950
Buildings and Improvements	15,651
Costs Capitalized Subsequent to Acquisition	42
Gross Amount at Which Carried As of Year End
Land	950
Buildings and Improvements	15,693
Total	16,643
Accumulated Depreciation	$ (297)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
224 Tampa FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 600
Buildings and Improvements	5,566
Costs Capitalized Subsequent to Acquisition	1,147
Gross Amount at Which Carried As of Year End
Land	696
Buildings and Improvements	6,595
Total	7,291
Accumulated Depreciation	$ (2,592)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
849 Tampa FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 800
Buildings and Improvements	11,340
Costs Capitalized Subsequent to Acquisition	773
Gross Amount at Which Carried As of Year End
Land	800
Buildings and Improvements	11,713
Total	12,513
Accumulated Depreciation	$ (2,661)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2513 Venice FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,120
Buildings and Improvements	20,366
Costs Capitalized Subsequent to Acquisition	378
Gross Amount at Which Carried As of Year End
Land	1,120
Buildings and Improvements	20,744
Total	21,864
Accumulated Depreciation	$ (383)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1605 Vero Beach FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 700
Buildings and Improvements	16,234
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	16,234
Total	16,934
Accumulated Depreciation	$ (2,962)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2527 Vero Beach FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,040
Buildings and Improvements	17,186
Costs Capitalized Subsequent to Acquisition	359
Gross Amount at Which Carried As of Year End
Land	1,040
Buildings and Improvements	17,545
Total	18,585
Accumulated Depreciation	$ (337)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1257 Vero Beach FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,035
Buildings and Improvements	34,993
Costs Capitalized Subsequent to Acquisition	201
Gross Amount at Which Carried As of Year End
Land	2,035
Buildings and Improvements	33,634
Total	35,669
Accumulated Depreciation	$ (7,775)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1976 West Palm Beach FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 390
Buildings and Improvements	2,241
Costs Capitalized Subsequent to Acquisition	294
Gross Amount at Which Carried As of Year End
Land	390
Buildings and Improvements	2,451
Total	2,841
Accumulated Depreciation	$ (470)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1098 Alpharetta GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 793
Buildings and Improvements	8,761
Costs Capitalized Subsequent to Acquisition	1,181
Gross Amount at Which Carried As of Year End
Land	793
Buildings and Improvements	9,656
Total	10,449
Accumulated Depreciation	$ (2,212)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2370 Atlanta GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,665
Buildings and Improvements	5,911
Costs Capitalized Subsequent to Acquisition	854
Gross Amount at Which Carried As of Year End
Land	2,669
Buildings and Improvements	6,491
Total	9,160
Accumulated Depreciation	$ (1,570)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1099 Atlanta GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 687
Buildings and Improvements	5,507
Costs Capitalized Subsequent to Acquisition	1,281
Gross Amount at Which Carried As of Year End
Land	687
Buildings and Improvements	6,387
Total	7,074
Accumulated Depreciation	$ (1,476)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2108 Buford GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 562
Buildings and Improvements	3,604
Costs Capitalized Subsequent to Acquisition	190
Gross Amount at Which Carried As of Year End
Land	562
Buildings and Improvements	3,794
Total	4,356
Accumulated Depreciation	$ (405)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2109 Buford GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 536
Buildings and Improvements	3,142
Costs Capitalized Subsequent to Acquisition	141
Gross Amount at Which Carried As of Year End
Land	536
Buildings and Improvements	3,283
Total	3,819
Accumulated Depreciation	$ (345)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2388 Buford GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,987
Buildings and Improvements	6,561
Costs Capitalized Subsequent to Acquisition	231
Gross Amount at Which Carried As of Year End
Land	1,987
Buildings and Improvements	6,792
Total	8,779
Accumulated Depreciation	$ (741)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2053 Canton GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 401
Buildings and Improvements	17,888
Costs Capitalized Subsequent to Acquisition	69
Gross Amount at Which Carried As of Year End
Land	401
Buildings and Improvements	17,957
Total	18,358
Accumulated Depreciation	$ (1,383)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2165 Hartwell GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 368
Buildings and Improvements	6,337
Costs Capitalized Subsequent to Acquisition	227
Gross Amount at Which Carried As of Year End
Land	368
Buildings and Improvements	6,564
Total	6,932
Accumulated Depreciation	$ (569)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2066 Lawrenceville GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 581
Buildings and Improvements	2,669
Costs Capitalized Subsequent to Acquisition	78
Gross Amount at Which Carried As of Year End
Land	581
Buildings and Improvements	2,747
Total	3,328
Accumulated Depreciation	$ (356)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1241 Lilburn GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 907
Buildings and Improvements	17,340
Costs Capitalized Subsequent to Acquisition	132
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	16,916
Total	17,823
Accumulated Depreciation	$ (3,925)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2167 Lithia Springs GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,031
Buildings and Improvements	6,954
Costs Capitalized Subsequent to Acquisition	79
Gross Amount at Which Carried As of Year End
Land	1,031
Buildings and Improvements	7,033
Total	8,064
Accumulated Depreciation	$ (767)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2105 Macon GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 814
Buildings and Improvements	10,890
Costs Capitalized Subsequent to Acquisition	49
Gross Amount at Which Carried As of Year End
Land	814
Buildings and Improvements	10,939
Total	11,753
Accumulated Depreciation	$ (881)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2395 Marietta GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 987
Buildings and Improvements	4,818
Costs Capitalized Subsequent to Acquisition	119
Gross Amount at Which Carried As of Year End
Land	987
Buildings and Improvements	4,937
Total	5,924
Accumulated Depreciation	$ (542)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1112 Marietta GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 894
Buildings and Improvements	6,944
Costs Capitalized Subsequent to Acquisition	725
Gross Amount at Which Carried As of Year End
Land	904
Buildings and Improvements	7,392
Total	8,296
Accumulated Depreciation	$ (1,798)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2086 Newnan GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,227
Buildings and Improvements	4,202
Costs Capitalized Subsequent to Acquisition	56
Gross Amount at Which Carried As of Year End
Land	1,227
Buildings and Improvements	4,258
Total	5,485
Accumulated Depreciation	$ (514)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2118 Woodstock GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 764
Buildings and Improvements	7,334
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Land	764
Buildings and Improvements	7,407
Total	8,171
Accumulated Depreciation	$ (683)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2157 Woodstock GA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,926
Buildings and Improvements	12,757
Costs Capitalized Subsequent to Acquisition	81
Gross Amount at Which Carried As of Year End
Land	1,926
Buildings and Improvements	12,838
Total	14,764
Accumulated Depreciation	$ (1,185)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1088 Davenport IA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 511
Buildings and Improvements	8,039
Gross Amount at Which Carried As of Year End
Land	511
Buildings and Improvements	7,868
Total	8,379
Accumulated Depreciation	$ (1,819)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1093 Marion IA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 502
Buildings and Improvements	6,865
Gross Amount at Which Carried As of Year End
Land	502
Buildings and Improvements	6,713
Total	7,215
Accumulated Depreciation	$ (1,552)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2397 Sioux City IA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 197
Buildings and Improvements	8,078
Costs Capitalized Subsequent to Acquisition	484
Gross Amount at Which Carried As of Year End
Land	197
Buildings and Improvements	8,562
Total	8,759
Accumulated Depreciation	$ (827)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1091 Bloomington IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 798
Buildings and Improvements	13,091
Costs Capitalized Subsequent to Acquisition	127
Gross Amount at Which Carried As of Year End
Land	798
Buildings and Improvements	12,959
Total	13,757
Accumulated Depreciation	$ (2,967)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2375 Burr Ridge IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,640
Buildings and Improvements	23,901
Costs Capitalized Subsequent to Acquisition	1,691
Gross Amount at Which Carried As of Year End
Land	2,704
Buildings and Improvements	24,538
Total	27,242
Accumulated Depreciation	$ (5,451)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1089 Champaign IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 101
Buildings and Improvements	4,207
Costs Capitalized Subsequent to Acquisition	1,592
Gross Amount at Which Carried As of Year End
Land	279
Buildings and Improvements	5,463
Total	5,742
Accumulated Depreciation	$ (1,179)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2200 Deer Park IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,172
Buildings and Improvements	2,417
Costs Capitalized Subsequent to Acquisition	34,630
Gross Amount at Which Carried As of Year End
Land	4,172
Buildings and Improvements	37,047
Total	41,219
1090 Macomb IL | Senior housing | Operating segment
Initial Cost to Company
Land	81
Buildings and Improvements	6,062
Gross Amount at Which Carried As of Year End
Land	81
Buildings and Improvements	5,905
Total	5,986
Accumulated Depreciation	$ (1,366)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1143 Mt Vernon IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 296
Buildings and Improvements	15,935
Costs Capitalized Subsequent to Acquisition	3,562
Gross Amount at Which Carried As of Year End
Land	512
Buildings and Improvements	18,949
Total	19,461
Accumulated Depreciation	$ (4,102)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1969 Niles IL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 25,231
Initial Cost to Company
Land	3,790
Buildings and Improvements	32,912
Costs Capitalized Subsequent to Acquisition	4,889
Gross Amount at Which Carried As of Year End
Land	3,790
Buildings and Improvements	37,076
Total	40,866
Accumulated Depreciation	$ (6,903)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1005 Oak Park IL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 24,975
Initial Cost to Company
Land	3,476
Buildings and Improvements	35,259
Costs Capitalized Subsequent to Acquisition	1,862
Gross Amount at Which Carried As of Year End
Land	3,476
Buildings and Improvements	36,575
Total	40,051
Accumulated Depreciation	$ (7,653)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1961 Olympia Fields IL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 28,513
Initial Cost to Company
Land	4,120
Buildings and Improvements	29,400
Costs Capitalized Subsequent to Acquisition	2,886
Gross Amount at Which Carried As of Year End
Land	4,120
Buildings and Improvements	31,763
Total	35,883
Accumulated Depreciation	$ (5,478)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1162 Orland Park IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,623
Buildings and Improvements	23,154
Costs Capitalized Subsequent to Acquisition	534
Gross Amount at Which Carried As of Year End
Land	2,623
Buildings and Improvements	23,058
Total	25,681
Accumulated Depreciation	$ (5,351)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1092 Peoria IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 404
Buildings and Improvements	10,050
Gross Amount at Which Carried As of Year End
Land	404
Buildings and Improvements	9,840
Total	10,244
Accumulated Depreciation	$ (2,276)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2376 Prospect Heights IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,680
Buildings and Improvements	20,299
Costs Capitalized Subsequent to Acquisition	1,870
Gross Amount at Which Carried As of Year End
Land	2,725
Buildings and Improvements	21,119
Total	23,844
Accumulated Depreciation	$ (4,642)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2367 Schaumburg IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,701
Buildings and Improvements	12,037
Costs Capitalized Subsequent to Acquisition	1,322
Gross Amount at Which Carried As of Year End
Land	1,704
Buildings and Improvements	12,772
Total	14,476
Accumulated Depreciation	$ (2,809)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1952 Vernon Hills IL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 41,844
Initial Cost to Company
Land	4,900
Buildings and Improvements	45,854
Costs Capitalized Subsequent to Acquisition	4,977
Gross Amount at Which Carried As of Year End
Land	4,900
Buildings and Improvements	50,144
Total	55,044
Accumulated Depreciation	$ (8,378)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1237 Wilmette IL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,100
Buildings and Improvements	9,373
Gross Amount at Which Carried As of Year End
Land	1,100
Buildings and Improvements	9,149
Total	10,249
Accumulated Depreciation	$ (2,116)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
379 Evansville IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 500
Buildings and Improvements	9,302
Gross Amount at Which Carried As of Year End
Land	500
Buildings and Improvements	7,762
Total	8,262
Accumulated Depreciation	$ (2,821)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1144 Indianapolis IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,197
Buildings and Improvements	7,718
Gross Amount at Which Carried As of Year End
Land	1,197
Buildings and Improvements	7,486
Total	8,683
Accumulated Depreciation	$ (1,731)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
457 Jasper IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 165
Buildings and Improvements	5,952
Costs Capitalized Subsequent to Acquisition	359
Gross Amount at Which Carried As of Year End
Land	165
Buildings and Improvements	6,311
Total	6,476
Accumulated Depreciation	$ (2,627)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2047 Kokomo IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 296
Buildings and Improvements	3,245
Gross Amount at Which Carried As of Year End
Land	296
Buildings and Improvements	3,057
Total	3,353
Accumulated Depreciation	$ (428)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1146 West Lafayette IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 813
Buildings and Improvements	10,876
Gross Amount at Which Carried As of Year End
Land	813
Buildings and Improvements	10,626
Total	11,439
Accumulated Depreciation	$ (2,457)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2371 Edgewood KY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,868
Buildings and Improvements	4,934
Costs Capitalized Subsequent to Acquisition	1,895
Gross Amount at Which Carried As of Year End
Land	1,915
Buildings and Improvements	6,352
Total	8,267
Accumulated Depreciation	$ (1,270)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
697 Lexington KY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,093
Buildings and Improvements	16,917
Gross Amount at Which Carried As of Year End
Land	2,093
Buildings and Improvements	16,299
Total	18,392
Accumulated Depreciation	$ (6,245)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1105 Louisville KY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,499
Buildings and Improvements	26,252
Costs Capitalized Subsequent to Acquisition	240
Gross Amount at Which Carried As of Year End
Land	1,513
Buildings and Improvements	25,868
Total	27,381
Accumulated Depreciation	$ (6,095)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2115 Murray KY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 288
Buildings and Improvements	7,400
Costs Capitalized Subsequent to Acquisition	98
Gross Amount at Which Carried As of Year End
Land	288
Buildings and Improvements	7,498
Total	7,786
Accumulated Depreciation	$ (763)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2135 Paducah KY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 621
Buildings and Improvements	16,768
Costs Capitalized Subsequent to Acquisition	71
Gross Amount at Which Carried As of Year End
Land	621
Buildings and Improvements	16,839
Total	17,460
Accumulated Depreciation	$ (1,297)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2358 Danvers MA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,616
Buildings and Improvements	30,692
Costs Capitalized Subsequent to Acquisition	1,120
Gross Amount at Which Carried As of Year End
Land	4,621
Buildings and Improvements	31,221
Total	35,842
Accumulated Depreciation	$ (7,209)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2363 Dartmouth MA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,145
Buildings and Improvements	6,880
Costs Capitalized Subsequent to Acquisition	691
Gross Amount at Which Carried As of Year End
Land	3,176
Buildings and Improvements	7,292
Total	10,468
Accumulated Depreciation	$ (1,789)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2357 Dedham MA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,930
Buildings and Improvements	21,340
Costs Capitalized Subsequent to Acquisition	1,212
Gross Amount at Which Carried As of Year End
Land	3,930
Buildings and Improvements	21,977
Total	25,907
Accumulated Depreciation	$ (5,034)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1158 Plymouth MA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,434
Buildings and Improvements	9,027
Costs Capitalized Subsequent to Acquisition	489
Gross Amount at Which Carried As of Year End
Land	2,438
Buildings and Improvements	9,035
Total	11,473
Accumulated Depreciation	$ (2,219)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2365 Baltimore MD | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,684
Buildings and Improvements	18,889
Costs Capitalized Subsequent to Acquisition	532
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	18,986
Total	20,682
Accumulated Depreciation	$ (4,475)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1249 Frederick MD | Senior housing | Operating segment
Initial Cost to Company
Land	$ 609
Buildings and Improvements	9,158
Costs Capitalized Subsequent to Acquisition	401
Gross Amount at Which Carried As of Year End
Land	609
Buildings and Improvements	9,314
Total	9,923
Accumulated Depreciation	$ (2,269)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2541 Olney MD | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,580
Buildings and Improvements	34,363
Gross Amount at Which Carried As of Year End
Land	1,580
Buildings and Improvements	34,363
Total	35,943
Accumulated Depreciation	$ (161)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2356 Pikesville MD | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,416
Buildings and Improvements	8,854
Costs Capitalized Subsequent to Acquisition	612
Gross Amount at Which Carried As of Year End
Land	1,416
Buildings and Improvements	9,005
Total	10,421
Accumulated Depreciation	$ (2,192)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
281 Westminster MD | Senior housing | Operating segment
Initial Cost to Company
Land	$ 768
Buildings and Improvements	5,251
Costs Capitalized Subsequent to Acquisition	229
Gross Amount at Which Carried As of Year End
Land	768
Buildings and Improvements	5,535
Total	6,303
Accumulated Depreciation	$ (1,937)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
546 Cape Elizabeth ME | Senior housing | Operating segment
Initial Cost to Company
Land	$ 630
Buildings and Improvements	3,524
Costs Capitalized Subsequent to Acquisition	93
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	3,617
Total	4,247
Accumulated Depreciation	$ (1,156)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
545 Saco ME | Senior housing | Operating segment
Initial Cost to Company
Land	$ 80
Buildings and Improvements	2,363
Costs Capitalized Subsequent to Acquisition	155
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	2,518
Total	2,598
Accumulated Depreciation	$ (801)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1258 Auburn Hills MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,281
Buildings and Improvements	10,692
Gross Amount at Which Carried As of Year End
Land	2,281
Buildings and Improvements	10,692
Total	12,973
Accumulated Depreciation	$ (2,473)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1248 Farmington Hills MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,013
Buildings and Improvements	12,119
Costs Capitalized Subsequent to Acquisition	457
Gross Amount at Which Carried As of Year End
Land	1,013
Buildings and Improvements	12,233
Total	13,246
Accumulated Depreciation	$ (3,019)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1094 Portage MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 276
Buildings and Improvements	5,733
Costs Capitalized Subsequent to Acquisition	5,012
Gross Amount at Which Carried As of Year End
Land	276
Buildings and Improvements	10,378
Total	10,654
Accumulated Depreciation	$ (2,168)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2435 Southfield MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,235
Buildings and Improvements	9,961
Costs Capitalized Subsequent to Acquisition	61
Gross Amount at Which Carried As of Year End
Land	2,235
Buildings and Improvements	10,022
Total	12,257
Accumulated Depreciation	$ (221)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
472 Sterling Heights MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 920
Buildings and Improvements	7,326
Gross Amount at Which Carried As of Year End
Land	920
Buildings and Improvements	7,326
Total	8,246
Accumulated Depreciation	$ (3,000)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1259 Sterling Heights MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,593
Buildings and Improvements	11,500
Gross Amount at Which Carried As of Year End
Land	1,593
Buildings and Improvements	11,181
Total	12,774
Accumulated Depreciation	$ (2,586)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2143 Champlin MN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,576
Buildings and Improvements	26,725
Costs Capitalized Subsequent to Acquisition	291
Gross Amount at Which Carried As of Year End
Land	1,576
Buildings and Improvements	27,016
Total	28,592
Accumulated Depreciation	$ (6,061)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
1235 Des Peres MO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,361
Buildings and Improvements	20,664
Gross Amount at Which Carried As of Year End
Land	4,361
Buildings and Improvements	20,046
Total	24,407
Accumulated Depreciation	$ (4,636)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1236 Richmond Heights MO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,744
Buildings and Improvements	24,232
Gross Amount at Which Carried As of Year End
Land	1,744
Buildings and Improvements	23,548
Total	25,292
Accumulated Depreciation	$ (5,445)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
853 St.Louis Mo | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,500
Buildings and Improvements	20,343
Gross Amount at Which Carried As of Year End
Land	2,500
Buildings and Improvements	19,853
Total	22,353
Accumulated Depreciation	$ (6,342)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2081 St Peters MO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,377
Buildings and Improvements	31,508
Costs Capitalized Subsequent to Acquisition	1,877
Gross Amount at Which Carried As of Year End
Land	1,377
Buildings and Improvements	33,385
Total	34,762
Accumulated Depreciation	$ (3,055)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2074 Oxford MS | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,003
Buildings and Improvements	14,140
Costs Capitalized Subsequent to Acquisition	99
Gross Amount at Which Carried As of Year End
Land	2,003
Buildings and Improvements	14,239
Total	16,242
Accumulated Depreciation	$ (1,247)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
842 Great Falls MT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 500
Buildings and Improvements	5,683
Gross Amount at Which Carried As of Year End
Land	500
Buildings and Improvements	5,423
Total	5,923
Accumulated Depreciation	$ (1,333)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2163 Great Falls MT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 252
Buildings and Improvements	9,908
Costs Capitalized Subsequent to Acquisition	199
Gross Amount at Which Carried As of Year End
Land	252
Buildings and Improvements	10,107
Total	10,359
Accumulated Depreciation	$ (853)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
878 Charlotte NC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 710
Buildings and Improvements	9,559
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	9,159
Total	9,869
Accumulated Depreciation	$ (2,080)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2374 Charlotte NC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,051
Buildings and Improvements	6,529
Costs Capitalized Subsequent to Acquisition	1,168
Gross Amount at Which Carried As of Year End
Land	2,051
Buildings and Improvements	7,514
Total	9,565
Accumulated Depreciation	$ (1,125)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1119 Concord NC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 601
Buildings and Improvements	7,615
Costs Capitalized Subsequent to Acquisition	166
Gross Amount at Which Carried As of Year End
Land	612
Buildings and Improvements	7,546
Total	8,158
Accumulated Depreciation	$ (1,830)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2126 Mooresville NC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,538
Buildings and Improvements	37,617
Costs Capitalized Subsequent to Acquisition	366
Gross Amount at Which Carried As of Year End
Land	2,538
Buildings and Improvements	37,983
Total	40,521
Accumulated Depreciation	$ (3,101)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
1254 Raleigh NC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,191
Buildings and Improvements	11,532
Costs Capitalized Subsequent to Acquisition	369
Gross Amount at Which Carried As of Year End
Land	1,191
Buildings and Improvements	11,616
Total	12,807
Accumulated Depreciation	$ (2,767)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2127 Minot ND | Senior housing | Operating segment
Initial Cost to Company
Land	$ 685
Buildings and Improvements	16,047
Costs Capitalized Subsequent to Acquisition	362
Gross Amount at Which Carried As of Year End
Land	685
Buildings and Improvements	16,409
Total	17,094
Accumulated Depreciation	$ (1,420)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2080 Kearney NE | Senior housing | Operating segment
Initial Cost to Company
Land	$ 856
Buildings and Improvements	22,584
Costs Capitalized Subsequent to Acquisition	290
Gross Amount at Which Carried As of Year End
Land	856
Buildings and Improvements	22,874
Total	23,730
Accumulated Depreciation	$ (1,952)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2169 Lexington NE | Senior housing | Operating segment
Initial Cost to Company
Land	$ 474
Buildings and Improvements	8,405
Costs Capitalized Subsequent to Acquisition	55
Gross Amount at Which Carried As of Year End
Land	474
Buildings and Improvements	8,460
Total	8,934
Accumulated Depreciation	$ (996)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2168 Mc Cook NE | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,024
Buildings and Improvements	13,789
Costs Capitalized Subsequent to Acquisition	211
Gross Amount at Which Carried As of Year End
Land	1,024
Buildings and Improvements	14,000
Total	15,024
Accumulated Depreciation	$ (1,639)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2129 Seward NE | Senior housing | Operating segment
Initial Cost to Company
Land	$ 792
Buildings and Improvements	18,276
Costs Capitalized Subsequent to Acquisition	260
Gross Amount at Which Carried As of Year End
Land	792
Buildings and Improvements	18,536
Total	19,328
Accumulated Depreciation	$ (1,859)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2119 Wayne NE | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,005
Buildings and Improvements	13,953
Costs Capitalized Subsequent to Acquisition	279
Gross Amount at Which Carried As of Year End
Land	1,005
Buildings and Improvements	14,232
Total	15,237
Accumulated Depreciation	$ (1,304)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1599 Cherry Hill NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,420
Buildings and Improvements	11,042
Costs Capitalized Subsequent to Acquisition	1,454
Gross Amount at Which Carried As of Year End
Land	2,420
Buildings and Improvements	11,946
Total	14,366
Accumulated Depreciation	$ (2,400)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
1239 Cresskill NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,684
Buildings and Improvements	53,927
Costs Capitalized Subsequent to Acquisition	229
Gross Amount at Which Carried As of Year End
Land	4,684
Buildings and Improvements	53,170
Total	57,854
Accumulated Depreciation	$ (12,312)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
734 Hillsborough NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,042
Buildings and Improvements	10,042
Costs Capitalized Subsequent to Acquisition	131
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	9,707
Total	10,749
Accumulated Depreciation	$ (2,564)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1242 Madison NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,157
Buildings and Improvements	19,909
Costs Capitalized Subsequent to Acquisition	75
Gross Amount at Which Carried As of Year End
Land	3,157
Buildings and Improvements	19,398
Total	22,555
Accumulated Depreciation	$ (4,508)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
733 Manahawkin NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 921
Buildings and Improvements	9,927
Costs Capitalized Subsequent to Acquisition	318
Gross Amount at Which Carried As of Year End
Land	921
Buildings and Improvements	9,779
Total	10,700
Accumulated Depreciation	$ (2,538)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2359 Paramus NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,280
Buildings and Improvements	31,684
Costs Capitalized Subsequent to Acquisition	1,152
Gross Amount at Which Carried As of Year End
Land	4,280
Buildings and Improvements	32,135
Total	36,415
Accumulated Depreciation	$ (7,396)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1231 Saddle River NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,784
Buildings and Improvements	15,625
Costs Capitalized Subsequent to Acquisition	351
Gross Amount at Which Carried As of Year End
Land	1,784
Buildings and Improvements	15,532
Total	17,316
Accumulated Depreciation	$ (3,695)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
245 Voorhees Township NJ | Senior housing | Operating segment
Initial Cost to Company
Land	$ 900
Buildings and Improvements	7,629
Costs Capitalized Subsequent to Acquisition	279
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	7,908
Total	8,808
Accumulated Depreciation	$ (2,819)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
213 Albuquerque NM | Senior housing | Operating segment
Initial Cost to Company
Land	$ 767
Buildings and Improvements	9,324
Gross Amount at Which Carried As of Year End
Land	767
Buildings and Improvements	8,825
Total	9,592
Accumulated Depreciation	$ (3,643)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2387 Albuquerque NM | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,223
Buildings and Improvements	8,049
Costs Capitalized Subsequent to Acquisition	79
Gross Amount at Which Carried As of Year End
Land	2,223
Buildings and Improvements	8,128
Total	10,351
Accumulated Depreciation	$ (813)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2161 Rio Rancho NM | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,154
Buildings and Improvements	13,726
Costs Capitalized Subsequent to Acquisition	121
Gross Amount at Which Carried As of Year End
Land	1,154
Buildings and Improvements	13,847
Total	15,001
Accumulated Depreciation	$ (1,311)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2121 Roswell NM | Senior housing | Operating segment
Initial Cost to Company
Land	$ 618
Buildings and Improvements	7,038
Costs Capitalized Subsequent to Acquisition	539
Gross Amount at Which Carried As of Year End
Land	618
Buildings and Improvements	7,577
Total	8,195
Accumulated Depreciation	$ (822)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2150 Roswell NM | Senior housing | Operating segment
Initial Cost to Company
Land	$ 837
Buildings and Improvements	8,614
Costs Capitalized Subsequent to Acquisition	835
Gross Amount at Which Carried As of Year End
Land	837
Buildings and Improvements	9,449
Total	10,286
Accumulated Depreciation	$ (1,036)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
796 Las Vegas NV | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,960
Buildings and Improvements	5,816
Gross Amount at Which Carried As of Year End
Land	1,960
Buildings and Improvements	5,426
Total	7,386
Accumulated Depreciation	$ (1,413)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2110 Las Vegas NV | Senior housing | Operating segment
Initial Cost to Company
Land	$ 667
Buildings and Improvements	14,469
Costs Capitalized Subsequent to Acquisition	213
Gross Amount at Which Carried As of Year End
Land	667
Buildings and Improvements	14,682
Total	15,349
Accumulated Depreciation	$ (1,525)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1252 Brooklyn NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 8,117
Buildings and Improvements	23,627
Costs Capitalized Subsequent to Acquisition	783
Gross Amount at Which Carried As of Year End
Land	8,117
Buildings and Improvements	23,834
Total	31,951
Accumulated Depreciation	$ (5,907)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1256 Brooklyn NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 5,215
Buildings and Improvements	39,052
Costs Capitalized Subsequent to Acquisition	723
Gross Amount at Which Carried As of Year End
Land	5,215
Buildings and Improvements	38,924
Total	44,139
Accumulated Depreciation	$ (9,037)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2177 Clifton Park NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,257
Buildings and Improvements	11,470
Gross Amount at Which Carried As of Year End
Land	2,257
Buildings and Improvements	11,470
Total	13,727
Accumulated Depreciation	$ (1,122)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2176 Greece NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 666
Buildings and Improvements	9,569
Gross Amount at Which Carried As of Year End
Land	666
Buildings and Improvements	9,569
Total	10,235
Accumulated Depreciation	$ (927)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2178 Greece NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 601
Buildings and Improvements	7,362
Gross Amount at Which Carried As of Year End
Land	601
Buildings and Improvements	7,362
Total	7,963
Accumulated Depreciation	$ (727)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2174 Orchard Park NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 726
Buildings and Improvements	17,735
Gross Amount at Which Carried As of Year End
Land	726
Buildings and Improvements	17,735
Total	18,461
Accumulated Depreciation	$ (1,813)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2175 Orchard Park NY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 478
Buildings and Improvements	11,961
Gross Amount at Which Carried As of Year End
Land	478
Buildings and Improvements	11,961
Total	12,439
Accumulated Depreciation	$ (1,207)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2436 Bedford OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,110
Buildings and Improvements	5,932
Costs Capitalized Subsequent to Acquisition	75
Gross Amount at Which Carried As of Year End
Land	2,110
Buildings and Improvements	6,008
Total	8,118
Accumulated Depreciation	$ (143)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2516 Centerville OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,080
Buildings and Improvements	10,911
Costs Capitalized Subsequent to Acquisition	621
Gross Amount at Which Carried As of Year End
Land	1,080
Buildings and Improvements	11,532
Total	12,612
Accumulated Depreciation	$ (247)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2512 Cincinnati OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,220
Buildings and Improvements	6,391
Costs Capitalized Subsequent to Acquisition	288
Gross Amount at Which Carried As of Year End
Land	1,220
Buildings and Improvements	6,679
Total	7,899
Accumulated Depreciation	$ (173)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
473 Cincinnati OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 600
Buildings and Improvements	4,428
Gross Amount at Which Carried As of Year End
Land	600
Buildings and Improvements	4,428
Total	5,028
Accumulated Depreciation	$ (1,814)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
841 Columbus OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 970
Buildings and Improvements	7,806
Costs Capitalized Subsequent to Acquisition	1,330
Gross Amount at Which Carried As of Year End
Land	970
Buildings and Improvements	8,746
Total	9,716
Accumulated Depreciation	$ (2,042)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
857 Fairborn OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 810
Buildings and Improvements	8,311
Costs Capitalized Subsequent to Acquisition	42
Gross Amount at Which Carried As of Year End
Land	810
Buildings and Improvements	8,053
Total	8,863
Accumulated Depreciation	$ (2,158)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
1147 Fairborn OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 298
Buildings and Improvements	10,704
Costs Capitalized Subsequent to Acquisition	3,068
Gross Amount at Which Carried As of Year End
Land	298
Buildings and Improvements	13,541
Total	13,839
Accumulated Depreciation	$ (3,007)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1386 Marietta OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,069
Buildings and Improvements	11,435
Costs Capitalized Subsequent to Acquisition	119
Gross Amount at Which Carried As of Year End
Land	1,069
Buildings and Improvements	11,349
Total	12,418
Accumulated Depreciation	$ (3,732)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1159 Willoughby OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,177
Buildings and Improvements	9,982
Costs Capitalized Subsequent to Acquisition	1,029
Gross Amount at Which Carried As of Year End
Land	1,194
Buildings and Improvements	10,589
Total	11,783
Accumulated Depreciation	$ (2,415)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1253 Youngstown OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 695
Buildings and Improvements	10,444
Costs Capitalized Subsequent to Acquisition	268
Gross Amount at Which Carried As of Year End
Land	695
Buildings and Improvements	10,375
Total	11,070
Accumulated Depreciation	$ (2,410)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2158 Broken Arrow OK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,115
Buildings and Improvements	18,852
Costs Capitalized Subsequent to Acquisition	194
Gross Amount at Which Carried As of Year End
Land	1,115
Buildings and Improvements	19,046
Total	20,161
Accumulated Depreciation	$ (1,575)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2122 Muskogee OK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 412
Buildings and Improvements	2,815
Costs Capitalized Subsequent to Acquisition	125
Gross Amount at Which Carried As of Year End
Land	412
Buildings and Improvements	2,940
Total	3,352
Accumulated Depreciation	$ (375)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2083 Oklahoma City OK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,116
Buildings and Improvements	28,007
Costs Capitalized Subsequent to Acquisition	1,550
Gross Amount at Which Carried As of Year End
Land	2,116
Buildings and Improvements	29,557
Total	31,673
Accumulated Depreciation	$ (2,485)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2372 Oklahoma City OK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 801
Buildings and Improvements	4,904
Costs Capitalized Subsequent to Acquisition	420
Gross Amount at Which Carried As of Year End
Land	811
Buildings and Improvements	4,931
Total	5,742
Accumulated Depreciation	$ (1,225)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2383 Oklahoma City Ok | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,345
Buildings and Improvements	3,943
Costs Capitalized Subsequent to Acquisition	147
Gross Amount at Which Carried As of Year End
Land	1,345
Buildings and Improvements	4,090
Total	5,435
Accumulated Depreciation	$ (473)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2070 Tahlequah OK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 256
Buildings and Improvements	5,648
Costs Capitalized Subsequent to Acquisition	286
Gross Amount at Which Carried As of Year End
Land	256
Buildings and Improvements	5,934
Total	6,190
Accumulated Depreciation	$ (582)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1160 Tulsa OK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,115
Buildings and Improvements	11,028
Costs Capitalized Subsequent to Acquisition	494
Gross Amount at Which Carried As of Year End
Land	1,129
Buildings and Improvements	10,819
Total	11,948
Accumulated Depreciation	$ (2,572)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2130 Ashland OR | Senior housing | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 19,303
Costs Capitalized Subsequent to Acquisition	74
Gross Amount at Which Carried As of Year End
Buildings and Improvements	19,377
Total	19,377
Accumulated Depreciation	$ (1,721)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2103 Eagle Point OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 609
Buildings and Improvements	12,117
Costs Capitalized Subsequent to Acquisition	60
Gross Amount at Which Carried As of Year End
Land	609
Buildings and Improvements	12,177
Total	12,786
Accumulated Depreciation	$ (1,044)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2098 Eugene OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,082
Buildings and Improvements	18,858
Costs Capitalized Subsequent to Acquisition	52
Gross Amount at Which Carried As of Year End
Land	1,082
Buildings and Improvements	18,910
Total	19,992
Accumulated Depreciation	$ (1,582)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2104 Eugene OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 653
Buildings and Improvements	13,568
Costs Capitalized Subsequent to Acquisition	47
Gross Amount at Which Carried As of Year End
Land	653
Buildings and Improvements	13,615
Total	14,268
Accumulated Depreciation	$ (1,159)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2390 Grants Pass OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 430
Buildings and Improvements	3,267
Costs Capitalized Subsequent to Acquisition	20
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	3,287
Total	3,717
Accumulated Depreciation	$ (365)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2391 Grants Pass OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,064
Buildings and Improvements	16,124
Costs Capitalized Subsequent to Acquisition	59
Gross Amount at Which Carried As of Year End
Land	1,064
Buildings and Improvements	16,183
Total	17,247
Accumulated Depreciation	$ (1,266)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2392 Grants Pass OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 618
Buildings and Improvements	2,932
Costs Capitalized Subsequent to Acquisition	109
Gross Amount at Which Carried As of Year End
Land	618
Buildings and Improvements	3,041
Total	3,659
Accumulated Depreciation	$ (499)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2393 Grants Pass OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 774
Buildings and Improvements	13,230
Costs Capitalized Subsequent to Acquisition	49
Gross Amount at Which Carried As of Year End
Land	774
Buildings and Improvements	13,279
Total	14,053
Accumulated Depreciation	$ (1,113)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2139 Gresham OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 465
Buildings and Improvements	6,403
Costs Capitalized Subsequent to Acquisition	28
Gross Amount at Which Carried As of Year End
Land	465
Buildings and Improvements	6,431
Total	6,896
Accumulated Depreciation	$ (560)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2182 Hermiston Terrace OR | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,657
Initial Cost to Company
Land	582
Buildings and Improvements	8,087
Gross Amount at Which Carried As of Year End
Land	582
Buildings and Improvements	8,087
Total	8,669
Accumulated Depreciation	$ (628)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2131 Keizer OR | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,747
Initial Cost to Company
Land	551
Buildings and Improvements	6,454
Gross Amount at Which Carried As of Year End
Land	551
Buildings and Improvements	6,454
Total	7,005
Accumulated Depreciation	$ (543)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2140 Lebanon OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 505
Buildings and Improvements	12,571
Costs Capitalized Subsequent to Acquisition	129
Gross Amount at Which Carried As of Year End
Land	505
Buildings and Improvements	12,700
Total	13,205
Accumulated Depreciation	$ (1,113)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2152 McMinnville OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,203
Buildings and Improvements	24,909
Costs Capitalized Subsequent to Acquisition	1,337
Gross Amount at Which Carried As of Year End
Land	3,203
Buildings and Improvements	26,246
Total	29,449
Accumulated Depreciation	$ (3,362)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2090 Monmouth OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 490
Buildings and Improvements	1,278
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land	490
Buildings and Improvements	1,287
Total	1,777
Accumulated Depreciation	$ (195)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2106 Monmouth OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 603
Buildings and Improvements	8,538
Costs Capitalized Subsequent to Acquisition	62
Gross Amount at Which Carried As of Year End
Land	603
Buildings and Improvements	8,600
Total	9,203
Accumulated Depreciation	$ (819)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2089 Newberg OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,889
Buildings and Improvements	16,855
Costs Capitalized Subsequent to Acquisition	83
Gross Amount at Which Carried As of Year End
Land	1,889
Buildings and Improvements	16,938
Total	18,827
Accumulated Depreciation	$ (1,418)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2133 Portland OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,615
Buildings and Improvements	12,030
Costs Capitalized Subsequent to Acquisition	35
Gross Amount at Which Carried As of Year End
Land	1,615
Buildings and Improvements	12,065
Total	13,680
Accumulated Depreciation	$ (960)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2151 Portland OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,677
Buildings and Improvements	9,469
Costs Capitalized Subsequent to Acquisition	147
Gross Amount at Which Carried As of Year End
Land	1,677
Buildings and Improvements	9,616
Total	11,293
Accumulated Depreciation	$ (984)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2171 Portland OR | Senior housing | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 16,087
Costs Capitalized Subsequent to Acquisition	78
Gross Amount at Which Carried As of Year End
Buildings and Improvements	16,165
Total	16,165
Accumulated Depreciation	$ (1,226)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2050 Redmond OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,229
Buildings and Improvements	21,921
Costs Capitalized Subsequent to Acquisition	544
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	22,465
Total	23,694
Accumulated Depreciation	$ (1,668)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2084 Roseburg OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,042
Buildings and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	72
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	12,162
Total	13,204
Accumulated Depreciation	$ (1,155)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2134 Scappoose OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 353
Buildings and Improvements	1,258
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	1,269
Total	1,622
Accumulated Depreciation	$ (160)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2153 Scappoose OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 971
Buildings and Improvements	7,116
Costs Capitalized Subsequent to Acquisition	78
Gross Amount at Which Carried As of Year End
Land	971
Buildings and Improvements	7,194
Total	8,165
Accumulated Depreciation	$ (782)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2051 Springfield OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,124
Buildings and Improvements	22,515
Costs Capitalized Subsequent to Acquisition	166
Gross Amount at Which Carried As of Year End
Land	1,124
Buildings and Improvements	22,681
Total	23,805
Accumulated Depreciation	$ (1,809)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2057 Springfield OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 527
Buildings and Improvements	6,035
Costs Capitalized Subsequent to Acquisition	52
Gross Amount at Which Carried As of Year End
Land	527
Buildings and Improvements	6,087
Total	6,614
Accumulated Depreciation	$ (603)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2056 Stayton OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 48
Buildings and Improvements	569
Costs Capitalized Subsequent to Acquisition	7
Gross Amount at Which Carried As of Year End
Land	48
Buildings and Improvements	576
Total	624
Accumulated Depreciation	$ (95)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2058 Stayton OR | Senior housing | Operating segment
Initial Cost to Company
Land	$ 253
Buildings and Improvements	8,621
Costs Capitalized Subsequent to Acquisition	24
Gross Amount at Which Carried As of Year End
Land	253
Buildings and Improvements	8,645
Total	8,898
Accumulated Depreciation	$ (821)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2088 Tualatin OR | Senior housing | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,326
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried As of Year End
Buildings and Improvements	6,483
Total	6,483
Accumulated Depreciation	$ (788)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2180 Windfield Village OR | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 3,216
Initial Cost to Company
Land	580
Buildings and Improvements	9,817
Gross Amount at Which Carried As of Year End
Land	580
Buildings and Improvements	9,817
Total	10,397
Accumulated Depreciation	$ (824)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1163 Haverford PA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 16,461
Buildings and Improvements	108,816
Costs Capitalized Subsequent to Acquisition	7,894
Gross Amount at Which Carried As of Year End
Land	16,461
Buildings and Improvements	115,098
Total	131,559
Accumulated Depreciation	$ (27,525)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2063 Selinsgrove PA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 529
Buildings and Improvements	9,111
Costs Capitalized Subsequent to Acquisition	64
Gross Amount at Which Carried As of Year End
Land	529
Buildings and Improvements	9,175
Total	9,704
Accumulated Depreciation	$ (967)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1967 Cumberland RI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,630
Buildings and Improvements	19,050
Costs Capitalized Subsequent to Acquisition	770
Gross Amount at Which Carried As of Year End
Land	2,630
Buildings and Improvements	19,473
Total	22,103
Accumulated Depreciation	$ (3,424)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1959 East Providence RI | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 14,462
Initial Cost to Company
Land	1,890
Buildings and Improvements	13,989
Costs Capitalized Subsequent to Acquisition	1,278
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	15,014
Total	16,904
Accumulated Depreciation	$ (2,771)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1960 Greenwich RI | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,920
Initial Cost to Company
Land	450
Buildings and Improvements	11,845
Costs Capitalized Subsequent to Acquisition	1,518
Gross Amount at Which Carried As of Year End
Land	450
Buildings and Improvements	13,098
Total	13,548
Accumulated Depreciation	$ (2,498)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2511 Johnston RI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,113
Buildings and Improvements	12,947
Costs Capitalized Subsequent to Acquisition	1,402
Gross Amount at Which Carried As of Year End
Land	2,113
Buildings and Improvements	14,350
Total	16,463
Accumulated Depreciation	$ (313)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1972 Smithfield RI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,250
Buildings and Improvements	17,816
Costs Capitalized Subsequent to Acquisition	653
Gross Amount at Which Carried As of Year End
Land	1,250
Buildings and Improvements	18,134
Total	19,384
Accumulated Depreciation	$ (3,297)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1973 South Kingstown RI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,390
Buildings and Improvements	12,551
Costs Capitalized Subsequent to Acquisition	630
Gross Amount at Which Carried As of Year End
Land	1,390
Buildings and Improvements	12,918
Total	14,308
Accumulated Depreciation	$ (2,240)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1975 Tiverton RI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,240
Buildings and Improvements	25,735
Costs Capitalized Subsequent to Acquisition	651
Gross Amount at Which Carried As of Year End
Land	3,240
Buildings and Improvements	25,955
Total	29,195
Accumulated Depreciation	$ (4,433)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1962 Warwick RI | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 14,151
Initial Cost to Company
Land	1,050
Buildings and Improvements	17,389
Costs Capitalized Subsequent to Acquisition	2,103
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	19,136
Total	20,186
Accumulated Depreciation	$ (3,660)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1104 Aiken SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 357
Buildings and Improvements	14,832
Costs Capitalized Subsequent to Acquisition	151
Gross Amount at Which Carried As of Year End
Land	363
Buildings and Improvements	14,471
Total	14,834
Accumulated Depreciation	$ (3,425)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1100 Charleston SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 885
Buildings and Improvements	14,124
Costs Capitalized Subsequent to Acquisition	292
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	14,075
Total	14,971
Accumulated Depreciation	$ (3,373)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1109 Columbia SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 408
Buildings and Improvements	7,527
Costs Capitalized Subsequent to Acquisition	131
Gross Amount at Which Carried As of Year End
Land	412
Buildings and Improvements	7,458
Total	7,870
Accumulated Depreciation	$ (1,782)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2154 Florence SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 255
Buildings and Improvements	4,052
Costs Capitalized Subsequent to Acquisition	557
Gross Amount at Which Carried As of Year End
Land	255
Buildings and Improvements	4,609
Total	4,864
Accumulated Depreciation	$ (504)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
306 Georgetown SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 239
Buildings and Improvements	3,008
Gross Amount at Which Carried As of Year End
Land	239
Buildings and Improvements	3,008
Total	3,247
Accumulated Depreciation	$ (1,103)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
879 Greenville SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,090
Buildings and Improvements	12,558
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	12,058
Total	13,148
Accumulated Depreciation	$ (2,738)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1172 Greenville SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 993
Buildings and Improvements	16,314
Costs Capitalized Subsequent to Acquisition	674
Gross Amount at Which Carried As of Year End
Land	1,006
Buildings and Improvements	16,075
Total	17,081
Accumulated Depreciation	$ (3,751)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2059 Greenville SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 149
Buildings and Improvements	3,827
Costs Capitalized Subsequent to Acquisition	185
Gross Amount at Which Carried As of Year End
Land	149
Buildings and Improvements	4,012
Total	4,161
Accumulated Depreciation	$ (457)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2099 Hilton Head Island SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 828
Buildings and Improvements	6,285
Costs Capitalized Subsequent to Acquisition	199
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	6,484
Total	7,312
Accumulated Depreciation	$ (721)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2111 Hilton Head Island SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,107
Buildings and Improvements	1,873
Costs Capitalized Subsequent to Acquisition	67
Gross Amount at Which Carried As of Year End
Land	1,107
Buildings and Improvements	1,940
Total	3,047
Accumulated Depreciation	$ (273)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2112 Hilton Head Island SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 621
Buildings and Improvements	2,234
Costs Capitalized Subsequent to Acquisition	96
Gross Amount at Which Carried As of Year End
Land	621
Buildings and Improvements	2,330
Total	2,951
Accumulated Depreciation	$ (306)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
305 Lancaster SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 84
Buildings and Improvements	2,982
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	2,982
Total	3,066
Accumulated Depreciation	$ (1,009)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
880 Myrtle Beach SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 900
Buildings and Improvements	10,913
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	10,513
Total	11,413
Accumulated Depreciation	$ (2,387)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
312 Rock Hill SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 203
Buildings and Improvements	2,671
Gross Amount at Which Carried As of Year End
Land	203
Buildings and Improvements	2,671
Total	2,874
Accumulated Depreciation	$ (959)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1113 Rock Hill SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 695
Buildings and Improvements	4,119
Costs Capitalized Subsequent to Acquisition	322
Gross Amount at Which Carried As of Year End
Land	795
Buildings and Improvements	4,126
Total	4,921
Accumulated Depreciation	$ (1,110)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2076 Rock Hill SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 919
Buildings and Improvements	14,741
Costs Capitalized Subsequent to Acquisition	148
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	14,889
Total	15,808
Accumulated Depreciation	$ (1,381)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2093 Rock Hill SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 503
Buildings and Improvements	4,281
Costs Capitalized Subsequent to Acquisition	629
Gross Amount at Which Carried As of Year End
Land	503
Buildings and Improvements	4,910
Total	5,413
Accumulated Depreciation	$ (475)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
313 Sumter SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 196
Buildings and Improvements	2,623
Gross Amount at Which Carried As of Year End
Land	196
Buildings and Improvements	2,623
Total	2,819
Accumulated Depreciation	$ (962)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2067 West Columbia SC | Senior housing | Operating segment
Initial Cost to Company
Land	$ 220
Buildings and Improvements	2,662
Costs Capitalized Subsequent to Acquisition	247
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	2,909
Total	3,129
Accumulated Depreciation	$ (370)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2132 Cordova TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,167
Buildings and Improvements	5,829
Costs Capitalized Subsequent to Acquisition	270
Gross Amount at Which Carried As of Year End
Land	2,167
Buildings and Improvements	6,099
Total	8,266
Accumulated Depreciation	$ (649)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2060 Franklin TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,475
Buildings and Improvements	27,337
Costs Capitalized Subsequent to Acquisition	410
Gross Amount at Which Carried As of Year End
Land	2,475
Buildings and Improvements	27,747
Total	30,222
Accumulated Depreciation	$ (2,355)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2401 Germantown TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,640
Buildings and Improvements	64,588
Costs Capitalized Subsequent to Acquisition	39
Gross Amount at Which Carried As of Year End
Land	3,640
Buildings and Improvements	64,626
Total	68,266
Accumulated Depreciation	$ (1,204)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2385 Hendersonville TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,298
Buildings and Improvements	2,464
Costs Capitalized Subsequent to Acquisition	214
Gross Amount at Which Carried As of Year End
Land	1,298
Buildings and Improvements	2,678
Total	3,976
Accumulated Depreciation	$ (381)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2073 Kingsport TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,113
Buildings and Improvements	8,625
Costs Capitalized Subsequent to Acquisition	88
Gross Amount at Which Carried As of Year End
Land	1,113
Buildings and Improvements	8,713
Total	9,826
Accumulated Depreciation	$ (824)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2381 Memphis TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,315
Buildings and Improvements	9,787
Costs Capitalized Subsequent to Acquisition	107
Gross Amount at Which Carried As of Year End
Land	1,315
Buildings and Improvements	9,894
Total	11,209
Accumulated Depreciation	$ (813)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2439 Memphis TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,320
Buildings and Improvements	1,679
Costs Capitalized Subsequent to Acquisition	122
Gross Amount at Which Carried As of Year End
Land	1,320
Buildings and Improvements	1,801
Total	3,121
Accumulated Depreciation	$ (60)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1003 Nashville TN | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 10,696
Initial Cost to Company
Land	812
Buildings and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	2,524
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	18,759
Total	19,571
Accumulated Depreciation	$ (3,712)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2094 Nashville TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,444
Buildings and Improvements	14,436
Costs Capitalized Subsequent to Acquisition	305
Gross Amount at Which Carried As of Year End
Land	1,444
Buildings and Improvements	14,741
Total	16,185
Accumulated Depreciation	$ (1,238)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
860 Oak Ridge TN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 500
Buildings and Improvements	4,741
Costs Capitalized Subsequent to Acquisition	173
Gross Amount at Which Carried As of Year End
Land	500
Buildings and Improvements	4,814
Total	5,314
Accumulated Depreciation	$ (1,238)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
843 Abilene TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 300
Buildings and Improvements	2,830
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	2,710
Total	3,010
Accumulated Depreciation	$ (650)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2107 Amarillo TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,315
Buildings and Improvements	26,838
Costs Capitalized Subsequent to Acquisition	184
Gross Amount at Which Carried As of Year End
Land	1,315
Buildings and Improvements	27,022
Total	28,337
Accumulated Depreciation	$ (2,248)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1004 Arlington TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 13,685
Initial Cost to Company
Land	2,002
Buildings and Improvements	19,110
Gross Amount at Which Carried As of Year End
Land	2,002
Buildings and Improvements	18,729
Total	20,731
Accumulated Depreciation	$ (4,071)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1116 Arlington TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,494
Buildings and Improvements	12,192
Costs Capitalized Subsequent to Acquisition	249
Gross Amount at Which Carried As of Year End
Land	2,540
Buildings and Improvements	11,873
Total	14,413
Accumulated Depreciation	$ (2,854)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
511 Austin TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,960
Buildings and Improvements	41,645
Gross Amount at Which Carried As of Year End
Land	2,960
Buildings and Improvements	41,645
Total	44,605
Accumulated Depreciation	$ (17,005)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2377 Austin TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,860
Buildings and Improvements	17,359
Costs Capitalized Subsequent to Acquisition	1,543
Gross Amount at Which Carried As of Year End
Land	2,973
Buildings and Improvements	17,716
Total	20,689
Accumulated Depreciation	$ (3,922)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2531 Austin TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 680
Buildings and Improvements	15,342
Costs Capitalized Subsequent to Acquisition	65
Gross Amount at Which Carried As of Year End
Land	680
Buildings and Improvements	15,408
Total	16,088
Accumulated Depreciation	$ (278)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
202 Beaumont TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 145
Buildings and Improvements	10,404
Gross Amount at Which Carried As of Year End
Land	145
Buildings and Improvements	10,020
Total	10,165
Accumulated Depreciation	$ (4,210)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2075 Bedford TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,204
Buildings and Improvements	26,845
Costs Capitalized Subsequent to Acquisition	1,029
Gross Amount at Which Carried As of Year End
Land	1,204
Buildings and Improvements	27,874
Total	29,078
Accumulated Depreciation	$ (2,279)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
844 Burleson TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,050
Buildings and Improvements	5,242
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	4,902
Total	5,952
Accumulated Depreciation	$ (1,174)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
848 Cedar Hill TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,070
Buildings and Improvements	11,554
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	11,104
Total	12,174
Accumulated Depreciation	$ (2,660)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1325 Cedar Hill TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 440
Buildings and Improvements	7,494
Gross Amount at Which Carried As of Year End
Land	440
Buildings and Improvements	6,974
Total	7,414
Accumulated Depreciation	$ (1,525)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2396 Dallas TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,120
Buildings and Improvements	8,986
Costs Capitalized Subsequent to Acquisition	128
Gross Amount at Which Carried As of Year End
Land	2,120
Buildings and Improvements	9,114
Total	11,234
Accumulated Depreciation	$ (890)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2438 Dallas TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,550
Buildings and Improvements	11,551
Costs Capitalized Subsequent to Acquisition	207
Gross Amount at Which Carried As of Year End
Land	2,550
Buildings and Improvements	11,757
Total	14,307
Accumulated Depreciation	$ (234)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
513 Fort Worth TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,830
Buildings and Improvements	50,832
Gross Amount at Which Carried As of Year End
Land	2,830
Buildings and Improvements	50,832
Total	53,662
Accumulated Depreciation	$ (20,756)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
506 Friendswood TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 400
Buildings and Improvements	7,354
Costs Capitalized Subsequent to Acquisition	70
Gross Amount at Which Carried As of Year End
Land	400
Buildings and Improvements	7,424
Total	7,824
Accumulated Depreciation	$ (2,212)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2528 Graham TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 680
Buildings and Improvements	8,513
Costs Capitalized Subsequent to Acquisition	518
Gross Amount at Which Carried As of Year End
Land	680
Buildings and Improvements	9,031
Total	9,711
Accumulated Depreciation	$ (187)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2529 Grand Prairie TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 840
Buildings and Improvements	10,367
Costs Capitalized Subsequent to Acquisition	460
Gross Amount at Which Carried As of Year End
Land	840
Buildings and Improvements	10,827
Total	11,667
Accumulated Depreciation	$ (221)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
217 Houston TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 835
Buildings and Improvements	7,195
Costs Capitalized Subsequent to Acquisition	54
Gross Amount at Which Carried As of Year End
Land	835
Buildings and Improvements	7,249
Total	8,084
Accumulated Depreciation	$ (2,896)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
491 Houston TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,470
Buildings and Improvements	21,710
Costs Capitalized Subsequent to Acquisition	750
Gross Amount at Which Carried As of Year End
Land	2,470
Buildings and Improvements	22,460
Total	24,930
Accumulated Depreciation	$ (9,022)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1106 Houston TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,008
Buildings and Improvements	15,333
Costs Capitalized Subsequent to Acquisition	183
Gross Amount at Which Carried As of Year End
Land	1,020
Buildings and Improvements	15,098
Total	16,118
Accumulated Depreciation	$ (3,574)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1955 Houston TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 47,527
Initial Cost to Company
Land	9,820
Buildings and Improvements	50,079
Costs Capitalized Subsequent to Acquisition	8,022
Gross Amount at Which Carried As of Year End
Land	9,820
Buildings and Improvements	56,815
Total	66,635
Accumulated Depreciation	$ (10,247)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1957 Houston TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 31,212
Initial Cost to Company
Land	8,170
Buildings and Improvements	37,285
Costs Capitalized Subsequent to Acquisition	3,905
Gross Amount at Which Carried As of Year End
Land	8,170
Buildings and Improvements	40,368
Total	48,538
Accumulated Depreciation	$ (7,313)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1958 Houston TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 28,740
Initial Cost to Company
Land	2,910
Buildings and Improvements	37,443
Costs Capitalized Subsequent to Acquisition	4,631
Gross Amount at Which Carried As of Year End
Land	2,910
Buildings and Improvements	41,183
Total	44,093
Accumulated Depreciation	$ (7,546)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2068 Houston TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 985
Buildings and Improvements	18,824
Costs Capitalized Subsequent to Acquisition	502
Gross Amount at Which Carried As of Year End
Land	985
Buildings and Improvements	19,326
Total	20,311
Accumulated Depreciation	$ (1,616)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2402 Houston TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,740
Buildings and Improvements	32,057
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land	1,740
Buildings and Improvements	32,074
Total	33,814
Accumulated Depreciation	$ (753)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
820 Irving TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 710
Buildings and Improvements	9,949
Costs Capitalized Subsequent to Acquisition	1,455
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	10,814
Total	11,524
Accumulated Depreciation	$ (2,765)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2394 Kerrville TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,459
Buildings and Improvements	33,407
Costs Capitalized Subsequent to Acquisition	1,838
Gross Amount at Which Carried As of Year End
Land	1,459
Buildings and Improvements	35,245
Total	36,704
Accumulated Depreciation	$ (3,076)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1111 Kingswood TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,877
Buildings and Improvements	25,372
Costs Capitalized Subsequent to Acquisition	247
Gross Amount at Which Carried As of Year End
Land	1,961
Buildings and Improvements	24,491
Total	26,452
Accumulated Depreciation	$ (5,780)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2389 Lubbock TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,143
Buildings and Improvements	4,656
Costs Capitalized Subsequent to Acquisition	208
Gross Amount at Which Carried As of Year End
Land	1,143
Buildings and Improvements	4,864
Total	6,007
Accumulated Depreciation	$ (542)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
845 North Richland Hills TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 520
Buildings and Improvements	5,117
Gross Amount at Which Carried As of Year End
Land	520
Buildings and Improvements	4,807
Total	5,327
Accumulated Depreciation	$ (1,152)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
846 North Richland Hills TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 870
Buildings and Improvements	9,259
Gross Amount at Which Carried As of Year End
Land	870
Buildings and Improvements	8,819
Total	9,689
Accumulated Depreciation	$ (2,415)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2113 North Richland Hills TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 909
Buildings and Improvements	11,337
Costs Capitalized Subsequent to Acquisition	103
Gross Amount at Which Carried As of Year End
Land	909
Buildings and Improvements	11,440
Total	12,349
Accumulated Depreciation	$ (963)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2530 North Richland Hills TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,060
Buildings and Improvements	17,645
Costs Capitalized Subsequent to Acquisition	426
Gross Amount at Which Carried As of Year End
Land	1,060
Buildings and Improvements	18,071
Total	19,131
Accumulated Depreciation	$ (344)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1102 Plano TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 494
Buildings and Improvements	12,518
Costs Capitalized Subsequent to Acquisition	145
Gross Amount at Which Carried As of Year End
Land	505
Buildings and Improvements	12,247
Total	12,752
Accumulated Depreciation	$ (2,898)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2379 Plano TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 590
Buildings and Improvements	6,930
Costs Capitalized Subsequent to Acquisition	122
Gross Amount at Which Carried As of Year End
Land	590
Buildings and Improvements	7,052
Total	7,642
Accumulated Depreciation	$ (695)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2162 Portland TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,233
Buildings and Improvements	14,001
Costs Capitalized Subsequent to Acquisition	281
Gross Amount at Which Carried As of Year End
Land	1,233
Buildings and Improvements	14,282
Total	15,515
Accumulated Depreciation	$ (1,387)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
494 San Antonio TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,507
Initial Cost to Company
Land	730
Buildings and Improvements	3,961
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	3,961
Total	4,691
Accumulated Depreciation	$ (1,210)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2378 San Antonio TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,860
Buildings and Improvements	17,030
Costs Capitalized Subsequent to Acquisition	1,295
Gross Amount at Which Carried As of Year End
Land	2,880
Buildings and Improvements	17,232
Total	20,112
Accumulated Depreciation	$ (3,756)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2532 San Antonio Tx | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,120
Buildings and Improvements	5,378
Costs Capitalized Subsequent to Acquisition	265
Gross Amount at Which Carried As of Year End
Land	1,120
Buildings and Improvements	5,642
Total	6,762
Accumulated Depreciation	$ (153)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2533 San Marcos TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 680
Buildings and Improvements	17,570
Costs Capitalized Subsequent to Acquisition	306
Gross Amount at Which Carried As of Year End
Land	680
Buildings and Improvements	17,876
Total	18,556
Accumulated Depreciation	$ (321)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2116 Sherman TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 209
Buildings and Improvements	3,492
Costs Capitalized Subsequent to Acquisition	75
Gross Amount at Which Carried As of Year End
Land	209
Buildings and Improvements	3,567
Total	3,776
Accumulated Depreciation	$ (372)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1954 Sugar Land TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 30,738
Initial Cost to Company
Land	3,420
Buildings and Improvements	36,846
Costs Capitalized Subsequent to Acquisition	3,920
Gross Amount at Which Carried As of Year End
Land	3,420
Buildings and Improvements	40,096
Total	43,516
Accumulated Depreciation	$ (7,325)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2510 Temple TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,310
Buildings and Improvements	53,749
Costs Capitalized Subsequent to Acquisition	452
Gross Amount at Which Carried As of Year End
Land	2,310
Buildings and Improvements	54,201
Total	56,511
Accumulated Depreciation	$ (975)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1103 The Woodlands TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 802
Buildings and Improvements	17,358
Costs Capitalized Subsequent to Acquisition	228
Gross Amount at Which Carried As of Year End
Land	869
Buildings and Improvements	17,071
Total	17,940
Accumulated Depreciation	$ (4,051)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2400 Victoria TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,032
Buildings and Improvements	7,743
Costs Capitalized Subsequent to Acquisition	4
Gross Amount at Which Carried As of Year End
Land	1,032
Buildings and Improvements	7,747
Total	8,779
Accumulated Depreciation	$ (37)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
195 Victoria TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 12,149
Initial Cost to Company
Land	175
Buildings and Improvements	4,290
Costs Capitalized Subsequent to Acquisition	3,101
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	7,018
Total	7,193
Accumulated Depreciation	$ (2,352)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
847 Waxahachie TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 390
Buildings and Improvements	3,879
Gross Amount at Which Carried As of Year End
Land	390
Buildings and Improvements	3,659
Total	4,049
Accumulated Depreciation	$ (877)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1953 Webster TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 29,369
Initial Cost to Company
Land	4,780
Buildings and Improvements	30,854
Costs Capitalized Subsequent to Acquisition	3,466
Gross Amount at Which Carried As of Year End
Land	4,780
Buildings and Improvements	33,661
Total	38,441
Accumulated Depreciation	$ (6,292)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2534 Wichita Falls TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 690
Buildings and Improvements	2,439
Costs Capitalized Subsequent to Acquisition	522
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	2,961
Total	3,651
Accumulated Depreciation	$ (86)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2069 Cedar City UT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 437
Buildings and Improvements	8,706
Costs Capitalized Subsequent to Acquisition	744
Gross Amount at Which Carried As of Year End
Land	437
Buildings and Improvements	9,450
Total	9,887
Accumulated Depreciation	$ (802)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2368 Salt Lake City UT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,621
Buildings and Improvements	22,072
Costs Capitalized Subsequent to Acquisition	1,266
Gross Amount at Which Carried As of Year End
Land	2,654
Buildings and Improvements	22,350
Total	25,004
Accumulated Depreciation	$ (5,068)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2386 St. George UT | Senior housing | Operating segment
Initial Cost to Company
Land	$ 683
Buildings and Improvements	9,436
Costs Capitalized Subsequent to Acquisition	776
Gross Amount at Which Carried As of Year End
Land	683
Buildings and Improvements	10,212
Total	10,895
Accumulated Depreciation	$ (890)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1244 Arlington VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,833
Buildings and Improvements	7,076
Costs Capitalized Subsequent to Acquisition	330
Gross Amount at Which Carried As of Year End
Land	3,833
Buildings and Improvements	7,170
Total	11,003
Accumulated Depreciation	$ (1,719)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1245 Arlington VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 7,278
Buildings and Improvements	37,407
Costs Capitalized Subsequent to Acquisition	513
Gross Amount at Which Carried As of Year End
Land	7,278
Buildings and Improvements	37,035
Total	44,313
Accumulated Depreciation	$ (8,739)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2360 Arlington VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,320
Buildings and Improvements	19,567
Costs Capitalized Subsequent to Acquisition	1,505
Gross Amount at Which Carried As of Year End
Land	4,320
Buildings and Improvements	20,494
Total	24,814
Accumulated Depreciation	$ (4,811)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
881 Chesapeake VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,090
Buildings and Improvements	12,444
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	11,944
Total	13,034
Accumulated Depreciation	$ (2,712)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1247 Falls Church VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,228
Buildings and Improvements	8,887
Costs Capitalized Subsequent to Acquisition	529
Gross Amount at Which Carried As of Year End
Land	2,228
Buildings and Improvements	9,201
Total	11,429
Accumulated Depreciation	$ (2,195)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1164 Fort Belvoir VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 11,594
Buildings and Improvements	99,528
Costs Capitalized Subsequent to Acquisition	8,125
Gross Amount at Which Carried As of Year End
Land	11,594
Buildings and Improvements	105,655
Total	117,249
Accumulated Depreciation	$ (25,636)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1250 Leesburg VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 607
Buildings and Improvements	3,236
Costs Capitalized Subsequent to Acquisition	125
Gross Amount at Which Carried As of Year End
Land	607
Buildings and Improvements	3,216
Total	3,823
Accumulated Depreciation	$ (2,703)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2361 Richmond VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,110
Buildings and Improvements	11,469
Costs Capitalized Subsequent to Acquisition	1,956
Gross Amount at Which Carried As of Year End
Land	2,110
Buildings and Improvements	12,999
Total	15,109
Accumulated Depreciation	$ (2,768)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2514 Richmond VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,015
Buildings and Improvements	54,373
Costs Capitalized Subsequent to Acquisition	141
Gross Amount at Which Carried As of Year End
Land	3,015
Buildings and Improvements	54,513
Total	57,528
Accumulated Depreciation	$ (961)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1246 Sterling VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,360
Buildings and Improvements	22,932
Costs Capitalized Subsequent to Acquisition	640
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	23,060
Total	25,420
Accumulated Depreciation	$ (5,528)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2077 Sterling VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,046
Buildings and Improvements	15,788
Costs Capitalized Subsequent to Acquisition	160
Gross Amount at Which Carried As of Year End
Land	1,046
Buildings and Improvements	15,948
Total	16,994
Accumulated Depreciation	$ (1,301)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
225 Woodbridge VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 950
Buildings and Improvements	6,983
Costs Capitalized Subsequent to Acquisition	1,122
Gross Amount at Which Carried As of Year End
Land	950
Buildings and Improvements	8,104
Total	9,054
Accumulated Depreciation	$ (2,742)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1173 Bellevue WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,734
Buildings and Improvements	16,171
Costs Capitalized Subsequent to Acquisition	323
Gross Amount at Which Carried As of Year End
Land	3,737
Buildings and Improvements	15,926
Total	19,663
Accumulated Depreciation	$ (3,733)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2095 College Place WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 758
Buildings and Improvements	8,051
Costs Capitalized Subsequent to Acquisition	90
Gross Amount at Which Carried As of Year End
Land	758
Buildings and Improvements	8,141
Total	8,899
Accumulated Depreciation	$ (816)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1240 Edmonds WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,418
Buildings and Improvements	16,502
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried As of Year End
Land	1,418
Buildings and Improvements	16,121
Total	17,539
Accumulated Depreciation	$ (3,753)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2160 Kenmore WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,284
Buildings and Improvements	16,641
Costs Capitalized Subsequent to Acquisition	75
Gross Amount at Which Carried As of Year End
Land	3,284
Buildings and Improvements	16,716
Total	20,000
Accumulated Depreciation	$ (1,402)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
797 Kirkland WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,000
Buildings and Improvements	13,403
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	13,043
Total	14,043
Accumulated Depreciation	$ (3,397)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1251 Mercer Island WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,209
Buildings and Improvements	8,123
Costs Capitalized Subsequent to Acquisition	468
Gross Amount at Which Carried As of Year End
Land	4,209
Buildings and Improvements	8,386
Total	12,595
Accumulated Depreciation	$ (2,124)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2141 Moses Lake WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 429
Buildings and Improvements	4,417
Costs Capitalized Subsequent to Acquisition	80
Gross Amount at Which Carried As of Year End
Land	429
Buildings and Improvements	4,497
Total	4,926
Accumulated Depreciation	$ (609)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2096 Poulsbo WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,801
Buildings and Improvements	18,068
Costs Capitalized Subsequent to Acquisition	136
Gross Amount at Which Carried As of Year End
Land	1,801
Buildings and Improvements	18,204
Total	20,005
Accumulated Depreciation	$ (1,644)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2102 Richland WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 249
Buildings and Improvements	5,067
Costs Capitalized Subsequent to Acquisition	89
Gross Amount at Which Carried As of Year End
Land	249
Buildings and Improvements	5,156
Total	5,405
Accumulated Depreciation	$ (446)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
794 Shoreline WA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 8,512
Initial Cost to Company
Land	1,590
Buildings and Improvements	10,671
Gross Amount at Which Carried As of Year End
Land	1,590
Buildings and Improvements	10,261
Total	11,851
Accumulated Depreciation	$ (2,672)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
795 Shoreline WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,030
Buildings and Improvements	26,421
Gross Amount at Which Carried As of Year End
Land	4,030
Buildings and Improvements	25,651
Total	29,681
Accumulated Depreciation	$ (6,610)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2097 Spokane WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 903
Buildings and Improvements	5,363
Costs Capitalized Subsequent to Acquisition	71
Gross Amount at Which Carried As of Year End
Land	903
Buildings and Improvements	5,434
Total	6,337
Accumulated Depreciation	$ (638)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2061 Vancouver WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 513
Buildings and Improvements	4,556
Costs Capitalized Subsequent to Acquisition	98
Gross Amount at Which Carried As of Year End
Land	513
Buildings and Improvements	4,654
Total	5,167
Accumulated Depreciation	$ (515)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2062 Vancouver WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,498
Buildings and Improvements	9,997
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried As of Year End
Land	1,498
Buildings and Improvements	10,088
Total	11,586
Accumulated Depreciation	$ (879)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2052 Yakima WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 557
Buildings and Improvements	5,897
Costs Capitalized Subsequent to Acquisition	31
Gross Amount at Which Carried As of Year End
Land	557
Buildings and Improvements	5,928
Total	6,485
Accumulated Depreciation	$ (551)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2078 Yakima WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 353
Buildings and Improvements	5,668
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	5,679
Total	6,032
Accumulated Depreciation	$ (475)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2114 Yakima WA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 721
Buildings and Improvements	8,872
Costs Capitalized Subsequent to Acquisition	1,203
Gross Amount at Which Carried As of Year End
Land	721
Buildings and Improvements	10,075
Total	10,796
Accumulated Depreciation	$ (953)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2382 Appleton WI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 182
Buildings and Improvements	12,581
Costs Capitalized Subsequent to Acquisition	159
Gross Amount at Which Carried As of Year End
Land	182
Buildings and Improvements	12,740
Total	12,922
Accumulated Depreciation	$ (1,085)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2170 Madison WI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 834
Buildings and Improvements	10,050
Costs Capitalized Subsequent to Acquisition	234
Gross Amount at Which Carried As of Year End
Land	834
Buildings and Improvements	10,284
Total	11,118
Accumulated Depreciation	$ (996)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2398 Stevens Point WI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 801
Buildings and Improvements	16,687
Costs Capitalized Subsequent to Acquisition	112
Gross Amount at Which Carried As of Year End
Land	801
Buildings and Improvements	16,799
Total	17,600
Accumulated Depreciation	$ (1,229)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2117 Bridgeport WV | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,174
Buildings and Improvements	15,437
Costs Capitalized Subsequent to Acquisition	208
Gross Amount at Which Carried As of Year End
Land	3,174
Buildings and Improvements	15,645
Total	18,819
Accumulated Depreciation	$ (1,784)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2142 Cody WY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 708
Buildings and Improvements	9,926
Costs Capitalized Subsequent to Acquisition	155
Gross Amount at Which Carried As of Year End
Land	708
Buildings and Improvements	10,081
Total	10,789
Accumulated Depreciation	$ (774)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2148 Sheridan WY | Senior housing | Operating segment
Initial Cost to Company
Land	$ 915
Buildings and Improvements	12,047
Costs Capitalized Subsequent to Acquisition	458
Gross Amount at Which Carried As of Year End
Land	915
Buildings and Improvements	12,505
Total	13,420
Accumulated Depreciation	$ (1,119)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2210 Adlington UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 597
Buildings and Improvements	7,747
Costs Capitalized Subsequent to Acquisition	104
Gross Amount at Which Carried As of Year End
Land	597
Buildings and Improvements	7,851
Total	8,448
Accumulated Depreciation	$ (327)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2211 Adlington UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 619
Buildings and Improvements	4,706
Gross Amount at Which Carried As of Year End
Land	620
Buildings and Improvements	4,706
Total	5,326
Accumulated Depreciation	$ (173)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2216 Alderley Edge UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,364
Buildings and Improvements	9,502
Gross Amount at Which Carried As of Year End
Land	1,364
Buildings and Improvements	9,503
Total	10,867
Accumulated Depreciation	$ (316)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2217 Alderley Edge UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,327
Buildings and Improvements	7,441
Gross Amount at Which Carried As of Year End
Land	1,327
Buildings and Improvements	7,441
Total	8,768
Accumulated Depreciation	$ (260)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2340 Altrincham UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,902
Buildings and Improvements	20,373
Gross Amount at Which Carried As of Year End
Land	1,902
Buildings and Improvements	20,373
Total	22,275
Accumulated Depreciation	$ (229)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2312 Armley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 487
Buildings and Improvements	2,910
Gross Amount at Which Carried As of Year End
Land	487
Buildings and Improvements	2,910
Total	3,397
Accumulated Depreciation	$ (83)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2313 Armley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,091
Buildings and Improvements	3,394
Gross Amount at Which Carried As of Year End
Land	1,091
Buildings and Improvements	3,394
Total	4,485
Accumulated Depreciation	$ (100)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2309 Ashton under Lyne UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 708
Buildings and Improvements	4,912
Gross Amount at Which Carried As of Year End
Land	708
Buildings and Improvements	4,912
Total	5,620
Accumulated Depreciation	$ (140)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2206 Bangor UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 420
Buildings and Improvements	2,249
Gross Amount at Which Carried As of Year End
Land	420
Buildings and Improvements	2,249
Total	2,669
Accumulated Depreciation	$ (102)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2207 Batley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 708
Buildings and Improvements	3,491
Gross Amount at Which Carried As of Year End
Land	707
Buildings and Improvements	3,491
Total	4,198
Accumulated Depreciation	$ (219)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2223 Catterick Garrison UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 870
Buildings and Improvements	1,599
Gross Amount at Which Carried As of Year End
Land	870
Buildings and Improvements	1,598
Total	2,468
Accumulated Depreciation	$ (142)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2226 Christleton UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 575
Buildings and Improvements	5,562
Gross Amount at Which Carried As of Year End
Land	575
Buildings and Improvements	5,561
Total	6,136
Accumulated Depreciation	$ (161)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2221 Disley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 376
Buildings and Improvements	1,766
Gross Amount at Which Carried As of Year End
Land	376
Buildings and Improvements	1,766
Total	2,142
Accumulated Depreciation	$ (84)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2227 Disley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 752
Buildings and Improvements	4,320
Gross Amount at Which Carried As of Year End
Land	752
Buildings and Improvements	4,319
Total	5,071
Accumulated Depreciation	$ (128)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2306 Dukinfield UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 826
Buildings and Improvements	4,418
Gross Amount at Which Carried As of Year End
Land	826
Buildings and Improvements	4,418
Total	5,244
Accumulated Depreciation	$ (123)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2316 Dukunfield UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 428
Buildings and Improvements	2,715
Gross Amount at Which Carried As of Year End
Land	428
Buildings and Improvements	2,715
Total	3,143
Accumulated Depreciation	$ (70)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2317 Dukinfield UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 575
Buildings and Improvements	3,064
Gross Amount at Which Carried As of Year End
Land	575
Buildings and Improvements	3,064
Total	3,639
Accumulated Depreciation	$ (92)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2303 Eckington UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 546
Buildings and Improvements	1,785
Gross Amount at Which Carried As of Year End
Land	546
Buildings and Improvements	1,785
Total	2,331
Accumulated Depreciation	$ (63)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2208 Elstead UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 973
Buildings and Improvements	3,336
Gross Amount at Which Carried As of Year End
Land	973
Buildings and Improvements	3,336
Total	4,309
Accumulated Depreciation	$ (167)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2214 Gilroyd UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,088
Buildings and Improvements	1,843
Gross Amount at Which Carried As of Year End
Land	1,088
Buildings and Improvements	1,842
Total	2,930
Accumulated Depreciation	$ (155)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2213 Ilkley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,040
Buildings and Improvements	2,744
Gross Amount at Which Carried As of Year End
Land	1,039
Buildings and Improvements	2,745
Total	3,784
Accumulated Depreciation	$ (194)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2209 Kingswood UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,136
Buildings and Improvements	4,233
Gross Amount at Which Carried As of Year End
Land	1,136
Buildings and Improvements	4,232
Total	5,368
Accumulated Depreciation	$ (195)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2212 Kirk Hammerton UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 478
Buildings and Improvements	611
Gross Amount at Which Carried As of Year End
Land	478
Buildings and Improvements	611
Total	1,089
Accumulated Depreciation	$ (63)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2304 Knotty Ash UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 708
Buildings and Improvements	2,479
Gross Amount at Which Carried As of Year End
Land	708
Buildings and Improvements	2,479
Total	3,187
Accumulated Depreciation	$ (80)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2310 Kirkby UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 619
Buildings and Improvements	2,956
Gross Amount at Which Carried As of Year End
Land	619
Buildings and Improvements	2,956
Total	3,575
Accumulated Depreciation	$ (90)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2322 Laindon UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,298
Buildings and Improvements	3,020
Gross Amount at Which Carried As of Year End
Land	1,298
Buildings and Improvements	3,020
Total	4,318
Accumulated Depreciation	$ (98)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2215 Leeds UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 549
Buildings and Improvements	867
Gross Amount at Which Carried As of Year End
Land	549
Buildings and Improvements	867
Total	1,416
Accumulated Depreciation	$ (95)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2326 Limehouse UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,419
Buildings and Improvements	3,453
Gross Amount at Which Carried As of Year End
Land	2,419
Buildings and Improvements	3,453
Total	5,872
Accumulated Depreciation	$ (120)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2321 Luton UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,165
Buildings and Improvements	3,454
Gross Amount at Which Carried As of Year End
Land	1,165
Buildings and Improvements	3,454
Total	4,619
Accumulated Depreciation	$ (100)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2339 Manchester UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,836
Buildings and Improvements	16,496
Gross Amount at Which Carried As of Year End
Land	1,836
Buildings and Improvements	16,496
Total	18,332
Accumulated Depreciation	$ (189)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2225 Wadebridge UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 324
Buildings and Improvements	6,712
Gross Amount at Which Carried As of Year End
Land	324
Buildings and Improvements	6,712
Total	7,036
Accumulated Depreciation	$ (249)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2305 Prescot UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 693
Buildings and Improvements	2,596
Gross Amount at Which Carried As of Year End
Land	693
Buildings and Improvements	2,596
Total	3,289
Accumulated Depreciation	$ (84)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2219 Ripon UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 206
Buildings and Improvements	987
Gross Amount at Which Carried As of Year End
Land	206
Buildings and Improvements	987
Total	1,193
Accumulated Depreciation	$ (63)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2314 Stalybridge UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 767
Buildings and Improvements	3,932
Gross Amount at Which Carried As of Year End
Land	767
Buildings and Improvements	3,932
Total	4,699
Accumulated Depreciation	$ (113)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2218 Stapeley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,084
Buildings and Improvements	7,074
Gross Amount at Which Carried As of Year End
Land	1,084
Buildings and Improvements	7,074
Total	8,158
Accumulated Depreciation	$ (273)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2224 Stockton-on-Tees UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 319
Buildings and Improvements	2,273
Gross Amount at Which Carried As of Year End
Land	319
Buildings and Improvements	2,273
Total	2,592
Accumulated Depreciation	$ (116)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2220 Thornton-Clevele UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 995
Buildings and Improvements	4,977
Gross Amount at Which Carried As of Year End
Land	995
Buildings and Improvements	4,977
Total	5,972
Accumulated Depreciation	$ (232)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2228 Upper Wortley UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 495
Buildings and Improvements	3,668
Gross Amount at Which Carried As of Year End
Land	496
Buildings and Improvements	3,669
Total	4,165
Accumulated Depreciation	$ (134)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2311 Wigan UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 782
Buildings and Improvements	2,899
Gross Amount at Which Carried As of Year End
Land	782
Buildings and Improvements	2,899
Total	3,681
Accumulated Depreciation	$ (109)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2222 Woolmer Green UK | Senior housing | Operating segment
Initial Cost to Company
Land	$ 907
Buildings and Improvements	6,606
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	6,606
Total	7,513
Accumulated Depreciation	$ (278)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2 Fort Collins CO | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 499
Buildings and Improvements	1,913
Costs Capitalized Subsequent to Acquisition	1,454
Gross Amount at Which Carried As of Year End
Land	499
Buildings and Improvements	3,114
Total	3,613
Accumulated Depreciation	$ (3,114)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
18 Morrison CO | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,429
Buildings and Improvements	5,464
Costs Capitalized Subsequent to Acquisition	4,019
Gross Amount at Which Carried As of Year End
Land	1,429
Buildings and Improvements	8,758
Total	10,187
Accumulated Depreciation	$ (8,638)
Life on Which Depreciation in Latest Income Statement is Computed	24 years
280 Statesboro GA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 168
Buildings and Improvements	1,507
Gross Amount at Which Carried As of Year End
Land	168
Buildings and Improvements	1,507
Total	1,675
Accumulated Depreciation	$ (962)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
297 Rexburg ID | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 200
Buildings and Improvements	5,310
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	5,057
Total	5,257
Accumulated Depreciation	$ (2,528)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
378 Anderson IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 500
Buildings and Improvements	4,724
Costs Capitalized Subsequent to Acquisition	10,341
Gross Amount at Which Carried As of Year End
Land	1,166
Buildings and Improvements	13,998
Total	15,164
Accumulated Depreciation	$ (3,077)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
384 Angola IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 130
Buildings and Improvements	2,900
Costs Capitalized Subsequent to Acquisition	2,791
Gross Amount at Which Carried As of Year End
Land	130
Buildings and Improvements	5,691
Total	5,821
Accumulated Depreciation	$ (1,730)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
385 Fort Wayne IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 200
Buildings and Improvements	4,150
Costs Capitalized Subsequent to Acquisition	2,667
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	6,817
Total	7,017
Accumulated Depreciation	$ (2,484)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
386 Fort Wayne IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 140
Buildings and Improvements	3,760
Gross Amount at Which Carried As of Year End
Land	140
Buildings and Improvements	3,760
Total	3,900
Accumulated Depreciation	$ (1,737)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
387 Huntington IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 30
Buildings and Improvements	2,970
Costs Capitalized Subsequent to Acquisition	338
Gross Amount at Which Carried As of Year End
Land	30
Buildings and Improvements	3,308
Total	3,338
Accumulated Depreciation	$ (1,439)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
373 Kokomo IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 480
Buildings and Improvements	4,622
Costs Capitalized Subsequent to Acquisition	4,663
Gross Amount at Which Carried As of Year End
Land	480
Buildings and Improvements	9,022
Total	9,502
Accumulated Depreciation	$ (1,884)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
454 New Albany 454 IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 230
Buildings and Improvements	6,595
Gross Amount at Which Carried As of Year End
Land	230
Buildings and Improvements	6,595
Total	6,825
Accumulated Depreciation	$ (2,779)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
484 Tell City IN | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 95
Buildings and Improvements	6,210
Costs Capitalized Subsequent to Acquisition	1,299
Gross Amount at Which Carried As of Year End
Land	95
Buildings and Improvements	7,509
Total	7,604
Accumulated Depreciation	$ (2,308)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
688 Cynthiana KY | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 192
Buildings and Improvements	4,875
Gross Amount at Which Carried As of Year End
Land	192
Buildings and Improvements	4,875
Total	5,067
Accumulated Depreciation	$ (1,327)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
298 Franklin LA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 405
Buildings and Improvements	3,424
Gross Amount at Which Carried As of Year End
Land	405
Buildings and Improvements	3,424
Total	3,829
Accumulated Depreciation	$ (2,153)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
299 Morgan City LA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 203
Buildings and Improvements	2,050
Gross Amount at Which Carried As of Year End
Land	203
Buildings and Improvements	2,050
Total	2,253
Accumulated Depreciation	$ (1,289)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
388 Las Vegas NV | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,300
Buildings and Improvements	3,950
Costs Capitalized Subsequent to Acquisition	5,124
Gross Amount at Which Carried As of Year End
Land	1,300
Buildings and Improvements	9,074
Total	10,374
Accumulated Depreciation	$ (2,462)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
389 Las Vegas NV | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,300
Buildings and Improvements	5,800
Gross Amount at Which Carried As of Year End
Land	1,300
Buildings and Improvements	5,800
Total	7,100
Accumulated Depreciation	$ (2,679)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
390 Fairborn OH | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 250
Buildings and Improvements	4,850
Gross Amount at Which Carried As of Year End
Land	250
Buildings and Improvements	4,850
Total	5,100
Accumulated Depreciation	$ (2,240)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
391 Georgetown OH | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 130
Buildings and Improvements	4,970
Gross Amount at Which Carried As of Year End
Land	130
Buildings and Improvements	4,970
Total	5,100
Accumulated Depreciation	$ (2,296)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
392 Port Clinton OH | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 370
Buildings and Improvements	3,630
Gross Amount at Which Carried As of Year End
Land	370
Buildings and Improvements	3,630
Total	4,000
Accumulated Depreciation	$ (1,677)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
393 Springfield OH | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 213
Buildings and Improvements	3,950
Costs Capitalized Subsequent to Acquisition	2,113
Gross Amount at Which Carried As of Year End
Land	213
Buildings and Improvements	6,063
Total	6,276
Accumulated Depreciation	$ (2,194)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
394 Toledo OH | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 120
Buildings and Improvements	5,130
Gross Amount at Which Carried As of Year End
Land	120
Buildings and Improvements	5,130
Total	5,250
Accumulated Depreciation	$ (2,370)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
395 Versailles OH | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 120
Buildings and Improvements	4,980
Gross Amount at Which Carried As of Year End
Land	120
Buildings and Improvements	4,980
Total	5,100
Accumulated Depreciation	$ (2,300)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
285 Fort Worth TX | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 243
Buildings and Improvements	2,036
Costs Capitalized Subsequent to Acquisition	269
Gross Amount at Which Carried As of Year End
Land	243
Buildings and Improvements	2,305
Total	2,548
Accumulated Depreciation	$ (1,464)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
296 Ogden UT | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 250
Buildings and Improvements	4,685
Gross Amount at Which Carried As of Year End
Land	250
Buildings and Improvements	4,432
Total	4,682
Accumulated Depreciation	$ (2,194)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
681 Fishersville VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 751
Buildings and Improvements	7,734
Gross Amount at Which Carried As of Year End
Land	751
Buildings and Improvements	7,220
Total	7,971
Accumulated Depreciation	$ (2,111)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
682 Floyd VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 309
Buildings and Improvements	2,263
Gross Amount at Which Carried As of Year End
Land	309
Buildings and Improvements	1,893
Total	2,202
Accumulated Depreciation	$ (881)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
689 Independence VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 206
Buildings and Improvements	8,366
Gross Amount at Which Carried As of Year End
Land	206
Buildings and Improvements	7,810
Total	8,016
Accumulated Depreciation	$ (2,262)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
683 Newport News VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 535
Buildings and Improvements	6,192
Gross Amount at Which Carried As of Year End
Land	535
Buildings and Improvements	5,719
Total	6,254
Accumulated Depreciation	$ (1,672)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
684 Roanoke VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 586
Buildings and Improvements	7,159
Gross Amount at Which Carried As of Year End
Land	586
Buildings and Improvements	6,696
Total	7,282
Accumulated Depreciation	$ (1,957)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
685 Staunton VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 422
Buildings and Improvements	8,681
Gross Amount at Which Carried As of Year End
Land	422
Buildings and Improvements	8,136
Total	8,558
Accumulated Depreciation	$ (2,376)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
686 Williamsburg VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 699
Buildings and Improvements	4,886
Gross Amount at Which Carried As of Year End
Land	699
Buildings and Improvements	4,464
Total	5,163
Accumulated Depreciation	$ (1,306)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
690 Windsor VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 319
Buildings and Improvements	7,543
Gross Amount at Which Carried As of Year End
Land	319
Buildings and Improvements	7,018
Total	7,337
Accumulated Depreciation	$ (2,032)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
687 Woodstock VA | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 603
Buildings and Improvements	5,394
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried As of Year End
Land	607
Buildings and Improvements	4,987
Total	5,594
Accumulated Depreciation	$ (1,459)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2335 Cardiff UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,563
Buildings and Improvements	5,272
Gross Amount at Which Carried As of Year End
Land	1,563
Buildings and Improvements	5,272
Total	6,835
Accumulated Depreciation	$ (157)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2327 Croydon UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,740
Buildings and Improvements	2,718
Gross Amount at Which Carried As of Year End
Land	1,740
Buildings and Improvements	2,718
Total	4,458
Accumulated Depreciation	$ (87)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2336 Birmingham UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 737
Buildings and Improvements	2,671
Gross Amount at Which Carried As of Year End
Land	737
Buildings and Improvements	2,671
Total	3,408
Accumulated Depreciation	$ (93)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2320 Bishopbriggs UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 988
Buildings and Improvements	4,540
Gross Amount at Which Carried As of Year End
Land	988
Buildings and Improvements	4,540
Total	5,528
Accumulated Depreciation	$ (134)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2323 Bonnyrigg UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,032
Buildings and Improvements	6,799
Gross Amount at Which Carried As of Year End
Land	1,032
Buildings and Improvements	6,799
Total	7,831
Accumulated Depreciation	$ (191)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2318 Dumbarton UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,003
Buildings and Improvements	4,169
Gross Amount at Which Carried As of Year End
Land	1,003
Buildings and Improvements	4,169
Total	5,172
Accumulated Depreciation	$ (128)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2333 Edinburgh UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 4,940
Buildings and Improvements	26,304
Gross Amount at Which Carried As of Year End
Land	4,940
Buildings and Improvements	26,304
Total	31,244
Accumulated Depreciation	$ (669)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2328 Forfar UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 929
Buildings and Improvements	6,757
Gross Amount at Which Carried As of Year End
Land	929
Buildings and Improvements	6,757
Total	7,686
Accumulated Depreciation	$ (183)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2330 Glasgow UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 2,020
Buildings and Improvements	7,243
Gross Amount at Which Carried As of Year End
Land	2,020
Buildings and Improvements	7,243
Total	9,263
Accumulated Depreciation	$ (224)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2307 Hyde UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,519
Buildings and Improvements	5,607
Gross Amount at Which Carried As of Year End
Land	1,519
Buildings and Improvements	5,607
Total	7,126
Accumulated Depreciation	$ (173)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2324 Lewisham UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 2,094
Buildings and Improvements	7,752
Gross Amount at Which Carried As of Year End
Land	2,094
Buildings and Improvements	7,752
Total	9,846
Accumulated Depreciation	$ (215)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2332 Linlithgow UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,578
Buildings and Improvements	8,102
Gross Amount at Which Carried As of Year End
Land	1,578
Buildings and Improvements	8,102
Total	9,680
Accumulated Depreciation	$ (222)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2331 Paisley UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,342
Buildings and Improvements	4,354
Gross Amount at Which Carried As of Year End
Land	1,342
Buildings and Improvements	4,354
Total	5,696
Accumulated Depreciation	$ (131)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2308 Prescot UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 590
Buildings and Improvements	2,108
Gross Amount at Which Carried As of Year End
Land	590
Buildings and Improvements	2,108
Total	2,698
Accumulated Depreciation	$ (74)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2319 Sheffield UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 811
Buildings and Improvements	2,948
Gross Amount at Which Carried As of Year End
Land	811
Buildings and Improvements	2,948
Total	3,759
Accumulated Depreciation	$ (90)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2315 Stalybridge UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 605
Buildings and Improvements	2,056
Gross Amount at Which Carried As of Year End
Land	605
Buildings and Improvements	2,056
Total	2,661
Accumulated Depreciation	$ (63)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2325 Stirling UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 988
Buildings and Improvements	5,372
Gross Amount at Which Carried As of Year End
Land	988
Buildings and Improvements	5,372
Total	6,360
Accumulated Depreciation	$ (145)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2329 Stirling UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 1,209
Buildings and Improvements	4,405
Gross Amount at Which Carried As of Year End
Land	1,209
Buildings and Improvements	4,405
Total	5,614
Accumulated Depreciation	$ (137)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2337 Wigan UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 590
Buildings and Improvements	1,983
Gross Amount at Which Carried As of Year End
Land	590
Buildings and Improvements	1,983
Total	2,573
Accumulated Depreciation	$ (72)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2338 Wigan UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 516
Buildings and Improvements	4,129
Gross Amount at Which Carried As of Year End
Land	516
Buildings and Improvements	4,129
Total	4,645
Accumulated Depreciation	$ (117)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2334 Wotton under Edge UK | Post-acute/skilled | Operating segment
Initial Cost to Company
Land	$ 693
Buildings and Improvements	2,714
Gross Amount at Which Carried As of Year End
Land	693
Buildings and Improvements	2,714
Total	3,407
Accumulated Depreciation	$ (96)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1482 Brisbane CA | Life science | Operating segment
Initial Cost to Company
Land	$ 50,989
Buildings and Improvements	1,789
Costs Capitalized Subsequent to Acquisition	39,456
Gross Amount at Which Carried As of Year End
Land	50,989
Buildings and Improvements	41,242
Total	92,231
1522 Carlsbad CA | Life science | Operating segment
Initial Cost to Company
Land	23,475
Costs Capitalized Subsequent to Acquisition	2,826
Gross Amount at Which Carried As of Year End
Land	23,475
Buildings and Improvements	2,826
Total	26,301
1401 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	900
Buildings and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	915
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	8,015
Total	8,915
Accumulated Depreciation	$ (2,012)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1402 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,500
Buildings and Improvements	6,400
Costs Capitalized Subsequent to Acquisition	3,682
Gross Amount at Which Carried As of Year End
Land	1,719
Buildings and Improvements	9,863
Total	11,582
Accumulated Depreciation	$ (3,076)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1403 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,900
Buildings and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	1,358
Gross Amount at Which Carried As of Year End
Land	1,900
Buildings and Improvements	8,205
Total	10,105
Accumulated Depreciation	$ (1,662)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1404 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,200
Buildings and Improvements	17,200
Costs Capitalized Subsequent to Acquisition	12
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	17,212
Total	19,412
Accumulated Depreciation	$ (3,623)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1405 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,000
Buildings and Improvements	3,200
Costs Capitalized Subsequent to Acquisition	7,478
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	10,678
Total	11,678
Accumulated Depreciation	$ (4,697)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1549 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,006
Buildings and Improvements	4,259
Costs Capitalized Subsequent to Acquisition	2,744
Gross Amount at Which Carried As of Year End
Land	1,055
Buildings and Improvements	6,835
Total	7,890
Accumulated Depreciation	$ (2,489)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1550 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 677
Buildings and Improvements	2,761
Costs Capitalized Subsequent to Acquisition	5,570
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	8,243
Total	8,953
Accumulated Depreciation	$ (3,535)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1551 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 661
Buildings and Improvements	1,995
Costs Capitalized Subsequent to Acquisition	4,258
Gross Amount at Which Carried As of Year End
Land	693
Buildings and Improvements	6,221
Total	6,914
Accumulated Depreciation	$ (2,310)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1552 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,187
Buildings and Improvements	7,139
Costs Capitalized Subsequent to Acquisition	1,346
Gross Amount at Which Carried As of Year End
Land	1,222
Buildings and Improvements	8,148
Total	9,370
Accumulated Depreciation	$ (2,446)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1553 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,189
Buildings and Improvements	9,465
Costs Capitalized Subsequent to Acquisition	3,982
Gross Amount at Which Carried As of Year End
Land	1,225
Buildings and Improvements	13,411
Total	14,636
Accumulated Depreciation	$ (3,174)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1554 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,246
Buildings and Improvements	5,179
Costs Capitalized Subsequent to Acquisition	1,867
Gross Amount at Which Carried As of Year End
Land	1,283
Buildings and Improvements	6,525
Total	7,808
Accumulated Depreciation	$ (2,475)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1555 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,521
Buildings and Improvements	13,546
Costs Capitalized Subsequent to Acquisition	5,913
Gross Amount at Which Carried As of Year End
Land	1,566
Buildings and Improvements	19,414
Total	20,980
Accumulated Depreciation	$ (4,950)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1556 Hayward CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,212
Buildings and Improvements	5,120
Costs Capitalized Subsequent to Acquisition	3,049
Gross Amount at Which Carried As of Year End
Land	1,249
Buildings and Improvements	7,795
Total	9,044
Accumulated Depreciation	$ (3,466)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
1424 La Jolla CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,600
Buildings and Improvements	25,283
Costs Capitalized Subsequent to Acquisition	7,356
Gross Amount at Which Carried As of Year End
Land	9,719
Buildings and Improvements	30,596
Total	40,315
Accumulated Depreciation	$ (6,370)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1425 La Jolla CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,200
Buildings and Improvements	19,883
Costs Capitalized Subsequent to Acquisition	125
Gross Amount at Which Carried As of Year End
Land	6,276
Buildings and Improvements	19,931
Total	26,207
Accumulated Depreciation	$ (4,247)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1426 La Jolla CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,200
Buildings and Improvements	12,412
Costs Capitalized Subsequent to Acquisition	4,784
Gross Amount at Which Carried As of Year End
Land	7,291
Buildings and Improvements	17,105
Total	24,396
Accumulated Depreciation	$ (6,555)
Life on Which Depreciation in Latest Income Statement is Computed	27 years
1427 La Jolla CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,700
Buildings and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	4,342
Gross Amount at Which Carried As of Year End
Land	8,746
Buildings and Improvements	20,795
Total	29,541
Accumulated Depreciation	$ (5,513)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1949 La Jolla CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,686
Buildings and Improvements	11,045
Costs Capitalized Subsequent to Acquisition	608
Gross Amount at Which Carried As of Year End
Land	2,686
Buildings and Improvements	11,323
Total	14,009
Accumulated Depreciation	$ (1,889)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2229 La Jolla CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,753
Buildings and Improvements	32,528
Costs Capitalized Subsequent to Acquisition	2,614
Gross Amount at Which Carried As of Year End
Land	8,753
Buildings and Improvements	35,143
Total	43,896
Accumulated Depreciation	$ (1,451)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1488 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,300
Buildings and Improvements	25,410
Costs Capitalized Subsequent to Acquisition	1,901
Gross Amount at Which Carried As of Year End
Land	7,567
Buildings and Improvements	27,044
Total	34,611
Accumulated Depreciation	$ (5,975)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1489 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,500
Buildings and Improvements	22,800
Costs Capitalized Subsequent to Acquisition	1,866
Gross Amount at Which Carried As of Year End
Land	6,500
Buildings and Improvements	24,666
Total	31,166
Accumulated Depreciation	$ (5,501)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1490 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 4,800
Buildings and Improvements	9,500
Costs Capitalized Subsequent to Acquisition	442
Gross Amount at Which Carried As of Year End
Land	4,800
Buildings and Improvements	9,942
Total	14,742
Accumulated Depreciation	$ (2,207)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1491 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 4,200
Buildings and Improvements	8,400
Costs Capitalized Subsequent to Acquisition	1,249
Gross Amount at Which Carried As of Year End
Land	4,209
Buildings and Improvements	8,998
Total	13,207
Accumulated Depreciation	$ (1,951)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1492 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,600
Buildings and Improvements	9,700
Costs Capitalized Subsequent to Acquisition	730
Gross Amount at Which Carried As of Year End
Land	3,600
Buildings and Improvements	9,703
Total	13,303
Accumulated Depreciation	$ (2,042)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1493 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,500
Buildings and Improvements	16,300
Costs Capitalized Subsequent to Acquisition	1,904
Gross Amount at Which Carried As of Year End
Land	7,500
Buildings and Improvements	17,603
Total	25,103
Accumulated Depreciation	$ (3,891)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1494 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,800
Buildings and Improvements	24,000
Costs Capitalized Subsequent to Acquisition	203
Gross Amount at Which Carried As of Year End
Land	9,800
Buildings and Improvements	24,203
Total	34,003
Accumulated Depreciation	$ (5,136)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1495 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,900
Buildings and Improvements	17,800
Costs Capitalized Subsequent to Acquisition	3,245
Gross Amount at Which Carried As of Year End
Land	6,900
Buildings and Improvements	21,045
Total	27,945
Accumulated Depreciation	$ (4,793)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1496 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,000
Buildings and Improvements	17,000
Costs Capitalized Subsequent to Acquisition	6,364
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	23,364
Total	30,364
Accumulated Depreciation	$ (9,132)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1497 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 14,100
Buildings and Improvements	31,002
Costs Capitalized Subsequent to Acquisition	10,111
Gross Amount at Which Carried As of Year End
Land	14,100
Buildings and Improvements	41,113
Total	55,213
Accumulated Depreciation	$ (15,042)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1498 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,100
Buildings and Improvements	25,800
Costs Capitalized Subsequent to Acquisition	8,101
Gross Amount at Which Carried As of Year End
Land	7,100
Buildings and Improvements	33,901
Total	41,001
Accumulated Depreciation	$ (11,688)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2017 Mountain View CA | Life science | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 20,350
Costs Capitalized Subsequent to Acquisition	1,007
Gross Amount at Which Carried As of Year End
Buildings and Improvements	21,255
Total	21,255
Accumulated Depreciation	$ (2,262)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1470 Poway CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,826
Buildings and Improvements	12,200
Costs Capitalized Subsequent to Acquisition	6,046
Gross Amount at Which Carried As of Year End
Land	5,826
Buildings and Improvements	18,246
Total	24,072
Accumulated Depreciation	$ (7,570)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1471 Poway CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,978
Buildings and Improvements	14,200
Costs Capitalized Subsequent to Acquisition	4,253
Gross Amount at Which Carried As of Year End
Land	5,978
Buildings and Improvements	18,453
Total	24,431
Accumulated Depreciation	$ (6,304)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1472 Poway CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,654
Costs Capitalized Subsequent to Acquisition	11,934
Gross Amount at Which Carried As of Year End
Land	8,654
Buildings and Improvements	11,934
Total	20,588
Accumulated Depreciation	$ (474)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1473 Poway, CA | Life science | Operating segment
Initial Cost to Company
Land	$ 17,146
Buildings and Improvements	2,405
Costs Capitalized Subsequent to Acquisition	2,236
Gross Amount at Which Carried As of Year End
Land	17,146
Buildings and Improvements	4,641
Total	21,787
1477 Poway CA | Life science | Operating segment
Initial Cost to Company
Land	29,943
Buildings and Improvements	2,475
Costs Capitalized Subsequent to Acquisition	17,868
Gross Amount at Which Carried As of Year End
Land	29,943
Buildings and Improvements	20,343
Total	50,286
1478 Poway CA | Life science | Operating segment
Initial Cost to Company
Land	6,700
Buildings and Improvements	14,400
Costs Capitalized Subsequent to Acquisition	6,145
Gross Amount at Which Carried As of Year End
Land	6,700
Buildings and Improvements	14,400
Total	21,100
Accumulated Depreciation	$ (3,030)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1499 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,400
Buildings and Improvements	5,500
Costs Capitalized Subsequent to Acquisition	2,265
Gross Amount at Which Carried As of Year End
Land	3,407
Buildings and Improvements	7,226
Total	10,633
Accumulated Depreciation	$ (1,864)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1500 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,500
Buildings and Improvements	4,100
Costs Capitalized Subsequent to Acquisition	1,220
Gross Amount at Which Carried As of Year End
Land	2,506
Buildings and Improvements	4,563
Total	7,069
Accumulated Depreciation	$ (1,209)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1501 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,600
Buildings and Improvements	4,600
Costs Capitalized Subsequent to Acquisition	860
Gross Amount at Which Carried As of Year End
Land	3,607
Buildings and Improvements	5,453
Total	9,060
Accumulated Depreciation	$ (1,714)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1502 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,100
Buildings and Improvements	5,100
Costs Capitalized Subsequent to Acquisition	843
Gross Amount at Which Carried As of Year End
Land	3,107
Buildings and Improvements	5,690
Total	8,797
Accumulated Depreciation	$ (1,530)
Life on Which Depreciation in Latest Income Statement is Computed	31 years
1503 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 4,800
Buildings and Improvements	17,300
Costs Capitalized Subsequent to Acquisition	3,298
Gross Amount at Which Carried As of Year End
Land	4,818
Buildings and Improvements	20,581
Total	25,399
Accumulated Depreciation	$ (4,790)
Life on Which Depreciation in Latest Income Statement is Computed	31 years
1504 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,400
Buildings and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	949
Gross Amount at Which Carried As of Year End
Land	5,418
Buildings and Improvements	16,431
Total	21,849
Accumulated Depreciation	$ (3,414)
Life on Which Depreciation in Latest Income Statement is Computed	31 years
1505 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,000
Buildings and Improvements	3,500
Costs Capitalized Subsequent to Acquisition	869
Gross Amount at Which Carried As of Year End
Land	3,006
Buildings and Improvements	4,363
Total	7,369
Accumulated Depreciation	$ (1,457)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1506 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,000
Buildings and Improvements	14,300
Costs Capitalized Subsequent to Acquisition	3,871
Gross Amount at Which Carried As of Year End
Land	6,018
Buildings and Improvements	17,545
Total	23,563
Accumulated Depreciation	$ (3,626)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1507 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,900
Buildings and Improvements	12,800
Costs Capitalized Subsequent to Acquisition	13,559
Gross Amount at Which Carried As of Year End
Land	1,912
Buildings and Improvements	26,347
Total	28,259
Accumulated Depreciation	$ (3,737)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
1508 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,700
Buildings and Improvements	11,300
Costs Capitalized Subsequent to Acquisition	12,120
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	23,409
Total	26,121
Accumulated Depreciation	$ (3,503)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
1509 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,700
Buildings and Improvements	10,900
Costs Capitalized Subsequent to Acquisition	9,122
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	19,540
Total	22,252
Accumulated Depreciation	$ (4,606)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1510 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,200
Buildings and Improvements	12,000
Costs Capitalized Subsequent to Acquisition	5,418
Gross Amount at Which Carried As of Year End
Land	2,212
Buildings and Improvements	17,407
Total	19,619
Accumulated Depreciation	$ (5,412)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
1511 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,600
Buildings and Improvements	9,300
Costs Capitalized Subsequent to Acquisition	1,822
Gross Amount at Which Carried As of Year End
Land	2,612
Buildings and Improvements	10,555
Total	13,167
Accumulated Depreciation	$ (2,143)
Life on Which Depreciation in Latest Income Statement is Computed	26 years
1512 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,300
Buildings and Improvements	18,000
Costs Capitalized Subsequent to Acquisition	12,336
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	30,336
Total	33,636
Accumulated Depreciation	$ (4,836)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1513 Redwood City CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,300
Buildings and Improvements	17,900
Costs Capitalized Subsequent to Acquisition	14,629
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	32,529
Total	35,829
Accumulated Depreciation	$ (4,788)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
679 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,872
Buildings and Improvements	34,617
Costs Capitalized Subsequent to Acquisition	18,167
Gross Amount at Which Carried As of Year End
Land	8,272
Buildings and Improvements	51,638
Total	59,910
Accumulated Depreciation	$ (16,156)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
837 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 4,630
Buildings and Improvements	2,029
Costs Capitalized Subsequent to Acquisition	8,967
Gross Amount at Which Carried As of Year End
Land	4,630
Buildings and Improvements	10,996
Total	15,626
Accumulated Depreciation	$ (4,400)
Life on Which Depreciation in Latest Income Statement is Computed	31 years
838 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,040
Buildings and Improvements	902
Costs Capitalized Subsequent to Acquisition	4,975
Gross Amount at Which Carried As of Year End
Land	2,040
Buildings and Improvements	5,878
Total	7,918
Accumulated Depreciation	$ (1,446)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
839 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,940
Buildings and Improvements	3,184
Costs Capitalized Subsequent to Acquisition	4,860
Gross Amount at Which Carried As of Year End
Land	3,951
Buildings and Improvements	4,813
Total	8,764
Accumulated Depreciation	$ (1,076)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
840 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,690
Buildings and Improvements	4,579
Costs Capitalized Subsequent to Acquisition	711
Gross Amount at Which Carried As of Year End
Land	5,703
Buildings and Improvements	4,851
Total	10,554
Accumulated Depreciation	$ (1,219)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1418 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 11,700
Buildings and Improvements	31,243
Costs Capitalized Subsequent to Acquisition	6,403
Gross Amount at Which Carried As of Year End
Land	11,700
Buildings and Improvements	37,647
Total	49,347
Accumulated Depreciation	$ (9,954)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1420 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,524
Costs Capitalized Subsequent to Acquisition	4,341
Gross Amount at Which Carried As of Year End
Land	6,524
Buildings and Improvements	4,340
Total	10,864
1421 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	7,000
Buildings and Improvements	33,779
Costs Capitalized Subsequent to Acquisition	683
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	34,462
Total	41,462
Accumulated Depreciation	$ (7,108)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1422 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,179
Buildings and Improvements	3,687
Costs Capitalized Subsequent to Acquisition	934
Gross Amount at Which Carried As of Year End
Land	7,184
Buildings and Improvements	4,615
Total	11,799
Accumulated Depreciation	$ (1,248)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1423 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,400
Buildings and Improvements	33,144
Costs Capitalized Subsequent to Acquisition	18
Gross Amount at Which Carried As of Year End
Land	8,400
Buildings and Improvements	33,162
Total	41,562
Accumulated Depreciation	$ (6,976)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1514 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,200
Gross Amount at Which Carried As of Year End
Land	5,200
Total	5,200
1558 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	7,740
Buildings and Improvements	22,654
Costs Capitalized Subsequent to Acquisition	2,174
Gross Amount at Which Carried As of Year End
Land	7,888
Buildings and Improvements	24,530
Total	32,418
Accumulated Depreciation	$ (5,586)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
1947 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 11,528
Initial Cost to Company
Land	2,581
Buildings and Improvements	10,534
Costs Capitalized Subsequent to Acquisition	3,207
Gross Amount at Which Carried As of Year End
Land	2,581
Buildings and Improvements	13,741
Total	16,322
Accumulated Depreciation	$ (1,840)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1948 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 23,797
Initial Cost to Company
Land	5,879
Buildings and Improvements	25,305
Costs Capitalized Subsequent to Acquisition	2,417
Gross Amount at Which Carried As of Year End
Land	5,879
Buildings and Improvements	27,718
Total	33,597
Accumulated Depreciation	$ (4,942)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1950 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 802
Initial Cost to Company
Land	884
Buildings and Improvements	2,796
Gross Amount at Which Carried As of Year End
Land	884
Buildings and Improvements	2,796
Total	3,680
Accumulated Depreciation	$ (466)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2197 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,621
Buildings and Improvements	3,913
Costs Capitalized Subsequent to Acquisition	3,750
Gross Amount at Which Carried As of Year End
Land	7,626
Buildings and Improvements	7,657
Total	15,283
Accumulated Depreciation	$ (2,932)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
1407 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 28,600
Buildings and Improvements	48,700
Costs Capitalized Subsequent to Acquisition	14,739
Gross Amount at Which Carried As of Year End
Land	28,600
Buildings and Improvements	59,820
Total	88,420
Accumulated Depreciation	$ (13,782)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1408 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,000
Buildings and Improvements	17,800
Costs Capitalized Subsequent to Acquisition	1,076
Gross Amount at Which Carried As of Year End
Land	9,000
Buildings and Improvements	18,877
Total	27,877
Accumulated Depreciation	$ (4,273)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1409 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 18,000
Buildings and Improvements	38,043
Costs Capitalized Subsequent to Acquisition	4,235
Gross Amount at Which Carried As of Year End
Land	18,000
Buildings and Improvements	42,279
Total	60,279
Accumulated Depreciation	$ (8,071)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1410 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 4,900
Buildings and Improvements	18,100
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried As of Year End
Land	4,900
Buildings and Improvements	18,257
Total	23,157
Accumulated Depreciation	$ (3,857)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1411 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,000
Buildings and Improvements	27,700
Costs Capitalized Subsequent to Acquisition	313
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	28,013
Total	36,013
Accumulated Depreciation	$ (5,872)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1412 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,100
Buildings and Improvements	22,521
Costs Capitalized Subsequent to Acquisition	2,011
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	24,532
Total	34,632
Accumulated Depreciation	$ (4,905)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1413 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,000
Buildings and Improvements	28,299
Costs Capitalized Subsequent to Acquisition	252
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	28,550
Total	36,550
Accumulated Depreciation	$ (5,986)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1414 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,700
Buildings and Improvements	20,800
Costs Capitalized Subsequent to Acquisition	1,257
Gross Amount at Which Carried As of Year End
Land	3,700
Buildings and Improvements	22,056
Total	25,756
Accumulated Depreciation	$ (4,518)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1430 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,700
Buildings and Improvements	23,621
Costs Capitalized Subsequent to Acquisition	1,233
Gross Amount at Which Carried As of Year End
Land	10,700
Buildings and Improvements	24,854
Total	35,554
Accumulated Depreciation	$ (5,050)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1431 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,000
Buildings and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	195
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	15,695
Total	22,695
Accumulated Depreciation	$ (3,283)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1435 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 13,800
Buildings and Improvements	42,500
Costs Capitalized Subsequent to Acquisition	33,050
Gross Amount at Which Carried As of Year End
Land	13,800
Buildings and Improvements	75,550
Total	89,350
Accumulated Depreciation	$ (13,906)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1436 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 14,500
Buildings and Improvements	45,300
Costs Capitalized Subsequent to Acquisition	34,087
Gross Amount at Which Carried As of Year End
Land	14,500
Buildings and Improvements	79,387
Total	93,887
Accumulated Depreciation	$ (14,547)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1437 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,400
Buildings and Improvements	24,800
Costs Capitalized Subsequent to Acquisition	45,116
Gross Amount at Which Carried As of Year End
Land	9,400
Buildings and Improvements	69,917
Total	79,317
Accumulated Depreciation	$ (8,763)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1439 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 11,900
Buildings and Improvements	68,848
Costs Capitalized Subsequent to Acquisition	112
Gross Amount at Which Carried As of Year End
Land	11,900
Buildings and Improvements	68,960
Total	80,860
Accumulated Depreciation	$ (14,498)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1440 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,000
Buildings and Improvements	57,954
Gross Amount at Which Carried As of Year End
Land	10,000
Buildings and Improvements	57,954
Total	67,954
Accumulated Depreciation	$ (12,195)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1441 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,300
Buildings and Improvements	43,549
Gross Amount at Which Carried As of Year End
Land	9,300
Buildings and Improvements	43,549
Total	52,849
Accumulated Depreciation	$ (9,163)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1442 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 11,000
Buildings and Improvements	47,289
Costs Capitalized Subsequent to Acquisition	81
Gross Amount at Which Carried As of Year End
Land	11,000
Buildings and Improvements	47,370
Total	58,370
Accumulated Depreciation	$ (9,993)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1443 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 13,200
Buildings and Improvements	60,932
Costs Capitalized Subsequent to Acquisition	1,158
Gross Amount at Which Carried As of Year End
Land	13,200
Buildings and Improvements	62,090
Total	75,290
Accumulated Depreciation	$ (12,381)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1444 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,500
Buildings and Improvements	33,776
Costs Capitalized Subsequent to Acquisition	352
Gross Amount at Which Carried As of Year End
Land	10,500
Buildings and Improvements	34,127
Total	44,627
Accumulated Depreciation	$ (7,237)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1445 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,600
Buildings and Improvements	34,083
Gross Amount at Which Carried As of Year End
Land	10,600
Buildings and Improvements	34,083
Total	44,683
Accumulated Depreciation	$ (7,172)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1448 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 14,100
Buildings and Improvements	71,344
Costs Capitalized Subsequent to Acquisition	1,051
Gross Amount at Which Carried As of Year End
Land	14,100
Buildings and Improvements	72,395
Total	86,495
Accumulated Depreciation	$ (15,022)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1449 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 12,800
Buildings and Improvements	63,600
Costs Capitalized Subsequent to Acquisition	472
Gross Amount at Which Carried As of Year End
Land	12,800
Buildings and Improvements	64,072
Total	76,872
Accumulated Depreciation	$ (13,572)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1450 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 11,200
Buildings and Improvements	79,222
Costs Capitalized Subsequent to Acquisition	20
Gross Amount at Which Carried As of Year End
Land	11,200
Buildings and Improvements	79,242
Total	90,442
Accumulated Depreciation	$ (16,673)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1451 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,200
Buildings and Improvements	50,856
Costs Capitalized Subsequent to Acquisition	1,075
Gross Amount at Which Carried As of Year End
Land	7,200
Buildings and Improvements	51,931
Total	59,131
Accumulated Depreciation	$ (10,713)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1452 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 14,400
Buildings and Improvements	101,362
Costs Capitalized Subsequent to Acquisition	(115)
Gross Amount at Which Carried As of Year End
Land	14,400
Buildings and Improvements	101,247
Total	115,647
Accumulated Depreciation	$ (21,294)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1454 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 11,100
Buildings and Improvements	47,738
Costs Capitalized Subsequent to Acquisition	9,369
Gross Amount at Which Carried As of Year End
Land	11,100
Buildings and Improvements	57,108
Total	68,208
Accumulated Depreciation	$ (14,671)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1455 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,700
Buildings and Improvements	41,937
Costs Capitalized Subsequent to Acquisition	5,958
Gross Amount at Which Carried As of Year End
Land	10,261
Buildings and Improvements	47,334
Total	57,595
Accumulated Depreciation	$ (11,525)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1456 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,300
Buildings and Improvements	22,900
Costs Capitalized Subsequent to Acquisition	8,196
Gross Amount at Which Carried As of Year End
Land	6,300
Buildings and Improvements	31,096
Total	37,396
Accumulated Depreciation	$ (8,150)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1458 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,900
Buildings and Improvements	20,900
Costs Capitalized Subsequent to Acquisition	8,264
Gross Amount at Which Carried As of Year End
Land	10,909
Buildings and Improvements	25,125
Total	36,034
Accumulated Depreciation	$ (5,461)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1459 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 3,600
Buildings and Improvements	100
Costs Capitalized Subsequent to Acquisition	208
Gross Amount at Which Carried As of Year End
Land	3,600
Buildings and Improvements	309
Total	3,909
Accumulated Depreciation	(94)
1460 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	2,300
Buildings and Improvements	100
Costs Capitalized Subsequent to Acquisition	108
Gross Amount at Which Carried As of Year End
Land	2,300
Buildings and Improvements	208
Total	2,508
Accumulated Depreciation	(100)
1461 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	3,900
Buildings and Improvements	200
Costs Capitalized Subsequent to Acquisition	202
Gross Amount at Which Carried As of Year End
Land	3,900
Buildings and Improvements	402
Total	4,302
Accumulated Depreciation	(200)
1462 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	7,117
Buildings and Improvements	600
Costs Capitalized Subsequent to Acquisition	4,911
Gross Amount at Which Carried As of Year End
Land	7,117
Buildings and Improvements	5,163
Total	12,280
Accumulated Depreciation	$ (1,543)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1463 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,381
Buildings and Improvements	2,300
Costs Capitalized Subsequent to Acquisition	17,849
Gross Amount at Which Carried As of Year End
Land	10,381
Buildings and Improvements	20,149
Total	30,530
Accumulated Depreciation	$ (3,573)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1464 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,403
Buildings and Improvements	700
Costs Capitalized Subsequent to Acquisition	11,638
Gross Amount at Which Carried As of Year End
Land	7,403
Buildings and Improvements	12,338
Total	19,741
Accumulated Depreciation	$ (3,149)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1468 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 10,100
Buildings and Improvements	24,013
Costs Capitalized Subsequent to Acquisition	4,774
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	26,642
Total	36,742
Accumulated Depreciation	$ (5,720)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1480 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 32,210
Buildings and Improvements	3,110
Costs Capitalized Subsequent to Acquisition	11,196
Gross Amount at Which Carried As of Year End
Land	32,210
Buildings and Improvements	14,306
Total	46,516
1559 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	5,666
Buildings and Improvements	5,773
Costs Capitalized Subsequent to Acquisition	12,958
Gross Amount at Which Carried As of Year End
Land	5,695
Buildings and Improvements	18,633
Total	24,328
Accumulated Depreciation	$ (6,467)
Life on Which Depreciation in Latest Income Statement is Computed	5 years
1560 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,204
Buildings and Improvements	1,293
Costs Capitalized Subsequent to Acquisition	454
Gross Amount at Which Carried As of Year End
Land	1,210
Buildings and Improvements	1,726
Total	2,936
Accumulated Depreciation	$ (1,329)
Life on Which Depreciation in Latest Income Statement is Computed	5 years
1983 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 16,493
Costs Capitalized Subsequent to Acquisition	76,433
Gross Amount at Which Carried As of Year End
Land	16,493
Buildings and Improvements	76,433
Total	92,926
1985 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	13,416
Costs Capitalized Subsequent to Acquisition	7,277
Gross Amount at Which Carried As of Year End
Land	13,416
Buildings and Improvements	7,277
Total	20,693
1987 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	27,833
Costs Capitalized Subsequent to Acquisition	7,429
Gross Amount at Which Carried As of Year End
Land	27,833
Buildings and Improvements	7,429
Total	35,262
2553 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	2,897
Buildings and Improvements	8,691
Gross Amount at Which Carried As of Year End
Land	2,897
Buildings and Improvements	8,691
Total	11,588
Accumulated Depreciation	$ (21)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2554 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 995
Buildings and Improvements	2,754
Gross Amount at Which Carried As of Year End
Land	995
Buildings and Improvements	2,754
Total	3,749
Accumulated Depreciation	$ (7)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2555 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,202
Buildings and Improvements	10,776
Gross Amount at Which Carried As of Year End
Land	2,202
Buildings and Improvements	10,776
Total	12,978
Accumulated Depreciation	$ (26)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2556 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,962
Buildings and Improvements	15,108
Gross Amount at Which Carried As of Year End
Land	2,962
Buildings and Improvements	15,108
Total	18,070
Accumulated Depreciation	$ (36)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2557 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,453
Buildings and Improvements	13,063
Gross Amount at Which Carried As of Year End
Land	2,453
Buildings and Improvements	13,063
Total	15,516
Accumulated Depreciation	$ (31)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2558 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 1,163
Buildings and Improvements	5,925
Gross Amount at Which Carried As of Year End
Land	1,163
Buildings and Improvements	5,925
Total	7,088
Accumulated Depreciation	$ (14)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1604 Cambridge MA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,389
Buildings and Improvements	10,630
Costs Capitalized Subsequent to Acquisition	29,587
Gross Amount at Which Carried As of Year End
Land	8,389
Buildings and Improvements	40,201
Total	48,590
Accumulated Depreciation	$ (4,940)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2011 Durham NC | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,389
Initial Cost to Company
Land	448
Buildings and Improvements	6,152
Costs Capitalized Subsequent to Acquisition	21,379
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	27,494
Total	27,942
Accumulated Depreciation	$ (2,418)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2030 Durham NC | Life science | Operating segment
Initial Cost to Company
Land	$ 1,920
Buildings and Improvements	5,661
Costs Capitalized Subsequent to Acquisition	33,871
Gross Amount at Which Carried As of Year End
Land	1,920
Buildings and Improvements	39,533
Total	41,453
Accumulated Depreciation	$ (3,262)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
9999 Denton TX | Life science | Operating segment
Initial Cost to Company
Land	$ 100
Gross Amount at Which Carried As of Year End
Land	100
Total	100
461 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Land	500
Buildings and Improvements	8,548
Gross Amount at Which Carried As of Year End
Land	500
Buildings and Improvements	8,548
Total	9,048
Accumulated Depreciation	$ (3,678)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
462 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Land	$ 890
Buildings and Improvements	15,623
Gross Amount at Which Carried As of Year End
Land	890
Buildings and Improvements	15,624
Total	16,514
Accumulated Depreciation	$ (5,917)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
463 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Land	$ 190
Buildings and Improvements	9,875
Gross Amount at Which Carried As of Year End
Land	190
Buildings and Improvements	9,875
Total	10,065
Accumulated Depreciation	$ (3,213)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
464 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Land	$ 630
Buildings and Improvements	6,921
Costs Capitalized Subsequent to Acquisition	62
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	6,984
Total	7,614
Accumulated Depreciation	$ (2,718)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
465 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Land	$ 125
Buildings and Improvements	6,368
Costs Capitalized Subsequent to Acquisition	68
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	6,436
Total	6,561
Accumulated Depreciation	$ (2,083)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
466 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 14,614
Costs Capitalized Subsequent to Acquisition	7
Gross Amount at Which Carried As of Year End
Buildings and Improvements	14,621
Total	14,621
Accumulated Depreciation	$ (4,217)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
507 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Land	$ 280
Buildings and Improvements	4,345
Costs Capitalized Subsequent to Acquisition	226
Gross Amount at Which Carried As of Year End
Land	280
Buildings and Improvements	4,572
Total	4,852
Accumulated Depreciation	$ (1,425)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
537 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,517
Gross Amount at Which Carried As of Year End
Buildings and Improvements	6,517
Total	6,517
Accumulated Depreciation	$ (2,092)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
799 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 14,600
Costs Capitalized Subsequent to Acquisition	90
Gross Amount at Which Carried As of Year End
Buildings and Improvements	14,690
Total	14,690
Accumulated Depreciation	$ (3,241)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1593 Salt Lake City UT | Life science | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 23,998
Gross Amount at Which Carried As of Year End
Buildings and Improvements	23,998
Total	23,998
Accumulated Depreciation	$ (3,939)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
638 Anchorage AK | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,456
Buildings and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	10,250
Gross Amount at Which Carried As of Year End
Land	1,456
Buildings and Improvements	20,847
Total	22,303
Accumulated Depreciation	(3,793)
520 Chandler AZ | Medical office | Operating segment
Initial Cost to Company
Land	3,669
Buildings and Improvements	13,503
Costs Capitalized Subsequent to Acquisition	2,368
Gross Amount at Which Carried As of Year End
Land	3,669
Buildings and Improvements	15,581
Total	19,250
Accumulated Depreciation	$ (4,785)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2040 Mesa AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 17,314
Costs Capitalized Subsequent to Acquisition	483
Gross Amount at Which Carried As of Year End
Buildings and Improvements	17,780
Total	17,780
Accumulated Depreciation	$ (1,538)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
468 Oro Valley AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,050
Buildings and Improvements	6,774
Costs Capitalized Subsequent to Acquisition	918
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	7,117
Total	8,167
Accumulated Depreciation	$ (2,389)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
356 Phoenix AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 780
Buildings and Improvements	3,199
Costs Capitalized Subsequent to Acquisition	1,160
Gross Amount at Which Carried As of Year End
Land	780
Buildings and Improvements	3,633
Total	4,413
Accumulated Depreciation	$ (1,756)
Life on Which Depreciation in Latest Income Statement is Computed	32 years
470 Phoenix AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 280
Buildings and Improvements	877
Costs Capitalized Subsequent to Acquisition	104
Gross Amount at Which Carried As of Year End
Land	280
Buildings and Improvements	970
Total	1,250
Accumulated Depreciation	$ (307)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
1066 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 5,115
Buildings and Improvements	14,064
Costs Capitalized Subsequent to Acquisition	3,234
Gross Amount at Which Carried As of Year End
Land	4,791
Buildings and Improvements	16,972
Total	21,763
Accumulated Depreciation	$ (4,344)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2021 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,312
Costs Capitalized Subsequent to Acquisition	1,196
Gross Amount at Which Carried As of Year End
Buildings and Improvements	13,461
Total	13,461
Accumulated Depreciation	$ (2,208)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2022 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 9,179
Costs Capitalized Subsequent to Acquisition	519
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,699
Total	9,699
Accumulated Depreciation	$ (1,853)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2023 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,398
Costs Capitalized Subsequent to Acquisition	636
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,034
Total	7,034
Accumulated Depreciation	$ (1,094)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2024 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 9,522
Costs Capitalized Subsequent to Acquisition	570
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,093
Total	10,093
Accumulated Depreciation	$ (1,472)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2025 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,102
Costs Capitalized Subsequent to Acquisition	994
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,089
Total	5,089
Accumulated Depreciation	$ (958)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2026 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 3,655
Costs Capitalized Subsequent to Acquisition	554
Gross Amount at Which Carried As of Year End
Buildings and Improvements	4,179
Total	4,179
Accumulated Depreciation	$ (598)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2027 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,168
Costs Capitalized Subsequent to Acquisition	862
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,030
Total	8,030
Accumulated Depreciation	$ (1,245)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2028 Scottsdale AZ | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,659
Costs Capitalized Subsequent to Acquisition	840
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,499
Total	7,499
Accumulated Depreciation	$ (1,126)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
453 Tucson AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 215
Buildings and Improvements	6,318
Costs Capitalized Subsequent to Acquisition	1,189
Gross Amount at Which Carried As of Year End
Land	326
Buildings and Improvements	6,977
Total	7,303
Accumulated Depreciation	$ (2,896)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
556 Tucson AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 215
Buildings and Improvements	3,940
Costs Capitalized Subsequent to Acquisition	1,084
Gross Amount at Which Carried As of Year End
Land	267
Buildings and Improvements	4,544
Total	4,811
Accumulated Depreciation	$ (1,174)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
1041 Brentwood CA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 30,864
Costs Capitalized Subsequent to Acquisition	2,640
Gross Amount at Which Carried As of Year End
Land	187
Buildings and Improvements	33,121
Total	33,308
Accumulated Depreciation	$ (8,091)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1200 Encino CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 6,151
Buildings and Improvements	10,438
Costs Capitalized Subsequent to Acquisition	3,206
Gross Amount at Which Carried As of Year End
Land	6,534
Buildings and Improvements	12,746
Total	19,280
Accumulated Depreciation	$ (4,013)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
436 Murietta CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 400
Buildings and Improvements	9,266
Costs Capitalized Subsequent to Acquisition	2,800
Gross Amount at Which Carried As of Year End
Land	578
Buildings and Improvements	10,883
Total	11,461
Accumulated Depreciation	$ (4,869)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
239 Poway CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,700
Buildings and Improvements	10,839
Costs Capitalized Subsequent to Acquisition	2,665
Gross Amount at Which Carried As of Year End
Land	2,872
Buildings and Improvements	11,684
Total	14,556
Accumulated Depreciation	$ (5,928)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
318 Sacramento CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,860
Buildings and Improvements	21,850
Costs Capitalized Subsequent to Acquisition	35,287
Gross Amount at Which Carried As of Year End
Land	2,860
Buildings and Improvements	56,290
Total	59,150
Accumulated Depreciation	(6,279)
2404 Sacramento CA | Medical office | Operating segment
Initial Cost to Company
Land	1,268
Buildings and Improvements	5,109
Costs Capitalized Subsequent to Acquisition	130
Gross Amount at Which Carried As of Year End
Land	1,268
Buildings and Improvements	5,239
Total	6,507
Accumulated Depreciation	$ (137)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
234 San Diego CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,848
Buildings and Improvements	5,879
Costs Capitalized Subsequent to Acquisition	1,450
Gross Amount at Which Carried As of Year End
Land	3,009
Buildings and Improvements	5,214
Total	8,223
Accumulated Depreciation	$ (2,975)
Life on Which Depreciation in Latest Income Statement is Computed	21 years
235 San Diego CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,863
Buildings and Improvements	8,913
Costs Capitalized Subsequent to Acquisition	2,913
Gross Amount at Which Carried As of Year End
Land	3,068
Buildings and Improvements	9,450
Total	12,518
Accumulated Depreciation	$ (5,672)
Life on Which Depreciation in Latest Income Statement is Computed	21 years
236 San Diego CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 4,619
Buildings and Improvements	19,370
Costs Capitalized Subsequent to Acquisition	4,023
Gross Amount at Which Carried As of Year End
Land	4,711
Buildings and Improvements	17,954
Total	22,665
Accumulated Depreciation	$ (10,161)
Life on Which Depreciation in Latest Income Statement is Computed	21 years
421 San Diego CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,910
Buildings and Improvements	17,362
Costs Capitalized Subsequent to Acquisition	14,088
Gross Amount at Which Carried As of Year End
Land	2,915
Buildings and Improvements	31,444
Total	34,359
Accumulated Depreciation	$ (6,901)
Life on Which Depreciation in Latest Income Statement is Computed	22 years
564 San Jose CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,762
Initial Cost to Company
Land	1,935
Buildings and Improvements	1,728
Costs Capitalized Subsequent to Acquisition	2,136
Gross Amount at Which Carried As of Year End
Land	1,935
Buildings and Improvements	3,203
Total	5,138
Accumulated Depreciation	$ (1,226)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
565 San Jose CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 6,432
Initial Cost to Company
Land	1,460
Buildings and Improvements	7,672
Costs Capitalized Subsequent to Acquisition	527
Gross Amount at Which Carried As of Year End
Land	1,460
Buildings and Improvements	8,192
Total	9,652
Accumulated Depreciation	$ (2,955)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
659 Los Gatos CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,718
Buildings and Improvements	3,124
Costs Capitalized Subsequent to Acquisition	622
Gross Amount at Which Carried As of Year End
Land	1,758
Buildings and Improvements	3,598
Total	5,356
Accumulated Depreciation	$ (1,043)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
1209 Sherman Oaks CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 7,472
Buildings and Improvements	10,075
Costs Capitalized Subsequent to Acquisition	4,233
Gross Amount at Which Carried As of Year End
Land	7,931
Buildings and Improvements	13,523
Total	21,454
Accumulated Depreciation	$ (5,736)
Life on Which Depreciation in Latest Income Statement is Computed	22 years
439 Valencia CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,300
Buildings and Improvements	6,967
Costs Capitalized Subsequent to Acquisition	2,534
Gross Amount at Which Carried As of Year End
Land	2,390
Buildings and Improvements	7,861
Total	10,251
Accumulated Depreciation	$ (3,209)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1211 Valencia CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,344
Buildings and Improvements	7,507
Costs Capitalized Subsequent to Acquisition	630
Gross Amount at Which Carried As of Year End
Land	1,383
Buildings and Improvements	7,932
Total	9,315
Accumulated Depreciation	$ (1,955)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
440 West Hills CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,100
Buildings and Improvements	11,595
Costs Capitalized Subsequent to Acquisition	2,987
Gross Amount at Which Carried As of Year End
Land	2,156
Buildings and Improvements	11,548
Total	13,704
Accumulated Depreciation	$ (5,121)
Life on Which Depreciation in Latest Income Statement is Computed	32 years
728 Aurora CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,764
Costs Capitalized Subsequent to Acquisition	2,223
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,986
Total	10,986
Accumulated Depreciation	$ (4,746)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
1196 Aurora CO | Medical office | Operating segment
Initial Cost to Company
Land	$ 210
Buildings and Improvements	12,362
Costs Capitalized Subsequent to Acquisition	1,513
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	13,635
Total	13,845
Accumulated Depreciation	$ (3,513)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1197 Aurora CO | Medical office | Operating segment
Initial Cost to Company
Land	$ 200
Buildings and Improvements	8,414
Costs Capitalized Subsequent to Acquisition	978
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	9,268
Total	9,468
Accumulated Depreciation	$ (2,892)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
882 Colorado Springs CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,933
Costs Capitalized Subsequent to Acquisition	10,602
Gross Amount at Which Carried As of Year End
Buildings and Improvements	22,864
Total	22,864
Accumulated Depreciation	$ (6,053)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
814 Conifer CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 1,485
Costs Capitalized Subsequent to Acquisition	35
Gross Amount at Which Carried As of Year End
Land	13
Buildings and Improvements	1,508
Total	1,521
Accumulated Depreciation	$ (398)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1199 Denver CO | Medical office | Operating segment
Initial Cost to Company
Land	$ 493
Buildings and Improvements	7,897
Costs Capitalized Subsequent to Acquisition	1,865
Gross Amount at Which Carried As of Year End
Land	622
Buildings and Improvements	9,400
Total	10,022
Accumulated Depreciation	$ (2,581)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
808 Englewood CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,616
Costs Capitalized Subsequent to Acquisition	7,829
Gross Amount at Which Carried As of Year End
Land	11
Buildings and Improvements	15,671
Total	15,682
Accumulated Depreciation	$ (4,243)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
809 Englewood CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,449
Costs Capitalized Subsequent to Acquisition	3,444
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,255
Total	11,255
Accumulated Depreciation	$ (3,744)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
810 Englewood CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,040
Costs Capitalized Subsequent to Acquisition	4,792
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,411
Total	12,411
Accumulated Depreciation	$ (4,745)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
811 Englewood CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,472
Costs Capitalized Subsequent to Acquisition	2,551
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,573
Total	10,573
Accumulated Depreciation	$ (3,627)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
812 Littleton CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,562
Costs Capitalized Subsequent to Acquisition	2,200
Gross Amount at Which Carried As of Year End
Land	257
Buildings and Improvements	6,145
Total	6,402
Accumulated Depreciation	$ (2,110)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
813 Littleton CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,926
Costs Capitalized Subsequent to Acquisition	1,796
Gross Amount at Which Carried As of Year End
Land	106
Buildings and Improvements	6,144
Total	6,250
Accumulated Depreciation	$ (1,693)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
570 Lone Tree CO | Medical office | Operating segment
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	$ 19,241
Gross Amount at Which Carried As of Year End
Buildings and Improvements	18,822
Total	18,822
Accumulated Depreciation	$ (5,552)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
666 Lone Tree CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 23,274
Costs Capitalized Subsequent to Acquisition	2,382
Gross Amount at Which Carried As of Year End
Buildings and Improvements	25,328
Total	25,328
Accumulated Depreciation	$ (6,597)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2233 Lone Tree CO | Medical office | Operating segment
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	$ 23,315
Gross Amount at Which Carried As of Year End
Buildings and Improvements	23,316
Total	23,316
1076 Parker CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	13,388
Costs Capitalized Subsequent to Acquisition	640
Gross Amount at Which Carried As of Year End
Land	8
Buildings and Improvements	13,946
Total	13,954
Accumulated Depreciation	$ (3,471)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
510 Thornton CO | Medical office | Operating segment
Initial Cost to Company
Land	$ 236
Buildings and Improvements	10,206
Costs Capitalized Subsequent to Acquisition	3,089
Gross Amount at Which Carried As of Year End
Land	454
Buildings and Improvements	13,054
Total	13,508
Accumulated Depreciation	$ (4,325)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
433 Atlantis FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 5,651
Costs Capitalized Subsequent to Acquisition	836
Gross Amount at Which Carried As of Year End
Land	33
Buildings and Improvements	5,596
Total	5,629
Accumulated Depreciation	$ (2,556)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
434 Atlantis FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 2,027
Costs Capitalized Subsequent to Acquisition	263
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	2,139
Total	2,144
Accumulated Depreciation	$ (982)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
435 Atlantis FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 2,000
Costs Capitalized Subsequent to Acquisition	738
Gross Amount at Which Carried As of Year End
Buildings and Improvements	2,484
Total	2,484
Accumulated Depreciation	$ (1,179)
Life on Which Depreciation in Latest Income Statement is Computed	32 years
602 Atlantis FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 455
Buildings and Improvements	2,231
Costs Capitalized Subsequent to Acquisition	344
Gross Amount at Which Carried As of Year End
Land	455
Buildings and Improvements	2,371
Total	2,826
Accumulated Depreciation	$ (725)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
604 Englewood FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 170
Buildings and Improvements	1,134
Costs Capitalized Subsequent to Acquisition	400
Gross Amount at Which Carried As of Year End
Land	198
Buildings and Improvements	1,400
Total	1,598
Accumulated Depreciation	$ (463)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
609 Kissimmee FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 788
Buildings and Improvements	174
Costs Capitalized Subsequent to Acquisition	226
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	311
Total	1,099
Accumulated Depreciation	$ (104)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
610 Kissimmee FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 481
Buildings and Improvements	347
Costs Capitalized Subsequent to Acquisition	731
Gross Amount at Which Carried As of Year End
Land	486
Buildings and Improvements	1,032
Total	1,518
Accumulated Depreciation	$ (339)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
671 Kissimmee FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,574
Costs Capitalized Subsequent to Acquisition	2,065
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,450
Total	8,450
Accumulated Depreciation	$ (2,349)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
603 Lake Worth FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,507
Buildings and Improvements	2,894
Costs Capitalized Subsequent to Acquisition	1,807
Gross Amount at Which Carried As of Year End
Land	1,507
Buildings and Improvements	4,569
Total	6,076
Accumulated Depreciation	$ (1,450)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
612 Margate FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,553
Buildings and Improvements	6,898
Costs Capitalized Subsequent to Acquisition	1,275
Gross Amount at Which Carried As of Year End
Land	1,553
Buildings and Improvements	8,058
Total	9,611
Accumulated Depreciation	$ (2,216)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
613 Miami FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 4,392
Buildings and Improvements	11,841
Costs Capitalized Subsequent to Acquisition	3,325
Gross Amount at Which Carried As of Year End
Land	4,392
Buildings and Improvements	14,245
Total	18,637
Accumulated Depreciation	$ (4,505)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
2202 Miami FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 13,123
Costs Capitalized Subsequent to Acquisition	2,760
Gross Amount at Which Carried As of Year End
Buildings and Improvements	15,883
Total	15,883
Accumulated Depreciation	$ (996)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2203 Miami FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,877
Costs Capitalized Subsequent to Acquisition	1,184
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,061
Total	10,061
Accumulated Depreciation	$ (569)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1067 Milton FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,566
Costs Capitalized Subsequent to Acquisition	248
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,795
Total	8,795
Accumulated Depreciation	$ (2,077)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
563 Orlando FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,144
Buildings and Improvements	5,136
Costs Capitalized Subsequent to Acquisition	4,664
Gross Amount at Which Carried As of Year End
Land	2,343
Buildings and Improvements	8,570
Total	10,913
Accumulated Depreciation	$ (3,282)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
833 Pace FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 10,309
Costs Capitalized Subsequent to Acquisition	2,595
Gross Amount at Which Carried As of Year End
Land	26
Buildings and Improvements	10,584
Total	10,610
Accumulated Depreciation	$ (2,321)
Life on Which Depreciation in Latest Income Statement is Computed	44 years
834 Pensacola FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 11,166
Costs Capitalized Subsequent to Acquisition	478
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,644
Total	11,644
Accumulated Depreciation	$ (2,724)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
614 Plantation FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 969
Buildings and Improvements	3,241
Costs Capitalized Subsequent to Acquisition	1,299
Gross Amount at Which Carried As of Year End
Land	1,017
Buildings and Improvements	4,144
Total	5,161
Accumulated Depreciation	$ (1,287)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
1944 Plantation FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,091
Buildings and Improvements	7,176
Costs Capitalized Subsequent to Acquisition	902
Gross Amount at Which Carried As of Year End
Land	1,091
Buildings and Improvements	7,744
Total	8,835
Accumulated Depreciation	$ (2,006)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
701 St Petersburg FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 10,141
Costs Capitalized Subsequent to Acquisition	9,016
Gross Amount at Which Carried As of Year End
Buildings and Improvements	18,532
Total	18,532
Accumulated Depreciation	(4,359)
1210 Tampa FL | Medical office | Operating segment
Initial Cost to Company
Land	1,967
Buildings and Improvements	6,602
Costs Capitalized Subsequent to Acquisition	5,061
Gross Amount at Which Carried As of Year End
Land	2,142
Buildings and Improvements	10,834
Total	12,976
Accumulated Depreciation	$ (4,758)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
1058 McCaysville GA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 3,231
Costs Capitalized Subsequent to Acquisition	18
Gross Amount at Which Carried As of Year End
Buildings and Improvements	3,249
Total	3,249
Accumulated Depreciation	$ (761)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1065 Marion IL | Medical office | Operating segment
Initial Cost to Company
Land	$ 99
Buildings and Improvements	11,484
Costs Capitalized Subsequent to Acquisition	389
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	11,854
Total	11,954
Accumulated Depreciation	$ (2,920)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1057 Newburgh IN | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 14,019
Costs Capitalized Subsequent to Acquisition	4,080
Gross Amount at Which Carried As of Year End
Buildings and Improvements	18,093
Total	18,093
Accumulated Depreciation	$ (3,910)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2039 Kansas City KS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 1,722
Initial Cost to Company
Land	440
Buildings and Improvements	2,173
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	2,173
Total	2,621
Accumulated Depreciation	$ (232)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2043 Overland Park KS | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,668
Costs Capitalized Subsequent to Acquisition	294
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,962
Total	7,962
Accumulated Depreciation	$ (764)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
483 Wichita KS | Medical office | Operating segment
Initial Cost to Company
Land	$ 530
Buildings and Improvements	3,341
Costs Capitalized Subsequent to Acquisition	460
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	3,801
Total	4,331
Accumulated Depreciation	$ (1,389)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1064 Lexington KY | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,726
Costs Capitalized Subsequent to Acquisition	1,164
Gross Amount at Which Carried As of Year End
Buildings and Improvements	13,777
Total	13,777
Accumulated Depreciation	$ (3,663)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
735 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 936
Buildings and Improvements	8,426
Costs Capitalized Subsequent to Acquisition	4,551
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	11,435
Total	12,371
Accumulated Depreciation	$ (8,935)
Life on Which Depreciation in Latest Income Statement is Computed	11 years
737 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 835
Buildings and Improvements	27,627
Costs Capitalized Subsequent to Acquisition	4,144
Gross Amount at Which Carried As of Year End
Land	877
Buildings and Improvements	30,240
Total	31,117
Accumulated Depreciation	$ (9,139)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
738 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 4,743
Initial Cost to Company
Land	780
Buildings and Improvements	8,582
Costs Capitalized Subsequent to Acquisition	4,561
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	11,856
Total	12,674
Accumulated Depreciation	$ (6,339)
Life on Which Depreciation in Latest Income Statement is Computed	18 years
739 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,667
Initial Cost to Company
Land	826
Buildings and Improvements	13,814
Costs Capitalized Subsequent to Acquisition	1,712
Gross Amount at Which Carried As of Year End
Land	832
Buildings and Improvements	14,622
Total	15,454
Accumulated Depreciation	$ (4,476)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
740 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 8,301
Initial Cost to Company
Land	2,983
Buildings and Improvements	13,171
Costs Capitalized Subsequent to Acquisition	4,065
Gross Amount at Which Carried As of Year End
Land	2,991
Buildings and Improvements	16,612
Total	19,603
Accumulated Depreciation	$ (6,130)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1944 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 788
Buildings and Improvements	2,414
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	2,414
Total	3,202
Accumulated Depreciation	$ (483)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
1945 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 24,644
Initial Cost to Company
Land	3,255
Buildings and Improvements	28,644
Costs Capitalized Subsequent to Acquisition	665
Gross Amount at Which Carried As of Year End
Land	3,255
Buildings and Improvements	29,008
Total	32,263
Accumulated Depreciation	$ (5,127)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1946 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 430
Buildings and Improvements	6,125
Costs Capitalized Subsequent to Acquisition	53
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	6,178
Total	6,608
Accumulated Depreciation	$ (1,031)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2237 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 9,901
Initial Cost to Company
Land	1,519
Buildings and Improvements	15,386
Costs Capitalized Subsequent to Acquisition	495
Gross Amount at Which Carried As of Year End
Land	1,542
Buildings and Improvements	15,857
Total	17,399
Accumulated Depreciation	$ (671)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2238 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 9,901
Initial Cost to Company
Land	1,334
Buildings and Improvements	12,172
Costs Capitalized Subsequent to Acquisition	378
Gross Amount at Which Carried As of Year End
Land	1,423
Buildings and Improvements	12,461
Total	13,884
Accumulated Depreciation	$ (548)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2239 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 12,557
Initial Cost to Company
Land	1,644
Buildings and Improvements	10,832
Costs Capitalized Subsequent to Acquisition	649
Gross Amount at Which Carried As of Year End
Land	1,661
Buildings and Improvements	11,465
Total	13,126
Accumulated Depreciation	$ (476)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
1324 Haverhill MA | Medical office | Operating segment
Initial Cost to Company
Land	$ 800
Buildings and Improvements	8,537
Costs Capitalized Subsequent to Acquisition	1,911
Gross Amount at Which Carried As of Year End
Land	869
Buildings and Improvements	10,122
Total	10,991
Accumulated Depreciation	$ (3,066)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1213 Ellicott City MD | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,115
Buildings and Improvements	3,206
Costs Capitalized Subsequent to Acquisition	2,554
Gross Amount at Which Carried As of Year End
Land	1,222
Buildings and Improvements	5,432
Total	6,654
Accumulated Depreciation	$ (1,853)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
361 Glen Burnie MD | Medical office | Operating segment
Initial Cost to Company
Land	$ 670
Buildings and Improvements	5,085
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	5,085
Total	5,755
Accumulated Depreciation	$ (2,421)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1052 Towson MD | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 14,233
Costs Capitalized Subsequent to Acquisition	3,611
Gross Amount at Which Carried As of Year End
Buildings and Improvements	15,800
Total	15,800
Accumulated Depreciation	$ (5,491)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
240 Minneapolis MN | Medical office | Operating segment
Initial Cost to Company
Land	$ 117
Buildings and Improvements	13,213
Costs Capitalized Subsequent to Acquisition	1,734
Gross Amount at Which Carried As of Year End
Land	117
Buildings and Improvements	14,463
Total	14,580
Accumulated Depreciation	$ (7,380)
Life on Which Depreciation in Latest Income Statement is Computed	32 years
300 Minneapolis MN | Medical office | Operating segment
Initial Cost to Company
Land	$ 160
Buildings and Improvements	10,131
Costs Capitalized Subsequent to Acquisition	3,251
Gross Amount at Which Carried As of Year End
Land	160
Buildings and Improvements	12,437
Total	12,597
Accumulated Depreciation	$ (6,038)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2032 Independence MO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 31,274
Initial Cost to Company
Buildings and Improvements	48,025
Costs Capitalized Subsequent to Acquisition	572
Gross Amount at Which Carried As of Year End
Buildings and Improvements	48,596
Total	48,596
Accumulated Depreciation	$ (3,795)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1078 Flowood MS | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,413
Costs Capitalized Subsequent to Acquisition	729
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,115
Total	9,115
Accumulated Depreciation	$ (2,422)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1059 Jackson MS | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,868
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,941
Total	8,941
Accumulated Depreciation	$ (2,071)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1060 Jackson MS | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,187
Costs Capitalized Subsequent to Acquisition	2,160
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,347
Total	9,347
Accumulated Depreciation	$ (2,639)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1068 Omaha NE | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 16,243
Costs Capitalized Subsequent to Acquisition	932
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	17,097
Total	17,114
Accumulated Depreciation	$ (4,139)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
729 Albuquerque NM | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 5,380
Costs Capitalized Subsequent to Acquisition	388
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,768
Total	5,768
Accumulated Depreciation	$ (1,713)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
348 Elko NV | Medical office | Operating segment
Initial Cost to Company
Land	$ 55
Buildings and Improvements	2,637
Costs Capitalized Subsequent to Acquisition	12
Gross Amount at Which Carried As of Year End
Land	55
Buildings and Improvements	2,649
Total	2,704
Accumulated Depreciation	$ (1,279)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
571 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	$ 18,729
Gross Amount at Which Carried As of Year End
Buildings and Improvements	17,638
Total	17,638
Accumulated Depreciation	$ (5,320)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
660 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,121
Buildings and Improvements	4,363
Costs Capitalized Subsequent to Acquisition	4,611
Gross Amount at Which Carried As of Year End
Land	1,302
Buildings and Improvements	7,363
Total	8,665
Accumulated Depreciation	$ (2,719)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
661 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,305
Buildings and Improvements	4,829
Costs Capitalized Subsequent to Acquisition	4,513
Gross Amount at Which Carried As of Year End
Land	2,447
Buildings and Improvements	8,362
Total	10,809
Accumulated Depreciation	$ (2,918)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
662 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,480
Buildings and Improvements	12,305
Costs Capitalized Subsequent to Acquisition	4,637
Gross Amount at Which Carried As of Year End
Land	3,480
Buildings and Improvements	15,258
Total	18,738
Accumulated Depreciation	$ (4,563)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
663 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,717
Buildings and Improvements	3,597
Costs Capitalized Subsequent to Acquisition	3,273
Gross Amount at Which Carried As of Year End
Land	1,724
Buildings and Improvements	5,789
Total	7,513
Accumulated Depreciation	$ (1,816)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
664 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,172
Costs Capitalized Subsequent to Acquisition	175
Gross Amount at Which Carried As of Year End
Land	1,172
Buildings and Improvements	175
Total	1,347
691 Las Vegas NV | Medical office | Operating segment
Initial Cost to Company
Land	3,244
Buildings and Improvements	18,339
Costs Capitalized Subsequent to Acquisition	7,095
Gross Amount at Which Carried As of Year End
Land	3,273
Buildings and Improvements	24,277
Total	27,550
Accumulated Depreciation	$ (7,800)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2037 Mesquite NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,908
Initial Cost to Company
Buildings and Improvements	5,559
Costs Capitalized Subsequent to Acquisition	57
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,616
Total	5,616
Accumulated Depreciation	$ (534)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1285 Cleveland OH | Medical office | Operating segment
Initial Cost to Company
Land	$ 823
Buildings and Improvements	2,726
Costs Capitalized Subsequent to Acquisition	925
Gross Amount at Which Carried As of Year End
Land	853
Buildings and Improvements	2,917
Total	3,770
Accumulated Depreciation	$ (977)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
400 Harrison OH | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,561
Costs Capitalized Subsequent to Acquisition	300
Gross Amount at Which Carried As of Year End
Buildings and Improvements	4,861
Total	4,861
Accumulated Depreciation	$ (2,257)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1054 Durant OK | Medical office | Operating segment
Initial Cost to Company
Land	$ 619
Buildings and Improvements	9,256
Costs Capitalized Subsequent to Acquisition	1,636
Gross Amount at Which Carried As of Year End
Land	659
Buildings and Improvements	10,833
Total	11,492
Accumulated Depreciation	$ (2,454)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
817 Owasso OK | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,582
Costs Capitalized Subsequent to Acquisition	808
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,275
Total	7,275
Accumulated Depreciation	$ (3,262)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
404 Roseburg OR | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 5,707
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,707
Total	5,707
Accumulated Depreciation	$ (2,570)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2234 Philadelphia PA | Medical office | Operating segment
Initial Cost to Company
Land	$ 24,264
Buildings and Improvements	99,904
Costs Capitalized Subsequent to Acquisition	2,204
Gross Amount at Which Carried As of Year End
Land	24,264
Buildings and Improvements	102,108
Total	126,372
Accumulated Depreciation	$ (3,968)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2403 Philadelphia PA | Medical office | Operating segment
Initial Cost to Company
Land	$ 26,063
Buildings and Improvements	97,646
Costs Capitalized Subsequent to Acquisition	3,405
Gross Amount at Which Carried As of Year End
Land	26,084
Buildings and Improvements	101,031
Total	127,115
Accumulated Depreciation	$ (2,685)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
252 Clarksville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 765
Buildings and Improvements	4,184
Costs Capitalized Subsequent to Acquisition	60
Gross Amount at Which Carried As of Year End
Land	765
Buildings and Improvements	4,244
Total	5,009
Accumulated Depreciation	$ (2,130)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
624 Hendersonville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 256
Buildings and Improvements	1,530
Costs Capitalized Subsequent to Acquisition	1,483
Gross Amount at Which Carried As of Year End
Land	256
Buildings and Improvements	2,656
Total	2,912
Accumulated Depreciation	$ (789)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
559 Hermitage TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 830
Buildings and Improvements	5,036
Costs Capitalized Subsequent to Acquisition	5,698
Gross Amount at Which Carried As of Year End
Land	830
Buildings and Improvements	10,136
Total	10,966
Accumulated Depreciation	$ (3,621)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
561 Hermitage TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 596
Buildings and Improvements	9,698
Costs Capitalized Subsequent to Acquisition	4,377
Gross Amount at Which Carried As of Year End
Land	596
Buildings and Improvements	13,454
Total	14,050
Accumulated Depreciation	$ (5,123)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
562 Hermitage TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 317
Buildings and Improvements	6,528
Costs Capitalized Subsequent to Acquisition	2,589
Gross Amount at Which Carried As of Year End
Land	317
Buildings and Improvements	8,538
Total	8,855
Accumulated Depreciation	$ (3,168)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
154 Knoxville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 700
Buildings and Improvements	4,559
Costs Capitalized Subsequent to Acquisition	4,856
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	9,322
Total	10,022
Accumulated Depreciation	$ (3,600)
Life on Which Depreciation in Latest Income Statement is Computed	19 years
625 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 955
Buildings and Improvements	14,289
Costs Capitalized Subsequent to Acquisition	2,319
Gross Amount at Which Carried As of Year End
Land	955
Buildings and Improvements	15,545
Total	16,500
Accumulated Depreciation	$ (4,649)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
626 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,050
Buildings and Improvements	5,211
Costs Capitalized Subsequent to Acquisition	3,498
Gross Amount at Which Carried As of Year End
Land	2,055
Buildings and Improvements	8,320
Total	10,375
Accumulated Depreciation	$ (2,682)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
627 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,007
Buildings and Improvements	181
Costs Capitalized Subsequent to Acquisition	649
Gross Amount at Which Carried As of Year End
Land	1,007
Buildings and Improvements	805
Total	1,812
Accumulated Depreciation	$ (324)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
628 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,980
Buildings and Improvements	7,164
Costs Capitalized Subsequent to Acquisition	2,186
Gross Amount at Which Carried As of Year End
Land	2,980
Buildings and Improvements	8,979
Total	11,959
Accumulated Depreciation	$ (2,800)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
630 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 515
Buildings and Improvements	848
Costs Capitalized Subsequent to Acquisition	286
Gross Amount at Which Carried As of Year End
Land	528
Buildings and Improvements	1,120
Total	1,648
Accumulated Depreciation	$ (394)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
631 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 266
Buildings and Improvements	1,305
Costs Capitalized Subsequent to Acquisition	1,384
Gross Amount at Which Carried As of Year End
Land	266
Buildings and Improvements	2,469
Total	2,735
Accumulated Depreciation	$ (771)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
632 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 827
Buildings and Improvements	7,642
Costs Capitalized Subsequent to Acquisition	3,699
Gross Amount at Which Carried As of Year End
Land	827
Buildings and Improvements	10,316
Total	11,143
Accumulated Depreciation	$ (3,200)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
633 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 5,425
Buildings and Improvements	12,577
Costs Capitalized Subsequent to Acquisition	4,144
Gross Amount at Which Carried As of Year End
Land	5,425
Buildings and Improvements	16,440
Total	21,865
Accumulated Depreciation	$ (5,616)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
634 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,818
Buildings and Improvements	15,185
Costs Capitalized Subsequent to Acquisition	7,422
Gross Amount at Which Carried As of Year End
Land	3,818
Buildings and Improvements	21,238
Total	25,056
Accumulated Depreciation	$ (6,348)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
636 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 583
Buildings and Improvements	450
Costs Capitalized Subsequent to Acquisition	303
Gross Amount at Which Carried As of Year End
Land	583
Buildings and Improvements	753
Total	1,336
Accumulated Depreciation	$ (205)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
573 Arlington TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	769
Buildings and Improvements	12,355
Costs Capitalized Subsequent to Acquisition	3,707
Gross Amount at Which Carried As of Year End
Land	769
Buildings and Improvements	15,342
Total	16,111
Accumulated Depreciation	$ (4,278)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
576 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	324
Buildings and Improvements	4,842
Costs Capitalized Subsequent to Acquisition	2,024
Gross Amount at Which Carried As of Year End
Land	324
Buildings and Improvements	5,902
Total	6,226
Accumulated Depreciation	$ (1,778)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
577 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	397
Buildings and Improvements	7,966
Costs Capitalized Subsequent to Acquisition	2,363
Gross Amount at Which Carried As of Year End
Land	397
Buildings and Improvements	9,840
Total	10,237
Accumulated Depreciation	$ (2,839)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
578 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	388
Buildings and Improvements	7,975
Costs Capitalized Subsequent to Acquisition	3,862
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	11,649
Total	12,037
Accumulated Depreciation	$ (3,271)
Life on Which Depreciation in Latest Income Statement is Computed	31 years
579 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	188
Buildings and Improvements	3,618
Costs Capitalized Subsequent to Acquisition	983
Gross Amount at Which Carried As of Year End
Land	188
Buildings and Improvements	4,583
Total	4,771
Accumulated Depreciation	$ (1,322)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
581 Corpus Christi TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	717
Buildings and Improvements	8,181
Costs Capitalized Subsequent to Acquisition	4,852
Gross Amount at Which Carried As of Year End
Land	717
Buildings and Improvements	12,204
Total	12,921
Accumulated Depreciation	$ (3,903)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
600 Corpus Christi TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	328
Buildings and Improvements	3,210
Costs Capitalized Subsequent to Acquisition	3,735
Gross Amount at Which Carried As of Year End
Land	328
Buildings and Improvements	6,483
Total	6,811
Accumulated Depreciation	$ (2,139)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
601 Corpus Christi TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	313
Buildings and Improvements	1,771
Costs Capitalized Subsequent to Acquisition	1,663
Gross Amount at Which Carried As of Year End
Land	313
Buildings and Improvements	2,999
Total	3,312
Accumulated Depreciation	$ (813)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
2244 Cypress TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	20,330
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	20,330
Total	20,330
Accumulated Depreciation	0
582 Dallas TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,664
Buildings and Improvements	6,785
Costs Capitalized Subsequent to Acquisition	3,251
Gross Amount at Which Carried As of Year End
Land	1,706
Buildings and Improvements	9,398
Total	11,104
Accumulated Depreciation	$ (3,020)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
1314 Dallas TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	15,230
Buildings and Improvements	162,971
Costs Capitalized Subsequent to Acquisition	8,480
Gross Amount at Which Carried As of Year End
Land	15,860
Buildings and Improvements	169,116
Total	184,976
Accumulated Depreciation	$ (44,163)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2201 Dallas TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,043
Buildings and Improvements	25,841
Costs Capitalized Subsequent to Acquisition	61
Gross Amount at Which Carried As of Year End
Land	1,043
Buildings and Improvements	25,901
Total	26,944
Accumulated Depreciation	$ (1,053)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
583 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	898
Buildings and Improvements	4,866
Costs Capitalized Subsequent to Acquisition	1,776
Gross Amount at Which Carried As of Year End
Land	898
Buildings and Improvements	6,439
Total	7,337
Accumulated Depreciation	$ (2,174)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
805 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	2,481
Costs Capitalized Subsequent to Acquisition	1,138
Gross Amount at Which Carried As of Year End
Land	2
Buildings and Improvements	3,444
Total	3,446
Accumulated Depreciation	$ (1,420)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
806 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	6,070
Costs Capitalized Subsequent to Acquisition	371
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	6,335
Total	6,340
Accumulated Depreciation	$ (1,696)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2231 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	902
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried As of Year End
Land	946
Buildings and Improvements	0
Total	946
Accumulated Depreciation	(3)
1061 Granbury TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,863
Costs Capitalized Subsequent to Acquisition	197
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,060
Total	7,060
Accumulated Depreciation	$ (1,683)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
430 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,927
Buildings and Improvements	33,140
Costs Capitalized Subsequent to Acquisition	4,344
Gross Amount at Which Carried As of Year End
Land	2,070
Buildings and Improvements	36,424
Total	38,494
Accumulated Depreciation	$ (16,662)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
446 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	2,200
Buildings and Improvements	19,585
Costs Capitalized Subsequent to Acquisition	8,033
Gross Amount at Which Carried As of Year End
Land	2,209
Buildings and Improvements	22,938
Total	25,147
Accumulated Depreciation	$ (15,751)
Life on Which Depreciation in Latest Income Statement is Computed	17 years
586 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,033
Buildings and Improvements	3,165
Costs Capitalized Subsequent to Acquisition	1,218
Gross Amount at Which Carried As of Year End
Land	1,033
Buildings and Improvements	3,938
Total	4,971
Accumulated Depreciation	$ (1,247)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
589 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,676
Buildings and Improvements	12,602
Costs Capitalized Subsequent to Acquisition	4,559
Gross Amount at Which Carried As of Year End
Land	1,706
Buildings and Improvements	15,562
Total	17,268
Accumulated Depreciation	$ (4,569)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
670 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	257
Buildings and Improvements	2,884
Costs Capitalized Subsequent to Acquisition	1,252
Gross Amount at Which Carried As of Year End
Land	318
Buildings and Improvements	3,843
Total	4,161
Accumulated Depreciation	$ (1,302)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
702 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	7,414
Costs Capitalized Subsequent to Acquisition	1,639
Gross Amount at Which Carried As of Year End
Land	7
Buildings and Improvements	8,877
Total	8,884
Accumulated Depreciation	$ (2,925)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
1044 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	4,838
Costs Capitalized Subsequent to Acquisition	3,218
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,964
Total	7,964
Accumulated Depreciation	$ (2,853)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2542 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	304
Buildings and Improvements	17,764
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	304
Buildings and Improvements	17,764
Total	18,068
Accumulated Depreciation	$ (272)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2543 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	116
Buildings and Improvements	6,555
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	116
Buildings and Improvements	6,555
Total	6,671
Accumulated Depreciation	$ (118)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2544 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	312
Buildings and Improvements	12,094
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	312
Buildings and Improvements	12,094
Total	12,406
Accumulated Depreciation	$ (222)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2545 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	316
Buildings and Improvements	13,931
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	316
Buildings and Improvements	13,931
Total	14,247
Accumulated Depreciation	$ (194)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2546 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	408
Buildings and Improvements	18,332
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	408
Buildings and Improvements	18,332
Total	18,740
Accumulated Depreciation	$ (400)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2547 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	470
Buildings and Improvements	18,197
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	18,197
Total	18,667
Accumulated Depreciation	$ (336)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2548 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	313
Buildings and Improvements	7,036
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	313
Buildings and Improvements	7,036
Total	7,349
Accumulated Depreciation	$ (166)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2549 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	530
Buildings and Improvements	22,711
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	22,711
Total	23,241
Accumulated Depreciation	$ (278)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
590 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	828
Buildings and Improvements	6,160
Costs Capitalized Subsequent to Acquisition	2,572
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	8,543
Total	9,371
Accumulated Depreciation	$ (2,619)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
700 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	8,550
Costs Capitalized Subsequent to Acquisition	3,362
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,471
Total	11,471
Accumulated Depreciation	$ (3,968)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
1202 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,604
Buildings and Improvements	16,107
Costs Capitalized Subsequent to Acquisition	987
Gross Amount at Which Carried As of Year End
Land	1,633
Buildings and Improvements	17,034
Total	18,667
Accumulated Depreciation	$ (4,101)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1207 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,955
Buildings and Improvements	12,793
Costs Capitalized Subsequent to Acquisition	1,616
Gross Amount at Which Carried As of Year End
Land	1,986
Buildings and Improvements	14,377
Total	16,363
Accumulated Depreciation	$ (3,472)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1062 Lancaster TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	172
Buildings and Improvements	2,692
Costs Capitalized Subsequent to Acquisition	1,091
Gross Amount at Which Carried As of Year End
Land	185
Buildings and Improvements	3,715
Total	3,900
Accumulated Depreciation	$ (1,172)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2195 Lancaster TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	1,138
Costs Capitalized Subsequent to Acquisition	672
Gross Amount at Which Carried As of Year End
Land	131
Buildings and Improvements	1,679
Total	1,810
Accumulated Depreciation	$ (178)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
591 Lewisville TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	561
Buildings and Improvements	8,043
Costs Capitalized Subsequent to Acquisition	1,425
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	9,374
Total	9,935
Accumulated Depreciation	$ (2,708)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
144 Longview TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	102
Buildings and Improvements	7,998
Costs Capitalized Subsequent to Acquisition	450
Gross Amount at Which Carried As of Year End
Land	102
Buildings and Improvements	8,447
Total	8,549
Accumulated Depreciation	$ (4,269)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
143 Lufkin TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	338
Buildings and Improvements	2,383
Costs Capitalized Subsequent to Acquisition	47
Gross Amount at Which Carried As of Year End
Land	338
Buildings and Improvements	2,390
Total	2,728
Accumulated Depreciation	$ (1,114)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
568 McKinney TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	541
Buildings and Improvements	6,217
Costs Capitalized Subsequent to Acquisition	1,039
Gross Amount at Which Carried As of Year End
Land	541
Buildings and Improvements	6,588
Total	7,129
Accumulated Depreciation	$ (2,212)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
569 McKinney TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	636
Costs Capitalized Subsequent to Acquisition	7,748
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,703
Total	7,703
Accumulated Depreciation	$ (2,345)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1079 Nassau Bay TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	8,942
Costs Capitalized Subsequent to Acquisition	1,178
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,985
Total	9,985
Accumulated Depreciation	$ (2,491)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
596 N Richland Hills TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	812
Buildings and Improvements	8,883
Costs Capitalized Subsequent to Acquisition	2,350
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	10,890
Total	11,702
Accumulated Depreciation	$ (3,013)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2048 North Richland Hills TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,385
Buildings and Improvements	10,213
Costs Capitalized Subsequent to Acquisition	1,427
Gross Amount at Which Carried As of Year End
Land	1,399
Buildings and Improvements	11,626
Total	13,025
Accumulated Depreciation	$ (1,566)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1048 Pearland TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	4,014
Costs Capitalized Subsequent to Acquisition	4,173
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,783
Total	7,783
Accumulated Depreciation	$ (2,370)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2232 Pearland TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	13,874
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	13,874
Total	13,874
Accumulated Depreciation	(3)
447 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,700
Buildings and Improvements	7,810
Costs Capitalized Subsequent to Acquisition	6,191
Gross Amount at Which Carried As of Year End
Land	1,727
Buildings and Improvements	13,355
Total	15,082
Accumulated Depreciation	$ (5,124)
Life on Which Depreciation in Latest Income Statement is Computed	20 years
597 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,210
Buildings and Improvements	9,588
Costs Capitalized Subsequent to Acquisition	3,831
Gross Amount at Which Carried As of Year End
Land	1,210
Buildings and Improvements	12,641
Total	13,851
Accumulated Depreciation	$ (3,565)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
672 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,389
Buildings and Improvements	12,768
Costs Capitalized Subsequent to Acquisition	1,824
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	13,385
Total	14,774
Accumulated Depreciation	$ (3,567)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
1284 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	2,049
Buildings and Improvements	18,793
Costs Capitalized Subsequent to Acquisition	1,950
Gross Amount at Which Carried As of Year End
Land	2,101
Buildings and Improvements	18,735
Total	20,836
Accumulated Depreciation	$ (6,125)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1286 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	3,300
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	0
Total	3,300
Accumulated Depreciation	0
815 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,193
Costs Capitalized Subsequent to Acquisition	1,472
Gross Amount at Which Carried As of Year End
Land	12
Buildings and Improvements	10,191
Total	10,203
Accumulated Depreciation	$ (3,022)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
816 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 3,854
Initial Cost to Company
Land	0
Buildings and Improvements	8,699
Costs Capitalized Subsequent to Acquisition	2,640
Gross Amount at Which Carried As of Year End
Land	148
Buildings and Improvements	10,673
Total	10,821
Accumulated Depreciation	$ (2,920)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1591 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	7,309
Costs Capitalized Subsequent to Acquisition	355
Gross Amount at Which Carried As of Year End
Land	12
Buildings and Improvements	7,653
Total	7,665
Accumulated Depreciation	$ (1,474)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1977 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	26,191
Costs Capitalized Subsequent to Acquisition	1,118
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	27,301
Total	27,301
Accumulated Depreciation	$ (4,819)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
598 Sugarland TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	1,078
Buildings and Improvements	5,158
Costs Capitalized Subsequent to Acquisition	2,236
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	6,879
Total	8,049
Accumulated Depreciation	$ (2,219)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
599 Texas City TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	9,519
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,676
Total	9,676
Accumulated Depreciation	$ (2,489)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
152 Victoria TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	125
Buildings and Improvements	8,977
Costs Capitalized Subsequent to Acquisition	394
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	9,370
Total	9,495
Accumulated Depreciation	$ (4,314)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2550 The Woodlands TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	115
Buildings and Improvements	5,141
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	115
Buildings and Improvements	5,141
Total	5,256
Accumulated Depreciation	$ (80)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2551 The Woodlands TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	296
Buildings and Improvements	18,282
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	296
Buildings and Improvements	18,282
Total	18,578
Accumulated Depreciation	$ (248)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2552 The Woodlands TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	374
Buildings and Improvements	25,125
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	374
Buildings and Improvements	25,125
Total	25,499
Accumulated Depreciation	$ (302)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1592 Bountiful UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 4,870
Initial Cost to Company
Land	999
Buildings and Improvements	7,426
Costs Capitalized Subsequent to Acquisition	161
Gross Amount at Which Carried As of Year End
Land	999
Buildings and Improvements	7,587
Total	8,586
Accumulated Depreciation	$ (1,374)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
169 Bountiful UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	276
Buildings and Improvements	5,237
Costs Capitalized Subsequent to Acquisition	1,078
Gross Amount at Which Carried As of Year End
Land	348
Buildings and Improvements	6,086
Total	6,434
Accumulated Depreciation	$ (2,682)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
346 Castle Dale UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	50
Buildings and Improvements	1,818
Costs Capitalized Subsequent to Acquisition	63
Gross Amount at Which Carried As of Year End
Land	50
Buildings and Improvements	1,881
Total	1,931
Accumulated Depreciation	$ (934)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
347 Centerville UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	300
Buildings and Improvements	1,288
Costs Capitalized Subsequent to Acquisition	191
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	1,479
Total	1,779
Accumulated Depreciation	$ (790)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2035 Draper UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 5,384
Initial Cost to Company
Land	0
Buildings and Improvements	10,803
Costs Capitalized Subsequent to Acquisition	113
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,916
Total	10,916
Accumulated Depreciation	$ (972)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
469 Kaysville UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	530
Buildings and Improvements	4,493
Costs Capitalized Subsequent to Acquisition	226
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	4,719
Total	5,249
Accumulated Depreciation	$ (1,517)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
456 Layton UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	371
Buildings and Improvements	7,073
Costs Capitalized Subsequent to Acquisition	861
Gross Amount at Which Carried As of Year End
Land	389
Buildings and Improvements	7,675
Total	8,064
Accumulated Depreciation	$ (3,117)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2042 Layton UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	10,975
Costs Capitalized Subsequent to Acquisition	83
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,058
Total	11,058
Accumulated Depreciation	$ (900)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
359 Ogden UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	180
Buildings and Improvements	1,695
Costs Capitalized Subsequent to Acquisition	187
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	1,761
Total	1,941
Accumulated Depreciation	$ (819)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1283 Ogden UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	106
Buildings and Improvements	4,464
Costs Capitalized Subsequent to Acquisition	696
Gross Amount at Which Carried As of Year End
Land	106
Buildings and Improvements	4,241
Total	4,347
Accumulated Depreciation	$ (4,167)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
357 Orem UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	337
Buildings and Improvements	8,744
Costs Capitalized Subsequent to Acquisition	1,622
Gross Amount at Which Carried As of Year End
Land	306
Buildings and Improvements	8,128
Total	8,434
Accumulated Depreciation	$ (3,898)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
371 Providence UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	240
Buildings and Improvements	3,876
Costs Capitalized Subsequent to Acquisition	250
Gross Amount at Which Carried As of Year End
Land	256
Buildings and Improvements	3,820
Total	4,076
Accumulated Depreciation	$ (1,788)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
353 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	190
Buildings and Improvements	779
Costs Capitalized Subsequent to Acquisition	148
Gross Amount at Which Carried As of Year End
Land	201
Buildings and Improvements	916
Total	1,117
Accumulated Depreciation	$ (446)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
354 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	220
Buildings and Improvements	10,732
Costs Capitalized Subsequent to Acquisition	1,727
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	12,179
Total	12,399
Accumulated Depreciation	$ (5,885)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
355 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	180
Buildings and Improvements	14,792
Costs Capitalized Subsequent to Acquisition	1,835
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	16,102
Total	16,282
Accumulated Depreciation	$ (7,674)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
467 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	3,000
Buildings and Improvements	7,541
Costs Capitalized Subsequent to Acquisition	2,013
Gross Amount at Which Carried As of Year End
Land	3,126
Buildings and Improvements	9,081
Total	12,207
Accumulated Depreciation	$ (3,024)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
566 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	509
Buildings and Improvements	4,044
Costs Capitalized Subsequent to Acquisition	1,512
Gross Amount at Which Carried As of Year End
Land	509
Buildings and Improvements	5,200
Total	5,709
Accumulated Depreciation	$ (1,752)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2041 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 0
Initial Cost to Company
Land	0
Buildings and Improvements	12,326
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,399
Total	12,399
Accumulated Depreciation	$ (1,039)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2033 Sandy UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 867
Buildings and Improvements	3,513
Costs Capitalized Subsequent to Acquisition	718
Gross Amount at Which Carried As of Year End
Land	867
Buildings and Improvements	4,231
Total	5,098
Accumulated Depreciation	$ (717)
Life on Which Depreciation in Latest Income Statement is Computed	20 years
358 Springville UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 85
Buildings and Improvements	1,493
Costs Capitalized Subsequent to Acquisition	233
Gross Amount at Which Carried As of Year End
Land	95
Buildings and Improvements	1,618
Total	1,713
Accumulated Depreciation	$ (779)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
482 Stansbury UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 450
Buildings and Improvements	3,201
Costs Capitalized Subsequent to Acquisition	374
Gross Amount at Which Carried As of Year End
Land	450
Buildings and Improvements	3,448
Total	3,898
Accumulated Depreciation	$ (1,182)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
351 Washington Terrace UT | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,573
Costs Capitalized Subsequent to Acquisition	2,299
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	6,421
Total	6,438
Accumulated Depreciation	$ (3,141)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
352 Washington Terrace UT | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 2,692
Costs Capitalized Subsequent to Acquisition	1,159
Gross Amount at Which Carried As of Year End
Land	15
Buildings and Improvements	3,470
Total	3,485
Accumulated Depreciation	$ (1,591)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2034 West Jordan UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,118
Initial Cost to Company
Buildings and Improvements	12,021
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,021
Total	12,021
Accumulated Depreciation	$ (996)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2036 West Jordan UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 947
Initial Cost to Company
Buildings and Improvements	1,383
Costs Capitalized Subsequent to Acquisition	329
Gross Amount at Which Carried As of Year End
Buildings and Improvements	1,713
Total	1,713
Accumulated Depreciation	$ (308)
Life on Which Depreciation in Latest Income Statement is Computed	20 years
495 West Valley City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 410
Buildings and Improvements	8,266
Costs Capitalized Subsequent to Acquisition	1,002
Gross Amount at Which Carried As of Year End
Land	410
Buildings and Improvements	9,268
Total	9,678
Accumulated Depreciation	$ (3,909)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
349 West Valley City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,070
Buildings and Improvements	17,463
Costs Capitalized Subsequent to Acquisition	128
Gross Amount at Which Carried As of Year End
Land	1,036
Buildings and Improvements	17,581
Total	18,617
Accumulated Depreciation	$ (8,461)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1208 Fairfax VA | Medical office | Operating segment
Initial Cost to Company
Land	$ 8,396
Buildings and Improvements	16,709
Costs Capitalized Subsequent to Acquisition	4,406
Gross Amount at Which Carried As of Year End
Land	8,494
Buildings and Improvements	20,467
Total	28,961
Accumulated Depreciation	$ (6,819)
Life on Which Depreciation in Latest Income Statement is Computed	28 years
2230 Fredericksburg VA | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,101
Buildings and Improvements	8,570
Gross Amount at Which Carried As of Year End
Land	1,101
Buildings and Improvements	8,570
Total	9,671
Accumulated Depreciation	$ (347)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
572 Reston VA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 11,902
Costs Capitalized Subsequent to Acquisition	563
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,394
Total	12,394
Accumulated Depreciation	$ (4,328)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
448 Renton WA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 18,724
Costs Capitalized Subsequent to Acquisition	1,973
Gross Amount at Which Carried As of Year End
Buildings and Improvements	19,469
Total	19,469
Accumulated Depreciation	$ (8,824)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
781 Seattle WA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 52,703
Costs Capitalized Subsequent to Acquisition	11,475
Gross Amount at Which Carried As of Year End
Buildings and Improvements	60,430
Total	60,430
Accumulated Depreciation	$ (17,488)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
782 Seattle WA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 24,382
Costs Capitalized Subsequent to Acquisition	11,409
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	34,502
Total	34,627
Accumulated Depreciation	$ (9,828)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
783 Seattle WA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 5,625
Costs Capitalized Subsequent to Acquisition	1,318
Gross Amount at Which Carried As of Year End
Land	183
Buildings and Improvements	6,685
Total	6,868
Accumulated Depreciation	$ (6,147)
Life on Which Depreciation in Latest Income Statement is Computed	10 years
785 Seattle WA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,293
Costs Capitalized Subsequent to Acquisition	4,596
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,723
Total	10,723
Accumulated Depreciation	$ (2,740)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
1385 Seattle WA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 45,027
Costs Capitalized Subsequent to Acquisition	2,271
Gross Amount at Which Carried As of Year End
Buildings and Improvements	47,120
Total	47,120
Accumulated Depreciation	$ (11,601)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2038 Evanston WY | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,601
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried As of Year End
Buildings and Improvements	4,609
Total	4,609
Accumulated Depreciation	$ (429)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
884 Coyoacan MX | Medical office | Operating segment
Initial Cost to Company
Land	$ 415
Buildings and Improvements	3,739
Costs Capitalized Subsequent to Acquisition	(666)
Gross Amount at Which Carried As of Year End
Land	70
Buildings and Improvements	3,417
Total	3,487
Accumulated Depreciation	$ (799)
Life on Which Depreciation in Latest Income Statement is Computed	40 years

Schedule III - Real Estate an98

Schedule III - Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Billions	Dec. 31, 2015USD ($)
Schedule III: Real Estate and Accumulated Depreciation
Amount that the tax basis of the Company's net real estate is less than the reported amounts	$ 1.6

Schedule III - Real Estate an99

Schedule III - Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real estate:
Balances at beginning of year	$ 13,137,644	$ 12,592,841	$ 12,524,224
Acquisition of real estate and development and improvements	1,930,931	756,043	257,189
Disposition of real estate	(121,374)	(169,311)	(78,151)
Impairments	(3,118)
Balances associated with changes in reporting presentation	(56,331)	(41,929)	(110,421)
Balances at end of year	14,887,752	13,137,644	12,592,841
Accumulated depreciation:
Balances at beginning of year	2,250,757	1,965,592	1,694,892
Depreciation expense	418,591	384,019	353,344
Disposition of real estate	(17,251)	(55,745)	(38,447)
Balances associated with changes in reporting presentation	(47,061)	(43,109)	(44,197)
Balances at end of year	$ 2,605,036	$ 2,250,757	$ 1,965,592